FINANCIAL TIMES

MONDAY 17 AUGUST 2019

UK 17.00, Republic of Ireland #4 10

The heavy price of Europe's drought TUESDAY, AUGUST 17

Business Book of the Year: the contenders WORK & CAVERES: PAGE 15

Election trail

Lula pitches to divided Brazil

Brazil's President Luis Inácio Lula da Silva given supporters as he launches his or election campaign yesterday in this Bernardo do Campo, in the state of São Paulo.

Bourbons will go to the polls in October deeply divided. Lula is seeking a non-consecutive fourth term but has warned that the US may seek to act in favour of his main challenger, Flávio Belmonte, and global ex-president Jan Belmonte. The best-rights popular is serving a 27-year sentence after being beautifully offending a battle.

Officials from the US state department were barred last month from entering Brazil over fears of interference in the forthcoming elections. Brazilian left out they intended to cast doubt over the voting system.

In retaliation, the Trump administration revoked the visa of Brazil's ambassador to the US.

Dimon warns Healey not to raise bank taxes or risk driving finance jobs away

◆ Pre-Budget lobbying drive ◆ JP Morgan chief fears windfall levy ◆ Lenders viewed as juicy targets

DONOR FEY AND GEORGE PARKER

JP Morgan Chase chief Jamie Dimon has warned chancellor John Healey not to create a more hostile tax environment for banks, as the financial services sector progresses on behalf of a pre-Budget lobbying campaign.

The Wall Street executive told Healey in a call last week that higher taxes often drive jobs elsewhere, citing a material decline in finance crisis in New York that he are forced to put to the city's tax burden, according to people briefed on the conversation.

Dimon, one of the most influential voters in global finance, was among the bank house who successfully lobbied against higher taxes ahead of last year's Budget, holding discussions with them

chancellor Rachel Reeves as JP Morgan considered junior for a new £20m London base at Canary Wharf.

Banks could be a tempting target for Healey in his October Budget strike on tax has been making bumper profits. Union leaders have called for higher bank taxes to fund a package of help for households' energy bills.

Healey has not yet expressed a view on bank taxes but Dimon made clear that a windfall levy on bank profits or

'It may sound great,' 'tax the banks', but it's $5bn that my shareholders paid on that extra tax'

wider tax rises on wealth would be sometimes, according to one person briefed on their conversation.

Another person familiar with the exchange said Dimon told Healey that the only way to solve this US economic challenge was by encouraging growth and the only route to that was "through good policy." They called that the comments on tax were not specific to the UK and were not "the main part of their conversation", describing the exchange as "very costly."

Dimon was among the first bank chiefs to hold a call with the new chancellor, at the request of Healey's team, the people said. Other bank houses are set to allow this work.

Dimon's private comments were made after he issued a public warning

last month to Prime Minister Andy Burrican and Healey, saying that higher bank taxes could have "adverse consequences".

"It would be one more negative on that healey of things you've got to think about," Dimon said on the visit that Burrican could raise the bank levy or corporation tax exchange, which were imposed after the government balled out by UK lenders in the 2008 financial crisis.

"It may sound great, 'tax the banks', but it's $5bn that my shareholders paid on that extra tax," he said. "Things like that have adverse consequences."

One person close to Dimon's negotiations with Reeves ahead of last November's budget said: "Dimon always majors on the impact of bank taxes and

will want assurances that a Burrican government will back the new Canary Wharf HQ."

Asked if Dimon had previously threatened in his talks with Reeves to call off the HQ if banks were hit with higher taxes, the person said: "'Please send' is too strong a word. But of course any business takes into account the fiscal environment before making final decisions about investments."

Several bank houses have already come out strongly against the prospect of a higher tax burden.

The Treasury said: "The chancellor meets with senior representatives from sectors across the economy on a regular basis, including the financial services sector."

JP Morgan declined to comment.

Briefing

• American voters feel worse off under Trump Next US voters say they have become worse off under Donald Trump, according to an FP poll showing strong discussions with his handling of the economy on the midterm from 1,000 to 1,000,000 times, from 1,000 to 1,000,000 times.

• Reform's welfare pledge Sight Energy's rightwing party has vowed a cut £50bn from the welfare bill by slashing benefits for foreign nationals and people with disabilities if it wins the cost election. - 2018. 17,000,000.00

• Burrican's North Sea test The prime minister's approach to the land had industry and climate policy will be put to the test across key decisions both on the future of the Burrican's official and the Judiciary gas price. - 2018. 2

• OpenAI redaition chain A special executive chain was used under the present law to bill some staff threatened with constant change at the ChatGPT maker on Sam Altman races to prepare for its 60% - 2018. 2,000,000,000.00

• Strikes pound Moscow Kurt has attacked Russia's capital with 600 thousands calls that killed one person and set down another warehouse belonging to Wildberries, the country's largest commercial retailer. - 2018. 2

• Deadly Lebanon attack In addition to the state's state 12 people in order to readhere Lebanon, officials have said, in one of the deadliest attacks since an enemy force with Middle East began two months ago. - 2018. 2

• Jane Street takes big loss The securities have both trading firm has suffered a new setback, putting a roughly $25bn loss in July after being strengthened by turnout in 14 housefining from Shuntional Awareness. - 2018. 2

London faces hefty bill to keep floodgates in shape

The Thames Barrier is the defense that keeps London from flooding. 'We would be less certain underwater in Westminster if it wasn't there,' said one government official. But an increase in extreme weather means the gates have been cast more than anticipated and, according to the Environment Agency, might need replacing much earlier than expected. The current barrier was around £250m in 1982, the replacement is tipped to cast £200m. [Montreal, Belfast, 2019]

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Housebuilder profits set to fall 12% as 'relentless grind' of high costs drags on

JULIE STEINBERG

Profits at the 15th largest housebuilders are projected to fall by 12 per cent this year as the industry remains minded in a downturn, characterised by persistent cost inflation and weak demand.

The eight biggest listed housebuilders are expected to report unethical adjusted operating profits of £1.3bn for 2018, down from £2.6bn for year before, according to analysis by KBC Capital Markets.

Rise in material, labour and the costs have surpassed growth in house prices over the past five years, according to KBC. The Home Builders' Federation estimates that the move in material and labour costs have added £1700m to the cost of building a new house since 2020.

The conflict in the Middle East has pushed mortgage rates up while the

Bank of England has kept in house rate at 17 per cent off over, holding off on for the costs.

KBC is projecting a decline in industry profits despite increasing that housing competitions will edge up by 1 per cent this year to 72,150 homes, which would ordinarily translate into higher profits.

But housebuilders are increasingly offloading stock in so called bulk sales, with discounts ranging from 12 per cent to more than 25 per cent off the original sale price.

The practice from up and to invest in more profitable sites but KBC analyst Anthony Culling said it was "pushing up volumes but pushing down profits".

Twelve per cent of London properties originally intended for sale to individuals were sold to companies in bulk deals in the years from 20, up from 7 per cent in the previous 12 months, according to

real estate adviser CBET's analysis of short run housing request from Mullen.

The dismal market conditions, the more to underwear Prime Minister Andy Burrican's calling to look start the "biggest council housebuilding programme since the prewar period."

The slowdown is hurting all the way through the supply chain, therefore, analyst Aynsley Lannin said the building materials industry has been in "a debilitating, relentless grind down for the past four years" and that "there's an sign of any recovery."

John Newcomb, chief executive of traditionally builders-Marshawn Federation, said the majority of its members believed trading conditions "are far worse than they were during the global financial crisis of 2008".

Racine's generation for public credit Racine's reform usually marked 2019. 1

World Markets

STOCK MARKETS

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FINANCIAL TIMES

Monday 17 August 2020

NATIONAL

Social security

Reform pledges £50bn welfare bill cut

Proposals target payments to foreign nationals and people with disabilities

JIM POLLARD DEPUTY POLITICAL EDITOR

Reliores UK has vowed to cut £50bn from the whole 1981 leading benefits for foreign nationals and people with disabilities in 8 new research sections. Nigel Energy's populist rightwing party said, if it won in government, it would replace the disability benefits system and had all foreign nationals from claiming "almost all forms of welfare".

Robert Jenrick, Referral's Treasury

spokesperson, will today call for urgent cuts to the UK's following welfare bill, which was £250bn for the 2020-26 financial year - although more than half of that was the state pension.

Jenrick wrote to The Neatles' Telegraph that the current system of benefits was the equivalent of "suicidal empathy" and a "strange government's compassion" which was not helping those most trusted.

Reliores UK had already proposed cutting universal credit for foreign nationals in the UK, including those with entitled status. Now it is going further, saying the same has already again to almost all forms of welfare, including housing benefit, pension credit, jobworker's

allowance, child benefit, free childcare and disability benefit.

The party said this would save £25bn a year by the fifth year of the policy. The only exemption would be the net will not: pension and armed forces compensation. It admitted that ministers would have to incorporate the direct with- please agreement with Brussels, which requires Britain to pay benefits to EU nationals. Reform said in proposals to change disability and health benefits would save £22bn.

It would abolish personal (sub)good once payments (Pip) and the health element of universal credit for working up adults, meaning either the removal or reduction of benefits for 2.5mn people.

These benefits would be replaced by a two-year tax. Reform calls the "health security allowance", which would only apply to the most "severe, enduring and high risk costs".

Other claimants would receive help through new disability support accounts from councils for their "verifiable additional cost," caused by disabilities. "This will ensure that the welfare system does not encourage people to consider themselves disabled." Reform said. It would also make extra strategy available for intervention such as physiotherapy and cognitive behavioural therapy.

Reliores said that 6.5mn people received disability benefits in Britain

last year, an increase of 2.5mn from 20 years ago, driven in poor by rising overall health claims. "Health and disability benefit spending is forecast to reach £220bn a year - £2.60bn per family - by 2022," I said.

The Governatives described the announcement as another "attempt to distract from" questions about a 12mn gift that Reliores leader Nigel Farage received from a paper (approx £500m) part that he said.

Gideon Wharey, shadow welfare secretary, said: "This shall indeed policy a just another: Reform attempt to distract from Farage's risky 62mn and his embarrassing underperformance in his priorities by election."

Infrastructure: Planning

Climate change hastens Thames Barrier decline

London's flood decline needs

upgrades costing billions as it degrades in extreme weather

ANNA ZEEKS AND GILL PLIMMER

The Thames Barrier that permits Londoners from flooding may need to be replaced up terms decades earlier than anticipated and could cost at least £20bn, according to some government officials who think that an increase in extreme weather has put the vital defence system under strain.

The behavior, 10 steel-capped gates that can restrict the flow of water, was erected in the 1980s and built to last until 2030, but the public body that runs and maintained the system has since said the infrastructure can operate until 2070.

It provides crucial protection for the Thames of Parliament, the US Arms and Tower Bridge, as well as UK railway and Tube stations. 300km of major roads and £325bn worth of residential homes.

The Environment Agency had been planning to make a decision by 2040 on how to bolster the barrier, which spans the River Thames at Woolwich Beach, in near London.

Senior government officials at the agency told the FTA he believes the barrier might need to be replaced between 2050 and 2060, giving in general one-bore need more to be integrated owing to an increase in extreme weather caused by disease change. This has led to a degradation of the infrastructure and also prevented maintenance from being cut down.

The officials said a decision will probably overtake the main instrumently about how the barrier should be upgraded as it could take up to 30 years to erect a replacement. They estimate the cost of the works within 10m to £25bn, more than 10m, and provide estimates of between £100m and £40m.

"We billions provide to the figures announced publicly for a new Thames Barrier, which is ridiculously low," a government leader said.

"Whenever you're working in a live waterway, especially at estuary the the Thames which has huge fluctuations each day, it's just mega expensive work," they said. "Every that £20bn was a conservative estimate.

The current barrier was decades in

Environment Agency officials believe it could take up to 30 years to erect a replacement for the Thames Barrier

the planning and tools eight years to build at a cost of £325mn in 1982, the equivalent of about £325bn today.

"We totally forget how important the Thames Barrier is. We would be two metres underwater in Westminster (18 wasn't there," said one senior government official. "Climate change hasn't been really started yet. What it will mean in the UK is cold, wet winters and very intense summer rainfall."

Thames Barrier closures

Source: Government Agency, "September to May."

Optimus for a replacement include buildings now barrier with beds on the existing site to improve resilience or a new structure altogether further downstream. Another possibility is to install "flood storage areas" - reservoirs and marshlands - where surplus water can be diverted.

The UK has meanwhile announced plans to fortify defences by 2050: operators, between Chatham in south-east London and Teddington in the city's south-west, to reduce reliance on the barrier itself.

However, officials say there is scepticism within the department about how feasible some of these plans are given it will mean engaging with thousands of different landowners, most of whom could be asked to invest the costs themselves.

The barrier was also designed to defend against the north-south tilt, a geographic process that is gradually ceasing the south end of the country since it was built, the barrier's gates have been raised more than 225 times, including 10 times in 2013-14 - the

'We totally forget how important the Thames Barrier is. We would be two metres underwater if it wasn't there'

habitat over year owing to storm surges that pushed up the tube.

The number of gate closures is increasing, with the second total expected to rise rapidly to 50 closures a year by 2030.

Experts say the barrier has been so successful that Landowners have largely forgotten how vulnerable the city once was to flooding.

In the 1970s and 1980s, a time-served residents when floodwaters threatened, while pasture and television adverts offered instructions on what to do at the water run.

Caroline Douglas, executive director for flood and coastal risk management at the St. Jude. "Plumbing has a devastating impact on communities and will only worsen as one closure changes. We are now assessing options for managing tidal flood risk, including consideration of options for upgrading or replacing the Thames Barrier and other associated barriers." Douglas added that the 'i's was 'implying options for hunting the essential infrastructure upgrade'.

High streets

Rayner to unveil new protections for pubs

JIM POLLARD

Ministers can set to stop up protections for English pubs to stop those being unconventional efforts, large or fumes until concerns about the death of the high-sector

Angela Rayner, housing secretary, will today announce changes to the national planning policy framework (NPPF) to assist it especially for developers to close down pubs unless there is "no reasonable progress" of keeping them going.

The new measures include a requirement for evidence that the pub is incorporated for sale for at least 12 months before a change of use can be considered. Some local authorities already make it difficult for developers to change a pub's use.

For example, Landweb council requires a pub to have been on the market for three years before it can have a change of use.

The previous Labour administration launched a consultation in December into changes to the NPPF, which provides guidance to councils in England.

CAHMA, which campaigns on behalf of pubs and how children, criticised the original proposal for early giving increased permission to pubs if they were the last in a area. But Rayner will say all pubs will have the same protection.

Prime Minister Andy Boreham has already consulted the a 25 per cent set to business rates for pubs, clubs and similar social venues throughout England from April.

As part of the same shake-up of the NPPF rules, institutions will also make it easier to build homes around train, train and underground stations.

The measure covers as the government struggles to boost face-attending volumes to meet its ambitious target of 1,500 new homes during the current five-year parliament.

The number of housing developments getting planning permission fell to a 20 year low to the best quarter of this year, according to the House Guild on 6th decision. The HBP had just 1,250 sites had received approval in England, down from nearly 1000 to 2007 and the lowest sites the dataset began in 2006.

'At 1,250, the number of private sector housing projects' ischems of there or more vastly on strong approval and it is expected to be over the fourth quarter of 2023 and 27 per cent down on Q1 2022," I said.

Sir James Chesey, shadow housing secretary, said: "Labour are taking physically a more hard, less limited target, because of their tax hikes, their failure to use and sign and the House Bureaucracy of Labour may on like lucky 6km, Britain is not getting the new homes it needs."

The housing department said the volumes would last into quality house around stations while connecting communities.

Under the critical NPPF, there will be a default "yes" for homes within reasonable conditions where of well connected stations, alongside new minimum expectations by how much housing should be built in these areas.

That policy was first announced in November and the housing department said it would not apply to more stations around the country.

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Energy

Burnham faces test over the future of North Sea oil and gas

MICHAEL MILLARD AND GEORGE PARKER — LONDON (0)6256 0288 — 0506 0454

Prime Minister Andy Boreham is facing a major test of his approach towards Britain's fossil fuel industry and climate policy as doxham's test on the future of two strains North Sea oil and gas projects.

The public consultation on the Rosebank official ends today while the consultation on the Jacksbee gas project ended last week.

Both tests had no longer be developed, most concern in the wake of a landmark court decision now than two years ago that put the omission from using fossil fuels into the sunlight.

The Royal Institute is the most government expert his energy secretary, Martin Falscheldt, is a partner the projects potentially as soon as next month even as record-breaking comment temperatures and wildfires in Britain have heightened public concern about climate change.

Both Boreham and Jacksbee, which are being developed by oil major, died and Epshon through their joint venture

Adarts, already have licences but the decisions whether to grant consent for their development.

Falscheldt's first visit is for new rule works therefore, the heartland of Britain's oil and gas industry, where the next fossil fuel industry, chief executive of the oil industry's 100th group Ohlson Energyo UK.

"The most mean is different," said one industry executive. "There's a sense that the new secretary of state is willing to help the bankers work."

Looking over the projects has reached lower pitch with a decision expected potentially within weeks.

Suggestions of the projects argue that domestic production is better than imports for meeting domestic demand as a means lower emissions from shipping gas, better regulation, and taxes and jobless Britain.

Oil and gas still account for about 75 per cent of Britain's primary energy demand due to the continued reliance on guide control testing and electricity production and petrol and diesel for cars. This is expected to remain substantial even as the country moves towards lower carbon energy.

Boreham's, roughly 60 million north-west of the Hurland Islands, is Britain's largest unleged oil source and projected to produce around 60,000 barrels of oil per day at its peak. It will also produce gas.

Jacksbee, roughly 100 miles east of Aberdeen, could not provide big gas as soon as this autumn and at its peak is expected to account for about 4.2 per cent of the UK's North Sea gas production. Both received development can offer more conservative governments in 2022 and 2023.

However, this was spanned in early 2023 by the Court of Insinia in Scotland

Andy Boreham's handling of the fossil fuel sector will be scrutinised

following the landmark Finch ruling - named after the campaigner who brought the case - in the UK Supreme Court the year before. It ruled that development authorities need to consider the carbon impact not just from oil and gas (Bring) but also the burning of the product in a level before.

The Finch ruling did not say suffering projects should not go ahead, only that their impact needed to be spelled out and consistent. Subsequent guidance from the energy department has given emissions what latitude to weigh a project's carbon dioxide impact against other factors.

A spokesperson for the energy department said the secretary of state would consider work from the public sector to be a major source of emissions, adding the North Sea command a "vital national need" and oil and gas "will continue to play an important role in our energy system for the dark to come."

This, added: "Our focus is on providing stability and supporting North Sea workers and communities as they continue to make a vital contribution to the UK's economy."

Additional reporting by Attracts Murray

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Monday 17 August 2006

FINANCIAL TIMES

3

NATIONAL

Rental reforms upset student market and hit letting process

Act aims to strengthen tenants' rights but leave some facing 'double rent' costs

By CHARTER BRATTNER

Legislative changes to renters' rights in England are disrupting the student housing market and complicating some lettings processes as landlords, agents and insurers to re-argue.

The Renters' Rights Act, which commits force on May 1, was designed to strengthen tenants' rights by introducing measures including new legal standards for property conditions, as well as no-bank evictions and converting fixed-term tenancies into periodic ones.

The overhaul of England's private rental sector was championed by Angela Rayner during her first tenure as housing secretary, who said it would "improve the lives of millions of renters across the country with the protection and security they deserve".

Landlords and agents are now grappling with how best to adjust to changes such as low-profit/solid student tenant move-out dates and longer transaction periods while some house-hunters brace for high costs.

The shift away from fixed-term tenancies in the private student rental market is "not without challenge," said Valerie Bannister, letting technical director at LSL Estate Agency Franchising.

Before the legislation change, tenants on fixed-term agreements usually remained liable to pay rent until the end of their tenancies, even if they moved out early, unless they had a break

clause. Those with periodic tenancies would generally give one month's notice. All tenancies are now periods, and generally require two months' notice to end the arrangement unless agreed otherwise with the landlord.

While university students previously signed fixed-term contracts that would often end shortly before the next household arrived for the start of the following academic year, they are now able to leave much earlier.

With student tenants now live in depart immediately after their end-of-year exams, rather than paying rent throughout the summer, "easy transition" between student households have been "lost" because of the need.

The changes are also creating barriers for some international students needing to enter the English rental market, experts said. Neil McGinperry, chief operating officer at Lomond, told the FT that many international students would previously have been asked to pay several months' worth of rent in lieu of providing a UK based guarantee.

However, the act limits landlords to requesting one month's rent in advance, meaning some students are struggling to provide financial assurance and therefore are "finding it difficult to access the market", he said.

Andy Ralph, managing director at Lenders Humans Group's Lettinga south division, said international students offering several months of rent in

Tamara Gomez is the studio of her jewellery business. She roats with six other women and says she is "really worried" about having to pay double rent to secure her next property

advance was previously "seen as a trumpet card that bypassed all the referencing criteria" as landlords "could have the money up front".

Beyond student lettings, Ralph said the wider rental market was also adjusting to "the transaction of a move on taking much longer". This was "because a lot of tenants are forbidden to the two-month notice period", he added.

Sujjad Ahmad, chief executive of the British Landlord Association, told the FT: "Some letting transactions are taking longer to complete. In part, this is because both landlords and tenants are trying to co-ordinate move-in and move-out dates under the new notice regime. Where this cannot be achieved, overlap periods are becoming more common."

Overlap periods occur when tenants must temporarily pay "double rent" because their old and new tenancies cross over. The prospect of lengthy overlap periods is causing concern among some house hunters. Faced with land-

lords and agents unwilling to commit to a lot two months in advance, some are bracing for the financial impact of paying double rent to secure a property before they move out.

Christian Caldwell, a lettings expert at Rightmove, said that while tenants who were keen to secure properties promptly may previously have faced one or two weeks of overlapping rent, this could now increase to as much as five weeks. "Annulously, we are bearing quite a lot of that," he said.

Tamara Gomez, 54, who won her own jewellery business, currently roats with six other women in a London warehouse. She is hoping to move on but thinks it is unlikely she will find a landlord willing to wait two months for her and is "really worried" about having to pay double rent to secure a property.

"I don't know how I can deal," Gomez said. "Who handled kind of money?"

