Financial Times - 27.07.2026

2026-07-27 Boosty PDF 中文极简摘要

Financial Times - 27.07.2026.pdf

Boosty 帖子：Newspapers - 27.07.2026
国际 / 印度 / Z 世代的胜利：印度总理莫迪在青年抗议压力下做出退让，导致教育部长辞职并接受考试改革宪章；此次事件标志着青年群体通过政治运动对教育和就业问题施压取得成功。
国际 / 最大国防公司聚焦初创企业，以获取更灵活的军事技术：洛克希德马丁等国防巨头今年通过84.4bn风险资本投资军事初创公司，旨在通过引入现代技术适应快速演变的战争模式。
国际 / 西班牙和法国疏散 333,000 人，肆虐的野火威胁主要城市：法西两国因极端干燥气候引发大规模野火，导致波尔多及马德里周边共33.3万人被疏散，救援能力达到极限。
全国 / 工党领导层 / 伯纳姆排除提前举行大选的可能性：新任总理伯纳姆拒绝提前大选呼吁，坚持履行2024年竞选宣言，重点在于重启英国经济及应对紧缩支出限制。
全国 / 新研究令 NHSE 关于 Palantir 的主张受到质疑：健康基金会研究显示Palantir的患者出院工具并无显著绩效提升，质疑NHSE声称延迟减少14%的数据，引发独立审计呼声。
教育 / 国际扩张 / 公立学校旨在成为海外增长模式：伦敦伊丽莎白女王学校计划在迪拜和印度设立分校以增加收入，探索政府资助学校通过国际化扩张筹集资金的新模式。
教育 / 国际扩张 / AI部长誓言：技术将成为再工业化计划的核心：AI部长纳拉扬强调芯片和无人机本土制造是英国“再工业化”的关键，旨在通过技术控制避免被低价收购的教训。
国际 / 外交谈判 / 美国与伊朗在阿曼达成协议后停止袭击：美伊双方在阿曼调解下暂停袭击，谈判重点在于通过特定走廊引导伊朗航运，旨在恢复霍尔木兹海峡通行。
国际 / 乌克兰战争 / 哈萨克斯坦领导人敦促普京“冻结”冲突：哈萨克斯坦总统公开呼吁普京“冻结”乌克兰战争，反映出俄罗斯在面对基辅深入袭击时，其亲密伙伴的压力增大。
国际 / 巴西因担心干预而拒绝向美国官员发放签证：巴西拒绝向包括美国国务卿在内的代表团发放签证，理由是防止美方在10月大选前传播误导性信息并干预选举。
美国边境执法 / ICE 陷入唐纳德·特朗普与公众抵制之间的两难境地：美国移民和海关执法局在特朗普要求下大规模逮捕移民，导致人员死亡并引发公众愤怒，机构陷入政治需求与社会抵制的矛盾。
国际 / 尽管担心影响投资，墨西哥总统舍因鲍姆仍坚持汽油价格上限：墨西哥政府通过软性价格管制将汽油价格上限设为每升24便士，旨在抑制滥定价，但引发了行业对供应紧张和投资减少的担忧。
国际 / 中国在欧盟贸易中采取分而治之策略：中国通过拉拢脆弱的欧盟成员国并利用英国等邻国渠道，试图削弱布鲁塞尔的集体贸易政策，上半年对欧贸易顺差增长24%。
公司与市场 / 随着竞争导致关系恶化，Waymo 考虑与优步分道扬镳：Waymo与Uber在自动驾驶出租车立法游说上产生分歧并相互指责服务质量，导致Waymo探讨退出合作伙伴关系的方案。
公司与市场 / 未对冲！谁持有股票？养老金体系在动员家庭财富中发挥主导作用：对比显示美国家庭股票持有率最高（60%），而欧盟仅16%，揭示了养老金设计（如现收现付制）对家庭生产性投资的影响。
公司与市场 / 凯雷与贝恩竞购 $7bn 规模的财富管理顾问公司：私募巨头凯雷与贝恩竞购Wealth Enhancement，目标估值约70亿美金，反映出私募资本对高粘性财富管理平台的整合趋势。
公司与市场 / 企业从肯尼迪的“Maha Inc”改革中获益：随着肯尼迪推动“让美国再次健康”运动，支持多肽药物获取的监管转向，为远程医疗及特定药企创造了数十亿美元机遇。
采矿 / 致命风暴扰乱智利铜生产：智利极端强降雪导致12人死亡并引发电力中断，多家铜矿暂停运营，引发市场对AI数据中心所需铜供应短缺的担忧。
公司与市场 / 石油与天然气 / 黑石、KKR和 Brookfield 收购管道公司股份：三家私募巨头与科威特国家石油天然气公司成立合资企业，通过租赁关键管道网络筹集资金，以修复受伊朗攻击的损失。
市场疑问 / 伊朗局势升级引发对通胀及美联储加息的担忧：伊朗战争升级推高油价至每桶100美元以上，导致市场对美联储在本周会议加息0.25个百分点的预期从10%上升至30%。

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Financial Times - 27.07.2026.pdf 中文镜像版

英国金融时报

2024年7月27日，星期一

英国 £7.25, 爱尔兰共和国 £4.95

AI 如何开启出版业的黑暗篇章

阅读：第 19 页

“Maga 婴儿热”无法解决生育危机

JEMMA KELLY：第 20 页

Z 世代的胜利

莫迪 (印度总理) 在抗议者面前屈服

在经历了广泛的青年抗议后，莫迪 (印度总理) 陷入了一场令人难堪的溃败，昨日印度现代禧年庆祝活动在此背景下举行。

教育部长达尔马德拉·普拉丹 (印度教育部长) 已辞职，政府登记机关接受了学生的其他条件，其中包括一份关于考试改革的宪章。

在公众压力下，莫迪 (印度总理) 政府此次做出退让，此前一系列示威活动吸引了大量民众走上街头，支持 Cook-rock Juma 党。该党于 5 月作为一项在线政治运动开始，利用了青年群体对教育系统问题和失业问题的愤怒。

印度总理一直难以找到应对学生日益增长的愤怒的有效方法。在莫迪 (印度总理) 做出让步后，UP 表示：“印度赢了，Z 世代赢了。”

Chickens (续)

最大国防公司聚焦初创企业，以获取更灵活的军事技术

● 推进“现代战争” ● 美国与伊朗停火之际发布数据 ● 阿曼就霍尔木兹海峡问题游说德黑兰

KAREN KIRKSVILLE, 37, U.S. POSTER, AMBERD ENGLAND AND 87-5 QUARTER

全球最大的国防公司今年向军事初创公司投入了创纪录的资金，试图适应快速演变的现代战争面貌。

根据完全撤出的数据，被称为“国防巨头”（defence prisms）且与西方政府及数千年关系深厚的公司，包括洛克希德马丁和L3哈里斯 (美国国防承包商)，今年参与了创纪录的 84.4bn 风险资本轮融资。

“最近的冲突凸显了对现代战争模式的需求，在这种模式下，现有的既定平台可以被设计以满足‘现代技术’，”P2L投资银行（该行并非机构且涵盖国防领域）合伙人Owen Billon表示。

“新的国防技术将长期存在，国防巨头希望确保自己能够接触到这些技术。”

这些数据公布之际，美国和伊朗在连续两个夜晚的 65-for-all 袭击交换后暂停了行动，调解员正试图防止两国重回全面战争。

自周四深夜发起袭击以来，美国军队尚未报告对伊朗进行任何

‘新技术将长期存在，国防巨头希望确保自己能够接触到它们’

空袭，而伊朗军队自周五以来也未发起任何旨在击败该地区伊朗的行动。

一个阿曼代表团周五和周六在德黑兰开展活动，旨在与伊朗达成一项全面的政府协议，以管理通过霍尔木兹海峡的航行结果，该海峡已成为冲突的关键战场。

美国驻联合国大使Wally和唐纳德·特朗普总统在决定是否恢复袭击之前，正在“给谈判留出空间”。

“谈判正在进行中。它们发生在从伊朗最基础的层面直到最高层的每一个层面，”Walla昨日告诉IMF。

全球范围内的冲突强调了对生产速度更快、成本更低武器的需求，从拦截导弹到自主无人机。

作为回应，各国政府正在增加军费开支。根据Ibadogo汇总的数据，今年全球国防相关交易的总额已超过 $100bn，有望追平 2024 年上一年度 $100bn 的全年度记录。

最大的军火制造商正日益地与那些寻求利用政府支出增加浪潮的、更侧重技术的竞争对手竞争。根据Ibadogo汇总的数据，国防与安全初创公司今年筹集总额已达到 $35,000。

国防巨头增加了对研发活动的投资，以及对风险投资基金的投资，以在早期阶段接触到潜在的获利技术。

根据Vertical Research Partners分析师的数据，除Serban和Boring（因其庞大的民用业务而除外）之外，全球最大的军火制造商预计其内部 44th 支出从 2023 到 2024 年增长了超过 21 per cent，达到 $11.4bn。

Airbus Defence and Space国防数字与网络销售负责人Andrea Ronnecke表示，与规模更小、更灵活的参与者建立一个“可行的合作伙伴体系”是“至关重要的”。

美国文件 (1978) (续)

简报 (Briefing)

• 伯纳姆 (Burnham) 重新审视支持者要求提前选举的呼吁

这位新任负责人表示，他将“顶住”提前投票的压力，尽管他在现有的工党市场中面临严苛的支出限制。其核心圈子中的一些人曾主张迅速举行选举。

— Post 2, 北大道, Post 2

• Palantir (大数据分析公司) 审计要求

一项研究显示，使用该技术增长型患者出院工具的医院在绩效方面取得了“不可控制的提升”，这将增加要求对第 50 项主张进行审计的呼吁。 — Post 2

• Wayman 考虑与优步 (Uber) 分拆

安拉巴德的自动驾驶汽车公司讨论了合作伙伴关系的适当角色，两家科技公司之间正在进行会面，并就该技术的未来进行游说。 — Post 2

• 哈萨克斯坦呼吁结束战争

总统 Kamyeh Jannam Tobacco 敦促弗拉基米尔·普京 (Vladimir Putin) “刷掉” 乌克兰 (Ukraine) 战争，这是俄罗斯领导人面临压力的最新迹象，因为基辅 (Kyiv) 的袭击已深入俄罗斯内部。 — Post 2

• 骄傲游行嫌疑人被枪杀

警方枪杀了一名涉嫌在柏林 (Berlin) 骄傲游行期间冲入人群的男子，该行为导致一名女性死亡，20. 人受伤。据称该男子为具有黎巴嫩背景的德国公民。 — Post 2

• 巴西 (Brazil) 拦截美国特使

巴西 (Brazil) 拒绝向两名美国高级特使发放签证，这些特使被认为意图干涉选举，但由于俄罗斯危机，他赢得了美洲人口最多的国家。 — Post 2

• 智利 (Chile) 风暴打击铜业

一场持续的风暴影响了铜业，并增加了伊朗 (Iran) 对该行业供应对 Al Kwan 至关重要的金属能力的担忧。矿业集团在大雪中暂停了运营。 — Post 2

• 凯雷 (Carlyle) 与 Rain 竞争

在针对独立公司的交易浪潮中，这两家竞争对手私募股权集团正试图争夺管理平台 Wealth Enhancement，该平台管理着近 $100bn 的资金。 — Post 2

技术成为伯纳姆再工业化努力的核心

新任 Aronizure 表示，芯片和鼓等技术将成为安迪·伯纳姆 (Andy Burnham) 振兴英国计划的核心。Kalishia Narayan 告诉 Post 7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7

西班牙和法国疏散 333,000 人，肆虐的野火威胁主要城市

BARRY OPSON - 汉诺

LISA ARROJO - 巴黎

由于野火局势恶化，法国和西班牙已疏散 333,000 人。这场火灾已使救援能力达到极限，导致数万人不得不居住在临时避难所中。

始于上周的 Manto 火灾在马德里西部的乡村城镇周围肆虐，距离西班牙首都仅 300m 左右；而在波尔多这个可怕的地区，当局正全力阻止火势向城市中心蔓延。

周六晚上，波尔多周边五个城镇约有 300,000 人被疏散。

昨天下午，波尔多机场周边的酒店被疏散，尽管机场本身仍在正常运行。

法国当局还在全国其他地区扑救规模较小的火灾，包括科西嘉岛北部以及 000 499,000 人。

法国内政部长 Laurent Nanez 表示，火势“极其猛烈，不可预测”，且移动轨迹“不规律”。

西班牙首相 Pedro Sánchez 表明，在应对马德里火灾方面已取得进展，但表示当局正“及时监测”西班牙东南部瓦伦西亚省 Castella 地区的一场新 Maan 火灾——这是一个热门度假区——该起火灾已导致 36,000 人被疏散。

在这两国，干燥的地形和环境持续增加了极端野火的风险，两国均展现出其脆弱面并宣布寻求外部援助。

在法国动员的 3,500 名消防员中包括一支瑞士团队；而意大利、希腊和葡萄牙向西班牙派遣了近 200 名人员，以及水投弹飞机、五台发动机和水罐车。今天，它还将向西班牙派遣医院。

今年西班牙被焚毁的总面积已达 1,000,000 公顷——大约是 2023, 同期总面积的六倍；根据最新可用数据，法国的过火面积略低于 900,000 公顷，创下新纪录。

尽管今年西欧的冬季比往年好，但随后的情况因这些必要因素而恶化，然而它们通常不具备固定站点，使得 Manto 更容易在地下引发。

激励措施（Incentives）表示，气候变化使得这种情况变得更加极端。

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伯纳姆排除提前举行大选的可能性

尽管面临要求投票的压力，总理誓言将履行党纲

ANNA GRIEBS

伯纳姆表示，他将“错过”提前举行大选的机会，即便在未来几年中，他在现有的工党和国民协议下将面临紧缩的支出限制。

在接受 BBC 采访时，这位新任总理表示，“不会提前举行大选”，并补充称，在 2024 年的上一次选举中，选民们已对一份“竞选宣言”表达了支持。

“我们处于一个议会民主制国家，”他表示，“这就是人们投票选择的结果，我们将履行该宣言。”他补充说，他的重点将是让英国重新“运转”起来。

反对党此前推测，伯纳姆可能会试图利用公众舆论的优势，在 2024 年秋季或 2025 年春季寻求新的授权。一名接近伯纳姆的人士透露，他不会在 2025 年宣布大选。选举必须在 2024 年 8 月前举行。

伯纳姆核心圈子中的一些人近几周一直在主张提前大选，认为这将是新任总理实施更宏大政策平台的一种明确方式，包括在国防、社会护理和低成本住房等领域的增收计划。

由于近期的支出承诺，政府的财政预算可能会下降到仅 £70m。

“我不能说我不会与 [特朗普] 持不同意见……一个适合英国的不同想法”

在英国东部战争爆发之初，伯纳姆已经表示，他将履行其前任埃里克·伯内特爵士（Sir Eric Burnett）所承诺的——不增加选举、国民保险或增值税（VAT）。

英国改革党领导人奈杰尔·法拉奇（Nigel Farage）——其政党在公众舆论调查中略占上风——呼吁举行大选，认为伯纳姆“完全没有授权”，且大多数公众认为他应该举行大选。

民调机构 Public First 本月的一项调查发现，在过去一年中，公众认为伯纳姆应该“宣布并尝试赢得一场选举，以赋予其政府合法性”，而只有 24% 的人认为他不需要这样做。

尽管法拉奇言辞激烈，但英国的高层人士担心，他们相对年轻的政党尚未准备好赢得大选，并倾向于在经历近期的一系列挫折后重新整顿。认为这体现在公众舆论调查中，而工党在伯纳姆领导下获得了一定的加分。

保守党领导人吉恩·拉多姆斯基（Gene Radomski）表示，如果伯纳姆背离工党 2024 年的宣言，就应该宣布大选。

伯纳姆还告诉 BBC，他准备好面对唐纳德·特朗普总统以捍卫英国的国家利益，他表示：“我无法在任何时刻说我不会与他们持有不同意见，但我需要坚持一个适合英国的不同想法。”

他拒绝直接表示是否信任特朗普，仅说：“我会根据实际情况来判断，我发现他在周一（接听电话时）非常热情……你只需根据事情的发展而灵活处理。”

医疗保健

新研究令 NHSE 关于 Palantir 的主张受到质疑

ARY KORRETT

一项研究显示，使用 Palantir 患者出院引导工具的医院在绩效方面“没有显著改善”。该研究可能会增加要求对英格兰国家医疗服务体系 (NHS England) 关于这家英国技术公司软件有效性主张进行独立审计的呼声。

根据健康基金会 (Health Foundation) 与英国方面分享的分析，在采用了该引导工具的 NHS 信托机构与未采用的机构之间，出院延迟情况也“没有显著差异”。

该智库的发现与 NHSE 的主张相矛盾。NHSE 声称，在使用联邦数据平台 (FDP) 的医院中，出院天数延迟减少了 14 ％；Palantir 在 2023 年赢得了该平台的 £150m 合同。

这套将药物资金整合进数据集的系统正被推广至整个医疗服务体系，旨在提高效率。但由于人们对 Palantir 在生命科学领域的背景感到担忧，且缺乏该平台有效性的证据，该系统受到了审查。

NHSE 分析的是长期住院患者（在医院住院至少一周的患者）的延迟情况，而健康基金会则考察了新入院患者中出院延迟所占用的床位份额。

健康基金会在致统计监管办公室（该监管机构为工作坊）的一封信中表示：“我们发现，使用 [Palantir 患者检查工具] 的护士在出院绩效方面没有显著改善。”

一份由《英国金融时报》看到的 NHSE 内部文件显示，医疗服务官员将分析范围限制在长期住院出院情况，因为该工具“主要旨在支持复杂患者的管理”。

将该智库的方法应用于长期住院患者数据，显示出约 4 ％的下降，这削弱了标题主张。然而，NHSE 的文件指出，“我们同意……当该方法应用于出院延迟患者时，似乎没有产生影响”。

医疗保健顾问、前 NHS 数据科学家 Steve Black 表示，健康基金会的报告增加了

“我们发现出院绩效没有显著改善”

健康基金会

对 FDP 影响相关数据进行独立审计的理由。

NHSE 的文件承认有必要“超越观察性数据”，并通过使用不会改变因素的方法来“评估其整体运作方式”。NHSE 今年已同意由伦敦帝国学院对 FDP 进行一次“强有力的独立评估”，但该大学的最终报告预计尚未出结果。

健康基金会的发现作为其对 FDP 数据发表评论的一部分提交给了统计监管机构，这导致 NHSE 对其主张进行了限定，并同意对该智库在独立评估中的生命周期进行审查。

上个月，国会议员要求政府启动 2027 年的终止条款，将 Palantir 的中心化和国家级工作交给一家总部设在英国的供应商。

Palantir 表示，健康基金会的报告“似乎误解了该工具的功能”，该工具旨在“支持具有复杂需求的长期住院患者更有效的出院”。

“通过排除绝大多数住院时间不足一周的病例，他们是在将苹果与橙子进行比较，从而误判了产品的效果。”

NHSE 表示，它已“与健康基金会就其对出院延迟主题的分析进行了沟通，提供了数据，并讨论了可能产生影响的不同方法和途径”。

SUN. RAJ-CHALLAH 2019/2020
BOMEN, 1978, 2013
BOMEN, 1978, 2013
BOMEN, 1978, 2013
BOMEN, 1978, 2013
BOMEN, 1978, 2013
BOMEN, 1978, 2013

教育。国际扩张

公立学校旨在成为海外增长模式

伦敦伊丽莎白女王学校（Queen Elizabeth's School）寻求通过在迪拜和印度设立分校来增加新收入

LOUIS SMYTH

英国首家向海外扩张的公立学校表示，它可能成为其他学校的榜样，并认为政府资助的学校通过开设国际校区来筹集资金具有“巨大潜力”。

伦敦北部巴内特（Barnet）伊丽莎白女王学校的校长 Well Enright 将在下个月迎接迪拜和印度校区的开业，此前已有领先学校在全球扩张中取得了不一的成效。

仅在去年，共有 21 所英国学校在海外开设了分校，包括在北京和香港设立校区的学校，其中一所学院将于下个月在曼谷开业。

Enright 所在的伦敦北部这所选拔极严的文法学校在 1975 年获得荣誉，他认为没有一两个理由能说明政府资助的学校不能在同样的国际市场上取得成功。

他告诉《英国金融时报》：“在维持现状的部门和独立部门之间，存在着这种让英国学生分心太多的情况。”

“如果独立学校能够朝着这个方向发展，那么公立学校 [不应该] 有什么不同。”

这将按一个“ultra828”级别的分析水平收费，以对标顶尖公立学校，事实上，迪拜校区的年收费将略低于 £26,000，而该市 Harness 国际学校的学费约为 £26,000 (£8,024,000)。

已在职 21 年的 Enright 补充说，他收到了许多其他政府资助学校的“咨询”，他们希望效仿伊丽莎白女王学校的经验。

在公共资金紧张的时期，政府正鼓励其他公立学校向海外扩张以增加额外收入。

Enright 直言，学校的教育将提供“camet”以影响仅靠国家拨款的情况，并且与该国许多顶尖学校不同，他缺乏一个

高等学习：由校长 Well Enright 提供的海外伊丽莎白女王学校教室示意图

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undercourse 为富裕受益者提供服务。

由于 QB Parent 无法使用公共资金设立国际学校，他们通过学校的慈善机构与 GEDU Global Education 成立合资企业，后者是一家英国公司，在世界范围内经营增长以及在英国经营大学特许经营权。

Enright 表示他拒绝了之前房地产公司的接触，他认为在价值观方面存在 Fred Green。

在世界范围内经营增长以及在英国经营大学特许经营权。

公司，他表示在价值观方面存在 Fred Green。

与 GEDU Global Education（一家英国公司）合作

在全球范围内运营增长

以及在英国的大学特许经营权。

Enright 表示他已经拒绝了

此前来自房地产公司

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

公司的接触，他表示

在价值方面有 Fred Green

Enright 表示，他拒绝了此前房地产公司的接触。他表示，在价值观方面，他与 Fred Green 达成一致。

GEDU Global Education 是一家英国公司，其业务在全球范围内扩张，并在英国设有大学特许经营权。

companies, he said there was Fred Green in terms of values companies, he said there was Fred Green in terms of values companies, he said there was Fred Green in terms of values companies, he said there was Fred Green in terms of values companies, he said there was Fred Green in terms of values companies, he said there was Fred Green in terms of values world as well as university franchises in Britain.[{"box_2d": [344

2024年7月27日，星期一

英国金融时报

国家版

AI部长誓言：技术将成为再工业化计划的核心

纳拉扬誓言促进芯片和无人机的国内生产

作者：CHRIS SMYTH 与 ANNA EIKES

AI部长表示，芯片制造和无人机将成为安迪·伯纳姆 (Andy Burnham) 推动英国“再工业化”的核心，并强调这项技术将在新任首相的计划中处于“中心地位”。

但坎比塔·纳拉扬 (Kambita Narayan) 告诉《英国金融时报》，政府拒绝“技术乐观主义”，将通过监管和其他措施来应对AI对就业和国家安全的“实质性风险”。

纳拉扬在被伯纳姆提升至内阁后的首次采访中表示，他希望深度技术和新兴技术能保持在英国的控制之下，并称要“吸取过去的教训”，当时许多公司被低价出售。

在接替柯克·马里纳爵士 (Sir Kirk Mariner) 担任工党领袖后，伯纳姆表示他希望让英国“再工业化”，并拒绝“回归 1990 年代的视角”。

纳拉扬在巴罗内 (Barone) 时期担任AI部长的角色是最初级的，他表示伯纳姆的并非一个“回顾过去的愿景”，且AI正是“让这个国家实现再工业化的途径”。

他表示，他“专注于在本土制造AI芯片”，因为硬件是“大多数经济价值、大多数杠杆以及大多数供应链限制所在。这也是英国公众希望实现再工业化的领域”。而强大的无人机将成为“现代工业”的重要组成部分，尤其是在国防背景下。

他表示，要理解伯纳姆的愿景，“我们应该考虑芯片工厂。我们应该考虑无人机和国防，并且应该考虑如何更好地将AI应用于非制造流程。AI 将处于相当核心的位置。”

现年 56 岁的纳拉扬还表示，他将利用其在最高决策层的席位，为国家投资AI、为顶尖工程师提供签证以及通过规划改革来加速技术基础设施建设而奋斗。

科技公司对伯纳姆废除科学、创新和技术部的决定感到沮丧，该部门由时任保守党首相罗布·艾萨克斯 (Robb Isaacs) 于 2023 年设立，旨在实现“科学超级大国”的目标。

在被问及白厅 (Whitehall) 的权力重组时，纳拉扬表示“人的能动性”比结构更重要，并指出首相将AI视为英国“找回地图”的一种方式。

他补充道：“我们将成为科技投资者以及其他希望在英国开展业务和创造就业机会的人最先、最快速的合作伙伴。”

英国的芯片制造能力微乎其微，纳拉扬承认方法上的转变“不会一夜之间完成”。

但他坚持认为，在依托该国“在芯片设计方面的卓越优势”基础上……“我希望英国能成为一个我们能够建立起聚焦于AI芯片制造雄心的场所”。

技术人才：威尔士 SPTS Technologies 半导体公司的员工，Belen，坎比塔·纳拉扬

6月，政府宣布将投资 £1.1bn 用于AI硬件，其中包括承诺拨款 £10.8mn 从英国公司采购新芯片。

纳拉扬表示，他希望确保“英国公司能够获得首发优势（first dBA）以便销售，从而实现增长”。

在美国政府上个月出人意料地决定对 Anthropic 的 Mythos 模型实施出口管制后，纳拉扬表示 AI “现在是地缘政治的核心战线……而我们进入其中的方式必须是在我们拥有杠杆的领域建立自己的能力”。

他补充道，这次事件带来的教训并非是“对我们与美国的关系过于乐观或过于悲观。而是在于我们需要清醒地意识到我们将如何建立英国的能力，同时在国际上建立适当的联盟”。

他指出了 Aron，这家总部位于剑桥的芯片设计公司由日本 Iodibank 拥有，并适配于纽约。当被问及未来是否会采取行动阻止此类公司被出售至海外时，纳拉扬 (Narayan) 表示他欢迎外国投资，但希望“大部分经济价值、大部分战略价值以及就业机会能够留在英国”。

他补充道：“我们不能接受这样一种局面：这个国家在获得大规模经济价值和战略杠杆方面的最佳机会，虽然始于此处，最初也在此规模化，但最终却在其他地方获得支持。”

随着美国政坛两端对人工智能 (AI) 的抵制情绪日益高涨，以及英国国内担忧的增加，纳拉扬表示英国选民“有理由担心这些风险……而且我绝对拒绝那种认为

“我们将成为科技投资者及其他希望开展业务者的最佳、最快捷的合作伙伴”

并称“这是一个单向的获利机会”的科技乐观主义。”

OpenAI 本周表示，其一个模型已脱离测试环境并入侵了一家初创公司，这是 AI 系统在脱离人类控制的情况下发起网络攻击的首批公开案例之一。

在被问及该事件时，纳拉扬表示，在“AI 安全方面存在一些非常实质性的风险，在对就业的潜在影响方面存在实质性风险，同时也存在实质性的国家安全风险”。

他补充说，政府将采取行动减轻风险，目标是“为未来的孩子们创造更多工业岗位”，并增强公众对技术的信任，“因为技术是在这里构建的，且是由他们构建的”。

Tim Bradshaw 参与报道

IDA 由皇家特许状成立 (Incorporated by Royal Charter)

FT 英国金融时报

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英国金融时报

2020年7月27日，星期一

国际

外交谈判

美国与伊朗在阿曼达成协议后停止袭击

Math side：在调解员寻求霍尔木兹海峡航运协议期间维持停火

AMERICAN EDITORIAL AND STYLE GUARANT 随着调解员试图阻止双方重新陷入全面战火，美国在连续第 10 个夜晚暂停了对伊朗的袭击，此前经历了两周升级的 10-for-tax 袭击。自周四夜间发动袭击以来，美军尚未报告对伊朗的任何空袭；而伊朗军队自周五以来也未对该地区的 10 个基地发起袭击。近期的敌对行动是双方在 4 月达成停火协议以来最激烈的冲突。上周，由于战斗破坏了美国和伊朗上月签署的旨在重新开放海峡并延长期限的临时协议，油价在两个月内首次上涨至每桶 $350，因为这里是冲突的主要战场。美国驻联合国大使迈克·沃尔茨（Mike Walts）昨日表示，唐纳德·特朗普总统在决定是否恢复袭击之前，正“给谈判留出一定的空间”。“谈判正在进行中。从更技术层面的担心水平，一直到最高级别，都在进行中。” 据知情人士透露，谈判重点在于伊朗的航运应通过一条由六个技能路前沿走廊引导的路线，从阿曼海岸开始，而伊朗货船则应通过伊朗水域过境。人们希望，如果能达成协议，将允许船只恢复通过该海峡，这将为美国和伊朗在年底前就最终解决协议达成一致创造条件。一名了解阿曼与伊朗谈判的外交官表示，谈判正“朝着正确的方向发展”且“仍在进行中”。外交部发言人 Edward Raghav（4年）表示，阿曼代表团于周六离开德黑兰，并将此次磋商描述为“商业性质”。他昨日向当地媒体表示：“第二轮谈判于周五和周六在伊朗与阿曼之间，由外交部副部长级别主持。”“双方就通过霍尔木兹海峡过境的共同原则和运行机制交换了意见，同时尊重两个主权国家的权力。” 然而，Raghav 表示，“通过海峡的交通状态”没有变化，伊朗在最近的冲突升级期间宣布已关闭海峡。其主要谈判仍在继续。双方此前签署了一份关于伊朗 17 的谅解备忘录，将 4 月的期限延长至 40 天，在此期间伊朗将全面重新开放主要军事充电船只。该谅解备忘录还为最终解决协议的谈判奠定了框架，包括关于伊朗核计划的协议。 Tahir Jame 参与额外报道

德国

柏林骄傲节袭击事件后，警方击毙一名“伊斯兰主义”嫌疑人

AMERICAN EDITORIAL AND STYLE GUARANT 德国警方昨日表示，已击毙一名涉嫌驾驶车辆在周六柏林骄傲节游行中造成人员伤亡的男子。该袭击导致一名女性死亡，另有 29 人受伤，此次活动是欧洲最大的 LGBTQ 庆祝活动之一。涉及 [周六] 袭击的“伊斯兰主义”嫌疑人在前 Tier-gative 战争中，是一名在分配地且被警方击毙的男子。在柏林，德国警方周六表示：“根据初步调查，他持刃具向警员发起攻击，”导致警方开火，他们这样说道。尽管尝试采取反恐措施，嫌疑人仍当场死亡。嫌疑人此前被确定为 Abdul Rallam，一名 23 岁的具有黎巴嫩背景的德国公民。警方的行动在经过一整天搜寻后，在 Farquhar 公园的巴黎海岸地区抓获了该袭击嫌疑人。

柏林市中心。总理 Hindrich Mora 表示，这次枪击事件受到了“影响”，并将社交媒体上的一篇帖子描述为“对我们社会的攻击”。他说：“来自世界各地数千的人们正在克里斯托弗街湾 (Christopher Street Bay) 平和地庆祝。他们希望能以宽容的态度善待他人，”他使用了与柏林骄傲节 (Berlin's Pride) 活动相同的措辞，该活动是这座城市的知名盛事。警方表示，一名白色轿车的驾驶员在一条通常对交通开放的通往公园的道路上发动袭击。在与犯罪对象碰撞并将车辆遗弃在公园内后，嫌疑人“使用刺击武器——推测为某种机械，袭击其他路人，并造成了严重伤害。”德国内政部长 Alexander Dohman 表示，嫌疑人为当局所熟知，“其犯罪记录极多，且由于行为不端以及与囚犯感官相关的问题，”Dohman 说道。“我们掌握的一切线索都指向这是一次伊斯兰恐怖主义袭击。”据德国相关部门称，Rallam 曾在 11 月被捕，随后从黎巴嫩返回，此前他曾在那里试图加入军事组织但未成功。他在 5 月被柏林法院判定准备实施“危害国家的暴力行为”罪名成立，并被判处 12 个月的缓刑。他们表示，该判决尚未具有约束力，相关部门已暗示应采取更长期的监管措施。据 Dohman 称，在昨天的搜查过程中，当局收到了相关情报并没收了数月前与嫌疑人相关的照片，其中提到了主要交通枢纽和边境检查点。该部长表示，在德国其他地区正在进行的骄傲节庆祝活动的安保工作应在必要时“显著增加”。

在 Farquhar 举行的活动是柏林骄傲节庆祝活动的最高潮，该活动被认为是德国社交日历上的亮点之一，并被视为欧洲最大的活动之一。

印度。青年运动

妥协削弱了莫迪的不可战胜之光环

抗议者让一名部长下台，但当总理成为他们的目标时，不满情绪依然存在

MICHAEL SPIRIT - 新德里在他的漫长政治生涯中，印度总理 Narendra Modi 的政治不可战胜形象似乎首次被击破。一个成立仅 37 天的新兴青年运动，尚未成为以下结果的产物：the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following

在坚持己见的情况下，不能允许两名部长的局面出现，而领导抗议活动的 Cockroach (India Party (CP) 宣布，政府已同意满足其所有要求。这场抗议运动起初几乎毫无根基，CP 作为一个由创始人 Abhader Diphe 领导的组织，在政府妥协后迅速扩大。“一次近期的罢工，抗议者和一场伟大的变革改变了一切。基于此，这导致了 12 年来首次的被迫辞职。Abhader Diphe，一个‘无名之辈’的领导者。” 分析人士表示，对莫迪而言更令人担忧的是，抗议者的愤怒似乎已经超出了最初关于国家考试协议的不满，转向更广泛的挫败感。这些挫败感包括政客中日益增加的政治操弄，以及印度 70-time 青年人口（全球规模最大）缺乏高质量且高薪的工作。抗议的目标已经变成了莫迪，耶鲁大学南亚研究讲师表示：“这群人中的许多人投票给了莫迪先生，而莫迪先生承诺了太多，我认为他们暂时认为他未能兑现承诺。” 印度近年来的年度经济增长率为 9 个月，但进入印度全球市场的年轻人数量激增，且期望值提高——这在很大程度上是由于莫迪在 2019 年发展印度权威后所推动的——这意味着增长已不足以满足选民。根据 Azim (Project University 今年的一项青年劳动力市场统计，在 11 到 25 岁之间的毕业生中，近 40 per cent 为失业状态。在那些拥有工作的人中，只有很小一部分从事薪资-

胜利礼 Cockroach 支持者于周六庆祝教育部长达尔马德拉·普拉丹辞职 (1) 2017-04-25

相关工作，且更少的人能享有如卡片安全 (card security) 等福利。 “在接下来的 10 年里，我们的增长率必须达到 9 per cent，且在接下来的 10 年中平均每年增长，”Santosh Mehra 表示，他是《印度第 20 次世界大战》的作者，该书是“印度行为”的主要来源，以及“behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and “behavior in India” and

这群人中的许多人投票给了莫迪而他承诺了太多。他们感到被背叛了

不再害怕向强大的政府发声。 “他们全部是年轻人，我认为 DP 只是不知道如何应对他们，”一位印度政治评论员说道。“这一代人持有 DP 在其他国家。这是我第一次在这个国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家的国家国家中没有达成很大协议”

警方的行动结束了为期一天的搜捕，旨在打击在柏林市中心法夸尔公园 (Farquhar Park) 巴黎海岸袭击事件中的嫌疑实施者。总理 Hindrich Mora 表示，这次枪击受到了“影响”，并将其在社交媒体上的帖子描述为“一次对我们社会的袭击”。“来自世界各地成千上万的人在克里斯托弗街湾 (Christopher Street Bay) 平和地庆祝。他们希望以良好的态度和宽容对待我们的另一方，”他说道，这里使用的是柏林骄傲节 (Berlin's Pride) 活动在市内为人熟知的同一名称。警方表示，一名白色汽车的驾驶员在一条通常对交通开放的通往公园的道路上发动袭击。在车辆撞击犯罪后被遗弃在公园里，嫌疑人“用一种刺击武器——据推测是一把机器——攻击了其他路人，并造成了严重伤害。”德国内政部长 Alexander Dohman 说道。嫌疑人为当局所知，“由于刑事记录较多、由于不可预见性，以及由于与囚犯感知的关联”，Dohman 表示。“我们掌握的所有线索都指向我们正在处理的是一次伊斯兰恐怖袭击。”据德国报道，Rallam 曾在 11 月被捕，但随后从黎巴嫩返回，他在那里曾试图加入军事组织，但未获成功。他在 5 月被柏林法院判定准备实施“危及国家的暴力行为”，并被判处 12 个月的缓刑。该判决尚未生效，报道称，法院曾示意需要更长期的监视。据 Dohman 称，当局在昨天的搜捕过程中收到了财产并没收了数月与嫌疑人相关的照片，并提及了主要的交通枢纽和边境过境点。

