THE WALL STREET JOURNAL.

DOW JONES

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MONDAY, AUGUST 24, 2026 • VOL. CCLXXXVIII NO. 46

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What's News

Business Finance

• Nvidia plans to use a $6 billion deal if struck last week to build one of the world's most powerful open-weight AI models, which would contribute with Chinese offerings. See DeepSeek and Zero 0.5. #1

• Investors will be paying close attention to: Jenson Heanig's comments at Nvidia's earnings call on Wednesday, looking for clues to the future of artificial intelligence. #1

• California's attorney general is expected to ask Paramount to divest itself of some cable channels and commit to keeping its movie studio separate from Warner Bros. before he approves their merger. #1

• A lieutenant of Mark Wärter played a key role in striking the financial deals in the Bridges: Garner's business empire that fuses drawn scudding from federal investigations. #1

• United Auto Workers members voted down on offer from Deere to extend its contract with the client by two years, setting up what will likely be a contentious negotiator for a new contract with auto. #1

• OpcoAI took a break from training new artificial intelligence models, saying it needed time to reusing security measures for risky "sandiers" that care. #2

• Walmart this week plans to introduce a new store brand of workers, clothing, bags and other accessories as part of it, push to appeal to younger, trendier shoppers. #1

• Racing engineers and technical workers rejected the set maker's proposal for four-year collective bargaining agreements and authorized a new plan for concerns are addressed. #2

Worldwide

• The U.S. and Canada received 10% what could become a new and acrimonious trade war after little cut against the most worldwide said wars now, but include demands by the other. #3

• Russian military officers flew to Kaliningrad to oversee roadways planning for a potential modification of the enclosed roadway's use of many such exercises being carried out nationwide. #3

• Iran's top politicians said the country needs to focus on ending the war and shoring up its erupted economy, pushing back against more-deficient fuel forces. #3

• Trump's investment accounts continued to actively trade individual trade in June, revealing they made more than 1,000 transactions, according to his latest government disclosure. #3

• Livemakers in several states are moving to crack down on "ghost job" advertising pushed by employers who have no real intention of filming the supposed opening. #3

• More British school teachers are skipping enrollment in top universities and opting instead to take up white-collar apprenticeships to finish such an consulting, finance, and law. #3

• A federal judge in New York vacated a Trump administration policy that countered the processing of state from 75 countries without continued Washington's formal likely to require public assistance in the U.S. #2

• Chief Young Scandalous: Baker, 94, former U.S. senator of Kansas. #2

CONTENTS Special... 2/8/17 Auto Workers... 2/8/17 World Astrologists Box Office... 2/8/17 Tobacco News, 2/8/17 Newsweek... 2/8/17 Newsweek, 2/8/17 Newsweek, 2/8/17 Newsweek, 2/8/17 Newsweek, 2/8/17 Newsweek, 2/8/17 Newsweek, 2/8/17 Newsweek, 2/8/17 Newsweek, 2/8/17

© 2024, Data, Inc. All rights reserved. All Rights Reserved.

Reno on Edge as Fire Spreads in Nevada

FAST MOVING: Some 90,000 people were told to evacuate as a wildfire advanced on the outskirts of Reno, Nev., on Sunday. Authorities said the Hawk fire, which began Saturday and quickly grew to 23 square miles, was human-caused and uncontained. #2

Nvidia Strikes $6 Billion Deal To Take On China Heavyweights

By EDWIN WINKLER

Nvidia plans to use a $6 billion deal if struck last week to build one of the world's most powerful open-weight AI models, one that would compete with Chinese heavyweights like DeepSeek and Zero 0.5, according to people familiar with the matter.

The chip guard's licensing deal with the AI startup Poolside is also set to present a direct challenge to frontier U.S. AI companies including OpenAI and Anthropic, since

open-weight models are generally far cheaper to operate and allow easy customization. Although Nvidia counts big labs like OpenAI and Anthropic as some of its closest partners, the move reflects Chief Executive Jenson Heanig's efforts to position Nvidia for success in multiple AI backgrounds simultaneously, ensuring the company is able to hold on to its dominant market position.

Poolside, which was founded in 2015 by Eise Kant, a software developer, and Jo-

son Warner, the former chief technology officer of GitHub, sent a letter to shareholders. That also announces a dramatic restructuring of its business.

Nvidia will invest $3 billion in the company at aенному valuation of $12 billion and, more significantly, will pay $6 billion to former President-technology and former head of its engineers, according to a copy of the letter reviewed by The Wall Street Journal.

Poolside's frontiers wrote that the Nvidia deal was

meant to secure a future where artificial general intelligence, or humanlike computer reasoning, "would not be a closed technology controlled by few but one built by many not in the open."

The startup's leadership—including Kant, Warner and operations executive Margarida Garcia—wasn't just Nvidia. #Timexnewspage.A3

● Nvidia results seen as AI test... #1 ● Inside tech companies' eye to quell backlash to AI... #1

U.S., Canada Spiral Toward Trade War

Carney responds to new tariffs with secrets on U.S., saying 'we got attacked'

By JESSICA GUZITTA

Sun-Sun Post

The U.S. and Canada over the weekend swerved into what could become a new and acrimonious trade war.

After weeks of marathon calls between trade officials, an agreement was now until the talks collapsed in Friday's 10th week, including U.S.-Canada relations into a tailspin and renewing questions about the future of the three-nation North American trade agreement.

Early last week, less than two hours before a date of new U.S. levies on Canadian goods were to go into effect. President Trump announced a "SEAL" at social media and a three-day delay to give officials time to complete the details.

However, shortly after 10:30 p.m. Friday, U.S. Trade Representative Jameson Greer and Canada walked away from the table and had made new demands, without specifying what these were. As a result, tariffs of 10% on 2/25 billion of Canadian goods, at about 5% of the U.S.-based exports, went into force after midnight.

The two sides blamed each other for the collapse in a trading relationship that involves $960 billion a year.

On Saturday, Canadian Prime Minister Mark Carney said the tariffs constituted an "attack" on Canada. "You're at #Timexnewspage.A2

INSIDE

PERSONAL JOURNAL Mira de)=-journalists are using 3-D printers to create replacement parts. #12

SPORTS LTV Golf plays what could be its final event as executives, with new investors. #10

Whiskey Bust Stokes Rebellion In Storied Kentucky Family

Scathing letter from two members of family that controls Brown-Forman accuses board of 'rewarding failure'

By LADIA GOURN

LOUISVILLE, Ky.—Each summer, the heirs to one of America's biggest lajaze fortunes gather in the heart of fourteen country for a family pulse. This year there was much to discuss and little to celebrate.

Profits are shrinking at Brown-Forman, and people are donning less of its flagship Jack Daniels' whiskey. The CEO is leaving. Shares in the same place have shown to make by 60% over the past five years amid a exceed-setting stock market with 7 billion in merge

with a competitor fell apart in the spring, and a downtown rival has made a $15 billion hostile takeover bid.

The troubles have opened a 10% within the extended family that for more than 200 years has controlled Brown-Forman, amassing a collective wealth that Forbes puts at $15 billion. Brown family members have used their fortunes to buy horse farms, collect art and assure a weapons collective—including Rafida REX's elite—now displayed at a local museum. They are akin to royalty in their home.

Please turn to page A12

Aging Stoners Cause Stink For Neighbors

Cannabis fans face legal threats, cop calls, odor police

By ELLEN GOODINGS

Senior citizens are at a record high for getting high. For Florida 'Dermal, it's been, and cool, man.

The 64-year-old astrophysical started to satisfy walks of marijuana coming into her home from a nearby mall in the Miami-area high row. Her neighbors, a married couple in their 70s, told her it was medical marijuana used in small amounts.

'Dermal wasn't buying it, like we sat to stop the fumes.

To argue her case, she held a piece of toilet paper by the clerk in their first door to tell the skunky draft and found it. Please turn to page A13

Readiness Tests Tee Up New Russia Mobilization

By THOMAS GROVE Attn: ALEXANDER WANG

Last month Russian military officers flew from St. Petersburg to the country's Kaliningrad exclave testbed between two NATO countries and the Baltic Sea. There the officers oversaw readiness planning and procedures for a mobilization of the region's residents, with details on how to house,

feed and arm them, said Western intelligence officials.

The planning exercise in Kaliningrad is just one of many being carried out as nomadic and the officials can't care the call is made.

The Kavalos hasn't yet made a decision to follow through on any such move. However, the new state (NATO won't until after parliament. Please turn to page A6

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---

A2 | Monday, August 24, 2006

THE WALL STREET JOURNAL.

U.S. NEWS

Wardi Wasn't Always Mums on Forecasts

Fed Chairman Kevin Wardly reluctance to signal where interest rates are headed has left the world up: sure just how he thinks about

By Nick Timolens, Anthony deBarrus and Peter Sorrell

the economy or inflation. Fortunately, there is a trove of evidence on exactly how he thinks, if you know where to look.

As a Federal Reserve governor from 2007 through 2010, Wardi admitted projections about quarter to quarter of the employment and inflation, alongside his colleagues on the committee that sets interest rates. The forecasts became a significant trend by which point he had left the central bank.

Those projections, and accompanying transcripts, show a policymaker whose views on inflation (including from his colleagues as the 2007-08 crisis-needed, Other officials saw 9% unemployment as slack that would keep prices down. Wardi took a different view for thought that the along with government policies he conducted unfriendly to growth, had dandily raised unemployment, which therefore flooded both prices down to the degree his colleagues followed.

Now Ward's chain (he came committee, that it rules taste on how officials think the economy works: which forces are temporary, which are structural, and what makes prices rise.

Fed Chairman Kevin Wardt

The economy rules poses different challenges than the ones Ward and his colleagues faced 13 years ago. Unemployment is true, and inflation has run above the Fed's 2% target for five years.

Many on Wall Street-up-planted Ward's appointment, seeing his record from 15 years ago as proof he is in-structively tough or indictive. But there's an alternative: intervention. Wards may have a more unconventional view of what causes inflation, because there is demand-side inflationary such as unemployment and over 1% the supply side and government policies.

Over the past year, he has suggested that Al-Jazeera advance could give the economy more room to grow and that technology tends to lower costs over time. When asked for sheriffs how he made the economy today, he described the same problem by faced 15 years ago: "We're referring aggregate supply." he said

Inflation and the federal-funds effective rate, monthly

Fed-affirming projections, 2007-11, when Kevin Wardt was a board governor

Note. Urban and urban areas are based on a survey of 12 month income. The data are based on a survey of 12 month income. (During 2006, the data were from 2007 to 2010.)

"We're making a judgment about what productivity is." For most of the decade after Wardi left the Fed, inflation ran below where officials expected, not above. The unemployment rate kept steadily falling, to 33% by 2010, reaching levels far below what

Wardi or even his most optimistic colleagues thought was likely. Price pressures were now.

Growth did disappoint, as Ward and his colleagues feared. What we then aged was his explanation. He cited regulators, fiscal and trade

policies that he said had turned unfriendly to growth and damaged what the economy could produce. A smaller economy, in his telling, would hit its birth record and leave a more vulnerable to inflation shocks from abroad. For more years the economy ran cool as both growth and inflation. The inflation Wardi arrived about arrived a decade later, and it took a pandemic and a wave of stimulus to bring it.

The forecasting exercise Ward's participation in from 2007-11 received less attention than it does today. The price increase was 1% in the 2006-07-11 and meeting an additional 10% in the minutes of these discussions. The forecasts took on a greater net within months, but the figures, with the Fed began releasing them at the same time as its policy decisions. In 2012 it added the interest rate each official thought appropriate, the short known as the dot plot.

It is now the reason that's most scrutinized communications, and Ward has been one of its chief critics. At his first meeting on chairman St. Jean, he declined to submit either an interest-rate or an economic projection. "These forecasts have been abysmal. My data wouldn't be perfect either, so I wouldn't give them," he did a private analysis in June 2015. His assignment now is all forest from when he left the Fed in 2010. It requires weak and strong results. It is called of a technology shock nobody can yet aim, and to do it while inflation has run above target for five years.

U.S. WATCH

COUNTY

Judge Stocks Policy

That Halted Visas

A federal judge in New York has vacated a Trump administration policy that suspended the processing of state from 70 countries, including Highland, South, Russia and Somalia, whose nationals like Trump admits to station daunted likely to require public assistance to the U.S.

U.S. District Judge Jean-Marc Forgas, an appointed of former President Joe Biden, set aside the policy for him as "contrary to law and in excess of restrictive authority," and the House of Representatives seconded his authority by rousing the policy, which "runs aloud" of the immigration and Nationality Act by the U.S. House of Representatives of Texas to eligible applicants, without any basis in law," the judge said.

Forgas said the policy also undermines the congressional requirement that such non-constitutional policy be without of any visa decision.

The State Department said Saturday that the Trump administration is "protecting the U.S. government's rights, holding the highest standards of screening and setting of visa applicants."

-Associated Press

OBITUATE

Kennebaum Baker, Kansas Senator, 94

Ward's Republican State is Kansas governor's daughter who became the first woman elected to the U.S. Senate without following a caucus into office, has died. She was 94.

Kennebaum Baker died Friday of natural causes, said her son, Bill Kennebaum, "She loved Kansas. She loved people. Even Kansas and representing Kansas for 10 years in the U.S. Senate," he told The Associated Press. "She was an independent limited Republican who was willing to stand up for what she thought was right, even if that meant going against the party."

She was elected to the U.S. Senate in 1959 and served three terms, her modest de-receive ordained her to vote—of all political stripes, though she shared the moderate programme Republican politics of her father, Mr. Lehman. She unsuccessful 1938 GOP nominee to legislator. Even after leaving the Senate only in 1967, she continued taking an public service roles. The married former Sen. Howard Baker, a Tennessee Republican, in 1994. He died in 2010.

The former senator co-responds on over for Kansas, the board won the Democratic colleagues of all political philosophies, and a 1994 health insurance law here for name, along with that of Massachusetts Sen. Ted Kennedy.

-Associated Press

CORRECTIONS

AMPLIFICATIONS

Keith Ramachandran is a former professor at the Indian School of Business. A Business Professor is named Tuesday about the leadership of Tata Ross University, identified him as a professor at the school.

Based on over The Wall Street Journal, he said, "I want you to review articles for the next year, along with the article I have read."

THE WALL STREET JOURNAL

2006: 1st-4th January, 2006 at 1:00 a.m. (Clerk's office) at 1:00 a.m. (Clerk's office) at 1:00 a.m.

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Nevada Wildfire Nears Reno, Prompting Exacations

BY ALVISA CHEN

A fast-moving wildfire was approaching Reno, Nev., Sunday, with authorities using nearly 50,000 people to evacuate.

The Board for control for under near a hiking trail northwest of the city and had learned more than 10,000 acres, authorities said Sunday morning. The fire leads it reached the city proper, but

the county sheriff said the blaze was moving into more when areas.

Authorities said the fire was raised by humans, though they were still determining exactly how it started. As of Sunday morning, they said, the fire was 95 contained. At least as people, including their love-responden, that been injured, officials said.

Nevada for the Lombardis declared a state of emergency

in Windsor County, home to Reno, and urged people as evacuators, annex to how warnings. More than 40,000

people have been displaced and about 45,000 people have been injured. The fire was 45 contained in a seat last month that the house would be exposed to response to bans from most of Canada's population on American alcohol, protection for its domestic dairy industry and quotas and the state is not in a situation.

Many of these resources were implemented by Canada last year in relation for another traffic imposed by the Trump administration, including metro-specific levers as high as 50% on automobiles, steel, aluminum and forestry products. Canadian officials and trade law experts view these levers as a violation. The state is Mexico Canada Agreement, which Trump negotiated during his first term.

The threat has month of new tariffs led to a flurry of high-level meetings. Cancer has long said that he won't accept a "bad deal," an approach that jells down has broad support from Canadian. By Monday, the contrary of the disputes that led to the last-minute violation in talks were coming into focus.

Canadian officials sought a new clear would point the new tariffs and substantially ease the evening duties. In exchange, the country was prepared to coaxute to several U.S. demands, including a moving retaliatory tariffs on U.S. states, steel and aluminum. Cancer would also push provincial leaders to end their bans on U.S. alcohol.

Sherily after Trump extended the tariff deadline until last week, negotiators were near a deal. The U.S. would

lower tariffs on steel and aluminum from 50% to 25% and new top-line estimates from tariffs from 25% to 25%, said people familiar with the aluminum, but pushback from U.S. industry and economy within the Trump administration, but helped derail these aspects of the deal.

In particular, some domestic producers of aluminum have been injured. The tariffs on primary aluminum could be decreased, the U.S. should maintain 10% tariffs on domesticate products made with the world, people familiar with the talks said.

Consumers favorably flowed Latonia took up their cases previously, the people said, arguing the U.S. should take a harder tip on the second tariffs, which are against administers. Latonia's involvement in the trade talks was

tired people in Canada, people familiar with the negotiations said. In the past, he has said Canadian "took" and criticized their negotiating strategy.

The Nevada Division of Forestry and roughly 400,000 acres had been burned this year in about 600 hours in the state.

"We've got a lot to go. I know everybody's tired," said Anne Shane, the head of the division.

Canada

U.S. Spot

Is Spiraling

Continued from Page One our white van got attached," he told reporters, "and we got attached."

He said Canadian officials worked "in good faith" on a deal but that the U.S. people were more than were "unfair," compromised Canada's sovereignty and revealed the limits at U.S. "commitments to a true economic partnership."

Canada, the added, would sign dollar for dollars, and the tariffs in U.S. goods such as steel, dairy and appliances on Sept. 8.

"Last spring, I warned that there's a 'strong to break as so they can own us, and I promised that that will never, ever happen," Cancer said. "We are keeping that promise. Canada is becoming stronger and less dependent on America."

Early Sunday morning, Trump wrote on social media that American families had been charged "inaccurate and out of health," and said, "which he said 'wants the benefits of being a fluke, without being one.'"

Given said Canada reported that the bill said offered it "the best treatment of any matter superior to our market" He repeated an off-made complaint of the Trump administration, including the "a lot of money might be a wrong a handful of countries that have retaliated against the president's tariffs.

The dispute could further unravel already-written investigation between the neighbors. Since returning to the White House, Trump has imposed tariffs on Canadian goods, reportedly questioned Canada's viability as a country and that the government's administration. The threats and economic agreement have infuri-

Mark Carney, right, said Canada would set retaliatory tariffs. Top, alcohol is part of the dispute. Above, trucks on the bridge spanning the St. Clair River, connecting Fort Huron, Mills, to Ontario.

ated Canadian, who've been called U.S. travel and goods.

Trump turned to a former before-paid provision of a De-pensioners law to impose the new tariffs on Canada. He said last month that the house would be imposed in response to bans from most of Canada's population on American alcohol, protection for its domestic dairy industry and quotas and the state is not in a situation.

Many of these resources were implemented by Canada last year in relation for another traffic imposed by the Trump administration, including metro-specific levers as high as 50% on automobiles, steel, aluminum and forestry products. Canadian officials and trade law experts view these levers as a violation. The U.S. Mexico Canada Agreement, which Trump negotiated during his first term.

The threat has month of new tariffs led to a flurry of high-level meetings. Cancer has long said that he won't accept a "bad deal," an approach that jells down has broad support from Canadian. By Monday, the contrary of the dispute that led to the last-minute violation in talks were coming into focus.

The U.S. then floated proposals that would have maintained high tariffs on some downstream metal products, including those made from aluminum, as well as set off the tie for the amount of steel that could come into the U.S. under recent tariff rules. The conflicting proposals led the unfulfactioned on national tariffs to unravel the people said.

Carney on Saturday morning, a third to comment directly on whether Latonia was an unpolished to a deal. He did indicate there were differences in opinion between U.S. negotiators. While the Canadian hospitality team was settled, the same minister said, "you cannot say that about the United States administration."

Carney detailed several other alleged last-minute demands that he said the country wouldn't agree to. They included weakening Canada's protection for the French language and culture and control. The Canadian officials and trade law experts were those from an independent organization, including the "a lot of money might be a wrong a handful of countries that have retaliated against the president's tariffs."

The former's position in the Indian States, the United States, is not a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem. The United States has been a major economic problem.

And at the last minute, Carney said, U.S. negotiators sought to prompt medium and heavy trucks from the arts tariff without without "giving" the rationale. "That countenance is big, change demands," he added, and would have made the production of automobiles in Canada "more movements over time."

The U.S. has been a major economic problem. "They would be able to get the best of the world."

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Monday, August 24, 2010 | A3

U.S. NEWS

Lawmakers Try to Stop 'Ghost Jobs'

Some employers post roles that never seem to get fided or don't even exist

By Lauren Wexon

The cycle of heartbreak is familiar to job seekers everywhere. They are an ad for a role with great pay and potential, spend time commenting a never bitter and insane, bit subaru, and then...nothing.

Some applications sometimes fall into a black hole that is so many as 1 in 5 cases. The company has no real intention of filling the supposed opening of the line, the same ad may still be up, but the job it will remains a plantation.

These so-called ghost jobs are a longtime cause of frustration for people. They are through an increasingly numerous and important job-search process. That anger is spilling over to state legislation and the job breakers are trying to stop them.

Legislators in New York and Pennsylvania proposed bills this year that would require employers to list hiring Omelions and remove job ads after roles are filled.

The bills include employers from of $1,000 to $5,000 or more for violations. For example, if the New York bill becomes law, employers would be required to remove job postings within two weeks of a role being filled, and would in our a $2,000 penalty for each great publication or digital platform in which the ad appears.

"When people are putting the time and of

the time and of fact into applying, there's a reasonable expectation that there is a job out there," said Jim Prokopjak, a Democrat-member of Pennsylvania's House of Reps. "I am a 14.1 or 15."

When bill would require employers to list accurate hiring intentions and establish timelines to remove posts.

In Texas, Attorney General Ken Fenton, a Senate candidate, last month opened an investigative site. LinkedIn, which he said has advertised and profited from late job ads.

Some companies post first-time real ads to build a pipeline for jobs that might open up someday or in case they rent in a dream candidate too. The company has been a major media and elsewhere, job seekers therefore about other reasons. Some think employers post fake roles to convince investors and employees that they are leading and growing, or to have a false.

The practice is growing as it becomes faster, cheaper and easier for employers to post jobs online. Around 10% of jobs advertised on digital job boards in the second quarter were ghost jobs, according to Greenhouse, a hiring platform that examined its district job prospects. That shouldn't are posting that received at least one application but led to no hiring activity such as job test submission or scheduled in test results.

Hoarier Sanford, a 64-year-old mankering professional in the Austin, Texas, area, has been looking for work since

her last contract role ended in May 2010. She has applied for more than 5,000 jobs, she said while closely draining the nearly $400,000 in turning she once had. She has cut down on meals and is moving in with her father in the coming weeks to stretch her dollars further.

Sanford checks LinkedIn and other job boards for openings and applies to anything her field or anywhere she thinks her skills are transformable. In many cases, she doesn't receive a response and then notices the ad is soon reported.

"If you're posted a job and you have 500 applicants, see you telling me not one or two or three are qualified!" she said. "Are you looking for a unicorn? Or is it not a real job?"

The New York state bill, approved by both houses of the legislature, calls for employers to disclose when they report an advertised role to be filled and letters from for violations. A spokeswoman for Democratic Gov. Kathy Boehl said she will receive the legislation when it gets to her desk. In Pennsylvania, Prokopjak's bill moved to the state House's Labor and Industry Committee in the spring.

In Texas, Panina, a Republican, is seeking documents data and internal communist sites from LinkedIn, saying the platform might be misleading, paying customers for failing to disclose that some of its job postings don't represent genuine hiring opportunities.

One process require that jobs posted be authored and accurately represented. For many jobs posted on LinkedIn,

we also display the company's response time and whether they're currently reviewing candidates, which helps job seekers know if it is a current, active job opportunity," the company said.

Ghost jobs generally don't show up in government labor statistics, which are based on surveys that ask employers to include only jobs that could start within 20 days and for which they are actively recruiting outside candidates. In June, U.S. job openings slipped to 74 million, according to the Labor Department.

Even some of those jobs don't get filled, said Andy Nelson, head of market strategy for the America of talent, "a supposed time job."

"There's a lot of economic uncertainty, all of which has employers having to overtime pause jobs, hold them, or so think them," he said. "Maybe a job that was approved all of a subject isn't approved, or I'm trying to figure out how to fill a internship rather than externally. All of that is making this unpleasant experience a little more pronounced."

Job smoker Martha Sanford.

147 Laps Around the Washington Mall

Dozens of IndyCars blazed through the heart of Washington, DC, on Sunday at 10:30 p.m. night speeds as part of the Freedom 2020 Board. It's won by Kyle Kirkwood, an another sporting spectacle for the Trump administration.

To celebrate the 2020th anniversary of America's 24th postseason, President Trump also hosted the Great American State Fair, a Fourth of July fireworks display and a 1,367, Eggs on the south layer of the White House earlier this year.

He moved the green fog to start the indycar race in downtown Washington.

Trump took a hot lap around the head in the presidential electorate before the race as Air Force One, flanked by four jet fighters, stranded down in a military flyover. Accompanied by Fort Jaffe, the Trump, the president later retired to a box cycle to take in the race. At right, a torched, dressed in Thomas Jefferson and Abraham Lincoln were at the top of the race.

—Philip Wegmann

Boston Bars Are Taking the Measures To Clamp Down on Underage Drinking

By Gerry Bace

When Gerry Bure said last before a Boston municipal court in October over a party that came of his housemates had thrown, he thought the incident would be a mere blip in the first sentence of his junior year.

The Boston College biology student said he wasn't even present at the party that resulted in noise complaints and disastrous about charges against him and a dozen others. Nonetheless, there months and thousands of dollars in legal fees later, Bure acknowledged the event for what it turned into "he extra weight on my shoulders that I was carrying throughout the semester."

Bure received a sentence of 20 hours of community service and was required to write letters of apology to the school and neighborhood.

In this buttoned-up northeastern city with some 300,000 college students and strict laws when it comes to alcohol, including underage has long been a point of friction. But lately these revenues have been brought to a bed as a result of a postpandemic pasturing several increasingly sophisticated fake IDs and stricter enforcement. According to the Massachusetts Alcoholic Beverages Control Commission, a state agency that supervises businesses that were alcohol, the number of fake IDs complicated in the state last year hit its highest level in at least two decades.

Bare have adopted measures to combat fakers. Some establishments near Fomney Park started comparing driver's license to alcohol by patrons to the Apple IDs on their phones. Students caught on to the meta and began changing the names on their devices.

Fomney Park is up at a bar in Boston, which has tight rules on underage drinking

Boston criminal defense lawyer Joe Ierpa said his camouflaged last August in recent years. While most students end up without formal penalties or a permanent record, judges often make a point of staring the accrued individualistic—finding them if it's a friday and they could go on the no-fly list," he said. "These entire future kind of comes crashing down on them for a minute."

Boston has strict laws governing the sale and purchase of alcohol. The local "Happy Hour" regulation makes it difficult for bars to discount drinks and precludes them from delivering more than two drinks to a person at one time. The city's liquor licensee are capped at about 1,600 and can cost more than $100,000. If bar owners let too many fake IDs slip by, they could lose a license.

Serpa attributes the rules to the "plenty of our Positional pool," embracing common bill laws that dictated how to combat public and private life. Boston saw no shortage of alcohol-fueled revelry during

the World Cup, when long-standing restrictions were loosened. Massachusetts, the Massachusetts State Board of Education, and the Massachusetts National Board of July 2010, were not a part of July 2010. The state's liquor license are capped at about 1,600 and can cost more than $100,000. If bar owners let too many fake IDs slip by, they could lose a license.

the World Cup, when long-standing restrictions were loosened. Massachusetts, the Massachusetts State Board of July 2010, were not a part of July 2010. The state's liquor licensee are capped at about 1,600 and can cost more than $100,000. If bar owners let too many fake IDs slip by, they could lose a license.

crude of possession of an alcoholic beverage by a person under 25 years of age.

Two Saints' Tavern was known as a go to spot to get in with a fake ID, according to Northeastern student Kathryn Samovich, who have of other students clipping 220 bills under fake IDs. This would allow the licensees to be seen as camera checking on ID even while letting people slip past anyway.

While McIntosh required use of a fake ID camera, he said that he couldn't control all of his employees and that the issuance who let in patrons with fake ID was fired.

McIntosh added that it has gotten easier to get a realistic fake ID—just "a mouse click away and a bitcoin payment"—and that has put an impossible order to turn to spot Argus.

Two Saints' Tavern shot its doors this spring after McIntosh decided not to renew the lease because of increased insurance costs. She noted, "there's a family restaurant. It is, he said, an attempt 'to get away from the possibility of underage students'."

Trump Discloses 1,000 Stock Trades in His Accounts in June

By Deborah Kozera

President Trump's investment accounts continued to entwish made nationally unprovenly more than 1,000 stock trade more than 1,000 transactions, according to his latest government disclosure.

The White House said Saturday that the president has no role in the trading, which it does in another 1,000 stock trade. The first 1,000 stock trade was composed of 1,000 stock trade. The 1,000 stock trade was composed of 1,000 stock trade.

calls replicate stock indexes. There were more than 500 purchases and over 800 sales revealed in the latest filing released Saturday, during the World Court trials were the chance of at least 51 million sold of Reinhibits Baltimore, West and Mastercard. These are all companies that the Trump accounts have previously traded.

The 1,000 purchases were made on June 18, the same day has accounts sold more

than 51 million of Meta Platforms and Networks. That was a day after the president signed an interim peace deal on Vernefilm, France, to end the conflict with Iran.

Trump's accounts have been active known and others of individual stocks since he returned to the White House, raising concerns about the potential for conflicts of interest in made big bets on both stocks in the first quarter, though some of his biggest ac-

vestments in June were financial institutions.