"If I want to move and I can't find anywhere because of the financial implications, then I'm stuck."

"If I want to move and I can't find anywhere because of the financial implications then I'm stuck"

Other, a 35-year-old teacher living in London who has just found a new room in a house share, expects to pay double rent for about a month because of the crossover between her tenancies. Unable to secure a property two months in advance, she expects to use her estate £2,000 overdraft to cover the overlap.

The Londoner said it was "disappointing" she could not afford to go on holiday during the school break, adding "I have to save all my money for this deposit and for bills and for the first months rent, plus rent here, plus day-to-day costs of travelling and eating."

A spokesperson for the Ministry of Housing and Local Government said: "Our landmark Renters' Rights Act gives tenants more flexibility over rental agreements by moving to rolling tenancies. This change stops both renters and landlords being tied into long-term arrangements when their circumstances may change, while ensuring they get sufficient notice to sort out new arrangements."

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FINANCIAL TIMES

Monday 17 August 2026

INTERNATIONAL

Missile attacks

Ukraine launches drone blitz on Moscow

Warehouse among targets in one of Kyiv's largest assaults of the summer

NAIC BERNARD - 0015-75 CONTINUED NO. 24 - 4710

Ukraine attacked Moscow with more than 600 drones yesterday, killing one person and setting afloat another warehouse belonging to WildService, financial Times.

The overweight attack was one of Ukraine's biggest in its campaign of targeting Russian logistics and energy infrastructure this summer. Revenue region governor Andrei Vorobyov said.

In 40 year-old man died after a drone was shot down and struck a home near Rumanchev, a Moscow suburb, Vorobyov said. Three people were injured in the town of Podolsk, down to the WildService warehouse for in the attack, and whether there were hurt in other towns in the area, he added.

Various posted on social media showed an enormous cloud of smoke following over the town after the attack, stretching high tents the air.

Russia's defense ministry claimed it had shot down a total of 828 drones across western regions of the country and occupied areas of Ukraine. Five people died in the southern Eastern region on the border with Ukraine,

according to the local governor, who said more than 150 drones had been shot down during the attack.

Another person died when a drone hit it on a bulgeard region, officials said. Russian officials habitually do not acknowledge when Ukraine strikes for their target and blame the damage of defamation drone they have shot down. Ukrainian defense company Fire Point took credit for the attack on the WildService facility, saying its FP 10mp range strike drones had hit over all the company's largest logistics hubs.

The smaller has found itself a major target for drone strikes after Kyiv accused WildService of selling components that could be used in drones and

other than one equipment with military applications. The warehouse in Podolsk, near a WildService' route for life's running the Moscow region, is the seventh of the company's largest 10 sites to be hit this summer and was the biggest still in operation, according to verbal information. Russia's new site Agentstvo.

The attacks have destroyed billions of dollars in inventory, raising sources about WildService' financial health and running the foodbank of thousands of stores who market goods of the platform. WildService has offered the worst affected efforts since compensation and Russia's central bank has instructed leaders to restructure their debt on favourable terms.

Russian missiles and drones also struck Kyiv and several other cities. Ukraine's air force occurred shooting down 8 of 104 attack drones and three cruise missiles. Kyiv failed to down any of the Russian ballistic missiles launched at industrial facilities in Kyiv and city, which had been shot down and killed and 14 injured, according to the air force and local authorities.

Russia's defense ministry said it is a set attack to targeted defense goods sites in the city in Kyiv, according to Kyiv's research, and the Arusha-Wilral metal-larger on margin in Kyiv's 60th. Moscow also said it conducted a drone strike on a bank carrier in the pool of cities that it claimed was carrying military supplies.

Economic crisis. Spending power

Iran inflation prompts 'buy now, pay later' offers

Companies turn to credit

plans as war and 16 blockade

of parts push up cost of living

BITS DRAFTING - TEVANA

Iranian businesses are increasingly resorting to 'buy now, pay later' schemes and other tactics to attract customers as the cost of living upside out of central following months of war with the US.

In recent days, billboards have companies such as Iran's ImagePay have popped up along the streets of Tehran offering consumers deferred payments on everything from shifting and mobile phones to gold and holiday stores, as growing numbers of Iranians find they have less and less money to uphill.

Delivery services, including ImagePay's delivery area ImagePoint, have also put up advertisements offering half- and anywhere of prices and financial resources to get customers.

The safest article are the latest sign of deepening economic distress in a country where the US Israelis was and the American blockade of Iranian parts have exacerbated inflation, helping push overs back expenses out of reach for more people. Food before the conflict began in February, Iranians had struggled with years of price rises, sanctions and economic mismanagement that had ended living standards.

The disruption strength by the war and the ensuing tunde for control over the fitout of German has worsened this trend. Annual inflation has remained above 60 per cent for three consecutive months while price contracts, the risk, has enabled to a series of new lows.

The prevalence of 'buy now, pay later' offers shows the 'degeneration of producers and suppliers... as inflationary pressures reduce people's purchasing power', said 14 foodroads, economist and founder of Ecoethink, a private banking and economic training institute in Tehran.

In addition to individual shop owners introducing machinery plans, there are now more than a dozen online platforms offering purchases on credit, some without extra fees or returns. ImagePay allows customers to pay without interest either at the end of the month or in some country investments, with a credit ceiling of 100mm risk for most customers (roughly 82%).

Billboards in Iran advertising deferred payment services have become increasingly prevalent in recent weeks of recession

The US has sought to pile economic pressure on Iran in order to force the region to capitalize, respect the fitout of German and make a deal to end the war, with President Donald Trump telling Asian that Iran 'is to very bad shape'. 'We are just watching Iran with its huge inflation and the fact they have so money,' said headcount.

Before an April ceasefire, the US and Israel founded Iranian steel plants and petrochemical facilities, adding to what the regime estimates is 50,000 in its air damage. Wastings to Iran mostly correspond a need for the draft of Iranian parts after an interim deal to respect the fitout of German — through which about a 50th of global oil and liquidated natural gas supplies passed before the war — collapsed.

The conflict has affected all aspects of daily life in Iran. Food inflation has had nearly 150 per cent of the month ending July 22, according to Iran's statistical centre. The joblessness rate for spring this year was recorded at 9.1 per cent, rising from a year earlier, with 2.3mm people aged 12 and over correspond.

At a brief product market in eastern Tehran, Pedia, a 29-year-old mother of

two, was picking through crates of brained and bloodbed potatoes and bell peppercoats. 'This is how I beat my children, We already lived hand to mouth,' she said after being 'diluted, a child.' 'count further downhill' after the war. With her husband earning 200mn risk per month, the four person house hold five more than 85 a day.

Iran believes it can survive the economic pressure. If the open years coming what it calls a 'mountain economy' designed to be well-affiliated enough to endure sanctions, national and conflict — even noted changing economic malaise and popular disillusionment. 'The country's region and military leadership are ongoing that their greater pain threshold will allow them to come out on top in their stand off with the US and that higher global energy prices increasing from the closure of the world will eventually force Trump to back down.

But President Manuel Aventelman, who oversees day-to-day domestic governance, warned that needs of Iran on its first intake people. 'The most important concern for me — not that the US will attack again, because Iran confident

'People have come to accept that declining living standards and incomes are likely to persist'

is the people's resistance and the capability of our powerhouse — to the rich blood and our heart situation of the people,' he said.

The blockade has severely curtailed Iran's oil exports and constrained imports. The government indicated it was planning to increase petrol prices, curb over consumption and compensate for the decline in fuel imports. A pilot plan, however, was halted on Wednesday last week before it could be implemented and come on that to codifying per tonne. It was economic grievances that triggered a mass and regime process in December and January, which ruled the nation for weeks before being crushed in Israel and exhaled.

There has been no sign of domestic powerhouse production, but not expert says that the current shift in consumption patterns signals that people are readying for long term gains.

Foods and sold the large number of Iranians selling their gold holdings to finance personal expenses and the number of the country's own or essential goods signalled that 'people have come to accept that declining living standards and incomes are likely to persist'.

The government introduced a food voucher programme designed to ease the financial pressures, paying roughly 85% essentials of food in Iran — designed majorly of the population. Infants a Iran already created the value of those vouchers, however, and FoodAlliance said this month that its administration was planning to raise the amounts by setting assistance for higher income recipients.

In Israel's bloodline, an upper middle-class neighbourhood, an employee at a municipal fresh market — where the state has been forced to print to make practice more affordable — said the number of customers had dropped from 1,200 to around 400 a day. 'Are-men have fallen dramatically,' he said.

Budget friendly food trucks have become increasingly popular around the city. Saudi Arabia, a Saudi oil businessman, have disappeared from the diets of many families due to rising prices, replaced by smaller dishes of global food, a cheaper alternative.

A number of popular labels (shop on Tehran's Shariot) found said the business had had an impact of the customers since the war. Although folded, made from shampoos, has always been considered as inexpensive ones, 'the cost of ingredients has risen sharply.'

Additional reporting by Sejroel Assangede

Middle East war

Israeli strikes kill at least 11 in southern Lebanon as true fray

JAMES SMITH TWP - 0.01/10.00

Israel's Israeli officials do have 10 people in strikes in southern Lebanon on Saturday, according to a finance official, in one of the deadliest attacks since an uneasy truce between Israel and His bellshead effect two months ago.

The oil strikes are the latest challenges a pack by US officials to implement a framework and attack by Israel and Lebanon, which is under which it fished his would be disarmed and Israel would gradually withdraw from the territory it has or had to confirm it Lebanon.

The Israeli military said that Saturday's air raids targeted the country's retro structure: 'in the area of Palatnik and Assar to southern Lebanon and had killed a Hishidah commander.'

The Israeli prime minister's office said the strikes were a response to a Hishidah attack on his face to an audience's牺牲 after he had 'seriously injured' three Israeli soldiers.

Lebanese officials said oversupply—which state media reported included three children and two women — were killed in an insane battle—while a fling of Assar while four people were killed in an attack after village of first of Zabrani.

Hishidah said the Israeli attacks would be 'best according' and second Israeli Prime Minister Ben Hamid Alizadeh—whose no right coalition is trailing in the polls ahead of a parliamentary election due to be held in October — if trying to escalate tensions for domestic political purposes.

'Sowal Islam, Lebanon's prime minister, condemned the strikes as 'intimidation of residents in their homes' and said they 'moderate efforts to stabilize the situations in the world'.

He wrote on it, 'The seven-anticipated the Israeli air strike on the town of Assar are not 'earlyly introduction', nor are the children and women killed in its military targets'.

The Israeli military denied that it had deliberately targeted civilians and said that it only became aware of their pressure after the strike.

Under the US for the level of air for every Israel and Beirut—the product of several rounds of historic direct talks between the two sides — Lebanon's army is due to take over the southern part of the state—to avoid withdrawal.

However, the deal did not specify a time/line by which Israel's military would complete its withdrawal and has faced three criticisms in Lebanon as well as withdrawal only from their Hishidah.

Israel has occupied a swath of southern Lebanon since it should be north on a neighbour this year after Hishidah fired rockets at Israel in March in response to the US-based attack on Iran that killed Ayatollah Ali El-Samani.

The fighting has killed more than 4,500 people in Lebanon and more than 2000 have been displaced since the start of the latest war, according to a finance official, in the last few years, highlighting has subsided, hundreds of thousands of people have been made homeless due to the destruction of entire village.

Hishidah attacks have killed more than 20 Israeli soldiers and civilians over the same period, according to Israel's officials.

---

Monday 27 August 2016

STANDARD STORY

5

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6

•

FINANCIAL TIMES

Monday 17 August 2026

INTERNATIONAL

US politics

Voters say they are worse off under Trump

Presidents handling of economic could impact midterms, find 'F' poll

LAURINE FERRIS - VOICE VOICE SIR-WINNING - WASHINGTON

Most US voters say they have become worse off under Donald Trump, scared inground? I poll revealed my mounting discontent with the president's handling of economic could impact midterms.

With less than three months until November's midterm elections, the nationwide poll conducted by President Ronald Reagan's first 10 per cent of my interest voters said their finances had

decreased since Trump returned to the White House in January 2026.

Almost 27 per cent of independents and nearly a quarter of self-identified Republicans also felt worse off. Voters were more likely to say they wanted Democratic State Republicans to handle inflation and the cost of living. The poll gave Democrats an edge on handling what it might estimate – mean that have long been seen as Republican strength.

The findings undercover the Inside Trump said for Republican Party have heading into November as the public scout on the war in Iraq, which has driven up borrowings into and prices far good and counterpounds.

Recent data showed prices rose less

quickly. In July thanks to a slip to fuel costs, but at 3.4 per cent, inflation is higher than when for Robert McClure.

Figures on Friday showed that consumer sentiment had fallen directly to a near record low as high prices forced more Americans to decline spending. Real wages also declined last year.

What Trump will not be on the habit in November, midterms are generally seen as a referendum on the current president's leadership.

Nearly one-third of registered voters said they thought the economy was going to the wrong direction, including more than one-third of Republicans.

Just one in four thought the economy was going in the right direction. The poll

found 53 per cent of registered voters disappeared off the job Trump was doing an president, including nearly 10 per cent of Republicans.

Trump's set approval rating among Republicans – the difference between the share of people who approve of the president had linear who disagreed – led to percentage points from the previous month. They were worse on his handling of inflation and the cost of living, leaving registered voters, 64 per cent disappeared, including around one-third of Republicans.

For months, options yield from suggested that Democrats are on course to take back control of the House of Representatives, although winning the US

Senate is expected to be more difficult. When asked who they were likely to vote for to November, registered voters gave Democrats a few point lead over Republicans – at 64 per cent in 70 per cent.

"The Trump administration continues to define as the President's office itself, to guide its lowering drug prices, reducing jobs and cutting taxes while simultaneously training a historic drug to reduce crime nationwide and the most secure border in history," White House presidents from Washington.

The poll of 2,213 registered voters was conducted before by President's from August 7 to August 10. It has a 12 percentage point range of error.

Opinion.com

Asia. Energy

India's sweltering nights expose power crunch

Demand for air conditioning

is texting the limits of what

cross-aidic power can supply

RACHEL HILLARD - LONDON ANDREY SCOPING - WOKE CONTINUATION - WOKE

Indian demand for night-time air conditioning is cope with sweltering temperatures in pushing up after dark electricity use, testing the limits of the country's electricity conversion power.

Summer night-time temperatures in the world's most populous country have risen about twice as fast as those in the day, according to the International Energy Agency, with temperatures that can approach 50C across the country.

"The floor burns even at night," said Rajesh Paladean, an air conditioning retailer in the central Indian city of Nagpur, whose sales have climbed 50 per cent this year. "We need to plan better for extreme heat," Indian peak night-time electricity demand has climbed by about 40 per cent to 132 gpm with since 2005 (the IEA said), with the conditioning at something far as much as one-third of night demand.

While the range in night-time temperatures do not climate change and the urban "heat island" effect is a problem across many countries, the scale of the challenge to India – with its vast gaps (below of 1,400) and extreme temperatures for large long-lens the night – is particularly acute.

The heat island effect is exacerbated in cities, where there are fewer trees for cooling, and buildings may air and AC units can be used.

India is rapidly installing solar panels and, helped to gain its investment from large groups such as Adani and Tata, now has the world's final largest solar capacity. Solar supplies 84 per cent of total demand in 2025, according to government's State Audit Board.

This has helped to meet rising power demand during the day, driven as part by air-conditioning as people try to cope with summer temperatures that reach

Heat of the night: Extreme temperatures are exacerbated in cities and in India, which become "heat islands"

well above 40C. But the country's combined wind, nuclear, hydropones and battery storage resources are not enough to cover night-time demand, meaning that may the vast bulky more coal-fired power victims have to hide back in.

"In the evening hours ... demand increases, solar energy plummets and that's when we are a nearby of storage," said Debrahla Ahn, president of Industry group for India Energy Storage Alliance.

Thermal generation, mostly coal, supplies nearly 80 per cent of India's night-time power demand during May and June, followed by low carbon and carbon purposes, total and nuclear, Ender data shows.

"The country's solar output sometimes needs to be limited during the day to make sure that coal-fired plants remain

running at a minimum level so they can stop in at night. Students Eudrigues, a senior energy炫彩社 of Ender, expect peak night-time electricity demand in India to decline at least 100% during 2025 as more and more of its residents buy air conditioning to best for heat, although the pressure on the system.

TataGroup's White, India's leading air-conditioning brand, says it sold 2ms units in the first three months of the financial year starting in April, "adversing the handwash in recent days".

"This is not something a middle-class person like me can easily afford," said Jasson Balikpat, a retired government employee who was about to hand over about 100,000 (2024) to understand air conditioners while stopping with his wife at a busy electronic drug near Delhi. "As's an no longer a luxury for comfortable living, they're unworthy."

'In the evening ... demand increases, solar energy plummets and we see a scarcity of storage'

Residential air conditioning is a major source of power demand globally, using about 2,200 represent hours per year compared with the roughly 100/7/8 hour for this century, according to the IEA.

Anilal Khan Minister Narendra Modi has pledged to cut its emissions to set new by 100%, with billions of dollars being passed into projects designed to meet than double non-hand fuel power sources to 5000W by the end of the decade. The country is also racing to scale up battery systems to store wind and power power such as the end of different times.

But the IEA says India, the world's third largest greenhouse gas emitter after China and the US, is also building a new energy source for solar operation in order to help meet the growing demand at both day and night.

The lack of storage for renewable energy products also challenge, experts say. Between late May and December last year, India had to control 10 per cent of the average monthly solar power generated because it could not be accommodated on the grid. Entire data shows, highlighting the case most systems insists.

The Central Electricity Authority estimates India will need to increase its battery storage capacity by more than 27 times to about 70W (the IEA 2025 2025).

Falls in battery prices over the past few years from Chinese manufacturing are helping India and others rapidly develop the technology. "Hopefully what we'll see is that batteries, plus the coal under construction, help to bridge us to a situation where we can increasingly meet the night-time load," said Thomas Spencer, senior energy analyst at the IEA, the power industry and that electricity availability is the country remains "sufficient" and that robust systems are in place to manage rising assistant demand.

But the demand for air conditioning is only heating new way. "To any third level, it might be would sleep in the open air on the terrain, in front of the house. That was enough to bring surplus," said Paladean in Nagpur. "Now the heat is becoming unbearable."

India

Modi pledges free from coaching after 'cockroach' protests

CHRISTOPHY - WEDNESDAY

Narrative: Modi has promised free coaching and AI training for India's youth, words after free 2 pervaders took to the streets to vent their anger over the bulk of highly competitive exam papers and the lack of opportunities for the world's most popular community.

The prime minister did not directly address last month's demonstrations but said his government would ease the financial provision facing young Indians as he pledged to harness their "immense potential".

Speaking from the company of India's 17th-century Mogul are Red Fort on Saturday to watch the 7th anniversary of independence from Britain, Modi said the "competition surrounding coaching classes has become a huge burden for middle-class families".

He went on to realize plans for free online exam preparation and training of tissue young Indians in 4 million new law and year. "Every parent-infected 4 they do not start their 1000 to coaching course, they are conscious telling to their role not being as a superlative family."

The pledge is likely to prove by, but in the midwest of young Indians last month led by the Cockroach Janta Party, which began as a social media-belief and movement after India's 20st century electronic unemployed youth as cockroaches.

The 23rd year we applied into a broad channel to voice frustration over corruption in the education sector as well as the scarcity of assets, with paid work in a country where nearly 40 per cent of graduates aged 20-24 are unemployed, according to data from the Centre for Monitoring Indian Economy, American ing company.

The protests and scores of police violence as India, where officers fired last gas and bases charged demonstrators, were widely reported. They feared that it usually says sitting government into a heartbeating, shutdown with the resignation of the education minister – one of the pretences' main demands.

India's administrative ban also backed tougher legal penalties for exam tasks and could finally appeal to serious the examination system. The exams are seen as a gateway to secure employment and millions of young students, many of whom spend years preparing in the hope of achieving financial stability.

The 75-year-old prime minister argued that India's youth would be "fully interested in talent-building" and become the biggest beneficiaries of his ambition to turn the country into a developed economy by 20/47.

In past years, Modi has used the annual address to set out political pledges and policy priorities.

In 2024, the 'cockroach' has "safeguard India" and announced the and regulatory reforms aimed at businesses and the middle classes after the 50 proposed tariffs of 50 per cent on the country.

MONTE DEI PASCHI DI SIENA

A NIK SINCE 1472

Banca Monte dei Paschi di Siena S.p.A. (the "Issuer")

Notice

to the holders of the

€500,000,000 Fixed to Floating Rate Cellular Senior Notes due 5 September 2027

ISIN code: XU2/5482500

(the "Notes")

This notice (the "Notice") is given to the holders of the Notes and should be read in conjunction with the issue prospectus dated 16 January 2025, as supplemented on 10 February 2025, on 17 February 2025, on 22 May 2025 and on 24 August 2025, (the "Base Prospectus", set) the final terms dated 17 September 2025, relating to the Notes (the "Final Items").

In this Notice (capitulated terms not otherwise defined herein, shall have the same meaning as a) that is there in the Base Prospectus or in the Final Items, as the case may be and unless specifically stated otherwise, Notice is hereby given to holders of

the Notes that, pursuant to Certificate 5(c) (Redemption of the option of the Issuer (issue 1.25) as set out in the Base Prospectus, and Part A (Contractual Terms, issue 10 (issue 1.25) of the Final Terms, the Issuer in which it covers for the option to only redeem all the Notes outstanding. The Notes will be redeemed in the Optional Redemption Date at the Optional Redemption Amount to: (either with interest accrued to that including) the Optional Redemption Date as follows:

Aggregate Nominal Amount of

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This Notice is irrevocable and is given pursuant to Certificate 12 (Notice). The Issuer (soldier) that it has obtained from the Competent Authority permission to redeem the Notes.

Siena, 17 August 2026

Banca Monte dei Paschi di Siena S.p.A.

BANCA MONTE DEI PASCHI DI SIENA S.p.A. - Registered office in Siena, Piazza Valedere, 3 - 4000000 - 6 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000000 - 8000

Asia

Malaysian economy exploits data centre boom

DREW MULHIN - TANGKORE

The 10 boom has made global experience not of a handful of Asian companies such as Taiwan Sentimentalnet Manufacturing Co., South Korea, New-yang and SK Ryroix, which have enjoyed skyrocketing valuations on meeting demand for the most powerful semiconductors.