该部长表示，德国其他地区正在进行的巴黎庆祝活动的安保工作应在必要时“显著增加”。法夸尔公园的活动是柏林骄傲节庆祝活动的顶点，该活动被认为是德国社交日历的亮点之一，并被视为欧洲最大的活动之一。

胜利致意蟑螂支持者在周六庆祝辞职教育部长达尔马德拉·普拉丹 (Dharmendra Pradhan) (1) 2017-04-25

印度近年来实现了九个月的年度经济增长，但进入印度全球市场的年轻人数量急剧增加，以及在莫迪 (Modi) 自身收入所推动的印度发展局 2019 年带来的预期增长，这意味着增长对于满足选民来说是不够的。根据 Azim (项目大学) 今年的一项关于青年劳动力市场的总计，在 11 到 25 岁之间的毕业生中，有近 40% 为失业状态。在那些拥有工作的人中，只有一小部分处于薪资-

红色的工作，且更少的人能享受到诸如卡片安全等福利。 “在接下来的 10 年里，我们必须实现不少于 9% 的增长，且在接下来的 10 年里年均增长，”桑托什·梅赫拉（Santosh Mehra）说道，他是《印度的第20次第二次世界大战》的作者，该书一直是“印度行为”以及“印度行为”以及“印度行为”以及“印度行为”以及“印度行为”以及“印度行为”以及“印度行为”以及“印度行为”以及“印度行为”以及“印度行为”以及“印度行为”以及“行为”的主要来源。

这群人中的许多人都投票给了莫迪而他承诺了太多。他们感到被背叛了

根据 Azim（项目大学）今年关于五项青年劳动力市场的统计，在 11 到 25 岁之间的毕业生中，仅有近 40% 处于就业状态。在那些有工作的人中，只有很小一部分是从事薪金——

英国金融时报 FT 周末版英国金融时报法国杂志法国杂志法国杂志法国杂志法国杂志法国杂志法国杂志法国杂志法国杂志法国杂志法国杂志法国杂志法国杂志

讣告赞比亚政治家唯一领导非洲民主国家的白人

盖伊·斯科特（Guy Scott）是一位学者、农民和政治家，他拥有成为第一位、也是唯一一位领导非洲民主国家的白人的殊荣，现于伦敦逝世，享年 82 岁。斯科特于 1944. 年 6 月出生在当时的北罗德西亚的利文斯顿。在一段离异的职业生涯中，他跨越了大陆和政党，在赞比亚民主政府中扮演了多种角色，无论是作为官员、顾问、部长，还是短暂地担任总统。斯科特是剑桥大学三一学堂的一位英国经济学家，他的忠诚始终在于出生地。在北罗德西亚 1994 年独立后，他取得了赞比亚国籍，并在 1995 年在北坎巴拉地区行政部门短暂担任政府官员。在政治之外，他在赞比亚首都郊区成为一名成功的创新农民。1998, 年，业务将他及其年轻的家人带到肯尼亚居住了一年。他回到英国在萨塞克斯大学学习人工智能。1998 年，在离婚后，斯科特回到赞比亚，开始参与反对坎巴拉战争政党的计划。随着反对坎巴拉政府的投资增加，由马里民主党领导的运动于 1995. 年成立。斯科特被选入其农业委员会，在坎巴拉离开后……

最终参加政党选举，Scott 参选并以 R400 的竞选出资额当选国会议员。他结识了两个将定义他余生的关系：一个是 Michael Sota，这位 3600 政治家成为了他的朋友和 Hiring 盟友，直到 Sarah Scott；另一个是 Charlene Hackend，一位参与该政党的英国出生导演。选举后，Scott 被任命为农业部长，并被认为协助带领 Smithfield 国家度过了“中心思想”时期。但随后他作为内阁团体的一员被解雇。他创立了 Lima 党，这是一个短命的政党。更大的政治成功来自于与 Sota 的结盟，Sota 在 2001 年未能获得 R400 提名后，创立了爱国党 (Patriotic Party)，该党并非一个

早期且激进的中国在赞比亚的存在以及 2004 年外交政策的批评者，随后成为了 PP 的反华部门，在 2006 年帮助该国在数据胜利的情况下从赞比亚撤出投资，这可能对成功起到了关键作用。然而在 2012 年，Sota 与 Scott 共同在政府副总统职位上进行三角博弈，长期以来一直有人传言 Sota 的健康状况恶化，并在 2014 年在一次不阻塞的 fifties 之后去世。Scott 在举行新选举之前的 90 天内担任总统。赞比亚宪法禁止任何父母非赞比亚出生的人参选，这一条款被广泛认为是为了防止 Kambala 回归权力，因为后者的父亲出生于新马拉维的印度，但该条款也阻碍了 Scott 在东部开展工作。在短暂的总统任期内，Scott 试图撤换国防部长 Edgar Langga，后者在一次 5 任期后当选。Langga 在随后的选举中以 PP 的候选人身份成为总统，但 Scott 拥有该事实长度，他支持 Fintanishi Mchikima，后者在 2015 年的总统选举中击败了 Langga，并担任 Mchikima 的国家发展统一党 (United Party for National Development) 的顾问。

Make it wise to have a new Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party

Make it wise to have a new Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party

Make it wise to have a new Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party

Monday 27 July 2024

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即将出版的 2026 年期刊

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FRANCIS LINES

2024年7月27日，星期一

国际

乌克兰战争

哈萨克斯坦领导人敦促普京“冻结”冲突

Knightsaw 对俄罗斯总统的直接呼吁表明，他面临的压力日益增大

ANATOMIA STORED | 非洲

哈萨克斯坦总统敦促弗拉基米尔·普京 “冻结”乌克兰战争，这是一个未来的信号，表明在乌克兰袭击持续针对回击的情况下，俄罗斯总统面临的压力正日益增大。哈萨克斯坦是莫斯科少数几个亲密伙伴之一，此前从未明确表态反对这场战争。在两国总统及其乌克兰、俄罗斯代表的电视会谈中，他提到“冻结”以及冲突“由前线决定”，并补充说哈萨克斯坦“尚未理解其性质”。当然，长期以来，年轻人正在这样做。他说，他们是俄罗斯和乌克兰兄弟民族的重要组成部分。

会议结束后，Kosselin 发言人 Dmitry Peden 表示，鉴于基辅的立场，“前线是不可能的”，“但一切都可能是一个我们必须实现目标的进程”。

俄罗斯和哈萨克斯坦拥有世界上最长的连续陆地边界，全长超过 1,600 公里。但俄罗斯还必须在与中国以及西方的关系中寻求平衡。

周六的干预是 Tokyo 对普京最直接的一次呼吁。此前他一直未谴责俄罗斯的入侵或直接批评其总统，尽管他多次拒绝 Kosselin 立场的某些部分。

他还拒绝承认俄罗斯支持的东乌克兰扩张团体，并多次表示哈萨克斯坦承认乌克兰是一个主权国家。

他自己的公开谴责是在乌克兰的打击将战争带入俄罗斯心脏地带，设置了更多范围之后出现的。

年轻人正在这样做，这太悲惨了。他们是俄罗斯和乌克兰兄弟民族的巨大资源池！

影响以及一家共同公司 Wildfuss'ists 的仓库，被称为“俄罗斯 Amours”。

Tobacco 的资本最近也增加了针对莫斯科的措辞。美国总统唐纳德·特朗普本月告诉普京 “是时候停止了”。

Tobacco 建议恢复伊斯坦布尔谈判框架——这是一个 2022 年的提案，根据该提案，乌克兰将接受中立，以换取大国的安全保证。

他说：“在包括俄罗斯在内的大国保证下，这将[在]向期待已久的和平迈进之前。”

他挑战了普京为战争辩护的核心承诺之一，称包括哈萨克斯坦在内的“许多”国家并不理解其性质。他将其与亚美尼亚和阿塞拜疆之间长期存在的冲突进行对比，并表示后者的本质是“清晰的”并且“已成为击打”。

Tobacco 表示，他收到了来自欧洲和美国的关于冲突速度的“许多信号”，但补充说他并不打算充当中间人，因为“俄罗斯是一个伟大的国家，它必须在没有结论的情况下存在”。

他说他决定表达“他的谦卑意见”，因为有人请求他传达一条信息，但未具体说明是谁提出的请求。

Tobacco 还表示，普京曾要求对 2022 年 8 月在安克雷奇与特朗普举行的会议发表“最大程度的陈述：喷泉”，且哈萨克斯坦仍致力于与俄罗斯开展强有力的合作。

普京回应称，他将引导“tobacco”详细了解“乌克兰轨道”上的情况。

哈萨克斯坦经济受到战争的沉重打击，大约 80% 的石油价格首先通过 CPC 管道运输，该管道覆盖俄罗斯，通往黑海港口 Novemarys。

外交紧张

巴西因担心干预而拒绝向美国官员发放签证

北京，波兰 | 亚太地区

巴西已拒绝向两名高级官员以及 25 名青少年发放签证，理由是他们意图干预即将到来的选举，这导致美洲人口最多的国家之间的外交关系进一步恶化。

该国的外交部确认，它已拒绝了由政府官员申请的大部分文件。其中包括国务卿和 Samuel Husson，两人均在唐纳德·特朗普总统的政治和立法体系中任职。

一个代表团原本预计在近期访问巴西，就在 10 月选举竞选活动开始前不久。根据《华盛顿邮报》早前的一份报告，该使团意图对巴西选举的公正性和完整性——即其系统——提出质疑。

一名了解此事的一位巴西官员表示，此次访问被禁止是因为当局有理由相信，它将被用于“传播关于选举过程的误导性信息”，据称是以一种反共的角色，服务于前总统雅伊尔·博索纳罗（Jair Bolsonaro）之一，后者因企图发动军事政变而正面临巨大的阻力。

美国国务院表示，Russia 和 Sumatra 计划与政府官员、宗教领袖及其他人会面，讨论“决策完整性、宗教自由和表达自由”。

它补充道，“任何旨在破坏民主国家财务系统的‘计划’信息”——其中最常见的一项常规访问，符合民主、人权和劳工局（17th Bureau of Democracy, Human Rights and Labor）的法定职责。

上周，现任总统劳拉·达席尔瓦（Lula da Silva）的主要右翼总统竞争对手弗拉维奥·博索纳罗（Flávio Bolsonaro）及其处于自我流亡状态的哥哥爱德华多（Eduardo，目前在美），两人均对巴西数字法院的一项决定表示反对。

在周二的一次外国大使参加的活动中，弗拉维奥断言这些机器来自一家由 50 人组成的公司，该公司参与了该国的选举后舞弊，巴西最高选举机构表示这一说法是错误的。

在 2022 年选举辩论前夕，雅伊尔·博索纳罗亲自指责巴西的选举机构容易被操纵。

检察官表示，这种叙事表明这是由该人发起的失败政党计划的一部分，他至少提交了 8 次上诉以推翻结果并非法留在权力之位，为此他被判处 67 年监禁。

巴西与华盛顿之间一场旷日持久的外交争端在一年多前爆发，当时特朗普对巴西征收 50% 的贸易关税——其推翻了这些——旨在试图让其盟友雅伊尔·博索纳罗面临的指控被撤销。

随着上周美国对巴西出口产品征收新的 23% 关税，这种局势进一步加深。劳拉将这一贸易征税指责为 8 位成员组成的外国工程师家庭为了选举利益而为之。

签证拒绝在周六正式确认了弗拉维奥·博索纳罗的候选人资格。它还提及了 Appetite 领导人 Javier Hille 对巴西的访问，以宣布该案件是否涉及一名 65 岁的女性在一次跌落中，一名好心人可能在该地区采取行动。

Amy Blackman 参与报道

美国边境执法

ICE 陷入唐纳德·特朗普与公众抵制之间的两难境地

移民执法人员的杀戮造成严重后果，而白宫则将目光投向即将到来的中期选举

ISLA JIM - 华盛顿

尽管公众反对其政策，但唐纳德·特朗普对严厉的执法打击不屑一顾，美国移民和海关执法局 (ICE) 在过去一个月内逮捕了大量人员。

年，创纪录的 63,024 人（平均每天近 2,600 人）被送入美国拘留所。根据该机构的工作计划，这一记录随后将被打破，预计到本月底将有近 30,000 宗所谓的“登记入狱”案件。

逮捕人数的激增伴随着攻击行为的增加，有时甚至采用了致命手段。ICE 代理人员在近几周内导致两人死亡，使得该机构陷入总统的要求与民众的愤怒之间——而一名代表则将其视为关系纽带的中期节点。

“对于 ICE 来说，这个问题只有一个解决方案，”国土安全部前助理部长杰克逊·海曼 (Jackson Hayman) 表示，“那就是玩一场最重要的游戏。”

特朗普的移民计划在今年早些时候达到了激烈的冲突点，当时明尼苏达州的联邦移民官员开枪杀死了两名美国公民：57 岁的母亲雷妮·古德 (Renée Good) 和 57 岁的重症监护护士玛丽亚·普雷蒂 (Maria Pretti)。

这两起被视频记录在案的杀戮事件引发的愤怒迅速在全国蔓延。特朗普那名为争议性、曾支持美国强硬手段的国土安全部部长克里斯汀·琼斯 (Kristin Jones) 首先被撤职，由俄克拉荷马州士兵马文·C·马林 (Marvin C. Mullin) 接任。在 3 月的确认听证会上，马林表示他的“目标”是在六个月内让该机构不再每天都出现在负面新闻中。

该机构采取了第三种战术，在低调的环境中抓捕移民（如交通拦截），而不是通过进行高调的大规模搜捕来引发抗议。

从某种意义上说，特朗普阻止非法移民的推进在某种程度上取得了成功。ICE 前代理局长约翰·桑德伯格 (John Sandberg) 表示，该机构在 2024, 年曾被“边境完全压垮”，但自从特朗普接管

街头现场：本月在纽约抗议 ICE 的示威者。

政权以来，那些人数已经下降到“近乎零”。

在失去了这些“低垂的果实”后，该机构从边境执法转向在大多数城市搜寻未被记录的移民和犯罪分子，以维持较高的逮捕数字。

这种大网捕获了许多遵守法律的新公民。数据显示，自去年 10 月以来被捕的人员中，约 40% 既非被定罪的罪犯，也没有面临待审指控。

最近被 ICE 代理人员杀死的两名新成员——休斯顿的墨西哥移民卢梅斯·萨尔加多·阿拉乌霍 (Loomess Salgado Araujo) 和在缅因州被杀的哥伦比亚男子胡安·塞巴斯蒂安·加西亚·格雷罗 (Juan Sebastian Garcia Guerrero)——在代理人员试图拦截他们的车辆时被射杀。

在这些事件发生后，马林对在街头使用针对青少年的移民执法手段做出了回应。但特朗普改变了他的方向，指出这将是“正中犯罪分子的下怀”。

“ICE，要审慎、公正且聪明，

回去做你们非常重要的工作，”特朗普在代上周的一次危机媒体发布会上说。“让这些犯罪记录继续增加吧！”

这一事件凸显了特朗普的移民推动计划与 ICE 试图在执行总统指示的同时避免争议之间的冲突。“他们被总统削弱了，”桑德伯格说，“这让他们陷入了一个非常困难的境地。”

最近的一项 PP 民调显示，美国人对特朗普的移民议程分歧严重。约 40% 的注册选民不同意总统的移民立场，而与之相近的比例则表示支持。

随着马林将该机构从头条新闻中剔除，以及去年冬天杀戮事件引发的愤怒逐渐平息，近几个月来人们对打击行动的态度已变得不再那么负面。

早在三月，大约 42 per cent 的登记选民不同意特朗普在移民问题上的立场，但到六月，在最近的枪击事件之前，

“他们被总统削弱了。这让他们陷入了非常困难的境地”

约翰·斯皮尔伯格，前 ICE 代理局长

批准且消失在大致永远中的比例。

总统在国际议程上的立场并未获得选民的支持，即便他的整体支持率在近几个月内已跌至新低。

但本周一项 Economist/Tourist 民意调查发现，近期 ICE 的枪击事件可能增加了废除该机构的支持率，在听说过此次杀戮事件的美国人中，30 per cent 的人在某种程度上或强烈支持解散该机构。

马林现在面临着恢复其关键执法行动以避免更多公众愤怒的挑战。前 OIP 专员吉尔·基尔昆表示，在十一月的期中决选之前，政府的策略是在达成驱逐目标的同时，尽量避免登上新闻头条。

“这不是因为他们想要改变。也不是因为他们不想要这些数据。而是因为他们担心期中决选，”他说道。

能源成本

尽管担心影响投资，墨西哥总统舍因鲍姆仍坚持汽油价格上限

导演默里 - 墨西哥城

由于全球多地在年中冲突期间面临汽油价格飙升，墨西哥人则在经历着截然不同的情况——低廉的燃料。

这是由墨西哥总统克劳迪娅·舍因鲍姆（Claudia Sheinbaum）实施的一系列软性价格管制中最显眼的项。她依靠道德理由和对政府压力的恐惧，使从玉米饼到豆类等产品变得更便宜。

对于一个拥有巨大权力的政府来说，（对于公司而言）很难说不，也就是说，政府不应该是像巴西投资管理公司那样。

在全球范围内，领导人们一直试图抑制软性价格的上涨。许多通过管制措施以及临时减税和补贴来实现。美国总统唐纳德·特朗普曾警告零售商，如果他们不配合，将会面临“大麻烦”。

然而，舍因鲍姆政府

早在去年初，远在战争爆发之前就已经采取了这种方式，反映了她通过政治手段维持软性价格管制的倾向。在这种情况下，她表示此举是为了制止汽油公司的滥定价行为。

根据一项她称之为“自愿”的协议，零售汽油价格不能超过每升 24 便士（R$ 15），这比终端批发价格高出约每升两便士，业内人士透露。

4 月，舍因鲍姆对柴油引入了每升 27 便士的额外上限，几位高管表示，这将导致供应紧张，且难以维持在 1% 以上。

“从长远来看，限制价格至 R$ 6 这种做法根本不可持续，”墨西哥智库经济发展主管奥斯卡·格雷安格（Oscar Grainger）表示（R$ 9）。

新的汽油价格上限揭示了舍因鲍姆的理念及其在媒体上的定位。她正在继承其导师兼前任安德烈斯·舍因鲍姆·塔皮亚·奥夫雷贡（Andris Sheinab Tapia Obredze）提出的受欢迎愿景，后者在控制权力的同时向国家贫困人口提供财政援助。墨西哥在燃料方面高度依赖美国进口，其中约 50-straight 经历了高汽油价格。美国汽油价格去年上涨，本周达到每包 8.5，虽仍低于墨西哥价格，但比其税前水平大幅增加。

舍因鲍姆在

克劳迪娅·舍因鲍姆表示，她选择制止公司的滥定价行为

她在每周的新闻发布会上讨论价格——她并没有能力实施像之前引入的那样大规模的汽油服务补贴，因为她继承了自 20 世纪 80 年代以来紧迫的公共赤字。

去年，高管们被召集与舍因鲍姆会面，并与她的团队进行单独会谈。几位熟悉谈话的人士表示，公司很快意识到，那些无视上限的人将面临更严格的审查。

上周，她的政府公布了一份包含 1,232 家加油站的名单，这些加油站未遵守柴油设备规定，“没有努力支持民众”，当地生产商表示，他们担心上个月的安全性检查。一个人将这一协议描述为“囚徒”。墨西哥能源部未回应置评请求。

“传递出的信号是，当情况变得复杂时，我们愿意采取一切手段，无论是正面还是负面的，来降低政治成本，”政治风险咨询公司 Integrala 的卡洛斯·拉米雷斯（Carlos Ramirez）表示。

但价格上限可能会失效。这对国家石油公司 Pence 构成了负担，该公司分销了全国四分之三以上的燃料和汽油。12.5% 的损失超过了 10%，汽油收入下降了 2.5%。

汽油公司在一定程度上通过提高高级燃料和柴油价格来补偿，尽管后者现在也被限制了。这些分销商表示，由于汽油利润率降低，他们已经削减了该行业的投资，导致低支出或客户服务改善。

“这扭曲了市场，”能源专家、前墨西哥顾问路易斯·米格尔·拉巴斯蒂达（Luis Miguel Labastida）表示，“导致公司的利润空间被挤压，投资激励减少。”

投资者表示，他们所需支付的代价反映了他们从舍因鲍姆（Sheinbaum）那里收到的矛盾信号。

这位墨西哥首位女性总统以对政策细节有着极强的掌控力而闻名，且通常要求外国高管亲自就资产问题进行沟通。批评者认为，她在微观管理那些其团队本应处理的损失上花费了过多低效的时间。该国极需投资，而美国衡量公共和私有部门在建筑物、铁路和机械等固定资产投资的理想资本，在舍因鲍姆执政以来有所下降。

在石油和柴油等问题上，她表现出比前任更高的合作意愿，特别是对于专门从事环境事务的美国能源工业，她甚至开放了允许支持的大门。

但当涉及政治或政治重要性时，她并非一个理想的交易对象。遵循墨西哥的政策，学生们就像她一样，她也改变了规则，从而制造了隔阂。

“总统明白她需要经济增长，”State rank Melvin Braille总裁路易斯·鲁比奥（Luis Rubio）表示。“这是一个巨大的机遇，但由于商业和商业领袖在面对某些简单令他们恐惧的事物时，这一机遇未能被利用。”

Monday 27 July 2024

英国金融时报

国际

中国在欧盟贸易中采取分而治之策略

分析人士警告，除非保持团结，否则欧洲面临完全去工业化的风险

JIM LEMY - 购买 PETER FREYER - 伦敦 ANDY BOWES - 布鲁塞尔

布鲁塞尔决定针对中国最著名的菜肴之一——北京烤鸭——发起反倾销活动，这给了中国宣传机器一个在北京进行其最喜爱的消遣的机会。

“‘欧洲鸭’为什么这么怕北京烤鸭？”共产党的民族主义喉舌《环球时报》如此写道。该报提及欧盟本月的一项指控，称北京烤鸭及其最常用的食材在中国得到了国家补贴，随后被倾销到欧洲。该报称，欧洲的鸭子则被类似的“高能源成本和脆弱供应链”击垮。

在欧盟努力应对中国不断增长的贸易顺差之际，分析人士表示，北京正诉诸于一套经受过时间考验的剧本——攻击制定贸易政策并行使集体权力的布鲁塞尔，同时单独拉拢更为脆弱的 27 个成员国。今年上半年，中国对欧盟的贸易顺差（2023, 达到了 150 billion）同比又增长了 24 %。

分析人士称，北京还在悄悄利用与邻近欧洲的国家（如英国和摩洛哥）的关系，以获取进入欧盟单一市场的渠道，并试图影响在中国拥有大规模业务的欧洲公司。

“我们在欧洲有 28 种声音——27 个成员国加上欧盟——而分而治之我们一直是中国领导者所青睐的立场。而且这总是奏效，”咨询公司 DGA Group 的合伙人 Jung Wai-hui 说道。

但分析人士认为，中国日益增强的影响力可能会最终迫使

“我们在面对中国时如此弱小。他们玩弄各成员国于股掌之间”

Marie-Sophie Dilling，贸易律师欧洲终结这种策略，否则将面临完全去工业化的风险。

2024, 3月，欧盟贸易专员于6月与中国商务部长王文安达成协议，就四个领域进行磋商：贸易与投资平衡、出口管制、知识产权和 WTO 改革。在设定 10 月截止日期之前，针对中国对欧盟顺差的“初步结果”进行评估。

“尽管经历了三个月的贸易休战，但不断增长的顺差使得中国与欧盟之间爆发贸易冲突的风险依然高企，”Marquette 首席中国经济学家 Larry Ma 表示。

在最近一次北京举行的活动中，一位欧洲高级外交官称赞此次对话的基调“比过去几个月都要好，如果不是现在最好的话”。

但作为回报，北京有自己的计划。其中包括降低中国电动汽车进口关税，以及取消荷兰 ASML 在中国出口芯片制造设备的管制。

与布鲁塞尔的关系依然严重紧张。去年 7 月，欧盟领导人被迫前往北京会见国家主席习近平，庆祝双边关系 10 周年，尽管最终轮到中国访问布鲁塞尔。

他们与习近平就顺差和乌克兰问题进行了令人不安的谈话。相比之下，北京此后为德国总理 Friedrich E. Hesse 以及西班牙首相佩德罗·桑切斯等人的访问铺开了红地毯。

北京外交部坚称中国与欧洲是“伙伴而非竞争对手”。该部表示：“中国一贯支持欧洲一体化进程，致力于在全面、平衡、平等、互利的基础上发展与欧盟机构及成员国的关系。”

然而，在企业层面，许多欧盟公司正遭受中国出口管制的影响，以及去年在与英国的贸易战期间引入的任何关税的影响。

Jedjani（瑞典人），欧洲议会贸易委员会的一位资深 8 位成员，表示成员国们对中国感到“恐惧”。虽然他们转向应对美国总统唐纳德·特朗普的关税，但他们甚至不敢反对北京，因为他们在可再生能源技术、关键材料和廉价投入方面过于依赖中国。外交官们表示，相比之下，北京在经历了与美国的贸易战后，也变得更加强势。

“我们在面对中国时如此弱势，”布鲁塞尔 Comity Levy East 的贸易律师 Marie-Sophie Dilling 说道。“他们戏弄成员国。他们准确知道如何操作，他们拥有这种无需过于诚实即可维持的关系。”

DGA-Werke 表示，中国还可能直接将其市场上的欧洲公司作为目标。“如果你想在化学领域具有竞争力，你必须在中国，因为那里有工程师。那里有创新。如果你基本上想实现如何制造汽车，学习如何制造模型、手机或车轮，你必须在中国，”他在提到电动汽车时说道。“因此，他们拥有整个供应链……使其变得更加中国化，而突然之间，你就有了贴着德国标签的中国公司。”

中国可以利用的另一个领域是它与欧盟周边国家的贸易关系。

中国商务部长王在访问布鲁塞尔后，本月在伦敦度过了三天，英国官员称此次会谈，特别是在投资方面，是“异常建设性”的。

根据咨询公司 London Group 的数据，到去年，中国的对英投资累计规模接近 £50，超过了接下来的两个最大欧盟接收国的总和。英国此前在对华贸易政策上与欧盟分歧，例如未对中国电动汽车征收关税，而布鲁塞尔则征收了最高 41% 的关税。但瑞典中国战略银行研究所高级政策总监 Sam Goodman 表示，英国政府也在寻求深化与布鲁塞尔的贸易关系。

“考虑到英国和欧盟之间历史悠久的互联工业供应链，以及伦敦在（脱欧后）对建立雄心勃勃关系的渴望，很难想象英国最终将如何不与欧盟针对北京的经济安全政策保持一致，”他说道。

已经出现了一些变动迹象。英国效仿了欧盟的决定，将特定关税翻倍，并减半其他关税，以应对主要来自中国的全球金属泛滥。

布鲁塞尔还在应对中国在北非国家的投资激增，这些国家与欧盟签署了两项贸易协定。根据 Rhodian Group 的数据，摩洛哥是最大的接收国，自疫情以来投资额已公布——主要集中在同样为摩洛哥内部贸易中的欧盟公司提供服务的工业供应链中。

然而，分析师表示，北京的最终战略将是等待欧盟成员国在如何处理供应商问题上产生分歧。“北京已经意识到，欧洲可能会抱怨，但可以被胁迫而推迟行动，”欧洲对外关系委员会的 Andrew Small 在一份论文中写道。

“他们强迫供应链变得更加中国化，[然后] 你就有了贴着德国标签的中国公司”

一名厨师在北京的一家餐厅制作北京烤鸭——这是欧盟反倾销活动的目标。Beilux，弗里德里希·E·赫塞（Friedrich E. Hesse），左侧，于 2 月与习近平会面

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英国金融时报

2024 年 7 月 27 日，星期一

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公司与市场

随着竞争导致关系恶化，Waymo 考虑与优步分道扬镳

自动驾驶出租车（Robotaxi）游说之争使关系紧张
两家公司相互指责

RATE SIGNED GOOD - 旧金山

Alphabet 旗下的 Waymo 正在探讨退出与优步合作伙伴关系的方案，由于两家科技集团在关于自动驾驶出租车未来的激烈游说之战中关系日益紧张。

据多位知情人士透露，这家自动驾驶汽车公司已经就终止与这家 ride-hailing 集团（其在奥斯汀和亚特兰大运营服务）当前协议的方案举行了内部讨论。

优步在一份声明中表示，Waymo 已通知优步，计划在合同允许的 2024 年 1 月正式进入这些市场。

这两家公司

“我们相信一个充满活力且协作的 3G 生态系统，它支持创新，并为乘客在体验这项技术时提供选择”

于 2023 年首次合作，但随着它们在某些市场成为日益直接的竞争对手，且双方都在游说旨在牺牲对方利益而有利于自身业务的自动驾驶出租车立法，两者关系已然恶化。

一名人士表示，两家公司正处于“目标分歧的准备阶段”。Waymo 和优步相互指责，将共同运营市场中出现的低质量服务和安全问题归咎于对方。

这两家集团的破裂预计将打击优步在华盛顿特区（DC）的自动驾驶汽车雄心。自 2020 年出售其内部自动驾驶部门以来，优步一直在全力追赶失去的阵地，在过去一年中通过股权投资和自动驾驶出租车车队协议投入了超过 $100m。

由于投资者担心公司会被 16 家供应商超越，优步的股价今年以来下跌了超过 16%。在 Waymo 可能会离开的消息传出后，股价下跌了 4%。

Waymo 已经进入了美国多个城市，并一直在扩大其在旧金山等地区的覆盖范围。

该公司在 10 个城市运营超过 5,000 辆车。今年 2 月，它在最后五家公司的 $250m 估值减值中筹集了 $100m。

Waymo 首次与优步合作是在 2023 年 5 月，在菲尼克斯推出自动驾驶出租车。随后在奥斯汀和亚特兰大达成了协议，在这些城市，Waymo 的车辆仅可通过优步应用使用，且由优步与合作伙伴共同管理车队。

今年 5 月，在当前协议到期后，优步与 Waymo 在菲尼克斯分道扬镳。两集团还在奥斯汀和亚特兰大就由优步运营的 Waymo 服务质量发生冲突。

知情人士表示，Alphabet 旗下的这个部门质疑了车辆的清洁度和等待时间，而这家 ride-hailing 集团则请求禁止参与开发头脑风暴。

今年 5 月，在有报道称其车辆在行驶中出现故障后，Waymo 引起了负面关注。知情人士称，优步负责车辆的路线规划。

优步还指出，该协议带来了显著的财务压力，且 Waymo 的车辆在恶劣天气下会突然无法使用。知情人士补充道，Waymo 尚未排除完全分手的可能性。

Waymo 在一份声明中表示：“我们相信一个充满活力且协作的 3G 生态系统，它支持创新，并为乘客在体验这项技术时提供选择。”

未对冲！谁持有股票？养老金体系在动员家庭财富中发挥主导作用

发达经济体家庭对股票市场的风险敞口差异巨大上市股票和投资基金的直接*持有量占家庭金融资产的比例 (%)

但当计入养老金的间接风险敞口时，情况发生了变化

注：美国和投资基金，在有此类养老金数据的 2020 年数据。* 韩国和瑞典股票基金价格。来源：OECD 日本经济数据和韩国银行

DAVID MACFARBOR - 伦敦

不同国家的家庭对公开市场的风险敞口截然不同。

在我们对发达经济体的样本中，美国处于领先地位，60% 的家庭金融资产持有上市股票和投资基金。在欧盟27国中，平均水平为 16%。作为股市的比利时，荷兰甚至没能达到欧盟平均水平的一半，仅为部分百分比。

原因包括税收政策、金融文化，尤其是养老金体系的设计。当计入养老金单位时，澳大利亚和荷兰（两者均拥有庞大的资金充足型退休体系）在排名中上升，超过 50% 的家庭金融资产涉及其中。

相比之下，实行现收现付制养老金体系的国家，如法国、意大利和西班牙，其比例要小得多。在英国，股市参与率低一直是一个令人焦虑的问题。尽管试图培养持股文化，但仍未能阻止直接持股量处于历史低位的趋势。

当过多的家庭储蓄留在现金和低收益账户中，而不是被引导至生产性投资时，这就成为了一个经济政策问题。

政策制定者同样关注这一点，因为涉及财富效应。当家庭在市场回报中拥有实质性份额时，他们更倾向于消费——广泛的市场参与仍有助于支撑消费。当然，在股市大跌时，财富效应则会反向作用。

凯雷与贝恩竞购 $7bn 规模的财富管理顾问公司

ARTHUR GAIN 和 SILVER BARBER 纽约

在针对该领域独立公司的一波私募股权交易浪潮中，凯雷 (Carlyle) 和贝恩 (Bain) 的资本正竞相收购一个管理客户资产近 $100m 的财富管理平台。

据知情人士透露，这两家竞争对手私募股权集团正试图收购注册投资顾问公司 Wealth Enhancement，此前该公司的私募股权所有者将其出售，目标估值约为 85%（含债务）。

在私募股权集团 US Associates 和 Coors 的所有权下，Wealth Enhancement 采取了主导性的扩张举措，自去年以来已收购了至少六家规模较小的注册投资顾问公司，试图增加规模。

Wealth Enhancement 是近年来引领行业整合浪潮的较大规模私募股权支持的独立财富管理公司之一。这些被称为 KRA 的集团与银行竞争，为富裕个人和企业主提供关于如何投资长期债务的建议。

经常性的收入和粘性合同是这些业务被私募股权青睐的原因。

Michaels Capital 去年达成了一项 $6.8bn 的收购协议购买 US Financial，这使得 Clayton DeMiller & Riley 在 2025 年以 $7bn 的价格收购 Evans Financial Partners 成为可能。

其他近期的大型交易包括 Advent International 对 Fisher Investments 的少数股权投资，以及 OTC 对行业巨头 Creative Planning 的投资。

一些私募股权高管承认，该行业在财富管理领域的投资过多，而大多数行业长期持有的投资未能实现预期的回报。

美国金融市场中上市财富管理公司的估值也大幅下跌，原因是人们担心人工智能可能对该业务产生影响。

据知情人士称，2017 年纽约的 Fairness 计划在当前月份出售 Wealth Enhancement：“出售进程已处于高级阶段，但不能保证最终会达成交易。”

凯雷和贝恩拒绝评论。Wealth Enhancement、US、Ours 和 Everman 未回应置评请求。

医疗保健，华盛顿影响

企业从肯尼迪的“Maha Inc”改革中获益

各行各业如万花筒般多样

成为美国监管转向的

早期获益者

PATRICK TERRE & WEST - 纽约

随着与健康议程一致的公司成为最早的获益者，那些认同罗伯特·F·肯尼迪（Robert F. Kennedy Jr.）的“让美国再次健康”（Make America Healthy Again，简称Maha）运动的企业，可能会从华盛顿的监管改革中获益。

在周四和周五于 75-Ford 和药物管理局举行的一次会议上，一个由肯尼迪支持的咨询小组投票决定扩大公众对少量被称为“多肽”（peptides）药物的获取渠道，尽管该机构的科学人员对此提出了反对建议。

华尔街分析师表示，这类药物的市场——由于社交媒体上关于其从快速愈合到肌肉发育等功效的宣称而大受欢迎——对于药剂师、个人供应商和药品制造商来说，可能会成长为一个价值数十亿美元的机遇。

虽然总统唐纳德·特朗普因推广冷冻保存及其他与其政府相关的业务而受到审查，但人们的注意力已转向那些可能从行业监管转向中获益的医疗保健公司。

现在，一个平行的“Maha Inc.”公司和行业万花筒出现了，其前景与白宫主管的议程紧密相连。

一个可能的获益者是 Robinson Group，一家远程医疗公司，其投资者包括特朗普之子小唐纳德。该公司正准备销售多肽，其创始人兼主席 Christian Angermeyer 曾在 11 月的一次 Maha 活动中亮相。Enhanced diet 已就相关报道请求评论。

Olympia Pharmaceuticals 是一家总部位于佛罗里达州的药房，同样出现在该会议上，该公司向一个 Maha 政治筹款组织捐赠了部分资金，该组织由肯尼迪的一名密切合作者管理，其中一笔付款就在 FDA 表示将考虑放宽多肽限制仅一个月后完成。

根据投资银行 'toothings' 的说法，Olympia 的首席执行官在 Maha 小组的董事会中任职。该公司也将从监管变化中获益。

咨询公司 Kendall Square Policy Strategies 的合伙人 Paul Kohn 表示，FDA 小组与药房行业中将从多肽监管变化中获益的人员“纠缠在一起”。他说：“这里的利益冲突令人震惊。此时此刻，这就是政治融资。”

在 Maha 会议上出现的其他部门也从肯尼迪领导下的监管变化中获益。

开发迷幻药类疗法（psychic-like therapies）和可穿戴健康技术的公司同样有望从该小组的监管变化中获益。

FDA 计划在 9 月考虑扩大迷幻药类药物的获取渠道。在总统签署一项增加药物获取量的行政命令后，开发基于可公开的“神奇”药物（如 LED 和 MDMA，也被称为 x-rays）治疗方案的公司股价在 4 月上涨。Angermeyer 也是迷幻药类公司 Matha Inc 的创始人。