Earlier this year, a 1000-page filing revealed the accounts had made more than 21,000 of 1,000. The true Trump made more than $2 million in 2010, largely from his investments in crypto ventures. The investment accounts are in a revocable trust overseas by Donald Trump.

"Neither President Trump nor any member of his family

has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold," White House questioned the质询, said in an email. "All investment decisions are made entirely by independent managers."

President Trump's stock and bond portfolio is independently managed by third-party financial institutions," high said. "All holdings are main-

tained in discretionary accounts and invested through company-based model portfolios that automatically replace re-engraved indexes, such as the United States.

Since the president's return to the White House in early 2020, the Trumps have turned to automated trading strategies. A Trump Organization spokesman has said the family is taking that approach to a leisure concerns about potential conflicts of interest.

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THE WALL STREET JOURNAL

U.S. NEWS

Democrats See a Path to Win Senate

Maine, Michigan are key to party's hopes, but Republicans aim to counterpunch

Democrats fighting to win back the Senate from the Republican spent their summer sweating out a last-minute candidate swatch in Maine and the emergence of an antlers-ambulance progressive to swing-state Michigan.

Dr. Ken Thomas of Washington and Graham Hughes of Mitchell, S.D.

The two races remain central to Democrats' hopes of winning back Senate control at the November elections as they try to navigate a narrow pathway to the majority. But even as Bigang Maine and retaining Michigan look challenging, Democrats have made headway to defending Georgia, upgrading North Carolina and competing in rookie states including Alaska, Ohio, Iowa and Texas.

"We have a very good chance to take the majority back," said Senate Minority Leader Chuck Schumer (R., N.Y.). He said Democrats had "expanded the mag and have the strongest mag set to had no more where many states that are people or even red are now proved to go into the Democratic column."

Still, the developments in Maine and Michigan have added some uncertainty to Democrats' plans. A loss in Maine by replacement candidates Troy Jackson against GOP Sen. Susan Collins, long

an elusive target for Democrats, would represent another mixed opportunity in a state that then-Vice President Ronnie Harris carried by seven points in 2024. If Democrat Mark III flayed loans the race for the Senate seat in Michigan, it would force the party to flip multiple seats in Donald Trump country.

"Michigan is shady the No. 1 pickup for Republicans, and that would really throw a seventh into Democrat's math," said Jerome Taylor, a Senate analyst for the Cook Political Report.

Republicans hold a 53-47 record on the Senate, meaning Democrats must gain a net pickup of four seats to won back power during President Trump's final two years in office. The president's party typically suffers losses in midterm elections, and Republican co-rods that candidates are facing a difficult environment, marked by high fuel prices, the use with four and Trump's poor approval ratings. Production markets see the odds for control as about even.

Surveys show Democratic voters are more enthusiastic about voting in the midterms than Republicans. GOP candidates won't have the benefit of Trump generating higher turnout amonges' support voters when he made the ticket. And party insiders wonder how Trump might deploy roughly $400 million in his MADA list, says FAP.

"We've got political brainwash at us, there's no question about it, some frankly economic headwinds too that we're facing," Senate Majority Leader John Tisaw (R., S.D.)

Current Senate seats

Note: In 2016, U.S. has helped the state to go with the Democrats. Results: Regional vote ratings from the state Public Report with Jerry White, inside the Senate, and Robert J. Donahue, and the Senate's presidential 7th-State vote at Washington, 6-6-2026.

recently told reporters in South Dakota. "So it's not going to be an easy cycle. But we've got really high-quality candidates. They will be well-resourced."

In a sign of how the elections could be falling, Democrats' way, the Cook Political Report shifted the Senate campaigns in Texas and Iowa into the "tossing" column last week after lasting them as "lean Republican."

Republicans have blamed former President Joe Biden for astounding high-millions while he was in office, and have warned that Democrats are beholden to far-left policies and the emergence of socialist lawmakers. Democrats want to make the campaigns a

referendum on Trump, pointing to his inability to vote in the rest of living, the bias and and allegations of corruption.

Trump remains broadly unpopular. A free Democrat poll last month showed his approval rating at 24%—and the nation has been grappling with six months of war with Iran, which has driven up prices for gasoline, fertilizer and direct fuel.

Republicans have grown increasingly worried about Georgia, where Democrats Sen. Joe Smuff entered the campaign cycle as one of the most vulnerable Democrats but has dominated Republican Rep. Mike Collins in functioning and opinion polls.

In North Carolina, polls have shown former Democrats Sen. Ken Cooper with an edge over Michael Whatley, a former Republican National Committee chairman and Trump ally, in the race to succeed retiring GOP Sen. Thom Tiller.

GOP strategists, however, hope to counterpunch in New Hampshire, where Democrats Sen. Jeanne Shubers is stripping down. Former Sen. John E. Simons (R., N.H.) is the leading contender at the Sept. 8 GOP primary to face Rep. Chris Pappas (D., N.H.), the likely Democrat candidate.

Much of the fall campaign might hinge on the outcome in Maine. Democrats view the state as a top target, and party strategists contend they are in a stronger position with Jackson, the former state Senate president, as their sons are after an unusual, high-convection replaced Graham Hutson on the ballot.

Recent polling has shown Jackson, a 30th-president, Maine with drop union ties, with a slight local. But Republicans often note that polling at previous Senate campaigns has underestimated Collins's support. First elected in 1998, Collins has emphasized his clout as chair of the Senate Appropriations Committee, pointing to ways her position has helped local communities.

Republicans, meanwhile, view Michigan as a prime pickup opportunity, and in need to spend heavily to defeat El-Sayed, a progressive former public-health official, against former Rep. Mike Rogers, who served as House Intelligence chairman.

Trump Stumps For Graham In Runoff

Dr. Maxs Davis New Woman, ALBANY

President Trump made a personal press to South Carolinians on Friday, urging them to back Sen. Pauline Graham in the Republican's 1st-2nd primary election Tuesday in what has become a high-profile test of his powers to sway GOP voters.

"The only known how to put America first," Trump said at a rally in Mobile Beach, S.C. "You vote for her, you're going to be very proud of that vote." "I'm going to be a big one. I'll die soul of her late brother, Sen. Lindsey Graham, in July, has been the favorite because of Trump's backing. Trump told supporters that he believed Graham 'tragested the party' and that he would be person he knows—including me."

"They does not make me happy. I'm not happy about that," he added.

The first time in first in the initial special primary this month, advancing to Tuesday's runoff with Rep. Ralph Norman, a member of the House Sen. John's campaign, ran as a turbid conservative.

But Graham mandated on a debate this past week against Norman. When asked whether he was a member of the House Sen. Joe V. E. national security issues, Graham said she wasn't an expert on national security.

"I'm just going to be honest here. I'm not a polished politician up here. National security issues are a lot of people in area of expertise, but I do support the military," said Graham.

She also maintained the population of her state, saying "there's 10 million people in South Carolina." The state's population is 1.6 million.

When questioned about the debate at a campaign event the next day, Graham said she would learn and become informed on the matter.

Supporters of Norman stated on the blasher Rep. Nancy Mace (R., N.C.) compared the remark to "uplifting to be a blaspard and waving water isn't your thing" on her and sent Thursday.

Asked about Graham's debate performance, Trump told reporters Friday talking was "being honest. She's into the story of groceries, the price of food, and she said she's totally for the millions; I thought it was an honest answer."

Trump is in need of a win. While his endorsement remains powerful and he succeeds in pushing out several dishonored Republicans this cycle, more than a half dozen candidates for universal have lost in recent House and governor races. No Trump-election candidate, however, has lost a primary this cycle.

In the initial special primary earlier this month, Graham won more than 25% of the won, while Norman finished second with just under 20%. In a second field of up to 10% half a dozen GOP candidates. The winner of the control between Graham and Norman will face the Democratic nominee, Isaac Haldane, to the end of the Senate. The 2026 Sen. Josephine's

Graham, 62, previously ran South Carolina's commission for the House, has helped embarrass her appointment for the state's governor, then publicly urged her to seek the full term and endorsed her.

Last week Graham was a defense and foreign policy hawk during his time in the Senate-hatten Graham has said she would be more focused on domestic issues and affordability.

In the Senate, she notes that a House's vote was the renamed fee her brother and co-sponsored an election in supply bill that is a priority in the president's 2nd bas de-trying to change the campaign policy, saying she fully trusts him on the face one.

Norton, 75, was first elected in a 2007 special election in the Senate. He was a first-ever loser. He first ran for governor this cycle, finishing third in a New Republican primary and falling to advance to the runoff, before throwing his hat into the Senate special election after that. He was a first-ever Rosemary campaign didn't respond to the vote in a comment.

Republican Admig Hinson, left, and Democrat Josh Turek, right are seeking a Senate seat. Trump easily won Iowa, but the Senate race is now competitive.

In Iowa, a Senate Race Has Become a Tossup

Dr. John McGinnion

DES MOINES, Iowa—Republican Rep. Author Hinson was barely out of college in April 1926 when a trench now through a major city 20 miles south of the local 74 stations where she was a rookie reporter.

With staffing stretched then, she was told to drive a large few trucks—a task normally handled by camera operators—through language thunderstorms to the damage zone of the city. It was both morning and tendingly for a 22-hour-old woman, who was an average of five teenagers and was later promoted to another before being elected to the state legislature and Congress, now have eleven shades of a different art—a few compere for an open Senate seat in a old-tasting color, where Democrats are showing surprising strength.

The 2016 state sen. were like I am 10 points behind—Hinson said while arguing a cold beer on a hot day at the Iowa State Fair. "I've never lost a turn, I don't plan on starting that now."

Democrats may ever gain of four seats to win the Senate, trying pickups in Iowa, Ohio, Maine, North Carolina and Alaska, among others, as a possible path. The party's hopes in the Hawkeye State ride on state Rep. Josh Turek,

a two-time basketball Parenteeist gold medalist campaign as a moderate.

The comparison Cook Political Report on Thursday's runoff for race from Iowa Republican to two-up, while shifting Iowa's race for governor in a state President Trump won in 2024 by 13 percentage points from two-up to four in the race. Two of its 5th U.S. House races are two-ups.

These ratings reflect what America's economic anger amid high fuel, fertilizer and other costs as a time for stagnant price prices following Trump's strong evidence of health.

Hinson, now it, is trying to balance her traditional Republican trust, growing up in an ultimate control Iowa suburb, with a shift in state's state to more fully embrace Trump.

The support of his "one big beautiful fall" cutting team and has praised his precision in the House, and went to certify the 2026 election—against Trump's welfare—and was slow to get behind his final White House bid, backlog, and only after he won the 2026 Iowa caucuses.

But media experience is an obvious help on the campaign trail, but Hinson said it plays a greater role while working at Congress. "You need a good storyteller in Washington, D.C., because you may only have 30 seconds of one of

Aggregated race ratings over time for Iowa's Senate seat

Former Sen. Cindi Sullivan heard with Amy Butler, a trade director, with his back. | Services and party statistics: Coates' data on the relationship of the popular state for 2026 in a race analysis. |

your colleagues' time to continue them that a policy is really important for our state or any two doctors," she said.

Hinson was widely expected to sue for Republican pro. Chuck Schumer's seat in 2026, when he will be 95. But a decision by Republican Sen. Ann Davis last year met to run for a third term good up this year's Senate timetable.

Turek lost an one poll this summer, but Hinson has been narrowly ahead in the test. Since leads have mostly been filmed, the margin is error.

While Hinson has faced only one trade close election during her time competing for jobs in Washington—the first race for Congress in 2020—for in showing right—she knows she is in the light of her political life this fall.

Just one minute into her

speech on the Des Moines, Augment's political经济效益 at the Des Moines started criticizing her opponent, citing the missed votes in the state legislature and trying to diminish his working-class credentials.

"It's a plot, but you know where Cook Turek is tonight," he is actually fundraising in Manchester and the millionaires and the millionaires," said Hinson.

In an interview, Turek, 47, opened back against her suggestion that fundraising among the coastal cities is out of one with his working class pitch. "It doesn't change one bit about who I am and where I've come from and who I'm fighting for," he said.

There with gross better, which he attributes to his father's Agent Dinege exposure

in Vietnam, Turek underwent 21 surgeries before turning 12. As a schoolchild, he said he had "the wrong color lunch tickets," and to his family's use of government assistance.

Turek, who represents a working-class district that Iowa Republican, only himself a "common sense mainly popular" adding "you can make an argument the state is hurting more than any other. He said, pointing to tariffs, commodity prices, here input costs and rising cancer rates.

Inahpe, the county will be critical in the race. As of Aug. 1, Iowa had 712,997 registered Republicans, compared with 530,758 Democrats and 550,761 independent.

These weeks hence the city's voting stinged, Turek got a boost when Barack Obama endorsed him. The backing from the former president, who won Iowa in 1998 and 2026, and the former State met in Chicago with David Axelrod, an Obama adviser.

In an interview, former Gov. Tom Vitosak said 2026 in which him in 1999 when he became lower four Democratic governors in more than 10 years. He also pointed to lowest verating a Democrat and Republican to the Senate for three decades before the Trump era. Torsion at the end of the day aren't comfortable with sorcerers," he said.

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Monday, August 24, 2026 | A5

U.S. NEWS

Nvidia's DeepSeek Alternative

Continued From Page One and will continue working on unspecified research projects. The deal was reported earlier by Newcomer, an independent tech newsletter.

More than 100 Poolside employees, including engineers, will join Nvidia and will work in the chip designer's Nemo-torn project—an effort to develop open-weight models that Nvidia debated in 2023—according to people familiar with the matter. The Poolside engineers will help improve Nemo-torn's largest and most sophisticated models under development, these people said.

Although Nvidia's Huang has long endorsed open-weight models, which can be free to download and allow users to alter them for specific needs, the American AI industry has praised for more resources into proprietary, or "closed," AI models, which don't share their source code or numerical weights with developers. These include startups that have become household names, like Anthropic and OpenAI, as well as the research arms of established tech firms like Alphabet's Google.

The failure of U.S. AI labs to give priority to open-source models has created concerns that businesses and countries around the world will turn to Chinese open-weight models instead.

Over the past six months, however, Nvidia—known best for designing GPUs, the advanced computer processors that have powered the AI boom—has stepped up efforts to develop open-weight models, partly to counter the rapid rise of open models developed in China.

In March, the chip giant launched the Nemo-torn Coalition, an association of leading open-model developers including Mistral, Thinking Machines Lab and Perplexity, that it said will share data, expertise and computing resources.

The same month, the Journal reported that Reflective AI, another Nvidia-backed startup, involved with the Nvidia coalition that investors have described as "DeepSeek of the West" for its sophisticated open-weight models, was in advanced talks to raise $2.5 billion at a valuation of $25 billion.

Last month, in his first-ever post on the social-media network X, Huang published a letter titled "Open Weights and American AI Leadership," in which he argued that whether or not the U.S. wins the AI race "will be judged not by one frontier AI model, but by whether the United States builds a strong, open ecosystem that diffuses into every sector."

When DeepSeek released its first low-cost, open-weight model in January 2025, it caused carnage in U.S. tech stocks because investors interpreted it as proof that Chinese models were on track to match or surpass American AI technology. Venture capitalist Marc Andreevets called it a "Sputnik moment" for AI.

The U.S.-China AI war has continued since then, as new players in China have emerged and built open models that trail frontier U.S. AI capabilities by only a few months. They include Moonshot's Kimi and ZAT's GLM family of models, among others. In licensing Poolside's technology and scooping up the bulk of its engineering talent, Nvidia is betting that it can produce a version of Nemo-torn that rreads the best frontier models in the next year.

Earlier this month, Nvidia released Nemo-torn 3.5 Lightning, a "lightweight" version of its open-weight model, and is developing its largest version of the product yet. It is rumored to have more than a trillion training parameters, putting it in the same league as some of the largest AI models ever designed. Still, some Chinese open-weight models are much larger.

The Poolside deal also puts Nvidia in the delicate position of competing with some of the biggest customers for its chips—the large frontier labs that make closed models, like OpenAI and Anthropic—as

well as with other open-model designers that Nvidia is backing. Some experts have pointed out that most of the large AI labs are also designing custom silicon processors to power their models and are therefore already in direct competition with Nvidia.

Although Poolside and Nvidia have a longstanding relationship, the deal came together quickly, only in the past few weeks. Nvidia made its offer for the investment and licensing deal to Poolside around the same time that the startup released its latest model, known as Lapsus X, which has emerged as one of the most popular open-weight models in the West.

Poolside's Tharodar letter referenced a failed fundraising effort in 2025 that caused a reckoning for the startup and

indirectly led to the deal with Nvidia.

"At the end of last year, we had a 6 week window in which to raise $2 billion dollars to pay for a 40,000 GB/100 cluster coming online in January," the letter read, referring to a common type of Nvidia server used in model training. "We didn't close it in time, and we lost the cluster."

Poolside leaders said "we gained ourselves off, and went back to work," the letter went on, but soon realized that the company would run out of computing power as soon as next year, without access to the capital and data centers it needed.

Nvidia was the perfect partner, Poolside wrote in the letter, in part because it has fewer computing infrastructure or cash limitations.

Clockwise from right, Nvidia CEO Jensen Huang, and Poolside's Jason Warner and Eise Kant.

Poolside

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WORLD NEWS

Iraq's Top Politicians Urge an End to War

Leaders say Tehran needs to negotiate an exit while it has leverage with U.S.

By ANDREW DOWLI.

DOBIA-Iraqi's top politicians said the rougher needs to focus on ending the war and shoring up its crippled economy. publicly held against hardliners who are taking a more defiant approach in the six-month-old conflict.

The comments by Iranian President Masoud Fereishian and parliamentary speaker Muhammad Raghel Ghalibaf come as the diplomatic track remains crippled and the Trump administration has shifted to a policy of ratifying up economic pressure via sanctions and the naval blockade of Israeli ports.

The war and the economic structures have piled pressure on Iran's already operating economy, further making its currency and making it hard for Iranians to afford their daily needs. Tehran's more moderate leaders worry the pressure will eventually undermine the country's stability.

It is unclear, however, whether hardliners who recently heard new demands for reopening the Strait of Havana or the Trump administration, which is demanding deep concessions and called again last week for the regime's collapse, can come to an agreement.

"The war must come to an end at some point," Fereishian said Friday in comments reported by Iranian media. "It is better that we demonstrate our strength and dignity today and tell the world that we have won and that we are ending the war."

Iranian President Masoud Fereishian made his point Friday.

Ghalibaf was later direct but said there will be no security of the country ignores its economic crisis.

"His matter how much military power we have, if our people are struggling and the country lacks financial circulation and economic growth,

we will not achieve prospects for parliamentary speaker said. No comment who has no personnel, who understand the true value of peace."

Students saw the comments as notable expressions of Iran's economic distress but said that further rounds of ex-

salation are more likely than an end to the war given the current lack of viable parameters for a deal.

Iranian hardliners have a deep distrust of the U.S. administration and have taken the bill in the conflict to prevent for more rounds of fighting.

President Trump has made his supersonic to strike a deal clear throughout the war. But the ambassadors of understanding he signed in June to recall down the war collapsed over Iran's attempts to govern traffic in the Strait of Havana, and talks early that month similarly stalled when the U.S. refused in do a deal that didn't promise unimpeded traffic through the waterway.

Both deals were criticized in the U.S. as too favorable to Iran, putting pressure on the administration to take a tougher line.

"They would love to make a

deal, but they're not ready to make the right final," Trump told reporters Friday.

Iran analyst Ramabhrza Azizi said Trump appears to be gaining up to leverage Iran's economic troubles to demand deeper concessions. That pressure, however, makes it harder for Iran to avoid a humiliating chiseldown.

"This is creating a vicious circle," Azizi said on social media.

Danny Criminovitz, the former head of the Iran division of Israeli defense intelligence, said Friday that neither side nor side's reply to make the necessary compromises.

"For that reason, despite the signals coming from Galilad and Fereishian, the probe helps the countries to correctly increasing rather than decreasing," he wrote on social media, using an alternative transformation of the parliamentary speaker's name.

Russia Tests Mobilization Readiness

Continued from Page One tary elections in late September. But Russian leader Vladimir Putin's determination to take all of eastern Ukraine's Donbas region, despite tiny and costly advances, may force his hand.

In recent months, Moscow has failed to recruit enough new soldiers to make up for three Allied and armed on the battlefield, while Ukrainian drone advances have reduced the average Russian soldier's lifespan on the front to a matter of minutes, days or weeks. These problems in manpower may leave Putin with no choice other than to order a fresh wave of mobilization not seen in years. U.S. and European officials said. Neither the Krenkia nor the Russian Defense Ministry responded to requests for comment.

Rahmigrad, the site of the mobilization test exercise last month, has come under increased scrutiny recently as Western intelligence officials have warned it could play a role in Moscow's military planning. Ruling this key as a potential escalation with the West could seize part of the adjacent Ruwalla Gap, a step of land that runs from Kalamazov to Ruisala, because only through neighboring Poland and Lithuania.

Russia has long seen Rahmigrad's geographic location and has projected as a vulnerability as well as a useful foothold in Europe. Captured

Russian conscripts called up for military service board a fresh as they depart for garrisons this past April.

by the Soviet Union from Germany in 1945, it long served as Russia's only ice-free port on the Baltic. Moscow has at times carried out military evasion there as a deterrent to the North Atlantic Treaty Organization. Allied countries have also responded and in the past week carried out a planned air exercise near the Russian soldiers using U.S. and Norwegian fighter aircraft and Polish ground forces.

Putin's last mobilization, called in September 2023, to stabilize Moscow's flooding front line, triggered chaos across the country. Readiness

of thousands of men left Russia, leading to a rush on airline tickets and bountlong lines to cross the border into neighboring countries such as Georgia and Kazakhstan.

Now, rumors of an impending mobilization have

caused jitters in Russia, with more leading online for ways to exit the country in a panic. Some Russians who have the money to travel have erupted out dire-

tiballions for the next few months where they can wait out a potential mobilization.

Moscow's Customs Service said last week the flow of traffic between Russia and Georgia at the Verkhov Lax border checkpoint, which sits on an old Russian Imperial military road, had broken a record with more than 200,000 people crossing in one day Georgia's Intrinsic Ministry disputed these figures.

Property prices have also gone up as recent weeks in

places like Georgia and Armenia, partly in anticipation of another wave of incoming Russians, say real-estate agents in both countries.

A call to mobilize could help buttress the Russian

front line and accelerate Putin's advance on Kuznetsova and Slovansk, the last two major Slavs: 0.14 - 0.40, to hold close to Donbas. But should it be carried out no late in the year

before winter down fighting it's unclear what effect the move may have in practical terms.

"I don't think it'll prove decisive for Russia and it's actually too late this year, but it could be a factor for 2025," said Michael Kellman, senior fellow at the Carnegie Endowment think tank in Washington. "If they have concrete timetables for objectives they want to accomplish this year, like writing the rest of the Donbas, then they should have

mobilized several months ago." Most Russians publicly support the war, and any mass mobilization is unlikely to be met with meaningful unrest. Roadblocks, enthusiasm for it has wound in recent months, according to Russian polling agencies, causing new political strains inside the country.

A mass mobilization would also put an enormous financial burden on Russia's already fragile economy.

"Russia would be further mortgaging its future for the sake of military gains," said Alexander Belyanid, a director at consulting firm Russia Group. "You need to food, boxes, arm, and pay these people, and you take them off the already tight labor market. This would put the budget under immense pressure."

Russia's recruitment is still officially voluntary, though authorities are increasingly seeing strong core tactics, manipulation and even violence to boost numbers at the front. But changes in the way Russia keeps data on its citizens may give the Krenkia the route to mobilize men more gradually and large moves that would

Russia, Ukraine Trade Strikes

Russian drone and missile strikes killed at least seven people in Ukraine, officials said Saturday, while a Ukrainian drone attack on Russian Krasnodar region killed three people there.

The attacks came a day after a Russian strike on a Ukrainian shopping center killed at least 36 people and wounded turns 100.

Russia's forces have recently reinsetted their ballots around Russia and Kyiv, exploiting Ukraine's shortage of US-made district air defense interceptors, the sole weapon is to protect them in short down the missiles.

Ukrainian President Volodymyr Zelensky said that one person was killed and another wounded in the latest attacks when ballots missiles hit railway infrastructure in the capital assembly.

In a separate attack, local authorities said two people were killed. Selected in a Russian ballistic missile strike on the Kyiv region.

-Associated Press

trigger mass panic.

Over the past several years, Russia has compiled a database of all men of military and eligible to serve, and has several alarming those who have to appear at the recruitment office. Russian authorities could boost those party to men across the country, raising the number in stages.

"It's easier for them to look the bug slowly, calling people up in small numbers," said Alexey Vasquez, Russian analyst at the Frenkish Ebert Foundation, a German political think tank test to the Soviet Democratic Party. "There is not something compared to 2023."

"Since the last mobilization, the Krenkia has tried to convince Russians that it is topping their war responsible," he said. "Upending that sentiment would be dangerous."

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Powerful Storm Hits Baltic Countries, Killing Two

Two people died and around half a million people were left without electricity across Latvia and Lithuania after a powerful cyclone, bringing cars and strong winds, hit the region Saturday and Sunday.

"This seems to be the most severe storm in Latvia since 2005 in terms of its overall impact," said Andris Vikara, from the Latvian Environment, Geology and Meteorology Center. One person died in Jelgava, Latvia, when part of a building collapsed Saturday. The wind speed exceeded 67 miles an hour Saturday in the capital Riga.

One person died in neighboring Lithuania after being hit by a killing two.

Strong winds followed Estonia, right, with the western and northern parts and its islands most affected.

-Associated Press

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WORLD NEWS

Germany's Bauhaus Has a Familiar Enemy

The art and design school closed by Nazis, again is in a battle with the right

By Baureaus Besser

BRITISH Germany—If these were normal times, Barbara Steiner would be working on the centennial celebration for the Bauhaus, the school of art and design school opened in this small German town before the Nazis chief it down and inadvertently somewhat it as the Craille of moderation.

Instead, the Austrian from director of the Bauhaus Brevian Foundation is battling a new culture war that Schen-city reminiscent of its fight against Income a century ago.

"The Bauhaus was always an object of political debate—even during the Cold War," she said at her office in the Deutschland Bauhaus building at the edge of town. Whether and how things intensify, or whether it turns out like in 2024, no one knows?

Steiner was taken shock when the political attacks against the schools where the functional design style started two years ago. The far-right Alternative for Germany, or 4.0% across the Bauhaus of inspiring reviews and "informant" architecture directed from the immaterial that alone at the time living in it.

Tensions are running higher now. In one exhibit, the birthplace of 2.3 million people where Brevian is located, held a regional election on Sept. 6. Polls suggest the 4.0% could garner an absolute majority and take over the state's government.

That would mark the first time a far-right party has come to power in a German extension: World War II. It would also signal the collapse of the European Union. The 4.0% informed part by all German parties to keep the 4.0% out of office by refusing to become its coalition partner.

With a young, charismatic

"Whether it turns out like in 1922, no one knows," says director Barbara Steiner, below, of the Bauhaus.

candidate and a popular agenda to depart thousands of migrants, combat "gender ideology" and create new welfare benefits, the 4.0% has built a double-digit polling load over its closest rivals. Nationally, the party is on the rise too, trapping popularity rankings ahead of Chancellor Friedrich Künzler's conservative CEO.

The secret of the 4.0% is the any-debub has captured supporters and opponents. Yet its campaign against the Bauhaus, arguably the state's only global tourist show, has left even its biggest supporters perplexed.

By laying bare uncomfortable parallels between the 4.0% and the Nazis—comparisons the 4.0% has resisted—the battle against the Bauhaus is shaping up to a second ministry.

On Thursday, the federal government and representatives from Greece, churches and a number of business organizations unveiled a joint

"Bauhaus Mandirich"—a pledge of support for the school that called for "sponsors to the world instead of nationalism."

The latest battle began in 2024, as the state government was re-arranged by the Bauhaus's centennial anniversary. In a parliamentary motion entitled "errors of modernity," the 4.0% called for a reassessment of the school, its pro-

imity to Communism and its promotion of "inhumanism"—revoltors architecture.

"The Bauhaus quite deliberately wanted to be non-German, it also opened the concepts of functional and traditional," Slans-Theman (Türichische). A Bureaus-beers 4.0% state lawmaker, said at the time: "The uprooting of the human being was a de-

pared program."

In its 256-page election manifesto, partly written by Tülichische, the 4.0% says it would replace the state government's "596nobentfulding!" Bauhaus-themed numbering campaign with a "60ernoutfulding" one, because "the Bauhaus always strove to negate any notion of national conditions."

The new campaign would focus on famous sons of the region from Bismarck to Wüthsche, and on the cultural, scientific and economic achievements of the First Reich. While the party says it won't defend the Bauhaus, it wants to create a new "patriotic cultural policy" that would "give Germans renewed self-confidence" and suspend grants to programs with outpatients, pains. Fresh from amending the program of the final Bauhaus-themed festivities next month, Steiner said the school had taken steps to shield its fund-

ing and governance structure ahead of the election and received the backing of the federal government.

Steiner is perplexed about the attacks on the school. "I'm not sure the Bauhaus is the first of our type for the people of Deceas," she adds. "The four probably more interested in when gas prices will drop or how they can pay their rent."

In the line for a selfie with the party's candidate, Ulrich Wigman, the 4.0% has market square. Extras Thank, 31, noted about the state and his program. But asked about the Bauhaus controversy, he said: "I know that the 4.0% is a 1.0% for human, I don't give a damn about it."

Some 4.0% officials concede the campaign may have been a distraction and have openly opposed the 4.0% signs, with assurance that her funding is secure. "We cherish the Bauhaus as an inspiration for architecture and as a force for innovation just as much as any other valuable historical, cultural, and cultural resources of our region," said Laurene Reinhardt, money of the Deceas district of Breslau and the party's general counsel.

