The Wall Street Journal - 12.08.2026.pdf

华尔街狂野日报

道琼斯 伍德集团 DRA 10/9/05 9:16:15 9:34:5

伍德

2026年8月12日（星期三） - 第238卷第36期

WSJ.com

美国版

DRA 10/9/05 9:16:15 9:34:5

伍德 2046:45 * 0.6%

斯托克600指数 (60) 55 × 0.05%

10-99, 7:00:45 × 4/32, × 6/8 4/8:00%

DC 503.25 × 21/27

狂野 54,100.00 × 321.20

BMO 31.644

YON 59.80

今日要闻

商业与金融

● 通用汽车（GM）近年因帕克斯蓝湾（Park's Bluebay）事件受挫，正建立一个45亿美元的安全网，旨在确保关键零部件在供应链中持续流动。B1

● 云计算公司CornMoss报告连续第五个季度创纪录营收，且销售订单积压达1040亿美元。B1

● 美国主要股指连续第二个交易日下跌，标普500指数下跌0.91%，道琼斯工业平均指数下跌0.91%。B7

● 框架协议和图表谈判最早可能于10月31日结束，但加利福尼亚州及其他11个州提起的反垄断诉讼阻止其收购华纳兄弟探索公司（Warner Bros. Discovery）的进展仍未取得突破。B1

● 包括杰夫·贝佐斯在内的投资者财团即将达成协议，从芬威体育集团（波士顿红袜队的所有者）手中收购利物浦足球俱乐部的少数股权。B2

● 隆基集团与台积电达成协议，将共同投资47亿美元成立合资企业，生产用于智能手机的下一代图像传感器。B4

● 飞行追踪平台FlightAware起诉一家预测相关公司，指控其未经许可使用其数据，让用户对航班取消进行投注。B4

● 三星以50亿美元收购通用汽车在Synergy CaCo（一家美国电池合资企业）的股权，称该安排因需求变化而终止。B4

● 英特尔将拟议的股票发行规模扩大至筹集200亿美元。B4

全球动态

● 上月，美国政府获悉针对总统和空军一号的暗杀威胁后，特朗普被秘密用军用飞机撤离土耳其。A5

● 伊朗统治者正采取措施维持其长期受创的经济运转，仅提供最低限度支持以抵御美国针对其发动的持久军事行动。A1

● 美国军方向一艘试图冲破美国对也门港口封锁的巴拿马-海地籍船只开火。A6

● 根据五角大楼提交国会的评估报告，美国军事空袭和袭击造成数百名胡塞武装人员死伤。A7

● 已故参议员林赛·格雷厄姆的姐姐达琳·格雷厄姆参议员将在南卡罗来纳州共和党特别初选决胜轮中面对第二名候选人拉尔夫·诺曼的挑战。A4

● 哥伦比亚7.4级地震遇难人数上升至近200人，另有约1000人受伤。A3

● 俄罗斯释放了一名在恶劣条件下被监禁四年多的美国退伍军人，并被告知将被驱逐出境。A8

● 纽约市市长埃里克·亚当斯（Zoltan Maravian译名修正）提出一项法案，要求亚马逊、联邦快递等公司直接雇佣送货工人，而非使用分包商。A2

● 密歇根大学将取消为25岁以下大学新生提供助学金，以满足研究经费需求。A2

© 2026 道琼斯公司

2026年8月12日（星期三）

阿萨德死刑判决震动叙利亚

纪念：周二，大马士革民众庆祝缺席判处前独裁者巴沙尔·阿萨德死刑，一名年轻人手持在叙利亚内战中遇难亲属的照片。A3

Anthropic寻求在IPO前安抚投资者

Anthropic正在与潜在投资者会面，展示对其业务的信心，这可能成为有史以来规模最大的IPO之一。该公司希望提升外界对其快速增长的认知，并解释其预期采取的措施，以应对日益高涨的公众对人工智能的反对声浪。

这家市值8900亿的人工智能公司正面临一系列新挑战，

作者：Amber Jin、 Carrie Drakesch 及Katie Clark

这些挑战促使投资者更加审慎地审视该公司的业务，包括近期中国制造的更廉价AI系统的流行、与特朗普政府的摩擦，以及美国各地对数据中心建设的反对声浪日益高涨。知情人士透露，近几周，投资者在IPO会议上向Anthropic高管施压，询问这些因素可能对公司增长产生何种影响。这些对话反映出巨大的不确定性。请见第60页。