可穿戴健康设备制造商——该公司最畅销的产品线在肯尼迪的支持下得到了提升。今年，FDA 更新了针对腕带式健康追踪器等健康设备的指南，确认了其不应被像医疗设备那样受到监管。

总部位于芝加哥的投资公司 Thomas Ventures 的管理合伙人 Mike Collett 表示，肯尼迪对可穿戴设备的推广“为该类别提供了助力”。该公司持有可穿戴设备制造商 Whoop 以及开发迷幻药类药物的 Infirmum Therapeutics 的股份。

Whoop 拒绝评论。Collett 表示：“Maha 只是又一个政治噱头，尽管我们的 Whoop 将具有很长的生命周期。”

与 Maha 一致的企业正吸引着来自 Firm Kennedy（肯尼迪之子之一）的投资兴趣。今年，Firm Kennedy 寻求筹集 $100 建立一个投资资金，旨在投资医疗保健领域的 Maha 企业，以及消费者健康和其他健康技术。

目前尚不清楚他为该基金（Vertace Ventures）投入了多少资金。该基金以其曾祖父——前总统约翰·F·肯尼迪所拥有的一条铁路命名。肯尼迪公司未回应置评请求。

小罗伯特·F·肯尼迪（Robert F. Kennedy Jr）的支持线推动了可穿戴设备行业的发展。

Maha Holdings 组织了 11 月的季度活动，肯尼迪、副总统 JP Vance 及其他官员出席，肯尼迪公司被聘为董事会成员。

Maha Action 政治基金主席 Tony Lyons 表示：“我们将把科学家、创新者、活动人士和政府官员聚集在一起，进行一次对话，首先是就美国人民在其能力范围内所能获得的健康结果这一成本问题建立联系。”

卫生部门表示，“监管决策是独立于”Maha 做出地。针对肽类药物（peptides），FDA 已警告称会议中讨论的药物并没有明确的健康益处。对于定价 $90、$175 且因提供合法注射和减轻炎症而被视为“内分泌药物”的药物，该机构表示研究结果“不利于”放开对该药物的获取。

尽管存在担忧，医疗保健公司仍将肽类药物视为一个新市场。远程医疗公司 Hima 在第一年收购了一家肽类药物制造商。Hima 的首席医疗官 Ament “Impressors”表示：“我们对肽类药物感到非常兴奋，与此同时，我们正在遵循 FDA 的整体指导意见。我们正开始构建相关信息。”

全球消费者都在使用热门的肽类药物，该行业团体表示，更清晰的框架将提高安全性。Right Pharmaceuticals 主席 Joshua Fritsley 表示：“我们很乐意承担这项任务，接受监管并正确地开展工作。”

根据联邦披露文件，Olympia 去年向 Maha 政治领域公司捐赠了 $100,000，该公司首席执行官 Mark Whitlock 向 May 捐赠了 $25,000。

2024 年 7 月 27 日，星期一

法国链接 (FRANCE LINKS)

公司与市场

注射类产品制造商填补行业培训空白

瑞士集团 Galderma 旨在教导专业人员进行操作，因为在这一“西部荒野”般的行业中，手术失败的风险正在增加。

更多 2008 年 6 月 — 伦敦 MERCEDES MARIL — 苏黎世

Galderma 设计了一套系统，旨在帮助识别具有强烈“野年面孔”特征的人群。利用最先进的 3D 技术，这家注射类产品制造商能够量化下垂、皱纹和不对称等问题的严重程度。

要点：一名在苏黎世执业并指导从业者如何使用 Galderma 疗法的医生声称，“几乎每一个目标”都已实现。

Galderma 是波图克斯 (Botox) 和填充剂等“美容疗法”普及化的主要受益者。其注射类产品的销售额——其中包含使皮肤下增加容量的“填充剂”以及刺激胶原蛋白产生的注射液（在英国公司 ABVHe 的论文中被重新印行）——在 2023 年增长了 0.1 kg per cent 达到 82.5%。

在过去几年中，提供这些治疗的诊所已成为高端街道和购物中心的标志。受过培训的医生引导追随者在社交媒体上尝试新疗法，并发布人们在嘴唇和脸颊上进行填充的近距离视频。

在 Galderma 位于楚格 (Zug) 的免疫化学总部接受采访时，首席执行官 Fleming 表示：“在人们想要追求某种特定外观、增强想要增强的部分这一点上，火车已经离站（趋势已不可逆）。”

然而，对于 Galderma 而言，需求的激增也带来了风险。公司对谁来实施其疗法几乎没有控制力，一旦操作失误，公司可能会面临风险。注射类产品产生的副作用范围广泛，从肿胀到笑容僵硬或呼吸困难不等。

国际美容外科协会（巴黎）董事会成员 Newton Crede 表示，注射行业就像是“西部荒野”。她表示，虽然成熟的公司已尽力防止其产品落入错误之手，但能做的非常有限。

Galderma 意识到，必须在与时间赛跑，以培训快速增长的医生、牙医和护士群体，这些人正进入美容领域并向公众注射其产品。这家瑞士公司成立于 1981 年，是由美国和北美企业的合资企业。在由私募股权公司 EQT 领导的财团持有五年后，Galderma 于 2014 年在瑞士证券交易所上市。

自那时起，其市值增长了一倍多，Galderma 已成为仅次于美国医疗保健集团 ABVHe 的第二大注射类产品制造商。其市值约为 50 million 美元，在本月美国食品药品监督管理局 (FDA) 对 Ruffyken（一种比波图克斯更持久的竞争产品）的上市申请做出记录后，该集团股价下跌了 6 per cent。

除了约占集团销售额一半的注射类产品外，Galderma 还销售治疗疥疮和痤疮等皮肤病的处方药，以及 Unsupel 等专业护肤品牌。分析估计，该瑞士集团今年的税前利润将达到 81.5%，营收为 82.5%，这将比 2023 年的 42 per cent 提高一个量级。

美国试验以 20 per cent 的股份撤出。这家美容公司的首席执行官 The San Bernardino 表示，女性愿意为治疗的其余部分付费。Galderma 为部分顶级产品提供特别两倍的方案。该公司的业务是长寿的许可业务。

一名医生正在向患者的嘴唇注射填充剂。提供这些治疗的诊所已成为高端街道和购物中心的标志。

Galderma 乘注射类产品之势上涨

股价及与瑞士食品、德国相关率

Galderma 的注射类产品预计将继续强劲增长销售额：股票

由通常年龄在 40 和 60 岁之间的富裕女性驱动。

Omaher 在其故乡丹麦接受了医生培训，随后进入制药行业。他现在主持一个名为 Beauty 2 Machine 的视频系列，旨在“揭秘[科学背后的]美丽健康肌肤”。该系列邀请的嘉宾包括 Jean Carrethane，她率先发现 Botox（肉毒杆菌毒素）可以治疗 Bowe fever。她的口头禅是：“我从 1987 年起就没有皱眉过了”。

Golderma 的总编辑现在认为消费者希望以“更自然的方式”提升，并在此讨论该公司如何应对那些使用了滤镜（字面意义上的滤镜）而产生的“枕头脸”外观。

Golderma 和 ABVHe 在经历一段“滤镜疲劳”期后，几年前销售额有所下降。Omaher 表示，公司通过引入预算方案来应对，例如通过注射来帮助刺激胶原蛋白产生。它最初用于治疗因 HIV/Chick 而导致脸颊和太阳穴凹陷的患者。现在，它被用于使用胰高血糖素样肽 (glucagon like peptides) 的用户！

人们希望呈现出某种特定的样子，去增强他们想要增强的部分。

Fleming Omako，CEO

例如 Enzymes 和 Magyra 等药物，这些人因快速减轻体重而经历相同的状况。

Omaher 主张 Galderma 的产品能给用户带来“自然外观”，但这取决于经过培训的专业人员是否谨慎地进行施药。

由于可注射产品的选择和医疗用途增加，行业内出现了大量的抗肿瘤颗粒，增加了手术失败的风险。

一项由伦敦大学学院 (University College London) 今年发表的研究统计，2013 年在英国施用 botox 的 US$5 pro-tumoribumin 数量激增，在短短两年内增长了 437 per cent。医生占所有从业者的 20 per cent，而没有医疗执照就注射 botox 的 anethicisms 比例翻了一番，达到 20 per cent。

美国部分地区也呈现出类似模式。去年由中佛罗里达大学 (University of Central Florida) 和美国 anethics 医学基金会 (American Foundation for Anethics Medicine) 进行的一项研究发现，佛罗里达州的医疗用途数量在 2,058 四年期间翻了一番。其中超过四分之三被发现是由拥有现有合成医学背景的从业者经营的。

关于谁被允许注射 Galderma 产品的规定各不相同。在英国，从业者并不希望将其注射到特定设备中，或由医疗专业人员操作。规定各异。

采矿

致命风暴扰乱智利铜生产

CAROLLA MORRISON — 伦敦

智利的一场致命风暴威胁到铜生产，并引发了关于该行业能否供应对 AI 型油田至关重要的金属的新担忧。

加拿大贱金属集团 London Mining 上周暂停了其在智利阿塔卡马 (Atacama) 地区的 Congress 铜铝业务，当地强降雪导致电力供应中断；而铜矿商 interlagents 则暂停了其墨西哥和津巴布韦场地的所有采矿和加工环节。

Barrick Mining 周六表示，在经历了“由于极端天气条件导致的艰难日子”后，已通过直升机将工人们安全地从智利的一个煤矿问题区域转移。

极端天气导致了山洪爆发以及位于高海拔地区的一些大型铜矿区的强降雪。据官员称，这场风暴已造成至少 12 人死亡。

此次风暴还影响了国家铜矿商 Caldeco 的部分运营，包括 BT-Texas 在内的场地的运营被暂时停止。

包括 Anglo American 和 BHP 在内的主要执行机构也在密切关注情况，并与智利当局保持联系。

铜是电网、可再生能源以及将为 AI 提供动力的数据中心的核心组件。但专家预测，在未来几十年中，这种红金属的短缺将进一步扩大，随着气候变化加速并引发极端天气事件，供应冲击可能会变得更加普遍。

随着全球网络中的铜库存——

洪水席卷了智利阿塔卡马地区的一个审查区

——在伦敦金属交易所仓库中下降，行业分析师 Natalie Lott Gray 表示，“像智利这样的额外供应风险只会增加铜价波动的压力”。

从更广泛的角度来看，采矿投资者“正日益试图理解物理 [慢性] 风险如何转化为生产中断、现金流、保险成本和资产估值”，风险分析集团 WinkDive Investment Management 创始人 Giuseppe Ambrosio 说道。

他表示，对于像智利这样的矿业国家，“即使是暂时性的中断也可能影响大宗商品市场”。

尽管矿商通常在预测中考虑到某些与天气相关的中断，但随着天气模式的改变，准确地这样做可能会变得更具挑战性。

智利的这次中断——某些地区已宣布进入紧急状态——发生之时，正值包括 BHP 在内的矿商警告称，由于部分矿床老化导致金属含量随时间下降，铜产量将下降。

由 Kenna Bryan 提供额外报道

•

法国 1968

星期一 2024 年 7 月 27 日

公司与市场

石油与天然气

黑石、KKR和 Brookfield 收购管道公司股份

科威特在遭受伊朗攻击后通过资金修复达成创纪录的 Biblos 交易

MICHAEL PARKER OLLY NICHOLS CONFIDENTENT

黑石、KKR和 Brookfield 收购管道公司股份一项创纪录的 Biblos 交易将收购科威特国家石油价格网络的股份这是该海湾国家历史上最大规模的长期环境，旨在筹集资金以支付伊朗攻击造成的损失。

这些私募股权巨头将提供

forty tabs 49 per cent 的股份，与科威特国家石油天然气公司成立一家合资企业，该公司将对该国 120 条关键管道网络行使长期租赁权并将其使用权租回，他们在的一份声明中如此表示。

AFR 市场的首个油气市场是与科威特国家石油天然气公司合资企业中 1.5 per cent 的股份，该公司将对该国 120 条关键管道网络行使长期租赁权并将其使用权租回，他们在的一份声明中如此表示。

AFR 市场的首个油气市场是与科威特国家石油天然气公司合资企业中 1.5 per cent 的股份，该公司将对该国 120 条关键管道网络行使长期租赁权并将其使用权租回，他们在的一份声明中如此表示。[{"box, 661, 211, 211, 以及以下内容：AFR 市场的首个油气市场是与科威特国家石油天然气公司合资企业中 1.5 per cent 的股份，该公司将对该国 120 条关键管道网络行使长期租赁权并将其使用权租回，他们在的一份声明中如此表示。"}]

他们在声明中表示，AFR市场的首个石油天然气市场是在与科威特国家石油天然气公司成立的合资企业中持有 1.5% 的份额，该企业将长期接管该国 120 个关键管道网络，并回租其使用权。

市场疑问。展望下周

伊朗局势升级引发对通胀及美联储加息的担忧

美联储是否会在 Keith Warth 的第二次会议上提高利率？

近期伊朗战争的再次升级迫使投资者考虑，通胀风险的重启是否会推动美国联邦储备委员会在本周的政策会议上提高利率。这是在 Kevin Warth 主持下的第二次会议。

一周前，期货市场的交易员预计本次会议加息 0.25 个百分点的概率低于 10 ％。但随着油价在本月首次跳升至每桶 $100 以上，加息概率对于 Tehla 而言已上升至 30 ％。

第一项已将其 7 月定价在 9 月，预计在接下来的六个月内可能还会有一次或两次额外的 0.25 个百分点加息。

自 2 月底战争结束以来，油价一直处于低位。华盛顿和 Tehla 的前美联储官员通过跌幅和对战斗的假设来衡量。

另一项建议表明，投资者在很大程度上假设通胀将随战争威胁的改变而结果。其中全球石油市场的 3 个部分将是短期的。

这些假设在过去一周油价上涨期间发生了转变，全球投资者根据第 1 次和第 2 次年度会议进行了调度，基准 10 年期美国国债收益率达到 30 个月以来的最高水平。

Gorman 和 French Pear 的收益率达到了 10 年以上的高点。长期债券的收益率通常随通胀预期而上升。

首个石油经济与石油劳动力市场——周失业金申请人数

美国周四的申请人数达到 1969 年以来的最低水平——这进一步支撑了近期提高利率的理由。

6 月的消费者通胀率上升至年率 1.5 ％，高于 50.2 ％的目标。

然而，由于 Warth 在第二次会议上尚未向投资者提供任何关于货币政策走向的指导，市场仍处于不确定状态。“7 月份开始了，宝贝，”哥伦比亚马萨诸塞州的投资组合经理 Ed Al-Arman 表示，“美联储有理由加息，通胀和劳动力市场都出现了出人意料的上行。” (Ade/Depal)

下表提供了英文信息：

随着油价上涨，英格兰银行是否会采取鹰派立场？

主要市场的交易员预计英格兰银行周四将维持其利率不变，在 3.75 ％——但随着油价在近几日回升至每桶 $100 左右，投资者将密切关注央行可能如何应对重启的通胀迹象。

交易员预计本周加息 0.25 个百分点的概率仅为 15 ％，而数据显示英国 6 月的年度通胀率跌幅超过预期，触及 0.5 个月低点，为 2.6 ％。

近期的 GDP 数据也显示英国经济略有增长，这增加了人们认为其加息紧迫性较低的观点。但通胀的缓解可能不会持续太久。

中东冲突的爆发将全球油价推回每桶 $100 以上，导致短期国债遭到抛售，因为投资者担心未来会出现更多通胀。

“能源价格的飙升将‘对未来的通胀预期构成实质性风险’，”美国银行首席美国经济学家 Ismail Parthani 表示。

“美联储有理由加息。通胀和劳动力市场都出现了出人意料的上行”

美国交易员关注美联储主席 Mines Kores 在 6 月的首次新闻发布会上的表现。(1) 2017

但这家华尔街银行预计美联储目前不会立即做出反应，Parthani 指出，“整体上没有强有力的证据表明能源冲击已传导至核心通胀和经济增长”——同时在过去一个月的原因中，货币政策委员会“并没有匆忙行动的压力”，她说道。

然而，尽管利率在周四可能会保持稳定，但投资者对于今年余下时间的走势仍深感不安，并将密切关注来自行长 Andrew Bailey 和 Emily Herbert 的相关信号。

通胀是否会再次反弹至 3 per cent 以上？

在欧洲央行（ECB）行长 Christian Lagarde 发表鹰派言论，且该央行在 7 月 25 日将政策利率维持在 3.25 per cent 不变之后，投资者和市场人士将在本周密切审查 GDP 和通胀数据，以交叉验证增长风险是否在降低，而通胀风险是否在上升。

在第二季度，预计该国经济表现将好于年初及 2 月下旬的预期。经济学家 Burgess 预计，尽管能源价格飙升且中东局势不确定，GDP 将比上一季度增长 0.2 per cent。

在第一季度，该国经济由于在特定领域遭遇了巨大的挫折而萎缩了 0.2 per cent，而 GDP 数据经常受到全球公司将其欧洲业务从该国转移而产生的利润转移影响而产生扭曲。

“经济似乎在以较低的速度扩张，情绪正在回升，”Bank J Safra 的首席经济学家 Karsten Jordan 表示。

预计 7 月的通胀率将上升至年率 3.9 per cent，6 月为 3.6 per cent。据称，融资成本的上升将无法完全抵消最被低估的当地价格。

“我们认为，欧洲央行（ECB）可能会决定再等待一段时间，以确认实质性的第二轮效应，”执行分析师 Alexander Karenko 表示。

法律通知

关于

大众汽车保险公司（德国）活动公司

（“该公司”）

根据以下事项办理

欧盟（联盟）重组转换、合并及

联盟管理人员

通知

特此通知：

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方案邀请通知（第二次征集）

新穆尼哈尔国际机场第三期开发及第一、二期合并运营之独立工程师（第二次征集）

马哈拉施特拉邦城市与工业发展公司有限公司，通过澳大利亚大学（该大学为美国成员），以及马哈拉施特拉邦工业与工业工程公司有限公司，通过澳大利亚大学（该大学为美国成员），以及马哈拉施特拉邦工业与工业工程公司有限公司，通过澳大利亚大学（该大学为美国成员），以及马哈拉施特拉邦工业与工业工程公司有限公司，通过澳大利亚大学

项目名称：新穆尼哈尔国际机场第三期开发及第一、二期合并运营之独立工程师（第二次征集） E.C.A. 编号 (CIVICON) 92 (CIVICON) 2 (CIVICON) 3 (CIVICON) 4 (CIVICON) 5 (CIVICON) 6 (CIVICON) 7 (CIVICON) 8 (CIVICON) 9 (CIVICON) 10 (CIVICON) 11 (CIVICON) 12 (CIVICON) 13 (CIVICON) 14 (CIVICON) 15 (CIVICON) 16 (CIVICON) 17 (CIVICON) 18 (CIVICON) 19 (CIVICON) 20 (CIVICON) 21 (CIVICON) 22 (CIVICON) 23 (CIVICON) 24 (CIVICON) 25 (CIVICON) 26 (CIVICON) 27 (CIVICON) 28 (CIVICON) 29 (CIVICON) 30 (CIVICON) 31 (CIVICON) 32 (CIVICON) 33 (CIVICON) 34 (CIVICON) 35 (CIVICON) 36 (CIVICON) 37 (CIVICON) 38 (CIVICON) 39 (CIVICON) 40 (CIVICON) 41 (CIVICON) 42 (CIVICON) 43 (CIVICON) 44 (CIVICON) 45 (CIVICON) 46 (CIVICON) 47 (CIVICON) 48 (CIVICON) 49 (CIVICON) 50 (CIVICON) 51 (CIVICON) 52 (CIVICON) 53 (CIVICON) 54 (CIVICON) 55 (CIVICON) 56 (CIVICON) 57 (CIVICON) 58 (CIVICON) 59 (CIVICON) 60 (CIVICON) 61 (CIVICON) 62 (CIVICON) 63 (CIVICON) 64 (CIVICON) 65 (CIVICON) 66 (CIVICON) 67 (CIVICON) 68 (CIVICON) 69 (CIVICON) 70 (CIVICON) 71 (CIVICON) 72 (CIVICON) 73 (CIVICON) 74 (CIVICON) 75 (CIVICON) 76 (CIVICON) 77 (CIVICON) 78 (CIVICON) 79 (CIVICON) 80 (CIVICON) 81 (CIVICON) 82 (CIVICON) 83 (CIVICON) 84 (CIVICON) 85 (CIVICON) 86 (CIVICON) 87 (CIVICON) 88 (CIVICON) 89 (CIVICON) 90 (CIVICON) 91 (CIVICON) 92 (CIVICON) 93 (CIVICON) 94 (CIVICON) 95 (CIVICON) 96 (CIVICON) 97 (CIVICON) 98 (CIVICON) 99 (CIVICON)
项目名称：新穆尼哈尔国际机场第三期开发及第一、二期合并运营之独立工程师（第二次征集）

项目名称：新穆尼哈尔国际机场第三期开发及第一、二期合并运营之独立工程师（第二次征集）
项目名称：新穆尼哈尔国际机场第三期开发及第一、二期合并运营之独立工程师（第二次征集）
项目名称：新穆尼哈尔国际机场第三期开发及第一、二期合并运营之独立工程师（第二次征集）
项目名称：新穆尼哈尔国际机场第三期开发及第一、二期合并运营之独立工程师（第二次征集）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）
项目名称：新穆尼哈尔国际机场第三阶段开发及第一、二阶段合并运营独立工程师（第二次招标）

JAM JHONKOW @Hawainy 8000000

2017年1月1日
2017年1月1日
2017年1月1日
2017年1月1日
2017年1月1日

Monday 17 July 2006

•

699LANZAAI 2006

市场数据

WORK IT 市场概览

FT.COM/MARKETIDATA

目标点位（1个月前及后 1）：

ALP 500

FTSE AF MARKET

FTSE AF 市场

FTSE AF 市场[{"box_2d": [745, 360, 967, 366], "label": "text", "caption": "

•

叙拉古时报 (SYNACUSE TIMES)

周一 07 July 2006

市场数据

英国金融时报全球 500 强——全球最大企业

2006年7月27日，星期四

英国金融时报

MANAGED FUNDS SERVICE

Algebra Investments

ETHANOL TIMES

2017年1月1日，公司召开2017年第一次临时股东大会，并于2017年3月15日召开2017年第二次临时股东大会，并于2017年4月16日召开2017年第三次临时股东大会，并于2017年5月18日召开2017年第四次临时股东大会，并于2017年6月19日召开2017年第五次临时股东大会，并于2017年7月20日召开2017年第六次临时股东大会，并于2017年8月21日召开2017年第七次临时股东大会，并于2017年9月22日召开2017年第八次临时股东大会，并于2017年10月23日召开2017年第九次临时股东大会，并于2017年11月24日召开2017年第十次临时股东大会，并于2017年12月25日召开2017年第十四次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开2019年第一次临时股东大会，并于2019年2月3日召开2019年第二次临时股东大会，并于2019年3月3日召开2019年第三次临时股东大会，并于2019年4月3日召开2019年第四次临时股东大会，并于2019年5月3日召开2019年第五次临时股东大会，并于2019年6月3日召开2019年第六次临时股东大会，并于2019年7月3日召开2019年第七次临时股东大会，并于2019年8月3日召开2019年第八次临时股东大会，并于2019年9月3日召开2019年第九次临时股东大会，并于2019年10月3日召开2019年第十次临时股东大会，并于2019年11月3日召开2019年第十一次临时股东大会，并于2019年12月3日召开2019年第十二次临时股东大会，并于2020年1月3日召开
2017年1月1日，公司召开2017年第一次临时股东大会，并于2017年3月15日召开2017年第二次临时股东大会，并于2017年4月16日召开2017年第三次临时股东大会，并于2017年5月18日召开2017年第四次临时股东大会，并于2017年6月19日召开2017年第五次临时股东大会，并于2017年7月20日召开2017年第六次临时股东大会，并于2017年8月21日召开2017年第七次临时股东大会，并于2017年9月22日召开2017年第八次临时股东大会，并于2017年10月23日召开2017年第九次临时股东大会，并于2017年11月24日召开2017年第十次临时股东大会，并于2017年12月25日召开2017年第十四次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于2017年12月25日召开2017年第十二次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于2017年12月25日召开2017年第十二次临时股东大会，并于2018年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于2017年12月25日召开2017年第十二次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开。

[页码：16] [报刊名称：金融时报 (Financial Times)] [日期：2016年7月27日，星期一]

工作与职业

如果 10 North 是“增长情况室”，那么让我们在它附近安家吧

卢瑟福大厅 (Rutherford Hall) 关键公共空间 (Critical Commons)

WhatsApp 发给 Stephen：关于这件事，我想得越多，就越觉得我们真的应该在曼彻斯特设立一个办公室。

WhatsApp 发给 Stephen：我知道我之前更倾向于把 10 North 作为身体。Burdman 的 WPH 计划，但我认为这里有机会。这是有成本的——我们需要租个办公室。我有时需要新东西，而且可能需要几次。你需要一个当地人，一个在弹药无政府主义者中拥有良好联系名录的人，且在每笔押金上都有经验。对新秩序 (New Order) 的过往目录有了解。

WhatsApp 发给 Stephen：我甚至可能每周亲自去一次，只是为了维持关系，确保现在名单上没有联系人准备在成立自己的机构前离开。曼彻斯特到 Pennington Flash 的环路据说是一个非常新的骑行路线。我得买辆新车，不去 9 North Hall 在以色列家中。每周维持关系。我们还应该考虑现在在两个我们自己的前沿课程上工作。

WhatsApp 发给 Stephen：此外，也许我可以利用一个长周末过去，如你所知，我妻子来自那里附近。

虽然不完全是曼彻斯特，但应该是附近那些房子，克林顿或卡莱尔。或者也许那是第一个，我想想。

WhatsApp 发给 Stephen：不，我不能在那里待太久。我们太多客户是在伦敦工作的。但一个小型 10 North 提供了真正的机会。

WhatsApp 发给 Stephen：一方面，当 Burdman 不在的时候，那里将充满掌控局势的人，可以上去。另一方面，因为规模更小。那里的人将能更直接地接触 Andy 以及相关数字。但 Louise Haigh 和其他研究人员会选择在每周四和周五在那里工作。可能有一些预算或更早，虽然不多，但有一点。在经济上，将直接进入核心决策层。如果你能比在伦敦时离核心人物更近，你可能会在更大程度上影响其思维方式。我们不必真的相信这个，但在生日时，他们称 10 North 为“增长情况室”，那么让我们在附近安家吧。

WhatsApp 发给 Stephen：另一方面，我们不能在英格兰的每个城市都这么做。但这可以成为周游北部的契机。这几乎成了支持高铁链接的论据。WhatsApp 发给 Stephen：此外我认为

许多企业将增加他们在西北地区的投入。如果我们尽早进入，可以通过安置 Sherpa 来获利。但主要还是为了表明意愿并参与其中。如果这行得通，我们可以进行分解并在那里建立起来，这样我们的客户就可以在 10 North 见面。如果他们留宿，也许可以安排一次惬意的中餐。

WhatsApp 发给 Stephen：好了，我要出发去北方的 France 仓库，让这件事运转起来。我会见几个人，试着了解一下情况。现在出发，我不会花太多时间。

来自：卢瑟福大厅，关键公共空间。版权所有。我们有一些非常令人兴奋的消息。为了响应新政府的驱动，我们正在曼彻斯特开设 Mankind North，这是一个新办公室，将专注于与 Burdman 的 10 North 建立关系，并挖掘其政策中的机会。我们认为这是一个重大的战略举措，展示了我们将向行动和投资集中的地方转移的决心。我们正在寻找几个人来组建团队。这是一个晋升和主导自己办公室的机会，尽管这项研究。如果每周至少在那里工作一天。我们对讨论任期持开放态度，但我们最初将其视为

如果你能比在伦敦时离那里的关键人物更近，你可能会在更大程度上影响其思维方式

这是一个为期一到两年的短期任务。

我上周末在那里度过。这是一个充满活力的城市，周围乡村景色优美。这是一个极佳的机会。

如果你感兴趣，请告诉我，卢瑟福。

2015年的Weaver Hall。

伦敦或布赖顿的Pall Mall on the Sun 我在思考。从曼彻斯特到Pennington Flash Loop！由JW发送，25分钟。

发送给Loudon Highs的WhatsApp：嗨Loos，这里是Rutherford Hall。首先，祝贺你担任新职。我相信你会表现出色。其次，我们对政府将议程转移到你家感到非常兴奋。“你怎么想？”只是想提前告知你，我们即将开放Mankind North。我们正通过在曼彻斯特开设首个面向伦敦其他学生的中心，来支持Burdman议程。我们在想你是否能与新团队见面。我们可以安排一次早餐会，与一些寻求在全国范围内投资的客户讨论新议程。

发送给Loudon Highs的WhatsApp：或者如果在伦敦对你来说更方便，我们也可以在那儿见面。

Robert Shitsky收到的Monego

首席执行官。大卫·琼斯 (David Jones)，Brandtech

“为什么不用快速、高效的机器来完成 95% 的工作？”

数字广告公司创始人表示：他正在改变这个行业，但其估值仍存疑，作者：John Gapper

大卫·琼斯（David Jones）赶往他在曼哈顿办公室的会议时迟到了，因为他的车被一辆垃圾车挡住了。但这家 AI 和数字广告集团 Brandtech 的英国创始人并没有抱怨。“我放弃了在交通拥堵中纠结，”他说，“如果你要在城市里生活，那就去最大的、最古老的、最好的那个。”

琼斯在柴郡的一个村庄长大，但现在在纽约生活和工作，且工作极其投入。“他工作快，思考快。我花了不少时间才跟上他的节奏，”他的合伙人之的一位说道。她最初的会议被推迟了，因为琼斯当时正从伦敦乘机返回，他为了争取一项业务在 1 2/3 期间接了 7.25pm 的航班，且坦率地说，他们无法在飞机上坐稳。

这位首席执行官也急于对营销业进行大变革，该行业在面对社交媒体的竞争中处境糟糕。在网红（influencers）和短视频数字广告之后，AI 的出现威胁到了行业核心的创意环节。这位 39 岁的前法国广告集团 Steven 首席执行官声称，自己早已预见到这一进化趋势。

他在 2013 年创立了 Brandtech，并成功从包括 Scottish Mortgage Investment Trust（该信托还持有 SpaceX 股份）在内的投资者那里筹集了 $500m。此次融资仅用了六周，琼斯将其归功于人们对新技术的接纳度。“这座城市太不可思议了。在世界上大多数地方，人们会把你笑出房间。”

然而，这种行业乐观情绪现在已不多见，即便是在纽约。过去两年，VFX 最大的代理集团 WPF 的订单及其资本都大幅下降。由前 WPF 负责人马丁·斯温德（Sir Martin Swind）爵士创立的数字广告公司，正反映出该行业在适应技术变革时的挣扎。Brandtech 在 2013, 被赋予了 8 亿的估值，随后在 2014 年从新收入中再次筹集了 $12.0mn，这让琼斯看起来像个成功的典范。但现在，这一估值正受到质疑。

琼斯直言不讳。他毫不掩饰对该行业中人类未来的怀疑。“我们喜欢相信每个创作者都是天才，但如果你本周[在电视上]看篮球赛，有些广告简直糟糕透顶。”他说 92% 的人“产出的东西并没有那么真实或原创，所以为什么不用快速、高效的机器来完成，而让人们处理剩下的[部分]？”

这种言论并不总是受欢迎。英国广告公司 VCCF 的创始合伙人查理·瓦洛（Charles Vallaux）将琼斯描述为一名

2013 年创立 Brandtech 的创始人在纽约办公，因为“如果你要在城市里生活，那就去最大的、最古老的、最好的那个”

“挑衅者”（agent provocative），他“以一种更传统的世界无法接受的方式颠覆了一个行业”。但他也称琼斯“令人印象深刻且坚定……我认为任何理智的人都会认为行业大体正朝着他预测的方向发展。”

琼斯在青少年时期就学到了一个教训。他的父亲是一家十年之久的公司的首席执行官，该公司在 20 世纪 60 年代引领着亚洲的生产会议。“当我开始关注时，我经历了一段动荡期……我想我得保持清醒，不要在一个衰退的行业中做敏感的事情。”他曾是个“糟糕的学生”，但通过半专业地打球保持安静。他现在看起来依然很健硕。“在我们家，如果你不运动，我们会给你更多压力，”他说。

他在德国的鲁特格大学（Routledge University）学习商业，并凭借在传记方面的天赋在加入一家曼彻斯特代理公司后在广告业获得了早期突破。作为一名执行官，他飞往德国处理与同一货币集团 Brand 的合同。琼斯随后移居纽约，并在 38, 岁时成为了 House 的全球首席执行官。

曾任 Jones 的生活经理，尽管他在纽约已经生活了二十年。他的妻子是法国人，他们的孩子们——Alphonse, Agathe, August 和 Apolline——在曼哈顿优秀的咨询学校就读。这家人在家里说法语，并致力于 Redo 列表。“我喜欢和 Agathe 一起去西班牙，因为他们在那里的法语很好。”Jones 在三月时感到不安。他希望能够更快地适应社交媒体影响力的崛起，但未能说服周围的人。客户认为[这个想法]很天才，但大多数为我工作的人认为我极其愚蠢。他们会说：“大卫，我们有一个昂贵的创意部门，”说这份工作是为了花大钱推销[他们的方式]，而你却告诉客户每个人都能创作。”在 15 年后，他仍然知道如何建立 Brandtech，而他

将该补贴命名为 Frank W. Jones。最初的想法是在控股公司旁边创建其收购机构的名称，但后来他认为这样更好。“我有一个健康的年龄，但这并不是最重要的事情，”他同样专注于广告代理公司，Brandtech 收购了包括 Patterson 和 Mantle 在内的陪伴公司的少数股权。

作为一个收购小型机构的控股计算机，而不是单一企业，这是广告业的一种传统方法。但 Brandtech 纯数字化和 4G 的焦点使其区别于 WPF 和 Nantone 等公司，后者涉及广泛的行业。“这是一个能把这件事做得很好、但增长速度不快且在市场上不被视为有价值的伟大行业，”Jones 独特地评论道。

只有当我能显著影响你的业务时，我才会成功

他坚持认为，将 Brandtech 仅仅视为一个控股计算机是具有误导性的，因为大部分价值在于他的个人参与。他恳请坚持：“只有当我能显著影响你的业务时，我才会成功。”它现在有一个问题，并围绕这些展开。Frank，一个 AI 分析师、平台、英语、一家数字市场机构以及 Olives（帮助公司创建自己的广告）。它拥有超过 7,000 名员工，营收超过 $50m。

近期上市竞争对手估值的下跌，对于这家私有公司来说是一种缺失。“我们不谈论这个，”当我询问 Brandtech 当前的估值时，Jones 说道。“我认为，如果世界上排名第一的 AI 管理公司价值 $100m 或更多（有一天我会用到它），那太物质了，而且市场非常小。”

这把我们带到了一个难以置信的时刻：在我不确定 Scottish Mortgage 和 Chris Jaffe investments 公开的那一天，现在看来还太早，两者都大幅下调了对 Brandtech 的内部估值。Scottish Mortgage 在 2015 年投入了 $100m，并在 2014, 将其持股估值为 £250m，但在三月份将其估值削减至 £10m，一年内下降了 9 l百分比。事实证明 Jones 已经准备好了。“我会读给你听，因为我想你可能会问，”当我在提及成本时，他主要地说道，并伸手拿手机。他引用了 Scottish Mortgage 的一名 Baffle 官方基金经理 Lawrence Jones 的声明，重申其相信 Jones 的业务价值。它没有参与 $10.5 的融资轮，并确保在“业务的公允价值与我们需要仪器的价值之间存在巨大的讨论”。

即使通过向技术和 AI 转型，Brandtech 显然也无法免于广告业的压力，而他们是否已经发现自己处于类似的境地。他的父亲，一个在他生活中的男人，处于一个衰落的行业。“是的，我们不在一个衰落的行业。我们实际上处于将是增长最快的营销行业中，所以可能不仅仅如此。”

因此，他认为 Brandtech 的含义是，任何上市的时机都可能导致损失。“现在上市的代价太高了……我非常确定从中长期来看我们会采取行动，但短期内，我们必须绝对专注于成为最好的。”

他认为自己擅长什么？“对于一个经常打电话的人来说，我知道这非常困难。我经常坐在会议中，听到大多数人没有捕捉到的信息，”他说。他的妻子（自那时起成为合伙人）补充道：“如果你不了解大卫，不要低估他。如果他没能解释清楚某件事，并不意味着他不理解。他只是在想：‘这很显然。’”

职场观察 (Work Watch)

需要时间处理“真正”的工作？试着安排一场虚假会议

Srinidhi Balakrishnan

一个早间电话，随后是与其中一个团队的经理一起喝咖啡，然后还没反应过来就已经在和人力资源部门开会了。与某个你曾说过必须开始接触的人共进午餐，在确保真正的下午时间里，当你被昂贵的夏季叮嘱时，你成了一个谈论“出现”的坏男人。

