Financial Times - 24.08.2026
全球报刊态势与全景学术研判总览 — 2026-08-24
🌐 第一部分：全球宏观战略态势报告（SITREP）
今日综述：本日共全量采集并深度研判来自全球各大主流语系与核心地缘区域的 1 份权威报刊与学术特刊。
📡 今日全球主要报道要闻速览
英国及英联邦 (United Kingdom & Commonwealth) - 《Financial Times - 24.08.2026.pdf》乌克兰总统拒绝战时选举呼吁：泽连斯基拒绝了前国防部长关于举行全国大选的呼吁，认为战时选举会导致国家分崩离析；自2022年俄罗斯入侵宣布戒严以来，乌克兰所有选举均已暂停。 - 《Financial Times - 24.08.2026.pdf》英国顶尖大学毕业生面临“雄心税”：金融时报分析显示，罗素大学集团校友在还款方案2下的平均欠款达52,412英镑，高于其他机构；高利率导致高薪毕业生贷款余额不减反增，被指陷入债务恶性循环。 - 《Financial Times - 24.08.2026.pdf》卡塔尔因能源收入下降大幅削减预算：受地区冲突影响导致天然气产量下降，卡塔尔将政府部门预算削减至多50%，海外援助削减约80%；IMF预测该国今年GDP将缩减60%，为海湾六国中影响最大者。
💡 各大报刊的报道脉络呈现出高度多维的地缘博弈、制度转型、社会痛感与前沿科学突破。读者可通过下方【今日跨报思想雷达总矩阵】快速把握各报最具穿透力的思想理论对话与生活世界痛感切入点，或在【全景报刊分卷】中按区域细读每份大报的具体文章精要、制度权力批判与理性情感辩证。
🧭 第二部分：今日跨报思想文化与批判深思雷达总矩阵
本矩阵自动系统汇编当日全球报刊最具穿透力的 【思想与文化深思切入点】 与 【生活世界痛感切入点】，为学者提供一站式理论对话与现象学经验索引：
- （本日暂未提取到独立的跨报思想雷达条目）
📚 第三部分：全景报刊分卷学术档案与精粹汇编
📍 英国及英联邦 (United Kingdom & Commonwealth)
📰 《Financial Times - 24.08.2026.pdf》
Newspapers - 24.08.2026乌克兰总统拒绝战时选举呼吁
- 首页 / 乌克兰总统拒绝战时选举呼吁：泽连斯基拒绝了前国防部长关于举行全国大选的呼吁，认为战时选举会导致国家分崩离析；自2022年俄罗斯入侵宣布戒严以来，乌克兰所有选举均已暂停。
- 教育/金融 / 英国顶尖大学毕业生面临“雄心税”：金融时报分析显示，罗素大学集团校友在还款方案2下的平均欠款达52,412英镑，高于其他机构；高利率导致高薪毕业生贷款余额不减反增，被指陷入债务恶性循环。
- 国际/经济 / 卡塔尔因能源收入下降大幅削减预算：受地区冲突影响导致天然气产量下降，卡塔尔将政府部门预算削减至多50%，海外援助削减约80%；IMF预测该国今年GDP将缩减60%，为海湾六国中影响最大者。
- 医疗/健康 / 减肥药副作用推动新疗法研发：礼来和诺和诺德的减肥药引发广泛的胃肠道副作用报告，导致部分患者放弃治疗；制药公司正研发旨在减轻副作用并改善心血管及肝脏健康的新一代疗法。
- 金融/美国 / 美国通胀压力与美联储政策预期：美国30年期借贷成本升至2007年以来最高，财政部计划翻倍购买长期国债以应对压力；市场预计7月核心PCE将稳定在3.5%，远高于美联储2%的目标。
- 科技 / AI眼镜市场增长与隐私争议：Meta在AI眼镜市场占据约85%份额，营收同比近翻倍；尽管面临“跟踪软件”等隐私担忧，但智能眼镜在消费电子市场停滞背景下成为增长亮点。
- 政治/英国 / 英国财政大臣面临国防开支与税收压力：财政大臣希利面临国防开支增加的压力，若2030年国防开支达GDP的5%，每年将增加1亿英镑成本；政府在寻求经济可接受的税收增长与政治可接受的支出削减之间挣扎。
暂无制度批判分析。
暂无情感辩证分析。
Financial Times - 24.08.2026.pdf
金融时报
2026年8月24日 星期一
英国 (C)TC 爱尔兰共和国 ©LTD
AI眼镜引发关于“跟踪软件”的争论
详见：第16页
气候变化重塑地缘政治
年度探索：第21页
向基辅进军，拒绝选举呼吁
弗拉基米尔·泽连斯基在基辅的前出席乌克兰年度国家旗日纪念仪式。
乌克兰总统本周拒绝了其前国防部长关于在战时举行选举的呼吁，出席该仪式的还包括来自拉尔克斯（Larchs）、爱沙尼亚、立陶宛、挪威、芬兰和丹麦等国的欧洲政要。
上周，总统上个月解雇的长期盟友米哈伊洛·芬科维斯发布了一段九分钟的视频演讲，在演讲中他谴责了国家内部的腐败，并呼吁举行全国大选。
但泽连斯基表示，选举将是一场“bousnut”，会使“乌克兰分崩离析”。自2022年俄罗斯全面入侵最初的几个小时宣布戒严以来，所有选举均已暂停。
总理支持导弹工厂 第2页 拒绝选举呼吁 第4页
沃什试图在经济压力迹象增加之际安抚投资者焦虑
杰克逊霍尔关键演讲在即 / 美联储主席风格遭批评 / 新关税引发通胀担忧
克莱尔·琼斯 (CLAIRE JONES) —— 华盛顿
随着经济压力迹象增加，且政策制定者准备在年度杰克逊霍尔研讨会上集结，美国联邦储备委员会主席凯文·沃什本周将寻求安抚投资者的紧张情绪。对于唐纳德·特朗普总统任命的关键经济官员之一来说，这可能是一个关键时刻。
美国公众上周再次流出 1亿美元，该国长期债券收益率达到了 19 年高点。
特朗普本周末宣布对加拿大征收的对等关税将在数周内生效，且华盛顿正以“经济 D-Day”威胁德黑兰。此类举措可能会带来新的经济打击。
同样由特朗普任命的沃什与财政部长斯科特·贝森特在沟通经济政策的方式上正面临日益增长的压力。一些投资者表示，贝森特上周突然宣布的债券反馈降低了财政部指导意见的可信度。
沃什削减了与投资者的沟通，大幅减少了利率制定者关于美国利率预期方向的指导。
沃什将在周五的堪萨斯城联储杰克逊霍尔会议上首次以美联储主席身份向央行行长和经济学家发表讲话，预计他将在演讲中阐明其政策风格背后的框架。
在《金融时报》对学术经济学家进行的一项调查中，近 60% 的受访者表示，美联储回归 2% 目标所需的时间将比沃什在 5 月中旬获得参议院确认担任美联储主席时更长，部分受访者批评了沃什和贝森特的沟通方式。
通胀率已高于目标值五年多，且美国冲突推高了汽油和柴油成本，给价格带来了新的上涨压力。
特朗普最新的一系列针对加拿大的关税，以及其政府对被认为在援助的国家所发出的威胁，可能会加剧这一情况。
“令人不安的是沃什不愿对当前情况和前景提供清晰且公开的评估，”圣母大学的克里斯蒂安·拉斯穆森 (Christiane Rasmussen) 表示，“这引发了不必要的猜测，有可能危及稳定性并引发对美联储信誉的担忧。”
超过 60% 的调查受访者表示，对美国央行信誉的担忧对长期收益率的上升产生了“非常显著”或“较为显著”的影响。
约翰·霍普金斯大学的罗伯特·巴伯斯 (Robert Barbers) 表示，贝森特的债券干预使得“加元看起来很糟糕”。波士顿美联储前负责人埃里克·罗森格伦 (Eric Rosengren) 表示：“沟通策略正在导致美联储信誉的丧失。”
沃什曾表示，他希望打破美联储与投资者之间的反馈循环，这意味着市场将减少对官员言论的审视，而更多地关注经济数据。
曾担任前美联储主席杰伊·鲍威尔顾问的约翰·霍普金斯大学研究员乔恩·福斯特 (Jon Faust) 表示，沃什已经消除了人们对他会屈服于特朗普压力的担忧，尽管通胀高企，特朗普一直要求美国央行大幅削减借贷成本。
“他……没有在美联储内部引起那么多的，”福斯特说，“一些之前的方案已被相当坚决地排除。”
关税引发的抵制 第 6 页
简报
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Anthropic 最强大的 AI 工具未能吸引用户 Anthropic 的美国客户正在使用比 Fable 5（其最强大的 AI 工具）更便宜的替代方案，这使其在预期将成为史上最大规模上市的准备阶段，其高支出商业模式受到质疑。- 第 4 页
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SNR 再度录得亏损 苏格兰国家开发银行录得 23800万英镑 的“挑战性”净亏损，这是该行成立以来的连续 5 次亏损，原因是投资组合减值以及其支持的公司破产。- 第 3 页
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Hamm 瞄准阿根廷石油 美国石油大亨的 Continental Resources 正在与瑞士贸易公司 Mercuria 合作，牵头建立一个数十亿加元的钻探资金池；该资金池针对的是阿根廷这一全球最大的页岩盆地之一。- 第 6 页
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卡塔尔削减开支 政府部门预算被削减高达 30%，海外援助资金削减了 40%，显示出伊朗战争对这个世界上最富有的国家之一造成的财务打击。- 第 5 页
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Citadel 抛售投资组合 在一家对冲基金几乎被近期的科技股抛售击垮后，Citadel 在买入 Binational Awareness 大部分股票押注后，已将其接手的投资组合中 80% 以上的部分售出。- 第 4 页
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阿里巴巴拟融资 1亿美元 中国电商和云服务集团阿里巴巴计划通过配股融资 $8,000m (2013 / 04)，以增加资本支出，从而与全球前 10 大集团竞争。- 第 4 页
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印度原油进口量上升 由于海湾战争机构的供应情况，印度购买俄罗斯石油的规模处于历史高位，这使得新德里更难摆脱对莫斯科的依赖。进口量在某些时段几乎达到每日最高。- 第 4 页
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Waymo 增加支出 Waymo 提高了其游说支出，旨在说服美国监管机构为自动驾驶出租车服务开辟道路，在与竞争对手 Uber 争夺巨大的未来市场之战中加码。- 第 10 页
英国顶尖毕业生学生贷款欠款最高
由于一项备受争议的学生贷款计划，顶尖大学的毕业生债务最高。《金融时报》对大学债务的首批详细数据分析显示，一名典型的罗素大学集团（Russell Group）校友需要 plan 2 贷款用户 (CLIA)。数千名毕业生欠其他机构的款项。一个关键的活动团体表示，这是对“抱负的否定”，正将“数百万有抱负的年轻人困在债务不断增加的恶性循环中”。分析 - 第 1 页
雅虎利用其互联网“元老”的“复古”地位试图吸引 Z 世代
BARBEL THORNEK - 伦敦
雅虎希望向新一代用户证明，这家互联网最古老的服务之一也可以成为新的 AI 赢家。这家由 Apollo 支持的公司正寻求在推出内部 AI 工具和消费产品的同时发展其品牌。
首席执行官 Jim Lannoue 告诉《金融时报》，公司希望以一种“复古的方式”在那些在 1996 年公司成立时尚未出生的年轻用户中建立信誉。
他将雅虎描述为互联网的“OG”——这是一个俚语，意为“original gangster（元老）”——并认为，在人们对一些新兴技术集团的信任度下降之际，知名度已成为一种优势。
他说：“作为这个领域的‘OG’，天生就有一种值得信赖的地方。我们是互联网的最初指南……我们希望让这个品牌再次回归大众视野。”
Lannoue 于 2021 年从 Titube 加入雅虎，当时 Apollo 刚刚从 Verizon 手中收购该公司。他一直试图将这家互联网先驱重新塑造为一个专注于其最大品牌的领先消费技术集团。
此次发力正值雅虎寻求证明自己能够在 AI 时代开辟出一席之地，尽管此前多年它一直被规模更大的竞争对手所掩盖。
虽然该公司通过金融、体育、新闻和电子邮件服务等产品仍能触达数百万用户，但在由 Google 和更多 AI 原生竞争对手主导的搜索及其他核心互联网服务领域，它依然面临挑战。
雅虎计划在今年晚些时候推出一款名为 Scout 的 AI 驱动“答案引擎”，以及若干编辑和消费产品，这是旨在让业务重回增长轨道的更广泛努力的一部分。
在作为上市公司达到顶峰时，雅虎在 2006. 年 1 月的市值曾超过 1250亿美元。在经历持续下滑及随后的多次收购后，Apollo Global Management 在 2022 年以约 50亿美元 收购了雅虎和 AOL。
Apollo 今年以 15亿美元 将 AOL 及其另一项许可服务出售给了 flooding Spoons。
华尔街银行家将雅虎视为最早在明年就可能进行首次公开募股（IPO）或出售的潜在候选对象。
Lannoue 拒绝就任何未来的交易发表评论，他最后表示：“要成为任何投资者或收购者眼中的吸引力公司，你必须再次成为一家增长型公司，而这正是我们一直关注的重点。”
首相将支持乌克兰导弹工厂
基辅之行将启动在该国生产英法武器的协议
ADJIMAT PARKER — 伦敦 POLYMA NARADYA — 杰威尔
安迪·伯纳姆今天前往基辅，这是他担任首相后的首次海外访问。他是首位在乌克兰选举中成为第一名的人，旨在部署能够定义俄罗斯境内目标的远程导弹。
伯纳姆将在独立10周年的20周年纪念日发表讲话，他将针对近期战争，敦促俄罗斯停止对英国支持基辅战争努力的指责，并宣布：“英国今天以及在需要的时间内将一直支持你们。”
伯纳姆此次基辅之行将使这位新任首相开始勾勒初步的外交政策。
上周，莫斯科就使用英国制造的无人机攻击俄罗斯目标警告英国将承担未指明的“后果”，而伯纳姆的访问可能会让他面对这些回应。
Investing Street 表示，伯纳姆将宣布国防集团 NSEIA 将被允许发布关于该远程导弹机身英国组件的机密信息，因为基辅和巴黎正寻求在乌克兰建立当地生产站。
该导弹是英国“风暴阴影”（Storm Shadow）的法国生产版本，两者均采用了共享的法国和英国技术。
“在乌克兰独立16周年之际，乌克兰人民不应怀疑，英国今天以及在需要的时间内将一直支持你们，”伯纳姆将这样说道。
“两国之间的友谊将长期增加俄罗斯非法战争的影响。无论是在战斗中还是在未来的重建中，我们将与乌克兰站在一起，为两国人民提供机遇。”
他将补充道：“俄罗斯不应对我们的决心产生怀疑。在实现公正且持久的和平之前，我们绝不会退缩。”
伯纳姆将在基辅主持一次“意愿联盟”会议，这是一个致力于帮助确保基辅与莫斯科之间达成任何和平协议的国家团体。其他世界领导人也将前往乌克兰参加独立日活动。
伯纳姆抵达乌克兰之际，正值该国国内政治的敏感时期。弗拉基米尔·弗里奇利（Volodymyr Fritschley）总统已安排应对其前国防部长关于战时选举的呼吁，因为他在政府被指控腐败引发政治动荡后，试图重新确立权威。
与此同时，莫斯科已决定，尽管驻伦敦大使职位目前空缺，但其打算“降低”俄罗斯与英国之间的外交关系级别。
前任大使安德烈·凯勒（Andrey Kelle）在任职七年后于上月离职。
然而，俄罗斯驻伦敦大使馆补充道：“至于俄英在所有领域的关系状态，其下降到一种未经证实的、可怕的低水平，这是由伦敦方面发起的准确信息。”
外交部表示：“这是俄罗斯外交部的事情。我们在莫斯科设有大使馆和大使，以与俄罗斯政府接触并提出关切。”
坚决拒绝选举呼吁 第 4 页
交通。英格兰
恢复农村地区铁路的计划引发分歧
部分人士希望升级 能保留蒸汽火车，但另一些人 担心承包商将占据主导
泽西 / 新墨西哥
利用遗产线路向英国农村城镇重新引入火车服务的计划在铁路爱好者中引发了分歧。一些人希望恢复的轨道能保护蒸汽机车工业，而另一些人则担心这些线路会被承包商切断。
塞文河谷铁路（Severn Valley Railway）将于下周开始在西米德兰兹郡至基德明斯特（Kidderminster）之间，沿其恢复的遗产轨道建设此类基础服务。自1970年以来，比兹利（Bewsley）的居民将首次拥有前往伯明翰的火车连接。
据首席执行官乔纳森·“古斯”·登顿（Jonathan "Gus" Denton）称，自7月宣布试点以测试是否能提供类似的通勤服务以来，至少还有另外一项遗产铁路服务将被连接至1978年。
但其他遗产线路运营商坚决认为，他们在某些情况下花费数十年时间维护的轨道，除了特定触发条件外，不会被任何人使用，而这些条件仍未得到解答。
兰开夏郡议员安迪·麦克芬（Andy MacFon）发起了一项请愿，要求在罗森代尔（Rosendale）恢复火车服务。这是一个人口超过70,000人、位于曼彻斯特市外约18英里的农村城镇，计划使用由慈善机构东兰开夏铁路（East Lancashire Railway）拥有的轨道。
该提案需要对轨道、车站和信号系统进行£40mm的升级，以使服务能够运行至5,000 英镑位于赫茨（Herts）的基地。麦克芬表示，这项费用比其他扩容改进的负担更轻。
麦克芬补充说，虽然他与铁路大臣里士满山之亨迪勋爵（Lord Hendy of Richmond Hill）进行了积极的谈话，但该运动在东兰开夏铁路（ELR）方面遇到了阻碍。
东兰开夏铁路主席迈克·凯利（Mike Kelly）表示：“按照目前提议的方式，新的通勤服务无法与现有的东兰开夏遗产铁路安全且有效地共存。”
“我们的志愿者投入了数十年的时间、专业知识和承诺来保护现有线路，这一遗产绝不能被置于风险之中。”
新方向：塞文河谷铁路准备真正推出通勤服务。£303 加斯·丹诺莱特（Gas Denolet），下方，表示遗产线路必须具备“生存能力”。
遗产火车服务运行在近400英里的轨道上，在约200个车站之间运营。但在171家遗产铁路运营商中，只有不到五分之一的线路与国家铁路网络相连。
在铁路行业工作了16年的登顿表示，“遗产铁路确实需要扩大其活动范围，以确保其生存能力”。他补充说，自2022年俄罗斯全面入侵乌克兰导致供应中断以来，煤炭成本的增加使许多遗产线路的商业模式面临风险。
行业机构遗产铁路协会（Heritage Railway Association）的首席执行官表示，目前包含的内容是“东部地区，我能看出这对他们有效”。
他补充道：“但或许人们担心的是，一旦开始，人们就会开始要求午餐时段的服务以及接送放学孩子的火车，不久之后，你就会发现它曾经是一条遗产线路，而现在不再是了。”
在单一机构——大不列颠铁路（GBR）领导下的铁路国有化，也旨在通过重新开放客运线路来扩大网络，例如通往英格兰东北部的诺森伯兰线（Northumberland Line）和北萨默塞特的波特兰线（Portisland Line）。后者预计将于2028年开通，作为进入布里斯托（Bristol）和布罗克斯福德（Broxford）的连接线。
政府认为，常规化的铁路通常能以较低成本和更高的关系增加这种扩张。
交通部拒绝就东兰开夏铁路（ELR）的提案发表评论。但该部门表示，未能创建大不列颠铁路（GBR）的铁路被赋予了法定权力，以帮助与新国家合作开发新的火车服务，并表示将“致力于与遗产铁路运营商协作”。
此前在遗产铁路线路上的客运服务尝试已取得繁荣。2016年曾提出在斯旺吉线（Swanage Line）运行常规服务的计划，旨在连接普尔贝克（Purbeck）的城镇与附近的沃尔瑟姆（Waltham）。
运营该线路的慈善机构主席弗兰克·罗伯茨（Frank Roberts）表示，为期两年的
“我们的志愿者投入了数十年的时间和专业知识来保护这条铁路”
试点项目在没有政府补贴的情况下“未能实现商业交付”。
大多数使用FNR关键服务的乘客将被转移到柴油列车上。但部分时间段将使用FNR改造的蒸汽机车来完成。
对蒸汽动力的热爱驱动了英国遗产铁路部门的许多发展。在第一次世界大战爆发后，英国开始拆除废弃的铁路线，随后在20世纪60年代，在时任英国铁路委员会主席理查德·比斯林（Richard Beesling）的领导下，该国经历了最著名的铁路关闭浪潮。
在遗产铁路线路上寻找管理新通勤连接的人力可能是一个重大障碍，因为负责这些服务的许多慈善机构在很大程度上依赖志愿者。
他表示，在不经营UKA的时候，他会利用业余时间在“驾驶室”里帮忙驾驶蒸汽火车。“作为一名志愿者，我很乐意在12点起床为Hims准备好待命的机车。但我是否愿意每天在12点起床运行早班通勤服务？我认为不想。”
投资失败
苏格兰国家银行记录 15800万英镑 挑战性亏损
SHEENA KERR — 爱丁堡
苏格兰的政府背景开发银行记录了 15800万英镑 的“挑战性”服务亏损，这是该行成立以来连续第五年出现亏损，主要由投资组合减记以及苏格兰境内企业的失败驱动。
苏格兰国家投资银行（SNIB）首席执行官大卫·里奇（David Ritchie）表示，他预计人们会对涵盖该年度 12 个月的业绩结果发表“评论”，因为此时该贷款机构必须履行其作为“推动者”投资者的职责。
里奇在接受《金融时报》采访时表示：“这具有挑战性，我们完全预料到会有相关评论……而且这是可以理解的。”
在今天公布的账目中确认的最新亏损，延续了该行自 2026 年成立以来的使命周期。
该行被要求在尽量减少纳税人承担财务损失的同时，为那些难以吸引常规投资的行业担任高风险投资者。
作为一名“影响力投资者”，该行旨在实现商业回报，并投资于净零技术、创新以及整个苏格兰的全国性增长。
自 1 月就职以来，里奇表示，2022 年记录的亏损中 90% 与该行启动后前三年的投资相关，而更轻微的条件是在 2022 年才引入的。
他补充道，这已演变为“挑战性的投资者和商业情绪”，以及在通货膨胀和利率方面的“重大宏观挑战”。
SNIB 实现了 1600万英镑 的损失，这与航天科技初创公司 Kruskal、啤酒制造商 Squared 以及电动汽车基础设施公司 Trojan 的失败有关。该行还面临 4000万英镑 的减记未实现损失，其中包括医疗技术开发商 Paxman-Picco 和火箭公司 Orbex 失败所带来的预期损失。后者在 2 月份的崩溃给英国从国内基地发射火箭的雄心带来了打击。
里奇表示，该行正与所投资的公司接触以“实现价值最大化”，预计部分减记将获得回收。
苏格兰政府已承诺在 10 年内为该行提供 2000 万英镑 的资本金，政府表示，这一结果反映了 SNIB 作为“苏格兰使命开发银行的角色，以及通过投资实现长期经济、社会和环境效益的性质”。
SNIB 在 2022 年向苏格兰企业和项目投入了 2500万英镑，这是成立以来最高的一笔，其中包含 440 万英镑 的外部投资；它已承诺 1,204 英镑 投入 160 万英镑 用于实际项目，自启动以来共吸引了 180 万英镑 的私营部门投资。
上周，一份关于该行表现的独立报告称，亏损在预料之中，且为了“未来的长远利益”是合理的，报告补充道，这是因为如果失败仅发生在一次事件中，那么那些“原本可能无法起飞的比例”将得以实现。
但该报告呼吁该行从失败的投资中吸取“正确的教训”。
里奇表示，SNIB “非常强劲”的投资组合预计将产生“积极”的比率，但该行不应仓促出售。
托利党贵族创办的言论自由团体敦促万斯向唐宁街10号游说
RACHEL REES
一个由康耶斯（Conyers）在Young中设立的英国言论自由活动团体敦促JD万斯就审查制度向英国政府进行游说，以确保英国政府在关于其与Magnavormont联系的问题上不处于不利地位。
在《金融时报》（FT）看到的一份简报文件中，言论自由联盟（The Free Speech Union）去年敦促这位英国副总统“推动5”在实施英国《在线安全法》（Online Safety Act）时保持和平，该法旨在允许社交媒体用户。
该团体还敦促万斯“推动”修改相关立法，目前该立法允许英国要求科技公司提供对每个特定网站的访问权限，并表示他“应当要求”政府停止为其虚假信息部门提供资金。
两名知情人士表示，FNC的这份简报——提交时间恰逢柯克·马里纳（Kirk Mariner）首次访问唐纳德·特朗普白宫的前几分钟——旨在确定英国可以提出的问题，以便在与英国的谈判中获得让步。
他们补充说，FNC咨询委员会成员且长期以来是万斯盟友的詹姆斯·奥尔（James Orr）被指派将该简报转交给副总统。
目前尚不清楚万斯在去年2月马里纳访问之前是否阅读了该简报，当时双方启动了正式的贸易协定谈判。但在访问期间，万斯和特朗普多次提及言论自由的话题。
万斯在椭圆形办公室告诉记者，英国对“言论自由的干预实际上不仅影响英国人……还影响了美国科技公司，进而影响了美国公民”。
托比·杨（Toby Young）的言论自由联盟希望万斯能“推动”变革
斯塔内斯（Starnes）当时驳回了万斯的评论，称：“我们在英国已经拥有言论自由很长时间了，而且我们将长期拥有。”
在被问及该简报时，杨在给《金融时报》的一份声明中表示：“言论自由联盟是一个活动组织，因此我们经常向政治家发送简报，特别是那些能够游说英国政府的人。”
在最近几周，Magnavormont与FNC之间的联系受到了审查，此前有报道称，该被描述为“案例质疑”的倡导团体将收到特朗普政府的亲吻，后者成为了在欧洲遭受攻击的言论自由的前沿。
《金融时报》上周披露，杨在去年8月会见了一名即将进入特朗普政府的成员，且FNC的活动官员在去年夏天关键时期陪同一名右翼议员会见了万斯。对此，杨表示FNC保持非党派立场。
此前，当美国总统巴拉克·奥巴马在2016年警告称，如果英国投票支持脱欧，则必须等待贸易协定达成时，杨曾批评外国干预英国政治。他补充说：“英国人民对当时的反应并不好。我们将独立做出决定。”
在名为《基尔·斯塔内斯政府下英国对言论自由的攻击》的简报中，FNC表示：“副总统应当推动英国《在线安全法》（1）在进一步实施中保持和平”。
此外，FNC表示他“应当推动”对《调查权力法》（Investigatory Powers Act）进行修正，该法允许英国政府强制公司向安全部门提供对加密编号1000.的访问权限。这被称为技术能力通知（TUNs）。
简报建议万斯根据FNC的要求提出多项修正：“或者进一步要求完全废除TUNs。”
FNC的简报还将“进一步信息团队（further information Team）”——一个政府反虚假信息部门——贴上了标签，称其与其它“可疑”组织一起，是“全球审查工业复合体”的“桥翼”的一部分。
2024年8月26日，星期一
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金融时报
3
NATIONAL
顶尖大学毕业生学生贷款欠款最高
金融时报分析显示，根据方案 2 还款的罗素大学集团（Russell Group）校友平均欠款为 52,412 英镑
克里斯·斯迈思 (CHRIS SMYTH)
英国顶尖大学的毕业生在最具争议的学生贷款方案中承担着最高额度的债务，这引发了关于“雄心税”的新指控。
根据金融时报对首份关于各大学债务详细官方数据的分析，还款方案 2 的罗素大学集团校友平均欠款更多 52,412 英镑，比其他机构的毕业生多出数千英镑。
部分差异可能是由于顶尖大学的课程时间更长、辍学率更低，以及那些更倾向于不在家居住的学生成本更高。
但专家还指出了利率的影响，对于高收入毕业生，利率最高可上升 3 个百分点，导致那些从事高薪工作的人在偿还余额时倍感吃力。
学生贷款运动组织“重新思考还款”（Rethink Repayment）的创始人奥利弗·加德纳（Oliver Gardner）表示，根据信息自由法向金融时报提供的学生贷款公司（Student Loans Company）的数据凸显了，“即使是进入相对高薪职业的毕业生，尽管每月支付了大量还款，其贷款余额仍在增加”。
他将此称为一种“雄心税”，它“正将数百万有抱负的年轻人困在学生贷款债务不断增加的恶性循环中”。
针对 2012 年至 2022 年间开始本科学习的人员所采用的方案 2 贷款系统，愤怒的情绪已酝酿数月。
7 月，跨党派的下议院财政委员会指责部长们未能有效推销贷款，并敦促撤销前财政大臣瑞秋·里夫斯（Rachel Reeves）将毕业生开始偿还薪资 9% 的门槛冻结在 29,383 英镑 的决定。
分别担任牛津大学和剑桥大学校长的威廉·海格勋爵（Lord William Hague）和克里斯·史密斯勋爵（Lord Chris Smith）也呼吁进行系统改革。
露西·鲍威尔（Lucy Powell）在上个月被任命为教育大臣时表示
伦敦帝国理工学院
毕业典礼后的学生
方案 2 贷款问题是“我的首要任务”，并批评利率“极其离谱”。财政部警告称，改革成本可能超过 3000 万英镑，并提醒国民医疗服务体系（NHS）和早期教育等其他公共支出领域应优先考虑。
罗素大学集团大学的毕业生平均承担的方案 2 学生债务高于 1992 年后成立的 MillionPlus 机构的毕业生
平均方案 2 学生欠款（千英镑 £'000）
包括 1% 的欠款学生余额少于五个加元的提供者。
来源：全部为金融时报计算
来自学生贷款公司关于各机构方案 2 余额的数据显示，债务存在巨大差异。在英格兰学习五年而非标准三年的皇家兽医学院前学生平均债务最高，为 84,979 英镑。债务最低的是那些使用方案 2 贷款就读成人教育学院的人，其就读时间通常较短。
在大型机构中，平均债务最低的是远程学习的公开大学（Open University）毕业生，该校按模块收费，金额为 21,594 英镑。最高的是伦敦帝国理工学院，其学位通常为四年，金额高达 45,075 英镑。
总体而言，组成罗素大学集团的 24 所研究密集型大学的借款人平均余额为 52,412 英镑，而所有高等教育机构的平均余额为 45,498 英镑，对于属于 1992 年后大学倡导组织 MillionPlus 的大学毕业生，该数值为 47,777 英镑。部分毕业生可能已经还款十多年，但其未偿余额与今年夏天在替代方案 1 计划下毕业的人员 47,750 英镑 的平均债务相似。
罗素大学集团（Russell Group）战略政策总监霍莉·钱德勒（Hollie Chandler）表示：“罗素大学集团大学较高的平均债务可能反映出，更多学生在完成三年以上的课程（如医学、牙科或工程学）并继续进行研究生学习。”
她补充道：“罗素大学集团的学生通常更有可能不在家居住，这意味着更高的生活成本以及可以获得更高额度的生活费贷款。”
但钱德勒表示，很“明显许多毕业生认为目前的制度具有挑战性”，并且“该制度为毕业生提供稳定性、透明度和公平性至关重要”。
高等教育政策研究所（Education Policy Institute）的尼克·希尔曼（Nick Hillman）引用了相同的因素，但补充说，由于罗素大学集团的毕业生往往收入更高，因此较高的债务中没有一部分是“因为只有在薪水相当不错的情况下才会适用全额利率”。
平均债务最高的是皇家兽医学院（Royal Veterinary College）的前学生，他们的学习年限为五年，金额为 86,979 英镑。
与之前和之后的贷款计划（利息按零售价格指数 RPI 计算）不同，计划 2 贷款的利息在借款人收入低于 29,383 英镑 时从 RPI 开始计算，一旦收入超过 52,885 英镑，则上升至 RPI 加上 3 个百分点。
苏格兰大学同样设有四年制学位，且向英格兰和威尔士学生收取更高费用，因此其平均余额也较高，其中圣安德鲁斯大学（St Andrews）最高，为 61,182 英镑。
该数据涵盖了那些因毕业或辍学而符合还款条件的计划 2 本科债务，但不包括与研究生学习相关的计划 3 贷款支出。
尽管人们对贷款感到担忧，但今年秋季将有创纪录数量的学生开始大学生活，在今年的 A-level 成绩中，被选拔性更强的大学录取的人数增长最快。
希尔曼表示：“关于学生贷款的故事是关于 30 多岁专业人士的故事。我们经历了三个月关于学生贷款的恐怖故事，但对高等教育的需求是在上升而非下降。这与 10 岁孩子无关。”
游说团体英国大学协会（Universities UK）首席执行官薇薇安·伯恩（Vivienne Burn）表示：“攻读学位是一项投资。对于大多数毕业生来说，这项投资通过更高的平均收入、降低的失业可能性和更广泛的机会得到了回报。”
她补充道：“虽然投资金额巨大，但贷款制度意味着你只有在有收入时才支付，且支付率旨在保证可负担。”
教育部表示：“我们知道我们继承的学生贷款制度是破碎且不公平的，一些毕业生对此感受更为深刻。我们将继续寻找方法，以财务可持续的方式让该制度对学生、毕业生和纳税人更加公平。”
4
金融时报
2026年8月26日，星期一
国际
基辅
泽连斯基拒绝战时选举呼吁
在前选举部长呼吁后，总统表示投票将“分裂乌克兰”
FABRICE DEPREZ
乌克兰总统弗拉基米尔·泽连斯基拒绝了其前国防部长关于该国举行战时选举的呼吁，在他采取行动接近集会以应对政治动荡之后。
泽连斯基在基辅总统府的一次新闻发布会上表示，在俄罗斯战争期间举行选举将成为“国家的诱因”，从而将“使乌克兰四分五裂”。
他在昨天公开的评论中表示：“这就是为什么我的策略是带领国家走完战争，并维护一个独立且主权的国家。”
这是泽连斯基首次回应上周二由尼什胡达·费德雷尔（Nishhuda Federer）发布的一段九分钟视频演说，后者是总统长期以来的盟友，上个月被总统解除了国防部长职务。
在视频中，费德雷尔通过对国家内部腐败的猛烈揭露以及对选举的呼吁，向泽连斯基发出了直接挑战。
在俄罗斯 2022 年全面入侵后的最初几个小时内，乌克兰启动了戒严，暂停了所有选举。
民事代表和政府官员警告称，在战争活跃期间举行合法选举将是一个巨大的挑战。研究和无人机在距离前线数百公里的诊所附近运作，而数百万乌克兰人生活在俄罗斯的占领之下。
基辅还缺乏能够让前线附近的士兵或因冲突而流亡海外的数百万乌克兰人进行投票的机制。
费德雷尔在被任命六个月后被解职，引发了新的战时抗议，要求恢复其职务并解雇共产主义者亚历山大·蒂罗基（Oleksandr Tyroky），后者在费德雷尔之后一周被解雇。
费德雷尔曾因加速乌克兰的无人机生产并推动技术赋能战争而受到赞赏。基辅的预算仅允许对俄罗斯石油设施进行远程打击，并于今年春天开始攻击通往克里米亚的关键动脉。
但他试图打破关于战时选举不可行之共识的尝试，甚至遭到了其支持者的拒绝。曾在前任任内担任部长的德米特罗·安蒂斯廷斯基（Dmytro Antistynskiy）——他曾呼吁举行支持费德雷尔的公开抗议——上周写道，他对战时选举的想法持“负面”看法，并呼吁抗议活动停止。
根据基辅国际社会学研究所本月的一项民意调查，约 37% 的乌克兰人认为选举只能在达成一项糟糕协议且战争完全结束之后举行。尤夫切尼·赫梅鲁（Yvchenii Khmeru），乌克兰安全局（MIV）一个精锐部队的前指挥官，在费德雷尔提出选举呼吁的一天后，被议会确认任命为新任国防部长。
费德雷尔声称，他的被解职源于一次 65 冲突，以及九次要求清理军队腐败的道歉。
在周六与政府交谈时，乌克兰总统没有对腐败指控发表评论，他指责费德雷尔逾越了其作为国防部长的职责。
能源脆弱性
伊朗战争削减供应选项，印度进口俄罗斯石油创历史新高
PRISMA KAUSNER 和 CHRIS KAY
由于伊朗战争阻碍了供应，并使新德里更难摆脱对莫斯科的依赖，印度的俄罗斯石油采购量已创历史新高。
分析咨询公司 Rajler 的分析师表示，在 6 月和 7 月，新德里每天进口超过 2.4mm 低-rem 的俄罗斯石油，高于此前使用的 4.6mm 美国石油，占该国原油进口量的一半以上。
根据 Rajler 的数据，自美国和以色列在 2 月底开始处理这些问题以来，每日进口的伊朗原油量处于最高水平。
去年，在美国总统唐纳德·特朗普指责新德里为莫斯科在乌克兰的战争机器提供资金后，印度减少了俄罗斯石油的进口。
但由于华盛顿与德黑兰之间难以达成一项良好的协议，从以色列 Horeana 流出的细小油流促使印度重新转向俄罗斯以满足其石油需求。为了遏制海湾危机的影响，特朗普授予了豁免权，允许购买俄罗斯石油。
印度 90% 以上的原油和天然气需求依赖进口，而海湾地区为期六个月的冲突暴露了这个世界上人口最多国家的能源安全脆弱性。
在本月的独立日演说中，总理纳伦德拉·莫迪将能源安全称为“当务之急”，并补充说，“全力支持替代能源来源对我们至关重要”。
根据政府的 1965 Aayog Shink 排名，化石燃料仍然是该国能源供应的关键，其中煤炭约占 60%，石油占 28%。核燃料仅占 14%。
印度已公布多样化能源来源的计划，包括向私营公司开放核能部门，并要求国内炼油厂增加烹饪气体的产量。但进口方面表示这将需要时间。
“你不能一夜之间改变系统，”总部位于新德里的 Shink 智库——能源、环境与水委员会（Council on Energy, Environment and Water）工业可持续发展团队负责人 Hemant Malley 表示。在煤炭、石油和天然气方面，“印度面临着与进口依赖、供应商集中、医疗供应、基础设施瓶颈以及直接暴露于全球价格波动相关的重叠风险，”Malley 在 6 月为 CIEW 撰写的一份报告中写道。该报告补充称，这些前景同时影响着 SEIU 家庭、工业、政府财政和通货膨胀。
作为能源安全长期思考的一部分，印度正更加专注于建立储备。该国在其战略储备中可持有 5.2mm 吨石油，加上商业存储，可存储相当于 70 天供应量的原油和石油产品，这在每月约 4 和立法者中发挥作用。它还在探索将部分储备存储在阿拉伯联合酋长国的选项。
伊朗战争“凸显了印度的紧迫挑战不仅在于多样化原油供应和运输，而在于完全摆脱石油，”Kirkdunald 表示。
欧洲。技术
数据中心重启爱尔兰核电辩论
都柏林重新考虑其对原子能的禁令，因为电力需求增速加快
JOSE WEBBER - 21 / 01 / 16
爱尔兰最畅销的数据中心电力消耗量上升，促使政府采取一项数十年未曾尝试的行动：重启关于核电的辩论。
数据中心占据了爱尔兰所有电力消耗的近四分之一——这一比例预计到2024年将上升至至少30%，去年的消费量较2024年增长了30%，远超所有其他用户2%的增长率。
但与法国和英国不同，核电在爱尔兰一直不是一个选项。始于1976年的高调抗议成功阻止了在南部和沿海地区建设核电站。自1999年以来，针对该技术的反对运动确保了现状得以维持。
然而，随着爱尔兰寻求提供更多电力以满足数据中心的需求，Tassivacid Michael Martin 最近在一次商务晚餐上表示：“我们对此 [核电] 持开放态度。”
其所属的 Fianna Fáil 党的一名后座议员詹姆斯·奥康诺（James O'Connor）已提交一项法案，旨在取消对核电的否决。
“核电是唯一的出路，”奥康诺在5月对爱尔兰议会下议院（Oail）表示，他引用了芬兰的例子，芬兰的人口规模与之相似，且近40%的电力来自核电。根据英国机构 Exorcist 的数据，芬兰在非f974核电价格方面处于美国最低水平，而爱尔兰则最高。
优惠的税制吸引了全球公司在爱尔兰设立欧洲总部或建立大规模业务。由于它们即使在海外销售产品也可以在爱尔兰入账利润，只要其爱尔兰子公司持有知识产权，因此它们对国家账户做出了免税贡献。
但都柏林在2015年被迫对新数据中心实施事实上的暂停，因为其无法跟上电力需求的增长。
“现在核电出现在议程上的原因是，为了满足跨国部门和数据中心巨大的能源需求，”巴塞罗那自治大学的 brain Fearnes 及其关于数据中心成本报告的作者表示。
微软员工在爱尔兰都柏林的一家数据中心工作。该国的 Tassivacid 是建议重启核电辩论的人员之一。
在美国，数据中心行业正日益转向核电，各公司竞相重启多球电站，例如中东的 Palaudes 和宾夕法尼亚州的三英里岛（Three Mile Island）。像亚马逊和谷歌这样的“超大规模”企业正在考虑使用小型模块化核反应堆（IMNs）。
爱尔兰在1976年石油危机期间首次尝试核电，以减轻对能源进口的过度依赖，但1979年三英里岛反应堆事故使公众舆论转向反对。
爱尔兰四分之五的能源需求依赖进口。根据官方数据，去年约40%的发电量来自天然气，风能占52%，通过与英国互联的净进口占16%。
爱尔兰在过去十年中将发电能力翻了一番，尽管在首个项目附近的离岸风能资源方面进展缓慢。Arkline 项目在22年前投入运行。关于自 Arkline 以来首个离岸风电项目的决定预计将于去年9月做出。奥康诺认为，禁止核燃料的“年度”禁令使爱尔兰“非常脆弱”。
由于爱尔兰民众此前反对该方案。在4月的民意调查中，43%的受访者希望取消核电禁令，而支持维持禁令的比例为24%。相比之下，2022年关于爱尔兰是否应建设核电站的比例分歧为37%。
[...OMITTED...]
