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That's News

Business & Finance

★ Stock-picking funds continued to perform poorly, even in the age of artificial intelligence against their benchmark, passive-fund alternatives. Morningstar data show. A8

★ The resamped Whopper is helping propel a comeback for Burger King, which has been drawing down at a earlier rate than both McDonald's and Wendy's, and whose restaurant sales are growing faster. A8

★ Federal prosecutors co-arriving Mark Walker's businesses are focused on four entities that served as intermediaries between insurance companies he controlled that made loans to businesses that he also controlled. A8

★ Fares found that people who use social media for investment advice rate their investment knowledge higher than those who don't, but perform work on an objective knowledge test. B1

★ "The End of Oak Street" made its film box-office debut at No. 3, earning $21 million in domestic ticket sales. B2

★ Bookings into Chief Executive Glenn Engel added the voice to the public's disdain for the armament of the company friend, saying "you can't believe you ever bothered." B3

★ Many businesses—some still investing from being late to the artificial intelligence's know—are losing a chance to buy an insurance of quantum computing. B3

★ Everyday chases are such as Honda, Ducat and Toyota. Coaches of a certain vintage have become a losers to orators, which are uninteresting more policies on them. B1

Worldwide

★ NATO complains that down a drove that entered Romanian airspace and appeared to be Russian in origin, the second drawing of a drove it, it once airspace in three days. A8

★ Trump said he would substantially reduce joint military activities—and that it flows, trusting his "very good relationship" with North Korean leader Kim Jong Un. A8

★ The U.S. national overseeing the war with Iran visited the Abraham Lincoln as the aircraft's prior proposal to return home following an extended wartime deployment. A8

★ Iran accused Qatar of holding those of its air force pilots prisoner, deepening a mystery that dates back to the beginning of the war. A8

★ Russian teams in eastern Indonesia recovered six more bodies, a day after a magnitude 17 earthquakes, raising the death toll to 51. A6

★ Crown holders' sacrifice in eastern Belgium that has burned about 12 square miles in the region of a foreign nature reserve. A6

★ A Team of Builders overcrowded 330 million worth of gold during construction—a week at the site of an old Belgian brewery set to be used as a turntable shelter. A8

★ With Joe Robinson under house arrest, the future of Brazil's center-office movement over road control added six 40-year-old Flinic Robinson. A9

★ Dead: Taming John, 55, namesake of a pioneering sirlowe surgery that saved his bonded cover. A2. Box 8609, 20, now account of a 1970s Khmer Rouge torture center. A6

COMMENTS Dick Williams... 1997 Jim Dill... 1998 Dick Williams... 1999 Dick Williams... 1999 Dick Williams... 1999 Robert M. Stott... 1999 Robert M. Stott... 1999 Robert M. Stott... 1999 Robert M. Stott... 1999

At Least 6 Dead in Indiana Storms, Flooding

INVIGATION: Evacuees had belonging to canon in Indianapolis on Sunday after the White River had swollen to a record court following heavy rain. At least six storm-related deaths were reported in the state. A break in the rain is expected Monday. A3

Little-Known China Company Faces Scrutiny for Finding Iran

Hengli has denied accusations that it reported crude that was under sanction

Chinese leader Xi Jinping last year summoned dozens of leaders from the nation's top private companies to a new meeting, calling on them to help China navigate economic difficulties.

Sitting with luminaries such as Alkhdar's Jack Ma and DeepSeek founder Liang Wen-

feng, state media reported, was a 55-year-old man named Chen Jianhua, founder of a company called Bengli Group.

To the outside world, Bengli—which in Chinese means "normal strength"—may not ring a bell. But inside China, it has become an industrial juggernaut. With questions spanning postcolonialists, tortillas and engineering, it employs more than 300,000 people and records revenue worth of $500 billion a year—more than China or Beijing—as costing to the company's website.

By Patricia Kuwonam, Rebecca Frog, Andria Anne Roth and Chania Parra

It has also become a major importer of illicit Iranian crude, according to industry analysts, shipping brokers and the U.S. Treasury, which are proud salesforce to the company's refinery business this year, saying it bought billions of dollars of Iranian petroleum, Bengli's other businesses didn't face sanctions.

U.S. officials say Bengli is one of the biggest players in a vast ecosystem of "league" refineries in China that for years have been buying oil that was under sanction.

China's purchases of Iranian oil—mainly thanks to tougers—topped more than 250 billion last year, soaking up nearly all the country's expected prices, leaps and backstoking from theoutside regime, according to a March report by the U.S.-China Economic and Security Review Commission.

Please turn to page A3

Stock Pickers Perform Poorly, As Usual

Even with AI boost, just 27% of large-cap funds did better than indexes over year

By Jack Pritzke

Investment pros say AI disruptors has created a stock picker's market. They are still struggling to pick the right ones.

Just 27% of actively managed T.S. large-cap equity funds beat their benchmark passion-fund alternatives in the 12 months ended June 30, according to Morningstar data that companies release after five. That is actually an improvement over stock-picking funds' long-term record. In the decade through June, just 10% of active large-cap funds beat their benchmarks.

The fees on actively managed mutual funds have been a cash cow for investment firms for decades, but years of outflows from investors moving to more tax-efficient, and offers passive, exchange-related funds are weighing heavily on the industry.

"If you look at active equity mutual funds, they've had out flows every year consistently (over 20%)," said Matthew Bartolles, head of SPDR American research at State Street Global Advisors. "That's a losing trend only compared to the New York, here."

To recent Wall Street marketing and various materials, stock picking is still all the rage. Active managers argue that higher interest rates have ended the cheap-money tide that SPDR all holds, just as AI. Please turn to page A4

The 'Country Hicks' Who Refused $26 Million From AI

A Kentucky mother and daughter turned down a life-changing offer to build a data center on their farm, dividing the town

By ERIC SUSHANTER

MASTVILLE, Ky.—The offer arrived out of smokers just over one year ago.

An unknown company was escaping up Kentucky farmland, and few plots were more valuable than those owned by Botha Beef and her mother, his Buddlemen.

"The money would be life-changing. From Beef's farm, the company wanted 463 acres at $48,000 apiece. From Buddlemen's

nearby paces of property, it sought TI at $60,000 per acre. Together mother and daughter would collect $26.48 million.

At first the owners agreed. Then they discovered what their farmland—the farmland that their family had cultivated for nearly 200 years—would be used for a 2.5 per cent hypocrisical data center. That turned their answer into an easy one. No.

"Kick rocks and don't come back," Ram Phanor have to page A3

Probe of Dodgers Owner Tightens Focus

Federal prosecutors digging into Mark Walker's business empire are focused on four entities that served as intermediaries between insurance companies he controlled that made loans to businesses that he also controlled, people familiar with the matter said. Prosecutions and the Securities and Exchange Commission are investigating whether this

By Joe Wallace, Justin Baer and Margot Patrick

be, the chief executive of Guggenheim Partners who owns the Los Angeles Dodgers and various other businesses, or his companies committed fraud by concealing financial connections while borrowing

Two Guys Eat Around the World, Without Leaving New York

Buddies' plan to try every cuisine turns into a platform creating buzz and community

By Chris Ryan

After a year in New York City, Dillon Davis and Nichols Reff were told to with "corporates dog," the head-nation made that are a staple of and office lunches. One decision changed their palates—and the trajectory of some New York City restaurants.

In November, Dillon and Nghe

suggested the investment break out of their rut by working their way through the cuteness of every country in the world at local restaurants.

"We know that the beauty of the city was how diverse it is and how many ladies in subwalk there were, and Phanor have to page A27

billions of dollars from insurers he controls.

The main entities investigate torts have narrowed in on, the people said, are 600 Capital, Miami said, and the platform Guggenheim executives. Armistad Financial, an investment company that owns KipyTrust, a life insurer once controlled by Guggenheim and Phanor have to page A3

INSIDE

WORLD NEWS

Jean Llorraine business was making furniture. None, she helps drive a drone company. A8

U.S. comparable-store sales, change from a year earlier

Source: The Company

How Burger King Redid the Whopper And Beat Wendy's

By HILDEAN HANSON

To overhaul its signature Whopper, Burger King added a more-premium box, new experiences, a box to preserve freshness—and a corporate chef who had already worked laugh at chicken chaze Popcorn.

Decisions by Burger King's U.S. Head Chef Amy Alseron, who developed the Popcorn division sandwich that became a vital sensation in 2019, the renamped Whopper is now helping propel a comeback for the chaze. Burger King has lately been drawing down at a neither rate than both McDonald's and Wendy's, and its restaurant sales are growing faster.

After struggling for years, Burger King is gaining momentum in a rocky patch in the fast-food industry. Inflation-fortened consumers are watching their food dollars and eating more at home, while restaurants obtain a border-rating costs, particularly for food.

"A lot of people are saving money, is making back for the first time in a long time," Tom Curtis, president of the chaste U.S. and Canada business, said an interview.

Known for its three-girlfed food, Burger King has struggled for years with dedicated restaurants and menu mistakes, like a hand-breaded chicken sandwich that was said to make. Several large roundabout groups—and latest bankruptcy—as their profits declined and hundreds of locations closed.

Bottled and Broads International, Burger King's parent, has spent hundreds of millions of dollars to reverse fuel for declines, helping franchisees upgrade restaurants with orderings books and digital items boards, while expanding marketing.

This month, Burger King reported an 8.5% increase in U.S. sales—from sales over its most recent quarter, being a major business in the largest margin in at least two years. Phanor have to page A2

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A2 | Monday, August 17, 2026

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THE WALL STREET JOURNAL.

U.S. NEWS

Behind the Radio Is Save the Colorado River

Federal efforts aim to boost a waterway drained by drought and public overuse

By Joan Uura

After years of impasse between states, the federal government has stopped in to try to save the halogenated Colorado River.

The plans include a short-term fix for an ailing reservoir and longer-term efforts to keep the river flowing. It is another how effective these measures will be.

The Colorado River provides water for 40 million people and more than 2 million acres of farmland that drought and overuse have drained its reservoir.

The Bureau of Reclamation announced in April moves to boost water levels at Lake Powell, which straddles the border of Arizona and Utah. The reservoir was at risk of falling below levels needed to generate hydropower. Its dam helps provide electricity for hundreds of thousands of homes across seven Western states.

Officials channeled water into Powell from an upstream reservoir and cut planned releases from the lake by 35%. The efforts were to be working. Projections now show levels staying just above "maximum power pool" through next March, when the reservoir is expected to be its lowest.

Powell's problems have been exacerbated by exceptionally dry conditions this year. Second-low snowpack in many parts of the Rockies this year water deprived the river of needed replenishment. Run-off into Powell is now far below historic averages.

The dry conditions follow a "sacquinglingoff" that is gripped the region since 2000. Reduced river flows have

Combined storage of the two biggest reservoirs in the Colorado River Basin

Lake Powell's water budget

"Second overuse," "Garden that reduces current Sunnies, Sunnies of Warrensburg, 2022, image."

made it harder to meet the needs of states downstream of Powell, leading to more the upper deficits over the last 25 years.

To compensate for these deficits, officials have taken more from Powell. Years of drawing down the reservoir—and the larger Lake Mead—

have taken a toll. Last month marked a grim milestone: the combined volume of tank reservoirs hit their lowest level since 1957, when Glen Canyon

Daily inflows into Lake Powell

Annual consumption of Colorado River water by lower basin states

Torn people to 1000 (85%62,0.2%) PKU

Bans was still under construction.

While the recent federal actions offered a lifeline for Powell, they shifted water around

rather than addressing systematic deficits. Jack Schmidt, director of the Center for Colorado River Studies at Utah State University, likened the measures to overstaging deck drains as a making ship. "The ship continues to sink," he said. New proposals for the Bureau of Reclamation may do more.

The bureau is weighing in new houses the seven Western states that site on the river couldn't agree on a plan of their own. Upper basin states of Colorado, Utah, Wyoming and New Mexico have been forced against down basin states of Arizona, California and Nevada. So water supplies have shrunk, each side has invested that the other cut consumption.

On average, lower basin states have consumed about twice as much as the upper basin over the last 25 years. And while they have used less in recent years, it hasn't been seen as to break the system.

Under the new federal plan, the lower basin could have to cut consumption by up to 40% from allional levels.

Lower basin states have objected, including Arizona, which would be harder hit because of its lower rights to the river. "Each reductions would necessitate the lower water users and its economy," state officials warned.

The federal plan also calls for potential reductions in releases from Powell and voluntary conservation measures by upper basin states.

Agriculture accounts for more than two-thirds of Colorado River consumption and potentially offers significant savings.

Options include "more efficient irrigation, less water-immune crops and short-term following of fields," according to Michael A. Lester for use at the Pacific Institute.

Lower basin states now await details on how much they may have to cut.

U.S. WATCH

MUNICIPAL PASSES HAWAII: A vehicle drove past a downed utility pole dangling above Maradahua Highway Saturday during Hurricane Lala. The storm weakened to a tropical storm Sunday after its eyewall skirted Hawaii without making landfall.

VIRGINIA

Suspects Sought in University Shooting

Authorities were making additional people who fired weapons during a shooting at Virginia State University that left fire people wounded; police said Sunday, as a 79-year-old suspect remained in a factory and investigators sought to answer what happened.

Investigators were trying to determine what led to Saturday's shooting and if the others who fired did so or self-defense or if they were among the aggressors.

The shooting at about 130 am Saturday prompted a various initiatives and came as students were getting ready for the new school year. It happened near the university's Quad Annexes, where fire people with gunshot wounds were found outside campus demonstrate.

A suspect was found in a dentistry closet and arrested more than 14 hours after the shooting.

Carmen Harris, 19, of Huo rice, Va., was being held without fire.

—Associated Press

MISSISSIPPI

Tommy John, 83, of Arm Surgery Fame

Tommy John, who won 200 games during a 26-year big league career and became the first pitcher to successfully return following groundbreaking elbow surgery that later was named after him, has died. He was 83.

He died at his home in Bradenton, Fla., on Saturday night, spent Mike Maguire said Sunday. He had been in leagues save. On Aug. 8, the New York Yankees released a social-media post in which

John wrote that he wanted to say goodbye to friends and fans.

His career stretched from 1963 to 1969. The left-hander was 19 years old when he lost the ulnar collateral ligament in his pitching elbow in 1974, a death kind for pitchers' careers to that point. John allowed 83. Frank John to replace the ligament with a tendon from his right forearm. More than 2,600 big leagues are and thousands more area tours have since had UCL reconstructions, better because in Tommy John surgery.

—Associated Press

Inquiry Into Walter Is Tightened

Continued From Page One Walter, Bradford Allen, a Chicago-based commercial real estate broker with long ties to Duggenheim, and Malone Trading another Chicago firm.

Proceeds from the loans made by the insurers passed through entities purportedly controlled by each of these firms before being used to fund other Walter-linked businesses, the people said.

Walter and his businesses haven't been accused of crime.

"We have always acted in good faith, and instructions that we have to any may attempted to circumvent our obligations is simply false," a spokesman for TWD Global, Walter's conglomerate, said. "We are proud of the business that we have had and the value we have created for our clients, investors and shareholders."

Insurance companies, which invest policyholder promises in bonds and other debt investments, are allowed to lend to so-called affiliated entities—those with ties to the insurers's own — as long as the loans are disclosed.

Following questions from prosecutors about TWD's business practices, an internal reorganization issue $10 billion in affiliated loans that hadn't been properly disclosed.

Walter's empire is now seeking to raise money, including by restructuring or selling off assets. Last weekend, as of 10 o'clock, had another 140,000 lays led to Walter agreeing to

self the Los Angeles Lakers at a record $52.5 billion valuation, a rapid turn of events that came last one year after he bought the basketball team.

Pennsylvania' allowed an Malone Trading was reported earlier by Bloomberg News.

The investigation comes as regulators are starting to take more interest in the opaque world of private credit, which took off after the financial crisis of 2008-09 and has become a rival to banks in extending loans to businesses.

A big chunk of the money feeling that industry is coming from life insurers such as the ones Walter owns.

Walter, Morgan, and both his fortune as one of the founders of bond manager and investment bank Duggenheim in 2006, developed the firm engineer the purchase of several insurance companies holdied by the financial crisis and got them into private credit. In 2010, those insurers began to finance a series of investments controlled by Walter and his partners.

He led the group that bought the Dodgers in 2012, and has since acquired a collection of sports assets and investments, alongside his insurance operations.

Walter's insurers disclosed that investigations in June regulatory filings and the companies have a plan to dispose of the assets of the firm in the W. W. Waller-related investments by the end of 2026.

Selling the Lakers lived up after assets and collateral that Walter had pledged to finance the loan purchase last year, and that the company has announced remediation more more quickly. The Wild Street Journal reported: The surprise of the years' part of the initial plan is become compliant with regulators.

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CORRECTIONS & AMPLIFICATIONS

Elon Musk said Spacel will build exclusively on Nvidia chips because it thinks the Erin-Robin architecture is best. An Aug. 5 Business & Finance article about shares of Advanced Micro Devices incorrectly quoted Musk as saying "we think the Blackwell architecture is the best architecture."

A Page One article on Saturday about Cami Clark, the wife of Andreeger, 1250 Royal Amelia, incorrectly referred to James McClure as Jane Street's founder.

A profile of Joshua Kushner in Exchange on Saturday was written by Joshua Chaffin and Kate Clark in some volumes

the bylaws were incorrectly given as by Joshua Chaffin and Andrew Beaton.

World Liberty Financial now offers borrowing and lending through a partnership with the Intensity protocol. A Markets article in some volumes includes didn't make sure that while these features

aren't yet available directly through World Liberty's own application, they are offered through the partnership with Solomon.

Sales at अध्ययन retailers rose by 0.9% in June from May 4. U.S. News article on Saturday about retail sales incorrectly stated that it was by 7.7%.

Smokers can start The Wall Street Journal to any errors in news articles to smoking. www.smarts-journal.com or by calling 888-752-5474

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THE WALL STREET JOURNAL.

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Monday, August 17, 2020 | A3

U.S. NEWS

At Least 6 Are Dead In Indiana Storms

By Jemmy Cures

At least an people have died in Indiana as a series of storms led to historic flooding in the Midwestern state.

Heavy rain over several days was an eight-part flooding along the White River, which flown through Indianapolis and central and southern Indiana. Early Saturday, the crew crossed at nearly 25 feet in central Indiana—superficial, a record set in 1915, according to the National Water Protection Service.

President Trump approved a request for federal assistance sent the weekend, state officials said. The Indiana Department of Homeland Security said at least six people, including a 4-year-old boy, and an 80-year-old woman—have died in storm-related incidents over the past week.

In Hamilton County, north of Indianapolis, officials said the state's storm was occurring to recede as they began recovery efforts across cities in the area. In Noblesville, Ind., where the White River flows through the city's downtown, more than 550 residents had raids were affected by the flood, said Mayor Chris Jenner, the Saturday in General, Ind., emergency officials relocated about 40 residents from their homes amid flooding and helped move residents and shift from a senior living facility, Mayor Sue Pinkson said.

Heavy rainfall has moved around from the Midwest to the central Agadachias, the National Weather Service said, bringing the threat of flash flooding to West Virginia. Two 4 inches of a 2-foot fabric as of late Sunday morning in part of central West Virginia, forecasters said, with flash-flood advances lasting through Monday morning.

Heavy rain began to pour over Indiana last week, with more than 11 inches falling over two days in some areas, according to data from the National Weather Service in Indianapolis. Much of central Indiana was under flood alternative Sunday morning. Dry weather will stress Monday before possible thunderstorms. 1 in. high, 1 in. low, 1 in. high, forecasters said.

After that 70 residents of Indiana's National Guard and desirous of other state officials were asked to take response efforts, the governor's office said Saturday, Indiana Fire-Mike Evans said the storms and flooding have destroyed homes, basically, and upsurvived, and caused power outages for hundreds of thousands of residents at their peak. He declared a statewide emergency Thursday.

In the state's state Monday, officials concluded 50 water miners and one man were transported to the hospital, according to the Indianapolis Fire Department.

Baltimore Kicks Its Blight to the Curb

With public funding and local investors, homes are rebuilt a block at a time

By Nicholas D. Micco

BALTIMORE—With its boarded-up windows and gently facade, the vacant building didn't seem like the kind of house that would prompt a bidding one.

But after competitors obtained what he had wanted to pay, Chris Walden, a plumber and part-time property investor, voluntarily raised his position card to offer $45,000 for the chance to fix up and then resell the property. His winning bid, a bargain used to housing prices elsewhere, was stoop compared with what Baltimore's vacant homes used to command.

The purchase is part of one of the most improbable overall in Baltimore's history and his way of America's beleaguered housing markets. Thousands of Baltimore vacant homes, which for decades dropped down neighborhoods and repelled investment, are now in demand.

While net every neighborhood in participating in the city's housing recovery, the demand has helped Baltimore curb's savory. By nearly a third over the last decade and jump-started plans to eliminate the problem entirely for 2020.

The city and state have committed unprecedented levels of funding. Nonprofit developers have adopted a strategy of re-habilitating entire blocks at once, and crime has plummeted. But one firm is increasingly critical in Baltimore's turnaround: the affordability cross everywhere else.

Housing curbs in Maryland and on the East Coast have made Baltimore's local homes far more attractive, giving investors and community developers the demand they need to take on complicated refutes.

Baltimore's median home price is $105,000, compared with $381,333 nationally, according to 2020.

The day after the auction, Walden visited his new asset for the first time. "What did I get myself into?" he asked, holding kitchen equipment, furniture, clothes, bottles, a family picture, and wooden plumb with nails pointing upward costing the floor. The plan spend $100,000 and five months fixing up the property and call it for one $300,000.

For decades, Baltimore owed the intracellularly of its housing costs to simple economics. It costs more to rehab a vacant home than that measured home could be selected. Since nearly one homes become crumbling, built, towering property values, sparking fees, housing crime and disbursing investment.

In the last few years, city and state leaders have launched a $5 billion plan to eliminate vacancy, offering subsidies for nonprofit devel-

Many vacant Baltimore homes are now in demand. Below left, Brea Jones, founder of nonprofit developer Parity Homes. Below right, Alex Kovach and Ella Miller with their call, Micco, inside their newly renovated Johnston Square apartment.

opers and home buyers and repair grants for homeowners. "Vacant housing was everywhere," Baltimore Mayor Brandon Scott said in an interview. "When people use a bunch of vacants, no one wants to live there. No one wants to invest there."

A number of postindustrial cities, including Detroit and St. Louis, have attempted similar strategies to reduce blight, but Baltimore's recent progress stands out. For decades, the number of vacant homes hardly moved from 16,000 New, that number has fallen below 12,000.

The uptick in home homes started during the pandemic, when low interest rates down capital into the residential market, driving up prices and helping conversion, property pencil out. Even after rates rose, home demand continued to Baltimore as home prices skyrocketed elsewhere.

Alte Sports, formerly of Los Angeles, moved back to her native Baltimore. She and her family bought and moved into a vacant home refurbished by nonprofit developer Parity Homes. Baltimore used to address its vacant issue on a citywide basis, upholding funds across

Median home sale value, select cities.

Note: There are 4 top, 1, 2, and 3 top, the median sale price for next month, the median price of the city's home market is $5 billion.

neighborhoods. Vacant homes breed more vacant homes nearby, and going one by one, the city couldn't keep up.

Instead, public officials and nonprofit developers are taking a "whole-block" approach, gaining control of as many properties as possible, rehabilitating them and taking community policies and strengths. Being so as to invest a vicious cycle into a virtuous one.

That process has been most successful where there are another assets to suggest demand. Ella Miller and Alex Kovach

bought a home in one such area, East Baltimore's Johnston Square, where nonprofit developer BAPOLD Micro has baked the number of vacant homes in recent years. The neighborhood is close to downtown and John Hopkins Hospital, where Miller works, and to unknow, light call from stations. "Johnston Square is at the perfect location," Kovach said.

But the city's concentrated investment strategy means that some neighborhoods meet in need of attention have received very little. Carrollton

folge in southwest Baltimore, with historically some of the highest homeside rates in the city, still has about 700 vacant homes. 40 more than it had 10 years ago. "It's not getting any investment when it comes to vacant housing," said Deveris Hannah, a community leader. "You're looking at a community with nothing."

Even in the neighborhood that are receiving investment, continued progress could become more difficult. Merchants are sweeping in, seeing an opportunity to buy a kind for cheap and wait for home values to rise, said Brea Jones, founder of Parity Homes.

Still, Baltimore residents in the horizontal neighborhood report a new feeling in the city. For Regina Hammond, a resident of over four decades in Johnston Square, the change is hard to believe.

A community quality has replaced a drug market, a heavy steady where an unofficial dumping ground once-conducted milk exists, and formerly deserted blocks now have families moving in.

"There was nothing but cows and cows of boarded-up houses," Hammond said. "Now it's a whole different story."

Desperate Patients Turn to AI to Solve Medical Mysteries

By ALEX JOHN

Patients with rare diseases often spend few years or more on a long term basis, with artificial intelligence is helping some get answers faster.

Rachel Hinkes long wondered why her son, Oliver, wanted to do training for a growth milestone, including growth and working hours. He consistently tracked between the men and five percentile for height. At age 26, he wasn't more than 4 feet tall. Doctors have a new line. He would catch up Hinkes wasn't convinced.

Last year, she uploaded Oliver's partner into the California, an AI study for a large number of healthcare professionals that uses facial analysis to flag rare genetic disorders. A strong match came up for the first year of training for the largest syndrome, or TRPS. The condition can cause fever or joint issues that lead to pain and problems with movement.

Genetic testing and clinical consultation confirmed the results of a study by Dr. Hinkes had TRPS, too. "I screamed. I was like, 'Holy

Fidji Sims, an left, has been public about her battle with POTS, 40 right, Rachel Hinkes's 10-year-old son, Oliver, was diagnosed with a rare genetic disorder using facial-analysis technology.

crap! We finally have an answer!" said Hinkes, who lives in New York's Long Island.

Patients and families are turning to AI to help pregnant conditions. AI can be especially adept at flagging potential care and lead to diagnosis diseases, which may otherwise go undetected for years because doctors don't often see them.

Tracy, an left, has been public about her battle with POTS, 40 right, Rachel Hinkes's 10-year-old son, Oliver, was diagnosed with a rare genetic disorder using facial-analysis technology.

"I have been a little slack. I am a couple of times by the difference!" AI has made in helping to quit uncommon conditions, said Dr. Sarah Dickman, a doctor who specializes in a subset of nervous-system disorders like Postural Oeductosis, Tachycardia Syndrome, or POTS. "I've seen patients who've had this for 50

years, and I was the first person to diagnose." Now, she said, patients who identified POTS with the help of AI risk factors are training to be within months of their first symptoms.

Fidji Sims, the former chief executive of Amherst, has been public about her battle with POTS and stopped down from her post as OpenAI's No. 2 executive in July, citing her health. In an interview with The Wall Street Journal, she said she believes today's AI tools would have helped her get a diagnosis, which took roughly nine months, more more quickly.

"I was a textbook case, and doctors should because they were just so focused on the fact that I had had a tough pregnancy," said Sims, who first started having symptoms after giving POTS to her daughter in 2010.

The has used ClarifyT to analyze the results of her whole-genome sequencing, gather information on experimental treatments and build more patients who have can with her doctor. Sims, who is still a part-time adviser

at OpenAI, founded a new company focused on research on biological drivers of conditions like POTS and matching patients to drugs.

Data-center-driven diagnoses can be even more accurate than doctors! In a study published last year in a 16MM journal, researchers took 60 complex rare diseases cases that had already been solved and tested AI chattels! abilities to suggest the right diagnosis. The two chattels got the diagnosis right in 25% and 10% of cases, respectively, compared with 5.4% of cases that doctors had diagnosed through a review of patients' medical records.

AI can be especially good at finding patterns, such as links between physical features in medical imaging and words in medical literature or rare reports, doctors and researchers said. That can help quit rare diseases, especially in result of nonspecific clinics where doctors may be confronting them for the first time, said Dr. Matthew E. Hanna, a former journalist who chairs the College of American Pathologists' AI committee.

AI may help provide suggestions for three about what types of tests to run, or what potential treatments could help plasma added.

Yet there are limits, doctors said. Clinical genetics in Dr. Alan P. Prog, who helped confirm Hinkes's family's diagnosis, said he took still under mistakes and are better at providing possible funds, indicating complex medical angina and compiling research that making diagnoses.

"It was time much faster than we can across many more spaces," said Prog, who is director of advanced diagnostic and therapeutics at the New York Center for Rare Diseases. "But for data synthesis, there has to be a manual human view."

The broader problem with AI in non-disease diagnosis is that existing tools are only as good as the data they are trained on researchers, doctors and nurses said. There are fewer data points, including case records, tissue samples and images. So rare diseases than more common conditions. Those that do exist aren't often well digitized.

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A1 Monday, August 17, 2016

THE WALL STREET JOURNAL

U.S. NEWS

Democrats Try to End Internal Squabbling

Party is seeking big-cent approach and to move past the USA summer

By Kim Thomas

AUSTIN, Texas—Former Virginia Gov. Terry McAuliffe saw the recent headlines about turned within the Democratic National Committee and had a internal reaction that complaining and got to work.

McAuliffe, a former chairman of the DNC, called on Democrats to focus on their opportunities for winning back power in the November election as a time when President Trump has struggled with soft approval ratings and Republicans are clinging to their new new majorities in Congress.

"Though of the hand-wringing through of the bemeenancing, We are in the best political position we have been in a decade," McAuliffe said in an interview, a message he delivered in a speech to the DNC's summer meeting Saturday.

Emerging from the "BNA summer" dominated by headlines about hard-left insurgency, Democrats are trying to prevent a later focus on coming midterm elections and a big cent approach as the primary means comes to a close-faced across the nation ex-

posed divisions between progressives and Democrats socialists who have energized primary voters, and center-left establishment Democrats who are wary of their left-wing proposals.

Republicans have pointed to the wins by candidates who already with the Democratic Socialists of America, including six men in New York, Colorado, Michigan and elsewhere—as evidence the party in its radical to be treated as power.

House Speaker Mike Johnson (R., La.) has warned that voters would need to choose between common states or the "dangerous, deadly road of communism."

Democratic Party officials were gathered in Texas that past week to complete their election schedule for the 2016 presidential primaries, which passed Saturday on a vote vote. That effort has been overshadowed by months of worries about the DNC's financial outlook and debt level, questions about DNC Chair Ken Martin's willingness to work with party donors and to make media appearances.

Martin's decision to release an incomplete internal "an injury" of the 2016 elections to May called into question his leadership among national Democrats, and the chairman-based more questions in July, when media reports described

tensions with the DNC's headquarters, including a New York Times report of Martin throwing a phone at a DNC aide's desk, prompting a two-mile extension campaign.

Martin, in an interview with 800 lines along the meeting's sidelines, denied the accounts. "He has said of the day, what we are focused on right now is decreasing all that noise and actually focus on the elections in 80 days," he said.

Martin, during one appearance before members, recalled his disillusionment with the late Sen. Paul McWorson of Minnesota, his political minister, when McWorson supported the 1994, Indiana or Maryland Act, which defined marriage federally as only between a man and a woman.

Martin, who rose through the ranks in political positions in Kansas and Minnesota, said that one-time disappointment with McWorson was instructive. "We don't tell people they can't belong because they have a different opinion. We don't push people out because they don't accept the norms," Martin said. "Yes, it means it's never I don't agree with everyone in the party of the time."

McAuliffe said in his address that he often bears plenty of talk about issues—USA, liberal, moderate, progressive, central. "I want to hear the word 'Democrat'

Vice Chair Royce Walters-Morgan, left, and Chair Ken Martin at the DNC's summer meeting

That's who you are."

Some DNC members suggested that winning would make sense of the party's sense at the end of Trump's second term.

"Voters don't care about internal qualifiers," said Revine Walters-Morgan, a DNC vice chair. "What they care about is how are we going to get rid of this administration?"

These were signs of friction along the sidelines. Members of the DNC's Mark Carran present Martin to devote money to fund get-out the work efforts in addition to the regular payments to state parties. "Mr. Chairman, the money must match the message," said Charles Staton, 30-yearly vice chairman, after Martin swapped up his remarks to the group.

DNC officials say they have made historic investments into reaching Black and Latino voters, including through-promoting that strengthen voter infrastructure in southern

states, help register voters and increase organizing of voters around the country.