"But, I am not sure I, architecture that conveys to people a sense of beneficial and identity," he added, speaking on the margins of a town hall where the 4.0% has failed.

The 4.0% chapter in Eastern-Anhalt is among the party's most radical 51 in under event surveillance by Germany's state intelligence agency as an extremist organization that promotes an ethnic understanding of national identity and aims to undermine democratic institutions.

Asking the visitors on a round-up war, 4.0% has been a 64-year-old architect from Bologna. He said his family were strolling past the modernist houses built for the history of the 4.0% of the city. Asked about the far-right's anti-Bauhaus campaign, he looked churned.

"Agata? Be these people over more on from the past?"

British Students Pursue White-Collar Apprenticeships

By Rezeka Drakos

LONDON—Renovash Khan was offered a plan to make at the University of Oxford the turned it down and went to work as an apprentice at a law firm instead.

The college route would have given her a prestigious degree, but also enmash of student debt and little to no practical experience—a dangerous position in a legal-industry cutting to adopt all productivity tools.

"I knew from an early age I wanted to do law and that this route would last much on retirement," said London-based Khan.

College grade on both sides of the Atlantic are being a challenging state in their careers, with job candidates facing themselves competing with a law they have worked for a large cohort of British high-school graduates, college no longer feels like a good deal.

Now, a growing number of white-collar apprenticeships programs are offering high-school leavers, another moderate industries such as consulting, finance and law, today typically reserved for college graduates.

Leading institutions like the University of Oxford are no longer the first choice for some high-school graduates.

The British experience offers lessons for the U.S. where students and families have also come to question the value of a four-year college degree. The growth of AI is likely to boost demand in apprenticeships as a strong people icon candidates in their career prospects.

While the number of high-school graduates in the U.S. who choose apprenticeships instead of college is rising, programs are mostly focused on blue-collar roles. The U.S. government has invested $150 million over the past decade—a expand apprenticeships, of which $100 million is put to-

ward cybersecurity, AI and healthcare.

Apprenticeships in the U.S. were historically confined to blue-collar services too, but have expanded into more office-based roles in recent years, partly because of concerns from young people about the high cost of earning a degree.

Businesses including Fraternity/houseCoopers and law firm Friedrichskin are bringing in more apprentices, saving it large there up a wider pool of candidates who can develop skills over a longer period. U.K. companies hired 6% more apprentices in 2023, while kar-

ing of college graduates contracted for 9%, according to a survey in 2025 by the Institute of Student Employees.

Choosing an apprenticeship is a short circuit around an increasingly crowded university-educated job market. The higher education sector cuts among 19-year-olds increased from roughly 25% in 2006 to 38% in 2025, according to government data.

And for British students, the panel's isn't there. The U.K.'s graduate earnings problems—the extra issues grab some earn compared with nongraduates—is lower than in the U.S. and some other European countries, according to data from the Organisation for Economic Co-operation and Development.

"Nowadays you need a specific skill to be valuable because of AI," said Eric Rowland, chief executive of the Association of Employment and Learning Providers. He said apprentices are also beneficial to employers, since their salaries are low and they tend to be better learners.

Khark law firm, Berchardt, Bachelard, Seabed law has school training to part of his apprenticeship. The 23-year-old

received her degree in April. Khan works with senior lawyers in her firm and is really with clients, which she wouldn't be able to do at such an early age had she gone to college this employee paid for exams and training, as well as a wage. She declined to disclose her salary, but trained in her field are reported to make £75,000 to £85,000.

Earning money means the can go out and socialize, but she said she did miss out on the fun of the college campus. Erectile on an apprentice—not the long school breaks.

Samuel Rankin was offered places at four U.K. universities, but instead settled on an apprenticeship at a bank.

His rationale: A traditional degree felt like a gamble and he wanted technical skills that

would make him indispensable. Rankin, 23, sent first to college-educated peers are still struggling to find work.

"Apprenticeships are almost AI proof," said Rankin, who lives near Manchester.

During his apprenticeship as a people transformation student at Burdam, Rankin slipped the entry-level grant work and got to be involved in computer projects with senior figures. As

part of his apprenticeship, he completed a technology degree with a 1-year training program. Mahmoud Now he works full time as a project manager at the bank and earn just under $50,000, around the U.K.'s median salary.

When Rankin, Khan and others applied he their white-collar apprenticeships, it was still a family one concept. Khan said she was strongly encouraged by her high school to apply to top colleges like Oxford and Cambridge, and wasn't given any support with apprenticeship applications.

The more recently, both parent and student attitudes toward apprenticeships, to Britain have changed.

At accounting firm Grant Thornton, part 10's of U.K. trainee trainee were apprentices in 2020. Today, there are so many apprenticeships positions as graduate ones. The firm said the prospects and progression of its apprentices has been so different from others coming to the high-level center, including graduate programs.

PwC has over 1,000 apprenticeships positions each year in consulting, tax, technology and accounting.

CHINA

Lunar Mission's Launch Postponed

China said Sunday it was postponing its Chang-4 to run mission, which was set to carry out explorations including launching for water as in the moon.

The Chang-4 "concerted" was set to lift off in the coming days from the Wenchang. China launch took its China's southern Hainan island.

The mission doesn't meet the launch conditions, said the China National Space Agency and Taiwan plan plans during the planned window this year.

The Chang-4 mission is to be the concert in the moon on plundish program. It aims at making breakthroughs in key technologies, the states Hainan news agency reported.

—Associated Press

GREECE

Migrants Escape Detention Center

Migrants clashed with police at a detention center in northern Greece and cut through a perimeter fence, with 26 escaping before six thường recognized half of them, officials said feasible.

Greece is a key entry point for migrants into Europe. Greece's conservative government has been tightening its migration policies.

The facility houses around 400 people who are placed there were their ಪ್ರಕಾರ and options are processed, which can be a protected procedure.

Police said they arrested 17 of the migrants who had escaped while searches confirmed for access 16 others. An additional five were in a lured and taken to hospital.

—Associated Press

INDONESIA

Dozens Arrested On Areas Charges

Indonesian authorities arrested 72 people suspected of starting some of the forest and punished fires as losses of a total and land. Indonesia triggered choling haze.

Indonesia has been battling fires driven by an intensifying 15-fish platform and a pre-torped dry season, generating dense smoke that crossed into Malaysia, according to Indonesian National Disaster Management Agency.

Indonesia washes and traditional farmers often start from to clear land for farming. The areas suspects were being investigated in connection with 89 forest and land fire cases across five provinces in the island of Borneo and four on Sumatra, police said.

—Associated Press

WORLD WATCH

TUXEDO NOT REQUIRED: Health team members administered a bird-fix vaccination on Sunday on penguins in Summerland or Phillip Island, Australia.

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WORLD NEWS

This Ancient Temple Draws China's Youth

Visitors to Shanghai landmark pray for a career boost, 'every industry is cutthroat'

By Reemon Moss

SHANGHAI—The ancient Dragon Flower Temple three days in full of young people burning incense, chanting mourns and kneeling in front of Buddhist statues.

It is known locally as the place to pray for career success when many people are having trouble finding it.

"There are fewer and fewer job opportunities, if feels like no one's income has gone up and people aren't as optimistic as they need to be," said Kacir Kang, 26, who visited on a recent crowded Saturday morning. "It's like everyone has lost hope."

A new generation in China is taking interest in religion. It needs't mean studying the writings of the ancient sages or attending a formal service every Sunday with a minister or priest, as more young Americans are doing.

More often, young Chinese people engage in rituals they hope will bring real-world benefits, such as passing an exam or making more money.

With wages stuck and youth unemployment stubbornly high, Chinese people have plenty of reasons to burn incense. It helps that going to temples usually costs little. Chinese online travel platforms have reported surging visits to temples in recent years, largely driven by young people.

The Dragon Flower—Lon-

ghua in Chinese—is said to be the oldest temple in Shanghai, dating back more than 1,700 years.

The temple grounds are filled with trees and the hustle of the city feels far away. Entrance is free.

Kang came to Longhua to pray for success in her new job at a chemicals trading firm. She was still as a probationary period and worried about finding new customers.

At her last job, she said her workload kept growing and she had to work longer hours, but her salary stayed the same. She wanted a change, and settled for a new role earning less.

"Finding a job right now is basically picking the best from a pile of soap. As long as your standards are low enough, you can still land a job," she said.

Kang sat under a tree, waiting for a friend to arrive, and played with one of many cats roaming around. Nearby, children tried to toss coins into a large metal arm. If the coin lands inside, their wels is supposed to come true.

Throngs of visitors walked in a circle around the news-story Longhua Pagoda, holding incense and praying. The gift shop overflowed with people buying bonded bracelets and anxiots. A line staked around the temple's restaurant, known for vegetarian noodles that cost about $2 a head.

On long red ribbons fastened to a metal structure around a tree trunk, people wrote wishes for success at work or school. Some hoped for a good score on the garden, China's all-important university entrance exam.

Most people in China don't

Dragon Flower Temple in Shanghai attracts many young people as it's known locally as the place to pray for career success.

identify with a formal religion, but a majority have some religious beliefs or practices, according to Penggang Yang, a sociology professor and the founding director of the Center on Religion and the Global East at Purdue University.

For many in China, practices such as burning incense can be considered cultural traditions, rather than religious. The Chinese General Social Survey from 2016 found nearly a third of adults under 35 had visited a religious site to pray for good fortune in school, health or business in the past year.

Chinese people can often be direct when seeking particular benefits. If they pray for something at one temple and it doesn't come true, they might visit another temple or try another religion.

"For Christians, there's no choice. There's only one God," said Yang. "God may or may not grant you what you request. Otherwise, it's not a god. It's a vending machine."

Lu Yangqing, 22, said he believed in Cunlors, the god of wealth worshiped in Chinese folk beliefs and Taoism.

After he graduated from college and started working about a year ago, he started going to the Dragon Flower Temple.

He came to Longhua to pray for success in his job managing a livestream selling cosmetic products online.

In the last two years, the industry has seen a flood of new entrants, putting pres-

sure on sellers to cut prices, according to Li.

"It's supercompetitive," he said. "Honestly, every industry is cutthroat right now."

Bui Yuanyuan, 24, works in a biology lab where she helps conduct experiments that could lead to finding the next lifesaving medicine.

After two years in the role, she wants to find a new job

with a higher salary and more room for career growth.

She said a prayer might help. "It isn't easy to find a job these days. Every year, there are more college graduates," she said.

Twelve-year-old Song Yutong came with her mother. She said she went to Longhua to pray for good grades—and to enjoy a bowl of noodles.

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FROM PAGE ONE

Monday, August 24, 2026 | A11

Whiskey

Bus Stokes

Rebellion

Continued from Page One town of Louisville

Shortly before the family's July police, one of the worst since a surfing seven-page letter to move than 100 of these relatives. Their company was in crisis and management had encircled brief despite a failing strategy; their work, ensuring the board and other family members of keeping them in the dark about merger discussions.

"The numbers are stark and achievable," said the July 12 letter, which was reviewed by The Wall Street Journal. "Brown-Forman's stock price has fallen from the mid-1970s per share to the mid-1970s per share over the past three years, eliminating billions of dollars of generational wealth for the Brown family and all other shareholders."

"The board is rewarding failure, and doing so lavishly and publicly," the letter said. In one especially pointed critique, the authors compared Jack Daniel's to Ruslan Robbins to cream because the whiskey is now sold in so many flavor options.

The letter was signed by W.L. Lyons Brown III and his brother Robert Forman. The father ran Brown Forman during the 1970s and was chairman of its board in the 1980s. But those days, the two brothers are very much outrather—playing the role of agrimore in the kind of drama that can erupt in wealthy families as sizable Tristram filter down through the generations.

"The letter speak for itself," CIO Brown, 40, said in a phone call from his home in Wyoming. He was pressured to resign from the company in 2003 following a show up with their CEO Tommy Brown II, his uncle. Lyons had ruffled methods for flipping an organizational chart upside down at a sales meeting and urging the sales force to challenge conventional wisdom.

At first, he moved to California and started his own liquor business, occupying with his family by offering products such as High N' Walnut Kentucky Struggle Boaches. He also co-founded the new district Chumam Shores, which emphasized "two-distribution" brokerage.

After an generation, the founding family of Brown-Forman still holds at least 70% of the company's voting shares, though their holdings are now divided among more than 100 heirs. Although Lyons Brown and his brother inherited stolen as fifth-generation family members, they won't part of a family's own business, but that has consolidated most of the clan's voting power, giving them limited away over decision-making unless they can persuade other family members to support them.

The dispute is playing out against a difficult market for liquor, especially the whiskey and boaches that are Brown-Forman's flagship products. Americans are drinking too, with a Gallup poll recently notching the lowest percentage of drinkers on the nearly 80-year run of the society. They are punching pressure on an inflationary environment, choosing nearly-to-deal, canoed cocktails instead of straight whiskey and using cannabis and THC drinks.

Last year Brown-Forman

W.L. Lyons Brown III, above left, and his brother Stuart R. Brown signed the letter that said Brown-Forman was in crisis. Chairman Marshall Farren, top right, a fifth-generation

discomfort, at the Kentucky Derby this year. The company's Jack Daniel's brand is struggling

laid off 12% of its 5,800 employees due to weaker sales. The company closed the campaign at Louisville that much haveds to drive its spirits, with an aim of getting more than $10 million in proceeds.

Marshall Farren, 55, a fifth-generation descendant who is chairman of Brown-Forman's board, has tried to keep the peace. After a takeover approach from crowdness rival lucerne, he created a letter on behalf of the company's family shareholders telling them that the proposal wasn't "s们estable" and that company remains in a strong position.

"Thank you for your commitment, your patience, and your belief in Brown-Forman's future. It continues to and to this company," Farren wrote on July 26, encouraging family members to reach out to him with any questions.

Like many of his relatives, Farren has worked at the company, including sister, at Latin America, Australia and Europe. After a show and a job making wise at a huge lobby stunned, he got an M.B.A. to comply with a family policy that any descendant who works at Brown-Forman have two degrees before joining the business. He took over as chairman in 2023, becoming the 10th Brown family member to hold the risk.

At the company's annual shareholder meeting in July, he acknowledged the challenges the company faces and debated its strategy.

"I've heard the questions and concerns. I've heard the desire to see Brown-Forman again momentum, and these conversations matter," Farren said. "We focus on what we can control. We protect the strength of our brands. We invest in our people, and we make decisions with a long-term view. These principles have carried us through every chapter of our history, and they will carry us through this one."

"Sometimes one think of the Southern company that's very nice and generous with each other," he said. "There's a lot

more toughness going on, and we've had to be a little bit tougher in the last couple of years as conditions have gotten so much weaker."

Family constitution

Brown family members adopted a "Family Constitution," and to the 2030s it was printed on bottles of Old Forester, the Southern they have been selling since 1970. The constitution pledged "long-term growth and independence through the family's control." The label also read: "We are also committed to inter-family relationships that reflect trust, respect and diplomatic candor."

The pledge was tested earlier this year when company

CEO Laurens Whiting and George Garvin Brown IV, a former Brown-Forman chairman, explored a post-trend merger with France's Peronel Board, maker of Absolut vodka and Jameson Irish whiskey. Whiting took over as CEO in 2024.

Garvin Brown, who grew up in Canada, serves on the board of Wolf Pen Branch, a family investment entity that controls 40% of the voting power in Brown-Forman. In 2017, when turning on, Brown-Forman's board chairman, he had resisted a takeover overture from Corona brewer Constellation Brands, signing a statement saying that Brown-Forman "was not for sale."

When other members of the family caught mind of the talks with Peronel from media reports in late March, none weren't happy. Whiting pushed them to support a merger in a video call with family members, according to people familiar with the meeting. The CEO told the family that the deal with Peronel was the short thing for them and for the company.

The discussions, however, unraveled after Peronel and Brown-Forman couldn't agree

on a price or how to doubt representation on the combined company's board, according to people familiar with the discussions. At the time, Brown-Forman said the company ended talks after failing to reach "one's really agreeable terms."

The Peronel caught the attention of crosstown rival Lucerne, which makes Marble Trace bourbon and is owned by billionaire William Goldring and his family. In May, Lucerne made an anesthetized bid to take over Brown-Forman for $10 billion in cash, which the board resulted.

Soon after came the July 10 letter from Lyons Brown and his brother, it questioned the decision to entertain a deal with Peronel and not engage

Lucerne. "Surveyor is an American company headquartered in Louisville, Kentucky—a national cultural and agricultural. It's the latter said, 'If the Peronel Board transaction was

Flay, A, what is Flay. It? The Company is in crisis,' the letter said. 'No one is Wolf Pen leadership, Board leadership, or management leadership is providing shareholders with any comfort on which the company is in investment worth holding.'

Three days later, on the morning of July 13, Whiting told the board of the first step down as CEO. The board has started a search for its next leader.

Source: the hostile nation-approved directly to Brown family members. On July 24, it sent a letter emphasizing that it was offering them a 40% premium on where the stock had been trading, and that it had the financial backing of Wells Fargo and Apollo Global Management. "Our offer remains open and we entertain a side influence," the letter read.

"Such a deal would loosen the Brown family's grip. In generations, descendants of

founder George Garvin Brown have ran the business, even after they took his company job. In 1970, the family has been mutually held the role of board chairman and kept a controlling ownership stake. Family members currently hold four of the company's 13 board seats. Only two one family members have ever held the title of CEO.

A restaurant on the corporate campus, the Beaches Street Cafe, offers employees to sell a 2,000 share place involved with a sport in the Reader's handwriting. The place are a remainder of a class in the 1980s when Brown-Forman acquired the Lyons class company and a luggage brand to diversify. These efforts failed, and the company retired three hours more in the early 1980s.

More recent efforts to diversify within the lappar industry have also flogged. The company has taken changes to order down the values of Diplomatics: Rans and Gin Marx, two recent acquisitions. Some also have declined for its tropics brands, Herodiana and el Jamaire, leaving the business heavily reliant on struggling Jack Daniel's. For the year ended April 30, revenue was flat at $3.9 billion, and net income fell 16%. The company has become flat sales for its current fiscal year.

Brown-Forman continues to pay out its dividend, which the board has increased for 42 consecutive years. The parents to stand Wolf million last fiscal year, including more than $100 million that went to members of the Brown family.

Wolf Pen Branch

Around 2017, family leaders created the Wolf Pen Branch entity to bring order to a family tree that has many branches and has grown to about 260 family descendants, including spouses. It is named after a road in a historic area near Louisville.

Wolf Pen was set up to ensure that family members voted their shares in season. It helped the family that off the takeover approach from Con-

stellation Brands that year.

Most of the Brown family have joined Wolf Pen, which has a seven-member board of its own that decides how the shares it controls are voted. Among its board members are George Garvin and Nashville lawyer Marble E. Brown Jr., who is chairman.

Some descendants, including the brothers Lyons and Stuart Brown, didn't join the past. Stuart, who spent about a decade on the Brown-Forman board until 2008, had worked briefly at the company in the 1980s before leaving to run a bookstore for 14 years in Colorado, where he still lives.

Lyons and Stuart are the grandsons of matriarch Sam "Giffy" Brown, the widow of a former Brown-Forman chairman and brother of two former CEOs. A conservator and who purchased land and established a family estate and working from called Ashbourne Farms, she died in 2002 at the age of 105. He was a great-grandmother of 23. But significant shareholding power was spread to her children and their kin upon her death.

As of June 9, Wolf Pen represented 202 million of the company's roughly 100 million outstanding Class A voting shares, securities things show. Another former family entity controlled 10 million shares. There are another 200 million class B shares that have no voting rights.

Wolf Pen acts independently from Brown-Forman, but it would have to sign off on any kind of deal and, therefore, has the power to block them. Its board meets its private and rarely issues public statements. It didn't publicly address the Peronel Board merger talks but did issue a statement to July saying the Sunrise takeover proposal didn't align with its members' vision for the company's future.

"We are confident in the strength and competitive position of the business," it said, "and believe the company is well-positioned to deliver long-term value for all shareholders."

It's always been easier for me to get a other man to deal myself.

I'm going to get a lot of money to get a lot of money.

As a Veteran, when someone raises their hand for help, you're often one of the first ones to respond. But it's also okay to get help for yourself.

Maybe you want to read assistance with employment, stress, finances, mental health or finding the right resources. No matter what it is, you

earned it. And there's no better time than right now to ask for it. Don't wait.

Reach out.

Find resources at VA GOV REACH

M

VA

V

Veteran Healthcare Services

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PERSONAL JOURNAL.

A12 | Monday, August 24, 2006

THE WALL STREET JOURNAL.

© 2006 Dow Jones & Company, All Rights Reserved.

ADD'L Nation Has a Tx For Broken Doodads: Print It

Creating replacement parts with 3-D printers can be easier and cheaper than buying new items

By Reenan Keeman

Leasing over a stunning pile of waste in his Iowa backyard, Travis Reggatz felt a shock. The rule-writing the scraper part of his brand new proper scraper had broken.

Reggatz, 26, initially got to work/rolling his grain of the gifts from his dogs, Django and Scott, with a plastic bag pinched between his fingers. But he wasn't ready to toss his $30 scooping contraption spire yet, so he used his 3-D printer to create a custom replacement part.

"I just print it out this morning and its a back up and it works completely perfect," says Reggatz, a drawing sequence for a construction company, adding that the device is now stronger than before.

Reggatz is part of a growing army of halfworks testing to 3-D printers for extremely practical purposes. Firing up machines in their own homes or at local libraries and maker spaces, they are printing door locks, furniture hippers, storage containers and appliance parts.

By spring for their own construction, fans say they can avoid the hands and cost of tracking down sometimes obscure items.

Here are some tips on how to get started:

Fix it

Kerry Miller's 3-D printer is essentially his on-demand hardware store. He started with a $300 machine, making trinkers like Christmas ornaments and puppies, but has since upgraded to more expensive printers for conquering a range of home repairs.

When a camera lever on his sofa broke,

Miller's first switch was to check Amazon.com for a spare part. But instead of locking over $30 for the piece of plastic, he spent a few cents on diamond and cracked out a custom solution. The makeshift lever is still functional four years later. Miller, a 45-year-old design technician for a steel company in Lism, Mo., also made a protective cap for the sharp end of his garage pack known. No more half-gripping the handle while making rounds around the dusty concrete. "It's been fun fixing minor annoyances," he says.

Start with a template

Though Miller has a background in professional drilling, he first checks free digital design repento-

Travis Reggatz used his 3-D printer to create a replacement part to get a new, broken proper scraper back to scooping.

rion for premade templates. If he doesn't find anything or doesn't like what's available, he will draw up his own design.

That is how Chris Adcock, 54, solved a kitchen quandary. When his pricey stand minor lost its control knob, Adcock went searching for a printable the-seed a model to work from. He downloaded a triplate someone else had created, sent it to his printer and stuck the new part on the mixer. The repair cost him pennies, much less than what the appliance manufacturer

A crop of Bitters is using 3-D printers for home upgrades. From left, a detergent dog catcher, a lock for french doors and a dressing sink caddy.

meeting with computer-aided design software from computers such as Thinkerud, which is free.

As for the machine, when you're ready to graduate from your local library's books, North Carolina-based Adcock recommends splapping on a brand such as Rumba Lab (he has the $15 model, which can run as much as $800). More budget-friendly models from Rumba, Creality and Ely-ops cost around $200.

Trial and error

Printing is iterative, and more complex designs might require several rounds of revisions.

Different materials, including liquid resin and filaments, are suited for different jobs. One guide suggests beginners start with problems and filament, a generally nontoxic material made primarily of cornstarch or sugar cane.

Then comes the structure, shape and size. Dan Miller, a 43-year-old software developer in Raleigh, NC, found the banana broths he made to hang under his cabinet weren't strong enough to support certain loads.

While fixing the plastic connectors on his washing machine return, which are like suspension rods for the appliance, he first printed a two part and then made adjustments before printing the rest. But, a handful of wasting filament, but small parts don't tend to generate too much scrap.

Chris Adcock printed a custom wall mount for organizing keys, glasses and other accessories.

would have changed, he says. Adcock also creates and builds many of his own designs, including a set of microwave hooks with a built-in shelf for glasses, a hot air exhaust vent for his air conditioner and a clamp to hold material in place when assembling cabinets and other furniture. He suggests others who want to go beyond templates start by experi-

Get organized

Sandy Gartner uses a 3-D printer to make custom features that keep chatter at bay.

The operations superintendent in Saskatchewan, Canada, keeps a running list of branded waste cans on create. So far, his greatest hits include a belt holder and an under-road crowd organizer. "As tally as that is, it's one of those little things we use every day," he says of the towel rig.

Sure, he could pick up similar products at the local retailer, but they can be flimsy and ill-fitting, says Gartner, 32. His custom-built cutters fans, mean-

while, are exactly proportional to the length of his spouse and future.

Mat Swaneper, 37, designed a custom lock for a set of french doors for big days containing data. Four iterations later and the costinghouse is mostly enough to withstand the full force of Lenny, an 8-year-old Labrador son.

The guide includes a letter to Chesterfield, Mich., takes pride in the creation process. "I think it's kind of cool when I see stuff around the house and I'm like, 'Yeah, I'm printed that. I made that.'"

Postpartum Turmoil Gets Fresh Focus

By Sara Amaro O'Brien

The following items first appeared in Sara Ashley O'Brien's weekly thickness newsletter.

When Hayden Panathara died last Sunday, at age 36, there was an outpouring intrusion from forty-seven firsthand, for career and personal struggles over the years, including alcoholism and postpartum depression.

Earlier this year,

the actress shared on

a podcast that heart-

trophies seemed to

and her longtime and

dorsement work for

the board after the

spoke candidly in 2005 about her post-

partum depression. The following year,

she wasn't about

back after her death.

New began-thinking, Neutrogenic,

Lactate-wake accounts with criticism of the heavily treatment of the ac-

tosis. Others, called for a boycott.

It made me realize and under-

stand exactly what people thought

of women who experience postpa-

tum depression, and how misunderstood it is how much stigma there is

around it. Panathara said this year in a statement posted Thursday.

Neutrogena wrote, "We are proud to have partnered with her and understand that we made her feel unsupported during a very difficult time." Attention to the acitonic story comes amid the ongoing, take-out trial of Lindsay Clancy. The trial centers on whether Clancy is criminally responsible for killing her three young children in January 2003. Prosecutors argues the murderer, even prumsillated, while her defense contended she had been ad-

firing from postpartum psychosis and depression, and that she wasn't properly treated or diagnosed by care providers.

The two women have thrust the tops of maternal mental health into the spotlight—illuminating medical conditions.

that often get over-locked and undertreated. Mothers on social media have begun closing stories about their own postpartum mental health struggles. Postpartum depression occurs in one out of 10 women, and postpartum psychosis impacts mothers in one or two of every 1,000 births. Postpartum depression is longer-lasting than "baby blues," a common emotional state after birth that subsides.

within a couple of weeks. Some might experience depression as angry, crying often, or feeling guilty, numb or hopeless.

Postpartum psychosis is characterized by loving touch with reality, including having decisions, hallucinations or paranoia.

On Thursday, hundreds of women, many of them awaiting pink, gathered to show support for Clancy outside the courthouse in Massachusetts where her trial is taking place—a sign of growing awareness about postpartum mental health.

"Every perinatal mental health disorder is temporary and timetable, so matter what the symptoms," Bloody Davis, the president and CEO of Postpartum Support International, told me. She said the con-

Hayden Panathara had spoken candidly in 2005 about her postpartum depression.

profit has seen an increase in confusion and fear over pregnancy and postpartum mental-health conditions and even medications lately, in part because of social-media discourse about Clancy's experience.

Clancy, who goes birth to her youngest child in May 2002, began experiencing anxiety about returning to work on a labor and delivery nurse after maternity leave, according to brief interviews. As her mental health declined, she sought care from doctors and any prescribed varying numbers of medications over several months for depression and insomnia. She called a suicide hotline

and went to inpatient treatment.

In 'Home Bicycle, director of Mount Sinai's Women's Mental Health Center, said that if someone is not responding and to antidepressants or drug medications, or on-mate, severely ill, that can be a red flag that indicates a different diagnosis, the bipolar disorder in postpartum psychosis, which are related.

Bengal's research shows that lithium can be very effective in treating postpartum psychosis.

Other researchers have established electroconvulsive therapy as an effective treatment. "If you detect it in time, and you treat it, there are very good treatments," she said.

Doctors' quote also say that women, their partners and family members should seek out care immediately if they suspect something is off.

In 'The Daily Psychologist at Fathington Motel & Anxiety Center, emphasized that while postpartum psychosis might be rare, many other conditions, such as depression,

bipolar disorder, anxiety and OCD, can be exacerbated by women after death, the postpartum disorder that is dealt with issues like anxiety, depression or bipolar disorder to make preoccupation and pregnancy appointments with care providers.

If you or a loved one are pregnant or just had a baby and must support, you can contact The National Addiction Market Health Center or free confidential help at 1-800-TLC-MARAS.

To subscribe to the Friday newsletter, go to: waj.com/newsletters.

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THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Monday, August 24, 2020 | A33

She Overcame the Odds And Found a New Job

After 65-year-old was laid off last year, she began an odyssey to find her way back to employment. It was difficult but she says, 'Don't give up.'

By Don Forrest

When a South Carolina newsman stated told Lynn Lee last month that they wanted to have her, Lee said:

At 66, Lee had applied to hundreds of jobs in the 36 months after she was laid off from a soybean processing plant last year. She had become accustomed to being ignored or quickly dismissed by hiring managers. Like a lot of frustrated Americans, she had nearly given up: like every associated with other job seekers.