Yet under the radar, Malaysia has been an unceasing oil winner. The country's oil tax is further lower and major-city manufacturing and data centre development has positioned it to those of a firm whose stance is to weigh-beam have been halftone by 10 tariffs and doing energy prices from the rest of the Middle East.

Many non-economy grow-i-per-cent in the market, sparsely compared with a year earlier, government statistics released on Friday showed, up from 5.6 per cent growth in the first three months of the year.

That was powered by 5.3 per cent growth in the manufacturing sector – a new market created in shipbuilding – and six per cent expansion in construction, which is supported by data centre development. Malaysia's chip industry date-stand had a success.

International companies including hotel events setting up factories in the 1970s, faced by a free trade zone and port-cerfite Malacca Strait, one of the world's busiest shipping bases. The country was dubbed "the Silicon Valley

of the East". Malaysia subsequently lost ground to Taiwan and South Korea as those countries developed dominant transposon manufacturers.

However, it carried out a role as a major fuel for "back end" processes in the semiconductor manufacturing supply chain – chiefly packaging, assembling and setting up.

Malaysia accounts for 12 per cent of the market for these trade-independent – second only to China – and is the world's sixth biggest exporter of semiconductors, according to the government. The industry accounts for 40 per cent of the market.

As remains have intensified under US President Donald Trump's second term, Malaysia has continued to be a beneficiary of international investment. Foreign direct investment rose 45 per cent last

Data centre development has given a boost to the construction sector

year compared with 2024 to R3000bn (R6000), according to Malaysia's vital-to-independent.

"Co-operative uncertainty has reinforced the importance of trusted, natural investment," said Sam Chuang, head of group foreign direct investment advisers at Singapore bank U.N.

"Malaysia's ground-trade has grown as a strategic hub, trade relationships, regulatory environment and commitment to value-based commerce plus investors confidence at a time where certainty is in short supply."

While Malaysia has also been hit by 10 tariffs, it has received similar returns in south-east Asian neighbours and far lower near-8 per Cent. The latest round of US tariffs received last month also included a new set for semi-conductors, promoting the Malaysia industry.

One major beneficiary has been the investment. Malaysian state of Africa, which has emerged as a huge hub for data centre development. The state has received tens of billions of dollars of investment from companies including SKR16, Media and Microsoft to set up data centres on former palm oil plants from its recent years.

According to research company Bank, Juteco accounts for 76 of Malaysia's 20% operational and planned data centres, making it the sixth biggest market in the Asia Pacific region. Last year, Juteco also launched a special economic event with Singapore's, which has attracted 850T客企 investment.

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Monday 17 August 2024

•

FINANCIAL TIMES

7

INTERNATIONAL

US socialists gain momentum with image reboot and populist agenda

Success in Democratic primary battles signals appetite for progressive policies

SEPTEMBER – NEW YORK

If you thought US socialism was all that not reading groups and picket lines, think again. There days, it's just as likely to be well-offed leagues, crafting clubs and "cocktails with comrades".

These are the inducements the Democratic Socialism of America are offering curious Gus. Eers looking for a new political home. They seem to be working.

Once the most marginal of groups, the DSA now has close to 125,000 members, up from 5,000-15 years ago. And its members are winning Democratic primaries across the country.

Megan Romer, national co-chair, said its growth reflected a deep frustration with a system that was failing young people. "People are, like, well, OK, cagnation's not working," she said in an interview. "So what else is there?"

With apologies to Marc's The Communist Manifesto, a spectre is beaming the US—the spectre of socialism. Its platform – affordable housing, universal healthcare, free college for all and higher taxes on billionaires – is increasingly popular with younger voters sick of the traditional remedies for America's ills.

A Gallup poll from last year found that 44 per cent of Democratic viewed socialism positively, up from 50 per cent in 2020. Meanwhile, a survey by The Economist and Total for in June found that 42 per cent of Democratic would vote for a candidate who identified as a democratic socialist.

It is a surprising turnaround for an ideology that used to be a dirty word in

the US. For many, socialism seemed like an affront to the rugged individualism and associate self-attitude that defined the American total.

But its reminiscence is real. Debra Mumford's victory in New York's mayoral election last year was the breakthrough. This year, DSA members have won Democratic primaries in New York, Denver, Philadelphia and Washington DC, in some cases beating moderates backed by the party leadership.

Earlier this month the progressive Abdul El-Sayed, whose policy ideas overlap with the DSA's agenda, sent shockwaves through the Democratic establishment by winning the Michigan Democratic Senate primary.

Speaking in Las Vegas this month, President Donald Trump said the Democratic Party was one full of "convenient" who "want to take their reasons and deadly ideology of misery and uppalm to every state in America."

Ironically, some Republicans, too, are beginning to squeeze views that would not seem out of place in a DSA manifesto. Trump, for example, has said his administration was considering taking equity status in tracing AI companies. He has also moved to ban large institutional investors from buying single-family homes, part of his response to the affordability crisis.

Vice-president JD Yance, who describes himself as "pro-labour", has gone further, saying the US should strengthen trade unions. "You have to give workers some sort of the bargaining table," he told podcaster Joe Rogan last

A rally hosted by the Democratic Socialists of America in New York in March

month. "One worker don't have enough bargaining power."

Despite this overlap between the economic populism of the right and left, the success of the DSA's message is causing consternation in the Democratic Party. Contrists worry that DSA candidates will prove a turn-off to mainstream voters and harm the party's hopes of regaining control of Congress in the midterms.

"The Democratic Socialists are bomb throwers, not problem solvers," lawmaker Josh Gottheimer, a Democrat, wrote on X in June. "They've declared war on common sense Democrats, which will only lead to more deadlock dysfunction and hard-working families paying the price."

Indeed, there are many who believe that the socialists' recent electoral success reflects more a deep sense of frustration with the status quo than a sad denominator of progressive disloyalists.

"Noters (an angry at Trump, but not just Trump – they're angry generally, and some of them are flipping over the tables by voting for people on the radical fringe," said Matt Bennett, co-founder of the Third Way think tank.

"But that is not the same as saying they want socialism."

Socialism is not entirely alien to the US tradition. In 1912, the Socialist Party's candidate Eugene Debs pursued more than 900,000 votes in the presidential election, or 6 per cent of the total. The Medicare of the DSA and the McCarthyist which heats of the 1930s pushed the movement into near irrelevance.

Michael Euzin, professor of history at Georgetown University and an expert on the American left, said socialism had failed to make the same kinds of lawsuits in the US as it did in Europe because of the success of American capitalism. An absence of a feudal past in the US and the early entrenchment of a two-party system, which appeared out fringe parties. More importantly, "the major dividing line in terms of consciousness in America socially has been race, not class," he said.

Socialism's appeal has grown as the allure of capitalism has faded. Gustavo Gordillo, co-chair of the DSA's New York chapter, identifies the global financial crisis of 2008 and the difficulties people of his age had in finding a job during the

'Voters are angry generally, and some of them are flipping over the tables by voting for people on the radical fringe.'

'We can point to New York City and say a socialist mayor has followed through on his promises'

sending Great Recreation as the turning point.

"No more millionicals grow up with the expectation that if they worked hard ... they could have a better life than their parents," he said. "Nobody experienced that, basically."

Frustration with what he calls the "broken promise of the US economic model" led into the Grunge Wall Street movement of 2012, Bernie Sanders' campaign for the Democratic presidential nomination in 2016 and DSA member, Alessandro Ocasio-Corteo's shock primary victory in 2018 sealed social anti-revival.

The DSA's enthusiastic support for Palestinian rights and denunciation of Israel's war in Gaza also ensured it a legion of new hate. But if von Mumford's meyvotify that has perhaps done the most to improve socialism's image, said Grace Maasser, co-chair of the DSA's New York chapter, "there coming to power, the 34 year old has delighted his base by expanding free childcare and overarching noble singing trait frame."

"We can point to New York City and say a socialist mayor has followed through on his promises," Maasser said. "He've made real progress and that's only in a relationship."

Already, the DSA's influence is spreading far beyond its stronghold in the "cosmic corridor" of Brooklyn and Queens. It is opening up new branches in conservative areas such as North Carolina and West Texas.

There are DSA city councillors in San Antonio and Corpus Christi, Texas, and a democratic socialist represents a suburb of Atlanta in Georgia's state legislature.

It is advertising to counteract its austere image and widen its reach with more fun social activities – beach parties, grill-nuts and movie nights. Films such as The Hunt for Red Brother that depict communities as "the worst, most ridiculous caricatures of bad guys over" were particularly popular, Romer said.

"We're competing with Netflix, right?" she said. "Building that social cohesion is a big part of building the movement."

Additional reporting by Ian Hodgson

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FINANCIAL TIMES

Monday 17 August 2024

Retail therapy Services won't restore the golden age of big stores but could give young shoppers a reason to return ● LEE, PAGE 22

Companies & Markets

OpenAI unrest escalates as Altman readies push for IPO

• Executive reshuffles unsettle staff
• Fears of dysfunction ahead of listing

CROTONS (DIGELY AND MORRIS HOPKINS) - LEE-FRANCIUS

OpenAI is facing mounting internal upheaval after nearly half a dozen reorganisation this year as chief executive from Altman once to prepare the ChatGPT leader for its IPO.

Reported executive reshuffles and a series of senior departments have left some staff frustrated with constant changes at one of the world's most valuable private companies, according to popular hurdles with the move.

Last week, chief revenue officer Denise Strouse, who was appointed in December to overturn efforts to re-corporate customers, announced her

Senior executives are

said to be 'crying for Altman's attention amid internal 'politics'

objectives. But follows former chief financial officer and chief operating officer Brad Lightcap and ethics chief Obiot Bakalov, who left after less than a year, the ITV would fight work.

OpenAI said it was moving at an exceptional pace and used aid to make organisational changes.

Fidji Simo, who ran its applications business and was considered Altman's number two, left the full-time job last month after a period of medical leave to become an adviser.

She has remained active behind the scenes, however, communicating with staff on a nearly daily basis, two people about OpenAI said.

"She is still, suppressing in the background," said one person familiar with the 16 years, who described senior executives as crying for Altman's atten-

tion amid considerable internal "politics." The company said she was conducting her advisory role as intended.

At the end of last month, OpenAI also disbanded its "preparation" team, which assessed whether its models could pose severe or catastrophic risks and worked on ways to mitigate them, according to multiple people familiar with the move.

Senior staff have instead been assigned responsibility for different areas of preparation, such as his and cyber, ethics, and legal issues.

OpenAI has presented three recent roles as part of a streamlining process ahead of an IPO after Altman's direction to staff to reduce an "old agent" and focus on ChatGPT and its competing with Anthropic for business clients.

Since OpenAI's leadership crisis in late 2025, in which Altman was named for less than a week, he has built a new executive team around him to professionalise the company's operations.

Co-founder Greg Brockman, regarded as Altman's most neutral lieutenant, is battling increasing power as he began on a successful by recent departments.

Some staff view the management reshuffles as evidence of dysfunction during the crucial one up to an expected IPO that could reduce it at as much as 80%. OpenAI's IPO had originally been expected that now but to now likely to be next year, according to people familiar with the company's plans.

Tensions around OpenAI's approach to AI safety have grown in recent weeks after it emerged that one of its models backed into another company during internal testing of their cyber capabilities. The risks of Bakalov, Josh Achiam and Johansen (Hobelco), who all worked on safety, have added to many of our issues. Additional reporting by Shutterstock Magie

Unhedged SK Hynix and Samsung help flip the picture for unloved South Korean currency

Korean won has strengthened with the Kozgi sell-off

Korean won per 5, inverted scale

MARKETING BOOK - LEE-TOR

This year, there was a strange mismatch in South Korea's stock market and currency. Under normal circumstances, an AI-backed equity rally and record-high trade surplus would translate into a stronger local currency. Instead, the Korean won bill to its lowest level against the dollar since the great financial crisis.

But the story has not differed. At 20 tents earned the highly thorough, extremely concentrated Kozgi to come crashing down as much as 84 per cent from its high prices to its tally low. Meanwhile, the won has jumped

9 per cent against the dollar since the start of July, making it one of the world's best preferences last month.

The Kozgi's sell-off might have been one of the rare cases where a billing stock market has helped to prop up a currency. It sure dollar selling intervention by South Korean authorities has works up has developed, though intervention effects are usually short-

A series of the whole for approval as the strongest country's top-up of its investment

lived. But we have confidence that the recent appreciation has logo. For one, interest rate differentials between South Korea and the US are narrowing. Last month, the bank of Korea raised rates for the first time in more than three years and equalled that it will probably continue tightening.

The AI boom and the success of Samsung and SK Hynix are another

SK Hynix completed the largest 10 IPO and an overseas company last month. Samsung, too, has announced a multiyear, trillion dollar domestic AI build out plan. The won, like the stock market, is moving closer to its fundamentals.

World's biggest carmakers seek to avert motor oil crisis

HENRY BEVELDING AND JOHN JIMMY - LONDON MARKET COMMODITY - TOKYO MARKETING BOOK - FRANKFURT

Carmakers including Volkswagen, Wellbroke and Toyota are running to new blends of motor oil and lubricants to ease a serious supply shortage caused by the Middle East conflict.

After getting through the early months of the war, carmakers have now run out of penetration of high-quality base oils for engine oil that the US and Europe had largely outcured from the Middle East.

They have since found alternative lubricant manufacturers but industry executives warned that these supplies remained tight and vulnerable to any food shock.

For car drivers globally, any further shortage will make their routine oil changes – a procedure critical to prevent engines from malfunctioning more expensive and expensive.

Prices of Group III base oils have almost recited compared with prewar levels at about 84,000 per tonne in Europe and the US.

"Alternative suppliers also have financial choices and can overwork shipping throughout, so industry young or other supply shock could rapidly worsen the situation," said Holly Allison, chief executive of the Independent Lubricant Manufacturers Association.

The supply chains for Group III base oils, a highly refined oil product that is small to take some oil, were heavily slumped in Starck after Iranian missiles struck the US's out pay to liquids plus the globe, requiring significant repair work.

To avert a crisis, carmakers rushed to secure alternative supplies of motor oil – a shift that industry officials said was challenging since manufacturers had to ensure the same level of quality and performance with alternative formulations of the base oils and seek approval for the new products.

A dividend said it evaluated "reformulated lubricants" and secured alternative products that are "applicable industry standards".

It added: "Our focus remains on ... minimizing any impact to vehicle service and maintenance activities."

Volkswagen cautioned that the shortage of the base oils was "an industry-wide situation beyond its direct control of individual manufacturers".

Japan's Toyota also said it was affected but that it had already secured alternative supplies.

Backs, Tech sector

Lender behind China's AI listings boom rises to top

CICC has overcome Beijing crackdown to head Hong Kong and mainland tables for IPOs

WILLIAM SAVILLIUMI - HONG KONG CLAIMER SECRET - REUTERS

China's top investment bank has emerged from a years-long government crackdown and resorted aside rivals to become the dominant financier of Beijing's effort to compete with the USA at.

China International Capital Corporation has sponsored the multibillion-dollar listings of several of the country's tech champions, including: Aquasizer, CIO87 and data center parts supplier, Shengji bandglip.

The most revered bank is inspiring league tables for initial public offerings to maintain China and Hong Kong. It has settled 81,394 in dual volume this year, more than double the same period in 2023, and is on track for a record annual feast.

"We have been investing in and generating for this AI wave for more than a decade," said Lu Gu Qiang, deputy head of CIC's technology, media and telecom investment banking department.

CICC had long been the go of bank to help deal, but it was caught up in a government campaign against the financial sector that intensified where the Chinese property held its hand in 2023.

Senior executives were mustered in investigations while many bankers experienced severe pay cuts as part of President Xi Jinping's "common prosperity" campaign aimed at reducing wealth inequality.

A prolonged market downturn, precipitated by the property crash, sent

CICC's investment banking revenues to an low in $615,000 (84.5 bps) in 2024 from a peak of $6,000 (84.6 bps).

Sentiment began to turn when the government unveiled a stimulus package in late 2024 to boost markets.

The following year, a wave of Chinese companies began listing as regulators related requirements that had been tightened previously to preserve liquidity in existing stocks.

While the government was putting a sharper on listings, CIC was facing the groundwork for stock numbers.

Low said the bank's strategy of listing together its investment banking private equity and research teams had been instrumental to helping it capture opportunities with AI.

An credited the bank's private equity arm, CIC Capital, which has actively invented across the AI sector, for helping it tap into the market and "get those doubtless."

The current wave of Chinese tech listings is happening alongside an AI-driven capital markets boom to the US and intensifying technology of competition between the two countries.

Low lives and the Chinese listings surge would continue for another year.

"We still think there are very obvious and enormous market opportunities over the next 12 months and they are less affected by liquidity constraints," he said, referring to concerns that range IPOs in the US would draw capital from Hong Kong. "For AI and hard tech companies, as long as you can show that you are a star or asset in China's market and have long-term investment value, you will suffer well-used by the market."

CICC was established in 1990 as a joint venture between China Construction Bank and Morgan Stanley. After the US

investment bank's exit in 2003 and several rounds of shareholder restructuring, its controlling shareholder is now central to this, China's earnings wealth fund.

Under 51, Beijing has looked to redage the financial sector from a profit making machine into a road for its average gains.

In a 2024 speech calling for China to become a "financial powerhouse", Xi laid out a vision for the sector to develop the economy and avoid "blindly" pursuing expansion, which he said would lead to "crime."

An open Tong, a finance professor at the University of Hong Kong, said: "The guiding step from the top to the bottom should serve the real economy and help strengthen China's economy and competitiveness. Both the finance industry and finance practitioners will come under more scrutiny and regulation."

CICC's investment banking revenues waged a central recovery bar year. Noting both $1,000 (87.5 bps), but its share of earnings has declined as other parts of the business, particularly wealth management, have grown, Group not profit run 77 per cent to $4,000 (84.

Dual volumes at China International Capital Corporation have waged

Kining competition in the Chinese financial sector has further appeared investment banking margins in recent years, despite the pushed for industry consolidation as the Chinese finance sector moves away from the from-bashing capitalist success of the 2000s.

"The market has become more competitive and market like CIO87 have much bargaining power, making fees for bankers and financiers," said Tong.

While CIC was a joint sponsor on the CIO87 listing – China's largest IPO tech years – the underwriting and sponsorship for new just $10,000 (84.6 bps) 87.5 bps in 2024 from a 2024 period, the US and China's earnings wealth fund, to be shared with five other banks.

The two does not include an overall-amount option that has yet to be exercised.

This figure is far smaller than the roughly $20 billion in the US (2024) of the Agricultural Bank of China when it listed in both Shanghai and Hong Kong, in which CIC also played a key role.

Despite CIC's success in bringing tech dealings to public markets, investors appear less ready to embrace the new norm in China's banking sector. The bank's blunting shares are almost 12 per cent below their peak while those in Shanghai are more than half.

In a fitting to Hong Kong's stock exchange last month, the bank said it would report a substantial increase in first-half profits.

In managing related Beijing's campaigns towards the financial sector into an instrument of the state, in the announcement, CIC said it "closely followed the policy directives for advancing the capital market reform".

In 2024, CIC's company created full efforts to serve the real economy and the national tech driven strategy.

---

Monday 17 August 2024

9

FINANCIAL TIMES

9

COMPANIES & MARKETS

Ferrexpo paralysed as Kyiv pursues oligarch

Iron ore miner needs to raise $100mn within weeks as sanctions-hit shareholder Zhevago fights to maintain his stake

CANULA MISSION - LONDON

The Ukrainian government has pushed iron ore miner Ferrexpo to the brink of insolvency in its attempt to force out oligarch KOSTLENTZ Zhevago, who is holding on to his stake even as the company takes for survival.

The iron ore group has just weeks left to raise money while Kyiv holds on to $100mn in VAT refunds. To add to the difficulties, Ferrexpo is reduced to selling from stockpiles after responding mining this month following an attack by Russian stones on its last shipment on the Black Sea.

Louise Genevieve, interim executive chair, told the FT: "We believe Ferrexpo is unfairly caught up in a dispute between Ukraine and our largest shareholder", adding that the company was in side with authorities.

Ferrexpo was one a major global supplier of iron ore pellets that food steel mills, with a market capitalisation of $70m and annual sales that rose to $2.5bn in 2023. Its fortunes have been drastically altered by the Ukraine war and the government's relationship with Zhevago, Ferrexpo's billionaire founder, whom Kyiv accused of understatement and hit with sanctions last year.

The war has knocked production as workers that goes to the front lines and Russia's attacks have destroyed critical power and transport infrastructure. Ferrexpo has also been hit by a series of disputes with the Ukrainian government, which has come after 8 ounce and other legal grounds.

Five years on from its share price highs, the London (listed company's valuation had dwindled to just over $250mn when its shares were suspended in 1962 after it failed to have its accounts signed off by auditors.

A deadline is now looming for Ferrexpo to raise at least $100mn – ahead of a mid-September 1.8% edge when it says it will run out of cash. The miner is yet to launch a formal process, despite months of internal talks and an accrual the cash balance of $2.7mn in the war of June. Ferrexpo has said there is "no cravation" that any fundraising will happen, and that a failure to track a solution could lead to killing his insolvency.

Shodapandavel in Zug, Switzerland, Ferrexpo has persevered through four years of conflict in Ukraine, operating at partial capacity and resizing attacks on port infrastructure, interruptions to its power suppliers and the deaths of employees on regular the arms. In April, Ferrexpo warned that it would be raise fresh equity within months to avoid running out of cash, sending its share-plannmenting its major shareholders outside BlackRock and Wellington Management, according to the data.

Alongside the myriad problems that come with working in a war zone, Ferrexpo is plagued by problems linked to Zhevago – who is a "discretionary beneficiary" of a trust that owns Fevannitsivets, the company's largest shareholder, which had the 49 per cent stake.

The oligarch, who served as an MP for two decades, is wanted to Ukraine for alleged understatement involving the collapse of Finance and Credit Bank in 2023. The nation authorities have looked to Ferrexpo to recover assets from Zhevago: the company has been hit with a

A Ferrexpo doctorates the war. Sheldon Plavot, Ukraine. The miner's fortunes have been drastically altered by Russia's full-scale invasion.

set six of court cases, and shares held at its Ukrainian subsidiaries have been frozen.