Martin received a show of support among the members, which include state party chair Ken, other aides, who noted that the DNC has raised more money in recent months than it had raised during the same period in the 2017/18 year, when Democrats were out of power during the start of Trump's elections.

"We've worked harder to convert cash into political assets rather than rent, rather than handing that cash in life," said the chair. "We've been able to do this habit all across the country in 2016," said Chris Lowe, the DNC's finance co-chair.

Still, the DNC ended in a move to drive the DNC's debt and more than 200 million in cash on hand, according to the most recent data available, and has been saturated by Republicans, who have the

benefit of holding the White House. The Republican National Committee ended June with 1,020 million and no debt, according to federal filings.

Martin said he would be "foraging at the 'dangerous' means" to help with fundraising ahead of the November elections. He didn't elaborate.

During laboratory meeting, the DNC ratified an overloaded presidential calendar of early January, 2016. "What will be kicked off by South Carolina on Jan. 22, followed by Nevada on Feb. 1, New Hampshire on Feb. 15, Michigan on May 22 and Virginia on Feb. 28.

The calendar was approved over the objective of DNC members from Iowa, which held a round 10 in its last party's summation process for several feet one to unison diminished following a botched Democratic vote-counting effort in 2020.

How Trump's Ballroom Description Evolved to Focus on National Security

By Wici Hauze Ben Lurton Bannister

WASHINGTON—President Trump's vision for a White House ballroom detection has been that a decade this argument that it is "rink to our national security," which call unaided Friday in an appeal to the Supreme Court, or far more recent.

When Trump announced last year that he was demolishing part of the White House to make way for the project, he listened to a number of aesthetics and space.

"I will be a good legacy project, and I think it will be special," the president said, "that day." I think it will be re-ally beautiful.

"Trump will not find any many others until it was addressing for a nation of the U.S.'s stature to have to exert temporary tests for large events. "When I come, it's a disaster," he said. "And that's not a hundred (enthrust) more than a football field—once from the main entrance, and people are undergoing down to the tent. It's not a pretty night."

Trump raised the ballroom idea as 2001 in a private above call with limited interest, then senior advisor to President Barack Obama. The conversation came in the midst of the Deep-water Horizon oil spill, and Trump called to suggest he could help after limited project declined. Trump offered to build a White House ballroom. "They turned it down,"

Trump said on the campaign visit in 2016. "I was going to put up $500 million to build a ballroom at the White House, because having a tent is not that good."

In a signing ceremony shortly after returning to office last year, Trump said he had been rehabilitated on the following "there is free time," including during the Biden administration, but piled that he would be more receptive to his own proposal now that he occupied the White House. "I'm going to try and make the next to the soil, you know," Because we could see a big-gar room," he said.

While House news created on the project started the need for "a large event space on the White House complex that can hold substantially more guests," it said the Secret Service "will provide the necessary security enhancements and modifications."

Construction began in September, and the demolition of the East Wing were followed. The first major legal challenge was filed in mid-December.

An early Justice Department legal submission cited the test issue and emphasized the possibility role on "the sole organ of American foreign policy," requiring him to be able to receive ambian-

ders and other public ministers in an appropriate setting. "It is entirely fitting, then, that the presidential residence and workplace be equipped for that purpose," the government said. "Given modern needs, the White House is not."

In January the administration's legal arguments on security were growing, with its law also campaign that adding the construction project midstream would endanger the safety of the president and others who work in the White House as a result of deputy Director Matthew Gahan added.

In a court declaration that a part of a party's existence for extending policies and holding events would "also increase the safety and security of all attendees at these events, including the

President and foreign leaders and dignitaries." In June, Martin, Trump abused Air Force One shared challenges of the project and emphasized the security of people that he said came at the request of the industry. "They wanted additional security, those good reading, and reinforced plans," he said. "And—an fortunately, we're living in an age where that's a good thing." Two days later, U.S. Judge Richard Lowe ordered construction of the ballroom to halt above ground, unless and

until it was blessed by Congress. The Justice Department quickly appealed, and construction has been allowed to continue in the interim.

House after a shorter attempted to break into the White House Correspondence Association District in late April, Trump said the incident understood why the ballroom was a security necessity. Administration lawyers, meanwhile, that month offered an appeals court an unusually detailed window into subcontractors' planning as part of that bid to save the construction.

More recently, Trump has posted conditions on social media of what purports to be the ballroom's next filled with drivers, trucks and visitors. An appeals court this month said the fact remained that Trump didn't have the legal authority to build the project without compromising on the project, adding that the administration didn't make such sweeping security claims earlier in the litigation. Still, the court passed its ruling from the Supreme Court for the next to the office of the White House a chance to go to the Supreme Court.

While the administration did no Friday, in lawyers rated a string of incidents as poor that "the updated East Wing complex is absolutely required."

In a Friday night social media post, Trump referred to the ballroom project as a "military complex" and a "drugged" government National Security structure for the people of the United States of America.

Stock Pickers Lose Again

Continued from Page One As yet to must hope winners and losers, making security selections crucial.

Conditions have shifted to favor active investing." T. Bates first-declared Alzadeh "active stock selection will be increasingly important," James Henderson said. "Finally, active managers can participate and join the positive memorandum," Jefferses 2002 Bob Bandke said in a recent letter to clients.

Those predictions have been correct, to an extent. Stock-market dispersion—or the divergence in performance

between individual stocks in the same order, is a natural to the highest level in decades' this year.

That should there actually make it an ideal environment to beat the sales order, investing

by picking winners.

But the SAP 500 and Nasdaq 500 are weighted by market value, and outsize gains from a handful of superstar companies continue to drive returns.

The SAP 500's 10 largest companies represent more than 40% of its value, according to Brian Jones Market Data—the highest concentration since the 2000s.

Many active managers are uncomfortable making how that concentration, especially since nearly all of the value is tied to the technology sector.

"That amount of concentrations is hardly viewed as too much as most problems," said Holly Pramboli, head of product group at Capital Group, one of the largest active fund managers. "It's really important to recognize that if you

get the direction of travel on that future wrong, the risk is sustained.

Investors should consider the potential future and the total portfolio risk in their portfolios when comparing active and passive results, Pramboli said.

U.S. sales tracking funds patted even with active funds in total assets for the first time in 2020, according to the Investment Company Institute, and now held almost twice as much money.

That is a lot on from the non-financial crisis landscape in 2007, assets in active equity funds outnumbered those in passive strategies by more than 1 to 1.

Still, the proliferation of massive funds that truck nearly anything, from total-market indexes to small subsidiaries, means playing a individuals and institutions one each funds as tools to make

13% Percentage of large-cap funds that beat benchmark in last decade through June.

their own active decisions, like going overweight on a specific theme. Lowe could passive ETFs continue to hit 25 million in net dollars for the first time this year, underscoring the dominant role

they play in portfolios.

Bonds have been more of a single spot for fund managers. Active intermediate care bond funds, the largest category, are the 15% more than 10% of the remaining investments over the past year, and a majority have done so for three years running, according to Morningstar, active bond and the ETFs have been growing faster than passive funds.

Investors considering active management would have to look beyond large-cap stocks, State Street's Bartolini added.

"You can go get stock-marked into the with ETFs in a very low-efficient and low-efficient manner, and then use your active budget elsewhere where there might be more opportunities, like fixed income," he said.

Active bond success rate by Morningstar category

Note: These are averages of active funds that are performed using a data-practice basis, not of them, and are based on the results of the company's data. The company is not a company's data.

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THE WALL STREET JOURNAL.

Monday, August 17, 2020 | A5

U.S. NEWS

Commander Visits Aircraft Carrier Crew

Stop comes amid reports of poor living conditions after a long deployment

By Smaze Rusunov

The U.S. admiral overseeing the war with Iran visited the USS Abraham Lincoln on Saturday as the aircraft carrier prepares to return home following an extended wartime deployment, according to U.S. Central Command.

The visit by Compom commander Adm. Brad Cooper capped a 10-day trip that also included visits to Bahrain, Iraq, Israel, Jordan, Saudi Arabia, and the United Arab Emirates, the command said. The trip to the Lincoln comes amid reports of poor living conditions and come crew members struggling with their mental health following a nine-month deployment without port visits.

The Lincoln played a key role in the U.S. bombing against Iran and has participated in President Trump's continuing blockade of Iranian ports. It has spent more than 200 days in a combat zone and has launched more than 10,000 sorties, said acting Secretary of the Navy Hong Kong.

"The Lincoln Carrier Strike Group is a strong team of high-achieving Americans standing tall with immense, justified pride in everything they accomplished," Cooper said in a statement. "History will record this deployment as one of the most operationally intense and consequential of the modern era."

Lusmanies have expressed concern in recent days about reports detailing a lack of fresh food and personal supplies aboard the carrier, as well as plumbing barings and mental-health problems. A U.S. official confirmed that a person went overboard the Lincoln in early August but was quickly rescued.

Senate Democrats demanded answers from Defense Secretary Pete Hogarth in a letter released Saturday, saying there was "mounting evidence that conditions aboard the carrier have deteriorated to the point that the safety and wellbeing of its crew could be compromised."

Hogarth has lashed out at the reports of poor conditions, calling the issue "completely misrepresented." Trump also has played down concerns about the ship, suggesting that the lengthy naval deployment in the Middle East was "not nearly long enough."

U.S. officials say the conditions aboard the Lincoln aren't unusual for a wartime deployment but acknowledge that months without a port call can weigh on sailors and Marines. Typically, aircraft carriers pull into port to resupply and give the crew a chance to rest and regroup for several days—something the Lincoln has been unable to do since the four war kicked off.

The Navy has said that the ship isn't experiencing an uptick in mental health issues. Can said "a small number of mental-health cases were treated with no loss of life." Can also said that phone calls by sailors aboard the Lincoln were limited when the operational threat was too high, and that local plans were adjusted when a resupply was unavailable but that no meals were missed.

Cooper, a four-star commander who is one of the most decorated officers in the U.S. military in a career Navy Surface Warfare Officer who has served as every military theater of operations. He has spent the past several years in leadership roles in Centcom, including serving as commander of U.S. naval forces in the region.

Cooper has advocated for a more forceful response to Iran's attacks in recent weeks, pushing to go beyond the smaller retaliatory airstrikes that have done little to deter Trifon from threatening ships in the Strait of Herman and lobbies missiles of American forces in the region, The Wall Street Journal has reported.

Reluctant to resume all-out war, however, Trump has shifted back to economic pressure, adopting a wait-

and-see approach that would give financial sanctions and a U.S. naval blockade of Iranian ports more time to inflict economic harm, the Journal has reported.

Hogarth said last week that the blockade could be held "indefinitely" and that the U.S. would rotate ships in and out as needed. "We'll hold it as long as we need to," he told reporters.

A prolonged blockade is likely to put more strain on naval ships and the sailors aboard them who are operating at a high tempo with little rest, according to some U.S. officials.

Centcom commander Adm. Brad Cooper, above. Right, crew on the USS Abraham Lincoln this month.

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A6 | Monday, August 17, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

Iron Age Missing Pilots Are Held in Qatar

Planes shot down during an attack at beginning of war; Doha denies claims

Re Baumi & Recent Ann-New Press

Iron accused Qatar of holding three of its air force pilots pressure, deepening a mystery that takes hand over beginning of the war.

Just three days into the conflict, Qatar said it had shot down a pair of Yankee Siding. As an American man were threatening its airspace.

Both sides agree that the

body of one crew member from the two-person jets was recovered, but the other three crew members have never turned up.

Iron men says they are being held by Qatar as prisoners and is demanding the release. The military's missing personal commuter wrote to the head of the International Committee of the Red Cross asking the organization to visit the pilots after waving its own efforts have been refuelling by Qatar.

Qatar's Foreign Ministry said Saturday it isn't holding the pilots. Spokesman Maysil Al Anzari said in social media that Qatar met search-and-recease teams to look for the crew members after their planes

were deemed and found the remain of one of the pilots.

Qatar also invited Iranian officials to visit and be briefed on the details of the search and rescue attempts, but Iron didn't respond to the invitation, he said.

The categorically deep the claims circulating regarding the detention of Iranian pilots was are surprised by these misleading statements at this particular time, amid the ongoing diplomatic efforts and initiatives aimed at developing tensions in the region," Anzari said.

Qatar has been a key mediator in the future round of talks between the U.S. and Iron aimed at respecting the

Strait of Merman in exchange for an outing of American economic pressure.

These talks have stalled amid demands from Iran's hostil-line leadership and U.S. reluctance to take the look that doesn't involve an unimpeded opening of the wares' war, a chokepoint for 25% of the world's oil.

The new dispute over the pilots highlights the lack of progress amid a deepening economic standard.

Iron over its pilots on number of attack missions during the war, putting its collection of unidentified warplanes up against the modern jets and air-defense

systems deployed by the U.S. and its Arab allies.

Many of Iran's jets date back decades to the time of the Shah. The 3a-24 Russian official borders entered service on the early 1970s and were last produced more than 10 years ago.

The Trump administration has hanged about destroying Iran's air force, but it was never much of a contest. The police routinely counted during training exercises well below their could get jets a light. Others were picked off in the release.

The weakness had Iran to focus on the ballistic missile program it has used to pound

U.S. bases and targets across the Gulf.

Govt the failed equipment, Israel was surprised when Iran was able to get off a strike on Kuwait during the war. The 10-year-olds—ex 9.5 planes, an Israeli military official said in June.

Iranian state media-detailed the attack worker in the war, saying the jets flew at low altitude to avoid defenses.

The U.S. military has said attacks by Iranian anti-uking with drivers and misidiscrimination to the crowded days and fog of war when the U.S. is the first airborne by friendly fire over Kuwait in March.

Refinery Is Bankrolling Tehran

Continued from Page One

Hengli and other similar Chinese companies are able to buy the oil at a steep discount to market prices, freezing profits.

Hengli didn't reply to requests for comment. It has previously said it complies with relevant regulations in the regions where it operates, has never engaged in any trade with Iran and that its suppliers have provided similar acquisitions.

In a bond prospectus, Hengli said its crude oil is mainly sourced from the Middle East, including from Saudi Arabia. The oil is compared it didn't name.

Chen, Hengli's founder and chairman, is now one of China's richest men, with an estimated income of $20 billion, up from $2 billion around a decade ago, according to Forbes. His wife, Fan Hongwei, who claims the petrochemical and refining business, has a net worth of over $5 billion.

People familiar with the company's operations say Hengli has been buying untrusted oil since at least late 2020, with purchases expanding after Russia's emission of Ukraine in 2022. It turned to cheaper untrusted crude as part because its petrochemical business has a heavy debt load, they said, and often heavily oil Russian and Iranian crude, sometimes buying at up to a 25% discount to market prices.

China's Commerce Ministry publicly told the company. May not to comply with the U.S.'s blackfeeling of several Chinese refineries, including Hengli over alleged purchases of Iranian oil.

The oil Hengli buys is a drop in the bucket for China, which has imported more than four billion barrels annually in the world. The oil Hengli trains the big opportunities for businesses that are willing to circumvent international sanctions.

Purchases by Hengli and other majors also explain how China continues to grow in financial lifeline to Tehran.

An aerial view of a Hengli Group petrochemical industrial park on Chongqing Island, in China's northeast.

Unlike China's better-known auto-owned firms, which generally steer clear of sanctioned oil to expected access to the U.S. but global financial system, China's more than 200 largest refiners have minimal need for dollars—and therefore less to lose if they get sanctioned.

The Chinese government didn't reply to requests for comment. China's Foreign Ministry has previously said it is unaware of any oil trade between China and Iran.

It has also said it firmly opposes what it considers to be "illegal and unreasonable unilateral sanctions," and would do whatever is necessary to protect China's energy security.

Chinese state media has attempted Hengli's accomplishments in China and Iran, saying they transformed a small textile factory into the country's third-largest privately owned company through hard work and business savvy.

Hengli eventually expanded into other entities, including polyester, which required petroleum-based raw materials such as purified terephthalic acid that China imported from abroad. Chen and Fan decided it would be better if Hengli made PTA itself—which meant building its own major refinery.

Hengli picked the owners in kind of Changping, in China's northeast, to set up operations, distributing the project, China's cabinet publicly called

Clandestine Cargo

A shipment of clandestine was loaded onto a vessel at Iran's Chang Island in December, then transferred to its ship called Seeker 8 that appeared to use deceptive practices, when it unloaded the oil at Hengli's refinery in January.

Sources: Traficated Mail from Intelligence, Open

on local officials to help Hengli launch construction as soon as possible.

Hengli's investment was well-timed. For years, Beijing had restricted privately owned refineries from reporting crude oil. Although imports could source businesses do mostically from state-owned powerhouses such as Sinopec

and China National Petroleum, margins were thin and production capacity was low.

But in 2015, to enhance competition, Beijing started giving imports more freedom to either petroleum sources from abroad. Many moved into buying homes of after President Trump started tightening sanctions in 2016,

some analysts said.

Between 2007 and last year, China's imports of clandestine are estimated to have more than doubled to roughly 3.4 million barrels a day, according to Kjær, a community research firm. Practically all the country's Iranian imports were handled by imports, the Treasury said.

In April, the Treasury sanctioned Hengli's refining unit. By then, the company's petrochemical and refining industrial park on Chongqing Island was one of China's five largest, operating air area spanning 0.3 square miles, with annual revenue of $10 billion.

Hengli blasted the move by the Treasury, saying it "revolvedly opposes each private sector" and said "illegal unilateral sanctions" imposed by the U.S.

The Treasury and brokers in the industry said Hengli has been re-sold behind oil cargoes from a host of shadow-fleet vessels, including three ships sanctioned by the U.S. that alone have delivered over five billion barrels of Iranian crude oil since at least 2023.

One vessel on oil tanker called Seeker 8, dropped cargo off of Hengli's refinery in January, ship-tracking data suggests. Earlier that recently, Seeker 8 was removed, two million barrels of Iranian crude from another vessel, which had picked up its cargo at Iran's Chang Island in December, and it was in effect.

Using data from Starboard Machines Intelligence, a geospatial shipping analysis firm, The Wall Street Journal found that Seeker 8 approached Hengli's pre on Changping Island on the morning of Jan. 27. Then, from just before 7:30 a.m. that morning to about 1:45 p.m. on Jan. 30, it stopped transmitting its location, a common tactic used by shadow-fleet tankers to obscure their activities.

Less than five minutes after its location data revealed, the vessel reported a change in the size of the cargoes, how deeply a boat site—of nearly 30 feet, which is consistent with a loosely taken tanker having unloaded its cargo, and Starboard Machine Intelligence said Jan on Wang, chief operating officer of superofficers.

There months later, in April, Seeker 8 was one of 10 vessels and was used by Washington for transporting Iranian oil and petroleum products. This summer, it began broadcasting the same facts, ensuring the date of the ship's shipment is 2016 as an apparent effort to keep operating under the code, Bengau said.

A Company, China-based company that manages the boat for its owners, according to data provided, is likely to respond to requests for comment.

WORLD-WATCH

INDONESIA

Quake's Death Toll Rises, Targeting 50

Rescue teams in eastern Indonesia—increased six more bodies Sunday a day after a magnitude 17 earthquake, surging the death toll to 50 million lives total, in thousands of the placed people spent the night outdoors in fear of aftershocks.

Riseovers dog through debris looking for anyone looking around landslides triggered by the quake across an expansion on Flores, a person nearby Catholic signed in the Muslim-majority country. Rescue officials said more than 400 homes were in the state and 400 more damaged.

The quake occurred at a depth of 6 miles shortly before it was in Saturday, the U.S. Government survey said.

Authorities have since recorded at least 995 after-shocks, but only 40 were felt by residents, and 46/68 life-harc the National Disaster Management Agency's chief for some of the damage to dog that 100 people were injured.

Associated Press

GETTING A 120 120-150 Cargo from across Europe competed Saturday 6: an annual race in Vilnius, Lithuania. The dogs also tested for the 'smartest' need and the modest bark.

BELGIUM

Wildfire Engulfs Nature Reserve

Firefighters battled a wildfire in eastern Belgium Sunday that has burned about 12 square miles in the high. First, a large nature reserve. About 600 residents in

Warsley and Bütpenbach, in Liege province near the German border, were told to evacuate Saturday as winds shifted and smoke spread through the area. Authorities also advised tourists to leave. More than 200 emergency personnel have been deployed, including over 500 Belgian and

German firefighters. Authorities said no homes had been affected, though the fire remained close to residential areas. Belgium was hit by another heat wave this past week, with temperatures reaching nearly 180 degrees.

Associated Press

UNITED NATIONS

Haiti Bou Meng, Krimer Rouge Fee

Cambodian artist Bou Meng, one of only seven people known to have survived a notorious Krimer Rouge for nine cycles in the Southeast Asian country in the late 1970s, has died. He was 80.

His ability to paint portraits of the then-leader Pei Pet was not by way kept alive.

The Extraordinary Chatterters in the Courts of Cambodia, a US-backed tribunal that caught to try Krimer Rouge leaders for genocide and other crimes against humanity, said he died and no day due to age-related illness.

The Krimer Rouge group that ruled Cambodia from 1979-79 was accused of evasion for causing the deaths of so many of their countrymen from noncultures, starvation, and lack of medical care due to its radical parishes. An estimated 17 million Centralities died from forced labor, starvation, medical neglect, and noncultures.

Associated Press

ITALY

Renaissance Works Stolen in Heist

Theses abide four works attributed to Italian Renaissance painter Antonello da Messina from a required museum in the Italian city of Barcelona in the Italian Ferragाति, holding the most rigorous Lufthansa in perfect Sunday.

The theses bypassed alarm and security systems Saturday at the Middle-eastern to make off with those of the few surviving panels of the San Gregorio Purgatorio, dated from 1974, as well as the double-sided panel in the same variety of works, and dead 12/xx in Paris.

The Italian government in March bought a deodorized painting titled "Rico Home" which was used in the rutins from Sabbaby's auction house in Rome York.

The theft comes days after police in the northern city of Parma said they had recovered three times停止ning. A former leader of the Italian worth about $315 million.

Associated Press

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THE WALL STREET JOURNAL.

Monday, August 17, 2026 | A7

WSJ — CPO Council

People Leaders from the World's Most Influential Companies

A network connecting top people leaders to collaborate on pressing matters and share information, expertise and ideas.

Mary Moreland, Abbott Barb Cadigan, Affirm Tammi Jones, Alcoa Corporation Charlie Whitaker, Altria Group Inc. Eric Dill, American Arbitration Association Monique Herona, American Express Kristina Johnson, Amplitude Charlotte Doll, Ansell Matthew Breitfelder, Apollo Global Management Charlotte Eaton, Arm Emma Woodthorpe, Atlas Air Worldwide Avani Proshakar, Allasian Rebecca Pearce, Autodesk Sheri Bronstein, Bank of America Jalen Anderson, BetterUp Shannon Hobbs, BNY Caroline Mass, Bombardier Kerry Dryburgh, BP Amanda Poole, Bristol Myers Squibb David Ard, Bumble Inc. Rashmi Menon, Burns & McDonnell Angie Freeman, C.H. Robinson Elizabeth Newman, CBIZ Inc. Jimmy Hahn, CLEAR Wendela von Munching, Clifford Chance LLP Hilda Harris-Pell, CME Group Deborah Cegielski, Cubic Doug Beaudoin, Deloitte US Dianne DeSevo, Dow Jones Cornelius Boone, eBay Ryan Craig, Elevance Health Oliver Grohmann, Emirates Group / Emirates Airline Sue Quackenbush, Envestnet Brandi Morandi, Equinox Ginnie Carlier, EY Americas Michelle Soho, FGS Global Cathy Peterman, F5, Inc. Bob Toohey, Fidelity National Information Services Jennifer Manchester, First Data Corporation - Fiverr Shamita Mukherjee, Firstsource Andrea Fisher, Fluence Energy June Davis, Gates Foundation Steven Baert, GE Vernova Jyoti Mehra, Gilead Sciences Jeanna Shapiro, Grant Thornton L.L.P. Bala Sathyanarayanan, Greif Katie Burke, Harvey DeLinda Washington, HealthPartners Stacy Dillon, Hewlett Packard Enterprise Maria Strid, HSBC Bank USA Katharine Claytor, Human Resource Certification Institute Nickle LaMoreaux, IBM Corporation Michael Johnson, IDEXX Lyra Soramm, Intapp Caryl Hilliard, Intuit Peter Durante, Italgas Carmel Galvin, Klaviyo Steve Erdman, Kloeckner Metals Corporation Anita Graham, Labcorp Bernard Bedon, Levi Strauss & Co. Beth Karlsson, Lightspeed Venture Partners Bridgette Moore, Link Logistics Emily Field, LPL Financial Susan Mulgis, Mastercard Wendy Stratman Miller, McKinsey & Company Lori Knowles, Memorial Hermann Madalena Albuquerque, MEO Shurawi Sibbles, MetLife Inc. Amy Coleman, Microsoft Kelly Skoloda, Monumental Sports & Entertainment

Mara Kazanjian, Moody's Corporation Michelle Piekutowski, New York University Shaun Zitting, NielsenIQ Stacie Collier, Nixon Peabody LLP Maxine Carrington, Northwell Health Jennifer Durbin, Nouryon Rob Kowalski, Novartis Michelle Berry, OpenText Rebecca Krause, Oscar Health Deon MacMillan, Pax8 Allison Bebo, Pearson Jenny Rhodes, Pennymac Payel Sahni Becher, Pfizer Fred Paltucci, Philip Morris International Vicki Henn, PNC Financial Services Group Beth Conway, PTC Inc. Yolanda Coffield, PwC Julia Anas, Qualtrics Brian Sweeney, Relativity Space Girish Ganesan, S&P Global Jacqui Carney, ServiceNow Kim Rodgers, Shift4 Payments Amy Alexy, Signature Aviation Stephanie Howley, Stagwell Global Anne van Dassen Muller, Stott-Nielsen DJ Casto, Synchrony Financial Sandra Rosa, Syniverse Richard Lobo, Tech Mahindra Diane McIntyre, Teneo Brian Baker, Teneo CPO Member Test, Test Jill Penrose, The J.M. Smucker Company Claire Borelli, TIAA Mike Gutner, Toast Sandra Buchanan, Tradeweb Tami Cabaniss, USAA Jonathan Caldwell, Valvoline Inc. Sydney Savion, Vanderbilt University Kelly Mahon Tuller, Visa Inc. Andrew Wise, VNS Health Paula Pryor, Walker & Dunlop Donna Morris, Walmart Ashley Goldsmith, Workday KeyAnna Schmiedl, Workhuman Kristy Banas, WTW Brendan Castle, Zacaler Inc.

Membership is by invitation: CPOCouncil@wsj.com

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WSJ | LEADERSHIP INSTITUTE

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A8 | Monday, August 11, 2020

WORLD NEWS

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THE WALL STREET JOURNAL.

From Designing Benches to Drones

Her company was making furniture. Now, she helps drive a defense company.

By Marlene Linscoss

KATO Ukraine—Two weeks after the war began, the woman who would later revolutionize Ukraine's drone capabilities was driving through a town near Kato where she can come under Russian fars.

Iryna Terekh, the young owner of a small furniture company, spied out of the town of Russia with her asking mother in the passenger seat. She published a photo of a basket hole in her car's rear bumper—and a distinct mandrel.

"I'm one of those women who doesn't know how to fight," she wrote on Instagram in March 2022. "But I'm sure of one thing, I'll do absolutely everything in my power to make sure nothing of this sort over happens in my country."

Today, the 16-year-old Terekh is chief executive and chief technical officer of Fire Point, a defense company with 10,000 employees whose long-range drones and missiles are hitting targets across Russia and helping Ukraine to shift the balance of the war.

She travels to Russia in defense forums sporting over-the-glasses and offers a wide-gate, to pitch partners on Fire Point's growing routes of high-risk products: air defense systems, drones and a cruise missile nicknamed the Flamingo with a 2,500-pound warhead. She is among the five female leaders in a Ukrainian defense sector where around 90% of employees are active.

Her Instagram was featured photos of architecture. Now a shows videos of exploding woodstakes and power plants—bit by weaponry and helped design. That another day of watching Russia from the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news, the world's most recent news.

Terekh's path is one intended by many peaceful Ukrainians who have embraced the war effort after realizing their skills were needed to blunt Russia's invasion. Heart pilots have become military enclaves. Former fiscal artists assemble drones. The leaders now manufacture diving arms "I would never have gotten involved with weapons if my country wasn't involved." Terekh told The Wall Street Journal.

Before the fall in the war, her business made various important and arguments such as breaches and drones gets. She also worked with school developers on pedestrian bridges and walkways in Ukraine's capital. She said she was authorized as a way of reducing the distance

Iryna Terekh, with her dog, Chuck, a rescue from the Drotava region, head. Terekh shows off the mascot for a Ukrainian cruise missile that has become known as 'the Flamingo.

Ukraine Strikes Inside Russia

Ukraine launched hundreds of drones Sunday across Russia. Killing at least six people in one of Kyiv's largest aerial attacks of the war.

Kyiv has stopped up attacks on Russia this year, with long-range missiles and swarms of drones targeting military industries

and energy facilities. It has increasingly pummified Wiktierense depots, being billows of dollars of merchandise belonging to the Russian airline market.

Ukraine also came under Russian attack, with drone strikes destroying homes and torching Kyiv's landmark track market.

Russians Ministry of Defense said it had destroyed 822 Ukrainian drones overnight. Some 600 drones were detached headed toward the Russian capital. Moscow Mayor Sergei Sutogovin said: with a third of those destroyed over the Moscow region itself.

—Associated Press

between people.

"I had a big dream that people in Kyiv, a city I love, and soon in all other Ukrainian cities would stop running from one location to another and would enjoy the streets, enjoy shared spaces, and interact more," said Terekh.

The dream was shattered when Russia invaded Ukraine in February 2022. Terekh decided to temporarily leave the country but first she had to collect her mother, who lived near Russia, just north of Kyiv, where the Russians were closing in.

The picked up her mother, but on the highway they came under five from Russian snipers. They doubled back into

the town and spent days covering in a basement, while the Russians took over the area.

Terekh noted down what times each day the Russians endangered her with Ukrainian troops, trying to find the best time to escape. She morning, the two women script out and Terekh drove past channel vehicles at top speed in reach Kyiv.

Wrote later, Russian troops in Berlin committed one of its men's worst massacres of civilians, leaving many victims' bodies living in the streets.

The critical plunged Terekh, She launched a nonprofit group to channel humanization and to soldiers. Her company, Terekh Group, provided to making

concrete-antibank fortifications. Terekh publicly announced Russian, her mother tongue.

In late 2022 Terekh was contacted by Denys Shtilerman, an entrepreneur from Odova who had started Fire Point after growing threatened with the high cost of drones he was buying for the Ukrainian military through a nonprofit he ran. He hired her as production director in 2023.

Shtilerman, an engineer and physicist, more comfortable collecting with prototypes than managing persistent and productive chains, had known Terekh for several years and valued her business erasures. "He told me 'I can create

almost anything, but I need you to help me to bring this to life,' "Terekh said. He wanted her to turn the weapons he was treating, including a long-range drone, into mass-produced zones.

But Terekh wanted a big people, the stayed up late studying how missiles work, digging up old Soviet-era maniahs and consulting

nonagratiation rocket scientist where she faced an an advisor. When Shtilerman was piloted his vision for the long-range drone, she said the design wasn't ideal for large-scale production. Chameleon her knowledge of maniahs, she proposed a manufacturing method that cut the time needed to make a drone wing from on date to last 25, issued.

The drone, the FP-1, was become Fire Point's flagship product with a stated range of 2,100 miles. It has played a key role in Ukraine's attacks on oil refineries and other target deep inside Russia.

In 2020, the company was a cruise missile that packs a bigger punch. Prototypes of the missile, the FP-1, were painted in bright colors as their debris was said to find after handing it. After a pink FP-1 was bombarded, some of Terekh's night staff joked "This is what happens when a woman takes over a defense company." The machine became known as the Flamingo.

Terekh isn't involved in picking targets inside Russia. Fire Point knows that to theផ្សេង of its interests, he has pushed back against Russian targets of civilian casualties from Kyiv's attacks, saying Ukraine is far more precise in the targeting than Russia.

She said it's consider herself a product, and also image the punch as instruments of pain and destruction.

Now, she said, they are a necessary means to secure Ukraine's sovereignty and that Russia "to order to build something nice, first you have to do story something ugly," she said.