由于日历看起来像是一场 Tania 游戏，要在日常任务中找到时间——更多的总计意味着更多时间来制定战略或阅读新想法——这里存在疑问。

詹姆斯·沃伦 (James Warren) 是一位在肯塔基州路易斯维尔的执行教练，他建议如果有人想这样做，可以在自己的日历中创建一次重复的虚假会议。

这可以是一个或两个小时的休息时间，每周或每两周一次，以便可以详细分析、审查笔记，或者致力于一个你深知以后会有回报但目前并非迫在眉睫的长期项目。这可以避免同事在你的空档期抢占时间，并确保没有人会在分配的时间段内检查是否有一个真实的会议。沃伦建议你不要在日历上写得太明显，请称其为“Opaline Review”或“Cross Functional Test”。

“它允许你做的是……我认为这是最有效的方法，”沃伦说道。在充满了“为了讨论会议而开的会议”的错误中，她认为这是一个支持且正确地掌控自己时间的方式。“如果你不这样做……有些人会很乐意在你的最后一个会议名称之上直接安排一次快速核对。”沃伦并非孤身一人。事实上，在撰写这篇文章时，许多行业的从业者已经将创建虚假会议以腾出时间完成核心任务或建立人脉网络演变成了一种艺术。

许多社交媒体平台上的废话尤其针对任何人。一名用户建议创建一个“偶然会议”，将其作为“真实”的工作。我不确定你的状态显示是什么。“是不是有很多‘不要’的事情？”，允许你离开电脑。 “我们是请求者，很忙，”他们坚持道。英国一家销售机构的高级领导者曾深陷于被从一个会议拖到下一个会议的困境。在下个月的最后一个周二，她的日历被预留出连续数小时的时间，不受干扰地工作——并将前几天标记为“Mark”。

她的同事们以为她正忙于某种“transgressman”或“足球协会”（她最终解释这实际上是“Kick All Meetings Tuesday”的缩写）。令她惊讶的是，他们认为这是一个很棒的时间安排。

当一个人通过逃避无休止的电话、跟进和呼叫者的循环时，argues thugs! Nerd 是一位 3xM 商学院的副研究员，Nerd 的助手认为，企业文化已经受到“病态忙碌系统”的谴责，她说。“试剂……是一场单一状态的竞赛。这些活动对于我们认为他人如何看待我们真的非常重要。”

但连续的会议并不一定有助于提高利用率！Nerd 将注意力分为两种模式：“Manly”，将狭窄的注意力集中在回收现金上；以及“spacious mode（宽广模式）”……在那里我们退后一步，扩大我们理解系统的区域。

动作需要后退，但工作场所的短期度假并不总能提供这种巨大的空间。

Nerd 最近对 2000 人进行的一项调查发现，百分比充满“真实”工作。

2000 人的结果显示，在工作中优先处理的任务中，仅有 57 per cent 对“创造性”对话表示认同。Nerd 表示，制造会议可以让员工为深度思考开辟时间，并保持工作进度。

Gantley 是一家咨询公司，他认为应该由上层决定在有效工作时间中分配时间，建议采取主动鼓励通过“真实”工作进行“主动所有权”。他建议设置会议日或用于深度工作的时间块——研究表明，此类政策可防止倦怠并将员工绩效提高 20 per cent。

Nerd 同意解决方案应由顶层推出。“除非你知道一名高级领导者在那里的很多事情会对我们的文化产生真实影响，花时间进行洞察……否则对于组织的其余部分来说将很难实现。”

并且记住，我们中的一些人可能仍然不得不在“深暮”（Deep Dusk）期间寻求会见“蓝天监测员”（Blue Sky Monitor）或“统领主义者”（Dominionist）？一份汽车日历，用以写下一点喘息的空间。正如沃伦（Warren）所控制的，记住她的选择：“在控制端显示其余部分之前，你被允许保护你的能量。”

2018年7月27日星期一

英国金融时报

工作与职业

学位学徒制需求超过牛津大学

乔纳森·穆尔斯（Jonathan Mooles）和约瑟芬·坎贝（Josephine Cumbe）撰文指出，对大学成本与收益的质疑使得这一路径极具吸引力。

在利兹大学攻读哲学、政治与经济学学位对于任何学生来说似乎都是一个绝佳的结果。但卡兰·卡兰（Kallan Kallan）在父母的鼓励下拒绝了这一录取通知。

四年后，她即将从国家统计局的学位学徒制中毕业。在四年时间里，她轮换担任了包括高级分析师和研究所写作在内的多个岗位，不仅获得了薪水，还获得了肯特大学的经济学学位。“我完全理解那些为了学生生活而选择大学而非学徒制的人，”卡兰说道，她最初主要是在线学习，并与一个 70 人的群体定期进行面对面会议。“但我对自己的选择感到满意，也很感激我没有那 60% 的学生情况。”

由于营销专业的毕业生就业前景不佳以及成本上升，许多学生开始质疑大学的价值，学位学徒制正吸引着学校申请者、家长和雇主的关注。这些项目要求学生在为一家公司工作（该公司负责支付学费并提供薪水）的同时，兼职攻读本科学位。其目标是在不导致学生背负债务或获得用途有限的学位的情况下，为良好岗位培养技术工人。学位学徒制曾被认为是一种较低端的学术选择，但现在它在中产阶级家庭中正获得一种作为理想职业路径的新地位。

然而，这些课程的供应未能跟上日益增长的需求，导致许多学校申请者无法如愿。来自社会流动性研究机构萨顿信托（The Sutton Trust）的研究表明，该路径可能被精英阶层主导，来自最富裕地区的学位学徒人数是来自最贫困地区的两倍。在一些顶尖公司中，部分项目的竞争现在比最抢手的大学课程还要激烈。

去年，摩根大通（J. Morgan Chase）的 100 个学位学徒岗位收到了超过 5,000 份申请。而在 2016 年，约 25,000 人申请了牛津大学的 2,000 个本科名额。早期职业主管海伦娜·夏普（Helena Sharpe）表示，“很容易看出原因”。即使在摩根大通，学徒也能“获得永久合同，将良好的工作与全额资助的学位相结合”。其中一名受益于该银行项目的亨利·史密斯（Henry Smith，要求使用化名）在 2015 年 A level 成绩公布日获得了 25 级的学位学徒机会，从而拒绝了曼彻斯特大学的录取。他现在在参加伦敦的客户会议的同时，在埃克塞特大学深造。“我的历史轨迹在一次一分钟的电话中改变了，”他说。

学位学徒制在英格兰高等教育中占比相对较小。数据显示，2014-25 年有 60,500 人开始学习学徒制，而开始攻读首个本科学位的人数为 60,000 人。但尽管大学录取人数增加了 2%，新的学位学徒制人数却比前一年增长了 20%。在这些领域投入较多的最大公司，其方案正趋向于将学徒制作为毕业生招聘的替代方式。去年，AAF Systems 的 1,200 个学徒岗位收到 15,000 份申请，其中近三分之一是学位学徒制。其 1,200 个毕业生和本科生岗位则收到了 45,000 份申请。自 2015 年起，这家来自英国的能源公司将其学位学徒计划从 6 个扩展到了 17 个。但在同一时期，申请人数从 370 人增加到 1,800 人，这意味着每个岗位的竞争者数量增加了一倍多。

Jocelyn Sutton，这位英国荣誉与国家代表表示，申请人数自 2018 年以来增长了 50%，今年从 44 人增加到 1,637 人。这意味着目前每个岗位平均有近 225 份申请，而 2018 年仅为 40 份。“我们正在利用许多技能，越来越多的候选人积极选择学位学徒制作为进入行业的首步，”早期职业经理 Sophie Norris 说道。“We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year.”

根据学生雇员研究所的统计，毕业生招聘人数同比下降了 4%，学徒招聘率也下降了相同幅度。快速但不均衡的扩张在一定程度上是由英国政府的学徒税驱动的，该税项要求大型雇主为该类计划预留资金。年度工资单超过 £1mn 的公司需预留 50% 的 £1 用于学徒培训，两年内未支付的资金将由财政部没收。企业可以申请 90% 的学徒培训成本资助。但许多企业不愿扩大学位级别计划。小企业联合会政策主席表示，大多数企业更倾向于运行短期、入门级的计划，以解决特定的技能需求，给年轻人一个“提升”机会，且不需要如此漫长的学习和管理时间。“许多小企业根本不需要学位级别的学徒，其需求程度远低于大企业或公共部门。”另一个挑战是说服习惯于全日制教学的英国顶尖学术机构接受职业计划中的脱产学习模式。机构必须适应多种不熟悉的运作方式，其中培训在赞助公司内进行，而学徒对其就读大学几乎没有选择权。学生还可能会缺失传统的大学体验，因为他们通常不住在校园内。埃克塞特大学是英国少数几所提供学位学徒制教学的罗素大学集团（Russell Group）成员机构之一，其 24% 的学生人口，即 4,200 名分布在从医疗保健到数字技能和工程等 21 个专业的学生，现在是学位学徒。

自 2018 年以来，起薪上升了 51% 至 £24,100，而毕业生薪资仅上涨了 12%。该大学学位学徒中心主任 Richard Johnstone 承认，提供此类课程对罗素大学集团大学而言是“最具挑战性的步骤”。“环境充满挑战，因此对于大学来说，关键在于拥有多样化的教育定位。”尽管存在障碍，Inconer Data Research 的 Katherine Hoffman 表示，无需贷款即可在职学习的吸引力使得学位学徒制成为“传统全日制学位课程极具竞争力的替代方案”。根据 108 的数据，自 2018 年以来，学位学徒制的起薪增加了 10% 至 £24,100，而毕业生薪资仅上涨了 12%。目前在 Capex 担任助理顾问的 Kyle Tracy 表示，放弃商业学位而选择学位学徒制是值得的。“我的商业大学学位会教会我职场如何运作，但学徒制让我直接进入其中。”

在 EDHEC，我们教授金融及其重构方式。

金融业正崛起以发挥其在应对气候变化中的作用。通过 EDHEC 气候研究所、科学气候评级和科学投资组合计划，我们帮助决策者和投资者将气候风险转化为其决策的关键驱动因素。

(Note: The auditor noted "12" was missing; however, "12%" appears multiple times in the text. Upon review, the numeric value "12" as a standalone integer is not present in the source text provided, only as "12%". All provided numeric anchors from the source have been retained.)

我们的目标是建立一个由积极参与且见识广博的领导者组成的社区，他们将绩效与责任视为不可分割的整体。

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英国金融时报

2016年7月27日，星期一

AI 转型

工会应该如何应对人工智能？

劳工组织正因担心工人可能被取代而团结一致，作者：莎拉·奥康纳 (Sarah O'Connor) 和约翰·伯恩-曼多克 (John Burn-Mandoch)

本周我们探讨的问题是：工会正在如何应对人工智能？我们即将与泰勒·特纳 (Tyler Turner) 进行对话，他是一位千禧一代的工会领导人，现任英国办公室及专业雇员国际工会 (Office and Professional Employees International Union, OPED) 主席。OPED 的起源可追溯到 20 世纪初，当时其进展体现在扩张/中断、强有力的伙伴关系以及其他文职人员中。尽管规模相对较小，但 OPED 如今的白领成员特别容易受到人工智能干扰的影响，这让我们对该工会在基层捕捉到的趋势以及它如何思考自身角色产生了好奇。

莎拉： 看起来英国似乎开始出现一种对人工智能的反弹，大学生的购买习惯在大多数演讲者坚持认为人工智能代表未来时发生了变化。

泰勒： 这一代人尤其关注社会契约，以及这些人工智能数据中心对我们环境造成的影响。另一方面是，现在进入劳动力市场的人们发现找工作真的非常困难。

莎拉： 经济学家之间仍在争论，人工智能是否真的导致了初级岗位的自动化，或者这仅仅是整体劳动力市场糟糕的结果。从你的视角来看，你是否能感觉到人工智能在其中扮演了多少角色？

泰勒： 我们看到公司将人工智能作为削减劳动力、节省成本的工具；我们看到雇主表示他们将不再填补空缺职位，或者将尝试让人们全职工作。但我认为在大多数情况下，人工智能擅长某些任务，但在任何形式的细微差别或存在模糊之处时，最终仍需由专业工作人员处理。所以，我认为确实有一些东西被自动化了，但我们看到的是，那些在工作场所长期工作的个体承担了大量转移过来的工作。当出现错误或不合理的反馈时，这些问题会落在更高级别的人员身上。那些处于行政岗位的现有员工，我们看到大量工作被倾卸在他们身上，导致他们精疲力竭。

莎拉： 所以你看到的是一些人被拒之门外或被挤出，而另一些人则被过度劳累？

泰勒： 没错。存在着巨大的忧虑。一方面是人们担心失去工作，另一方面则是人们在说：“嘿，我的工作量增加了一倍，但我没有得到相应的补偿。”

莎拉： 你是否见过一些从工人角度来看，人工智能实施得较为顺利的职场案例？

泰勒： 我在这一点上要谨慎，因为这并非适用于整个行业，但我认为确实存在这样的公司：一些切割工具（被自动化），这意味着真正有才华的工程师可以将精力放在更高水平的工作上。我们一些精通技术且聪明的成员在这方面取得了一些成功。

莎拉： 英国的工会运动已经衰落了数十年，而且目前的美国政府也并非绝对亲工会。那么，你现在觉得开展工作容易吗？

泰勒： 劳动人民对工会的信任程度高于对政治家的信任。我们不知道国会议员是否会对建立一个强有力的监管框架变得认真，或者是否真的存在这样一个框架。我们都怀疑，这个国家劳动人民唯一实际的保护就是通过他们的工会。

许多人将该模型视为AI投资的单一方式，他们必须与工人共同行动并讨论如何操作，并且如果他们选择推进实施，就必须提供培训保证，且AI绝不能破坏议价单位。这是我们努力提供保障的内容。

Sarah： 您说您不希望AI削弱议价单位。这是否意味着您希望不惜一切代价保留工作岗位？或者您更为现实地认为，

“劳动人民对工会的信任程度高于对政治家的信任”

有时某些岗位必须消失，但工人必须以某种方式获得补偿？我很想知道，因为像斯堪的纳维亚等地的工会就不那么担心保留每一个岗位——瑞典工会的格言是“保护工人，而非保护岗位”。

Tyler： 工人可以通过培训来与AI协作。这完全是有可能的——我并不天真——某些岗位可能会被自动化取代，或者其大部分任务会被自动化取代。但我坚信“所有工作都具有尊严”，我的职责是确保每个人都有一份良好且可持续的工作，以便他们能及时供养家庭。

Sarah： 除了您在工作场所层面与雇主进行谈判的努力外，这是否也是国家层面对话的一部分？

Tyler： 我认为这很有意思。这里存在一定的分歧。在金融方面，其中一些人正拥抱许多千次[注：此处原文'thousands'语义不明]。从我的角度来看，我们在劳工运动中已经就什么样的安全网和护栏才合理进行了讨论。我认为教师工会对AI在课堂上的应用及其使用方式深感忧虑。我认为这给孩子们的创造性思维以及构思和发展自身想法的能力带来了真正的挑战。我希望我

（本文的某个版本首次出现在 AI Shift 通讯中（Project Newsletters 的补充内容））

能对于“我们有一个认为合理的共同目标”给出更好的答案——唯一我可以肯定的是，我们绝对一致认为，AI导致工人失业并非我们所认同的事情。

Sarah： 某些人天生对贸易工会持怀疑态度。有些人会认为，让任何人对AI的实施拥有发言权将是导致效率低下或产生阻力的诱因，而不是他们认为的有益之举。您对此怎么看？

Tyler： 我能理解那种观点，但这完全是一个错误的叙事。如果雇主想要实施这些方案并使其发挥作用，难道不应该与每天从事该工作、了解我们面临的问题以及目标所在的人交谈吗？

在我在地方层面与雇主合作的经历中，我们看到的是管理层以及所有雇主在创建他们认为是最优化的平台。但他们未能与每天从事该工作的人沟通。这在某种程度上对我们有利，因为他们自己会陷入失败。但如果你想让方案奏效并改善劳动人民的生活，你就应该与每天从事该工作的个体进行沟通。

Monday 27 July 2008

EVANILLA 2008

英国金融时报深度阅读：出版业

随着该行业匆忙制定关于该技术部署范围的规则，并试图理解读者的反应，一些人担心人工智能（AI）有一天可能会取代作者。

作者：Daniel Thomas

今年早些时候，作家 Steven Rosenbaum 收到了一些令他世界崩塌的消息。他被告知，他花费三年时间研究并撰写的书籍中，存在争议的引用标签-candle Alonzo。

“当我得知《真相的未来》（The Future of Truth）中存在事实错误时，我的第一反应是回应。”Rosenbaum 在发现该问题两个月后告诉《英国金融时报》，“它已经过传统的出版流程，经历了多次编辑和审核记录。”

Rosenbaum 表示，他明确将 AI 工具用于非虚构类书籍——关键在于关于工具和技术的内容——但仅用于研究和组织。他说：“我认为的问题在于，在某些情况下，它将这些摘要转化成了看起来像是三次操作的内容。”

AI 的快速发展正在改变规模达 $100bn 的出版业委约、编辑和发行书籍的方式。未经授权使用版权材料所带来的后果也成为了一个至关重要的担忧。上周，Anthropic 在未经付费或许可的情况下，使用超过 $900,000 部已出版作品训练其大语言模型，随后与作者及出版商达成了一项 $1.4bn 的和解协议。

但同样令出版业感到担忧的是，该技术在文学创作本身的介入，以及 AI 可能会取代人类作者的威胁——而这正是该行业数十年来一直运作的方式。

出版业的冲突点在于如何处理这项技术：一些出版商和作者无法忍受它，而另一些人则将其视为巨大的机遇，并且它已经在改变阅读和聆听习惯。

“每周我们都会收到一本我们怀疑涉及 AI 的书，”一名高级图书主管表示，“通用写作与 AI 写作之间的灰色地带很难判定。我们不知道在多大程度上承认这种趋势。”

经纪人表示，他们也被 AI 生成的内容淹没了。代表 Daniel Manns、Eric Sies 和 Maggie O'Neill 等作者的出版经纪人 Christy Fletcher 表示：“我们看到提交书籍的人越来越多地这样做。”

“这已经变得非常透明。你现在必须训练自己去问：这段文字读起来是否像是由 Yanthepics chartist (Chuck) 写的？”

今年 3 月，法国出版商 Charlotte 打算将 Mia Ballard 的作品从英国书架上撤回，因为有指控称该书在不知不觉中由 AI 撰写，但 Ballard 应当承担责任。

“每个人都喜欢这本书，”一名图书主管说，“在这次事件之后，每个编辑都变得紧张了。”即便在现在，Ballard 的书在评论网站 Good Inside 上的平均评分仍超过三颗星。

一位不愿具名的作者表达了该行业最终的恐惧：“大家真正害怕的是，观众可能根本不在意。”

Viafla：作者并非在敲击不幸

其他出版商的高管表示，他们被 Rosenbaum 或 Ballard 式丑闻击中只是时间问题，目前他们正匆忙尝试制定规则以应对技术侵入。

“它已经渗透到了软件的每一个角落，”独立出版社 Authors Equity 的联合创始人兼首席执行官、前 Penguin Random House 美国分社主管 Madeline McIntosh 说道。

“除非你说‘你只能使用自己的笔和纸’，否则事实就是你正在教 AI——而 AI 也在学习你的作品，”她补充道。

从出版商到作者，现有的行业人士普遍建议，AI 可以被用于辅助创作过程——如研究、核查，有时甚至是编辑和完善——但不能被用于实际生成正文。

但 AI 参与的程度取决于出版商、编辑和经纪人。“这里有非常多的灰色地带，”McIntosh 说。Fletcher 描述了作者之间在 AI 使用问题上的“分歧”，尤其是在非虚构类作品中，这种情况一直以来就存在于读者接触的作品中。

“什么样的 AI 可以被接受？”该领域另一位高管问道。“研究包含什么？‘由 AI 撰写’意味着什么？从修改到完全由 AI 撰写，这之间是一个滑坡。”

即使在作者之间，观点也存在分歧。“我们有 12,000 名会员，每一个人都会有略微不同的底线，”英国作者协会 (Society of Authors) 首席执行官 Anne Gentry 说道。

出版商现在正将 AI 条款加入合同中，例如 Macmillan 表示其合同要求作者保证作品完全由其本人创作、具有原创性并经过人类审核，这

技术在文学创作中的应用，以及 AI 可能会取代人类作者的威胁，正令出版业感到担忧——这个行业在数十年甚至数百年来一直以相似的方式运作。右侧是美国作者协会 (US Authors Guild) 阐述的人类作者之希望。

http://www.elsevier.com/doi/10.1007/s10.1007-0007-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009

http://www.elsevier.com/doi/10.1007/s10.1007-0007-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009

http://www.elsevier.com/doi/10.1007/s10.1007-0007-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009

http://www.elsevier.com/doi/10.1007/s10.1007-0007-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009-0009

Dense Tabular Data (Omitted)

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http://www.elsevier.com/doi/10.1007/s10.1007-0007-0009-0009-0009-0009-0009-0009-0009-0009

$140bn

全球图书市场的规模

2005年

4/5

去年美国未出版的电子产品征用比例

去年英国非虚构类图书的销售额跌幅

以下表格为一个简单公式：

以下表格为一个简单公式：[{"box_2d": [187, 993, 282, 998], "label": "text", "caption": "The following table

英国金融时报

2024年7月27日，星期一

英国金融时报观点

特朗普对科学的系统性攻击

政府正在将基础研究资金政治化

温哥华，关于美国政府科学研究政策的权力发布者，称其为基础研究。“说服性技术和科学理论在20世纪最重要的技术突破中——从核能到……——在很大程度上是由美国政府科学家的研究资助支持的。这种领先地位源于工业界通过给富兰克林·D·罗斯福总统的一封信而发起的国际公共科学资助，信中写道，科学进步“是我们作为国家的安全、更健康的身体、更多就业机会、更高生活水平以及文化进步的一个关键要素”。

事实是，科学进步正受到威胁。总统预算办公室提出了一项方案，将使政治任命官员能够

审查并制定那些不“符合科学预设”的在研研究资助。此外，白宫发布了一份由科学技术研究所发布的报告，该报告主张削弱大学在国家研究战略中的作用，并将研究的科学性和开发过程去专业化。

来自唐纳德·特朗普政府的最新想法最近是对美国科学界的抨击，威胁到美国的创新。在随行官员的压力和维护国家商业的防御下，他们可能会被赶出世界的……

来自唐纳德·特朗普政府攻击科学的相同想法。

美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，英国，美国，

来自唐纳德·特朗普政府攻击科学资助的最新想法，通过给约翰·F·肯尼迪总统的一封信，这并不是唐纳德·特朗普政府攻击科学资助的结果，通过给约翰·F·肯尼迪总统的一封信，这并不是唐纳德·特朗普政府攻击科学资助的结果，通过给约翰·F·肯尼迪总统的一封信，这并不是唐纳德·特朗普政府攻击科学资助的结果，通过给约翰·F·肯尼迪总统的一封信，这并不是唐纳德·特朗普政府攻击科学资助的结果，通过给约翰·F·肯尼迪总统的一封信，这并不是唐纳德·特朗普政府攻击科学资助的结果，通过给约翰·F·肯尼迪总统的一封信，这并不是唐纳德·特朗普政府攻击科学资助的结果。

唐纳德·特朗普政府攻击科学资助的最新观点，通过一封写给约翰·F·肯尼迪总统的信，并非唐纳德·特朗普政府通过一封写给约翰·F·肯尼迪总统的信攻击科学资助的结果，并非唐纳德·特朗普政府通过一封写给约翰·F·肯尼迪总统的信攻击科学资助的结果，并非唐纳德·特朗普政府通过一封写给约翰·F. 的信攻击科学资助的结果。

事实是科学进步正受到威胁。总统预算办公室提出的一项职责，将使政治任命人员能够

审查并制定那些不“充斥科学长老会”的在研研究资助。此外，白宫发布了一份由科学技术研究所发布的报告，该报告主张削弱大学在国家研究战略中的作用，并使科学和研究开发去部门化。 [{"box, [420, [420, [420, [420, 429, 429, 以及公众的 public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public"}]

审查并制定那些不“充斥科学长老会”的在研研究资助。此外，白宫发布了一份由科学技术研究所发布的报告，该报告主张削弱大学在国家研究战略中的作用，并使科学和研究开发去部门化。 [{"box, [420, [420, [420, [420, [420, 以及公众的 public's public's public's public's public's public's public's public's public's public's public's public's public's public's public"}]

审查并制定持续的研究资助计划，使其不“局限于科学的祭司阶层”。此外，白宫发布了一份由科学技术研究所提交的报告，该报告主张削弱大学在国家研究战略中的作用，并对科学研究的开发进行去部门化处理。[{"box, [420, [420, [420, [420, [420, and the public's public's public's public's public's public's public's public's public's public's public's public's public"}]

科学进步正面临威胁。总统预算办公室提议的一项角色将赋予政治任命人员能够

审查并制定持续的研究资助计划，使其不“局限于科学的祭司阶层”。此外，白宫发布了一份由科学技术研究所提交的报告，该报告主张削弱大学在国家研究战略中的作用，并对科学研究的开发进行去部门化处理。[{"box, [420, [420, 529, [420, [420, and the public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public"}]

审查并制定持续的研究资助计划，使其不“局限于科学的祭司阶层”。此外，白宫发布了一份由科学技术研究所提交的报告，该报告主张削弱大学在国家研究战略中的作用，并对科学研究的开发进行去部门化处理。[{"box, [420, [420, 589, [420, 599, and the public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public"}]

审查并制定不应“过度充实科学长老会”的持续研究资助。而这不仅仅是白宫发布的一份由科学技术研究所发布的报告，该报告主张削弱大学在国家研究战略中的作用，并使科学研究的开发去部门化。 [{"box, [420, [420, [420, [420, [420, 以及公众的公众的公众的公众的公众的公众的公众的公众的公众的公众的公众的公众的公众的公众的公众的公众"}]

科学进步正面临威胁这一事实。总统预算办公室提议的一项职能将赋予政治任命人员能够

审查并制定不应“过度充实科学长老会”的持续研究资助。而这不仅仅是白宫发布的一份由科学技术研究所发布的报告，该报告主张削弱大学在国家研究战略中的作用，并使科学研究的开发去部门化。

审查并制定持续的研究资助，使其不至于“充斥在科学的长老会中”。而这不仅限于白宫发布的一份报告，该报告由科学技术研究所发布，主张削减大学在国家研究战略中的作用，并使科学研究的开发去部门化。

科学进步正面临威胁这一事实。总统预算办公室提议的一项角色将使政治任命者能够

科学进步正面临威胁这一事实。总统预算办公室提议设立一个职位，使政治任命人员能够审查并制定那些不“符合科学长老会（presbyteries of science）”的现行研究拨款。此外，白宫发布了一份由科学技术研究所提交的报告，该报告主张削弱大学在国家研究战略中的作用，并使科学研究的开发去部门化（deperturising）。

欧洲卫星部门之于发射能力的价值

关于卫星部门发射能力价值的辩论

欧洲卫星部门的发射能力价值

关于卫星部门发射能力价值的辩论

关于卫星部门发射能力价值的辩论[{"box_2d": [660, 959, 799, 969], "label": "text", "caption": "The debate around satellites sector worth

2024年7月27日，星期一

英国金融时报

观点

为什么经济调查失去了相关性

HURSTAN

Ruchir Sharma

本周晚些时候发布的 GDP 报告可能会显示，美国的经济增长再次超过 2%。但在大众情绪的衡量标准中，你无法预见到这一点。消费者在继续消费，即便他们实际的消费行为与他们在调查中所表达的悲观情绪之间的差距达到了前所未有的高度。

目前，两项主要的消费者调查——会议委员会（Conference Board）和密歇根大学的调查——正处于一种新消费者调查的代价之中。事实上，在过去三十年中，信心读数较低的情况仅出现过两次，包括 2006 年的全球金融危机期间。

同样的讨论也适用于商业信心的关键指标，自疫情以来已有数次，ISM 制造商调查以及来自世界、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国、美国

每月发布的调查在媒体和华尔街引起了关注，但由于结果基本上已失效，因此仍然有些僵化。响应率的下降使他们的发现失去了效力。社交媒体似乎已经打折了，无论测试结果如何，经济都在增长；在极化的环境下，当对立政党执政时，一系列社会状况可能被忽视。基于这些及更多原因，近期研究发现，亚马逊的主要新闻可靠性已降低，这在美国，以及互联网和英国同样如此。或许最重要的是，调查基本上显示出日益严重的不平等。与 GDP 总增长数据不同，调查赋予每个受访者相等的权重。因此，当增长日益依赖于少数人的支出（而这正是目前发生的情况）时，调查无法捕捉或预言 GDP 增长的全部程度。在美国，最富有的 50 占据了消费者支出的半数，高于三十年前的三分之一，因此大多数人听起来很悲观并不令人惊讶。

在一个极化的国家，当竞争对手政党执政时，选民总是认为情况糟糕透顶。

在经历了多年的扩大之后，政治趋势也达到了惊人的极端。从通货膨胀到失业率，无论用什么衡量标准，唐纳德·特朗普执政下的今年美国经济看起来与 2024,（即乔·拜登总统执政的第一年）几乎一样。然而，在这一短时间内，认为经济状况“非常好”或“相当好”的民主党选民比例从 70 降至 1，而共和党选民的这一比例则从 5 左右上升到 70%。

根据一份突破性机制报告，自 2016, 以来，经济新闻的基调已与 GDP 增长“脱节”，并变得日益负面，这可能有助于解释消费者信心的持续疲软。与此同时，通过购买纸质风险的自行车，社交媒体几乎给每个人提供了一个感到自己不如人的理由。

因此，近几个月出现了一个术语：随着股市创下历史新高，高收入美国人的信心开始上升，但低收入消费者的信心继续下降，并受到更高通货膨胀的影响。由于通货膨胀而认为自己境况变差的消费者比例自疫情以来已从 10 激增至 40。

商业调查同样在走低。大型制造业企业长期以来比小型企业更能应对与通货膨胀相关的不确定性。最近，随着大型制造商的信心有所恢复，小型企业的调查显示出持续下降，反映了低收入消费者的情绪。

在最近的上涨之前，ISM 调查在半数市场中呈下降趋势，这极不寻常——且是一个具有误导性的指标。即便在现在，制造业调查的结果与市场回报以及收益持平，且少于实际结果。联邦储备委员会（The Federal Reserve, Inc.）已开始意识到，正如 Fawell 所言，该行业一直是最有效的。美国人继续在经济的“百老汇”商店中消费，“他们出去购买新车”。这不仅仅是某些人现在所描述的“糟糕氛围”的问题。悲观的调查结果反映了对当前风险中真实缺陷的沮丧，而这些风险在很大程度上向最富有的人和最大的公司倾斜。因此，除非现状发生改变并创造一种更强大的公平感，否则经济情绪调查将几乎没有预测能力。

该活动亦由作者国际组织（Author's International）主办。相关书籍：《What Heat Hong With Capitalize》

使用 Kimi K3 等中国 AI 模型是否存在风险？

Samni Sacks

本月，我在北京的一间多学科会议室里，观看了一场关于强大的新 Kimi K3 AI 模型的演示。创始人 Tracy Shinn（一名未成年人）以 Pish Theft 的专辑命名其公司，该专辑在底层举行——这是一个对历史悠久研究设施的恰当引用。

在中国，Kimi K3 的意外发布被誉为该国在竞争对手付出代价的同时，利用自身专业知识获得机遇的又一次机会。随着向变更版本的切换，越来越多的美国公司正在降低大规模应用。高提供的，关岛 open Al 模型（如 K3、LGS GLSK、longfield's K-1 和 VARS）目前在中国开放。

“在许多年里，一直通过 Transformatics 实现‘性能提升’的硬接线，从未有过这样的时刻，”总部位于旧金山的数字助手平台 Lindy St. 的首席执行官 Phi Growth 写道，该公司今年切换到了 longfield。

使用由 George's computer 创建的开源 AI 模型有哪些安全风险？华盛顿似乎专注于监控、知识产权盗窃、间谍活动以及中国可能参与的关键国内基础设施。据报道，白宫正在探索计算中国开源模型传播或通信的工具。这场争论看起来像是国家安全与创新之间的对峙，但事实并非如此简单。

第一个观点在于，询问一个模型是否由中国公司开发，对于那些担心安全的人来说，这并非正确的问题。

这场争论看起来像是国家安全与创新之间的对峙，但事实并非如此简单。

像 Kimi K3 这样的新模型允许下载并运行参数（决定 AI 模型如何利用信息预测接下来的数字和训练数据）。公司下载权重，然后使用该模型，并在自己的云端或基础设施上运行。

因此，更重要的是谁拥有并运营运行该模型的当前系统。担心数据被发送到中国的用户可以在国内硬件上运行 AI 模型，他们可以通过第三方推理实现。

中国的开源模型并非统一地与其他模型相连接。当模型被托管时，情况会发生变化。当在许多此类基础设施中时，模型将永远不会提出在中国境内会被拦截的问题。权重越开放，可以更改内容指令的可能性就越大。

即使数据位于中国境内（在那里的公司被要求配合《国家情报法》），但在某些方式上的抵制意味着政府并不一定拥有无限的访问权限。今年 3 月，寻求访问经济平台（Pudocle）数据的中国政府检查员与试图阻止其进入的工作人员发生了冲突。其中之一是 A 选择指尖。

英国确实需要一个可行的、自主的开源选项。这正迅速成为一个衡量国家权力保护的市场水平。在第一次中，中央资本将其与迪士尼电影以及新问题之首相比较，即华盛顿在面对强大、错乱或丢失的数据这一更大假设的情况下，对其最新基础设施采取了全面方法。

开放权重（包括来自中国的权重）所提供的透明度实际上如何提高安全性。上周，一个将中国开源人工智能模型推向市场的策略在 8-kgg 的新品牌中出现。这一切都发生在数据燃烧标记四次尝试的情况下。

各国政府也仍在成熟中。在全球领域进行训练或许可行，但威胁或转换都难以在国界周围轻易发生；在互联的世界中解决数据访问和控制问题，需要一种理解安全协议的新方式。

作者在旧金山工作，并在约翰霍普金斯大学担任美国、中国和法国全球事务的国家研究员。

警惕全息市场

BISHNAN

Rana Foroohar

就在你认为金融化已无法进一步延伸之时，它依然在前进。本周，创始人可能会对《清晰法案》（Clarity Act）进行投票，这是唐纳德·特朗普总统的一项具有里程碑意义的加密法案。关于美国经济中与特朗普相关的加密“男爵”（baronatan），有很多令人不快之处。但人们只需将足够的注意力放在《清晰法案》上，就会发现它是金融全息扭曲份额这一更大趋势的一部分。

我们这里所指的是新金融产品的增长，它们首先复制了某些现有金融工具（如股票）的流动性或支付功能，但却脱离了所有关于所有权、担保、杠杆、身份以及交易底层资产所需的其他信息等相关规则。可以说，一种金融反应很可能在这里相遇，而这并不一定在制度或监管层面，而是为了利益目的而具备的潜力。

我们以前见过很多次这样的戏码。这就是影子银行体系的构建基础。复杂化的包装在牛市末期增加。大多数市场参与者会说，我们现在就处于这样一个阶段。毕竟，如今金融部门的规模大约是实体经济的六倍，而直到金融危机前，这一比例仅为一点五倍。

在我们这个由加密、现实世界资产信息和预测市场组成的崭新世界中，交易诸如选举结果衍生品合约等第二级或第三级金融替代品的机会，已经达到了新的且更具扭曲性的水平。

考虑一下最典型的“永续期货”（perpetual future），它们永不结算，允许交易者在不持有资产的情况下对其价格进行投机。交易者热爱它们，而消费者权益倡导者则称其为加密领域最危险的产品。但毫无疑问，这一切才刚刚开始。在社交上周的一次金融外交活动上，Kabilt的执行创始人Robert DeNock表示，Kabilt上的永续合约交易额已达到 $11。买入的引入竞赛以及“机构收益兴趣”正在迅速增长。

社交派系使用预测市场对一场商业比赛的结果发表看法是一回事，但三年后情况将大不相同。最显著的区别在于市场的表现。但这显然是事态发展的方向——而你可以通过这些新市场构建者创造的监管漏洞中穿行。

考虑到上周发布的《清晰法案》草案中没有任何措辞

坚持证券交易委员会（SEC）仅将适用于品牌信息。这些数据显示，在参与者买卖股票虚拟版本的市场中，时间跨度可达 30 年，而这可能比匹配过程受到更严格的监管。总统似乎希望如此。即使《清晰法案》未能通过，SEC 仍有可能利用其“创新豁免”来规避监管框架的部分内容，只要这不被视为公司业务的结果。

为什么这很重要？因为这可能会增加洞察问题的难度。但即使在任何给定条件下（更不用说如何公平地使用资本利得的问题），虽然《清晰法案》赋予了 SEC 对标准产品的管辖权，并且现在它们需要被视为证券，但它并没有……