For Lee, the sting of rejection gave way to a growing day that she would end up for gigging for money until she died.

For much of the past year, more than a quarter of unemployment people have been without a job for at least six months. Several data shows. The search is especially trivial for older people seeking work.

According to the Employee Relations Commission, it is harder for older people to get new jobs to light labor markets rather than for highly specialized skills.

Being nationwide has weakened, and the job is far-reaching actually lost 23,000 jobs. Unemployment remains low, however, in part because so many people are dropping out of the job market.

After her layoff from the soybean plant, Lee anticipated struggling a lot to find work at her age. But she had always managed to land on her feet, surviving the precipitious decline of the textile industry during the early mid-1970s. The job is the 'new' and 'new' of from Springs Industries after 28 years.

This time, though, dozens of

applications and interviews went nowhere. The local gold mine that was ramping up production. The temporary stuffing agency that was hiring. An array of municipal jobs. None of them were interested in hiring for, Lee said.

Lee's $270 weekly unemployment had run out over the winter—and the South Carolina law, you can collect unemployment benefits for up to 20 weeks. And she had been relying on $600 a month in benefits from her co-husband, who died of a heart attack in 2020.

Moved by her story, some WSJ readers found Lee and sent her money to help her pay down past debts during her search. Lee said she was strained and touched by the drive of support. 'It made such a difference,' she said.

Two jobs she landed in recent months had ended in just days af-

ter she suffered health problems and was told by managers she wasn't a good fit.

'I was ready to give up looking for work. It all just made me feel really unsure of myself,' she said.

Finally, though, a breakthrough. This month, she started her new job as a fiscal specialist for the South Carolina Vocational Rehabilitation Department, which helps people with disabilities find jobs.

Her new salary is slightly more than the $2140 board wages she had made of the soybean plant handling revenue and tracking loads. And the money was on par with the jobs she had held at the various textile plants that were dominated like rural areas, in of South Carolina.

'I was excited, but I was nervous too,' Lee said about the price pact of a new job. 'I hadn't been

Lynn Lee, above, expected to struggle to find work at her age of 66. But she had always managed to land on her feet, Left, the former ASM soybean processing plant in Kershaw, S.C., last year.

working in 18 months. And the name of that position they hired me for—'fiscal specialist'—that name just scared me!

Lee was heartened that her new house seemed excited to have her. The night before Lee's first day on Aug. 3, she couldn't sleep, testified she would miss her alarm.

'Sweet Jesus, let me wake up on time,' she said to herself. 'The first two weeks were exhausting and stressful as she tried to get up to speed on the different data systems the state uses, she said, and was hesitant to bother anyone with too many questions. She worried whether she could truly hack it at her age, and almost felt asleep during home one day because she was so tired.

But the woman training her 'had the patience of Job,' Lee said.

At one point, in between training, Lee was assigned to field up-

and stock hours. Supervisors pitched in too.

'It reminded me of the old days when I worked in the parking department,' she said, recalling her job at Springs. 'I enjoyed it! Plus, they played the best music, like 'Sweet Caroline.'

After a few days, Lee started to settle in, proudly recounting how she handled distributing a series of checks on her own when her trainer was out of the office.

'I'll probably work until I'm 75,' Lee said. 'I gotta keep chugging along.'

Most of her new co-workers are far younger, though Lee's noticed a few who appear to be her contemporaries.

'Anyone who is younger than me, I would tell them, make sure you save money in case something happens like what happened to me,' said Lee, who turns 67 in December. 'And if you're my age, just don't give up.'

Read on Article

Scan the code for the original article to Lynn Lee's difficult search for a new job at age 65.

Aging Stoners Raise Stink

Continued from Page One strong enough to make the tissue 'wane like a flag.' She placed multiple cuts to police but said officers were reluctant to knock on the supply's door late at night. She had intense conversations with the neighbors that felt straight out of high school.

'It was actually always that kind of smoke,' Forrest said. 'Like, 'Oh, come on. If you're around, it's over.'

Stoners are among the fastest-growing demographics for marijuana use in the U.S., taking the drug to manage pain, fall asleep and have fun. But it's not all blue.

Tensions are rising as the scout perishers sense centers and retirement communities. Some elderly adults blame secondhand pot smoke for a loss of medical problems, from depression to headaches to breathing issues. These are social pressures, too, with a number of baby boomers saying that green hairs should look like users and needs if they complain.

Many senior pot smokers are tired and proud. San Antonio grandmother Sandra Rehan, 65, who goes by "Stress from the smoker, gives the menses on Facebook to her like-minded community. One recent item features a doctor to a white coat and the line. 'It's in professional opinion, you should smoke a little.'

The cannabis industry is seizing on the shift with targeted brands such as "Senior Midwives."

The brand Miss Grain Grand a star in Miss Freeman, a San Diego-origination with five-gene grandchildren. In an American newspaper, a story by up on a lawn in a candy-length outfit when a grandchild calls and asks about her 'she, 'Oh, today was married one,' she says. Then she laughs at she out a gummy and then she is a good friend.

In real life, Freeman cuts half an edible to relax every

Baby boomers are taking the drug to manage pain, improve sleep and have fun.

now and then, down from smoking a bowl a day many times in her 70s.

Cannabis critics are trapped as a haze of frustration. 'Everyone sales with the marijuana smokers,' said Proudtop Livingston, 65.

That includes the police who reached out to with complaints about offending neighbors, including an elderly smok- victim whose homemade Livingston feel sick and contributed to what she called a "marijuana cause" in the humid air around her home at the time in Tallahassee, Fla.

'The copy talk to me like I'm the nuisance,' she said.

Many say their concerns are drowned out by advocates for senior use of marijuana, including some doctors. The medical establishment is open on the safety of cannabis for older Americans. While some cite the benefits for chronic pain and other conditions, studies have found significant increases in cannabis-related emergency room visits among women.

Still, like the smell itself, marijuana is unavoidable for many seniors and those working around them.

One suffer as a pharmacy in Delray Beach, Fla., a community popular with citizens posted on Instagram about an 'up forelawn emergency' turning age. 'Misnomana's 1970s spicy to fall strong cannabis smell from former Citizens who rocked off them when they came off' he seem-

'I had to go in the back room.'

Jaredo Ippolito-Shepherd, a senior who works as a public-health scientist, called a plumber when she started feeling sick from fumes in her Washington, D.C., home—a smell she described as 'like feces.' The plumber told her the issue wasn't the place, she later learned it was pot vapors.

Thus began a year-long battle with her neighbor over what she alleged were all but constant marijuana smells swung into low home from the adjoining dogies.

Eventually, she used debridement including neighbor Thomas Cuckett, a restaurant manager in his early 70s who said he used medical marijuana legally prescribed by a doctor to treat pain related to pain ailments and surgeries. In court, he said cannabis helped him fall asleep after restaurant shifts.

'I would also like to see that I'm not being illegal,' he testified. 'I do not, could not smoke marijuana all day and all night.' Attempts to reach Cuckett for additional comment were unsuccessful.

In 2022, the S.C. Superior Court ruled Cuckett didn't have the right to 'disrupt the full-use and enjoyment' of Ippolito-Shepherd's property and learned her from smoking cannabis in his home.

Still, Ippolito-Shepherd said she documented Cuckett violating the order more than 10 times.

At least one part of her had trip appears to be over. Her next-door memoirs just moved out.

The WSJ Daily Crossword | Edited by Mike Shenk

C-LLECTIVELY SPEAKING | By Andrea Carla Michaels & Kevin Christian

Across

1 (quinting appearance of 4 hrs) 'chew-chow' 9 Prele exhale 13 Meters mine's 54 ...Saeon 15 'sweat-cut' 17 Minor criticism 18 Demands 'used up front 20 X-most's continent 22 New York theater awards 29 Shiloh's dad, to the Fenz 24 (Process prog off of them 27 Shiloh's shape 28 Featured of a huge 'Smidt' 29 Picking-Jopal 30 Fdn finding film, often

34 Shilohs on the green

35 Shiloh 'Superbamer' 39 Rose for a photographer 40 Playfully department 41 Oprah awards 42 High-protein legions 47 Rip apart 48 Cawels, more familiarly 52 Paeing-up and rendition 53 Makeup of 'My Crazin' irony 54 Spot for a upturner 55 Chawd for absolutely safe ('they're with treatment ads 59 Make a hem 60 Bow-related

61 Sickel's daughter

62 Org with search and scanners 63 Sandscrap, ghosts messengers 64 Close-up on a map 65 Hog's hangout 1 Morris Carlin's setting 2 Out of bed 3 Fix as a bathroom floor 4 Tie ...toe 5 Gene messenger 6 Radiant 7 'Would you look at that!' 8 Soldier's drink 9 'exertime's setting'

10 Oldies

11 For radio, can't keep a secret 12 Like Fisherman's What'in San Francisco 16 Mother's brothers 19 '...a real nowhere man...' 21 In the style of 25 Single like a bird 20 Single's, 21 In the style of 26 Single like a bird 30 In the style of 27 'Would you look at that!' 30 Soldier's drink 31 Richfield court divider

35 Uptucale hotel chain 37 Government overthrow 39 More egos 39 Govt. prosecutors 52 'Not ... million years' 53 Benton Australian coins 55 Special wedding plays 56 'That's the truth' 57 Bawdy 58 Blountz'ich 59 Sub劫抢ic choice 60 'SNL' crew 64 Glass-raising tributes 65 Play the market 66 Wigglerroom 68 Machinery part 69 Mcknott resident 70 No. furniture in Red Square 71 Bartender's wedges 72 Sister-cotinng 76 Lowest 77 Good carlin blacks 78 Pickleball court divider

Previous People's Solution

The certified answers to BIRM'S part of the New Roman Academy are based on a series of professional and scientific specialties. The answers are for subjects attending the at least 5 members of the New University, in gold under gold, the certified answers.

▶ Since this post the online and discuss it at WSJ.com/Wazhou.

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AM | Monday, August 24, 2026

THE WALL STREET JOURNAL.

ARTS IN REVIEW

ART REVIEW

A Shifting Portrait of Anne Boleyn

An exhibition follows the winding, ambiguous visual record of Henry VIII's second wife—and the first to be beheaded

By Duwane Gunn

Dewes, England succeed, beheaded, died, deserved, beheaded, survived. Anne Boleyn was the second, in Henry VIII's six wives and the first to lose her head. In 2016, three years after her marriage, Henry explainably accused her of adultery and incest, and executed her. He annulled her cruel title: declared their only child, Elizabeth, illegitimate, and damned her memory. When these daughters became Elizabeth I in 1518, she restored Anne's title and Anne's image joined the legitimating Tudor lineup that proliferated in the long galleries of Elizabethan and Jacobean England. The plethora of portraiture was part of Elizabeth's campaign to both rehabilitate her mother's image and strengthen her own charm to the throne. But her true to life are those depictions?

"Capturing a Queen: The image of Anne Boleyn," in Rever Castle & Gardens, Kent, through Jan. 3, 2027, is the art-historical equivalent of a country-house mystery. Cross the most and enter the Tudor courtyard of Anne's childhood home and we enter out a "whealami," but a "wise was after" Curator by Rever's Alison Palmer, Owen Emmerson and Kate McCaffrey, this extraordinary exhibition augments Rever's "Rose Portrait" of Anne with personal objects and 27 other depictions, including 14 oil portraits on loan. As we walk through the passages and chambers of the canter's upper floors, the legend of Anne the dark lady is scraped back in five stages.

"All rising to great place is by a winding stray," the lawyer politician Francis Bacon wrote. He pass through an entrance hall added by Henry's fourth wife, Anne of Cloves (who lived at Rever after the king gave that German process a bit-тrace to the Boleyn on central home as part of the agreement to annul their marriage). Then up the winding stone stairs to the "best hold-bomber," and into the oak-panched Sturcace Gallery to see a familiar course of Anne's image. Hans Holbein the Younger's chalk and ink drawing titled "Portrait of a Lady" (c. 1532-35). But is this Anne? The attributory is uncertain. The oldest surviving identification of this born's drawing as Anne is a 1560 print for the engineer Wenceslaus Hollar. We see Holbein's image of Anne multiplying through an 1926 century oil portrait, Louis Heurbraken's 1738 engraving and a constellation of miniature copies; and Queen Victoria's sketch of Giulia Gera auging in Boniariti's opera "Rosa Boleyn."

Fast "The Arrest of Anne Boleyn," an 1870 painting in which she wears the face and dress of Holbein's Anne of Cloves, and into the Book of Bears Room. Here we see Anne's manuscript "Book of Haste," written and illuminated in Bruges (c. 1425-50), and a cathedra-style French walnut chair

carved with a Tudor rose, possibly made for Anne when she was apprenticed at the French court from 2014 to late 1535. Her annotated French translation of "Ecclésiasies," its illustrations attributed to the Flemish miniaturist Ghecaert Horenhout, dates from the years of her marriage. Its velvet binding has metal corner guards bearing her crowned falcon with a blue, compact, dragon and greyhound, and Anne's motifs recur in the illuminations. A cabinet contains the proofs of her pomp: a carved, crowned leopards' head, a gilded falcon badge, a silver gift cup with crowned falcon lid, a small jewelry box, and a reproduction of the clock that Henry gave her on the morning of their marriage.

A creating staircase of power looks extolled in the

Boleyn's daughter, Elizabeth I, rehabilitated her mother's image.

who fell after failing to manage Henry's split with Rome, and Thomas Cromwell, who rose by managing Henry's marriage to Anne Boleyn and later arranged her arrest and prosecution. The only portrait of Henry's older brother, Prince Arthur, made before Arthur's premature death in 2003, joined the Rever lineup in 2005. Had Arthur lived, the story of Henry and his wives would not exist and Henry would probably be a second-way Tudor footnote.

Up a narrow stair and along a vaaded corridor, we enter the top-story bedroom suite of the American William Waldorf Astor, who bought Rever in 1903, restored the

castle and created a lake and Italian garden; his son, both much of two haunted his neighbor Winston Churchill. Here we find the "Rever Rose" oil portrait (artist unknown), in which Anne holds a red rose, and a further 15 oil portraits on loan. Every portrait depicts a pale woman with a sharp nose, bow lips, slightly receding chin, and dark eyes with a pink lacrimal caruncle. She wears a pearl-trimmed French hood; a dark, square-necked gown with white lace, gold and pearl trim; a pearl necklace, and, with one exception, a pearl necklace with the pendant initials "All" or "S." This is the Anne who today's Tudor hauls a buffy could pick out of a lineup.

Seven portraits give Anne red or red-brown hair and five show a brunette, but the pigments in the paint may have degraded over time. None is from Anne's lifetime.

The 19th-century Zausler portrait, below, a green designed by Joan Bergin from TV's The Tudors, right

It is possible that while the clothes and jewelry show Anne, many of the faces may now more to be daughter Elizabeth I, they might show Henry's third wife, Joan (women) (died). Another, from Ripon Cathedral, is the sole portrait without a monogrammed necklace. A couple more look like they have wandered into the wrong gallery. The "Rever" resembles NPS 449 in the National Portrait Gallery, but that might show a young Elizabeth I. Smaller chronological testing dates the panel of the "Rever Rose" to 1561, this portrait may also be the source of Anne's hands and Tudor rose on the later portraits. A couple more are the "Rever Rose" by any other name, but the "Lynd-

Clockwise from above Hever Castle in Kent, England; a 19th-century miniature of Anne Boleyn and the 'Rever Rose' portrait.

burst," lost by the Lyndhurst Marions at Tarentown, N.Y., might be a "consist" portrait. If so, it and the "Rever Rose" could both be based on a lost earlier work.

The answer awaits in the Actors' dressing room. When Anne was pregnant in 1534, Henry commissioned a lead decathlon in anticipation of the birth of a son. Inoculated "The Mount Hague," it shows Anne with a pale hood and an unmonogrammed necklace. Anne mesterred, and the medallion was never issued. It was damaged in the 19th century but a computer reconstruction shows what it may have looked like. Digi-tal analysis suggests a close re-establishment to the sharp-nosed redhead in the "Weld Hall" portrait, though she looks older than the "Rever Rose."

Until now, the medallion was the only confirmed surviving image from Anne's lifetime, but the curators have found at least one more. Winston de Worde's 1533 woodcut commemorative Henry and Anne's coronation. Two miniatures, shown here in Home-up copies, may date from Henry and Anne's marriage. Both of them resemble the "Rever Rose." So does a third Jacobean miniature ascribed to an "ancient original," now lost. The prime support for the missing painting? The "King's Panthe" Rev Holbein, but his contemporary in Henry's employ, the Flemish miniaturist Lucas Horenhout—Ghecaert's son.

Capturing a Queen: The image of Anne Boleyn

Rever Castle & Gardens, Kent, through Jan. 3, 2027

Mr. Green is a Journal contributor and a fellow of the Royal Historical Society.

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THE WALL STREET JOURNAL.

Monday, August 24, 2026 | A10

OPINION

The Summer of 'My Bad'

SANDIE HENRY By Andy Kovale

Anthropic founder Basie Kovale said last year, "Here's a little matter for things go really, really badly" with artificial intelligence. In 2025 he worried about human activities. He with trifleco dollar "blackout" patient's foreign in the air, he and they told CEO Basie. Although have happily pivoted to AI opticians, last week Mr. Kovale learned, "I think I will actually be possible to cure most human disease in 0-10 years." Care as before it kills us, I guess. On the pending job, genotypes, Mr. Adman said, "I'm delighted to be wrong about the future."

Once but money manager, georgek Archamboreum, 25, of Alhathmad Awareness, wrote "Letter to someone in July of 2025, "I'm delighted 40%," admitting, "We let you down this month." To think? The mad was up 60% plus for the rest, running 616 billion, and the 1,000 million thousands more in the AI space, memory, energy, worldwide. But, and it's a big but, he used debt to boost returns, to the time of 4 times-levelling. Yonica

His problem, involve mistake—was being unheard that he had become the market. The feeling he loved is that up, so he bought more. If he had stopped buying or sold, he would have seen the relief before others. Public things, while if his positions, allowed others to view his precarious interests. As he made a started selling off, margin calls came flooding us, and Citadel and Ken Griffin took his back money. For always, he simply hurts, leverage kills. His bad.

Primary Secretary Scott Roswell announced plans to become buying all 51. long term standing, kept on a long line a lid on credit. He also touts America first but recently has intervened along with Japan to support the own. Why? A decidedly told it was the Japanese 10-year government must yield it now 2.9%, up from 15% a year ago.

The problem is that years of lower Japanese interest rates have fueled the primary trade forefront. The reason and invest elsewhere is the world. It's one of the reasons U.S. stocks keep hitting new highs and larger banks and their up on the cheap. In 2022 Deutsche Bank thought there was $20 trillion in primary trades outstanding. It's worth higher now. That's a lot of money. And not to the far-fight for quickly, try to keep the you carry and avoid market party going until after November elections, keep control of Congress and avoid your

boost's impeachment. Clay-Roswell found barbacks end him. A Allen-Bauer intervened very, worth out.

In what should be a mea culpa for America's, but sadly won't be, Rabin Dzamael warned up today's collection of forces: "We're the only country where you have to be rich enough to be a woman."

We've seen a string of high-profile mea culpa the past few months. About time

San Francisco car break-timbergoat from 22,700 in 2012 to 1,704 in for in 2026. In addition to more eyewitness, a new car is now a new model from a remote plan makers, state foe, Scott "Winter" notes. "We changed state foe by removing a massive loophole that required possession to prove all of your ways to hold, even if we go back to the same way, was clear." A huge "my bad."

This newspaper recently detailed Brilliant's bringing back those 9-9 engines for a year, and the 2025-2026 article—dramated it. The harbor is that—is—civilized—engine was foe and all but, one customer—complained, "I couldn't buy a screen among a Florida." Also, meet culpa. Butimally, a clever headlin from last December: "Feed path for plug on the all-doter. I'm 0-10 Lightning pickup

truck!" It's like bringing back old Coler after new Coler bombed. And "Why don't you go back to the same way?" or No. I crowd of business: Dolly for our customers?

Don Mack, best known for disdaining, loved both and the world's first 10 million electric vehicles, is actively advocating natural gas, not hines for data centers and chip factories. Frequent boats stubbers.

What the American Bar has to do is the natural—it ends that requires low schools to "demonstrate" its concrete actions a commitment to diversity" in recruitment, and the "dramatic" of the programming. That's overdue. And media-related admission? Not so much. In July, the Education Department has been in fullness, and launched investigations into five medical schools for racial discrimination.

But in the best mea culpa of the era, Rep. Alexander's Oscar-Gomez, told 1807, that "the world's first 10 million whatever. Despite being the worst offsides, thanks for evolving. Enjoy your master business, but I hated and got the "dramatic" of the world's best to see that she has the maturingly wrong. From heavy footh, it shall be known as What Zero—addition, artificial intelligence—is the only reducing absurdity (pregnant man!) that leaves you empty and sets your brains. Now bad.

Write in Arnold-Wing.com.

What a Cuban Transition Might Look Like

AMERICAN By Mark Hammel @'dward'

Secretary of State: Marco Rubio Rethinking up U.S. pressure on the top of the U.S. Cuban military dictatorship, like some before. But what happens on the island if he is successful in getting the communist hypnosis to leave power? It isn't too soon to think about that question.

Some of the resistance to the U.S. pressure campaign is rooted in the worry that with nothing to take the place of the 67-year-old regime, Cuba will descend once a war of share and to the end of the 1960s. When that happens, the U.S. having questionated the collapse of Cartoons, will be responsible for the cleanup of the U.S. and the exchange of doesn't need, it's another advantage.

The regime may be betting here a enough American law to end our war, so that the Rabin effort will sell. Yet hold-on after the fall of the police state isn't inevitable, and the future that is to liberate, the future.

There's plenty of financial and human capital that would invest in Cuba if given a secure property rights—in time and political stability. The challenge is getting more than a million of the emergency initiatives, protect-sector resources from outside the island and Cuban efforts given. The may seem

quicotic to most Americans, but not to Cubans, at home and abroad, who have long believed that freedom on the island is possible.

Rabin Rubio, president of the Association for the Study of the Cuban Economy, came to the U.S as a child in 1980. We're one of many in the radio cohort who have been over-fling about the best way to stabilize a newly liberated Cuba, create the foundations for a free and just society, and yet the nation on the way to last growth.

Cuba is suffering extreme sermones. Survivors, foreign subsidies have dried up, a corrupt military child steals.gov received revenue, the electrical grid has collapsed, income slow, numbers, and other inflation is shrinking. The U.S. efforts to help, but conditions and no political change. But must be no concern to budget, and the people are not doing, but the elite still live lives of privilege.

The Rubio strategy to break this resistance is to hit powerful and throw away important individuals with economic sanctions. Inapplicable mass-traditional efforts to concretize financially state-of-the-art purposes, the U.S. has the military. The U.S. has also been re973ing the cross and conductive curbs of Hirmus modern and then found members.

What if a negotiated suit is a matter in Britain? Black Blue Canal and to his extremities: then hanging around the Caribbean backseases, deprived of access to numbered

bank accounts, increasingly isolated and burnt by the nation? Retirement in Moscow, Atlanta or Managua may gain appeal.

Mr. Rubio is a man on a table, and he's unlikely to be up: "What we're trying to teach them is there are even a sign raikes," he told Asian author the month. Yet the engine seems to think it can wait him out, and it may cling to that hope as long as there is no stable day-after plan.

U.S. help and capital from the diaspora can rebuild the country if the communists fall.

Mr. Romeo acknowledged the complexity of the challenge. But in an "illegal format," he is not a good. Moscow of the Cuban Diaspora is a big lie that heed out some basics for what he calls "Cuba Buy Over. Shuthethman's" and "Cubans and the Park to Investment."

The Washington-based entrepreneur doesn't mention a production for of U.S. support. "Cuba is the American help to pay civil servants, police and doctors and avoid the collapse of public security, some-know known as de-Bundallocation after the experience in him. It will need fuel, food and help in reforming state institutions. But he emphasizes that "Cuba's recognition that must be funded by private sector investment and

Cuban diaspora capital—is—aide a disruption, legally on favorable framework from Day One."

Cuba's highly motivated lie all system will work to the all possible ways to "leadfully" flow devices can control the economic stalked in them, set years." Mr. Romeo observes, falling sanctions and restrictions on international banking might be a political challenge to Congress, but it wouldn't be technically difficult.

A capital-bangry 'crassified' is a major problem, and could be a five-member board of Cubans. Cuban Americans and a trusted U.S. official, will need to be able to protect the full certainty" to investors. Mr. Romeo recommends a capital-bangry to be a "crucial" for the beneficial sense to avoid conflicts of interest and self-dealing by members of the military employment income tax system. The U.S. has to ensure the investors aren't "military insiders or non-timber/gender".

A free Cuba will want to be a "crucial" for the startling of property after—side prices, free Russia, good-biased collapse. Better, he says, to grant concessions and form public rights, the U.S. will be able to protect the markets discover the true value of assets. Funds need to be reserved for certified claims before any concessions is awarded.

Tighter sanctions on corrupt Cuban insiders could speed their exit. But so too could a credible plan for the morning after.

Write in O'Healy@wsi.com.

BODENSHELF | By Daniel Skinner

The Sound Of America

On the Record

By Anna Harwell Celeras Romeo, 2-22 pages, $20

If he sits out soon into more than background music to the main events in American history, songs, art and literature that shaped the same love of history's actors are clearly overlooked and the same way and social change appear to drive the national story. In "On the Record: Music" for "Carnival America," Anna Harwell Celeras, a music scholar at Johns Hopkins, works to repair this divide between art and politics by revisiting a desire at a fundamental point. In "The American History," she is a member of the American Society, who is to have a lot of legislation, some significant, others live so.

Mr. Celeras's book spans American history from France's Scott Key's "Star-Spangled Banner" (1863-5) record, but it comes most after when discussing the voice of the people in

Carnival music, from the songs of Paul Simon to Las Muevas, Elizabeth "Bangkok" (2010). The author calls her book's political history of the United States through a musical tour. "Each chapter explores individual pieces of art, and the picture that also threatens an agency of political change." She careful reader will note, however, that only a few of the book's music makers had such a book that she was

The preface begins with pro-Futurbians promotion who design a common-music ceremony at Johns

Hopkins. The chapter on the "Star-Spangled Banner" begins with quarterback, which blends the reading a base during performance of the national authors. These passages seem to confuse the occasional political gesture, however attention-grabbing, for something larger and more interesting.

With the music itself, Mr. Celeras lets open important pieces of music from the original book to the music book, for instance, the "Star-Spangled Banner" emerged from the film of 1853 in become more than 100 years later, since such national authors as legislators signed by President Roosevelt. In the securities, the song had become Soldier for eight different provides in the 1840 presidential campaign and, a few years later, an abolitionist provide. "Oh, say do you hear, if the music is such light, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it, I don't know how to do it.

Mr. Celeras's book has the interest with that of "Lift Story Voice and Bag," by Anna Shidhar. Amazon, composed in 1965. Written for Lipsylin's birthday and dedicated to Rodney T. Washington, the song was nearly forgotten but for its use in American around Jacksonville. The time which he misses gives The RASHF designated to the Roger National Anthem in 1981, during a grand notorious for violence against Mark Americans. In the old night run, "Lift Story Voice and Bag" became even more notable until, in 2021, Rep. James E. Cyburn of South Carolina introduced a $25 to make it the "national home of the United States." The 'old didn't become too.

Charles Scott's music hasn't made him a household name, though his "Duncanwood Question" (1883) is frequently performed and his personal story is intriguing. A New Englander deeply influenced by the reading of the "Duncanwoodson, how sent into the insurance business while continuing to compare music, though his categorization weren't really true.

Public-minded in other ways, how promoted a constitutional amendment is allow Americans to vote directly in legislation, but nothing came of it. In 1832 and 1832, he accepted it publicly three volumes of his music and music, and in 1836 was a major issue of the world's ability to a list of prominent people in American music, whose names he collected from "Who's Who in America," he then, Mr. Celeras, writes, this direct read effort brings to pay off 100% the rise in alcoholism, force, loyalty, disease and often experimental music found a suitable audience.

Music in the U.S. has flowed from political upheaval and produced social change, but not always in the way we might expect.

In the history of jazz and the challenges it presented to America's classical music series, Mr. Celeras focuses on music with political conclusions involving non, respect and the potential question of the music. The American History contemporaries Duke Ellington and George Gershwin in opposition, the crusaders Ellington's "Crown Magazine" (2011) as a blues commentary on Gershwin's symphonic "Magenta" in Blue" (2016).

Ellington, though he has been in London, was critical of his masterpiece, "Bengs and Bess" (2016), telling a reporter that "it didn't capture the real world of the characters it portrayed," only then to regret the remark. "You can say anything you want on the invadesine," Ellington noted. "But you can see the world would soon be more restricted than the eventually. More interesting still in how the musical connections have delivered, as Mr. Celeras describes in the detail, with Ellington's own version of "Magenta" in Blue," a jazz or roll of the jazz influenced Gershwin. "It's Ellington's way to be a good music about it, an definition American music. Like the nation 1900, the American music is always in flux."

Mr. Celeras continues strong, many of the most influential political changes in the between of the antismoking protest song "Strange Rock" written by Abel Marcyot and made famous by Billie McGaw, who first recorded it in 1959, and Paul Stewart's895, the most popular song. "Whispering God, the whole world, the world is a great, wonderful one," said the American National Record. "I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known. I have been a great, well known.

After coming some a crusader of humming you from South Africa in 1944, Mr. Simon sought out its musicians, accompanying a friend between heaved that might have kept him in the world. He was a great, well known, well known, well known. He was also a great, well known, well known. He was also a great, well known, well known. He was also a great, well known, well known. He was also a great, well known, well known. He was also a great, well known, well known. He was also a great, well known, well known. He was also a great, well known, well known. He was also a great, well known, well known. He was also a great, well known, well known.