伊朗竭力熬过美国施压

德黑兰转向“生存型”经济，通胀上升、石油出口下滑

迪拜——特朗普总统押注制裁和常规封锁的压力将迫使伊朗屈服。但该国领导人正采取久经考验的措施，维持其

政府运转，并将更多负担转嫁给家庭，同时干预其他进口和国家核心机构的运作，分析人士表示。其结果将是经济困境加深，导致贫困加剧和功能失调，但也为以色列领导人与美国的谈判争取更多空间。

特朗普的策略基于一个风险假设：伊朗将在2026年之前崩溃。调解人已警告美国方面，伊朗长期受制裁影响的经济仅能勉强维持，足以抵御一场持久战。德黑兰正在配给储备物资、限制外汇获取、削减发行量，

● 美国对躲避港口的船只开火……A6 ● 德黑兰新政权已准备好承担风险……A6

请见第60页。

作者：Georgi Kantchov、 Hanna Muscovic 及Summer Saul

特朗普秘密从土耳其撤离

作者：Juan Dozoer Ann Massonet LLPist

华盛顿——据一名美国官员及另一名知情人士透露，特朗普总统上月在获悉伊朗针对总统及空军一号的威胁后，被秘密用军用飞机从土耳其撤离。

特朗普在安卡拉与世界领导人会晤后原计划乘坐空军一号离开，但随后被转移至一架军用飞机，期间使用机场车辆高速行驶。该官员表示，知情人士称——

这名美国官员表示，以色列

向特朗普政府测试了相关情报，其中包括威胁使用岸舰导弹瞄准空军一号。该官员称，包括国务卿马尔科·鲁伊科在内的多名总统高级助手留在了空军一号上。

这名美国官员表示，没有导弹被发射袭击任何飞机，并补充称，这是特朗普任期内首次采用此类防御措施。

无法确定针对总统的威胁可信度。当时，特勤局官员—。

抵押贷款巨头最终需要救助

作者：Ben Goossens

Met Biblio 通过经营全国最大的抵押贷款业务积累了财富。他用这笔财富以240亿美元现金收购了BBVA（Pavelo）的业务，并在密歇根州建造了一座拥有蹦床公园和攀岩墙的博物馆。

这位商人上周令投资者感到意外，他透露一项18倍的工资支出使其公司联合批发抵押贷款（United Wholesale Mortgage）出现了6亿美元的亏空。这家位于密歇根州庞蒂亚克的公司表示，将暂停普通股派息，并从为保险公司提供贷款的Oaktron Capital Management获得融资。（该公司股价暴跌95%，今年跌幅已达约70%。）

现年66岁的Libba参与了这笔交易，称这是一次战略性合作，使其公司能够获得Oaktron在抵押贷款服务领域的专业知识。他表示，此举消除了外界对联合批发抵押贷款融资需求的不确定性，并称如果仅仅是资本问题，他本可以自己投入资金或找“随便什么人”解决。

“Oaktron获得了一笔好交易，我为他们感到高兴，”Libba周四对投资者表示。“当他们赚得盆满钵满并取得巨大成功时，我们的股东也会跟着受益。”

为了达成这笔交易，Libba放弃了对公司的部分控制权。作为Oaktron提供45亿美元再融资的交换条件，Oaktron获得了对公司高管层和公司章程变更的否决权。

7月成屋销售下降17%

在抵押贷款利率上升后，7月成屋销售下降了17%。

美国高端住宅销售

德国联邦竞争主管机构显示，最近一个年度周期内的年化利率高于5%。

车管所成选举诚信斗争的焦点

各州在压力下确保非公民不被登记为选民，担心即使微小的错误也会破坏中期选举

在特朗普总统上月发表的黄金时段讲话中，他宣称美国选举存在漏洞，其最具争议的说法是有超过21万名非公民被登记为选民。一天后，国土安全部表示这一惊人数字仅涵盖四个州。

新泽西州法律。Midas（夏威夷）早已知道本州存在问题，但没想到规模如此之大。在特朗普发表讲话的前一天，这位民主党人从州总检察长办公室获悉，根据之前的规定，该州无意中将数千名非公民登记为选民。