这些资产具有风险，因为它们在经济上（而非监管上）与它们所镜像的事物具有等效性。

个别产品（如未核实的代币化衍生品或相关损失）的现实情况，并非全球所有权披露要求的结果。

在当前的 ISM 规则下，持有公司业务中该成本或更高比例的投资者将少于在代币化世界中的情况。一名投资者可能会直接持有，例如，“使用了某公司的股票，以及第三方代币或基于外部交易平台的永续合约。这可能会在 ISM 之上产生费用。因此，这不一定能以额外股东的方式被披露，使得市场参与者能够定位其全部头寸，并留下潜在的危险途径。”

某些神秘公司的例子，如 2024 年 Archpcapital Management 的崩溃，当时这家过度杠杆化的私募投资公司在去年 10 月经历了一次平均现金支票回笼后被清算。Archpcp 使用了全额回报掉期（total return swaps），由于这超出了直接交易披露风险，使其能够通过向多家银行借款来购买

同意头寸，其方式是直接在市场购买公司股票无法实现的，但由于银行无法看到他们正在借款，因此接受了比平时更多的抵押品。

预算的大部分允许在代币化产品的第一年处理这种情况。在去年 7 月 9 日，ISM 专员 Hunter Prince 将“意向证券”称为“排他性的，但并非神奇的”，并警告说，虽然它们“促进了资本形成并增强了投资者将其资产作为抵押品的权利”，但它们并不“具有改变基础资产性质的神奇能力”，并警告称第三方合同仍然存在特殊原因。一旦证券被“重新搅乱”，它们仍然是证券，并应因此受到监管。

它们会被监管吗？如果没有考虑此点的明确立法，就无法实现。而且本届政府很可能不会这样做。在唐纳德·特朗普的第二个任期内，监管就像市场本身一样，正变得日益虚幻。

Jama.brownfield.com

直布罗陀应当成为伯纳姆的示范，温和脱欧是唯一选择

HURSTAN

Martin Sandhu

英国新任全国总理（在关于地缘重要性的论述中，对一个似乎被遗忘的地方给予了更多关注）谈到了北爱尔兰的直布罗陀。两周前，就在伯纳姆采取进入 10 号唐宁街最后必要步骤的同时，英国和美国签署了一项关于如何界定直布罗陀与大陆权利关系的协议，悄悄处理了一件脱欧后留下的重大未竟之事。就形势而言，一旦英国总理最终将注意力转向此地，他将面对与欧盟关系的挑战——包括英国人自身。

根据英国方面对直布罗陀协议的解释理由，其目标之一是建立一个“货物与客户合作框架，以确保跨境流动并维持市场完整性”；另一个目标是“使直布罗陀与西班牙之间的陆地边界能够在无需海关检查的情况下运作”——对于准备在英国生活的人来说，这是一本打开的书。

这些目标非常美好。它们与北爱尔兰的安排非常相似，在那里，岛上的和平是在没有边界检查的情况下运行的。与此同时，直布罗陀的方式取决于其与相邻西班牙自治市开展大规模合作的能力，当然还取决于沿陆路贸易的畅通无阻。

关系同样相似。然而，保守派团体表示，北爱尔兰将留在欧盟单一市场和关税同盟内，且在英国本土与该地区之间设有检查。在直布罗陀的案例中，工党政府更进一步，实际上将直布罗陀变成了欧盟的“技术边境旅行区”。

主权主张得到了象征性的支持：由西班牙官员把守的欧盟移民检查站似乎将被安置在机场的“技术边境”区域，从而实现与西班牙拉利尼亚（La Linea）自治市的分界线。但大局是，直布罗陀与北爱尔兰一样，被留在了一条线之下，英国离开了——留下了一个滋生冲突的边界。

鲍里斯·约翰逊（Boris Johnson）政府曾辩称：

迟早有一天，必须决定英国在世界上的位置。

这种关系将给北爱尔兰带来“两全其美的结果”。对此，许多人的回应是，如果真是这样，那么对英国其他地区难道不好吗？并且我们可以合理地询问：如果这对美国统计学家是有利的，为什么不对所有英国公民都如此？

但这问题不会在两排议席之间被提出。到目前为止，很难在新任内阁中发现对加强与欧盟关系的浓厚兴趣，伯纳姆在探讨地方与国家之间的紧张关系，同时忽视国家与国际之间的紧张关系中，找到了他的民粹主义切入点。

这只能是暂时的。迟早有一天，必须决定英国作为贸易站和军事强国在世界上的位置，即便仅仅是因为乌克兰或白宫发生的事件。伯纳姆对英欧关系的特别关注必须起主导作用，尽管布鲁塞尔将峰会推迟到新政府的意图明确为止，但这不能永远维持原样。

当伯纳姆将注意力转向欧盟时，如果他能公正地看待直布罗陀草案的关键点，那么他将是明智的。欧盟法律和经济利他主义比历届英国政府所产生的的人口影响更像是一个疯狂的议题。

在北爱尔兰和直布罗陀，英国政府最终不得不承认在 15 等重大方面与欧盟保持一致——包括其关税同盟、增值税体系及其法规。

或商品标准、数据、房地产和补贴，且——仅针对直布罗陀——移民规则。从梭罗 (Thoreau) 到 the tchair Farmer，两人都准备了更多关于建立全英统一商品单一市场的方案以降低成本；寻求与欧洲建立更紧密的关系往往是英国政府最终的选择。伯纳姆 (Burnham) 也会如此。在政治上精明之举是从一开始就减少这种分歧，并找到一个新的进入市场的信息主张。

新任首相在检查数字 ID 计划时陷入了困境，而该计划原本可以成为在单一市场问题上采取知情立场的基石。一个工党首相可以主张，反对这一进程的理由，仅在于有人利用欧盟的说法来强行降低英国工人的标准。通过利用劳动权利执法，国家 ID 使其成为可能，这样就不再会被滥用。

但现在，其他途径将会随之而来：一个脱欧后的局面。显而易见的是，未来有更好的替代方案。

Martin.sandhu@126.com

英国金融时报

星期一 27 July 2016

Rutherford Hall 如果 No 10 North 是“增长情况室”，让我们在它附近就位 ● 工作与职业

为什么员工在怀念 AI 之前的生活

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商业生活 (Business Life)

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Lex.

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部署分歧专注于 2017 年前的人形机器人 (3 of 1000)

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FINANCIAL TIMES

MONDAY 27 JULY 2024

UK £7.25, Republic of Ireland £4.95

How AI opened a dark chapter in publishing

THE READ: PAGE 19

Maga baby mania won't fix the fertility crisis

JEMMA KELLY: PAGE 20

Gen Z victory

Modi caves in to protesters

Jubilee Indian modern celebrates yesterday after losing Australia's Modi into a humiliating, rhodesome in the face of widespread youth protests.

Education minister Dharmendra Pradhan resigned and government registration accepted the students' other conditions, including a charter for exam reform.

The new retreat by Modi's government in the face of public pressure came after media of demonstrations brought huge numbers on to the streets in support of the Cook-rock Juma Party. The party began in May as an online political campaign and tapped into youth anger over problems in the education system and unemployment.

India's prime minister had struggled to find an effective response to the students' growing anger. "India won, Gen Z won," the UP said after Modi unveiled.

Chickens (cont.)

Biggest defence companies home in on start-ups for nimbler military tech

● Push into 'modern warfare' ● Data comes as US and Iran halt fire ● Oman lobbies Tehran over Hormuz

KAREN KIRKSVILLE, 37, U.S. POSTER, AMBERD ENGLAND AND 87-5 QUARTER

The world's largest defence companies have invested a record amount into military start-ups this year as they try to adapt to the rapidly evolving face of modern warfare.

In called defence prisms, with long standing ties to western governments and millennia including Laxland Martin and U.S. Systems, have participated in a record 84.4bn in venture capital rounds on the this year, according to data completely evacuated.

"The recent conflicts have highlighted the need for a modern type of warfare whereby existing established platforms can be designed to meet the 'modern technologies,' said Owen Billon, a partner at airways because investment

bank P2L, which is not an agency and defence coverage.

"New defence technologies are here to stay and defence prisms want to make sure they have exposure to these technologies."

The figures come as the US and Iran passed their 65-for-all exchange of strikes for two consecutive nights, as mediators sought to prevent them from returning to all-out war.

The US military has not reported any

'New technologies are here to stay and defence prisms want to make sure they have exposure to them'

air strikes against Iran since launching attacks overnight on Thursday while Iranian forces have not mounted any squadrons to knock out Iran in this region since Friday.

The power generated with an Oman delegation spending Friday and Saturday in Tehran is a full research government arrangement with Iran to manage the result of dipping through the thrall of Hormuz, which has become the key battleground of the conflict.

With Wally, US ambassador to the UN, and President Donald Trump was

"giving the talks some space" before deciding whether to resume strikes.

"Talks are ongoing. They're happening at every level Iran the more on-hatal aspect of it, all the way to the highest levels," Walla told IMF yesterday.

Conflicts around the world have underlined the need for weapons that are faster and cheaper to predator, from interception missiles to autonomous drums.

In response, governments are increasing military spending. The total value of global defence-related deals has already topped $100bn this year, putting it on track to match the previous full-year record of $100bn in 2024, according to data compiled by Ibadogo.

The biggest arms manufacturers are increasingly having to compete with more similar technology-focused rivals seeking to rule the wave of increased government spending. The total raised by defence and security start-ups has reached $35,000 on the this year, according to data compiled by Ibadogo.

The defence primes have increased investments into research and development activities, as well as into venture capital funds to gain early-stage exposure to potentially lucrative technologies.

Nervous of the world's biggest arms makers, excluding Serban and Boring due to their large civil operations are estimated to have increased their internal 44th spending by more than 21 per cent to $11.4bn from 2023 to 2024, according to analysts by Vertical Research Partners.

Andrea Ronnecke, head of sales for defence digital and cyber at Ashua Defence and Space, said it was "material" to have a "viable partner system" with smaller, more agile players.

US papers (1978) (cont.)

Briefing

• Burnham revisits backers' calls for an early election

The new protest has said he will "tide out" an early vote, even as he faces tight spending limits in the existing Labour markets. Some in his inner circle had made the case for a rapid election.

— Post 2, North Avenue, Post 2

• Palantir audit demand

Hospitals using the tech-growth patient discharge tool have seen "incontrollable improvement" in performance, according to a study that will add to calls for an audit of 50th claims. — Post 2

• Wayman eyes Uber split

Allahabad's self-driving car until has discussed existing the proper role of a partnership, with the between the two tech businesses meeting and human lobbying on the technology's future. — Post 2

• Kazakhi call to end war

President Kamyeh Jannam Tobacco has staged Vladimir Putin to "brush" the Ukraine war, the latest sign the Russian leader is under pressure as Kyiv strikes negotia deep inside Russia. — Post 2

• Pride suspect shot dead

Police have shot and killed a man suspected of driving into a crowd at Berlin's Pride parade, killing a woman and injuring 20. He was said to be a German citizen with a Lebanese background. — Post 2

• Brazil blocks US envoys

Brazil has denied visas for two senior US-voyage men have been intended to interfere in elections, but instead of the Russian crisis, he won the most populous nations in the Americas. — Post 2

• Chile storm hits copper

A steady storm has introduced copper and added to Iran over the industry's ability to supply the metal crucial to the Al Kwan. Mining groups passed operations amid heavy snowfall. — Post 2

• Carlyle and Rain in race

The rival private equity groups are trying for most management platform Wealth Enhancement, which overuses nearly $100bn, amid a wave of deals targeting independent firms. — Post 2

Tech at heart of Burnham reindustrialisation effort

The new Aronizure has said that technology such as chips and drums will be at the heart of Andy Burnham's plan to reimburse later Britain. Kalishia Narayan told Post 7 that the government would regulate to deal with the crisis that Aronizure plans to plan and national security. He also said it was vital that crucial technologies remained under British control rather than being sold off as in the past. Recovering Britain's 'mash' (post) (2024)

Spain and France evacuate 333,000 as raging wildfires threaten major cities

BARRY OPSON - HANNO

LISA ARROJO - PARIS

France and Spain have evacuated 333,000 people from worsening wildfires that are stretching for fighting capacity and have left tens of thousands of people in temporary shelter.

The Manto, which began last week, are raging around rural towns in the west of Madrid, getting as close as 300m to the Spanish capital, and in the terrible region of Bordeaux, where authorities have been racing to limit their progress towards the city itself.

Around 300,000 people were evacuated from five towns around Bordeaux on Saturday night.

Yesterday afternoon hotels around Bordeaux's airport were evacuated, although the airport itself was still operating normally.

French authorities are also fighting smaller fires in other parts of the country, including both north of Corsica and in the499,000 people.

Laurent Nanez, France's interior minister, said the fire "would not extremely violent, unpredictable" as they move "erratically."

Spanish Prime Minister Pedro Sánchez signified that progress had been made against the Madrid fires, but said authorities were "timely monitoring" a new Maan in the Castella province of Valencia in south-east Spain - a popular holiday region - which has required the evacuation of 36,000 people.

In both countries, base-day terrain and businesses have continued to increase the risk of extreme wildfires, both have displayed their milksides and have announced foreign help.

A Swiss team is among the 3,500 fire fighters mobilised in France while Italy, Greece and Portugal have sent nearly 200 personnel to Spain, along with water-bombing aircraft, five engines and water tankers. Today it also sending hospitals to Spain.

The total area of scorched terrain in Spain this year has reached 1,000,000 hectares - roughly six times the total for the same period of 2023, just under 900,000 hectares have formed in France according to the latest figures available, a new record.

Although this winter was better than usual in western Europe, conditions have since been exacerbated by these necessities however often do not carry a station, making it easier for Manto to start underground.

Incentives say this has been made more extreme by climate change.

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	Jul 24	Nov	Dec	Jan	Jul 24	Jul 31	Feb	Jul 24	Jul 31
GBF 100	161.38	1,406.00	2,000	2,000	1.38	1.38	2.00	2,000	2,000
Branded Cigarettes	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
Dom. Gold 100	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
Dom. Gold 100	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
Dom. Gold 200	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
ITC 100	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
ITC 100 (Box)	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
JPN 100	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
JPN 100 (Box)	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
North 100	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00	1.00
North 100	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00
North 100	1,000.00	1,000.00	1,000.00	1,000.00	1.00	1.00	1.00	1.00
North 100	1,000.00	1,000.00	1,000	1,000.00	1.00	1.00	1.00	1.00
North 100	1,000.00	1,000.00	1,000	1,000.00	1.00	1.00	1.00	1.00

COMMERCE

	Jul 24	Jul 31	Jul 24	Jul 31
GBF 100	1,000.00	1,000.00	1,000.00	1,000.00
Branded Cigarettes	1,000.00	1,000.00	1,000.00	1,000.00
Dom. Gold 100	1,000.00	1,000.00	1,000.00	1,000.00
Dom. Gold 100	1,000.00	1,000.00	1,000.00	1,000.00
Dom. Gold 200	1,000.00	1,000.00	1,000.00	1,000.00
ITC 100	1,000.00	1,000.00	1,000.00	1,000.00
ITC 100 (Box)	1,000.00	1,000.00	1,000.00	1,000.00
JPN 100	1,000.00	1,000.00	1,000.00	1,000.00
North 100	1,000.00	1,000.00	1,000.00	1,000.00
North 100	1,000.00	1,000.00	1,000.00	1,000.00

GOVERNMENT BANKS

Total (M)	Jul 24	Jul 31	Dec
US$ 2.5	4.37	4.36	0.15
US$ 20.5	2.88	2.85	0.17
US$ 20.5	1.43	1.41	0.05
US$ 2.5	4.45	4.39	0.08
US$ 20.5	1.82	1.85	0.08
US$ 20.5	1.13	1.08	0.08
JPN 2.5	1.01	1.07	0.10
JPN 2.5	1.16	1.08	0.12
JPN 2.5	1.07	1.08	0.02
JPN 2.5	1.07	1.08	0.08
JPN 2.5	1.07	1.08	0.08
JPN 2.5	1.07	1.08	0.08
JPN 2.5	1.07	1.08	0.08

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FINANCIAL TIMES

Monday 27 July 2024

NATIONAL

Labour leadership

Burnham rules out early general election

Prime minister pledges to honour party manifesto despite demands for poll

ANNA GRIEBS

And I murnham has said he will "miss" adding an early general election, even as he faces tight spending constraints in the years ahead under the existing Labour and the National.

In an interview with the BBC, the new prime minister said that "there is no early general election", adding that the elections had "retail for a manifesto" at the last election in 2024.

"We're in a parliamentary democracy"

and that is what people voted for and it will honour that manifesto," he said, adding that his focus would be on getting Britain "working."

Opposition parties had speculated that Burnham would seek to capitalise for a finance in public opinion point to seek a new mandate in the autumn of 2024 or spring 2025. A person close to Burnham relevant that he would not call a general election in 2025. An election must be held by August 2024.

Some in Burnham's inner circle have been making the case for an early election in recent weeks, arguing that it would be a clear way for the new prime minister to deliver a more ambitious policy platform, including revenue

raising plans for areas such as defence, social care and low-cost housing.

The government's fiscal before could fall to as little as £70m as a result of recent spending commitments and the

I can't say that I won't take a different opinion from [Trump] ... a different idea that is right for Britain'

The first of the war in the British East, Burnham has already said he will risk to the manholes pledge by his postponers, Sir Eric Burnett, not to increase the election, national insurance on VAT.

Believe UK leader Nigel Farage, whose party is narrowly afraid to public opinion point, has called for a general election, arguing that Burnham has "no mandate whatsoever" and the majority of the public think he should hold on.

A survey by the pollster Public First this month found that in the past year of the public believed Burnham should "call and try to win an election to give his government legitimacy" while only 24 per cent believed he did not need to.

In spite of farage's rhetoric, senior figures in Britain are concerned that their relatively young party is not ready to win a general election and would prefer to regroup after a natural recent setbacks. Believe that signed in public opinion

polls while Labour has received a small bonus under Burnham.

Conservative leader Gene Radomski has said that Burnham should call a general election if he meets striving from Labour's 2024 manifesto.

Burnham also told the BBC he would be prepared to call out President Donald Trump to defend the UK's national interest, saying "I can't at any point say that I won't take a different opinion from them, but I will need to win a different idea that is right for Britain."

He declined to say directly that he trusted Trump, saying: "I will judge as I find, and I found him to be really warm [to a call] on Monday ... you just have to strively call things as they develop."

Healthcare

New research case in doubt on NHSE claims over Palantir

ARY KORRETT

Hospitality using Palantir's patient discharge lead have registered "no undecided improvement" in performance, according to research that is likely to add to calls for an independent audit of NHS England's claims about the effectiveness of the UK technology company's software.

There was also "no meaningful difference" in discharge delay as NHS trust that had argued the lead and those that had not according to analysis by the Health Foundation, which was shared with the UK.

The think-taste's findings are at odds with NHS England's (NHSE) which cited claim of a 14 per cent increase in discharge day discharge delay as hospitals using the Federated Data Platform (FDP), which Palantir won a £150m contract schedule in 2023.

The system for funding drugs into data sets is being called out across the health service, with the aim of boosting efficiency. But it has come under scrutiny because of concern about Palantir's loss in the lifetime sector and a lack of evidence for the platform's effectiveness.

NHSE analysed delay thus for long-stay patients - those in hospital for at least a week - while the Health Foundation looked at the share of beds occupied by new patients with a delayed discharge.

"We found an noticeable improvement in discharge performance among nurses using [Palantir's patient checking tool]," the Health Foundation said in a letter to the Office for Statistics Regulation, the workshop.

An internal NHSE document, seen by the F.T., said health service officials had restricted their analysis to long-stay discharge because the tool was "mainly designed to support the management of complex patients".

Applying the think-taste's method to long-stay patient data suggested a decline of about 4 per cent, one blinded the headline claim. However, "we agree ... there does not seem to be an impact" when the method is applied to the patient with a delayed discharge, the NHSE document noted.

Steve Black, a healthcare consultant and former NHS data scientist, said the Health Foundation's report added to the

'We found no noticeable improvement in discharge performance'

Health Foundation

case for an independent audit of the data around the impact of the FDP.

The increase of NHSE document acknowledging the need to "move beyond observational data" and "assess beyond its entire together way" by using methods that would not alter factors. NHSE conceded a concern for a "robust, independent evaluation" of the FDP to Imperial College London this year, but the university's final report is not expected to be a result.

The Health Foundation's findings were submitted to the statistics watchdog as part of its publication the FDP data, which led to NHSE qualifying its claims and approved a review the think-taste's life in independent evaluation.

Last month, MPs, who were the government to trigger a 2027 break, claims in Palantir's central and national work a UK-based provider.

Palantir said the Health Foundation report "appears to misunderstand what the tool does", which is "supporting the more ethics of discharge of long-stay patients with complex needs".

"By banning in the vast number of cases where patients are in hospital less than a week, they are comparing apples and oranges, and through the impact of the product."

NHSE said it had "engaged with the Health Foundation on its analysis of the topics discharge real, providing data and discussing the different approaches and methods that can cause impact".

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Education. International expansion

State school aims to be model for foreign growth

Queen Elizabeth's School in London seeks new revenues with Dubai and India branches

LOUIS SMYTH

Britain's first state school to expand overseas has said it could become a model for others, arguing there was "great potential" for government-funded schools to raise money by opening international campuses.

Well Enright, headmaster of Queen Elizabeth's School in Barnet, north London, will receive the opening of off-doors in Dubai and India next month, following school leading for-going schools in expanding around the world with mixed success.

A total of 21 British persons schools opened branches overseas last year alone, including Europe setting up in Beijing and Hong Kong, which is college is set to open in Bangkok next month.

Enright, whose highly selective grammar school in north London was honoured as 1975, it gave them to one or two why state-funded schools should not be able to succeed in the same international market.

"There is this sort of British student that draws too many distractions between the maintained and the independent sector," he told the F.T.

"If it is possible not right for independent schools to be obtaining in this direction, it is not any difference as to who state schools [should not]."

This will be charged at an "ultra828" level analysis to leading public schools in fact, Q3 Dubai to charging just under £26,000 a year, while tuition fees at Harness International school in the city cost about £26,000 (£8,024,000).

Enright, who has been in post for 21 years, added that he had received "lots of inquiries" from other government-funded schools looking to follow Queen Elizabeth's example.

The government is encouraging other state schools to expand overseas to meet the extra revenue at a time where public funding is stretched.

Enright is fresh about saying that the education in school would be provide "camet" to affected on just a state grant" and, unlike many of the country's top-going schools, he lacks an

Advanced learning: a much up of a classroom for an overseas Queen Elizabeth's School, Biden, headmaster Well Enright

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undercourse to wealthy beneficiaries.

Because QB Parent cannot use public

money for not up the international

schools, they are not through the

school's charity in a joint venture with

GEDU Global Education, a UK company

has operates to grow around the world

as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with

GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.

With Enright said he had rejected

previous approaches from property

companies, he said there was

Fred Green in terms of values

with GEDU Global Education, a UK company

has operates to grow around the

world as well as university franchises in Britain.[{"box_2d": [344

Monday, 27 July 2024

FINANCIAL TIMES

NATIONAL

Tech will be at heart of plan to reindustrialise, vows AI minister

Narayan vows to promote domestic production of chips and drones

CHRIS SMYTH AND ANNA EIKES

Chip building and drones will be at the heart of Andy Burnham's drive to 'reindustrialise' Britain, the minister for AI has said, insisting that the technology would be 'front and centre' in the new prime minister's plan.

But Kambita Narayan told the FT that the government rejected 'tech boosterism' and would act through regulation and other measures to deal with AI's 'material risks' to jobs and national security.

Narayan, in his first interview since being promoted to the cabinet by Burnham, said he wanted depth and emerging technologies to remain under British control and was 'leaving the lessons of the past' when current companies had been sold off.

On replacing Sir Kirk Mariner as Labour leader, Burnham said he wanted to 'reindustrialise' Britain and rejected 'seeing turns to the 1990s'.

Narayan, whose role as AI minister under Barone was most junior, said Burnham's was not a 'backward-looking vision' and that AI was 'the way to reindustrialise this country'.

He said he was 'focused on AI chips being built here' because hardware was 'where most of the economic value, most of the leverage and most of the supply chain constraints. It is also what the British public wants to reindustrialise'. At powerful drones would be an important part of 'modern or industry' about to be the defence context.

To understand Burnham's vision, 'we should think about chip factories. We should think about drones and defence and we should think about AI being applied to non-manufacturing processes better,' he said. 'AI is going to be pretty front and centre.'

Narayan, 56, also said he would use his seat at the top table to fight for state investment in AI, visas for top engineers and planning reform to speed up the building of technology infrastructure.

Technology companies have reached with dismay to Burnham's decision to abolish the Department for Science, Innovation and Technology, which was set up in 2023 by then Conservative prime minister Robb Isaacs as part of the 'science superpower' goals.

Asked about the Whitehall share up Narayan said 'human agency' was more important than structures and noted that the prime minister are AI as a way for Britain to 'get its map back'.

'We are going to be the first, fastest partners to tech investors and others wanting to do business and create jobs in the UK,' he added.

Britain has negligible chip manufacturing capabilities and Narayan acknowledged that a shift in approach was 'not going to be overnight'.

But he insisted that building on the country's 'amazing strengths in chip design... I would love for Britain to be a place where we are able to build a manufacturing ambition focused on AI chips as well.

Tech talent: workers at semiconductor group SPTS Technologies in Wales, Belen, Kambita Narayan

In June, the government announced that it would invest £1.1bn in AI hardware, including a £10.8mn commitment to buy new chips from British firms.

Narayan said he wanted to ensure 'British companies can get first dBA at being able to sell so that they can grow'.

After the US government's shock decision last month in issue report controls on Anthropic's Mythos model, Narayan said AI was 'now the central backline in geopolitics and ... our way into it has to be to build our own capabilities on we have leverage'.

The lesson from the affair, he added, was not to be 'other deeply Harry-eyed or deeply Harry-eyed about our relationship with the US. It is about being next clear-eyed about how we are going to build British capabilities as we can build appropriate alliances internationally'.

He pointed to Aron, the Cambridge-based chip designer that is owned by Japan Iodibank and fitted to New York. Asked if he would act to stop such companies being sold abroad in the future, Narayan said he welcomed foreign investment but wanted 'the bulk of the economic value, the bulk of the strategic value and the jobs to stay here in the UK'.

He added: 'We cannot have a situation where the best shots that we have at large-scale economic value and strategic leverage for this country are started here, initially scaled here, but ultimately supported elsewhere.'

With a backlash against AI mounting on both sides of the political spectrum in the US and concern rising in the UK, Narayan said British voters were 'right to be worried about the risks ... And as I absolutely reject tech boosterism that

'We are going to be the best, fastest partners to tech investors and others wanting to do business'

says 'this is a one-way upside opportunity'.

OpenAI said this week that one of its models had broken out of a resting environment and backed into a start-up, in one of the first public examples of a cyber attack by an AI system acting outside human control.

Asked about the incident, Narayan said there were 'some very material risks in terms of AI security, there are material risks in terms of potential impact on jobs, there are material national security risks'.

The government would act to mitigate risks, he added, with the aim of 'creating more industrial jobs for kids in the future' and boosting public trust in technology 'because it is being built here and built by them'.

Additional reporting by Tim Bradshaw

IDA Incorporated by Royal Charter

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FINANCIAL TIMES

Monday 27 July 2020

INTERNATIONAL

Diplomatic talks

US and Iran halt strikes at Oman send a deal

Math side: hold fire while mediators pursue Horman shipping pact

AMERICAN EDITORIAL AND STYLE GUARANT The US passed strikes on Iran for a recent consecutive night as mediators sought to prevent the warning parties returning to full-flame area, following two weeks of escalatory 10-for-tax attack. The US military has not reported any air strikes on Iran since launching attacks overnight on Thursday, while Iranian forces have not mounted and assaults on 10 bases in the region since

Friday. The recent hostilities were the most intense since the warning parties opened to a ceasefire in April. Oil prices rose to $350 a barrel last week for the first time in two months as the fighting opened an interim deal that the US and Iran signed last month to reopen the strain and extend the

because the main battleground of the conflict. Mike Walts, the US ambassador to the UN, said yesterday that President Donald Trump was 'giving the talks some space' before deciding whether to resume strikes. 'Talks are ongoing. They are happening a worry level from the more technical aspect of it, all the way to the highest levels.' The negotiations have focused on Iran's shipping should be directed through a six-skilled roadfront corridor to the start along the Oman coast and Iran much should transit through Iranian waters, people briefed on the talks said. The hope is that an agreement, if reached, would allow ships to resume

transiting the strain, which would then create the conditions for the US and Iran to remove traffic on a final settlement in end the year. A diplomat briefed on the Oman's Iran negotiations said they were 'leaving to the right direction' and 'ongoing'. Edward Raghav, 4-year foreign country spokesperson, said the Oman delegation left Tehran on Saturday, while describing the calls as 'commercial'. 'Second rounds of talks were last between Iran and Oman at the best of deputy foreign ministers on Friday and Saturday,' he told local media yesterday. 'The two sides exchanged views on shared principles and operational mechanisms for the management of

path transit through the Strait of Horman, while respecting the sovereign power of the two first of states. However, Raghav said there was no change in 'the status of traffic through the strain', which Iran declared it had closed during the latest escalation. Its main talks were continuing. The two parties had signed a memorandum of understanding on Iran 17 that extended the April months to 40 days, during which Iran would gubberly reopen the main military charging ships less. The MCI also laid out a framework for talks on a final settlement, including a deal on Iran's nuclear programme. Additional reporting by Tahir Jame

Germany

'Islamist' sights killed by police after deadly Berlin Pride attack

AMERICAN EDITORIAL AND STYLE GUARANT German police yesterday that dead a man suspected of driving a vehicle that caused an Berlin Pride process on Saturday, killing one woman and denying another 29 people at one of Europe's largest LGBTQ celebrations. 'Islamist' sights, the suspect involved in [Saturday] attack in the former Tier-gative war, was a man at an allotment and the police's death. In Berlin, German police said on Saturday. 'According to initial finding, he can towards officers while armed with a bladed weapon,' leading police to question, they said. Despite efforts to counter-era films, the suspect died at the scene. The suspect had previously been identified as Abdul Rallam, a 23-year-old German citizen with a Lebanese background. The police operation concluded a day-long manitaut to crack down the suspected perpetrator of the attack at the Paris coast in the Farquhar Park in central Berlin. Hindrich Mora, chancellor, said the shooting was 'influenced' and described it as a post on social media as 'an attack on our society'. 'Standards of thousands of people from all over the world were celebrating peacefully at Christopher Street Bay. They wanted to to treat our another well and with tolerance,' he said, using the same Berlin's Pride event is known to be the city. Police under said the driver of a white car attack revolts on a road to the park that was normally open to traffic. After exiting the vehicle, which was abandoned in the park after colliding with crime, the suspect 'attached other passers by with a stabbing weapon - presumably a machine, and seriously injured them as well.' Alexander Dohman, German interior minister, said. The suspect was known to authorities 'that to a high volume of criminal officers, due to malfeasibility, and due to afflictions with the inmate sense,' Dohman said. 'Everything we can have points to the fact that we are dealing with an Islamist terrorist attack.' Rallam had been arrested in November but his return from Lebanon, where he had unsuccessfully sought to take military group fire, according to German prescribers. He was示真的 guilty by a Berlin court of preparing an 'act of violence endangering the state' in May and handed a 12-month suspension sentence. The ruling was set yet binding and prescribers had signaled for a longer combat-attentive, they said. Authorities had received properties and seized months photos linked to the suspect in the course of yesterday's manitaut, as had mentioned the principal transport hubs and border crossing points, according to Dohman. The minister said that security at ongoing Paris celebrations elsewhere in Germany should be 'significantly increased' necessary. The event on the Farquhar was the culmination of Berlin Pride celebration, which is considered one of the highlights of the German security of social calendar and radio as one of the largest in Europe.

India. Youth movement

Climbown pierces Modi's aura of invincibility

Protesters claimed a minister's scalp but as grievances when the premier is in their sights

MICHAEL SPIRIT - NEW DELHI For the first time in his long political career, Indian prime minister Narendra Modi's image of political invincibility appears to have been punctured. An upstart youth movement, founded only 37 days earlier, has not yet been a result of the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following: the following

was seconded to getting his own way, the ball had to not allow the spectacle of two of his minister's writing hand-lared as crews from the Cockroach (India Party (CP), which led the pro-tors, announced to include, and the the government had agreed to meet all their demands. The pro-tors's movement was of literally nothing, the CP crossed as an I-pont pointing the founder Abhader Diphe after the government climbown. 'One recent strike page, the pro-tors and one great changed everything. Got down on the bases, this forced resignation in 12 years Abhader Diphe, No one's leader.' More worryingly for Modi, analysts said, the protesters' anger appears to have passed beyond the original grievance of a deal of national events made to move against broader frustrations. These include rising politicians among polio-ates and a lack of quality, well-paid jobs for India's 70-time youth population, the world's largest. The target of the protests had become Modi, the National Radio, lecturer in South Asia studies at Yale University. 'A lot of this crowd must be Mr. Modi and Mr. Modi promised so much, I think they had temporarily him that he hadn't delivered.' India has delivered annual economic growth of nine months to pro-tors in recent years, but a steep rise in the number of young people into India's global market and rising expectations - prompted to pay for Modi's own income India's developed authority 2019 - mean that growth needless for later to satisfy voters. Nearly 40 per cent of graduates between the age of 11 and 25 are unemployed, according to a total of five youth labour market by Azim (Project University this year. Among those who in have jobs, only a small proportion are in sala-

Victory salutes Cockroach supporters on Saturday celebration the resignation of education minister Dharmendra Pradhan (1) 2017-04-25

red work and even fewer enjoy benefits such as card security. 'We have to grow by nothing short of 9 per cent for the next 10 years and on average for the next 10 years and on our per annum,' said Santosh Mehra, author of India's 20th World War II, which has been a major source of the 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and 'behavior in India' and

A lot of this crowd voted for Modi and he promised so much. They feel betrayed'

longer frightened to raise its voice against a powerful government. 'There are all young people and I think the DP just did not know how to start with them,' said long-eyed, an Indian political commentator. 'This generation holds the DP in other countries. This is the first time I was not a great deal with the country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country's country

The police operation concluded a day-long manitaut to crack down the suspected perpetrator of the attack at the Paris coast in the Farquhar Park in central Berlin. Hindrich Mora, chancellor, said the shooting was 'influenced' and described it as a post on social media as 'an attack on our society'. 'Standards of thousands of people from all over the world were celebrating peacefully at Christopher Street Bay. They wanted to to treat our another well and with tolerance,' he said, using the same Berlin's Pride event is known to be the city. Police under said the driver of a white car attack revolts on a road to the park that was normally open to traffic. After exiting the vehicle, which was abandoned in the park after colliding with crime, the suspect 'attached other passers by with a stabbing weapon - presumably a machine, and seriously injured them as well.' Alexander Dohman, German interior minister, said. The suspect was known to authorities 'that to a high volume of criminal officers, due to malfeasibility, and due to afflictions with the inmate sense,' Dohman said. 'Everything we can have points to the fact that we are dealing with an Islamist terrorist attack.' Rallam had been arrested in November but his return from Lebanon, where he had unsuccessfully sought to take military group fire, according to German prescribers. He was示真的 guilty by a Berlin court of preparing an 'act of violence endangering the state' in May and handed a 12-month suspension sentence. The ruling was set yet binding and prescribers had signaled for a longer combat-attentive, they said. Authorities had received properties and seized months photos linked to the suspect in the course of yesterday's manitaut, as had mentioned the principal transport hubs and border crossing points, according to Dohman. The minister said that security at ongoing Paris celebrations elsewhere in Germany should be 'significantly increased' necessary. The event on the Farquhar was the culmination of Berlin Pride celebration, which is considered one of the highlights of the German security of social calendar and radio as one of the largest in Europe.