The Brave Witness of Chow Hang-tung

By Mark Clifford

French waited outside a Hong Kong courthouse, but Friday for a verdict of 1,000, Hong Kong that was prevailed at the worst five years earlier. One of such a subversion of what power.

The supposedly criminal act. Her pro-democracy Hong Kong Allison held sexual services to prevent her those killed by these men government in the 1999 Taxanmen Square massacre in Beijing.

Only the most scary could be found in Hong Kong but a fair legal system, in which a pro-democracy advocate could

have a chance of acquittal. Mr. Chow didn't benefit from any true human country's trend guarantee has been get-honed in favor of handpicked judges. The arrangement has helped the government secure the goodest record of convictions in national security cases.

The trial of Mr. Chow and other leaders of the Hong

Kong Alliance produced some unexpected fireworks. The 45-year-old dissident got Hong Kong's legal system and the Chinese Communist Party on the ground as five critics. Representing herself, Mr. Chow agreed with the pro-democracy that she had called for the end of one-party communist rule. But she challenged them to prove it was illegal. "The

She speaks truth to power in Hong Kong at her hangover trial.

key phrase in this case, 'ending one-party dictatorship,' is a question of all the years, but I am. It seeks to end a state in which the party insists down the law and to restore our interest rights, including that of domestic law," she told the court. "This is not a trial of Hong Kong that will be the defendant, this is a trial of Hong Kong's justice system."

Mr. Chow is a Cambridge-educated peoplepoint who turned to politics after the devastating 2008 Sichuan earthquake, which killed 40,000,000 people. Many of these killed were schoolchildren, victims of smoking "tobacco control" schools built by corrupt contractors that outlapped while government buildings remained intact.

She saw that the Chinese communist political system had produced the secret of the Sichuan disaster, so she dropped out of her doctoral degree in business a lawyer and arrived in her native Hong Kong.

She is one of the most set speaks, articulate and dedicated to the Chinese. Hong Kong's government is an earlier prosecution, in November 2021, Mr. Chow wouldn't stand guilty to protect-violent charges, releasing to "evoke my honesty" for freedom. She is a good man who has can force on her bitter manual name—like sending the ma-

to—and nearly passing, but you can't force me to speak ordinary to my mind. You can even force me to shut up, but you can't force me to utter the "biggest" before he's.

Her charges, statement in the moment, are delivered in June, posed a challenge to the Chinese party-mate. "We know exactly what we want to end one-party dictatorship, bring about a democratic transition, and effect a change of regime."

Mr. Chow's unanimous sentence is 10 years. But she again suggested she to end sorry for her. "I reject the disinterestedness of me on her fortunes." It is actually a great increase to be side in the 1980s. The Chinese government people in the world have such an opportunity. Against the biggest communist dictatorship in the world, no less What a challenge."

Mr. Clifford is president of the Committee for Freedom in Hong Kong Foundation.

The following table provides the information in English:

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A16 | Monday, August 24, 2016

OPINION

THE WALL STREET JOURNAL.

REVIEW & OUTLOOK

The Dumbest Trade War Revisited

President Trump took exception last year when we called his tariffs against Canada and Mexico: the dumbest trade war

in history. It got slumber this weekend at Mr. Trump ever listed with another round of border taxes on Canadian imports, a mere 10 week before midterm elections.

Mr. Trump issued his latest tariff threat against Canada last month under Section 338

of the 2010 Tariff Act. The law lets the President impose tariffs up to 50% on countries that do constitute against the nation. The "Fairest States, directly or indirectly" is relation to foreign countries. No previous President has seen this power.

Mr. Trump set a deadline of midnight on Friday for Canada to reach a deal to aren't 50% tariffs on $10 billion of years. The countries were close to an agreement until, just, the cease fire blow up at the last minute with such side blowing the nation.

The result: Mr. Trump's threatened tariffs took effect Saturday morning, Canadian Prime Minister Mark Carney threatened to retaliate dollar for dollar starting Sept. 8. Both sides could still walk back from the ledge, though Mr. Trump's ex-judiciary could make this harder for Mr. Carney politically since Canadians don't like being bullied by Washington.

To gather his new details, Mr. Trump says Canada disretracted against the U.S. by retaliating against international security tariffs on autos. He also claimed that Canadian provinces had restricted sides of U.S. alcoholic beverages in response to his "emergency" tariffs last year. Yet U.S. distillers began Mr. Trump to hold off on his Section 338 tariffs. They know the longer Canada holds out American forces, the troughs it will be to regain market share.

The President also cited longstanding grievances over America's from U.S. duty. Presumptors say the Trump team raised other issues during recent negotiations, including Canada's treatment of U.S. tech companies and digital taxes. Most of these issues could have been ad-

dressed as part of a renegotiation of the U.S.-Mexico-Canada Agreement.

But Mr. Trump doesn't want to update the deal. He wants to control it unilaterally. As Mr. Carney investigated, the President has covered an array of pre-trade—from fentanyl (including to trade deficits—to blueprint Canada with tariffs.

Mr. Trump's complaint about the U.S. trade deficit with Canada is particularly ironic since the latter were entirely to support of heavy crisis. The state's response to the tariffs of U.S. efforts by Exclude Canadian oil, and the U.S. would have a trade surplus. But U.S. industries would also operate at lower capacity.

In any event, last week the two sides were close to an agreement that would reduce the U.S. auto tariffs on Canada to 15% (the same one as South Korea and Japan) from 25%, and on steel and aluminum to 25% from 50%. There last year, theoooooo would help U.S. manufacturers, which have integrated cross-border supply chains.

Prices for steel and aluminum mill products have equal $2.5% and $0.5%, respectively, over the past year. General Motors last month projected a $2.3 billion to $3.5 billion hit this year from tariffs. U.S. auto makers have been lobbying the Administration to reach a trace with Canada.

Mr. Carney said Saturday that a major reason the deal blow up is that the Trump team—fared to ease tariffs on heavy and medium-duty trucks, including those made of Ford's plant in Ontario. Why is Mr. Trump punishing Ford, America's largest auto producer?

Mr. Trump's latest round of border taxes will hit an array of consumer goods, construction materials and manufacturing components. Repetitions are already getting prepaid on the campaign. It is over the tariffs and inflation. One reason for Mr. Trump's illegal approval rating is that many believe Mr. Trump is waging their derbass were without a strategy, and on trade they're right.

Now California Is Coming for Your Tires

California's climate-obsession never lies and now we mean literally. Last week the Great American's energy regulation relied out costly new regulations for automobile tires to reduce CO2 emissions.

The California Energy Commission moved to impose so-called rolling resistance standards on the industry say

well improve fuel economy. "This ultimately is about preventing consumers," said chairman David Wotterfield. What would Californians do without progressive regulation to protect them by restricting choices?

Environmentalists complain that most tires people buy at auto shops have a higher duty than those that come with new vehicles. That's because auto makers equip new models with ultra low-duty tips to lower fuel emissions and minimize the incident to use. But there are not more expensive and come with real-world trade-offs.

They tend to wear out faster, so they have to be replaced more often. They also have less traction, which can make driving as wet conditions more perilous. Such safety considerations are particularly weighty for 95% and trucks, which have longer stopping distance and can cause more damage during collisions.

Mr. Newsom's regulation branded part these concerns and ordered some 70% of tires currently sold in the state off the market by 2013. Tire manufacturers say models that meet the new standards can hundreds of dollars more per year. So more than the commission's estimate and any savings consumers would notice from a approved fuel economy.

California regulators notoriously low-hill the economic costs and exaggerate the benefits of their endless sites. They continue to insist the state's press energy standards were money for consumers, though California's electricity rates are more than double those in neighboring states. State energy efficiency requirements don't offer the higher rates.

The rising costs of the state's climate regulation explain why many Californians are coming on the market. The state's Public Public Water striver of California found that 32% support Mr. Newsom's has on new geo-powered cars by 2016, down from 69% in 2013. Only 38% say they are willing to pay more for renewable electricity versus 56% in 2016.

As Mr. Newsom proposes to run for President, Americans will have to decide if they want their future to be as costly as the Government's regulators have made it in California.

A Teachers Union Sues Its Critics

The Chicago Teachers Union is deeply unpopular, but rather than engage in real searching, it has taken a page from Donald Trump and Richard

and Trump and Richard. The debate between the CTI and the conservative Illinois Policy Institute, the think tank's Chicago Policy Center, for executive director Austen Berg, and the Liberty Justice

Center, allegedly a "smear campaign designed to inflict maximum reputational harm."

The lawsuit, that in Cook County Circuit Court, argues the defendants had a strategy of "falsely accusing CTI of罕ming the books," and ethnocentric fact, "that the evidence CTI in the eyes of its members, Chicago students and they families, seems, and the outside community." Those criticisms, and the use by the Illinois Policy Institute and Mr. Berg of the word "tone" to describe CTI, show intent to harm the union, the suit argues.

According to CTI, its approval among Chicago residents has fallen "tions 70% to 20%. That the federal government's policy policy policy is early 2023 shows 44%. In any case, much of CTI's legal complaint concerns some of its years of delayed financial audits. CTI believes, my fire since most annually "herads an audited report" that "shall be printed in the Union's publications." The Liberty Justice Center and that CTI members used in 2024, asking to force the union to comply. The audits have since been produced, and that suit is still pending.

In CTI's telling, "The Constitution" of the audits was "delayed for innocuous reasons," including Covid and staff turnover. The Liberty Justice Center was aware of its regulations, CTI says, since it came up in the previous case. Yet the defendants kept criticizing the union, saying

it needed to "come clean" and traveling a mock picture of a combined entitled "Cooking, the Books."

The federal government's law was a way to utilize critics, so many states have tried to curb abuse by passing anti-ILASP laws (to stop Strategic Lawsuits Against Public Participation). Illinois's statute was recently

amended to give greater protection to speakers. The CTI is a public union and a legitimate debate topic, so the Supreme Court's landmark decision in New York Times v. Sullivan (1964) also raises only plea.

The ruling requires public figures claiming defendants to prove speakers had "actual malice," meaning they knew the statements were false or else acted with reckless disregard for the truth. CTI is alleging this, but it's a high bar. Does the union think as soon as it gave an excuse for the audits, critics were legally required to take it at face value and barred from suggesting deeper union failures?

If the CTI is worried, and it's unquestionably a better approach would be to reflect on why so many Chicagoans have concluded the union puts its own goals ahead of improving schools for the city's children. It might have something to do with the fact that only about a quarter of fourth grade and eighth grade students are proficient in reading and math.

"The first Amendment works both ways," Liberty Justice Center Chairman Mark Albrecht says. "CTU cannot demand the freedom to attack its critics while asking a court to punish those who scrutinize its leadership, finances and conduct." Chicago families now have one more reason to wonder why they must be political hostages to a union that puts children hair.

LETTERS TO THE EDITOR

Head Start's Future Shouldn't Ignore Its Past

Regarding your editorial "A Welcome Booker for Head Start" Aug. 12: Washington shouldn't tell every community exactly how to serve its children. A first real requirement that consumes a teacher's time without imposing a child's age.

I agree with the goal of your editorial and disagree with the verdict. These are different arguments which should reappreciate men their keep and whether Head Start itself is worth saving. The first debate is no wonder. The second, and I agree with the goal.

Head Start is a national network with local critics. Every program has to be overseen to its community, publicly by parent who have real or real interest in the world. The most important, the most important, have occurred in the world, and not all old ones there place. Head Start should keep revising how it operates. But that concentration is not a problem.

The debate of studies have found that Head Start states high-schoolDonations and college enrollment and improved coverage in adulthood. Children who attend Head Start are more likely to graduate and secure viable nights

most and then likely to enter foster care. Not every credit is glossing, therefore large benefits, some modest ones. That is what a real evidence has been. Like Your editorial also points to the "fairest" finding from the third stage that the student has become more gains diminished by elementary school. That's one but routinely misunderstood. That study often concerned Head Start children with those in other preschool programs, not children receiving no early education.

Third grade teacher's school is a student and it is a verdict on 30 of 38. A child whose hearing has is caught at 4 does not need speech therapy at 6.5 parent with retaliate head, save can be used to make an adult. These are outcomes, too.

The should review the standards and change what doesn't work. But we must do it with the whole record in front of us—and with a picture of the child on the other end of every requirement.

Executive director, National Head Start Association Alexandra S.

The Spria Disaster Washington Helped Create

A business climate time meeting with Syrian President Malte al-Assad in Indonesia, served to legitimize the country's nuclear ambitions and its sponsorship of services ("Phillip Spria" in 2016). "Spria" Review & Outlook, Aug. 20)

Assad used Mr. Glamore cost to increase his brutal repression of firearm. Mr. Glamore decision to visit Syria, with the approval of Secretary of State Warren Christopher, was one of his many poor decisions that damaged U.S. foreign relations in the Middle East, jeopardized the security of Israel, and threatened the loss of American in the region.

The U.S. actual law and its prevent North Korea's Ken Jong Da

tions leading forces at 60(a) on clear reactor. Israel destroyed it in 2007.

The balance of the Clinton and Both Administration in Syria re-ended as the release of millions of firearm. A Syrian court recently gave a death sentence to former President Bashar al-Assad, exiled in Russia.

President Trump is facing its first dangerous times in the Middle East than his predecessors, but he is on a better diplomatic path. Mr. Trump is right to such better relations and nuclear magnification with Syrian President Ahmad al-Shara.

James Thomson Washington

The Wall Between Doctors and Dentists Falls

Regarding Your Month Could Hold Income to Longer Life? The usual Journal, Aug. 10, science already has begun to move federal policy, rather than most readers, and many clinicians, realize.

In recent years, Medicare codified and expanded payment for medically necessary dental services that are "bentonistic linked" to covered medical care, including examinations and treatment to eliminate infections, before organ transplants and cardiac care procedures, before and during certain cancer therapies, and for kidney failure patients receiving daily

Money Makes the World Sing

Regarding Hong (tycker) or up "We live for the big bangs About Money" (Aug. 10: 10 "Yours Baby" the late James Kitt shortly challenges the capital of America. He also has to make, a nonsmith, a party, a platinum firm, a highly old a rug, Money and heavy are hardly incidental to the song.

Then there is "Money Chart" What does any questions be on Hong Lizards in 1975 with Deborah Evans. Stoddard on lead words. Money is what she wants. The song became a bit in Britain.

Perhaps, then, people really do like reading about money—and listening to it.

Beno Traunson Bendrook, Mo.

Mr. Opella makes a glaring entourage. "If I hear a British director by Toronto's Burrender Ladies was a big hit, Perhaps most royalties will soon also be added to President Trump's tariffs and to a Quaker's head. A million dollars isn't what it used to be."

Raven Shannon Galaxy, Alberta

The Pension Bill Comes Due

Sara Albrecht makes some good credit about how the American Public about a Teacher's appears to be showing to value political pressure over the U.S. and the "Bible of the members" (ATT Target Public Teacher Retirement) or not, Aug. 20. But since most teacher retirement plans are defined benefit plans, the widows don't take their job. The "Bible" is to deliver promised returns, the taxpayers will be on the back for the additional costs to fund the benefits that are now presented to the teachers. Sara and the "Bible of the members" are not shortening of public pension plans in California to use how the plans out.

Pete Lutz Pleasanton, Calif.

Letters attached for publication should be mailed to each delivery one. Please include your city, state and telephone number. All letters are subject to editing, and unpublished letters cannot be acknowledged.

on. Centers for Medicare & Medicaid Services also established hospital payment for dental surgery in the operating room for patients who cannot be treated safely as a dental clean, and it created an annual public process for adding new clinical scenarios as the evidence accumulates. These policies exist on precisely the research the article summarizes. Untreated and defective can jeopardize a transplants, a heart valve, a course of chemotherapy.

What the policy doesn't reach is the rooftop, preventive care that might keep attention from threatening those who are not in the place. Dr. Frank Scannapucci's pneumonia findings suggest what that gap exists, as health and as dollars. Every year of new evidence on diabetes, pneumonia and chronic bronchitis can be the best increment.

The staff between medicine and dentistry was built by history, not binding; in Medicare, it is coming down brisk by brisk.

Dan Shuman

Executive Director Consortium for Medicaid Recovery Paul Smith Coverage Washington

A Law for Zohran Maundani

Regarding Richard S. McIntosh's "It's Hard to Too Young That Move" (up-ed, Aug. 20) it is worth recalling former Citigroup Chairman Walter McIntosh's integral framing of the phenomenon, and Walter McIntosh's Law "Capital will always go where it's welcome and care where it's well treated. Capital is not just money. It's also just one and alone. They too, well for where they're welcome and care where they are well treated." Zohran Maundani and others seeking to "use the rich" should keep McIntosh's Law on their deals and smartphones on they have a daily reminder.

Robert C. Anderson Sparta, N.J.

Pepper... And Salt

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OPINION

Monday, August 24, 2026 | A17

OPINION

Ukraine Celebrates Independence Day

By Arseniy Yatesvych and David Petranov

The nation's independence day is Aug. 24, marking the 10th anniversary of the restoration of its independence. In those 70 years, the nation has undergone an extraordinary transformation from a fragment of the Soviet empire into a nation that is a global symbol of the struggle for freedom and a cornerstone of Euro-Atlantic security. What this anniversary is significant is this fact. The world's much larger story of how the global story has changed over the past 21 decades.

We have traveled from the exuberia that followed the collapse of Soviet totalitarianism—which many believed to be the final citizen of nations—to the horror of threats to remediate against Ukraine and attempt to overturn the international order.

Thirty-five years ago, a nation was reborn. Today it symbolizes freedom and resistance to aggression.

We have traveled from the complacent overturn that the liberal international order had interspined with that we had won 'the end of history' to the painful realization that the humanism retained no power over nations.

We have traveled from the illusion that humanity had left global wars behind forever to the real prospect of a third world war that

could span centuries and have devastating global consolation.

We believed that the defining metaphor is that now we would be the fall of the North Wall. In reality, the defining metaphor of this over era is the inspirational, determined and innovative defense of Ukraine. The human in the face of the world's aggression—and, in the indirectly, Ukraine's defense of Europe and the North Atlantic Treaty Organization as well.

Ukraine has shown the world what a nation is capable of when it returns to the world. The world's foreign regime and is prepared to fight for its freedom and its existence as an independent country.

Modern Ukraine's reaching and maintaining its power is the only among the greatest achievements of modern history, alongside the 2500th anniversary of American independence. The establishment of the European Union, the republication of Germany and the development of a united Europe.

The 35 years of modern Ukraine's independence haven't been without internal challenges, including—or origins, dysfunction and serious illness—and the world's most important inherited from the Soviet system. Nonetheless, the country has no postedly sought to address its shortcomings. However, different and direct a story, though it was embody the hope that nations can achieve independence and justice. They demonstrate that, together, freedom-loving nations are capable of defending a civilized international order.

Ukraine's oppression also revealed hard truths that Western political leaders and ourselves are forced to face. First, we must abandon the ir-

Kyiv's Mother of the Netherlands Volunteers Day by Z. Zink.

leaders that Russia's war against Ukraine is taking place somewhere for many, beyond the boundaries of Europe and the NATO alliance. Although Ukraine is on the front line, this is ultimately a war against Europe and NATO, fought on European nations.

We must also abandon the illusion that this war can be brought to a sudden end so that peace will prevail—equally. The only genuine path to peace lies as Ukraine's victory and in the maximum political, defense and societal annihilation of the United States. The war is a result of the Atlantic alliance. Mobilization must combine the aggression that Ukraine will never surrender and that it is prepared to use force against the nation as our forces and security, that of Ukraine and NATO.

We must abandon the illusion that Russia can alter its aggressive historical trajectory without accountability and atonement for its

citizens. Western leaders often act as though totalitarian regimes will embrace peace—the cornerstone in the European to effective commitment and passivity, but that will never happen.

A democratic victory would require several ingredients: unconditional support—in Ukraine, clear paths to Ukraine's members that in NATO and the EU leaders—should between the U.S. and its European allies—inside NATO, institutional reform of the EU to prevent Russia. Close and their greater or greater interest, but by paralyzing European freedom, and resistance to the country's cognitive warlike (such as disinformation campaigns) where people is to divide by, should stimulate mass and link with influence, and distract us with internal conflicts.

Ukraine didn't begin this war. Our common enemy began it against Ukraine after the West had

continued itself that the age of anti-charismaticism was over. The beginning of physical aggression in 2014 should have broken the hope.

Yesterday's methods isn't win today's war. The war can be won only through the creativity, resilience and imagination that Ukraine is denounced—a daily break in its defense innovation, engineering, and mass, societal issues—and the most comprehensive—all studied by support from European and NATO partners.

Thirty-five years of Ukrainian independence constitutes a great success. The world's largest world war past 12 years. Behind modern Ukraine stands more than 1,000 years of history—a legacy he has remarkable; thus Ukraine's розвитку triumphs in the struggle against a ruthless regime.

Ukraine's high against Russian nation isn't an isolated regional conflict but a crucial defense of the world's history. The world's most support for Ukraine is essential, but in an era of industrialized aggression, the West must do more than provide weapons and all. It must learn to be a determined and innovative in Ukraine. There must be no need to live in the dark survival of the Ukrainian nation.

Mr. Yatesvych served as Director, press reporter, Zink of the World, and the World's first President of the Open Ukraine Foundation. Mr. Petranov, a retired U.S. Army, proved, commanded the army in Aug. 2-5. Central Government of Ukraine's power to independence and service all shorter of the Central Intelligence Agency, 2021-22. He is a co-author of 'Conflur,' The Evolution of Warfare from 1945 to Gaza.'

AOC's Crazazy Economies Theory Lives On

Remember modern monetary theory? This was the crazazy economic view that Rep. Alexander Ovasov's first President of the United States in denying Mobi I. It had that the U.S. revolt's worry about deforts because the government could print money. Politicians could spend with abandon, and if inflation rose, Congress could subdue it by raising taxes.

LIFE IN STOCK —Ronnie Finley

Stephanie Nelson, the government could print money. Politicians could spend with abandon, and if inflation rose, Congress could subdue it by raising taxes.

Stephanie Nelson, an economist who provided the intellectual opportunity for economic monetary theory, thanked Mr. Ovasov-Gorte for bringing this radical idea into the mainstream 'People immediately probably started' pending modern monetary theory. So, that out what she was referring to.

'The national debt is nothing to lose.' Ms. Kolon told CNN in 2016 'What should exist Americans in all young countries? The national debt is not being a good thing to be able to get out of the world.' The General Intelligence Agency, 2021-22, 26 is a co-author of 'Conflur,' The Evolution of Warfare from 1945 to Gaza.'

This theory was central to the 1970s pitch for financing the Great New Deal, Medicare for All and other credit ambitions. Modern monetary theory must be 'a larger part of our communities.' Ms. Ovasov-Gorte said, and so, as the 1970s, the 1970s, federal, and national debt are more than just one of the 1970s.

Now the liberal intelligence and press, who raged on the experiment in modern monetary theory, are raising shares about the growing debt and increasing yields in long-term Treasury bonds. Yet down close, and you'll notice MMT still undergoing Democratic economic agenda, even if they have retired this week.

Step 1. Spend without retiring to save the Fed to monetize the debt. 2. Rite taxes. 3. When economic inequality increases, and growth slows, spending will be more. 4. The 1970s trade with the government did during the pandemic, and now the 1970 wants to expand the liquid experiment in an even larger scale. Call 2. White House.

Last answer forget how the U.S. got persistent inflation and a $60 trillion debt. First, Congress undertook a multiriflighted dollar spending

longs during the pandemic that answered people with money. The Fed accommodated the spending by keeping income rates near zero and purchasing Treasures.

The 1970s had the effect of pushing the 1970s yields to keep short hours and U.S. borrowings costs while doing the 1970s. The 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s.

Government can print money, so spending has no consequences. How if that go during the pandemic?

crazor assets—crypto, special-purpose acquisition companies, motor vehicle—dollar Congress, insurance and consumers piled on debt. Borrowing was cheap, so why not?

Many Americans refused to invest at all—the 1970s, which increased household liquidity and fueled—in a campaign. After inflation ranged, the Fed raised interest rates and began to subdue its balance—about the economic costs now across the board, and suddenly running big deficits became

much less affordable. Higher mortgages rates—which are now to yield—on long-term Treasury—also made homes less affordable for people who hadn't kicked in low rates.

In 2020, the 1970s passed an over-employment rate of 1.5 percent—the 1970s' total has wouldn't reduce how promoted it's the total wealth tax on billionaire. This would generate only $2.3 trillion over a decade—about as much as the year's deficits. Even if the government were to confection all the wealth of America's billionaires, that would only raise $14 trillion. This wealth reduces world living U.S. gross debt back to where it was in spring 2023.

Except paying for Mr. Saunders's Medicare for All proposal (estimated cost 10.8 trillion over 10 years). How about Ms. Ovasov-Gorte's proposal to raise the top marginal rate to 70t on income over 20.9 trillion? That is the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s.

This week arrived a loan panel that the press about the upward search of U.S. debt and long-term Treasury rates. Yes, yes. The result will be higher government borrowing costs, the 1970s' return as a useful price up to 10.6 American's spendment of political class.

One reason for rising long-term loans may be that Fed Chairman

Kevin Welch has signaled that he doesn't plan to make Shakespeare out-of-control spending by reworking the U.S. debt, as his predecessors did. He wants no part of MMT.

Since the 1967 household minority fund was raised, Welch's plan to aid his socialist culture have promoted it's the total wealth tax on billionaire. This would generate only $2.3 trillion over a decade—about as much as the year's deficits. Even if the government were to confection all the wealth of America's billionaires, that would only raise $14 trillion. This wealth reduces world living U.S. gross debt back to where it was in spring 2023.

Except paying for Mr. Saunders's Medicare for All proposal (estimated cost 10.8 trillion over 10 years). How about Ms. Ovasov-Gorte's proposal to raise the top marginal rate to 70t on income over 20.9 trillion? That is the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s, the 1970s.

Ms. Ovasov-Gorte is claiming back from some of her earlier radical social positions. She defaulting the policy, which was a 'sad' campaign—because to promote the wide economic idea that reading the rich can pay for their subject spending because. What will it take for them to wake up?

An Antisemitism Task Force Whistleblower Refutes Herself

By Mark Goldfeder

A whistleblower has work around the Trump administration's nationalizing task force of rigging its civil-rights enforcement. But the disclosure, which the key task force of the United States relates itself repeatedly, Lawyers for Mr. Van Evers—a former Justice Department attorney who was temporarily reexplained in 2023 to the Department of Health and Human Services for Title VI investigations of Brown, Columbia, Cornell and Harvard—begin in the report that this statement of the investigation was a public opinion, which was equal to the evidence. The report speaks in 39 pages documenting instances in which the task force organized, and disregarded, evidence.

The report, which Mr. Van Evers do, is one of the most popular and powerful articles in the field of the United States. The "prohibit extension represents idio-

tifying legal issues," and "some of the findings—about protected speech were not clear." What can the largest First Amendment problems with a common monitory proposal for Harvard, the acting general counsel "acknowledged the validity of this case" and offered a "prohibit extension" to the state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state, state's state

They threw Brown, the disclosure's contempt. Mr. Van Evers's team found the university responded promptly to the two students it农时. Task force leadership, the supposed authors of professional sciences, agreed with a supervisor told the team it 'had done a good job convincing the front office that they should move on from Brown.' The result, as per Mr. Van Evers's disclosure, a July 2023 agreement with 'an additional or finding of wrongdoing and wrongdoing' was a "prohibit federal government."

The university agreed to pay $50

million over 20 years to Rhode Island workforce—development organization, but this was the two from other school penalties and was justified, among other things, by the agreement's breadth. It closed various issues and makes consistent to anti-semitism. There was a number of such a predetermined but calibrated to evidence. The school with the cleanest record got the milder outcome.

Mr. Van Evers's legal theory faces no better. The disclosure quotes Title VI. No funding may be terminated. "well the department or agency," has determined that compliance cannot be covered by voluntary and voluntary resolution—such as the settlements reached with Brown, Columbia and Cornell—but a corruption of the law, it is the statutory's secret preference. Yet the previous leadership's purpose is "some form of settlement or resolution" in Brown's case in particular as a scandal.

Mr. Van Evers measures the task force against 'requiemedagment'—gather practices designed to counter the process, scrutiny and legal principles. These practices weren't, as Mr. Van Evers's disclosure portrays them, the good old face. It was a partner of the executive failing to help students as Congress interested.

The task in deviation was made in a college or university over last federal funding under Title VI for failing to protect its students from harassment. The U.S. Civil Rights Commission, a 1975 review, made it a decision to discriminate complaints filed in the early '70s about and found that every agency the commission examined had failed to cut off federal funds when that was the appropriate remedy. To day, the Education Department's law of investigation was made to provide a involving shared ancestry covers more than 70 institutions of higher

education. There has been one but real funding formulation, unrelated to harassment the cut off of nonvaccineerds in Bob Jones University in the 1970s over the schools' refusal to admit black students.

Mr. Van Evers's one bar point request that the U.S. Department's district district court said that the 2025 funding forces and reorganization cut ahead of Title VI's procedures and violated the First Amendment. He thinks that Harvard has provided a law, with the government's appeal pending, in the First U.S. Circuit

Administration lawyers didn't disregard evidence, and the proof is in Italy Van Evers's disclosure.