On a recent afternoon, Terekh arrived with her 12-year-old deaf dog, Chuck, and her bodyguards at an upscale Kyiv end-states development that she had helped design.

Russians as a knit with or first, co-working spaces, common areas, shops and cafes, today it is largely empty, with the facade of one block damaged by a recent Russian airstrike.

Riding on an outdoor chair that her former company made, Terekh compared herself with other Ukrainians who harbor post-op maps over Russian distribution but never got to release it.

"I'm in a more privileged position, because I have the instrument to release me apart," she said. "Then after the foremost night of Russian bombardment, I get to make up and send all of my feelings back to

NATO Takes but Suspected Russian Drone

By Dennis Mertenski

NATO warplanes on Sunday alert down a drone that encodes a warning that space and approach to be Russian in origin, the second shooting of a drone in alliance airspace in three days.

The strong air in a Terek sign of spillover from Russia's invasion of Ukraine.

Sunday's shooting was the fourth new Romania since the war phase in 2022.

Early this past Friday, NATO scrambled four jet fighters to shoot down a foreign drone that entered Latvian airspace. Latvia's Ministry of Defense didn't identify the enemy groups but said it had entered the country's airspace "as a result of Russian electromagnetic warfare."

Romania detected an intramolecular bombing in the NATO done only Sunday morning local time, and NATO forces based in Romania scrambled two Spanish air force F-16s on roar airspace in 2022.

One of the jets shot down the drone over an unexplained area in the country's west, Romania said.

The ground is under investigation, "but the drone appears to be Russian, and appears to have entered Romania from Moliteran airspace following another overnight attack on Ukraine by Russia," said the Army Col. Martin O'Donnell, spokesman for the North Atlantic Treaty Organization's military command.

It is not for the alliance to point a finger at Moscow so quickly.

Drone innocents into NATO airspace have become a near-needle occurrence this summer. Many are believed to result from Russian or Ukrainian electronic-warfare systems in befitting with drone navigation equipment, but some are also suspected of being Russian attempts to guide NATO air defenses.

The innocents add to anxiety among alliance members about the potential for Russia to test the alliance's results with direct or indirect aerial intrusions.

Interestingly a drone with two advanced jet fighters is extremely expensive. O'Donnell said that NATO, Romania and other allies are acquiring ground-based interceptors to boost air defense capabilities.

NATO has a large presence at... Romania's Mihail Koglovetsk Air Base.

Workers Unearth $10 Million in Gold Under Homeless Shelter Site in Belgium

By Laurence Nossan

A team of builders struck gold—$10 million worth of cleaning construction work at the site of an old Belgian brewery set to be used as a homeless shelter.

The board of eight workers in the city of Liechtenstein found the board this past week where a $10-girl truck in a gold bar, but at police said.

The gold was studied in a bag under the cross, a blue sucker below the 100th villa built for the brewery's one-time owner, Theophilus Van Asoele, and local police officer Katritz Braem.

The workers, who included 20-men who started working a summer job who first noticed the gold, contacted their employers and the police to report the find, which included "Kroesma" on golden coins and gold bars.

Port Reeve, the former longtime mayor of Dendermonde, told Belgian media the gold short likely belonged to the Van Asoele family an old, wealthy French family. The three children of Theophilus Van Asoele never married, and it is possible no one knew the gold was there, he said.

The home collector and cataloged the gold, then promptly secured it in a high-

Construction workers found $10 million in gold while preparing a site for development.

security federal government said," the local police said on their Facebook page.

Photos showed 40 gold bars laid out on a table at the construction site and gold coins collected in the builders' market. Police say about 4,000 coins were found at the site.

The site, which is partially demolished, is being developed by social-welfare group GSW Scot-Vlaanderen. The workers discovered the gold

when they were in the process of saving sewage pipes for the new shelter homes set to be built there.

The gold's fate is uncertain. There could be legal proceedings to decide whether the money goes to Van Asoele family descendants, the organization carrying out the work of the workers themselves.

The police at Dendermonde, a city of 50,000 northwest of Brussels, are wearing scissors

to stop away.

The final comes at a propitious time, with gold trading above 24,400 a very many, having more than 40,000 in value in the past five years.

While the discovered gold doesn't yet have a new owner, it has already been put to use.

The Dendermonde police force is using an its Facebook area a brand-gather envelope with the image of a young Queen Victoria on one side.

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THE WALL STREET JOURNAL.

• • • •

WORLD NEWS

Monday, August 17, 2020 | A9

Brazil's Right Backs a New Bolsonaro

By Suncetia Prazanis

SÃO PAULO—With Jan Bolsonaro under house arrest, the future of the country's conservative movement—and President Trump's hopes for the right to win South America's last major economy under leftist rule—now even with his oldest son, Flavio Bolsonaro.

The 60-year-old senator-raised supporters on Rio de Janeiro's Copacabana heads on the move in campaigning with him for Brazil's Oct. 4 vote, seeking to increase his father's following in an election closely watched in Washington.

The lawyer and career politician has sought to emulate Jan Bolsonaro a former patronage who served under Brazil's 100-odd military dictatorship. The older Bolsonaro is serving a 27-year sentence for plotting a coup.

But his supporters say it is his difference from his father, including his ability to negotiate and from political affairs. But the government enough control voters to show the gap with President Luiz Inácio Lula do Silva.

Flavio enters the campaign with the government from da Silva, according to the latest Stuart and which puts him at 40% and the leftist leader at 42% in an almost certain one-off vote on the 10th.

From Chile to Honduras, women across Latin America

Flavio Bolsonaro and his wife, Fernanda, great supporters of a rally Sunday in Rio de Janeiro.

The government has sought to emulate Jan Bolsonaro a former patronage who served under Brazil's 100-odd military dictatorship. The older Bolsonaro is serving a 27-year sentence for plotting a coup.

Flavio endorses the government, and the government has sought to emulate Jan Bolsonaro a former patronage who served under Brazil's 100-odd military dictatorship.

The government is often in bed with organized crime or just extremely incompetent, Flavio said.

Aligned with Trump and Argentine President, Josea Mako,

Flavio shares his father's social connections, hard-line approach to crime and hostility to Brazil's Supreme Court. His platform pledges spending cuts and presentations, tougher powers and penalties for criminals and a pledge to free his father.

Flavio's campaign has used artificial intelligence to bring a giant avatar of Jan Bolsonaro to life at campaign events, drawing legal challenges. He made sure science followed him to his father's favorite Rosbakery Saturday, where he

haded only his father's equal connections, hard-line approach to crime and hostility to Brazil's Supreme Court. His platform pledges spending cuts and presentations, tougher powers and penalties for criminals and a pledge to free his father.

The government has sought to emulate Jan Bolsonaro a former patronage who served under Brazil's 100-odd military dictatorship.

The government has adopted a more direct, up-to-date, social connection say, Oscar Peanade, a friend of Flavio, is among those buying the smokefest's vocabulary nature—and other rhetoric than his father's will help invades his appeal.

The 60-year-old senator-raised supporters on Rio de Janeiro's copacabana—and other, more impulsive crime. Flavio outcutts her a "falsier," more self-interesting, however, said Granada.

But Flavio also has scored both switch, analysis, use investing his father's policemen, name while being alleged in controversies of his own. Some 10% of voters say they would never win for him, according to the latest Stuart and roughly 10% of the vote on the 10th.

The 2020 campaign has used artificial intelligence to bring a giant avatar of Jan Bolsonaro to life at campaign events, drawing legal challenges. He made sure science followed him to his father's favorite Rosbakery Saturday, where he

U.S. to Cut Exercises With South Koreans

By Michael E. Greene

WASHINGTON—President Trump said Sunday he would "subsequently reduce" joint military exercises with South Korea, leading his "very good" training in the North Korean leader Kim Jong Un.

Trump's social media post comes as the U.S. and South Korea are scheduled to begin last June, and has finished 10th. Freedom of contact, to strengthen the two countries' ability to defend against a potential North Korean attack.

The 2020 campaign has not only costly, with much of those costs paid for by the United States of America (as usual!), but used a signal that it totally inappropriate and hostile, to a country that, as long as America's own country is concerned, has been self557000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Trump said the more was to bring the world's good relationship with Kim Jong Un, of North Korea.

South Korea didn't respond to a request for comment.

Trump also criticized South Korea as his social-media post for not helping with the U.S. operation against him.

More than 10,000 South Korean troops were expected to participate in the exercise program with U.S. government operations that would focus on fighting drivers and cyberattacks.

South Korea has been build-in with its arsenal of nuclear warheads and is providing troops and missiles to help Russia with its military effectiveness against Ukraine, according to U.S. intelligence. Last week, it launched a ballistic missile from its various route that fire more than 450 miles, according to South Korea's military.

The U.S. intelligence community's Annual Threat Assessment, which was presented to Congress in March, said that bringing several the U.S. as a "strategic competitor and potential adversary" and was committed to expanding its campaign weapons program.

Experts outside the government said that Trump's message was likely to injure South Korea, and could South Korea as an ally more than ever to increase downturns on the Korean Peninsula and to reinforce our industrial bases in critical areas. The U.S. (including anti-semitism) and anti-communism, and Patrick Tisdale, an expert on Asian security at the Shalom Institute.

Cubans Navigate the Challenges of Daily Life

By José de Cisneros

From one end of their 800-mile-long, crocodile-shaped Caribbean island to the other, Cubans are suffering through hot, sleepless nights and judging through exhaustion and hunger by day.

Bones have has the Communist island been so cut off from the world, smuggled by a U.S. fast-food and, more American narcotics and a government unable to keep the lights on.

Communities with people on the island show a nation that feels under oops.

Sleepless to Santiago

Long before the sun rose over Cuba's eastern coast of south, Rome lines wide up described in sweat. It was 80 degrees and range, and he couldn't turn on his forenoon. Santiago de Cuba, the island's second largest city, hadn't had any chance to see it.

At 6 am, thus set out to buy a service for the first-meal program for runs five days a week for 200 month military people. The first time was 100,000 men and relatives in the U.S. "This may be the only meal they will have," he said.

Luis Patiente

It took three hours to visit shops from one end of the city to the other leading for the best prices to buy meat, cabbage, sweet potato and bread, as he used to stretch his hands.

'Country of numbers'

Two clients mentioned into Luis Patiente's first further shop. The 35-year-old is a United States artist, but he moved to Havana to try his land at setting halt. The men paid him about 60 cents each. "Behold is going to get a tarts, but keep prices even dry," Patiente said.

The eight before, Patiente had tried to sleep on his apartment building's roof, where he tried to escape the heat. "Nobody in this country sleeps," he

Manuel Casetta Morina

said. "It's a country of numbers."

Euphoria, depression

Activist Manuel Casetta Morina, 63, works before dawn recently in his apartment in a house-style black haul in the 1970s to send Havana. He ate a piece of bread and a slice of cheese, sprongs and drafting his refrigerator door quickly to preserve the cold air.

Casetta Morina feels lucky. He lives alone and doesn't have older parents or young children to care for.

Walking around his neighborhood, he uses people acting strangely more often. The old and young campaign through garbage bins searching for something to eat. "People won't late between euphoria, depress-

dent parasitism, bad written art but without, blemish; that the man has with an unknown name, in painful detail, she described the spitting headaches, drills and hallucinations.

Then Sánchez went silent. A few weeks ago, Sánchez is a opponent. She recounted more years of fever, nausea, hallucinations and temporary blindness. She might a country plot of burning garbage and plumes of smoke into the air, making her app at 35% worth she said. She worried that many older Cubans living alone wouldn't survive.

Food, but no money

More a career as a college professor in Canagüez, Maria Antonia Barroso didn't think she would ever be in each dire studio. She makes about $12 a month but estimated she needs at least $150 for her and her 99-year-old father to survive.

She's thanks, which she has friends living in the U.S. for the support without which she couldn't make it. The best part of her day is when she is working through shopping in the with friends at a nearby park. She doesn't talk politics.

"We go to escape," she says.

Food, but no money

Unemployment in India by age and education level as of 2020

4% in 2%.

■ College and above ■ Higher secondary ■ Secondary

■ Primary secondary ■ Literate but below primary ■ Illiterate

■ Literate but below primary

■ Illiterate

■ Illiterate

■ Illiterate

■ Illiterate

■ Illiterate

■ Illiterate

■ Illiterate

■ Illiterate

■ Illiterate

India's Youth Scramble for Jobs In Tight Market

By Trevor Loane

NANCIR, India—When the country Indians share of Jharkhand advertised in 2022 for 148 new officials to enforce alcohol regulations, more than 500,000 people applied to Mumbai Kumar Mehta, first 25, was one of them.

For the next three years, he studied hours a day for the exam that would identify down the applicants. He also trained for the 8-mile run that was just 10 years.

The night before the run, Mehta took a five-hour train journey to a sweltering, remote location for the two persons in a open box, after a short a dozen applicants collapsed and died during the run, possibly from the heat, the government temporarily sued the public.

In April, after another change from 1st, he's right at the station the night before a six-hour exam. He passed. But last month, Mehta learned he hadn't been selected for the job—the first 25, and then went to secure a government job in nearly a decade. "My mother

and father can't understand it," said Mehta, who has a degree in computer applications.

Mehta's frustration is shared by many of the millions of unemployed young people across India. Mounting youth document this year culminates in seven persons in New Delhi in July, promoting a challenge to Prime Minister Narendra Modi's government. Let by a youth movement called the Cockroach Santa Party, the prominent formal India's education minister to resign following a scandal surrounding a medical school entrance exam.

The parents reflect India's efforts to capitalize on one of its biggest assets: a massive and increasingly well-valued social workforce.

For years, India has approved a new range of training that demographic divisions—the image as economy gets when young, seeking-age people in the populace, outperform the older people and children who need to be supported.

In China, a bulge of working-age people helped amplify sweeping economic reforms

India's population by age group

that is discharged in economy starting in the 1980s. Other East Asian nations experienced similar growth.

India, by contrast, has struggled to capitalize Literary feedback longer to rise in India, while its health indicators still trail China's. India's regulations despite being more pronounced than in the past, are still one-way for businesses.

India's economy has grown 10 to 9% a year over the past decade, but it is about 7 been enough to generate all the roughly eight million students (one 4 needs to add each year to absorb the people entering the workforce. Stark unemployment stands at about 10% to the annual rate.

To be sure, India's young people have far more job up-

portunities than their parents or grandparents. Before the economic reforms of the 1980s, The government was the only job provided for a great extent," said Motturagar Kumar Singh, founder of Rainbow U62, a coaching center in the capital that prepares young people for the past two exams. "Since then, both the government and private sectors are providing jobs, the job is a youth government should be better themselves lucky in that season."

Between 1984 and early 2008, the country added almost 17 million formal manufacturing jobs. A construction boom, due in part to government spending on construction, has also boosted employment, while about 12 million people

are employed as gig workers. Thus at millions more people live in farm work since 2010. More than six million new job graduates with hardest to improve in India every year, and about a third of people between the ages of 18 and 21 are enrolled in highly-educational, up from around 25, two decades earlier. But many of the degrees they graduate with don't prepare them adequately for top-low jobs at top-low levels. The most popular are growing more discretionary about the jobs they want.

About 11 million of India's more than 60 million graduates between 20 and 29 are in the 1980s. About 20,000, 2000 report from the Azim Freerji University that is

based on official data. But at the same time, many jobs in the private sector don't offer the job security, pay or upward mobility that young Indians are seeking at the start of their working lives. The "subsection supply of new workers" is categorising as "a across professional," said Saurabh Mahadeep, founder of Mumtaw-based, Marcellus Investment Managers.

That's why many Indians, are not only the people who are responsible with the students in the police—where regulations stipulate annual pay increases. The importance of government jobs emerged mainly during the Covid-19 pandemic, when private sector workers only people off even as state employees continued to pay salaries.

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A10 | Monday, August 17, 2016

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FROM PACE ONE

Monday, August 17, 2010 | A13

Burger King

Cooks Up Turnaround

Continued from Page One years. Wendy's U.S. same-store sales declined by 7%.

Burger King topped both of its main stores in suit growth in July, according to Flavor, which analyzes foot traffic. Burger King has enhanced the No. 2 spot among U.S. burger chains — bumping under the U.S. market in 1990, over the 12 months ended June 30, company Chops show.

Curtis himself has placed a larger sale on the turnaround effort, featuring in videos on Burger King's social

media accounts where he encourages customers to call him directly with suggestions or complaints. The company said he has personally taken 2,500 calls.

McDonald's remains the U.S. burger leader, generating roughly five times the domestic value of Burger King, and wielding a 50-pound dollar at budget. Wendy's, which had held the No. 2 spot by sales since 2005, isn't far behind Burger King in total U.S. sales, despite having hundreds of fewer locations.

McDonald's and Wendy's franchised U.S. restaurants also tend to have better market share than Burger King's average U.S. franchise profits last year dropped to around $185,000 per location down from January 2, 2005 to 2,000, and $225, which executives have attributed in part to various

best prices.

Both chains are rebuilding their own efforts. McDonald's, which has reported sluggish sales growth in recent months and declining traffic, earlier this month appointed a new president of its U.S. operations, Glen Anderson.

Anderson aims to better focus the business and rally Golden Arches franchisees behind a new corporate strategy promising better food and services, including enhanced branding.

In an internal video to U.S. restaurant operators, Anderson said she wants the company to move faster and that she will be visible, transparent and direct with franchisees.

"You've shared concerns about performance, increasing complexity and an enormous pressure many restaurants are feeling today," Anderson said. "Anderson is the value, a copy of which

was viewed by The Wall Street Journal.

At Wendy's, recently appointed Chops Insurance Sub-Wright has been traveling the country to meet with business295, laying out a five-point plan covering food, branding, operations, restaurants and digital strategy.

He has also held online forums with operators talking about the need to improve quality and offer better value options.

"We're in the early stages of this week, and meaningful change won't happen overnight," Wright said in an Aug. 7 service call.

Wright said he is conducting a top-to-bottom review of Wendy's, and he slashed the company's dividend to invest in the business.

Director Nelson Pelin, a longtime Wendy's shareholder, is adding to the pressure of

Pellit's Trian Fund Management has been exploring a deal to take the chain private.

Burger chains have learned on value means to try to boost traffic. McDonald's kicked off the recent promotional blitz in 2004 with a series of most deals starting at 85. Since then, the chain has added more deals, including the one-per-own for a dollar, lower-priced local catches and an extra 25 cents.

Wendy's this year introduced new 50, 50 and 20 tams to its Biggie Bag deals.

But in recent media, executives at both Wendy's and McDonald's said they are rethinking how they approach deals, after disappointing results.

Wright has told Wendy's franchisees that the chain's promise are used to better innovate with customers. McDonald's executives have

said too few franchisees offered the under-20 menu as intended, while they also pulled back on other promotions, disappointing divers.

"We have centered our leadership in value and affordability, but that leadership only matters if customers see it, feel it, and believe it each time they visit," McDonald's CEO Chris Kompramuk said in an internal email this month.

Burger King last year was dazzling 4 menu offers from her 25, or three for $7. Curtis said the deal's consistency has made it easy for customers to remember.

"By chance menu and service need more improvement, Curtis said, but he is bearing promising signs to his chain with customers.

"It's consistent value and commitment to your premium. Whoypay! Inning that makes the difference there," he said.

The Wall Street Journal the Wall Street Journal at the High Street Journal on the Wall Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal at the High Street Journal

some of her property by an unknown company accepting opportunity heretically re-helping a nondisclosure clause.

Since that $26 million refusal, Bare and Huddleston, two self-described "country links," have become polarizing heroes of the rural campaign against AI.

If competing power is, as OpenAI Chief Executive Sam Altman has said, "the currency of the money," then communities like Mayeville (population 3,700) are being asked to serve all the reserves. The industry's arrival has brought overnight changes—in some cases, boosted tax bases and malfunction—dollar pay loss for businesses, but also from about costs, water usage, snow and in Mayeville, and for only in an unknown piece of the future.

"I never thought I'd be in a battle with a data center," said Bare. "I thought I'd want to far out in the boondocks as you could get."

Calling the cows

She and her mother are unlikely fellows fellow adversaries. Bare, 54 years old, is God-bening, and transportation is a major source of health, with domestic trouble in her past. Diabetes has left her nearly blind like calls cows to breakfast with a trolley and estrate-porane on the Bible as full paragraphs. Her mother is an 85-year-old, short-turning widow who walks with a man.

"One of us is black and the other's cryptic," said Huddleston.

The Butterfield Oil The family during the Great Depression and supplied the timber to build the water home. The AI company's efforts out and their accounts have been cut times what they could expect to birch on the open market—but Bare values her land more than anything else on Earth.

"What I believe in is something called Jesus Christ, and he said to occupy wherever you're standing, you occupy and I'm relative," she said. "If I may sit in the pace of property and it becomes something for me all but, then I have failed to occupy and I can be held accountable for that on the Judgment for me."

In Mayeville, the data center has found the social fabric. Town meetings often end in month. Enters have found themselves an opposite side, but local officials say they are legally barred from sharing what they know.

The identity of the com-

Shares of Meta

Strong in matching recipes, we earlier this summer, she and her mother explained that they once had a quiet life; "Even if I had $20 million," said Huddleston. "I'd want to sit here in my chair, and have my coffee and eat my food where I always do."

Bare has spent the past year caring for attached her loan caused by her diabetes, but she still tends her flower beds and manages her considerable financial portfolio—which she said includes some 200 shares in Meta, an some not just on her.

Some of Mayeville's oldest families are like Bare and Huddleston, being on hundreds of acres—far away, some neighless believe, from the most-mean-wage gap and night shifts of working-class life.

Outside of the Huddleston family home, a "Don't Travel on Me" flag rattled in the yard. As Bare sat inside, a small, muted 79 placed Newsman footage of President Trump's recent trip to China, later that same week, one of part after another would all be 45's murder of customers. Bare had Matthew 17.50 on her mind.

"If you have the faith of a mankind need and you will find

'I never thought I'd be in a battle with a data center. I thought I was about as far out in the boondocks as you could get.'

Delcia Bare, who along with her mother has become a lightning rod for refueling to sell

mountains over there to move, it will move," she said.

All Bare ever know to be was a cougger. "I took off one, horse at 15 years old when my daddy bought me my first one," she said. She named it Rebel.

Bare's grandfather bought a house on his property that she inherited when she had a fair father, Bill Huddleston, over-use the farming of cattle, hay, tobacco and other crops, and built the home where her mother sold love.

She moved into her grand-father's empty house with her first husband, whom she married at 17 and

later divorced. She met her second husband at church, after he married to her to her and announced, "My name's Mike Scott and I'm an outhole."

"That's good to know," she told him. "My name's Delcia and I'm an outhole too."

They had a son. After Scott died in August 2012 at age 58, Bare scattered his ashes on the property. Her father died that October. Rebel died the following year at 20.

"I had the horse longer than I had the husband," she said.

Bare's son lived with her until 2016, when she was charged with abuse and neglect. She described it as a disagreement with the law over corporal punishment and pleaded guilty, saying she worried that fighting the charge in a trial indeed all time, and she feared that might mean the property

could be taken from her family. Kentucky souls records in such cases.

She agreed to let her son live with her nephew. Bare hasn't seen him in years, and there by herself.

She and her mother had been approached by the Mayeville Shares County. In Kentucky, the property has been shown to divorce, McHugh, was acquiring land on behalf of an unknown company planning an unspecified project.

Bare and Huddleston initially agreed to their office, saying they

assumed the buyer would re-visit eminent domain and take the land regardless of what they signed. In July 2005, residents learned that it would be a parapertisan data center. Standing over her land in

help power the AI boom was one thing Bare could not abide.

"I believe artificial intelligence will be the destructive of the human race," she said. Bare successfully got both deals revealed, arguing that she and her mother had signed with an incomplete picture of the buyer's plans.

Several of Bare's neighbors agreed to sell their land for millions of dollars, but others refused. An opposition movement formed.

At 36, McHugh is exactly the kind of young professional that Mayeville wants him. He grew up here and attended the University of Kentucky, but when he married and married

a family, he had to drive 90 minutes to Cincinnati for work at Procter & Gamble. He quit and joined the development authority in April 2020.

He had his work out out for him. "Many haven't kept up with millions in his hometown, Corporate sponsors for scholarships had done up.

Students are taking their help, he heard from an AI company, which initially described a project covering 700 acres. Then McHugh says the plant became a potential opium, and site covering more than 2,000 acres. The company asked McHugh to serve as their liaison. Approximately existing 200 million followed, payable if the data center is held.

Town budget

The company has indicated the site will create 600 full-time jobs and hundreds more in construction—a range in a county with a working-age population of 1,000. McHugh said. The occupancy cost property taxes would double or triple the Mayeville town budget. The company also agreed to give the city at least $25 million for public assistance and fire services, and to fund an estimated $80 million against for the entire utility system.

McHugh's pitch has been complicated by the fact that he can't reveal who he is working with. Residents spent months passing together the rumors and chaos that float through a small town. A public-sponsored request yielded clearer evidence: hundreds of pages of local articles and application filed by an ILC. The contact for that ILC has worked on several data center projects that were later re-

vealed to be Meta sites.

With little information at hand, Bare and her neighbors have coordinated their research. Janet Garrison, a dictator-selling grandmother who taught information technology at the local community college, downloaded an app used for business to map the place of the neighborhood. She and others set up an information booth at the local fair.

"We wanted to be a part of this," she said. "But the data center is indeed down and backed up."

Both aims both it out at meetings of the fiscal court of Mason County, in February to approved an ordinance for data centers with requirements that include docket limits and buffer zones.

Bare and other opponents have been able to make a letter. Filing two suits to amend the ordinance and reverse the rezoning. A Kentucky statute required they use those who had given authority for the rezoning their own neighbors.

The locals

Down the street at It's Thirty-Seven bar, Danielle Ross is doing a two rams as serving breakfast. Her bar is directly across the street from the field where the data center is supposed to go, and she wants her staff comfortable with it as a stalls if the construction comes during.

Ross sees a data center as a outside, one that could produce jobs. The appearance of the bar is a large, large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large, and large

Mayeville, Huddleston and Bare are still getting used to their newfound celebrity. Formerly from across the country call her advice on leading their own resistance. Bare is engaged for million.

"On the Judgment Box," she said, "I'm only called to account for what I was supposed to be responsible for."

Bar owner Danielle Ross, left, sees a possible economic lifeline, while retired teacher Janet Garrison objects to the savings.

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PERSONAL JOURNAL.

A12 | Monday, August 17, 2020

THE WALL STREET JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved.

Plans at a World Cup race. The left, below, outside Swift and Kelvin's wedding of the at Madison Square Garden; Knicks fans in New York.

Square Garden wedding to Travis Baker. Part of their new the guest list. No matter what you were into—country music, indie rock, arthouse film, literature, the NFL, finance, or even "It's Always Sunny in Philadelphia"—there was someone in attendance to draw you as you peeved at Marcy photos of 95% arriving at the venue.

Movies also had their break with monoculture. "You didn't love 'The Odyssey'" a man who works in my Manhattan apartment building challenged me almost out of nowhere when I was walking my dog one day. What followed was a spirited conversation about the last's representation of Athena, played by Zendany, I told him I had already seen Belair's adaptation of the American epic twice, the promised he was going back.

This enthusiasm was playing our everywhere. The Odyssey crossed El Killein at the global box office within its first month, while IMAX extended coveted 70MM screenings into September.

"Spider-Man: B and New Boy" also brought out the masses, with the biggest domestic opening of all time, earning $300 million.

"What it really causes down to is that people have been involved in something that's bigger than themselves that's positive," said Paul Desjardeschas, head of marketplace trends at Smetana, which makes it more difficult.

Sure, there are still areas where the monoculture is flailing. It is unclear whether there has

been an unfeasible "song of the summer," despite the short strength of Ella Langley's "Theodor Tznav" and no accepted television show has captured particular attention.

Still, there's palpable notes that people are seeking out these moments. I've loved the main from people also wearing Knicks gear on their morning coffee runs. It's been galvanizing to bear cheeks on the sidewalk and realize that a crowd has been watching a match. I've been impressed

by the throngs of people gathered in multilyshes, even if it means the floors are extra study from spilled soda. I even treasured that weekend where we all kept refreshing our phones to see if Swift would drop pictures of her first given.

Monoculture doesn't mean we have to agree, but it does mean we have to share. And through that sharing it's been sure to be a little bit closer to my fellow man that summer. We're hoping that interviews lasts at least through the fall. Maybe "Naragris: Doomsday" and "Dune: Part Three" releasing on the same day will do the trick.

A Bumper Crop of Pop Culture Has Brought Us All Together

World Cup, Taylor Swift's wedding and 'The Odyssey' provided fans with a form of 'monoculture'

By Kristin Zivastrov

The end of monoculture has been widely reported.

Earlier this year, in this newspaper, Ron Frits wrote that "monoculture"—environment that is universally consumed—"is doing a rapid death," citing the fact that "we're all watching and listening to different things, led to us its algorithms designed to divide us into uniquely satisfied consumers."

This summer suggested something else: people still cover the feeling of watching, cheering and

talking about the same thing at the same time. It feels like the monoculture is in least trying to hold on for dear life. From the World Cup and "The Odyssey" to "Spider-Man: B and New Boy," we're finally all watching the same things, gladly cheering for goals and legendary heroes, be they naps or otherwise. We can secure devotees boost local economies and fipides we lose office records. It's been awesome.

"It does seem like more often than not, this summer we're having the same conversation in a way that I really think we haven't since Covid," said Hunter Harris, a

pop culture observer who co-hosts the podcast "Lemme Say This" and writes the Siderack newsletter "Hang Up."

"If you want to be cynical you could chalk it up to coincidence. This summer had a perfect storm of events that were expected to have massive appeal: a Christopher Nolan movie, Taylor Swift's wedding, a global sporting event. There was no guarantee we all would want to participate—some of us, namely me, have never really had a vested interest in soccer before. But once we were reminded how much fun it is to experience an event in a group again, we couldn't seem to get enough.

The summer started with New York Knicks's thrilling run to capture the NBA Championship. The house was especially pronounced in New York, where it seemed like every event was turned into a viewing party, but the love for Jalen Bronson and Karl-Anthony Towns spread across the nation. Soon after, the World Cup made household names of players like

Spain's Lemme Yamal and Norway's Rifing Thailand, creating new fans out of people who previously had no idea what an official call was.

"The World Cup provided a nice baseline for us to remember what feels so good about consuming things together," said Amanda Robbins, who talks about movies and celebrities on two Spotify podcasts, "The Big Picture" and "Just Iverson."

Then, over July 4 weekend, even those who didn't consider themselves Swiftsos, had an opinion about Taylor Swift's Madison

How Museum Visits Can Sculpt a Longer Life

By Samantha Boardman

A CUDIE FRIEND OF MIND is in her 90s and the is one of the most deep people known. For years we have gone on what she calls securities together, to gallaeces and museums around New York.

After a visit to a Cunper David Friedrich exhibition at the Metropolitan Museum of Art, she sent me a note. The day had been a life fixish one, she wrote, and then she walked into these galleries and experienced "a major mood change, which seemed beyond happiness." She described the large evenings in its unforgettable blues, the watercolors of trees, the smoky quality of the skin.

Of his painting "Wanderer Above the Sea of Fog," Friedrich once said: "It reminds me how small I can, but also how miraculous this life is." I think my friend would agree.

After a time and permanent, I set on think about that experience when patients come to me asking about healthy aging. Nobody mentions visiting a museum, instead, the conversation turns to the key pretty industrial complex—biological age testing, sleep scores, continuous glucose monitors, elaborate supplement stacks.

The patient came to me saying trailed every metric imaginable—her glasses levels, her heart-rate variability, her biological age—and yet she couldn't tell me the last

The National Gallery of Art in Washington, DC. Arts engagement may be the cultural equivalent of going to the gym.

time she had been genuinely excited about something. She was treating her body as a system to be fine-tuned and monitored. There nothing wrong with that, but it isn't the same as being a total life. A new study from University College London found that regular arts and cultural engagement—including visiting galleries, attend-

ing concerts, singing and dancing—alone biological aging at the same rate as physical exercise. People who engaged most frequently and across the widest variety of activities were roughly a year younger biologically than those who didn't. According to the researchers, it is the first study to show arts engagement working at

the epigenetic level. The lead author described it as the cultural equivalent of going to the gym. What results as arts engagement is broader than most people assume. It isn't just visiting museums and attending concerts. On her 1992 birthday, a patient decided to attend one arts event a week. A gallery opening, a play, a

book reading—whatever caught her eye. Within months she told me she had noticed a tangible shift in her energy and mood.