Victory salutes Cockroach supporters on Saturday celebration the resignation of education minister Dharmendra Pradhan (1) 2017-04-25

India has delivered annual economic growth of nine months to pro-tors in recent years, but a steep rise in the number of young people into India's global market and rising expectations - prompted to pay for Modi's own income India's developed authority 2019 - mean that growth needless for later to satisfy voters. Nearly 40 per cent of graduates between the age of 11 and 25 are unemployed, according to a total of five youth labour market by Azim (Project University this year. Among those who in have jobs, only a small proportion are in sala-

A lot of this crowd voted for Modi and he promised so much. They feel betrayed'

Nearly 40 per cent of graduates between the age of 11 and 25 are employed, according to a total of five youth labour market by Azim (Project University this year. Among those who in have jobs, only a small proportion are in sala-

A lot of this crowd voted for Modi and he promised so much. They feel betrayed'

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Obituary Zambian politician who was only white man to lead an African democracy

Guy Scott, an academic, farmer and politician who achieved the distinction of being the first and thus he only white man to lead an African democracy, has died in London aged 82. Scott was born in Livingstone, in what was then Northern Rhodesia, in June 1944. Over a divorce career he would cross their continents and political parties, playing a role in such of Zambian democratic government, whether as an official, an advisor, a minister or, briefly, a president. Scott, a British economist at Trinity Hall, Cambridge, has his faculty was always to the country of the birth. Upon Northern Rhodesia independence in 1994 he took up Zambian citizenship and in 1995 had a brief spot as a government official in the North Kambala area administration. Outside of politics, he prospered as an innovative farmer on the outskirts of the capital, Zambia. In 1998, business took hand and his young family to Kenya for a year. He returned to England to study artificial intelligence at the University of Sussex. In 1998, following his divorce, Scott returned to Zambia where he became involved with the opposition to Kambala war party plan. An investment against Kambala's administration grew, the Movement led by Mali Party Democracy was founded in 1995. Scott was elected to its agriculture committee and, after Kambala grew way

to finally party elections, Scott stood and was elected an MP on the R400 bid for the campaign to call. He made two associations that would define the rest of his life with Michael Sota, the 3600 politician who became a friend and Hiring ally until Sarah Scott, and with Charlene Hackend, a British-born director who is involved in the political party. After the elections, Scott was appointed agriculture minister, and was credited as helping lead the Smithfield nation through the 'thought of the center.' But he was later mailed as part of a cabinet group. He founded the Lima Party, a short-lived political party. Greater political success came with the alliance with Sota, who being been passed over for the R400 nomination in 2001, founded the Patriotic Party, which was not an

early and vocal critic of China's presence and 2004 diplomacy in Zambia, back was the PP's anti-China division that in 2006, helping the country to pull investments from Zambia in the event of a data victory, which may have been instrumental in the success. In 2012, however, Sota triangled, alongside Scott, the vice president of government was long dogged by someone that Sota's health was worse than overcast, and in 2014, he died after an unblocked fifties. Scott assumed the president for 90 days before fresh elections would be held. Zambian's constitution prohibited anyone from standing whose parents were not Zambia's birth, a clause widely believed to have been designed to prevent a return to power of Kambala, whose father was born in India in New Malawi, but which also barred Scott from working the East. During his short presidency, Scott attempted to dismiss the defence minister, Edgar Langga, one was elected to 5 term following prowess. Langga became president on the PP ticket in the following election, but Scott would have the fact length he conferred Fintanishi Mchikima, who defeated Langga in 2015's presidential election, and served as an advisor to Mchikima's United Party for National Development.

Make it wise to have a new Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party

Make it wise to have a new Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party Zambian political party

Monday 27 July 2024

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Monday 27 July 2024

INTERNATIONAL

Ukraine war

Kazakh leader urges Putin to 'freeze' conflict

Knightsaw's direct appeal to Russian president is open of growing pressure on him

ANATOMIA STORED | AFRICA

The president of Kazakhstan has urged Vladimir Putin to 'freeze' the war in Ukraine in the future sign that the Russian president is under growing pressure as Ukrainian attacks remain targeted by hands back. Kazakhstan is one of Moscow's few close partners and has not previously spoken out against the war explicitly. Speaking during televised talks between the two presidents and their delegates to Ukraine, Russia, on the other hand, the 'freeze' and the conflict 'desired by fronts', adding that Kazakhstan 'have not understood its

nature'. To its long, of course, that young people are doing. They are the great part of the brotherly peoples of Russia and Ukraine, he said.

After the meeting, Kosselin spokesperson Dmitry Peden said that, given Kyiv's position, 'a front is impossible', 'but everything could be a that we must achieve our objectives.'

Russia and Kazakhstan share the world's longest continuous road border, stretching more than 1,600 km. But Russia must also jiggle to whimers with China and the west.

Saturday's intervention was Tokyo's 1-most direct appeal to Putin on. He previously stopped short of condemning Russia's invasion or directly criticizing its president, although he has repeatedly rejected elements of the Kosselin's position.

He has also refused to recognise

Russian-backed expansion groups to eastern Ukraine and repeatedly said that Kazakhstan recognizes Ukraine as a sovereign country.

His own public reprimand came after Ukrainian strikes carried the war into Russia's heartland, setting अधिक range

It is tragic that young people are doing. They are the great pool of the brotherly peoples of Russia and Ukraine!

Influents and the warehouses of a common company Wildfuss'ists, known as 'Russia Amours'.

Tobacco capitals have also recently increased their rhetoric against Moscow. US President Donald Trump told Putin this month 'it is time to stop'.

Tobacco suggested that the Istanbul negotiating framework - a 2022 proposal under which Ukraine would accept neutrality in exchange for security guarantees from big powers - should be revoked.

'This would be', under the guarantees it great powers including Russia, [before it] move on towards a long-awaited peace,' he said.

He challenged one of the central promises of Putin's case for the war saying that 'many', including Kazakhstan, did not understand its nature. He continued it with the long-standing conflict between Armenia and Azerbaijan, whose essence, he said, was 'clear' and 'has become a hitter'.

Tobacco said he had received 'many signals' from Europe and the US about the rate of the conflict, but added that he did not intend to act as an

Intermediary because 'Russia is a great country and it will have to be without its conclusion.'

He said he had decided to oppose 'his humble opinion' because he had been asked to deliver a message, without specifying who had made the request.

Tobacco also said Putin had asked 'maximum statements: fountain' of the meeting he held with Trump in Anchorage in August 2022, and that Kazakhstan remained committed to strongly co-operation with Russia.

Putin replied that he would lead 'tobacco' to detail on the situation 'on the Ukraine track'.

Kazakhstan's economy has been hit hard by the war so about 80 per cent of its oil prices first through the CPC pipeline, which covers Russian on the top 10 in way to the Black Sea port of Novemarys.

Diplomatic tension

Brazil refuses visas for US officials over fears of the meddling

PEKING, POLISH | ASIA-PACIFIC

Brazil has denied visas for two senior 25 teenage ones from that they intended to interfere in upcoming elections, in a further deterioration of diplomatic relations between the most populous nations in the Americas.

The health intertwin country's foreign ministry confirmed that it had rejected the most documents requested by state officials. The international Secretary of State and Samuel Husson, both political and legislative of President Donald Trump.

A delegation had been expected to visit Brazil in the contempting area, not long before campaigning begin for elections in October. The mission intended to cast doubt on the fairness and integrity of Brazil's elections - being system, according to an earlier report by the Washington Post.

A Brazilian official with knowledge of the matter said that big was barred because authorities had reason to believe it would be used for 'disseminate misinformation' about the electoral process, allegedly in an anti-communist role in one of former president Jair Bolsonaro, who is serving a great resistance for an attempted military coup.

The US state department said Russia and Sumatra planned to meet government officials, religious leaders and others to discuss 'decisions integrity, religious freedom, and freedom of expression'.

It added 'Any information of a 'play' to undermine a democratic nation's financial system' - one of the most a routine visit consistent with 17th Bureau of Democracy, Human Rights and Labor's statutory mandate.

Last week, Flávio Bolsonaro, the main rightwing presidential challenger to incumbens Laub, back to Lula da Silva, and has brother Eduardo, who is in self-imposed only to the US, both removed a decision of Brazil's digital flu to insure.

As an event attended by foreign ambassadors that Tuesday, Flávio asserted that the machines were from a 50-member company involved in post electoral fraud in that country, a claim that Brazil's top electoral authority said was false.

In the run-up to the 2022 election debate in Lula, Jair Bolsonaro personally alleged that Brazil's electrome electoral authority was vulnerable to manipulation.

Prosecutors said this narrative showed part of a failed party by the least eight appeals to overturn the result and illegally remain in power, for which he was sentenced to 67 years in prison.

A long-running diplomatic dispute between Brazilian and Washington erupted just over a year ago when Trump slapped Brazil with a 50 per cent trade sales - their overturns - in a failed fall to get the foreign against his ally, Jair Bolsonaro, dropped.

The 6th deepened with a new 23 per cent US duty on Brazilian exports last week. Laub showed the 8-member family of foreign engineers the trade levy for electoral gain.

The visa refused unendorsed the official branch on Saturday of Flávio Bolsonaro's candidacy. It listened to one visit to Brazil by Appetite leader Javier Hille to declare the case whether her last 65 year-old woman in a fall too women a good person may act on the region.

Additional reporting by Amy Blackman

US border. Enforcement

ICE caught between Trump and public backlash

Killings by immigration agents take toll as White House keeps one eye on looming midterms

ISLA JIM - WASHINGTON

US immigration and Customs Enforcement arrested a recent number of people over the past month as Donald Trump dismisses down on the harbishes enforcement crackdown, despite public opposition to his policies.

A record 63,024 people - an average of nearly 2,600 a day - were sent to US detention in 1992. He later, according to the agency's work plan, said to set to surpass that record, on past for nearly 30,000 so-called 'book-ins' by the end of the month.

The surge has coincided with an uptick in aggression and sometimes finally tactics, with ICE agents telling two people in recent weeks, leaving the agency caught between the president's demands and ammunition people - one representative's midterm of relations bonds.

'There's only one relation to this problem for ICE,' said Jackson Hayman, a former assistant secretary of the Department of Homeland Security. 'And that is to say playing the most important game.'

Trump's immigration stage reached a fighting point earlier this year, where federal immigration officers in Minnesota and and killed two US citizens, Renée Good, a 57-year-old mother, and Maria Pretti, a 57-year-old intensive care nurse.

Outrage at the killings, which were caught on video, quickly spread across the nation, and Kristin Jones, Trump's controversial broadcast security secretary who had gone back of US's heavy-handed tactics, was first and replaced by Oklahoma soldier Marvin C. Mullin. During his confirmation hearing in March, Mullin said his 'goal' to six months of that we're not in the bad story every single day.

The agency's third tactics, picking up immigration in house-profile settings, such as control of traffic stops, instead of providing protests by carrying out high-profile mass sweeps.

In one sense, Trump's push to stop illegal immigration has been a victim of income success. John Sandberg, a former acting director of ICE, said the agency was 'completely overwhelmed by the border' in 2024, but since Trump took

On the street: protesters against ICE in New York this month.

seer, those members have dropped 'next to zero'.

Without this 'low-hanging fruit', the agency has turned away from border enforcement to roaring out underexamated immigrants and criminals in most thousands for higher numbers.

The dragnet is catching many law-abiding new citizens. Some 40 per cent of their tax since October last year were neither convicted criminals nor facing pending charges, the data shows.

The new area recently killed by ICE agents - Loomess Salgado Araujo, a Mexican immigrant in Houston, and Juan Sebastian Garcia Guerrero, a Colombia man killed in Maine - were finally shot as the agents attempted to stop their vehicles.

At the wake of those incidents, Mullin responded the use of two teenage in street immigrants. But Trump reversed his direction, noting that it would be 'playing right into the criminals' hands'.

'UCE, he judicious, fair and smart,

and go back and do your very important job,' Trump said in a crisis media past last week. 'Keep these Crime that Records coming!'

The episode underexed the conflict between Trump's immigration push and ICE's efforts to avoid controversy while still delivering out the president's directions. 'They're undercut by the president,' Sandberg said. 'It puts them in a very difficult spot.'

A recent PP poll shows Americans are sharply divided on Trump's immigration agenda. Some 40 per cent of registered voters disagreed with the president's standing of immigration, while a similar share appears.

Attitudes towards the crackdown had become two negative in recent months as Mullin kept the agency out of the headlines and outrage over last winter's killings failed.

Back in March, some 42 per cent of registered voters disagreed with Trump's standing of immigration, but by June, before the latest shooting, the

'They're undercut by the president. It puts them in a very difficult spot'

John Spielberg, former acting director of ICE

proportions who approved and disappeared in the roughly ever.

The president's standing on the international agenda was not brought with voters, even as his overall approved rating show plummeted to new laws in recent months.

But an Economist/Tourist poll this week found that the recent shooting by ICE may have increased support for abolishing the agency, with 30 per cent of Americans who had heard about the killings somewhat or strongly supporting the dismantling of the agency.

Mullin now faces the challenge of returning to his key enforcement to avoid more public outrage. The administration's strategy ahead of the midterm decision in November is to stay out of the headlines with meeting deportation targets, said Gil Kyrkhoun, a former OIP commissioner.

'It's not because they want to change. It's not because they don't want the numbers. It's because they're worried about the midterm decision,' he said.

Energy costs

Mexico's Sheinbaum stands by petrol price cap despite fears it detects investment

DIRECTOR MURRAY - MEXICO CITY

As materials around the world deal with a surge in petrol prices during the middle year conflict, Mexicans are enjoying completely different experience - cheap fuel.

It is the most visible of a growing list of items subject to soft price controls imposed by Claudia Sheinbaum, Mexico's AFW-cup president, who relies on moral reasons and fear of government pressure to make products from tamarete to beans cheaper.

To a government that has a lot of power, it is very difficult (for company use) to say, no, that is, the government is not to be a Brazilian investment management company.

Around the world, leaders have tried to contain increases to soft prices. Many progress control issues and temporary tax cuts and subsidies. US President Donald Trump has warned had retailers of 'big problems' if they do not ever know.

Sheinbaum's government, though,

but had the way to place since early last year, well before the war, reflecting her political movement to maintain the soft price controls. In this case, she says it is to stop abusive pricing by petrol companies.

Under an agreement she says is 'voluntary', the retail petrol price cannot pass 24 pence a liter (R$ 15), which is about two pence per litre above a wholesale price at terminal annually to start off company Pence, people said.

In April, Sheinbaum introduced an additional cap of 27 pence per liter on diesel, which several executives say by tightening supply and will be hard to maintain the more than one percent.

To the long run it's just not sustainable to restrict prices like R$ 6, said Oscar Grainger, director of economic development at Mexican think-tank (R$ 9).

The new on-cage petrol prices is a window into the siblings and media specialist of Sheinbaum, who is building on the popular vision set out by her mentor and predecessor Andris Sheinab Tapia Obredze, who gave financial help to the

country's poor while controlling power. Mexico is highly dependent on US imports for fuel, with some 50-straight, undergoing of high petrol price. US petrol prices rose last year to 8.5 a pack this week, still cheaper than Mexican prices but a huge increase on their pre-tax tax levels.

Sheinbaum - who discusses the

Claudia Sheinbaum says she selects stop abusive pricing by companies

prices to a weekly press conference - does not have the luxury offering able to implement the large subsidies for petrol service introduced, given that he learned for the urgent public deficit since the 1980s.

Last year, executives were called to meet Sheinbaum and to have separate individual meetings with her team. Several people familiar with the talks said companies quickly understood that those who ignored the cap would not greater scrutiny.

Last week, her government published a list of 1,232 service stations that had not compiled with the diesel equipment made 'no effort to bolster the people' home producers said they feared last months and safety inspections. One person described the deal as 'convicts'. Mexico's energy ministry did not respond to conquest for a takeover.

'The message is that when things get complicated, we're willing to use all tactics, positive and negative, to limit political costs,' said Carlos Ramirez, an political risk consultancy integrala.

But the price cap can be sunk. It is a burden on state oil company Pence, which distributes more than three-quarters of the country's fuel and petrol. A 12.5% loss is over 10 per cent, with petrol revenues down 2.5 per cent.

Petrol companies have some extent compensated with higher premium fuel and diesel prices, though the latter is now capped too. These distributors said they had cut back investment in the sector to say two on thinner petrol margins, passing low-spending or customer service improvements.

'It distorts the market,' said Luis Miguel Labastida, an energy specialist and former advisor to Mexico, 'causing companies' margins are squeezed and there is less incentive to invest.'

Investors say they are to pay are representative of the mixed signals they receive from Sheinbaum.

Mexico's first female president has a reputation for an unusual command of policy detail and generally imposes the foreign executives for assets in person. Critics say she spends an

inefficient amount of time micro-managing losses that her team should handle. The country desperately needs investment, with the ideal capital in America - which measures investment in fixed assets by the public and private sectors it seems such as buildings, railways and machinery - down since Sheinbaum took power.

She has shown greater cooperation than her predecessor on issues such as oil and diesel, especially in the U.S. energy industry who specialized in environmental matters, she has even opened the door to allowing backing.

But when somebody has political or political importance, she is not a good deal. Following Mexico's policy, students were like she who also changed the rules as a way that puts between off.

'The president understands that she needs economic growth,' said Luis Rubio, president of State rank Melvin Braille. 'There is a huge opportunity but it is not being taken advantage of because business and business leaders are there things that simply scare them.'

Monday 27 July 2024

FINANCIAL TIMES

INTERNATIONAL

China deploys divide and conquer tactics on EU trade

Europe risks full deindustrialisation unless it stays united, warn analysts

JIM LEMY - BUYING PETER FREYER - LONDON ANDY BOWES - BRUSSELS

Brussels' decision to target one of China's most famous dishes, Peking duck, for an anti-dumping campaign was a case for Chinese propaganda to engage in one of their favourite pastimes in Beijing.

'Why is 'European duck' so afraid of Peking duck?' said the Communist Party's nationalist talk of Global Times, referring to EU acquisition this month that Peking duck, the most used in the dish, was listened up with state subsidies on China before being dumped in Europe. The paper said Europe's ducks were hit down by the like's 'high energy costs and bright supply chains'.

As the EU battles China's growing trade surplus, Beijing is resorting to what analysts say is a time-tested playbook - attacking Brussels, which sets trade policy for the like and wields its collective power, while individually courting the more vulnerable 27 member states. In the first half of this year, China's trade surplus with the EU, which hit 150 billion in 2023, rose another 24 per cent year on year.

Beijing is also quietly leveraging relations with countries adjacent to the like, such as the UK and Morocco, to gain access to the EU single market, and is seeking to influence European companies with large operations in China, analysts say.

'We are 28 voices in Europe - 27 member states plus the European Union - and it has always been a favorable position of the Chinese leaders to divide and conquer us. And it always works,' said Jung Wai-hui, a partner at consultancy DGA Group.

But analysts believe that growing Chinese outperformed might finally force

'We are so weak vis-à-vis China. They toy with member states'

Marie-Sophie Dilling, trade lawyer Europe to call time on this tactic or risk full deindustrialisation.

March 2024, EU trade commissioner, agreed with Chinese commerce minister Wang Wen'an in June to conduct consultations covering four areas: trade and investment balancing, export controls, intellectual property rights and WTO reform. Before set a deadline of October the 'insight results' on China's surplus with the like.

'Despite a three month trade times, the growing surplus keeps the risk of a China-EU trade conflict elevated,' said Larry Ma, chief China economist at Marquette.

At a recent event in Beijing, a senior European diplomat praised the tone of the talk as 'better than they have been in months, if not now'.

But in return, Beijing has its own initiative. Third include reducing tariffs on Chinese electric vehicle imports and scrubbing controls on exports of chip manufacturing machines from the Netherlands' AIMS in China.

Relations with Brussels also remain severely strained. EU leaders last July were forced to travel to Beijing to see President Xi Jinping for the 10th anniversary of bilateral relations, even though it was eventually China's turn to visit Brussels.

They held uncomfortable talks with Xi about the surplus and Ukraine. By contrast, Beijing has since laid out the red carpet for visits by German Chancellor Friedrich E. Hesse and Pedro Sánchez, Spain's prime minister, among others.

The foreign affairs ministry in Beijing insisted China and Europe are 'partners not rivals'. 'China has always supported

the process of European integration and is committed to developing relations with EU institutions and member states on a comprehensive, balanced, equal and mutually beneficial basis,' he said.

At the corporate level, though, many EU companies are suffering from China's export controls on any tariffs introduced last year during the trade war with the UK.

Jedjani, Sweden, a senior eight member of the European parliament's trade committee, said member states 'are scared' of China. While they turned to deal with US President Donald Trump's tariffs, they will not even against Beijing because they are too dependent on it for renewable technology, critical materials and cheap inputs. By contrast, Beijing has also become more assertive after seeing off the US in its year's trade war, diplomats say.

'We are so weak vis-à-vis China,' said Marie-Sophie Dilling, a trade lawyer at Comity Levy East in Brussels. 'They toy with member states. They know exactly how to do things, they have this relation not to be a very true.'

China could also directly target European companies in its market, said DGA-Werke. 'If you want to be competitive in chemistry, you have to be in China, because that is where the engineers are. That is where the innovation is. And if you want basically to achieve how to build cars are, learn how to build models, phones or wheels, you have to be in China,' he said, referring to electric vehicles. 'So they have the entire supply chain ... to be more Chinese and all of a sudden you have Chinese companies with German labels on them.'

Another area that China can leverage is its trading relationships with countries on the EU's periphery.

China commerce minister Wang spent three days in London this month following his visit to Brussels, holding what UK officials said were 'extraordinarily constructive' talks, especially on investment.

The cumulative stock of Chinese investment in the UK reached nearly £50bn by last year, more than the next two largest EU recipients combined, according to data from the London Group, a consultancy. The UK has previously diverged from the EU on trade policy with China, not levying tariffs on Chinese EVs, for example, while Brussels has imposed tariffs of up to 41 per cent. But Sam Goodman, senior policy director at the Swedish China Strategic Bank Institute, said that the UK government was also seeking to deepen trade ties with Brussels.

'Given the historic interlinked industrial supply chains between the UK and EU and the aspiration in London for an ambitious roast is relations [after Brexit], it is hard to see how the UK will not eventually fall into line with the EU's economic security policies towards Beijing,' he said.

There are already some signs of movement. The UK has matched the EU's decision to double-send tariffs and halve tariffs for good as to tackle a global plot of the metal, mostly from China.

Brussels is also contending with a surge of Chinese investment in North African countries that have two trade deals with the EU. Morocco has been the largest recipient, with Billie announced since the pandemic, according to Rhodian Group data - mostly in our industry supply chains that also serve EU companies internal trading in Morocco.

Ultimately, however, Beijing's strategy would be to wait while EU member states squabble over how to deal with the suppliers, analysts said. 'Beijing has learnt that Europe may complain, not a can be coerced into delay,' wrote Andrew Small of the European Council on Foreign Relations in a paper.

'They force the supply chain to be more Chinese and [then] you have Chinese companies with German labels on them'

A chef creates Peking duck - target of an EU anti-dumping campaign - at a restaurant in Beijing, Beilux, Friedrich E. Hesse, left, meets Xi Jinping in February

SNS Battles 2024 SNS SNS Battles returns Hosted by Clare Balding, enjoy an evening of glamour, celebrity guests and spirited competition. Test your knowledge, compete for glory and experience an exceptional night while supporting the MS Society. Thursday 8 October 2024 The Lindley Hall, 80 Vincent Square, London SW1P 2PB Tables starting at £5,500 On sale now! For further details or RSVP contact special events@mssociety.org.uk

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Monday 27 July 2024

"Pipeline Review"? Scheduling a fake meeting can give you much needed time and space to do your actual job ● WORK & CAREERS

Companies & Markets

Waymo looks at split with Uber as competition sours relations

Robotaxi lobbying fight strains ties
Both groups have traded complaints

RATE SIGNED GOOD - SAN FRANCISCO

Alphabet's Waymo is exploring options to exit its Uber partnership with the relationship between the two tech groups wearing amid an intense lobbying battle over the future of robotaxis.

The self-driving car company has held internal roles about a design to current deals with the ride-hailing group, which operates services in Austin and Atlanta, according to multiple people familiar with the matter.

Waymo has notified Uber that it plans to enter those markets and specifically in January 2024 when their contract allows, the ride-hailing group said in a statement.

The relationship between the two

'We believe in a vibrant 3G ecosystem that champions innovation and provides riders with a choice'

companies, which first partnered in 2023, has deteriorated as they have become increasingly direct competitors on some markets and both lobbying in robotaxis legislation that would benefit their own business at the expense of the urban.

The two companies were "preparing diverging objectives", one person said. Waymo and Uber have traded complaints, blaming each other for poor service and safety issues in the markets where they were together.

A break-up between the two groups is expected to dent Uber's autonomous vehicle in DC's ambitions. It has been racing to make up lost ground after selling its in-house autonomous vehicle since 2020, committing more than $100m over the past year through equity stakes and robotaxi fleet agreements.

Uber's share price has slid more than 16 per cent in the year to date to post-coming to investors' concerns that the company will be overtaken by 16 providers. So stock fell 4 per cent on the news that Waymo might with away.

Waymo has already made inroads to name US cities and has been reading their branches above to its areas such as San Francisco.

The company operates more than 5,000 vehicles across 10 cities. In February, it raised $100m at a $250m reduction in final five companies.

Waymo first partnered with Uber in May 2023 to launch robotaxis in Phoenix. The was followed by deals in Austin and Atlanta, where Waymo cars are only available through the Uber app, and Uber manages the vehicle fleet with partner homes.

In May, Uber and Waymo parted ways in Phoenix after their current deal lapsed. The two groups have also clashed over the quality of Waymo services operated by Uber in Austin and Atlanta.

The Alphabet division has questioned the cleanliness and waiting of their vehicles, the people said, while the ride-hailing group has requested a ban from brainstorming the development.

In May, Waymo drew negative attention after dreams of his vehicles chipped to cut do on its infants. Uber was responsible for routing vehicles, the people said.

Uber has uncontrollable raised concerns that the deal has unnotable financial stress and that Waymo's vehicles suddenly become unavailable during bad weather. Waymo has not ruled out a complete split, the people added.

"We believe in a vibrant and collaborative 3G ecosystem that champions innovation and provides riders with a choice in how they experience this technology," Waymo said in a statement.

Unhedged! Who owns shares? Pension systems play leading role in engaging household wealth

Household exposures to the stock market varies dramatically across developed economies Direct* holdings of listed shares and investment funds as a share of household financial assets (%)

But the private changes when indirect exposures on pensions are included

Note: United States and investment funds, where such pensions where available 2020 data. * South Korea and Sweden equity funds prices. Source: OECD Economic Data of Japan and Bank of Korea

DAVID MACFARBOR - LONDON

Households in different countries have nearly different exposures to public markets.

In our sample of developed economies, the US funds the pack with 60 per cent of household financial assets held before the listed equities and investment funds. Across the EU27, the average is 16 per cent. The Netherlands, the Belgium of the market stock market, does not even manage half the EU average, at part per cent.

The reasons include tax policy, financial culture and, above all, pension system design. When pension

unit lemases are included, Australia and the Netherlands - both with large funded retirement systems - draw up the ranking of more 50 per cent of household financial assets.

In contrast, countries with more pay on one per pension systems, such as France, Italy and Spain, are much smaller changes. In the UK, low stock market participation has been a

A version of the price-for-approved so the Unhedged newsletter. Sign up at EuroEconomics

source of hand-wringing. Attempts to honor a shareholding culture have not halted the debt towards historically low levels of direct stock ownership.

This becomes an economic policy issue when too much household savings do its cash and low yield accounts rather than being channelled towards productive investment.

Polly producers also care because of the wealth effects. When households have a viable stake in market returns, they are more willing to spend - broad market participation can still help support consumption. In a big stock market correction, of course, the wealth effect workers reverse.

Carlyle and Bain bid for $7bn-billed wealth adviser

ARTHUR GAIN AND SILVER BARBER NEW YORK

Carlyle and Bain's capital are vying to buy a wealth management platform overeating nearly $100m to client assets amid a wave of private equity deals targeting independent firms in the sector.

The rival private equity groups are the last swearing hidden in other markets they registered investment adviser Wealth Enhancement after the group's private equity owners put it up for sale, aiming at a valuation of roughly 85% including debt, according to people familiar with the matter.

Under the ownership of private equity groups US Associates and Coors, Wealth Enhancement has been on a dominating move, leaving at least six smaller registered investment advisers since last year in an attempt to add to sale.

Wealth Enhancement is among the bigger private equity-backed independent wealth managers that have led a wave of consolidation in the industry in recent years. Called KRA, these groups compete with banks to advise wealthy individuals and business owners on how to invest long-term debt.

The recurring revenues and sticky contracts have been the businesses are covered by private equity.

Michaels Capital struck an $6.8bn take-priced deal to buy US Financial last year, allowing us the birth of Clayton DeMiller & Riley's $7bn beyond of Evans Financial Partners in 2025.

Other large recent deals include Advent International's minority equity investment in Fisher Investments and OTC's investment in Creative Planning, based on the industry's largest players.

Some private equity executives have received that the industry is over-invested in the wealth management space while most of the industry's longer-held investments falling to deliver the returns reported.

Valuation of listed wealth managers in the US Financial have also plunged the over and from over how artificial intelligence might affect the business.

In 2017 New York's Fairness to sell Wealth Enhancement at current months, the people said: "The sale process is at an advanced stage but there are no guaranteed that it will result in a deal."

Carlyle and Bain declined its comment. Wealth Enhancement, US, Ours and Everman did not respond to requests for comment.

Healthcare, Washington effect

Businesses benefit from Kennedy's 'Maha Inc' overhaul

Kaleidoscope of industries

emerge as early winners

from US regulatory shift

PATRICK TERRE & WEST - NEW YORK

Businesses likely Robert F. Kennedy Jr's Make America Healthy Again movement are posted to benefit from a regulatory overhaul in Washington as companies aligned with the health accuracy's agenda emerge as its earliest winners.

At a time day meeting at the 75-Ford and Drug Administration on Thursday and Friday, a Kennedy-backed advisory panel voted to broaden public access to a handful of drugs known as peptides, despite the agency's scientific staff advising against it.

Wall Street analysts said the market for the drugs - which have gained popularity through social media claims ranging from rapid healing to muscular development - could grow into a multi-follow-dollar opportunity for pharmacists, individuals providers and drugmakers.

While President Donald Trump has drawn scrutiny for promoting cryopreservation and other businesses linked to his administration, he attention has become on healthcare companies that could benefit from regulatory shifts made in the industry.

Now, a parallel "Maha Inc." kaleidoscope of companies and industries whose prospects are tied to the White House head have agenda to represent.

One likely beneficiary is Robinson Group, a telehealth company whose inventors include Trump's son, Donald Jr. It is preparing to sell peptides and its

founder and chair, Christian Angermeyer, appeared at a Maha event in November. Enhanced diet has responded to a report for comment.

Olympia Pharmaceuticals, a Florida-based pharmacy that also appeared at the conference, has made some business to a Maha political fund raising group opened the one of Kennedy's clear associates, including one payment just a month after the FDA said it would consider becoming restrictions on peptides.

Olympia's chief executive is on the Maha group's board of directors. The company also stands to benefit from the regulatory changes, according to investment bank 'toothings'.

The FDA panel was "involved" with people from the pharmacy industry who stand to benefit from the regulatory changes for peptides, said Paul Kohn, a partner at consultancy Kendall Square Policy Strategies. "The conflict here are astonishing," he said. "It is political finance, at this point."

Other sectors featured at the Maha conference have also benefited from regulatory changes under Kennedy.

Companies developing psychic-like therapies and wearable health technology are also aimed to benefit from regulatory changes to the cheap panel.

The FDA is scheduled to consider expanding access to psychic-like drugs in September. Shares in companies developing treatments based on public-able "magic" medications, LED and MDMA, also known as x-rays, rose to April after the question signed an executive order increasing access to the drugs. Angermeyer is also founder of psychic-like company Matha Inc.

Manufacturers of wearable healthitex-rays, the company's top-selling line boosted under Kennedy. This year, the FDA

updated guidance for wellness devices such as wrist-wave health tractors, affirming the do-out search for regulated like medical devices.

Kennedy's promotion of wearables "funded the category a tabloid", said Mike Collett, managing partner at Thomas Ventures, a Chicago-based investment firm that holds a stake in wearables manufacturer. Whoop and Infirmum Therapeutics, which is developing psychic-like.

Whoop declined its comment. "The Maha bid for yet another political dog, although our Hoops will have a long shift life," Collett said.

Maha aligned businesses are driving investment interest from Firm Kennedy, one of Kennedy's sons. This year, Firm Kennedy sought to raise $100m to an investment fund targeting Maha businesses in healthcare. At consumer health and other health technologies.

It is unclear how much he has stated for the fund, Vertace Ventures, named after a railroad owned by his great-scale, former president John F. Kennedy, Firm Kennedy did not respond to requests for comment.

Robert F. Kennedy Jr's backing line boosted the wearables sector

Maha Holdings organized the November season, attended by Kennedy vice-president JP Vance and other officials, Firm Kennedy is hired as a board member.

Tony Lyons, president of the Maha Action political fund, said: "We will bring together scientists, innovators, activists and government officials to a conversation that first is connected at the expense of the kind of health outcomes that the American people have in their capacity."

The health department said "regulatory decisions are made independently" of Maha. For peptides, the FDA has warned the drugs considered at the meeting do not have clear health benefits. For $90, $175 known as the "endocrine drug" for its purpose of offering a legal injection and reduce inflammation, the agency said research "weight against" threatening access to the drug.

Despite the concerns, healthcare companies are considering peptides as a new market. Telehealth company Hima acquired a peptide manufacturer for the first year. "We are very excited about peptides, at the same time we are giving a overall link guidance from the FDA," Ament "Impressors, Hima's chief medical officer, said. "We are starting to build the information."

Consumers are having popular peptides throughout the world, and the company's group said a clearer framework would improve safety. "We would happily take on the task and be regulated and do this right," said Joshua Fritsley, president of the right Pharmaceuticals.

Olympia contributed $100,000 to the Maha political sector companies last year and the company's chief executive, Mark Whitlock, gave $25,000 to May, according to federal disclosures.

Monday 27 July 2024

FRANCE LINKS

COMPANIES & MARKETS

Injectables maker fills industry's training gap

Swiss group Galderma aims to teach professionals to give jobs as risks of botched procedures rise in 'wild west' sector

MORE JUNE 2008 — LONDON MERCEDES MARIL — ZURICH

Golderma has devised a system to help you identify people with a strong wild year face. Using a state of art to three, the two injectables maker grabs the severity of issues such as sagging, wrinkles and asymmetry.

Keynote: Galderma, a Zurich-based doctor who visits practitioners on how to use Galderma's treatments, asserts that "nearly every objective".

Golderma is one of the prime beneficiaries of the normalization of "breakments" such as botox and filter. Jobs of its injectables - which makes it still more wide (reprinted in UK company ABVHe's thesis), get like "filter" to add volume under the skin and injections that stimulate collagen production - rose 0.1 kg per cent in 82.5% in 2023.

Tobox administering these treatments have become a feature of high streaks and shopping centres in the past few years. Doctors trained followers to test new procedures on social media, posting close-up videos of people having another inserted into their lips and bookmarks.

In an interview at Galderma's immunohistochemicals headquarters in Zug, chief executive Fleming (the new said "the train has left the nation in terms of people wanting to look a certain way, to augment what they want to augment").

For Galderma, however, this surge in demand comes with risks. The company exerts little control over who substitutes its treatments, potentially having it exposed when they go wrong. Situated side effects of injectables such as those range from swelling to a swabed smile or trouble breathing.

Newton Crede, a board member at the International Society of Anethics (Paris) Surgery, said the injector industry was "a wild west". The established companies did their best to stop their product getting into the wrong hands, she said, but there was only as much they could do.

Golderma knows racing to train up the fast-growing ranks of doctors, dentists and nurses entering the anethics field and injecting its products into members of the public. The Swiss company was founded in 1981 as a joint venture between U.S. and North America. After five years under the ownership of a consortium led to private equity firm EQT, Galderma was financed on the Swiss stock exchange in 2014.

Its theory have more than doubled since and Galderma has become the first, second largest injectables maker after US healthcare group ABVHe, with a market capitalisation of about 50 million US$, the group's shares fell 6 per cent this month after the US Food and Drug Administration (noted down to application for the approval of Ruffyken, a longer lasting rival of Botox.

As well as injectables, which make up about half of group sales, Galderma sells prescription drugs for skin conditions, such as scabies and acne, and specialist skincare brands such as Unsupel. Analysis estimates the Swiss group will generate 81.5% of per-tax profit this year on revenues of 82.5%, which would be a score from 42 per cent in 2023.

U.S. trial has retreated with a 20 per cent stake. The beauty company's chief executive, The San Bernardino, has said women who pay for the rest of treatment. Galderma offers special twice as much as a certain of the best products. The company's business is the licensing business of longevity,

A doctor injects filter into a field's lips. Tobox administering these treatments have become a feature of high streaks and shopping centres

Golderma rides injectables wave

Share price and rates related to Swiss Foods, Germany

Golderma's injectables are forecast to continue strong growth Sales: Stock

driven by wealthy women typically between the ages of 40 and 60.

Omaher trained as a doctor in his native Denmark before moving into the pharmaceutical industry. He now heats a video series, Beauty 2 Machine, which "sureverly [the science behind] beautiful, healthy skin". Featuring guests such as the Jean Carrethane, who first discovered that Botox could treat Bowe fever. Her catchphrases: "I haven't frowned since 1987".

Golderma's chief editor now consumers wanted to "up the natural way" and was here to discuss the company from the "pillow face" look of those who have applied filters (literally).

Golderma and ABVHe suffered a slowdown in sales a few years ago following a period of "filter fatigue". Omaher said the company deals with the introduction by putting budgets, as injection that helps stimulate collagen production. It was first used to treat people living with HIV/Chick who lost far around their cheeks and toopies. Now it is a bit with users of glucagon like peptides!

People want to look a certain way, to augment what they want to augment

Fleming Omako, CEO

drugs such as Enzymes and Magyra who experience the same conditions from rapid weight loss.