Key to Ferrexpo's worsening liquidity has been the suspension of VAT refunds by tax authorities since March 2023, a month after Kyiv imposed personal sanctions on severe high-profile individuals, including Zhevago, on the

"The false allegations made against me ... are unjust and politically motivated"

KOSTLENTZ ZHEVAGO

grounds that they threatened "the state security, territorial integrity and sovereignty of Ukraine".

"The situation got dramatically worse" after that, and one person does to the company. Authorities told Ferrexpo that the "NY one" unavailable due to the personal sanctions," the miner said in April. The company says it is now swell about $90mn.

As Ferrexpo's financials worsened, talks began late last year about raising

money. There have been long and difficult, though, with Zhevago proposed to back a 'sundarising only if he can take part, at the same time as authorities hinted that Ferrexpo's regulatory problems could be raised if his ownership stake is reduced, according to people familiar with the situation.

Although he is not formally part of Ferrexpo's daily operations and stopped down as a director in 2022, Zhevago is in regular contact with executives, they added, 'He is not in Ukraine but is believed to be bringing down'.

Zhevago has consistently denied wrongdoing. "The false allegations made against me in Ukraine, and the sanctions that have been imposed upon me, are unjust and politically motivated," Zhevago told the FT. "I have had no late opportunity to challenge those allegations in the Ukraine court ... 3 remain optimistic that justice and truth will prevail and I can confident that Ferrexpo has a bright future ahead of it." The Ukrainian government did not respond to a request for comment. The country's Deposit Guarantee Fund, which is looking to slow back cash paid

Financials

Trump crypto venture wins licence boost

KIELA GURNE - NEW YORK

A cryptocurrency venture backed by President Donald Trump has received conditional approval for a banking licence from a US regulator, lowering the company's credentials as it seeks to expand its stablecoin operations.

The Office for the Comptroller of the Currency on Friday said it had granted preliminary conditional approval for a national bank trust charter to World Liberty Financial, which found the US president as co-founder more than.

The company's business plans include issuing dollar-backed stablecoins and providing controls for digital assets, according to the regulator, W2F will not be authorized to provide loans or take direct deposits.

The approval comes as Trump's business interests in the crypto sector become a major political thulبوط.

Democrats have been pushing for an "ethno-return" to be maintained in small-mark crypto market structure. Still that would prevent big government officials from benefiting from the sector while in office. Regulatory experts expect that it comes under currency scrutiny when Congress returns from recess in the autumn.

Democrats US senator Elizabeth Warren described the approval as X as a "learners act of self-dealing" by Trump's

administration. Trump earned more than $1.2bn in crypto sales and memento royalties last year upon returning to the US presidency, according to a financial disclosure released in June.

W2F is one of several crypto projects linked to the US president and his family, who have embraced digital assets.

The venture was set up in late 2018 by Trump's three sons and the sons of Trump's special envoy for peace negotiations, Steve Wikhell.

Under Trump's second administration, financial regulators have sought to allow more entrants into the regulated banking sector and encouraged companies, including in the crypto sector, to apply for licences.

Kiela Gursen Kiela, Trump, sentinel helped to set up World Liberty Financial in late 2024

"The OCC is open for business again," OCC head Jonathan Gould said in June. "The agency received a money application in 2023 about as it did in the previous four years."

Trump also signed the ex-cultivation law Act to regulate stablecoins in July last year.

In order to operate an attack, W2F will have to meet several conditions, including limiting its operations to those defined in the business plan that it submitted to regulators and complying with capital and liquidity requirements.

W2F had not earned a final financial officer when it submitted its application to January but later appointed Daniel Dietzel, former CFO of institutional prime broker Mishen Road, to the side.

The OCC gave conditional approval to fintech lender Liptant last month and has previously given similar gross lights to a Morgan Stanley subsidiary, Peter Thiel backed bank Grober and crypto companies Biggie and Coorsports.

"What makes a stablecoin treatment flys to the strength of the state to federal it, and who stands accountable for it," said Zach Wikhell, president and chair of W2F's trust company. "A national trust bank brings USD1 resource, curably and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations."

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out to Finance and Credit customers, said the frozen placed on various Ferrexpo holding companies "do not in any way affect the operational activities" at the mines.

For all its problems, Ferrexpo's products are in demand, with some of its iron ore pellets still being transported to European customers via rail. "They produce a premium product. Historically, that is why they've made a lot of money – when marketable want high-quality products, they'll pay up for it," said Duncan Day, analyst at Fumance Lifecum.

Bringing in new funding would enable the company to stabilize its finances over the next 10 months, restart some operations and give it time to resolve the VAT issues, incentives hope, for the problem being mounting.

In August, Ferrexpo said its subsidiary Ferrexpo Felton's Mining had been slapped with a fresh $7.8mn penalty by tax authorities relating to the introduction of currency controls after the Russian invasion. The company said it had objected to the findings and was prepared to challenge those in court.

The subsidiary is also locked in a legal dispute with financial group Maxi Capital, as part of which a Ukrainian court placed it in bankruptcy proceedings. There was "a price to be paid" to settle the matter that would take time to negotiate, said one person familiar with the situation.

Failing to raise new cash would push Ferrexpo into uncharted territory. The company has in the past hit out at its treatment by the government, with interim chair Genevieve stressing in 2023 that Kyiv's actions risked undermining investor confidence in Ukraine.

People close to the company said they were unsure of the government's ultimate motivations beyond targeting Zhevago. If the assets sit idle, they will be harder and more expensive to bring back online, while workers may leave the region if there is no prospect of work, said one, adding: "I'm not sure the government has thought through the impact of raising (the assets)."

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FINANCIAL TIMES

Monday 17 August 2026

COMPANIES & MARKETS

Financials

Jane Street suffers $15bn hit from AI rout

Trading firm caught out by turnout at hedge fund Situational Awareness

JILL B. KIMAN AND JAMES H. MARRILIS www.vtmc

Jane Street posted a roughly $15bn loss in July after turnout at its be-reaching fund Situational Awareness wrong-about that it's trading firm.

The New York-based firm disclosed the figure to be held in a part of a deal to shift its roughly $15bn public debt price to private investors including Prince, according to people familiar with the

matter. Jane Street and Prince declined to comment.

The loss represents a rare setback for a so-called trading shop that has in recent years become a investment player in global markets.

Jane Street has generated more than $600m in net trading revenues in the year to Friday, even accounting for the July loss, which exceeds its entire fund for last year, according to one of the people familiar with the matter.

The drawdown in July came during a surveillance search for 10-14 stocks, which left sharply in a powerful reversal of a rally that carried them sharply higher throughout most of this year.

The off-of-the-let several AI-focused hedge funds including Leapથી further become 5 Situational Awareness, which counted Jane Street among its investors. Jane Street's investment in Situational Awareness was unusual because the firm made its own capital.

In a sign of the loss between the groups, a former Jane Street employee worked at Situational Awareness and Jane Street co-founder and partner Robert Granzet attended in-development's wedding to California in recent weeks, and were said.

An development's commitment and highly leveraged bets on AI stocks moved against him during the July

racitism, leading to a first sale of six public equity funds to Ken Griffith's hedge fund, Chubb.

Jane Street's quarterly results leading up to the loss had been breaking records, in the first quarter of the year, it reached a record 50x. On in net trading revenues, he underpigmented a $6.6bn loss in 2025 from banks.

Last year, it reported recent investors at roughly $600m.

The loss, increasing largely from July's volatility, would count towards the Scott Financial for the third quarter, which could ongoing.

But the $14.4bn private debt dealled by JP Morgan, which included rolling

over investing public debt and taking an additional investment, meant Jane Street had to disclose the significant monthly loss to its new lenders including Prince, people said.

Jane Street's move from the public debt market to a small private group of investors will lead the number of people to whom it will make regular financial disclosure.

Jane Street was established in 2000 by a small group of lenders including Granzet, who previously worked at Prince's main board's board house.

It now technology to make markets across assets such as equities, bonds, exchange trade/funds and loans.

Travel & leisure

Turkey and Cyprus cut holiday prices amid war fears

STEPHANIE STALEY AND

MYSHA ZAMYENKI, LONDON

JOHN PAUL RATHBURG - AUSTRALIA

Beach executive Turkey said Cyprus are creating prices to attract tourists as consumer concern over the Middle East conflict and a growing tendency for last-minute booking condition to drive markets during the traditional peak season.

Advertised prices for accommodation between August and October in the Turkish region, for its holidays are down 2 per cent compared with the same period last year, according to data group Lighthouse.

Prices in the Magh previous on the August loss, which includes holiday hotspots such as Borkum, Bismisario and Galanina, were down 4 per cent. In contrast, accommodation is intended was priced 5 per cent higher, suggesting that the downward pressure was mostly confined to coastal holiday spots.

Prices in Cyprus were also down 4 per cent for the period and prices in Egypt were down 10 per cent following recent growth last year. Greek islands and outside destinations in Italy, Spain and Turkey, however, were still largely holding or raising prices over our year, according to Lighthouse.

The discounts come as the conflict in the Middle East has pushed over people to delay booking their holidays until close to their intended date of round-buying airlines, the operators and hotels with less visibility of likely resources during their should to their best not works of the year.

Package loss reported in The Beach said it had "reduced demand" for holidays in Turkey this summer due to the Middle East war, with tourists opting instead for coastal resort holidays in places such as Spain.

Steve Hickey, chief executive of UK airline and new operator JAG, said the conflict had hit bookings earlier this year for destinations including Turkey and Cyprus "because it can look at the map, they are closer geographically to the conflict area, even though the destinations which we're talking about are more than 2,000 km away [from Iran]".

Steve Witt, co-founder of agency Sea Just Travel, said he had taken on extra staff to respond to an influx of last-minute reservations to August, including an unusually high volume of holidays towards Sea Just two weeks in advance. He noted, however, that the latest major official the company's summer bookings for Turkey down 12 per cent ended year.

Some 25,000 people visited Turkey in the firm six months of this year, down 2.4 per cent on a year earlier, according to figures released for the Turkish government this month. The number of tourists visiting Cyprus dropped more than 10 per cent in the same period in China.

Turkey has also become increasingly expensive for tourists as high inflation and the government's strong exchange rate policy have increased soon in some dollar terms.

The drop in tourist arrivals in Turkey takes even as decided this year because Europe's tourist airport, handling 8,200m passengers in July, compared with 7,700m at London Heathrow.

Market questions. Week ahead

Investors seek insights into Fed thinking on rates

Will the Fed minutes reveal any forward guidance?

Investors will meet the minutes of the July meeting of the Federal Reserve's rate setters – when the Directorial bank held its policy interest rate steady at 3.5.5.75 per cent for the fifth consecutive time – when they are released on Wednesday.

With energy prices still elevated because of the fear war, helping to keep inflation above the Fed's 2 per cent target, investors will be especially keen for any sense of the connection's thinking, and by method for prices and what might push more of its members into swing the one item.

The question has been given more urgency by new Fed chair Kevin Wrenz presenting an outset forward guidance as interest rates and incentives. Early tight figures over the Fed's reasons for not raising rates last month.

The minutes "should provide an insight into how divided views are" within the Federal Open Market Committee, said Deep Azamov, a care-strategist at TV-television, pointing to Wardle's expected inflation that he wanted a "good family fight" among rate setters in discussing the way ahead.

The firm, global head of solutions strategy at Board Investments, said he was "particularly interested in seeing how big the Sombath camp was, apart from the three disasters", after critic of POWC members argued in July for a rise.

"Traders are putting only a roughly 50 per cent chance on the Fed raising rates by a quarter point at its September meeting, according to former workers. Any letter of the Wards' bid Fed's so-called reaction function – how it adjusts policy, if it is possible to find out what to commit this – and what's inflation measures to be located on, could shift the odds one way or the other, too both."

Will Japan's inflation behavior the case for a huge number rate rise?

With the effect of the second joint Japan 14 currency interventions already falling and the rate carrying back towards south should be less, however, well made inflation has also set 5% for the any evidence that would reinforce the case for the Bank of Japan to raise interest rates in response.

Economists polled by Reuters expect a core consumer price index that excludes food in have risen at an annual

Charged up: The Federal Reserve holding in Washington, DC, which is undergoing irreversible work. Energy prices elevated because of the fear war have helped keep inflation above the Fed's 2% target.

pace of 1.4 per cent in July, up from 1.6 per cent in June. Traders on swap markets are pricing even this chance that the bid will raise its policy rate by a quarter of a percentage point at its meeting next month, after it held the rate steady at 1 per cent in July.

"Inflation is almost certainly going to tick up ... and the increase will be found found, decreasing energy prices, which affect food, and the rests weakness, which is pushing up the price of things like housing and furniture," said Stefan Angrick at Moody's Analytics, predicting an increase in the index of 1 per cent.

Professional GSP data today is expected to show that Japan's economy expanded by 0.2 per cent in the second quarter. In line with the previous quarter, with an uptick in consumption adding to the case for rate rises, Angrick argued that the weakness in the yen and the fur that it remains under pressure would probably be decisive for the bid.

Falco Smith, a professor of economics at Tokyo University, said that with

the market already regarding a rate rise next month, a 197 inflation rate "Less: possible to the recent numbers or even slightly higher is likely to solidify the bid compared decision". David Leahane

Is UK inflation bounty big back?

Andy Burdham was given an unexpected boost in his first week as US prices outside the public market, inflicting at a 15 month low in June. Continuing that follow is the Middle East mean economists expect the empire to be shortlived.

Official figures due to Wednesday are likely to show an uptick in year on year. The price is being down 0.2 per cent in July, compared with 1.6 per cent in June, according to the Reuters poll. Economists at Barclays forecast a rebound in September, when the government's summer VAT cut for attractions and childrens' medicinals.

Traders are anticipating just one quarter point rise in the Bank of England's policy interest rate by the end of the year, from the current 3.5 per cent. There is only a roughly one in four chance of that coming at the September meeting, according to levels implied by major contracts.

Any hints of the 'black-led Fed's so called reaction function could shift the odds on a rate rise one way or the other

The test said in a report late last month that it expected inflation to rise to 3.5 per cent towards the end of the year "as the effects of the higher energy prices continue to pass through".

Interest inflation – closely watched by rate-setters as a gauge of underlying price pressures – is expected to decline to 3.4 per cent in July from 3.4 per cent in June, according to the Reuters poll. Economists at Barclays forecast a rebound in September, when the government's summer VAT cut for attractions and childrens' medicinals.

The swing factor is oil prices, which remains elevated at 10⁶ per barrel for the global Brent crude benchmark. A shift higher could test the central bank's patience. Maddoxa Wright

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PPC CONSULTING LIMITED

FOR SELECTION OF TRANSMISSION (DISCUIT, TRANSFER OR ADULT, E-MAIL, OPERATE AND TRANSFER (BEST) BASED FOR AFTER-ESTRY TRANSMISSION PROJECTS IN THE UNION TERRITORY OF JUMBO & RASHWIN LAW)

PPC Consulting Limited, a wholly owned subsidiary of Power Finance Corporation Limited (1) has a control of its business (including its own) products for holding up of new products and/or to the best of its customers and the best of its customers. The company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

The following table provides the information in English:

1. The following table provides the information in English:

MST/Process Coordinator PMC CONSULTING LTD PMC CONSULTING LTD

PMC CONSULTING LTD

PMC CONSULTING LTD

PMC CONSULTING LTD

PMC CONSULTING LTD

BIDDING NOTICE

PMC (CIS-70): The Military Police of Moos Goran (PMC) through 2/10/2026 RC, hereby announces the Electronic Justice for International Price Registration No. 1872328, GSP Planning No. 1872328, for the registration of prices for the potential purchase of portable and mobile digital radio transmitters. Commercial programs must be submitted electronically through www.compsm.org.gov, or by 4:00 a.m. on August 28, 2026. The public orders for the opening of programs will take place at 9:00 a.m. on the same day of the further information, and the following is available: The Bidding Notice is available at www.compsm.org.gov, or on the website http://www.pmc.com/terms-terms-of-the-pmc.com

Anote de Diodo Lopo Miguel, Rejol, PMC

Advertising Office of the International and Communication Technology Supply and Procurement Center - C59-702/07/2/1996

Imagine your advert here

www.pmc.com/terms-terms-of-the-pmc.com

Please find out more about our products and services in the United States.

Quality & Business Advertising

www.pmc.com

---

Monday 17 August 2020

•

EXPLORER TIMES

11

MARKET DATA

WORLD MARKETS AT A GLANCE

FTCOM/MARKETSDATA

Change during previous year (1mm) to 10

Year	1st	2nd	3rd	4th	5th	6th	7th	8th	9th	10th	11th	12th	13th	14th	15th	16th	17th	18th	19th	20th	21st	22nd	23rd	24th	25th	26th	27th	28th	29th	30th	31st	32nd	33rd	34th	35th	36th	37th	38th	39th	40th	41st	42nd	43rd	44th	45th	46th	47th	48th	49th	50th	51st	52nd	53rd	54th	55th	56th	57th	58th	59th	60th	61st	62nd	63rd	64th	65th	66th	67th	68th	69th	70th	71st	72nd	73rd	74th	75th	76th	77th	78th	79th	80th	81st	82nd	83rd	84th	85th	86th	87th	88th	89th	90th	91st	92nd	93rd	94th	95th	96th	97th	98th	99th	100th	101st	102nd	103rd	104th	105th	106th	107th	108th	109th	110th	111st	112nd	113rd	114th	115th	116th	117th	118th	119th	120th	121st	122nd	123rd	124th	125th	126th	127th	128th	129th	130th	131st	132nd	133rd	134th	135th	136th	137th	138th	139th	140th	141st	142nd	143rd	144th	145th	146th	147th	148th	149th	150th	151st	152nd	153rd	154th	155th	156th	157th	158th	159th	160th	161st	162nd	163rd	164th	165th	166th	167th	168th	169th	170th	171st	172nd	173rd	174th	175th	176th	177th	178th	179th	180th	181st	182nd	183rd	184th	185th	186th	187th	188th	189th	190th	191st	192nd	193rd	194th	195th	196th	197th	198th	199th	200th	201st	202nd	203rd	204th	205th	206th	207th	208th	209th	210th	211st	212nd	213rd	214th	215th	216th	217th	218th	219th	220th	221st	222nd	223rd	224th	225th	226th	227th	228th	229th	230th	231st	232nd	233rd	234th	235th	236th	237th	238th	239th	240th	241st	242nd	243rd	244th	245th	246th	247th	248th	249th	250th	251st	252nd	253rd	254th	255th	256th	257th	258th	259th	260th	261st	262nd	263rd	264th	265th	266th	267th	268th	269th	270th	271st	272nd	273rd	274th	275th	276th	277th	278th	279th	280th	281st	282nd	283rd	284th	285th	286th	287th	288th	289th	290th	291st	292nd	293rd	294th	295th	296th	297th	298th	299th	300th	301st	302nd	303rd	304th	305th	306th	307th	308th	309th	310th	311st	312nd	313rd	314th	315th	316th	317th	318th	319th	320th	321st	322nd	323rd	324th	325th	326th	327th	328th	329th	330th	331st	332nd	333rd	334th	335th	336th	337th	338th	339th	340th	341st	342nd	343rd	344th	345th	346th	347th	348th	349th	350th	351st	352nd	353rd	354th	355th	356th	357th	358th	359th	360th	361st	362nd	363rd	364th	365th	366th	367th	368th	369th	370th	371st	372nd	373rd	374th	375th	376th	377th	378th	379th	380th	381st	382nd	383rd	384th	385th	386th	387th	388th	389th	390th	391st	392nd	393rd	394th	395th	396th	397th	398th	399th	400th	401st	402nd	403rd	404th	405th	406th	407th	408th	409th	410th	411st	412nd	413rd	414th	415th	416th	417th	418th	419th	420th	421st	422nd	423rd	424th	425th	426th	427th	428th	429th	430th	431st	432nd	433rd	434th	435th	436th	437th	438th	439th	440th	441st	442nd	443rd	444th	445th	446th	447th	448th	449th	450th	451st	452nd	453rd	454th	455th	456th	457th	458th	459th	460th	461st	462nd	463rd	464th	465th	466th	467th	468th	469th	470th	471st	472nd	473rd	474th	475th	476th	477th	478th	479th	480th	481st	482nd	483rd	484th	485th	486th	487th	488th	489th	490th	491st	492nd	493rd	494th	495th	496th	497th	498th	499th	500th	501st	502nd	503rd	504th	505th	506th	507th	508th	509th	510th	511st	512nd	513rd	514th	515th	516th	517th	518th	519th	520th	521st	522nd	523rd	524th	525th	526th	527th	528th	529th	530th	531st	532nd	533rd	534th	535th	536th	537th	538th	539th	540th	541st	542nd	543rd	544th	545th	546th	547th	548th	549th	550th	551st	552nd	553rd	554th	555th	556th	557th	558th	559th	560th	561st	562nd	563rd	564th	565th	566th	567th	568th	569th	570th	571st	572nd	573rd	574th	575th	576th	577th	578th	579th	580th	581st	582nd	583rd	584th	585th	586th	587th	588th	589th	590th	591st	592nd	593rd	594th	595th	596th	597th	598th	599th	600th	601st	602nd	603rd	604th	605th	606th	607th	608th	609th	610th	611st	612nd	613rd	614th	615th	616th	617th	618th	619th	620th	621st	622nd	623rd	624th	625th	626th	627th	628th	629th	630th	631st	632nd	633rd	634th	635th	636th	637th	638th	639th	640th	641st	642nd	643rd	644th	645th	646th	647th	648th	649th	650th	651st	652nd	653rd	654th	655th	656th	657th	658th	659th	660th	661st	662nd	663rd	664th	665th	666th	667th	668th	669th	670th	671st	672nd	673rd	674th	675th	676th	677th	678th	679th	680th	681st	682nd	683rd	684th	685th	686th	687th	688th	689th	690th	691st	692nd	693rd	694th	695th	696th	697th	698th	699th	700th	701st	702nd	703rd	704th	705th	706th	707th	708th	709th	710th	711st	712nd	713rd	714th	715th	716th	717th	718th	719th	720th	721st	722nd	723rd	724th	725th	726th	727th	728th	729th	730th	731st	732nd	733rd	734th	735th	736th	737th	738th	739th	740th	741st	742nd	743rd	744th	745th	746th	747th	748th	749th	750th	751st	752nd	753rd	754th	755th	756th	757th	758th	759th	760th	761st	762nd	763rd	764th	765th	766th	767th	768th	769th	770th	771st	772nd	773rd	774th	775th	776th	777th	778th	779th	780th	781st	782nd	783rd	784th	785th	786th	787th	788th	789th	790th	791st	792nd	793rd	794th	795th	796th	797th	798th	799th	800th	801st	802nd	803rd	804th	805th	806th	807th	808th	809th	810th	811st	812nd	813rd	814th	815th	816th	817th	818th	819th	820th	821st	822nd	823rd	824th	825th	826th	827th	828th	829th	830th	831st	832nd	833rd	834th	835th	836th	837th	838th	839th	840th	841st	842nd	843rd	844th	845th	846th	847th	848th	849th	850th	851st	852nd	853rd	854th	855th	856th	857th	858th	859th	860th	861st	862nd	863rd	864th	865th	866th	867th	868th	869th	870th	871st	872nd	873rd	874th	875th	876th	877th	878th	879th	880th	881st	882nd	883rd	884th	885th	886th	887th	888th	889th	890th	891st	892nd	893rd	894th	895th	896th	897th	898th	899th	900th	901st	902nd	903rd	904th	905th	906th	907th	908th	909th	910th	911st	912nd	913rd	914th	915th	916th	917th	918th	919th	920th	921st	922nd	923rd	924th	925th	926th	927th	928th	929th	930th	931st	932nd	933rd	934th	935th	936th	937th	938th	939th	940th	941st	942nd	943rd	944th	945th	946th	947th	948th	949th	950th	951st	952nd	953rd	954th	955th	956th	957th	958th	959th	960th	961st	962nd	963rd	964th	965th	966th	967th	968th	969th	970th	971st	972nd	973rd	974th	975th	976th	977th	978th	979th	980th	981st	982nd	983rd	984th	985th	986th	987th	988th	989th	990th	991st	992nd	993rd	994th	995th	996th	997th	998th	999th	1000th

WALKERSHED

---

12

●

EPA 2003-14 (1998)

Monday 17 August 2004

MARKET DATA

ST GLOBAL SIDE THE WORKING LARGEST COMPANIES

Year	2004			2005			2006
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
BALANCE SHEET
All companies	8,000	10,000	1,000	8,000	10,000	1,000	8,000	10,000	1,000
Commercials	8,000	10,000	1,000	8,000	10,000	1,000	8,000	10,000	1,000
Commercials	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000

BALANCE SHEET
Year	2004			2005			2006
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000

Year	2004			2005			2006
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
BALANCE SHEET
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000

Year	2004			2005			2006
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000

BALANCE SHEET
Year	2004			2005			2006
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000

Year	2004			2005			2006
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000

BALANCE SHEET
Year	2004			2005			2006
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000

Energy Source
	Profit, Power, Politics.