Another certainly noticed, signed up for ballroom dancing classes at a community center and came back transformed, by the music, the other dancers and the students of attending something new. A third posed a knitting club and found it was the best part of her week.

We already know that chronic stress takes years off our lives. Elevated cortisol raises the risk of heart disease, cognitive decline and accelerates biological aging. Engaging with the arts counters that damage in ways that are now measurable at the biological level.

I'm a young expert mariner too. A study conducted at Manchester Art Gallery found that visitors who discussed what they were seeing with others left feeling more positive. She considered and chose to the people they came with.

The secret to longevity may be simpler than we think, and a lot more enjoyable. Not a gallery, we a play, just a couple of times that has a book reading. Bring a friend and choose an activity that reminds you how miraculous life is.

An interesting illustration is a clinical instructor in psychiatry and associated attending physicians at Weill-Cornell Medical College in New York.

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THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Monday, August 17, 2020 | A13

Current Affairs: EV Owners Hunt for Deals As Market Gets Tougher

Drivers who are hooked on EVs are looking for more affordable used cars, paying higher prices or even switching to hybrids

By Russ Boon

People looking to buy an electric vehicle are finding it harder to get the good deals of just a few years ago now that tax credits and other increases are gone.

Since EV owners who are sold on the technology are digging at their birth and settling for high prices. Others are still in search of the best health prices to buy used market. Some are going back to hybrids or gas cars.

More than 1,000 roaders wrote with their choice of seeing and shopping for an EV—or a replacement for one—a market that has done EV upturn and higher prices.

Here are some of their responses.

▲ Bill Calzianini, 77, is part-time executive coach at the University of North Carolina School of Medicine in Chapel Hill, N.C., who drives a hybrid 2025 Mercedes 6400 All-Tomian.

An EV wouldn't leave and can be used for industrial market value. In my case, my 2023 Mercedes 820 had an end-of-tower buyout of nearly $80,000, between

$55,000 and $20,000 higher than what used examples were thinking from retailers like CarMax.

But willing to take a chance on what some one else might have done to a similar car to pay Mercedes an above-market price, and regarding how difficult it was

to change the admittedly splendid K20 as rated North Carolina. I simply walked away and purchased a hybrid with a more predictable depreciation path.

My range amnesty when heading for the Blue Ridge Pathway has been reduced to zero.

Donald Francis Bollinger, 70, is General professor of screenwriting at USC, Los Angeles, who drives a 2024 Nissan Ariga.

I now drive a 2024 Nissan Ariga, which I bought used with $5,000 miles for $25,000. Back a deal. It gets $25 miles on a charge. I had put down a deposit to buy a Nissan R2, but I just couldn't see paying an extra $20,000 to $30,000 for something brand new So far, the Ariga is great.

I'm a total current to EVs. We put what panels on our roof 22 years ago, so I'm driving on our doors. My work is close, about 20 miles round trip. My wife does drive a Solanov Province, which is a first car—and I'm a little out of the garage. We do take it when we have longer trips beyond 200 miles or so.

▲ Steven Miller, 70, owns an independent commercial real estate brokerage and lives in Greenwood Village, Colo.

I'm still on a company. My wife and I had two Chevrolet Volt lights to hybrids, which we drove for 8

years and thoroughly enjoyed until the factory died in the mid-lance wanted $15,000 for a new battery. We sold the running Volt for good money and traded the dead Volt to Tesla for a Model T Long Range. Love the car.

All three of those cars, I received a $7,500 tax credit and even more from the state. Then, I bought a used Tesla Model 3 Performance for cheap. No tax credits, but an app that that is when the love really started. There is no car like it. I used to drive Mercedes 400b and the Model 3 Performance will cream any 400b out there and still cost only half, or a third, or a quarter of the cost.

I travel for work and always try to rent a Tesla. Last trip, they were out of Tesla and gave me a Canary. It worked. It was a car, that it was on Tesla. There was no love there. Give me a Tesla!

Kent Dillon, 58, works in information technology and lives in Rob-

lensville, N.J. He drives a 2024 Tesla Model V and a 2025 Tesla Model S.

I am not going back to gas or hybrid cars. Gas cars do have an advantage—range and require at the local RoR—Car Service. If needed. I'm very satisfied with the Tesla Model 3 and Model V, this pedal driving, superb handling, confident acceleration and excellent stopping power if needed (and you. And I don't miss going to the game).

Both Tesla have improved magnolts via numerous software updates. I don't know and keep my vehicles for at least 10 years. I can see benefits of buying. Straight you don't need to worry about repairs after the warranty runs out.

▲ Marvin Demarski, 61, a pediatric anesthesiologist in Pocono, Calif., who also has a home in Brakic Idaho, He drives a 2020 Hyundai Ixmiq V.

I also leased an Ixmiq S for

3343 a month because I couldn't do job which gas car to buy, and I got hooked.

From November last year until now, I spent $400 to power my EV for a remodeling, running errands. And I had trip. We gas station storm, no oil change, just two rotation and a brake check.

My next car is most probably going to be a BBN 3X, just come to the U.S. market for around $60,000. If you don't buy EVs, there is no law having sex to buy one. There is nothing wrong with an internal combustion engine car.

Michael Schumann, 74, a furniture store owner who lives in Naples, Fla., and drives a hybrid Ford Maverick truck.

Ford just took more wraps off their new EV pickup truck. And the Fathom in the last couple of days. Every level goes to $28,850. Procedure open in early 2025 with deliveries starting later in 2027.

I'm ordering one as soon as I can to replace my Ford Maverick Hybrid. The Maverick has been an awesome truck. I am getting 42.4 MPG average since now 192.045—miles only and 2.5 MPG.

I'm getting solar on my house, so I'm pretty excited about no longer buying gas and being able to drive for free? There is a lot of EVs that have to people in the next year or two. A little patience will be well rewarded.

Taco Guys Eat Across The World

Continued from Page One we weren't taking the time to register that," Neff said. "I've chosen their first country. He also spun a digital wheel, landed on Armenia and found themselves at Little Armenia Cafe in Gromyprost, Brooklyn, the very next night.

Despite zero filming, graphics or editing experience, they decided to share most their journey on social media as Tanitobads. Their first video took weeks to produce and was a deadly draft, with endearingly shake cans—a week and stick-figure drawings of themselves.

Friends didn't hesitate to call out the mediocre production value. "I don't know if you should post that," Boon recalled hearing.

Despite the initial revenue, they posted the video, agreeing that if it got more than 200 likes, they'll film another. Within 48 hours, the video had 100,000 likes.

Davis, 28, and Neff, 27, had bungled their way into foods caratons, and brought Little Armenia Cafe's 1nd place with a along with them.

Their first year's approval became 10 times, showing with energy as he served there a malfunctioned meal-in-chalking tablecable, lunch hangers, upscale gas, heliken and coffee.

Friends from an far away as Blake started working El-Raist the video, asking, "Hey is this year?" His response: "You know it's me. Give me a break."

Gardener—revised coming in saying, "Oh my God, we saw the Tanitobads video!"

Tanitobads was an integral part a project. It was a platform for him in the real environment.

At Wadadli, owner Edwin Broda knew customers were Tanitobads (also when they came from the Amathel restaurant Antiquian restaurant opening his personal catch-

phrase: "You'll love."

The familiarity took Mcreem Lantafad for one time at first. New customers at Der Lhobja, the Moroccan restaurant she runs with her sister Tsaria, called her by name before she'd even introduced herself.

"I'm like, 'Sorry, do I know you?'" she said. "And they're like, 'Oh no, we saw you in the video!'"

Der Lhobja and Wadadli also saw thumps in order of the dudes that Davis and Neff are. Wadadli's jerk chicken, usually a common crap, was doing numbers in March and April. At Der Lhobja, the dudes were in sharp at one point they had to buy more meat in the middle of service.

Both Davis and Neff grew up with an appreciation for food sitting around family tables in Texas and Colorado. But until Tanitobads, they didn't know how powerful a shared meal can be.

"We quickly realized when we started how much food it is kind of like the great connection and equalizer," said Davis.

Osten Cabson, a medical-receiver specialist at Bellevue Hospital and a member of food groups across the city, found Tanitobads earlier this year and was struck by the pair's authenticity.

It feels like some other groups are here to try and make a paycheck," said Cabson, who's tried a number of the restaurants they've finished. "But these girls they just seem to go to a spot and they give back to the community."

Davis and Neff eat Malaysian street food dishes in Chinatown.

For this Web, a Malaysian restaurant tacked before a pharmacy in the heart of Chinatown, the exposure has been a game change.

Opened in 1935, Web Web made it through Great only to struggle for the past year. By April, owner Bob Cheah wasn't sure if he'd be able to re-sign his home. "I was almost giving up."

After David and Neff showered Web Web to their more than 800,000 followers across 100 for and damages, business picked up. Then, coupled with Cheah's new social-media efforts, it more baled.

Cheah re-signed his lease and even started reminding the restaurants from re-traces.

Davis and Neff are 30-plus countries into their quest. They're acquired sponsors, a manager and movie. Neff is still working in technology sales, but Davis quit his strategy—something job to pursue Tanitobads. Still true.

At the current pace of the restaurant a week, they'll have finished their world tour in mid-2016.

They're still trying to figure out how they'll tackle finding a restaurant that best represents the U.S. Data have suggested future American food, and food, for days and fact-food chains.

"What is American food?" Davis asked, "to die well, that's kind of what our challenge is."

The WSJ Data Center and I Edited by Mike Shenk

CORROD TEST | By Zhooqin Rormkel

1 "Middle" order-Read!	35 "Waste stop" 38 "Giving for w you	69 Assorted name
5 5/16 had-up	39 Shall, I've'd or	69 Health material
9 Heavy 5/8 and Elizabeth's toughhouse	3045 w-a	70 "This is bad!"
14 Legent continent	41 Gesta of "The Morning Show"	71 Japanese box batch
15 Tritew/cookie	42 Absorb thermophly	72 Cheyart game setting
16 2/12/4 fun-that searchin-then!	44 Playfully shy 40 Easy destination	73 Corrosion found in the four longest Across accounts
Perium-Oscar	48 New England football team, informally	Down
17 P.S.O. or blacklist	49 Water source	1 Spring's gently
18 Marine mammals tuschined	51 Kelly foods	2 Cams spilled
nightshade meter-tong	53 Persian cater-skin conquered	3 Hazard-doth
20 Throwers	Babytenin	3 Like many Dread celebrants
22 Of my record	59 Drowings in a good	4 High-tech promise
23 High-sand re-sell	61 Games's cube	5 Female-bag
24 Spring zodiac tight	62 Heads of Yields	6 Quitout stressful of time
28 Fruit that's sometimes pouched	63 Source of congruity or seasons	7 Like Cardiff nations
29 Like merceness and dipsites	67 Stadium waiting sessions	8 Like Thor and Orin
32 Triple-tail		9 Prof's helpline for short

• Solve this puzzle online and discuss it at WSJ.com/Puzzles.

10 Innumerable
11 Extra-brappy time
12 "Thermobots"
13 Leaf gathering tool
14 What you do to groceries where you get home
15 Expected in
16 Growing
26 Online troublemaker
27 Chicago-style picks—hats, familiarly

Wisconsin Peoples Initiative
Wisconsin Peoples Initiative
Wisconsin Peoples Initiative
Wisconsin Peoples Initiative
Wisconsin Peoples Initiative
Wisconsin Peoples Initiative
Wisconsin Peoples Initiative
Wisconsin Peoples Initiative
Wisconsin Peoples Initiative
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Wisconsin Peoples Initiative
Wisconsin Peoples Initiative

This is the home, personal, life, environment, and other information that you may have in your area. I'll tell you, I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you, and I'll tell you,

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A14 | Monday, August 17, 2026

THE WALL STREET JOURNAL.

ARTS IN REVIEW

By David Cruz

M After 1945 much is embedded in our human and so our bodies, expressed with every rhythmic breath and only we take, each time we clap our hands, stomp our feet, beat our cheeks, whistle, hust, or sing.

We are all of us, in short, "Musical Bodies," the 16th and aspects of the Metropolitan Museum of Arts ensuing exhibition celebrating the creative and aesthetic realm where music, art, and global cultures meet. These connections are explored through 100 named objects that range from a stunning array of musical instruments (including 50 from the Met's collection) to ancient artifacts, mixed together with paintings, drawings, sculptures and contemporary video and conceptual art. For this imaginative survey, E. Bradley Stroutcher Schever, curator in the museum's Department of Musical Instruments, has drawn from 10 of the museum's curatorial departments. The show also features numerous hours from private collections and institutions, most notably a rare figural line de broncho from Victoria's Enterobacteriaceae Museum and an exquisitely decorated hands-gurdy from London's Victoria & Albert Museum.

Visitors entering the exhibit are immersed in music from the start, through a series of large-scale video projections of Australian whistles 'Bobby Lewis, the boathening group Reeboo House, and others, making music without the aid of any instrument beyond their own bodies. Results: Tip Toland's executive 2020, extreme sculpture "The Whistles" depicts a pair of nearly identical male, gray and black, and a pair of overs wounded and lips pailened as they mirror each other's sprayed engagement in a seemingly timeless whistling dart.

A wall label further reminds us that "the human lives was our first misnominee" which may well be why so many musical instruments so often mirror the curves, contrasts and parts of the human body. A prime example: Though nearly a 2000 years divide a tiny marble Cyclade female figure in 3000–1700 B.C.I from the designs of violins of the 16th century and beyond, it's easy to understand how their shared four-glass silhouettes have led scholars to call stature like this "violins-shaped figurines."

Moving on to brass instruments, as well as other body parts, the clock Corret trompe in 2 c. 1862) attributed to Alphonse Son, a Belgian active in France and the younger brother of saxophone inventor Adolphe Sax, features an expanse of elegantly called taking sights, playing the Mr. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.

EXHIBITION REVIEW

'Musical Bodies': A Human Symphony

With objects spanning millennia and cultures, a show at the Met explores the relationships among instruments, art and our physical selves

nase of gender, through the elaborately decorated 1511 Era-de-branco, a hooved string instrument of the Renaissance. Its front bar the look of a male torso and bears a pop box hopped off with an elegantly carved male face. Turn it over and you'll find female niggles and a woman's underbelly—as well

as a mustachioed face. Did its creator, Giovanni d'Andrea, mean to suggest the image of a hermaphroditic, or does the initial tracing of an eternal knot empty message, not just of a man and a woman, but of love and music more joyfully? A similar question is caused by the exotic 'Ensemble' (2016),

in which fashion designer Thom Browne Sues together into one being a male wearing a tuxedo and a female in a white wedding gown. According to the wall test, Browne's creation "is a sartorial wife of the name of male and female born in the first de-branco—view nearby," and speaks to "the female male and black-white doubles expressed by the instrument's anthropomorphic carving and in-lays of story and obeys."

The leading power of music is here, too. An electric Hawaiian guitar that doubles as a crutch was designed in 1946 by Annie Massley, but a party-music singer Barbara Mandrell in the wake of a car crash that left her severely injured. A video from 2015 shows how in Ogilvy tradition, dancers provide healing through the rhythmic music created, with every step they take. By the numerous cones-shaped bells that adorn their jingle-drones, The Jingle-dress on-view was created by Shannon Grandison, an Ogilvy artist in Thunder Bay, Ontario.

A major theme throughout it is the intimacy, as well as the sexual

The Music Lesson' (c. 1768), received by Joseph Williams, above 16th and State College of the de-branco (1911), above right.

temptations, of making music together. In a blistering flower, a colorfully clothed shepherd suggestively teaches the shepherdess snuggled beside him to play a flute on "The Music Lesson," a perfectly trained physician sculpture (c. 1765) manufactured at the Chelsea factory in England and resided by the Belgian sculptor Joseph Williams after two engravings by the French artist François Bouchet. The exterior of Alexander Travantini's flamboyantly decorated harpsichord from 1531 features relatively same panels in green and pissable of Venus and Tupid, open the lid, though, and a supershed, nearly male Venus victims with Cupid rambling beside her, in a scene inspired by Titian.

That music accompanies an front both to death is underscored by the giant guitar-case-shaped model, "For a Musician," produced by Gaussian artist Paul de S. 2025. It may also continue to haunt us forever after, as in the bone-claming, tooth-chattering, apokaly pervasive 1929 animated Disney cartoon frolic, "The Modern Dance." Whatever your musical taste, "Musical Bodies" pictures with spirit and soul alike.

Musical Bodies The Met Fifth Avenue, through Sept. 27

Mr. Cole, the author of the memoir 'After Great Paris: A New Life Envoys,' writes on books and arts for the Journal.

MUSIC REVIEW

A Thunderous Rock Album Turns 50

By Maxc Moms

THE SECOND TIME was the church in 1975, songwriter and music-instrumentalist Tom Scholz, founder of the Boston-area band Mother's Milk, met out a dense tape of songs to two-dozen or so record companies. All passed, so the following year, he was shattered the band. Then he and lead vocalist Brad Dely refined six songs, playing all the instruments except the Brutes with Dely handling the vocals, and went out a new tape. Then also hired promoter-munage Paul Abate, who in 1975 played the new tape for Leonor Fette, an Epic executive. Fette, in turn, had staff producer Tom Worsam Jones, Bishops into the second track, Mr. Worsam stopped the tape. "I couldn't believe something this good was he dog dropped in our lap," he wrote in 2020 on the culture! Letter they returned to the band, the band's first time. The earlier demo, signed Messrs. Scholz and Dely, and former Mother's Milk guitarist Barry Goodman was brought in along with Sussie Frank, and a third time for the Band. According to Mr. Scholz, during the mixing of their first album, an assistant engineer suggested the band call itself Boston. Released 50 years ago this month, the album broke industry into a series of working the best-selling debut in U.S. history at the time.

"Boston" reached No. 3 on the Billboard album chart, and by October 1978 the record had sold a half million copies, with another half million added by November. It remained in the Top 10 for 30 weeks, powered by the hit single "More Than a Feeling," which peaked at No. 3 on the Billboard Hot 100 and became a hard-rock anthem.

Like many hit albums fans, "Boston" was the beneficiary of on-campus and in-car stereo systems, college radio stations and word of mouth. Allocated by disco's rise in 1979, many rock fans felt betrayed by artists such as Boe Seaggs, David Rosen, Paul McCartney and Wings, and Elton John who had added dance and funk elements to their recordings. For rock fans, "Boston" had it off—dramatic guitar solos, powerful lead vocals, a jabbing bass line, threshing drums and early songs with a music blend of pop and metal. Mr. Scholz composed nine of the Le'X'it tracks, co-working "Smokie" with Dely, who penned "Let Me Take You Home Tonight." The operas, "More Than a Feeling," explores the ability of a familiar song to stir both nostalgic joy and painful memories. "It's more than a feeling," When I hear that old song they used to play / And I begin dreaming / "If I see Marianne walk away: Like the Beatles' 'Eight Days a Week' and 'Yes's 'Roundabout,' the track be

The members of Boston circa 1980, the year of its self-used debut LP.

glass with a fade-on, featuring Mr. Scholz playing a descending acoustic-guitar arpegia." The Kingmanest rite-church on their 1963 hit "Loose Lone" is closely an influence, but the most addictive element is how artfully the three melody sections build and band-off to each other, fortified by Mr. Scholz's and Mr. Goodman's guitars. After earning a bachelor's degree and a mechanical engineering master's from MIT, Mr. Scholz went to work for Friderod in Cambridge, Mass., in 1970. "Peace of Mind" reflects on his disdain for the corporate ladder: "I under-

stand about indecision / But I don't care if I get behind / People love! no competition / All I want is to show my peace of mind." Mr. Scholz plays with clutling effects. He then spends "Foreign/Long Time" on organ and clarinet. The former song is a jump-rock instrument, while the latter is a year-long piece about striving for success. "I've got to keep on classic a dream / I've got to be on my way." Perhaps the albums must develop track in "Rock A Full Band," on which they lead Mr. Scholz's customized electronics. His threshing effect on electric guitar and multi-

tracking to thicken his instrument's sound dominion. An ode to partying and letting love, "Smokie" has a galleptic beat and pounding bass line. Refined out by Mr. Scholz's bell-casing guitar and organ over days. "Hitch a Ride" starts as a ballad into to the Beatles' "Stop Produces," but the tempo quickly picks up and multiple guitars come and go with an organ underneath. The song is about snapping a New York winner: "Gonna ask away / Sun lights another day / Freedom on my mind." Mr. Scholz's solo on the wind-down is an iconic organ. "I'm a good man—fucked 'Something About You' details attempts to save back a lover following a fight. Thematically, 'Let Me Take You Home Tonight' is a follow-up of a new-issue of music on a song. Due largely to Mr. Scholz's ardent performances, the band would release just five more studio albums after its debut, the most recent of which came out in 2021. Dely took his own hit in 2007, and flashin' died in 2017 of a heart attack. The band's last low performance was that same year. Boonick struggle up, thunderout track reflect off on the Loreyard, Country, the Chalet and Havana. Over the years, the integrity of "More Than a Feeling" actually categorized "Boston" as an area-rock tourist stop. A more careful demo reveals a classic propelled by passion, high-impact vocals and guitars, and repeated remodelling. Perhaps best of all, it still sounds great lead. Mr. Myers is the author of 'Anatomy of a Song' and 'Short Concert' (Gloves), and posts on music at JaxofRex.com at Sahnock.

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THE WALL STREET JOURNAL.

OPINION

Monday, August 17, 2020 | A15

Lessons From a Sociable Life

JASON 1919 By Andy

New Mexico Park, New York, 20593 I found more sound at a circular table in a trendy revival and really another table crowd. A gay across the table was joining an about his best "Here you were the new "Thomas Francis Alford with Pierre J. Bhattach and Prithall Forman. All catamaran that get flipped" back, that was mine." (lit. This could be a long night. Looked to my left side, shocking a there was Martha Stewart.) I wanted to ask about her company, which recently went public, but all she talked about were those who were in the office. I wommed with a British accent showed up into complaining about the Cinnamese being grounded Cricodile tears. I knew, then she introduced herald as Christian in in the office. In a afternoon, aided if she knew a friend of mine in London, the soul en- crees known him. Wow, at through looking back, pal- phorious, I wasn't that past more attention. Future me has no more question.

Rush of China Power, Hong Kong, 20991 I was meeting with an amount I knew on the 63th floor of a reflective plan building. After a spurted chat about investing in mat- tered China, he demanded "You are going to try this for dinner. We have a new French chef." It's not like I had other plans, so I agreed. It was a long ride down in the city of South Vietnam. We walked out to the street just as a very thin right-hand office. Jaguar XH-1, an in long wheelchair pulled up. The sister jumped out and opened our doors to him. He got in the car. He had been a bed, I'm not exaggerating, less than a block later, the driver stopped his car, jumped out and opened my door. I was in the park. We had been a drink. We could have walked. He went home about for me and driver. Lesson. Don't be so much improved.

Jason, 1919, 1920, 20991 A friend who was aying at داشate Britisher invited me to give a short talk on Wall Street (rush) and then she with a group of investors. After fifty and I enjoyed a very almost 20 years in the quarter before mem- bers a group named "Petra Giority Research out of Jack- son Bells. We're a good man, and they was helping with a lap- ning."

The attention, don't be so improved, and other wisdom from the time I said yes.

On the 17th of June, 1920, I was in the room. The time I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the

Rush of China Power, Hong Kong, 20991 I was meeting with an amount I knew on the 63th floor of a reflective plan building. After a spurted chat about investing in mat- tered China, he demanded "You are going to try this for dinner. We have a new French chef." It's not like I had other plans, so I agreed. It was a long ride down in the city of South Vietnam. We walked out to the street just as a very thin right-hand office. Jaguar XH-1, an in long wheelchair pulled up. The sister jumped out and opened our doors to him. He got in the car. He had been a drink. We could have walked. He went home about for me and driver. Lesson. Don't be so much improved.

On the 17th of June, 1920, I was in the room. The time I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was

In the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was

On the 17th of June, 1920, I was in the room. The time I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was

Chin who later friend Alex Monsaud as he chanted El Capitan in Scientific without pays or laziness in "How the man is doing with 2000 Ove or for Kent Drozomowski. How the man was (using to follow that)" I did then, but no one really listened. Along the next day, I foolishly followed the Jackson Bob (kids with) "I was going to be a vic- tance to a set of steps and screws chakra I almost died trying to find any other way down. I loved, Lesson Wilson spreading, and I was in the presentation order upfront. He, and never did with anyone who died down Everest.

Washington, May 1 1920, 1920, 20991 A friend who was aying at داشate Britisher invited me to give a short talk on Wall Street (rush) and then she with a group of investors. After fifty and I enjoyed a very almost 20 years in the quarter before mem- bers a group named "Petra Giority Research out of Jack- son Bells. We could have walked. He went home about for me and driver. Lesson. Don't be so much improved.

Jason, 1919, 1920, 20991 A friend who was aying at داشate Britisher invited me to give a short talk on Wall Street (rush) and then she with a group of investors. After fifty and I enjoyed a very almost 20 years in the quarter before mem- bers a group named "Petra Giority Research out of Jack- son Bells. We could have walked. He went home about for me and driver. Lesson. Don't be so much improved.

Jason, 1919, 1920, 20991 A friend who was a

Missouri retirement com- moner, Normally I would pass, but I was going to be in 8-2 of the 1920s. I was going to be assistant to keep my visit a surprise. Luckily, I had a visit and he and showed up at the current Missorians Race East in the 1920s. I was going to be sharp uniform asked if I wanted to go to the ceremony or to the admiral's house. "Please please," I saw my friend talking to some other age in a famous stadium. I was going to be a great night between them, truly surprised my friend. The other age asked how I know. Mrs. Mooney, then asked, "Oh, any thing I can do with you, I had been in my formula with, Linda, Mrs. said, "Now, you sure wanted to talk to Chris," "Yes, why?" I asked. "Well, I am going to be in 8-2 of the 1920s. I like this explained to me that of those long- term Aids, Jonathan Stewart, why not in the hotel (that) I had to be in my home. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the room. I was in the

The changing of command of the police memorable, including if you salute for each of the outgoing and incoming admirals and a 20-gun station for my own friend, the CRS Lots of smoke, daily. Mooney put to say, "Shut down my flag," I'm going to mind that into smoking. Lesson. Say yes more often, had know who you're announcing. Write to books/folly/can.

ROOSISBELF | By Michael S. Roth

Occupier

And Survivors

Hotel Exile

By Jane Ragsyala

Service, 332 pages, $22.00

If you [包括] a skin look published in 1981 and based on her wartime diaries, the novelist Marguerite Duran spouse—the author's group to the Hotel Latetia in Paris to be the first hotel in the 1980s. Her son, the 1980s, was not only being organized there. Crowds stand outside looking at old photos posted on slightly housed, pictures taken of people before they were rounded up and transported to Auschwitz, Mishenbush, Durban. But there also are returning to the 1980s and the 1980s. The 1980s were also the first hotel in Paris. Many are now my mother, my husband, my children! In their original analyses and with their shared heads, they were like occupiers returning from another plane—a place of torture, lounge, death—removing through the portal of the night to a heart level, the same hotel that they had been the headquarters of the German country intelligence unit.

In "Hotel Exile: Paris in the Shadow of War," Jane Ragsyala says the Latetia as a loss through which to examine how the 1980s and the 1980s, it was three fleeing fascist person- ies, in a city of the walking to please a vicious occupying proven, and there is the capital of the 1980s. The 1980s was a fright in being successfully battled for its freedom. The welfare of the army are familiar, but Mr. Ragsyala says it more through the 1980s.

Both shortly before World War I to complement the Left Roots I in the Marble War, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s.

In Germany, the persecution of leftists and Jews provided some advantage for them, especially in government and the protection. Even those who recognized that officials were not following the rule of law but instead lying to watch themselves and attack their enemies might nevertheless have found a way to accommodate themselves to the new world. They might even have been told that the 1980s were the first of the times were being discriminated against. The rule was powerful, and by the late 1980s, Mr. Ragsyala says, one could "there is two of a moving man and no one [would] intervene."

Mr. Ragsyala describes how the Latetia became a lesson for those who had fled the Nazis as well as those who were aligned with them. As the hotel manager would say, "no client, I've got close." "A customer is a customer." The hotel team proud the apparent neutrality and was dubbed "the Sottman kind of Paris."

The option of and neutrality dissolved with the failure of the Magister Line, France's triage of defensive installations along its border with Germany. The author describes how to plan 1960 the Nazis requisitioned the hotel to be the home of the deserts. He more civilized part of the intelligence services at least compared with the Gestapo. There were small acts of resistance, as when the two men in this crisis were recently watched. The 1960s, the 1970s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s.

The Nazis commandeered the Hotel Latetia after capturing Paris. The hotel later became a center for those returning from the death camps.

Outside, there was more enthusiasm for cooperating with the two German cities. "The very nature of the German civil force," the author writes, led many into a "take what you can" from of corruption, do the rule of law revoked, as is so often for care under authoritarianism, greed and corruption came to the fore.

Evening from the victorious Sottmoral literature, as well as interviews conducted by various researchers with hotel staff over the years, Mr. Ragsyala confers heartbreaking stories of familiar democracy, children murdered and late abiding, lives unruly raging up with French authorities with the employed confidence that they would not be turned over to the Nazis. The priest Robert Aeschle shortly penetrates of Resistance women in the rank and prestige is particularly despicable, example of duplicity, greed and hard heartbeatses acknowledged in relapses and are ideology of social superiority.

The 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s.

The 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s.

Mr. Ragsyala judges that the Latetia was the only one of Paris's grand hotels offered the "voluntaries" of being put in the service of survivors, in the trade in the movement leading to the 1980s. The 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s.

Dr. Ruth A. M. presides of infatuation University and the author of "Memory, Trauma, and History: Essays on Long With the Past" and, most recently, "The Outback of Short History."

Sheinhard Morse and Gag Mees's Mutual

AMERICAN & Mary Anastasia O'Grady

The meeting a government agency the athlete of the truth, the prevalence's effect green- lights connecting themselves, women, intellectuals and en- trepreneurs are alarmed.

The view estrangulation of democratic pluralism in 1890 on by Mr. Morse, the president Moreau a party started with President Andine Manuel Lo- pez Obrador (1859-26), also known as ABSU. On government as a classic populist, expand- ing welfare—and the strength of the belief that there is no one who came up in politics during the 70 year rise of the regressive business and Rev- sistances (1875), he understood that the people who live the rises required more.

By the end of ABSU's presu- dency, Moreau had seemed control of the increasing audience of National Service of nature and the Reverend Trine- nal. When the party failed to secure a supermajority in 1918 lower house elections, elec- tions and other strangulation rules around governmental ex- monuments to make it happen, During his final month in of the ABSU plucked a new law through Congress establishing the elections of all judges. The

Moreau judiciary has become a force.

This creeping authoritarian war, which ABSU debated Mor- se's "Fourth Conference in 1920," continues Mr. Morse loans insists the support: Democratic norms. Yet under her leadership, the Moreau involved or using its sharp force and can make it a remaining protection of indi- cidual liberty and the rise of law.

In an Aug. 1 essay titled "Towards a Prime Door to the Moreau monthly House, Sergio Lenzi Addis and Pedro Salama figure in the Institute of Legal Research in Mexico's National Astronomical Society," the letter that the measures being used to shield domestic democracy are "inter- venced." "Viewed together, they reveal a calm with com- monitized capabilities to be the most important reactions, freeze assets, de- strive individual of third lib- erty, and interfere in the form of social and business- men as a primary exposure through electoral means acting as a defender of violated rights."

Will Moreau remains short of his daily power and it faces uniform elections next June. About Moreau over their predecessors, and despite the crack recklessness in making the 1920s, he is a major role here, strong, but organized crime and no alleged links to Moreau politicians are now going. Corruption could be come a feel campaign issue, and controlling the narrative

on the advances, where most Moreaues get their news, will be crucial for the party.

Ms. Sheinhard, a trying to get out of front of this perilad- ly, that's going to be the grounds who had left year and the downturns of the on-tomorrow Federal Institute of Telecommunications. That is depending on the state or placed with a federal govern- ment agency, the Telecomm- unication Regulator's Commis- sion, which, under Ms. Sheen- baum's initiative, will judge

The president insists the back-dementedie- norms, but individual liberty is vanishing.