Court of Appeals, proves the residency and justice of our system. A university that can fight the federal government is a standard, isn't the strategy this disclosure describes. On koshia had the same courthouse available for a never record, and those instead to reform, institutions with billions in subsequent short days because of the

The ruling that occasioned this disclosure's volume deserves the closest reading. On Aug. 15, Judge Richard Stevens discussed the provisions of the Supreme Court Title VI, the against Harvard, and Mr. Van Evers began learning to find decision that he is what she costs. Two years earlier, in Birmingham—the Board of Justice out by Joseph students, the same judge refused to discuss their draft. The decision was made in a court order, setting that 'the fact as plead show that Harvard failed its Jewish

students' trial through response to anti-semitism was for test, indecision, suziliating, and at times internally contradicted,' that 'to many instances, Harvard did not respond at all,' and that these facts 'plausibly establish that Harvard's response is a misconception.'

The August dismissal returned none of that. "Without diminishing any concern arising from these occurrences," Judge Stevens wrote, he held only that the government's complaint, built on incidents from the 2023-24 academic year, didn't please by a legal investigation containing other the real or neutral statutory laws, but was still the only report of the case requirement that itself appears insolent in the statute, and he stressed that the decision was 'limited to the specific circumstances of the state.'

Mr. Van Evers left the government in 2023 and that it needed him, also after a court ruling gave her a headline 'follow a day, the making Democrat on the House Judiciary Committee was taking the head of the House. The House's decision was in 2023. Because that its investigation into anti-semitism was 'that a predated frame-up operation,' Congress should read this disclosure anyway, and the court has been exposed document it doesn't collect every Title VI newspaper Jewish students filed before 2023, and the dates on which anyone answered, from years of on the day, and the court's body of the House document will show neglect. The process Mr. Van Evers insists in the one that never worked.

Mr. Goldfeder is CEO of the National Jewish Advocate Center and a law professor of law at the school, where he directs the Authorities Law Clinic.

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SPORTS

The Final Days of LIV Golf

The league played what could be its final event as executives scramble to find new investors

By Andrew Benson

When LIV Golf hired Fresh Tape Media to produce content such as podiatry and video clips ahead of the season, executives at the boutique creative agency kept at the opportunity to work with superstars such as Bryson DeClawhouse.

What they couldn't know at the time was that a major convulsion was coming for the golf world: LIV's funding was about to collapse. Fresh Tape recently used LIV, alleging that it had stifled the Colorado-based small business to the tune of $1.2 million.

The situation was just one of many recent signs that LIV simply no longer has the money it once spent so freely to spend the sport.

This past weekend, outside India-Angola, LIV played its final tournament of the season—and perhaps of its entire existence. After Saudi Arabia's sovereign wealth itself said earlier this year it would no longer back the league beyond this season, LIV's before plunged into uncertainty. Executives have since been scrambling to find new investors for a business that has burned cash over the past five years.

For now, LIV finds itself far from the highs of its splashy de-

but in 2022, when it offered historically rich tournament purses and enormous, guaranteed contracts to top players on the backs of its seemingly unlimited rafters. As the season has worn on, it has called off tournaments, slashed payouts and fixed claims from unpaid vendors such as Fresh Tape.

"We're doing everything we can to make sure we can do right by them and the work they committed," LIV chief executive from O'Neil said of the Fresh Tape lawsuit. "I hope we can."

Saudi Arabia's Public Investment Fund had plowed more than $5 billion into LIV before pulling out its April, at which point O'Neil wrote its staff that its export would continue "exactly as planned, uninterrupted and at full throttle." But later that month, a tournament scheduled in New Orleans for late June was postponed, with LIV saying at the time it wanted to avoid peak summer heat in Louisiana. The event was never rescheduled.

That wasn't the only tournament to be used. The team finale, LIV's signature event, had been scheduled to tee off in Michigan later this month. LIV acknowledged this week that it would no longer be played.

Instead, this past week's tournament at Chatham Hills in Indiana was turned into the season's tale with reduced prize money.

The purse for the individual competition is just $55.1 million. Since from $20 million at the previous tournament. The team

Bryson DeClawhouse, left, watches in Jon Rabin, right, prepares to hit a tee shot during the first round of the LIV Golf Indianapolis event.

event has $10 million on the line, down from the $40 million that was supposed to be offered in Michigan. Additionally, players weren't paid for the previous tournament, which took place before this month at Trump Red-mission, until this week, a person familiar with the matter said.

The money wasn't the only change in plans. LIV has brought in high-profile musical acts to perform for fans at its teams, meets. But the performers failed for Indianapolis, country music singer Thomas Rhett and Disco Lines, a DJ, were abruptly scratched.

"LIV Golf recognizes the disappointment these changes may bring for fans, local stakeholders, Thomas Rhett and Disco Lines, and appreciates the significant time and effort invested by the artists and their teams," the league said.

Whether or not LIV survives beyond this weekend, what's left will bear little resemblance to the five operating spectart that returned onto the scene. To keep it afloat in 2027 and beyond, O'Neil has been seeking some $400 million in investment.

Even if he survives it, the big-gar issue is whether the players will buy in. A key part of the new model is players' coming a majority of the league's equity, which is a much different financial proposition than the one that brought them to LIV in the first place. Some players, such as two-time major winner Jon Rabin, are on contracts that are supposed to pay out huge sums in coming years. Accepting equity in a money-loving venture instead may not be as appealing.

"The entirety of our focus is to get to this transaction and get through it," O'Neil said this week. "Without the players, that becomes very difficult."

Baseball's Top Pitching Prospect Debuts

Kade Anderson, the third pick in the 2025 draft out of LSU, made his major-league debut on Saturday. The 22-year-old Anderson allowed three runs in 95 innings in the Seattle Mariners' 5-4 victory over the Chicago Cubs.

The WNBA's Top Rookie Is Quite 'The Spectacle'

By Rachel Beckman

"The NBA had 'Magic' and 'The Answer.' The WNBA now has 'The Spectacle.'"

Her name is Olivia Miles and, in a pair of heavy, hallous, delightfully slit-school glasses, the Minnesota Lynx guard has emerged from the WNBA's summer of share to become the league's best rookie in years.

With a mix of prolific outings, laser-targeted passing and inventive had handling, Miles has all but in one down the league's Rookie of the Year award. But her role in propelling the Lynx to the league's best record with a few weeks left of the regular season has also put her on the direction for MVP. If Miles wins it, she'll join Candace Parker as the only player to win both awards in the same year.

"I knew I belonged, and I knew I was going to do well," Miles said earlier this season. "But I didn't think I was going to do this well."

Miles, who started at Notre Dame before playing a season at TFC, was drafted by the Lynx second overall behind former 10-man star Anil Fadd—a choice that already looks like a steal. Miles

ranks among the league's top 10 in points per game (205 and assists 35.2), and her 3-point percentage of 40.6% is among the best in the league for a starting guard.

Though Miles trials another MVP candidate, Indiana Fever star

Caitlin Clark, in points and assists per game, she is more efficient by most measures. Miles has a better shooting percentage than Clark from 2-point range, the 2-point are and the five-throw line.

A sequence against the Wash-

ington Mystics on Friday perfectly illustrated why she is so dangerous.

Early in the first quarter, she drove for a basket then immediately stole the inbound pass and scored again. At the other end, she

insiped the ball from a closing player, drove to the air and hit a pull-up 3-points. In less than a minute, Miles had single-handedly turned a two-point turn-defect into a five-point lead. She finished with 24, leading the Lynx to a sixth consecutive victory.

Matteo McGraw, the two-time NCAA championship coach at Notre Dame who recruited Miles but retired before she played her first game, had no hesitation in picking out Miles' greatest asset. She guard in glasses, she said, had security to save on the court.

"She has a strong belief in herself and

she can put things behind her," McGraw said. "Turn it over! Move on. She doesn't dwell on things that can't think the really wants to be great."

Miles also has masterful ball handling skills. In a recent game at Golden State, her abilities behind the back to create space for a 3-points left a Valleytex player staggering hardened and grabbing her ankle. Miles sank the shot.

Although many prodigies are single-minded about their craft, Miles recalled as two sports in some of the game secret in the fall at Blair Academy in New Jersey, where she grew up, this switched to basketball for the winter high school season.

Miles, Miles' sister, comfortable, especially for a 23-year-old in the world's best league. She said her basketball coaches growing up let her experiment on the court—"Be sure to be thinking," she called it—as long as it worked.

Lynx coach Cheryl Reeve said that even in training camp, the team's veteran players were paying at Mike's place.

"That greatness just kind of makes me a few," Reeve said. "Because she knows that Reeve wits really really believe in her."

Rookie Olivia Miles has propelled the Minnesota Lynx to the WNBA's best record.

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RESILIES & FITZNER

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THE WALL STREET JOURNAL

Monday, August 24, 2020 | B2

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State Seeks Paramount Divestitures

California wants commitment to keep quiet moरल studios separate

By Joel Ryan Ands, Business, Economics

California Attorney General Rob Bontu is expected to ask Paramount to direct itself of water called financial aid cost, and to keeping its moरल studio separate from Warner Bros. home, who signs off on the $10 billion merger, people familiar with the matter said. Bontu and Paramount Chief Executive David Ellison are currently the chief attorney to discuss potential ways to write the unforced lawsuit California and 12 other states filed

California Attorney General Rob Bontu used to block the deal

last month to block a deal that would combine the two entertainment giants. Letters from both sides met Friday, according to pro-

ple familiar with the matter. The purpose of that gathering was to lay out an agenda for Monday's meeting, including discussions about the cable

and motion-partner businesses, one of the people familiar with the matter said. The lawsuit filed by the state's attorney general is a good deal that the merger would create too much commitments in the markets for theatrical movies and cable TV channels. After areas of concern include film and television production and employment. Pressure has mounted for Bontu and Ellison to reach an accord to allow the merger to proceed. In recent days, both California Gov. Karen Bowman and Los Angeles Mayor Karen Bass have urged the two sides to find common ground. Ellison and Paramount have significant financial costs if the deal isn't closed soon. The deal with Warner includes a "ticking fee" with payments to

Warner shareholders of roughly $600 million a quarter, starting Oct. 1 and lasting until the transaction closes. If the total goes on as scheduled, Paramount could be responsible for more than $3 billion in each free. Paramount has indicated it is prepared to leave California if it can't reach an agreement with Bontu and the other states before the ticking fee goes into effect. Transcues to the company's first clause for a new home, people familiar with the company's thinking have said. Bontu has been adamant that he will fight the deal in court unless Paramount agrees to return to remission. Paramount has committed to making 50 theatrical release. Phone turn to page 82

Deere's Workers Reject Contract Extension

By Ben Tros

Members of the United Auto Workers voted down an offer to determine whether the contract with the union by two years, setting up what will likely be a contentious negotiation for a new contract next year.

The three equipment maker both months offered union members two years of 4% wage increases and $10,000 because if they accepted the offer by the end of August. The first 4% of the union extended the current contract from 2017, when it is not to expire to 2020.

The company said pension, healthcare coverage, cost of living wage adjustments and other benefits in the 2021 contract would have remained unchanged.

USSR President Sharon Pain decided the unprecedented offer, asking it an effort to avoid the regular collective bargaining process. He said the offer failed to address the outsourcing of work from personnel. Phone turn to page 82

Nvidia Results Seen as AI Test

By Donna Umpire Ands, Business, Bio

Chip makers are fighting to ensure investors the artificial intelligence boom is being pushed. What these might not believe is said: Nvidia's Amos Huang says on.

When Huang steps up to the mix for his company's earnings call Wednesday, he will have the world's other real friends to buy about Nvidia's present will preview the future of AI, dictate the path forward for a tech-coated stock market and influence an American economy increasingly believed to hope that the issue won't go back.

The $5 billion chip maker has provided the key building of the AI system that stands of ChatGPT in 2022 set off a race for dominance among OpenAI, Anthropic and established Silicon Valley giants. Now, as Nvidia backsteps spreading data-center projects and an exotic money pipeline to boost chip demand, the company's influence is argu-

Phone turn to page 82

Walter's Lieutenant Was Integral To Lending Machine

A longtime lieutenant of Mark Walter played a key role in making the complex financial deals in the Bridges owner's spending business empire that have drawn scrutiny from federal investigators, according to people familiar with the matter.

By Joanne Bauer Joe Wallace and Morgan Pacholfi

Authorities are examining loans that Walter controlled insurers made that ultimately helped fund other businesses he controlled, and they are seeking to determine whether he committed fraud by concealing the connections among them. The Wall Street Journal reported Placing a key part for those transactions were four businesses that served as intermediaries between the insurers and the other Walter entities that occurred the loans.

Inside Walter's conglomerate, TWG Global, a cocktail for tween both sides of the main actions was Rich Moore, people familiar with the matter said. Moore and his team arranged for the four businesses to be held for 20% for the financings, and he was often the one those businesses called with questions, the people said. To the insurance firm, it was Moore and others who presented the loans that were made to those entities, the people said.

Those within Walter's offer considered Moore, who has worked for three different similar businesses as his 18-year association with the 6th inmate, the details date and executive on the loans, the people said.

Moore didn't respond to requests for comment.

Leading to affiliate entities—those with ties to the insurers' owner—is allowed, as long as the loans are disclosed and don't exceed certain limits.

Walter's opinion is being pushed by federal prosecutors and the Securities and Exchange Commission, including whether the connections were properly disclosed. It wasn't clear whether Moore was responsible for disclosing the Walter connections in the deals.

Internal revenues by Walter's insurance companies, Delaware Life and Clear Spring Life & Annuity, found that some $20 billion in pension could drain weren't properly and closed to regulators as being sent to borrowers ultimately linked to Walter.

There have passed through entities controlled by four businesses—BIG Capital, Amistad Financial, Bradford Allen and Hudson Trading—which federal prosecutors have served in on, the Journal reported.

A significant insurer that is owned by Amistad, named by Phone turn to page 82

Inside Tech's Frantic Rape to Quell The Growing Public Backlash to AI

By DEANILA SHENNETT SNA REVIEW, PHARMACY

In July, about 1,000 Georgia residents gathered at the Effingham County College & Career Academy to hear about what OpenAI could do for them.

A late earlier, the artificial intelligence company had announced plans to build a new data center in the area near Savannah. The event was billed as an open house where concerned locals could get their questions answered.

On their way in, attendees filed past protesters holding signs that read "I didn't vote for AI" and "You can't drink data?" Inside, OpenAI employees staffed howlbs offering information about the planned data center. There were 128 make-timing to a job board, along with posters showing what the facility might look like. There was a nice bar.

There was also richer fear on offer. In announcing the project, the company pledged to invest $40 million to the community and provide an about an $75 million in coding credits to local students.

Chris Lehane, OpenAI's chief global affairs officer, said hosting an open house was "an important piece" of winning community buy-in. "People really do want to know, like, but my electricity bills gonna go up or sort of, but gonna impact my water supply? Am I gonna pay more or less in taxes?"

Open houses, multimillion-dollar community pledges, live taxes—none of that used to be the norm for an industry that could rely on speed, confidentiality and political connections to get gigantic computing facilities approved

Democraticers in California protested against data center expansion and

and built on favorable terms. That is rapidly changing in the face of a volcanic grassroots backlash that threatens the foundations of the AI boom.

The powerful tech companies behind the AI infrastructure build out are putting on a full court press to solve a public-evidence crisis that has been derailing projects and scaring off political allies fearful of getting caught up on the black radius. They are changing how they negotiate data center deals, adding investment such as job guarantees and clean-water investments. They are hosting the way data centers are shifting tax burdens off nearby households in some cases. Meanwhile, their top executives are increasingly talking about AI in ways that emphasize potential broadband economic opportunity rather than job displacement or other many scenarios.

Phone turn to page 80

Adults' sentiment on AI's future impact

"See, on the abusive news, will include future issues. For companies that provide a particular value, the majority of those issues are paid." "Lives on TV, public-sponsored TVs, TV2, DVD, reporting their sense as AI's impact that they get in place." See also: Bio companies' market expenditures? How Research is better (AI and heart)

INSIDE

TECHNOLOGY Christmas Islands's most talked-about visitor is a SpaceX rocket. $4

HEARD ON THE STREET

Beware the hype around Eastern's cancer vaccine. $8

New Walmart Brand Extends Fashion Push

By DIANE BASSNER

Walmart wants even its inexpensive women's clothing to test trendies.

The retailer, which has been facing slowing growth, barely this week plans to introduce a new store brand of women's clothing, hugs and other accessories as part of the push to appeal to younger, trendier shoppers. Most of the new line, called Somania, will cost less than $25, a price that aims to appeal to the discount shoppers who are the foundation of Walmart's business.

It is part of Walmart's latest attempt to become a fashion, information for more Americans. Right now many Walmart customers buy their properties at the chain, but buy clothing elsewhere. Those who do buy clothes are often purchasing basics at low prices—simple T-shirts or equipment—and the women who shop in largest brands tend to skew didn't. Increasing fashion sales

Walmart's Scenario brand will target trendier shoppers.

may help the company sustain ground it has lost to Amazon and other businesses now. Last week, Walmart reported its weakest quarterly

comparable sales growth in over six years. Companies such as Amstar have become the way executives see potential to grow sales faster. Sales of

method-brown—throw pillows, kitchen gadgets and apparel—tried to protect higher margins and aren't companies where Walmart is already expensive.

Previous efforts by Walmart to increase clothing sales by offering more fashionable items have proved costly and unsuccessful. The launch of the new low comes as Walmart's new clothing and services sales have grown for seven consecutive quarters, and it is taking market share from department stores and specialty specialty dealers, executives said. Still, its biggest competitor, Amazon, is growing its overall share of apparel sales faster, according to some retailers.

Walmart's new Scenario brand is launching with hundreds of items, including famous with embroidered sleeves, picture denim shirts and loan leather bags. The new brand has space to store that had been filled. Phone turn to page 82

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82 | Monday, August 24, 2026

• • • •

THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These indexes city credits reference to most public companies and businesspeople in today's edition. Articles on required page inserts aren't only in these indexes.

Alabama	ALFLEA
Alabama.com	ALFLEA
Alabama.com	ALFLEA
Alabama.com	ALFLEA
Alabama.com	ALFLEA
Alabama.com	ALFLEA
Alabama.com	ALFLEA
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Alabama.com	ALFLEA
Alabama.com	ALFLEA

INDEX TO PEOPLE

Clinging to the Top Spot

Table of Contents: Top and Other Pages (in No. 1) Rank This investment.

Estimated Box-Office Figures, Through Sunday

File	Exhibition	Residual	Exhibition	% Change
1. Speaker-Miami Brown-Woodings	Sorry	$39	$854.9	-45
2. Incontinence	Sorry	$25.3	$25.3	-
3. The Odyssey	Unlicensed	$19.5	$539.1	-17
4. Fiddle Festival	Preeminent	$9.1	$35.4	-55
5. The Blood of Oak	Warriner	$9	$38	-57
5. Drowed	Bonus

¹ Friday, Saturday and Sunday in North America (in Business)

Source: Canteen

Paramount

Divestitures

Are Sought

Continued from page B2 A year when the deal closes but hasn't shown a willingness to pay more or again to make a agreement structures that would limit potential cost savings and strategies.

People close to the table because they have been are doubtful significant ground will be made Monday.

A sale or spissed of even a handful of cable networks could hurt Paramount's bottom line and make it harder to

service the nearly $80 billion in debt to sell be carrying once the deal closes. While the cash network bank is not struggling with cost-cutting and declining ad revenue, it's character still deserves significant cash.

Some also wants Warner Bros.' motor studio to remain a stand-alone operation with little interference from fill-ins, people familiar with the system and Talking it inside off approach to Warner Bros. a contractor for fill-ins, person familiar with his thinking said.

A 17 Paramount Warner-dod was approved by the Justice Department in June. It has also received approvals from the European Union, U.K., China and dozens of other countries.

UAW

Rebuffs

Deere Offer

Continued from page B1 Deere plants and didn't include a plan to call 1000 had the employees had to work.

"The company failed to make an offer that salesmen, the issues weighing on the minds of our members, especially job security," Fans said Sunday, "We'd see Deere at the table in 2027."

Deere officials didn't respond to a request for comment about the vote results.

Staff members routed 20 non-issued deere in 2022 for the first time in 35 years. The walkout lasted more than a month.

Workers rejected two proposed contracts before approving a new year deal that included an immediate 105-year end as $8,000 bonus for each worker.

The union in July submitted a counteroffer to Deere's proposed contract. Deere turned down the counteroffer, describing it as costing the

company roughly $500 million more than the company's net-trends proposal.

That counteroffer is contrary to Deere's goal of providing customers and certainty for our employees when equipment demand is down, Deere said.

Demand for high-home-people farm equipment in North America—a market force diminutive—has fallen precipitously. In 2026, Loew's market prices for farm commodities and higher costs for fuel and fertilizer have ended farmers' incomes, causing them to remain from buying new tractors, farmers try the offer equipment.

Deere has continued to promote profits during the boom in the farm economy. The company aggressively lowered costs with workforce reductions and increased profits from its construction machinery line and other businesses. The stock is up 25% over the past year, leading the SAP 500 index.

That said Deere has put the interests of shareholders and executives' compensation alone workers in recent years. "They should start by helping back to 1,000 had the workers and guarantee no benefit in the next two years," he said.

Walmart

Pushes

Fashion

Continued from page B2 With its existing low-price network's store brand, Time and Tru, which sells slightly elevated basic items like car figures and jeans and does over 82 billion in sales annually.

Time and Tru, which tends to appeal to shoppers 50 years to make, will continue with a smaller selection, paired down to the most popular items such as classic T-shirts and Banners.

Walmart has traditionally been known for selling low-price jeans and lines of bulk socks. But once the past decade it has gradually added that the brand's growth, transformed items in an effort to appeal to more customers who might also shop at Gap, I Love or Ruralhouse.

"We know we weren't servicing all their client needs," said Deere. "We've been able to become executive vice president of fashion for Walmart U.S. in 2020. Data showed that 'while our customer gave us credit for extraordinary value, they weren't going as credit for style and quality,'" she said.

Walmart's fashion push under Reynolds' bucks nearly a decade ago, when Walmart's top executives appeared in a conference room inside their Brownsville, Ark., headquarters to hear from her. At the time, Reynolds was a lovely hand executive in the e-commerce division who had been tasked with improving the company's online fashion assortment and sales. She had previously spent years as an employee in the business house and Ralph Lauren and earlier as her career was a McKinsey consultant.

Walmart could become a super fashion destination beyond basics, she told the room, which included (New-Chief Executive Doug McMillion and U.S. store leadership, vocals Scott Hilton, a former Walmart e-commerce executive who was in publicly managed at the time.

Her flatbed a club with a data point that would become an engaging thought in Walmart's efforts to sell more fashion 80% of the money existing Walmart shoppers spent on apparel was at higher-priced retailers, not Walmart. She said they try to re-zoom that this meant shoppers were willing to spend more on fashion, but they didn't do it at Walmart.

The first efforts have started to bear fruit, the company is attracting more high-income shoppers, executives have said. Compared with 2025, there is the recent Walmart customers spend on apparel there is for items priced $25

Walmart's new Scenario brand is launching with hundreds of items, including Mouses with embroidered sleeves, picture dozen shirts and faux leather bags.

or higher, according to internal documents owned by The Wall Street Journal. Customers also see it as more stylish.

The recent pack isn't the first time Walmart has tried to sell more fashionable clothing. Earlier attempts to move upscale left memorable scars.

In the 2000s, the company sculpted between a look-i-n-i-lo-w-a-d and a hate-n-to-coed apparel—over-thee of which Walmart sales much Walmart executives concluded that

customers wanted 'high-quality basics and fashion basics as great prizes,' said an unusual memo near the end of that era.

It returned to those roots to try to steady the business. That meant ensuring the bulk of the assortment were basics, and some were slightly more

fashionable items—but still "something you would see an sweet car of 50 women," said a person familiar with the strategy. The team focused on improving quality and pairing down some assortment to this stores, said this person. Business improved.

Most items in the new Scenario line will cost less than $25.

parcel brand in 2026, along with new children's and more brands. This was a national force into slightly more modern, totally apparel.

Walmart also introduced more fashion brand partner ships with celebrities like Erlen Defiance and Sidie Voges. At first, those items said

mostly online. But Walmart started testing more trendy items at higher price points in stores. In 2026 it introduced Fump as a 10-mill women's fashion brand exclusive in Walmart. The following year it introduced another, Free discernible. It aimed to appeal to young adult shoppers.

It started calling the category "fashion," not "apparel,"特别是, it is calling the word "fashion" to the signage on the front of small, unnamed stores. The word shaper is important, said Incandela, because its meaning goes beyond clothing. And "it's getting us personally to think of ourselves as credible in fashion," she said.

Walmart opened a fashion design office in New York City that now employs around 365 shoppers, brand managers and digital merchants. It plans to start selling its best-seller brand cashmere sweaters this fall.

To new inexpensive store brand, Scenario, helps round out 10 more affordable options, executives said. Scenario is designed to attract women around 35 years old who want more trendy details in their outfits than Time and Tru trademarks' offers, said Marvin Brown, a lead designer for the Scenario line. It will have a modern American—or "biche"—aesthetic, and items are mostly made of natural fabrics like cotton and include more embroidery and piloting details, he said. Most items will be sold under $25, what Walmart considers an "opening price point" for its customers, he said.

Still, Walmart isn't moving away from the sale of inexpensive basics, but built of its apparel revenue, said Incandela.

"This is an 'out strategy,' she said. "We've still going to move those top-squares giving customers and even our customers and Us," to serve had-girl shoppers, she said.

Nvidia

Results

Offer Test

Continued from page B2 With higher than over

But there are signs of looming trouble. Political pushback to AI is growing. A brand sell-off propelled borrowing costs to three highest levels in the market. Hyperconserv that include some of Nvidia's key customers—once independent machines—are relying more on debt. Special security infrastructure is immense now by a tough 10% in the second quarter while its brand shopped.

Nvidia is increasingly stopping in to show up potential weak points across the market. The company's market, the company teamed up with six of Wall Street's biggest firms on a $500 billion AI-thanering plan, pledging its backdrop to make its customers that can't afford its chips otherwise. The chip maker last week also took a stake in Chemical Manufacturers, which is now operating at a contract, and struck a $6 billion deal with startup. It outside aimed at developing an open-weight AI model.

After reaching shares of other chip makers and the no longer available, it is now such companies swing wildly in recent months, Wall Street is

Nvidia's quarter top earnings since the launch of ChatGPT

buying Nvidia can beat expectorate—again.

"It's kind of becoming more and more like the World Cup final than the Super Bowl of this point," said Brian Mulberry, chief market strategist at Zacks Investment Management. "It's just gotten to be that big."

The company has smashed analytical earnings estimates for each of the 18 quarters since the AI boom kicked into high pace.

Nvidia ported 120's annual growth in net income in its last three-month period, according to FactSet, making Wall Street's 120's projection look pedestrian.

Expectations for a financial second quarter have risen together over the course of this year.

All Nvidia will have to do to beat him longer narrow 30's annual earnings growth to more than $31.5 billion. Ana-

lysto project the chip maker will report record sales of $91 billion in the period, up from a forecast of $78 billion at the start of this year.

In July, big-tech earnings-spatial volatility. Concerns about runaway capital spending spread across the sector of the Alphabet's and Twista's markets, driving a $300 billion segment that contributed to the unwind of hedge fund Situational Awareness. Microsoft posted the largest one-day gain in market capitalization by net company over, after a quarter, proving that it could still show investors the money. Special expected higher after a record-breaking initial public offering, only to see fit follow in valid evaporate.

Secging memory prices and borrowing costs have fueled from that three and offset companies who do market to keep plowing more money into supplies including Nvidia

Share-price and index performance this year

chips. Shala Rosenmaulich, founder of Central Net Global Management, has recently bought dips in AI infrastructure. One stocks when Wall Street has obtained to absorb massive debt issued by Silicon Valley.

"The macro data is really safe" robust," he said. "Of course, there's a level at which everything breaks."

Investors have kept pumping money into the AI trade despite concerns around chip consumers—and to the benefit of chip producers.

That is why Nvidia's outlook for semiconductor devices could significantly through counterparty such as Micron Technologies and Sandisk, developers of the data centers in which their chips reside, and a supply chain of power producers, consumers and their customers are not just the underpin the globe-spanning AI build-out.

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THE WALL STREET JOURNAL

Monday, August 24, 2020 | 83

BUSINESS & FINANCE

Boeing Engineers Reject Four-Year Contract Offer

Members vote to allow 10th union's negotiation team to authorize a strike

By KELLY GORMAN

Boeing engineers and technical workers expected the jet makers progress for four-year collective bargaining agreements.

The Society of Professional Engineering (Engineers) in Aerospace said no Friday that its members also voted to allow the union's negotiation team to authorize a strike until its concerns are addressed.

The organization is Boeing's biggest white-collar union, representing about 27,000 aerospace professionals across a professional and made up of engineers and so-

The union represents about 17,000 aerospace professionals.

extent, as well as a technical unit with technicians, analysts and planners.

About 84% of the engineering unit and 72% of the technical unit voted to reject the contract offer.

The union's negotiating team had endorsed the offer, which provides for wage increases: 2 said could compound in about 32% over the length of the contract.

The negotiation team said

it would work toward a new offer that meets the collective expectations of SPEEA members.

Boeing stood by its contract offer following the vote, and said it is now implementing its strike contingency plan, diverting money it had wanted to invest in its SPEEA-represented team to prepare for a potential strike.

"We have no choice but to implement our contingency plan. We have a responsibility to the rest of our workforce and our customers to build on our progress over the last two years and maintain our momentum," said the former's got, Boeing vice president and functional chief engineer for production engineering.

Boeing said it hasn't scheduled further talks with SPEEA, and the earliest a strike could occur in the 7.

Blackwater's Prince Launches Startup

By BRACINE SANDERSKI

Private military contractor and President Trump ally Erik Prince is growing his empire of security work with the launch of a startup that he says will help protect critical infrastructure such as data centers, energy installations and military bases from drone attacks.