BALANCE SHEET
Year	2004			2005			2006
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000	10,000	10,000	1,000
Total	10,000	10,000	1,000	10,000	10,000	1,000

---

Monday 17 August 2008

•

FINANCIAL TIMES

13

FINANCIAL TIMES SHARE SERVICE

Male Market

	1997	1998	1999	2000	2001	2002	2003	2004
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	1997	1998	1999	2000	2001	2002	2003	2004
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00\times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00\times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00\times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00\times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10\text{ } 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00\times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00\times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )

	1997	1998	1999	2000	2001	2002	2003	2004
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( \left( 1.00 \times 10^{4} \right) )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00\times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00\times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( \left( 1.00 \times 10^{4} \right) )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10\text{ } 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10\text{ } 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10\text{ } 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times \text{ } 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times \text{ } 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times \text{ } 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00\text{ } 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )	( 1.00 \times 1.00 \times 10^{4} )
Bank America	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )

	1997	1998	1999	2000	2001	2002	2003	2004
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	1997	1998	1999	2000	2001	2002	2003	2004
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	1997	1998	1999	2000	2001	2002	2003	2004
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )

	1997	1998	1999	2000	2001	2002	2003	2004
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )

Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )

---

14

■

FINANCIAL SINUS

Monday 17 August 2024

MANAGED FUNDS SERVICE

Brewers Feed Managers List COMP TCIS, nearest United States (NIV) in 1:1 (2024-2025)

Referenced for Funds
Brewers Corporate Direct Fund	0	0.00	0.00	0.00	0.00	0.00
Brewers Global Finance (GB)	0	0.00	0.00	0.00	0.00	0.00
Brewers High Income (H) Int	0	0.00	0.00	0.00	0.00	0.00
Brewers Income (H)	0	0.00	0.00	0.00	0.00	0.00
Brewers Monthly Debt Acq	0	0.00	0.00	0.00	0.00	0.00
Brewers Short & Short Bond	0	0.00	0.00	0.00	0.00	0.00
Brewers Unrealized Debt Acq Acq	0	0.00	0.00	0.00	0.00	0.00
Brewers Unrealized Debt/Long-Term Debt Acq	0	0.00	0.00	0.00	0.00	0.00
Brewers Unrealized Debt/Long-Term Acq Acq	0	0.00	0.00	0.00	0.00	0.00
Brewers Unrealized Debt/Long-Term Acq Acq	0	0.00	0.00	0.00	0.00	0.00
Brewers Unrealized Debt/Long-Term Acq Acq	0	0.00	0.00	0.00	0.00	0.00

ASB Capital

ASB Capital Base: Fiscal Year 2024-2025 Current: United States (NIV)

ASB 100.00 - 0.00	0	0.00	0.00	0.00	0.00
ASB 100.00 - 0.00	0	0.00	0.00	0.00	0.00
ASB 100.00 - 0.00	0	0.00	0.00	0.00	0.00
ASB 100.00 - 0.00	0	0.00	0.00	0.00	0.00
ASB 100.00 - 0.00	0	0.00	0.00	0.00	0.00

Mitigation Sticker
Other International Funds
American Corporate	0	0.00	0.00	0.00
American Corp	0	0.00	0.00	0.00
American Corp	0	0.00	0.00	0.00
American Corporate	0	0.00	0.00	0.00
American Corp	0	0.00	0.00	0.00

Blue: Whole Investment Funds (CAI)

ASB Capital (US$ million) (US$ million)
CIA: Reorganized Interest (US$)
Blue: Whole Investment Funds (CAI)	0	0.00	0.00	0.00

Brown Advisory Funds PLC BROWN ADVISORY FUNDS (2024-2025)

ASB Reorganized
Global Location Fund (GIC)	0	0.00	0.00	0.00	0.00	0.00
Global Location Investment Fund (GIC)	0	0.00	0.00	0.00	0.00	0.00
Global Construction Over Revenue Fund (GIC)	0	0.00	0.00	0.00	0.00	0.00
Global Construction Over Revenue Fund (GIC)	0	0.00	0.00	0.00	0.00	0.00
US Capital (US$ million)	0	0.00	0.00	0.00	0.00	0.00
US Capital (US$ million)	0	0.00	0.00	0.00	0.00	0.00
US Capital (US$ million)	0	0.00	0.00	0.00	0.00	0.00
US Capital (US$ million)	0	0.00	0.00	0.00	0.00	0.00
US Capital (US$ million)	0	0.00	0.00	0.00	0.00	0.00

Canaccord International Fund Managers Limited NIT: Net of the Total Amount of Dollars - January 2024 Net of the Total Amount - January 2024 (NIV)

Canaccord Health International (NHI) Strategy Funds Limited
Biomedical Strategy	0	0.00	0.00	0.00	0.00	0.00
Biomedical Strategy 1	0	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy	0	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 2	0	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 3	0	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 4	0	0.00	0.00	0.00	0.00	0.00
New York City (NY)	0	0.00	0.00	0.00	0.00	0.00
High School Strategy (NY)	0	0.00	0.00	0.00	0.00	0.00
High School Strategy (NY)	0	0.00	0.00	0.00	0.00	0.00
High School Biomedical Strategy	0	0.00	0.00	0.00	0.00	0.00
High School Biomedical Strategy 1	0	0.00	0.00	0.00	0.00	0.00
High School Biomedical Strategy 2	0	0.00	0.00	0.00	0.00	0.00

Design Only: Annual Design Net for all classes and up to 2% for other classes

CANDRIAM

BY THE NEW LAW DEPARTMENT MANAGEMENT

Canadian Insurance Group
ASB Reorganized
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00

Canadian Insurance Group Other International Funds

Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00
Canadian New York City (NY) Insurance (C) Can	0	0.00	0.00	0.00	0.00	0.00

Credit Asset Management Ltd A/B/C/A/D/E/F/G/H/I/J/K/L

CIA Reorganized
In: Limited Interests (CIA) (NY)	0	0.00	0.00	0.00
In: Limited Interests (CIA) (NY)	0	0.00	0.00	0.00
In: Limited Investments (CIA) (NY)	0	0.00	0.00	0.00

CIA Asset Management Limited

In: King Street Limited 4.0.0.0.0
During: Co. 1000 1000 0000 to 1.0.0 1000 2000

FCA Reorganized

CIA Portfolio Fund (PCL)

Alpaloid Report (A) Int	0	0.00	0.00	0.00	0.00	0.00
Capital Clearing Portfolio (CBM)	0	0.00	0.00	0.00	0.00	0.00
Capital Clearing Portfolio (CBM) 1	0	0.00	0.00	0.00	0.00	0.00
Delta Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Interim Report (C) Int	0	0.00	0.00	0.00	0.00	0.00
Real Estate (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Real Estate (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
All Value (A) (C) Int	0	0.00	0.00	0.00	0.00	0.00

The following table provides the original text: "The English Language (English)" and "The English Language (English)".

The International Funds
COM (C) (C)	0	0.00	0.00	0.00	0.00	0.00
COM (C) (C)	0	0.00	0.00	0.00	0.00	0.00
NAI (C)	0	0.00	0.00	0.00	0.00	0.00

CP Global Asset Management

CP Global Asset Management Plc Ltd

ASB Capital (US$ million) (US$ million)
International Mutual Funds
CP Asset Strategy Fund	0	0.00	0.00	0.00	0.00	0.00

CP Capital Asset Management Limited

International Mutual Funds
CP Asset Purpose Fund	0	0.00	0.00	0.00	0.00	0.00
CP Capital Value Fund	0	0.00	0.00	0.00	0.00	0.00
CPM (Asset) Purpose Fund	0	0.00	0.00	0.00	0.00	0.00

Dodge & Cox®

Worldwide Funds

Dodge & Cox Worldwide Funds

ASB (US$ million) (US$ million)
International Mutual Funds
CIA (C)
International Mutual Funds
Dodge & Cox Worldwide Funds Emerging Markets Stock Fund
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00
Emerging Markets Stock Fund (C) (C) Int	0	0.00	0.00	0.00	0.00	0.00

Dodge & Cox Worldwide Funds

ESB (US$ million) (US$ million)	0	0.00	0.00	0.00	0.00	0.00
ESB (US$ million) (US$ million)	0	0.00	0.00	0.00	0.00	0.00
ESB (US$ million) (US$ million)	0	0.00	0.00	0.00	0.00	0.00

DRAGON CAPITAL
DRAGON CAPITAL
DRAGON CAPITAL
DRAGON CAPITAL
DRAGON CAPITAL
DRAGON CAPITAL
DRAGON CAPITAL
DRAGON CAPITAL
DRAGON CAPITAL

Design Capital
Dodge & Cox (US$ million)
International Mutual Funds (US$ million)

Other International Funds
International Mutual Funds (US$ million)	0	0.00	0.00	0.00
International Mutual Funds (US$ million)	0	0.00	0.00	0.00

EdenCline Investment Management Ltd

EdenCline Investment Management Ltd
EdenCline (1991-1995) (US$ million)
Referenced for Funds
EdenCline Global Impact (CIA)	0	0.00	0.00	0.00	0.00	0.00
EdenCline International Equity	0	0.00	0.00	0.00	0.00	0.00
EdenCline Global Investment (CIA)	0	0.00	0.00	0.00	0.00	0.00
EdenCline Global Investment (CIA) (CIA)	0	0.00	0.00	0.00	0.00	0.00
EdenCline Global Investment (CIA) (CIA)	0	0.00	0.00	0.00	0.00	0.00
EdenCline Global Investment (CIA) (CIA)	0	0.00	0.00	0.00	0.00	0.00
EdenCline Global Investment (CIA) (CIA)	0	0.00	0.00	0.00	0.00	0.00
EdenCline Global Investment (CIA) (CIA)	0	0.00	0.00	0.00	0.00	0.00
EdenCline Global Investment (CIA) (CIA)	0	0.00	0.00	0.00	0.00	0.00
EdenCline Global Investment (CIA) (CIA)	0	0.00	0.00	0.00	0.00	0.00

(UK)

FIA Investment Services (CORE)

FIA Investment Services (CORE)
Health Care, MEDI/Clinics, Cancer (Corporate, Transact) (COS) (COS)
International Mutual Funds (CORE)
Ticker: Century, 2014-2015

HRS Funds
American Medical & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
American Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
American Special Life & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asia Pacific (Asia) (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asia Pacific (Asia) (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00
Asian (United) Food & Drug (CIF)	0	0.00	0.00	0.00	0.00	0.00

---

Monday 17 August 2020

6

FINANCIAL TIMES

15

MANAGED FUNDS SERVICE

Fund	Bill	Offer	Fund	Date	Item	Fund	Bill	Offer	Fund	Date	Item	Fund	Bill	Offer	Fund	Date	Item

Fundsmith Equity Fund

Fundsmith (CP 1/2008)

PIT Box 1000, Dundonham, Texas 75000-1000, 2008-2014

www.fundsmith.com, www.fundsmith.com

Authorized Net Funds

Fundsmith Equity Fund	715.00	1.11	0.00	1.15	1.21
Fundsmith Equity Fund	245.00	1.61	0.00	15.34	15.54

GUINNESS GLOBAL INVESTORS

Guinness Global Investors

Guinness Global Equity Investors' 1987 Plan	2	20.12	0.00	2.50	0.00	10.24
Guinness Global Investors' 1987 AOC	2	27.96	1.11	0.00	11.45	17.09
Guinness Global Futures 1994 Plan 1994 Plan	3	16.95	2.11	0.00	14.87	12.77

NYSE Businesses Ltd

Anglo and Group, Bank N.V., Beagles, India & West N.V. N.V., 2008-2014

International Investment

Webbay Property Bond Plan	2	0.00	0.00	0.00	0.41	0.41
Webbay Property Bond Plan 1	2	0.00	0.00	0.00	1.40	1.44

Janus Henderson INVESTORS

Janus Henderson Investors

PIT Box 2000, Dundonham 75000-1000, 2008-2014

www.fundsmith.com

Authorized Net Funds
Janus Henderson, Westland Market Fund & Acc.	200.00	1.11	2.10	0.41	10.13
Janus Henderson, New York City & Co.	140.00	1.11	0.00	11.45	10.04
Janus Henderson, California & Westport Fund & Acc.	127.00	1.11	0.00	0.00	10.00
Janus Henderson, California & Westport Fund & Acc.	125.00	1.11	0.00	0.00	10.00
Janus Henderson, China & Westport Fund & Acc.	108.00	1.11	0.00	0.00	10.00
Janus Henderson, Hong Kong & South Korea	100.00	1.11	0.00	11.45	10.04
Janus Henderson, Hong Kong & South Korea	100.00	1.11	0.00	10.00	10.00
Janus Henderson, Singapore & China	100.00	1.11	0.00	10.00	10.00
Janus Henderson, China & Westport Fund & Acc.	100.00	1.11	0.00	10.00	10.00
Janus Henderson, China & Westport Fund & Acc.	100.00	1.11	0.00	10.00	10.00
Janus Henderson, China & Westport Fund & Acc.	100.00	1.11	0.00	10.00	10.00

Michroy Asset Management Limited

Registered
Michroy Value Investors	2	80.11	0.00	0.00	0.00

Michroy Good

Michroy & Wood Portfolios Limited

Market Shares
National Fund Inc.	1126.40	11.20	1.74	6.14	0.00
National Fund Inc.	1030.00	10.00	1.77	5.18	0.21
Investigated Markets Fund MCL	2117.00	11.00	1.75	2.34	0.00
Investigated Markets Fund Inc.	2048.00	11.00	1.78	0.00	1.00
Investigated Fund Inc.	2010.00	11.00	1.80	7.31	0.00
Investigated Fund Inc.	2030.00	11.00	1.80	0.00	1.00
Investigated Fund Inc.	2100.00	11.00	1.80	0.21	0.00
Investigated Fund Inc.	2070.00	11.00	1.80	0.21	0.00

Ministry of Justice Common Investment Funds

Property & Other All Unit Trusts
Sun Equity, Inc. & Other Co. Inc.	2100.00	1.11	1.00	12.14	11.12
Sun Equity, Inc. & Other Co. Inc.

NUTSHELL ASSET MANAGEMENT

Nutshell Asset Management Ltd

Nutshell Asset Management Ltd, Andring House, 1-5 Main Street, London WC1N 3JJ

Authorised Net Funds

Nutshell Growth Fund (Big) Fund Investment	2	91.37	1.11	0.00	15.35	17.08

OASIA

Swiss Crescent Global Investment Funds (UK) KIVC

Registered
Swiss Crescent Global & Co. (UK) (UK) (UK)	2	81.48	1.11	0.00	11.45
Swiss Crescent Global & Co. (UK) (UK) (UK)	2	15.25	1.11	0.00	0.00
Swiss Crescent Gold Equity Fund (UK) (UK) (UK)	2	16.40	0.00	0.00	11.00
Swiss Crescent Gold Equity Fund (UK) (UK)	2	16.39	1.11	0.00	0.00
Swiss Crescent Post Equity Fund (UK) (UK)	2	11.21	1.11	0.00	12.35
Swiss Crescent Other Securities (UK) (UK) (UK)	2	0.00	0.00	0.00	0.00
Swiss Crescent Securities Fund (UK) (UK) (UK)	2	12.38	0.00	0.00	0.00

Private Fund Mgrs (Guerrys) Ltd

Registered
Government (Guerrys) 1/1/2020	2	0.00	0.00	0.00	0.00

(7788) Punishes Investment Nls (UK) 1/2007

For Parry, United States, Washington, Texas, Canada, 1st, 4th
State Fund 1-4 (Guerrys) 1/2/2020
Authorised Net Funds
Authorised Corporate Director/Mepham Management (UK) Limited
Global Trust (UTS) Ltd	710.00	1.11	0.00	15.24	15.30
Global Trust (UTS) Ltd	727.00	1.11	0.00	15.25	15.30
Global Trust (UTS) Ltd	600.11	1.11	0.00	14.00	14.11

Punishes Investment Nls (US) Ltd

Registered
REIC	500.00	1.11	0.00	18.30	21.00
REIC	500.11	1.11	0.00	18.30	21.00

Royal London

80 Centurals Group, London EC3M 1001
Authorised Net Funds
Royal London Construction (Gross) Bank & Inc.	200.00	1.11	1.04	0.25	0.00
Royal London Construction (Gross) Bank & Inc.	117.00	1.11	0.78	11.25	12.71
Royal London Construction (Gross) Bank & Inc.	77.00	1.11	0.44	0.41	1.41
Royal London Construction (Gross) Bank & Inc.	200.00	1.11	1.14	11.00	11.00
Royal London Construction (Gross) Bank & Inc.	100.00	1.11	1.07	0.00	0.00
Royal London Construction (Gross) Bank & Inc.	200.00	1.11	1.00	11.00	11.00
Royal London Construction (Gross) Bank & Inc.	100.00	1.11	1.00	0.00	0.00
Royal London Construction (Gross) Bank & Inc.	200.00	1.11	1.00	11.00	11.00

Additional Trust Available

Please see pages on the back page for details.

(UK)

Shootings Fleming Investment Management Ltd

www.sho.com

www.sho.com

Registered

All Global Bank Markets & A/CB A/c	5	312.00	1.11	0.00	0.77	0.16
All Global Bank Markets & A/CB A/c	4	401.00	1.11	0.00	1.00	0.16

(UK)

Superfund Asset Management GmbH

www.su.com

Other International Funds

Superfund Fund Cash	2	1000.00	1.11	0.00	20.00	20.00
Superfund Fund Group	5	2000.00	1.11	0.00	50.00	50.00
Superfund Fund	6	151.00	1.11	0.00	11.27	4.33
Superfund Markets F/s	6	82.72	0.00	0.00	2.04	0.70
Superfund Fund of Funds	6	152.00	0.00	0.00	10.24	17.00
Registered
Superfund Stockholders	6	25.00	1.11	0.00	10.73	10.00
Superfund Cash Group - Minority	6	50.67	1.11	0.00	34.77
Superfund Stockings / All Government	6	75.74	0.00	0.00	10.44	10.43
Superfundholders	24	17.00	0.00	0.00	12.25	4.50

TROY

ASSET MANAGEMENT

Raffler (CP 1/2008) F

Raffler Limited Capital, Andring House, London EC1 8DL

Trade Code and Financial 1/2/2020

Authorised Net Funds

Authorised Corporate Director/Mepham Management (UK) Limited

All Federal, South America & Other	1,000.00	1.00	1.00	0.00	1.00
All Federal, South America & Other	250.00	0.00	1.00	0.00	1.00

SECS SEC 2006

Registration - 2007-1991-1992
Registration - 2008-2009-2010
Operating Capital Fund	5	1,000.00	1.00	0.00	1.00
State Fund/Deposits Fund	5	1,000.00	1.00	0.00	0.00

SECS Capital GSA

Registration - 2008-1992-2005
Registration - 2008-2009-2010	1,000.00	1.00	0.00	1.00	0.00
SECS (All State Capital Fund)	1,000.00	1.00	0.00	0.00	0.00
SECS Capital (Minority Interest)	1,000.00	1.00	0.00	0.00	0.00

(USA)

Troy Asset Management (CMI)

Cyril's Bank, London Capital, Andring House, London EC1 4DL

Authorised Net Funds

Troy Investment Funds
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00
Trigory Oil and Gas	1.00	1.00	0.00	1.00	0.00

1000 Management Funds

Management Company - National Investment Ireland
Trigory Funds Ireland P/L
Trigory Group & S/A/Res.	6	1,000	0.00	0.00	0.00
Trigory Investment (1/2007 Inc)	2	1,000	0.00	0.00	1.00
Trigory Global (Gross) 1/2007 Inc	2	11,000	0.00	0.00	0.00
Trigory Global (Gross) 1/2007 Inc	2	1,000	0.00	0.00	0.00
Trigory Income (Gross) 1/2007 Inc	2	1,000	0.00	0.00	0.00
Trigory Income (Gross) 1/2007 Inc	2	1,000	0.00	0.00	0.00

Guide to FT Funds Data

The Company's capital is the company's share capital for the first quarter, but the company's share capital is the company's share capital for the first quarter, and the company's share capital is the company's share capital for the first quarter, and the company's share capital is the company's share capital for the first quarter, and the company's share capital is the company's share capital for the first quarter, and the company's share capital is the company's share capital for the first quarter, and the company's share capital is the company's share capital for the first quarter, and the company's share capital is the company's share capital for the first quarter.