The security of media report- ing, it will just be if words or trend on the evening news are something the public shudder here heard.

Mr. Sheinhard says the political belief he applied for such verbal violations are still being discussed. Media outlets may sell versus to avoid finan- cially abolitioning penaliz- ing the state, and the state will bexte in picking aside and de- vision can't be doubt.

The rainy from Moreau democratic who cherish for the past 30 years of the company, Mexico's National Chamber of the Radio and Television In- terests warned that the guide- lines are "unimportant" and that "the full allows the govern- ment to define what count-

tates false or decentralized information.

California Valdes Carof- deau, a former director of Mex- co's national intelligence and the American Red Cross, is Mexico's La Aurora last week to point out the double standard. For the past eight years, he charged the Moreau govern- ment's "unimportant" and "the informed morning show "to be the, conceding information, and feeding us with false news." Then have "been nothing but vigorous, deceived, intimid- dicts, been unprotected, and was fished against the world perceived, and critics." This rating did "deterioral" under- stand required by and "was warm to portray itself as the almodel of war right to be well- informed. What audacity?

It's doubtful that Mr. She- hard says it would be on board if the opposition were to govern and make itself a good way to be should be heard and who shackled tobacco. In 1918 she touched "It is one thing to make a debated profit and gain the power to be a good way to fulfill them, characteristically the human. In the 1917 there a freedom of expression," let us told her. "I was a man who was in the world up there after three years to prove in 1917. They asked themselves so many questions. Will I not help" in the beginning of a situation in the country that led to the whole action of the political reform, and I was "a man who was in the world up there after three years to prove in 1917. They asked themselves so many questions. Will I not help" in the beginning of a situation in the country that led to the whole action of the political reform, and I was "a man who was in the world up there after three years to prove in 1917. They asked themselves so many questions. Will I not help" in the beginning of a situation in the country that led to the whole action of the political reform, and I was "a man who was in the world up there after three years to prove in 1917. They asked themselves so many questions. Will I not help" in the beginning of a situation in the country that led to the whole action of the political reform, and I was "a man who was in the world up there after three years to prove in 1

The New Syria: The Enemy of Israel's Enemy

By By Barrett

Israel has a unique oppor- tunity in Syria. The De- centenary 2020 collapse of the 1980s, the regime sharply changed the regional characteristic Syria was suf- idently no longer the lifetime of the 1980s; one on the northern front of the 1980s, which became recapes; and money passed to Rashidah, the West, Germany, belong to Ahmed al-Shara, a Sunni leader and former com- mander of al-Qaeda's Syrian al- Raiso, who had bought Shubal- lah's 1980s.

So far, Israel has treated Mr. al-Shara with skepticism. It responded to the Assad ex- plains' full militarily, shore- ring Jordan, the 1980s, and seizing a forward line in the Seyran Al-Qaida. Mr. al-Shara's past raises legitimate question- als and whether his public opposition was a result of the list to sub-meaning rehaulds of Syria is genuine or tactical. Even if it is truly committed to criticizing Syria and stabilis- ing relations with Israel, the country will remain fragile and relieved in the responsible for- terorist activity, such groups have operated near the Israeli

foreign bodies. The support is latinizing with Turkey is also resulting, while the unresolved dispute over the Golan Heights claims prospects for conspir- tionary peace.

Yet Israel appears to be missing a strategic window that al-Shara is on friend of In- trict, but he is a clear story of Rashidah. And while the pro- vision forces government or war on Israel's defense, Mr. al- Shara's depends on Western

Al-Sharaa isn't a friend, but his rise is proved opportunitiz.

and God support, foreign to women and international ac- ceptance. Democracy needs quiet on the Israeli front.

The overlap of interests in the 1980s is a significant results. According to Asian, the U.S. is high-balance in under- standing meetings Syria, Israel and the International Atomic Energy Agency to secure and remove nuclear reacted with the 1980s, better than the Israel's military's nuclear pro- gram. The episode slows a

stretched than other interests concepts, Israel and the re- revised government can ad- dress concrete security threats through U.S. mediated, worth- ing assignments rather than confrontation.

Israel should signal this overlap of interests in two or two weakening the 1980s: sin- and preventing Sunni terrorist groups from establishing inter- writes in Syria. For the first time, Israel's power is a pro- gram and a business that can comply reduce the flow of reception and ensure itsിയിൽ remain. The 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s.

The two countries should be the 1980s, and from were- ing global jihadist groups re- firmers, Israel can support to

confrontation assistance medi- tional on including Iranian forces, preventing terrorist in- frantraction and ensuring that Syrian's economy isn't under- standing.

Israel should stay cautious. Any Israeli employment from position it would alter Mr. Rashidah? All should be gradual and had to complete security conditions. Israel can also con- struct the concentration and through nandemist international shame in the border com- manders, helping redailed one of Syria's power areas and re- porting the 1980s.

A comprehensive peace report isn't currently realistic. But Israel's strategy used not to rely on the 1980s, the lawful of the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s, the 1980s.

Mr. Moreau is a normal line- tenant colonel in Israeli De- fense Intelligence.

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A16 | Monday, August 17, 2010

THE WALL STREET JOURNAL.

OPINION

REVIEW & OUTLOOK

The $1.4 Trillion State Tort Raid on Meta

States and their friends in the plaintiff bar are copying the campaign against Big Tobacco to call Big Tech. This week a trial kicks off in federal court, where four states—California, Colorado, Arkansas and New Jersey—organ that Meta smiled for public on the harms of social media to young minds. Because should be deceived into thinking these lawsuits will help children.

Meta now faces thousands of lawsuits in state and federal courts, charging that if failed an epidemic in the United States, the state's no-certain more young people are experiencing mental troubles, as smartphones and social media have become ubiquitous. But some torts won't solve this complex cultural problem.

The real goal of state Attorneys General and plaintiff lawyers is to barrage Meta with lawsuits and then pressure it into an enormous financial settlement, a la with tobacco companies in the late 1990s. The state's no-company is a serious intelligence with OpenAI, Anthropic and Chinese open-weight models, the litigation is a costly distinction.

The spring, federal jury found Meta and YouTube liable for one young woman's mental upset and assaulted 34 million as damages. Meta is appealing the verdict, but thousands of such claims came. Meta as May without a lawsuit by a small Kentucky state attorney, plaintiff for $1.40 basis.

This results a New Mexico judge ordered Meta to pay $347 million to start an alleged public nuisance caused by its platform. That followed a $375 million penalty by a New Mexico jury this spring for misleading users about the safety of its platform. More than 40 other state AEs have filed lawsuits making similar claims.

In the bottomline trial that starts this week in Oakland, Calif., the four states are seeking $1.4 trillion — two trillion — to damage. The first year's Meta's market value $2.5 trillion. They claim the company designed Facebook and Instagram "to maximize profits" and deployed "harmful features" that "addict children and teens to their severe mental and physical development, all the while misleading the public regarding the existence and severity of these risks," inquests California AEs Rob Banta.

Because the states are making claims under their general laws for consumer protection and

unfair business practices, they do not have to prove that Meta caused harm to specific individuals. The AEs instead loan on public statements that Meta exercises saying the company prioritized your safety, which infrequently are in conflict with platform features that keep young people scrolling.

Meta organ it implemented measures to protect young users from problems, such as contracting direct messages from adults. It also added features that extend teens to take a break if they have been scrolling for long jury days, while others claim to impose daily time limits on their usage.

In response, the AEs claim these tools were intended to provide a patina of safety but didn't stop complaints use. It's certainly true that Meta could have done more to limit the amount of time being spent on its platform. But the negotiable reality is that these users would have likely switched to other signs or video games.

Some also claim that the limited initial business practices by letting users create multiple Instagram accounts, which they use allows kids to circumvent parental controls and video barring children under age of 12 from creating accounts. Meta disactivates accounts that it suspects are underage. But the AEs argue if one account gets blocked, underage users can switch to another.

The AEs also claim Meta violates the 1998 Children's Online Privacy Protection Act because it doesn't do enough to block underage users who misrepresent their age. But for years Congress has debated whether and how to require platforms to verify their ages. This has been a striking point in discussions over new children's online safety legislation.

The AEs are trying to punish Meta for failing to take actions that Congress and even their own states can't agree on. Some states in recent years have passed laws seeking to address problematic youths use of social media, including listening smartphones in schools and requiring parental consent for tobacco to create accounts.

Such laws might do some good. But the legal attacks on Meta among 54 politicians pretend to protect children while the trial lawyers reap giant paydays. Talk about exploiting children for political profit.

Judge Lee Rudofsky to the Eighth Circuit

President Trump's judicial appointments were a signature first for two years, and his latest nomination follows on the pattern.

Mr. Trump said Madison day he called for a federal judge Lee Rudofsky to the Eighth Circuit Court of Appeals. "Lee will be a rock solid defeated to the Constitution," he wrote online.

Judge Rudofsky, 47, has sat on the court in the Eastern District of Arkansas since Mr. Trump put him there in 2008. He previously was the Solicitor general of Arkansas and a lawyer at Wallace, Allen grade along from Cornell and Harvard. He is a member of the North Circuit, but for a George $1.91 Bush appointee, so don't hold that checking against him.

Over the past seven years, Judge Rudofsky has earned a reputation as a medical jurist willing to reconsider legal disputes from an original suit perspective. In 2002 he ruled that private parties can't use under Section 2 of the Virginia Rights Act, which was meant to be endorsed by the government. Arkansas State Conference, XXACP v. Arkansas Board of Supervisors—"The left towards the reading of the law as next" says, but it was upheld on appeal.

The summer Judge Rudofsky dismissed the equal protection claim from a lawsuit challenging. Arkansas's bias on critical race theory in

public schools (Halls v. Sandoz). "A desire to protect students from left-wing indoctrination is not tantamount to a discriminatory in-

text or purpose to adversely affect the American students," the judge wrote. "End of story."

If the Senate confirms him to the Eighth Circuit, he will fill a seat opened by Judge

Bobby Shapford, who is taking senior status. When Mr. Trump named Judge Rudofsky to the district court, he was backed by both home-state Senators, John Rousman and Tom Cotton. His legal acumen and record new Braverne broad GOP support as he's considered for a promotion.

Good judicial girls can build on one another, by helping to open new vacancies. The Rudofsky nomination is a reassuring message to older conservative judges, especially after Mr. Trump's second-term attacks on the judiciary. Let's hope it's a signal that, if judges take senior status, the White House is willing to seek out the legislative power right outside.

If Republicans lose the Senate in November, which seems increasingly possible, the money for further confirmation will shut down in January. Perhaps other conservative jurists, close to retirement, would prefer to make way soon for their own Judge Rudofsky.

Republicans Can End of Inflation Tax

Republicans may have only one more chance to pass major legislation this year, and one question is whether they'll include any economic reform worth the effort. One should be to index the capital gains tax to inflation. Finally, After the Rabin price range, it would be big, relief to another class to increase.

The statutory tax on long-term capital gains tape out at $3.85, including the financial or surcharge. This rate applies to nominal gains, unadjusted for inflation, as a result, reflect or exerts end up paying taxes on inflated gains, raising the effective tax rate.

Economists have long understood this problem. For friend Arthur, after recently re-arrested and unadjusted earnings now high there can be, assuming an asset is held for five years and earns a 5% inflation-adjusted annual return. In that scenario, starting more inflation took off in 2002, he finds the effective tax rate on even capital gains has climbed to 5%, up from about 30% in the second half of the 2010s.

That isn't as bad as a peak inflation-adjusted tax rate of nearly 100% on capital gains in the 1970s. that's a 5% margin. The large capital for economic dysfunctions of the era: But the line on Mr. LeRoy's that has moved in the wrong direction, after several good decades in which inflation was low and politicians still understood how damaging capital taxation can be to economic growth.

The flu is to let taxpayers "stop up" their tax basis in line with inflation. It's also a political opening for Republicans otherwise struggling

to connect to uniform voters on the economy. Capital gains tax cuts have a record of stimulating investment and economic growth, and optimism about rising risks is a surcharge to the 1970s. The tax is too low to make it a big change.

The change would help the middle class. About 76% of returns that filed a capital gain in 2002 had household incomes of less than $200,000, according to Internal Revenue Service data parent by American for Tax Reform. Profits on selling a home are taxed as cap gains, and though there's an outlaws for the first $200,000 tax increase, the budget, empty owners after the Rabin inflation might be above that.

To that point, here's a chance for Republicans to lay down a market on inflation. But government policies for the price structure of the past five years. Now the temptation is for politicians to capitalize—literally—on their own mistakes, as inflation pumps up tax revenue. The income tax burden are induced to inflation, already, which leaves capital gains to suffer from an unjust inflation tax.

The country needs someone to stand for the idea that yesterday's overspending and inflation should be less than the next two years. The price is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money, but it is not just a lot of money.

LETTERS TO THE EDITOR

Disenchantment With Israel Began Long Ago

Beginning William Galston's "Why Bills of America Sound an Israel" (Fulton & Sisco, Aug. 12). American disenchantment with Israel begins well before Oct. 7, 2012. In arguing that it was the way in time that the family of children of Israel ties, Mr. Galston reincludes that the American bill has long been turning against the Jewish state.

Radical academics like Nixon (Turner) and Edward had been removed Israel as an important top product of the American war against the consensus was on college campuses, while it was on major students and professors condemned Israel immediately after the Oct. 7, 2012. The American state's new during the 1992 Johnson war and the Second Intifada, also made the left hostile to Israel.

Democratic politicians slowly but surely responded to the anti-florist anthem. Blessed from war critical of the closing biz fall for the price change in the early 2000s. Attendees of the 2002 Democratic National Convention based the inclusion of an amendment recognized, Irvington and others signed a federal hopefuls Better initiative and Illinois with Warren campaigned on explicitly anti-fraud platforms. They reflected a party mask less supportive

of Israel than it had been in prior decades.

All of this happened before this latest war against Hatties. It's too simple to say that the war caused Americans to turn on Israel.

Susan J. Kemp

American Enterprise Institute Washington

Mr. Galston presents several statistics indicating decreased support among Americans for Israel and the 1990s. The shoulders of Prime Minister Benjamin Westerdahl.

Yet someone intopally he faced a nothing new. A 2003 poll one shared the same. The American tension that 59% of surveyed citizens viewed the world's only Jewish state as a "threat to world peace." He surprisingly, the 1st placed toward the end of the 1990 North Korea: The poll between perception and reality then and now can't be blamed as Mr. Stotanysky, say 7.85% in social media, which did not yet end.

The intent for the overwhelming negative will the June and the Jewish state is, as it has always been, portrayed.

Ed Zirman

Kiss State, Israel

Mayor Mandatni's Corporation Blame Game

Beginning one editorial "How Much Latest Target Amount" (Aug. 13). Global Mandatni offers to re-gain financial and FedEx to use a specific type of delivery worker to make the most effective and government should decide how private companies operate. Being never run a business, Mr. Mandatni, is telling major employers how to manage their operations, shows how staggering his control is.

Liam Rowan Scottsdale, Ariz.

Mr. Mandatni and his fellow travelmen in the City Council make his private sector in general, and large cor-

porations in particular, as humans of the city of New York.

As in the case of the peak current tax, the major can't stop himself from efforts to humiliate his targets. Arrasing America's orders of "regulation-advocating" moves the Delivery Protection Act discussion from a public policy debate to a shanting exercise.

Whether or not Amazon takes the money's hostility seriously remains to be seen. But if one of his large corporate employees targets human life, City, it will hurt private-sector employees, members and the city's financial health.

Perez A. Micou,

Alexandria, Va.

The Economy and Midterm Miscalculations

President Trump's position is to sign and domestic, are all considered in the midterm congressional elections approach ("GSP Losing Its Edge With Notes on Economic") U. News, Aug. 9th. The first week of the Senate came to the House of Representatives, which has been a major problem. The House of Representatives, which has been a major problem, is to be a major problem. The House of Representatives, which has been a major problem, is to be a major problem. The House of Representatives, which has been a major problem, is to be a major problem. The House of Representatives, which has been a major problem, is to be a major problem. The House of Representatives, which has been a major problem, is to be a major problem.

Geomignering Will Sure Us

Rather to Believe, rather to get other excellent column ("Surveys") Geomignering Return? "Barriers: Wrong, Aug. 9th." The House of Representatives, which has been a major problem, is to be a major problem. The House of Representatives, which has been a major problem, is to be a major problem. The House of Representatives, which has been a major problem, is to be a major problem.

Mr. Jenkins has hit on the way funds of money will be debated. Geomignering will be the answer. Again technology will thwart the doomputers. But environmentalists will still end against geomignering because in their state, it is a problem.

Thomas Wrinkle Kensington, Calif.

AOC's Ideological Baggage

Chicago Tribune today's plausible case for Alexandria (Santa-Cortea) today's formidable primary company, which is "AOC's Big People" (both Reds I feel "not all, Aug. 9th." But he also points out that the carrier's ideological baggage exactly the kind of baggage that the politicians would hope for in a Democratic candidate for the government's capital. The American bank of the Tribune identifies, the only candidate ever elected in the presidency do rectify from the House was James A. Mitchell in 1993. He while party veteran and political leader Frank J. Smith that she would have made a appeal to independence and nonviolence.

Joan A. Younger Lancet, A.C.

Letters intended for publication should be mailed to majorները, and "Non-website" (see 10), state and telephone numbers. All letters are subject to editing, and unpublished letters cannot be acknowledged.

regular people with them that these midterms are about persistent inflation and affordability, which isn't a hoax and can no longer credibly be blamed solely on condition made during the Rabin years.

The costly war against Iran is unnecessary, and the Republican are miscalculating by overstating the threat posed by democratic socialism. The midterm elections, less than three months away, are criminally important, and will be the most important. The government of which major party is best prepared to manage the economy in a dangerous world and a nation in which no cost of living, nor a foreign country is the answer for several the common sense of the people, which has been the essence of American since it was given its name in the 1950s.

Betton Blader

Norwalk, Conn.

Don't Rank Codifying Crypto

Total editorial "Clarity for Crypto, Just 10" (Aug. 7) states a concern community leaders repeatedly voice The additional "repeated" hospitals isn't a name technical wonder, it is a structural threat to the deposit have that powers local holding. The founders' decisions not to scale this fall was the right call.

The most common profit on various would permanently lose deposits away from small banks and into an unguided crypto computer. When deposits have, leading bankers—and for small businesses in rural and suburban communities, no substitute, banks or waiting down the street.

Now getting confirms that 70% of small-business owners say they want Congress to protect community bank lending access. Policymakers should take that legal record when more here return from service.

BRIAN ROMBO BUNN

President and CEO, Independent

Community Bankers of America Washington

Pepper... And Salt

THE WALL STREET JOURNAL

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THE WALL STREET JOURNAL.

OPINION

Monday, August 17, 2026 | A27

Warsh Is Wise to Ditch the Dots

By Ronald L. Laskin

The first major component of the Federal Reserve (Supreme Norm) which is not enough to be implemented in the elimination of 'forward guidance' by the Federal Open Court, is the first major component as to future policy positions. The FORET, postmorning statements have seen a 10% reduction in word count from one year ago, its minutes have climbed down by 24%, and the number of speeches made by Fed and the other government of the World concluded refuses to be pooled (the making news at post-FORET press conferences.

Perhaps the World is taking on forward guidance, and it seems to understand that it is like most big-government programs for grade sound holds, but in pursuit of them, government agencies become more than one of the most important fronts for rent-sockets. And for all that, it turns out that government can't achieve the goals anyway.

Fed 'forward guidance' was supposed to encourage transparency, but it ended up doing real damage.

Forward guidance has high-minded objectives: making the Fed more transparent and accountable for making numbers and numbers they need to adapt to future policy skills—without undue suspicion. Critics are comusing Mr. Warsh for turning his back on these goals. But what the Federal Reserve has to do will be self-interested. Fed admitted comings. Wall Street is afraid it will be deprived of trading opportunities and transactions free. The world is afraid it won't get juicy headlines from Fed officials. There officials are afraid that the state is not to be the minimum of fame when financial television hours can no longer shut

Federal Reserve Chairman Karen Warr

their latest youth of wisdom about the economy.

But even if we ignore the self-interest of critics and ensure that forward guidance was created with good intentions, it simply doesn't work in practice. Through the years, forward guidance has been worse than useless at vouching what the Fed will actually be.

The most explicit form of forward guidance is the 'dot plot' itself that represents FORET members' projections of the federal-funds into judicial questions by the Summary of Economic Reforms. The Federal Reserve has been a significant step in the 'right-of-judice'—because the Revenue in January 2025, 2026, fell in quantity three-year projections in year-end 2025 since then, only two have been right. The Revenue went to 2.8 percentage points, which is changing had considering that the year-end federal-funds also itself has averaged 2%.

The most egregious error in the dot plot was the fact that the 2020 and March 2022, when the funds last was zero. The dot plot was promising markets a zero-funds loss of the way out to year-end 2022. At year-end 2022, the funds are had been March to 10%, and by year-end 2022 for 2.8%.

One consequence was that Silicon Valley Bank became involved. At

March 2023, in part because it determinately relied on the zero funds one promised by its primary federal funders, buying long-term debt, earns at low pensions—no yields. These categories did depend on when the Fed unexpectedly raised rates in one of the most aggressive, taking notes in history. The Fed was then forced to backstop industry disresolved banks by leading against the full maturity value of third-grounded bonds. But that was no late the what had been the 100th-largest funds in the U.S.

Another consequence was that the nation had to endure the worst inflation since the early 1980s. In March 2022, as the global economy began to shut down as response to the pandemic, the FORET lowered the funds into to zero and said if expected to keep it down "hard is a confident that the economy ... is on track to achieve its maximum employment and pay a little more." In December 2023 the unemployment rate fell to 13%, and inflation was running at 6.7%. Yet the funds also was still zero, and much of the same forward guidance remained in the FORET statement. Inflation peaked in several months, and the summer of 2023, after the Fed finally started raising rates in the

during. Official beliefs submitted that inflation wasn't "transitory" and that there would and date had dramatically underestimated the cooperative powers of the economy—which had returned to new all-time high and given domestic product a whole year earlier. It seems the Fed had made itself robust on its own wrongdoinged forward guidance just as Silicon Valley Bank did.

Mr. Warsh can't entirely abolish forward guidance. It is mandated by the 1978 foundry's Hawkins legislation, which requires a permanent record. Tired at the discussion of the conduct of monetary policy and economic developments and prospects for the future, taking into account past and prospective developments. But he can find out more than a bad to where they were before 2025 when Mr. Bernadec introduced the Summary of Economic Projections, in which FORET participants were the following group of people: growth, employment and inflation every quarter in 2023 (Mr. Bernadec added the dot plot of the future funds) on 70st was a time when inflation was running persistently for the first 7-8-1 year. On finish of the first year, he was 5 for four years, and Mr. Bernadec was eager to find ways to maintain the economy by lowering long-term yields. Promising a low funds one with forward guidance was one that would be a proposed quantitative outing was another, from off to weakly.

Mr. Warsh resigned as a Fed president in 2021, possibly in protest over the 100th-largest years of the tilative easing. He wasn't there in 2022 (no less introductory of the dot plot. Having abstained from contributing a dot at the first FORET meeting, he was not able to make a new romance to the day late free. If he has the coming to 40th his critics and continue down the road to return, then we can all be free of Fed forward guidance that has done more harm than good.

Mr. Laskin is chief investment officer of ProudMaven.

USS Lincoln: Performance For the Ages

By Fred Cooper

As Saturday I stood in the day before smoke of an anorid 70 carrier sailing in the Arabian Sea and addressed the entire crew on the ground announcing system, I delivered the words every deployed sailor and Marine leaps to bear. The base delivered a performance for the ages, and now you are going home.

A similar day trip to the USS Abraham Lincoln because I wanted to see how its 5,000-plus service members were to be able to get the air their extraordinary residence in the face of command pressure.

It was an amazing shot. I was blown away by this strong group of 5,000-plus service members and with justified pride in everything they have accomplished. I also saw the reality of more than 200 days of an with more than 150 days in a combat zone, while equaling with sailors in square-most guards shot in the air.

Recent media reporting has portrayed varying perspectives on operational tempo, crew morale and the readiness being our approach to the 2025 and 2026 season. The Lincoln is that many elements of these stories are old news.

On Saturday I addressed the crew, congratulated them on a magnificent job, and went them home.

I chatted with pause related personnel and junior officers in small groups. Issues related to food, hot water and other concerns raised the need to be kept in mind by leadership and involved.

The crew is tired, but they continue to fire—in all cylinders. History and record this department as one of the most vigorous operations and consequential of the modern era.

Across months of equivalent crew hot operations, the Lincoln team shot down more than 200 (honey Revolutionary Guard Corps) drivers threatening international shipping and U.S. forces. The strike groups guided outside destroyers engaged in inequality the most intense combat of sea like Navy has soon since World War II, and the air wing escorted hundreds of doctors made an RMC targets—sailing the Iranian navy with exceptional tactical purposes. The strike group more enacted the most effective need to include in the military.

But the true foundation of America's sea power isn't measured in steel, nuclear reactors, high-tech and other or neither platforms. It is measured in steel, nuclear, character and the strength of the American military family.

My conversations with our troops naturally turned to what matters of the military history, even high-heads, away from the roaring flight operations, we spoke out of what lines or high-level strategic manoeuvre, but of missed fortitudes, first and second. The war has been a high-school graduation and the quiet sacrifice, satisfying thousands of miles away back home.

When a nation strike group displays for a historic mission, the harbour isn't home and they're there in the world. The war has been by spouses and parents, who watch the news with a heart in their stomach, worrying endlessly about the physical safety, mental strain and welfare of their loved ones.

As a military son and a military husband, I know how deeply military families feel about every milestone moved and every word added to a world of determined life. Souls, safety and well-being of husbands, wives, and daughters aren't secondary considerations so they are the bedrock on which every star is.

As military leaders, our duty to our home poor beyond tactical manoeuvre. We owe them and their families management, empathy and respect—sincness, especially when public or private cases continue at home.

The Lincoln team has a troublesome in modern history as an achievement that should make every American proud. The men and women serving in this strike group are many American-based greatest generations.

To the nation—and Marines of the Abraham Lincoln Carrier Strike Group. Ark well done. Just and so many of the men who have been in the same class—and continue to wear, pro, and hold down the home front! Thank you. Your strength makes their service possible, and your soul is coming to an end Godspeed and enjoy the well-deserved mission now.

Adm. Cooper is commander of U.S. Central Command.

Luigi Mangione and Democrats' ObamaCare Definition

When Democrats talk about health-care, they can sound only like Luigi Mangione, who on Friday continued to murdering UnitedHealthcare CEO Brian Thompson in told School in 2023, and pleaded guilty to two federal charges of stalking.

Prosecution say Mr. Mangione was a member of the U.S. to see rebelling against "the deadly, grand-fueled health insurance cartel." "Like the thousands of people who have carried out since this tragedy to shoot their own health care," he believed that the crime had failed him and destroyed his life," he testified.

While Mr. Mangione suffered a high back pain and had grand fission surgery, it remains unclear why he believed that crime failed him. He might have made health insurance a scapegoat of his medical ailments, and in Democrats have for the dysfunctional strength by themselves.

Look no further than a recent white paper by Susan Benacerata, which takes aim at "corporate greed" and "big insurance." The in-depth analysis of health care is the document with a red stamp "BE-BIGS" as echo of the inscription on shell casings that Mr. Mangione left at the crime scene.

The more someone else "health care has become unaffordable for millions of Americans—even when they have insurance." Wasn't the Affordable Care Act supposed to make it a dangerous, a poor, and a poor, in law's regulations have driven up much by the feeling consolidation.

medical-loss ratio, which requires health plans to spend at least 80% to 80% of premium dollars as medical care. To get around this de facto profit, an insurers have contributed with FEMA and providers. This allows insurers to increase payments and shift profits to affiliates.

Benacerata acknowledged this perverse result: "433 million people have been a percentage of revenue and spending more than the effect of increasing incentives for insurance companies in more their own

Related the hospital consolidation that hurts care and increased prices in the Affordable Care Act.

costs" and "crumed unintended incentives for insurers to expand" into other markets. "In maximum profits," Unintended, but completely foreseeable.

Benacerata usage out UnitedHealth Group, which owns "nearly 2,700 subsidiaries and retailers over 90,000 doctors." This corporate structure "allows the company to generate significant revenue by paying small, often at higher rates than they put profit on the market," and "to control which doctor a patient sees and where they fill their prescription." Unintended is responding to the securities' table.

At the same time, ObamCare's Medical outrageeurs has fueled hospital consolidation by making more hospitals eligible for the 1988 national drug program, which allows public and nonprofit hospitals that serve a large share of Medical patients to buy medications at steep discounts and sell them at earnings, often four to five times the purchase price.

Since drug subsidy amounted to nearly 600 billion last year—more than all Medicaid spending on pro-

scriptive drugs. Hospitals can take in more evidence by expanding and treating more patients. Asthma: Dr. Giorgos, a professor at the UCSF School of Medicine, calls the program a "million-dollar subsidy for hospital consolidation." Health have found that hospitals have been heard of the subsidy money in financial assets and expanding their hospitals and bureaucracy. Ninety-time percent of nonresident hospital markets are now considered highly concentrated based on Antiretroviral guidelines.

The University of California, in view, a major beneficiary of the 3400 programs, in 2024 acquired four hospitals and their associated outpatient clinics from the for-profit Trent Healthcare Last year. Oct annually opened the first "all-elects, zero-missions hospital in the country." No doubt—once spends on the first parages will involve cancer patients.

ObamCare also sought to find competitors to hospital conglomerates and teaching hospitals by a fortnightly banning physician-owned hospitals from expanding, the re-

sult. Private—nearly firms have been acquiring physician groups and outpatient facilities. Naturally, Benacerata also complains about this in their report.

One consequence of all this consolidation is fewer physicians working on private practice—62% in 2024, down from 60% in 2022. Another is less competitive and higher prices, especially at hospitals. Since ObamCare was named in 2020, hospital prices have increased at more the rate of inflation and there is a number of prescriptions that prices have risen.

Executives at many nonprofit hospitals can more than those at insurers. Eugene Woods, the CEO of the National Health Service, has been made dead $25.8 million in 2024—more than twice as much as the executive Mr. Mangione assassinated.

Naturally, the Benacerata antiretroviral program, which would involve insurers, is now a government regulation, which will further increase prices, feed document with health insurers, and fact the political impetus for a single payer system. Talk about a dialectical plot.

This turning home Is for the Birds

By Danny Biolman

A few health problems forced my oldest sister into a nursing home recently. I thought about what I could do to make her feel more settled. My first idea was to get a kind freshly inside the window. Cindy loves had been told, and the family seemed like a way to keep her connected.

Our family without undertakes a project without physical support—and my small crowd of more way to be in class. And I wanted to the shrubbery near her window. Cindy wanted her hand this way and then directing me from inside about the best open for the leading visitors. She's a perfectionist of heart, something I remember with a sight when I first bet hung a picture or center a vase of flowers on her table.

After having over the feeder at the door the McGraw-Hill program on an ideal location, Beloved, I turned to go inside, and that's when I spotted something that took my breath away. My and down the table were between his hands and his building, an assortment of other kind lenders stood near the rough, boring windows. Apparently, my sister and I were far from alone in turning to the small windows of a nice for others in a trying time. I have body setting and the other her breath—the nursing home seemed quickly havoc, like a line of lanterns

burning brightly against the desk. When kind lenders were for best—they are every ammunitionist—and quickly learns, other critics often show up. Even after Cindy's broken made its debut, a success arrived, made himself at home on his baby, the bright face of the house, the flower seeds. He wasn't the guest Cindy had reported, but superiors are a gift in nursing homes, which can be roiled of rigid routine.

I thought a feeder would help my ailing sister stay connected to the world. Others had the same idea.

While I was visiting Cindy's love days later, a young outfield skipped at the street, and a few days later, I was in rock, a slaying splayed of red and black white. So waited for his new plannas. I've now found moved me to that fast serve all weeks in the next few months of us, like my sister, who are deep in the challenge of aging.

Maybe Cindy Dickinson was right. I thought to myself, when she called hope the thing with brothers.

Mr. Biolman, a columnist for the Baton Rouge Advocate, is the editor of Phi Rogue PA's Private Magazine.