更糟糕的是，其中数百人似乎已经投出了选票。州长及其顾问迅速意识到他们需要承认这一错误。

7月22日，Sherrill表示，从2023年6月至2024年6月，新泽西州有6000名非公民被登记为选民，并将责任归咎于——。

葡萄酒、奶酪与26.2英里：会出什么问题？

法国波尔多地区的一场马拉松

设有葡萄酒补给站。营养师并不赞同。

撰稿人：Karen Goossens

迈克尔·斯蒂尔为波士顿马拉松做准备时，会在短跑和长跑之间交替训练。而为“米达斯马拉松”训练时，他则会在不同的站点停下来

喝上一杯葡萄酒。

这场穿越法国波尔多地区的赛事要求参赛者不仅要为26.2英里公路赛的严苛体能消耗做好准备，还要应对沿途的20个葡萄酒补给站。这种组合在营养学上并不合理——但这正是其魅力所在。

“你还需要确保自己能完整地跑到终点，”来自英格兰南安普敦的61岁斯蒂尔说。

在某些行业中，边工作边喝酒可能会影响生产力。但在社交媒体上，参赛者会晒出自己在赛道上饮酒的照片，甚至在比赛过程中。来自芝加哥和纽约的选手也会为比赛准备饮品。还有人会接过志愿者递来的酒。

米达斯马拉松的报名人数已超过限额，并将于9月5.迎来第5届赛事。如今，这场比赛比以往任何时候都更受欢迎。主办方表示，4,500个名额已售罄，而等候名单长度已是其三倍。请翻至A11版

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A2 / 2026年8月12日 星期三

美国新闻

《华尔街日报》

各大银行提出了一项法案，该法案与1969年美国政府的某项废止法案并不兼容。

马穆尼对纽约市送货工人出手

作者：卢塞克斯·罗伊斯、埃玛·普赖斯

纽约市长泽兰·马穆尼（Zehran Mammoni）在代表低薪工人向大企业开战的行动中再出新招，支持一项法案，要求亚马逊、联邦快递等公司雇佣送货工人为正式员工，而非独立承包商。

该法案于今年早些时候在纽约市议会提出，将要求仓储运营商从市政府获取许可证。为获得许可，运营商需遵守新的许可和实施要求，包括为该市数以千计的承包工人提供保障。

这一多数支持的举措引发了一场政治斗争，自法案提出以来已持续数月。争议焦点在于送货行业最具挑战性的环节之一：在一个居民依赖包裹定期送达家门的城市中，从仓库到客户家门的“最后一英里”。

马穆尼市长周一表态支持该法案，称这将有助于减少交通事故。他援引了纽约市审计长2025年的一份报告，该报告发现1975年附近社区在仓储设施开设后，市场销售期间的安全状况不佳。

“亚马逊等公司通过立法分包制度将自身与责任隔离，从而构建了数十亿美元的商业模式，”市长表示。

亚马逊则表示，如果《送货保护法案》通过，公司将考虑将仓库迁出纽约市，并警告称该法案可能危及其分包商雇佣的逾15000名送货工人的工作。

该公司还在证词中表示，自2020年以来已投入数十亿美元用于安全项目。“我们致力于在纽约市创造优质就业机会，支持我们的数千名员工和当地小企业合作伙伴，并为客户提供快速、经济的送货服务，同时确保安全的工作环境，”公司称。

若该法案通过，纽约市可能成为首个将大部分快递送货工人转为直接雇员的城市。

“最后一英里”通常是整个送货流程中成本最高的环节，因为将一两个包裹送到单个地址既耗费人力，又耗时。

为降低这些成本，联邦快递采用了非承包商系统，与企业签约覆盖特定地理区域的路线。承包商自行购买卡车并雇佣司机完成送货。亚马逊也建立了类似的“最后一英里”送货模式，承包商雇佣司机，但由亚马逊拥有送货车辆。

信托持有房产收到第二住宅税通知

作者：米娜·戈尔曼（Meena Gorman） 李·赖斯（Lee Rice） / 周五

许多纽约市民发现自己被错误地纳入该市新推出的第二住宅税范围，他们有一个共同点：他们通过信托持有房产。

他们是那些抱怨该市正在向他们施压，要求证明自己无需缴纳全额住宅附加税的人群之一。

周一，一名纽约法官暂时叫停了这项新法的实施，同时法院正在审理一起房主提起的诉讼，这些房主声称该市未能正确识别应缴纳第二住宅税的业主。

将房产置于信托名下是一种常见的财务规划策略，旨在减轻遗产税或其他"taste or other under-takers"的负担。有限责任公司（LLC）也因其隐私保护功能而受到房主青睐。

但这些法律安排的登记信息往往不够完整，导致该市难以确定是否应对其征收新税。该市采取了广泛的法律和监管手段，向许多此类信托发送信函，要求房主证明自己应享受豁免，这让房主及其律师感到困扰。