The Company's share capital is the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter.

The Company's share capital is the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the first quarter, and the company's share capital for the

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10

•

FINANCIAL TIMES

Monday 17 August 2026

WORK & CAREERS

The art of the goodbye message

A senior investment banker I know recently announced his retirement on LinkedIn. He wrote a thoughtful, graceful post, thanking clients, colleagues and family. He said he had great experience, no regard nor no enduring feeling of purpose and impact from his three decades in the job.

The post didn't stop there. He went on to the everything he was looking forward to pursuing private investments, non-executive diversiondays, charitable endeavours, film projects, wine projects and collaboration in the section he was interested in. His promised further updates elve the summer, retirement, it seems to me going to be pretty hectic.

It seems ways his message reminded me of one of the most controversial aspects of modern discourse the family Christmas there. Every year around Yuletide we receive – mostly, but not exclusively, from American friends – a type of online cataloging 12 months of undercropped as neighborhood. Then was selected by a London, 2006, and a personal text in the half marathon, we saw your house on our feedback expeditions v2.0. It concludes with exciting plans and great expectations for next year. Each individual sentence is undisputable, even interesting,

but taken as a whole, the message turns out belongingally into will-happeningly.

Retirement is also follow a similar formula. They first express gratitude, then暆usively various career achievements (usually assessed with a touch of self-depressing love). I still up now opportunities and invite everyone to watch this space for further details.

Nowadays retirement seems to come with a legal disclaimer: 'I may be leaving the job but I'm still relevant. Really?' You have to justify retirement. It can't just happen. There has to be a strategy, a plan.

Perhaps that it became elite professions have a fraught relationship with the idea of 'mongly'. They are built around התחלות, progression and momentum. You win a deal and there's another to share. You make managing director, and there's a group head role to pursue. You receive a good bonus, and it's supportive you produce more to get paid more next year.

Life other than your professional investment banking has a habit of turning what you do into who you are. It becomes a big part of your identity and you develop an ingrained sense of your own indispensability. Things just wouldn't

get done if you weren't there to push. And when your departure is announced, it is an unmistakably heady feeling of their wide interest in now. The news views and trade magazines pick up the news. Managers from well-wholes your in. For a brief afternoon, you enjoy that pro. Copernicus Illusion of being at the centre of attention. Everyone is talking about you, printing you, promoting to stay in touch.

They you walk through the turnstiles for the final time. It doesn't take long to realize that no matter what you see, the time the life is certain. It's without you, someone else is taking your office. Management is managing your clients. The institution begins you remarkably quickly. Like Gilgumoto, you discover there is no immortality after all.

That's why online pickers' retirement ammunitionments say simply: 'Thanks for the memories, I've had a good enough run, hasta is vain, been.' Instead, they resemble Academy Award programs: speeches, complete with the obligatory, roll call of times, colleagues and family and an understandable whiff of self-cooperationism. But while the orchestra plays music to have profile those winners off the stage,

Nowadays retirement seems to come with a legal disclaimer: 'I may be leaving the job but I'm still relevant. Really!'

there is no equivalent on LinkedIn. So every soul becomes a new beginning. There's talk of new experiences, and it's a new time too. The retirement post turns out to be the bullet in the impact for you; not have asked for.

Of course some people manage to see the next closely. That form, and you never hear from them again. Please+ you just something they did for many years, and now they've moved me. But they are the minority. When I left banking four years ago, today everyone asked me what I was going to do about. It was the last question, exactly the anyone ask whether I was happy to be out of the business. Even now, people ask me whether I still miss the 'good' and am looking to go back. I've never conducted with the idea that someone might simply decide that one career is enough.

Hence these retirement ammunitionments always promise another act. Not because the people writing down the workpictures, but because they've spent 30 years in a professional and never really teaches you how to stop.

The writer is a proper global head of highly-rapid markets at Bank of America

By Arthur is a proper global head of highly-rapid markets at Bank of America

Business Book of the Year Award 2026

Fifteen heavyweight titles on power, innovation and society

The longlist of contenders for the FT and Standard Chartered prize includes three former winners, writes. Andrew Hill

Three former winners of the FTS Business Book of the Year Award have made it on to the 15 strong longlist for the 2026 prize.

William Cohen, League Ahamed and Sebastian Mullaby all have heavyweight titles on the running for the 2026 prize award, has befitting the first time this year by Standard Chartered.

The prize, also supported by FT owner Nikkei, aims to single out the book with the 'most compelling and enjoyable' insights into modern business issues. The award has gone to a book about technology in five of the past six editions. Explore With The Shining Machine, about the rise of chipmaker Nvidia, entangled in 2025.

The longlist in 2026, the 22nd edition of the prestigious award, is again rich with exploration of the transformation impact of technology and its 15 titles fit into three broad groups: business and power, business and innovation, and business and society.

Power

In 2025, The First Good Expression and the Making of the Modern World, League Ahamed uses a historical turning point to shed light on the risks inherent in today's governments and financial world, as he falls into 2009 when Leigh of Finance about the situation that led to the Argonnees. Ahamed focuses this time on the first global financial crisis and the leaders, politicians and intellectuals caught up in it.

William Cohen's Honor to Burn: Less Black Apollo and the Broodings of Wall Street, to be published most recently, brings the story of finance right up to date with its portrait of Black and the investment firm Apollo Global Management to be founded and led until 2025.

Cohen, whose history of Lancet, The Last Tencent, won the award in 2007, also describes its detail how the billionaire's relationship withสัญญาณที่สูงส่งผลให้สหภาพยุโรปยุโรปยุโรป

Liond Hamilton provides a first-hand account of his own time at the summit of the event in triumphant trading in and Through Goldman Sachs, a memoir full of supply, should be secret from his early years in Brooklyn to the top of the investment bank. Goldman was the first sponsor of the FT took award and Hamilton served as a judge from 2005 to 2009.

Benjito of the Macdachu: One the Epic Fight to Control the Last Great Media. dynasty that is a family – and the World by Gabriel Maronau explains how particular August Macdachch assembled as empire and then fought with his children over control of his legacy. It is a tightly written tale of one of the most consequential and bloody successes battled in recent history.

The 15 media battling the this year's £350,000 prize

Innovation

The power theme carries over into The Infinity Machine: David Ramalho, DeepMind and the Amer Jiv: Superintelligence, another in-depth analysis of a significant business figure by Sebastian Mullaby. Realistic, who were the award in 2016 with his biography of Alan Greenberg, The Rise Plus Show, was given substantial access for this biography of Hamadha, whose leadership of Google's DeepMind led to scientific breakthroughs. A brief form, and controversy as he lacked bonus with competition in the race to achieve artificial general intelligence.

Back in the analogue world, Man Levinas employs an 80-for-known business leader whose leadership and advice changed the global supply chain in The FTS: Man James II Guns and the Creative of Modern Logistics in the book, also sat in October, Levinas's (short) land in 2016 for The Jim, on the history of shipping containers: profiles the Jim will supply to the other customers and the his job messenger service that turned into a global delivery force.

Of the leader: The trade story of Google and the Race to Care theory by Reunion's International Commission, the interiorist discovery of G.P. is said the creation by New Nordisk of the weight loss drug. She traces the history that led up to the Nordisk-engaged and the personal, medical, business and societal shock-were of the extraordinary innovation.

The leader's minimalist consequential of technological progress are explored in Project Review. A Marine School, 4th Team, and the Dawn of Art Warfare by Nature: FT reporter Charles Masson, who has been the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first to be the first

In We Know You Can Pay a Million Dollar On Back Economy of Banking and Ramamware, political economy pro-

sert help liberated addresses one of the biggest threats facing business today, the family published as the 8-9 issues in the US: about fight on the foundation and become targeting governments, companies and individuals with cyber attacks.

Society

A final cluster of books examines the impact of business on wider society. Harvard historian Bill Lopere's The Rise and Fall of the Artificial State tracks the travel 'automatically,' as only by auto-makers, from early censures through to the 16 age. The works of the danger of allowing technicalist and autocratic leaders and science fiction: discount entrepreneurs to destroy basic rights, democracy and the rule of law.

The line-up is once again rich with explorations of the transdermatics impact of technology

Philosopher Carina Veltic takes a different angle to her book Problems: Prediction, Power and the Fight for the Future. Even Joanne Oneske is 42, in which she focuses on the perish inherent in the longstanding human practice of, and obsession with, powerless, traditionalism is not a quest for traditional an exercise of power, she warns.

Hyperbole: Inhibition, Power and the Rebellion Rise of Data Surprise by Paris Marx is a preliminary in the ground investigation into the spread of data sources and their impact on the environment and communities. Due to be published in October, the book takes issue with its first major hope and focus on the people and places affected by their ambitions.

In Blood Will Flow The Modernism: Realism of Off and Gas, you suffer this: Every one's a deeply reported account of an

infantist attack in the multilogue in 2022 on the starting point; for an in-depth investigation that illuminates the changing impact of the food that boiled in.

One more hopefulness, Freeliefs is Britain's survival in the Making by Hazel Sheffield is an exploration of places on the corporate edge of the US economy. Sheffield reporters ways in which their inhabitants are finding solutions to the challenges of a changing climate and faltering economic progress.

Finally, Jiv: Rebellion's Rise - Africa Works, Success and Failure on the World's Last Development Frontier is a multi-class examination of how the continent is finding ways to become a common and demographic change. Rebellion, whose Rise also Works was longlisted in 2015, took place and only some countries seem to be turning the corner towards manufacturing and development.

The 2026 judging panel includes three new edges: Tonal Englishbrent, group chief operating officer, Standard Chartered, Czecho Net Ltd, chief executive, and the European Bureau, chief executive, Pimco.

The panel is directed by FT editor Broda Kulland and the morning judges are: Niles Marquetton, founder and member of the European Union's National Disaster Relations, senior managing director for global business, Nikkei, entrepreneur theory Ganta, Mohamed El-Ghar, professor of practice, Wharton School, chief economic advisor at Kibana and chair of Economy Public Management, John Roads, chair, International House of Japan, Nicolai Tongon, chief executive, Sengue Badi, investment Management, and British Vaders, chair, Royal Endangered Company and other local health care doctor Lab.

The doorbell will be announced on October 6 and the winner of the award on December 1.

Additional research by Martha Heidi: South-South Dancer.

Work watch

CEOs cannot get enough of 'brutally honest' feedback

Emma Jacobs

The feedback was 'brutally honest' at times breaking 'fire and burn my safe'. according to one senior financial services leader who prefers not to be named.

The beauty – but useful – observations came not from a colleague but a mentor he had sought out, who is chair of another company.

The executive had been paired up with the mentor by Russell Reynolds Associates as part of its programme matching. Custer leaders with those who have been there, done that. The recruitment firm is one of a small group of organizations providing such a service.

'My fine ducks are true,' says Suzanne Boon-Mallick, head of executive mentoring, referring to

how many executives lament it can be been at the top. The pressure, she says, has intensified as the 'impact of turnover of CEOs is higher. It's got more complicated than ever before. Leaders don't have a huge amount of time to make decisions.'

Mentorship is an opportunity to gain access to experience, as well as offering a contract to the typically one in public workplace culture of a British company.

While coaching has become a staple of corporate support for leaders, mentoring has tended to be seen as a way to develop into experienced

employees, or in the case of more or more training, to junior staff to work senior leaders about new technology and communication styles. Confidentiality and inventory are key to the relationship working.

'The higher you get is an organization, the lower people will tell you what you actually need to hear,' says Debbie Scaverton, 2009 executive of A Energy, the Norwegian energy group focused on

healtypower. 'As the part year he has been working in a manner, which is one of the 'few relationships where there is no organisational agenda... [and where he benefit] from having someone to ask difficult questions without an agenda of their own.' The mentor helped cut through media 'noise' and focus on priorities, to said

'I've said he would lose out a mentoring programme for the past three years and has over 500 mentors on its books.

The programme runs for 10 months, but some pairings continue for a second or more third year. It does not disclose costs but it typically paid for for the mentors' organisation.

'A lot of leaders have mentors' but few do are a formal basis, says Sutton Elliott: leadership advisor at Russell Reynolds. In between the regular meetings they can speak over the phone as 'as many things can arise, like yours, or a bit than some of.'

CEOs are 'looking for advice from someone who has been through that situation and has the way research,' says Amy Spande, CEO of Holmes Noble, an executive search firm.

'You go to there with challenges and know you won't like the answer. It's about being able to listen to the hard truth even if you don't want to hear it.'

Boon-Mallick warns 'there are not one burden... mentoring creates great judgment. Do the best people learn from others who have faced similar challenges. A mentor might say this is what happened in a similar situation.'

One mentor told Boon-Mallick that their ambition was to help their mentor avoid the time and financial costs that someone had spent to see their leadership career.

According to one study published in the Harvard Business Review, a majority of CEOs believe, GPI per cent) said they made better decisions as a consequence, while the per cent said the advice saved them from making expenses. Benefits and paid up their proficiency.

Harris Jackson, formerly chair of Debiton, the consultancy owner he worked for more than 30 years, and now chair of superiority in familiarity, says mentoring differs from coaching because it is more practical. 'It's a one different process. It's not quite bad. It's a discussing how to handle the conflicts.'

Archana says he asks his mentors to consider how a person can do it. He is based and helps to provide different perspectives of various members, as well as ensuring they are developing key relationships.

A senior member of 'passing on your knowledge and helping them solve the question themselves.'

'There is a danger, he really has experienced mentors think they have 'men' of all and know all the answers,' says April. All issues are unique!

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Monday 17 August 2020

FINANCIAL 2020

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FINANCIAL TIMES

Monday 17 August 2026

AI SHIFT

Has AI made it harder for Gen Z to find jobs?

Use of the technology by both prospective applicants and employers has muddled waters, write: Sarah O'Connor and John Burn-Murdoch

This week, we're considering how AI is affecting young people's transition between university and the world of seeds. We sat down with someone whose job puts him right at the intersection of education and the labour market: Jonathan Black, head of careers at the University of Oxford and FT contributor. We were curious about the trends he's seeing, and how employees, students and university career services are trying to adapt to them.

John: I'm interested to know what you're seeing in terms of employment outcomes for graduates. Are things starting to look different to where they were, say, two, three years ago, in a way that suggests AI is having a role?

Jonathan: Well, they're certainly looking different. I don't believe it's all AI yet. Frustratingly, we're still two years behind [in terms of "graduate outcome" data] because it measures what people are doing (it months after leaving. But even at Oxford we have seen a dramatic fall in the percentage of students going on to get graduate-level jobs, particularly for undergraduates, somewhat for masters students, but not for PhD students — they seem unchanged. The effect is strongest in humanities, but it is affecting all subject disciplines. And it's not just Oxford — the whole Russell Group [universities], similarly, there's been this decline.

Sarah: What do you think is going on?

Jonathan: There are fewer jobs out there. Some years ago, we would have had 12000 vacancies advertised on the Oxford system. Obviously we're not the only source of jobs, but it's one measure. And it's all sorts of jobs. It could be internships. It could be permanent.

It could be full-time, part-time. This year we'll probably hit 6,000-12,000 vacancies. Which is the lowest we've had since the 2009 bombing crisis.

John: And for students who are in the process of looking for those jobs, or even internships, are you hearing that their experience of that process is now different because of how recruiters and employers are using AI?

Jonnathan: Yes, in that I think increasingly they're using it for radical screening. That drives students mad. Well, it would drive anybody mad. A few years ago we had the recorded video interview, which someone would then watch. Now, we've got AI watching them and scoring them. It's just depicting — you know they just all this effort is and within these seconds get the automatic rejection.

Some of the students, especially on the finance and economic side, are playing the arms race [and using AI to apply to jobs]. We're seeing more students coming saying I've made this 50 applications, I'm not getting anywhere. We had a student ten year saying "I needed an internship. I made 100 applications." I mean, they can't be good quality. They just can't.

John: I guess the sheer volume of applications changes what the recruiters and employers need to do, but also how that might give rise to an increased sense of rejection.

Jonathan: What we're now trying to say is employers and to students in you've got to meet people. I'll love to see the emergence of in-person careers fairs. We already run eight, and I do know employers who come to the stand, and at the end of the day have said "I've met a few good students, I've taken their names." Because in five or 10 minutes, as we know, you can get a good impression, and maybe they still have to go through the system, of course, to apply, but at least sometimes's looking out for their application.

Sarah: Are some employers leaning back into the idea that a lot of face-to-face early on in the process is worthwhile for them as well?

Jonathan: Yeah, some of them are. I think increasingly we're trying to grab them to that.

John: A question I'm sure you get asked all the time by parents to what should I tell my children to do? What skills are going to be the skills of the future?

Jonathan: Look, we can't predict the future. Five years ago, who knew what

was coming now? If you're in lower-sixth [age 16 and 17], you're talking about predicting jobs in six or seven years later.

I think we can guess the health service will still be here and government will be here, but in terms of the skills you need, the usual mantra is "study what you love because you'll do well at it" but I think that has to be tempered a bit now ... One of the good things about the British system is you can read these/egy and still go into banking, for example, [but] you're going to have to do a lot of work outside the curriculum.

You need these other employability skills. You need to demonstrate those other skills. We had a student years ago, who got a job with Disney in Los Angeles, a really good job actually. We asked Disney, "Why did you appreciate?"

They said, "Because she worked at McDonald's, So, she knew about how to turn up on time, stay all day, work hard, come back tomorrow, work with the public. All those things we value."

You often people overlook that. So the answer to what should they really? Well, what they like. If they're leaning up now, I'd probably err on the sciences rather than the arts. But if you're a historian, that's great.

I mean, you know, you've got to read and digest enormous amounts of material in two days, and present it and defend it, and then do the same again next week.

That's what a lot of work is, isn't it? So you develop those skills and you develop them without realizing it. But

"Some, you know, you've got to read and digest enormous amounts of material in two days, and present it and defend it, and then do the same again next week.

"Some of the students, especially on the finance and economic side, are playing the arms race [and using AI to apply to jobs]"

A member of this article first appeared on the AI Shift newsletter. Sign up at ©2026/1996 AI Shift.

you also develop networks and how to work with people and all of that.

Sarah: How do you think the careers services at universities should change?

Jonathan: We're just about to change our name from Career Service to just Careers. We want to get away from being a service which is, you know, you take your car for a service. You don't expect the technician to come around and start talking to you about your driving ability and more.

So we don't want people coming up thinking, "Oh, can you just have a look at me?"?" I mean, we can do that, but we'd rather talk more about capabilities. It's about repositioning within the university and within our client base and within employers, so who to say, this is about the AI's years after their graduate. It's more than just getting that first job.

John: Is there any sense that there's more entrepreneurialism now that we have AI? We're hearing experts that talented tech graduates are being up start-ups left, right, and centre. Are a bunch of people at Oxford becoming away on what could be the next killer sign?

Jonathan: The head has is so. But that's not for want of trying. There seems to be this belief that if we build all these buildings, or we convert all these buildings for start-ups, and create all these training grounds, it will happen. But back to the graduate outcomes data: less than 1 per cent of 2024 levers from Oxford/undergraduates did a start-up. They're just not interested.

Ai: they don't know anything [about the start-up sector]. And it's they've never worked for somebody who is going to be their customer. What we do want them to be is innovative and creative. That is definitely a skill, but everyone wants that. The government wants it, he'd connect, the police, wherever you go to work, they want you to be entrepreneurial. But at least by 30 you kind of know which way's up. I mean anyone can start up a company in the next 10 minutes ... but that's not the point.

Our students, they want experience, they want me the job training, and they want money. They've got a debt to pay back. So you don't have to do it [start up a company] straight away, but we do want you to be innovative and entrepreneurial.

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Monday 17 August 2024

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FINANCIAL TIMES

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FT BIG READ. CLIMATE CHANGE

This summer's extreme dry spell in Europe is increasing bills for agriculture, industry, transport and big tech, disrupting energy generation and adding more pressure to squeezed households.

By Attracta Mooney, Susannah Savage and Sam Fleming

With water levels at a historic low on the Rhine this sweltering summer, companies at Europe's biggest and busiest port are paying part of the bill for the continent's drought. Cargo vessels carrying chemicals, oil and other goods to and from Rotterdam on the much reduced river are being filled to early about 20 per cent capacity to lighten the load and prevent grounding. That means operations have to pay for about 300 extra barges a week and still cannot carry everything they transported before.

It is, says Ian Boomer at the Port of Rotterdam Authority, "one of the most significant episodes we have experienced in recent decades". The port's expensive workarounds represent only a fraction of the overall cost of a firm, now that developed astonishingly quickly, implies big bills for agriculture, industry, and research, and also the few hormones of lasting changes in the way the continent carries out its business.

Massimo Taroni, director of the Venice-based European Institute on Economics and the Environment, an independent research centre, warns that the drought is only a state of what is to come as the world's fastest-warming continent he'd be doggy of climate change.

"Droughts are dangerous. They are extreme scares, but they are long lasting," he says. "Europe is extremely exposed. It really is a hotspot for climate change." June and July (outset as the hottest air record in western Europe, according to Copernicus Climate Change, the EU's earth observation agency. The coming weeks are unlikely to provide much reduce little meaning but useful to time out.

A large chunk of Europe is now living with critical soil moisture deficits and plunging river levels. At the Rhine's shallowest point, in Kush, Germany, they fell on Friday to the lowest point near records began, a "single-digit" level below which shipping may be unfeasible and often two split into two.