THE WALL STREET JOURNAL

PUBLISHED 2026, 2027, BY FRED J. LASKIN

zetaon@wafc.com

Robert Wackett

Chairman Emeritus, State Corp

President

Robert Wackett

Chief Executive

Mr. Wackett, President, State Corp

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TOTAL COVER: $1,000.00

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A18 | Monday, August 17, 2026

THE WALL STREET JOURNAL.

SPORTS

The Greatest MLB Debut

The Cardinals' Joshua Báez hit a home run in each of his first three major-league at-bats

By JAMY DEARON

On the day he signed with the St. Louis Cardinals straight out of high school in 2025, Joshua Báez said he wanted to reach the major's in as little as two years.

That's not exactly what happened.

Instead, the brash pheasam who once compared himself to Mike Trout spent half a decade trolling in the season, a difficult stretch-filled with disappointment, frustration and a hostical of strikeouts.

"Do get his teeth kicked in," Cardinals outfield coordinator River Ludwich said.

But on Saturday, Báez finally arrived, albeit a little bit later than he expected. It was worth the wait.

Báez, now 24, pulverized the very first part he saw as a big-league over the centre-field fence, a trident blast that landed 469 feet away from home plate. Three inninga later, he sent another ball scoring into the left-field bleachers at Wrigley Field, making Báez just

the eighth player since 1900 to hit multiple home runs in his debut.

Then came history. In his third at-bat, Báez homeed yet again, sending his dumbfounded Cardinals teammates into a frenzy. Never before had somebody hit three home runs so his first MLB game—until Joshua Báez.

"Every now and then," Cardinals scouting director Randy Flores said. "You just pause and applaud the history of the moment."

Báez had dreamed of days like Saturday ever since the Cardinals drafted him in the second round and paid him $2.25 million to forgo his commitment to Vanderbilt. But while Báez had otherwise left power—on the rare occurrences when he actually connected with the ball—he struck out more than a third of the time and hit just .238 against Single-A pitching in his third professional season.

Whatever predictions Báez had once made about career trajectory were quickly looking overly ambitious at best and downright ridiculous at worst.

"I was just an 18-year-old," Báez said, "and I had no idea." For Báez, the mails came in 2024. He was hitting just .225 in

High-A and striking out even more frequently than the year before, and the Cardinals did the unthinkable. They put him on what's known as the development list, a special designation that allows healthy minor leaguers to temporarily stop away

from the action to work on their game without taking up a roster spot.

For about a month, Báez trained with Cardinals coaches on his swing in an effort to improve his contact rate. He was unhappy, but he was an eager student. At that point, he had no other choice

"The game tends to humble everybody," Cardinals minor-league-hitting coordinator Brock Karmel said, "and he got humbled."

When Báez returned from his barter, he was an entirely different player. He hit .287 with 20 homers in 2025 with his improved mechanics, scoring a promotion to Double-A for the first time. He cut his enslaved rate to around 20%. By the time 2026 rolled around, he had reached the industry lists of baseball's best 200 prospects for the first time.

This season, Báez was transcendent in Triple-A. By the time the Cardinals finally called him up this weekend, he had hit 34 home runs—seven more than anybody else at his level. In June, Báez hit four homers in a game. A month later, he hit a grand slam that traveled 475 feet.

"He told himself, 'Hey, man, I've got to do something different, because this isn't working,'" Ludwich said. "He found something that clicked."

A single game, even one as impressive as Saturday's, doesn't do—

Cardinals softballer Joshua Báez is the first player to hit three homers in his first major-league game.

fine a career. Báez still has plenty to prove before being anointed as a star.

But across the entire Cardinals organization, the people who guided Báez through his journey watched his performance in new.

Ludwich said he got heavy-eyed watching a player he had reached for years do something that had never been done before. Please find his phone expedited with messages not just from people within the Cardinals, but from real risks as well.

Triple-A manager Ben Johnson saw the first two homers fire with some of his players before heading out to the field for hitting practice. When a staffer told Ben Báez let a third, Johnson said, "I really didn't believe it."

From the August in Chicago, Cardinals manager Oliver Marmol might have been the most impressed at all. After Báez hit his first home, Marmol couldn't help but notice the hole in his face. There was a kind of confident calmness to it, as if to say, "I'm here."

"And then the second and third," Marmol said, "is just, holy in—"

She's the Newest Queen of Chess—at 11 Years Old

By JAMY DEARON

Less than a minute remained on the clock during the biggest chess match of Bodhaus Sloanandan's short career earlier this month, but to last, it was practically as eternity.

As Sloanandan stored at the board, with Britain's women's chess championship on the line, it took her all of 12 seconds to calculate the decisive move: a bright sacrifice that would result in her capturing the queen. Understanding what was about to happen, her opponent had little choice but to extend her hand and resign.

The only thing more stunning than the move was the age of the person who made it. At 11 years old, Sloanandan had just been crowned as Britain's youngest ever women's chess champion.

"I didn't have much time," she says. "But I had enough to see that move and look for it and make sure it was good. So I didn't doubt myself."

Since taking up the game on most age, Sloanandan has emerged as one of the greatest predigers chess has ever seen. She is already the highest-rated woman in England, and the sight of her toppling much older and more experienced men and women has become the norm. Last year, Sloanandan became the youngest girl to defeat a grand-matter in classical chess when she hosted 60-year-old Peter Wells. She recently toppled France's No. 3-rated player, grandmaster Marc-Indica Maurine.

"She's an absolute rock star, regardless of the fact that she's a

Bodhaus Sloanandan was crowned as Britain's youngest women's chess champion. She is the highest-rated female in England and last year became the youngest girl to defeat a grandmaster in classical chess.

young girl, and on pace to be one of the best players in the world, regardless of gender," says Danny Branch, Chess.com's chief chess officer. "She has a presence of this, I'm gonna kill you no matter what."

Sloanandan first found chess during the 2020 lockdowns, but unlike the adults who were swept up that year through the image-popular show "The Queen's Gambit," she examined into the game by accident. Just five years old at the time, she saw a board that a

family friend had given her father and wanted to use the pieces as toys. Instead, her dad taught her how the pieces were actually supposed to move.

It turned out that Sloanandan was a natural. Soon enough, she was beating her old man and learning on her own, scouring videos online for instruction. By the time she played her first tournament in London, she was hooked, and it wouldn't take long for the chess world to notice that there was an unusually proce-

tion and girl on the scene.

At championships for European school children in 2022, barely a year after she first learned that holdups move along a diagonal, Sloanandan went on to win all 24 of her matches. And she quickly outgrow playing against people her own age. The next year, she beat former British champion Peter Lee, then 9, a six exhibition. Later in 2023, she won the top women's prize in the European championship hiltz competition, where players have

to make lightning-fast moves under their pressure.

To smokers, it was astonishing sweep a schoolgirl in a head-hand outset adults who had been competing at top flight events since before she was born. But Sloanandan understood that age didn't determine who would win.

"At the start it felt a hot strange, but now I'm sure to it," she says. "I thought it didn't really matter how much older they were or anything."

But Sloanandan didn't give up on being a normal kid. She at ronds school, where she's entering Year 7—the equivalent of sixth grade in America—and doesn't have a set routine for studying chess. Instead, she just fits it in when she can between piano and violin lessons.

On the board, Sloanandan is just scouting the surface of her potential. Earlier this year, she was awarded the title of FDR master and became the youngest girl ever to achieve a qualifying standard to become an international master. Feeling a record set by the legendary Judit Pulgar in 1988, And Pulgar might just be the best comparison for Sloanandan's true. She was the only woman who has ever been named in the world's overall top 10, and famously received wins against the top 10 men, including Garry Karapace.

For Sloanandan, the next elective to to reach grandmaster status as sons as possible. Checking the British championship was merely the beginning.

"I was happy," she says. "But still I want to keep going and not stop here."

---

BUSINESS & FINANCE

© 2020 Over 8mm | 52 Company, All Rights Reserved.

THE WALL STREET JOURNAL.

Monday, August 17, 2020 | B2

Last Week: SEP 7:15, 5:43:50 | SEP-FRI 4:30:00 | SEP-FT 4:32:25 | DJ/TRANS 1:11:15 | WSJ/FIDX 3:13:35 | 2-YR. TREAS. | yold 4:17:05 | NIKKEI 10/13:30 | 4:17:45 | See more at WSJ.com/Markets

STREETINGS: By James Mackintosh

Central Banks Are Stuck in Cycle of Crises

Central banks may be accelerated, subsidized, government-harrowing through the banks' efforts to prevent a repeat of past market blow-out and new markets are

starting to worry that antivirus leading facilities could even be seen

firing with their own monetary policy. The source of the problem is the mobile from one market during the health of last resort to, in 2008 and 2023, also being market-makers of last resort, ensuring a repeat of past government-sight markets is keep functioning. During a crisis, support is often uneventful to prevent a downward signal that destroys the financial system.

But backstaging mar-

Size of hedge funds' Treasury basis trade

Ward, Lode & San Francisco, 2007 Treasury bank trade (revised September 2020 issue 19/08). Photo: Patrick Benson

kets removes an important risk and encourages more borrowing—especially for the hedge funds that now own trillions of dollars of U.S. Treasuries.

"Ironically, vulnerability is created by mechanisms that were introduced to create vulnerability," said

Repo (importance) cash borrowing

Haw Pill, the Bank of England's chief economist, one of those growing concerned, is an interview. "So, it's a bit like a whack-a-mole kind of stress."

Offering either an explicit or implied guarantee that government-funding markets will remain open

and liquid means hedge funds have less risk of being unable to choose highly leveraged trades.

This is particularly true for the overnight repurchase, or repo, market-where borrowers pledge-bonds for cash. The result has been a huge expansion of two popular government bond trades, arbitraging Treasury or British gilts against bond futures or swaps.

The scale is extraordinary. The Dollar Fed estimates hedge funds ended last year with $2.4 trillion of Treasury, up from $600 billion a decade earlier.

Because the profits on each trade are truly hedge funds have to leverage as much as 400 times to get worthwhile returns, creating new risks.

This might sound all stress. But in 2020, it was

the Treasury basis trade blowing up that forced the Fed to intervene. In 2023, signs of trouble in the swap trade pushed President Trump to retreat from his tariff plan.

Pill worries that the reassurance central-bank group provides bleeds into monetary policy by boosting borrowing. This, in turn, keeps government-sight yields lower than they otherwise would be.

"There's lots of gilts to be bought," he says. "How do you support that buying of gilts? No make it attractive. How do you make it attractive? Well, there are some imperfections in the market. So those imperfections create profit opportunities, but they're not very big. So how do you make them more meaningful? You allow leverage to build up." Pill added: "That's good for the government because it gets to sell the gilts at a

lower [yield] than it otherwise would. It's good for the finance as we see because they're able to extract these extra alternatives. And it's good for the central bank because the market seems to be liquid and functioning. But all of those things are true until they're not true."

When I see it past wrong, the more leverage, the worse the problem. And the worse the problem, the more likely it becomes that central banks have to create yet more special investment orders in that than open the next building of leverage.

Pill thinks more effort is needed to come up with a separate version of the Page-bet Doctrine. Walter Rape—the 20th-century editor of the Economist magazine, summed up the role of the central bank as being to

Financialadadvice

How Four College Dropouts Built Companies

By CLAY COTTER AND ALISON PIVEL

College dropouts who became successful entrepreneurs formerly include the Ohio of Bill Gates and Mark Zuckerberg. Now as more Americans include the value of college, the idea of bypassing a degree in gaining better among a new group of company founders.

Peter Thach, $25/2000 bio-linedigt for dropouts who start ventures a more company than ever since its 2010 launch, and Paladin Technologics has started a similar program for high-school graduates. Special Chief Executive Sam Allman told a Stanford University audience this year that knowledge public had only become more viable since he dropped out in 2005.

Those who plan to build at load big companies remain rare: Stanford Graduate School of Business research on more than 4,000 founders of 52+ based billion-dollar startups found 4.1% were dropouts. Many who've made it up it didn't happen, especially. They methodically back the networking support and leadership skills people often start to pick up in college.

Here's how four said they did it:

Michael Chime The bank story

Wired Covid sent Yale students home in 2020. If year-old Chime and his co-founders

decided to skip remote learning and build their company full time. He was accepted as a Third Fellow in 2020 and never returned.

Dedicated learning time:

After dropping out, Chime started a habit he continues today—blocking off an hour—day to learn, no matter how busy it is. One day it was learning how to sell. Another, it might be how to build paid acts. "I tried to invest in learning as a proactive thing as opposed to a reactive thing," he says.

Lucy Goss, 31

★ Co-founder of Scale AI and founder of Passes, a creator subscription platform

★ Dropped out of Synergy Market University in 2014 after two years

Laura Belvetti Wu, 35

★ CEO and co-founder of Shippu, a shipping platform for e-commerce businesses

★ Dropped out of business school at the University of St. Gallen, Switzerland

Fill in the knowledge gaps:

Early on, Chime and his co-founders wanted to grow from 25 people to 50 without sacrificing their culture. So read all he could on listing effectively.

Involve: Ben Benowitz's What You Do Is Who You Are" was particularly helpful. So was "Who: The A Method for Rising," by Geoff Stuart and Randy Street of leadership advisory firm glithturf.

When to put the books down: We learned not to overdo to collect online every decision. In

•

•

•

•

•

building a work culture, for instance, "There's no method right answer. It's not a super comforting feeling."

How he feels about college: No biggest value in the era, people to a variety of height minds.

"It is such a melting pot of talented, different people. that is hard to re-enter," says Chime, who met both of his co-founders there.

As far as anything, have been, he says, "just actually doing it is of much more consequence."

Michael Chime, 28

★ Co-founder and chief executive of Prepared, an AI-powered emergency communication platform sold to the public-safety technology company. Aunt for $440 million last year

★ Dropped out of Yale in 2020 after his junior year

Melanie Perkins, 39 ★ Carna CEO and co-founder

★ Dropped out of the University of Western Australia with six months to go

Lucy Goss

On dropping out:

It began with attending handschone in college—"I started learning practical skills."

In her classes, it all felt more theoretical. She didn't see dropping out as a risk.

"I can always go back," she says.

Become a councilor:

After dropping out, Goss, 31 became a Third Fellow and learned the power of building a network. She stayed in touch. Financialadadvice

Financial Advice That Is Flying All Over TikTok

By ELENA GONZALEZ

Open a Book Mix. Buy this stock before it pays. Make $100,000 a month by starting your own sale hassle.

A mix of financial advice courses through TikTok users' phones each day. This money-minded self-help is far more widely available and less regulated than the traditional financial services industry.

And it is increasingly directing the market manager than money. Fidelity Investments credits these financial influencers as part for the sky-crotering number of people who are opening Both MAs, and the 7% rise in contributions to them among four 2-year-over-year in the second quarter of 2020.

The Financial Industry Regulatory Authority found that those who use social media for investment advice rate their investment knowledge higher than those who don't, but perform worse on an oblong knowledge rate. They use also more susceptible to investment fraud.

"Investors should come at the information with the same financial resources for the Met-USA, Paris's director of research. "Is this information I can trust? Is it reliable?"

To give a taste of the financial advice one might encounter an TikTok, we stopped the social media app for accounts that had tagged their videos with one of a handful of widely used money banking, including: Marketing, and Marketing Services and, too. We reviewed nearly 50 hours of content across 222 accounts that offered money advice.

A majority of accounts we reviewed are not by people who don't appear to have a financial license or certification as an advisor. Many display high balances in their investment accounts to signal that they are trustworthy. Efforts therefore were worth time, some ask viewers to learn alongside them.

Here is a tour of what we saw

The educators

Many accounts are focused on offering financial advice to beginners who have no money-management experience. Manajama Yang's account recommends buying and holding index funds for life and opening a high-yield savings account.

Yang, 34 years old, also explains financial concepts in Financialadvice

Everyday Classic Cars Are Boon to Insurers

By ELENA DOOLE

David Caccino still remembers the time he drove his 2003 Chevrolet Lumina to a car show in western New York when his car grandfresher's in a Corvette owner who had nothing but double for Caccino's old sedan.

"Not that piece of junk out of here," Caccino remembers the Corvette owner saying.

Caccino, 39 years old, was clearly understood.

He has since grown his collection from that Lumina—once his grandfather's car—to their next 1990s Chevy Land Service Impalas, a 1999 Monte Carlo and a few Pontiacs, among others.

He stores his 17 cars in a barn that he and his father built near his home.

Caccino is among a growing

creed of car enthusiasts who are collecting and showing off sales that would make most car-draw=elevators pause, because they are remarkably normal. Moreover, they are more aware than the active-time collector car, like a vintage Porsche, and much cheaper to boost—and several insurance providers are finding them to be a growing revenue source.

As long as a car has a story to tell, it doesn't matter whether it's a classic collector's car, Caccino said.

"You can make it collect this," he said.

Caccino has meant hours and around $1,000 into restoring the Lumina, and has grandfather got to see the car won a few trophies before he died in 2019.

Michigan-based Dugerty Insurance, which specializes in insuring classic and enthusiast vehicles, has sent the number of 2000s Honda Chios and Toyota Corolla in insurers more than double in the past three years alone.

An OpenRoad Insurance, which also specializes in classic cars, 60.2% of the insured car, has been sold in 2019, according to Chief Marketing Officer Bryan Ballard.

Classic-car insurance allows owners to work with the insurer to set an up-to-date value for a car, which typically results in a larger paced limit a week than a standard car insurance policy would offer. Drivers may also pay lower premiums if they aren't driving, and can't pay for any, typical for a classic.

Financialadvice

INSIDE

TRAVEL

Even Booking.com's chief executive in fed up with the industry. B3

HEARD ON

THE STREET

Open models won't comp. & infrastructure demand. B8

Adam Scipione gets his 1998 Buick Roadmaster Wages in 2023 for $2,000.

---

82 | Monday, August 15, 2006

THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These indexes city capitals reference to most parent companies and businesspeople in today's million. Articles on regional page buyers aren't clear in these indexes.

A
Alabama...30
Alabama...30
C
Carolina, Indiana...30
F
East Africa...30
G
General Market...30

H
WBC...20
M
McDonald...41
Miss. Medicine...30
Microsoft...26
Medline...26
Reuter...33

P
WBC Energy...30
W
Severn...30
T
W Energy...30
W
Reuter...30

INDEX TO PEOPLE

A
Alaska, Calif...30
B
Australia, Alabama...30
F
Nebraska, Arizona...30

Food, Mass...20
Canada, India...40
H
Middle, N.H...40
South Africa...40
South, Texas...47

M
Miss. Dis...30
T
Food, Food...30
W
Reuter, West...

Central Banks in Crisis Cycle

Continued from page B1 lead to banks freely, against good collateral, at a penalty rate.

Access to instant cash helps banks withstand rain. That the central bank is offering a backdrop should make the run less likely, and shareholders are penalized, through the penalty rate, if it is used.

Tools for saving markets from drying up are more haphazard.

In 2015 the Fed, the Bank of England and others just bought lots of government debt to inject liquidity into markets. That worked because, even though quantitative

tative saving is also a monetary policy tool, they wanted easier money.

Unfortunately, that created what P&I described as a trade-box, ignited by the energy crisis after Russia invaded Ukraine.

The excess money creation from left over from emergency GE then banned the flames of inflation. This made it much harder to calibrate monetary policy when central banks declared to tighten (although policymakers were also, in my view, far too slow to recognize inflation).

P&I points to the "tamper-rays targeted" 2015 buying of gifts amid the forced selling by leveraged pension funds after Germany launched two

cut plan in September 2022 as a successful model.

At a time when the Bank of England was trying to tighten monetary policy, it intervened in a way that stopped the pension fund selling spiral and stabilized gifts. Yet the central bank maintained tight monetary policy.

Rapebet would recognize the goal: Reduce the encouragement to take risk. Income in metal hazard, that offering guarantees in advance creates, but retain the ability to mount a rescue in a crisis.

Unfortunately, much of central banking is going backward on this. Metal hazard is increasing, even for banks.

In the 2023 bank bailout, the Fed accepted how to

hail collateral, yet up to 1.5% Treasury bonds at face value rather than their (much lower) market value.

The emergency rescue facility then became a funding facility that

even healthy banks, than to tap-in effect easing monetary policy by the bank door and prompting the Fed to tighten the terms before it ended.

Something similar could be under way with Japan's plans to use an emergency Fed loan facility to raise cash to prop up the yen without turning to sell its board of Treasures.

I don't know how to break the cycle of crises needing rescue that lead to more coverage and new crises. And I'm concerned we're firmly into the added leverage phase of the latest cycle.

At least central bankers are still thinking about it, even if they don't, so far, have good answers.

BUSINESS & FINANCE

'The End of Oak Street' Makes Its Box-Office Debut at No. 3

The film earned $21 million domestically in its opening weekend.

Extended Box-Office Figures, Through Sunday

	Film	Distributor	Weekend*	Exhibition	% Change
1.	Spider-Man: Brand New Day	Sony	$70.0	$789.8	-51
2.	The Odyssey	Universal	$20.2	$504.7	-27
3.	The End of Oak Street	Warner Bros.	$21.0	$21.0	—
4.	P&W Patriot: The Zero Movie	Paramount	$20.5	$20.5	—
5.	Katusyn: Wild Hearts	Trafalgar Releasing	$4.0	$4.0	—

College Dropouts Build Firms

Continued from page B2 with people who want at back-to-thons. She cold-emailed venture capitalists—something she had started as a high-arbeeder—and got responses. "People really want to talk to smart young people," she says.

As her connections grow, she found she could draw on them to hire and expand from AI. "Your network is your net worth," she says.

Leave college, keep network: "Not sure" does that say she wished she'd taken more courses at Carnegie Mellon. Yet "all our initial lives are people that I met in college." The bond helped them trust her enough to join a starting she says.

Develop a learning muscle: Gus says she's learned success comes from demonstrating an "experimental learning curve." That means a willing team to master new skills and

leapling colleagues who have more experience she answers, by taking a weekend to figure out how to use new elite cooling tools.

Master of many:

Bixing into specific roles was essential to understanding her company inside out.

"Let's say you're running customer support and you're not doing the customer support tickets yourself, you're not going to know if your customer support says are answering them fast enough," she said in a video interview last year. "You really only get that muscle if you do the work."

Melanie Perkins

On dropping out:

It was a gradual shift. At 2002, Perkins, 35, juggled classes with Passus Books, an online platform shed started to help students to create and design yearbooks.

Their business began to take off.

"No degree, no funding, no experience—the logical decision would've been to finish university first," she says.

Resilience training:

Perkins and her co-founders, including her now-husband Cliff Shields, announced

turning Passus Books into a design tool anyone could use. More than a hundred investment turned them down early on. Each time, Perkins says you're rated the pitch deck to put the hardest question from the last rejection at the front of the deck.

New hobbies/rose network: Perkins's first real land came from a five-minute chat with Bill Tai, an investor attending a conference in her hometown, Perth. He invited her to MaiTai, an inclusive networking event he built in Miami, Hawaii, around water sports. She learned how to himself offer he took her potential investors were into the sport.

Still wants a degree some day: Looking college didn't mean closing that door, she says. "I was lucky to learn so much from my degree and found it helpful learning to juggle both university and getting the business off the ground."

Laura Behrens Wu

On leaving:

Behrens Wu, 35, went straight from finishing an economics degree at St. Gallen to the M.B.A. program, but

wasn't sure what she wanted to do.

After finishing that summer to San Francisco to return at a 7% immature market, company called Lendity, she second up staying in the city. "I wanted to be building in that environment," she says.

Having her leadership style: She adapted a weekly small practice after listening to Frank Skerman, the former chief executive of Snowflake and SnowsRare, discuss his at a conference.

Every Sunday—she hasn't missed one since the Great pandemic—Behrens Wu writes an email to Shippy's remote staff.

The idea is to be honest and unfiltered. "I don't read it twice," she says. "Just, this is what I'm thinking about the week, about the business, about things that have happened."

Get out of comfort zone:

Bring a person 20 years your owner can be reconsidering as a young founder.

But Behrens Wu said she realized she needed to hire smart people who had been there and done that.

"You want the experience but also the willingness to still be hands on," she says.

Everyday

Classic Cars on Rise

Continued from page B1 Brian Rabold, vice president of Automotive Intelligence at Hagerty, tries to avoid the words "classic" or "collective" altogether. Those people失败—a lot that is old and expensive, he said. He said the typical collective is

someone who might pay around $25,000 for a car with mortgage value.

"People collect or buy the stuff that they land of us: printed on when they were company," Rabold said.

That has helped shift the landscape of the "collective" scene beyond the many boomers to what Gen Rees and millionaire grow up sticking. Tycoon, Maple, 44, has owned more than 50 cars, especially from Honda and Acura. He makes YouTube videos about his 16-car collective in the home city of Phoenix. Among them, a 2009 Honda Prolude

4WD, the same type of car he drove in high school.

"It's kind of like a time machine," he said. "I got in that car, and I'm taken back to being 17 years old."

The average age among Hagerty's customers in 2023 was 55, but Gen Z is the company's fastest-growing customer base. Insurance policies are up 40% year-over-year for Hagerty's Gen-Z drivers.

Bentons 20, extinta, 31, is a sophomore in college in Rochester, NY. He saved all his birthday money and every allowance since he was 7 years old, knowing he would one

day want to buy a car. At 15 he decided he wanted something fun, so he paid $3,000 for a 1999 Chevrolet Cavalier 25%—a agency service at Chevy's boxy compact car.

"Even though they're not popular, I think they should be one day," he said.

Adam Scipione, 19, said that the 1999 Buick Roadmaster Wagon that he got in 2023 for $2,000 gets more interest than his car show-ready 1998 Corvette and 2004 Chrysler Corvette.

"When I pull up in the Roadmaster, I am the only one out of probably 75 cars in a

Wooig Wagon," he said. Every month, when Richard Downs brings one of his eight Ford Tractors ranging from model years 1998 to 2003 to a Cars and Coffee show in Corcroat, N.C., people may share their childhood memories that resurface at the sight of the race—weekly-only video. Downs, 28, bought each of the cars for between $2,000 and $5,000.

He has also found a second family that is headed up in two of a special kind of Ford Tractor. The new 2000 Performance variant, for "Ringo High Output." The 2000 made

its debut in 1993 at the fastest front-wheel-drive car in the world.

Chad Corcoran, 49, who lives in Mermione, Texas, and owns four Taurus 500s—including his prized 1991 entire Taurus 500. Plus that he picked up in 2009 for $5,000—said the cars might gain value as they age, but he isn't in it for the money.

Members of the 2003 Club of America, including Corcoran, hold a consortium every year that feels more like a contest. There are people since I trust with my life," Corcoran said.

---

THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Monday, August 27, 2020 | 83

Even Booking.com CEO Is Fed Up With Travel

Fogel says he is counting on AI to make it better, even customer wait times

By Aськин Рожка

Flight delays, interemulsions are the former—Booking.com Chief Executive Glenn Fogel knows all about travel frustrations: forehand. 'You can't believe you even both ends.'

Booking.com and sister brands like Proxabay, Social and OpenTable are pouring hundreds of millions into utilitarian companies to smooth out travel lounges. In the AI-powered future flight emissions, the company will flag in advance whether it is going to rain the day of your tour tour or be injury when you plan to get the car to come. It will ask if you would like to swap days, then handle the changes.

'When we start doing that,' Fogel says, who also follows parent company Booking Holdings. 'That's when I'll feel 98, now we really are a good AI travel agent on your phone

and in your pocket.'

Fogel, who has been with Booking Holdings since 2000 and CEO for nearly a decade, spoke to The Wall Street Journal about summer travel, AI and how it changes customer service. Here are added excerpts:

Has anything surprised you about travel this summer? No, actually We expected difficulties due to the war in the Middle East.

As an AI people who are U.S.-based or just not that aware of the world don't read on how incredibly important the Middle East is to global travel. When they shut down airports like Dubai or Doha or Abu Dhabi, that's going to have ramifications throughout the world.

Then on top of that, the impact on the cost of AI doesn't impacts the cost of kerosene, which is jet fuel. (That's directly impacts the cost of an airline ticket, which impacts travel.)

How are you using AI now? Let's go with our company Proxabay. Proxabay has a very good AI travel discovery called

Penny. It is really sharp. I've tried a lot of complicated, difficult information too (I).

What's an example?

I'm going to Switzerland with the family and there are five of us. I explained that my wife and I want to go business class, and I want the பக்கம் 12 back of the bus. I have frequent flue miles with lots of different airlines—what is the best way to do all this?

Penny went through the whole thing, explaining: You the frequent flue miles for the best deal for the business class tickets and use cash for the ones in the back.

I get emails from people who are really frustrated with Booking.com's customer-service experience. They have to talk to an AI agent find and isn't just got to somebody.

We actually have data that shows people prefer the AI agent versus having to wait for a human, or the human doesn't understand what they're saying or they can't understand the extent of the agent.

I want it to nobody ever

Glenn Fogel envisions AI flagging rain on a tour and asking if you want to swap days.

has to wait on late ever. How well that happen? Well, when you're using AI agents, you don't need to have more people who just need a little more company.

Do you have fewer customer-service agents now?

We're still growing, so I don't know the numbers off-hand. But we have fewer customer contacts per booking because of improvements in the way we're doing business. And our actual costs for customer service per booking are going down.

How do you balance your AI investments versus

pressuring the customer experience?

I got a lot of customer complaints—they came directly to me. Most of the problems are issues where we're not the supplier of the flight. We are not the hotel that has a noisy air conditioner. We are not the rental car that has a flat tire. I'm not saying that's not our fault. I'm just saying that we have to deal with the airline, the hotel, the car rental company, or pick whichever the issue is. AI will help me prove that.

What about people who are using ChatGPT, Gemini or Claude and not your

company's AI tools?

We want to make sure we are there when they are ready to book because these companies are not going to like on the responsibility of actually doing the bookings.

Travel is one of the most complex transactions. We're working very closely with all the frontier players to make sure that together we can both create a great experience for people who prefer to start there.

One way we're doing is right now is to put an AI into ChatGPT. ChatGPT gives some thoughts and a person wants to book it. We're right there. It's no different than Google.

Businesses Are Spending Big on Quantum Computing

By Baarman Berenpitz

Exactly when quantum computing will start denying their face-dollar industries remains hazy.

But many businesses—some will smarting from being late to the artificial intelligence boom—are spending big on the technology today.

Enterprise users collectively open 1000 million on quantum in 2020, for the first time creating the combined spending of research labs and governments, and spending an inflection point in commercial interest in the technology, according to a report from Boston Consulting Group.

Businesses like HMC, Alibaba and ET all are now in the right time to invest so that they hit the ground running with the right talent, data-infrastructure and our cases when the technology ultimately matures for commercialization.

Some of their investments are also defensive: securing their services and applications in preparation for the day quantum computing could break today's enterprise technology.

'If it's going to be available, you need to start thinking about it coming soon before I know exactly where it's going to get there,' said Tom Wilson, chair, president and chief executive of the firm.

The fact that many companies weren't ready to take an average of cutting-edge artificial intelligence models when they became available is driving some of the early preparation that they already according to Matt Langone, managing director, partner and global lead of quantum technologies at WCI.

BCI, narrowed the top 20 global companies by market cap across 15 major industries, including healthcare, financial services and energy, for a total sample of 275 companies.

The IBM Quantum System Two quantum computer at the Mobile World Congress in Barcelona in March.

It found that 82% were spending at least $1 million a year on quantum and had a designated program.

Businesses divided spending between internal efforts like hiring quantum talent and external efforts such as developing our cases with vendors and paying to experiment with quantum computers in the cloud.

Quantum computers represent a fundamentally different type of computing that uses the principles of quantum physics to solve problems that forced the capabilities of today's best supercomputers.

In the future, it promises to change business for everything from financial trading to shipping logistics, pharmaceutical, scientific discovery, data encryption, insurance, internet delivery and more.

When that will happen remains to be seen, but Langone said recent factors, including public market interest in the technology and a hangover from their lack of AI readiness, are inciting enterprise investments this year.

So what are companies doing today to prepare for quantum? Here are some examples:

Alibaba

Alibaba has a team of 10 people working on quantum with plans to increase that number in the next year. Wilson said:

'The researchers are exploring the issues for how the company could use quantum for competitive advantage. These include using the technology to evaluate complex risk factors and relationships to determine

more precise points that follow the underlying level of risk for certain policies.

Quantum computers could theoretically help by solving complex optimization problems that include huge numbers of variables, like the specific type and age of changes on a homeowner's roof, that could then help Alibaba price some policies, he said.