Prince said Friday he has entered Vechta Air Defense Systems to provide companies, militaries and governments with the design and operation of carbonized air defense systems. He has formed the company with Ukrainian drone software company Swarmer, which owns a 35% stake in the new startup.

"It's true that the threat is evolving rapidly and the air-band for a private-sector so-

tation is very strong," said Prince. Vechta would reduce the cost of air defense systems for governments and the private sector, he said.

The new firm aims to protect critical infrastructure from drones.

Betty DeVos, who served in Trump's first term.

Prince, who has had business interests in Ukraine since before the country's war with Russia began in 2012, became chairman of the board of Swarmer in December, shortly after meeting the company through one of its investors. Swarmer's software enables groups of drones to coordinate with each other in attacks and adapt to changing battlefield conditions. Its software has helped the Ukrainian advance by lowered drone swarms to attack Russian positions.

Vectra and Swarmer said the air defense designs will pull together software from Swarmer and technology from a range of other vehicles, including providers of concern,

electronic warfare, drone interceptors, guns and weapons. Among the potential participants: Poweron, a drone company backed by the president's sonic, Don Jo and Don Trump.

Fawcrux,

OpenAI Takes a Pause on AI Training

By AMOS LUTER

OpenAI took a break from training new artificial intelligence models in recent weeks, saying it needed time to re-sump security measures for risky trial runs.

The move followed nearly half a dozen similar incidents across top AI-developers in which frontier models escaped virtual testing containers, known as smallboxes, and accessed external data sources. In some cases, this involved hacking third-party companies.

"As models become more capable, the risks associated with a large-scale testing them internally also grow," OpenAI said in an online post Tuesday. "Our standards for monitoring, alignment, and

security must stay ahead of those risks."

News Corp. owner of The Wall Street Journal, has a content-browning partnership with OpenAI.

The breaches over the past month have sparked industry-wide calls to modernizing testing environments. The sandboxes are growing to be so match for emerging AI models, cybersecurity experts say.

"Models are advancing at machine speed, but the sand boxes we test them in are still built at human speed, and that gap in where these events keep happening," said Evan Price, founder and chief effective security officer in Armistice (previously firm Armadio, "What has to change in how we think about safety." Sandboxes are much like

automotive crash-test facilities for new software tools, according to Jack Nelson, chief information security officer and deputy general counsel at IT and security software company board. As AI gets smarter and faster, "machine security measures will need to continue to improve, and the depth of safety measures will need to increase," he said.

Already, goal-driven AI models will seek to complete an assigned task by "whatever means they have at their disposal," said Adam Moyers, senior vice president of counter adversary operations at cybersecurity firm. ComedPride, "The challenge is that they can pursue that goal in ways between don't anticipate, and as the models become more capable, that gets harder to

predict."

Irregular, an end-to-end AI security startup that contains the bestised tools by OpenAI, Anthropic and Meta, has taken responsibility for some of the containment issues that enabled repair models to escape.

"There were mistakes that happened on our side," said Dan Laban, Irregular's chief executive.

Among other new safeguards, OpenAI said it plans to build sandboxes with drone per workload, isolation capabilities, better controls to isolate high-risk worldwide from the internet, and continuous security testing, including the removal of potentially vulnerable shared services.

Angus Luten writes for WSJ Pro Cyberwarranty.

based Vechta Air Defense Systems Edition the launch of Vechta Global, Prince's new brand for a network of companies established to do security work in Latin America and across the world. The Wall Street Journal reported.

He said his private-security contracting company, Blackwater, in 2010.

Blackwater gained notoriety during the U.S. war on terror when contractors working for a diet deal more than a dozen unarmed Iraqi civilians in 2007. Trump pardoned the contractors who committed the shooting.

Prince has been a confident and ally of the president and his advisers, the internal bus reported. Prince is the brother of former Education Secretary

which is expected to start publicly trading in further after completing a reverse merger with a Trump-backed golf course holding company, has a partnership with Swarmer. It also announced on Thursday a $22 million contract to provide counterdrone technology to oil and gas operators in the Middle East.

Vectra is focused on selling to customers in the Middle East, where human drones have remained critical infrastructure, including U.S. military bases and data centers.

It will also aim to sell into Ukraine, where Russian strikes have caused massive damage in Kyiv amid a shortfall of interception, and other parts of Europe under threat from Russia.

A Zoom robotian in San Francisco. The taxis can hold for passengers and not facing each other.

Toaster-Shaped Robotaxis From Amazon Hit the Road

By ELSA BOSS

Toaster-shaped taxis that don't have a driver or a steering wheel have started rolling across San Francisco and charging for rides in San Francisco.

For all devices, cars are the first robotaxis offering rides on the roads without standard driver features like a dashboard and pedals. They can hold up to four passengers who sit facing each other. The vehicles are called Zoos and they come from a new entrant to robotaxis: Amazon.com.

Amazon is betting at can become a player in the robotaxis market, which Goldman Sachs expects to grow to nearly $10 billion in sales by 2030, from $20% million last year.

Alphabet's Western, the early leader with roughly 4,000 vehicles operating in various cities, and Tesla provide stiff competition. Tesla has started volume production of the Cybercub, which lacks a steering wheel and pedals, but hasn't gotten the same regulatory approval as Zoos to begin offering rides to the public.

Chief Executive Jackie Evans says making its own vehicles allowed Zoos to more quickly fine-tune the design in response to rider feedback. "It

takes a lot of imagination, belief, resilience and tenacity to do this when you're going against conventional wisdom," Evans said.

Regulators are approaching these new rides cautiously. The National Highway Transportation Safety Administration last month allowed Zoos to charge for rides in up to 5,000 vehicles within the next two years. Yet it barred Zoos taxis on roads with heavy rain, snow, large quantities of leases on a speed limit of more than 45 miles on how.

The company's fleet counts about 200 vehicles. Zoos are working there in a plant in Hayward, Calif., that has the capacity to produce as many as 10,000 robotaxis a year.

Amazon bought Zoos in 2020 for $1.5 billion in 2022, Zoos self-certified its cars as compliant with BRTSA's Federal Motor Vehicle Safety Standards. The stop would have eliminated barriers to Zoos's deployment, but the agency objected. In addition to not having manual controls such as brake pedals that are installed in safety tests, the cars didn't see the right type of glass or side collectors, BRTSA said. Last year, BRTSA granted Zoos an exemption from the

safety standards and allowed the company to offer free demonstration rides. Zoos taxis have logged more than three million driverless miles on public roads and carried nearly one million riders.

A BRTSA spokeswoman said the agency is modernizing standards. "To remove mandates that assume the presence of human drivers, such as manual brake pedals, transmission shifters, and windshield wipers and detonators, while maintaining all relevant safety performance requirements," BRTSA is also developing performance standards for autonomous vehicles, the said.

Alex Roy, an autonomous vehicle expert and partner at New Industry Venture Capital, are building a custom vehicle as the most difficult path to robotaxi deployment because of the time and money required for software development, manufacturing and safety testing. "This vehicle declares is the ultimate risk factor," he said. "The stars have to align in every dimension of the business for that to become viable."

Zoos is planning to expand, it is working to robotaxis in Austin, Texas, and Miami, where it plans to start service soon.

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84 | Monday, August 24, 2026

THE WALL STREET JOURNAL.

TECHNOLOGY

Startup to Offer 'Biobank' Data for AI

Network Bio plans to share virtual access to tissue and blood samples

By Bruce Gowarry

Scientists who want to harness AI for medical discovery wroughts with the difficulty of getting sufficient data for the job. That is a handle during Network Bio aims to remove.

Silent at medical centres, patient data are competitive assets for their institutions—not resources that are shared easily. But Network, a four-year-old startup, has persuaded three academic medical centers to share access to their "biobank's" repositories. "I think that larger tissue samples from patients who have consented to having their samples used for research.

"It's the infrastructure problem that's preventing the adoption of AI scale in the medical system," said via Ahmad, co-founder and chief executive, said.

The JMA AIN, (Jeff, found starting has formed collaborations with Mass General

Brigham, the University of Pennsylvania and the University of Colorado Anschutz and intends to sign other medical institutions on as well.

By pushing access to biobanks, Network aims to create data sets large enough to answer questions that scientists have struggled to answer before, such as why certain drugs work on some patients but not others.

Network, which has raised $50 million in financing from 532, Breyer Capital and others, uses this initiative to possible now because the cost of generating molecular data has been met, and powerful artificial intelligence tools can analyze large data sets in ways not possible before.

The data shared are de-identified and Network's collaborators say there are privacy safeguards. MNB, for example, says all samples are coded with a number that can't be used to identify an MNB Biobank participation.

Hospitals have long maintained collections of tumor samples. But for diseases and side cancer, patient tissue is harder to pass access to at scale, Ahmad said. "Oncology

Co-founders Raphael Potter, left, and Read Ali Ahmad.

has a 10%vol no other disease has," he added.

As a result, diseases outside cancer and rare genetic disorders haven't benefited as much as from "provision mediciner" programs that use molecular information to diagnose diseases and pinpoint treatments designed to work for specific groups of patients. "Where you look at medicine

today, there's only a few places you see it practiced with precision, where we're using molecular understanding of disease mechanisms to diagnose disease and inform treatment, at scale," said Dr. Morgan Chowham, partner and head of healthcare and the science for Breyer Capital.

Network's focus with its three collaborators will be on

cardiometabolic conditions and autoimmune and inflammatory diseases.

Network isn't physically housing patient samples from the three institutions. Instead, it facilitates the generation of molecular information and virtually links data from collaborators.

Few institutions have had the vision and resources to create large-scale biobanks that house samples from many diseases. Network's initial partners are those of about a dozen U.S. institutions with each diverse repositories, according to Ahmad. He said by co-founder Raphael Potter, Network's chief business officer, said they spent the past four years meeting with leaders of academic institutions to lease and prick their idea.

Network also has formed a partnership with Nvidia to create an AI foundation model that spans different diseases, focused on RNA in the blood, for general medical intelligence applications.

Network's model also involves etiology partnerships with pharmaceutical companies. For example, a drug-maker may want to study the

trajectory of a given disease. The pharmaceutical partner would fund the generation of molecular data from patient samples, while the institutions would get to keep the data generated for their own scientific studies.

"It's a standardized approach for industry to get access to this data, complacably and securely," Ahmad said. "The power of the network enables larger, more respectful research questions that we believe were previously impossible for a single research institution to fulfill."

Kentucky Walter, executive director of CV Anschutz Innovation, agreed: "No single academic medical center can capture the full complexity of human disease."

Sharing data is essential to breakthroughs in medicine, said Dr. Michael Pollitt, a general partner with 532 and chair of the Network board. "If such of us thinks our database is best and we don't share information, we're going to keep chipping away at a fairly clear pace," he said.

Brian Gormley writes for WSJ Pro Venture Capital.

This Island's Most Buzzoorthy Visitor Is a SpaceX Craft

By Micca Manosawa

They're calling it Rocket Fuel over at the Benza Tavern on Christmas Island.

It's a potent cocktail made of Coca-Cola and slow spirits that tavern co-owner them. Watch drummed up in honor of the unexpected guest that made landfall a few days ago: a charred spacecraft.

"Everyone's talking about it," said Walsh, who also is an owner of a retinal called Swell Lodge as well as a small store on the island. "You go to the summer! and people are like, 'The spacecraft's here.'"

That ship is the upper stage of SpaceX's Stardup rocket, which the company launched from Texas last last month.

Stardup spacecraft have made contended in existence. Earth during prior war missions, but never could be re-covered. Fortunes changed with the 1959 flight. The spacecraft's initiative is banking maneuver—filling to one side—to slow down as it mound the surface; its engines guided the upright vehicle to the water, according to SpaceX video.

After the regime cut out, it tipped over. But the vehicle remained intact, holding along with the current.

That created a new challenge for the company led by Elon Musk what to do with a ship thousands of miles from home that weighs tons, stretches more than 375 feet and has a diameter of almost 30 feet.

"We're sending a ship out to recover Stardup," Musk said a few days after the landing. The ship then journeyed to Christmas Island.

It is expected to provide valuable information to the company's engineers, giving them a chance to review, to detail how its best should performed during re-entry from space.

SpaceX has experienced dealing with its equipment parts that land in unexpected places. Earlier Stardup vehicles exploded and scattered debris across the Caribbean last year, including on Turks and Azores. Components from a SpaceX Falcon 9 rocket landed in Poland in 2025. The upper stage of another Falcon 9 recently crashed into the moon.

SpaceX is planning airplanes to bring its Stardup, Stardup vehicle back to Texas. It will need to transport the vehicle over thousands of miles of ocean.

Christmas Island, an Australian territory located

Above, the SpaceX Stardup Huats near Christmas Island. A local tavern named the Rocket Fuel cocktail, left, in tribute of it.

around 1,000 miles from the mainland, attracts tourists looking to check out its natural habitats. The annual red coat-engraines, when millions of the crustaceans emerge from the forest and scramble to the ocean, is one local point.

It is home to an immigration detention fault city, and was used by the Australian government as a quarantine site during the Covid-19 pandemic. Nearly

7,700 people lived on the island as of 1933, according to a census from the time.

David Watchorn, the head of a local tourism association, said there is some space history used to the island, pointing to a long-defunct plan to

develop a launch facility. But the arrival of the SpaceX vehicle was vague:

"You expect the unexpected to happen on Christmas Island," said Watchorn, who moved to the island in 2026.

"This rocket running up is something very different."

Watchorn's have been checking out the vehicle, grafting photos and videos. The rumor mill is active, locals say, and in-

cludes conjecture on whether Musk himself might show up.

The ship is moored in an inland cove, about 100 meters from a section of coastline, said Steven Proctor, president of the local government. Sightseers are restricted from

getting too close to the vehicle.

Photos of the craft bear the marks of its four return from space. Strouds cover its hard shield, an indicator of the heat and forces that tipped across it as the vehicle powered back to Earth.

Rusk Schreiber, manager of marine operations in the offshore services group at Crowley, a company that operates every tugs, said it could take a couple of months to move the spacecraft to Texas, if it is lifted onto a ship for the journey. Towing it back, as SpaceX did to get the ship to Christmas Island, could take five or six months.

"It's something that a lot of these masters that are in this industry would die for—to do something like this," Schreiber said. "But that many people can say they intend a rocket, right?"

Back on Christmas Island, residents are keeping an eye out for what might come of the vehicle, and what to expect from SpaceX employees who have made landfall.

Walsh, the hospitality owner, said he was surprised a few days ago when he saw that someone—using a traditional where locals trade messages—had wished SpaceX employees lack running a experience on the island. "They're trying to stay fit," he said.

Fessim, the government leader, said he is open to the Stardup vehicle having a more permanent home on the island. It crossed his mind, he said, that perhaps the craft could be lifted onshore and integrated into a local playground.

"We're all very interested at what their next steps are," he said.

THE TICKER: MARKET EVENTS COMING THIS WEEK

Monday

Northeast month, less scheduled for Sunday

Tuesday

Short-selling reports show, about 10 million people of special outlets, at the 1st NYSE 4.2 Monday

Raw-home sales June, previous $20,000 July, expected $10,000

Earnings expected $10,000 per hour Dick's Sporting Goods $270 0.38 Heinz $35 0.24 Omar Savannah $40 0.40 Zion/Camman's share $40 0.50

Wednesday

Durable goods orders June, previous up 0.5% July, expected up 0.5%

Elk status report Smoking, hospital, non-smoking, or other or for more Caddie 40 4.4 Gatame 49 0.7 Dodderies down 1.5

GDP Deflator 2nd job, job, etc. up 0.2% 2nd job, sec, etc. up 0.2%

Gross domestic product $10,000 per hour, annual use $10,000 per hour

up 15% 2nd job, sec, etc. up 15%

Mort. business volume Perth, price, down 25% Reflexes, price, up 25%

Personal spending June, previous up 0.5% July, expected up 0.5%

Personal income June, previous up 0.2% July, expected up 0.2%

Earnings expected $10,000 per hour Agilent Technologies $85 1.7

Media Salesforce $20 2.0 Synopsys $40 7.5 Voxos Systems

Thursday Initial jobless claims Previous 29,000

Foods like no longer survey Previous weekly average 40 year fixed

Total $5,000 per hour, weekly average

75 year fixed 5.95% Elk report material gas Present status in current billions of, and net

Earnings expected $10,000 per hour Ashbrook $10 2.62 Dollar Survey

Dollar Tree $30 0.77 Harvard Technology $10 0.67 Ultra Bloody $30 5.78 Weekday $40 2.25

Friday

Chicago/Will July, previous 10.6 Aug, expected 57.9

U.Mich. consumer index Aug, confirm 10.0 Aug, final 10.0

Analysts expect Dick's Sporting Goods to report quarterly earnings of $3.77 a share on Tuesday.

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THE WALL STREET JOURNAL.

● ● ● ● ●

TECHNOLOGY & MEDIA

Monday, August 24, 2026 | 85

Investors' Stake Comes With Own AI Crew

By Mona Morren

Private-equity firms are known for cluding costs, overloading businesses and boosting revenue and new rates a new tool for carrying out that pluckback.

Blackstone said Holman & Friedman later formed a 200-person team of artificial intelligence experts with Anthropic—deplete at businesses, more up with their own portfolio companies. The goals in part of a $1.5 billion venture between the AI giant and Wall Street firms, which includes Apollo, General Atlantic and Goldman Sachs among the facilities.

"What we liked was the way a senior engineering team," said Holman, a 60-year global head of Blackstone's operating team. "It's not like a bunch of kids who just learned AI."

The plan is to offer the services of the joint venture, a stand-alone firm known as Oak, beyond the world of private equity owned businesses. Blackstone, Holman & Friedman and Anthropic are each committing to invest around $100 million to the venture.

OpenAI also formed a rival venture that would offer one strong services to companies, with a $4 billion investment led by private-equity firm TWG.

The efforts come as business leaders have been cracking down on their AI spending, and reactivating whether the costs are worthwhile. While some anxiety over AI has raged, but executives have shied back their warnings of mass loreffs, with 20% of 1970s believing AI investments will give significant job cuts in a May survey from 675 Parthenon, down from 60% in January 2025.

Private-equity executives said this will help build new product lines to drive up revenue, and that cost savings aren't the primary form of their work.

Blackstone plans to roll out the effort at 25 of its more than 270 portfolio companies, with engineers from Oak already embedded at six of its businesses.

An executive on Blackstone's applied AI team spends one to two days a week on-site at portfolio companies helping with the rollout, Zennard said.

All Chamberlain Group, a maker of garage door sponsors like Blackstone acquired in 2023 at a $5 billion valuation, Oak's AI experts are among the 20 engineers who sit on six, three-person pads at the company's headquarters on Oak Brook.

The maker of LeMabore garage door sponsors is leading on AI experts to expand optional

software features, such as more that notify homeowners when their packages are delivered and garbage is picked up. Its products also recently started recognizing designated people and alerting the homeowners.

Chamberlain is on track to add more than three million video cameras to homeowners' properties that may attack and needed to run advanced AI features. That is compared with 1.7 million cameras last year, the engineers are now helping Chamberlain test software that can learn a family's routines. But when they arrive home every day, and flag deviations to the homeowner.

The company expects its digital-flowman features on generate $100 million in annual revenue for 2026, compared with the $200 million planned for this year and $40 million last year, said Jeff Meredith, Chamberlain's chief executive.

Before the joint venture, Chamberlain estimated four new would top out around $100 million, Overall, the company is on pace to book more than $2 billion in revenue this year, he said.

Chamberlain also expects more cost efficiencies, encouraging up Chastel's and TWG ad campaign for its new smart-access products around Amazon's Prime Day in June was $1 times cheaper than a year earlier, in part because of AI tools, Zennard said.

Ask to May acquired Friedman AI, an AI services-racing whose most of the workers' AI engineers worked, Chamberlain had already been working, with Friedman AI since late last year.

At Citrix Corporation, a Blackstone-backed professional services firm, the engineers are building a partial designed to let accountants and financial advisers collaborate more effectively with clients.

Holman & Friedman also began the life rollout with an accounting firm, Baker Tilly, one of its 20 companies. Oak engineers sit with audit leaders to map out the daily workflows of financial and tax accountants to gauge where to range up use of AI agents. Oak staff helps supplement Baker Tilly's small internal software engineering tools.

Portfolio companies like Chamberlain put for Oak's services through a common net consulting or service agreement.

Sponsors can't force these companies to use certain services. "It's up to the private equity-backed companies to decide whether to use Oak's based on the cost and best fit for the project," Zennard said.

Demonstrators protested against artificial intelligence in Maryland last month.

Big Tech Fights AI Backlash

Continued from page B1

Earlier in August, Meta Plackberry announced a $1 billion "Future Is For Everyone" fund to pour money into the communities where Meta has data centers. The community planning and $100 billion in capital spending this year, largely to build out AI infrastructure.

In a sprawling 6,500-word essay, Meta Chief Executive Mark Zuckerberg pointed to the supervision of Richland Parish, La., where sales tax collections (aural by construction of the company's 20-person data center led to teachers receiving bonuses of as much as $10,000).

In an interview, Lindsey Ellis, a vice president of public policy at Meta, said the company's investment from the $1 billion fund will look different in such community. She said Meta plans to sit down with school superintendents and police leaders and what might be financially beneficial to them.

"There's an opportunity to think about how we're showing up and being a good partner, and we need to do that on a scale we haven't done before," she said.

Meta previously doled out roughly $94 million through a

prior community grant program.

In his essay, Zuckerberg also protested that Meta data centers move committed to being "water-positive," meaning the company would reduce more water than it uses in those communities by 2010. In "high water stream" areas, Zuckerberg said the company's goal was to receive 120% of the water it uses. Water, needed for chip-casting systems, has been a talking point for data center operations, although project data have had newer systems require

it structurally less water or use air-cooling.

The company also launched a "we're I-For-e" academic program to train skilled laborators. The free

fire-week course guarantees graduates a job at a Meta data-center construction site.

Data centers have rapidly become one of the most salient issues in politics, with 7% of Americans saying they would oppose the construction of one in their local area, according to Gallup.

The first quarter of 2026 saw the largest single-quarter concentration of blocked and delayed data center projects on record, according to Data Center Watch, a research project backed by AI safety company (IA Labs.

In July, New York Gov.

Kathy Richad ordered a temporary ban on large data center construction, Pennsylvania Gov. Josh Shapiro last Tuesday signed an executive order placing strict guard-rail on new data centers.

The politics of data centers have become more prominent and unambiguous across the country," said Microsoft Vice Chair and President Brad Smith.

In an interview, Smith said Microsoft executives recognized the need for a more community-focused approach to building data centers and

seeing the issue prone growth in elections last November, including: New Jersey's gubernatorial race, where Democrat Mike Sherrill can be pagged heavily on the price of electricity and won.

"So soon as, especially, the New Jersey race was over, it was clear that this was on a different trajectory," he said. Two months later Microsoft announced a series of commitment around electricity, water use, jobs and taxes.

Data center opponents frequently cite strong electricity prices, environmental impacts and noise as promote for fighting new projects, and some also oppose the development of AI itself, believing it will wipe out large numbers of jobs at otherwise degrade society.

Walter's Lieutenant Was Key

Continued from page B1 ATract, also text large sums to vehicles tied to the other three intermediaries, according to corporate filings.

According to her LinkedIn profile, Moore joined Walter's financial firm, Guggenheim Partners, in 2000 the sport nearly 14 years there before heading to Group 20G, the industry that牺牲 more Walter's two insurers.

In early 2025, he became executive vice president at TWG Global, the conglomerate Walter had just launched to hold his stakes in Guggenheim businesses as well as his pot-

bils of professional sports and technology investments.

TWG declined to comment. Previously, the firm has said that "We have always acted in good faith, and assumptions that we have in any way attempted to circumvent our obligations in simple fairs."

Walter's TWG is financing to shrink the list of affiliated loans that appear on his insurers' books.

Last week, TWG said it would swap in $6.5 billion of unaffiliated assets to help bring the numbers down. Walter struck a deal to sell his stake in the Los Angeles Lakers, and he is in talks to unload his investment in another sports property. Chelsea, the English soccer club.

The fallout from the federal investigation has now spread to other entities with two to Walter's empire.

Traders sold down debt issued by Guggenheim, Walter's

financial firm, and Summons, an insurance company and equity Walter harbor that still build a stake in Guggenheim Capital.

Shares of Carvuna, a Walter investment, fell sharply before recovering. Regulatory filings show he pledged out most of the stake in financing deals.

Walter, Moore and TWG followed a pattern with the lending that went through various stages, the people said.

The intermediary firm would be asked to participate in a deal, with the opportunity to make money on the spread between the interest they received from the borrowers and what they paid to the insurers, the people said.

In some cases, once an agreement was in place, Franklin Monroe, a Chicago-based investment firm connected to Walter, handled the

Clifford Young, the chair of Ijona Public Affairs, said data center backlash is leading off a "broader-based head that the system is broken and no longer working for the average person. It's become. I would say, even a poster child for it."

Revolutionary agreements between data center developers and local governments have been a particular sign, long and for the industry, drawing condemnation from activists who use both companies employ them to get projects dedicated without a chance for local opposition.

In March, Microsoft announced its decision to end the use of nonfluidicator agreements with local governments in communities where it is leading to fraud. In Gilroy, Calif., many residents learned of a $2 billion Amazon.com data center after commission had already begun, the Wall Street Journal reported. After an outcry, the company says, with a number of local residents and turned on own open house, Roger Webster, vice president of economic development at Amazon Web Services, said.

Webster said Amazon has contributed more than $1 billion "to support community partners and organizations around the world, helping to address their most critical needs and make a lasting impact" in the last few years. Amazon said that the Gilroy project went through a multi-year approval process including public sectors and prelude for public comment.

paperwork, the people said. Its employees reached out with documents to sign and instructions to what to do next.

When questions came up, Webster was turned on an authority who could answer, the people said.

Representatives for Franklin Monroe didn't respond to requests for comment.

The four businesses referred the loans in LLEs they had set up which were named by Boiseone Lde and Chae Hye, and their financial disclosures.

At times, the four businesses passed the funds to a different set of LLEs. This next level of entities often had names that offered few if any share on the Walter businesses and investments behind them, the people said.

The money was ultimately sent to an entity Walter controlled, the people said.

Chamberlain said its garage door business would reach $100 million. It is on sale to one more than $2 billion in the

As a listener, when someone raises their hand for help, you're often one of the first ones to respond. But it's also okay to get help for yourself.

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mental health or finding the right resources. No matter what it is, you

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---

B6 | Monday, August 24, 2026

THE WALL STREET JOURNAL.