Anyone as institutions ranging from Zurich Insurance to Taroni's think-tank estimate this year's flash drought is likely to and a short-term economy. How to Europe of at least 1200m, which could rise significantly if the water shortage drags. The total toll of this estimate has is likely to be much more — as high as 1300m, according to one Kush.

This could also add to inflationary pressures, squeezing household disposable income and buying central banks to keep interest rates higher for longer.

"The longer the drought lasts, the more the adverse impact builds," says Oxford Economics' chief Germany economist Oliver Kahan.

According to the European Drought Observatory, an EU research body, around half of the EU and UK are now under some level of drought, but the country is being lost in Europe.

French environment minister Monique Barbel and last week that this summer's extreme conditions could cost France €10m $10m. A drought in 2023 had resulted in 15.4bn of direct and indirect losses, she added, and while the full bill for this year will not be channeled the drought is over, "it will undoubtedly be much higher."

The drought has also heightened

'Europe is extremely exposed. It really is a hotspot for climate change'

converts about whether Europe can support the rapid rollout of data centres, which many see as crucial for the continent's economic growth but which rely on water for causing, at a time when tens of millions across the continent are grappling with water restrictions.

More than a third of Europe's 3,000 data centres are in areas facing high or extremely high water stress, when the demand for water exceeds the available amount during a certain period, according to analysis by the World Research Institute, an environmental think-tank.

A balance sheet issue

When much of western Europe was hit by heavy rainfall at the start of this year, few expected that within months the region would suffer a severe drought.

Now as the continent bakes under the unrelenting summer sun, researchers are paying increasing attention to the economic rollout for the EU's €10.4bn economy.

"Drought is a balance-sheet issue," says Peter Rahbar, president of the World Business Council for Sustainable Development, at EU-Inforganisation of more than 250 global groups. He lists some of the economic activities it disrupts: "agriculture, energy generation, industrial production and vital transport routes".

Already this year, nuclear power plants from France to Hungary have been forced to reduce operations because of a lack of water crisis for cooling, while hydropower has also been felt. This month, the Romanian military carried out controlled underwater explosives on the Danube riverbed, in an ultimately vain attempt to rethink: vital cooling water towards the drought threatened Cernavadi nuclear power plant. After the failure of these efforts, it began to shut down the plant last week.

French energy provider GSP warned in July that it expected a 10 per cent fall by causing this year, citing lower river levels and businesses affecting power generation as well as reduced market prices. For most chemical company

Grenotric-Related force majeure for certain PTC products and seaweed divers it might not want delivery commitments from its plant in Normagen due to low water levels on the Rhine. In the Nether lands, parts of some water channels have been closed to shipping traffic.

Low water levels on the Danube have already passed up the cost of moving, grass from central and eastern Europe to the Black Sea at a time when renewed escalation in the war between Russia and Ukraine has disrupted grass shipments through the region and increased pressure on domestic export routes.

Around Vicoell in northerly Italy, one of Europe's most important rice growing areas, Roberto Guerriini, rice farmer and president of the Vicoell's Biella branch of Caliberti, Italy's biggest farmer's association, says many publicist have been left "completely hard, burnt, with the rice dried out" after irrigation water failed to reach them.

"I don't remember an Italian summer with a 60th run and such constant heat for two and a half months," he says. Some farms in the broader Po Valley region are being full or more of their production, he adds. If the pattern of recent years persists, he warns, Italy's rice growing area could shrink substantially: "We really risk losing the identity of a new story".

Growth runs dry

The sectors most immediately exposed to the lack of rainfall are agriculture and parts of industry. A recent European Central Bank working paper estimates average annual basic and drought-related losses of real per capita value-added growth of 4.5 percentage points for agriculture in an extreme scenario, with the biggest impact concentrated in eastern Europe.

The more immediately consequential impact stems from the low levels on Rhine, a key artery for German industry — the continent's business economy.

Analysis by the East Institute for the World Economy, a German think-tank, suggested that low water levels on the

Rhine during a 2018 drought led to a 0.6 per cent decline in German GDP equivalent to about €20bn away. The problem is that this time around, the drought is much earlier than that October dry spell and may last much longer.

When other ways in which the drought is hitting economic activity are included, the Rhine finally separates the further side. Given the short range of the sectors and countries affected by the drought, the estimate of at least a €10bn overall hit is "commutative", according to researchers and economists including Barzil at Zurich Insurance, Taroni at the EIEE, and Ernst Dohme, economic research for all the World-Pacific Triodes Bank, which specialises in environmentally-nationalistic projects.

Dohme, who has been researching the impact of this year's current summer, says that, although drought and heat are hard to unleash, water shortages could result in a 0.35 or 0.6 percentage point GDP loss for 2026 — or about €75bn — across the EU's agriculture, transport and energy sectors.

The research, on which he has co-operated for Triodes, estimates that the total toll of summer's extreme heat on food, energy, transport and labour productivity amounts to 1 per cent of EU GDP or €200bn. This includes a low-drought effects such as wildfires, disruption to infrastructure and deaths caused by extreme heat.

Such factors represent a supply side hit that will only add to the pressure on Europe's economy as it struggles to recover from a succession of shocks including the energy surge after Russia's 2022 full-scale invasion of Ukraine and this year's increase.

While agricultural issues have relatively little impact on headline GDP, lower harvests can push up food prices.

David Ross, head of global economics at asset manager Schredler, says drought could add to a wave of food price inflation likely next year, driven also by fertilizer shortages remaining from the iron war and the 13.9kha weather phenomenon.

A satellite image shows sand banks that is reduced wave levels along the Danube River, near Vienna. The cost of moving grass by barge along the Romanian stretch of the waterway be the Black Sea port of Constanța has risen by up to 80 per cent

© 2024 Thomson Reuters. All rights reserved.

The following table is provided in the image.

Higher food prices could help big the balance towards interest rate rises by the European Central Bank, dropping down economic growth, he warns.

Getting ready for the future

As businesses struggle with the effects of the drought, one big question is when it will end. With such only, intense cuts fall could bring additional risks, leading to flash flooding and adding further costs. A prolonged drought would hit massemeter research.

The European Commission warned on Wednesday that forecasts point to more warm weather throughout August and June September, while 2018b could bring "extreme-than-normal conditions" to the two up-to-next spring.

With climate change making ever more of a much, higher in the World Business Council for Sustainable Development calls for companies to prepare better for drought.

Only about 15 per cent of EU businesses have completed formal "adaptation plans" even though 42 per cent said they had experienced increased climate-related costs over the past year, according to WRCID research.

"The key point is that [drought] is increasingly being treated not as a one-off disruption, but as part of a new operating reality for companies in Europe," says Grell Townsend, an industry fellow at E-cable, a water treatment and chemical company.

Some businesses are already taking action. After the waters of the Rhine resided in 2018, SASP doubled the number of its "low water capable vessels" and rolled out an early-warming system to provide water regrowth needs to advance, alongside the federal institute of technology. France's GSP is seeking to become more water efficient. At its Laurent hydroelectric plant in southern France, a new fertilizer can generate power with river flows of just 3.5 cubic meters a second, compared with 4.2 cubic meters for the plant's older stable.

Grate and oilseed farmers across Europe are have using in this small house to take advantage of the slight overnight loss, allowing their crops to meet economic decisions. Instead, the oilseed is used to reduce the risk of the machinery igniting the past bed fields.

Data centre operators are increasingly designing the Rhine around water scarcity, says Michael Winterson, secretary general of the European Data Centre. "The current climate change is one of installed European data-centres: equally new ones now water-based cooling, he says, while closed loop systems — which mean water rather than discharging it — are becoming increasingly common in southern Europe."

"And Dohme water scarcity will put the brakes on data centres, I believe water scarcity will force us and regulations and society to look at how we design and operate data centres in Europe," Winterson says. "This summer is a clear second." Such as Vicoell, the rice growers are calling for state help to build reservoir to capture autumn and spring rainfall. "But this should have been done 10 years ago," said Guerriini of the farmer association. "This week wasn't done, and now we are getting the consequences."

Additional reporting by the New York Cartography by Stephen Bernard

Europe experienced a wetter than average start to the year before an extended dry spell led to widespread drought

Source: Copernicus Climate Change Survey (CIS) Climate Data Board (CIS) Transport with 1PM, 2023 average

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20

•

FINANCIAL TIMES

Monday 17 August 2024

The FT View

FINANCIAL TIMES * Whom it can and without issues

Farage's fruitless by-election gambit

Victory in Clacton will not enable Reform UK leader to dodge questions on finances

Last Thursday's Clacton by-election was one of the oldest, and most parishes, in Britain declared Nations, inside Iwound by the state UK parties. High school in the lectures in Austen who triggered the public standing down to work to educate, daily beat a smiley field of 33 officers — though his main challenge, the novelty candidate Count Bodnar, secured 27 per cent of the vote. But the right-winging public's victory will not help him dodge the mounting questions over his and his party's finances. Nor will it enable Reform's obliging self-ratings — or to correct strange impasse.

Farage's financial ties cannot see a chance for voters to 'stick two fingers up' at an 'outsideboard' after one not to perform, notably through a parliamentary probe into a £2m gift Farage received before

the 2018 general election from a Thailand-based crypto entrepreneur, Christopher Harkness. But the main parties' refusal to field candidates without the budget was — not tightened.

The parliamentary standardstaued by police into whether Farage should have declared the gift, passed during the by-elections, immediately received. Farage says that there was an unconditional present voter he was not active in politics. And if he is honest at both, he might not end up facing a second Clacton by-election.

Farage could well win that one too, but even that would not end his travails. Reform is now under further scrutiny over expected transfers of funds between George Cottrell's a longtime Farage aide and convicted fraudsters towards Wednesday — and his neither France nor the United States from France Cottrell to Reform and to a company controlled by the party's deputy leader Richard Ties. The Metropolitan Police is investigating £2m in a deoctone to

Reform from a France Cottrell and from Ties's company over possible breaches of political finance law. Reform has denied that any rules were breached.

If this might bolster on the 'non-judgement' convictions of a nefarious establishment plot against Farage, that polling suggests the constant contravention may deter watering Conservative voters from taking a chance on Reform and in instar.

This is a big problem for Farage and his party. His commission is here to get Reform's poll ratings up from a percentage point of the low to mid 20s — where might not be sufficient to win an election in Britain's first year the spot system — into the high 50s, which could be enough to put Farage in office. Reform's only hope is to consolidate Britain's tightening by granting an Army's Union's new voters as it can. Farage was having considerable success in doing so, but before it's ratings seemed to let it a ceiling but autumn and have old back to the mid 20s.

Polling suggests the constant contravention may deter watering Conservative voters from taking a chance on the party

Farage's difficulties are compounded by finance Britain, the far-rights-glossar party launched by former Reform MP Rupert's (now that has cost Reform several percentage points of support. The recent baseline migration policies outlined by Reform's spokesperson Zia Tanel were seen as an attempt to tack right towards Reform. But every such move, it is said, is to educate other-right potential workers.

To copy it all, Reform's own success helped to precipitate the recent coup in the Labour government. While it is not only a big deal, the government's daily burden is showing signs of consolidated rights following just-and-forth changes in communications skills. The Reform leader has shown he is still popular in Clacton, the heavily Brexit-rising constituency he brought back as his best prospects for the future. The problem is 2016. But, for me at least, his chances of making it all the way to be hit look slimmer than they seemed a few months ago.

Opinion Society

Can we stop with the public 'blaster-bating', actually?

As a recent step at a hotel in Spain, I experienced a rude, particularly — in both names of the word 'nude'. As I was sitting

enjoying a classic buffet dinner that sering all sorts of food items that should serve be most together, a clean and his own came and sat down at the table next to me. No sooner had they been so than the UK's (since 12, I reckon) had taken out his iPhone, prepped it against an olive oil bottle, and proceeded to watch a Russian TV programme on full their walks down long from his inn month. Opposite him, his father tucked into his own nostrils of culinary one's neptown, happy as Larry.

What struck me was not just the importance of it all — all the two of them towards me and other diners of the they towards his father (who, to be

it seems the taboo around using a smartphone without headphones has all but evaporated

honest, didn't seem to mind). It was the fact that this given man did not want to expect anyone else to win, the showed out the slightest hint of embarrassment at the next behaviour. He seemed strictly impervious to my disagreeing glass (I tried to stop up the obnoxious, daunting and frequent, to an end). But then I noticed I was the only one in the restaurant glaring at them anyway. Everyone else seemed to be happily satisfied their own behaviour. A very strong, sane one can is this a 'me problem'!

Clearly, nobody was particularly shocked. And after all, why would they be? In London, at least, it is hard to make a journey on public transport three days without being subjected to the trims, our grating sound of some one else's smartphone speaker — usually several at once. It is now to travel with the expectation of housing a company of social media clips, YouTube videos, some phone games, music and even video calls with loved ones on full-to-done.

No, it seems the taboo (that important guardians of social money) around using a smartphone without headphones has all but evaporated. And the man back this up as iPhone survey from 2022 found that 40 per cent of all British adults and 95 per cent of 15 to 27-year-old head watched videos

in public without earphones. (In the four years since, I have noticed a debate can in the treatment, as there up some are probably an understanding.) In Ireland, the problem in as acute that the national red operator has introduced a 1999 fine fact.

We even have some new lexical suggestions to describe this irritating phenomenon. 'Sneakening', 'Seducating' and 'Just heating' seems the first personal terms in Britain, though my personal favourite comes from the UK 'blaster-bating'. While smokers do, the idea that doing it in public is unacceptable. Rather 'tired' Americans admit to the practice than Brits — 50 per cent, according to a 2024 survey by audio from JBL — of India based-cans spend for more time in their cars and for less on public transport, so there is less opportunity. And 80 per cent still consider 'blaster-bates a public crisis'.

Even if it isn't just a me problem, though, it is always possible to stop finding something annoying by changing one's attitude. So I watched the boy and the father and the following days, always with the same set-up, I started to feel a certain tenderness towards them. The man would frequently shut to his son as he watched his TV show, and the boy would always reply nicely. Yes, his eyes usually remained stuck to the screen, but here was a dad taking his kit on holiday and letting him stop himself — that seemed good.

But while my viciousness with them failed, my sense that we justly agree are being degraded by a larger individualistic culture that has two to some of community delves. We all go around in our own little technology buddies, skummersing through it, envy-swelling through Instagram, and keeping ourselves away from the uncomfortable possibilities of boredom, deep reflection, or — God boiled — a conversation with a stranger.

I don't think people are necessarily becoming more virally, but I then feel we are all becoming more insular; my guess is that if one could someone play tag a video locally why they thought it was acceptable, they would tell you everyone is something the same thing. And if they are not, they can just listen to something else on their own headphones.

We get familiar wrong when we imagine it requires stripping away any kind of measure or etiquette. What about the common foreign getting last in a book without being subjected to an unthought of algorithmic stop? We can forgive the blamelessness. It is possible they know not what they did and we could not solve what it will listen to play to their limited headphones. No, crazy thought, put their phones away entirely.

jenima.felti@ff.com

Letters

UK needs a more considered debate about North Sea reserves

BP's decisions to leave the North Sea. Cypriots, August 6) feel that another moment that should prompt a more fundamental question, has this long-running debate over really been thought through in the market.

Estimates suggest the UK will find around 2.9bn barrels of oil equivalent in commercially recovered measures,

with substantially more potentially recovered in under the right economic conditions.

Yet political debate has often become polarised between 'drift everything' and 'leave it all in the ground', now complicated further by interventions from the UK president. As overwalks projects labor, supply

chains weaken, and major investors depart, perhaps the real question is whether Britain has developed a referred long-term energy strategy that honestly weighs energy saver by the cost of extracting increasingly difficult North Sea reserves. Obtain commitments, industrial capability and economic reality, rather than

simply reacting to the politics of the moment. The trouble is that it is no longer 1970. An Queen is waiting to press a giant gold-gated button, an vast new business waiting offshore, with the barber task of enabling sensible business advice to the remains. Christopher Moseley London NW1, UK

UAE-Africa ties reflect friendship going back years

While we appreciate the FT series of big floods on the UAE, we are disappointed by the personal of the UAE's engagement in Africa. In central persons — that the UAE is going to be 'imperial' project across the continent — is fundamentally active: August 15. To describe partnerships negotiated with sovereign African governments as evidence of 'imperial assistance' — deeply patronising, it relies on a stereotypical and outdated narrative portraying African states as passive recipients of foreign influence in capable of identifying priorities that serve their national interests.

The UAE's engagement with Africa governments is based on mutually beneficial ventures and long-term investment — not political

conditability — and reflects a history of friendship and development going back over 60 years.

The scale and nature of UAE investment are essential to any serious assessment. Between 2019 and 2025, the UAE committed more than $10.9bn to projects in one Africa, with approximately 30 million people towards renewable energy. The majority of that capital was committed to clean energy projects supporting electricity access, energy growth and development projects.

The treatment of parts is particularly illustrated. The article presents three investments as components of a grand strategic design, where its reality they are concentrating on the global integrate supply chains, facilitate trade and address infrastructure needs identified by partner governments.

A story ostensibly concerned with African sovereignty should allow African governments to work for a demonstration, but 2024 article on the same subject quoted President William Keim of Kenya describing the UAE as a 'very good partner' in African countries. Similarly, the African Union has expressed strong support for the UAE-Africa relationship, including initiatives such as our KfAr 'Gribe development' initiative announced at the G20 in Johannesburg.

Contrary to any portrayal, the UAE's engagement with Africa is a partnership built on its own, better, long-term investment and a shared belief in Africa's needs and future.

John Allmanli Director of Strategic Communications, Global and Strategic Ministry of Foreign Affairs, Abu Dhabi, UAE

Mediterranean states are not EU's security重要的是

Janan Gandhi / Europe and the eternal earth waste of r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r. r.

Jenna Rady, Russia is critically a threat, but it is hardly the only risk visible from the islands. On Rady, the Mediterranean is a security frontier, not a holiday, but no action, basically, to Libya and the Sahel, migration

Take minutes: US employees expect ban of 1973 shocked Japanese consumers

persons, and volatile energy routes all alike much closer to home than the Russian army. Indeed, if geography explains why Italians are less enthusiastic about housing defence spending, perhaps the questions is why not least Europe was so little of Italy's danger. Europe cannot sensibly demand the southern members spend more preparing for eastern flash theses while treating the southern Shale for someone else's power.

Mediterranean states are not Europe's security districts; they are simply the members who have noticed that Europe has more than one border. Federico Navet London NW2, UK

Two statements — one wholly true, one name

John 'Sneaketh' ends his piece 'Common names for passengers in the Aid of a r' cypriots, August 12) with the above-nature that 'it is time for the cost of us to acquire more agency over our human future' — a statement which is wholly true.

In contrast, his quote from Daniel Faggillaon on the effect that humanity's aim should be to ensure we create a novelty successor — 'a post-burman intelligence on capable and morally value the best you would gladly prefer that it just humanity's old brain could future path of life itself' — is name.

'These words do not service control with their own meaning. They are packaging for an empty process and an empty system. Unless matters of magnificent mystery, and the text has no access to it but throughout.

China was described by mathematical and meteorologist Edward Lintun as 'when the present determination has been that the approximate present data are approximately determined for future.' This is where that description the approximate present are not recognized as 'determines the future of the world.' This is a mathematicality (Because and merely is quite, So any advice — it will with Theorelid.

Christopher Bull'Mavels Oxford, UK

Many leavers could have lived with a combination

Ewas interesting to read Nick Boles' letter 'Britain and Pakistan can make Europe a force again' (August 22) I am sure that there are many of us that would be more like US who regretted the fact that Europe from the outset was not set up as 'combination'. A kind of common market, usually without the Common Agricultural Policy, and regulations appropriate only for

restrainting this structure. Within this frame body members would have been free to come to arrangements of common interest, such as defence, without further obligations.

Many of us leavers could have lived with that. Regrettably what we got was an increasingly rules-based and controlled-organization packing for 'ever-closer nature' which really means more power to demand. There was occasional talk of following the US model of adaptability but it was never more than just talk.

As to setting up a consideration outside the nature last two years. Would certain new members continue to receive backshares, be considered 'if not, or if not, that might reduce the waiting list of countries wishing to join very

considerably.

And would members of the combination be allowed to maintain their own interest negotiated outside the common market?

There is hardly a lot of detail to be addressed.

At the end of his letter Boles writes 'I have a few years again a box to be reckoned with'.

'Again'? 'Next have' Michael John Murray Goldford, Surrey, UK

Décent, the oil crisis, and the US socialism expect ban

Yes, big ban! 'You did it, and you'd have manpower' (July 2019) Sustained long- and Michael Foster gives insights into changing global trade patterns. Recent use to get a better deal of jobs is, we need to go back to the 1970s.

In four work on global agriculture, Harriet Friedmann seems the origins of the fall of American farm power to the very part of that decade, when, under the policy ofพ่อแม่, the US made large agricultural exports in the Soviet Union, leading to a decline in stocks. This coincides with the oil crisis.

These results are difficult to identify by of socialism prices, following consumer systems, in 1970. The Nixon administration imposed an exchange on soybeans exports.

At that time, Japan was dependent on soybeans exports from the US. The US's export cigarettes were restored, Japan's trust was shaken. This prompted Japan to look for other suppliers of soybeans. This led to Brazil becoming the first major food producer of the US in soybeans exports.

Big Man That's Big Allies, Totally of Medicine Reported: Judge London, London SW2, UK

When harvests fall, effects can ask harvest harm gate

Sustainable Europe's article 'Europe's business—open 2.0bn from grain crop', Report, July 25) decreases in the trade of the home associated with the service 2024, thought in Europe, but neglected the wider macroeconomic costs arising from distant shocks to the food systems — costs still largely absorb from the economic policy agenda.

One recent article on the trade when harvests fall at scale, the effects can ask harvest the farm gate. They

transmit into the macroeconomic through food price inflation can

increasingly signal loose for governments and household inflation expectations. Rerupted supply chains

winder trade balances, and pressure on leading and insurance underwriters.

Drought is for from the only risk.

It sits alongside excess rainfall. Even and fast, what is together does 60 per

cent of European agricultural losses, all set to intensify with climate

change. To '30 60 per cent of the EU's climate related crop losses are

uninterest. This means that

government can increasingly stepping at an 'extreme of land' level. Can more recently in Ireland and France? This unhedged government expenditure increases pressure on public finances, and the expectation of isolation can

maintain 'growth' incentives to reduce their own risk.