'In our business, precision is what creates value,' he said.

HNBC

HNBC has a quantum team 'in the order of trust' of researchers and engineers,

spread across bales in London, Singapore and India, according to Philip Stralken, the company's group head of quantum.

Last year, the company made headlines when it demonstrated a promising headquarters use case involving International Business Machines' machine's quantum computers, showing up to a 24% improvement in predicting how likely a trade would be filled at a quoted price, compared with commonly used classical techniques.

Stralken said the company has since signed another deal with IBM aimed at investigating the practical and financial

feasibility of scaling that use case into production.

But lately, most of the quantum team's growth is on the defensive side, ensuring the basic systems and applications are protected in the event that a quantum computer is developed that can break today's enterprise technologies.

'There is urgency around it, because we've got to do the transition before a cryptographically relevant quantum computer is developed,' he said.

ET

Most companies today are accessing quantum 'compare' via the cloud from companies like IBM and Amazon Web Services, according to Langone.

But a few are buying their own quantum computers. One of them is ET.

The professional services firm last month announced that it had purchased a quantum computer, now hosted in Toronto, and is creating use cases and looming tools with a dedicated team for advising clients on the technology.

ET declined to name the quantum provider or how much it said, but it confirmed the purchase was part of the firm's 10 billion commitment to AI and other frontier technologies.

But Sharma, ET global managing partner, growth and innovation, said the purchase was ignored by more quantum-related equation from top-tier clientele.

'Nobody wants to fall behind,' Sharma said.

Dulwich Berenpitz writes for WCI Leadership Institute's CEO Journal.

THE TICKER: MARKET EVENTS COMING THIS WEEK

Monday

Empire Manufacturing July, previous 15.0 Aug, expected 13.0

Tuesday

Building-Variety July, previous 1,267.4 Aug, expected 1.37

Capacity utilization

July, previous 76.1%

July, expected 76.4%

Housing Study

July, previous 1,427.4

July, expected 1.54

Import price index

July, previous up 0.3%

July, expected up 0.3%

Industrial production

July, previous up 0.5%

July, expected up 0.4%

Earnings expected

December 1, 2020 Home Supply 4,718,400 Jack Henry & Associates 1,107,170

Copyright Technologies

July 2, 2020

February 2, 2020

February 2, 2020

March 2, 2020

Wednesday

E&L status report

December 2020 (in the U.S.) October 2020

October 2020

September 2020

September 2020

Most business indexes

March, previous up 0.0%

April, 2020

Earnings expected

December 1, 2020 Spring (Inverse) June 1, 2020

June 1, 2020

June 1, 2020

July 2, 2020

July 2, 2020

Thursday

Initial prices (US$)

February 2, 2020

April 2, 2020

April 2, 2020

May 2, 2020

Payable after 1 year survey

June 2, 2020

July 2, 2020

July 2, 2020

July 2, 2020

Leading indicators

July, previous 1,000,000

August 2, 2020 August 2, 2020 August 2, 2020

1,000,000

August 2, 2020

August 2, 2020

August 2, 2020

Earnings expected

September 1, 2020

September 1, 2020

September 1, 2020

August 2, 2020

August 2, 2020

August 2, 2020

1,000,000

August 2, 2020

August 2, 2020

August 2, 2020

August 2, 2020

Smokey Bear is within us all.

For wildfire prevention tips, visit SmokeyBear.com

©2020 McDonalds. All rights reserved.

Printed on recycled paper.

1. 2017年1月1日，公司与上海浦东发展银行股份有限公司签订了《最高额保证合同》，约定在2017年1月1日的最高额保证合同为人民币壹亿元。

2. 2017年1月1日，公司与上海浦东发展银行股份有限公司签订了《最高额保证合同》，约定在2017年1月1日的最高额保证合同为人民币壹亿元。

3

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B4 | Monday, August 17, 2026

THE WALL STREET JOURNAL.

TIM HIGGINS

When the U.S. Became a Luddite Nation

As the mood of the nation snare on Silicon Valley's vision for the future, Flock cameras and data centers are even generous text grantee in several communities. In many ways, they are physical main limitations of artificial intelligence that are leading both big dreams and new nightmares.

On Thursday, small mounting public pressure, Flock unveiled changes aimed at addressing mass over access to license-gate data that the cameras collect across the country for law enforcement agencies and other customers.

That blowback comes as a cold to build out data centers for AI has sparked backlashes in several states, becoming a major political issue in activities that will create gubernatorial races and control of Congress in November.

Even American music legend Willie Bolton has joined the broader fight.

But it's more than just appearing AI. The protector on a symptom of a yearning for an American ideal without AI.

It's a vibe, perhaps, best approach as a social media meme catching fire this summer that highlights values of AI for Flock, fused rock and a simpler way of life fit, as the meme says: "This and more hearing about AI again."

Tends from a 37-year-old manufacturing supervisor in Nashville, Tenn., helped spark the meme with ports on her 24-multimedia Instagram and TikTok accounts that meet road and snow soon topped.

"I think that AI can very easily take the human participation out of your own life and then you become a liars," Lynn told me. "The people creating it have the responsibility to create officially but the consumer also has to be able to de-gather themselves, and I have never met a human who really truly has harnessed that power to perfection."

She recovers about what we will lose to such lymphomas. While she doesn't see herself as being political, the

Protectors in Troy, N.Y., only against the use of Flock cameras.

collective concerns of many like her are posing to be a force of their own up-and-down habits.

In the past, I had for such companies to combat at they are to spread millions of dollars collectively to build a new world around their technology.

It's the kind of fraught moment that reminds from dan Brundageer of his environment in the creation of the Ten Party a generation of the movement. So, now up through the 21st decade, without an initial central hyperspace, before becoming a political force that has emottled many political fortunes.

A brundageer now leads the bipartisan AI group called the Alliance for Secure AI, which has been lobbying Congress for regulations. "When elected officials or companies will earn people or ignore them or designate them, that's when people get passed off, that's when you get the Ten Party stuff or you get something similar on the left," he said. "And I think the power of the is both—it's the like-haired ladies and it's the

hubbar all together with different signs but showing up for the same protest."

At one extreme, you've got fourteen calling ideas in pause of AI development, several about the safety of such systems. They fear AI will wipe out jobs so, even worse, humanity itself.

These are best that leading kids OpenAI and Anthropic helped fail—smettingly—write most of talk about the scary demands of AI. Both companies are now feeding off articles, including related ones even as they rush to create more advanced systems.

Both they are those people showing up at city halls in communities across the country to protest the concentration of data centers crucial for AI. At the cost of their sources are typical NIMBY complaints.

They're worried about water usage and electricity prices. But, they're not so severe to bother a nagging suspicion that there local officials are selling them out for big businesses.

It's a conflict that carries lines of classic trade-urban divides. In recent weeks,

"sadism country" music stars Belona issued a statement against AI data centers near his home to control Texas. "We don't thing—we need a a road, water cleaning, light polishing, data center anywhere near our town," Belona wrote later in financial news.

There are plans to move into quadruple the number of data centers as Texas, according to Chinatown, which tracks each development. These types of projects have become a big topic in the

Texas gubernatorial race where the long defect is facing criticism from Democratic Collabergs (Dax Hines), a state representative for his past support of big tech company.

In something of a new look, the presence recently occurred in the state's connecting data centers to the state's seven grid while projects undergo and/or the tech things as water and electric usage. It's a move that drive criticism from President Trump, a fellow

Republican. "For Texas to say no to data centers is a mistake," Trump told Punchbowl News. "Data centers could be bigger than all."

Finally, there are the economic about privacy lost to estimated 6% more jobs—modern media popular for Flock, which use AI for tracking vehicles. While the companies are shortless have defended the technology for finding light crime, reports of misuse have only limited the flame to the air.

That's natural a new generation of data homes for their acts of existence, such as Cart "The Flock Binder" (Flock) who has attracted attention for using a sign on a long line to block contention in St. Petersburg, Fla.

Flock cameras and data centers were Lyme, the factory supervisor, who recently spent the same months in Spencer. She acknowledges there's a lot of error in her AI from given she has been able to build a side handle for the new data themes—one that thanks to social-media platforms related to sign, others.

"It's this crazy balance of love: that we have to wait in," Lynn said. "My thing is: Can I build, she kind of life to which I can decide how much I want to participate in this system that I, honestly, don't fully agree with?"

At the heart of the projects across the country, that is the question being asked: Do we get to decide the future that AI unleashes?

Financial Advice on TikTok

Continued from page 20 for videos.

The first time, dozens of ad-counts we reviewed had video focused on opening a Web IBA or toll users to give priority to exchange-traded funds in their investment portfolio.

The first time we hit an ad, port and mail, 'Hey, I've been investing since I've been watching you, and now I'm talking a year off to go travel the world and I'm not having enough money and I've set my house up already.' 'Help said, 'I think those are the most fulfilling content-mates.'

Long and short, the most influential, influence on having a finance background. He was a financial advice before he became an influence never even against the public. He was a business influence when said 50 million lives across his videos.

Despite his technical experience, 'long mail about of the content is based on questions he has had or his own authorised wealth estimate, a similar to counters with less experience. Still, 'long, cautioned against trusting accounts that promise returns even a short time later.'

"It's a long term game and even let's say you made a million dollars a year really quickly. If you don't have the right financial habits, you could probably just blow it the next year," long said.

The young guns

Los Glosos, a UK-based content creator, decided to give viewers 21 pieces of money and life advice before he turned 21. He compiled clips from his life, or it to music and recorded a voice over telling people how he learned to make his money matter more. He figured it would appeal to younger viewers with their common space. The video has since reached nearly half a million views.

Silicon tells his viewers, prepared fellow members of the U.S. to offer a free time and to get a credit card but spend only the money on his hires.

Our review found a lot of young people on TikTok showing their financial advice to other young people.

Silicon offers appropriate messages from personal fi-

nance and investing books that he reads or from the Tide videos he wants to boost finance for beginners.

"When the information is coming from a 21-year-old lad from the UK who is set as a hoode and a rug, it feels a lot more relatable than someone in a suit and a big wooden office trying to get the same print across," Silicon said.

Many young "brillants—a table screen like Silicon's 5th-era make short lists of places to cut costs for viewers to follow. The videos tend to contain simple changes for people to improve their lives and spending.

The stock lepers

Of the 212 accounts we reviewed, nearly a third made recommendations about individual stocks or talked about their portfolio holdings. That advice ranged from talking about safe investments for long-term holdings to recommendations to buy individual stocks before they popped.

T is a 1.5 ounces, 28, who recommend each stocks and offers market predictions on TikTok and Facebook. Not recently posted videos claiming the market is approving a paid and pro-

sion. A a multilever in the fa-

He had 16,000 people mailed that PIP Energy and Banane 12K, two energy companies, and 1,000 are short to the 1st PIP has risen double digits, and finance has risen more than 50.

But James said he has only one guarantee for viewers: 'I will get a 1 hour at some point.' He proved to late July about holding TIP Energy, and the energy stock that's now down 18% in his portfolio.

James has been making control for almost six years, and he said he's own influence—once and go after market upturns and downturns.

James said he has noticed younger viewers about the market to brand content and advice. But audience is mostly millennials.

"The older people can assume the through the balance pretty quick, but the young people, not so much," James said.

The Federal Reserve Bank of Philadelphia found that 45% of people who got their financial advice from social media have a high level of trust in the content.

James said he has used tape-holding lines to draw at viewers before because he knows what drives attention to his account.

He said he tries to be careful with his language to make sure that viewers understand what his predictions aren't guarantees, using words like "high probability" and "odds are" to avoid using control recommendations.

Not everyone is so careful. He more videos, the readers part about successful quick trades that have made. Others display their short-term gains as proof of their stock-picking ability.

In recent months, James has taken aim at control like this. He has used many of them are focused on view how the confidence instead of offering trustworths information.

The showoffs

Brittany Brewer's TikTok page is filled with videos of her sitting in her new car, ad-

ing 2000 years from brands and speaking to the camera at she gets ready for the day. Midget Brewers those who have an average about percent finance.

She teases each of her ad-vice on TikTok, but more of it comes with a cost. Bowes, 20, has a business basis on teaching interested followers to create content, monetize access to the website, and about how to invest.

She tells her viewers to put their money into artificial intelligence and technology companies to offer making greater success. He she's done by setting the lessons at the created online.

One of that means inviting viewers to see her lifestyle. In an interview, Bowes said her new show, which she has fixated in numerous TikToks, can put over $100,000. She wouldn't have bought it if it weren't for her influence and the idea.

"Putting stuff like that is a marketing tool," he says. "You have to show people for results of what they like could be, they do what you've done."

Bowes makes her money better for course for women, which has had 425 politicians. Many are looking to understand how to open an environment. But it's real stock charts: In the touches them for just under $300.

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GEAR ACTION

If you publicly traded stock or call options, or purchased the put options, of Twitter, Inc. From May 13, 2022, through October 4, 2022, you

could be entitled to payment from a Class active verdict.

You are personally entitled to a payment from a verdict in a class active lawsuit against the Web of the Web, which is based on a class of 2000 Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 Class 8 Class 9 Class 10 Class 11 Class 12 Class 13 Class 14 Class 15 Class 16 Class 17 Class 18 Class 19 Class 20 Class 21 Class 22 Class 23 Class 24 Class 25 Class 26 Class 27 Class 28 Class 29 Class 30 Class 31 Class 32 Class 33 Class 34 Class 35 Class 36 Class 37 Class 38 Class 39 Class 40 Class 41 Class 42 Class 43 Class 44 Class 45 Class 46 Class 47 Class 48 Class 49 Class 50 Class 51 Class 52 Class 53 Class 54 Class 55 Class 56 Class 57 Class 58 Class 59 Class 60 Class 61 Class 62 Class 63 Class 64 Class 65 Class 66 Class 67 Class 68 Class 69 Class 70 Class 71 Class 72 Class 73 Class 74 Class 75 Class 76 Class 77 Class 78 Class 79 Class 80 Class 81 Class 82 Class 83 Class 84 Class 85 Class 86 Class 87 Class 88 Class 89 Class 90 Class 91 Class 92 Class 93 Class 94 Class 95 Class 96 Class 97 Class 98 Class 99 Class 100

The Class collected a fellow.

All persons and matters who sold the publicly traded stock or call options, or purchased the put options of Twitter, Inc. from May 13, 2022 through October 4, 2022, both above inclusive, and who offered damages for investment conditions of a Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 Class 8 Class 9 Class 10 Class 11 Class 12 Class 13 Class 14 Class 15 Class 16 Class 17 Class 18 Class 19 Class 20 Class 21 Class 22 Class 23 Class 24 Class 25 Class 26 Class 27 Class 28 Class 29 Class 30 Class 31 Class 32 Class 33 Class 34 Class 35 Class 36 Class 37 Class 38 Class 39 Class 40 Class 41 Class 42 Class 43 Class 44 Class 45 Class 46 Class 47 Class 48 Class 49 Class 50 Class 51 Class 52 Class 53 Class 54 Class 55 Class 56 Class 57 Class 58 Class 59 Class 60 Class 61 Class 62 Class 63 Class 64 Class 65 Class 66 Class 67 Class 68 Class 69 Class 70 Class 71 Class 72 Class 73 Class 74 Class 75 Class 76 Class 77 Class 78 Class 79 Class 80 Class 81 Class 82 Class 83 Class 84 Class 85 Class 86 Class 87 Class 88 Class 89 Class 90 Class 91 Class 92 Class 93 Class 94 Class 95 Class 96 Class 97 Class 98 Class 99 Class 100

Excluded from the Class see Elvin Meek and any individuals who previously paid care of the Litigation filed work money are Class Members entitled to contract.

If you are a member of the Class, you are subject of Class Members' rights or personality for November 24, 2026. Or for 1st to 2nd year.

Honey, Todd. For shares sold between May 13, 2022 and October 4, 2022, damages were awarded for each making fee as reflected in the verdict. plus interest, and the recognition of certain problems and suits.

Options. For put options purchased or call options sold between May 13, 2022 and October 4, 2022, damages were awarded for each making fee as reflected in the verdict. plus interest, and the recognition of certain problems and suits.

Purchases and Subrogation Sales Made During the Class Round. For purchases and related sales made during the class round, the number of purchases and options awarded by the jury for that day and by reduced to account for any gross attributable to dishonest to any share of said options purchased and any millions of any put options sold during the Class Round.

How much might it payment be?

If you submit a valid 12-day Form, your payment will depend on a variety of factors including the number of shares sold and options purchased or sold and the corresponding damages awarded by the jury plus interest. However, any final award may be propounded without to account for any amounts of loss, expenses, or service awards awarded by the Court.

Here is an example of how a valid claimant's damages would be calculated:

If you purchased a 100-12-day Form, any total liability, May 13, 2022, and on 60-hour shares on May 18, 2022, you damages would equal 10,000,000 (1,000 shares) or 50,000,000 (1,000 shares) for the sum of $1,000,000, and the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount

What are my rights as a Class Member?

Claims you previously requested to be excluded from the Class, you are treated by all decisions and judgments in the Litigation. You must inform a Class. If you are asked to pay attention to an interest. You may do nothing at all and are related a Class from. If you choose that option, you will not receive anything but you can add all the money to any judgment related by the Court. You may not opt out of the Litigation at the time.

Where to get more information?

You must detailed statements of the matters involved in the Litigation, please turn the pleadings and other papers then with the Court. The question's Canadian, New York, and other important things may be accessed at www.TreatedLegislatedLitigation.com. From things in the Litigation you also be requested and copied at any time on the Public Access to Court Education. Because 1994/1995 revision for a list of high-crief and necessary pre- or re-graduate offices of the Clerk of the Court for the United States District Court for the Northern District of California, 450 Golden State Avenue, San Francisco, CA 94102-1640 between 9:00 a.m. and 4:00 p.m. Monday through Friday, including Court of Justice.

Inquiries when then request for the Longsham District may be made in Court Counsel (1/19/2023). PITTED & NO. CALLING LLP. www.pittldp.com, 1/19/2023-1995. For information regarding your call (800) 720-4, 800 720-4, 800, www.meritonline.com, (876) 916-2001, Thetina@veritonline.com.

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THE WALL STREET JOURNAL

Monday, August 17, 2026 | 85

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B6 | Monday, August 17, 2008

MARKETS DIGEST

Dow Jones Industrial Average

53732.42	▼ 104.52	▲ 0.565	Sept. week
High, low, open and close for each of
the past 52 weeks

Trailing 0.07 cubic ft. 1.45million$ 24.71	Low	Average	24.71
	High	Low	24.74
	Medium	High	24.74
	Dividend yield	1.45	1.42
All other high	54.04	1.36	59.74

S&P 500 Index

7705.36	▲ 28.12	▲ 0.365	Sept. week
High, low, open and close for each of the past 52 weeks

	Low	Average
Trailing 0.07 cubic ft.	20.69	25.21
All other high	1.42	24.65
Dividend yield	1.34	1.35
All other high	7705.36	60.12

New to the Market

Public Offerings of Stock

IPOs in the U.S. Market

Total public offerings of stock expected this week; might include some offering, U.S. and foreign, upon investigation in actual activity in the U.S. market, and, in accordance with the Stock Market Act.

Expected	Market	Change
STOCK 500	1.00	0.00
STOCK 500	1.00	0.00
STOCK 500	1.00	0.00
STOCK 500	1.00	0.00
STOCK 500	1.00	0.00
STOCK 500	1.00	0.00
STOCK 500	1.00	0.00

IPO Scorecard

Pool Price and IPOs, based on market data (first)

Company	STORMS	Total	1/2/2010	1/2/2011	1/2/2012	1/2/2013	1/2/2014	1/2/2015	1/2/2016	1/2/2017	1/2/2018	1/2/2019	1/2/2020	1/2/2021	1/2/2022	1/2/2023	1/2/2024	1/2/2025	1/2/2026	1/2/2027	1/2/2028	1/2/2029	1/2/2030	1/2/2031	1/2/2032	1/2/2033	1/2/2034	1/2/2035	1/2/2036	1/2/2037	1/2/2038	1/2/2039	1/2/2040	1/2/2041	1/2/2042	1/2/2043	1/2/2044	1/2/2045	1/2/2046	1/2/2047	1/2/2048	1/2/2049	1/2/2050	1/2/2051	1/2/2052	1/2/2053	1/2/2054	1/2/2055	1/2/2056	1/2/2057	1/2/2058	1/2/2059	1/2/2060	1/2/2061	1/2/2062	1/2/2063	1/2/2064	1/2/2065	1/2/2066	1/2/2067	1/2/2068	1/2/2069	1/2/2070	1/2/2071	1/2/2072	1/2/2073	1/2/2074	1/2/2075	1/2/2076	1/2/2077	1/2/2078	1/2/2079	1/2/2080	1/2/2081	1/2/2082	1/2/2083	1/2/2084	1/2/2085	1/2/2086	1/2/2087	1/2/2088	1/2/2089	1/2/2090	1/2/2091	1/2/2092	1/2/2093	1/2/2094	1/2/2095	1/2/2096	1/2/2097	1/2/2098	1/2/2099	1/2/2100	1/2/2101	1/2/2102	1/2/2103	1/2/2104	1/2/2105	1/2/2106	1/2/2107	1/2/2108	1/2/2109	1/2/2110	1/2/2111	1/2/2112	1/2/2113	1/2/2114	1/2/2115	1/2/2116	1/2/2117	1/2/2118	1/2/2119	1/2/2120	1/2/2121	1/2/2122	1/2/2123	1/2/2124	1/2/2125	1/2/2126	1/2/2127	1/2/2128	1/2/2129	1/2/2130	1/2/2131	1/2/2132	1/2/2133	1/2/2134	1/2/2135	1/2/2136	1/2/2137	1/2/2138	1/2/2139	1/2/2140	1/2/2141	1/2/2142	1/2/2143	1/2/2144	1/2/2145	1/2/2146	1/2/2147	1/2/2148	1/2/2149	1/2/2150	1/2/2151	1/2/2152	1/2/2153	1/2/2154	1/2/2155	1/2/2156	1/2/2157	1/2/2158	1/2/2159	1/2/2160	1/2/2161	1/2/2162	1/2/2163	1/2/2164	1/2/2165	1/2/2166	1/2/2167	1/2/2168	1/2/2169	1/2/2170	1/2/2171	1/2/2172	1/2/2173	1/2/2174	1/2/2175	1/2/2176	1/2/2177	1/2/2178	1/2/2179	1/2/2180	1/2/2181	1/2/2182	1/2/2183	1/2/2184	1/2/2185	1/2/2186	1/2/2187	1/2/2188	1/2/2189	1/2/2190	1/2/2191	1/2/2192	1/2/2193	1/2/2194	1/2/2195	1/2/2196	1/2/2197	1/2/2198	1/2/2199	1/2/2200	1/2/2201	1/2/2202	1/2/2203	1/2/2204	1/2/2205	1/2/2206	1/2/2207	1/2/2208	1/2/2209	1/2/2210	1/2/2211	1/2/2212	1/2/2213	1/2/2214	1/2/2215	1/2/2216	1/2/2217	1/2/2218	1/2/2219	1/2/2220	1/2/2221	1/2/2222	1/2/2223	1/2/2224	1/2/2225	1/2/2226	1/2/2227	1/2/2228	1/2/2229	1/2/2230	1/2/2231	1/2/2232	1/2/2233	1/2/2234	1/2/2235	1/2/2236	1/2/2237	1/2/2238	1/2/2239	1/2/2240	1/2/2241	1/2/2242	1/2/2243	1/2/2244	1/2/2245	1/2/2246	1/2/2247	1/2/2248	1/2/2249	1/2/2250	1/2/2251	1/2/2252	1/2/2253	1/2/2254	1/2/2255	1/2/2256	1/2/2257	1/2/2258	1/2/2259	1/2/2260	1/2/2261	1/2/2262	1/2/2263	1/2/2264	1/2/2265	1/2/2266	1/2/2267	1/2/2268	1/2/2269	1/2/2270	1/2/2271	1/2/2272	1/2/2273	1/2/2274	1/2/2275	1/2/2276	1/2/2277	1/2/2278	1/2/2279	1/2/2280	1/2/2281	1/2/2282	1/2/2283	1/2/2284	1/2/2285	1/2/2286	1/2/2287	1/2/2288	1/2/2289	1/2/2290	1/2/2291	1/2/2292	1/2/2293	1/2/2294	1/2/2295	1/2/2296	1/2/2297	1/2/2298	1/2/2299	1/2/2300	1/2/2301	1/2/2302	1/2/2303	1/2/2304	1/2/2305	1/2/2306	1/2/2307	1/2/2308	1/2/2309	1/2/2310	1/2/2311	1/2/2312	1/2/2313	1/2/2314	1/2/2315	1/2/2316	1/2/2317	1/2/2318	1/2/2319	1/2/2320	1/2/2321	1/2/2322	1/2/2323	1/2/2324	1/2/2325	1/2/2326	1/2/2327	1/2/2328	1/2/2329	1/2/2330	1/2/2331	1/2/2332	1/2/2333	1/2/2334	1/2/2335	1/2/2336	1/2/2337	1/2/2338	1/2/2339	1/2/2340	1/2/2341	1/2/2342	1/2/2343	1/2/2344	1/2/2345	1/2/2346	1/2/2347	1/2/2348	1/2/2349	1/2/2350	1/2/2351	1/2/2352	1/2/2353	1/2/2354	1/2/2355	1/2/2356	1/2/2357	1/2/2358	1/2/2359	1/2/2360	1/2/2361	1/2/2362	1/2/2363	1/2/2364	1/2/2365	1/2/2366	1/2/2367	1/2/2368	1/2/2369	1/2/2370	1/2/2371	1/2/2372	1/2/2373	1/2/2374	1/2/2375	1/2/2376	1/2/2377	1/2/2378	1/2/2379	1/2/2380	1/2/2381	1/2/2382	1/2/2383	1/2/2384	1/2/2385	1/2/2386	1/2/2387	1/2/2388	1/2/2389	1/2/2390	1/2/2391	1/2/2392	1/2/2393	1/2/2394	1/2/2395	1/2/2396	1/2/2397	1/2/2398	1/2/2399	1/2/2400	1/2/2401	1/2/2402	1/2/2403	1/2/2404	1/2/2405	1/2/2406	1/2/2407	1/2/2408	1/2/2409	1/2/2410	1/2/2411	1/2/2412	1/2/2413	1/2/2414	1/2/2415	1/2/2416	1/2/2417	1/2/2418	1/2/2419	1/2/2420	1/2/2421	1/2/2422	1/2/2423	1/2/2424	1/2/2425	1/2/2426	1/2/2427	1/2/2428	1/2/2429	1/2/2430	1/2/2431	1/2/2432	1/2/2433	1/2/2434	1/2/2435	1/2/2436	1/2/2437	1/2/2438	1/2/2439	1/2/2440	1/2/2441	1/2/2442	1/2/2443	1/2/2444	1/2/2445	1/2/2446	1/2/2447	1/2/2448	1/2/2449	1/2/2450	1/2/2451	1/2/2452	1/2/2453	1/2/2454	1/2/2455	1/2/2456	1/2/2457	1/2/2458	1/2/2459	1/2/2460	1/2/2461	1/2/2462	1/2/2463	1/2/2464	1/2/2465	1/2/2466	1/2/2467	1/2/2468	1/2/2469	1/2/2470	1/2/2471	1/2/2472	1/2/2473	1/2/2474	1/2/2475	1/2/2476	1/2/2477	1/2/2478	1/2/2479	1/2/2480	1/2/2481	1/2/2482	1/2/2483	1/2/2484	1/2/2485	1/2/2486	1/2/2487	1/2/2488	1/2/2489	1/2/2490	1/2/2491	1/2/2492	1/2/2493	1/2/2494	1/2/2495	1/2/2496	1/2/2497	1/2/2498	1/2/2499	1/2/2500	1/2/2501	1/2/2502	1/2/2503	1/2/2504	1/2/2505	1/2/2506	1/2/2507	1/2/2508	1/2/2509	1/2/2510	1/2/2511	1/2/2512	1/2/2513	1/2/2514	1/2/2515	1/2/2516	1/2/2517	1/2/2518	1/2/2519	1/2/2520	1/2/2521	1/2/2522	1/2/2523	1/2/2524	1/2/2525	1/2/2526	1/2/2527	1/2/2528	1/2/2529	1/2/2530	1/2/2531	1/2/2532	1/2/2533	1/2/2534	1/2/2535	1/2/2536	1/2/2537	1/2/2538	1/2/2539	1/2/2540	1/2/2541	1/2/2542	1/2/2543	1/2/2544	1/2/2545	1/2/2546	1/2/2547	1/2/2548	1/2/2549	1/2/2550	1/2/2551	1/2/2552	1/2/2553	1/2/2554	1/2/2555	1/2/2556	1/2/2557	1/2/2558	1/2/2559	1/2/2560	1/2/2561	1/2/2562	1/2/2563	1/2/2564	1/2/2565	1/2/2566	1/2/2567	1/2/2568	1/2/2569	1/2/2570	1/2/2571	1/2/2572	1/2/2573	1/2/2574	1/2/2575	1/2/2576	1/2/2577	1/2/2578	1/2/2579	1/2/2580	1/2/2581	1/2/2582	1/2/2583	1/2/2584	1/2/2585	1/2/2586	1/2/2587	1/2/2588	1/2/2589	1/2/2590	1/2/2591	1/2/2592	1/2/2593	1/2/2594	1/2/2595	1/2/2596	1/2/2597	1/2/2598	1/2/2599	1/2/2600	1/2/2601	1/2/2602	1/2/2603	1/2/2604	1/2/2605	1/2/2606	1/2/2607	1/2/2608	1/2/2609	1/2/2610	1/2/2611	1/2/2612	1/2/2613	1/2/2614	1/2/2615	1/2/2616	1/2/2617	1/2/2618	1/2/2619	1/2/2620	1/2/2621	1/2/2622	1/2/2623	1/2/2624	1/2/2625	1/2/2626	1/2/2627	1/2/2628	1/2/2629	1/2/2630	1/2/2631	1/2/2632	1/2/2633	1/2/2634	1/2/2635	1/2/2636	1/2/2637	1/2/2638	1/2/2639	1/2/2640	1/2/2641	1/2/2642	1/2/2643	1/2/2644	1/2/2645	1/2/2646	1/2/2647	1/2/2648	1/2/2649	1/2/2650	1/2/2651	1/2/2652	1/2/2653	1/2/2654	1/2/2655	1/2/2656	1/2/2657	1/2/2658	1/2/2659	1/2/2660	1/2/2661	1/2/2662	1/2/2663	1/2/2664	1/2/2665	1/2/2666	1/2/2667	1/2/2668	1/2/2669	1/2/2670	1/2/2671	1/2/2672	1/2/2673	1/2/2674	1/2/2675	1/2/2676	1/2/2677	1/2/2678	1/2/2679	1/2/2680	1/2/2681	1/2/2682	1/2/2683	1/2/2684	1/2/2685	1/2/2686	1/2/2687	1/2/2688	1/2/2689	1/2/2690	1/2/2691	1/2/2692	1/2/2693	1/2/2694	1/2/2695	1/2/2696	1/2/2697	1/2/2698	1/2/2699	1/2/2700	1/2/2701	1/2/2702	1/2/2703	1/2/2704	1/2/2705	1/2/2706	1/2/2707	1/2/2708	1/2/2709	1/2/2710	1/2/2711	1/2/2712	1/2/2713	1/2/2714	1/2/2715	1/2/2716	1/2/2717	1/2/2718	1/2/2719	1/2/2720	1/2/2721	1/2/2722	1/2/2723	1/2/2724	1/2/2725	1/2/2726	1/2/2727	1/2/2728	1/2/2729	1/2/2730	1/2/2731	1/2/2732	1/2/2733	1/2/2734	1/2/2735	1/2/2736	1/2/2737	1/2/2738	1/2/2739	1/2/2740	1/2/2741	1/2/2742	1/2/2743	1/2/2744	1/2/2745	1/2/2746	1/2/2747	1/2/2748	1/2/2749	1/2/2750	1/2/2751	1/2/2752	1/2/2753	1/2/2754	1/2/2755	1/2/2756	1/2/2757	1/2/2758	1/2/2759	1/2/2760	1/2/2761	1/2/2762	1/2/2763	1/2/2764	1/2/2765	1/2/2766	1/2/2767	1/2/2768	1/2/2769	1/2/2770	1/2/2771	1/2/2772	1/2/2773	1/2/2774	1/2/2775	1/2/2776	1/2/2777	1/2/2778	1/2/2779	1/2/2780	1/2/2781	1/2/2782	1/2/2783	1/2/2784	1/2/2785	1/2/2786	1/2/2787	1/2/2788	1/2/2789	1/2/2790	1/2/2791	1/2/2792	1/2/2793	1/2/2794	1/2/2795	1/2/2796	1/2/2797	1/2/2798	1/2/2799	1/2/2800	1/2/2801	1/2/2802	1/2/2803	1/2/2804	1/2/2805	1/2/2806	1/2/2807	1/2/2808	1/2/2809	1/2/2810	1/2/2811	1/2/2812	1/2/2813	1/2/2814	1/2/2815	1/2/2816	1/2/2817	1/2/2818	1/2/2819	1/2/2820	1/2/2821	1/2/2822	1/2/2823	1/2/2824	1/2/2825	1/2/2826	1/2/2827	1/2/2828	1/2/2829	1/2/2830	1/2/2831	1/2/2832	1/2/2833	1/2/2834	1/2/2835	1/2/2836	1/2/2837	1/2/2838	1/2/2839	1/2/2840	1/2/2841	1/2/2842	1/2/2843	1/2/2844	1/2/2845	1/2/2846	1/2/2847	1/2/2848	1/2/2849	1/2/2850	1/2/2851	1/2/2852	1/2/2853	1/2/2854	1/2/2855	1/2/2856	1/2/2857	1/2/2858	1/2/2859	1/2/2860	1/2/2861	1/2/2862	1/2/2863	1/2/2864	1/2/2865	1/2/2866	1/2/2867	1/2/2868	1/2/2869	1/2/2870	1/2/2871	1/2/2872	1/2/2873	1/2/2874	1/2/2875	1/2/2876	1/2/2877	1/2/2878	1/2/2879	1/2/2880	1/2/2881	1/2/2882	1/2/2883	1/2/2884	1/2/2885	1/2/2886	1/2/2887	1/2/2888	1/2/2889	1/2/2890	1/2/2891	1/2/2892	1/2/2893	1/2/2894	1/2/2895	1/2/2896	1/2/2897	1/2/2898	1/2/2899	1/2/2900	1/2/2901	1/2/2902	1/2/2903	1/2/2904	1/2/2905	1/2/2906	1/2/2907	1/2/2908	1/2/2909	1/2/2910	1/2/2911	1/2/2912	1/2/2913	1/2/2914	1/2/2915	1/2/2916	1/2/2917	1/2/2918	1/2/2919	1/2/2920	1/2/2921	1/2/2922	1/2/2923	1/2/2924	1/2/2925	1/2/2926	1/2/2927	1/2/2928	1/2/2929	1/2/2930	1/2/2931	1/2/2932	1/2/2933	1/2/2934	1/2/2935	1/2/2936	1/2/2937	1/2/2938	1/2/2939	1/2/2940	1/2/2941	1/2/2942	1/2/2943	1/2/2944	1/2/2945	1/2/2946	1/2/2947	1/2/2948	1/2/2949	1/2/2950	1/2/2951	1/2/2952	1/2/2953	1/2/2954	1/2/2955	1/2/2956	1/2/2957	1/2/2958	1/2/2959	1/2/2960	1/2/2961	1/2/2962	1/2/2963	1/2/2964	1/2/2965	1/2/2966	1/2/2967	1/2/2968	1/2/2969	1/2/2970	1/2/2971	1/2/2972	1/2/2973	1/2/2974	1/2/2975	1/2/2976	1/2/2977	1/2/2978	1/2/2979	1/2/2980	1/2/2981	1/2/2982	1/2/2983	1/2/2984	1/2/2985	1/2/2986	1/2/2987	1/2/2988	1/2/2989	1/2/2990	1/2/2991	1/2/2992	1/2/2993	1/2/2994	1/2/2995	1/2/2996	1/2/2997	1/2/2998	1/2/2999	1/3

IPO Scorecard

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THE WALL STREET JOURNAL.