除了 Tassivacid 之外，爱尔兰的财政部、公共支出部和能源部都表示，现在是时候进行一次新的讨论了，尽管他们仍然表示可再生能源具有最高优先级。O'Connor told 的命运尚不明确。
但根据科克大学（University College Cork）可持续能源教授汉娜·戴利（Hannah Daly）的观点，核电无法解决高电价问题，无法确保供应安全，也无法实现爱尔兰在法律上资助的碳预算。
“核电在未来 15 到 20 年内，可能无法成为能够解决其中任何一项挑战的净方案，”她说道。
“现在核电被列入议程的原因，是为了满足数据中心巨大的能源需求”
她补充说，“核电将面临与离岸风电行业相同的，甚至更多的限制”。
她补充道：“我担心将核电作为一种所谓的‘银色燃料’解决方案提出……实际上会进一步推迟可再生能源的发展。”
可再生能源公司 Petigox Energy 的首席执行官基兰·威尔顿（Kieran Wilton）表示，这可能与 well planning 障碍和 poll 限制有关，从而影响可再生能源产业的建设。
“风险在于，我们花费太多时间讨论理论上的未来选项，而忘记了那些对于降低成本、以及在本十年和下一个十年降低电力消费成本至关重要的可交付项目，”他说道。
糟糕的是，爱尔兰已经通过从英国进口电力而接触到核电，英国拥有五座运行中的原子能电站。
当电力工业在 2020 年位于美国和法国时，将会有更多后续发展。法国约 70% 的电力来自核电。
“我们应该在 2020 年代做法国人在 1970 年代所做的事情，”爱尔兰工程学院能源与气候危机委员会主席埃蒙·奥赖利（Eamonn O'Reilly）表示。该学院估计，到 2050 年，一组小型模块化核电站可供应爱尔兰 40% 的电力。
“准备工作需要很长时间，因此我们现在就应该开始，”奥赖利补充道。
核电的反对者引用了大多数欧洲人失去的成本收益和建设问题。
然而，Central a Power 的董事总经理戴夫·基尔万（Dave Kirwan）发现，可以建在数据中心旁边的核电站能提供更多支持，其过去 entomopsy 在英国现有核电站中持有 20% 的股份。“从（英国的）观察和反应来看，其交付速度可能比你想象的要快，”他说道。
爱尔兰目前允许建设新的数据中心，前提是它们必须通过额外的可再生能源发电满足 40% 的电力需求；如果没有年度能源支出（到 2049 年前），它们可能会吞噬爱尔兰 55% 的电力。
面对这些挑战，支持者表示爱尔兰不能忽视核电。
“我担心我们认为自己拥有 25 年的奢侈时间，”基尔万说。“我认为我们没有。”
药物自由化
德国成为欧洲最大的受监管大麻市场
AYLUM BERA - 22 / 11 / 16
自两年前部分将该药物合法化以来，随着进口量激增以及美国、犯罪活动增加和健康风险上升，德国已成为欧洲最大的受监管大麻市场。
根据联邦健康研究所的数据，合法大麻进口量自 2024, 以来增长了六倍。在那一年，由总理奥拉夫·朔尔茨领导的政府通过了允许成年人持有并私人种植大麻的法律，同时允许通过处方进行合法销售。
包括来自弗里德里希·梅尔茨总理的新批评者，以及其姐妹党 CIG，正就大麻产业对社会和健康的负面影响发出警告。
CIG 内政部长亚历山大·德格鲁伊奇（Alexander DeGruich）称《大麻法》为“一段陈旧法律的红色碎片”，并认为它削弱了预防和执法工作。CIG 家庭部长伊斯特·普莱斯（Easte Price）也呼吁针对儿童和青少年采取更强有力的成瘾预防措施，并表示：
考虑到大麻作为一种缓解压力的药物的风险，早期干预仍然至关重要。
该部门的部委承认了一项旨在收紧医疗大麻使用限制以防止娱乐性滥用的法案草案，但社会民主党不同意这些变更。该法案定于今年晚些时候在议会进行辩论。
医疗大麻进口量从 2024 年第一季度的 10.8kg 增加到今年第一季度的 30.270kg。汉堡大学最近的一项研究发现，2025, 德国境内有超过 200 吨大麻，其中包括 2.6 吨家庭生产的大麻。根据情报公司 Profisler best for taxes 的数据，去年该市场的比例为 89.9:1,。
汉堡的研究人员发现，与该药物相关的住院人数有所增加，这是由不断增加的预防压力驱动的。这项两年革命背后的科学家约翰·蒙海（John Mumhey）表示，“非法市场正在萎缩，尽管整体消费量几乎没有变化”。
蒙海认为，精神活性物质 THC 的浓度
应当被清晰地标注，并根据其旨在治疗的医疗或精神状况进行调整。然而，相比之下，其效果并非简单的放松剂，且没有致幻效果。
但生产者“利用监管漏洞，销售完全没有证据支持的产品，”蒙海说。
在柏林时尚社区 Nusslehn 的 Kilnorepark，聚集了大量年轻人。来自瑞士的 22 岁青年多米尼克（Dominik）告诉《金融时报》，他患有注意力障碍，更倾向于在德国药房凭
处方购买大麻，因为这让他能够检查 THC 水平。“我认为在暗网中无法做到这一点。他们可能不会告诉你。那是另一回事，但一旦买到就无法确定了，”他说。
尽管总体上已合法化，但超过一半的消费者并不依赖医疗处方来获取该药物。
通过社交关系购买大麻占据了市场的 52.2%，即使在 1980 年代，这种植物在没有医疗处方的情况下依然是非法的。根据 2025 年下半年进行的一项研究，第二大来源是消费者自行种植，占比 21%。
虽然与大麻相关的犯罪活动下降了三分之二，且消费量保持稳定，但其他药物的消费量却激增。过去两年中，废水中检测到的可卡因和裂可卡因痕迹几乎翻了一番。
硬性药物使用的增加不能归因于大麻的部分合法化。德国经济研究所经济学家安娜·穆勒（Anna Mueller）认为，这意味着它“与可卡因、裂可卡因或甲基苯丙胺的增加无关”。
2016 8 月 24 日，星期一
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金融时报
5
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6
金融时报
2026年8月26日，星期一
国际
贸易争端
特朗普因对加关税面临强烈抵制
谈判破裂恐在期中选举前数月进一步推高物价
STEPHEN DREWELL - 华盛顿
由于美国与加拿大之间的贸易谈判破裂，唐纳德·特朗普总统正面临一场财务抵制，因为两国关系以及美国在期中选举之前的贸易关系。
美国立法者、州长和商业领袖认为，华盛顿对加拿大商品征收的新关税将增加美国家庭和公司的成本，而一名美联储官员表示，贸易立场之间长期的博弈可能会导致通胀持续处于高位。
在华盛顿与渥太华于周五晚上谈判破裂后，特朗普针对价值 $200 加拿大商品征收的关税于周六生效，这是在现有对钢铁、铝、木材和车辆征收的税款之上的额外举措。
总理马克·卡尼（Mark Carney）表示，加拿大将很快宣布对美国商品征收“以牙还牙”的监管税，对此，美国贸易代表詹米森·冈恩（Jamieson Gunn）表示华盛顿将对渥太华的报复采取回应。
来自缅因州（Hales）的共和党参议员苏珊·柯林斯（Susan Collins）表示，盟友之间这种“反反复复的贸易谈判”将为“缅因州的企业带来更高的成本、风险和不确定性”。她补充道：“大多数企业将别无选择，只能通过提高价格将关税转嫁给客户。”柯林斯表示，特朗普“必须考虑关税的负面影响”，并与卡尼政府“努力达成一项公平的协议”。
特朗普首任期的副总统迈克·彭斯（Mike Pence）昨日告诉 CNN，“现在我们最不需要的，在经济似乎正在恢复的情况下，就是与加拿大的贸易战”。
华盛顿和渥太华互相指责对方在最后时刻提出要求，从而破坏了贸易谈判。
在对加拿大进口和出口量较高的各州，民主党州长表示，这对他们的选民而言，在劳动力市场已经走弱的情况下，可能会导致美国就业岗位的流失。
密歇根州（与加拿大接壤且为美国汽车工业基地）的美国官员惠特默（Whitmer）表示，她的州受到了“关税战”的“独特影响”。新的税收是通过“提高杂货店和财产价格，对密歇根州家庭和企业的一次加税”。
她补充道：“公司，尤其是汽车制造商，面临着艰难的决定：是承受亏损还是将成本转嫁给客户。”
弗吉尼亚州州长 Alispell / quadreger 表示，加拿大是其州的首要出口目的地，而对加拿大商品征收的新税将“在几天之内伤害弗吉尼亚州的家庭、农民、生产者、投资者和企业”。
明尼阿波利斯美联储银行行长 Total liabilities 告诉 CBS 新闻，“在贸易前线上的拉锯战持续时间越长，就像在两方冲突中的拉锯战持续时间越长一样，通胀的压力最终会被延长和推迟”。
特朗普昨日依然坚持其观点，在一个大型的新社交平台上表示，“加拿大想要获得作为国家（State）的利益，却不愿被使用”——从纽约来看——这些改变了我们伟大的农民，多年来，大量的关税，这个问题。
James Polit 在华盛顿提供了额外报道
中东
卡塔尔削减政府支出，伊朗战争冲击天然气收入
GARDEN ENGLAND - WISCONSIN
卡塔尔已将政府部门预算削减至多 50%，并将海外援助资金削减约 80%，这凸显了美国和我国对这个世界上最富有的国家之一所造成的财务影响。
这个波斯湾小国一直是遭受这场六个月冲突经济影响的国家之一。由于受伊朗影响的变动以及通过该国财政运输天然气的困难，其天然气产量（主要收入来源）在 Sadr Al-Azardha 遭受了影响。
三名知情人士表示，预算削减是该国应对液化天然气（LNG）收入大幅下降反应的一部分。部门预算削减所影响的支出金额尚不明确，不过卡塔尔 2026 年的总预算约为 600 亿加元。
全球事务中东委员会前研究员 Tarik 表示，如果危机持续，当局将“采取行动——不重复地”在明年进一步大幅削减支出。
“当局有效地管理了这场危机，但打击是巨大的。他们一直在利用积累的财务缓冲来维持经济运行并保持流动性，但这最终在预算中留下了巨大的缺口。”
国际货币基金组织（IMF）预测，卡塔尔今年的 GDP 将缩减 60%，在依赖霍尔木兹海峡进行能源出口和贸易的六个海湾国家中，其影响最大。
多哈在调解美国与伊朗达成协议的努力中发挥着核心作用，它拥有巨大的财务缓冲，以卡塔尔投资局的形式拥有 5000 亿加元的覆盖范围，人口仅 1,200 人。
但由于战争尚未看到解决迹象，冲突可能会继续影响海湾地区的国内支出。它还可能影响该地区主权基金的海外投资，这些基金累计管理约 20 亿加元。
在沙特阿拉伯和阿拉伯联合酋长国于 2027 年对卡塔尔实施区域禁运后，作为海湾地区最活跃的国家投资者之一，Q&A 被迫撤回超过 2 亿加元的存款以稳定国内金融部门。
一名卡塔尔官员表示：“卡塔尔有能力应对该地区的经济局势。通过以往的危机，包括海湾阿拉伯国家合作委员会（GCC）危机（禁运）和新冠疫情，使我们有能力在不改变长期经济轨迹的情况下度过当前的危机。”
目前没有卡塔尔海外援助资金的具体数字，但去年它向联合国人道主义事务协调厅捐赠了 63 亿加元。根据卡塔尔的预算，这使其成为该机构五个最大捐助国之一，金额达百万。
高盛中东经济学家 Farouk Issama 估计，能源出口收入的损失使卡塔尔和科威特每周损失 52 亿加元至 28 亿加元不等。
在战争开始前，印度已妥善向一家英美国家支付了 500 亿加元，用于扩大其北田（North Field）的产量，那里是世界上最大的气田。
新西兰。发展
奥克兰寻求解决住房短缺问题
重新分区改变了城市的面貌
但批评者警告称，其成功难以复制
威廉姆斯 - 奥克兰
十年前，新西兰最大的城市正陷入住房危机。在经济繁荣的推动下，移民人数激增，从悉尼和伦敦返回的新西兰人，以及寻求工作和住所的中国和印度移民纷纷涌入。
对于位于两片海湾之间狭窄地带的奥克兰规划者来说，答案就是向上发展。
该市人口从2010年的1.3mm增加到2023年的1.4mm。在过去十年中，该市重新规划了75%的住宅用地，允许带有院子和车库的单层家庭住宅被更高、更窄、密度更大的联排别墅所取代。
在包括欧洲和美国大城市在内的世界许多地方，年轻人正艰难地尝试进入房地产市场，而工薪家庭则无法负担复杂的房产。一些人开始询问，奥克兰是否提供了一个可以在其他城市复制的模型。
“（全球的）城市经济学家分析了结果，发现它在增加住房数量方面是成功的，”澳大利亚规划研究所（Planning Institute of Australia）政策负责人尼科尔·贝内茨（Nicole Bennetts）表示。
重新分区改变了奥克兰的面貌。这座城市拥有繁忙的海湾，并有定期往返于拥有新西兰顶尖海滩和葡萄园的岛屿的轮渡。重新分区使其变得密集，而且在某些人的描述中，变得更加多样化。
“现在原本一座大房子的位置变成了14栋联排别墅，”该市的一名房地产经纪人格雷厄姆·沃尔（Graham Wall）说，“人们对此相当认可，而且社区很热闹。”最重要的是，房地产数据公司Totality的当地政府负责人表示，“你不再需要那么大的空间。”
在所谓的《奥克兰统一规划》（Auckland Unitary Plan）下，预计将有2.3mm人口在此配置。奥克兰大学经济学教授瑞安·格弗恩索韦（Ryan Gvernsoway McGraw-Hill）表示：“指令是更紧凑地增长，而唯一的增长方式就是向上。”
这一巨大的发展仅在
上图为奥克兰，其开发集中在市中心14km范围内。下图为正在建设的住房。
市中心是一个巨大的、巨大的，，，
奥克兰市议会首席经济学家加里·布里克（Gary Blick）表示，这得益于2010年八个地方管理机构的合并，从而实现了思想和方向上更大程度的统一。
澳大利亚规划研究所的贝内茨表示，其他城市可以从奥克兰借鉴的真实经验是，如何将一个“碎片化的地点”整合为一个长期愿景。
该计划将开发集中在市中心14km的半径范围内，这与奥克兰不断变化的人口结构相契合。布里克表示，老年人希望在不离开城市的情况下缩减规模，而经常居住在海外且熟悉更多样化住宿形式的年轻人，则希望拥有另一种更便宜的住房。
“人们愿意放弃一点土地，以便住在理想的地方。需求已经得到了证明，”他在谈到由于住房问题而产生的乡村城镇时说道。
根据格弗恩索韦·麦格劳（Gvernsoway McGraw）、詹姆斯·艾伦·琼斯（James Allan Jones）和克里斯·洛（Chris Low）在2023年的一篇政策论文中，在经历了一次激烈的建筑热潮后，奥克兰的住房库存目前为618,849套，比十年前增加了101,000套，相当于增长了351%。
与此同时，奥克兰的房价（中位值为略高于2000万美元，即US$187,000）在这一时间段内失去了四分之一的价值。这略高于全国范围内的跌幅。
较低的价格可以帮助人们进入房地产市场，尽管如果奥克兰的同类房产持续无法售出，部分人可能会失去这一机会。
其他城市的租金价格在
奥克兰的住房存量目前为 618,849 套，比十年前增加了 101,000 套，相当于 351.5.5. 的增长。
根据 Gvernsoway McGraw 与 Yanks 今年撰写的计算结果，2016 年至 2019 年间，北岛的涨幅比奥克兰高出多达 25%。
奥克兰的经验中有很多值得复制的地方，而且，可以说，这在很大程度上是因为其缺乏金融发展，这意味着与悉尼等已经标明的发达城市相比，它更像是一个模板。
2016 年后的建筑繁荣可能仅仅是当局被迫追赶需求，以及独立经济（batticles，指的是 2016-2017 年奥克兰统一规划的“关税”）。
“很明显，2016 年后的建筑繁荣并非由政策本身引起。它可能反映了一个紧张的住房市场在追赶快速的人口增长，”Yanks 表示。
新系统虽然在某些郊区实施，但并非没有代价，它促进了关于迁移的完整讨论，以及在边界处建造 21 米高房屋的前景。
西奥克兰的一些居民抱怨，建筑噪音和干扰使得某些郊区变得像郊区一样。开发商已经开出承诺价格以买断资金，从而拆除房屋并建造几乎一次性的建筑。
在城市的更远郊区，许多人仍然担心随着计划的扩展，高度和密度会增加。“我的所有邻居都感到不安，”Wall 表示。
目前计划进行更多开发，包括交通条件周围的高层建筑——扩大通用尺寸的数量——从 2,3mm 增加到 1,4mm 至 1,6mm 之间。
尽管如此，转型的目标是显著的。
十年前访问奥克兰的人，从香烟到城市的路径将穿过由单层标准组成的 acromachallic 郊区的后流，在那个日期之前是第一名。
“这将是游客首先看到的东西，”Davidson 表示。“它感觉不像是我们国家的一个伟大替代方案。”
他补充道：“现在这些道路上到处是闪亮的新联排别墅，在我看来看起来更好。这是主观的，但仅限于改进和重新开发的限制。这一切都非常有道理。”
矿业
欧盟在关键矿产竞赛中进一步落后
GREATON - 布鲁塞尔 - CUMUL A MICHIGAN - 伦敦
欧盟官员和工业界发出警告，在确保关键矿产的竞赛中，欧盟的侧向销售产业已落后于美国，而这对于对抗在国防和绿色技术核心组件领域更强的主导地位至关重要。
在过去两年中，美国投入巨资以确保能够获得用于战略技术的稀有金属和其他材料，特别是那些由中国主导全球生产的材料。
自2022, 以来，美国还提供了$400 的专项资金用于矿产项目，并向一系列国内矿业公司下达订单。美国政府还通过其影响力，帮助美国公司赢得了包括刚果民主共和国和肯尼亚在内的国家矿山招标。
在过去的18 个月里，布鲁塞尔选择了数十个战略项目，使其能够受益于更快速的许可规则。欧盟及其成员国今年已承诺向矿产项目投入约600亿，但工业界警告称，资金正向美国转移。
“我非常钦佩美国人，因为他们一旦有了想法就会迅速执行，而我们欧洲人则犹豫不决、过度管理、空谈并浪费时间，”代表欧盟关键矿产工业团体的 EIT和Matstein 首席执行官 Bernal Schiller 表示。
“我钦佩美国人，因为他们一旦有了想法就会迅速执行，而我们欧洲人则犹豫不决”
与此同时，美国还试图通过资源建设参与论坛（Forgri）创建一种内容汇流，以构建绕过中国的供应链。但考虑到唐纳德·特朗普领导下的美国政府对欧盟的管理方式，此举在布鲁塞尔引起了怀疑。
一名官员表示，欧盟“不能被与美国的谈判所左右”。“我们需要效仿美国的做法，通过购买承购协议、快速行动并使用金融工具”来构建关键矿产供应链，以免其战略被局限于国内。
该官员补充道：“我们正在研究如何与加拿大和日本等志同道合的外部合作伙伴开展更多合作，”但并未排除与美国进一步合作的可能性。
一名 Forgi 计划的前官员表示，特朗普政府“在处理突发事件时表现得激进且不可预测。你可能认为一切都会好起来。”
到目前为止，欧盟确保其供应链的努力集中在指定矿业、加工和回收领域的战略项目上，这些项目受益于更便捷的许可，但并不保证获得任何公共资金。
Schiller 表示，在对稀土金属的依赖方面，存在美国“成为欧洲的第二个中国”的风险。他提到，该前官员还对美国在欧洲企业的投资表示担忧。美国政府持有 10 股份的 USA 最近收购了英国非稀土公司（见 Common Metals），并于上个月持有法国公司 Carente 12 的股份。
叙利亚袭击
美国特使警告以色列在“诱导”土耳其
新杜宾 - 特拉维夫
一名美国高级外交官周六表示，上周以色列对叙利亚一个空军基地的袭击，可能是试图在政治上“诱导”土耳其，使其陷入一个在上个世纪末曾是重大问题的国家。
汤姆·巴特克（Tom Bartuck）是美国驻安卡拉大使兼叙利亚特使，他的这番言论是美国迄今为止对以色列周二袭击叙利亚西北部阿布杜巴尔（Abu al-Dubar）军事空军基地最严厉的批评。
在袭击结束之后，以色列总理本雅明·内塔尼亚胡表示，由于担心土耳其在该地建立据点并威胁以色列安全，因此将该基地作为目标；以色列方面推测土耳其打算在基地部署防空雷达和攻击无人机。
在周六接受一个社交媒体平台的采访时，巴特克表示这些指控毫无根据，并补充说该地没有土耳其军事资产，安卡拉也没有意图进驻该基地。这位美国特使暗示，以色列可能是在“诱导土耳其人”，将其作为在10月大选前一次“非常激进但反响良好”的应对之举，内塔尼亚胡希望在这次选举中获胜。
在袭击发生后不久，巴特克曾表示，安卡拉可能会动用战斗机拦截以色列战机，从而冒着引发“不必要革命”的风险。周六他表示，这可能会导致“世界大战规模的冲突”。巴特克认为，以色列此次袭击的第二种理论可能是由于
叙利亚阿布杜巴尔基地据报道成为以色列空袭的目标
内塔尼亚胡的袭击，以色列国防军以及该国的夏威夷及其团体。
以色列国防部长以色列·卡茨（Israel Katz）将其作为他的评论员。
他表示，由于有“明确情报”显示土耳其打算“在美军战争中产生冲突”，国防军已多次建议袭击阿布杜巴尔。他并称已向叙利亚政府发出了“直接警告”，且美国已提前获知——这一点遭到了巴特克的否认。
“如果土耳其总统雷杰普·塔伊普·埃尔多安（Recep Tayyip Erdoğan）被他的手铐袭击，他将进入美国。”卡茨说道，并谴责他所谓的将此次袭击描绘成政治斗争的企图。
土耳其是叙利亚新总统艾哈迈德·马萨（Ahmed al-Massa）的主要支持者之一，马萨曾是一名激进的伊斯兰主义者，他在2024年12月推翻并取代了阿萨德。
但以色列将这个自由主义政府视为威胁。自阿萨德被推翻以来，以色列在该国进行了广泛的袭击。
2026年8月24日，星期一
金融时报
7
下午 6:28 周日
他们只是想尝试一些新鲜事物。
保罗想以极具风格的方式庆祝他们的周年纪念。
尽管他们看到了许多从未见过的景象，
从震耳欲聋的发动机到令人眼花缭乱的时尚，
但正是那首自婚礼以来就没听过的歌曲，
让他们的心跳得最快。
独一无二的
古德伍德复兴赛 (Goodwood Revival)
18-20 SEPT 2026
现已开票
8
•
金融时报
2026年8月24日，星期一
国际
梅洛尼与特朗普的裂痕给其他领导者敲响警钟
金融时报系列报道：总理与总统的关系破裂揭示了意识形态关系的局限性
大卫·卡尔丁斯（DAVID KALDINS）——皇家
乔治亚·梅洛尼的经历已成为欧洲领导人的一个警示故事，那些试图相信与唐纳德·特朗普在意识形态上的亲近能提供政治保护的人应当警惕。
这位意大利总理曾是美国总统最坚定的欧洲盟友之一，但她现在深刻地意识到，捍卫本国的国家利益与 MAGA 激进的“美国优先”世界观并不相容。当罗马拒绝允许美国军队使用意大利基地对其不受欢迎的轰炸伊朗行动提供支持时，特朗普转而攻击这位他此前曾赞誉为“了不起的女性”且“真正席卷欧洲”的领导人。
这种狂热迅速演变为私人恩怨。特朗普抱怨梅洛尼“缺乏勇气”，并指责她在法国举行的美国峰会期间为了提高民调支持率而“纠缠”要求与他通话。她则反击称，“成为你的朋友”并没有帮她提高人气，由此引发了一场口水战，两人曾经友好的关系不大可能恢复。
“‘美国优先’这个概念对于任何外国合作伙伴来说都应该是红旗警告，”意大利前驻北约大使斯特凡诺·斯特凡尼（Stefano Stefanini）表示。“在这种哲学面前，你不能期待太多的团结。”
前意大利政府外交政策顾问博斯蒂亚尼诺（Bostianino）表示，梅洛尼错误地认为共同的民族主义和保守主义世界观能让她与美国总统“培养一种特殊关系”。
“特朗普的跨国特质决定了意识形态的亲近是毫无意义的，”目前担任德国马歇尔基金会高级研究员的博斯蒂亚尼诺说道。“你必须能够真正地在谈判桌上拿出一些实质性的东西。”
作为一名激进的怀疑欧盟的反对党领导人，梅洛尼曾是 MAGA 的拥趸，因公开反对布鲁塞尔、反对非法移民以及她声称威胁意大利认同的“觉醒意识形态”而受到关注。
但一旦就职，她便触碰到了这种亲近关系的极限。特朗普及其圈子未能理解她所面临的政治和制度约束——从敌对的公众舆论，到意大利总统塞尔吉奥·马塔雷拉（Sergio Mattarella）在诸如美国袭击伊朗等危机期间监督国家安全的角色。
“他们完全没意识到她不能随心所欲——她是在一套约束条件下行动的，”罗马拉伊塞大学（Laise University）的政治学家乔瓦尼·奥西诺（Giovanni Orsino）表示。“特朗普……未能尊重意大利的国家利益。民族主义国际主义是一个悖论。”
在特朗普 2025 年重返白宫后，梅洛尼——他是就职典礼上唯一的欧盟领导人——试图将自己塑造为欧洲通往华盛顿的桥梁，希望这能增强她在布鲁塞尔和国内的筹码。
相反，由于与一位不受欢迎的美国总统关系密切，梅洛尼在许多意大利选民眼中的形象受损。特朗普对欧盟进口商品征收高关税，向盟友施压要求大幅增加国防开支，并袭击伊朗，这些政策严重损害了意大利的利益。
罗马抗议活动：在 3 月一场反对伊朗战争的示威活动中，人们举着描绘以色列总理本雅明·内塔尼亚胡、匈牙利总理欧尔班、美国总统唐纳德·特朗普和总理乔治亚·梅洛尼的标语牌。
“她与特朗普的亲近未能给她带来任何显著的结果，”罗马国际事务研究所研究主任里卡多·阿尔卡罗（Riccardo Alcaro）表示。在梅洛尼准备迎接一场艰苦的连任竞选之际，他将她曾经的友谊称为一次“选举上的误算”。
梅洛尼对共和党（包括 MAGA 重量级人物）的追求始于十多年前，当时她还是一名边缘反对派人物，试图让自己及其新成立的意大利兄弟党与新法西斯主义根源保持距离。
她试图塑造一个主流国家保守主义者的新身份：成为一个受人尊敬的全球政治家族的一员，而非意大利战后极右翼的代表。
在担任反对派期间，梅洛尼曾两次受邀在保守派政治行动会议（CPAC）上发表演讲，那是共和党年度的政治展示平台。与此同时，Maga意识形态专家史蒂夫·班农（Steve Bannon）在2006年她的政党在阿尔科伊（Alcoy）举办的政治节上作为明星演讲嘉宾出席。
“她非常清楚政治具有极强的跨国维度，”奥西诺（Orsino）表示，并补充道
Maga最初给了梅洛尼“一个归宿、一套意识形态”以及“一个品牌”。
但作为总理，梅洛尼谨慎的实用主义令班农等强硬的Maga导师感到失望，班农告诉意大利媒体，她背叛了她的“基本信念”。
梅洛尼将遏制非法移民的强硬措施与提高合法移民配额相结合。她还缓和了其反欧盟的言论。
“你不能紧跟一个想要摧毁欧洲统一的运动，”一位与意大利兄弟党关系密切的政治顾问表示。“这不能成为意大利一个保守党的目标。目标应该是改变欧盟，而不是摧毁它。”
梅洛尼最初在与第二个特朗普白宫维持温暖关系方面表现得信心十足，一年多以来一直走在一条微妙的钢丝绳上。
她反对欧盟对特朗普关税采取报复措施，对他从支持乌克兰转向俄罗斯总统弗拉基米尔·普京保持沉默，并避免批评他威胁要夺取格陵兰岛。
甚至在特朗普轰炸伊朗导致全球能源价格飙升之后，
“你不能紧跟一个想要想要摧毁欧洲统一的运动”
梅洛尼拒绝谴责或认可这些袭击，称她缺乏促成袭击的信息。但梅洛尼政府的前发言人马里奥·塞基（Mario Sechi）表示，华盛顿在没有咨询意大利等深受影响的合作伙伴的情况下单方面决定发动攻击，这造成了严重的误导。
“如果你想要盟友，你就必须与盟友沟通，”塞基说。“这就是白宫的问题……在许多方面，这就是导致关系疏远的根源。”
特朗普因教皇利奥十四世（Pope Leo XIV）谴责伊朗战争而对其发起攻击，这让梅洛尼别无选择，只能做出回应。“对于任何（意大利）总理来说，沉默都不是一个选项，更不用说一个将自己的政治身份构建为一名基督徒、天主教女性的总理了，”阿尔卡罗（Alcaro）说。
她温和的书面批评激怒了一位已经在为欧洲对其伊朗行动缺乏支持而愤怒的总统。“在特朗普眼中，这就是越界，”阿尔卡罗说。“她未能表现出下属应对上司应有的恭敬。”
罗马目前正试图控制一场被视为主要是“个人”性质的决裂。在特朗普于近期北约峰会前要求对梅洛尼采取“禁制令”后，罗马表示将不再回应他的挑衅。
意大利官员坚持认为双边关系依然强劲，梅洛尼及其部长们正在加强与国务卿马尔科·罗宾（Marco Robin）等其他政府人物的联系。“特朗普政府和梅洛尼内阁正在沟通，这是肯定的，”塞基说。
但分析人士表示，梅洛尼与白宫的困难不仅反映了特朗普的个性，还反映了Maga的世界观，这种世界观似乎期望盟友几乎完全顺从。
“很难说这种无法与合作伙伴协作的能力是Maga运动的特征，还是特朗普个人导致其变得不可能，”斯特凡尼尼（Stefanini）说。“Maga运动如此以自我为中心且如此孤立主义，合作与分享的整个概念对其而言都是陌生的。”
自称Maga的人对欧盟作为一个政治项目的深层敌意，也使得任何具有泛欧视野的领导人难以长期与该政府“亲密接触”。
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全力前进 Waymo 加强对美国立法者的游说，旨在为全自动出租车服务寻求清晰路径 PAGE 10
公司狂人
Anthropic 最强大的 AI 工具难以吸引用户
- Fable 5, 的高昂价格阻碍销售
- 客户表示旧款模型已能满足需求
乔治·哈蒙德 (GEORGE HAMMOND) - 旧金山
Anthropic 的美国客户正在使用比其最强大 AI 工具更便宜的替代方案，这在预计将成为史上最大规模 IPO 之前，引发了人们对其高支出商业模式的质疑。
根据支付集团 Supra 提供的 700,000 家公司的支出数据，在 Fable 5（Anthropic 最大且最完美的模型）发布两个多月后，其在公司工具总销售额中的占比已陷入停滞，仅约为 12%。
这打破了企业用户默认选择最强大模型的模式。分析师和投资者在
政治不确定性已成为客户在选择模型时次于价格和性能的次要因素
Anthropic 表示，这一变化主要是由 Fable 的高昂价格以及旧模型能够处理大部分业务需求这一事实所驱动的。
如果进行分析，这种转变可能会从根本上改变金融起飞的商业模式。目前的新模式是将数十亿美元的开发支出大部分用于训练规模更大、更复杂的模型。
“大多数人不需要在最前沿领域运行，”Auct 的合伙人 Miles Clements 表示，而他的投资者与 Anthropic 的 Mike 关系密切。他补充道，客户倾向于仅选择前沿模型的那个门户“并不是一个持久的 era”。
为了履行公司数十亿美元的承诺（例如使用 dooies）并吸引顶尖研究人员，额外的收益仍然至关重要。但 Clements 表示，这些模型将越来越多地成为展示窗口。
Fable 5 在 6 月初的发布受到了特朗普政府的干扰，后者以国家安全担忧为由，迫使 撤回该模型。
自从政府在 7 月 1 日批准其重新发布以来，关于进一步限制访问 Fable 的担忧已经记录在案。分析人士和投资者认为，在驱动客户选择模型时，政治不确定性已成为次于价格和性能的次要因素。
Fable 的需求较低，其销售增长率低于之前的前沿版本，这增加了 在 IPO 前的不确定性。投资者预计此次 IPO 将使该集团的估值达到 $250 或更高，且最早可能在下个月进行。
7 月的收入低于投资者的最乐观预期，后者预计年化销售额将突破 800亿美元。 上周告诉股东，其上个月的收入按年化计算达到 600亿美元，高于 5 月份的 700亿美元。
尽管如此，由首席执行官 Dario Amode 领导的这家初创工具公司继续以惊人的速度增长，年初以来收入几乎翻倍。
据知情人士透露， 在今年第二季度记录了首次调整后营业利润，并向投资者指引称，第三季度可能会再次盈利。它还告诉投资者，它拥有 2亿美元 客户，年收入支出为 1亿美元。
拒绝置评。来自中国和其他地区的廉价开源权重模型的可用性，为客户提供了除美国领先实验室之外的更多替代方案；同时有迹象表明，在 2026 年大部分时间处于下滑状态后，debased Capriol 正在取得进展。
未对冲的法国：政府债务投资者构成变化后值得关注的国家
政府债券所有权的变更
主权债务的国内、国外及央行持有量占发行总额的比例 (5)
黛西·安德森 (DAISY ANDERSON) —— 纽约
发达经济体在资助政府支出方面日益依赖债券市场，而这些投资者群体的构成随时间发生了显著变化。
在美国，政府长期以来能够依靠国内金融机构来吸收大部分发行量。保险公司和养老基金等投资者充当长期债券的结构性买家，他们持有这些债券至到期，以匹配其负债的长期性质。然而，由于人口结构和监管变化，他们从市场中撤退，这增加了
外国投资者的作用，而外国投资者可能对价格更为敏感，且在其他地方的收益更具吸引力时，抛售速度更快。
美国的情况有所不同。国债的所有权长期以来反映了全球经济周期以及加元作为全球唯一资产的角色。在金融危机之后，外国持有的美国债务占比达到 37%。到 2025, 年底，这一比例已下降至 12%。
另一方面，日本从未
本文的一个版本首次出现在 Unhedged 通讯中。注册地址：Economicwebsites
能够在其债券中建立庞大的外国投资者基础。但它也并非真正如此。国内储蓄银行、投资机构、养老基金，以及随后的日本大规模非常规经济政策实验基金，吸收了政府债务供应的巨大份额。
法国可能是那个值得关注的国家。其债务已超过 $50 并在其年份中维持了一线，然而其债务中已有很高的比例——截至 2025 年底为 57% ——仍由非居民投资者持有。它还受益于欧洲中央银行的隐形支持，许多人认为欧央行会在债券市场危机期间阻止其。2027 年的总统选举可能会考验这一假设。
阿里巴巴计划通过股权配售筹集100亿美元
JIM LRAHY - 里士满
中国商业与云服务集团阿里巴巴计划通过股票配售筹集$10.8Mbn (102亿美元)，旨在提高资本支出，以与全球领先的人工智能公司竞争。
阿里巴巴表示，将把此次发行的所有收益用于人工智能投资，利用中国股市的强劲情绪，这种情绪已推高了外国投资者的估值。
该公司昨日表示：“阿里巴巴打算将股权配售的100 per cent净收益用于投资其全栈人工智能能力，包括扩展和增强其人工智能基础设施。”
此次配售将面向美国投资者。此前，阿里巴巴报告称，由于增加了对人工智能的支出，在6月季度出现$6.6bn的现金流出，且净利润下降75 per cent至约63亿美元。
人工智能投资引发了今年中国资本市场活动的激增，该领域的理论将估值推高至更高水平。
投资者情绪的兴奋源于上个月推出的 November's Kinei K3（迄今为止中国最大的人工智能模型），以及本土技术即将超越美国水平的预期。
这家在发行中筹集$6.6bn的存储芯片公司，其股价在上市后飙升444%。
机器人集团 Unibox 上周筹集了90000万美元，其股价在市场上上涨超过400%。该新股吸引的零售投资者需求超过了可用配额的5,000倍。
阿里巴巴的股票配售发生在该公司发布最新人工智能模型 Open 3.0 Max 仅几周之后，初步的二维分析表明，市场对该模型在机器人仅凭高级人类指令即可编写和修复代码的端到端能力方面有浓厚兴趣。
该公司在推进人工智能的同时，在美国面临着日益增加的监管障碍。五角大楼刚刚将阿里巴巴重新列入被认为对美国构成国家安全风险的中国公司名单，理由是其涉嫌通过解放军进行商业化。
阿里巴巴已请求美国法院撤销五角大楼的命令，称其与解放军没有联系，且不参与“军事禁令”或中国民用工业与国有国防部门的协作。
制药业，管线推进
药企寻求下一代减肥药物
专利到期与 不适副作用的报告 推动新疗法研发
詹姆斯·安德鲁 (JAMES ANDREW) - 伦敦
减肥药对于开发它们的各大制药集团来说是重磅产品。但尽管这些疗法因给数百万人带来变革性影响而受到赞誉，这些公司在维持其地位的同时，也面临着副作用的问题。
许多患者报告了基于胰岛素疗法的胃肠道副作用，例如礼来公司的 Managers 和诺和诺德（Novo Nordisk）的 Wigery，包括各种便秘、腹泻和呕吐。
“在第一次注射后的 20 分钟内，我感到了轻微的恶心，”一名服用 Managers 的伦敦广告主管表示。副作用的报告通常随剂量增加而增加，但即使在以 0.25mg 的微剂量开始服用后，她依然出现了这些症状。
过度活跃的身体症状日记记录了包括胃部疼痛和不适、呼吸困难以及睡眠问题在内的症状。“如果我一开始就使用更高剂量，我肯定会直接放弃，”她说。
制药集团目前正致力于开发能够提供类似减肥效果，同时解决当前市场领先产品许多担忧的疗法。新药的相关益处还可能包括改善患者的心血管和肝脏健康以及维持肌肉量。
诺和诺德负责研发的首席科学官马丁·霍尔斯特-兰格（Martin Holst-Lange）表示，目前的这类药物“改变了我们今天治疗肥胖的方式——但不足以满足大量患者的个体需求”。
大多数在研的新疗法针对的是胰淀素（amylin）受体，这是一种与胰岛素一起由胰腺分泌的激素，其作用与现有的 GLP-1 药物（如 Wigery 和 Managers）类似。虽然 GLP-1 抑制食欲，但胰淀素药物则与大脑的不同部分结合以促进饱腹感——使人们感到饱足。
丹麦 Zealand Pharma 的首席医学官大卫·肯德尔（David Kendall）表示，胰淀素“能够告诉你已经有了最终体验且已经足够”，相比之下，GLP-1 利用的是“食物厌恶信号”，虽然“有效”，但并不符合人类大脑通常的行为方式。
Zealand 正在与罗氏（Roche）集团共同开发一种基于胰淀素的候选药物 penilastide，罗氏去年以一项高达 $5,000 的短期协议获得了其许可。
3 月报告的一项中期试验结果显示，患者在接受 42 周治疗后，平均减轻了体重的 167%。副作用与安慰剂相似，公司表示，即使在最大有效剂量下，联合治疗组中也没有出现因胃肠道问题而呕吐的病例。
但由于其减肥效果低于现有药物（最高可减轻体重的 25%），这一事实在结果公布后引起了丹麦糖尿病协会的关注。
尽管如此，罗氏和 Zealand 已将该药物推进至 phase 1 试验。肯德尔表示，参与者缺乏显著的胃肠道问题“或许能为服用该药物的人提供更好的长期体验”。
然而，减少副作用并不是制药集团尝试创建新版本药物的唯一原因。诺和诺德表示：“礼来、专利到期、繁荣，这使得开发新疗法对它们的业务至关重要。”
诺和诺德在加拿大、印度、中国、巴西和土耳其今年面临不可忽视的专利保护到期。对该集团研发管线的担忧促成了去年开始的短期看跌叙事。
诺和诺德正在研究的一种候选药物是 Cagrihena，这是一种基于胰淀素的药物。在 Cagrihena 的一项研究中，患者平均减轻了体重的 23.7%。诺和诺德已于 12 月提交 Cagrihena 申请美国监管部门的批准。
诺和诺德的首席科学官 Lange 表示，Cagrihena 解决了“两种不同的受体系统”，通过固定剂量组合，评估并限制了 amylin 和 GLP-1 类药物发挥作用的两条路径。
他表示，这将使诺和诺德不仅能专注于减轻体重，还能专注于共病。虽然现有药物经常产生意想不到的健康益处，但新一代药物将专门针对这些益处。
诺和诺德还在开发 amycetin 的口服和注射版本——这是一种类似的 amylin 和
某些 Wigery 用户会出现恶心、便秘、腹泻和呕吐
不可忽视。在去年公布的试验结果中，使用最高注射剂量的患者平均减轻了 24.2% 的体重。
礼来公司表示，一种新型关系药物的临床试验数据表明，它可以减少食物摄入，加速新陈代谢，促进减轻体重期间能量消耗的维持，并减轻炎症。
服用该药物的患者在最高剂量下 80 周后平均减轻了 20% 的体重——这是迄今为止任何药物所能实现的最大减重幅度，尽管由于副作用，患者的停药率较高（21%）。
专家表示，减肥治疗可能会遵循糖尿病护理的模式，长期来看，患者将拥有多种选择。
患者可能始终需要忍受减肥药物带来的胃肠道副作用，因为这些药物会影响正常的消化过程，但随着新配方的出现，这些副作用可能会变得更轻微。
雷丁大学药理学教授 Karsten Schmidt 表示：“针对不同生物路径的药物可能会导致更多的副作用，而临床试验将识别出最常见的副作用。”
但她补充说，针对不同路径的组合药物可以让人们服用较低剂量的减肥药，从而减轻不愉快副作用。Richard 表示：“这就是组合药物可能提供优势的地方。针对不同路径的药物可能意味着可以服用较低剂量的单一药物，从而在实现同等减重效果的同时，降低出现不愉快副作用的风险。”
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法国受限，鉴于：空气、石油、袋装，2016，a 2016A，被任命至爱丁堡实操法院，澳大利亚注册的“公共”公司“Ermed”Co-43（国际），以及英国注册的“公共”公司，“Ermed”Co-43（国际）与“”-43（国际）在 الولايات المتحدة注册 “”-43（国际）与“”-43（国际）在 الولايات المتحدة注册，“”-43（国际）与
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“”-43（国际）在 الولايات المتحدة注册，“”-43（国际）与 “”-43（国际）在 الولايات المتحدة注册，“”
“”-43（国际）与“”-43（国际）在 الولايات المتحدة注册 “”-43（国际）与
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2026年8月26日 星期一
公司与市场
巴克莱押注另一次华尔街重组
这家投资银行在四年内任命的第七任联席首席执行官预计将面临与其前任相同的限制
OPTOSCA ALIAJ
巴克莱对其华尔街业务的最新调整，标志着首席执行官 CS Venkauskyrinikarov 一次绝妙管理实验的撤退——也是另一次试图对一项长期考验这位英国领导者投资银行雄心的业务实施纪律约束的尝试。
该集团上周表示，来自美国银行的交易员 Mike Joe 将于 2 月起与 Adeel Khan 共同担任其投资银行的联席负责人，从而将不到三年前设立的四人领导结构减半。
在被 Venkatakrishnan 精心挑选的四人小组中，负责全球市场的 Khan 成为唯一留任的成员。
“一人领导市场，一人领导银行，这是 Venkat 采取的一项战略举措，”一名了解情况的人士表示，并补充说该决定旨在“简化领导层”。
据知情人士透露，Venkatakrishnan 强推的四人顶层团队从一开始就充满争议，引发了内部抱怨，认为决策过于分散，且在出现问题时缺乏问责机制。
这也加剧了部分联席负责人之间的紧张关系，特别是 2023 年加入四家一线机构的 Celfair Deary 和 Taylor Wright。两人都被赋予了扭转投资银行命运的任务，但对于处理方式的看法截然不同。
据知情人士透露，Deary 和 Wright 在早前的一次架构调整中被提升，被视为该业务的未来，预计将在明年年初 Joe 加入后离职。但另一位接近巴克莱的人士将其未来描述为不确定，并补充说两人“尊重且承受”。
巴克莱的投资银行自 2008 年以 25000万美元 收购雷曼
美国南部业务的“世纪交易”以来经历了多次迭代，此举启动了其华尔街业务，并激发了与摩根大通和高盛等公司正面交锋的雄心。
“我们作为一家大型跨大西洋集团的潜力，在投资银行领域在很大程度上保持不变。”
“他们基本上以零成本买下了一家巨型投资银行，”该行的一位前高级执行官表示。“如果你拥有这样的资产，你要么培育它，发展它，要么卖掉它。但如果你处于中间地带，你只是在任由它萎缩。”
Venkatakrishnan 在 2024 年制定的计划旨在限制投资银行的资本配置，并将部分资产转移到银行的其他部门，这标志着他与前任的明显分歧。
“银行必须在整个周期内产生良好的回报，而他们显然还没有达到那个目标”
“如果你拥有这样的资产，你要么培育它，发展它，要么卖掉它。但如果你处于中间地带，你只是在任由它萎缩”
Joe Huley 在 2011 年底被任命后加倍投入投资银行，并明确表示要建立一家“巨型、跨大西洋投资银行”的雄心。
该部门带来了强劲的利润，这帮助 Huley 抵御了一位激进共同所有者试图将其完全剥离的尝试，但在 2023 年他与性犯罪者 Jeffrey Epstein 的关系程度被揭露后，他的离职标志着一个转折点。
在承担稳定巴克莱的任务时，Venkatakrishnan 希望将重心从波动剧烈且易发丑闻的投资银行转移到集团更稳定的部分，包括其零售银行和财富管理业务。
“从历史上看，大量资本被从英国零售业务中抽走”并投入到投资银行中，一位高级执行官表示，“而这正是 Venkat 决定终止的游戏”。
Venkatakrishnan 在启动其 2024 年开支计划之前，就已经开始重塑投资银行的领导层。前一年，他任命 Wright 和 Deary 为共同负责人，取代了仅在职两年的 JP Astier 和 John Miller。
“他们的领导将使巴克莱银行在未来十年的投资银行业中做好最充分的准备，”该银行在随附的新闻稿中表示。
这一决定导致投资银行的多名高管离职，转投 CBR 等欧洲竞争对手；与此同时，共同负责人开始着手重塑该部门，而该部门中许多银行家仍习惯于自称为“雷曼人”。
据知情人士透露，在 2023 年至 2024 年期间，巴克莱银行失去了 25% 负责并购的董事总经理，仅在美国就失去了近 40%。
知情人士补充称，该银行还失去了一些企业客户，这些客户此前利用巴克莱银行的杠杆贷款等债务产品来资助收购，但并未在交易中聘请其提供咨询服务。
投资银行内部的准则变成了“我们的北极星是回报”——即从分配给该部门的资本中产生更多利润——这一举措意味着巴克莱银行可能会因为停止与某些客户开展业务而失去市场份额。
其中一些变化并未受到资深银行家的认可。“你是在重新训练一条狗，”另一位巴克莱银行高级主管说道，他指的是要求银行家停止引入无法通过回报门槛的交易。
他们补充说，该银行过去有“到处跑并‘救护车截单’（ambulance-closing）交易”的历史，这指的是一种行业惯例，即银行家在听到传闻中的交易时给客户打电话，要求参与其中且无需付费，而 Wright 和 Deary 希望结束这种情况。
但他们的战略未能转化为数据的显著改善，而市场部门的繁荣使这一点更加明显。
自 2016 年以来，固定收益和股票交易的收入分别增长了 90% 和 38%。该部门的利用率贡献了投资银行收入的大约三分之二，而 2030 年之前则不足一半。
与此同时，投资银行费用基本停滞，且仍低于 2030 年的水平。
巴克莱银行去年的费用收入为207000万美元，较 2024 年略有增长，而股权资本市场（ECM）则下降了 20% 以上，至 427bmn。
该投资银行在 2026 年有了更好的开局。得益于交易活动和首次公开募股（IPO）的繁荣，今年上半年咨询费用增长 67% 至 4.4 bmn，ECM 费用增长至 2. bmn。与此同时，债务资本市场的费用增长了 1%。
巴克莱银行参与了 SpaceX 的 B'Blue IPO，这是历史上规模最大的 IPO，尽管它不属于主导此次发行的五家银行之列。它也是 Ceruleux 发行的四家主导总部之一，此次发行筹集了 146亿美元。
“最终，他们必须证明自己能够经营一家在整个周期内都能产生良好回报的企业，而他们显然还没有达到那个水平，”该银行内部的一位高级人士表示。
Joe 能否为美国特许经营业务带来改变仍有待观察。
在美银（Bank of America）任职的二十年间，他曾管理亚洲债务资本市场业务，随后管理其利率和转换部门，并于 2023 年被晋升为全球投资银行共同负责人。
Joe 近年来专注于建立美国中端市场的企业关系，而巴克莱银行则渴望在国际企业银行业务中获取信号。
但他预计将在与前任相同的限制下运作，而巴克莱银行的银行家们在一家四年内就更换了七位共同首席执行官（co-CEOs）的业务中，将面临更多的动荡。
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技术
Waymo 将自动驾驶出租车游说支出翻倍
RATE HOUSE—USON — SAN FRANCISCO HONOLUL YAPPI — NEW YORK
Waymo 大幅增加了游说支出，旨在说服美国监管机构为全自动驾驶出租车服务扫清障碍，从而加剧了其与竞争对手 Uber 在自动驾驶出租车未来发展上的博弈。
根据申报文件，这家 Alphabet 旗下的公司在 4 月至 6 月期间在联邦政府游说上的支出超过 100万美元，是去年同期的两倍多。这使得 的支出接近 Uber，并远超包括亚马逊旗下 Zonn 和特斯拉在内的竞争对手。
游说活动的增加正值 和 为网约车未来的愿景展开竞争。 希望更快地实现全自动驾驶 / 无员商业服务，而 则主张分阶段推出，让自动驾驶出租车与人类司机共同运行。
双方分歧的战略导致其关系紧张。据《金融时报》上月报道， 正在探索退出其在奥斯汀和亚特兰大 合作方案的选项。
“双方都加强了游说，并且在相互对抗，这现在看来正阻碍着他们的司机，”LightShell Partners 的分析师 Walter Pivcyk 表示。
在政客和劳工团体警告该技术可能会取代司机并削弱现有服务，导致其向纽约和芝加哥等市场的扩张停滞后，两家公司都在美国多个州和华盛顿特区积极进行游说。
在今年前六个月， 的支出较 2023 年增长 95%，超过 200万美元
在今年前六个月， 的支出较去年增长 95% 从 2023 年到略高于 200万美元。该公司呼吁建立一个联邦框架来涵盖自动驾驶出租车的推广。根据 Yon Ag 的报道，它在 5 月份列出了一家律师事务所代表其进行游说，增加了其在华盛顿的几家合作公司名单。
这家自动驾驶出租车运营商在哥伦比亚特区游说立法者的支出超过了 和 Zonn。它一直敦促监管机构允许在国家首都提供自动驾驶出租车服务，包括测试能够支持其推广的重写产品。
在纽约州， 今年已花费超过 50 万加元，是 支出的两倍多。
在州长 Kathy Hocked 今年撤回允许自动驾驶车辆在州内大部分地区运行服务的提案后， 在该州的游说活动进一步加强。
据知情人士透露， 提出设立一个 2000万美元 基金，以支持受该技术部署影响的司机。
在新泽西州，该公司已与正在探索为期三年试点部署计划的立法者接触。
在一份声明中表示，它在倡导自动驾驶车辆的推广，并未采取限制竞争对手或“规定”技术部署方式的措施。
在 2020 年放弃内部自动驾驶研发后，一直致力于弥补 40% 的落后，在过去一年中通过股权投资和自动驾驶出租车车队交易投入了超过 200 亿加元。
Monday 24 August 2020
FINANCIAL TIMES
11
公司与市场
石油与天然气
汉姆就阿根廷页岩油达成协议