第二住宅税针对的是估值$5百万美元及以上的住宅，以及估值$1百万美元及以上的合作公寓和共管公寓，前提是业主无法证明其为主要居住地。即使受益人声称将其作为主要居住地，该税也可能适用于某些由信托或LLC持有的流行物业。

新税法对信托和LLC的透明度要求较高，因为受益人的身份信息应当易于获取。

市政府官员表示，他们并不总是掌握所需的信息

特朗普威胁对税收采取措施

卫生 / 健康——特朗普周二表示，正在审查其政府是否有权对纽约市市长泽兰·马莫尼（Zehran Mammoni）倡导的一项新“空置豪宅税”提出挑战。

“正在研究联邦政府是否有任何法律权利来应对这一灾难，”特朗普在其FedEx Social平台上写道。

马莫尼支持的空置豪宅税适用于价值500万美元或以上的资金，以及价值500万美元或以上的合作公寓（co-op），前提是业主无法证明其为主要居住地。

在被要求置评时，马莫尼的一位发言人援引了市长前一天发表的言论，捍卫该税的合法性。“我们对自身立场有信心，”市长表示。

白宫发言人则表示：“纽约有权拥有受人爱戴的无家可归者，而总统唯一关心的却是阻止这座城市通过社会主义民主进一步衰落。”

如果联邦政府认为该税无效，特朗普及其拥有的房产可能受益。《特朗普时报》的一位发言人表示：“我们要向特朗普的支持者们保证，必须对该市的房产名单征税。”

特朗普集团表示，其房产不太可能受到影响。

——布莱恩·施瓦茨

他们需要知道一处房产是否为主要居住地，才能确定是否应征税。因此，他们向房主发出的通知数量超过了有权征税的数量。

“这一评估的部分目的在于，财政部门需要确定是否有法律依据对信托和有限责任公司（LLC）持有的房产征税，”马莫尼市长上月表示。“现在推行这一措施的原因之一，是确保纽约市民在附加税实施前有足够的准备时间。”

在市政府开始发送税务通知约一周后，已有约2,800人提交了豁免申请，州政府办公室的一位发言人表示。

市政府表示，已做好积极应诉准备。

根据空置豪宅税政策，如果房产由信托持有且该房产为主要居住地，则可免征该税。市政府表示，如果受益人（如父母去世后继承房产的子女）在信托中持有房产，则无需缴税。这意味着，将主要住宅转入信托的夫妇应可免征该税。然而，多位拥有此类信托的纽约市民表示收到了市政府的信函。布鲁克林公园坡（Park Slope）一位居民表示，他和配偶在该社区居住了42年后，去年各自将房产的50%转入信托，但仍收到了通知。

美国州贷款助长信用卡逾期高企

作者：奥林·安德森

当美国人无法偿还信用卡账单时，这些逾期记录在个人信用报告中滞留的时间比以往更长，这是衡量信贷压力的指标自2008年金融危机后达到最高水平的关键原因。

纽约联邦储备银行追踪的信用卡贷款逾期90天或以上的指标自2023年左右开始持续上升，引发了人们对当前经济环境下民众面临困境的担忧。许多此类逾期贷款被归为“严重不良”贷款，意味着此前已被视为无法收回。

这些逾期记录在信用报告中滞留的时间比以往更长。2004年至2021年间，约40%的被核销债务在一年后仍在报告中显示。而到2024年，这一比例有所上升，纽约联储研究人员在周二发布的博客文章中表示。

研究人员采用另一种计算方法，剔除严重不良余额后发现，逾期率在2024年后趋于稳定。一项衡量新增逾期90天贷款的指标显示，信用卡压力仍处于高位，但近几年并未显著恶化。

不过，研究人员表示，逾期率在低收入地区和年轻借款人群体中尤为严重。

贷方衡量逾期的方式与纽约联储有所不同。《华尔街日报》此前指出：“我们通常在贷款逾期120至180天后将其从计算中剔除，视为无法收回。”

此时，贷款不再出现在贷方账簿上，借款人仍需承担债务，且市场可能继续追讨。因此，纽约联储在其逾期率计算中仍将其纳入。

“当新增逾期率在2024年初趋于稳定时，此前已核销的债务仍在累积，”研究人员在博客文章中表示。

纽约联储研究人员尚未明确解释为何核销贷款在信用记录中滞留时间更长，但他们猜测可能是贷方改变了报告方式。

贷方一直在关注数据差异。PMC金融服务集团的研究人员认为，纽约联储的信用卡压力指标具有误导性，称其他信用卡表现指标显示稳定改善的趋势。

“那个数据点有些突兀，如果它是唯一不合理的指标，”PMC经济分析主管布莱恩·勒布朗表示，“人们将其视为警示信号，但它与其他所有数据都不一致。”