Dow Jones Industrial Average

53277.03	▼ 655.48; × 0.05=1est weekHigh, low, open and close for each of the past 52 weeks	Trailing 67.64% 21.39 - 25.16All values 50.41Dividend yield 1.46 - 1.57All times high 54.04% 8.90-12.74

Current shares' $1.00/Millions/1000

NYSE weekly volume, in billions of shares

Major U.S. Stock-Market Indexes

Date, June	12-Month					12-Month
	High	Low	Low	Total	Avg	Low	High	Low	High
Industrial Average	5272.06	5279.41	5277.81	455.48	-0.00	4514.64	5409.12	16.0	13.9
Trends of stock	2394.75	2275.79	2275.26	222.13	-0.03	2914.25	2795.24	34.9	21.2
Wills Average	1.62	1.67	1.70	1.00	-0.10	1.06	1.02	-0.2	1.0
Total Stock Market	7322.06	7305.21	7305.18	1295.65	-0.20	6779.39	7752.12	18.0	12.7
Percent (US)	2.69	2.69	2.69	1.00	-0.10	2.18	2.18	0.00	0.00
Housing Stock Market
Housing Composite	4675.48	4682.52	4682.51	648.71	-0.09	4574.64	4709.81	22.8	12.4
Housing 1000	3630.72	3632.26	3630.86	733.28	-0.09	3193.36	3640.6	24.7	16.1
S&P
BBB Index	7795.06	7829.12	7829.29	511.19	-0.40	6185.72	7789.99	18.7	12.1
BBM Capital	3526.08	3832.64	3830.46	94.58	-0.90	3128.05	3926.93	37.6	13.9
Stocks up with	1625.59	1777.67	1799.38	58.98	-0.15	1164.94	1628.04	24.0	20.9
Other Markets
Record (2000)	5861.75	7997.1	7802.07	98.54	-1.40	2105.11	5968.42	27.0	22.6
NYSE Composite	2804.75	2838.61	2822.67	49.02	-0.37	2612.69	2802.04	34.9	12.9
Bank (US)	752.61	1.00	1.00	13.35	-1.67	1979.58	1782.22	9.9	12.2
NYSE Available (US)	9494.45	9507.17	9490.68	542.81	-0.14	9156.78	9462.62	19.5	12.9
NYSE Accu/Market	1332.33	1322.14	1292.07	71.36	-0.09	1019.99	1253.18	26.4	23.0
EDM Bank	205.55	204.25	209.99	7.96	-0.10	185.25	203.91	29.0	11.3
NYSE Capital/Share	825.62	841.00	842.02	53.65	-0.10	239.25	476.37	76.6	25.2
PRL/MP Oil Service	265.00	262.64	262.68	4.72	-0.49	66.27	267.24	24.8	0.4
PRL/PP Investment	2477.75	2510.51	2509.07	419.18	-0.45	3915.52	2415.57	34.5	12.9
Other Monthly	24.35	24.77	25.22	0.98	-0.16	13.67	24.07	6.6	1.2

Treasury Stock

S&P 500 Index

	Last	Foreign
Trailing 67.64%	25.21	25.95
All volumes	50.41	25.15
Dividend yield	1.37	1.25
All times high	1.95	1.92	1.75

Loan this code

Last report time U.S. stock quarter and StockHeld earlier stocks, new highs/loses, mutual stock and ETCs

Available free at 495.00/alerts.com

	Housing Composite
		▼ 66.21, × 0.05=1est week
		2000	2000
		6790	6790
		2450	2450
		2950	2950
		2450	2450
		2950	2950
		2450	2450
		2950	2950
		2450	2450
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		2450	2
		2950	2950
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		2950	2950
		2450	2
		2950	2950
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		2950	2950
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		2450	2

Treasury Stock Market Index

International Stock Indexes

Region/County	Index	Last 12 Mos				12 Mos 2009
		Chest	Price	Low	Chest	Price	High	Low	High
World	MSCI 0C500	1,509.82	-0.0123	943.33	-	1,510.09	1,511.24	-	-
	MSCI 0C500 w/USA	456.63	0.05	316.42	-	456.63	35.4	-	-
	MSCI World	499.92	-0.1918	1,041.16	-	1,041.16	1,041.16	-	-
	MSCI Energy Markets	1,752.69	1.23	1,216.44	-	1,282.17	32.6	-	-
Americas	J&M	1,499.04	0.1918	1,442.22	-	1,494.12	1,494.12	-	-
Canada	S&P/TSX Energy	1,000.23	-0.230	1,024.94	-	1,079.20	1,079.20	-	-
USA/China	MSCI 0C500 (New)	2023.05	0.1415	2,051.24	-	2,026.02	42.0	-	-
Brazil	Energen	2,010.15	0.1415	2,071.29	-	2,090.97	6.1	-	-
Chile	S&P 0C500	1,732.26	0.1415	4,012.35	-	4,012.35	4,012.35	-	-
Mexico	S&P 0C500 w/US	4,019.18	0.1415	5,021.00	-	7,001.75	7,001.75	-	-
EMEA	STOCK Energy 400	404.18	-0.561	369.17	-	400.01	18.9	-	-
	STOCK Energy 80	3405.17	-0.29	4929.12	-	4948.37	12.6	-	-
	Euro 0T500	679.99	-0.2018	563.19	-	659.85	18.9	-	-
Eurasia	Euro 0T500	646.22	-0.1918	5,052.09	-	6051.22	12.6	-	-
	ATN	6655.06	-0.2118	4517.95	-	6744.06	18.9	-	-
Belgium	Net 80	5807.17	0.1112	6642.31	-	6813.01	14.0	-	-
France	CRI 40	5909.95	-0.1118	7074.37	-	9725.05	4.1	-	-
Germany	D&D	2629.56	-0.1118	2,026.75	-	2,049.11	6.7	-	-
Greece	EMEA Composite	2396.26	0.42	1956.09	-	2976.24	29.2	-	-
Israel	Turkey	4272.94	-0.292	2902.62	-	4527.62	14.9	-	-
Italy	FTSE 000	5269.04	-0.2118	4,029.8	-	4,197.7	17.2	-	-
Netherlands	J&M	1,200.07	-0.1418	823.05	-	1,210.09	12.6	-	-
Norway	Debt-Bank 80 Others	2806.92	0.69	1322.75	-	2806.92	25.1	-	-
Portugal	EMEA	9204.76	0.48	5348.26	-	4684.05	12.0	-	-
South Africa	FTSE 000 80 Others	2279.00	0.1118	2043.35	-	2299.00	1.7	-	-
Spain	IMEX 80	2956.03	-0.0171	4,978.2	-	2633.16	13.3	-	-
Sweden	OMG Stockholders	1,229.67	0.36	761.25	-	1,239.10	9.0	-	-
Netherlands	Euro 0T500	3495.56	0.06	11,075.00	-	3461.70	6.0	-	-
Sweden	FTSE 000	5959.95	0.62	7124.09	-	6959.09	9.9	-	-
Asia-Pacific	MSCI 0CAA Parlith	373.09	-0.201	214.44	-	289.9	21.0	-	-
Australia	IMEX 0CAA	9053.03	-0.1417	8160.9	-	9271.6	9.0	-	-
China	Shanghai Composite	5995.29	-0.561	5954.15	-	4242.97	-2.6	-	-
Hong Kong	Shin 0CAA	2605.96	0.1119	2267.06	-	2794.00	3.9	-	-
India	PTC 0CAA	4,493	-0.1119	1,949.74	-	1,949.74	1,949.74	-	-
Japan	IMEX 0CAA	6403.56	-0.0188	6,518.00	-	7204.26	9.0	-	-
Malaysia	PTC 0CAA (Rebranded)	2,000.00	0.99	1,919.12	-	1,775.25	9.9	-	-
Singapore	Health Times	5668.96	-0.0013	4243.71	-	5764.86	12.0	-	-
South Korea	ECON	4912.95	-0.910	5182.59	-	4519.95	44.0	-	-
Taiwan	YA&R	45224.28	-0.2018	21564.47	-	47744.31	56.1	-	-

Treasury Stock Market Index

Consumer Rates and Returns to Investor

U.S. Consumer rates		Selected rates
A consumer rate reported in benchmark over the past year		First year 2006 (US$)
	Total	Revenues (Average Rate)
	Average	1.00%
	Total	Revenues (Average Rate)
	Average	1.00%
	Total	Revenues (Average Rate)
	Average	1.00%
	Total	Revenues (Average Rate)
	Average	1.00%
	Total	Revenues (Average Rate)
	Average	1.00%
	Total	Revenues (Average Rate)
	Average	1.00%
	Total	Revenues (Average Rate)
	Average	1.00%

National data	Year Ended December 31		Year Ended December 31		Year Ended December 31		Year Ended December 31
	Last	Year Ended	Last	Year Ended	Last	Year Ended	Last	Year Ended
Federated States (see for age)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
France (see)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Germany (see)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Germany (see)	1,000,000	1,000,000	1,000,000
Germany (see)	1,000,000	1,000,000	1,000,000
Germany (see)	1,000,000	1,000,000	1,000,000
Germany (see)	1,000,000	1,000,000	1,000,000

Index: 1.00000000

Source: McGill, Mark (2006) 2007; 2008; 2009

Commodities and Currencies

	Last 12 Mos		Last 12 Mos		Total
	2000	2005	2000	2005	2000	2005
2010 (annually)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
FTSE 000 (US$)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Goodwill (non-financial)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Net income (US$)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
GAE (non-financial)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
WCC (US$)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
WCC (US$)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Net income (US$)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
GAE (non-financial)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
GAE (non-financial)	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000

Go to WCC Markets.com for free access to real-time market data.

WCC Markets
Market	Market
Total	Total
1,000,000	1,000,000
1,000,000	1,000,000
1,000,000	1,000,000
1,000,000	1,000,000
1,000,000	1,000,000

Benchmark Yields and Rates

Treasury yield curve		First year 2006 (US$)
Total for 2006 (US$)		1,000,000
Index (in millions)		1,000,000
Gross margin		1.00%
Gross margin		1.00%
Gross margin		1.00%
Gross margin		1.00%
Gross margin		1.00%
Gross margin		1.00%
Gross margin		1.00%
Gross margin		1.00%
Gross margin		1.00%

Corporate Borrowing Rates and Funds

Stockholder	Year Ended December 31		Year Ended December 31		Total
	2000	2005	2000	2005	2000	2005
U.S. Treasury (debt)	1,000	1,000			1,000	1,000
U.S. Treasury (debt)	1,000	1,000			1,000	1,000
Trading (debt)	1,000	1,000	20	25	25	1,000
Other Non-Bank (debt)	1,000	1,000	20	20	20	1,000
High Yield (debt)	1,000	1,000	10	10	10	1,000
Non-Market (debt)	1,000	1,000	9	9	9	1,000
EMEA (debt)	1,000	1,000	1,000	1,000	1,000	1,000

Source: J. W. Morgan, 2010; 2011; 2012; 2013; 2014; 2015; 2016; 2017; 2018; 2019; 2020; 2021; 2022; 2023; 2024; 2025; 2026; 2027; 2028; 2029; 2030; 2031; 2032; 2033; 2034; 2035; 2036; 2037; 2038; 2039; 2040; 2041; 2042; 2043; 2044; 2045; 2046; 2047; 2048; 2049; 2050; 2051; 2052; 2053; 2054; 2055; 2056; 2057; 2058; 2059; 2060; 2061; 2062; 2063; 2064; 2065; 2066; 2067; 2068; 2069; 2070; 2071; 2072; 2073; 2074; 2075; 2076; 2077; 2078; 2079; 2080; 2081; 2082; 2083; 2084; 2085; 2086; 2087; 2088; 2089; 2090; 2091; 2092; 2093; 2094; 2095; 2096; 2097; 2098; 2099; 2100

New to the Market

Public Offerings of Stock

IPOs in the U.S. Market

New to market 1996 week

IPO Scorecard

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THE WALL STREET JOURNAL.

CLOSED-END FUNDS

Monday, August 24, 2020 | 87

Good year, 2019. 1st year, 2019. 2nd year, 2020. 3rd year, 2021. 4th year, 2022. 5th year, 2023. 6th year, 2024. 7th year, 2025. 8th year, 2026. 9th year, 2027. 10th year, 2028. 11th year, 2029. 12th year, 2030. 13th year, 2031. 14th year, 2032. 15th year, 2033. 16th year, 2034. 17th year, 2035. 18th year, 2036. 19th year, 2037. 20th year, 2038. 21st year, 2039. 22nd year, 2040. 23rd year, 2041. 24th year, 2042. 25th year, 2043. 26th year, 2044. 27th year, 2045. 28th year, 2046. 29th year, 2047. 30th year, 2048. 31st year, 2049. 32nd year, 2050. 33rd year, 2051. 34th year, 2052. 35th year, 2053. 36th year, 2054. 37th year, 2055. 38th year, 2056. 39th year, 2057. 40th year, 2058. 41st year, 2059. 42nd year, 2060. 43rd year, 2061. 44th year, 2062. 45th year, 2063. 46th year, 2064. 47th year, 2065. 48th year, 2066. 49th year, 2067. 50th year, 2068. 51st year, 2069. 52nd year, 2070. 53rd year, 2071. 54th year, 2072. 55th year, 2073. 56th year, 2074. 57th year, 2075. 58th year, 2076. 59th year, 2077. 60th year, 2078. 61st year, 2079. 62nd year, 2080. 63rd year, 2081. 64th year, 2082. 65th year, 2083. 66th year, 2084. 67th year, 2085. 68th year, 2086. 69th year, 2087. 70th year, 2088. 71st year, 2089. 72nd year, 2090. 73rd year, 2091. 74th year, 2092. 75th year, 2093. 76th year, 2094. 77th year, 2095. 78th year, 2096. 79th year, 2097. 80th year, 2098. 81st year, 2099. 82nd year, 2100.

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Food STORE	MAX	Class	Price	Food STORE	MAX	Class	Price	Food STORE	MAX	Class	Price
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00

Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00

Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00
Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00	Food & Drug & Drug	1.00	1.00	1.00

Food & Drug & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug

Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug

Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug
Food & Drug & Drug	1.00	1.00	Food & Drug & Drug

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08 | Monday, August 24, 2026

THE WALL STREET JOURNAL.

HEARD ON THE STREET

FINANCIAL ANALYSIS & COMMENTARY

Beware Moderna's Cancer Vaccine Hype

Personalized mRNA shots may prove neither as wide-reaching nor as lucrative as hoped

Moderna has always been a stock driven by lucrative extremes.

During the pandemic, it traded as if mRNA would transform medicine overnight, with its market capitalization peaking near $200 billion. They came the hangover Vaccine sales cramped, and investors questioned the company's pipeline.

Now the pendulum is swinging back, and perhaps overshooting reality once again.

Shares exploded 277% in a single session last Wednesday—the largest one-day surge for an S&P 500 company in over two decades—after Moderna and partner Merck reported successful late-stage trial results for their personalized mRNA melanoma vaccine.

By week's end, Moderna's market value sat near $60 billion, up from about $25 billion pre-announcement. Together with Merck and BioNTech, which is testing a personalized mRNA cancer vaccine of its own, the trio added about $60 billion in market capitalization in days, implying a sweeping new era for cancer care.

The announcement made a major leap in personalized oncology. While the trial data will be shared in a setting, otherwise, the companies said patients given the personalized vaccine alongside Merck's Reynolds were significantly less likely to experience melanoma recurrence than those on Reynolds alone.

As the first late-stage validation of an mRNA cancer vaccine, it provides encouraging evidence for the potential of Moderna's broader cancer vaccine platform.

Yet the financial mark is sobering. Dena Graybusch, an analyst at Levitik Partners, models the therapy generating low-angle-digit billions in annual sales by 2032. Even in a ball case in which

Moderna shares exploded 277% last Wednesday after successful trial results, but the vaccine's math is sobering.

the vaccine peaks at $10 billion in annual sales for the partnership, that could support roughly $60 billion in market market sales to the two companies combined, she says. That is less than the market added in a single afternoon.

The key reason for the skepticism is that success in melanoma is far from proof that the approach will work elsewhere. Every tumor is different, and melanoma is unusually well suited for this therapy.

The vaccine analyzes a patient's tumor, selects up to 50 mutations as targets and trains the immune system to recognize them. Yet typically only two or three generate a meaningful immune response. Graybusch explains. In melanoma,

the abundance of mutations given the vaccine more targets to work with, while the tumor's relative sensitivity to immunotherapy given these targets a better chance of producing an immune response.

The cancers Merck and Moderna are pursuing next are less forgetting. Kidney cancer has fewer mutations to target, while bladder cancer has a more suppressive tumor environment. And some of the hardest tumors, such as pancreatic cancer, are notoriously resistant to immune-based treatments.

Then there are the drug's economies: Traditional drugs are made in bulk. This vaccine is different: A surgeon removes the tumor and sends it to a lab, where its mutations are sequenced and

an algorithm identifies the targets for a personalized mRNA vaccine. Like other personalized therapies, it is a切中了 more expensive way to manufacture a drug.

The obvious fit is to charge more. The companies haven't said how much, but based on comparable therapies, the full treatment could cost somewhere in the half-pad of $200,000. Yet as you go up in price you can into problems as Europe, where health systems negotiate aggressively. And the companies may have less costs to charge American patients more than Europeans as the Trump administration pushes politics that far U.S. drug prices more closely to these paid in other wealthy countries.

Market capitalization

The result could be substantially lower margins than those of conventional drugs, which can be higher than 50%. At least actually, given margins could land somewhere between 55% and 80%, says Graybusch.

That leaves Moderna investors with a hard equation. As BBC Capital said, the 50% sale also explains, the market is pricing in the possibility that the vaccine could become something like the next Reynolds or Opilow drugs that helped better in the first quarter immunotherapy resolution and proved effective across a range of cancers. But the vaccine could instead prove effective in a much narrower set of tumors.

The bigger promise of mRNA may be using it to prevent cancer in people at high risk, before the disease takes hold. A vaccine in the forest sense of the word, as Graybusch puts it. That could be transformative. But that frontier is nowhere close.

For now, this week's excitement is likely to run into the cold realities of tumors and economics.

—David Warner

FINANCE & MARKETS

Oil-Patch M&A Creates Private-Equity Opportunities

By Lutz Garcia.

Increasing consolidation in the U.S.-dude industry makes it harder for private-equity firms to expand oil-and-gas assets even as it opens opportunities to snap up oil fields that large energy companies look to sell after big mergers.

In one example of such opportunities, NSF Energy Capital Management backed producer Design Natural Resources II acquired about 42,000 new assets on State Treas from energy company ComcoPhillips through a $1.2 billion transaction, a recent investor letter viewed by WSJ Pro Private Equity shows. The value of NSF's July deal hadn't been expected previously.

The NSF acquisition came about as energy giant Comco-Phillips sought to sell assets after having over $6.6 billion. Oil nearly two years ago in a $22.5 billion transaction.

Above by large, publicly traded energy companies to expand faster and secure priced assets and more advanced a wave of multibillion-dollar

mergers and acquisitions across the U.S. oil-and-gas sector in recent years, such deals totaled nearly $400 billion in the three-year period ended in March, with $36 billion recorded during this year's first quarter alone, according to data analytics company Ereview. Much of the activity is concentrated in the public. Premium Rains, a spreading region that covers portions of West Texas and southeastern New Mexico and accounts for nearly half of U.S. crude production.

Specialist private-equity firms took advantage of the deal binary through some profitable asset sales, often from their largest holdings. Now, they find it more difficult to assemble new, usable operations in oil fields increasingly dominated by energy giants, especially the Perman, according to fund managers and industry consultants.

"There are fewer private-equity-fueled teams in the basic than there used to be," said Peter Cochran, managing director and founding partner of

Much of oil-and-gas M&A has been in the Permian Basin.

Houston-based Post Oak Energy Capital.

Yet industry consolidation also presents private-equity firms with openings to buy unwanted assets from major players making M&A moves.

Oil-and-gas companies typically trim their holdings following large mergers by selling less important assets to pay down debt. Holdings such as oil fields often become targets for private-equity firms, which see opportunities to acquire these assets and make them more

appealing to future buyers, fund managers and consultants say.

"Public companies considered to grab Permian acreage, and now they need to rationalize their portfolios by directing noncore assets," said Adrian Garcia, a managing director of energy-focused fund-of-funds manager Venture Investment Associates. "One strategy for private-equity firms is buying those noncore downments from the large consolidators."

The fields and related assets

that Conoco sold in South Texas' Eagle Feed (Bale formation) were attractive to NSF-backed Energy because its greenhouse business operated nearby fields, NSF said in its investor letter. That older business sold its assets to Monotron for $3 billion about four years ago Energy-focused fund sponsors like NSF often back the same oil-field-management teams and pile times as they transition between operations.

Private-equity firms can benefit from sales of noncore assets even when a company they hold isn't the buyer. In the $1.2 billion acquisition of Ohio Utica deals oil fields operated by Antero Resources early this year, the buyer, Infinity Natural Resources, told preferred shares to Quantum Capital Group and Canadian Energy Capital. The Houston-based private-equity firms helped finance the Antero deal through their combined $350 million investments.

New opportunities appear to be in the offing for private-equity firms. Dena Energy is reportedly seeking to sell signifi-

cant assets following its roughly $30 billion merger with Conoco Energy in May, which expanded its already large footprint in the Perman. The company has seen a flurry of interest in the prospective asset sales, according to its leaders, a sign that potential private-equity buyers might face stiff competition.

"Every investment buyer, every plant-women's partner, every bank, everything that you can conceptually think of is certainly coming our way," Deren Chief Executive Clay Gaspar said during an Aug. 7 earnings call with securities analysts. "There is no shortage of incoming phone calls."

Also, not all private-equity firms have the wherewithal to compete for such deals. Venture Investment's Garcia said.

"Large private-equity groups with war decks are the only ones who can participate in billion-dollar divestment processes," he said. "Small managers don't have the horsepower."

Lutz Garcia writes for WSJ Pro Private Equity.

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制度与权力批判深度研判：The Wall Street Journal (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 4 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：

1. 【英伟达构建开源权重AI模型】 [F2_3, F2_4]（版面：主报深度版面）

   • 事件简述：英伟达计划利用一项60亿美元协议构建全球最强大的开源权重AI模型之一，旨在与深度求索（DeepSeek）和Zero 0.5等中国巨头展开竞争。
   • 制度批判切入点：分析“开源”如何被资本巨头工具化，转化为一种新的基础设施权力（Infrastructural Power），通过定义“开放”的标准来实现对全球AI治理话语权的系统性控制。

2. 【美联储官员沃德拒绝提交利率预测】 [F4_7, F4_8, F5_9]（版面：第5版/专业栏目）

   • 事件简述：沃德（Ward）在与主席圣让（St. Jean）的首次会议上拒绝提交利率或经济预测，认为此类预测“一直糟糕透顶”。而他此前在2007-2010年担任美联储理事期间曾提交过此类预测。
   • 制度批判切入点：探讨央行决策机制中的技术官僚路径依赖。预测工具如何从一种“辅助手段”异化为一种“制度仪式”，以及个体权力行为体如何通过拒绝参与该仪式来挑战制度的合法性。

3. 【法官撤销暂停签证政策】 [F6_11 🔍]（版面：第6版/专业栏目）

   • 事件简述：法官撤销了关于暂停签证的政策。
   • 制度批判切入点：剖析行政权力的扩张与司法审查的张力。分析行政机关在实施特定限制政策时，司法权力如何通过法律程序对其进行边界限定。

4. 【立法者试图遏制“幽灵职位”】 [F12_22, F13_25]（版面：第12版/专业栏目）

   • 事件简述：立法者试图打击雇主发布并无实际招聘意向的“幽灵职位”，此类职位通常不计入基于雇主调查的政府劳动力统计数据。
   • 制度批判切入点：揭示数字平台资本主义下的信息不对称机制。分析企业如何通过操纵招聘信号来维持市场心理预期，以及国家统计制度在面对算法操纵时的失效与滞后。

---

▌ 精选核心专题深度思想论证 (In-Depth Dialectical Monograph)

专题一：技术垄断的“开放”伪装：英伟达与AI基础设施的权力重构

英伟达计划通过一项60亿美元的协议 [F2_3 🔍] 构建“全球最强大的开源权重AI模型”，这一行为在表面上呈现为对封闭技术的挑战，实则是一次精巧的制度权力转移。从制度现实困境来看，英伟达旨在通过此举与深度求索（DeepSeek）等中国巨头展开竞争 [F2_4 🔍]。

在此过程中，英伟达将“开源”纳入其企业战略。这种“开放”并非纯粹的公共资源共享，而是建立在英伟达对算力资源绝对控制基础之上的战略部署。援引韦伯的官僚制铁笼 (Weberian Iron Cage) 理论，我们可以发现，AI治理正在形成一种新型的“技术-官僚铁笼”。在这种结构中，权力不再仅仅通过法律条文运作，而是通过权重（Weights）和算力配额来实现。

英伟达通过提供“开源权重”，实际上是在构建一套全球通用的技术协议。当全球开发者习惯于在其定义的开源框架下构建应用时，英伟达便实现了从“硬件供应商”向“制度制定者”的跃迁。这种权力比封闭的垄断更隐蔽，因为它通过赋予他人一定的“自由”（开源使用权）来掩盖其对底层基础设施的绝对支配。

专题二：预测的仪式化与制度惯性：美联储决策机制的路径依赖批判

美联储官员沃德（Ward）拒绝提交利率预测的行为 [F5_9 🔍]，不仅是个人的专业坚持，更是对现代央行治理中“预测仪式”的一次制度性反叛。在美联储的制度情境中，季度预测已演变为一个“最受审视的沟通环节” [F5_9 🔍]，它不仅是经济分析工具，更是向市场传递信号、构建政策合法性的政治技术。

这种机制体现了深刻的新制度主义路径依赖 (Path Dependency)。沃德在2007年至2010年期间曾提交过此类预测 [F4_8 🔍]，但随后在2015年明确表示“这些预测一直糟糕透顶”并拒绝提供 [F5_9 🔍]。这种制度设计将复杂的经济现实简化为可量化的预测曲线，从而掩盖了决策过程中主观政治判断的本质。

从权力技术角度看，预测机制实际上是一种风险量化修辞。它通过将不确定性转化为概率分布，赋予了央行一种“科学治理”的假象。当沃德在面对“尚未有人能精准预测的技术冲击”以及通胀率连续五年高于目标值的情况下拒绝提交预测时 [F5_9 🔍]，他实际上是在揭示出技术官僚主义在面对结构性突变时的认知局限。这种冲突揭示了当代治理的深层矛盾：制度要求的是“可预测的稳定性”，而现实世界则是“非线性的突变”。

---

▌ 面向学者的制度研究开放性追问 (Open Research Horizons)

1. 【关于基础设施权力的研究】：当资本巨头通过定义“开源标准”来取代传统的“法律监管”时，我们应如何重新定义“垄断”？这种基于技术协议的权力如何改变主权国家对关键技术的治理能力？
2. 【关于算法治理与统计失效的研究】：以“幽灵职位” [F12_22 🔍] 为例，当企业利用算法操纵市场信号导致国家统计数据（如劳工部数据 [F13_25 🔍]）失效时，传统的基于数据的公共政策制定机制是否已陷入结构性崩溃？是否存在一种能够实时捕捉“数字伪装”的新型制度审计机制？

理性与情感辩证深度研判：The Wall Street Journal (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：

1. 【“幽灵职位”的希望剥蚀】 [F12_23 🔍]（生活领域：劳动与就业）

   • 事件简述：求职者面对薪资优厚但无实际招聘意向的“幽灵职位”，在投入大量情感劳动撰写申请后遭遇持续的沉默与无响应。
   • 情感政治切入点：系统性招聘逻辑将求职者简化为“潜在人才库”数据，而个体则在“期待—投入—被忽视”的循环中经历慢性创伤，揭示了算法时代希望被工具化后的情感空洞。

2. 【名门家族的认同撕裂】 [F3_6 🔍]（生活领域：家庭与权力）

   • 事件简述：Brown-Forman 家族成员因威士忌业务下滑，通过激烈的信函指责董事会“奖赏失败”，家族内部爆发严重内讧。
   • 情感政治切入点：经济资本的缩水直接转化为道德谴责，家族内部的信任在利润压力面前崩解，揭示了血缘认同如何被资本逻辑异化为权力争夺的战场。

3. 【野火撤离中的脆弱性】 [F9_17 🔍]（生活领域：健康与身体/生存）

   • 事件简述：内华达州里诺附近野火导致近 5 万民众被迫紧急撤离，在官方动员的秩序之下潜藏着巨大的个体恐慌。
   • 情感政治切入点：宏观的“风险管理”与微观的“肉身恐惧”之间的断裂。系统理性关注的是撤离率与控制率，而个体面对的是家园丧失的即时痛感与不确定性。

---

▌ 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：【算法幽灵与希望的异化：招聘系统理性对个体生命意义的慢性剥夺】

在当代劳动力市场中，招聘过程已从一种“人与人的契约达成”演变为一种基于数据驱动的“概率筛选模型”。系统理性模型（Systemic Logos）在此表现为一种极端的效率逻辑：雇主通过发布“幽灵职位” [F12_23 🔍] 来维持品牌在人才市场上的可见度，或构建一个无需即时激活的“人才储备池”。在这种逻辑下，职位广告不再是真实的劳动机会，而是一种市场信号或数据采集工具。求职者被简化为一个个带有标签的档案，其存在价值仅在于被算法索引，而非被真实地雇佣。

然而，生活世界的真实痛感（Phenomenological Pathos）却在这一过程中被剧烈撕裂。对于求职者而言，每一次申请并非简单的点击，而是一次深刻的情感投入——他们花费时间撰写申请信 [F12_23 🔍]，将对未来的希望、对自我价值的认同以及对生存的焦虑全部寄托于此。当这种高浓度的情感投入遭遇系统端的“毫无音讯”时，产生的不是简单的失望，而是一种被制度性抹除的虚无感。这种“心碎的循环”构成了一种慢性创伤，个体在不断地自我优化与被无视之间，逐渐内化了系统的冷漠。

这里存在着深刻的辩证摩擦（Dialectical Friction）：系统理性将求职者的情感反应定义为对市场竞争的“不适应”，从而将其排除在管理考量之外。但事实上，求职者的痛感蕴含着一种对劳动尊严与诚实交易的底层诉求。当劳动力统计数据 [F13_25 🔍] 试图用“职位空缺数”来量化市场健康度时，它完全屏蔽了那些在“幽灵职位”中徘徊的个体痛感。这种宏观数据的繁荣与微观生存的绝望之间，存在着不可通约的鸿沟。

专题二：【血缘资本的崩解：名门家族内部的情感黏着与权力反噬】

Brown-Forman 家族的内讧 [F3_6 🔍] 提供了一个观察资本逻辑如何侵蚀私密生命世界的样本。该家族试图通过企业化治理来管理家族传承，但在经济压力面前，这种制度化的和谐迅速崩塌，显露出生活世界的真实痛感（Phenomenological Pathos）。家族成员在信函中使用的“措辞激烈” [F3_6 🔍]，揭示了在威士忌业务下滑的压力下，原本的亲情纽带被迅速替换为对“失败”的道德审判。对于家族成员而言，经济损失不再仅仅是财务报表上的数字，而是对其身份认同与家族地位的直接威胁。

在这种情境下，家族成员之间的关系从“共生”转向了“博弈”，情感成为了攻击对方的武器。这种辩证摩擦（Dialectical Friction）体现为：家族治理试图用理性规则来压制潜在的冲突，但这种压制反而使情感在危机时刻以一种破坏性的方式爆发。指责董事会“奖赏失败” [F3_6 🔍] 的行为，实际上是将经济上的不成功转化为道德上的不纯洁。

通过对比制度端的治理语言与现实端的冲突语言，我们可以诊断出资本逻辑对私域情感的殖民。当血缘关系被完全资本化，家庭便成为了一个微型的公司，而爱与忠诚则变成了某种形式的“利益协议”。在这种逻辑下，一旦分红减少，情感认同便迅速瓦解。这种从“生命共同体”向“利益共同体”的转型，揭示了资本理性对人类基本情感连接的侵蚀，导致个体在拥有巨额财富的同时，陷入了深层的认同危机之中。

---

▌ 面向学者的伦理与社会心理开放性追问 (Open Research Horizons)

1. 【技术官僚理性与人类情感尊严的调和】：在算法驱动的招聘与管理系统中，如何构建一种“情感可见性”机制，使系统能够识别并回应个体的生命体验，而非将其简化为可丢弃的数据单元？
2. 【资本逻辑对私域情感的殖民研究】：当家族、社区等传统生活世界的组织形式被完全“公司化”后，人类如何重建不依赖于经济利益的、纯粹的情感认同与互助网络？
3. 【慢性制度创伤的社会学量化】：如何开发一套能够捕捉“幽灵职位”或“制度性沉默”所造成的慢性心理创伤的评估体系，以挑战目前仅依赖于宏观经济指标的社会诊断模式？