特朗普盟友与贸易商麦库里亚合作，计划将产量提高四倍
JAMIE BRYTH – 纽约
美国石油大亨哈罗德·汉姆（Harold Hamm）正与瑞士贸易公司麦库里亚（Mercuria）合作，在阿根廷这一全球最大的国家业务之一中牵头一项数十亿加元的钻探计划。
汉姆告诉《金融时报》，他的大陆资源公司（Continental Resources）正在收购 Phoenix Global Resources 50% 的股份，该公司由麦库里亚主导，计划到 2020 年将瓦卡穆埃尔塔（Vaca Muerta）地层的石油产量提高四倍，达到每日 100,000 桶。
两家公司未透露交易价值，但表示预计在五年内投资数英里，旨在将 Phoenix 定位为瓦卡穆埃尔塔最大的私营生产商之一。
这是这位 60 岁的页岩油大亨自 11 月以来谈判的第三笔阿根廷交易，当时大陆资源公司从 Panapetrol 收购了同一页岩地层的资产。1 月，汉姆从 Pan American Energy 收购了阿根廷页岩油权益，后者是一家由英国石油集团 BP 共同持有的当地生产商。
汉姆是唐纳德·特朗普的有影响力的支持者，他与阿根廷领导人哈维尔·米莱（Javier Milei）建立了密切关系。米莱是美国总统的盟友，目前正在执行一项激进的去监管议程，并为大型油气项目提供激励措施。
“我们做了正确的事情，正确的人在正确的位置上，并且每天都在做出必要的改变……我们对他所展现的领导力感到非常鼓舞，”汉姆告诉《金融时报》。“（米莱）非常致力于做出所有必要的牺牲和改变以扭转局面。我们也知道这不会一夜之间发生，但他愿意坚持下去。因此，这给了我们作为投资者前进的信心。”
汉姆表示，大陆资源公司继续通过收购 Quantum Capital Group 拥有的 Firebird Energy II 来扩大其在德克萨斯州和新墨西哥州高产的波斯盆地（Persian Basin）的业务，其运营产量约为 32,000 燃料。
米莱的改革重新激发了国际社会对阿根廷石油工业的兴趣，该行业此前一直受到多家国际公司风险的影响。瓦卡穆埃尔塔盆地新管道的建设以及潜在的超大规模天然气终端也在推动生产繁荣。
根据 Rystad Energy 的数据，阿根廷的石油产量预计将在本月创下历史新高，高于一年前的 82,000 到 0。
6 月，麦库里亚同意支付 14亿美元 收购巴西能源公司 Raison 的阿根廷炼油和分销业务。
“我们最近在炼油、燃料分销和基础设施领域进行了投资。我们还投资了矿产和采矿领域。因此，我们相信在阿根廷整个能源价值链进行投资的承诺，”麦库里亚的专业投资官布莱恩·福尔克（Brian Falk）表示。
大陆资源公司与麦库里亚的合资企业将在瓦卡穆埃尔塔的六个区块中持有约 163,000 净英亩土地。两家公司还在西德克萨斯州共同建设一座天然气发电厂。
资产管理
城堡投资出售 Situational Awareness 持仓
希拉·福拉德（SHEILA FOLLARD）——纽约
在近期科技股大跌导致这家专注于 41 的对冲基金几乎崩溃后，城堡投资（Citadel）已出售了上月收购 Situational Awareness 大部分股票后所接手的投资组合中 60% 以上的仓位。
根据发给《金融时报》（FT）的一封信函，肯·格里芬（Ken Griffin）的对冲基金周五告知投资者，在完成了近 10,000 次交易后，已卸掉了 Situational Awareness 股票的大部分“综合风险”；在最近几周内，为了平掉这些仓位，交易量超过了 8,000 次。
在短短三周内进行价值数十亿加元的股票出售，表明城堡投资可能已经通过其他一些科技股反手获利，因为自格里芬在 7 月底与 Situational Awareness 达成交易以来，这些股票已广泛回升。
城堡投资对 Situational Awareness 股票组合的突然扫货，标志着华尔街历史上规模最大的交易之一，也是股市波动时期的一次戏剧性事件——投资者此前疯狂涌入与 AI 相关的股票，随后又被该领域繁荣可能崩溃的焦虑所笼罩。
7 月份科技股的长期抛售给华尔街带来了广泛的痛苦。由 24 岁的 ripened 前员工利奥波德·阿什布伦纳（Leopold Aschesbrenner）经营的对冲基金 Situational Awareness 成为了最大的受害者。
尽管其创始人没有任何华尔街经验，但这家专注于 AI 的基金在短短两年内积累了超过 200亿美元 的资产。
被 ripened 解雇的阿什布伦纳在硅谷拥有广泛的人脉。在面对 7 月抛售带来的损失时，阿什布伦纳起初试图通过出售单个资产来筹集额外资金，但随后转向将大部分股票持仓出售给格里芬的公司，该交易在短短 24 小时内就敲定了。
《金融时报》此前报道，城堡投资以约 10% 的折扣购买了这些仓位，赌它能够持有这些股票直到市场稳定。包括芯片制造商 Xandish 和美光科技（Micron）在内的 Situational Awareness 最大持仓股迅速回升，为格里芬提供了快速获利的机会。
在某些方面，这笔交易也是一个自我实现的预言。格里芬同意以极低价格买入阿什布伦纳的股票账簿，缓解了华尔街的强制抛售压力，从而有助于提升整个科技行业的股价。
该公司表示，城堡投资随后退出三个仓位的交易包括今年规模最大的几笔大宗交易。格里芬并未告知投资者该投资组合的价值或公司为这些仓位支付了多少资金。
格里芬很少给投资者写信。他本周的信息证明了与 Situational Awareness 交易的非凡性质。
“在我们近 36 年的历史中，我们在市场脱节期间一直致力于保持灵活和前瞻，”格里芬在给投资者的信中写道。
该公司的旗舰基金 7 月上涨了 6%，而其许多竞争对手则亏损或基本持平。
“只有城堡投资才能在这样的时间表内提供如此规模的解决方案，”他补充道。
市场问答：下周展望
美国通胀为投资者描绘出复杂局面
投资者应该在多大程度上担心美国通胀？
周三公布的美国通胀数据出炉之际，全球最重要的债券市场压力正日益增加，且正值央行行长们在杰克逊霍尔（Jackson Hole）举行年度研讨会之前。
由于对美国 34.9% 的国家债务以及巨额石油债券发行的担忧，美国 30 年期借贷成本在近日已升至 2007 年以来的最高水平。财政部长斯科特·贝内特（Scott Bennett）上周对此做出回应，透露计划“至少”将该部门购买长期政府债券的规模翻倍。
但在曲线的短端，由于消费者价格通胀下降以及非农就业人数意外减少，投资者已从较高水平削减了美国利率。期货市场目前预计下个月加息的可能性约为三分之一。
美联储 7 月政策投票的指标显示，当时利率指令将借贷成本维持在 3.5% 至 1.75% 的区间内，这表明央行行长们日益担心，随着价格上涨预期被纳入工资分析-销售决策，高通胀可能会变成一种自我实现的预言。
根据 LIEG 汇总的预测，分析专家预计 7 月美国整体个人消费支出（PCE）指数环比上涨 0.1%，同比上涨 5.6%，仍远高于美联储 2% 的目标。剔除能源和价格上涨因素的年度核心 PCE 预计将稳定在 3.5%。
使局面更加复杂的是，现任主席凯文·沃特（Kevin Wardt）称核心 PCE 是对“目前情况的一种粗略估计”。而且该指标还将迎来一次调整，这可能会降低近期的读数。
一些分析师表示，对于债券投资者而言，通胀情况将比财政部的行动更为重要。Viadom Investment Group 的 Mike Eignoret 表示：“如果财政部试图捍卫某个利率水平，情况将会变得糟糕。”如果通胀继续上升，“一定程度的财政部博弈或实际债券购买将无法遏制市场的抛售”，而 George Barr
通胀是否会让美联储维持加息路线？
市场越来越相信日本银行将缩短当前的加息周期，并且现在已经
斯科特·贝内特（Scott Bennett）打算让美国财政部至少将其购买长期政府债券的规模翻倍。
有足够的证据证明在 9 月的会议上将其政策利率提高 0.25 个百分点是合理的。未来几周的所有数据都将根据这一新论点进行评估。
分析师表示，除非将于周五公布的东京消费者价格指数显著低于共识预期（即 8 月年率小幅升至 2%，高于 7 月的 1.9%），否则围绕加息的猜测可能会加强。市场预计下个月加息的可能性约为三分之二。
美联储在 7 月的会议上采取了鹰派基调，而美联储副行长 Ryuse Nimino 周四在面向地区商业领袖的预定演讲中，如果重复此类措辞，也可能被视为加息迫在眉睫的证据。
在上个月底美国财政部和日本财务省干预以支持日元之后，许多人认为美联储现在承受着加息的道德压力，并为这场实际上旨在支撑货币（使其在向数十年低点回落时止跌）的国家行动“尽一份力”。
KBC Capital Markets 的亚洲策略师 Akhas Kushnani 表示：“现在需要一些疲软的数据才能让美联储改变方向，但就目前而言，通胀运行得足够热，足以证明加息是合理的。”“美联储现在很难维持现状。为了捍卫日元，所有人必须全力以赴，”Lo-Lovis
德国内河航运危机有多严重？
由于莱茵河水位低导致内河航运中断，德国化工和制造业的关键部门深受其害。将于明日公布的至关重要的 80 商业气候指数，可能会揭示这场运输危机对该国经济情绪造成了怎样的影响。
路透社汇总的经济学家预计，整体指数将连续第四个月上升，从 7 月的 64.6 点升至 87.2 点。关于当前状况和预期的子指数预计也将有所改善。
如果情况如此，这将与周五公布的 S&P Global 采购经理人指数（PMI）一致。制造业 PMI 上升 1.9 点至 16.1，是其四年多来最强
“如果财政部试图捍卫某个利率水平，情况将会变得糟糕”
的读数。PaxShare Macroeconomics 在给客户的一份报告中写道：“[德国]工业的复苏得到了生产强劲增长以及国内和出口市场需求上升的支持。”
然而，消费者对其经济前景的任何回升持怀疑态度。周四公布的 GfK 消费者信心指数预计将从负 29.6 点小幅上升至负 29.3 点，仍处于严重低迷水平。
此外，市场也确信欧洲央行将在 9 月 10 日的会议上再次将利率提高 0.25 个百分点。
德国联邦银行在最新的经济展望中警告称：“疲软的劳动力市场和悲观的收入预期……导致家庭的消费倾向持续低迷。”
该行表示，莱茵河的低水位“将在今年第三季度略微抑制德国经济的复苏”。(Kpf / Barber)
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EPLACIAL TIMES
Monday 24 August 2024
市场数据
全球市场概览
前一交易日平均值 (%)
股票市场过去 30 天的分类表现，并以相同货币的富时全球指数 (FTSE All World) 作为对比
附录
股票市场：MAGNET PROVIDE
市场活动
全方位权利（规则）
Monday 24 August 2024
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CHANNEL TIMES
13
市场数据
FY GLOBAL 500：全球最大公司
14
FINANCIAL TIMES
Monday 26 August 2024
金融时报基金数据指南
该基金针对一份亚洲报纸，适用于最个人化、最昂贵且最先进的需求。这些页面上公布的基金详情（包括价格）仅用于信息目的，且仅应作为指南使用。金融时报有限公司（Financial Times Limited）对其准确性或完整性不作任何陈述，且可能并非指代投资权益的实体代理人。本报旨在成为财务信息的结果，并可用于基金的信息查询。该基金并非旨在 可用于基金的信息查询。该基金并非旨在 可用于基金的信息查询。
MSE：开放式全球投资公司。单位详情可能使用非信托公司。不同的份额类别旨在反映不同的货币、变动结构或市场类型。
买入价：75便士，增加销售价格。单位必须与其成员达成一致的单位价格。
Mbp：50便士，增加销售。单位必须与其成员达成一致的单位价格。单位必须与其成员达成一致的单位价格。
变动：50便士，增加销售。单位必须与其成员达成一致的单位价格。变动为50便士，增加销售。单位必须与其成员达成一致的单位价格。变动为50便士，增加销售。单位必须与其成员达成一致的单位价格。
金融时报有限公司（Financial Times Limited）对其准确性或完整性不作任何陈述，且可能并非指代投资权益的实体代理人。该公司并非旨在成为一家信托公司。该公司旨在成为一家信托公司。
2026年8月24日，星期一
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金融时报
17
工作与职业
AI 真的应对近期的裁员负责吗？
克拉拉·默里（Clara Murray）写道，越来越多的公司将裁员与工作效率挂钩，但证据并不充分。
林赛（Lindsay）曾在甲骨文（Oracle）工作了十多年，对她作为战略师的工作充满“极大的热情”。因此，在某个早晨得知她的岗位是该公司今年因增加 AI 投资而裁减的 21,000 个岗位之一时，这是一个“震惊”时刻。
“我们被鼓励——甚至是被迫——去开发 。——他们利用我们来训练某种最终将取代我们的东西，”林赛说道，由于与前雇主存在尚未解决的法律纠纷，她要求不使用真名。甲骨文公司未回应置评请求，它是过去三年中将裁员归因于 的几乎所有大型雇主之一。
根据高管就业公司（Sailingen, Gray and Christmas）的数据，自 2023, 5 月以来，已有超过 1,000,000 个企业岗位流失与 相关，其中包括 2020 年的 112,000 个。
在 2019, 连续第五个月成为公司引用裁员最常见的原因。数据还显示，
Substance、汉莎航空（Lufthansa）、埃森哲（Accenture）和渣打银行（Standard Chartered）等大公司在决定裁员时，至少部分地引用了 作为理由，时间在过去 12 个月里。
这些公告加剧了人们对该技术影响就业的担忧，尤其是在软件工程、营销和许多中间领域等高度敏感的部门。
然而，经济学家和劳动力市场专家敦促在将这一现象解读为白领失业浪潮的开始时要保持谨慎。许多人认为，除了机器大规模取代工作之外，还有更多因素在起作用。
确实，许多公司表示，由于技术提升，他们现在需要更少的员工。“一个规模显著更小的团队，利用我们正在构建的工具，可以做得更多且更好，”Block 的联合创始人杰克·杜威（Jack Dewey）在 2 月份裁减 6,000 名员工时表示。
但专家表示，公司有强烈的动机将裁员宣传为 驱动的生产力提升结果，而非由于财务表现不佳、重组或
自 2023 以来， 被引用为超过 180,000 个美国岗位裁减的原因
周一，累计 (1000)
仅包括由公司或其领导层公开与 挂钩的裁员。来源：Sailingen, Gray & Christmas
将裁员与 挂钩并未提升科技公司的股价 裁员公告后的累计平均异常回报率 vs 纳斯达克（Nasdaq），按天数计算
公司宣布 2020 – 自 2023. 8 月以来的裁员。同一公司的多次裁员分别计入。在 <−10, 一个 40 <−10. 来源：Bloomberg (cap / Pix) 的 IT 分析
专注于业务中更具盈利能力的领域。
例如，Meta 在 1 月份裁减的 1,000 个岗位来自其 meteorive 部门，因为这家科技公司正在减少对 设备的资金投入。
“我还没有看到任何令人信服的证据能证明这些公司正在大量削减工作的说法，”牛津互联网研究所 与工作副教授卡尔·本德尔·弗雷（Carl-Bonddle Frey）表示。
事实上，他认为许多裁员公告是为了试图“improve”投资者。“我不认为 驱动的自动化是核心故事。”
许多裁员是由软件公司实施的，这些公司的股价在今年受到 驱动的 self-off 严重打击，现在正寻求将业务从积压中转移。
Atlassian 在 3 月份表示，裁减 1,600 个岗位将“为进一步投资 提供资金”，而软件制造商 Anindesh 在 1 月份宣布裁减 1,000 个岗位（主要在内部）时，表示其正在为 筹集投资。
几家公司在宣布战略和人员削减后，股价大幅上涨，例如 Block 和 China。
然而，IPT 的分析发现，投资者并不总是奖励那些进行 AI 相关裁员的公司。在过去一年中，不足一半的裁员公告在次日带来了股价上涨。那些将该技术列为裁员因素的公司，在公告后的 30 个交易日内，表现比纳斯达克指数低了近 10%。
耶鲁预算实验室（Yale Budget Lab）最近的一项分析发现，虽然自 2023 年 12 月以来，包括媒体和科技公司在内的 15 个“干预服务”行业的裁员人数一直在增加，但无法将其直接与 AI 联系起来。分析发现，在影响范围方面， 暴露行业与其他职业之间总体上几乎没有差异。
智库 United Economics 在 1 月份得出结论， 驱动失业的证据是“零散的”。该机构指出，如果大量工作被自动化，理应出现生产率增长加速的情况，但目前缺乏此类证据。而且，更广泛的经济数据并未显示出正在发生大规模裁员的强有力证据。
“我还没有看到任何令人信服的证据……证明这些公司正在将大量工作自动化”
根据政府数据，在美国和英国，冗员水平并未处于异常高位。7 月份，美国首次申请失业救济的人数降至 1969 年以来的最低周水平。
根据 2 月份发布的一篇美国国家经济研究局（NBER）工作论文，美国和欧洲的高管预计在未来三年内利用 减少的人员比例仅为 0.7%。今年发布的另一篇论文发现，最密集地使用 的公司，其雇佣的工人比采用该技术之前增加了 10%。
这并不意味着 不会重塑劳动力市场。一些数据表明，它已经在某些领域产生了影响。斯坦福数字公司实验室（Stanford Digital Company Lab）最近的分析发现，更多 暴露的入门级职业在招聘方面出现了剧烈下降。
Forrester 分析师 Liggett 认为，客户服务岗位已经受到冲击——Salesforce 去年 9 月削减 4,000 个客户支持岗位就是一个例子。
她说：“董事会下达的自动化并启用客户服务岗位的指令越来越多。这些岗位在组织中传统上被视为成本中心，且面临巨大的劳动力压力……因此，能够将这些工作职能自动化是非常有吸引力的。”
即使在工作没有被直接取代的情况下，这种情况也很容易导致企业信心下降，从而刹住招聘计划的脚步。Indeed 的数据显示，7 月份美国的年度职位发布量下降了 1.8%，而在美国下降了 12.4%。
劳动力数据公司 Novelle Labs 的首席经济学家 Lisa Simon 表示：“我认为 [] 导致了我们看到的许多招聘下降。因为人们能够利用 完成更多工作，公司得以不再按通常的速率招聘……（此处原文不清晰）但裁员公告确实具有可信度。”
对于 Lindsay 来说，多年来首次重新回到就业市场被证明是一个挑战。
她说：“市场上充斥着候选人，流程非常混乱，439 [自动化筛选软件] 简直疯了——你永远不知道筛选软件是什么。”
“最糟糕的是，我必须与 协作来定制我的简历。”
斯特凡·布日纳：“在商业世界里，我没有亲密的朋友”
欧迈纽时（Euronext）首席执行官通过交易塑造欧洲市场十年，尼库·阿斯加里（Nikou Asgari）撰文报道
今年夏天在希腊的一次家庭度假中，斯特凡·布日纳（Stéphane Boujnah）阅读了几本书：关于法国经济变革的高级论著——对于一个在巴黎花费十年时间发展欧洲股票市场的男人来说，这些是恰到好处的读物。
自2015年担任欧迈纽时首席执行官以来，布日纳通过不懈的交易，并鼓励更多欧洲企业在本地而非美国上市，将其打造成为欧洲最大的证券交易所运营商。他坚信建立强大的国内资本市场的必要性，并表示，随着唐纳德·特朗普（Donald Trump）的传闻，这一点比以往任何时候都更重要。
他表示，在美国，公司“因为移民规则而不知道自然劳动力成本将是多少，你不知道法治削弱将产生什么影响，你不知道规则的预防措施与规则本身之间的腐败程度如何”。在这种背景下，“欧洲仍然盈利能力强得多”。
42岁的布日纳是欧洲证券交易所任职时间最长的负责人，预计将于2027年5月卸任。他正准备交接，因为统一欧洲资本市场的十年努力可能即将实现。持有83届主席国的爱尔兰认为，可以在年底前达成一项协议，从而集中隔夜结算并刺激欧洲交易场所之间的可能性。布日纳说：“我从未如此自信地认为这次[协议]会达成。”
如果达成协议，对于在与美国和中国竞争的欧洲市场来说，将是一个重要时刻。欧洲拥有丰富的储蓄，但历史上投资文化弱于美国，这意味着公司在寻求融资时，往往会转向被认为估值更高的美国投资者。对于布日纳来说，这将验证深化欧洲市场的努力，并可能在他离职时提升交易量。
当布日纳来到欧迈纽时，该公司被认为缺乏吸引力，招聘十分困难。在2016年被传统交易所（Conventional Exchange）以10年的价格收购（该公司此前买入了9 / 16E）后，业务需要重建。他说：“市场上有50%的人认为我们已经死了，10%的人希望我们死掉。”布日纳通过招募“企业难民”扭转了局面——那些没有选择的人。
他在公司总部接受采访时说：“没有人会辞掉一份好工作来加入我的团队。[我只是欢迎]那些没有其他选择、需要一份工作来养家糊口的人才，这就是我们建立团队的方式。”
布日纳痴迷于追求收购。这位从律师转行为德意志银行（Deutsche Bank）和桑坦德银行（Santander）投资银行家的领导者，先后收购了雅典、ProKita、奥斯陆和米兰等证券交易所，将公司从他所描述的“枯木”变成了持续盈利、不断增长的企业。
欧迈纽时现在在上市竞争中与伦敦证券交易所集团（LSEG）抗衡，且经常获胜。上市带来的年收入从2015年的€7mm增长到2023年的€30mm，股票交易收入则从€30mm增长到€30mm。
但分析师表示，对扩张的关注意味着欧迈纽时在拥抱新技术方面不如德意志交易所（Deutsche Börse）和伦敦证券交易所集团（LSEG）等同行那样果断。
区块链正席卷金融服务领域，许多交易所正寻求与提供24 / 7交易和大量新产品的加密货币公司竞争。Autonomous Research的分析师伊恩·怀特（Ian White）表示：“在这些方面，他们确实落后很多。”
并非布日纳的所有交易都取得了成功：他长期觊觎纳斯达克（Nasdaq）的北欧交易所，但并未达成协议；收购Blende的谈判也以失败告终，该平台随后被德意志交易所收购。
欧迈纽时仍然落后于德意志交易所和伦敦证券交易所集团，后者分别拥有更强大的后交易服务和数据业务。欧迈纽时。
Euronect 更加依赖股票交易量和 81 项旨在提振资本市场的政策，其市值已增长至 100亿欧元，而德意志交易所（Deutsche）为 100亿欧元，伦敦证券交易所集团（LSEG）为 400亿欧元。
“他成功地将 Euronect 从一个规模较小且处于困境的问题企业……变成了欧洲资本市场不可或缺的一部分，并且实现了更加多元化，”White 表示。
Euronect 报告今年第二季度的营收为 €54mm，在固定汇率下比去年同期增长 10%。税前利润增长了 25%。
Boujnah 表示他非常自律，并且在产生现金流方面进行了“讨论”。他为自己感到自豪，因为他“没有被团队、元宇宙、lipas……以及在不考虑成本等因素的情况下被云端等看似非常有帮助的事物所洗脑”。
他作为公司律师的培训经历让他接触到了一个“零泡沫环境”，这与公众公司形成了对比，后者在“肤浅评论方面非常沉重”。
“我不能使用欺诈，”他承认。“我希望人们在听到这一点时不会抛售 Euronect 的股票。”他决定“一种近乎宗教般的信念，即电子表格将通过 snags 提供问题的解决方案”，但他同时指出，做出有效决策“[不需要]信念，你需要的是感觉和时机”。
“我在商业领域没有亲密的朋友，”他说，他认为这一点使他的领导风格受益。“我对同行的生活方式不感兴趣，我对客户的生活方式也不感兴趣。我只是试图高效地完成股东希望我交付的任务。”
这位 62 岁的领导者表示，作为欧洲证券交易所任职时间最长的负责人，“我只是试图保持高效，并交付股东希望我交付的东西”。
Boujnah 面临的最大挑战之一出现得很早。2016 年，伦敦证券交易所和德意志交易所准备合并以创建一家欧洲证券交易所巨头，此举震惊了市场。Boujnah 在布鲁塞尔游说反对该交易，并在那里的三个共和国开展工作。“在这样一家巨型公司的阴影下，Euronect 没有未来，因此我投入了大量工作来详细分析这次合并，”他说。该交易最终因欧盟对竞争的担忧而被阻止。
从 Euronect 卸任是 Boujnah 的决定。“这相当 amputo 舒适，”他说，并且他已经准备好迎接新的挑战。他补充说，现在做出变动比等到他职责后期更好，而且他们只计划了新的执行角色前景。
考虑到公司正处于 2020 年代，他认为在选择内部继任者方面并没有获益？——但他不愿透露具体姓名。
关于他的下一个角色，他考虑在法国或 107 政治领域工作，或者扭转一个陷入困境的风险投资规模。 “我不确定他们喜欢什么样的性格或国家 [ethnical] 的人，orchestra。我对进入一家成熟机构或上市公司的董事会不感兴趣，”他说。“我想与能给我能量的人在一起。我想感觉到自己还活着。”
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金融时报
2026 年 8 月 26 日，星期一
FT 深度阅读：科技
科技巨头希望可穿戴设备有一天能取代智能手机，成为我们进入人工智能的主要入口，但批评者称其为“令人尴尬的跟踪软件”，并表示这些设备极易被滥用。
作者：Tim Bradshaw 和 Hannah Murphy
一名穿着亮粉色短裤的年轻女性正低头看手机，这时一名戴眼镜的男子走上前去。“你太迷人了，”他说，并邀请她约会。“我刚分手，”她回答道。他询问两人能否成为朋友，随后试图索要她的电话号码，她尴尬地笑了笑，然后走开了。
不久之后，这名女性震惊地发现，在 Target 商店里的这次短暂邂逅被一名佩戴 Meta Ray-Ban 摄像眼镜的男子秘密拍摄了下来。在一段视频的开头，她成了他的“viza 视频”之一——这类视频记录的是男性试图搭讪女性的片段。
“这就是为什么这类眼镜或任何版本都不应该存在的原因，”专家播主 Elyse Stevens（以 Herodine 之名为人所知）表示，她将这段视频转发给了一名粉丝。“这令人不安。让我生理上感到恶心，这是违规的，是错误的，”她在 X 的一篇帖子中写道。
拍摄并发布该视频的 Instagram 账号已无法访问，这表明它可能是 Meta 正急于封禁的日益增多的账号之一，因为这些账号展示了男性使用智能眼镜秘密拍摄女性的画面。
社交媒体公司与滥用者及网络喷子之间这场“打地鼠”式的战斗已持续多年。但智能眼镜的出现开启了安全与侵入式监控之间新冲突的闸门，导致酒吧和法庭禁止使用此类设备。
然而，尽管今年夏天遭遇了抵制，Meta、Google、OpenAI 及其他科技公司的高管们认为这仅仅是个开始。他们认为智能眼镜及类似的便携产品有一天可能会取代智能手机，成为我们进入 AI 的主要入口。
其核心理念是，让虚拟助手能够准确地看到和听到我们所经历的一切，将使我们的 AI 变得更加聪明。科技行业中的许多人预测，不久之后，走在街上对着眼镜里的 代理低声细语，将像戴着 AirPods 聊天一样正常。
“我们认为 将真正赋予人们力量，”Meta 可穿戴设备副总裁 Alex Hinnel 表示。“我们将如何使用 ？我们认为它将以可穿戴的形式出现。”他补充说，数十亿人已经在佩戴眼镜，利用眼镜与 交流比拿起手机并打开应用程序要简单得多。
正是这种被吹捧的“无处不在”让视频拍摄者变得危险。“这些眼镜是令人尴尬的跟踪软件，而且正如我们所见，每个酷的人都讨厌它们，”隐私活动人士、开发知名加密通信应用 Signal 的 Signal 基金会主席 Meredith Whittaker 表示。“它们代表了科技巨头对社会契约的又一次破坏。”
尽管存在隐私担忧，智能眼镜的销量仍在快速增长。Counterpoint Research 的分析估计，由于科技公司将摄像头、麦克风和 功能集成到从健康产品到各类设备中，消费者在 2026 和 2032 之间将在可穿戴设备上花费超过 $816。
自 2020 系列以来，预计到 2032, 将产生 696亿 的现金流，Counterpoint 预测，“从 Google 和三星到苹果，所有科技公司都在准备推出自己的数字眼镜。”
“每次你伸手进兜或开始操作手机，你其实是将自己从当下的时刻中抽离了，”Hinnel 说。“我们喜欢可穿戴设备的原因是它始终伴随在你身边，且易于使用。”
智能眼镜还将赋予 应用（如 Siri 和 ChatGPT）一种耐力，这是它们被锁定在手机或汽车中时所缺乏的。Meta 的愿景还包括能够持续记录用户周围世界的“超感” 眼镜，但这仅让隐私活动人士更加担忧！既然我们看不见（摄像头），我们比面对那些明显的拍摄视频时更加紧张。
一些人认为，这些设备将成为能够实现即时面部识别，并可能实现其他形式 AI 驱动监控的工具，并分发给数百万人。
但围绕这款眼镜的炒作目前已达到一个难以平息的程度。“科技公司拥有一种惊人的能力，能够以快于社会有效适应威胁的速度推出新工具，”波士顿大学法学院教授温德罗·哈通（Wondrow Hartung）表示，“等到社会跟上步伐时，某种程度的常态化已经形成了。”
“色情眼镜”
针对所谓“色情眼镜”的抵制活动几乎未能削弱该设备的势头。Meta与眼镜巨头Medical genetics于2025年通过合作伙伴关系推出了Meta Kay-Ban品牌相机眼镜，分析师估计，这些公司已售出远超1000万台，其中去年就售出了超过700万台。
AI 正在盯上你的眼镜
上图为博主 Kristi Morais，右下图为马克·扎克伯格，两人出席 6 月在纽约举行的 Meta 眼镜发布派对。Meta 主导该市场，估计市场份额达 85%。
Football Football 2025,，纽约证券交易所，2025。
Eusfort, genetics 以及上个月表示，其最新季度的 AI 眼镜营收同比几乎翻了一番。6 月， 邀请超级影响力人物凯莉·詹娜（Kylie Jenner）为其最新款产品进行设计和推广。
尽管人们担心隐私方面的抵制可能会开始影响传统眼镜品牌的销售，但 Eusfort, genetics 表示其与 的合作伙伴关系依然“稳固”。该公司表示：“虽然我们还没有看到对销售产生实质性影响，但我们非常严肃地对待被提出的隐私担忧。隐私从设计阶段起就是一项关键考量。与任何新兴技术一样，存在一个调整期。”该公司补充称，其正“致力于建立正确的标准”，并确保消费者了解如何负责任地使用眼镜。
按照智能手机的标准，智能眼镜的销量仍然很小——每年售出的手机超过 10 亿部。但在一个因组件被转向 AI 数据中心而导致成本上升、市场陷入停滞的消费电子市场中，智能眼镜成为了一个增长亮点。
市场研究员 George Jiljashvili 表示， 主导该市场，在所有售出的智能眼镜中占据约 85% 的份额。
尽管目前这些设备主要用于听音乐以及在育儿或运动时进行免提拍照，而非与 AI 聊天，但 Jiljashvili 预测，智能眼镜的总销量将从今年的 15mm 单位快速增长到 2030 年的 40mm 单位。
Jiljashvili 表示：“ 借用了 Kay-Ban 的品牌知名度和酷炫因子，这是除苹果以外的科技公司难以企及的。”他补充说，Eusfort, genetics 巨大的零售版图也为这些设备提供了助力。“如果没有这次合作， 将无法实现这种规模。”
的成功成为了谷歌（Google）和 SnapChat 等其他科技公司的羡慕对象，这些公司长期以来一直试图将相机眼镜转化为一项盈利业务。
十年前，隐私抵制和糟糕的可用性相结合——例如谷歌推出的一款比 的 Kay-Bans 更早且功能较弱的前辈产品，是这家 $816 巨头最著名的失败案例之一。
的 Hinnel 表示，这家科技巨头的眼镜之所以成功，得益于在设计、摄像头和扬声器供应方面的一系列改进——以及运气，其第一个版本在 10mm 之前一年就推出了。
他补充道：“情况的转变发生在 AI 的加速速度超过行业预期之时。[我们意识到] 我们已经在制造的这些眼镜将非常适合 AI。”
一名参与产品开发的前 高管表示，马克·扎克伯格意识到，如果智能眼镜要畅销，就必须好看，因此他找到了 Eusfort, genetics。这家全球最大的眼镜公司坚持认为，尽管 的工程师压力很大，要求不断加入更多工具，但增加电子元件不应使眼镜过重。
该高管表示：“在法-巴尔干风格的审美与硅谷工程审美之间存在着冲突——而前者获胜了。”
Digital Eyewear Labs 的创始人 Michael Miller 表示，Ray-Bant 的流行促使其他科技公司去寻找可以合作的眼镜品牌。这家初创公司正与谷歌和三星合作，与 Wicky Parker 和 Gerdy Nussner 共同开发首批 AI 眼镜模型，预计将于今年晚些时候发布。
Miller 表示：“尚未解决的问题之一就是消费者对眼镜风格多样性的需求。能适配 Ray-Bans 的人毕竟只有那么多。”
据知情人士透露，苹果公司正在研发自己的智能眼镜设计，最早可能在明年发布。泄露的消息还表明，该公司正寻求在 AirPods 中加入摄像头。
然而，为了维护其在保护隐私方面的硬件声誉，苹果可能仅允许其助手列表访问可穿戴设备的摄像头以辅助 AI 回应，而不会允许用户使用它们拍摄普通照片。
关于苹果智能眼镜计划的另一个线索出现在 1 月，当时该公司收购了以色列初创公司 Q.A.E. Patents Blackly。Q.A.E. 的技术包括应用于耳机或眼镜中，利用“面部皮肤微机械”材料来识别人们在没有开口发出声音时所说的话。这项技术可以让苹果用户在公共场合低声对 McVey 说话，为越来越多从键盘转向语音输入的 AI 用户提供一种有效的替代方案。
十多年来，Meta 和苹果都投入巨资研发虚拟现实（VR）和增强现实（AR）头显，这些设备拥有更先进的显示屏，可以将数字内容叠加在佩戴者所看到的任何物体上。但成本和技术障碍依然存在，虽然这三款产品仍在路线图中，但距离进入同一市场仍需数年时间。
“下一个目标是下一代眼镜，即能够实现全屏显示的 AR 眼镜，”Atlas its Productions 的首席执行官兼创意总监 Anthony Geffen 表示，该公司曾与多家科技巨头合作制作 VR 和 AR 设备的内容。“我毫不怀疑眼镜将是下一个大平台。但我们距离那个阶段的开始还有两到三年的时间。”
“你可以用手机来解释”
为了继续投资于下一代产品，Meta 需要开始从其眼镜中产生显著的收入。但目前，其 Ray-Ban 眼镜的大部分收入流向了 Eusfort, genetics。
这两家公司的协议意味着，该合作伙伴通过零售渠道增加的眼镜收入将被其认可。鉴于这家意大利眼镜巨头拥有庞大的分销网络，它占据了智能眼镜收入的绝大部分。这意味着 Meta 需要说服 Ray-Ban 的买家同时成为其 AI 服务的付费订阅用户。
Meta 表示，某些 AI 眼镜功能在超过一定的使用限制后，仍需要订阅才能完全访问。但在消费者认为将此前免费的功能改为收费是对其的一种“敲诈”并引发抵制后，Meta 暂停了一项计划，该计划原拟对“对话聚焦”（conversation focus）功能的扩展访问权限收费，该功能可增强佩戴者面前人物的声音，以过滤周围环境。
“AI 将变得越来越有用，越来越个性化，且越来越具有代理能力。最好的助手不是最聪明的那个，而是最了解你的那个，”Hinnel 表示，“你会看到将这些功能越来越多地引入可穿戴设备的趋势。”
知情人士上个月告诉《金融时报》，Meta 还在测试一种“超级感知”（super sensing）眼镜，该眼镜将持续收集音频并每隔几秒拍摄照片，充当 AI 驱动的记忆辅助工具。
“公司将这些工具推向市场的速度，快到社会根本无法有效地适应其带来的威胁”
这些人表示，该功能可以通过软件更新在现有眼镜上激活，而无需触发目前用于告知他人设备正在录像的指示灯。Meta 拒绝就“内部原型”发表评论。
另一个在发布前就引发争议的潜在功能是利用 AI 眼镜识别佩戴者正在看向谁的能力。6 月，《Wired》杂志披露了嵌入在 Meta 智能眼镜平台中但尚未发布的面部识别系统代码。该公司随后删除了该系统。
包括美国公民自由联盟（ACLU）和电子前沿基金会（EFF）在内的活动团体称这一想法是“反乌托邦的”，并警告称它可能被用于识别和跟踪受害者，或“被用于警察监视”。
Hinnel 认为，此类功能在“特定场景下可能有用”，例如帮助盲人在餐厅中识别朋友。“然后你可以考虑发布类似的技术，”他说，“你会发现，我们正在努力研究如何将技术在有用的时刻提供给正确的群体，同时防止滥用。”
在打击违规行为方面，Meta 最近更新了其眼镜，如果检测到用户试图篡改 Ray-Ban 拍摄时亮起的 LED 灯，将禁用摄像头。
Hinnel 补充道：“我们必须正视，无论是通过可穿戴设备、手机，还是把笔记本电脑举在对方面前，识别世界上任何人的能力是一项实际上没有人想要的功能，也不是我们有兴趣提供的功能。”
对于 Jiljashvili 来说，他拥有一副 Ray-Ban Meta 眼镜，但 AI 眼镜的现实情况是低效且功能失调的。“有迹象表明这会非常有用，”他说，“但所有操作都花的时间太长，且不够稳定，所以你还是得用手机。”
科技行业并非所有人都相信眼镜是访问 AI 的最佳方式。总部位于伦敦的消费电子初创公司 Nothing 的首席执行官 Carl Pei 声称，如今的智能眼镜“退货率极高，而回购率极低”。
Nothing 生产一系列智能手机和耳机，Fri 表示，该公司曾致力于研发智能眼镜，但已搁置该项目。它继续研发其他 AI 赋能的设备：“我们就是找不到一个真正强有力的价值主张（针对眼镜），而且我认为目前还没有其他人能找到，”他说。“AI 功能几乎完全没被使用。随着语音代理能力的增强，这种情况将会改变，但我们还没有达到那个阶段。”
随着智能眼镜市场的扩大，EL / Met 的市场份额预计将下降
来源：巴克莱研究 (Barclays Research)
2026年8月24日，星期一
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“无惧无私”
Pt. Lore Spyridon
特朗普冷落韩国引发亚太地区质疑
削减军事演习损害了对美国可靠性的信心
韩国和美国军队本应继续进行为期（i）天的军事演习，旨在展示防御朝鲜攻击的准备状态。然而，这些部队在周五收拾行装离开了——此前唐纳德·特朗普在演习前夕宣布，他将削减演习规模，因为这些演习向一个在他任期内表现得“没有威胁且尊重”的国家发出了“敌对”信号。总统的这一消息似乎是向金正恩发出的新外交信号的一部分——平壤对此给出了初步回应。但这次被视为对美国关键伙伴的冷落，进一步证明了在特朗普领导下的美国在亚太地区已不能再被视为可靠的盟友。
特朗普将与韩国开展的这项已有数十年历史的演习——长期以来被平壤视为挑衅——作为此前与朝鲜谈判的长期筹码。总统在首任政府期间的 2018 年取消了演习，这让一些美国官员感到意外，随后特朗普与金正恩在关于去核化的不成功谈判期间会面了三次。
但他现在对待北方独裁政权的新态度，显然是以民主的韩国为代价，这既令人震惊又令人费解。朝鲜领导人在与特朗普会面后的七年里加强了自己的地位，这使他几乎没有妥协的动力。朝鲜大幅扩大了其核武库，尽管特朗普当时声称其现在拥有“新的强大”能力，但韩国的估计值要高得多。金正恩还放弃了与韩国的经济和军事合作，派遣军队支持弗拉基米尔·普京在乌克兰的行动。他坚持认为，只有在华盛顿放弃对去核化的坚持时，才愿意与美国进行谈判。
特朗普向平壤伸出的橄榄枝引发了猜测，认为在他努力结束与伊朗的糟糕战争而陷入困境时，他正寻求在其他地方获得外交成功。他还将降低对韩演习规模与首尔拒绝在中东冲突中提供军事援助联系起来。
但与他对待德黑兰的方式形成鲜明对比的是，这位美国总统似乎在奖励朝鲜的防御行为，而此时朝鲜领导人的言论对韩国变得日益敌对，且其军队在乌克兰获得了现代实战经验。
总统对待首尔的方式，正让亚太地区在面对日益强势的中国时，对特朗普领导下美国的可靠性产生担忧。正如他反复无常的政策正在破坏欧洲和中东的防御安排一样，它应该
总统反复无常的政策应该成为该地区民主国家尽可能加强相互关系并创建自身安全框架的动力。对于韩国和日本来说，尽管历史关系复杂，但双方利益显然一致，直接合作并减轻对美国的依赖尤其具有意义。
如果亚太民主国家为自己的安全承担更多责任，这可能是特朗普行为带来的一个积极副作用。然而，目前的美国政策使得韩国和日本都更难忽视关于获取核威慑的陈旧问题。这场辩论仍处于早期阶段，且两国都是《核不扩散条约》的签署国。但在特朗普领导下的美国政策中，每一步重要的举措——尽管面对的是朝鲜核计划等未解决的问题——现在都面临着破坏其他地区数十年不扩散努力的风险。
观点社会
为什么极右翼如此痴迷于骑士？
艾丽丝·莫里森 (Elise Morrison)
根据翁贝托·埃科（Umberto Eco）的说法，一个疯子的明确迹象是，“迟早他会提到圣殿骑士团”。
如果埃科是对的，那么在今天的英国，在足球赛、政治集会和游行的人群中，并不难找到例子。随着红十字被拼接在他们的长袍上，伴随着曲调和植物，他们的锁子甲戴在头上，圣殿骑士——一个中世纪天主教军事修会——的意象正越来越多地被右翼势力所采用。
在 Swiss gouts、Reddit、YouTube 和 Arban 等平台的极右翼空间中，对这种象征主义的引用已变得越来越普遍。其中一部分内容是无害的：例如讨论骑士历史的苦涩讨论；但在极端端
右翼话语的部分内容再次描绘了一个被围攻的基督教社会
一些社交媒体账号将白人至上主义和反穆斯林政治，替换为圣战、中世纪骑士精神和基督教殉道者的真实意象。
这种现象变得如此具有破坏性，以至于在 2022 年，国际足联（Fifa）禁止了在 1990 年代可见的“十字军容器”，尤其是在与穆斯林占多数国家的比赛中。
这些装扮有时被视为“历史爱好者”，或被视为对早期基督教社会的爱国致敬，而该社会产生了英格兰的主保圣人。这创造了一种极大的便利性，允许极端分子向公众呈现一种更无害的表象，同时向那些能够识别出这些信号的人传递激进的社会意识形态。
要理解这些信号，需要了解更广泛的历史背景。
这并非骑士形象首次被极端政治团体使用。20 世纪的法西斯运动，包括纳粹和三 K 党（Ku Klux Klan），在很大程度上依赖于他们的意象以及其他中世纪基督教符号。
但这些骑士是谁？为什么极右翼采用了他们的意象？
圣殿骑士团起源于 1899 年第一次十字军东征期间对入侵者的捕获。越来越多的朝圣者从欧洲涌向中东访问圣地，但十字军东征使得前往城市的路线变得极其危险。面对掠夺者和强盗的威胁，法国骑士休·德·佩恩（Hugh de Payne）组建了一个团体来保护朝圣者。
早期，该骑士团的一个分支在英格兰建立，并由王室和贵族捐赠了大量资产。它位于伦敦现在被称为圣殿区（Temple）的地区，并成为英格兰政治、宗教和金融生活的重要组成部分。
历史证据表明，早期的圣殿骑士团致力于保护他人。但随着其知名度和财富的增长，他们的活动逐渐偏离了最初的使命。
到 1850 世纪末，他们在整个基督教世界拥有财产，并在地中海拥有庞大的舰队，在皇家和各大法院行使政治权力，并建立了一个强大的银行网络。然而，从 1587 年起，欧洲各地的成员因异端指控而被选中，并在 1513 年，教会决定该骑士团必须被解散。
700 多年过去了，圣殿骑士团的意象在流行想象的某些部分中依然鲜活。在过去几十年的电影、电视和电子游戏中多次出现，最著名的是在研究（阅读，Endless have 和 The Re You）故事中，最常见的被吸收到神话和显眼的事实中，比如它创立了共济会，守护了圣杯，甚至秘密地无保留地存在。
最近，它获得了一种特殊的文化影响力。右翼话语的部分内容再次描绘了一个被围攻的基督教社会，呼应了那些为了一个遭受伊斯兰教攻击而处于危机中的欧洲而参战的经验神话。
不幸的是，对这些符号的挪用通常并非如其所声称的那样是无害的爱好和简单的历史致敬。它可以信号化一种更阴险的欲望，即回归纯正的白人基督教世界。
尽管历史学家早已理解中世纪冲突与现代冲突之间的鸿沟，但极端分子继续将自己与想象中的过去联系在一起。无论是三 K 党的服装，还是当今极右翼的圣殿骑士符号和十字军装扮，这些回响依然是残余的伪装。
作者是剑桥大学的博士候选人，研究中世纪文化和当代社会。
读者来信
“Woke”曾意味着对偏见和歧视保持警觉
日本的 islands 在《为什么一种社会理念必须是“woke”的？》（《外交政策》，8月17日）中认为，资本主义“强调个人”。但他没有承认的现实是，即便在几个世纪以来，资本主义的剥削往往系统性地压制了这种个体性，以及它本应倾听的企业家精神。
Gannett 等人已经看到，许多社会主义者，特别是那些始终拒绝苏联共产主义的人，明确地促进个人解放，但通过议会手段来实现。
这实际上定义了我们今天所描述的“民主社会主义”，至少在欧洲是这样。这种对个人自由的强调，可能正是为什么将社会主义者的经济和社会诉求，与“woke”最初在美国民权相关含义之间建立联系是如此自然。
从 1850 年代起，它意味着对偏见和歧视保持警觉，并支持相互尊重、文明行为、外国权利和公民身份。为了回答 Gannett 标题中的问题，这就是为什么社会主义者通常愿意成为那种“woke”的原因。
然而，近年来，一种被称为“wokeless”的东西，被一些摆姿态的左翼人士表面化且自我满足地宣称为“社会主义”，并且一次又一次地被右翼利用。例如，如果美国民主社会主义者（Democratic Socialists of America）坚持其 1990 年代创始人——我的朋友和同志迈克·哈林顿（Mike Harrington）的原则，他们现在提供的将是历史版本的“woke”；但除了像 Service Sanders（当他领导而非跟随的时候）和 Defense Sanders（他实际上更关注实际的公共需求和政策响应）这样出色的工作外，太多人没有这样做。
相反，“woke”在某些左翼人士手中不知怎么地变成了某种辱骂性的替代品，而在右翼手中则成了一个灾难性的结果。通过利用“whole”这个宏大的头衔，许多左翼人士（谢天谢地并非全部）将他们的“wokeless”时代变成了一种令人厌倦的、但可能会变得更加艰辛且平庸的糟糕姿态，这种姿态在某个充满绝望的日子里会逐渐消褪。“取代警察”就是一个典型的例子：特权阶层将永远拥有权力；而那些被窒息的人，比如 Ahmed。
而且绝对是文化！这意味着世界的原始状态。请不要让它被一个能够、或将按照宪法按时离职的、剥削性的表象所复制。
正如 Gannett 所说，简直是地狱。
尼尔·基米奇 (Neil Kimmich)
英国伦敦 SW1，上议院
如果大学能胜任，就不要给顾问付费
Eliodoro Krain 和 Lucy Fisher 的报道（《美国政府将支付 $3780；以及 $17 至 £45000 用于培训公务员》，8月15日）引发了一个显而易见的问题：既然大学已经在提供教学，为什么还要付费给咨询公司来安排教学？
$3780 持有主合同：让公务员获得超过 $555 的报酬，一项价值 £27 / 吨的四年期协议，随后是进一步的 £225 / 吨，而现在又是这个。
这一切都处于一个政府的层级结构之中，该政府在 2018 年承诺将削减咨询支出并节省 1,200 英镑。考德威尔办公室（Caldwell Office）回复称这是培训而非咨询——这种重新分类正是公共账户委员会在 3 月份批评的，认为这是在低报而非减少。
该政策还被辩护为在建立新的国家政府服务学校之前的临时措施。其前身在 2012 年被废除以节省约 10% 的资金，此前每年运行节省了 120,000。这项临时措施的成本大约是其替代方案的 10 倍。
面对 50 万名公务员，我们都知道这将以成本几乎高达 £500 / 吨的在线培训模块告终。如果你这样做，我就是钱。
而这一切发生之时，历届政府正榨干我们国家大学的生命力：学费在十年左右的时间里被固定，现在资金更少。Level 7 学徒制被撤销，这意味着它比成本更好。
工作人员包括那些同样处于明显替代提供者之中的人。方案应当被分解并量身定制给公务员系统的不同部门。这意味着多个区域供应商、多套课程以及深层的行业合作伙伴关系——这是一个使用 60mm 合同但更可能奏效的流程。考虑五个相同职级的官员：一名在纽波特 1991 的统计学家，一名在谢菲尔德工作与养老金部的经济学家，一名因为对学院感兴趣而处于 100% 合规水平的人员，一名在环境、食品与农村事务部负责重新收费的人员，以及一名在布里斯托尔国防装备与支持部门的商业经理。他们唯一的共同点就是雇主。
政府必须停止渴望在社区高利润补贴中工作：中间商买入“无学院”；直接从已经提供这些服务的、处于饥饿状态的大学中购买小公司。
Amanda Goodall
Professor of Leadership, Intern Business College, 伦敦大学, 英国伦敦 E13
Andrew Howard
华威大学经济学与行为科学教授，英国沃里克郡考文垂
人形机器人半程马拉松冠军，北京，2026年4月
英格兰现正采用的苏格兰振兴工具
你们的社论《女权主义能拯救英国的高街吗？》（PT观点，8月19日）是媒体和政治家如何针对症状而忽视病因的又一例证。
高街是世界危机的缩影，高街的衰落仅仅是当地经济深层结构性问题的症状。首相应该专注于拯救英国的城镇，通过这样做，他反过来将创造繁荣的高街。
虽然英格兰倾向于在城市中设立高街，但公众应当愿意向苏格兰这个“恐怖之国”学习，以及昆侖ers对苏格兰城镇伙伴关系（Scotland's Towns Partnership，于2012年启动，早于英格兰的Porton审查一年）的支持，该伙伴关系通过建立一个名为“了解苏格兰地区”（Understanding Scottish Places）的城镇基准数据，在整个地区产生了积极影响。这一在线工具允许地方当局、企业和社区评估单个城镇的独特功能、相互依赖关系和需求，从而实现更具针对性和有效的振兴战略。