美联储周二发布的季度消费者债务分析报告显示，第二季度各类消费贷款的逾期率总体保持稳定。整体债务余额在第一季度增长1.2%，第二季度持平。抵押贷款和学生贷款余额略有下降，而房屋净值信贷额度、信用卡余额和汽车贷款则有所上升。

更正与补充

读者可通过电话或邮件尽快向《华尔街日报》反映任何问题，联系电话：1-800-555-1234。

《华尔街日报》

1, 2026

来源：https: / www.industrydocuments.ucsf.edu / docs / msnx0229

编者目录与文章：导言，2016年；《美国银行杂志》，第10卷，2016年；《国家银行》，第10卷，2016年；《纽约时报》，10, 2016；《纽约时报》，10, 2

《纽约时报》，. 10, 2016；《纽约时报》，. 10, 2

抵押贷款大王需要救助

续前页 利率降幅较小，且需成为100亿美元云交易的买入方，数年后利率走低时方可入局，并为额外股份提供担保，同时至少保证20亿美元的股票。

达拉斯历史上曾将债务称为10亿美元，他将一家地方银行打造成全国性抵押贷款承销巨头，其住房贷款发放量超过国内最大的银行。通过特殊股权安排，他掌握着该公司79%的投票权。根据法律协议，其家族控股公司报告持有20亿美元资产，但无法获得普通股股息，而此前多年来，该公司已向其大股东支付了数以亿美元计的股息。

达拉斯需要法律上的解决方案令公司部分人感到意外，该公司通过建立经纪人网络，超越了Booker抵押贷款公司，成为达拉斯地区最大的抵押贷款发放机构。即使竞争对手收缩业务，达拉斯仍在扩张，称其为公司在利率下降时奠定了基础。

“当你把所有情况汇总起来，他们面临的现金问题相当严重，而且情况还在恶化，”俄亥俄州抵押贷款银行家协会执行董事里奇·哈格里夫斯表示，他曾在社交媒体上批评该公司。

抵押贷款利率持续走低，仅部分缓解了公司的困境，该问题在最近一个季度变得尤为严重，因公司因利率相关问题录得20亿美元的亏损。法官表示，随着利率下降，提前还款风险加剧，该公司承担了这些风险。达拉斯称，此举是因一项收购失败所致。他曾同意收购一家专注于抵押贷款服务的房地产投资信托公司，即该业务实体。这笔价值数亿美元的股票交易于3月破裂，因Two Harbors突然寻求另一买家的出售要约。抵押贷款公司通常需为其持有的部分抵押贷款支付对冲成本，这些贷款的价值随利率波动。然而，该公司为一笔从未完成收购的资产组合支付了对冲费用，令利率上升和分析师感到困惑。

“他们本不该进行对冲，除非确信能收购Two Harbors，”Koele、Bryans & Co.的分析师罗斯·乔治表示，“但达拉斯为收购Two Harbors‘刷了第三张信用卡’，部分原因是他不想失去这笔交易。”

周一，该公司将Two Harbors告上联邦法庭，指控其“欺诈风险极高”，并称其破坏了并购交易。该公司发言人表示，在“穷尽所有合理替代方案”后，公司正寻求超过20亿美元的赔偿。

Two Harbors的代表未回应置评请求。

6月1日，达拉斯在过去两周内以私人身份斥资购买了多条产权线，以及该市的银行，并将其更名为2000银行。“他可能是个好领导、好老板，但他要做的事情太多了，”每日页面经纪人创始人Thuan Nguyen表示，他曾与该公司合作。“我们不得不重新选择经纪人，”他补充道，“而且收购银行团队的成本非常高昂。”

达拉斯将个人事务与公司业务混为一谈。该公司的总部园区由达拉斯及其父亲建造，公司去年为长期租赁支付了2500万美元。2023年，该公司同意以1.25%的利率向达拉斯提供2500万美元的储蓄交易，用于资助其NBA和WNBA球队所在的凤凰城球馆。