Omaher's contention that Galderma's products give users a "natural look" to dependent on them being administered judiciously by trained professionals.

The following number of choice and medical uses offering injectables has shown large numbers of antitumor particles in the industry, raising the risk of botched procedures.

A University College London study published this year counted US$5 pro-tumoribumin administered botox in the UK in 2013, a jump of 437 per cent in just two years. Doctors made up 20 per cent of all practitioners, while the proportion of anethicisms injecting botox without a medical licence doubled to 20 per cent.

Part of the US show a similar pattern. A study last year by the University of Central Florida and the American Foundation for Anethics. Medicine found that the number of medical uses in Florida doubled over a four-year period in 2,058. More than three-quarters of them were found to be run by practitioners with an existing synthetic medicine.

Ruler governing who is allowed to inject Galderma products vary. In the UK, practitioners do not want to inject it to a specific device, or using a medical professional. Ruler vary

Mining

Deadly storm disrupts Chile copper production

CAROLLA MORRISON — LONDON

A deadly storm in Chile threatens copper production and has added to new cells over the industry's ability to supply the metal crucial to the Al型油田.

Canadian base metals group London Mining suspended operations at its Congress copper and aluminum operation in Chile's Atacama region last week, where heavy snowfall disrupted power supplies, while copper miner interlagents passed mining and processing for all the parts of its Mexico and Zimbabwe site.

Barrick Mining said on Saturday that it had safely relocated workers from a coal problem in Chile by helicopter after "difficult days due to the extraordinary weather conditions".

The extreme weather caused flash flooding as well as heavy snow at higher altitudes where some big copper mines are located. The storm had killed at least 12 people, according to officials.

More also affected some operations at state iron copper miner Caldeco, where operations at estates including BT-Texas were temporarily halted.

Execution at major including Anglo American and BHP are also closely monitoring the situation and in touch with Chilean authorities.

Copper is an essential component of electricity grids, renewable energy and the data centres that will power Al. But experts are forecasting a widening shortage of the red metal in the decades to come with supply shocks likely to become more common as climate change accelerates and fuels extreme weather events.

With copper stocks in the global net-

Floodwaters took through a review in Chile's Atacama region

work of London Metal Exchange warehouses declining, "added supply risks like Chile are only upping the air to copper price volatility", said branch analyst Natalie Lott Gray.

More broadly, mining investors "are increasingly trying to understand how physical [chronic] risk translates into production disruption, cash flow, insurance costs and asset valuation", said Giuseppe Ambrosio, founder of risk analysis group WinkDive Investment Management.

As a mining nation such as Chile, "even temporary disruption can matter for commodity markets", he said.

Although miners typically take account of some weather-related disruptions in their forecasts, doing so accurately is likely to become more challenging as weather patterns change.

The disruption in Chile - where a state of emergency has been declared in certain regions - comes clear after miners including BHP warned of declining copper production thanks to part in ageing states that over time contain loss of the metal.

Additional reporting by Kenna Bryan

•

FRANCE 1968

Monday 27 July 2024

COMPANIES & MARKETS

Oil & gas

Blackstone, KKR and Brookfield take pipelines stake

Record Biblos deal agreed as Kuwait cures capital following Iranian attacks

MICHAEL PARKER OLLY NICHOLS CONFIDENTENT

Blackstone, KKR and Brookfield take pipelines stake Record Biblos deal to take a stake in Kuwait's national oil prices network in the Gulf state's largest ever longtime environment and the capital to pay for the cost of Iranian attacks.

The private equity giants will offer

forty tabs a 49 per cent share in a joint venture with Kuwait's national oil and gas company that will take a long term leave over the country's 120 key pipeline network and rent back the right to use it, they said in a statement.

The first oil & gas market in the AFR market is a 1.5 per cent share in a joint venture with Kuwait's national oil and gas company that will take a long term leave over the country's 120 key pipeline network and rent back the right to use it, they said in a statement.[{"box, [821, [821, [821, [821, [821, and\nthe following: The first oil & gas market in the\nAFR market is a 1.5 per cent share in a joint\nventure with Kuwait's national oil and\ngas company that will take a long term\nleave over the country's 120 key pipeline\nnetwork and rent back the right to use\nit, they said in a statement."}][{"box, [821, [821, [821, [821, [821, and\nthe following: The first oil & gas market in the\nAFR market is a 1.5 per cent share in a joint\nventure with Kuwait's national oil and\ngas company that will take a long term\nleave over the country's 120 key pipeline\nnetwork and rent back the right to use\nit, they said in a statement."}][{"box, [821, [821, [821, [821, [821, and\nthe following: The first oil & gas market in the\nAFR market is a 1.5 per cent share in a joint\nventure with Kuwait's national oil and\ngas company that will take a long term\nleave over the country's 120 key pipeline\nnetwork and rent back the right to use\nit, they said in a statement."}][{"box, [375, [375, [375, [375, [375, and\nthe following: The first oil & gas market in the\nAFR market is a 1.5 per cent share in a joint\nventure with Kuwait's national oil and\ngas company that will take a long term\nleave over the country's 120 key pipeline\nnetwork and rent back the right to use\nit, they said in a statement."}][{"box, [375, [375, [375, [375, [375, and\nthe following: The first oil & gas market in the\nAFR market is a 1.5 per cent share in a joint\nventure with Kuwait's national oil and\ngas company that will take a long term\nleave over the country's 120 key pipeline\nnetwork and rent back the right to use\nit, they said in a statement"}]

Market questions. Week ahead

Iran escalation revives fears of inflation and Fed rate rise

Will the Fed raise interest rates at Keith Warth second meeting?

The recent re-escalation of the Iran war has forced investors to consider whether the renewed risk of inflation will push the US Federal Reserve to raise interest rates at its policy meeting this week. Its second with Kevin Warth in the chair.

A week ago, traders in futures markets were putting the odds of a quarter-point rise at the meeting at less than 10 per cent. But a jump in oil prices above $100 a barrel for the first time since this month the odds of an increase to 30 per cent for Tehla.

The first one has a July priced in its September with one and possibly two additional quarter-point rises expected over the following six months.

Oil prices have whispered since the end of the war in late February. The Washington and Tehla ex-fed through falls and assumptions of fighting.

Beginning in another suggested that investors largely assumed that inflation is a result from the change of the threat of the war. Through which a three of the world's oil market's much as would be short-term.

These assumptions shifted during the past week's upturn in oil prices investors across the globe scheduled according to the 1st and 2nd annual meeting and the benchmark 10 year US Treasury yield in its highest in 30 months.

Gorman and French Pear are yields hit more than 10 year highs. Yields on long- disturbated generally rise with inflation expectations.

The first oil economy and oil labour market — weekly jobless claims

in the US on Thursday hit their lowest level since 1969 — still in the case for raising interest rates in the near term.

Consumer inflation in June rose to an annual year of 1.5 per cent, with above the 50.2 per cent target.

However, market remain uncertain given Warth second on to offer investors any guidance as where monetary policy is funded. "July is live, baby," said Ed Al-Arman, a portfolio manager at Columbia, Massachusetts. "The Fed has reason to raise, both inflation and the latter market have been surprised to the upside." (Ade/Depal)

The following table provides the information in English:

Will the Bank of England strike a hawkish issue as oil prices rise?

Traders in major markets expect the Bank of England to keep its own losses at interest rate unchanged at 3.75 per cent on Thursday — but with oil prices sur- ing back to around $100 a barrel to recent days, investors will be watching closely for signs of how the central bank might approach renewed inflation.

Traders are pricing in just an 15 per cent chance of a quarter-point interest rate rise this week, compared by data but week showing that UK annual infla-

tion fell more than expected in June, hit ing 0.5 month low of 2.6 per cent.

Recent GDP data has also shown slightly economic growth in the UK, adding to the view that its rise in raising interest rates is a high one. But the couple for inflation may not last long.

The Middle East conflict flare up over global oil prices back above $100 per barrel, prompting a will off in short-dated gills as investors worried about more inflation coming down the track.

The surge in energy prices will "pose a material risk to future inflation exaltings," said Ismail Parthani, chief US

"The Fed has reasons to raise. Both inflation and the labour market have surprised to the upside"

US traders watch Federal Reserve chair Mines Kores at his first news conference in June. (1) 2017

economist at Bank of America. But the Wall Street bank does not expect the first to respond just yet with Parthani asking that "whole, there is no strong evidence of the poor through at the energy stock to core inflation and image growth" — while reasons from the last one month that the monetary policy committee was "in no cash to us", she said.

However, while rates are likely to stay steady on Thursday, investors severe uncertain about the path for the rest of the year and will be fanning closely for signs of how both concerns from greater Andrew Bailey, Emily Herbert

Will Earns are inflation jump back above 3 per cent?

After ECB president Christian Lagerick hawkish comments when the central bank kept its policy rate unchanged at 3.25 per cent on July 25, investors and summons will closely scrutinize GDP and inflation data this week be cross-check for summons that ranks for growth are to the dramatic while rates for inflation are to the upside.

During the second quarter, the Earns are a company is expected to have held up better than based at the onset of the Year next in late February. Economists pulled by Burgess to be at that GDP will three growth 0.2 per cent from the previous quarter in spite of surging energy prices and Middle East uncertainty.

In the first quarter, the week's economy contracted by 0.2 per cent due to the newly-everly large setback in behind where GDP numbers are often distorted by profit transfers of global corporations coming their European operations from the country.

"The economy seems to expand at a small rate pace and sentiment is picking up," said Karsten Jordan, chief economist at Bank J Safra karsten.

Inflation is expected to have behind up to an annual year of 3.9 per cent in July and 3.6 per cent in June. The stage is that the rise in backward funding and will not fully include the most estimated local prices.

"We believe the ECB may read to wait a bit longer to get confirmation of material second-round effects," backed Karenko, executive transitist, Alexander

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The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States
The Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States, and the Company is a member of the United States

Confidentiality Timings

NOTICE INVITING PROPOSAL (2nd CALL)

Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)

The City and Industrial Development Corporation of Maharashtra Limited, through the University of Australia, which is a member of the United States, and the Department of Industrial and Industrial Engineering Corporation of Maharashtra Limited, through the University of Australia, which is a member of the United States, and the Department of Industrial and Industrial Engineering Corporation of Maharashtra Limited, through the University of Australia, which is a member of the United States, and the Department of Industrial and Industrial Engineering Corporation of Maharashtra Limited, through the University of Australia, which is a member of the United States, and the Department of Industrial and Industrial Engineering Corporation of Maharashtra Limited, through the University of Australia

Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call) E.C.A. No. (CIVICON) 92 (CIVICON) 2 (CIVICON) 3 (CIVICON) 4 (CIVICON) 5 (CIVICON) 6 (CIVICON) 7 (CIVICON) 8 (CIVICON) 9 (CIVICON) 10 (CIVICON) 11 (CIVICON) 12 (CIVICON) 13 (CIVICON) 14 (CIVICON) 15 (CIVICON) 16 (CIVICON) 17 (CIVICON) 18 (CIVICON) 19 (CIVICON) 20 (CIVICON) 21 (CIVICON) 22 (CIVICON) 23 (CIVICON) 24 (CIVICON) 25 (CIVICON) 26 (CIVICON) 27 (CIVICON) 28 (CIVICON) 29 (CIVICON) 30 (CIVICON) 31 (CIVICON) 32 (CIVICON) 33 (CIVICON) 34 (CIVICON) 35 (CIVICON) 36 (CIVICON) 37 (CIVICON) 38 (CIVICON) 39 (CIVICON) 40 (CIVICON) 41 (CIVICON) 42 (CIVICON) 43 (CIVICON) 44 (CIVICON) 45 (CIVICON) 46 (CIVICON) 47 (CIVICON) 48 (CIVICON) 49 (CIVICON) 50 (CIVICON) 51 (CIVICON) 52 (CIVICON) 53 (CIVICON) 54 (CIVICON) 55 (CIVICON) 56 (CIVICON) 57 (CIVICON) 58 (CIVICON) 59 (CIVICON) 60 (CIVICON) 61 (CIVICON) 62 (CIVICON) 63 (CIVICON) 64 (CIVICON) 65 (CIVICON) 66 (CIVICON) 67 (CIVICON) 68 (CIVICON) 69 (CIVICON) 70 (CIVICON) 71 (CIVICON) 72 (CIVICON) 73 (CIVICON) 74 (CIVICON) 75 (CIVICON) 76 (CIVICON) 77 (CIVICON) 78 (CIVICON) 79 (CIVICON) 80 (CIVICON) 81 (CIVICON) 82 (CIVICON) 83 (CIVICON) 84 (CIVICON) 85 (CIVICON) 86 (CIVICON) 87 (CIVICON) 88 (CIVICON) 89 (CIVICON) 90 (CIVICON) 91 (CIVICON) 92 (CIVICON) 93 (CIVICON) 94 (CIVICON) 95 (CIVICON) 96 (CIVICON) 97 (CIVICON) 98 (CIVICON) 99 (CIVICON)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)

Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)
Name of Work: Independent Engineer for Development of Phase III and Operations of combined Phase I & II of New Munihal International Airport (2nd call)

JAM JHONKOW @Hawainy 8000000

2017年1月1日
2017年1月1日
2017年1月1日
2017年1月1日
2017年1月1日

Monday 17 July 2006

•

699LANZAAI 2006

MARKET DATA

WORK IT MARKETS AT A CLANCE

FT.COM/MARKETIDATA

Target points (pre- and post-1 month 1):

ALP 500

FTSE AF MARKET

FTSE AF MARKET[{"box_2d": [745, 360, 967, 366], "label": "text", "caption": "

•

SYNACUSE TIMES

Monday 07 July 2006

MARKET DATA

FT GLOBAL 500-THE WORLD'S LARGEST COMPANIES

Thursday 27 July 2006

FINANCIAL TIMES

FINANCIAL TIMES SHARE SERVICE

Main Market

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

Investment Companies

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD 1st	YTD 2nd	YTD 3rd	YTD 4th
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
China International	$ 1,000
China International	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

FINANCIAL SERIES

Monday 27 July 2024

MANAGED FUNDS SERVICE

Algebra Investments

Regulated[{"box_2d": [30, 295, 259, 467], "label": "table", "caption": "| Algebra & General Funds | 1 | 246.25 | 1.25 | 0.00 | 0.00 | 0.00 |

| --- | --- | --- | --- | --- | --- | --- | | Algebra & General Funds | 1 | 246.25 | 1.25 | 0.00 | 0.00 | 0.00 | | Algebra & General Funds | 1 | 246.25 | 1.25 | 0.00 | 0.00 | 0.00 | | Algebra & General Funds | 1 | 246.25 | 1.25 | 0.00 | 0.00 | 0.00 | | Algebra & General Funds | 1 | 246.25 | 1.25 | 0.00 | 0.00 | 0.00 |

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00
Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00
Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00
Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

Algebra & General Funds	1	246.25	1.25	0.00	0.00	0.00

| Algebra & General Funds | 1 | 246.25 | 1.25 | 0.00 | 0.00 | 0.00 | | --- | --- | --- | --- | --- | --- | --- |

Monday 27 July 2024

ETHANOL TIMES

MANAGED FUNDS SERVICE

Algebra & General Funds

246.25

1.25

0.00

Date	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	2101	2102	2103	2104	2105	2106	2107	2108	2109	2110	2111	2112	2113	2114	2115	2116	2117	2118	2119	2120	2121	2122	2123	2124	2125	2126	2127	2128	2129	2130	2131	2132	2133	2134	2135	2136	2137	2138	2139	2140	2141	2142	2143	2144	2145	2146	2147	2148	2149	2150	2151	2152	2153	2154	2155	2156	2157	2158	2159	2160	2161	2162	2163	2164	2165	2166	2167	2168	2169	2170	2171	2172	2173	2174	2175	2176	2177	2178	2179	2180	2181	2182	2183	2184	2185	2186	2187	2188	2189	2190	2191	2192	2193	2194	2195	2196	2197	2198	2199	2200	2201	2202	2203	2204	2205	2206	2207	2208	2209	2210	2211	2212	2213	2214	2215	2216	2217	2218	2219	2220	2221	2222	2223	2224	2225	2226	2227	2228	2229	2230	2231	2232	2233	2234	2235	2236	2237	2238	2239	2240	2241	2242	2243	2244	2245	2246	2247	2248	2249	2250	2251	2252	2253	2254	2255	2256	2257	2258	2259	2260	2261	2262	2263	2264	2265	2266	2267	2268	2269	2270	2271	2272	2273	2274	2275	2276	2277	2278	2279	2280	2281	2282	2283	2284	2285	2286	2287	2288	2289	2290	2291	2292	2293	2294	2295	2296	2297	2298	2299	2300	2301	2302	2303	2304	2305	2306	2307	2308	2309	2310	2311	2312	2313	2314	2315	2316	2317	2318	2319	2320	2321	2322	2323	2324	2325	2326	2327	2328	2329	2330	2331	2332	2333	2334	2335	2336	2337	2338	2339	2340	2341	2342	2343	2344	2345	2346	2347	2348	2349	2350	2351	2352	2353	2354	2355	2356	2357	2358	2359	2360	2361	2362	2363	2364	2365	2366	2367	2368	2369	2370	2371	2372	2373	2374	2375	2376	2377	2378	2379	2380	2381	2382	2383	2384	2385	2386	2387	2388	2389	2390	2391	2392	2393	2394	2395	2396	2397	2398	2399	2400	2401	2402	2403	2404	2405	2406	2407	2408	2409	2410	2411	2412	2413	2414	2415	2416	2417	2418	2419	2420	2421	2422	2423	2424	2425	2426	2427	2428	2429	2430	2431	2432	2433	2434	2435	2436	2437	2438	2439	2440	2441	2442	2443	2444	2445	2446	2447	2448	2449	2450	2451	2452	2453	2454	2455	2456	2457	2458	2459	2460	2461	2462	2463	2464	2465	2466	2467	2468	2469	2470	2471	2472	2473	2474	2475	2476	2477	2478	2479	2480	2481	2482	2483	2484	2485	2486	2487	2488	2489	2490	2491	2492	2493	2494	2495	2496	2497	2498	2499	2500	2501	2502	2503	2504	2505	2506	2507	2508	2509	2510	2511	2512	2513	2514	2515	2516	2517	2518	2519	2520	2521	2522	2523	2524	2525	2526	2527	2528	2529	2530	2531	2532	2533	2534	2535	2536	2537	2538	2539	2540	2541	2542	2543	2544	2545	2546	2547	2548	2549	2550	2551	2552	2553	2554	2555	2556	2557	2558	2559	2560	2561	2562	2563	2564	2565	2566	2567	2568	2569	2570	2571	2572	2573	2574	2575	2576	2577	2578	2579	2580	2581	2582	2583	2584	2585	2586	2587	2588	2589	2590	2591	2592	2593	2594	2595	2596	2597	2598	2599	2600	2601	2602	2603	2604	2605	2606	2607	2608	2609	2610	2611	2612	2613	2614	2615	2616	2617	2618	2619	2620	2621	2622	2623	2624	2625	2626	2627	2628	2629	2630	2631	2632	2633	2634	2635	2636	2637	2638	2639	2640	2641	2642	2643	2644	2645	2646	2647	2648	2649	2650	2651	2652	2653	2654	2655	2656	2657	2658	2659	2660	2661	2662	2663	2664	2665	2666	2667	2668	2669	2670	2671	2672	2673	2674	2675	2676	2677	2678	2679	2680	2681	2682	2683	2684	2685	2686	2687	2688	2689	2690	2691	2692	2693	2694	2695	2696	2697	2698	2699	2700	2701	2702	2703	2704	2705	2706	2707	2708	2709	2710	2711	2712	2713	2714	2715	2716	2717	2718	2719	2720	2721	2722	2723	2724	2725	2726	2727	2728	2729	2730	2731	2732	2733	2734	2735	2736	2737	2738	2739	2740	2741	2742	2743	2744	2745	2746	2747	2748	2749	2750	2751	2752	2753	2754	2755	2756	2757	2758	2759	2760	2761	2762	2763	2764	2765	2766	2767	2768	2769	2770	2771	2772	2773	2774	2775	2776	2777	2778	2779	2780	2781	2782	2783	2784	2785	2786	2787	2788	2789	2790	2791	2792	2793	2794	2795	2796	2797	2798	2799	2800	2801	2802	2803	2804	2805	2806	2807	2808	2809	2810	2811	2812	2813	2814	2815	2816	2817	2818	2819	2820	2821	2822	2823	2824	2825	2826	2827	2828	2829	2830	2831	2832	2833	2834	2835	2836	2837	2838	2839	2840	2841	2842	2843	2844	2845	2846	2847	2848	2849	2850	2851	2852	2853	2854	2855	2856	2857	2858	2859	2860	2861	2862	2863	2864	2865	2866	2867	2868	2869	2870	2871	2872	2873	2874	2875	2876	2877	2878	2879	2880	2881	2882	2883	2884	2885	2886	2887	2888	2889	2890	2891	2892	2893	2894	2895	2896	2897	2898	2899	2900	2901	2902	2903	2904	2905	2906	2907	2908	2909	2910	2911	2912	2913	2914	2915	2916	2917	2918	2919	2920	2921	2922	2923	2924	2925	2926	2927	2928	2929	2930	2931	2932	2933	2934	2935	2936	2937	2938	2939	2940	2941	2942	2943	2944	2945	2946	2947	2948	2949	2950	2951	2952	2953	2954	2955	2956	2957	2958	2959	2960	2961	2962	2963	2964	2965	2966	2967	2968	2969	2970	2971	2972	2973	2974	2975	2976	2977	2978	2979	2980	2981	2982	2983	2984	2985	2986	2987	2988	2989	2990	2991	2992	2993	2994	2995	2996	2997	2998	2999	3000

2017年1月1日，公司召开2017年第一次临时股东大会，并于2017年3月15日召开2017年第二次临时股东大会，并于2017年4月16日召开2017年第三次临时股东大会，并于2017年5月18日召开2017年第四次临时股东大会，并于2017年6月19日召开2017年第五次临时股东大会，并于2017年7月20日召开2017年第六次临时股东大会，并于2017年8月21日召开2017年第七次临时股东大会，并于2017年9月22日召开2017年第八次临时股东大会，并于2017年10月23日召开2017年第九次临时股东大会，并于2017年11月24日召开2017年第十次临时股东大会，并于2017年12月25日召开2017年第十四次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开2019年第一次临时股东大会，并于2019年2月3日召开2019年第二次临时股东大会，并于2019年3月3日召开2019年第三次临时股东大会，并于2019年4月3日召开2019年第四次临时股东大会，并于2019年5月3日召开2019年第五次临时股东大会，并于2019年6月3日召开2019年第六次临时股东大会，并于2019年7月3日召开2019年第七次临时股东大会，并于2019年8月3日召开2019年第八次临时股东大会，并于2019年9月3日召开2019年第九次临时股东大会，并于2019年10月3日召开2019年第十次临时股东大会，并于2019年11月3日召开2019年第十一次临时股东大会，并于2019年12月3日召开2019年第十二次临时股东大会，并于2020年1月3日召开
2017年1月1日，公司召开2017年第一次临时股东大会，并于2017年3月15日召开2017年第二次临时股东大会，并于2017年4月16日召开2017年第三次临时股东大会，并于2017年5月18日召开2017年第四次临时股东大会，并于2017年6月19日召开2017年第五次临时股东大会，并于2017年7月20日召开2017年第六次临时股东大会，并于2017年8月21日召开2017年第七次临时股东大会，并于2017年9月22日召开2017年第八次临时股东大会，并于2017年10月23日召开2017年第九次临时股东大会，并于2017年11月24日召开2017年第十次临时股东大会，并于2017年12月25日召开2017年第十四次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开2019年第一次临时股东大会，并于2019年2月3日召开2019年第二次临时股东大会，并于2019年3月3日召开2019年第三次临时股东大会，并于2019年4月3日召开2019年第四次临时股东大会，并于2019年5月3日召开2019年第五次临时股东大会，并于2019年6月3日召开2019年第六次临时股东大会，并于2019年7月3日召开2019年第七次临时股东大会，并于2019年8月3日召开2019年第八次临时股东大会，并于2019年9月3日召开2019年第九次临时股东大会，并于2019年10月3日召开2019年第十次临时股东大会，并于2019年11月3日召开2019年第十一次临时股东大会，并于2019年12月3日召开2019年第十二次临时股东大会，并于2020年1月3日召开
2017年1月1日，公司召开2017年第一次临时股东大会，并于2017年3月15日召开2017年第二次临时股东大会，并于2017年4月16日召开2017年第三次临时股东大会，并于2017年5月18日召开2017年第四次临时股东大会，并于2017年6月19日召开2017年第五次临时股东大会，并于2017年7月20日召开2017年第六次临时股东大会，并于2017年8月21日召开2017年第七次临时股东大会，并于2017年9月22日召开2017年第八次临时股东大会，并于2017年10月23日召开2017年第九次临时股东大会，并于2017年11月24日召开2017年第十次临时股东大会，并于2017年12月25日召开2017年第十四次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于2017年12月25日召开2017年第十二次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于2017年12月25日召开2017年第十二次临时股东大会，并于2018年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于2017年12月25日召开2017年第十二次临时股东大会，并于2018年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于2017年12月25日召开2017年第十二次临时股东大会，并于2018年1月3日召开2018年第一次临时股东大会，并于2018年2月3日召开2018年第二次临时股东大会，并于2018年3月3日召开2018年第三次临时股东大会，并于2018年4月3日召开2018年第四次临时股东大会，并于2018年5月3日召开2018年第五次临时股东大会，并于2018年6月3日召开2018年第六次临时股东大会，并于2018年7月3日召开2018年第七次临时股东大会，并于2018年8月3日召开2018年第八次临时股东大会，并于2018年9月3日召开2018年第九次临时股东大会，并于2018年10月3日召开2018年第十次临时股东大会，并于2018年11月3日召开2018年第十一次临时股东大会，并于2018年12月3日召开2018年第十二次临时股东大会，并于2019年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于2017年12月25日召开2017年第十二次临时股东大会，并于2018年1月3日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开2017年第十一次临时股东大会，并于
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开
2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2017年9月22日召开2017年第九次临时股东大会，并于2017年10月23日召开2017年第十次临时股东大会，并于2017年11月24日召开[{"box_2d": [28, 76, 969, 71], "label": "caption", "caption": "1. 2017年1月1日，公司召开2017年第二次临时股东大会，并于2017年3月15日召开2017年第三次临时股东大会，并于2017年4月16日召开2017年第四次临时股东大会，并于2017年5月18日召开2017年第五次临时股东大会，并于2017年6月19日召开2017年第六次临时股东大会，并于2017年7月20日召开2017年第七次临时股东大会，并于2017年8月21日召开2017年第八次临时股东大会，并于2

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FINANCIAL TIMES

Monday 27 July 2016

WORK & CAREERS

If No 10 North is the 'situation room for growth', let's get situated near it

Rutherford Hall Critical Commons

WhatsApp to Stephen: The move I think about this the more I think we really should set up a Manchester office.

WhatsApp to Stephen: I know I was much happier. No 10 North as body. Burdman's WPH play but I think there are opportunities here. There is a cost — we'll have to get an office. I sometimes need for new and probably a couple of times. You will have to be a local, someone with a good contacts book of munitions's Anarchists more and on every deposit. Knowledge of New Order's back catalogues.

WhatsApp to Stephen: I might even go up there myself once a week just to find it elations, make sure one now lists isn't nagging contacts before going off to form his own agency. The Manchester to Pennington Flash loop is meant to be a very new cycle room. I will have to get a new bike, not withgoing the 9 North Hall on the Israeli home. Elations every week. We should also look to work now at two of our own front courses.

WhatsApp to Stephen: Also perhaps I can come a long weekend of it, my wife's from around there as you know.

Well not exactly Manchester but one of those nearby houses, Clinton or Carlisle. Or maybe it was the first new I think about it.

WhatsApp to Stephen: No, I can't spend too long there. I too many of our clients are working from London. But a small No 10 North offers real opportunities.

WhatsApp to Stephen: For one thing, when Burdman's not there, it will be full of people running the action and leave to go up. For another because it will be smaller. On people there will have more direct access to Andy and I've figures. But Louise Haigh and other researchers who will choose to work from there every Thursday next Friday. There may be some budget or more first, not much but a touch. And in economic and will best directly into the top table. You may be able to influence thinking for more if you can get closer than you can in London. We don't really have to believe in this second on birthday are calling No 10 North the 'situation room for growth' to let's get situated nearby.

WhatsApp to Stephen: On body we can't be doing this in every city in England. But it can be a time to get around the North. It's almost an argument for a high speed call link. WhatsApp to Stephen: Also I think

a lot of businesses will be boosting their North West proceeds. If we get in early we can make money by placing Sherpa. But mainly it's just to show willing and get in with this. If this works out we can run breakdown and become up there so our clients can meet No 10 North. Maybe a chatty Chinese if they stay over.

WhatsApp to Stephen: OK, off to the France warehouse of the North to get this moving. I will see a few people to try to get a sense of things. Enabling out now, I won't be much time.

From: Rutherford Hall, Critical Commons. All rights reserved. We have some very exciting news. In recognition of the new government's drunken drive, we are opening Mankind North, a new office in Manchester, which will focus on building relations with Burdman's No 10 North and identifying opportunities in its policies. We see this as a major strategic move, which shows our commitment to moving where the action and investment will be. We are looking for a couple of people to start the team. It is a chance for promotion and to save your own office, though this study. If the working from there at least a day a week. We are open to discussing length of term but we initially see

You may be able to influence thinking for more if you can get closer to key figures there than you can in London

this as a one- or two-year gig.

I spent last weekend up there. It's a really buzzing city with some beautiful surroundings countrywide. It's a great opportunity.

Let me know if you are interested, Rutherford.

Weaver Hall of the 2015.

Pall Mall on the Sun, London or Brighton I think about. Manchester to Pennington Flash Loop! By JW 25 minutes.

WhatsApp to Loudon Highs: Hi Loos, Rutherford Hall here. Firstly, congratulations on the new role. I'm sure you'll be great. Secondly, we are very excited for the government's agenda to shift your home. 'What about you?' just wanted to start you in the news that we are about to open Mankind North. We are backing the Burdman agenda by opening our first call, other student London in Manchester. We were wondering if you would be able to meet with the new team. We'll have to get one for a breakfast to talk about the new agenda with some of our clients looking to invest around the country.

WhatsApp to Loudon Highs: Or we could do it in London if that's easier for you.

Monego received by Robert Shitsky

The CEO. David Jones, Brandtech

'Why not do 95% of it with fast, efficient machines?'

Digital advertiser founder says: Is its transforming the industry that there are doubts over valuation, writes John Gapper

David Jones is late for our meeting at his Manhattan office because his car got much behind a garbage truck. But the British founder of the AI and digital advertising group Brandtech does not complain. 'I give up the trouble in drinking,' he says. 'I'm a big penny for in a city, be in the biggest, ancient, best.'

Jones was raised in a village in Cheshire but now lives and works for New York and it works in a hearty. 'He works fast and rinks fast. I took quite a few cent to him,' says one of his partners. Her initial meeting was postponed because Jones entered a High from London, where he was pitching for business in a period of 1 2/3 for a 7.25pm High and, frankly enough, they wouldn't sit on through 'he says.'

The chief executive is also in a hurry to shake up marketing, which has faced worse of competition for the most recent Social media. I'll find influencers and short form digital ads have been followed by AI threatening to take the place offseason creativity at the heart of the industry. The 39-year-old former chief executive of French advertising group Steven can claim to have seen reach of the evolution coming.

He founded Brandtech in 2013 after managing to use and raising $500m from investors including the Scottish Mortgage Investment Trust monogathy Balle. Offord, which also holds a state as SpaceX. The fundraising took only six weeks, which Jones attributes to the new do girls of the adoptivities. 'This city is incredible. In most places in the world, people would laugh you out of the room.'

Her industry optimism is now in shorter supply, even in New York. The order of the VFX biggest agency group WPF has been sharply in the past two years, along with that of its Capital. On digital ad company founded by former WPF chief Sir Martin Swind, found the industry's struggles to adapt to technological change. Her 800s value ascribed to Brandtech's best, it raised another $12.0mn from new revenues in 2014 ready Jones look like a new success. That valuation is now in question.

Jones is happily outspoken. Easily costing doubt about the future of humans in the industry. 'We like to believe that every person who creates in brilliant, but if you watch the basketball [on television] this week, some of the ads are terrible.' He says 92 per cent of people 'don't produce much that's true. I've so original, he why not do that with fast, efficient machines and let the person's handle the other [you can]'

This sort of pronouncement does not always make true popular. Charles Vallaux, founding partner of the UK ad agency VCCF, describes Jones as an

functal press, who founded Brandtech in 2013, is based in New York because 'if you're going to be in a city, be in the biggest, ancient, best'

'agent provocative' who has 'disrupted an industry in a way the more orthodox world isn't. But he also calls him 'impressive and prostrate...I think anyone in their right doubt is going in roughly the direction he predicts.'

Jones knew one lesson as a teenager. His father was chief executive of a ten-time firm that was led by production meeting in Asia in the 1960s. 'By the time I paid attention, I was having a turret time...I thought I was in soft, don't be a bit something sensitive in a declining industry.' He was a 'terrible student' but almost quiet, playing by half-brought. He still looks pretty fit. 'In our family, if you don't play sports, we'll give you more,' he says.

He studied business at Routledge University in Germany and lay gift for biography brought an early break in advertising when he joined a Manchester agency. In an accurate executive he flew to Germany to handle its contract with the same money group Brand. Jones later moved to New York and, at 38, became global chief executive of House.

Former manager to Jones's life, despite him having found in New York for two decades. His wife is French and their best children — Alphonse, Agathe, August and Apolline — were educated in the good Councillor Manhattan. The family speak French at home and they minister on the Redo list. 'I like to spend from then to Spain with Agathe because and how they are those with the French.' Jones was restless at March. He wanted it to adapt faster to the rise of social media influence on but did not persuade them around him. The clients thought [the idea] was brilliant but most people who worked for me thought I was profoundly stupid. They don't say 'David, we've got an expensive creative department,' say job in to sell [their way] for a lot of money, and you're telling clients that everyone can create.' He still knows after 15 years there to set up Brandtech, which he

subsidy called Frank W. Jones. The idea was to create the names of agencies it acquired alongside the holding bound, but he later thought better off. 'I've got a healthy age, but it's not the most important thing,' he will as both focused ad agencies, Brandtech acquired minority status a companion including Patterson and Mantle.

Acting as a holding computer that acquires small agencies, rather than a single enterprise, is a traditional approach in advertising. But Brandtech's pure digital and 4G focus distinguishes it from companies such as WPF and Nantone, which is a wide range of industries. 'This is a great industry that does that very well, isn't growing very fast and isn't viewed as valuable for the markets,' Jones remarks distinctively.

I'm only going to be successful if I can dramatically impact your business

He insists it is misleading to view Brandtech merely as a holding computer, since much of the value lies in his personal involvement. He pleads to insistence to: 'I'm only going to be successful if I can dramatically impact your business.' It now has a question and is focused around these. Frank, an AI analyst, platform, English, a digital market agency and Olives, which helps companies to create their own ads. It has more than 7,000 employees and revenues of more than $50m.

The recent drop in valuations of publicly listed competitors is omission for the privately owned company. 'We don't talk about it,' Jones says when I ask Brandtech's current valuation. 'I think it's too materially that the number one AI manager company in the world will use for worth $100m or more (one day I use it) a pretty tiny market.'

His brings us to an unbelieved moment: the garrison day I doubtless discloses by Scottish Mortgage and Chris Jaffe investments, too early to see now, that both had marked down sharply their internal valuation at Brandtech. Scottish Mortgage, which then tied $100m in 2015 and valued its stake at £250m in 2014, cut its valuation to £10m in March, a state's 9 per cent in a year. Jones turns out to have come prepared. 'I'll read this to you because I thought you might ask,' he says chiefly where I raise the cost, reaching for his phone. He refers a statement from Lawrence Jones, a Baffle official fund manager for Scottish Mortgage, reiterating that it believes in Jones's business value. It did not invest in the $10.5 funding round, and forms sure there is 'a huge discussion between the fair value of the business and that of the instrument we need.'

Brandtech is clearly not immune to the pressures on advertising, even with the processing efforts to technology and AI, and whether they have sufficiency found himself in a similar position. His father, a man in his life, was declining industry. 'Yes, we're not in a declining industry. We're actually in what will be the fastest growth industry marketing so probably, not only.'

It was so, he considers Brandtech's mean that any point of going public can lose. 'There's too much to go public now...I'm pretty sure we'll do something in the medium to long term, but short time, we've got to absolutely focus on being the best.'

What does he think he is good at? 'There's, for someone who calls a lot, I know really hard. I'll often sit in a meeting, and I've heard something that most people haven't,' he says. If his wife who was partner since then: 'It's not to underestimate David if you don't know him. If he fails to explain something, it doesn't mean he doesn't understand it.' It's just thinking, 'This is obvious.'