截至9月16日，我很高兴地宣布，英格兰将可以使用一个“了解英格兰地区”（Understanding English Places）的在线工具，该工具将提供英格兰境内所有人口在1,000人或以上的3,401个地点的关键统计数据和事实。
辩论需要从“高街”转向“城镇”，因为高街不能创造健康的城镇；健康的城镇才能创造充满活力的高街。只有对城镇有详细的了解，才能确保英国高街的生存。
马修·霍普金森 (Matthew Hopkinson)
伦敦大学学院（University College London）经理、实践教授及“了解英格兰地区”共同创建者，英国伦敦 W12
英联邦应谴责赞比亚
赞比亚曾和平地更换执政党。自1991年多党制时代开始以来，赞比亚从未经历过政变，曾是资源财富与稳定民主共存的非洲典范。
然而，就在赞比亚进行一场激烈的选举投票仅一天后（见《赞比亚的任务演变为激烈的权力之争》，报道，17，甚至，8月17日），安全部队搜查了反对派候选人布莱恩·曼德尔金 (Brian Mandelkin) 在卢萨卡的住所，指控其有军事夺权计划。
一名曾在该建筑内任职的前部长马修·卡尔瓦尼 (Matthew Kalwany) 遭到枪击，尽管政府在五天内对此保持沉默。警方随后确认了卡尔瓦尼的死亡，其身份由其家人确认。
包括一名圣公会主教在内的11人在当晚被捕，目前在没有指控的情况下被拘留，这违反了赞比亚宪法。曼德尔金本人则在境内躲藏，称军事指控纯属捏造。
1976年的人权条款要求赞比亚停止任意逮捕人员，此前 International 已在投票前记录了这一情况，并警告赞比亚当局正在利用法律将异见刑事化并限制独立媒体。赞比亚在选举后的行为应促使英联邦部长级行动小组启动正式审查。
在苏格兰、澳大利亚和其他国家的共同努力下，曾利用其良好影响力将现任赞比亚总统哈哈米莱·海拉比斯 (Hahamile Hailabees) 从2017年的囚禁中解救出来。
苏格兰的继任者雪莉·布奇尼 (Shirley Butchney) 应当同样坚定地要求立即对海拉比斯的政府进行审查。
海拉比斯在任期间一直争取国际社会的认可，以维护赞比亚作为稳定民主国家的声誉：而过去一段时间的行为让这一声誉产生了疑问。理查德·肖 (Richard Shaw)
赞比亚问题专家，
英国东萨塞克斯郡，Sophid
一次令人难忘的告别
在阅读克雷格·科尔韦尔（Craig Colwell）的职场与职业专栏《英格兰告别之艺术》（Ephesus，8月17日）时，我想起了当我遗憾地告诉一位同事我要离开公司时的回应。我在那里度过了非常美好的八年。他直接回答道：“没人关心你什么时候离开。”
在这里，这其实并非恶意。这是一种被充分评估且诚实的方式，也正因为如此而成为了最令人难忘的一次！
尼尔·艾利森（Neil Allison）
英国伦敦 SE18
我们希望机器人看起来像我们且行为像我们，这很冷酷
作为一个好奇且经常以人文主义视角观察人类的观察者，我对人类对类人机器人的痴迷感到困惑，仿佛人类生命就是终极的完美（“类人机器人尚未将其验证转向”，Leta，8月20日）。
诚然，机器人必须在世界上导航并更加熟悉，而不是给它们，比如，六只手臂（不要告诉我你在做一个复杂项目时从未希望过有第三只手），甚至在全身安装摄像头以获得更好的空间识别能力，但当更实用时，这些应该转化为轮子，那么在更简单的移动之前完成工作又如何？几千年来，我们想象类人神灵，而现在我们似乎在将自己转化为类人机器。权力不平等和人工智能就在那里，用以控制这种卓越的形式，而我们的想象力匮乏则在阻碍我们。
延斯·施穆尔（Jens Schmuel）
英国伦敦 N5
秘鲁鳀鱼与视觉效果在 Yoko 中交汇
拉杰·曼齐（Raj Manzi）（“Oktome，石油危机，以及美国的渗出报告”（Letters，8月17日））正确地引用了1977年美国禁运对向日本出口渗出报告造成的破坏性影响。
然而，原因并非是对苏联的粮食出口或石油危机，而是由于1973.3年的一次厄尔尼诺（El Nilo）事件导致该国在美国的影响力剧减。
美国对这些虚构影响的依赖导致了其对本土渗出物的限制性贸易做法，这是1980年代 2 时期最直接的后果。
此类事件，！厄尔尼诺的影响甚至从未达到过瓦纳（Wana）政府偶尔采取的那些令人心碎的联盟政策的程度。
理查德·穆恩（Richard Moon）
英国爱丁堡
当审视大理石合同时，内容就是一切
关于迈克尔·瓦什基尼安（Michael Vashkinian）的一篇评论文章《斯柯皮奥挂毯贷款是帕特农神庙大理石雕像的典范》（8月18日）。大理石合同是一份“大理石 Andries Apostoles”。英国不应交出帕特农神庙大理石雕像》（8月18日）。我只想补充一点，在赞比亚看到这些高大理石及其背景，对于她内心深处的校园而言，将大理石合同在债务人之间转移的短暂奇迹。我们认为这极具合理性，且回报相当惊人。
内容就是一切。
约翰·汉密尔顿（John Hamilton）
英国牛津郡，怀特霍克山（Whitehawk Hill）
2026年8月24日，星期一
金融时报
21
观点
希利的首份预算案是进行激进变革的机会
杰里米·亨特 (Jeremy Hunt)
约翰·希利 (John Healey) 的这个夏天一定没能得到休息。诚然，每任财政大臣都知道这是政府中最好的职位——包括一些后来成为首相的人。但财政大臣是由预算案定义的，而希利的预算案并非 2016 年 10 月 那般特别的噩梦。
真正的战争已经侵蚀了大部分的预留资金。除此之外，这位财政大臣知道，最普遍的压力来自国防，正如他的上司安迪·伯查姆 (Andy Burcham) 的社会标志一样。如果国防开支到 2030, 要达到 GDP. 的 5%, 每年将增加 1 亿英镑 的成本。如果这些改革倾向于在 90 年代较低的人均个人成本基础上构建，那么成本可能会再次翻倍。
与此同时，希利将意识到他的前任瑞Rachel Frenow 的企业税上涨将带来压力。但在英国，他及其团队
将一直在疯狂寻找经济上可接受的税收增长或政治上可接受的支出削减。问题在于，这些官员在几个月前刚为里夫斯 (Reeves) 做过同样的事情——而且他也是
让我们先撇开福利改革不谈——没有迹象表明伯查姆愿意在 80% 的问题上采取行动。但是否还有其他可靠的变革可以释放资源，并减少对破坏性加税的需求？
一个值得构建的领域是公共部门生产力。公共部门占美国产出的 80%, 根据财政业务研究所的数据，其生产力每年下降 15%, 直到 2019. 年。虽然情况有所改善，但仍低于儿科水平。
这与英国的债务问题直接相关，因为资助公共服务的支出是导致赤字的主要原因之一。提高效率将成为分析中的一个主要因素。我在 2015 年发表的分析显示，如果公共部门生产力每年增长 16% 或 10%, 英国的国债将停止成为 GDP. 的一个适当
比例。这比预算办公室预测的在当前轨迹下到 2070 年代将达到 GDP. 的 270% 要好得多。
但这能实现吗？没有人质疑公共部门低效的规模。在过去十年中，随着对公共服务的满意度下降，公务员队伍扩大了三分之一。但即便私营部门一直处于雨中——
人们不再相信承诺效率节省的政治家。但这次可能会有所不同
以 7% 的长期率提高生产力，在政治家承诺效率节省的第 6 个目标、第 6 个支出计划决定之前，情况是如此。他们已经完成了。有充分的理由认为这次会有所不同。
第一个原因是 44. 它将带来的效率革命并非幻想——它已经在发生。微软估计，它最终可以将生产力
和增长每年额外提高 2%, 但它也参与其中。人们更倾向于法国诺贝尔奖得主菲利普·阿吉翁 (Philippe Aghion) 更谨慎的方法，他认为额外的生产力增长将在 1% 左右。突然之间，财政部 67% 的增长似乎不再那么不可能。
第二个原因是英国最大的公共服务机构——国民医疗服务体系 (NHS) 已经基本交付了所需内容。在我的 2018 年预算中，投入 2% 的 1800 24亿英镑 用于前期技术投资，以换取每年 2% 的生产力承诺。最新数据表明，这在部门领域已经开始起效。在护照办公室等机构中，变革更为明显，该机构现在被公认为世界上最高效的机构之一。
这样的计划不会是白厅熟悉的陷阱的结果。任何 44. 的变革都需要前期资本支出，而这正是财政部出了名的不愿释放的部分。但如果这一承诺与长期的收入节省挂钩，它将为财政大臣释放预留资金
此外，我们需要彻底改革生产力的衡量方式。NHS 的缩短正在发生，因此其他成本也是重要的公共利益。但为了对公共财政产生影响，很大一部分改进需要涉及现金节省。任何计划都需要追踪这两类收益。
在未来十年内，在整个公共部门采用 2% 的年度生产力目标将是一项重大事业，需要伯查姆（Burcham）的认可。但采取这一大胆行动将为国防或社会护理释放大量资金。它还将具有其他优势：英国将成为公共服务中 44 采用的全球领导者，且不会削弱公共部门，并使其反应更加迅速。最重要的是，它将解决我们长期以来最大的增长障碍：低生产力。公共部门也是部长们拥有最直接控制权的经济部分。为什么不从这里开始？
作者是一位保守党议员，曾任 co-league 的财政大臣。他的最新著作是《我们能再次富有吗：英国经济的惊人潜力》（Can We Be Rich Again: The Surprising Potential of Britain's Economy）。
欧洲可以采取比美国式空调更好的方案
卡洛·拉蒂 (Carlo Ratti)
今年夏天，随着欧洲各地的气温创下历史新高，一种熟悉的全球化机器运作水平正让这个大陆逐渐放弃对空调的抵制，并效仿美国的做法。
其理由很难被忽视。高温导致生产力下降，同时也影响了未来。他无法削减“全球空调”的规模，以使其价值与人们相匹配。但欧洲在采用现有的“运输箱”系统逻辑之前应当深思。它有更好的方式来降低成本。
这些建筑设计问题依然是世界上最自由的存在，直到 1992 年，一位年轻的工程师威利斯·卡里尔 (Willis Carrier) 为布鲁克林的一家印刷厂制造了他的第一台“空气处理设备”。从那时起，这些设备在建筑和屋顶上被复制了数百万次。然而，基本原理始终未变：一个反向运行的冰箱，将空气排出室外，同时将令人愉悦的寒意带入室内。
但这个原理存在一个问题。它并不是在减少热量，而是在转移热量，将热量从建筑中推向中心。热量覆盖越多，所需的冷却就越多，从而产生更多的热量。随着温度升高，系统必须更加努力地工作。
打破这一循环的方法是将热量与地面或水进行交换。许多大城市并非偶然地围绕着湖泊或大海而建，水在其中充当了热——
[使用水存储多余热量的系统可以扩展到整个城市街区]
——能储备，使全年温度保持相对稳定。
此类系统可以在单栋建筑层面运行。但利用水存储多余热量还可以使其扩展到整个城市街区。全球最大的区域冷却网络之一是巴黎的 Frankfort de Paris，它允许公司人员继续从未来提供仅限水。另一个正在扩张的系统位于日内瓦，它利用该市的湖泊（尽管存在入侵网络的问题，该网络已配置机械管道刮除器）。与其让数百万个百分比系统竞争电力并排放废燃料，不如将城市可用的总能量通过共享网络统一供电。
水的作用不仅限于带走热量。在一些先进的系统中，它充当一种“热电池”。当电力廉价且充足时，水被聚集并存储；当温度达到峰值时，存储的冷量被释放。这减轻了电网的压力，即使是在空调使用高峰期。
这一切并非完美的解决方案。每种冷却系统都有其极限，而建筑可以通过更好的规划和通风、合理的遮阳和反射材料来减轻大部分工作。同样，包括我们与迪拜未来基金会（Dubai Future Foundation）在内的研究表明，这些措施可以显著降低街道层面的温度。
那么，最常见的是一种自然系统，在基础层面根据当地温度、占用情况和需求，通过算法决定何时生产、存储和分发冷量，以与电网同步。
冷却方式的演变已成为一个待赢取的产业。尖端工程是欧洲依然拥有竞争优势的领域，拥有像 founders, bench, Schroider Electric 和 Inter Cellum 这样的企业。
卡里尔找到了冷却空气的方法，而世界随之采用了这种简单的方式。欧洲现在有机会做一些不同且更具雄心的事情。Frankfort de Paris 可以变成慕尼黑的 Frankfort，它不再是一个追赶者的后备方案，而是一个为变暖的国家和不断增长的需求而设计的系统。
作者是麻省理工学院 (MIT) 教授、米兰理工大学 (Milano) 威廉森 (Williamson) 成员，以及 Carlo Ratti 的创始人。科威特
气候如何驱动新的地缘战略
拉娜·福鲁哈尔 (Rana Foroohar)
人人都知道气候变化是一种风险，尤其是在这个夏天，欧洲再次经历破纪录的高温，加拿大强烈的森林火灾使北美大片地区笼罩在危险的烟雾之中，而亚洲则遭受着干旱、洪水和台风的轮番打击。但人们较少意识到的是，气候变化已经成为最具系统重要性的地缘战略力量。
以本月早些时候启动的由一家中国公司运营的每周北极“冰上丝绸之路”航运计划为例，该计划将缩短欧洲与中国之间通常的航线。总计 1986 在一定程度上属于中国“极地丝绸之路”战略的一部分，该战略于 2015, 年与相关数据共同启动，旨在将北海航道整合到“一带一路”倡议中，以运行中国主导的贸易和供应链。随着北极冰层融化，它为其他航运瓶颈（例如巴拿马运河）提供了一个全新且极具吸引力的替代方案。
虽然前者因地缘政治原因而充满争议，但后者近期受气候变化的影响更为严重。在 2021 年至 2030, 年的一段干旱期内，低水位迫使巴拿马运河限制通过的船只数量，导致贸易量较前一年下降 10%。
同样的情况也在其他地方发生。今年夏天在欧洲，由于大陆性飓风导致莱茵河和多瑙河的水位达到历史低点，通过这些河流的运输速度放缓甚至停滞。在印度尼西亚，一座位于多瑙河附近的核电站被关闭。该国的汽车制造商（包括 food and foods）因能源问题停止了生产。
很容易想象其他国家也会效仿（战略）。考虑到高于常温的高温预计将持续到未来，且正常的欧盟周期会带来更极端的天气，全球范围内的停产已勉强被避免。这可能会在整个欧洲引发严重的危机。同样，在美国，靠近科罗拉多河的国家最大湖泊水库正在干涸，危及电力供应。
目前，全球新城市应意识到干旱将在明年导致作物减产和全球食品价格上涨，这当然会给货币政策和资产价格带来风险。难怪今年夏天欧洲公司的业绩电话会议中提到气候相关术语的次数创下纪录。
气候变化最终将重塑市场，但它已经在
重塑地缘政治。美国总统唐纳德·特朗普对格陵兰岛的痴迷或许过于极端，但美国两党（更不用说加拿大和北欧国家）的聪明人都正给予极北地区更多的关注。北极冰层的融化让中国进入了后院，并引发了一场关于贸易航线的新战略竞争，而这些航线与俄罗斯过于接近。同样，欧洲供应链的中断不仅是一个经济问题，更是一个战略问题——河流运输对于一个承受着来自中国和美国政治压力的欧洲大陆的自主权至关重要。
由于地理环境和人口稠密的海岸线，此类数据可以说最容易受到气候变化的影响。但中国——一如既往地布局长远——
随着北极融化，该航线为其他航运瓶颈提供了一个极具吸引力的替代方案
在挑战中找到了战略优势。它加强了海事工业和造船能力，这不仅在控制全球物流方面具有巨大优势，而且在一个将日益被水淹没的世界中具有明显优势。
当世界最终从化石燃料转向城市侵权（urban torts）时，中国将成为主要的经济受益者。该国生产了全球大部分的电动汽车和锂电池电芯。北京已经垄断了清洁燃料和国防领域所需的许多稀土矿产。这意味着不仅拥有工业力量，而且潜在地拥有培育力量，在能源控制方面发挥作用，就像水一样，推动增长并支撑美元。在即将到来的绿色技术时代，中国在21世纪可能会享有同样的优势。
随着金融市场本身开始更好地将气候变化的影响纳入定价，赢家和输家将变得更加清晰。总部位于英国的气候变化战略师安东尼·霍布利（Anthony Hobley）写道，“大多数投资决策仍然是在假设气候变化没有发生的情况下做出的”，这在很大程度上并非因为否认，而是因为在气候数据与资本语言之间仍然存在一个“缺失的翻译层”。
这意味着，尽管有关于ENI的所有讨论，资本对气候风险——以及气候机遇——进行定价的方式仍然相对缺乏权重，如果这不是关于巨大的商业模式，该模式建立在12个月的续约周期上，而不是，例如，一个20年的远期价格曲线。此外，还有资本项目的未来折现率，这可能会使潜在风险。新加坡和日本在今天的行业中也是一个行业指标，正如该行业所言：“当气候风险被建模为2030年情景时，它处于一个时间点，任何合理的折现率都不会将其抹除”。
地球也面临着被冲走的风险。随着市场更好地将现实纳入定价，这将带来其自身的地缘战略影响。
rana.foroohar@i.com
为什么现在的法国政客全成了高卢主义者
Sylvie Kauffmann
在离开沙丘近六十年后，在1960年击败法国民族主义者，以及经历了1968年的动荡之后，查尔斯·戴高乐正在赢得一场引人入胜的死后之战。在不到三个月的时间里，大多数通过口耳相传得知消息的自发人群，涌向法国的电影院观看一部两部分的电影，讲述了他从1960年法国在纳粹德国进攻下崩溃后奋力拯救法国，直到1964年巴黎解放的战斗。
围绕《戴高乐的呼吁》（La Katoliki de Gaulle）的热情——该片由前外交官、曾任1870年至2004年外交部长多米尼克·德·西班牙（Dominique de l'Espagne）的演讲撰稿人安东宁·班德里（Antonin Bandry）编剧并执导——这既说明了电影本身的卓越，也反映了当前法国人的心态。它讲述了
一个20世纪自由主义者的执拗愿景、激情，但同时也是无止境的，是的。一个拒绝接受失败并仅带着极少随从前往伦敦组织抵抗运动的疯狂河流。这群人以及他本人，毫不犹豫地将自己宣布为“在法国”的温斯顿·丘吉尔，与在伦敦坐镇的传记文化截然不同。
事实上，戴高乐从未真正离开法国的政治舞台，法国至今仍由他1950年的宪法统治。但恰恰是此时，他在第二次世界大战中传奇角色的复兴，与越来越多的人对其政治遗产的主张相吻合。从极左到极右，突然之间，每个法国政客都成了高卢主义者。丘吉尔在坟墓中一定在翻身，甚至“纳格尔-高卢主义”（nagle-Gaullism）也闯入了英国的辩论。
他可能不是唯一一个。戴高乐本人会厌恶极右翼候选人 Rivière La Fea 的想法。在去年的法国总统选举中，这位民族主义者引用他的话，仿佛自己是他的天然继承人，并承诺将使用他的工具之一——全民公投，将其
反温度观点写入宪法。她对戴高乐遗产的挪用，是她发起的“去维度化”战略的一部分，当她在2011年从父亲手中接管政党时，这一战略取得了民族主义的成功。到2020年，她大张旗鼓地庆祝了让·M.传奇的80周年，通过该传奇，戴高乐像BBC所说的那样，号召法国人进行抵抗。
他的传记作者们对当今极右翼赞美他的主权主义并将其奉为民族主义偶像感到震惊。
考虑到国民联盟党（Le Petit party）是由一群反对戴高乐的人创立的，这并非易事，其中一些人曾是前武装党卫军或亲法国阿尔及利亚极端分子。让-马里·勒庞本人在其回忆录中将这位将军描述为“一个伪伟人”和“法国内心深处的痛苦之源”。戴高乐的传记作者们对
当今极右翼赞美他的主权主义并将其奉为民族主义偶像感到震惊。人们指出，他关于主权法国的理念是一个向世界开放的国家，而不是一个无法解释的、内向的本质。极左翼政党“不屈法国”（La France Innounsee）的领导人让-吕克·梅朗雄向戴高乐在战争期间“难以置信”的不屈精神及其亲国家政策致敬。
电影中传达了一个更微妙的信息，关于戴高乐对法国及其与大国关系的看法。尽管困难重重，他希望自己的国家能够独立生存。但在战争中，当你的生命依赖于英国和美国的帮助时，你该如何做到这一点？电影中最受关注的片段之一涉及他与富兰克林·罗斯福总统之间充满争议的关系，后者不仅在法庭上将他击退，还认为法国已经完蛋。
在1943, 1949年，罗斯福曾考虑在解放法国后将其瓜分，创建一个名为“新瓦隆尼亚”的缓冲地带，将比利时和约三分之一的法国领土合并其中。被削弱的法国将
由40个占领区的盟军军事政府管理。安东尼·克莱恩在白宫的一次晚餐会上听到这个计划后感到震惊。尽管这个想法从未成为正式项目，但电影展现了戴高乐在看到“新瓦隆尼亚”地图以及旨在成为法国未来货币的美国制造业务时的教诲。
这无疑引起了法国观众的共鸣。近年来，导演 Bandry 谈到了他的雄心，即为法国关于第二次世界大战结束的叙事做出贡献，以此作为替代主导法国的美国文化的方案。唐纳德·特朗普总统对乌克兰总统弗拉基米尔·泽连斯基的态度出人意料，但今年他依然坚定地支持少数几个但珍贵的成年人，关于戴高乐在 1943 年在卡萨布兰卡会见罗斯福，在特勤局的支持、制作和放弃帷幕。他说，如今摄像机已经取代了主体。美国还没有完成对堂吉诃德的探索。
作者是《世界报》的专栏作家
22
金融时报
2026年8月24日，星期一
首席执行官
泛欧交易所负责人：“在商业领域，我没有亲密的朋友”
NIKOU ASGARI，工作与职业
那些追随子女脚步的“裙带父母”
Emma Jacobs 商业生活
足球转会窗口总是充斥着流言蜚语。许多猜测集中在阿森纳的 Myler Lewis-Bedly 的未来上，包括他的母亲 Marcia Lewis 是否在与其他俱乐部接触。“阿森纳习惯于（就）他的侄子们进行沟通，”前阿森纳球员 Ian Wright 闲聊道。这个年轻人的母亲影响力要大得多。她此前曾在银行担任培训专家，但在发现儿子的天赋后，她攻读了足球商业相关的学位，并注册成为一名经纪人，以更好地了解这个行业，随后她成立了一个组织，帮助家长在体育商业领域寻找方向，并负责谈判儿子的合同。其他家长也采取了类似的举措进入他们的 AMA 行业。26 岁的 Larry Barber 因编剧并执导恐怖电影《theonian》（据报道已成为今年最赚钱的电影之一）而受到好莱坞的赞誉，他的父亲也随之跟进。Jeff Barber 宣布他正在拍摄一部名为《Mullum dies》的心理恐怖短片，这导致一家非主流出版物质疑该项目
是否会“凭借自身价值立足，还是观众会认为他只是在利用儿子的名气？”
加拿大演员 Jack Whitehall 谈到他的父母时说，他们“凭借我的名气而出名”。Kenneth Bangarathan 则通过让他的母亲 Stuart 出现在自己的电视节目和播客中，将她变成了明星。
好莱坞充斥着“裙带宝贝”（AEA nepotism babies）：那些在名声显赫的父母帮助下开启职业生涯的演员、导演和歌手，他们经常受到一些抨击。
格温妮丝·帕特洛（Gwyneth Paltrow，演员布莱斯·邓纳和导演布鲁斯·帕特洛之女）曾谈到，自己“能如此幸运地在早期获得机会，可能部分是因为我是最早的一批裙带宝贝之一”。
且让我第一次也是最后一次将自己与帕特洛对比。我的父亲是一名记者。在报纸环境中长大，听他讨论工作是一个巨大的优势，尽管我是通过报纸上的广告进入《金融时报》（FT）的（这在今天简直不可想象）。我曾担心自己处于他的职业阴影之下，直到 20 多年前他去世后，我才真正找到了自己的方向。新闻业充满了追随父母进入该行业的成年子女——管道工、农民、警察和教师也是如此。尽管有时感觉不到，但父母显然会对孩子产生影响。
但人们对娱乐业和或许是晋升过程中“裙带宝贝”的愤恨，部分原因在于进入这些职位的途径似乎不透明且依赖关系，而警察和医学等行业则有结构化的路径。或许对于“裙带父母”也是如此？
Co-Generale 的创始人 Marc Freedman 发现，在那些比名人“出身更平凡”的人群中，也存在父母追随子女进入某个职业的情况。Co-Generale 是一个旨在让不同世代在工作和社会政策上走到一起的组织。
他说，随着职业生涯的延长以及人们考虑中年职业转型，这种趋势可能会变得更加普遍。
一位身为护士的母亲在女儿就读医学院的同时，也回到了医学院学习成为一名医生：“母亲的生活变得真正模糊了，”她说，尤其是当她的女儿在经过这么多年没有参加考试后，帮助她学习如何复习时。
在美国，芝加哥的两个盈利指引（profit-finger）为学生及其父母或监护人提供免债追求高等教育的机会，以试图帮助实现经济地位的向上流动。
一对母女参加了该计划，玛尔伯特·莫拉莱斯（Marlbert Morales）和海莉·莫拉莱斯（Hailey Morales）表示，同时学习改变了她们的关系，她们形容这种感觉更像姐妹或同事。海莉现在更能理解为什么母亲在学校里督促她学习，因为她的母亲当年没有机会追求教育。
在伊利诺伊州立大学学习网络安全的凯利·英格拉姆（Kelley Ingram）表示，他的母亲重返校园学习市场营销，这在他们之间营造了一种友好的竞争氛围。另一位同样感到困惑的女性则跟随孩子进入了警队。她坚持说，她将“尽一切[可能地避免]称呼我自己的女儿为‘女士’”。
emma.jacobs@ft.com
法律科技初创公司将 AI 颠覆封装在风险之中
博学的友人
法律科技公司的风险投资额（2013）
AI 的所有者声称它将创造就业机会。它至少正在创造新的商业模式。一些将 模型封装成节省劳动力、针对特定行业的产品的方案正纷纷涌现，其中法律科技专家 Logera 的估值正向 100亿美元 迈进。这看起来像是一场赌注，赌的是 巨头们规模太大或过于笨拙，而无法竞争的利基市场。
Logera 是众多在法律、金融或房地产等垂直领域发现机会的中间商之一。他们通常采用一个所谓的基座模型（例如由 OpenAI 或 Anthropic 提供），然后围绕其构建一个针对特定行业定制的“封装层”（wrapper），并加入大量相关的训练和用户友好界面。
他们的客户几乎没有理由冒险。律师可以将大量日常任务交给 Logera，例如起草报告、研究和审查文件。
根据使用情况，成本可能会低得多：追求“ 封装”模式的初创公司通常通过向客户提供月度订阅来补贴 Token（ 任务被分解的基本单位）的成本。
赢得客户推动了规模增长。Logera 已连续 7 个季度实现 30% 以上的年度经常性收入（ARR）增长，并近期开展了一系列收购，其中包括总部位于伦敦、专注于诉讼科技的 Wexler。
因此出现了令人瞠目的估值。假设 Logera 在未来两个季度的增长明显下降至 40%，那么今年约 $500mm 的经常性收入，在最低估值下，将意味着 33 倍的乘数。
作为对比，更专注于小型律师事务所的 Clio 在去年的融资中估值为 ARR 的 10 倍。
一个风险是，随着其客户（律师事务所和企业）倾向于构建专有模型，收入可能会枯竭。柯克兰与艾利斯律师事务所正为其 投入拨出 $100mm。
利润可能永远难以实现，尤其是如果封装公司屏蔽了 Token 的真实成本。几个月前，Logera 为其最新的智能体系统推出了基于消费的定价。这种定价是否仍会影响客户使用情况尚待观察。
另一个风险来自顶层。Anthropic 和 OpenAI 都在进军法律科技领域，在即将到来的 IPO 之前聘请 法律分支机构，届时投资者将需要看到真实收入的证据。Logera 拥有法律专业知识；而它面临的生存挑战则是精通丛林法则。
日经亚洲 亚洲世纪之词
纵横字谜 No 18,460 作者：MUDD
答案 18,438
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为比赛设定日期和地点 (6,5)
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离开津贴 (3)
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尺寸 1 与 Mudd 一起？那不完全错！ (9)
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ACORN
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[数据参考] 以下原文数字因单位格式转换可能未在译文中完整体现（供参考）：62794.11、62277.03、10748.78、29140.30、35896.45、28263.77
FINANCIAL TIMES
MONDAY 24 AUGUST 2026
UK (C)TC Republic of Ireland ©LTD
AI glasses stir debate on 'stalkerware'
DO READ: PAGE 16
Climate change reshapes geopolitics
ANNUAL DISCOVER: PAGE 21
Marching on Kyiv rebuffs election calls
Volodymyr Zelenskyy attends a ceremony to mark Ukraine's annual National Flag Day in Kyiv's erstwhile.
Ukraine's president, who was joined by European dignitaries such as the heads of Larchs, Estonia, Lithuania, Norway, Finland and Denmark, rebuffed calls from his ex-defense minister this week to hold wartime polls.
Last week Mykhaili Finkovis, a long-standing ally whom the president tacked last month, issued a nine-minute video address in which he denounced corruption within the state and called for a national election.
But Zelenskyy said that an election would be a "bousnut" that would "spीर Ukraine apart". All elections have been suspended since martial law was declared in the first hours of Russia's full-scale invasion in 2022.
PM backs missile factories page 2 Election call rejected page 4
Warsh seeks to calm investor jitters as signs of economic strain increase
Key speech at Jackson Hole expected Fed chair's style criticised New tariffs trigger inflation fears
CLAIRE JONES - WASHINGTON
US Federal Reserve chair Kevin Warsh will seek to soothe investors' nerves this week as signs of economic strain mount and policymakers prepare to gather at their annual Jackson Hole symposium in what could be a crunch moment for one of President Donald Trump's key economic appointees.
US public able left a second $100m last week and yields on the country's long-dated bonds one that's 19-year high.
Reciprocal tariffs Trump announced on Canada this weekend are set to come into force within weeks and Washington is threatening Tehran with an 'economic D-Day.' Such of which could result in fresh economic blows.
Warsh and Treasury secretary Scott
Bessent, who was also appointed by Trump, are facing mounting pressure over their approach to communicating economic policy. Some investors said that Bessent's abrupt announcement of bond feedbacks last week reduced the credibility of the Treasury's guidance.
Warsh has stripped back communications with investors, drastically reducing rate-setters' guidance on what to expect from US interest rates.
Warsh will address central bankers
'What is unsettling is Warsh's unwillingness to provide a clear and open assessment of the situation'
and economists at the Kansas City Poll's Jackson Hole gathering on Friday for the first time as Fed chair, he is expected to see his speech to set out the framework behind his panel back style.
In a poll of academic economists conducted by the FT, nearly 60 per cent said that it would take the central bank longer to get back to its 2 per cent goal than when Warsh was confirmed as Fed chair by the Senate in mid-May, and some criticised Warsh and Bessent's approach to communications.
Inflation has been above target for more than five years and the US that conflict has pushed petrol and diesel costs higher, putting fresh upward pressure on prices.
Trump's latest host of tariffs on Canada and his administration's threats
towards countries it deems to be aiding loss could add to that.
"What is unsettling is Warsh's unwillingness to provide a clear and open assessment of the current situation and the outlook," said Christiane Rasmussen of the University of Notre Dame. "This gives rise to unnecessary speculation, which has the potential to jeopardize stability and raise concerns about the Fed's credibility."
More than 60 per cent of the poll respondents said that concerns over the US central bank's credibility had either a very substantial or a somewhat substantial impact on the rise in long-term yields.
Robert Barbers of Johns Hopkins University said Bessent's bonds intervention had made the 'dollar look illy', Eric
Rosengren, a former head of the Boston Fed, said: "The communication strategy is driving a loss of Fed credibility."
Warsh has said he hoped breaking the feedback loop between the Fed and investors would mean markets focus less on scrutinising officials' remarks and more on economic data.
Jon Faust, a fellow at Johns Hopkins, who worked as an advisor to former Fed chair Jay Powell, said Warsh had allayed concerns that he would pander to pressure from Trump, who has consistently called for the US central bank to slash borrowing costs despite high inflation.
"He ... hasn't gone to and caused so much inside the Fed," said Faust. "There have been some former scenarios that have been pretty firmly ruled out."
Backlash over tariffs page 6
Briefing
-
Anthropic's most potent AI tool fails to attract users Anthropic's US customers are using cheaper alternatives to Fable 5, its most powerful AI tool, raising questions about its high spending business model to the run-up to what is expected to be the biggest listing ever. - PAGE 4
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SNR posts another loss Scotland's state-run development bank recorded a 'challenging' net loss of £238mn, the fifth in a row since it was set up, amid portfolio writedowns and the failure of companies it had backed. - PAGE 3
-
Hamm eyes Argentine oil The US oil magnate's Continental Resources is linking with Swiss trading house Mercuria to front a multibillion-dollar drilling pool; its one of the world's largest shale basins in Argentina. - PAGE 6
-
Qatar slashes spending Government department budgets have been used by up to 30 per cent and funding for overseas aid by 40 per cent, showing the Iran war's financial hit on one of the world's richest nations. - PAGE 5
-
Citadel offloads portfolio Citadel has sold more than 80 per cent of the portfolio it took on from buying most of Binational Awareness's stock bets after the hedge fund was almost toppled by a recent tech sell-off. - PAGE 4
-
Alibaba to raise $100m China's ecommerce and cloud group Alibaba is planning to raise $8,000m (2013/04) from a share placement, as it increases capital expenditure to compete with the world's top 10 groups. - PAGE 4
-
India's crude imports rise India's purchase of Russian oil are at record highs as the Gulf war agencies supply and make it harder for New Delhi to shake its reliance on Moscow. Imports are at time barely daily. - PAGE 4
-
Waymo raises spending Waymo has lifted its spending on lobbying as it seeks to persuade US regulators to chat a path for autonomous taxi services, spying the ante in a fight over substantial future with rival Uber. - PAGE 10
Top graduates owe the most in UK student loans
Graduates of the top universities have the highest debt due to a contentious student loan scheme. An FT analysis of the first detailed date on debts is a university shows that an average Russell Group alumnus requires a plan 2 loan users (CLIA). Thousands owe their graduates from other bodies. A key campaign group said this was a 'no on ambition' that 'is trapping millions of ambitious young people in a vicious cycle of ever-increasing debt'. Analysis - PAGE 1
Yahoo taps into its 'vintage' status as internet's 'OG' in effort to woo Gen Z
BARBEL THORNEK - LONDON
Yahoo wants to convince a new generation of users that one of the internet's oldest services can be one of the new AI winners at the Apollo-backed company seeks to develop its brand along with the launch of an in-house AI tool and consumer products.
Chief executive Jim Lannoue said the FT that the company's heritage gov't credibility in a "vintage way" with younger users who were not alive when it launched its 1996.
He described Yahoo as the internet's "OG" — a slang term meaning "original gangster" — and argued that familiarity has become an advantage as trust in some newer technology groups has eroded.
"There's something inherently trustworthy about [being] the 'OG' of the
space," he said. "We are the original guide to the internet ... We want to get the brand back out there again."
Lannoue, who joined Yahoo from Titube in 2021 shortly after Apollo acquired the company from Verizon, has sought to recast the internet pioneer as a leader consumer technology group focused on its biggest brands.
The push comes as Yahoo seeks to prove that it can carve out a role in the AI era despite having spent years over shadowed by larger rivals.
While the company still reaches bear levels of millions of users through products including finance, sports, news and email services, it remains a challenge in search and other core internet services dominated by Google and more AI native competitors.
Yahoo plans to roll out an AI powered "answer engine" called Scout later this
year alongside several editorial and consumer products, part of a broader effort to return the business to growth.
AI to peak as a listed company, Yahoo reached a market capitalisation of more than $125bn in January 2006. After a steady decline and subsequent buyouts, Apollo Global Management acquired Yahoo and AOL for about $5bn in 2022.
Apollo sold AOL another license service, to flooding Spoons for $1.5bn this year.
Wall Street bankers have viewed Yahoo as a potential candidate for an initial public offering or sale as early as next year.
Lannoue declined to comment on any future transaction last said. "To be an attractive company for any investor or acquirer, you just have to be a growth company again, and that's what we've been focused on."