加利西亚交易使该公司的资金分配变得更加紧张，因其限制了公司向大股东派发资金的能力。若该公司无法向加利西亚支付数亿美元，则需在五年内偿还债券。届时，加利西亚将获得多数董事会席位，并有权在公司长期发展中优先获得全额偿付，而其他股东则需在任何潜在现金分配中让步。

加利西亚持有优先股，其中包含10%的现金股息要求及违约罚金条款。这进一步加剧了现金压力。例如，若公司部分偿付计划失败，该公司每年至少需支付1亿美元的股息。

两次，外加10%的违约罚金，另需支付4500亿美元的150亿美元时段溢价。

关键在于1000M和Galician的合作意愿有多强，金融公司成员、法官任命的首席执行官Jennifer McGuinness-Gallwey表示。“他们有机会推迟可能对其业务产生重大影响的行动，而他们一直做得不错。”

1000M于2023年上市，当时估值约为300亿美元，成为有史以来规模最大的特殊目的收购公司——如今，其年内估值已降至150万美元。

去年，1000M停止了与分析师的季度财报电话会议，转而让达拉斯方面每季度回答问题。该公司当日公布的财报还包括一段YouTube视频《灌木丛中的世界》（"Shrubing the World"），每月汇总最重大的抵押贷款相关新闻。公司表示，在修订后的资产负债表结尾处写道：“灌木丛战略依然强劲，当前环境下资金是一种权利。如今即使赢面进一步下降，我们仍能看到公司的盈利。但眼下，这是一个良好的购买市场。抓住机会。”

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《华尔街日报》

...

美国新闻

2006年12月20日，星期三 / A3

密歇根大学首学期将不计算成绩

作者：Deborah Bissim

密歇根大学将从明年起取消大一新生首学期的成绩评定，以“遏制大学生群体中日益严重的心理健康危机”，校方表示。

首学期成绩单将不再显示字母成绩，而是标注“通过”或“无学分”。该项目旨在帮助学生“适应大学的学习要求，并让内在动机引导其个性化的学术旅程”，校方称。

该项目将于2007年秋季启动，适用于文学、科学与艺术学院的学生，该学院约有4,000名大一新生，其中约一半会在本科阶段被淘汰。

密歇根大学发言人拒绝透露学校如何决定实施这一试点项目。尽管成绩不会记录在学生成绩单上，也不会影响平均绩点，但教授仍将为奖学金和学术奖项评定成绩。

密歇根大学文学、科学与艺术学院的学生仍将收到教师的成绩和反馈，但最终成绩不会记录在成绩单上，也不会计入GPA。

包括麻省理工学院和加州理工学院在内的多所高校近年来已实施类似的“目标覆盖”项目。

作为美国规模最大、最知名的公立大学之一，密歇根大学的这一转变正值高校面临成绩膨胀和新生缺乏大学水平课程所需能力的问题。

加州大学圣迭戈分校教师近期的一份报告发现，在能够修读通识课程前，被安排补习小学和初中数学的学生比例从2003年的0.7%上升至2010年的6.5%。

今年5月，哈佛大学

教师投票通过一项规定，将本科课程中获得A的学生人数限制在20%以内，以遏制成绩膨胀。该规定不适用于A+成绩，委员会成员预测A将成为最常见的评分。

密歇根大学新闻网站MLive的一项调查发现，2002年该校74.1%的本科成绩为A-、A或A，而十年前这一比例为57.6%。

曾任密歇根大学政治学教授、现任东部大学教授的Kenneth Lowander表示，他认为新政策不会产生太大影响，因为成绩膨胀已使成绩失去了作为质量或卓越指标的价值。“成绩已不再能反映质量或优秀程度，”Lowander说。

密歇根大学学生对新政策表示欢迎。学生会主席Samuel Leuth表示，他与约50名同学交流过，他们要么对新政策感到高兴，要么羡慕这一政策在他们大一时未能实施。Leuth称，心理健康问题与学生的学业压力和焦虑密切相关。

现年20岁的Leuth表示，他在大一首学期获得了45个A和一个8，并认为如果当时课程采用“通过 / 无学分”制，他可能不会那么努力。但他认为，在没有高分压力的情况下，他可能会从课程中学到更多。

人文学科教授、前教师政府主席February表示，他认为这一举措总体上是有益的，因为它将让学生更自由地探索学术主题。

他表示，与前辈相比，当今学生面临更大的压力，包括社交媒体的干扰、就业前景不明朗以及经济状况不稳定等。

“认为我们的孩子不知何故变得更脆弱的想法根本不成立，”Peterson说，“如果我们能找到方法，在为学生提供实验空间的同时，也保障他们未来的就业能力——这意味着保护GPA——我认为这是个好主意。”