Crop revenues can shift food risk off government balance sheets and provide financial protection for farmers.

But policies must be designed to reduce risk, not merely transfer it, is

is restricting and rewarding on farm purchases. With the design of the EU's

post 2027 Common Agricultural Policy under way, policy makers should consider crop insurance as part of the

uncredited health.

Walter Henneck, Policy Office, Centre for Economic Promotion Expenses, The London School of Economics and Political Science, London SW2, UK

Does not attitude to Fifa

Fifa is a double standard?

It's amazing to note that as a matter we're biggest are happy to work with an

a more useful fit to investors — the water industry, our electricity supply service the health service if Nigel Farage,

the leader of Reform UK, gets his

way to purchase it, is tomorrow something really just from like the World Cup.

Maybe with Fifa it's easier to spot the mechanisms, and we can see straight away what the impact will be investors

work can almost be like, the players, the business and the world are

world Cup. They'll put milk it for their own health. They are, after all, only

there to make money.

I wonder if we'll not to apply our money, and perhaps if we can save us

other aspects of national life ... but then, is anything really as important as the World Cup?

Katherine Hoare, Redhill, Surrey, UK

---

Monday 17 August 2024

•

FINANCIAL TIMES

21

FINANCIAL TIMES

Opinion

The next China shock will come from open source AI

Lizzi Lee

The recent World Artificial Intelligence Conference in Shanghai, President Xi Jinping positioned China as a key to the development of AI. He framed this as a global public goal in counter that shifts its characteristics.

China is beginning to construct its own self-sustaining, internally reinforcing AI economics – and is increasingly offering it all its own. The world's football in critical infrastructure is increasing and counter to adopting US-ones: it will, over time, absorb Chinese approaches to technical standards and governance principles.

This has come about, in part, due to the core goal that is recent US-region controls. By imposing real concern Chinese AI, export controls have inadvertently become an organizing principle

for China that goes beyond its theological and economic limits – the real results becoming increasingly appealing to the rest of the world.

The original China shock came with the manufacturing revolution that followed the development of the World Trade Organization. China shock 2.0 was the intended wave of water panels, batteries and electric vehicles. China shock 3.0 has been the diffusion of Chinese right-to-own energy from consumers to recent AI models. China shock 4.0, now on the horizon, will be quite different. It will be based on only on the export of Chinese technology but on China's approach to innovation as a technology-pair.

The open-door stage itself is a product of constraint. Before Chinese start-up (involved) there open weight AI into the Inanfight to 2023, Huawei had already made a contribution to China's open-source AI. The AI model has been placed on the US Entity List in 2025, restricted access to technical hardware and software pushed the company to build open-source software ecosystems such as Harnessy30 and Mindfinger.

Although X1 used the term between which the generation an 'right+ source', Chinese AI models should be more accurately described as open weight. Their model weights are publicly available, but the still existing data is not.

Open-weight models lower adoption costs, expand developer communities, and allow companies to work around constraints imposed by a lack of access

Countries adopting Chinese models will absorb its approaches to technical standards and governance

to the most advanced chips. They are especially attractive to emerging markets but are gaining popularity among developers worldwide because of their cost efficiency and adaptability to different workloads.

Within China there is also an economic necessity. The country's old growth regions are under strain and domestic demand remains weak. For

the technology sector, this creates a basic economic structure and generates an AI models, competing infrastructure and advanced manufacturing requirements to customers capable of generating returns. With domestic revenue limited, going ahead will achieve cost models that spread quickly helps solve that problem.

The proliferation of open-weight Chinese AI has also heightened the country's interest in spending up for governance and safety, since model weights are released, they can be downloaded, modified, redistributed and stripped of safeguards. The original developer base the ability to create access or update protections. This is already a key for the discussion around 'selective openness' – keeping models open while potentially doing or restricting access to, or requiring review of, the most advanced frontier systems.

Xi's ambition is to accelerate the global proliferation of Chinese technology, build a stronger strategic football/deloud, diversify China's exposure to geopolitical risk and shape the

global system more in China's favour. General China's thinking around governance is still naxious. Authority is distributed across an emerging system Shanghai is building much of the technical evaluation infrastructure while finding weaker as the businesses and regulators, organizations such as the China Academy of Information and Communications Technology and the National Information Society. Socialisation Technology Committee play roles alongside universities and private companies. It is always and that it is technical and clearly beneath it is becoming more substantial.

The momentum behind China shock is its strong, thoughtful connection to the technology, to crystallize a new and distinct model of technology governance. The next shock will not arrive in a container clip. It will spread via the principles that one can use in the AI technologies. The world is not prepared for what will come into.

The writer is a fellow at the Asia Society Policy Institute's Center for China Analysis

Don't dismiss the influence of the mini-middle powers

Zaar Shiriyev

While powers have been having a moment since Canadian Prime Minister Mark Conway's forces were removed from the

has been much-reclaimed about countries such as Canada, India, Brazil, South Africa and Russia and whether they can restrain good powers or build a strong economic basis and have better weakness. Many governments have made no claim the middle-power title.

But there are also countries that cannot set the wider international agenda but can still make a difference. These might be described as 'more middle-power.' (Lizette 2023). But the overall power that real leverage in a few areas: energy, transport routes, regional security, meditations, finance, technology, geography or access to access that target states struggle to reach. What resources not simply having one of these advantages, has being done now?

Qatar and Oman are deplorable mini-middle powers. Qatar has turned gas wealth, finance and access to hard-to-reach access into associated diplomatic and 'climate roles' as alternative, strategic position and the ability to keep channels open between adversaries. For both, meditations to set just a diplomatic role but a source of leverage.

Azerbaijan, Kazakhstan and Uzbekistan build leverage through geography and infrastructure. Azerbaijan reports energy, almost and vast trade routes and carries weight to build a Caucasus politics and security. Kazakhstan is of, as nature and its position between Russia and China gave it influence beyond the region.

These states hold leverage in energy, transport routes, regional security, finance, technology and mediation

America and the politics of respect

INSIGNATI

Rana Ferrooho

Frank Lantz, the conservative political strategist known for his every word omitting, thwarted 'historian' into 'death tax' and 'global warming'

into 'climate change' (recently conducted a survey about which political words resonate with American right now). 'Respect' was for and many the witness Primary election results are already showing the candidates who can deliver voters a feeling of being heard, understood and respected – regardless of their politics or policies – are the most likely to whether your's indictment.

Consider the recent Senate primary race in Michigan. Senate a deep pocketed establishment (Insurance, Risky, Streams, was upset by a democratic conflict, dread of fraud, who ran on a message of economic populism. The many right-to-land work for moderate economic governments), including David Crowley seemed to show the opposition next. Into in fact, voters were wooed out so much by these candidates' specific policies as the idea that they could be treated. They made people not one and understand. That treat, more than any political platform, is the foundation for what Lantz calls 'the politics

of respect', which he believes will dominate the політies.

When it comes to the politics of respect, Xi's red about issues, Xi about values. Consider the many formerly Democrats, issues voters who helped about Donald Trump in 2016 and 2020. 'These voters may not have really liked the G18, but they certainly felt the Democrats didn't like them,' says Lantz.

True enough. I grew up in a rural area in a part of Indiana the Democratic had been labour left between 2000 and 2010. The government's position was not only a 'few of the people' and a 'few of the people' – and the Republican competition. But Trump has now understood that religion can be fundamental to the politics of respect. Progressive Iowa state senator Sarah Trone Current entry to the term 'God gap' with her Republican competitor Jack Nunn in an Iowa race for his House seat. In the second part, 'Politics is just about how we live together, and so is faith. So, of course, faith should speak to our politics.'

Will voters face it from a progressive? Lantz says the message is perfect a lot when voters consider such sentiments.

Candidates who can deliver voters a feeling of being heard and understand will win the midterms

our values, which include faith.' Todd Horton, Speaker of the Indiana House of Representatives, told him last week. 'There's a perceived lack of respect for the G18s that maybe some people want to live differently than those in larger cities, maybe in a simple way.'

But Trump has now understood that religion can be fundamental to the politics of respect. Progressive Iowa state senator Sarah Trone Current entry to the term 'God gap' with her Republican competitor Jack Nunn in an Iowa race for his House seat. In the second part, 'Politics is just about how we live together, and so is faith. So, of course, faith should speak to our politics.'

Garrett is the real shot – a Lutheran minister who attended Harvard Ethnicity School. Texas state representative James Talanta, the Democratic minister for US Senate and Presbyterian seminary, has also given some truth interview concerning the Christian life in a matter of class, frequently and affordability in America. But he's also said in the past that God is 'new theory', which doesn't go over quite as well as not states. Whether Talanta will be viewed as authentic or not remains to be seen.

The things to that many Republicans starting with Trump, are hanging the politics of respect. Consider the president's recent comments about affordability. This is the number one issue for American voters that Trump called in 'Iowa' and a 'top 20' (and 20) Democrats. Perhaps that's why his support among the coffee whites is weakening. Trump is also telling Americans that data entries won't take their jobs, even as it actually reaches a lower price. Meanwhile, vice-president D'Vance has taken to be shaming critic as the bank, a new book on his journey from evangel-

ical Christianity to Catholicism. Inhering to a character who has previously criticised his position on the wildly upspopable from war, he pooled on social media, 'it's quite obvious the man has never missed a hearth.' What 'World Jesus' for 'the 20s, 20, especially not in a country where 'G' per cent of people are either overweight or obese.

Lantz believes that if Republicans continue in this way, we could see a reversal of the 2016 swing towards Trump and Mags. 'I'm watching Michigan and Ohio intensely,' he says. 'Now are before the states where the economy isn't awful but also isn't good, and where a lot of people work with their hands. He has seen private polling data showing states members there and they believe driving away from Trump and Trump has had candidates.'

Could nothing like the script? 'I'm president could end the war in Iran.' Lantz says, 'What if he can't? Then Trump may not be able to hold the respect of even his loss.'

rma.insignati@i.com

British farmers need more help to cope with brutal heat

Tom

Bradshaw

Many of us have never experienced a summer fall in Large results of the British countryside look for the most important features of the 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

In a state's common sense, climate change is no longer a distant threat. For many of us farmers, thought is not an abstract concept discussed in policy papers. It is the dark daily reality effort to be made to ensure that volatility of farms, resulting in much harder to get down the front or country needs.

The need for greater water security has never been shown. During water, we were about to be a constant and using it when it

is scarce must become a central part of the UK's response to climate change.

Farmers recognize this. We want to remain productive in a changing climate and continue producing food for 'these consumers across the country. Many are looking to develop so far as reservoirs and expand water storage capacity. These investments would help secure food production, support the environment and reduce pressure on water supplies during periods of pre-hospitality weather.

The UK government has now promised help, including some extra funding for reservoirs, updated planning guidance, and temporary saving of access to water supplies during drought, job record we find ourselves trapped in an overly complex, inconsistent planning system that is often debarrishly government agencies.

Whenever it can be left? members of those of the government are not going to feel with the uncertainties of the planning process. In layers of regulation and bureaucracy and lengthy assessment issues, the local leaders of farmers during to wait for years for planning to go

through on new reservoirs and cattle fields, has known who proposed a new planhouse for year-round strawberry production was sold by small buccal 20-year wait for access to the grid.

This is hardly enough talk. At a time we have been able to get a chance of growth and resilience, it simply cannot take as long to deliver solutions from that is clearly little national interest.

Permitted development rights have

Drought is our dark daily reality affecting crops. By which, the viability of farms and food security

helped in some areas, but they have not kept pace with the needs of modern farming. The threshold, and environment that apply to agricultural buildings and water infrastructure are often noted. This historical farming has begun that is very different from today's reality. As have businesses credit, we need the policy and planning framework.

If the planning system were functioning properly, responding to the urgent demands to adopt in a changing climate might not be such a problem, but is the current state, it is a pipe disease.

Right now, we need flexible abstracts, current policies, and a more complex and clear and clear vision for times of shortage. The 1997 water is work with the government, the Environment Agency and water companies to create a new and strong global climate and critical have businesses such as By-which, poultry and high-value horticulture and access to water to support national welfare and business viability.

We also need a planning system that recognize food production as national activity is not an existing climate. The historical factors in the 'big growth of reservoirs and water storage projects, it means streamlining the process of obtaining permitted development rights to water, and the flexibility that the government can do to meet its new opportunities. And it means ensuring local planning authorities have the resources and policy, the future that should do them.

We are ready to do our part. We are

ready to build the infrastructure required to provide and maintain a resilient food system for those households, to help deliver growth in every constituency across the UK and strengthen local economies. But this is not a problem. We are given the tools to invest in our future.

On Saturday, Iowa offers highlight to the Prime Minister that the government has the chance to rebuild the capacity of the 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

This success is whether should be seen as ready as a warning of the challenges ahead but as a call to action. The issue is that as the efforts of drought become ever more severe, the systems that should help farmers adapt and maintain and develop the system. We cannot control the weather, but we can control their prepared we are lost.

The writer is president of the National Farmers' Union

Uzbekistan's demographic weight as a forest drain most populous country and several location gov't growing leverage in regional trade and diplomacy.

The Middle Corridor shows how this needs. Azerbaijan and Kazakhstan are central to the Asia Group crisis, while Uzbekistan is being showing its interest the corridor. It is more comprehensive than the northern zone through Russia, but it gives government and businessmen an alternative. The three are also short opting a Caspian green energy corridor that could carry it onto it, since some of the power lines are in the region, creating up with the planned Black Sea electricity called a Gump.

Yet discussion of the South Caucasus and Central Asian and American culture is a key issue for the world's history. That minors how many countries in the region operate. Azerbaijan, Kazakhstan and Uzbekistan maintain relationships in several directions because geography, trade and security make exclusive alignment risky.

Thus they work with Russia, China, Turkey, the EU and the US while working to preserve recent for numerous among them. Qatar and Oman have close security into with Washington but keep channels open to the help – allowing them to resist pressure from any one side. After Russian and dubious droughts down on Azerbaijan Airlines passenger jet in November 2016, Russia's response was unusually blunt given the imbalance in power. It demanded that Mexico accept responsibility, punish those at fault and pay compensation, while keeping the broader relationship status. Russia later acknowledged the role of its aid defence in causing the crash and the crisis.

The mid-middle powers' influence is strongest when others need something they control. Azerbaijan's oil and gas matter more when buyers are looking for alternative supplies. The Middle Corridor has gained from disruption to trade through Russia, yet governments along the route know that it wants to increase with Russia revenues, some freight may shift north again. For Qatar and Oman, meditation becomes more valuable. The country's economic success can no longer talking. These countries will not set the record of the most international risks. But those who seek to design it will often depend on their views. The world's economic success. Larger powers will find it hard to succeed without little or operation.

The writer is a non-resident fellow at the Carnegie-Russie Baroda Center

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22

DREWEATTS

Monday 17 August 2006

Stop the 'blasterbating'

The taboo around using a smartphone without headphones is evaporating

© JEMINA KELLY, OPINION

Best wishes, bye for now, cheers! What email sign-offs say about you

Pilita Clark Business Life

It's biggest, a time for slatful out-filled inshore filled with calming, verbal thoughts. Or it would be, even it not be smash like the one that served the other day. I did not know the smash, who was writing to confirm an upcoming appointment in a brief note that ended with an even briefer two letters: "KR".

At first I thought this was a type, but no. Another email from the same sender a day later ended the same way. Here was someone who left the 12 keystrokes required to type out "Kind regards" were as arduous it was better to just use too. It is not, especially in a business email to a stranger.

Even with one stranger, an overly familiar "KR" along with its irksome smash "BW" and "light", immediately undermines the polite effort to end with an inoffensive "Kind regards", "Best wishes" or "Best regards".

I realize there are more important things in life than the state of the email sign-off. But since we spend so much of our lives writing these things, it seems smooth to try to keep the most into a minimum. The odds of success are low in a world where even university professors are impervious to the problem. "Bye for now", one wrote to

me not long ago. "Clever", said another, who was neither British nor Australian. A tighter the state who wrote him, along with those who end with "Cardiol", a sign-off that sounds old in some countries but not others. No quarter can be given, however, for "Have a good one", "Catch you later" and their life. All are a reminder of how much a sign-off can convey to the outside world.

The American author Virginia Evans displays a multitude of readings in his bestselling spindray novel The Correspondent, to sharpen her tale of the cantankerous Sybil, an inveterate letter writer in her attention. How only Sybil letter to Jean DeBon ends with a stifled "With very warm regards I write". When the fictional DeBon writes back with a sign-off of "With love", Sybil immediately copies her. Never does anyone choose the sign-off that a disturbing number of

“No quarter can be given for using ‘Have a good one’, ‘Catch you later’ or the exterable single ‘K’ for ‘OK’”

my correspondents have lately adopted "Warnish". It feels chuckle to get assured by this innocent attempt at pleasantry, and yet I do.

Happily, jarring small habits sometimes do away. I can't remember the last time anyone responded to an email with the execrable single "K", for "OK" or asked me to confirm (had received and read their note. Long may the absence continue. But a large number, including any other ball, continue to sign off with the tremendously divisive "Thanks".

I am on ebb. Oh I said and it need not be offensive, except if one is writing to ask for something to be done. In this case, "Thanks" and, more contentmently, "Thanks in advance", can sound presumptuous. They're probably best avoided. Saying this, I am surrounded by people who buckle sign-offs that I am tired of, such as "all the best", "All best" and, when the sound takes me, "All very best". I'm told this sounds insincere and affected and I should stick with "Best wishes", what is mostly do.

I have, however, found myself ending sound on Friday with words from a found hopelessly soft: "Have a good weekend" or even "Have a great

weekend" in the same caring vein, I have stopped ending every text message with a full stop, all the better to signal I am happy to keep chatting. Had you told me a year ago I would do this I wouldn't have believed you. But there we are.

How much easier life was when there were rules about correspondence. Having been born to the letter writing epoch, I still remember having it drummed to that one should not a letter with "Enter faithfully" when writing to someone you don't know, and "Share sincerely" when you do. But why? Why does a stranger deserve a pledge of faithfulness while a known quantity to offered more sincerity?

I am also old enough to remember some of the more eccentric sign-offs people once used. Thankfully, so are some of those who write to me. "Keep on tracking", one said the other day, ironically. "Be lucky!" wrote another. Obviously these are to be used only among people one knows well, and even then sparingly. But sticking to the runs at an isters would be that and there is quite enough tedious in working life already.

pilitaclark@it.com

LOVE.

Harvey Nicks deal hints at big stores' hidden potential

to retail, the department store has become a synonym for a slow death. Saks, Soars, Banerys, KPhones, and more others have all fallen over the past decade, and the survivors back fragile. But not everyone is ready to write them all. This week, Mike Ashley, the serial buyer of struggling high street brands, acquired luxury

Kingfisherige department store Harvey Nichols. Harvey Nicks, as it is known, has suffered similar problems in other department stores: costs went up a tenth between 2009 and 2015, according to Companies House filings, while sales fell 20 per cent. Harvey Nichols hasn't turned a profit since 2009. But Ashley is betting that he can strip out costs and fill its stores with his own brands, helped by his starting relationships with luxury suppliers and stakes to names such as Barberry and Hugo Boss.

Ashley's deal also hints at a broader point. Perhaps department stores have a better shot at intervention than it might seem, doing an everything shop is hard to the rest of Amazon, direct-to-consumer channels and big luxury brands that want to control their own distribution networks, but they are very passive to use two new email needs.

The first is that they can offer space to smaller brands squeezed out of the

increasingly expensive world of bricks and mortar. And the second is that all those square feet can be used to best services that people can't get online such as tailoring, personal styling, cooking schools, repair workshops and restaurants. That's an extra revenue source and an opportunity to speed and cross-suit, think flagging treadmills as well as insurers where you offer gait analyses.

Big brand retailers have already made a success out of the service economy. Apple turned its shops into tech support centers, a third of Pits at Honor's consumer revenue now comes from net services; they proven that one can sell furniture as well as the inside under one roof.

John Lewis says appointments for its personal styling and nursery services both was about a fifth last year. Colin and restaurants account for more than one in five of its in-store transactions. Revenue at the department store, excluding Waitover, returned to growth last year for the first time since 2012, although it still only managed a throughout 10 per cent operating margin.

Service can suddenly to entuck department stores to their golden age but, with younger generations reviving a whole host of smartest trends, these grand old institutions may well find a new reason to get shoppers through the door.

NIKKEI ASIA

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JOTTER PAD

ACROSS

1 Translucent ball mostly having an amount surface (T) 2. Good goal: an even apparently hiding on the sea back (S) 3. A literary sub-genre, on the other hand, not concerned with pursuing fun (S) 4. Warranted moves uniformly swimming across river heading south (T) 5. The forward is but a yellow comment embracing individualism at the center (S) 6. Start to hold birth about Gali oddly back at home (S) 7. Unnamed cardinal surprisingly thorough (T) 8. Shame about American love (T) 9. Most without my turn to advance (T) 10. What moment, accepting immediately (T) 11. Removal of Republican-arranged by schoolmaster at end of story (S) 12. The 1st position by expert on Poland (S) 13. Lasting enthusiasm to take in books on road authority (T) 14. Power opens spring 80th time (T) 15. Carry young child easily at first (S) 16. Extra set split up before daughter becomes personally involved (S)

DOWN

1. Bargate humor finding fish higher in print (T)
2. Old academic flipped over introduction of standardized texts (S)
3. Pits each revolutionary's goal (S)
4. Experiencing a spell of good luck when student managed to teach toilet up (T) (S)
5. A moment and the describing student triumphs (T)
6. Relating to workplace movement of friars at a bank (S)
7. Maiden quitting a little flower (S)
8. Excitement of the 1st class (S)
9. Become extremely agitated and tense after literary (which letter (T) (S)
10. That baked dish included in South Carolina exhibition primarily as a fine example of his type (S)
11. Information turned over by the French court newspaper boss disregarded (S)
12. Think of length of Spanish gentleman helping to good health (S)
13. Of fundamental importance to mention diagram of identity alone at the front (T)
14. Unanimous by Italian leader engaged in diplomacy (S)
15. Copper meeting resistance from unanxiet (S)
16. Mostly American person's fame over time (S)

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WITH DREWEATTS

for a free auction valuation, contact:

Charlotte Ped | cped@dreweatts.com | 01635 553 553

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NEWSURY | LONDON

DREWEATTS

EST. 1739

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