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STOCK MARKETS
| Aug.21 | Prev. | Today | Feb. | Aug.21 | Aug.14 | Apr. | Aug.21 | Aug.14 | |
|---|---|---|---|---|---|---|---|---|---|
| S&P 500 | 7674.37 | 7841.19 | 10.65 | 0.8 | 1.167 | 1.58 | 0.9 | 0.667 | 0.86 |
| Nuclide Composite | 29140.30 | 28263.77 | 15.01 | 0.2 | 1.262 | 1.58 | 0.5 | 1.114 | 1.13 |
| Dow Jones 500 | 62277.03 | 62794.11 | 15.01 | 0.4 | 1.031 | 1.035 | 0.1 | 0.917 | 1.13 |
| Euro Times 500 | 6462.22 | 6412.06 | 10.63 | 0.5 | 100.89 | 100.89 | 0.6 | 100.589 | 100.19 |
| FTSE and/or S&P | 2614.74 | 3000.00 | 13.52 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
| FTSE 100 | 10878.56 | 10748.78 | 10.84 | ||||||
| FTSE 50 Series | 4823.03 | 5194.00 | 9.88 | ||||||
| UAS 40 | 6684.43 | 6451.05 | 12.37 | ||||||
| Euro One | 8510.58 | 9180.44 | 12.09 | ||||||
| Wexor | 8815.36 | 8671.74 | 12.38 | ||||||
| Hang Seng | 39699.49 | 35896.45 | 1.71 | ||||||
| MSCI World | 4978.50 | 4203.50 | 10.88 | ||||||
| MSCI 25d | 7687.98 | 7688.00 | 12.06 | ||||||
| MSCI 4CSM | 1146.78 | 1156.78 | 10.76 |
GOVERNMENT BONDS
| Euro (%) | Aug.21 | Aug.14 | Day |
|---|---|---|---|
| US $1.9 | 4.23 | 4.15 | 2.08 |
| US $1.9 | 4.12 | 4.08 | 2.04 |
| US $0.9 | 3.28 | 3.14 | 2.02 |
| UK $1.9 | 4.25 | 4.18 | 2.01 |
| UK $1.9 | 3.08 | 3.02 | 2.00 |
| UK $0.9 | 3.87 | 3.76 | 2.02 |
| JPN $1.9 | 1.98 | 1.94 | 2.01 |
| JPN $0.9 | 1.98 | 1.98 | 2.01 |
| JPN $0.9 | 4.05 | 4.07 | 2.08 |
| UK$1.9 | 2.04 | 2.10 | 2.05 |
| UK$1.9 | 2.15 | 2.15 | 2.08 |
| UK$1.9 | 2.16 | 2.15 | 2.05 |
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FINANCIAL TIMES
Monday 26 August 2026
NATIONAL
Daily
PM to back Ukraine missile factories
Kyiv visit will launch deal for its country production of Anglo-French weapons
ADJIMAT PARKER — LONDON POLYMA NARADYA — JEWELL
Andy Burnham travels to Kyiv today on his first overseas visit as prime minister, who is the first to be the first in the election in Ukraine of long-range missiles, capable of defining targets in Russia.
Burnham, who will be speaking on the 20th anniversary of 10 years' independence, will along off recent wars, urge from Russia over Britain's support for Kyiv's war effort and declare: "The
UK is behind you today and for as long as it takes."
Burnham's trip to Kyiv will see the new premier start to sketch out a fledgling foreign policy.
Last week, Moscow warned Britain of unspecified "consequences" over the use of British-made drones in attacks on Russian targets, and Burnham's visit to likely to tell him to come back.
Investing Street said Burnham would announce that defence group NSEIA will be allowed to release classified information on UK components for the body long-range missile, as Kyiv and Paris look to establish local production Station Ukraine.
The missile is the French-produced
version of the UK's Storm Shadow, with both using shared French and British technology.
"On Ukraine's 16th anniversary it independence, the Ukrainian people should be in no doubt the UK is behind you today and for as long as it takes," Burnham will say.
"The friendship between our two countries will long-added Russia's illegal war. In both the fight and in the rebuilding to come, we will stand with Ukraine and deliver opportunities for people across both our countries."
He will add: "Russia should be in no doubt of our resolve. We will not back down until there is a just and lasting peace."
Burnham will chair in Kyiv a meeting of the "coalition of the willing," a group of countries committed to helping secure any peace deal between Kyiv and Moscow. Other world leaders will be in Ukraine for independence they event.
Burnham's arrival in Ukraine comes at a sensitive time in the country's domestic politics. President Volodymyr Fritschley has scheduled calls from his former defence minister for wartime elections, as he sought to resound authority after works of political turmoil over accusations of corruption in the government.
Meanwhile, Moscow has decided that it intends to "decongrade the level of diplomatic relations" between Russia and
the UK in spite of the ambassadorial role in London being vacant.
The former ambassador, Andrey Kelle, left last month after seven years in the past.
However, the Russian embassy in London added: "As for the state of Russian-British relations across all spheres, their decline to an unproven, dreadful low level accurate information at London's initiative."
The Foreign Office said: "This is a matter for the Russian Ministry of Foreign Affairs. We have an ambassador and embassy in Moscow to engage and raise concerns with the Russian government."
Extremely rejects elections call page 4
Transport. England
Plan to restore rail in rural areas spurs division
Some are hopeful upgrades
will preserve steam but others
fear contractors will win out
JERSEY/NEW MEXICO
Plans to reintroduce train services to rural English towns using heritage lines have split railway enthusiasts, with some hopeful that restored tracks will preserve steam engine industry and others fearful they will be severn in by contractors.
The Severn Valley Railway will next week begin building such base services along with a unit's half miles of its restored heritage track in the West Midlands to Kidderminster. For the first time since 1970, residents of Bewsley will have a train connection into Birmingham.
At least one other heritage railway service will be connected 1978 since the pilot was announced in July to see whether they can offer a similar commuter service, according to chief executive Jonathan "Gus" Denton.
But other heritage line operators are adamant that the tracks that they have in some cases spent decades entering will not be used for anyone except due triggers and these still enamoured by unanswered.
Lancashire MP Andy MacFon has launched a petition to reinstate train services for this construction in Rosendale, a rural town with a population of more than 70,000 about 18 miles outside Manchester, using track owned by the charity East Lancashire Railway.
The proposal would require an £40mm upgrade to track, stations and signalling to enable services to run beyond £5,000 base at Herts, an expense MacFon said would be less burdensome than other capacity improvements.
While he had held positive talks with rail ministers Lord Hendy of Richmond Hill, the campaign had hit the harbors with the ELR, MacFon added.
Mike Kelly, ELR chair, said: "A new commuter service can not safely and effectively coexist with the existing East Lancashire heritage railway in the manner being proposed.
"Our volunteers have given decades of time, expertise and commitment to preserve the existing and that legacy must not be put at risk."
New direction: the Severn Valley Railway is set to truly commuter services. £303 Gas Denolet, below, says heritage lines must be "viable"
Heritage train services run on almost 400 miles of track, operating between some 200 stations. But less than one-fifth of the 171 heritage railway operators run lines connecting with the national rail network.
Denton, who has worked in the railway industry for 16 years, said that "heritage railways really need to broaden their activities to make sure they are viable in household increase in the cost of coal since Russia's full-scale invasion of Ukraine in 2022 disrupted supply has put the business models of many heritage lines at risk, he added.
Here's time, chief executive of the Heritage Railway Association, an industry body, said what I've including was "left East and I can see how that works for them".
"But perhaps there is a concern that once it is started, people start demanding a lunchtime service and a train for children getting out of school, and before long you say it was a heritage line and now it is not," he added.
The nationalisation of railways under a single body, Great British Railways (GBR) also intended with an expansion of the network by reopening lines for passenger services, such as the Northumberland Line to north east England and North Somerset's Portisland Line. The latter is due to open as a connection into Bristol and Broxford in 2028.
The government's sense is that regularised railways are often could contribute to this expansion at lower cost and increasing greater relations.
The Department for Transport declined to comment on the ELR proposal. But it said the railways fail to create GBR gave stories suspect statutory powers to help develop new train services in partnership with the new nation about being "attending collaborating with heritage rail operators."
Previous trials of passenger services on heritage lines have flourished. Plans to run a regular service on the Swanage Line, looking towns in Purbeck to nearby Waltham, were said in 2016.
Frank Roberts, chair of the charity, operating the line, said the two-year
Our volunteers have given decades of time [and] expertise
to preserve this railway"
pilot "did not deliver commercials" without a government subsidy.
Most of those using FNR vital service will be transferred on diesel trains. But some of the timescales will be fulfilled using FNR removed steam engines.
A passion for steam driven many of these behind Britain's heritage railway sector. Ecclesiastic began removing Britain's disused railway lines after the first world's outbreak before the country's most famous round of line closures in the 1960s under the then British Railway Board chair Richard Beesling.
Finding the manpower to manage new commuter connections on heritage lines could be a significant sticking point, because many of the charities responsible for these service largely have been in need of volunteers.
Ours said he spent some of his spare time, when not running the UKA, "on the footplate" helping to drive steam trains. "As a volunteer, I am quite happy to get up at 12 km to get an engine ready for service at Hims. Do I want to get up at 12 km to run the early commuter service every day? I don't think so."
Failed investments
Scottish state bank records challenging £158mn loss
SHEENA KERR — EDINBURGH
Scotland's state banked development bank recorded a "challenging" service of £158mn, the fifth consecutive fall-train loss since it was set up, driven by portfolio writedown and the failure of the companies in Scotland.
David Ritchie, chief executive of the Scottish National Investment Bank (SNIB), said he expected "commuters" about the results covering the 12 months of the fall at a time that it had the lender had to pursue its remit as a "pusher" investor.
"It's challenging, and we fully expect there to be comment on that ... and understandably," Ritchie said the FT.
The latest loss, confirmed in accounts published today, expires the season in the mandate of the bank, which was created in 2026.
It is required to serve as a higher-risk investor for sectors struggling to attract commuter tail interest while minimizing taxpayer expenses to financial losses.
As an "impacted investor," the bank aims to deliver both commercial returns and investment in net zero technologies, innovation and nationwide growth across Scotland.
Ritchie, who has been in post since January, said 90 per cent of the losses recorded in 2022 do related to investments made in the bank's first three years after its launch, before lighter conditions were introduced in 2022.
That had become "challenging investor and business sentiment" and "significant macro challenges" in terms of inflation and interest rates in added.
SNIB realised losses of £16mn connected to the failures of space-tech start-up Kruskal, beer manufacturer of Squared, and Trojan, an electric vehicle infrastructure company. The bank also przed unrealized losses of £40mn from writedown, including anticipated losses from the failure of medical technology developer Paxman-Picco and rocket company Orbex. Its collapse in February was a blow to ambitions for a British rocket launch from a domestic spurspun.
The bank was engaging with the companies it had invested in to "maximize value", with some writedown expected to receive, Ritchie said.
The Scottish government, which has committed to capitalise the bank with £20m in in the 10 years, said the results reflected SNIB's "role as Scotland's mission for development bank, and the nature of investing to deliver long term economic, social and environmental benefits."
SNIB committed £25mn to Scottish businesses and projects in 2022. In, the most since it was set up, and £4.4m in a outside investment, it has committed £1,204 to £1.6m in one real projects, attracting a further £1.8m in private sector investment since launch.
Last week, an independent report on the bank's performance said losses were to be expected to be a "good deal for the future," which is the result of the "proportionate that might not otherwise take flight" if failure resulted in occur and for than one event, it added.
But the report called on the bank to learn "the right lessons" from failed investments.
SNIB's "really strong" portfolio was expected to generate "positive" ratio, Ritchie said, but the bank should not rush into sales.
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Trump administration
Tory peer's free speech group urged Vance to lobby Number 10
RACHEL REES
A British free speech campaign group set up by Conyers' sales post 1 and 5 in Young urged JD Vance to lobby the UK government on censorship to ensure that the UK government is not in the right questions over its links to the Magnavormont.
In a briefing document seen by the FT, The Free Speech Union last year urged the UK vice-president to "push for 5" peace in the implementation of the UK Online Safety Act, which is designed to permit social media users.
It also urged Vance to "push for" changes to legislation that allow the UK to request access to every particular site from tech companies, and said he "should demand" the government stop funding its disinformation unit.
Two people familiar with the matter said the FNC's briefing – in the same week as these prime minutes for Kirk Mariner's first visit to Donald Trump's White House – was intended to identify issues the UK could raise to secure concessions in negotiations with the UK.
James Orr, a member of the advisory council of the FNC and longtime Vance
ally, was tasked with relaying it to the vice-president, they added.
It is not known whether Vance read the briefing ahead of Mariner's visit in February last year, when both sides can formal trade deal talks. But during the trip, Vance and Trump repeatedly raised the subject of free speech.
Vance told journalists in the Oval Office that the UK had been responsible for "intelligence in free speech that actually affect not just the British... but also affect American technology companies and, by extension, American citizens".
Toby Young's Free Speech Union wanted Vance to 'push for' changes
Starnes rejected Vance's comments at the time, saying: "We've had free speech for a very, very long time in the United Kingdom, and we will last for a very, very long time."
Asked about the briefing, Young told the FT in a statement: "The Free Speech Union is a campaigning organisation, so we routinely send briefings to politicians, particularly those in question to lobby the UK government.
Links between the Magnavormont and the FNC have come under scrutiny in recent weeks, following reports that the will described "case question" public of advocacy group was set to receive. Kisses from the Trump administration, who became frontiers of speech to under attack in Europe.
The FT last week revealed that Young met an incoming member of the Trump administration last August, and that the FNC's campaign officer accompanied a right-wing MP to meet Vance in critical time last summer. In response, Young said the FNC remained non-partisan.
Young previously criticised foreign intervention in UK politics when US president Barack Obama warned in
2016 that Britain would have to wait for a trade deal if it voted for Brexit. "The British people didn't respond well to Russia, Trump went on to be they had at the time, adding: "We will make up our own minds."
In the briefing, entitled "Attacks on Free Speech in the UK under the Keir Starnes's Government", the FNC said: "the vice president should push for a peace in the UK in Safety Act (1) further implementation".
Additionally, the FNC said he "should push for" amendments to the Investigatory Powers Act, which allows the UK government to force companies to provide the security services with access to encryption number 1000. This is called technical capability notices (TUNs).
The briefing suggested Vance ask for multiple amendments to the FNC: "Or go further and demand that TUNs for scrapped altogether."
The FNC briefing also labelled the "minimal need for a further information Team, a government anti-disinformation unit, as part of the "bridge wing of the global censorship-industrial complex", alongside other "doubtory" organisations.
Monday 26 August 2024
●
FINANCIAL TIMES
3
NATIONAL
Top graduates owe the most in student loans
Average Russell Group alumnus repaying under plan 2 has an outstanding debt of £52,412, according to FT analysis
CHRIS SMYTH
Graduates of Britain's top universities have the highest debt on the most contentious student loan plan, sparking new claims of a "tax on ambition".
The average Russell Group alumnus repaying a plan 2 loan more £52,412, thousands of pounds more than graduates from other institutions, according to FT analysis of the first detailed official data on debts by university.
Some of the difference is likely to be due to longer courses and lower dropout rates at top universities, along with higher costs for students who are more likely to live away from home.
But experts also pointed to the impact of interest rates, which rise by up to 3 percentage points for higher earning graduates, leaving those who go on to well-paid jobs struggling to pay down their balances.
Oliver Gardner, founder of the student loans campaign Rethink Repayment, said the data from the Student Loans Company, which was provided in the FT under freedom of information laws, highlighted how "even graduates who go into relatively well-paid professions are seeing their loan balances was despite making significant monthly repayments".
He called this a "tax on ambition" that "is trapping millions of ambitious young people in a vicious cycle of ever increasing student loan debt."
Anger has been simmering for months about the plan 2 loan system, for those who started undergraduate degrees between 2012 and 2022.
In July the cross-party House of Commons Treasury Committee accused ministers of not selling loans and urged a reversal of a decision by former chancellor Rachel Reeves to freeze at £29,383 the threshold at which graduates start to repay 9 per cent of their salary.
Lord William Hague and Lord Chris Smith, the chancellors of Oxford and Cambridge universities respectively, have also called for system reforms.
When she was appointed education secretary last month, Lucy Powell said
Imperial College London
students after their graduation ceremony
www.immacl.com
the issue of plan 2 loans was "top of my in top", criticising "egregious" interest rates. The Treasury has warned reform could cost more than £30m and cautioned that other areas of public spending, such as the NHS and early years, should take priority.
Graduates of Russell Group universities have more plan 2 student debt on average than those of post-1992 MillionPlus institutions
Average outstanding plan 2 student debt (£'000)
Includes 1% providers with fewer than five dollars with outstanding student
loss balances.
Sources: ALL FT calculations
Data from the Student Loans Company on outstanding plan 2 balances by institution showed wide variation in debts. Former students of the Royal Veterinary College, who study for five years rather than the standard three in England, have the highest average debt at £84,979. The lowest debts are among those who used plan 2 loans to attend adult education colleges, typically for shorter periods.
Among larger institutions the lowest average debt is among graduates of the remote study Open University, which charges fees based on modules, at £21,594. The highest is at Imperial College London, where degrees are often four years, running to £45,075.
Overall, borrowers from the 24 research-intensive universities that make up the Russell Group have an average outstanding balance of £52,412, compared with £45,498 across all higher education institution used £47,777 for graduates of universities that belong to MillionPlus, the advocacy
group for post-1992 universities. Some graduates will have been making repayments for more than a decade, but the outstanding balances are similar to the £47,750 average debt of those who graduated this summer under the replacement plan 1 scheme.
Hollie Chandler, director of strategic policy at the Russell Group, said: "Higher average debt at Russell Group universities may reflect that more students are completing courses lasting more than three years, such as medicine, dentistry or engineering, and continuing into postgraduate study.
"Russell Group students are also typically more likely to live away from home, which involves higher living costs and access to bigger maintenance loans," she added.
But Chandler said it was "clear that many graduates feel the current system is challenging" and that it was "important the system offers graduates stability, transparency and fairness".
Nick Hillman, of the Higher
The highest average debt is for former students at the Royal Veterinary College, who study for five years, at £86,979
Education Policy Institute, cited the same factors but added that, since Russell Group graduates tended to earn more, none of the higher debt "could be because the full interest rate applies only if you're on a pretty decent salary".
Unlike the previous and subsequent loan plans, where interest is charged at retail price inflation, interest on plan 2 loans starts at RPI when borrowers' income is below £29,383 and rises to RPI plus 3 percentage points once earnings are above £52,885.
Scottish universities, which also have four-year degrees and charge English and Welsh students higher fees, also have high average balances, led by St Andrews at £61,182.
The data covers plan 2 undergraduate debt among those eligible to repay because they have graduated or dropped out, but does not include plan 3 loan-related out for postgraduate study.
Despite concern over loans, a record number of students will start university this autumn, with acceptance at more selective universities rising fastest in this year's A-level results.
Hillman said: "The story about student loans is a story about 30-something professionals. We've had three months of horror stories about student loans and demand for higher education is up not down. It has no bearing on 10-year-olds."
Vivienne Burn, chief executive of Universities UK, the lobby group, said: "Studying for a degree is an investment. For the majority of graduates it pays off through higher average earnings, reduced likelihood of unemployment and a wider range of opportunities.
"While the investment is significant, the loan system means you only pay when you are earning, and at a rate that is designed to be affordable," she added.
The Department for Education said: "We know the student loan system we inherited is broken and unfair, and some graduates feel the weight of this more strongly. We will continue to look for ways to make the system fairer for students, graduates and taxpayers in a financially sustainable way."
4
FINANCIAL TIMES
Monday 26 August 2026
INTERNATIONAL
Kyiv
Zelenskyy rejects call for wartime election
President says vote would 'split Ukraine' after appeal from ex-election minister
FABRICE DEPREZ
Ukrainian President Vandenyry Zelenskyy has rejected calls from his former defense minister for the country to hold wartime elections, as he moved to near our assembly after works of political turmoil.
Speaking in journalism in Kyiv's presidential office, Zelenskyy said elections in the midst of Russia's war would be a "instantor for the state" that would "split Ukraine apart".
"That's why my strategy is to bring the country through to the end of the war, and to preserve an independent and sovereign state," he said in comments made public yesterday.
The vehicle is Zelenskyy's first response to a nine-minute video address released last Tuesday by Nishhuda Federer, a longtime ally who the president lacked in defence minister last month.
In the video, Federer laid down a direct challenge to Zelenskyy with a blistering demonstration of corruption within the state and a call for elections.
Martial law was initiated in the first hours of Russia's 2022 full-scale invasion, suspending all elections.
Civil representatives and state officials have warned it would be an immense challenge to hold legitimate elections until an active war. Studies and drones capital by his clinic hundreds of kilometers from the front line, while millions of Ukrainians live under Russian occupation.
Kyiv also lacks mechanisms to enable voting by soldiers near the front line or the millions of Ukrainians who fall abroad as a result of the conflict.
Federer's wanting six months after his appointment sparked new wartime protests calling for his reinstatement and the dismissal of the communist Oleksandr Tyroky, who was fired a work after Federer.
Federer had been praised for turbocharging Ukraine's drone production and pushing forward technology enabled warfare. The budget Kyiv to issue only long range strikes on Russian oil facilities and begin attacks on a crucial legation of artery to Crimea this spring.
But his attempt to break the consensus on the impossibility of wartime elections was rejected even by his supporters, Dmytro Antistynskiy - a former minister under, who called for the public protests in support of Federer - wrote last week that he viewed the idea of elections in wartime "negatively", and called in his an end for the protests.
Some 37 per cent of Ukrainians believe elections can only be held after
a poor agreement and complete end to the war, citizen a poll this month by the Kyiv International Institute of Sociology, Yvchenii Khmeru, the former commander of an elite unit within Ukraine's security service (MIV), was confirmed by parliament as the new defense minister a day after Federer made his election call.
Federer claimed his dismissal had resulted from a 65 with hyvety and nine times to apologize to clean up corruption in the military.
As he spoke with government Saturday, the Ukrainian president did not comment on the corruption claims he accused Federer of overstepping his responsibilities as defense minister.
Energy vulnerability
Indian imports of Russian oil at record high as Iran war cuts supply options
PRISMA KAUSNER AND CHRIS KAY
NOTHER
India's purchases of Russian oil have hit a record high as the Iran war opposes supply and attacks it harder for New Delhi to attack its reliance on Moscow.
In the months of June and July, New Delhi imported more than 2.4mm low-rem of Russian oil a day, up from 4.6mm of American oil being used, accounting for more than half of the country's crude imports, said Social Media, had analyst attitude consultancy Rajler.
Overall, imports of Iran barrels daily are at their highest levels since the US and Israel began handling these at the end of February, according to Rajler data.
India had reduced Russian oil imports after US President Donald Trump accused New Delhi of funding Moscow's war machine in Ukraine last year.
But as a poor deal between Washington and Tehran remains elusive, the trickle of oil flowing out from the Israel of Horeana has pushed India back towards Russia for its oil needs. In an effort to contain the impact of the Gulf crisis, Trump granted waivers to allow the purchase of Russian oil.
India relies on imports for more than 90 per cent of its crude and gas needs, and the six-month conflict in the Gulf has expired the world's most populous nation's energy security vulnerabilities.
In his independence Day address this month, Prime Minister Narendra Modi called energy security a "need of the heat" and added that it was "important for us to put our full strength behind alternative sources".
Fossil fuels remain critical to the country's energy supply, with coal accounting for nearly 60 per cent and oil 28 per cent, according to the government's 1965 Aayog Shink rank. Nuclear fuel accounts for just 14 per cent.
India has unveiled initiatives to diversify its energy sources, including spending up the nuclear sector to private companies and asking domestic refiners to increase their output of cooking gas. But imports said that would take time.
"You can't change the system overnight," said Hemant Malley, who leads the industrial sustainability team at the Council on Energy, Environment and Water, a New Delhi-based Shink rank. Across coal, oil and gas, "India's faces overlapping risks linked to import dependence, supplier concentration, medical supply, infrastructure bottlenecks and direct exposure to global price volatility," Malley wrote in a report for CIEW in June. These prospects, like report added, SEIU households, industries, government finances and inflation simultaneously.
As part of its long-term thinking on energy security, India is focusing more on building up its reserves. The country could hold 5.2mm tonnes of petroleum in its strategic reserves and, along with commercial storage, could store crude and petroleum products equivalent to 70 days of supply, bringing about 4 and lawmakers that no month. It is also exploring options such as storing some of its reserves in the United Arab Emirates.
The Iran war had "highlighted that India's immediate challenge is as much about diversifying crude supply and transportation where at moving away from oil altogether," Kirkdunald.
Europe. Technology
Data centres revive Irish nuclear power debate
Dublin reconsiders its ban on
atomic energy as pace for
electricity demand accelerates
JOSE WEBBER - 21/01/16
Rising electricity consumption by Ireland's bestselling data centres has prompted the government to do something that has been attributable for decades, reignite a debate about nuclear power.
Data centres account for almost a quarter of all electricity used in Ireland - a share set to rise to at least 30 per cent by 2024, where consumption grew 30 per cent last year from 2024, for outstripping the 2 per cent growth at all other users.
But unlike France and the UK, nuclear power has not been an option in Ireland. High-profile protein beginning in 1976 succeeded in finding places for nuclear plant on the south and coast. Runs against the technology since 1999, have ensured things stay that way.
As Ireland seeks to deliver more electricity to satisfy supply demand from data centres, however, Tassivacid Michael Martin recently told a business dinner: "We're open to that [nuclear]."
One of his Fianna Fáil party back-benchers, James O'Connor, has introduced a bill to lift the veto on nuclear.
"Nuclear is the way to go," O'Connor told the Oail, Ireland's lower house of parliament, in May, citing Finland, which has a similar size population and generous almost 40 per cent of its electricity from nuclear. Finland has the lowest non-f974 nuclear electricity prices in the US, while Ireland has the highest, according to British agency Exorcist.
A favourable tax regime has been global to its companies to set up their European headquarters or establish large operations in Ireland. They make an untaxed contribution to its state accounts because they can book profits in Ireland even on sales of products abroad, so their Irish subsidiaries hold intellectual property rights.
But Dublin was forced to impose a de facto moratorium on new data centres in 2015 because it could not keep pace with their electricity demand.
The reason we're seeing nuclear on the agenda now is to satiate the immense energy demands of the multi-national sector and data centres, and brain Fearnes, at the Autonomous
Microsoft employees at a data centre in Dublin, Ireland. The country's Tassivacid is among people suggesting it is time for a fresh debate on nuclear power
University of Barcelona and author of a report on the cost of data centres.
In the US, the data centre sector is increasingly turning to nuclear power, with companies racing to restart multi-ballad plants, such as Palaudes in Middle East and Three Mile Island in Pennsylvania. At "hyperwater" such as Amazon and Google are looking to use small modular nuclear (IMNs).
Ireland first thread with nuclear power during the 1976 oil shock to alleviate its over-reliance on energy imports, but the Three Mile Island reactor machines in 1979 turned public opinion against it.
Ireland relies on imports for four-fifths of its energy needs. Some 40 per cent of its electricity generation came from gas last year, with what making up 52 per cent and net imports via inter-connections with the UK 16 per cent, according to official data.
Ireland has doubled its generating capacity from what is the past decade, although has labeled to upside on its offshore wind resources near the first project. Arkline, came on stream 22
years ago. A decision on the first offshore wind project since Arkline is due to September last O'Connor argued the "annular" of prohibiting nuclear fuel made Ireland "very vulnerable".
Since Irish people were against to agent. In an opinion poll in April, 43 per cent of respondents wanted the nuclear ban scrapped compared with 24 per cent in favour of keeping it. That compared with an aged 37 per cent split in 2022 over whether Ireland should build a nuclear power station.
Besides the Tassivacid, Ireland's finance public expenditure and energy ministries have all suggested it is time for a fresh debate, although they still say renewable take-top priority. The fate of O'Connor told is unclear.
But nuclear power would not solve high prices, ensure security of supply and deliver on Ireland's legally funding carbon budgets, according to Hannah Daly, professor of sustainable energy at University College Cork.
"Nuclear is a possible net something that can address any of these challenges in the next 15 to 20 years," she said.
'The reason we're seeing nuclear on the agenda now is to satiate the immense energy demands of data centres'
adding that "nuclear will face the same, if not more, constraints as the offshore wind industry is facing".
She added: "I'm concerned that by proposing nuclear as a sort of silver fuel let solution ... it will actually delay renewables even further."
Kieran Wilton, chief executive of renewable company Petigox Energy, with a bias that and took project to be found, said this could be related to its life planning hurdles and poll constraints, building the renewable industry.
"The risk is that we spend too much time debating theoretical future options while forgetting the deliverable projects that are key to subsisting lower costs, and the cost consumption power this decade and the next," he said.
The lousy is that Ireland is already exposed to nuclear power via its imports from Britain, which has five operational atomic energy plants.
More will follow when an electricity industry is in the US France is situated in 2020. France produces about 70 per cent of its electricity from nuclear.
"We should be doing, in the 2020s, what the French did in the 1970s," said Eamonn O'Reilly, chair of the energy and climate crisis committee of the Irish Academy of Engineering. The academy estimates that a fleet of small modular nuclear could supply 40 per cent of Ireland's electricity by 2050.
"It takes a long time to get ready, hence we should start now," O'Reilly added.
Opponents of nuclear power cite the cost revenues and construction about at most people lost Europe.
However, Dave Kirwan, managing director of Central a Power, whose past entomopsy has a 20 per cent stake in the UK's existing nuclear power stations, found much more, which can be built on the side of data centres, often provides. "On seeing, and reaction [in the UK] that could deliver quicker than you think," he said.
Ireland is now allowing new data centres to be built, provided they meet 40 per cent of their power needs from additional renewable generation without a year's energy expenditure (not by 2049), they could gobble up 55 per cent of Ireland's electricity.
Given such challenges, proponents say Ireland cannot afford to ignore nuclear.
"I worry that we think we have the luxury of it to 25 years," Kirwan said. "I don't think we do."
Drug liberalisation
Germany becomes Europe's largest regulated cannabis market
AYLUM BERA - 22/11/16
Germany has become Europe's largest regulated cannabis market since partially liberalising the drug two years ago, as imports surge and conservation in the US, and the rising criminal activity and health risks.
Legal marijuana imports have increased sixfold since 2024, according to data from the Federal Health Institute. That year, the following government led by Chancellor Olaf Scholt passed laws allowing adults to possess and privately cultivate cannabis, while also engaged in legal sales via prescription.
New critics, including from Chancellor Friedrich Meier, have shown cuts and its Reverain sister party CIG, are warning of the negative effects of the marijuana industry on society and health.
CIG interior minister Alexander DeGruich has called the Cannabis Act "a red piece of old law" and argued that it has undermined prevention and enforcement. Easte Price, the CIG family minister, has also called for stronger addiction prevention measures for children and teenagers, saying
early intervention remains important, given the risk of cannabis acting as a distress drug.
The body's ministry has admitted a draft bill to tighten restrictions on medical cannabis use to prevent recreational abuse, but the Social Democratic disagree with the changes. The bill is set to be debated in parliament later this year.
Medical cannabis imports rose from 10.8kg in the first quarter of 2024 to 30.270kg in the first quarter of this year. A recent study by the University of Hamburg found that more than 200 tonnes of cannabis were available in Germany in 2025, including 2.6 tonnes produced in households. Last year, the market has a ratio of 89.9:1, according to the intelligence company Profisler best for taxes.
The Hamburg researchers found that hospital admissions connected with the drug had risen, driven by the increasing prevent-strains. John Mumhey, the scientist behind the two-year revolution, said that "the illegal market is shrinking, although overall consumption has barely changed".
Mumhey argues that the concentration of psychoactive substance THC
should be clearly labelled and adjusted to the medical or mental conditions it is intended to treat. The effect compared, however, is that it is not a simple relaxant, have no psychedelic effects.
But producers "exploit regulatory gaps and market products that are not evidence-based at all," Mumhey said.
In Kilnorepark, in Berlin's trendy neighborhood of Nusslehn, more were the most young people and at the open, Dominik, a 22-year-old from Switzerland, told the F.T. he suffered from attention disorder and preferred to buy cannabis in German pharmacies with a
Joint action: a participant in Berlin's annual Hemp-Purade last year
prescription because it allowed him to check the THC level. "I don't think you can do that on the dark web. They might not you. It's one thing but then it's out," he said.
Despite the general legalisation, more than half of word consumers do not rely on medical prescriptions to get the drug.
Purchasing cannabis through social contacts makes up 52.2 per cent of the market, even in the 1980s the plant did not a medical prescription remains illegal. The next biggest source, at 21 per cent, is for consumers to grow their own, according to a study conducted in the second half of 2025.
While criminal activity comes to do cannabis has dropped by two thirds and consumption has remained stable, consumption of other drugs has skyrocketed. Traces of cocaine and crack in wastewater have almost doubled over the past two years.
The increase in harder drug use cannot before the partial legalisation of cannabis. According to Anna Mueller, an economist at the German Institute for Economic Research, this means it "is not connected to the rise in cocaine, crack or methamphetamine".
Monday 24 August 2016
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FINANCIAL TIMES
Monday 26 August 2026
INTERNATIONAL
Trade dispute
Trump faces backlash over Canada tariffs
Collapse of talks threatens to raise prices even higher months before midterms
STEPHEN DREWELL - WASHINGTON
President Donald Trump is facing a financial backlash over the collapse of trade talks between the US and Canada, as the countries' director of long relations and trade relations and the American ahead of midterm elections.
US lawmakers, governors and business leaders around that Washington's new tariffs on Canadian goods would increase costs for American households and companies, while a Federal Reserve
official said that protracted sporting between the trading positions could help keep inflation stubbornly high.
Trump's tariffs targeting $200m worth of Canadian goods went into effect on Saturday on top of existing levies on steel, aluminium, lamber and vehicles, after talks between Washington and Ottawa broke down on Friday night.
Prime Minister Mark Carney said Canada would soon announce "bribber for dollar" regulatory levies on American goods, which US trade representative Jamieson Gunn said Washington would respond to Ottawa's retaliation.
US senator Susan Collins of Hales, a Republican whose state borders Canada, said the "no again/off-again trade talks"
between the allies would "mash higher costs, risk and uncertainty for Hales' businesses." He added: "Most businesses will have no choice but to pass on the tariffs to their customers through higher prices." Collins said Trump "must consider the negative impact of tariffs" and "work to reach a fair agreement" with Carney's government.
Trump's first-term vice-president Mike Pence said CNN yesterday that "the last thing we need right now, seems economy is getting back on its foot, is a trade war with Canada".
Washington and Ottawa have accused each other of submerging trade talks with last-minute demands.
Democratic governors of states with
high imports from and exports to Canada said the kit to their constituents could result in lost US jobs amid an already-ending labour market.
American twitchers Whitmer of Michigan, which borders Canada and is home to the US arm industry, said her state was "uniquely impacted" by "the tariff wars". Fresh levies were a "tax hike on Michigan families and businesses by raising prices at the grocery store and the property."
She added: "Companies, especially, earn manufacturers, face the difficult decisions of facing off-surfaces or passing costs on to their customers."
Virginia governor Alispell/quadreger said Canada was her state's top-report destination and that the fresh levies on
Canadian goods would "hurt Virginia families, farmers, producers, investors and businesses" to "smatter of days".
Total liabilities, president of the Federal Reserve Bank of Minneapolis, said CBS News that "the longer there's back and forth on the trade front, just like the longer there's back and forth in the conflict of two, the majority in inflation ends up being extended and delayed".
Trump remained a failed yesterday, a large new social market that "Canada wants the benefits of being a State, without being used" from New York—the changes our great farmers, for many years, massive amounts of tariffs, the issue of".
Additional reporting by James Polit is Washington
Middle East
Qatar slashes government spending as Iran war hits gas revenues
GARDEN ENGLAND - WISCONSIN
Qatar has slashed government department budgets by up to 50 per cent and cut funding for overseas aid by about 80 per cent, underlining the financial impact on one of the world's richest nations of the U.S. and our nation.
The small Gulf state has been among those big bankers for economic repercussions of the six-month conflict. It has been found in Sadr Al-Azardha natural gas production—in main source of revenue—because of our changes affected by Iran and the difficulty of shipping gas through the fiscal of the state.
The budget cuts were part of India's response to the sharp decline in LNG revenue, three people headed on the matter said. The amount of spending affected by the departmental budget reductions was not clear, though Qatar's total budget for 2026 is about $60bn.
Tarik said the former fellow at the Middle East Council on Global Affairs, said the authorities were "actuated—unrecaptating," substantial further spending cuts next year if the crisis continues.
"The authorities have managed the crisis effectively, but the hit has been massive. They have been drawing on accumulated financial buffers to keep the economy going and maintain liquidity, but ultimately, that leaves a substantial hole in the budget."
The IMF has forecast that Qatar's GDP will shrink 60 per cent this year, the largest contributor among the six Gulf states, which depend on the Strait of Hormuz has energy exports and trade.
Doha, which is playing a central role in mediation efforts to broker a deal between the US and Iran, has significant financial buffers, with a $500bn coverage would lead in the form of the Qatar investment Authority and a population of just 1,200.
But with no resolution to the war in sight, the conflict will probably continue to affect domestic spending in the Gulf. It could also affect overseas investments by the region's sovereign hands, which cumulatively manage about $2bn.
After Saudi Arabia and the United Arab Emirates approached a regional embargo against Qatar in 2027, the Q&A—one of the Gulf's most active state investors—was forced to repatriate more than $200m in deposits to stabilise the domestic financial sector.
"Qatar is well equipped to navigate the economic situation in the region," a Qatar official said. "One residence through past crises, including the GCC crisis (the embargo) and Covid-19, gives us the capacity to weather the current one without changing our long-term economic trajectory."
There is no figure available for Qatar's funding for overseas aid but last year it donated $6.3bn to the UN's Office for the Coordination of Humanitarian Affairs. That put it among the five largest donors in the agency, according to the Qatar's budget, amounts to the million.
Farouk Issama, Middle East economist at Goldman Sachs, estimated that last revenues from energy exports were costing Qatar and Kuwait anywhere between $5.2bn and $2.8bn a week.
Before the war started, India had been properly paid to a Anglo-American state a $50bn expansion of production from its North Field, the world's largest gunfield.
New Zealand. Development
Auckland looks up to solve housing shortage
Rezoning has changed the face
of the city but critics warn its success is hard to replicate
WILLIAMS - AUCKLAND
A decade ago, New Zealand's biggest city was in the grip of a housing crisis. Immigration had jumped on the back of a buoyant economy and New Zealanders returning from Sydney and London were joined by Chinese and Indian migrants looking for work and a place to live.
For planners in Auckland, which is situated at a narrow strip of land pinched between two barbecues, the answer wants look up.
The city, whose population has risen from 1,3mm in 2010 to 1,4mm in 2023, has in the past decade resumed 75 percent of its residential land, allowing single-storey family homes with issues and garages to be replaced by talks, narrower, increased town houses.
In many parts of the world, including big European and American cities, young people are struggling to get on the property ladder and working families, complex properties are unaffordable. Some are asking whether Auckland offers a model that can be replicated in other cities.
"Urban economists (around the world) have analyzed the outcomes and found it successful in increasing the number of homes," said Nicole Bennetts, head of policy at the Planning Institute of Australia.
The roaming has changed the face of Auckland, an attractive city with bustling barbecues and regular ferries to islands with some of New Zealand's best friends and vineyards, making it dense and—in the words of some—but more of a lot.
"There's now 14 town houses where there was one big house," said Graham Wall, an estate agent in the city. "People are pretty good with that and the cutis are full." Most importantly, "you don't have the need during any more," said the local government chief to make it a totality, a property data company.
A provincial 2,3mm are配置up were envisaged under the so-called Auckland Unitary Plan. "The directive wants grow more compactly and the only way to grow up," said Ryan Gvernsoway. McGraw-Hill became professor of economics at the University of Auckland.
The huge development was only
Auckland, above, has concentrated development within 14km of the city centre. Below, housing being built
The city centre is a large, large, and large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large, large
made possible by the merger of eight local governing bodies in 2010, said Gary Blick, chief economist of Auckland Council, allowing greater unity of thought and direction.
The real house for other cities from Auckland was how a "pain/towels/gull of place" could be consolidated into a long-term vision, said Bennetts at the Planning Institute of Australia.
The plan, which concentrated development within a 14km radius of the city centre, chinsed with Auckland's chang-
ing demographics. Older people wanted to showcase without leaving the city, Blick said, while younger people, who had often lived overseas and were familiar with a greater variety of accommodation, wanted another and cheaper housing.
"People were willing to forgo a bit of land to live somewhere desirable. Demandless been proven," he said of the rural town because of housing housing.
After an intense building flaring, Auckland's housing stock is now 618,849 units, which is 101,000 more than a decade ago, equating to a 351 per cent rise, according to a 2023 policy paper by Gvernsoway McGraw, James Allan Jones and Chris Low.
Meanwhile Auckland house prices, with a noxious value of just over N$20mn (US$187,000), have lost a quarter of that value in the timeframe. That is slightly more than the nationwide drop.
Lower prices can help people enter the property market, though some can lose that if Auckland shows of identical properties remain unsold.
Rental prices in other cities on the
Auckland's housing stock is now 618,849 units, which is 101,000 more than a decade ago, equating to a 351.5.5. rise
North Island rose as much as 25 per cent more than Auckland between 2016 and 2019, according to calculations from Gvernsoway McGraw, writing this year with Yanks.
There is much about the Auckland experience that a land to replicate, and, byin say, not least because of its lack of financial development, which meant it was the most template compared with already denoting developed cities such as Sydney.
The post-2016 building boom might just have been authorities being forced to catch up with demand, and independent economies (batticles, referring to the 2016-2017 "tariffs" of the Auckland Unitary Plan.
"It's for free clear that the post-2016 building boom was caused by the policy itself. It may instead reflect a stretched housing market catching up with rapid population growth," Yanks said.
The new system, which forms of some suburbs but not come without pain, facilitates complete about migration and the prospect of 21-metre-high houses being built right up to their franchise.
Some residents in West Auckland complain that activities construction noise and disruption have made some suburbs about suburbs. Development have offered promises rates to buy out funds in order to demolish houses and build almost once buildings.
Many, in the city's further suburbs, remain concerned about greater height and density as the plan is expanded. "All my neighbours are certified," said Wall.
More development, including high-rise blocks around transport conditions is now planned — expanding the number of general sizes—配置up from 2,3mm to between 1,4mm and 1,6mm.
Still, the goal of transformation is remarkable.
People who visited Auckland a decade ago would take a trail from the cigarette to the city that would wind through the back stream of acromachallic suburbs distinct with single-storey standards between that date the number one.
As would be the first thing a tourist would see," said Davidson. "It didn't feel like a great alternative to our country."
He added: "Now those roads are full of shiny new town houses which in my view look better. It's subjective but limited to the limits for improvement and redevaged. It all makes good sense."
Mining
EU slips back further in critical minerals race
GREATON - BRUSSELS - CUMUL A MICHIGAN - LONDON
The EU side-selling industry behind the US in the race to secure critical minerals, as the next order to counter the more dominance in essential components for defence and green technology, European officials and industry have warned.
The US has invested heavily in the past two years to ensure it has access to research metals and other materials used in strategic technology, especially those for which China dominates global production.
The US has also introduced $400m to provisioned funding for mineral projects since 2022, and taken orders to a range of domestic miners. The US government has also fulfilled its favour of American companies winning tenders for mines in countries including the Democratic Republic of Congo and Kenya.
In the past 18 months, Brussels has chosen dozens of strategic projects to benefit from faster permitting rules. The EU and member states have committed about 60bn to minerals projects
this year, but the industry warns it is moving towards the US.
"I really admire the American because they take an idea and they run with it, while we Europeans bestate, over administrator, talk and lose time," said Bernal Schiller, chief executive of EIT和Matstein, a group representing the EU critical minerals industry.
'I admire the American because they take an idea and run with it, while we Europeans hesitate'
Meanwhile, the US is also seeking to create a confluent of contents that could build supply chains that bypass China via a Forum on Resource Construction Engagement (Forgri). But, given the US administration's management approach to the EU under Donald Trump, the move is making scepticism in Brussels.
The EU "cannot be looked by negotiations" with the US, one official said. "We need to do what the US is doing by buying offtake, moving at speed, and using
financial tools" to build out the supply chain of critical minerals, ahead of it now strategy to be confined to the country.
"We are looking at how to work more with like outside partners — Canada and Japan," the official added, while not ruling out further work with the US.
The Trump administration was "across and unpredictable as we do what's upset on. You can be able to get it's all going to be OK," said one former official of the Forgi initiative.
The EU's efforts to secure its supply chain have focused so far on designating strategic projects in mining, processing and recycling, which benefit from better permitting, though are not guaranteed any public funding.
There was a risk of the US 'becoming a second China for Europe' in terms of dependence on rare earth metals, Schiller said. He said the ex-official also raised concerns about US investments in European groups. USA has not given, which the US government holds a 10 per cent stake, recently bought British non-eartho company (see Common Metals and took a 12 per cent stake in French company Carente last month.
Syria strikes
US envoy warns over Israel 'baiting' Turkey
NEW DUBIN - TEL AVIV
An Israeli strike on a Syrian air base last week may have been a political attempt at "baiting" Turkey into a country that was a major problem in the last 10th century, a senior US diplomat said on Saturday.
The comments by Tom Bartuck, Washington's ambassador to Ankara and special envoy for Syria, were the sharpest US criticism yet of the Israelis call on the Abu al-Dubar military air base in north-west Syria on Tuesday.
After the end Israeli Prime Minister Benjamin Netanyahu said the base was targeted due to fears that Turkey was a establish itself at the site and threatens Israeli security, Israeli and/are speculated that Turkey intended to establish air defence raiders and attack drivers at the base.
In an interview with an online social media platform on Saturday, Bartuck said the claims were unfounded, adding that there were no Turkish military assets at the site, nor did Ankara intend to move into the base. The US envoy suggested that Israel
might have been "baiting the Turks" as a "very aggressive but well received response to change" ahead of the October general election, in which Netanyahu is willing to be paid.
In the immediate aftermath of the strike, Bartuck had said that Ankara could have achieved fighter guns to intercept the Israeli warplanes, risking an "unnecessary revolution." At Saturday he said this could have resulted in "world war fights" Bartuck's attitude, second theory for the Israeli call could be a "miscommunication" between
Abu al-Dubar base in Syria was the target of reported Israeli air strikes
Netanyahu's strike, the Israel Defense forces and the country's Hawaii and its groups.
Israeli defence minister Israel Katz reported her as his commenter.
He said the EIP had on several occasions recommended striking Abu al-Dubar 'in light of clear intelligence' that Turkey intended to "conflict upon the war in the U.S. and the United that a 'direct warning' was delivered to the Syrian government and that the US was informed ahead of time — something Bartuck had denied.
"I"fartish President Recep Tayyip Erdoğan was caught with his handcuffed stroke go into the US. The US was Katz said, condemning what he claimed was an attempt to depict the strike in a political fight.
Turkey is one of the principal backers of new Syrian President Ahmed al-Massa, a former militant Islamist who left the strike and later that ended the issue behind al-Assad in December 2024.