食品公司规避新计划中的监管打击

作者：帕特里夏·塔马基

周一，在特朗普政府提出关于食品供应中引入成分的新规定后，食品公司在很大程度上规避了监管打击。

但代表零食、饮料和乳制品制造商的行业团体也表示，该计划未能解决新规可能推高食品价格的担忧。

拟议的联邦规则将要求企业在向食品中引入新物质时通知食品和药物管理局（FDA），并提供解释其认为该物质安全的信息。

美国卫生与公众服务部部长小罗伯特·F·肯尼迪一直是食品行业的频繁批评者，他指责该行业通过不频繁的食品贸易和化学品危害美国民众健康。"家长们不应该需要化学学位才能了解孩子在吃什么，"他在周一的新闻发布会上表示。

联邦法律允许企业自行判断许多食品成分是否"普遍认为安全"（GRAS）。由于披露是自愿性的，许多企业在将这些成分引入食品供应时不会通知FDA。

然而，行业官员表示，新提案并未解决各州正在制定的规则碎片化问题。肯尼迪曾推动逐步淘汰食品中的某些添加剂，如人工色素，但在GRAS行业中，并未针对任何特定成分或化学品。

去年，食品和饮料公司成立了一个名为"美国副产品透明度"（Americans for by-product transparency）的联盟，以抵制各州他们认为会增加最终转嫁给消费者成本的监管。该组织正推动国会制定全国统一的食品成分安全和透明度标准。

"政府发布的拟议GRAS规则进一步凸显了现行法律的局限性，"该组织的一位发言人表示。

代表肉类加工商的行业团体，如国际乳制品食品协会和斯科尔研究所，表示拟议的变更是良好的第一步。

拟议的GRAS规则有120天的公众评议期。

企业和食品安全倡导者对新的联邦GRAS规则反应不一。倡导者曾希望对企业在报告前加入食品的成分实施更严格的要求。

代理FDA局长凯尔·杜马尼安周一表示，新成分的通知是强制性的，但尚不清楚政府将如何确保合规。

"虽然今天的拟议规则是迈向更安全食品的一小步，但它未能实现真正的改革，以将危险化学品排除在食品供应之外，"食品与水观察组织的食品政策主任丽贝卡·沃尔夫表示。

特朗普政府还推迟了长期酝酿的"特异性食品"定义的发布，称草案仍在由其他机构审查中。

消防员在大苏尔地区扑救木材火灾

![图片占位符]

谨慎提示：官方呼吁游客避开大苏尔地区，因木材火灾正沿加州中部海岸蔓延。

抵押贷款利率上升，房屋销售下降

作者：丽贝卡·G·马林

7月房屋销售下降，在经历了又一个低迷的春季销售季后，今年夏季开局不利。

全美房地产经纪人协会周二表示，7月现房销售较上月下降1.7%，经季节性调整后的年化销售率为408万套。

中东局势紧张导致抵押贷款利率上升，继续让购房者望而却步。7月销售数据低于预期。《华尔街日报》调查的经济学家此前预测下降3%。

7月全国现房销售中位价较上年同期上涨2%，至434,100美元。这是有记录以来第二高的中位价，仅次于6月的442,800美元。

中东冲突令房地产市场陷入困境，而业界原本对今年房屋销售反弹持乐观态度，此前市场已连续多年停滞不前。

抵押贷款利率2月曾短暂跌破8%，但随着战争爆发而飙升，随着冲突和平解决的希望破灭，利率持续攀升。

根据房地美的数据，上周30年期固定利率抵押贷款平均利率为4.48%，连续第1976周上涨，而7月初的平均利率为0.45%。

多年来享受低利率的房主选择继续持有房屋以保留利率，导致可售房源减少。7月库存较6月下降1.9%，至134万套。

销售放缓是6月销售下降1.8%的延续。

经济学家预计利率短期内不会下降，地缘政治冲突以及相关支出将在未来持续产生影响。

然而，经济学家表示，高利率可能并非对所有人都是阻碍。不断增长的住房需求导致一些潜在购房者即使面对高抵押贷款利率和不确定的经济环境，仍然失去购房机会。

“尽管过去几个月抵押贷款利率不断上升，但房屋销售表现出惊人的稳定性，”首席经济学家劳伦斯·严表示。

尽管环比下降，但7月房屋销售较上年同期上涨0.7%。

堪萨斯网首席住宅经济学家布拉德·加斯表示：“没有理由认为抵押贷款利率会再次大幅下降。因此，人们只是在说‘我必须继续我的生活’，这就是他们正在做的。”“因此，市场并不强劲，但比我基于抵押贷款利率上升所预期的要强劲得多。”