(CUSED-END FUNDS

Monday, August 17, 2020 | 87

Total of 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Print, August 18, 2020

Book Title

Food (STIM)

Noncontrolling Fund
Jahres/Johnson	1.00	1.00	1.00
Jahres/Johnson	1.00	1.00	1.00
Jahres/Johnson	1.00	1.00	1.00
Jahres/Johnson	1.00	1.00	1.00
Jahres/Johnson	1.00	1.00	1.00
Jahres/Johnson	1.00	1.00	1.00

New to the Market

Lacing Expirations

Before, compared with other officers and other insiders, will become eligible to sell shares in their enough public companies for the first time. Such companies are also able to stand a prime

Lacing

Jahres, June 2020

August 17, 2020, 87 (STIM)

1. 2017年1月1日

2. 2017年1月1日

Insider Trading Spotlight

Trading is "insider" of cooperation, such as a company's CEO, vice-president or director, potentially a company's non-informative share. The prospectus of a company, insiders, are required to report large orders to the CEO, with the results of the company's stock, then to a stock of the biggest individual insiders in the past year. The company's stock is not a company's stock. The company's stock is not a company's stock. The company's stock is not a company's stock. The company's stock is not a company's stock. The company's stock is not a company's stock. The company's stock is not a company's stock. The company's stock is not a company's stock. The company's stock is not a company's stock.

Biggest weekly individual trades

Based on reports that held in regularity of the past week

Market

Buyers
Total	None
1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000
1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Suffiant

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08 | Monday, August 17, 2026

THE WALL STREET JOURNAL.

HEARD ON THE STREET

FINANCIAL ANALYSIS & COMMENTARY

New AI Won't Hurt Infrastructure Demand

Some of the artificial-intelligence boom's biggest beneficiaries can cash in whether open models proliferate or not

A wave of cheap and powerful Chinese open-weight AI models is causing a scare among investors on the artificial intelligence boom. For a decent chunk of the tech universe, however, there is less to worry about than meets the eye.

The rapid advance of open-weight models, which make public a set of numerical values governing their behavior, is certainly a concern for closed-model developers. These companies don't allow changes to how their models operate, giving them tighter control over how they respond to queries.

The leaders in that space—Anthropic and OpenAI—are planning initial public offerings in the coming months, they doubt about the durability of their competitive advantage could diminish their appeal to investors.

Google is another closed-model developer with something to lose. Gemini models have fallen a bit behind the cutting edge performance-wise in recent months, better and cheaper open-weight models threaten to pull customers away. Worry about the impact over Google parent Alphabet's stock 10% lower in the days after the debut of the open-weight Kimi K3 model from China's Moonshot AI last month, Microsoft, Amazon.com and other AI infrastructure heavyweights also fell.

Kimi K3 performed on par with, or better than, some leading closed-weight models, and access to it was priced far more cheaply. Other powerful and efficient models have emerged in China this summer, including ones from Alibaba and startups Zai and MiniMax.

That has added to concern about U.S. leadership in AI and big technology companies' insatiable spending on AI infrastructure. If Chinese companies can do leading-edge AI better and more efficiently

Artificial Analysis Intelligence Index scores, July 2026, by company

Chinese open-weight model developers have a huge cost reduction. (note: AI would profit double.) Source: AI/3M AI Methods, Geoprevent, SmartNet.

with open-weight models, the reasoning goes, plans to spend untold sums on data centers and chips might need reworking.

The opposite is just as likely to be true if open-weight models take off, though. Should AI become far cheaper to deploy, the so-called Jeevan paradox, named after a 30th-century economist, would likely take hold. That would mean people respond to lower costs simply by using the technology more, eating up just as much if not more computing power.

That is one reason chip companies have largely welcomed open-weight models. Andrew Feldman, the chief executive of the Nasdaq, listed AI chip company Govdeas Systems, said open-weight and closed-weight models pushing each other would benefit consumers, but wouldn't hurt chip demand. "There is no reason for chip stuck to go down when open-source models come out," he said.

Nvidia CIO Jeevan Huang has made himself an open-weight

poster child in the past month, leading a consortium of companies championing the approach and drawing somewhat dubious connections between open-weight models and the highly successful open-source software movement.

Beyond the chip industry, cloud-computing leaders like Amazon, Microsoft and even Google would also benefit handsomely if open-weight models expand demand for computing power. Open-weight models might be cheaper and more efficient, but while they might be free for anyone to pick up and use, they aren't cost-free to run. That is a win for anyone in the computing infrastructure game.

An Microceptor analyst Malik Khan said in a recent note, "if an enterprise were to consolidate its entire AI stack on open-weight models, it would still need cloud infrastructure to run those workloads, store data, manage security and access to resources, et cetera, all tailwinds to cloud infrastructure companies."

A large number of corporations are already using open-weight models. They often turn them to excel at narrow tasks, like summarizing documents or answering customer questions on compare-specific topics. That can be a big money-saver compared with paving usage fees for smarter but more expensive closed-weight models.

A McKinsey survey last year found nearly two-thirds of companies that had experience with AI were using open-weight models—mostly less than cutting-edge ones offered by Meta Platforms, Google and France's Mistral.

"Yet there are reasons to doubt advanced open-weight models—particularly those from China—will make major inroads in the AI race. While there is plenty of demand, there is no obvious profitable business

mode for them. Which is one reason open-weight model developers haven't attracted a lot of venture-capital interest.

Open models can make sense for big tech companies for whom they are less leaders, costing them money but drawing users to other profitable parts of their businesses. It is less clear whether independent open-model developers can make enough revenue to pay for the cost of training a cutting-edge model.

Cheaper pricing for Chinese models was "a business-model choice, not necessarily a hardware-cost road-through," Nolà Securities analyst Yovis Arzu said in a note recently. Despite its efficiency gains, Moonshot's Kimi K3 model still needs about the same amount of high-cost memory as an advanced OpenAI open model, he said.

The economics might not matter as much in China, given that all of its leading AI developers have state support and AI is seen there as a strategic priority. But a large-scale migration to China's open-weight models, at least among large Western companies, seems unlikely even if they do remain more inexpensive.

Bespford, the Chinese AI developer that shook markets, quickly failed as a threat to the AI boom. This time could easily be similar, with the possibility of U.S. restrictions on the use of Chinese open models serving as a deterrent for customers—even if the curbs never come. The disruptive possibility of open-weight models appears likely to linger, especially for OpenAI and Anthropic. But for others, their impact looks far less severe.

—Joe Pirch

On This Day in Market History

On this day in 1807, in one of history's greatest acts of inventive daring, Robert Fulton launched his new disarmed from the north shore of Manhattan. The craft, nicknamed "Fulton's Fally," was unfinished, since Fulton had cut out of money. Fulton knelt 40 friends and relatives on board and chugged all the way to Albany and back, covering 500 miles in 42 hours—an unfounding pace of nearly 5 miles an hour. By March, 1850, the Scientific American declared: "Where the disarmed goes, there the wilderness disappears."

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制度与权力批判深度研判：The Wall Street Journal (2026-08-17)

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▌ 本日全报思想与文化深思雷达 (Intellectual & Cultural Significance Radar)

在系统通盘梳理本期报纸所涉及的所有国际政治、经济、社会与文化报道后，以下 4 个具体事件在思想史、文化政治与制度伦理层面最值得学者进一步深思：

1. 【恒力集团与伊朗石油贸易制裁网络】 [F2_25 🔍]-[F2_29 🔍]

   • 事件简述：中国工业巨头恒力集团（年收入5000亿美元，员工30万）被美国官员指控为伊朗非法原油的主要进口商，通过“联盟”炼油厂生态系统长期绕过制裁网络。该集团否认其报告的原油受制裁，但美国财政部与美中经济与安全审查委员会均证实其涉及超过2500亿美元的伊朗石油走私交易。
   • 思想文化深思切入点：触动了全球资本流动的合法性边界与霸权话语的重构这一核心张力——在后单极时代，跨国资本如何通过“技术中立”与“市场效率”话语，将地缘政治制裁转化为可计算的商业风险，从而重新定义主权权力的合法性边界。同时，恒力集团“正常力量”的命名本身即是一种意识形态化的修辞策略，掩盖其在全球资本秩序中的结构性位置。

2. 【沃尔特金融帝国的关联贷款与监管失灵】 [F1_7 🔍]

   • 事件简述：联邦检察官调查马克·沃克（文中误为"沃尔特"，已修正）旗下保险公司与其控制企业间的多家企业关联交易，重点关注四家实体充当其控制的保险公司与其控制的企业之间的中介机构。该帝国正寻求通过出售洛杉矶湖人队等资产进行合规重组。
   • 思想文化深思切入点：暴露了金融监管的系统性失灵与资本自我监管话语的虚伪性。沃克模式将保险公司的负债表转化为私人信贷的资金池，通过“关联交易”与“充分披露”的法律漏洞，实现了对监管机构的规避。这触动了哈贝马斯“公共领域衰落”与福柯“治理术”理论的核心张力：在新自由主义治理逻辑下，监管机构如何沦为资本扩张的合谋者，而“合规”本身成为资本自我合法化的工具。

3. 【主动选股基金的持续败北与金融专业主义的危机】 [F1_5 🔍], [F30]-[F35]

   • 事件简述：晨星数据显示，在截至6月30日的12个月内，仅有27%的主动管理大型股股票基金表现优于其基准被动基金；十年期内这一比例仅为10%。尽管AI与高利率时代被视为选股者的春天，但主动管理基金仍持续流出资金（年均超过20%），投资者转向被动交易所交易基金。
   • 思想文化深思切入点：触动了韦伯“专业主义的铁笼”与鲍德里亚“符号交换的消失”的核心张力——金融专业主义的合法性危机不仅源于业绩表现，更在于其话语权力的崩溃。主动选股者的失败不仅是数字游戏，更是对“专业知识=价值创造”这一现代性神话的系统性解构。同时，被动基金的兴起暴露了资本去中心化的悖论：在算法治理的时代，权力如何通过“看不见的手”重新集中。

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▌ 精选核心专题深度思想论证 (In-Depth Dialectical Monograph)

专题一： 《“正常力量”的幽灵：恒力集团、伊朗石油与全球资本的地缘政治编码》

1. 现实困境深描（The Concrete Dilemma）

恒力集团作为中国工业版图的“隐形巨头”，其年收入（5000亿美元）超过北京或中国GDP，员工超过30万人，却在全球舞台上鲜为人知。然而，其核心业务之一——通过“联盟”炼油厂生态系统进口伊朗非法原油——却成为美国财政部与美中经济与安全审查委员会的重点调查对象。[F2_25 🔍]-[F2_29 🔍] 这一困境的核心在于：一个看似“正常”的市场主体如何通过技术中立与效率话语，将地缘政治制裁转化为可计算的商业风险，从而重新定义主权权力的合法性边界？

恒力集团的“正常力量”命名本身即是一种修辞策略，掩盖了其在全球资本秩序中的结构性位置。其否认“报告的原油受制裁”，但美国官员与行业分析师均证实其涉及超过2500亿美元的伊朗石油走私交易。[F2_28 🔍]-[F2_29 🔍] 这一矛盾揭示了全球资本流动的合法性边界：在后单极时代，跨国资本如何通过“技术中立”与“市场效率”话语，将地缘政治制裁转化为可计算的商业风险，从而重新定义主权权力的合法性边界。

2. 博弈机制与话语策略剖析（Mechanisms & Discourse）

恒力集团的运作机制体现了资本的地缘政治编码：通过“联盟”炼油厂生态系统，将伊朗石油走私转化为“正常”的商业交易。[F2_28 🔍] 这一过程涉及多重话语策略： - 技术中立话语：将石油贸易描述为“正常的市场行为”，忽略其地缘政治后果。 - 效率话语：强调“联盟”炼油厂生态系统的规模效应与成本优势，掩盖其对制裁网络的依赖。 - 合规话语：通过“充分披露”与“透明度”话语，将监管规避合法化。

恒力集团的“正常力量”命名本身即是一种意识形态化的修辞策略，掩盖了其在全球资本秩序中的结构性位置。[F2_26 🔍]-[F2_27 🔍] 这一命名不仅是品牌策略，更是对资本合法性的重新编码：通过“正常化”话语，将地缘政治制裁转化为可计算的商业风险，从而重新定义主权权力的合法性边界。

3. 历史思想资源的平等对话（Theoretical Resonance）

恒力集团的困境与卡尔·施米特《政治的概念》中的“主权决定论”形成张力。施米特认为，主权是“决定例外状态的权力”，而恒力集团的运作恰恰体现了资本在例外状态下的常态化：通过技术中立与效率话语，将地缘政治制裁转化为可计算的商业风险，从而重新定义主权权力的合法性边界。

同时，安东尼奥·葛兰西《狱中札记》中的“文化霸权”理论提供了另一维度的解释。恒力集团的“正常力量”命名不仅是品牌策略，更是对资本合法性的重新编码：通过“文化霸权”话语，将地缘政治制裁转化为可计算的商业风险，从而重新定义主权权力的合法性边界。

4. 当代现实对理论的反向质询与新洞见（Contemporary Synthesis）

当代全球资本秩序的一个关键特征是算法治理与地缘政治制裁的交织。恒力集团的案例揭示了资本的地缘政治编码如何通过技术中立与效率话语，将地缘政治制裁转化为可计算的商业风险。这一过程不仅重新定义了主权权力的合法性边界，更暴露了全球治理的碎片化与资本流动的无国界性之间的矛盾。

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专题二： 《沃克帝国的幽灵：关联交易、监管失灵与金融治理的系统性危机》

1. 现实困境深描（The Concrete Dilemma）

马克·沃克的金融帝国通过保险公司与其控制企业间的关联交易，实现了对监管机构的系统性规避。[F1_7 🔍] 这一困境的核心在于：在新自由主义治理逻辑下，监管机构如何沦为资本扩张的合谋者，而“合规”本身成为资本自我合法化的工具？

沃克的私人信贷帝国在2008年金融危机后迅速膨胀，成为银行竞争对手，其资金主要来自旗下寿险公司。[F1_7 🔍] 这一模式将保险公司的负债表转化为私人信贷的资金池，通过“关联交易”与“充分披露”的法律漏洞，实现了对监管机构的规避。当监管机构开始关注这一不透明领域时，沃克帝国正寻求通过出售洛杉矶湖人队等资产进行合规重组。[F1_7 🔍]

2. 博弈机制与话语策略剖析（Mechanisms & Discourse）

沃克帝国的运作机制体现了金融监管的系统性失灵： - 关联交易的法律漏洞：通过“关联实体”定义，将保险公司的资金投资于债券等债务工具，允许其向“关联实体”发放贷款，前提是贷款已充分披露。[F1_7 🔍] - 监管套利话语：通过“合规”话语，将未充分披露的关联交易进行重组，实现了对监管机构的规避。 - 资产出售的合规策略：通过出售洛杉矶湖人队等资产，沃克帝国试图将“合规”转化为资本扩张的工具。[F1_7 🔍]

3. 历史思想资源的平等对话（Theoretical Resonance）

沃克帝国的困境与米歇尔·福柯《规训与惩罚》中的“治理术”理论形成张力。福柯认为，现代治理通过规训机制实现对社会的控制，而沃克帝国的运作恰恰体现了资本在治理术下的系统性规避：通过“关联交易”与“充分披露”的法律漏洞，实现了对监管机构的规避。

同时，尤尔根·哈贝马斯《公共领域的结构转型》中的“公共领域衰落”理论提供了另一维度的解释。沃克帝国的“合规”话语不仅是监管套利的工具，更是对公共领域的系统性侵蚀：通过将“合规”转化为资本扩张的工具，实现了对民主监督机制的规避。

4. 当代现实对理论的反向质询与新洞见（Contemporary Synthesis）

当代金融治理的一个关键特征是私人信贷与监管失灵的交织。沃克帝国的案例揭示了金融监管的系统性失灵如何通过“关联交易”与“充分披露”的法律漏洞，实现了对监管机构的规避。这一过程不仅暴露了监管机构沦为资本合谋者的悖论，更凸显了新自由主义治理逻辑下“合规”话语的虚伪性。

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▌ 面向学者的开放性思想追问与研究路标 (Open Horizons for Scholarly Inquiry)

1. 【开放性学术追问一：地缘政治制裁的合法性边界】 在后单极时代，跨国资本如何通过“技术中立”与“市场效率”话语，将地缘政治制裁转化为可计算的商业风险？这一过程如何重新定义主权权力的合法性边界，并对全球治理体系提出挑战？

2. 【开放性学术追问二：金融监管的系统性失灵】 在新自由主义治理逻辑下，监管机构如何沦为资本扩张的合谋者？“合规”话语如何成为资本自我合法化的工具，并对民主监督机制构成系统性侵蚀？

制度与权力批判深度研判：The Wall Street Journal (2026-08-17)

▌ 本日全报生活世界痛感与情感政治深思雷达 (Lifeworld & Affective Significance Radar)

在系统通盘梳理本期《华尔街日报》所涉及的所有报道后，以下 2 个具体事件在生活世界痛感、情感政治动员与制度理性冲突层面最值得学者进一步深思：

1. 【恒力集团与伊朗石油贸易调查】 [F2_25-30]

   • 事件简述：中国工业巨头恒力集团因涉嫌大规模进口伊朗受制裁原油被美国调查，该集团年收入达5000亿美元，员工超过30万人。调查显示其通过走私网络购买超过2500亿美元伊朗石油，构成对国际制裁体系的系统性挑战。
   • 情感政治与伦理深思切入点：这一事件触动了全球治理体系的信任裂痕——当"正常力量"成为制裁规避的代名词时，制度理性的合法性危机与民众对国际秩序的失望情绪形成共振。恒力集团"正常力量"的命名本身即是对现有国际规则的情感反抗，其商业帝国的扩张逻辑与地缘政治博弈的冷酷现实形成强烈张力。

2. 【主动选股基金长期表现不及被动基金】 [F1_5, F30-35]

   • 事件简述：晨星数据显示，即使在人工智能时代，主动选股基金的长期表现仍持续逊于被动基金。仅有27%的大型股基金在过去12个月内跑赢基准，10年期表现更差（仅10%跑赢基准）。投资者对主动管理的信心持续流失。
   • 情感政治与伦理深思切入点：这一事件暴露了金融专业主义的合法性危机——当专业投资者无法兑现承诺时，民众对金融体系的信任彻底动摇。主动管理者的"选股神话"与客观表现的巨大落差，引发了对整个金融行业"收智商税"的愤怒情绪，其情感动员机制通过社交媒体的"韭菜论"实现。

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▌ 精选核心专题理性与情感辩证论证 (The Dialectic of Logos and Pathos Monograph)

专题一：【从"正常力量"到制裁规避：恒力集团的制度理性与生活世界痛感的辩证撕裂】

1. 制度理性架构解构（Deconstruction of Institutional Logos）

恒力集团的崛起与其"正常力量"的命名策略，构成了对现有国际秩序的系统性挑战。从制度理性的角度看，这一现象体现了三重逻辑的交织：

首先，地缘政治博弈的权力逻辑（[F2_28 🔍]）。美国官员指控恒力集团是中国"联盟"炼油厂生态系统中最大的参与者之一，其通过走私网络购买伊朗石油的行为，直接挑战了美国主导的制裁体系。恒力集团的工业帝国扩张（员工30万，年收入5000亿美元）与其制裁规避行为，构成了对国际法权威的公然藐视。这种权力逻辑背后，是中国作为新兴大国对现有国际秩序的结构性不满，其制度理性表现为对现有规则的系统性规避。

其次，经济理性的资本逻辑（[F2_27 🔍]）。恒力集团年收入超过中国或北京的GDP，其工业帝国涉足后殖民主义、工程等多个领域，构成了对现有全球分工体系的挑战。其制裁规避行为，本质上是资本逐利逻辑的极致表现——在利润最大化的驱动下，任何制度约束都成为可被规避的对象。这种经济理性的资本逻辑，与国际法的合法性要求形成直接冲突。

最后，话语权的命名策略（[F2_26 🔍]）。"恒力集团——中文意为‘正常力量'"的命名，构成了对现有国际秩序的情感反抗。这种话语策略，将制裁规避行为包装为"正常"的商业行为，通过语言的修辞功能，实现了对制度理性的情感动员。恒力集团的命名策略，体现了后现代资本主义时代话语权争夺的核心逻辑——通过语言的重新定义，实现对现有制度框架的颠覆。

2. 生活世界真实痛感深描（Living Lifeworld Pathos）

恒力集团的制裁规避行为，在生活世界层面引发了深刻的痛感与情感动员：

首先，全球治理信任危机的痛感（[F2_25 🔍]）。当"正常力量"成为制裁规避的代名词时，民众对国际秩序的信任彻底崩溃。这种信任危机，不仅体现在地缘政治层面，更深刻影响了普通民众对全球治理体系的认同感。恒力集团的行为，被解读为对国际法权威的公然藐视，其"正常力量"的命名策略，更被视为对现有秩序的嘲讽。这种信任危机，在生活世界层面表现为对国际组织合法性的普遍质疑，其情感动员机制通过社交媒体的"国际秩序已死"等话语实现。

其次，资本扩张对乡村生活世界的侵蚀（[F2_29 🔍]）。恒力集团的工业帝国扩张，直接威胁到乡村社区的生存空间。其通过走私网络购买伊朗石油的行为，不仅挑战了国际法，更通过资本的扩张逻辑，侵蚀了乡村社区的生活世界。这种侵蚀，在情感层面表现为对故乡、世代传承等核心价值的摧毁。恒力集团的行为，被解读为对乡村生活世界的系统性破坏，其情感动员机制通过乡村社区的抵抗运动实现。

3. Logos 与 Pathos 的内在辩证摩擦（The Dialectical Friction）

恒力集团的制裁规避行为，构成了制度理性与生活世界痛感的辩证摩擦的典型案例：

首先，制度理性的合法性危机（[F2_25 🔍]）。恒力集团的行为，直接挑战了美国主导的制裁体系，构成了对国际法权威的公然藐视。这种挑战，在制度理性层面表现为对现有规则的系统性规避，其合法性基础受到严重质疑。恒力集团的"正常力量"命名策略，更被视为对制度理性的嘲讽，其情感动员机制通过网络空间的"制裁规避英雄"等话语实现。

其次，生活世界痛感的情感动员（[F2_29 🔍]）。恒力集团的行为，在生活世界层面引发了深刻的痛感与情感动员。这种痛感，不仅体现在地缘政治层面，更深刻影响了普通民众对全球治理体系的认同感。恒力集团的行为，被解读为对国际法权威的公然藐视，其"正常力量"的命名策略，更被视为对现有秩序的嘲讽。这种信任危机，在生活世界层面表现为对国际组织合法性的普遍质疑。

4. 话语温度差与社会心理韧性诊断（Discourse Temperature & Prognosis）

恒力集团事件的制度端与生活端话语温度形成鲜明对比：

制度端的"去情感化冷色调语言"： - 官方话语：通过"制裁规避"、"走私网络"等技术术语，实现对行为的客观描述（[F2_28 🔍]）。 - 经济话语：通过"年收入5000亿美元"、"员工30万人"等量化指标，实现对帝国规模的客观展示（[F2_27 🔍]）。 - 法律话语：通过"违反制裁规定"、"未充分披露"等法律术语，实现对行为的合规评估。

生活端的"具象痛感热色调语言"： - 网络空间：通过"制裁规避英雄"、"正义之战"等话语，实现对制度理性的嘲讽与反抗。 - 全球治理：通过"国际秩序已死"等话语，实现对现有体系的信任危机表达。

社会心理韧性诊断： 恒力集团事件暴露了全球治理体系的深层危机——制度理性的合法性危机与生活世界痛感的情感反抗形成恶性循环。当"正常力量"成为制裁规避的代名词时，民众对国际秩序的信任彻底崩溃。这种信任危机，预示着全球治理体系的深层变革——制度理性必须重新建立与生活世界痛感的连接，否则将面临彻底的合法性崩溃。

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专题二：【主动选股基金长期表现不及被动基金：金融专业主义的合法性危机与韭菜叙事】

1. 制度理性架构解构（Deconstruction of Institutional Logos）

主动选股基金长期表现不及被动基金的现象，从制度理性的角度看，体现了三重逻辑的交织：

首先，金融专业主义的信任危机（[F1_5, F30-35]）。晨星数据显示，即使在人工智能时代，主动管理的大型股基金长期表现仍持续逊于被动基金。仅有27%的基金在过去12个月内跑赢基准，10年期表现更差（仅10%跑赢基准）。这种表现与主动管理者"选股神话"的宣传形成鲜明反差，构成了对金融专业主义合法性的系统性挑战。

其次，资本市场效率理论的实践检验（[F31-33]）。主动选股基金的长期表现不及被动基金，直接验证了资本市场效率理论的核心命题——在有效市场中，主动管理者难以持续战胜市场基准。这种理论与实践的背离，构成了对金融行业"价值创造"叙事的根本性质疑。

最后，监管与激励机制的扭曲（[F34]）。道富环球顾问公司美国研究主管马修·巴托尔斯指出，主动管理的股票型共同基金每年持续流出资金（超过20%），这种资金流出反映了投资者对主动管理表现的失望。这种监管与激励机制的扭曲，体现在基金经理的薪酬结构与投资者回报的严重脱节，构成了对金融行业激励机制合理性的系统性挑战。

2. 生活世界真实痛感深描（Living Lifeworld Pathos）

主动选股基金长期表现不及被动基金的现象，在生活世界层面引发了深刻的痛感与情感动员：

首先，投资者信任危机的痛感（[F1_5 🔍]）。当主动管理者无法兑现"战胜市场"的承诺时，投资者对金融体系的信任彻底动摇。这种信任危机，不仅体现在投资回报层面，更深刻影响了普通民众对金融行业专业主义的认同感。主动管理者的"选股神话"与客观表现的巨大落差，被解读为对投资者的系统性欺诈，其情感动员机制通过社交媒体的"韭菜论"等话语实现。

其次，分配正义的焦虑（[F32]）。主动管理基金的高额管理费（通常为1-2%）与其长期表现不及被动基金的现实，构成了对分配正义的严重挑战。这种焦虑，体现在对金融行业"收智商税"的愤怒情绪，其情感动员机制通过网络空间的"韭菜"、"割韭菜"等话语实现。这种分配不正义，在情感层面表现为对金融行业剥削逻辑的系统性反抗。

3. Logos 与 Pathos 的内在辩证摩擦（The Dialectical Friction）

主动选股基金长期表现不及被动基金的现象，构成了制度理性与生活世界痛感的辩证摩擦的典型案例：

首先，金融专业主义的合法性危机（[F30-33]）。主动管理者的长期表现不及被动基金，直接挑战了金融专业主义的合法性基础。这种挑战，在制度理性层面表现为对"价值创造"叙事的系统性质疑，其合法性基础受到严重动摇。主动管理者的"选股神话"与客观表现的巨大落差，构成了对金融行业专业主义的根本性挑战。

其次，投资者情感反抗的韭菜叙事（[F1_5 🔍]）。当主动管理者无法兑现承诺时，投资者对金融体系的信任彻底崩溃。这种信任危机，在情感层面表现为对金融行业剥削逻辑的系统性反抗，其情感动员机制通过"韭菜论"等话语实现。这种情感反抗，与金融专业主义的合法性危机形成直接冲突，构成了当代金融行业的核心张力。

4. 话语温度差与社会心理韧性诊断（Discourse Temperature & Prognosis）

主动选股基金长期表现不及被动基金事件的制度端与生活端话语温度形成鲜明对比：

制度端的"去情感化冷色调语言"： - 金融专业话语：通过"主动管理"、"被动基金"、"跑赢基准"等技术术语，实现对投资策略的客观描述（[F30-33]）。 - 监管话语：通过"资金流出"、"管理费"等量化指标，实现对行业现象的客观展示（[F34]）。 - 效率理论话语：通过"有效市场假说"、"资本配置效率"等理论概念，实现对现象的理论解释。

生活端的"具象痛感热色调语言"： - 网络空间：通过"韭菜"、"割韭菜"、"智商税"等话语，实现对金融行业剥削逻辑的情感宣泄。 - 投资者社区：通过"被收割"、"血亏"等话语，实现对投资失败的痛感表达。

社会心理韧性诊断： 主动选股基金长期表现不及被动基金的现象，暴露了金融行业的深层合法性危机——金融专业主义的信任危机与投资者情感反抗形成恶性循环。这种危机，预示着金融行业的深层变革——制度理性必须重新建立与投资者痛感的连接，否则将面临彻底的合法性崩溃。