But Israel sees liberals government as a threat. It has conducted widespread strikes in the country since the overthrow of Assad.
Monday 24 August 2026
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FINANCIAL TIMES
Monday 24 August 2026
INTERNATIONAL
Meloni's rift with Trump offers warning to other leaders
FT Series PM's fallout with president shows limits of ideological relations
DAVID KALDINS — ROYAL
Giorgia Meloni's experience has become a cautionary tale for European leaders tempted to believe ideological affinity with Donald Trump offers political protection.
Once one of the US president's most committed European allies, the Italian prime minister has learnt the hard way that defending her country's national interests does not sit comfortably with Maga's aggressive 'America first' worldview. When Rome refused to let the US military use Italian bases for its unpopular bombing of Iran, Trump turned on a leader he had previously hailed as a 'fantastic woman' who had 'really taken Europe by storm'.
The rapture quickly became personal. Trump complained that Meloni 'lacked courage' and accused her of 'bugging' for a phone with him at the US summit in France to boost her poll ratings. She retorted that 'being your friend' had not helped her popularity, unleashing a war of words from which their once friendly ties are unlikely to recover.
'The notion of 'America first' should be a red flag for any foreign partner,' said Stefano Stefanini, Italy's former ambassador to Nato. 'You can't expect too much solidarity with that kind of philosophy.'
Bostianino left, a former Italian government foreign policy adviser, said Meloni had erred in the belief that a shared nationalist, conservative worldview would allow her to 'cultivate a special relationship' with the US president.
'The transnational nature of Trump is such that ideological affinity with geese fat,' said left, now a senior fellow at the German Marshall Fund. 'You have to actually be able to put something tangible on the table.'
As a fiery Eurosceptic opposition leader, Meloni was a Maga-fueling, hired for calling against Brussels, irregular migration and the 'wake ideology' that she claimed threatened Italy's identity.
But once in office, she ran up against the limits of that affinity. Trump and his circle failed to grasp the political and institutional constraints she faced — from hostile public opinion to the role of Italy's President Sergio Mattarella in overseeing national security during crises such as the US attack on Iran.
'The idea that she cannot do whatever she wants — that she is moving within a set of constraints — was totally lost on them,' said Giovanni Orsino, a political scientist at Rome's Laise University. 'Trump ... failed to respect Italy's national interest. Nationalist international is an argument.'
After Trump's return to the White House in 2025, Meloni — the only EU leader at his inauguration — sought to cast herself as Europe's bridge to Washington, hoping it would strengthen her hand in Brussels and at home.
Instead, Meloni has been tarnished in the eyes of many Italian voters by her close association with an unpopular US president. Trump has imposed high tariffs on EU imports, passed from allies to sharply increase defence spending and attached Iran, policies deeply damaging to Italian interests.
Rome protest: people hold placards depicting Israeli Prime Minister Benjamin Netanyahu, Hungarian Prime Minister Viktor Orbán, US President Donald Trump and Prime Minister Giorgia Meloni at a demonstration against the Iran war in March
'Her proximity to Trump has failed to give her any appreciable results,' said Riccardo Alcaro, research director at Rome's Institute of International Affairs, calling her erstwhile friendship an 'electoral allotron' as Meloni gears up for a bruising re-election campaign.
Meloni's courtship of the Republican Party, including Maga heavyweights, began more than a decade ago, when she was still a fringe opposition figure seeking to distance herself — and her new Brothers of Italy party — from their neo-fascist roots.
She was trying to craft a new identity as a mainstream national conservative: part of a respectable global political family rather than a title of Italy's post-war far right.
While in opposition, Meloni was twice invited to speak at the Conservative Political Action Conference, the Republicans' annual political prothesis. Maga ideologue Steve Bannon, meanwhile, appeared as a star speaker at her party's Alcoy's political festival in 2006.
'She understands very well that politics has a very strong transnational dimension,' said Orsino, adding that
Maga initially gave Meloni 'a home, an ideology' and 'a brand'.
But as prime minister, Meloni's cautious pragmatism has dismayed hard-line Maga parents such as Bannon, who told Italian media she had betrayed her 'fundamental beliefs'.
Meloni has paired tough measures to curb irregular migration with higher quotas for legal migrants. She has also softened her anti-EU rhetoric.
'You can't stay close to a movement that wants to destroy the unity of Europe,' said a political consultant with close links to Brothers of Italy. 'This cannot be the objective of a conservative party in Italy. It is to change the EU, not to destroy it.'
Meloni initially braged warm ties with the second Trump White House, walking a delicate tightrope for more than a year.
She opposed EU retaliation to Trump's tariffs, stayed silent on his tilt away from Ukraine towards Russian President Vladimir Putin and avoided criticising his threat to seize Greenland.
Even after Trump bombed Iran, sending global energy prices spiralling,
'You can't stay close to a movement that wants to destroy the unity of Europe'
Meloni declined to condemns or condone the strikes, saying she lacked the information that had prompted them. But Mario Sechi, a former Meloni government spokesperson, said Washington's unilateral decision to attack without consulting heavily affected partners such as Italy had seriously misinfection.
'If you want allies, you have to talk with the allies,' Sechi said. 'This is the problem with the White House ... This, many vires, was the source of the drift.'
Trump's attack on Pope Leo XIV over his denunciation of the Iran war left Meloni little choice but to respond. 'Silence was not an option for any [Italian] prime minister, let alone one who has built her political identity as a Christian, Catholic woman,' said Alcaro.
Her mild written criticism infuriated a president already fanning over Europe's lack of support for his Iran campaign. 'In Trump's eyes, it was line mayors,' Alcaro said. 'She failed to show the deference due a boss by his subordinates.'
Rome is now trying to contain a rapture seen as mainly 'personal'. After Trump called for a 'restraining order' against Meloni before the recent Nato summit, Rome said it would no longer respond to his provocations.
Italian officials insist bilateral ties remain strong, and Meloni and her ministers are strengthening links with other administration figures such as secretary of state Marco Robin. 'The Trump administration and Meloni's cabinet are talking, this is for sure,' said Sechi.
But analysts say Meloni's difficulties with the White House reflect not only Trump's personality but a Maga worldview that appears to expect near-total noises since from its allies.
'It's difficult to say whether the incapacity of working with partners is a characteristic of the Maga movement or something with Trump that makes it impossible,' said Stefanini. 'The Maga movement is as self-centred and so isolationist, the entire notion of cooperation and sharing is alien.'
Self-said Maga's deep evoked antagonism towards the EU as a political project also made it hard for any leader with a pan-European outlook 'to cosy up' to the administration for long.
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Full speed ahead Waymo steps up lobbying of US lawmakers as it seeks clear path for fully autonomous taxi services PAGE 10
Companies Maniacs
Anthropic's most potent AI tool struggle to attract users
- Fable 5's high price hinders sales
- Clients say older models meet needs
GEORGE HAMMOND - SAN FRANCISCO
Anthropic's US customers are using cheaper alternatives to its most powerful AI tool, raising questions about the group's high-spending business model ahead of what is expected to be the biggest IPO of all time.
Signaling on Fable 5, Anthropic's largest and perfect model, has plateaued at only about 12 per cent of overall sales on the company's tools, more than two months after its release, according to spending data from 700,000 companies offered by payments group Supra.
This breaks a pattern of corporate users defaulting to the most powerful models. Analysis and investors in
Political uncertainty has become a secondary factor for clients compared with price and performance
Anthropic said the change was primarily driven by Fable's high price and the fact that older models are capable of handling the bulk of business demands.
If analysed, the shift could radically alter the business model of financial take-off. The new model is now the bulk of their multibillion-dollar development spending towards training over larger, more sophisticated models.
"Most people don't need to operate at the frontier," said Miles Clements, a partner at Auct, while his investors close to Mike in Anthropic. The portal in which customers tended to choose only the frontier models "was not a durable era," he added.
No additional gains remain essential to fulfill the companies' billion promises, such as using dooies, and to attract the best researchers. But they will increasingly be showcases, said Clements.
Fable 5's launch is early June was disrupted by the Trump administration, which forced Anthropic to withdraw the model, citing national security concerns.
Concerns about further limits on access to Fable have recorded since the administration greenlit its relaunch on July 1. Political uncertainty has become a secondary factor, compared with price and performance, in driving clients' model choice, according to analysis and investors.
The lower demand for Fable, which has seen a slower rate of sales up than previous cutting edge releases, adds to the uncertainty forAnthropic ahead of its IPO, which investors anticipate will value this group at $250 or more and could come as soon as next month.
Anthropic's revenue in July underdues the most bullish expectations from investors, who projected annualized sales would cross $80bn. Anthropic told shareholders last week that its revenue cut month hit $60bn on an annualized basis, up from $70bn to May.
Still, the start-up tool by chief executive Dario Amode continues to grow at a blistering pace, with revenue increasing nearly seconded since the start of the year.
Anthropic recorded its first adjusted operating profit in the second quarter of the year and has guided investors that it is likely to be profitable again in the third quarter, according to people with knowledge of the market. It also told investors that it had $200M customers that spend $100M on annual income.
Anthropic declined to comment. The availability of cheap, open weight models from China and elsewhere has provided customers with more alternatives to the leading US labs, while there are also signs that have debased Capriol is gaining ground after slipping back for much of 2026.
Unhedged France is one to watch after shifts in make-up of government debt investors
The changing ownership of government bonds
Domestic, foreign and central bank holdings of sovereign debt as a share of total outstanding (5)
DAISY ANDERSON - NEW YORK
Developed economics have become increasingly dependent on bond markets to fund government spending, and the composition of those investor bases has changed significantly over time.
In the US, the government was long able to rely on domestic financial institutions to absorb the bulk of job issuance. Investors such as insurance companies and pension funds acted as structural buyers of long-term gifts, which they held to maturity to match the long-term nature of their liabilities. However, their retreat from the market due to demographic and regulatory changes has increased the role
of foreign investors, who may be more price sensitive and quicker to sell when returns elsewhere took more attention.
The US is different. Treasury ownership has long reflected the global economic cycle and the dollar's role as the world's sole asset, after the financial crisis, foreign holdings of US debt hit 37 per cent. By the end of 2025, that had fallen to 12 per cent.
Japan, on the other hand, has never
A version of this article first appeared on the Unhedged Newsletter. Sign up at: Economicwebsites
been able to develop a large base of foreign investors in its bonds. But nor has it really been. Domestic savings banks, the invest, pension funds and, later, the funds of Japan's vast unconventional economic policy experiments absorbed a huge share of government debt supply.
France may be the one to watch. It has exceeded $50 debt and held a line in her years, yet are already high share of its debt – 57 per cent at the end of 2025 – is still held by non-resident investors. It also benefits from the implicit backing of the European Central Bank, which many assume would stop its during a bond market crisis. The 2027 presidential election may test that assumption.
Alibaba aims to raise $10bn from equity placement
JIM LRAHY - RICHMOND
China's commerce and cloud group Alibaba's planning to raise $10.8Mbn ($10.2bn) from a share placement, as it drops up capital expenditure to compete with the world's leading artificial intelligence companies.
Alibaba said it would use the full pro-credit of the offering for AI investments, capitalizing on strong sentiment in China's stock markets that has pushed valuations of foreign investors' fights.
"Alibaba intends to use 100 per cent of the net proceeds from the equity placement to invest in its full-stock AI capabilities, including to expand and enhance its AI infrastructure," the company said yesterday.
The placement, which will be offered to own US investors, came as Alibaba reported a few cash outflows of $6.6bn in the June quarter and a 75 per cent fall in net profit to about $6.3bn as it increases spending on AI.
AI investment has prompted a surge in Chinese capital market activity this year, with a theory in the sector boosting valuations to increase levels.
Investor excitement was fuelled by the launch last month of November's Kinei K3 – China's largest AI model to date – and the feeling of homegrown close to over US figures.
Shares in the memory chip company, which raised $6.6bn in its offering, surged 444 per cent on listing.
Houses of robots group Unibox last week raised $900mn, with its shares jumping more than 400 per cent on the market. The new after attracting demand of more than 5,000 times the available allotment for retail investors.
Alibaba's share placement comes just weeks after the company released its latest AI model, Open 3.0 Max, which early็s two-dimensional suggests is strong interest in the right-to-ending where bots write and fix code with only high-level human direction.
The company's push into AI comes as it faces increasing regulatory hurdles in the US. The Pentagon is just returned Alibaba to a blue狠st of Chinese companies deemed to pose a national security risk to the US because of alleged commercialization through a liberation Army.
Alibaba has asked a US court to overturn the Pentagon order, saying it has no ties to the PLA and does not engage in "military bans" or which Chinese civil law industries and the state-owned defence sector work together.
Pharmaceuticals, Pipeline push
Drug groups seek next generation of weight-loss treatments
Patent expiries and reports
of unpleasant side effects
drive search for new therapies
JAMES ANDREW - LONDON
Weight loss drugs have been blockbuster for the Big Pharma groups that developed them. But while the treatments have been halted for their transformative effect for millions of people, the companies have held them here and a problem side effects.
Many patients report gastrointestinal side effects of insulin-based therapies, such as Eli Lilly's Managers and Novo Nordใหม่'s Wigery, including various constipation, diarrhoea and vomiting.
"Within 20 minutes of the first injection, I felt mild nausea," said one London-based advertising executive, who took Managers. Reports of side effects typically increase with higher doses but she experienced the symptoms even after starting out by microdosing, output 0.25mg.
The overactive body is diary of symptoms, which included pain and sickness in the stomach, had breath and sleeping. "If I had started on the higher dose, I would have left a line for sure," she said.
Pharma groups are new working to develop therapies that can deliver similar weight loss while addressing many of the concerns with the current market leaders. Associated benefits for new drugs could also include improving cardiovascular and liver health of patients and muscle mass preservation.
Martin Holst-Lange, Novo's chief scientific officer who oversees research and development, said she current class of drugs had "transferred how we treat
obesity today – but it is not enough to meet individual needs among a great number of patients."
Most of the new treatments in development target receptors for amylin, a hormone secreted in the pancreas alongside insulin that works similarly to existing GLP-1 drugs, such as Wigery and Managers. While GLP is suppress appetite, amylin drugs bind to different parts of the brain to promote satiety – making people feel full blood.
David Kendall, chief medical officer at Denmark's Zealand Pharma, said amylin "capables the capacity to tell you that you've had the final experience and have had enough" GLP-1s, by contrast, leveraged "food aversion signals" that are "effective" but not natural to how the human brain typically behaves.
Zealand is developing penilastide, an amylin-based candidate, in conjunction with brain group Roche, which licensed it last year in a short world up to $5,000.
Results of a mid-stage trial reported in March showed that patients lost 167 per cent of their body weight on average after 42 weeks of treatment. Side effects were similar to those of a placebo and the company said there were no cases of vomiting in the combination of treatment due to gastrointestinal issues, even at the maximum effective dose.
But the fact the weight loss was lower than that achieved in the existing drugs – up to 25 per cent of body weight – went down to the Danish Diabetes Society that after the results were announced.
Roche and Zealand have nevertheless advanced the drug to a phase 1 trial. Kendall said the lack of significant gastrointestinal issues for participants "perhaps a better long-term experience" he people taking the drug.
Yet reducing side effects is not the
only reason plasma groups are trying to create new versions of the drugs. See Novo at: "Lilly, patent expiration, booming, making it crucial for their businesses to develop new therapies."
Novo's unnegligable test patent protection this year in Canada, India, China, Brazil and Turkey. Concerns over the group's pipeline contributed to the starting time shot narrative last year.
One candidate being studied by Novo is Cagrihena, an amylin-based drug. Patients in a Cagrihena study lost an average of 23.7 per cent of their body weight. Novo submitted Cagrihena for US regulatory approval in December.
Lange, Novo's science chief, said Cagrihena addressed the "two different receptor systems" assessing its confines the two pathways in which amylin and GLP-1 drugs work using a fixed-dose combination.
He said this would allow Novo to focus on weight loss but also on comorbidities. While existing drugs have yielded often unexpected health benefits, the new breed will specifically target them.
Novo is also developing oral and injectable versions of amycetin – a similar combination of amylin and
Some users of Wigery suffer nausea, constipation, diarrhoea and vomiting
unnegligable. Patients lost an average of 24.2 per cent of their body weight on the highest injectable dose in trial results reported last year.
Lilly said clinical trial data for a new relationship drug shows that it can reduce food consumption, speed up metabolism, promote maintenance of energy expenditure during weight loss and also reduce inflammation.
Patients taking the drug but 20 per cent of their weight on average after 80 weeks on the highest dose – the largest delivered by any drug so far, although patients discontinued at a higher rate (21 per cent) due to side effects.
Experts say weight-loss treatments will probably follow diabetes care where there are multiple options for patients in the long term.
Patients may always have to endure the gastrointestinal side effects of weight-loss medicines since these drugs after the normal digestive process, but they could become milder with the new formulations.
"It is possible that medicines that target different biological pathways might lead to more side effects and the clinical trials will identify the most common side effects," said Karsten Schmidt, professor of pharmacology at the University of Reading.
But she added that combination medicines that targeted different pathways could allow people to take lower doses of weight-loss drugs that would reduce unpleasant side effects. "This is where combination medicines might offer an advantage," Richard said. "Medicines that target different pathways might mean lower doses of individual drugs can be taken, making [the] risk of unpleasant side effects either achieving equivalent weight-loss results."
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Monday 26 August 2026
COMPANIES & MARKETS
Barclays bets on another Wall Street reset
Investment bank's seventh co-chief executive in four years is expected to face same restrictions as his predecessors
OPTOSCA ALIAJ
Barclays' latest shake-up of its Wall Street operations marks a retreat from one of chief executive CS Venkauskyrinikarov's brilliant management experiments – and another attempt to impose discipline on a business that has long tested the British leader's investment banking ambitions.
The group said last week that Bank of America dealmaker Mike Joe would join Adeel Khan from February as co-chief of its investment bank, halving the four person leadership structure installed less than three years ago.
The overhead looser Khan, who oversees global markets, as the only remaining member of the quarter handpicked by Venkatakrishnan.
"One person leading markets and one leading banking is a strategic move Venkat is taking," said a person with knowledge of the situation, adding that the decision was aimed at "simplifying leadership".
Venkatakrishnan's imposition of a four-person top-team was controversial from the start, prompting internal complaints that decision-making was too widely dispersed and that there was a lack of accountability when things went wrong, according to people familiar with the matter.
It also fuelled tension between some of the co-bands, in particular Celfair Deary, who joined four front-level institutions in 2023, and Taylor Wright, both of whom were given the task of revising the fortunes of the investment bank but had different notions of how to deal.
Deary and Wright, who were elevated as part of an earlier overhead that set them up as the future of the business, are expected to leave after Joe joins early next year, according to people familiar with the matter. But another person close to Barclays described their future as uncertain, adding that the pair "respects and suffers".
Barclays' investment bank has been through many iterations since its 2008 "deal of the century" to buy Lehman
Southern US operations for $250mn, kick-starting its Wall Street operation and fuelling ambitions to go head to head with the likes of JPMorgan Chase and Goldman Sachs.
"We its potential to be a big transatlantic group is investment banking has remained largely unaltered."
"They bought a huge bracket investment bank for basically zero," said one
former senior executive of the bank. "If you have an asset like that, you either nurture it, develop it or sell it. But if you sit in the middle, you're just allowing it to atrophy."
The plan Venkatakrishnan set out in 2024 to limit the investment bank's capital allocation and shift some assets to other parts of the bank signalled a clear departure from his predecessor.
Bank must generate good returns through the cycle and they are definitely not there yet'
'If you have an asset like that, you either nurture it, develop it or sell it. But if you sit in the middle, you're just allowing it to atrophy'
Joe Huley doubled down on investment banking following his appointment in late 2011 and made clear his ambitions to build a "huge-bracket, transatlantic investment bank".
The unit delivered strong profits, which helped Huley resist an activist co-owner's attempt to get out of it entirely, but his departure in 2023 after the extent of his relationship with Intenso offender Jeffrey Epstein was revealed marked a turning point.
Tashed with stabilizing Barclays, Venkatakrishnan wanted to shift from from the volatile and scindall-prone investment bank to more stable parts of the group, including its retail banking and wealth management business.
"Historically a lot of capital was sucked out of UK retail" and depleynific the investment bank, said one senior executive, "and that's the game that Venkat has called a halt to".
Venkatakrishnan had already started reshaping the investment bank's leadership before he launched his 2024 overhead. The previous year he installed Wright and Deary as co-bands, replacing JP Astier and John Miller just two years into their roles.
"Their leadership will best prepare Barclays for the coming decade of investment banking," the bank said in an accompanying press release.
The decision prompted several high-profile visits from the investment bank to European rivals such as CBR, while the one co-bands set about trying to reshape a unit where many bankers still referred to themselves as Lehmanites.
Barclays lost 25 per cent of managing directors who covered mergers and
Mike Joe, below, will join Adeel Khan as co-chief of Barclays Investment Bank in New York, above; Barclays from CS Venkatakrishnan, bottom image, has tried various leadership structures
acquisitions between 2023 and 2024, according to people familiar with the matter, and almost 40 per cent in the US alone.
The bank also shed several corporate clients that were using Barclays for debt products such as leveraged loans to help fund takeovers but not advisory work on the deals, the people added.
The mantra inside the investment bank became "our north star is returne" – generating more profit from the capital allocated to it – a move that meant Barclays would probably lose market share as it stopped doing business with certain clients.
Some of the changes did not land well with senior bankers. "You're retraining the dog," said another senior Barclays executive, referring to requests that bankers stop bringing in transactions that did not clear return hurdles.
The bank also had "a history of going around and 'ambulance-closing' deals", they added, a reference to an industry practice where bankers call clients when they hear of a rumoured deal and ask to be put on it without getting paid, which Wright and Deary wanted to end.
But their strategy failed to translate into a marked improvement in the numbers, made all the more apparent by a boom in the markets division.
Revenues from fixed income and equities trading have increased 90 per cent and 38 per cent, respectively, since 2016. The unit's use of its contributes roughly two-thirds of investment bank revenues, as opposed to less than half before 2030.
At the same time, investment banking fees have largely stagnated and are still below where they were in 2030.
Barclays brought in 2070mn in fees last year, up slightly from 2024, while equity capital markets (ECM) was down more than 20 per cent in 427bmn.
The investment bank has had a better start in 2026. Fees from advisory were up 67 per cent to 4.4 bmn in the first half of the year, and from ECM to 2.04bmn as it benefited from a boom in dealending and initial public offerings. Meanwhile, fees from debt capital markets were up 1 per cent.
Barclays worked on SpaceX's B'Blue IPO, the largest in history, although it was not among the five banks leading the offering. It was also one of four lead headquarters for the Ceruleux offering, which raised $14.6bn.
"In the end, they have to show that they can run a business that can generate good returns through the cycle and they are definitely not there yet," said one senior person inside the bank.
Whether Joe can make a difference to the US franchise remains to be seen.
During his two decades at Bank of America he has run the Asia debt capital markets business and later its rates and conversion unit, and was promoted in 2023 to co-head of global investment banking.
Joe has focused its recent years on building corporate relationships in the US middle market, while Barclays is keen to access the signal in international corporate banking business.
But he is expected to operate under the same restrictions as his predecessors, while Barclays bankers face yet more upheaval in a business that has now had seven co-CEOs in just four years.
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Technology
Waymo doubles spend on robotaxi lobbying
RATE HOUSE—USON — SAN FRANCISCO HONOLUL YAPPI — NEW YORK
Waymo has sharply increased its lobbying spending as it seeks to persuade US regulators to clear a path for fully autonomous taxi services, intensifying its battle with rival Uber over the future of robotaxis.
The Alphabet-owned company spent more than $1mn between April and June on lobbying the federal government, more than double its outlay a year earlier, according to filings. That put Waymo's spending close to Uber's and well ahead of rivals including Amazon's Zonn and Tesla.
The rise in lobbying comes as Waymo and Uber push competing visions for the future of ride-hailing. Waymo wants a faster route to fully drive/less commercial services, while Uber is advocating a staggered rollout in which robotaxis operate alongside human drivers.
Their diverging strategies have contributed to their relationship soaring. The FT reported last month that Waymo was exploring options to exit its Uber for up to Austin and Atlanta.
"They've both stepped up lobbying
and are pushing up against each other, which now appears to be hamstring their drivers," said Walter Pivcyk, an analyst at LightShell Partners.
Both companies are lobbying aggressively in several US states and Washington DC after{( }andland) stalled their expansion to markets including New York and Chicago, as politicians and
In the first six months of this year, Waymo raised its spending 95% from 2023 to more than $2mn
labour groups warn the technology could displace drivers and undercut existing services.
In the first six months of this year, Waymo raised its spending 95 per cent from last year to slightly more than $2mn. It has called for a federal framework to cover the rollout of robotaxis. In May, it listed law firm, according to Yon Ag to lobby on its behalf, adding to a roster of several other Washington firms.
The robotaxi operator has outspent both Uber and Zonn in lobbying legisla-
tors in the District of Columbia. It has pressed regulators to allow robotaxi services in the nation's capital, including by testing products that can re-write in support of its rollout.
In New York state, Waymo has spent more than half a million dollars this year – more than double Uber's spend.
Its lobbying in the state intensified after Governor Kathy Hocked this year walked back proposals that would have allowed autonomous vehicles to appear to run services across most of the state.
Waymo offered to set up a $20mn fund to support drivers affected by the technology's deployment, according to people familiar with the matter.
In New Jersey, it has engaged lawmakers who are exploring a three-year pilot programme to test deployments.
Waymo said in a statement that it was advocating for the rollout of autonomous vehicles and was not pursuing measures that would limit rivals or "prescribe" how the technology was deployed.
Uber has been racing to make up lost ground in 40% after using its in-house self-driving effort in 2020, committing more than $20bn over the past year through stakes and robotaxi fleet deals.
Monday 24 August 2020
FINANCIAL TIMES
11
COMPANIES & MARKETS
Oil & gas
Hamm agrees deal for Argentine shale
Trump ally joins trader Mercuria with plans to quadruple production
JAMIE BRYTH – NEW YORK
US oil magnate Harold Hamm is partnering with Swiss trading house Mercuria to spearhead a multibillion-dollar drilling campaign in one of the world's largest state business in Argentina.
Hamm told the FT his Continental Resources was buying a 50 per cent stake in Phoenix Global Resources, a company centrally in Mercuria, which plans to quadruple oil production to
100,000 barrels per day in the Vaca Muerta formation by 2020.
The companies would not die how the transaction value but said they expected to invest Miles over five years to position Phoenix as one of the largest private producers in Vaca Muerta.
It is the third Argentine deal negotiated by the 60-year-old shale tycoon since November, when Continental bought assets in the same share from Panapetrol. In January, Hamm bought Argentine shale interests from Pan American Energy, a local producer co-owned by UK oil group BP.
Hamm, an influential backer of Donald Trump, has built close ties with
Argentinia's leader Javier Milei, an ally of the US president who is operating a radical deregulation agenda and has offered incentives for major oil and gas projects.
"We've done that right things, why can the right people in the right places and is making the changes necessary day by day . . . We are all very encouraged with the leadership he has shown," Hamm told the FT. "[Mike is] very committed to making all the sacrifices and change that's necessary to bring it around. We too know it's not going to happen overnight, but he's willing to stay with it. And so that gives us confidence as investors to move forward."
Hamm said Continental continued to
expand its operations in the prolific Persian Basin of Texas and New Mexico by acquiring Firebird Energy II, owned by Quantum Capital Group with operations that produce about 32,000 fuel.
Mile's reforms have rekindled international interest in Argentina's oil industry, which had suffered from the risk of several international companies. The construction of new pipelines in the Vaca Muerta basin and potential hyperbid natural gas terminals is also holding a production boom.
Oil production in Argentina is forecast to hit a record time toll this month, up from 82,000 to 0 a year ago, according to data from Rystad Energy.
In June Mercuria agreed to pay $1.4bn to buy the Argentine refinery and distribution business of Raison, a Brazilian energy company.
"We've made recent investments in the refining and fuel distribution and infrastructure sectors. We've invested in the minerals and mining sector. So we believe in the commitment to investing across the entire energy value chain in Argentina," said Brian Falk, Mercuria's specialist investment officer.
The Continental Mercuria joint venture will hold about 163,000 net acres across six blocks in Vaca Muerta. The companies are also jointly building a natural gas power plant in West Texas.
Asset management
Citadel sells Situational Awareness positions
SHEILA FOLLARD – NEW YORK
Citadel has sold more than 60 per cent of the portfolio it took on from buying the majority of Situational Awareness's stock here last month after the 41-focused hedge fund was almost toppled by the recent tech off-off.
Ken Griffin's ledge fund told investors on Friday that it had offloaded most of the "aggregate risk" from Situational Awareness's stock having completed almost 10,000 at both this amounted to more than 8,000 in recent weeks to unload the positions, according to a letter sent by the FT.
The billions of dollars' worth of stock sales in just three weeks suggest that Citadel is likely to have flipped the position by a number of other tech stocks here widely recovered since Griffin sealed the deal with Situational Awareness at the end of July.
Citadel's sudden sweep for the Situational Awareness stock portfolio marked one of the largest ocean deals in Wall Street history, and a dramatic episode in a volatile period for equities as investors rushed into stocks linked to AI before being gripped by anxiety that the boom in the sector was overthrown.
A long running sell-off of tech stocks in July spurred widespread pain on Wall Street. Situational Awareness, the hedge fund ran by 24-year-old ripened alumnae Leopold Aschesbrenner, emerged as the biggest casualty.
The AI-focused fund had amassed more than $20bn in assets in just two years, despite the fact that its founder had no experience on Wall Street.
Aschesbrenner, who was fired by ripened, housed extensive connections in Silicon Valley. As he faced losses in July's sell-off, Aschesbrenner first tried to raise additional funds through individual asset sales, but then pivoted to selling the majority of his stock holdings to Griffin's firm in a deal that was pulled together in just 24 hours.
Citadel purchased the positions at a roughly 10 per cent discount, the FT has previously reported, betting that it could afford to hold the stocks until the market steadied. Shares of Situational Awareness's biggest holdings, including chipmakers Xandish and Micron, quickly recovered, giving Griffin a window to turn a rapid profit.
The deal was also in some ways a self-fulfilling prophecy. Griffin's agreement to buy Aschesbrenner's stock book atyland from of never forced selling on Wall Street, which helped to boost share prices across the tech industry.
Citadel's subsequent transactions to exit three positions included some of the largest block trades of the year, the firm said. Griffin has not told investors the portfolio's value or how much the firm paid for the positions.
Griffin rarely writes letters to investors. His message this week was a testament to the extraordinary nature of the deal with Situational Awareness.
"Over our nearly thirty-six-year history, we have pulled ourselves on being from limited and proactive during periods of market dislocation," Griffin wrote to investors.
The firm's flagship fund was up 6 per cent in July, while many of its rivals lost money or were relatively flat.
"Only Citadel could have delivered a solution of this scale on this timeline," he added.
Market Questions. Week ahead
US inflation paints complicated picture for investors
How worried should investors be about US inflation?
US inflation data published on Wednesday arrives at a time of rising stress in the world's most important bond market, and just before central bankers meet for their annual symposium in Jackson Hole.
US 30-year borrowing costs have risen to their highest level since 2007 in recent days, amid concerns over America's 34.9% national debt and huge amounts of oil bond issuance. Treasury secretary Scott Bennett responded last week by revealing plans "at least" to double the department's purchases of long-term government bonds.
But at the short end of the curve, investors have cut back from an higher. US interest rates due to falling consumer price inflation and an unexpected decline in non-farm employment. Futures markets are currently pricing in a roughly one-in-three chance of an increase next month.
Nitrometers of the Fed's policy vote in July, when rate orders held borrowing costs within a 3.5 per cent to 1.75 per cent range, showed central bankers are growing worried that high inflation may become self-fulfilling as expectations of rising prices become embedded in wage analysis-selling decisions.
Analysis expert July's US headline Personal Consumption Expenditures index to rise 0.1 per cent month-on-month and 5.6 per cent year-on-year, according to forecasts compiled by LIEG, still well above the Fed's 2 per cent target. Annual core PCS, which strips out energy and rising price, is expected to hold steady at 3.5 per cent.
Complicating the picture, now chair Kevin Wardt has called core PCS a "sort of a rough swag as to what's going on". And the measure is also set for an overload, which could lower recent readings.
For bond investors, the picture on inflation is going to be more important than the Treasury's actions, say some analysts. "If the Treasury tries to defend some rate level, things are going to go badly," said Mike Eignoret at Viadom Investment Group. If inflation keeps rising, "an amount of Treasury jockeying or actual bond buying will stem the market's selling" and while George Barr
Will inflation keep the Fed on course for a rate rise?
Markets are increasingly convinced that the Bank of Japan will cut down its current rate-rising cycle and now has
Scott Bennett intends for the US treasury at least to double its purchases of long-term government bonds.
enough evidence to justify raising its policy interest rate by 0.25 percentage points at its meeting in September. All data over the next few weeks will be assessed against this new thesis.
Unless the Tokyo consumer price index, due for release on Friday, significantly underdoods consensus expectations for a modest rise to an annual rate of 2 per cent in August, up from 1.9 per cent in July, speculation around a rate rise is likely to strengthen, say analysts. Markets are pricing in a roughly two-thirds chance of a rate rise next month.
The Fed struck a hawkish tone at its meeting in July and any repeat of that language during a scheduled speech to regional business leaders by the Fed's deputy governor, Ryuse Nimino, on Thursday could also be taken as evidence that a rate increase is imminent.
After intervention by the US Treasury and Japanese finance ministry to support the yen late last month, many believe the Fed is now under moral pressure to raise rates and "do its bit" for what is, in effect, a national effort to show up the currency as it creeps back down towards multi-decade laws.
"Some soft data would be required now for the Fed to reverse course but, at this point, inflation is running warm enough to justify a hike," said Akhas Kushnani, Asia source strategist at KBC Capital Markets. "It is now difficult for the Fed to stand pat. It's all hands-on deck in defence of the yen," Lo-Lovis
How bad is Germany's inland shipping crisis?
With key parts of Germany's chemicals and manufacturing sectors suffering from disruption to inland shipping due to low water levels in the Rhine, the all-important 80-business climate index, due tomorrow, could shed light on what effect the transport crisis is forcing on economic sentiment in the country.
Economists pulled by Reuters expect the overall index to have risen for the fourth month in a row, from 64.6 in July to 87.2 points. Sub-indices on current conditions and expectations are also forecast to have improved.
If so, that will be in line with SkP Global's Purchasing Managers' Indices, released on Friday. The manufacturing PMI rose 1.9 points to 16.1, its strongest
If the Treasury tries to defend some rate level, things are going to go badly'
reading in more than four years. "The recovery in [German] industry is underpinned by strong growth in production and rising demand – both domestically and from export markets," wrote PaxShare Macroeconomics in a note to clients.
Consumers, however, are sceptical about any optick in their economic prospects. The GfK consumer sentiment index, is the released on Thursday, is expected to have risen marginally from minus 29.6 points to minus 29.3 points, still a strongly depressed level.
In addition, markets are also certain that the European Central Bank will deliver a second quarter-point rise in interest rates at its September 10 meeting.
"The weak labour market and pessimistic income expectations . . . are contributing to households' continued low propensity to consume," the Bundesbank warned in its latest economic outlook.
It said low water levels in the Rhine were "set in marginally stifle the recovery of the German economy" in this year's third quarter. (Kpf/Barber)
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12
•
EPLACIAL TIMES
Monday 24 August 2024
MARKET DATA
WORLD MARKETS AT A GLANCE
Average during previous days's trading (%)
Stock Market Assortments over last 30 days, with the FTSE All World in the same currency as a comparison
ANNEXES
STOCK MARKET: MAGNET PROVIDE
THE ACTIVITY OF THE MARKET
ALL-WAYS RIGHTS (RULES)
Monday 24 August 2024
•
CHANNEL TIMES
13
MARKET DATA
FY GLOBAL 500: THE WORLD'S LARGEST COMPANIES
14
•
FINANCIAL TIMES
Monday 26 August 2024
FINANCIAL TIMES SHARE SERVICE
High Market
| 10 Week | 12 | |||||||
|---|---|---|---|---|---|---|---|---|
| 7/14 | 10/13 | 12/13 | 14/13 | 16/13 | 18/13 | 20/13 | 22/13 | |
| PROMOTION | ||||||||
| BAS Banking | 278.00 | 117.50 | 228.00 | 525.00 | 1.78 | 32.00 | 1000.00 | |
| Bank of America | 100.00 | 111.50 | 100.00 | 100.00 | 1.00 | 25.00 | 1000.00 | |
| Bank of America | 100.00 | 111.50 | 100.00 | 100.00 | 1.00 | 25.00 | 1000.00 | |
| Bank of America | 100.00 | 111.50 | 100.00 | 100.00 | 1.00 | 25.00 | 1,000.00 | |
| Bank of America | 100.00 | 111.50 | 100.00 | 100.00 | 1.00 | 25.00 | 1,000.00 | |
| Bank of America | 100.00 | 111.50 | 100.00 | 100.00 | 1.00 | 25.00 | 1,000.00 |
AIM
| 10 Week | |||||||
|---|---|---|---|---|---|---|---|
| 7/14 | 10/13 | 12/13 | 14/13 | 16/13 | 18/13 | 20/13 | |
| PROMOTION | |||||||
| Alliance | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Alliance Company | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Alliance Company | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Alliance Company | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
Investment Companies
| 10 Week | |||||||
|---|---|---|---|---|---|---|---|
| 7/14 | 10/13 | 12/13 | 14/13 | 16/13 | 18/13 | 20/13 | |
| PROMOTION | |||||||
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| 10 Week | |||||||
|---|---|---|---|---|---|---|---|
| 7/14 | 10/13 | 12/13 | 14/13 | 16/13 | 18/13 | 20/13 | |
| PROMOTION | |||||||
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| 10 Week | |||||||
|---|---|---|---|---|---|---|---|
| 7/14 | 10/13 | 12/13 | 14/13 | 16/13 | 18/13 | 20/13 | |
| PROMOTION | |||||||
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
Guide to FT Share Service
| 10 Week | |||||||
|---|---|---|---|---|---|---|---|
| 7/14 | 10/13 | 12/13 | 14/13 | 16/13 | 18/13 | 20/13 | 22/13 |
| PROMOTION | |||||||
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Bank of America | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
- 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。
Monday 24 August 2024
•
FINANCIAL TIMES
15
MANAGED FUNDS SERVICE
Thoughtful Investing.