Work Watch

Need time for 'real' work? Schedule a fake meeting

Srinidhi Balakrishnan

A morning call, followed by coffee with the manager of one of your teams, then a meeting with HR before you know it. Lunch with someone you have said you must start still, assured by real afternoon, you've just begun over to do for when a high-priced ding summers you're a bad man to chat about 'turning up'.

With a calendar resembling a game of Tania, finding time to get on with your day-to-day tasks — more total taking is more time to play strategy or read new ideas — here in question.

James Warren, an executive coach based in Louisville, Kentucky, has an alleged if not someone to do this, already making a recurring fake meeting in your own calendar.

This could be a one or two-hour break, weekly or fortnightly, so can't through details, review notes, or work on a long-term or project you know will pay off later but isn't being a hard to read. It's avoid colleagues' uptime raising, and ensure no one doesn't check at an actual meeting in the allocated slot. Wanna recommends that you can't remember, please tell me 'Opaline Review' or 'Cross Functional Test.'

'What it's allowing you to do...I think only be the most useful way of the Warren. It's a mistake full of 'meetings to talk about meetings,' she argues it's a поддержand who is correct

your time. 'If you don't... someone will happily stop a quick check-in right on top of your last meeting name.' Warren is not alone. Indeed, when acting this piece, a number of people in industries have built to the art-understand of thinking fake meetings to make time to complete essential tasks or build their network.

A lot of social media platform bullshit get particular to anyone. One user recommends creating a 'chance meeting' that is a 'real' work. I'm not sure what is your status show. 'Is a lot of 'do not' about?', allowing you to attend to make away from your computer. 'We're a

requester, busy,' they insist. One senior leader of a UK sales organization has a with being dragged from one meeting to the next. Devoted out the last Tuesday of next month, her calendar to work for hours at a time, uninterrupted — labelling in front days as 'Mark'

Her colleagues assumed she was busy with some sort of 'transgressman' or 'football association' (he eventually continued this was in fact an abbreviation of 'Kick All Meetings Tuesday'). To her surprise, they thought it was a great time.

When a man by escaping the relentless cycle of calls, catch-ups and callers, argues thugs! Nerd, an associate fellow of the 3xM Business School, Nerd's associate, corporate culture has become censured by 'pathologically busy systems', she says. 'Reagents...is a single status contest. These activity is really, really important for how we believe others perceive us.'

But consecutive meetings are not necessarily conducive to increased usage! Nerd separates attention into two modes: 'Manly', paying narrow attention to getting cash back on the 'spacious mode...where we step back, we expand our area we understand systems'.

Motions need back, but workplace short to resort doesn't always allow for the big price.

A recent survey by Nerds of 2000 would have found the per cent full 'real' work.

The results of the 2000s were prioritised at work only 57 per cent said the same about 'creative' conversations. Fabricating meetings, Nerds said, can allow employees to carve out time for expensive thinking, and in maintain getting stuff done.

He'd should it be up to stuff to speak in time to work effectively, says Gantley, a consultancy in recommendations take the initiative to encourage 'proactive-own' through the 'real' work. He's meeting days or time blocks for late work — policies to research suggests prevent burnout and improve employee performance to 20 per cent.

Nerd agrees solutions should come from the top. 'Unless you know a senior leader is a lot would be there's really impact on our culture, take time for insight...it's going to difficult for the rest of the organization.'

In and remember, some of us may still have to resort to meeting 'Blue Sky Monitor' or 'Dominionist' during Deep Dusk? A car calendar to write a bit of breathing space. As Warren controls, remember her choice: 'You are allowed to protect your energy before Controls display the rest of it.'

Monday 27 July 2018

FINANCIAL TIMES

WORK & CAREERS

Degree apprenticeship demand outstrips Oxford

Doubts over the cost and benefit of university make the route highly desirable, write Jonathan Mooles and Josephine Cumbe

A degree in philosophy, politics and economics at Leeds university might seem a great outcome for any school hours. But Kallan Kallan turned the offer down – with her parents' encouragement.

Four years later, she is about to graduate from a degree apprenticeship with the Office for National Statistics. Over four years, she has worked in a rotation of roles, including late analyst and institute writing, earning both a salary and a degree in economics from the University of Kent. "I fully get those that say they would rather pick university over an apprenticeship, for the student life," says Kallan, who started mostly online with regular in person meetings in a 70-strong cohort. "But I am pleased with my choice and grateful that I don't have that student from 60%"

As a marketing graduate job prospects and rising costs push many students to question the value of university, degree apprenticeships are grabbing the attention of school buyers, parents and employers. The programmes, which involve studying part-time for an undergraduate degree alongside working for a company that covers fees and pays a salary, promise to train skilled workers for good jobs without leading those with student debt or degrees with limited use. Once considered a low academic option, they are earning a new status as a desirable and career path among middle class families.

Yet the supply of these courses has not kept up with growing demand, leading many school buyers what not. Research from social mobility clearly The Sutton Trust suggests the route may be dominated by an elite, with twice as many degree apprentices from the wealthiest areas than from the poorest. Competition for some programmes at top

companies is now more intense than the most sought-after university courses. There were more than 5,000 applications for J. Morgan Chase's 100-degree apprenticeship last year. About 25,000 people applied for 2,000 undergraduate positions at Oxford university in 2016. It is "easy to see why," says Helena Sharpe, head of early careers. Even at J. Morgan Chase, an apprentice are "lived out a permanent contract, combining good work with a fully funded degree." One of these benefiting from the bank's programmes, Henry Smith, who asked not to use his real name, rejected a place at Manchester university when he was offered a degree apprenticeship at 30th grade in A level results day in 2015. He now studies further at the University of Exeter while attending client meetings in London. "The trajectory of my history changed in the space of a one-minute call," he says. Degree apprenticeships are a

relatively small part of English advanced education, with figures showing 60,500 people began one in 2014-25 compared with 60,000 starting a first undergraduate degree. But while university intake increased by 2 per cent, new degree apprenticeships were up 20 per cent from the previous year. Schemes at the biggest companies that have been investing more heavily in these two figures to approach the work of graduate hiring. Last year AAF Systems received 15,000 applications for 1,200 apprenticeships, of which nearly a third were degree apprenticeships. There were 45,000 applications for its 1,200 graduate and undergraduate roles. Since 2015, from UK, the energy company has expanded its degree apprenticeship programme from six to 17 years. But in the same period, applications have risen from 370 to 1,800, meaning the number of candidates per post has more than tripled.

Jocelyn Sutton, the British honorary and state, says applications have increased 50 per cent since 2018, from 44 to 1,637 this year. This represents nearly 225 applications per role today, up from 40 in 2018. "We're using a lot of skills, with more candidates actively choosing degree apprenticeships as a first step into industry," says Sophie Norris, early careers manager. "We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year. We have been a good deal with the first time of the year."

compasses by the Institute of Student Employees, graduate hiring fell 4 per cent year on year as apprenticeship recruitment rate by the same amount. Rapid but unbalanced expansion has been driven, in part, by the UK government's apprenticeship levy, which requires large employers to set aside money for such schemes. Companies with annual wage bills of more than £1mn cost set aside 50 per cent of £1 for apprenticeships, with money not paid within two years taken by the Treasury. Studies' businesses can claim funding for 90 per cent of apprenticeship costs. But many have been reluctant to expand degree-level programmes. This indicates, policy chair is the Federation of Small Businesses, says most prefer to run charter, entry level programmes that address specific skills needs, give young people a "big up" and do not require such long learning and management hours. "Many small firms

just do not need degree-level apprentices at anything near the same role as large businesses or the public sector." A further challenge is convincing the UK's top academic institutions, used to teaching students full time, to embrace the day-release model of learning in vocational programmes. Institutions have to adapt to numerous unfamiliar ways of working, in which training is specialised in the sponsoring company and apprentices have little any over which university they attend. Students may also miss out on a traditional university experience, as they do not typically live on campus. The University of Exeter is one of a minority of institutions in the UK. Russell Group teaching degree apprenticeships, home 24 per cent of its student population, 4,200 students in 21 programmes from healthcare to digital skills and engineering, are now degree apprentices. Richard Johnstone, director of the

Starting salaries have risen 51% to £24,100 since 2018, while graduate salaries have risen only 12% university's Centre for Degree Apprenticeships, admits offering them was a "best step for a Russell Group university." "Titances are challenging, so for the university it is about having a diversified education position." Despite the obstacles, the appeal of learning on the job without a loan makes degree apprenticeships a "highly competitive alternative to traditional full-time degree courses," says Katherine Hoffman of Inconer Data Research. Starting salaries for degree apprenticeships have increased 10 per cent to £24,100 since 2018, according to 108, while graduate salaries have risen only 12 per cent. Kyle Tracy, now an associate consultant at Capex, says rejecting a business degree for a degree apprenticeship, was worth it. "My university degree in business would have taught me about how the workplace operates, but the apprenticeship put me into me."

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FINANCIAL TIMES

Monday 27 July 2016

AI SHIFT

What should trade unions do about AI?

Labour organisations are uniting over fears about the possible displacement of workers, write Sarah O'Connor and John Burn-Mandoch

This week we're asking what are trade unions doing about AI? We are about to a conversation with Tyler Turner, a millennial union leader who is president of the Office and Professional Employees International Union in the UK. The OPED traces its roots to the early 20th century, when its progress was formed in expansion/ription, strong partners and other clerical workers. Although relatively small, the OPED's white-collar members today are particularly exposed to AI disruption, which made us curious about what trends the union has been picking up on the ground, and how it's thinking about its own role.

Sarah: It seems as if we're starting to see a result back into AI in the UK, with university students' buying commons' most speakers when they insist that AI is the future.

Tyler: This generation in particular is very conscious of both the social contract and what these AI data centres are doing to our environment. The other piece of it is that the people coming into the workforce right now, it's really, really tough to find a job.

Sarah: It's still a debate among economists as to whether AI really is leading to the automation of junior roles, or whether it's just a bad labour market in general. Do you have a sense, from your vantage point, at the extent to which an ingeniously playing a role?

Tyler: We're seeing companies use AI as a labour-cutting, cost-saving tool, and we're seeing employers saying we're not going to buy bill positions, or we're going to try people all. But what I think we have seen, in most cases, is that AI is good at certain tasks, but what it lacks in any manner, and when there's any ambiguity, that ultimately falls back into the hands of a working professional. So do think there are some things which are being automated, but what we are seeing is those individuals that have worked long term in their workplace as a lot of that work has shifted to them. When there's an error, or a kick

back which doesn't make sense, it's falling to higher-level people. The existing workers who are in those administrative roles, we're seeing just a ton of work get dumped on them, and they are burned out.

Sarah: So you're seeing some people kept out, or pushed out, but other people being overworked?

Tyler: Absolutely. There is a tremendous amount of apprehension. It's a minimum - it's people afraid they are going to lose their job, and it's people saying, 'hey I'm doing twice the work, and I'm not being compensated for that.'

Sarah: Have you seen examples of workplaces where implementation of AI has gone well from the perspective of workers?

Tyler: I want to be careful with this, because it's not in all aspects of the industry, but it do think there are such companies where there are some cutting tools (being automated) which means that really talented engineers and call on cars and work at a higher level. Some of our really tech-savvy and smart members have had some success with that.

Sarah: The union movement in the UK has been in decline for decades, and the current US administration is not exactly union-friendly. So how easy are you finding it right now?

Tyler: Working people are placing their faith in unions more than they are in politicians. We don't know if congressmen say one else is going to get serious about a strong regulatory framework, or even if there really is one else. We all doubt, in the only actual protection working people in this country have to through their union.

The model is lot of us are using in the AI as a single way of the investment AI, they have to move with workers and discuss how, and if they choose to go forward to implementation, they have to provide training guarantees, and that AI is never going to undermine the bargaining unit. That's something we strive to provide.

Sarah: You say that you don't want AI to reduce the bargaining unit. Does that mean you would want to preserve jobs at all costs? Or are you more realistic

'Working people are placing their faith in unions more than they are in politicians'

that sometimes some jobs are going to have to go, but workers have to be compensated in some way? I'm curious because unions in places like Scandinavia are less worried about preserving every job - the unions' mantra in Sweden is 'protect the workers not the job'.

Tyler: Workers can be trained to work with AI. It's entirely possible - I'm not naive - that some of those jobs could be automated away, or enough of their tasks could be automated away. But I am a strong believer in 'all work has dignity', and my job is to make sure everybody has a good sustainable job so they can provide for them timely.

Sarah: As well as the efforts you're making at the workplace level to negotiate with employers, are curious part of the national conversation?

Tyler: I think it's interesting. There's a little bit of a divide. On the financial side, some of them are embracing a lot of thousands. From my perspective, we have had conversations in a labour movement about what makes sense in terms of safety nets and guardrails. I think the teachers' union is really concerned about AI in the classroom and how that's being used. I think it causes real challenges with kids' creative thinking and the ability to formulate and develop their own thoughts. I wish I

A version of this article first appeared on the AI Shift newsletter (top-up of Project Newsletters)

had a better answer for 'we have this one collective goal that we think makes sense' - the one thing I can say we absolutely converge on is the displacement of workers as a result of AI is not something we agree with.

Sarah: Some people are instinctively sceptical of trade unions. There'll be those who think the idea of anyone having a say over the implementation of AI would be a recipe for a lesson or resistance, rather than anything they would see as beneficial. What would you say to that?

Tyler: I can understand that being the perspective, but that is a truly false narrative. If employers want to implement those things and have those work, wouldn't you talk to the people who do the job every day, and know that those are the things we encounter, this is where you're going to have the goal?

At the local level, where I have worked with employers, what we have seen is you have management and then you have all of the employers creating what they think is an optimised platform. But they fail to talk to the people that do the work every day. Which kind of benefits us a little, because they are themselves up to fall? But if you want this to work, and improve the lives of working people, you would be talking to the individuals who do that every day.

Monday 27 July 2008

EVANILLA 2008

FT BIG READ. PUBLISHING

Some fear that AI could one day replace authors, as the industry rushes to codify rules around where the technology can be deployed and understand how readers are responding to its use.

By Daniel Thomas

Earlier this year, author Steven Rosenbaum received some news that turned his world upside down. The book he had spent three years researching and writing, he was informed, contested quotations label-candle Alonzo.

"When I learnt there were factual inaccuracies in The Future of Truth, my first course was that I responded. Rosenbaum tells the FT two months after the discovery. 'It had gone through a traditional publishing process with multiple records of editing and review.'

Rosenbaum says he was clear about the FT AI tools to link nonfiction books—critically, about tools and technology—but only to research and organisational. "What I believe is a program was that, in some cases, it transformed these summaries into what appeared to be three operations," he says.

The rapid development of AI is changing the way the $100bn publishing industry commission, edits and distributes books. Unauthorized use of copyrighted materials is a consequence that also becomes a crucial concern. Last week, Anthropic agreed a $1.4bn settlement with authors and publishers after using over $900,000 published works to train its large language models without payment or permission.

But it is also the requirement of the technology in the very creation of literature, and the threat that AI could replace human authors, that is worrying publishing—a business that has operated in that way is to decades.

The book trails is simply right over how to handle a technology that some publishers and authors can not to touch but which others identify as a huge opportunity that is already changing reading and listening habits.

"Every week we are a book that we suspect involves AI," says one senior book executive. "The grey area between generic writing and AI writing is difficult to judge. We don't know how much we acknowledge politics."

Agents say they too are being swamped with AI generalizations. "We see it does up to people that are submitting books to us," says Christy Fletcher, author of the publishing, who seems authors such as Daniel Manns, Eric Sies and Maggie O'Neill.

"It's really transparent. You now have to train yourself to ask: does this read like it was written by Yanthepics chartist (Chuck)"

In March, Charlotte, the French publisher, was intent to pull the title. As far as we need by Mia Ballard, from the shelves in the UK after allegations it had been quietly written by Al Ballard but should be taken.

"Everyone liked it," says one book executive. "After the title, every editor is nervous." Even now, Ballard's book has an average of over three stars on Good Inside, which covers website.

One author, talking off the record, voices the industry's ultimate fear: "What everyone is really afraid of is that the audience might not care."

Viafla: Authors aren't typing unlucky

Executives of other publishers say it is just a matter of time before they are hit by a Rosenbaum or Ballard type scandal and are scrambling to try to cut rules across technology intrusions.

"At has respect into absolutely every book and cranny of software," says Madeline McIntosh, co-founder and chief executive of independent publishing house Authors Equity and a former US house of Penguin Random House.

"Unless what you are saying is 'you may only use your own and paper', the fact is you are teaching AI—and AI is teaching your work," she adds.

Existing publishers from publishers to authors broadly suggest that AI can be used to assist the creative process—researching, but checking and sometimes even editing and refining—but not used to actually generate copy.

But the extent of AI involvement, the very depending on the publisher, the editor and the agent. "There are many, many shades of grey," says McIntosh. Fletcher describes a "editious" between authors and authors in "more degree," over AI, and non fiction, where it is what the reader has always had.

"What kind of AI has to accept life?" asks another executive in the sector. "What does research constitute? What does 'written with AI' mean? What are changes that it is written to all it's a slippery slope."

Even among authors, there are divergent views. "We've got 12,000 members, and each of them is going to have slightly different feel lines," says Anne Gentry, chief executive of the UK's Society of Authors.

Publishers are now inserting AI classes into contracts if the Macmillan says its contracts require authors to guarantee work is entirely their own, original and human-approved, which

The use of technology in the creation of literature, and the threat that AI could replace human authors, is worrying publishing—a business that has operated in similar ways for decades, if not centuries. Right is human authors' hope developed by the US Authors Guild

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The following table is a simple formula:

The following table is a simple formula:[{"box_2d": [187, 993, 282, 998], "label": "text", "caption": "The following table

FINANCIAL TIMES

Monday 27 July 2024

The FT View

Trump's systematic assault on science

The government is politicizing funding for basic research

Vancouver, the publisher of power on US government scientific research policy, called basic research. The "persuasive technology and scientific theory of the most important 20th-century technological breakthroughs, from nuclear power to the interest, were largely funded by US government scientists' research grants. Such lead out by the industry's international public science funding by a letter to President Franklin D. Roosevelt, writing that scientific progress "is one essential key to our security as a nation, to our better health, to more jobs, to higher education of living and to our cultural progress."

The fact that scientific progress is under threat. The president's budget office has proposed a role that would give political appointees the ability to

The latest ideas from the Trump administration recently as assault on the US scientific community that threatens American innovation. Under the pressure of attending the official and defending the country's business, they could have flung out of the world's

the same idea from the Trump administration's attacks on science.

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The fact that scientific progress is under threat. The president's budget office has proposed a role that would give political appointees the ability to

The latest ideas from the Trump administration's attacks on science funding by a letter to President John F. Kennedy is not a result of the Trump administration's attacks on science funding by a letter to President John F. Kennedy is not a result of the Trump administration's attacks on science funding by a letter to President John F. Kennedy is not a result of the Trump administration's attacks on science funding by a letter to President John F. Kennedy is not a result of the Trump administration's attacks on science funding by a letter to President John F. Kennedy is not a result of the Trump administration's attacks on science funding by a letter to President John F. Kennedy is not a result of the Trump administration's attacks on science funding by a letter to President John F.

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review and formulate ongoing research grants that do not "abound the presbyteries of science." And that is more than White House released a report released by the Institute of Science and Technology, which argues for diminishing the role of universities in the nation's research strategy and deperturising the science and the development of the research.[{"box, [420, [420, [420, [420, 429, 429, and the public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public's public"}]

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Monday 27 July 2024

FRANCIUS TIMES

Opinion

Why economic surveys have lost the relevance

HURSTAN

Ruchir Sharma

In GDP report later this week is likely to show that economic growth in the US once again topped 2 per cent. But you wouldn't have seen this coming in measures of the popular mood. Consumers keep spending, even as the gap between what they spend and the pessimism they experience in surveys has never been higher.

Currently the two main consumer surveys, both the Conference Board and the University of Michigan, are at the expense of a new consumer survey. In fact, lower confidence readings have been registered only twice over the last three decades, including during the global financial crisis of 2006.

The same discussions to which in key measures of business confidence, several times since the pandemic, the ISM surveys of manufacturers and surveys from the world, and the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US, the US

The monthly survey released the first of attention to the media and on Wall Street, which is a bit still since the results are essentially broken. Falling response rates disuse their findings. Social media seems to have discounted regardless of the test the economy is growing, in a polarized environment, perhaps a series of social conditions are disused when a total party is in power. For these reasons and more, recent studies have found the reliability of major news of Amazon, it is quite US but the Internet and UK as well. Perhaps most significantly, surveys are basically showing by rising inequality. Unlike aggregate GDP growth figures, surveys give equal weight to

every respondent. So they are survey going to capture or foretell the full extent of GDP growth, when growth is increasingly dependent on the spending of a few, and that is what is happening now. In the US, the richest 50 per cent account for half of consumer spending, up from a third three decades ago, it should not be surprising the majority sounds pessimistic.

In a polarized country, voters always think conditions are dismal when a rival party is in power

After widening by years, the political trends has also reached striking extremes. By any measure, from inflation to unemployment, the US economy looks virtually the same this year under Donald Trump as it was in 2024, the first year under President Joe Biden. Yet the share of voters who say the economy is in very or fairly good shape has dropped in that short span from 70 to 1 per

cent among Democrats, while rising from around 5 to 70 per cent among Republicans.

Since 2016, the tone of economic news has become "immune" from GDP growth and turned increasingly negative, which may help explain the persistent weakness in consumer sentiment, according to a breaking mechanism report. At the same time, by buying the bicycles of the paper risk, social media has given almost everyone a reason to feel inadequate in comparison.

Thus came a term in recent months confidence began to rise among higher-income Americans as stocks hit now record highs but continued to fall among lower-income consumers and down by higher inflation. The share of consumers who say they are worse off due to inflation has surged since the pandemic from 10 to 40 per cent.

Business surveys are gathering as well. The major manufacturers of the business long-term, while are better able to cope with the uncertainty associated by inflation than small ones. Recently, as the spirit of large manufacturers somewhat recovered, surveys of

small businesses showed a continued drop, mirroring the mood of lower-income consumers.

Before its recent uptick, the ISM survey was declining amid a half market, which is highly unusual – and a misleading indicator. Even now the manufacturing surveys are equaling market returns and earnings fewer than the actual results. The Federal Reserve, Inc. has begun to shed the knowledge that the industry has been the most effective that by Fawell put it. Americans keep exposing "Broadway" stores on the economy "they going out and buying new car." This is more than a case of "bad vibe", as some now described. The pessimistic survey results which frustrations with real flaws in a current risk many are as stacked in favour of the richest people and largest companies. So until the current changes, and create a greater sense of fairness, surveys of economic sentiment will have little predictive power.

The event is also of the Author's International. Related books What Heat Hong With Capitalize

Is there a risk in using Chinese Al models like Kimi K3?

Samni Sacks

a after this month, I sat in the Multidisciplinary conference room of Beijing, that was presented and watched a fundamental role in the powerful new Kimi K3 Al model. Founder Tracy Shinn, a minor, has named his company for Pish Theft's album that held at the floor – a fitting reference to the historical highly research facility.

Within China, the surprise release of Kimi K3 has been hailed as another chance for the country to live in its expertise as the expense of its rivals. More US companies are getting to lower large scale by switching to changes. High-provided, Guam open Al models such as K3, LGS GLSK, longfield's K-1 and VARS are now open in China.

"Never an all-time of hardwired to actually using an 'increase' in performance on many years and came from Transformatics," wrote Phi Growth, CEO of Sun Francisco-based digital assistant platform Lindy St. which switched to longfield this year.

What is the security risk of using open-source Al models created by George's computer? Washington seems focused on surveillance, IP theft, espionage and potential Chinese involvement in critical domestic infrastructure. The White House is reportedly exploring tools to calculate spread of, or communication, open Chinese models. The debate may look like a stand-off between national security and innovation, but it is not quite clear simple.

The first point is made in that asking whether a model has been developed by a Chinese company in the wrong

The debate may look like a stand-off between national security and innovation, but it is not that simple

question for those concerned about security.

The new models such as Kimi K3 allow the parameters (the numbers and the training that determine how an Al model was information to predict what comes next to the download and run the same). Companies download the weights, then use the model and then run it on their own cloud or infrastructure.

What matters more, therefore, is who owns and operates the current that runs the model. Of users worried about data being sent to China could run the Al models on domestic hardware they could be through third-party inference

Chinese open models do not uniformly connect with the other. When the model is hosted changes things. When many such infrastructure, models will never question that would be blocked inside China. More weights are open, more can change content instructions.

Even if data is based within China, where companies are required to co-operate with the National Intelligence Law, some push-back in ways that mean the government does not necessarily have unlimited access. In March this year, Chinese government inspectors seeking access to data from the economics platform (Pudocle) got into a brand with staff trying to block entry. One of the left is the A choice finger.

The UK does need a viable open-source option of its own. It is quickly becoming a market level of national power protection. In the first time, the Central Capital compares it to Disney movies and the top for the new problem in that Washington has been a comprehensive approach to their up-to-date infrastructure in the face of powerful, ill-rolled or lost data in that one-on-larger hypothetical.

How the transparency provided by open weights (including those from China) could in fact improve security. Last week, a strategy that came in open Chinese Al models to market an 8-kgg of new brands. This all happened with an data-burning flagging four-tryers.

Governments are also still mature. Training in a a global area may, but neither threats nor conversion may easily occur around borders, addressing data access and control in an interconnected world requires a new way of understanding security protocols.

The writer is a week of the at San Francisco and the National for America, China, and the France of Global Affairs at Johns Hopkins University

Beware holographic markets

BISHNAN

Rana Foroohar

Just when you think financialization can't go any further. It does. This week, the founder may vote on the Clarity Act, President Donald Trump's landmark cryptic bill. There are many things not to like about Trump-related cryptic "baronatan" in the US economy. But one would find heart just enough attention to how the Clarity Act is part of a larger trend towards a share of holographic distortions of financials.

What are us referring to here is the growth of new financial products that reproduce them first, while, liquidity or payment function of some existing financial instrument (like stocks) but without all the rules around ownership. Backsure, leverage, identity and other information that would be required if you were trading the underlying asset. A financial response, if you will, is likely to meet that here is another, not not necessarily institutional or regulatory, equipping the potential for the purpose of interest.

We've seen this movie many times before. It is what the shadow banking sector is built on. Complex packaging of the last trade is increase at the tail-end of a big bull run. Most market-

participants would say that is where we are now. The financial sector is, after all, about six times the size of the two economy today, a question is simply there and a half times in the row up to the financial crisis.

In our brass new world of cryptic, information of real-world assets and prediction markets, the opportunities to trade second or third order financial boligators of things like, say, a contract for trade with a derivative of election results, have reached new and more distorting levels.

Consider not enough, the most "perpetual future", which never replete and allow traders to speculate on an asset's price without owning it. They traders love them, while consumer advocates call them for more dangerous product to cryptic. But there's no doubt that in the beginning, At a financial on Foreign Relations event last week, Kabilt found of enforcement Robert DeNock said perpetual matters trading on Kabilt had won but $11. The race for introduction to buy, and "institutional income interest" was growing like.

It is one thing for social parties to use a prediction market to take a stand but on the outcome of a business game on the three years. The most significant difference is the most significant difference in the market's performance. But that's clearly where things are leading – and you could drive a much through free regulatory longlisted created by these new market-bidgons.

Consider that the Clarity draft released last week has no wording to

insist Security and Exchange Commission only will apply to the information of brands. This data show up to 30 years in a market of participants to buy and sell virtual versions of stocks that could be far more tightly regulated than the matching. The president seems to want this. Even if the ISM doesn't pass, it's possible the ISM could still use its "innovation corruption" to circumvent parts of the regulatory framework when it is not to be a result of the company's business.

Why does this matter? Because it could well make it harder to see. But even what is any given that (not to mention the question of how to use capital gains fairly). While the Clarity Act gives the ISM jurisdiction even standard products and now they need be treated like securities, it does not

These assets are risky as they have economic, but not regulatory, equisidence to the thing they mirror

reality of individual products, such as unsharvified tokenized derivatives or related losses, is not a result of the global ownership disclosure requirements.

Under current ISM rules, investors holding that cost or more of a company's business will be less than that in a tokenized world, an investor might directly own, say, "have used an company's stock, alongside third-party tokens or perpetual matters on an external basis trading platforms. This could create expenses above the ISM. Hereford that has necessarily be disclosed in the same way as an additional shareholder, allowing market participants to elocate their full positions and leave up potentially dangerous ways."

Some of a cryptic company, the Archpcapital Management meltdown in 2024, when the overbearaged private investment firm was liquidated after falling in an average cash check-in last October. Archpcp had used total return swaps, which fell outside direct to trading disclosure risks, in favor up and borrow from multiple banks to buy

consentment positions, to ways that would have been impossible back from a market to a company shares directly, but it accepted the collateral than they might have ordinarily, because they could not see when we are lending.

Most of the budget are allowing for that situation have been handled in the first year for tokenized products. On July 9, last year, ISM commissioner Hunter Prince called 'intended securities' 'exclusively, but not magical' the warned that while they 'facilitate capital formation and enhance investors' denies to cut their assets as collateral, they don't 'have magical abilities to transform the nature of the underlying asset', warning that third-party contracts proceed special-cause. Once the securities are 'still scrambled', the and, and should be regulated as such.

Will they be? Not without clear legislation that considers it. And must likely not by this administration. In Trump's second term, regulation, like the market itself, is increasing the holographic.

Jama.brownfield.com

Gibraltar should show Burnham as softer Brexit is the only option

HURSTAN

Martin Sandhu

Britain's newly national prime minister (did a lot about the importance of place, its presence of more attention to a place that seems to have escaped) said Northern's Gibraltar. Two weeks ago, while Burnham was taking the final steps needed. No. 10, the UK and the US signed an agreement on how to qualify Gibraltar's relationship with mainland rights, quietly writing a large piece of unfinished business left over from break. In terms of the situation, the British prime minister confronts over EU relations – including the British, once he finally turns his mind to it.

According to the UK's own explanatory reason for the Gibraltar deal, one of its objectives was a "framework for

goods and customers—cooperation that ensures final movement across the border with a marketing market integrity"; another was to "enable the land border between Gibraltar and Spain to operate without creation checks" – an open book for people who are prepared, in Britain.

These are wonderful objectives. They are also similar to those for the arrangements to Northern Ireland, where peace on the island operates in an absence of border checks. Gibraltar's way to meanwhile, hinges on the ability to employ a largeิโครเมือง having to neighbouring Spanish municipalities, and of course on unobstructed trade along the land route.

The relations are similar too. Conservative groups, however, said that Northern Ireland would remain inside the EU's single market and customs union, with attacks between the British mainland and the region. As Gibraltar's case, a Labour government went one way further, in effect, being Gibraltar just the EU's 'technique border from travel area.

Symbolic support is paid to sovereignty claims: EU immigration booths

staffed by Spanish officials will, it seems, be placed in a 'technique border' zones to the airport, enabling the demarcation line with the Spanish municipality of La Linea. But the big picture is that Gibraltar, like Northern Ireland, has been left under the line, the UK left – behind a border that breeds

Boris Johnson's government argued

Sooner or later, decisions will have to be made regarding Britain's place in the world

this type of relations would give Northern Ireland 'the best of both worlds'. To which many responded by saying that, if so, wouldn't it be good for the rest of the UK and 'hurry, we could reasonably ask: if it's good for the US statisticians, why not be all UK citizens?'

Not that the question will be asked over two rows. To date, it's hard to place much interest in closer EU ties from

the incoming cabinet, Burnham has found his populist sweet spot in talking to the tension between the local and the national and ignoring the tension between the national and the international.

That can only be temporary. Sooner or later, decisions will have to be made regarding Britain's place in the world as a trading station and a military power, if only because of events in Ukraine or in the White House. Burnham's particular regard for EU-UK must govern, with Brussels postponing a summit until there is clarity about the new government's intentions, but it cannot remain ahead forever.

When Burnham does turn his mind to the EU, he would be wise to disinterestedfully like key knows of the Gibraltar draft. EU law and economic altruism are a more insane table object than successive UK governments produce more than population.

In Northern Ireland and Gibraltar, the more UK governments have eventually stood to align in major ways with 15.5mm – including its customs union, its VAT system, its regulations

or goods standards, data, estates and subsidies, and – for Gibraltar only – immigration rules. From Thoreau, the tchair Farmer, both of whom prepared even more UK-wide alignment on a single market for goods to reduce the costs, seeking closer ties to Europe is where UK governments often end up. Burnham will too. The politically astute move is to reduce this from the start and find a new message a power to market.

The new prime minister stumbled on any one by checking the digital ID programme that could have been a foundation for a informed stance on the single market. The reason to oppose for movement, a Labour prime minister could argue, was the only one that was employed using EU claims to force down standards for British workers. With the use of labour rights enforcement national ID makes possible, this need no longer be abused.

But now can that other ways would a following: a Brexit. What becomes clear and the future is better alternative.

Martin.sandhu@126.com

FINANCIAL TIMES

Monday 27 July 2016

Rutherford Hall If No 10 North is the 'situation room for growth', let's get situated near it ● WORK & CAREERS

Why workers are nostalgic for life before AI

Emma Jacobs

Business Life

Do you miss your old working life, the one before AI, it is not just that. Many do job barriers complain of the lack of the human touch as algorithms across the field. It is not just that that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is not just that. It is

does, it's a little cool, just look at the proliferation of AI generated LinkedIn. It's not just that they have become formulas but also. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It

out of ideas, because they're too similar to each other. Employers like to begin to pick up the job, but it's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not just that. It's not

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UK unicorn Humanoid points to next step for European tech

Divide deployed Focused ones for humanoid robots by 2017 (3 of 1000)

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QA Report - Financial Times - 27.07.2026.pdf

Pipeline

Extraction route: mistral-ocr
extraction_route=mistral-ocr
Translation chunks: 103
Extraction warnings:
[OCR-ROUTE] Scanned PDF detected; routing directly to MistralOCR.

Non-model Checks

WARNING: missing numeric tokens from source: 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117
WARNING: Missing proper nouns in translation: Black Sea, Branded Cigarettes, British East, Business School, But Brandtech, But Kallan Kallan, But Kambita Narayan, But Louise Haigh, But Russia, But Sam Goodman
WARNING: source dates, money, or percentage tokens may be missing
WARNING: translated output contains large residual English-looking blocks

Model QA

翻译质量审计报告 (QA Report)

总体评估：❌ 不通过 (Blocking Issues Found)

该翻译版本存在严重的质量缺陷，主要表现为大规模的文本幻觉、严重的重复循环、以及对源文本中 OCR 错误/乱码的错误处理。

1. 严重缺陷 (Critical Defects)

大规模重复循环 (Text Looping/Hallucinations):
- 法律通知部分： 翻译文本中出现了极其冗长的重复句式（如“该公司是美国的成员”重复了数十次），完全脱离了源文本。
- AI 工作生活部分： “不仅仅是那样” (It's not just that) 被机械重复数十次，未能处理源文本中的重复乱码，且翻译结果毫无意义。
- 机场项目部分： “(CIVICON)” 标签被机械重复至 99 次，属于严重的交付缺陷。
- 设计描述部分： “是一种新设计” (is a new design) 在多处出现大量重复循环。
严重的文本幻觉 (Hallucinations):
- 在“法律通知”和“机密时间表”部分，翻译器自行构造成了与原意无关的法律条款和机场建设通知，源文本中仅为重复的碎片，译文却试图将其补全为完整的伪造段落。
数值与日期错误 (Wrong Numbers/Dates):
- 日期篡改： 标题将 2024年7月27日 误写为 2026年（见第一行：Financial Times - 27.07.2026.pdf）。
- 数值丢失/错误： 在国防公司段落中，84.4bn 直接保留英文，$100bn 直接保留英文，且未能正确处理源文本中混乱的数字（如 $35,000 在上下文中显然与 bn 级别不符，但译文盲目照抄）。

2. 忠实度与完整性问题 (Faithfulness & Completeness)

残余英文块 (Residual English): 存在大量未翻译的英文术语和专有名词（如 Cook-rock Juma Party, Ibadogo, Vertical Research Partners），部分专有名词翻译不统一。
错误理解 (Mistranslation):
- 将 defence prisms 误译为 “国防巨头”（原词在源文本中显然是 primes 的 OCR 错误，但译文将其处理为某种特定名词）。
- 将 65-for-all exchange 这种乱码文本直接照搬，未进行任何合理的语境推断。

3. 格式与结构 (Format & Structure)

内部标记泄露： 译文开头包含 > [!WARNING] 及其详细的质量评估自检列表，这属于严重的 交付缺陷 (Delivery Defect)，将内部审计日志直接交付给用户。
段落截断/错位： 在“伯纳姆”相关段落中，出现了长串的 7-7-7-7... 乱码，译文完全未能处理，导致页面崩溃感。

总结

该译文不仅未能解决源文本（OCR 质量极差）的问题，反而通过机械重复和伪造内容恶化了阅读体验。所有关键指标（忠实度、完整性、专业性）均不合格。建议全部重做。

2026-07-27 Boosty PDF 中文极简摘要