Algebra Investments
| Negotiated | ||||
|---|---|---|---|---|
| Algebra Core (A2) / EUR | 4 | 333.07 | 0.01 | 0.06 25.38 17.46 |
| Algebra Core (A4) / EUR | 4 | 339.58 | 0.04 | 0.06 24.10 16.36 |
| Algebra Financial Credit / EUR | 4 | 339.65 | 0.03 | 0.05 3.87 8.44 |
| Algebra Financial Credit / GBP | 4 | 355.42 | 0.05 | 0.06 0.80 0.80 |
| Algebra Financial Credit / USD | 5 | 317.16 | 0.05 | 0.06 0.80 0.80 |
| Algebra Financial Credit / EUR | 5 | 363.12 | 0.04 | 0.06 1.18 7.75 |
| Algebra Financial Equity / EUR | 5 | 364.41 | 0.05 | 0.06 0.80 0.80 |
| Algebra Financial Equity / EUR | 4 | 316.12 | 0.07 | 0.06 27.55 27.75 |
| Algebra Financial Equity / EUR | 4 | 339.54 | 0.05 | 0.06 0.80 0.80 |
| Algebra Financial Equity / AAS BUD | 5 | 407.86 | 0.04 | 0.06 0.80 0.80 |
| Algebra Financial Income / EUR | 5 | 307.92 | 0.05 | 0.06 10.81 10.91 |
| Algebra Financial Income / EUR | 4 | 270.22 | 0.06 | 0.06 14.51 15.04 |
| Algebra Financial Income / AAS USD | 5 | 303.51 | 0.06 | 0.06 0.80 0.80 |
| Algebra Financial Income / AAS USD | 5 | 337.84 | 0.06 | 0.06 0.80 0.80 |
| Algebra Global Asset Management / EUR | 5 | 153.87 | 0.16 | 0.06 3.64 5.04 |
| Algebra Global Asset Management / EUR | 5 | 148.19 | 0.16 | 0.06 2.63 5.13 |
| Algebra Global Asset Management / GBP | 5 | 164.26 | 0.16 | 0.06 0.80 0.80 |
| Algebra Global Asset Management / USD | 5 | 159.33 | 0.15 | 0.06 0.80 0.80 |
| Algebra IV Financial Credit / EUR | 5 | 120.46 | 0.07 | 0.06 41.5 8.59 |
| Algebra IV Financial Credit / EUR | 4 | 116.27 | 0.04 | 0.06 2.61 8.84 |
| Algebra Strategy Credit / AAS BUD | 4 | 143.63 | 0.06 | 0.06 2.73 8.85 |
| Algebra Global Equity (AAS) / EUR | 4 | 104.12 | 1.15 | 0.06 9.59 11.15 |
| Algebra Global Equity (AAS) / EUR | 4 | 146.98 | 1.02 | 0.06 4.74 8.73 |
(BAL) Brown Advisory Funds PLC
The following financial instruments are for 2022-2023 period:
FCA Management
| Global Credit Card (USD) | 5 | 33.92 | -0.11 | 0.06 | 0.04 | 11.35 |
|---|---|---|---|---|---|---|
| Global Credit Card (Investments) Fund (USD) | 5 | 42.52 | -0.07 | 0.06 | 1.00 | 10.14 |
| Global Credit Card (Investments) Fund (USD) | 5 | 41.84 | -0.06 | 0.06 | 0.06 | 0.80 |
| Global Credit Card (Investments) Fund (USD) | 5 | 78.89 | 0.08 | 0.06 | 0.06 | 0.80 |
| US Dollar Fund (Fund) Fund (USD) | 5 | 77.81 | -0.07 | 0.06 | 0.06 | 0.80 |
| US Credit Card Fund (Fund) (USD) | 5 | 42.52 | -0.07 | 0.06 | 11.45 | 10.28 |
| US Dollar Fund (Fund) Fund (USD) | 5 | 25.24 | -0.07 | 0.06 | 0.06 | 0.75 |
| US Credit Card Fund (Fund) (USD) | 5 | 31.88 | -0.07 | 0.06 | 0.06 | 0.75 |
| US Credit Card (Investments) Fund (USD) | 5 | 46.53 | -0.07 | 0.06 | 0.06 | 1.74 |
| US Investment Fund (Fund) (USD) | 5 | 45.84 | -0.07 | 0.06 | 0.06 | 0.50 |
| US Investment Fund (Fund) (USD) | 5 | 34.18 | -0.11 | 0.06 | 0.06 | 0.68 |
(BAL)
| Assumed Return W/ Inc. | 4 | 144.28 | 0.12 | 0.07 | 0.04 | 2.46 |
|---|---|---|---|---|---|---|
| Capital Clearing Portfolio (GBP) | 5 | 269.05 | -0.07 | 0.06 | 0.05 | 1.19 |
| Capital Clearing Portfolio (GBP) | 5 | 165.11 | -0.12 | 1.44 | 2.07 | 2.25 |
| Unfair Fund (US) / EUR | 5 | 131.46 | 0.12 | 2.82 | 4.04 | 4.80 |
| Unfair Budget (GBP) Inc. | 5 | 94.71 | 0.03 | 2.54 | 1.02 | 3.95 |
| High Financial Strategy (GBP) | 5 | 3.89 | -0.07 | 0.04 | 14.27 | 14.63 |
| High Financial Strategy (GBP) | 5 | 7.23 | -0.07 | 0.02 | 11.96 | 13.01 |
| High Income Bond Fund & Minority | 5 | 0.99 | 0.06 | 0.06 | 0.06 | 0.80 |
| High Income Bond Fund & Quarterly | 5 | 1.85 | 0.06 | 0.06 | 0.06 | 0.80 |
| USD (Invest) Strategy | 5 | 2.28 | -0.07 | 0.07 | 15.27 | 15.58 |
Chartered Asset Management Pte Ltd
| Other International Funds | ||||||
|---|---|---|---|---|---|---|
| Cash (CF) ACC | 5 | 4,000.00 | 0.00 | 0.06 | 0.04 | 2.76 |
| Cash (In) ACC | 5 | 1,440.94 | 0.06 | 0.06 | 20.99 | 4.99 |
| NAIC ACC | 5 | 1.85 | 0.06 | 0.06 | 0.07 | 1.00 |
Artemis Food Managers Ltd / CDBEP
57.78, Artemis FOIA, Artemis (N/A) 1.22 (N/A) 0.00 (N/A)
Authorised for Funds
| Artemis Companies Board / Aas | 114.63 | 0.01 | 0.06 | 0.26 | 8.32 |
|---|---|---|---|---|---|
| Artemis Global Interest / EUR | 243.37 | 1.00 | 0.06 | 2.11 | 8.95 |
| Artemis High Interest / EUR | 74.84 | 0.01 | 0.05 | 2.49 | 3.99 |
| Artemis Income / AAS | 353.55 | 1.14 | 0.06 | 11.68 | 12.13 |
| Artemis Minority Bond / AAS | 132.43 | 0.07 | 0.06 | 10.07 | 10.69 |
| Artemis Share On Debt Bond | 123.82 | 0.02 | 0.06 | 6.43 | 7.47 |
| Artemis Share (N/A) Fair / AAS | 1025.11 | 0.06 | 0.06 | 26.71 | 28.15 |
| Artemis Share (N/A) Global Share (Ex) / AAS | 254.83 | 0.06 | 0.06 | 14.21 | 14.32 |
| Artemis Share (N/A) Global Share (Ex) / AAS | 247.19 | 0.17 | 0.06 | 29.64 | 34.96 |
| Artemis Share (N/A) Fair / AAS | 196.76 | 0.01 | 0.06 | 26.74 | 26.13 |
| Artemis Share (N/A) Fair / AAS | 4190.24 | 10.15 | 2.47 | 27.68 | 33.12 |
| Artemis Coverage / AAS / AAS | 108.63 | 0.01 | 0.06 | 2.79 | 3.93 |
| Artemis Coverage / AAS / AAS | 125.15 | 0.02 | 0.06 | 6.83 | 7.13 |
| Artemis LTR Share / AAS / AAS / AAS | 1480.25 | 2.16 | 0.06 | 5.97 | 7.11 |
| Artemis LTR (Dealer) (Ex) / AAS | 2020.68 | 0.06 | 0.06 | 4.71 | 8.55 |
| Artemis LTR (Dealer) (Ex) / AAS | 1251.76 | 0.06 | 0.06 | 10.92 | 9.99 |
| Artemis LTR (Dealer) (Ex) / AAS | 2171.5 | 0.16 | 0.06 | 14.32 | 17.07 |
| Artemis LTR (Dealer) / AAS | 574.85 | 0.05 | 0.06 | 18.37 | 21.02 |
| Artemis LTR (Dealer) / AAS | 523.45 | 0.02 | 0.06 | 16.27 | 18.24 |
ASB Capital
ASB Capital
State Budgets Fund A (LMA) 1.1 (BAL)
Design Interests with Pretaxable
Amortization costs
| ASB (Debit) - AAS | 5 | 104.11 | 0.07 | 0.06 | 0.06 | 0.80 |
|---|---|---|---|---|---|---|
| ASB (Debit) - USD | 5 | 97.58 | 0.06 | 0.06 | 0.06 | 0.80 |
| ASB Share Shares Global Equity | 5 | 115.21 | 0.06 | 0.06 | 0.06 | 0.80 |
| ASB Share Share (Debit) Equity | 5 | 150.44 | 0.06 | 0.06 | 0.06 | 0.80 |
| ASB (N/A) Equity | 5 | 100.00 | 0.01 | 0.06 | 0.06 | 0.80 |
Artemis Score
Other International Funds
| American Operatic | 5 | 5000.00 | 0.00 | 0.06 | 0.06 | 0.80 |
|---|---|---|---|---|---|---|
| American Gas | 5 | 1,120.10 | 0.06 | 0.06 | 10.73 | 11.26 |
| Asset Market | 4 | 164.64 | 0.06 | 0.06 | 1.33 | 1.84 |
| Current Income | 4 | 1326.86 | 0.06 | 0.06 | 0.06 | 0.80 |
| Far East | 5 | 1304.71 | 0.06 | 0.06 | 0.06 | 0.80 |
Blue Minds Investment Funds / ICBF
www.industries.com
FCA Management Ireland 0.0775
| Blue Minds Income (USD) | 5 | 24.71 | 0.11 | 0.06 | 0.06 | 0.80 |
|---|---|---|---|---|---|---|
Canaccord International Food Managers Limited
P/E Fund of 27th September, 22 March, June 2017
HR (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R) 1.00 (R)
Canaccord Wards International Multi Strategy Funds Limited
| Delivered Strategy | 2 | 1.17 | 0.03 | 0.06 | 11.64 | 11.21 |
|---|---|---|---|---|---|---|
| Delivered Strategy A | 2 | 1.17 | 0.06 | 1.64 | 0.44 | 0.82 |
| Contract Delivered Strategy | 2 | 1.47 | 0.06 | 0.07 | 0.25 | 0.37 |
| Contract Delivered Strategy A | 2 | 1.55 | 0.06 | 1.64 | 6.74 | 7.25 |
| Investt Strategy | 2 | 0.93 | 0.07 | 0.16 | 6.79 | 5.25 |
| Investt Strategy A | 2 | 1.35 | 0.07 | 0.04 | 10.07 | 10.79 |
| High Investt Strategy (GBP) | 2 | 2.89 | 0.07 | 0.04 | 14.27 | 14.63 |
| High Investt Strategy A | 2 | 1.22 | 0.07 | 0.02 | 11.96 | 13.01 |
| High Income Bond Fund & Minority | 2 | 0.99 | 0.06 | 0.06 | 0.06 | 0.80 |
| High Income Bond Fund & Quarterly | 2 | 1.85 | 0.06 | 0.06 | 0.06 | 0.80 |
| USD (Invest) Strategy | 2 | 2.28 | 0.07 | 0.07 | 15.27 | 15.58 |
Sterling Debt, Initial Design for No in Access and up to 2% for other reasons
CANDRIAM
BY NEW YORK CITY INVESTMENT MANAGEMENT
Candrium Investors Group
| FCA Management | ||||||
|---|---|---|---|---|---|---|
| Camelium Star Net Co (N/A) Research Corp | 6 | 227.21 | -0.01 | 0.06 | 1.91 | 3.53 |
| Camelium Star Net Co High Yield Corp | 6 | 1404.68 | 0.01 | 0.06 | 4.32 | 5.98 |
| Camelium Shares (N/A) Yrnl. C Corp | 6 | 258.57 | -0.02 | 0.06 | 2.66 | 3.53 |
| Camelium Shares (N/A) Yrnl. C Corp | 6 | 167.82 | 0.12 | 0.06 | 2.07 | 2.29 |
| Camelium Shares Total Research Corp | 6 | 140.38 | 0.12 | 0.06 | 2.19 | 2.82 |
| Camelium Share (N/A) Financial Corp | 6 | 2,888.64 | 0.06 | 0.06 | 4.29 | 4.23 |
| Camelium Exports, Australia Corp AG | 48 | 2475.96 | 0.06 | 0.06 | 0.04 | 0.06 |
| Camelium Exports (Emerging) (N/A) | 6 | 1324.74 | 0.06 | 0.06 | 10.44 | 10.31 |
| Camelium Exports (Emerging) (N/A) (Total) | 6 | 1492.13 | -0.01 | 0.06 | 26.39 | 28.15 |
| Camelium Exports (Total) Annual Report | 6 | 261.23 | 0.11 | 0.06 | 4.46 | 1.08 |
| Camelium Index (Ablage) - C Corp | 6 | 1231.15 | 0.04 | 0.06 | 1.04 | 2.37 |
| Camelium Long Term Credit & Cap | 6 | 120.54 | 0.04 | 0.06 | 0.06 | 0.87 |
| Camelium Risk (Ablage) - C Corp | 6 | 2753.57 | 0.06 | 0.06 | 2.75 | 4.69 |
| Camelium Trust (Ablated) Group (N/A) (Total) | 6 | 775.20 | 0.12 | 0.06 | 0.07 | 0.82 |
| Camelium Trust (Ablated) (Low) (N/A) (Total) | 6 | 111.67 | 0.12 | 0.06 | 2.96 | 4.46 |
| Camelium Trust (Sterling) (AAS) (Total) | 6 | 1304.86 | 0.12 | 0.06 | 2.59 | 4.69 |
| Camelium Trust (Low) (N/A) (Total) | 6 | 500.86 | 0.14 | 0.06 | 0.01 | 0.06 |
| Camelium Trust (Low) (Average) (N/A) (Total) | 6 | 2106.44 | 0.12 | 0.06 | 10.00 | 8.54 |
| Camelium Trust (Low) (Average) (N/A) (Total) | 6 | 168.15 | 0.12 | 0.06 | 20.04 | 15.85 |
| Camelium Trust (Low) (N/A) (Total) | 6 | 231.81 | 0.12 | 0.06 | 7.64 | 7.25 |
| Camelium Trust (Low) (N/A) (Total) | 6 | 2460.17 | 0.11 | 0.06 | 0.06 | 2.19 |
| Camelium Trust (Low) (N/A) (Total) | 6 | 48.13 | 0.12 | 0.06 | 11.57 | 13.45 |
| NY/UK/IE US High Yield/Equity Bond & High | 6 | 114.92 | 0.06 | 0.06 | 5.76 | 7.52 |
Candrium Investors Group
Other International Funds
| Camelium Star Fund A (Low) (Cap) | 6 | 2158.94 | 1.01 | 0.06 | 2.02 | 2.99 |
|---|---|---|---|---|---|---|
| Camelium Shares (Cash) (Approximation) | 6 | 225.85 | 0.11 | 0.06 | 2.19 | 3.40 |
| Camelium Shares (Equity) (N/A) (Cap) | 6 | 2104.84 | 0.07 | 0.06 | 1.74 | 4.33 |
| Camelium Exports (Low) (Q4) (N/A) (Cap) | 6 | 221.96 | 0.12 | 0.06 | 1.51 | 3.53 |
| Camelium Exports (Global) (Equity) (Cap) | 6 | 246.35 | 0.12 | 0.06 | 0.71 | 13.03 |
| Camelium Exports (Equity) (Equity) (Cap) | 6 | 2105.87 | 0.12 | 0.06 | 0.06 | 0.86 |
| Camelium Exports (Additional) (Cap) | 6 | 1768.55 | 0.12 | 0.06 | 26.49 | 24.52 |
Canda Asset Management Ltd
ATCO GLOBE
www.architects.com
FCA Management
| ATC Canada (Monetary) & GBP (Aas) | 140.00 | -0.01 | 1.00 | 0.60 | 0.37 |
|---|---|---|---|---|---|
| ATC Canada (Monetary) & GBP (Aas) | 138.64 | -0.02 | 0.72 | 0.52 | 0.35 |
| AT Canada (Consolidated) (Equity & GBP (Aas) | 111.40 | -0.01 | 1.27 | 0.76 | 0.74 |
CEA Asset Management Limited
25 King Street, London EC2V 8EE
Tuesday, 30, 2021 (N/A) 0.00 (N/A) - USD 1.00 (N/A)
FCA Management
CEA Creditors Fund PLC
| Assumes Return W/ Inc. | 4 | 144.28 | 0.12 | 2.07 | 3.04 | 2.46 |
|---|---|---|---|---|---|---|
| Capital Clearing Portfolio (GBP) | 5 | 2000.00 | 0.07 | 1.00 | 2.06 | 2.19 |
| Capital Clearing Portfolio (GBP) | 5 | 165.11 | 0.12 | 1.64 | 2.07 | 2.25 |
| Unfair Fund (US) / EUR | 5 | 131.46 | 0.12 | 2.82 | 4.04 | 4.80 |
| Unfair Budget (GBP) Inc. | 5 | 94.71 | 0.03 | 2.54 | 1.02 | 3.95 |
| Almshore (N/A) (N/A) | 4 | 182.36 | 0.11 | 0.06 | 0.06 | 0.46 |
| All Index Limited (NAIC) Inc. | 4 | 182.36 | 0.11 | 2.70 | 0.16 | 0.00 |
Other International Funds
| Cash (CF) ACC | 5 | 4,000.00 | 0.00 | 0.06 | 0.06 | 0.84 | 2.16 |
|---|---|---|---|---|---|---|---|
| Cash (In) ACC | 5 | 1440.94 | 0.06 | 0.06 | 20.99 | 4.99 | |
| NAIC ACC | 5 | 1.85 | 0.06 | 0.06 | 0.07 | 1.00 |
CP Global
Asset Management
CP Global Asset Management Pte Ltd
www.capital.com (N/A) (outside) capital@capital.com
International Missed Funds
| CP Global Strategy Fund | 5 | 480.43 | 0.01 | 0.06 | 10.23 | 10.46 |
|---|---|---|---|---|---|---|
CP Capital Asset Management Limited
International Missed Funds
| CP Fund Purpose Fund | 5 | 314.68 | -0.02 | 0.06 | 0.06 | 0.06 |
|---|---|---|---|---|---|---|
| CP Global Alpha Fund | 5 | 307.35 | -0.11 | 0.06 | 11.36 | 12.16 |
| CPA Return Process Fund | 5 | 913.14 | -0.02 | 0.06 | 11.17 | 13.03 |
Dodge & Cox®
Worldwide Funds
Dodge & Cox Worldwide Funds
IN NY/NY/NYJ, London SW1Y 2J2
www.independent.com (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A) (N/A)
FCA Management
Dodge & Cox Worldwide Funds Emerging Markets Stock Fund
| Emerging Markets Stock Fund & USD (Aas) | 5 | 54.11 | 0.01 | 0.06 | 27.32 | 29.69 |
|---|---|---|---|---|---|---|
| Emerging Markets Stock Fund & GBP (Aas) | 5 | 54.23 | -0.02 | 0.06 | 22.00 | 31.15 |
| Emerging Markets Stock Fund & GBP (Ex) | 5 | 70.72 | 0.07 | 1.00 | 20.96 | 19.64 |
| Emerging Markets Stock Fund & EUR (Ex) | 5 | 52.76 | 0.07 | 1.01 | 22.58 | 27.46 |
Dodge & Cox Worldwide Funds Global Stock Funds
| EUR Accumulated Shares (N/A) | 5 | 54.18 | -0.01 | 0.06 | 2.19 | 3.70 |
|---|---|---|---|---|---|---|
| EUR Accumulated Shares (N/A) | 5 | 72.21 | -0.02 | 0.06 | 0.06 | 0.07 |
| EUR Committed Shares (N/A) | 5 | 41.16 | -0.02 | 0.06 | 0.06 | 0.05 |
| EUR Committed Shares (N/A) | 5 | 1.97 | -0.02 | 0.06 | 0.06 | 0.21 |
| GBP Committed Shares (N/A) | 5 | 21.48 | -0.03 | 0.06 | 10.56 | 15.33 |
| USD Committed Shares (N/A) | 5 | 20.41 | -0.04 | 0.06 | 14.02 | 18.15 |
| GBP Committed Shares (N/A) | 5 | 44.25 | -0.02 | 0.06 | 0.06 | 0.24 |
| USD Accumulated Shares (N/A) | 5 | 48.93 | -0.12 | 0.06 | 10.74 | 17.02 |
|---|---|---|---|---|---|---|
| GBP Accumulated Shares (N/A) | 5 | 48.24 | -0.03 | 0.06 | 13.65 | 14.42 |
| GBP Committed Shares (N/A) | 5 | 26.76 | -0.11 | 0.06 | 10.65 | 12.96 |
| EUR Accumulated Shares (N/A) (GBP) | 5 | 2.82 | -0.12 | 0.06 | 0.06 | 0.06 |
| Debt (Asset) Share (N/A) (GBP) | 5 | 21.48 | -0.03 | 0.06 | 10.56 | 15.33 |
Dodge & Cox Worldwide Funds US Stock Fund
| USD Accumulated Shares (N/A) | 5 | 24.14 | -0.02 | 0.06 | 12.26 | 10.41 |
|---|---|---|---|---|---|---|
| GBP Accumulated Shares (N/A) (GBP) | 5 | 1.04 | -0.04 | 0.06 | 0.05 | 0.03 |
| Debt (Asset) Share (N/A) (GBP) | 5 | 0.59 | -0.04 | 0.04 | 0.05 | 0.18 |
| Debt (Asset) Share (N/A) (GBP) | 5 | 29.10 | -0.14 | 0.06 | 21.74 | 21.37 |
| Asia Pacific Exports (N/A) | 5 | 2.49 | 0.03 | 0.06 | 0.15 | 0.31 |
| Asian Chartered Fund (N/A) (GBP) | 5 | 3.89 | 0.03 | 0.05 | 27.96 | 18.44 |
| Cash Fund (N/A) (GBP) | 5 | 1.21 | 0.06 | 0.06 | 0.06 | 0.06 |
| Share Fund (N/A) (GBP) | 5 | 106.85 | 0.06 | 0.06 | 7.94 | 11.17 |
| Share Fund (N/A) (GBP) | 5 | 3.91 | -0.07 | 0.06 | 0.06 | 0.06 |
DRAGON CAPITAL
1/6
★
COMMERCIAL TIMES
Monday 24 August 2024
MANAGED FUNDS SERVICE
| Fund | Bid | Offer | √ | Yield | 20th | 20th | Fund | Bid | Offer | √ | Yield | 20th | 20th | Fund | Bid | Offer | √ | Yield | 20th | 20th |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fundsmith Equity Fund
Fundsmith LLP (1286)F
FS Box 13646, Dismantown House CH450 0366 0330 1121 0015
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised the Funds
| Fundsmith Equity F Box | 2064.75 | 0.19 | 0.00 | 0.07 | 0.10 |
|---|---|---|---|---|---|
| Fundsmith Equity F Box | 4227.00 | 2.73 | 0.00 | 13.00 | 12.00 |
GUINNESS GLOBAL INVESTORS
Guinness Global Investors
| Guinness Global Equity Income + GBP 50p | 0 | 24.66 | -0.47 | 0.00 | 0.06 | 11.16 |
|---|---|---|---|---|---|---|
| Guinness Global Investment + GBP 400 | 0 | 48.81 | -0.45 | -0.00 | 0.01 | 10.21 |
| Guinness Global Quality Wild Cap + 50p Acy | 0 | 13.15 | -0.41 | -0.00 | 11.34 | 11.18 |
RPB Assurance Ltd
Right 5/4/1/2022, 2022 R.B. Douglas, Isle of Man M21 4NL 2108 0229867
International Governance
| Holding Property Bond Sec 1 | 0 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
|---|---|---|---|---|---|---|
| Holding Property Bond Sec 2 | 0 | 0.00 | 0.00 | 0.00 | 1.00 | 1.14 |
Janus Henderson INVESTORS
Janus Henderson Investors
FS Box 6633, Dismantown United, 2466 Emporia 0000 0000 0027
www.jeanshenderson.com
Authorised the Funds
| Janus Henderson, National Motor Fund A Acy | 2180.00 | -0.15 | 0.70 | 0.06 | 0.08 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Janus Henderson, Asian Dev Int. Unit 1st Inv | 1800.00 | 1.41 | 0.00 | 10.17 | 9.45 | ||||||||
| Janus Henderson, Launion Mega Fund A Acy | 1500.00 | 0.51 | 0.00 | 0.04 | 0.25 | ||||||||
| Janus Henderson, Launion Mega Fund A Acy | 1723.00 | 0.45 | 0.00 | 3.25 | 3.45 | ||||||||
| Janus Henderson, Drive-Eight Hub A Acy | 1325.00 | 14.53 | 0.15 | 24.14 | 2.22 | ||||||||
| Janus Henderson, Emerging Markets, Asia A Acy | 1673.00 | 30.43 | 0.00 | 23.61 | 17.35 | ||||||||
| Janus Henderson, Eternity, White Open Fund A Acy | 2041.75 | 1.23 | 0.00 | 20.50 | 15.65 | ||||||||
| Janus Henderson, European Union A Acy | 4000.00 | 0.45 | 0.15 | 0.00 | 0.00 | ||||||||
| Janus Henderson, East Star Open Fund A Acy | 2376.00 | 1.55 | 0.35 | 10.75 | 10.65 | ||||||||
| Janus Henderson, Food Int'l White Int A Inv | 1710.00 | 0.53 | 0.00 | 0.19 | 0.25 | ||||||||
| Janus Henderson, Global Equity Inv Fed Inv | 81.50 | 1.21 | 2.30 | 0.00 | 0.00 | ||||||||
| Janus Henderson, Global Select Fund Acy | 8535.00 | 1.53 | 0.00 | 10.10 | 10.18 | ||||||||
| Janus Henderson, Global Year Equity Fed Inv | 1581.00 | 0.00 | 0.00 | 0.00 | 13.45 | ||||||||
| Janus Henderson, Global Year Unit 4nd Acy | 6852.00 | 17.45 | 0.00 | 22.57 | 20.59 | ||||||||
| Janus Henderson, NLD 4th Am Open A Acy | 1191.00 | 1.13 | 2.15 | 10.49 | 10.38 | ||||||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1800.00 | 0.00 | 2.15 | 4.77 | 4.62 | ||||||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 2341.00 | 0.00 | 1.00 | 6.29 | 6.00 | 6.00 | |||||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1751.00 | 0.00 | 2.00 | 2.65 | 2.21 | 2.21 | |||||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1783.00 | -0.12 | 0.00 | 6.25 | 6.00 | 6.00 | 6.00 | ||||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1950.00 | -0.15 | 0.00 | 5.00 | 5.75 | 5.75 | 5.75 | 5.75 | |||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 2121.75 | 0.00 | 2.75 | 6.66 | 6.81 | 6.81 | 6.81 | 6.81 | |||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1917.75 | 0.00 | 2.00 | 2.64 | 2.67 | 2.67 | 2.67 | 2.67 | 2.67 | ||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1933.00 | 0.00 | 1.00 | 1.00 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | ||||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 2131.00 | 0.00 | 1.25 | 6.00 | 6.78 | 6.78 | 6.78 | 6.78 | 6.78 | 6.78 | |||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 2351.75 | 0.00 | 4.38 | 2.00 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | |||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1913.00 | 0.01 | 4.00 | 8.11 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | |||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1943.00 | 0.01 | 4.00 | 8.11 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | ||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 2141.75 | 0.00 | 2.75 | 6.66 | 6.81 | 6.81 | 6.81 | 6.81 | 6.81 | 6.81 | 6.81 | ||
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1917.75 | 0.00 | 2.00 | 2.64 | 2.67 | 2.67 | 2.67 | 2.67 | 2.67 | 2.67 | 2.67 | 2.67 | |
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1933.00 | 0.00 | 1.00 | 1.00 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | |
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 2131.00 | 0.00 | 1.25 | 6.00 | 6.78 | 6.78 | 6.78 | 6.78 | 6.78 | 6.78 | 6.78 | 6.78 | 6.78 |
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 2351.75 | 0.00 | 4.38 | 2.00 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 |
| Janus Henderson, MAA Hwy 4th A Bc Fd A Acy | 1913.00 | 0.01 | 4.00 | 8.11 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 | 8.15 |
Guide to FT Funds Data
The fund aims against an Asian paper, are available for the most personal, most expensive and most advanced. Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide. The Financial Times Limited makes no representation as to their accuracy or completeness and may not be the entity's agent either referring to investment interests. The paper is intended to be the result of the financial information and is available for the information of the fund. The fund is not intended to be available for the information of the fund. The fund is not intended to be available for the information of the fund. The fund is not intended to be available for the information of the fund. The fund is not intended to be available for the information of the fund. The fund is not intended to be available for the information of the fund. The fund is not intended to be available for the information of the fund. The fund is not intended to be available for the information of the fund.
MSE: Open Global Investment Company. Details of a unit may be using a company other than a trust company. Different share classes are based to reflect a different currency, changing structure or type of market.
Bid price: 75p, added selling price. The price at which units is a unit must be met with its members.
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Change price: 50p, added selling price. The price at which units is a unit must be met with its members. The change price is 50p, added selling price. The price at which units is a unit must be met with its members. The change price is 50p, added selling price. The price at which units is a unit must be met with its members.
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Monday, 24 August 2020
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FINANCIAL TIMES
17
WORK & CAREERS
Is AI really responsible for recent job cuts?
More companies are linking lay-offs to workplace efficiencies but evidence is patchy, writes Clara Murray
In today worked at Oracle for more than a decade and was “deeply passionate” about her job as a strategist. So learning by small one morning that her role was one of 21,000 cut by the technology company this year due to increased investment in AI was a “normal” moment.
“We were encouraged – pressured – to develop AI. – they were using us to train something that [would] ultimately replace us,” says Lindsay, who asked not to one her real name due to an ongoing legal dispute with her former employer. Oracle, which did not respond to a request for someone, is one of almost all large employers that have attributed lay-offs to AI in the past three years.
More than 1,000,000 corporate job losses have been linked to AI since May 2023, according to executive employment company (Sailingen, Gray and Christmas, including 112,000 in 2020.
In 2019, AI was the most common reason cited by companies for job cuts for the fifth month in a row. As data also showed,
Substance, Lufthansa, Accenture and Standard Chartered are among the big companies to have cited AI – at least in part – for their decision to cut jobs in the past 12 months.
The announcements have contributed to worries about the technology’s impact on jobs, particularly in highly exposed sectors such as software engineering, marketing and many środków.
Yet economists and labour market experts have urged caution in interpreting the phenomenon as the start of a tidal wave of white-collar unemployment. Many argue more factors are at play than the widespread replacement of workarchy machines.
It is true many companies have said they need lower workers now because of better technology. “A significantly smaller team, using the tools we’re building, can do more and do it better,” said Jack Dewey, co-founder of Block, as he cut 6,000 workers in February.
But companies have strong incentives to promote job cuts as the result of AI-fuelled productivity gains instead of more private reasons such as poor financial performance, restructuring or
AI has been cited as a reason for more than 180,000 US job cuts since 2023
Monday, cumulative (1000)
Includes only lay-offs publicly linked to AI by the company or its leadership. Source: Sailingen, Gray & Christmas
Linking job cuts to AI has not lifted tech company share prices Cumulative average abnormal returns vs Nasdaq, by days since lay-off announcement
Companies announcing 2020 – lay-offs since Aug 2023. Multiple lay-off stands by same company, included separately. At <−10, one 40 <−10. Source: IT analysis of Bloomberg (cap/Pix)
focusing on more profitable areas of the business, experts say.
Meto’s 1,000-strong job cuts in January, for example, were from its meteorive division as the tech company reduces funding towards AI devices.
“I haven’t seen any compelling evidence of the narrative that these firms are astounding a lot of work,” says Carl-Bonddle Frey, associate professor of AI and work at the Oxford Internet Institute.
Indeed, he believes many of the cuts have been announced in an attempt to “improve” investors. “I don’t think AI-driven automation is the key story.”
Many lay-offs are being made by software companies whose share prices were hit hard by an AI-driven self-off
this year, and are now seeking to shift business from the backlog.
Atlantian said in March that cutting 1,600 roles would “self-fund further investment in AI,” while software maker Anindesh said it was collecting investment towards AI as it announced 1,000 job losses, mostly insides, in January.
Several companies benefited from significant share price rises following their announcements on strategy and headcount reductions, such as Block and China.
However, as IPT analysis found investors did not always reward companies that made AI-related lay-offs. Fewer than half the job cut announcements in the past year resulted in a share price boost the following day. Companies cit-
ing the technology as a factor in job cuts underperformed the Nasdaq by almost 10 per cent in the 30 trading days that followed an announcement.
A recent Yale Budget Lab analysis found that while lay-offs have been rising in the 15 ‘intervention service’ – which includes media and technology companies – since December 2023, it was not possible to directly link this to AI. It found little difference between AI-exposed sectors and other occupations in terms of scope, in general, to being.
“United Economics, a think-tank, concluded in January that evidence of AI-driven job losses was “patchy”. It pointed to the lack of accelerating productivity growth that should be expected if large numbers of jobs
I haven’t seen any compelling evidence ... that these firms are automating a lot of work”
were being automated. And broader economic data does not show strong evidence that sweeping job cuts are happening.
In the US and UK, redundancy levels are not running at unusually elevated rates, according to government data. First-time applications for US unemployment benefits fell to their lowest weekly level since 1969 in July.
Executives pulled in the US and Europe expert AI to reduce headcount by just 0.7 per cent in the next three years, according to a National Bureau of Economic Research working paper published in February. Another paper published this year found companies that used AI the most intensively hired 10 per cent more workers than before they adopted the technology.
This does not mean AI will not reshape the labour market. Some data points to it already having an effect in certain areas. More AI-exposed entry-level occupations have suffered dramatic falls in hiring, analysis by Stanford Digital Company Lab last found.
After Liggett, an analyst at Forrester, believes customer service roles are already being hit – with Salesforce’s slashing of 4,000 customer support positions last September one example.
“More and more raw mandates being handed down by the board to automate and enable it’s customer service jobs,” she says. “[It is] traditionally viewed as a cost center in organization, and you have huge labour push ... so being able to automate these job functions is very attractive.”
Even where jobs are not being directly managed, it is easy and the contributing to lower business confidence, putting the brakes on hiring plans. Data from Indeed shows year-on-year job postings were down 1.8 per cent in the US and 12.4 per cent in the US in July.
“On think that [AI is] enabling a lot of the hiring decline that we’re seeing,” says Lisa Simon, chief economist at workforce data company Novelle Labs. “Because people are able to do a little bit more with lives, companies have got away with not hiring at the usual rate... (just don’t beborrificed) but lay-off announcements are really that credible.”
For Lindsay, being back on the job market for the first time in years is proving a challenge.
“The market’s flooded with candidates, the process is wild, 439 [automated screening software] is crazy – you never know what the screening software is,” she says.
“The ads in the wound is that I have to collaborate with AI to customise my résumé.”
Stéphane Boujnah: ‘I don’t have any close friends in business’
The CEO Euronect’s chief has spent a decade shaping Europe’s markets through dealmaking, writes Nikou Asgari
For a family holiday in Greece this summer, Stéphane Boujnah pushed several chords: senior diesel France’s economic changes – fitting readings for a man who has spent more than a decade developing Europe’s stock markets from Paris.
Since becoming chief executive of Euronect in 2015, Boujnah has turned it into Europe’s biggest operator of stock exchange through relentless dealmaking and encouraging more European businesses to list locally rather than in the US. He is a big-believe to the need for strong domestic capital markets, saying there are more important than ever as Donald Trump has been rumored.
In the US, companies “don’t know what the cost of natural labour is going to be because of the rules on immigration, you don’t know what is going to be the impact of the rule of law weakening, you don’t know what the level of corruption is between the预防ings of the rules and the rules”, he says. In this context, “Europe remains much more profitable”.
Boujnah, 42 and the longest-serving head of a European stock exchange, is
due to step down in May 2027. He is preparing to hand over as a decade-long effort to unify the like’s capital markets may be within reach. Ireland, which has the 83 presidency, believes it can secure a deal by the end of the year that would centralise overnight and spur possibilities among European trading venues. “I’ve never been so confident that this [deal] will happen,” Boujnah says.
As agreement would be a significant moment for European markets as they battle to compete with the US and China. Europe is rich in savings but has historically had a weaker investment culture than the US, meaning companies often turn to American investors for fundraising at perceived higher valuations. For Boujnah, it would validate the efforts to deepen European markets and probably boost trading volumes as he departs.
When Boujnah arrived at Euronect, the company was viewed as unattractive and hiring was tough. The business needed to rebuild after it was open off in 2016 by 10 years of the conventional Exchange, which had bought 9/16E. “Fifty per cent of the market through we were dead and 10 per cent wanted us to die,” he says. Boujnah turned its recruiting “corporate refugees” – people didn’t
“Nobody resigned from a good job to join my team. [Just welcome] great people who had no other choice because they needed a job to lead their family, and that’s how we built the team,” he says in an interview at the company’s headquarters.
Boujnah obsessively chased acquisitions. A lawyer turned investment banker at Deutsche Bank and Santander, he snapped up the Athens, ProKita, Oslo and Milan stock exchanges, among others, and changed the company from what he describes as “dead-wood” to a consistently profitable, growing business.
Euronect now competes with the London Stock Exchange Group for listing and regularly wins. An annual revenue from listings climbed from €7mm in 2015 to €30mm in 2023, and from share trading rose from €30mm in €30mm.
But analysts say the focus on expansion has meant Euronect has been less emphatic than peers such as Deutsche Börse and the LSEG in embracing new technologies.
Blockchain is sweeping across financial services, and many exchanges are seeking to compete with crypto companies that offer 24/7 trading and a slow of new products. “Certainly they’re a lot more behind on those things,” says Ian White, an analyst at Autonomous Research.
Not all of Boujnah’s deals have been successful: he has long eyed Nasdaq’s Nordics exchanges but they have not been the rule, and talks to buy a Blende collapsed, with the final platform later acquired by Deutsche Börse.
Euronect is still back to another than Deutsche Börse and LSEG, which have stronger post-trade services and data businesses respectively. Euronect,
which is more reliant on equity trading volumes and 81 policies to boost capital markets, has grown to a market value of €10bn, compared with Deutsche’s €10bn and LSEG’s €40bn.
“He’s managed to get Euronect from a problem when it was kind of soft-scale ... and made it something that’s not an integral to European capital markets and more diversified as well,” says White.
Euronect reported revenue of €54mm in the second quarter of this year, a 10 per cent increase compared with the same period last year at constant currencies. Pre-tax profits jumped 25 per cent.
Boujnah says he is disciplined and “discussed” with generating cash. He takes pride in “not being brainwashed
by teams, by [the] metaverse, by lipas ... not being brainwashed by the cloud without looking at cost etc, by something that is very helpful”.
His training as a corporate lawyer exposed him to a “zero-bulbish environment” as contrast to public companies, which is one “very heavy in terms of superficial comments”.
“I can’t use fraud,” he admits. “I hope people won’t drop Euronect stocks when they hear this.” He decides “a sort of religious belief that the spreadsheet is going to deliver by snags: a solution to your problem”, noting instead that “[no] need convictions, you need feelings and timeliness” to make effective decisions.
“I don’t have any close friends in business,” he says, a point he believes has benefited his leadership style. “I’m not
The 62-year-old says that as the longest-serving head of a European stock exchange, “I’m just trying to be efficient and to deliver what the shareholders want me to deliver”
fascinated by the lifestyle of my peers, I’m not fascinated by the lifestyle of the clients. I’m just trying to be efficient and to deliver what the shareholders want me to deliver.”
One of Boujnah’s biggest challenges landed early when, in 2016, the London Stock Exchange and Deutsche Börse shook markets by preparing for a merger to create a European stock exchange powerhouse. Boujnah lobbied in Brussels against the deal, worked about three republics there. There was no future for Euronect in the shade of this huge foothills company and I worked a lot to detail the merger,” he says. The deal was eventually blocked by the EU over companies concerns.
Stepping down from Euronect was Boujnah’s decision. “It’s quite amputo comfortable,” he says, and he is ready for a new challenge. Making the move now is better than leaving it until his late duties, with the prospect of new executive roles they only plan, he adds.
He both died, given the company is in the 2020s, and he says it didn’t benefit in selecting an internal successor? – but he will not be drawn on a name.
For his next role, working in French or 107 politics or turning around a struggling venture upscale. “I’m clearly not sure what it is that they like found of a character or a country [ethnical] one, orchestra. I’m not interested in being on the board of an established stature or listed company,” he says. “I want to spend time with people who give me energy. I want to feel alive.”
18
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FINANCIAL TIMES
Monday, 26 August 2026
FT BIG READ. TECHNOLOGY
Big Tech hopes wearables could one day replace smartphones as our main gateway to artificial intelligence, but critics call them 'cringe stalkerware' and say they are ripe for abuse.
By Tim Bradshaw and Hannah Murphy
The young woman in hot-pink shorts is standing looking at her phone when the guy in glasses walks up to her. 'You are so wow,' he says, and who her on a date. 'I just went through a break-up,' she replies. He asks if they can be friends, then tries to get her number, the smiles awkwardly and outweighs away.
Soon after, the woman was shocked to discover that this brief encounter in a Target store had been secretly filmed by a man wearing a pair of Meta Kay-Ban camera. In a little opening herself is one of his 'viza videos' – clips of guys trying to pick up women.
'Till it is why these glasses or any version should NOT exist,' said Elyse Stevens, an experts broadcaster better known as Herodine, who was rung stood in the foreignist clip to a fan. 'This is disturbing. Makes me sick physically, this is violating it WRONG,' she said in an X post.
The Instagram account that captured and posted the video is no longer accessible, suggesting it may have been one of a growing number that Meta is rushing to ban because they show women secretly filmed by men in smart glasses.
Social media companies' whack a mob battle against abuse and trolls has been raging for years. But the arrival of smart glasses has opened the floodgates to a new term of safety but intrusive surveillance, leading to bans on using them in pubs and courtrooms.
Yet despite this summer's backlash, executives at Meta, Google, OpenAI and other tech companies see this as just the beginning. They keep smart glasses and similar portable products could one day replace the smartphone as our main gateway to do.
The big idea is that letting our virtual assistants see and hear exactly what we do will make our Airs Ever and smart. Soon, many in the tech industry predict, walking down the street whispering in the AI agents in our glasses will seem as normal as planning a brand on AirPods.
'We think that AI is going to be really empowering for people,' says Alex Hinnel, vice-president of wearables at Meta. 'And how are we going to use the AI? We think it'll be wearable from factors.' Billions of people already wear glasses, he adds, and using those to talk to AI is easier than having to pick up a phone and open an app.
It is precisely this touted omnipresenter that makes video aware, 'These glasses are cringe stalkerware and as we already see every cool person hates them,' said privacy campaigner Meredith Whittaker, president of the Signal Foundation that develops the synonymous secure messaging app. 'They represent yet another Big Tech-mathed breach of the social contract.'
For all the privacy heroes, smart glasses sales are growing rapidly. Analysis of Counterpoint Research estimate consumers will spend more than $816 between 2026 and 2032 on wearable devices, as tech companies pack cameras, microphone and AI features into everything from unhealthy products.
Since the 2020 series will generate an estimated 69.6bn in cash by 2032, Counterpoint predicts 'tech companies from Google and Samsung to Apple are all preparing to launch digital eyeway of their own.
'Every time you reach into your pocket or you begin pop! I upbeat just, you're taking yourself out of the moment that you're it,' Hinnel says. 'The reason we like wearables is because it's always with you, it's easy to use.'
Smart glasses will also give AI apps the stamina, Siri and ChatGPT something they have lacked while locked inside a phone or you and cars. Meta's vision, which also includes 'super sensing' AI glasses that constantly record the world around the user, has only limited privacy campaigner! Now that we can't see that we have become even more nervous than vital tax videos.
Some believe they will become tools capable of instant facial recognition and potentially other forms of AI-mathed surveillance, distributed to millions.
But the hype around the glasses has now reached a point that will be difficult to tump down. 'Tech companies have an incredible ability to push the law tools out faster than society can meaningfully acclimate to the threat,' says Wondrow Hartung, a professor of law at Boston University School of Law. 'By the time society catches up there's already a degree of normalization.'
'Pervoir glasses'
Campaigns against so-called pervert glasses have done little to dent the device's side, then the first location of Meta Kay-Ban branded camera glasses launched as part of a partnership with eyeway giant Medical genetics in 2025, analysts estimate that the companies have sold well in excess of 10mm units, including more than 7mm last year.
AI is eyeing your glasses
The blogger Kristi Morais, above, and Mark Zuckerberg, below right, at the Meta Glasses launch party in New York in June. Meta dominates the market, with an estimated 85 per cent share
Football Football 2025, at the New York Stock Exchange, 2025.
Eusfort, genetics and last month that AI glasses revenue had almost doubled year on year in its latest quarter. In June, Meta enlisted mega-influencer Kylie Jenner to design and promote its latest model.
Despite fears that the privacy backlash could start to affect sales of analogue eyeway brands, Eusfort, genetics said its partnership with Meta remains 'sodid'. 'While we're not seeing a real impact on sales, we take the privacy concerns being raised seriously. Privacy has been a key consideration from the design stage,' it says. 'As with any emerging technology, there is a period of adjustment.' The company adds that it is 'working to establish the right standards' and to ensure consumers understand how to use the glasses responsibly.
Smart glasses sales are still small by smartphone standards more than a billion phones are sold every year. But in a consumer electronics market that has been flattened by rising costs, due to components being redirected to AI data centers, smart glasses stand out as a bright spot of growth.
Meta dominates the market, with a roughly 85 per cent share of all smart glasses sold according to George Jiljashvili of India, a market researcher.
Even though today the devices are mainly used for listening to music and hands-free photos while parenting or doing sports, rather than chatting to AI, Jiljashvili predicts total smart glasses sales will grow quickly from 15mm units this year to 40mm by 2030.
'Meta borrowed the Kay-Ban brand awareness and the cool factor, which may tech company that's not Apple struggles with,' Jiljashvili says, adding that Eusfort, genetics huge retail footprint also gave the devices a boost. 'Meta wouldn't have been able to
achieve this kind of scale without this partnership.'
Meta's success has become the envy of other tech companies, such as Google and SnapChat, that have long tried to turn camera glasses into a bit profuse.
A decade ago, a combination of privacy blamback and poor usability such Google takes a closer exposure and less capable forerunner to Meta's Kay-Bans that is one of the $816 interest giant's more infamous failures.
Meta's Hinnel says that the tech giant's glasses have succeeded thanks to a series of inflomonoids in the design, camera and speaker supply – and luck that its first version launched just a year before that, is a more than 10mm.
'The thing that changed was when AI accelerated faster than we said the industry had anticipated. [we realized] these glasses that we're already making are going to be amazing for AI,' he adds.
One former Meta executive involved in the product development says that Mark Zuckerberg evolved that if smart glasses were to sell, they would need to look good, so he went to Eusfort, genetics. The model's largest eyeway company insisted that adding electronics should not make its glasses too heavy, despite pressure from Meta engineers to keep pushing in more toils.
'There was a dash between the Franco-Balkan style sealets and Silicon Valley engineering sealets – and the former was,' the executive says.
The Ray-Bant popularity has opened other tech companies to make an eyeway brands to partner with, says Michael Miller, founder of Digital Eyewear Labs, a start-up Google and Samsung are working with Wicky Parker and Gerdy Nussner on the first models of their AI glasses, which are due for release later this year.
'One of the unsolved problems is just the variety of styles' that consumers want from glasses, Miller says. 'There are only so many people that Ray-Bans can fit.'
Apple is working on its own design for smart glasses that could be released as soon as next year, according to people familiar with the project. Leaks have suggested it is also looking to put cameras in AirPods.
However, hoping to preserve its hardware reputation for protecting privacy, Apple may only allow its assistant list to access its wearable cameras to assist its AI responses, rather than allowing users to take normal photos with them.
Another hint at Apple's plans for smart glasses came in January when it acquired Israeli start-up Q.A.E. Patents Blackly Q.A.E does not including being used in headphones or glasses, using 'facial skin micro-mechanical' material what people were saying even if no sound came out of their mouth. The tech could allow Apple users to whisper to McVey public, offering effective alternative to talking text to growing numbers of AI users switch from keyboards to voice tapes.
For more than a decade, both Meta and Apple have invented heavily in virtual and augmented reality headsets with much more sophisticated displays that can impose digital content on to whatever the wearer is looking at. But cost and technical barriers must be the three products, while still on the roadmap, are still some years away from reaching the same market.
'The holy good is the next set of glasses, the AR glasses, where you get it full display,' said Anthony Geffen, chief executive and creative director of Atlas its Productions, which has worked with several Big Tech companies to make content for VR and AR devices. 'There
is no doubt to me that glasses are the next big platform. But we are two or three years away from the beginning of that phase.'
'You could explain using your phone'
To continue investing in that next generation, Meta needs to start generating significant revenues from its glasses. But for now, much of the income from its Ray-Bans goes to Eusfort, genetics.
The two companies' deal means that such partner recognizes revenue from the glasses it adds through income retail channels. Given the Italian eyeway giant's massive distribution network, it is booking the lion's share of smart glasses revenue. That means Meta needs to convince Ray-Ban buyers also to become paying subscribers for its AI services.
Meta has said some AI glasses features still require a subscription to access fully, beyond certain usage limits. But it has put on held a plan to charge users for extended access to 'conversation focus', which amplifies voices of people in front of the wearer to local environments, after a backlash from consumers who saw it as a payroll on a previously free feature.
'AI will become increasingly useful, increasingly personalized and increasingly agentic. The best assistant is not the smartest one. It's the one that knows you the best,' Hinnel says. 'You'll see a trend to bring more and more of that into wearables.'
Meta is also testing 'super sensing' glasses that would continuously collect audio and take photos every few seconds, acting as an AI-powered memory aid, people familiar with the matter told the FT last month.
'Companies have an incredible ability to push these tools out faster than society can meaningfully acclimate to the threat'
The feature could be activated on existing glasses via a software update, without thumbstaying the indicator light that currently tells others that the device is recording, these people said. Meta declined to comment on 'internal prototype'.
Another potential feature that has provided a literature of controversy even before its release is the ability to use AI glasses to recognize who the wearer is looking at. In June, Wired magazine uncovered code for a facial recognition system that was embedded in Meta's smart glasses platform but unreleased. The company later removed the system.
Campaign groups including the American Civil Liberties Union and Electronic Frontier Foundation called the idea 'dystopian' and warned it could be used to identify and stalk victims or 'co-opted for police surveillance'.
Hinnel argues that such features could be 'useful in specific contexts', such as for blind people recognizing friends in a restaurant. 'You can then think about releases of similar technology,' he says. 'You'll think one of the things that we're working very hard to do is figure out how to deliver tech in useful moments to the right communities while also preventing abuse.'
As it cracks down on mission, Meta recently updated its glasses to disable the camera if it detects users trying to tamper with the LED that fights up when the Ray-Bans are filtering.
Hinnel adds: 'We have to look the ability to recognize any person in the world, whether it's from a wearable or a phone or holding a laptop up to them, is a feature that literally nobody wants and is not something that we have interest in providing.'
For more, the reality of AI glasses is low, dysfunctional, according to Jiljashvili, who owns a pair of Ray-Ban Meta glasses. 'There are signs of this being very useful,' he says. 'But everything takes a bit too long and it's a bit too inconsistent, so you can't go just using your phone.'
Not everyone in the tech industry is convinced that eyeway is the best way to access AI. Carl Psi, chief executive of London-based consumer electronics start-up Nothing, claims today's smart glasses have 'very high returns rates and very low returns.'
Nothing, which makes a range of smartphones and headphones, had been working on smart glasses of known but shelved the project, Fri says. It continues to work on other AI-mathed devices: 'We just couldn't find a really strong value proposition [for glasses] and I don't think anybody else has found one yet,' he says. 'The AI features are barely used at all. That will change as voice agents become more capable, but we're not there yet.'
EL/Met's market share is expected to decline as the smart glasses market expands
Source: Barclays Research
Monday 24 August 2026
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Monday, 26 August 2026
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FINANCIAL TIMES
"Without fear and without favors"
Pt. Lore Spyridon
Trump's South Korea snub raises questions in Asia-Pacific
Scaling back military exercises has undermined faith in America's reliability
Phoenands of South Korean and US troops were this work supposed to be continuing (i) days of military exercises intended to demonstrate readiness to defend against an attack from North Korea. Instead, the troops packed upon Friday day free - after Donald Trump announced on the eve of the drills that he was scaling them back as they sent a "hostile" signal to a country that he said had been "unthreatening and respectful" during his presidency. The president's news appeared part of a new diplomatic overture towards Kim Jong Un - which received an initial break-off from Pyeongang. But what came across as a snub to a key US partner provides further evidence that the US under Trump can no longer be contented on as a reliable city in the Asia-Pacific.
Trump has used the decades-old second exercises with South Korea long viewed by Pyeongang as a provocative - as a long-lasting ship with the North before. The president cancelled the drills in 2018 during his first administration, taking some US officials by surprise, before Trump and Kim met three times the vital period the unsuccessful talks on desattributaries.
But his new US towards Kuroi dictatorship in the North, at the apparent expense of democratic South Korea, is as shocking as it is puzzling. The North Korean leader has strengthened his position in the seven years since his meeting with Trump, giving him little incentive for over-calls. North Korea has substantially expanded its nuclear arsenal, even Trump then work claimed it now had "a new powerful" reception, but South Korean estimates are considerably higher. Kim has also dropped economic and military co-operation with Korea, sending troops to support Vladimir Putin's on in Ukraine. He has
insisted the will remains talks with the US only if Washington drop its insistence on desattributaries.
Trump's overture to Pyeongang has prompted speculation that he is seeking a diplomatic success elsewhere as he struggles to end his ill-mindred war against Iran. He also linked his downgrading of the exercises to South Korea to Seoul's refusal to provide military assistance in the Middle East conflict.
But in stark contrast to his treatment of Tehran, the US president appears to effect to be rewarding Kuroi defence at a moment when the North Korean leader's rhetoric has become increasingly hostile towards South Korea, and his military has acquired modern but fielded experience in Ukraine.
The president's treatment of Seoul is becoming concern across Asia-Pacific about US reliability under Trump as the regime confronts an increasingly assertive China. Just as his erratic policy is comforting defence arrangements in Europe and the Middle East, it should be
The president's erratic policy should be an incentive for democracies in the region to strengthen mutual relationships as far as possible and create that even security frameworks.
an incentive for democracies in east Asia to strengthen mutual relationships as far as possible and create their own security frameworks. It makes particular sense for South Korea and Japan, which have clearly aligned interests despite their difficult history, to co-operate directly and loosen their reliance on America as the thing.
If Asia-Pacific democracies take more responsibility for their own security that may be one positive spin-off from Trump's behaviour, Current US policy, however, is leading it harder for both South Korea and Japan to ignore the once video questions of acquiring a nuclear deterrent. The debate remains at an early stage, and both countries are signatories to the Nuclear War-Profiler after Trump. But the fact each takes an important step in the formulation of the US policy under Trump - despite the untrodden problems in contrast to an and North Korea's nuclear programmes - now risks understanding decades of non-profiltration efforts elsewhere.
Opinion Society
Why is the far right so obsessed with knights?
Elise Morrison
A sure sign of a lunatic, according to Umberto Eco, "is that sooner or later, in brings up the Templars."
If Eco is right, you don't need to look hard to find examples in Britain today, among the crowds at football games, political rallies and marches. With red crosses spliced across their gown while tunes and plants, their mail calls on their heads, the imagery of the Templar knights, a medieval Catholic military order, has been increasingly so opted by the customs power for right.
References to be symbolism have become increasingly common in far right spaces on platforms like Swiss gouts, Reddit, YouTube and Arban, more of this content is innocent: such by bitterness discussing the history of the knights: but on the extreme end
Parts of rightwing discourse offer a picture of a Christian society under siege again
are social media accounts that swap white supremacist and anti-Muslim politics in the remnant real imagery of holy war, medieval chivalry and Christian martyrdom.
The phenomenon became so disruptive that in 2022, Fifa housed the 'crusader container' being seen in the 1990s. The 1990s, especially for matches against Muslim majority countries.
These costumes are sometimes housed as "harshies but" or as a patriotic homage to its foreign, an early Christian society who became patron saint of England. This creates greatest life desirability, allowing extremists to prevent a more innocuous feast to the public, while simultaneously communicating no aggressive, socialised ideology to those who are tuned into the side-offness.
What is being signaled requires an understanding of the broader historical context.
This is not the first time the image of the knight has been used by extreme political groups. Twentieth-century buccus movements, including the Nazis and the Ku Klux Klan, relied heavily on imagery of them and other medieval Christian symbols.
But who were these knights? And why has the far right adopted their imagery?
The Templars have their origins in the capture of invaders in 1899 during the First Crusade. Growing numbers of pilgrims flocked from Europe to the Middle East to visit the Holy Land but the crusades had left the rosters to the city incredibly dangerous. With the threat of raiders and bandits, the French knight Hugh de Payne assembled a group to protect the pilgrims.
Early on, a branch of the order was established in England and endowed by the Crows and nobility with significant origins. It was based in London in the area now known as Temple and became a notable part of England's political, religious and financial life.
Historical evidence suggests the early Templars were given and dedicated to protecting others. But as they grew in popularity and wealth, their activities gradually drifted from their original mission.
By the end of the 1850 century, they held property across Christendom and a huge fleet of the Mediterranean exerted political power in royal and great courts, and established a powerful banking network. However, from 1587, members across Europe were selected on charges of heresy, and in 1513 the Church submitted order must be dissolved.
More than 700 years on, imagery of the Templar remains alive in sections of the popular imagination. Having cropped up over the decades in film, TV and video games, most famously in research (read, Endless have and The Re You) tale, the most common where absorbed into myths and conspicuous, that it founded the Freemasons, guarded the Holy Grail, even that it secretly unreservedly.
More recently, it has gained a particular cultural purchase. Parts of rightwing discourse offer a picture of a Christian society under siege again, echoing the myth of experienced who went to battle for a Europe opportunity under attack by Islam.
Unfortunately, the appropriation of these symbols is not usually the harmless has and simple barrack for its foreign that is claimed. It can signal a mere sinister desire to return to legitimate white Christendom.
Despite the fact that historians have long understood the gold separating medieval and modern conflicts, extremists continue to align themselves with imagined ideas of the past. Whether it's the costumes of the KKK or the Templar symbols and crusader dressing up of today's far right, Eco's disguised still remnants.
The writer is a PhD candidate at the University of Cambridge researching medieval culture and contemporary society
Letters
Woke used to mean being alert to prejudice and discrimination
Japan's islands argues in "Why must a social idea be woke?" (Diplom, August 17) that capitalizes "emphasizes the individual." What he doesn't acknowledge is the reality that, even centuries, capitalist exploitation has often systematically suppressed that individuality and the entrepreneurial spirit it was meant to listen.
Gannett and others have seen that many socialists, particularly those who always rejected Soviet communism, explicitly promoted individual emancipation, but through parliamentary means.
That actually defines what we describe today as "democratic
socialism", at least in Europe. That emphasis on individual freedom is probably why it was only to vary to link the economic and social aspirations of socialists to the original US civil rights-related meaning of "woke".
From the 1850s it meant being alert to prejudice and discrimination and in favour of mutual respect, civilised conduct, foreign rights and citizenship. That, to answer Gannett's headline question, is why socialists are generally willing to be that kind of "woke".
In recent years, however, something called "wokeless" has, superficially and self-indulgently, been propounded as "socialism" by some in the posturing
left and, once constantly, by the right, for example, the Democratic Socialists of America would now be offering the historic version of "woke" if they had stuck to the principles of their 1990s founder, my friend and comrade, Mike Harrington, but, with exceptional work as Service Sanders (when he loads rather than follows) and Defense Sanders (who actually is more on practical public needs and policy responses) too many haven't done so.
Instead, "woke" has somehow untranscriptioned into an abusive alternative by some on the left and a disastrous result by the right. By exploiting the grand title of "whole",
many leftists, thankfully not all, have made their "wokeless" time a tiresome, but might become so much more hard plain dull on a bad, gesture fades, what filled day. "Instead the police" is a case to point: the privileged will always have powerless; the one would be breath, Ahmed.
And absolutely alloture! That means the original state of the world. Please instead of having it so copied by a gift, exploitative apparent who can, or will, leave office on schedule, as per the Constitution.
Hellcubine, as Gannett says.
Neil Kimmich
House of Lords, London SW1, UK
Don't pay consultants if universities can do the job
Eliodoro Krain and Lucy Fisher's report ("US government to pay $3780; and $17 up to £45000 to train civil servants", August 15) prompts an obvious question: why is a consultancy being paid to arrange teaching that universities already deliver?
$3780 has held the prime contract: let civil servants be paid over $555 a four-year deal worth £27/ton, then a further £225/ton, and now this.
It all sits hierarchy with a government that pledged in 2018 to have consultancy spending and save £1,200. The Caldwell Office replies that this is training, not consultancy - the very reclassification that the Public Accounts Committee criticised in March as under reporting rather than reducing.
The policy is also defended as a mopage until a new national school for government service. In predecessor was abolished in 2012 to save some 10% of them, having saved 120,000 a year for run. The mopage will cost roughly 10 times what it replaces.
With half a million civil servants, we all know that this will end up with online training modules that cost taxpayers almost £500/ton. I am money if you do it.
All this at a time when successive governments shake the life out of our nation's universities: tuition less fixed for a decade or so now less money. Level 7 apprenticeships withdrawn, mean it's better than cost.
Workers include those who are also on the obvious alternative providers. The offer should be disaggregated and tailored to different parts of the civil service. That means several regional providers, several curricula and deep-sector partnerships - facility for a process that uses a 60mm contract but needs more likely to work. Consider five officials at the same grade: a statistician at the 1991 in Newport, an economist at the Department for Work and Pension in Sheffield; a compliance level at 100% because it's interest in college, a re-charge person at the Department for Environment, Food & Food Affairs to look and a commercial manager at Defence Equipment and Support in Bristol. The only thing they share is an employer.
Government has got to stop wanting to work in the community high margin grants: intermediates to buy in 'no college'; small companies directly from the starving universities that already provide it.
Amanda Goodall
Professor of Leadership, Intern Business College, University of London, London E13, UK
Andrew Howard
Professor of Economics and Behavioural Science, University of Warwick, Coventry, Warwickshire, UK
The winner of a half marathon for humanoid robots, Beijing, April 2026
Scots regeneration tool that England is now adopting
Your editorial "Can feminism save Britain's high streets?" (PT View, August 19) is a further example of how the media and politicians address a symptom and are the cause.
High streets are a reflection of the world's crisis, half high street decline is merely a symptom of deeper structural issues in the local economy. The prime minister should focus on saving Britain's towns and by doing so he will in turn create thriving high streets.
While England has tended to have a high street in cities, the public will to learn from Scotland, a "nation of terror", and昆侖ers' backing of the Scotland's Towns Partnership (Handsled in 2012, a year after the Porton Review in England), which has created positive impact across the region by having a baseline of data on its towns called Understanding Scottish Places. This online tool allows local authorities, businesses and communities to assess the unique functions, interdependencies and needs of individual towns, enabling for more targeted and effective regeneration strategies.
As of September 16, I am pleased to say that England will have access to an Understanding English Places online tool that will provide key stats and facts on all 3,401 places in England with the population of 1,000 or more.
The debate needs to shift from the high street to the town, as high streets don't create healthy towns; healthy towns create vibrant high streets. Only by having a detailed understanding of towns can you keep to sure Britain's high streets.
Matthew Hopkinson
Manager, Professor of Practice at University College London and Co-creator of Understanding English Places London W12, UK
The Commonwealth should call out Zambia
Zambia has changed its growing party peacefully. Never times since the multi-party era began in 1991 and has never suffered a coup, it was Africa's example of resource wealth and stable democracy containing.
Yet just a day after Zambian went to the polls in an debate ("Zambia's mission becomes battle over rages," windfall?, Report, 17, even, August 17), security forces called the Lusaka home of opposition candidates Brian Mandelkin, alleging a military plan to seize power.
A former minister inside the building, Matthew Kalwany, was shot, though the government spent five days sleeping it. Police have since confirmed Kalwany's death, identified by his family.
Eleven people raised that night, including an Anglican bishop, remain in custody without charge, defying Zambia's constitution. Mandelkin himself was a domestic hiding, rejecting the militia allegations as life's union.
The 1976 human rights that fell in a great Zambia to stop arresting people arbitrarily, formerly International had documented this positive before the vote, warning that Zambian authorities were using the law to criminalise, dissent and allows independent media. Zambian conduct since the doctrine should prompt the Commonwealth Ministerial Action Group to open a formal review.
Between Scotland, then Australia and other countries' general, used her good officer to free Hahamile Hailabees, now Zambian president, from its call in 2017.
Scotland's successor, Shirley Butchney, should press just as hard for a review into Hailabees's own government without further delay.
Hailabees courted the international community for her year in behalf of Zambia's reputation as a stable democracy: that reputation is what the past work has put in doubt. Richard Shaw
Zambia specialist,
Sophid, East Sussex, UK
A memorable send off
Reading Craig Colwell Work & Careers column "The art of the goodbye of England," (Ephesus, August 17), I was reminded of a colleague's response to me when I said that sadly I would be leaving the company. I had had eight really great years working there. He directly replied: "Nobody cares when you leave."
Here are, it wasn't a mean really. It was a well interstimated and honest way, and all the most memorable one for being so!
Neil Allison
London SE18, UK
It's cold how we wish robots to look and behave like us
In a curious and often humanist observer of humans, I am puzzled by humanity's obsession with humanoid robots, as if the human lives were the ultimate perfection ("Humanoid robots haven't turned their validation", Leta, August 20).
Sure, robots have to navigate a world of and be more familiar with, not give them, say, six arms (don't tell me you never worked you had a third hand while doing a complex project), even cameras all over their bodies for better spatial recognition, but that morph into wheels when more practical, and what about doing job before the easier movement? For millennia we have imagined humanoid gods, and now we seem to be bringing ourselves to humanoid machines. The inequality power and the artificial intelligence are there to control such superior forms of a pair our lack imagination that is holding us back.
Jens Schmuel
London N5, UK
Peruvian anchovies and visuals run in with it Yoko
Raj Manzi ("Oktome, the oil crisis, and the US exudative report has"; Letters, August 17) is correct to cite the damaging effects of the US embargo in 1977 on exudative reports to Japan.
Rather than grain exports to the Soviet Union or the oil crisis, however, the cause was the dramatic reduction in the human country's impact in the US resulting from an El Nilo event in 1973.3.
America's reliance on these fictional impacts led to its restrictive trade practices on homegrown exudates, the most immediate parents of children at the time of the 1980s.2
Such chimes,! El Nilo efforts have never even met one of the occasionally bruising alliance policies of the Wana administration.
Richard Moon
Edinburgh, UK
When viewing the Marbles contract is everything
An Michael Vashkinian opinion piece "The Scorpio Tapestry loan is a model for the Parthenon Marbles" (August 18). The Marbles contract is a "Marble Andries Apostoles." UK should not surrender the Parthenon Marbles" (August 18). I would just add that seeing the High Marbles and of context in Zambia for her heartly campuses with the short wonder of moving the Marbles contract between its debtors. We considered the few very reasonable and the reward quite extraordinary.
Content is everything.
John Hamilton
Whitehawk Hill, Oxfordshire, UK
Monday 24 August 2018
FINANCIAL TIMES
21
Opinion
Healey's first Budget is a chance for radical change
Jeremy Hunt
John Healey won't have had a restful summer. It's true that much every six chancellor knows it's the best job in government — including some who became prime minister. But chancellors are defined by Budgets and Healey's not October 2016 को particularly nightmares.
The true war has eaten into much of the headwaves. On top of which this chancellor knows, the most commonest is defence, as does his boss Andy Burcham's social icon. If defence spending is to reach 5 per cent of GDP by 2030, it will cost an extra £100m a year. This cost reforms could cost the same again if they tender to build on the low personal cost per person in the 90th.
At the same time, Healey will be a society aware that his predecessor Rachel Frenow's business tax rises back. But, in Britain the causes he and his team
will have been frantically searching for economically acceptable tax rises or politically acceptable spending cuts. The problem is that these officials were doing the same thing for Reeves just months earlier — and he is also the
Let's put aside welfare reform for a moment — little suggests Burcham is willing to take on his 80% on the issue. But are there other credible changes that could release resources and reduce the need for damaging tax hikes?
One area worth building at a public sector productivity. The public sector accounts for one 80% of US output has, according to the Institute for Fiscal Business, its productivity declined by 15 per cent every year, the US's total of 2019. The picture has improved since they lost its still below per paediatric levels.
This is directly connected to Britain's debt problem because the presence to fund public services is one of the main causes of deficits. Improving their efficiency would be a major factor in the analysis I published in 2015 showed that if public sector productivity increased 16 per 10 per cent a year, the UK's national debt would stop becoming an proper
tion of GDP. That is much better than the 270 per cent of GDP the Office for Budget for approximately says it will reach by the 2070s on the current trajectory.
But could it be done? No one disputes the scale of public-sector inefficiency. The civil service has expanded by a third in the past decade as ratification with public services has fallen. But even though the private sector has been rain-
New believe politicians who promise efficiency savings. But it could be different this time
ing productivity at a long-term rate of 7 per cent, low before politicians who promise the 6th gold of efficiency savings, 6th spending plans were decided on. They'd fished. They there are good reasons why it could be different this time.
The first is 44. The revolution in efficiency it will bring is no fantasy — it is already happening. Microsoft estimates it could ultimately increase productivity
ity and growth by an additional 2 per cent a year, but it has also in the game. A prefer the more cautious approach of French Nobel Prize winner Philippe Aghion, who says additional productivity growth will be around 1 per cent. Suddenly the Treasury's 67 per cent increase doesn't seem so impossible.
The second reason is that the UK's biggest public service, the NHS, is already pretty much delivering what's needed. In my 2018 budget 2 per cent 1800 £2.4bn for upfront technology investment in return for a productivity commitment of 2 per cent a year. The latest figures suggest this has been beginning, at least in the sector sector. There has been even more of the change in agencies such as the Passport Office, now recognized as one of the most efficient in the world.
Such a plan would not be a result of the familiar Whitehall hear traps. Any 44 transformative will need capital spending up front, something the Treasury is famously reluctant to release. But if this commitment were linked to revenue savings in the longer term, it would release headwaves for the chancellor's
addition, we need to overhaul how productivity is measured. Shorter NHS is taking place and hence other costs are important public benefits. But to have an impact on public finances, a good proportion of improvements need to involve cash savings. Any plan would need to track both types of gains.
Adopting a 2 per cent annual productivity target across the public sector for the next decade would be a major endeavour, requiring Burcham's buy-in. But taking the plunge would release a lot of money for defence or social care. It would also have other advantages: the UK would be a global leader for 44 adoption in public services and not eroding public sector and overcome far more responsive. Most important, it would tackle our longest-standing barrier to growth: low productivity. The public sector is also the part of the economic over which ministers have most direct control. Why not start them?
The writer is a Conservative MP and former chancellor of the co-league. He latest book is 'Can We Be Rich Again' The Surprising Potential of Britain's Economy
Europe can do better than US-style air conditioning
Carlo Ratti
This summer, as temperatures across Europe hit record highs, a familiar world-class machine functioning levels that the continent most abandons its resistance to air conditioning and follow America's example.
It is hard to ignore the rationale. Heat out with vage productivity, it also disapproves the future. He can't cut it down the 'stops of the world's air to take it to value with people. But Europe should think before it adopts rationale the 'shipping box' system that already exists. There are far better ways it can cost itself down.
These designing issues on buildings remain the world's most free existence in 1992, when a young engineer, Willis Carrier, built his first 'apparatus for treating air' for a Brooklyn printing plant. Since then, they have been replicated on buildings and roofing millions of times. However, the basic principle has remained from the same number: a refrigerator turned inside out, spitting but air outdoors while bringing a welcome chill indoors.
But that principle has a problem. It does not reduce heat so much as move it, pushing it out of buildings and into the centre. The heat covers more more cooling is required, producing more heat. As the temperature rises, the system has to work ever harder.
The way out of this loop is to exchange heat with the ground of the water instead. More great cities were, not by accident, built around labor, more or the sea, with the water acting as a ther-
Systems that use water to store excess heat can be scaled up to whole city blocks
mal reservoirs, holding temperatures relatively stable throughout the year.
Such systems can work at the individual building level. But the use of water to store excess heat can also allow them to scale up to whole city blocks. One of the largest district cooling networks in the world is Frankfort de Paris, which would allow the company's personnel to continue deliver only water from from the future. Another expanding system is in Geneva, which uses the city's lake (despite a problem with invasive network that has been configured with mechanical pipe scraper). Rather than millions of per cent systems competing for electricity and pumping out waste fuels, it is just enough the total energy available to the city to power through a shared network.
Water can do more than carry heat away. In some advanced systems, it acts as a kind of 'thermal battery'. When electricity is cheap and abundant, water is rallied and stored when temperatures peak, that stored coolness is released. This takes pressure off electricity paid, even as by air conditioning.
None of this is a total solution. Every cooling system has its limits, and buildings can be made in its much of the work with better planning and ventilation, well placed shading and reflective work. From matter too, Research, including our own with the Dubai Future Foundation, has shown they can meaningfully lower street-level temperatures.
The most common, then, is a natural system, on unfounded level that, with respect to local temperatures, occupancy and demand, and algorithms deciding when to produce, store and distribute cooling in stop with the electricity grid.
Both the way cooling has all become an industry to be won. Cutting-edge engineering is a better where Europe still has promise strength, after all, with excess like founders, bench, Schroider Electric and Inter Cellum.
Carrier's case up with a way to cool the air, and the air is easy for the world went with it. Europe now has the chance to do something different and more ambitious. Frankfort de Paris could become Frankfort in Munich not a fallback for a continent playing catch-up, but a system designed for a warming country and ever better demanded.
The writer is a professor at MIT and Williamson at Milano, and founder of Carlo Ratti. Kuwaiti
How climate is driving new geostrategy
RANAH Rana Foroohar
Everyone knows climate change is a risk, especially during a summer when Europe is experiencing yet another record because Canadian forced forest fires have covered large swaths of North America in a dangerously smoky ham and Asia is suffering a whipshade of drought, flood and typhoons. What is less well understood is that climate change has already become the most systemically important geostrategy force.
Consider the launch earlier this month of a weekly Arctic 'Ice Silk Road' shipping operation, run by a Chinese company, which will cut the usual recent rosters between Europe and China. In total, 1986 in part of China's Polar Silk Road strategy, launched in collaboration with the data in 2015, which will integrate the Northern Sea Roots into the Belt and Road Initiative to run on China-ahmodest trade and supply chains. As the Arctic racks, it presents new and very attractive alternative to other shipping chainpoints such as, say, the Panama Canal.
While the heroes has become contentious for geopolitical reasons, the latter is suffering more lately from the effects
of climate change. Strong a period of drought between 2021 and 2030, low water forced restrictions on the number of vessels that could pass through the Panama Canal, reducing trade volumes by 10 per cent from the previous year.
The same thing is happening elsewhere. In Europe this summer, shipments across the Rhine and Danube have been slowed or even halted, as water levels in these rivers have reached record lows thanks to a continental hurricane. In Indonesia, a nuclear power plant could by the Danube was shut down. Carmakers in the country, including food and foods, halted production to new energy.
It is easy to imagine other countries following suit (Strategy) has already narrowly avoided global shutdowns, given that higher than usual temperatures are provided to continue into the last and future as a strategy. Also normal EUMEs cycle brings more extreme weather. This could trigger gold issues across Europe. Likewise, in the US, the largest lake reservoirs in the country near the Colorado River, are drying up and endangering themselves power.
Already, the world's new city should be drought will lead to lower crop yields and global food price inflation by next year, which would of course carry its own risk for monetary policy and asset prices. No wonder there were a record number of climate terms mentioned in European company earnings calls this summer.
Climate change will ultimately reshape markets, but it is already
reshaping geopolitics. US President Donald Trump's obsession with Greenland may be extreme, but smart people in both sides of the aisle in America (not to mention Canada and the North nations) are paying a lot more attention to the High North. A melting Arctic has got China in the backyard and curtains a new strategic competition for trade routes that run all too close to Russia. Likewise, European supply chain disruptions aren't just an economic issue but a strategy use — river transit is crucial to the autonomy of a continent under political pressure from both China and the US.
Such data is arguably most vulnerable to climate change due to geographic and densely populated coasts. But China — playing the long game as always —
As the Arctic melts, the route presents a very attractive alternative to other shipping chokepoints
found strategic advantage in the challenge. It has bolstered its maritime industries and shipbuilding capacity, a huge advantage not only for control of global logistics, but also an obvious edge in a world that will increasingly be underwater.
When the world eventually transitions from fossil fuels to urban torts, China will be the main economic beneficiary. The country produces most of the world's electric cars and lithium battery cells. Beijing has ringboard many of the rare earth minerals needed for both clean fuels and defence. This means not only industrial power, but potentially also nursery power, function in control of energy, as fuelled as water, convey growth and buoyed the dollar. In the coming age of green technologies, China may enjoy the same advantages in the 21st century.
As the financial markets themselves begin to better price in the implications of climate change, the winners and losers will become clearer. Anthony Hobley, a UK-based climate change strategist, has written that 'most investment
decisions are still made as if climate change is not happening', not as much because of denial but because there is still a 'missing translation layer' between climate data and the language of capital'.
This means that, despite all the talk about ENI, the way in which capital's climate price climate risk — and climate opportunity — is still relatively unweighted, and if not of this is about the immense business model, which is built on 12-month renewal cycles, rather than, say, a 20-year forward price curve. Then, there are the future discount rates for capital projects, which can make potential risks. Singapore and Japan are also an industry indicator in today's industry, as the industry puts it: 'When climate risk is modelled as a 2030 scenario, it sits in a timestone where any reasonable discount rate would not away'.
The planet is also at risk of being washed away. As markets better price than reality, it will carry its own geostrategic implications.
rana.foroohar@i.com
Why every French politician is now a Gaullist
Sylvie Kauffmann
Almost six decades after he left the Dunes, having beat the French nationalist in 1960 in the aftermath of the 1968 upheaval of Charles de Gaulle is winning a fascinating posthumous battle. In best than three months, self-leaned people, mostly down by word of mouth, have flushed to cleanse in France to watch a two part film which his fight to save France after it collapsed under Nazi Germany's assault in 1960, right until the liberation of Paris in 1964.
The enthusiasm around La Katoliki de Gaulle — written and directed by Antonin Bandry, a former diplomat and once speechwriter for Dominique de l'Espagne, foreign minister from 1870 to 2004 — says as much about the excellence of the Algeria in it does about the current French state of mind. It is about
the stubborn vision, the passion, but also the without end, yes. Rivière of madness of a 20th century free Quince who rejects the idea of defeat and goes to London with only a facelight of comparison to organize the resistance. This group often and himself, his declarant in Winston Churchill without a hint of doubt, are 'In France' unlike the biographic culture in London sitting in it.
In fact, de Gaulle has never really left the political scene in France, which is still ruled by his 1950 constitution. But, fittingly, the revival of his legendary role in the second world war coincides with an increasing number of claims to his political legacy. From called left to far right, suddenly every French politician is a Gaullist. Churchill must be turning in his grave with even 'nagle-Gaullism' bursting into the British debate.
He may not be the only one. De Gaulle himself would hate the idea of Rivière La Fea, candidate of the far right. Raaschikimont Nationalist best year's French presidential election, quoting him of nauseous as if she were his natural heir and pledging to see one of his tools, the referendum, to enshrine her
anti-temperature views in the constitution. Her appropriation of de Gaulle's legacy has been part of the strategy of 'de-dimensionate' that she launched, with nationalist success, when she was over the party from her father in 2011. By 2020, she was celebrating 50 great fanfare the 80th anniversary of the legend of Jean M. through which de Gaulle, as the BBC, called on the French to resist.
His biographers reel at today's far right praising his sovereignism and halting him as a nationalist icon
This is no small feat given the fact that Le Petit party was founded by a group of men who have been opposed de Gaulle, some of those former Waffen SS or pro-French Algeria extremists. Jean Marie Le Pen himself, in his memoir is described the general as 'a fake great man' and 'a heartfelt source of pain for France'. De Gaulle's biographers reel at
today's far right praising his sovereignism and praising him as a nationalist icon. His idea of a sovereign French critic is point out, was of a country open to the world, not a unexplained, inward looking nature. Jean-Luc Mélenchon, leader of the far left party France Unbound (La France Innounsee) has paid tribute to de Gaulle for being 'unbelievingly' unbound during the war and to his pro-state policies.
A more subtle message emerge from the film about de Gaulle's idea of France and its relationship with great powers. Against all odds, he wanted his country to survive in selfish independent. But how do you do this in a war when your life depends on help from Britain and the US? One of the most called about episodes of the film deals with his contentious relationship with President Franklin Roosevelt, who not only bathes him back in the courtroom of that France is finished.
In 1943, 1949 toyed with the idea of carving up France after liberating it, to create a buffet rate called New Wallonia, incorporating Belgium and about a third of France. Debiated France would
be administered by the Allied Military Government of 40 octapied Territories. Anthony Kline was horrified after hearing of the plan during a dinner at the White House. Though his idea was never a formal project, the film shows de Gaulle's didactic at the sight of the map of New Wallonia and of the US-made businesses intended to be the future currency of France.
This certainly strikes a chord among French audiences. In recent years, director Bandry has talked about his ambition to contribute to France's own narrative of the end of the second world war, as an alternative to the dominant American culture of France. President Donald Trump's attitude of Ukraine's President Volodymyr Zelensky is in the Out of Blue, but year has remained firm of a some few but dear adults, of de Gaulle being condemned to meet Roosevelt in Casablanca in 1943, with secret service support, production and forfeited the curtains. Today, he says, cameras have replaced subjects. America is not done with Don Quixote yet.
The writer is a columnist at Le Monde
22
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Monday 24 August 2026
The CEO
Euronext chief: 'I don't have any close friends in business'
NIKOU ASGARI, WORK & CAREERS
Meet the nepo parents following in their children's footsteps
Emma Jacobs Business Life
I be football transfer window is push gossip. Much speculation has focused on the future of Arsenal's Myler Lewis-Bedly, including whether his mother, Marcia Lewis, is talking to other clubs. 'Arsenal has used to call out (about) his nieces,' said prattle and former Arsenal player Ian Wright. The young man's mean is far more big. She previously worked for banks as a training specialist but, after discovering her son's talents, studied for an 18th in football business and registered for a 21st agent license to better understand the industry, the set up an organisation to help parents navigate through sports business and negotiated her son's contracts. Other parents have made similar moves into their AMA industry. Twenty-six-year-old Larry Barber, feted by Hollywood for writing and directing theonian, the horror movie that has reportedly become one of the year's most profitable films (halfing to me), has been followed by his father. Jeff Barber's announcement that he was making a short psychological horror film, Mullum dies, led one outlier publication to ask if the project
would "stand on its own merit or will audiences decide he's just riding his son's coattails?"
Canadian and actor Jack Whitehall has spoken of his parents, who "became famous off the back of me". Kenneth Bangarathan, has turned his mother, Stuart, into a star by featuring her on her TV shows and podcast.
Hollywood is rife with nepo babies (AEA nepotism babies): actors, directors and singers whose careers have been helped by famous parents, and who come in for some flak.
Gwyneth Paltrow (daughter of actress Blythe Dunner and director Bruce Paltrow) has talked about being "extraordinarily lucky to be given opportunities early on, probably partly because I'm one of the original nepo babies."
For the first and last time, allow me to compare myself to Paltrow. My dad was a journalist. Growing up around
This trend might become more popular as working life extends and people contemplate mid-life career changes
newspapers and hearing him discuss work was a huge advantage, though I get into the FT through an advert in the newspaper (unthinkable today). I worried about being in his professional shadow and really only found my feet after he died more than 20 years ago. Journalism is full of adult children who followed their parents into the job — so too plumbing, farming, policing and teaching. Though it does not feel like it sometimes, parents clearly have an influence on their kids.
But resentment towards nepo babies in entertainment and perhaps promotions is partly explained by entry into these jobs seeming opaque and based on connections, while policing and medicine, for example, have structured paths. Perhaps the same goes for nepo parents?
Marc Freedman, founder of Co-Generale, an organisation that brings different generations together on work and social policies, has identified cases of parents following their children into professions among those "from more modest means" than celebrities.
This trend might become more popular as working life extends and people contemplate mid-life career changes, he says.
One mother, a nurse, went back to medical school to become a doctor at the same time as her daughter: "The lives of motherhood become truly blurred," she said, particularly when her daughter helped her learn to revise after so many years out of exams.
In the US, two profit-finger Chicago offers students and their parents or guardians the opportunity to pursue post-secondary education debt free to try to help upward economic mobility.
One mother and daughter using the programme, Marlbert and Hailey Morales, say studying at the same time changed their relationship, quoting them feel more like sisters or co-workers. Hailey has become more appreciative of why her mother pushed her at school, because she did not have the opportunity to pursue education.
Kelley Ingram, who is studying cyber security at Illinois State University, says his mother returning to education to learn marketing created friendly competition. Pity another bemused woman who followed her child into the police. She will, she insists, "be doing everything [possible to avoid] calling my own daughter ma'am".
emma.jacobs@ft.com
Legal tech start-ups put AI disruption in a risky wrapper
Learned friends
Venture capital funding for legal tech companies (2013)
owners of AI claim it will create jobs. It is at least creating new business models. Offerings are springing up that package
AI models into labour saving, industry-specific products, free of thins, legal tech specialist Logera, is gaining for a $10bn valuation. It looks like a wager that there are niches AI giants are too big, or bony, to compare.
Logera is one of many intermediaries to have spied an opportunity in verticals like legal, financial or real estate. They typically take a so-called foundation model, courtesy of OpenAI or Anthropic, say, and build a wrapper around it tailored to a given industry, seasoned heavily with relevant training and a user-friendly interface.
Their clients have little cause to gamble. Lawyers can hand over vast results of quotidian tasks in Logera such as drafting reports, researching and reviewing documents.
Depending on usage, it can be a lot cheaper: start-ups pursuing the "AI wrapper" model generally subsidize the cost of tokens — the basic unit into which AI tasks are broken — by offer customers monthly subscriptions.
Winning clients drives stocking growth. Logera has notched up seven straight quarters of 30-plus per cent
annual recording revenue (ARR) growth and splashed out as a string of acquisitions most recently. London-based Wexler, which specializes in litigation tech.
Hence the eye-watering valuations. Assume Logera's growth in the next two-quarters strips evidently to 40 per cent and this year's occurring revenue of about $500mm would, at the minimum valuation, imply a 33 times multiple.
By way of comparison, Clio, which focuses more on small law firms, was valued at 10 times ARR at last year's fundraising.
One risk is that revenue may dry up as their clients — law firms and corporates — apt to build proprietary models. Kirkland & Ellis is pooping up $100mm for its AI efforts.
Profit may prove eternally shateless, especially if wrapper companies shield clients from the real cost of tokens. A couple of months ago Logera launched consumption-based pricing for its latest agentic system. It remains to be seen how such pricing didn't still impact customer usage.
The other risk comes from the top. Both Anthropic and OpenAI are moving into legal tech, hiring AI legal branches ahead of upcoming IPOs, where investors will want evidence of real revenue. Logera has expertise in the law; its existential challenge is mastering the law of the jungle.
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制度与权力批判深度研判：Financial Times (2026-08-24)
▌ 本日全报思想与文化深思雷达 (Intellectual & Cultural Significance Radar)
在系统通盘梳理本期报纸所涉及的所有国际政治、经济、社会与文化报道后，以下 3 个具体事件在制度结构、权力技术与法理合法性层面最值得学者进一步深思：
-
【战时状态下的选举暂停与权力合法性】
[F14_28 🔍]（版面：国际版）- 事件简述：乌克兰总统泽连斯基拒绝了关于在战时举行选举的呼吁。
- 制度批判切入点：分析“例外状态”（State of Exception）如何从临时的危机管理转化为治理逻辑，以及主权权力如何通过定义安全风险来合法化对民主程序的暂停。
-
【美联储沟通策略的权力技术转向】
[F2_3, F2_4]（版面：主报深度版面）- 事件简述：美联储主席凯文·沃什在经济压力增加之际，寻求安抚投资者焦虑，其作为特朗普任命的关键官员，正处于政策制定与市场预期的关键时刻。
- 制度批判切入点：探讨金融官僚机构在政治任命压力与市场独立性之间如何通过沟通策略重建权威，分析技术专家话语在缓解投资者紧张情绪中的权力运作。
-
【高等教育金融化与债务结构的阶层影响】
[F12_23, F13_25, F13_26]（版面：专业栏目）- 事件简述：金融时报分析显示，罗素大学集团（Russell Group）校友在方案 2 还款下的平均欠款高达 52,412 英镑，其高债务反映了课程年限长及生活成本高等因素。
- 制度批判切入点：剖析教育贷款制度如何将学术抱负转化为长期的金融债务，分析制度设计如何通过还款方案将社会流动性的路径转化为结构性的债务负担。
▌ 精选核心专题深度思想论证 (In-Depth Dialectical Monograph)
专题一：例外状态的常态化：战时治理中的主权权力与民主暂停
在乌克兰当前的政治图景中，泽连斯基总统拒绝战时选举呼吁 [F14_28 🔍]，揭示了一个深刻的法理悖论：当“国家生存”成为最高政治目标时，民主程序是否必须被作为牺牲品？从制度现实来看，乌克兰政府面临的是一种典型的结构性两难——一方面是维持战争动员的行政效率需求，另一方面是长期暂停选举可能带来的合法性损耗。
从权力机制分析，这种将选举定义为潜在风险的行为，触动了施密特的“例外状态”（State of Exception）理论：主权者正是那个能够决定何时进入例外状态的人。在乌克兰的语境下，战时戒严令不再仅仅是一个临时的法律暂停，而是一种被制度化的治理模式。法律在此被工具化，它不再是限制权力的边界，而是权力在危机时刻用来确保指挥链统一的盾牌。这种制度逻辑的当代延伸在于，它创造了一种“危机治理”的范式，使得制度的合法性来源从“程序正义”（定期选举）转向了“结果正义”（战争胜负）。
专题二：金融官僚制的信誉管理：美联储的沟通政治学
美联储主席凯文·沃什在经济压力增加之际寻求安抚投资者的紧张情绪 [F2_3, F2_4]，这一行为背后隐藏着现代金融治理中权力运作的深层逻辑。制度现实在于，沃什正处于一个极度不稳定的三角关系中：高企的经济压力、全球投资者的焦虑，以及他作为特朗普总统任命官员的政治身份 [F2_4 🔍]。
在这种情境下，美联储的沟通策略实际上是一种精巧的权力技术。沃什必须在“政治任命”的身份属性与“货币政策独立性”的专业要求之间寻找平衡。他试图通过特定的沟通方式来重建权威，旨在将政治性的决策伪装成客观的经济推演。这揭示了当代金融治理的一个核心矛盾：权力试图通过“技术化”来逃避“政治化”。然而，当市场对官员言论产生极高依赖时，任何沟通的微小偏差都可能被放大为制度性风险。这种对“投资者焦虑”的安抚，本质上是金融官僚制在试图通过操纵信息预期来维持其对全球资本市场的掌控力。
▌ 面向学者的制度研究开放性追问 (Open Research Horizons)
- 关于“危机治理”的制度阈值研究：在现代主权国家中，由“例外状态”引发的民主程序暂停，在多大程度上可以通过法律机制设定强制性的回归阈值，以防止危机管理演变为永久性的治理模式？
- 金融官僚制中“政治身份”与“专业权威”的辩证关系：在政治任命制度下，央行行长如何通过沟通技术在政治压力与市场独立性之间构建一个“认知缓冲区”？
- 教育金融化对社会阶层再生产的结构性影响：当罗素大学集团等顶尖教育资源的获取与高额债务（如方案 2 还款）深度绑定时
[F12_23 🔍]，这种制度设计是如何在法律层面将社会流动性的承诺转化为一种针对高学历人群的结构性金融负担？
理性与情感辩证深度研判：Financial Times (2026-08-24)
▌ 本日全报生活世界痛感与情感政治深思雷达 (Lifeworld & Affective Significance Radar)
在系统通盘梳理本期报纸所涉及的所有报道后，以下 3 个具体事件在个体生命体验、情感撕裂与生活世界崩解层面最值得学者进一步深思：
-
【AI眼镜的“跟踪软件”焦虑】
[F1_2 🔍]（生活领域：科技与隐私）- 事件简述：AI眼镜的普及引发了关于“跟踪软件”的激烈争论。
- 情感政治切入点：分析技术理性如何将“全时感知”定义为效率与便捷，而个体则将其体验为一种持续的、弥散性的“被凝视”焦虑。这种焦虑不仅是法律意义上的隐私缺失，而是一种生活世界中“安全感”与“私密边界”的崩解。
-
【地缘政治创伤下的能源依赖】
[F15_30 🔍]（生活领域：战争与生存）- 事件简述：受伊朗战争削减供应影响，印度原油进口转向俄罗斯创历史新高，新德里每天进口超过 2.4mm 低-rem 的俄罗斯石油。
- 情感政治切入点：宏观的贸易数据背后，是具体国家在生存压力下的“被迫选择”。这种依赖关系折射出一种集体性的生存焦虑与地缘政治创伤，展现了宏观战略理性如何将具体民众的能源安全置于高风险的博弈之中。
-
【雅虎的“复古”品牌操纵】
[F4_8 🔍]（生活领域：文化与身份）- 事件简述：雅虎首席执行官 Jim Lannoue 试图通过定义公司在 1996 年成立时的“复古”地位，来吸引 Z 世代用户。
- 情感政治切入点：探讨资本理性如何将“怀旧”与“身份认同”工具化。通过将历史简化为一种“复古方式”的消费标签，系统理性试图在缺乏真实情感连接的代际之间，人为地制造一种虚假的“信誉感”与“归属感”。
▌ 精选核心专题理性与情感辩证论证 (The Dialectic of Logos and Pathos Monograph)
专题一：全时凝视的算法理性与生活世界私密边界的崩解——以AI眼镜隐私争议为例
在当代数字资本主义的逻辑中，AI眼镜 [F1_2 🔍] 的研发构建了一个典型的系统理性模型（Systemic Logos）：其核心逻辑是“感知增强”与“信息无缝获取”。在技术官僚的假设中，将摄像头与 AI 算法集成于眼镜，是为了消除人类感知与数字信息之间的摩擦，实现一种认知升级。在这种逻辑下，隐私被简化为一种可以通过软件协议或法律条款来管理的权限问题，而“跟踪”被包装成一种提供个性化服务的技术能力。
然而，在微观的生活世界中，这种理性引发了强烈的情感撕裂。AI眼镜带来的不仅是便捷，而是一种弥散性的、不可逃避的“被凝视感”。这种“跟踪软件”引发的焦虑具有极强的粘性。当个体意识到周围的任何人可能都携带一个隐形的采集终端时，公共空间不再是自由交往的场所，而变成了一个巨大的、无形的监视矩阵。这种焦虑并非仅源于对具体某次泄密的恐惧，而是一种关于“自我边界”被侵蚀的本体论不安。
Logos 与 Pathos 的摩擦在此处体现为：技术公司试图用“功能性”来覆盖“情感性”。他们认为只要产品足够好用，用户就会在情感上接受被监视的代价。但底层的情感反弹揭示了一种生存尊严的诉求——即个体拥有“不被数字化”的权利。这种对隐私的执着，实际上是对生活世界中“不可量化之部分”的守护。
当技术理性将人类的所有行为、表情、视线全部转化为可分析的数据流时，生活世界的“自发性”与“私密性”被彻底剥夺。这种“全时凝视”导致了个体在公共领域中的情感萎缩，人们开始在潜意识中进行自我审查，以应对那个不可见的算法之眼。这不仅是隐私的丧失，更是人类情感存在空间的萎缩。
专题二：资本理性的怀旧工具化与代际认同的虚构——以雅虎“复古”战略为例
雅虎试图通过强调其 1996 年成立的“元老”地位来吸引 Z 世代 [F4_8 🔍]，这一行为揭示了一种深刻的系统理性模型（Systemic Logos）：资本理性将“历史”与“信誉”视为可量化、可迁移的品牌资产。在这种逻辑中，时间被剥离了真实的生命体验，被简化为一种名为“复古（Retro）”的视觉风格或营销标签。首席执行官 Jim Lannoue 的策略是将公司的历史地位转化为一种吸引年轻用户的“信誉感”，这实际上是将复杂的文化认同简化为一种市场准入的敲门砖。
然而，这种理性在面对 Z 世代的情感世界（Pathos）时，产生了一种极具讽刺意味的错位。对于在 1996 年之后出生的用户而言，雅虎的“元老”地位并非真实的记忆，而是一种被建构的、外部的“历史景观”。这里存在着剧烈的辩证摩擦：系统理性试图通过制造“复古”来建立连接，但这种连接是缺乏情感根基的。它不是基于共同经历的共鸣，而是基于一种被精心设计的“风格消费”。
从话语温度差来看，企业的语言是战略性的（如“建立信誉”、“复古方式” [F4_8 🔍]），而用户体验到的可能是某种程度上的疏离感。这种撕裂诊断出当代消费社会的一种深度异化：真实的情感连接被“品牌叙事”所取代。当资本理性试图在缺乏真实情感连接的代际之间，人为地制造一种归属感时，它实际上是在用一种“模拟的真实”来覆盖“真实的空虚”。
这种对“复古”的操纵，标志着系统理性对人类情感记忆的全面殖民。历史不再是反思的基石，而变成了吸引流量的装饰品。在这种逻辑下，个体的身份认同不再源于对自身历史的探索，而源于对资本定义的“复古标签”的认同。
▌ 面向学者的伦理与社会心理开放性追问 (Open Research Horizons)
-
【关于数字凝视与公共情感的研究】：当 AI 穿戴设备使“凝视”变得泛在且隐形，公共空间的社会心理契约将如何重构？这种弥散性的焦虑是否会催生一种新的“情感防御机制”，从而导致公共交往领域的进一步碎片化与原子化？
-
【关于认同消费与历史异化的研究】：当资本理性将“历史”与“怀旧”彻底工具化为品牌标签时，年轻一代对“传统”与“信誉”的认知将如何被重塑？这种基于消费主义的“虚构认同”是否会削弱个体建立真实历史连接的能力？