今年4月，贾斯汀·哈里斯和妻子在佐治亚州购房时面临高抵押贷款利率。收到贷款估算后，“我的下巴都惊掉了，”他说，“看到这些数字，我简直震惊了。我原以为这会更实惠。”

但哈里斯仍决心购房。

“我们绝对需要一个住处。我们只能接受这个现实，承受更高的利率。也许有一天利率会降到足以值得再融资的水平，”他说。

当今市场的购房者还必须面对不稳定的经济环境，消费者信心疲软影响了美国人进行大额购买的意愿。在IT行业工作的哈里斯曾被前雇主裁员，并担心再次失业。

“我们很久以前就想买房，但总是有这些关于经济衰退和白领行业收缩的讨论，”他说，“我害怕再次失业，或者对经济的整体走向感到担忧。但同时，买房的最佳时机似乎总是昨天。”

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A4 / 2008年8月12日，星期三

格雷厄姆进入参议院决选

前任议员胞妹将在下一轮初选中对阵共和党国会议员

托马斯·韦弗报道

在未能赢得多数选票的情况下，达琳·格雷厄姆参议员周二进入了本月下旬的决选。此前，她在南卡罗来纳州共和党初选中获得了特朗普总统的坚定支持，以接替其已故胞兄林赛·格雷厄姆参议员。

据美联社统计，在62%的选票清点完毕后，格雷厄姆以35%的得票率暂居第一，获得了本月晚些时候决选的资格。她将对阵拉尔夫·诺曼，后者以24%的得票率位列第二，目前领先众议员拉塞尔·弗赖。决选将于8月25日举行，以决定该党的提名人选违规。

格雷厄姆和诺曼在一个拥有超过半打共和党候选人的竞争激烈的领域中脱颖而出。前州长兼众议员马克·桑福德则未能进入决选，无缘该席位。 决选的获胜者将在11月大选中对阵民主党提名人安妮·安德鲁斯博士。

格雷厄姆由共和党参议员亨利·麦克马洪任命，以完成其胞兄在参议院的剩余任期，并在特朗普的见证下宣誓就职。总统随后推动她竞选完整任期。林赛·格雷厄姆上月去世，享年75，曾是总统的亲密盟友，也是伊朗战争的坚定支持者。

诺曼现年71，是保守派众议院议长的兄弟，于2007年特别选举中首次当选，此前特朗普任命曾代表该选区的众议员米克·马尔瓦尼担任其首任预算主任。弗赖和诺曼均在竞选中强调其保守派资历及与特朗普的立场一致。

弗赖现年41，在2002年击败共和党众议员汤姆·赖斯后获得特朗普青睐——赖斯曾在6, 2003国会大厦事件后投票弹劾特朗普。特朗普此前曾表示弗赖将是参议院竞选的有力竞争者，但最终支持了格雷厄姆。

根据法律，格雷厄姆不够保守。

选举结果显示了特朗普在本次竞选中的影响力局限性，他曾在此次竞选中为格雷厄姆背书。党内领袖已对多位资深政客表示不满。除了获得曾两次以较大优势赢得南卡罗来纳州的特朗普背书外，格雷厄姆还得到了麦克马洪和参议员蒂姆·斯科特（共和党，南卡罗来纳州）的支持。

一些普通共和党人表示，对参议院的空缺席位可能被交给已故参议员的亲属感到不满。这是美国历史上首次出现这种情况。

达琳·格雷厄姆曾担任公共管理人员，并任南卡罗来纳州盲人委员会专员。她还获得了参议院共和党同僚的支持。

左翼洪锁定威斯康星州激烈竞争

作者：约翰·麦考密克

威斯康星州麦迪逊讯——美国民主社会主义者成员 Democracy Hong 周二上午陷入激烈竞争。这是该县行政长官戴维·克劳利（David Crowley）首次争夺民主党州长提名的角逐，结果胶着。

据美联社报道，在已统计的 79% 预计选票中，Hong 和克劳利均以 40% 持平。

Hong 是一名拥有 15 年从政经验的州众议员，兼职酒保，曾呼吁取消感恩节，获得党内左翼第三派系的支持。40 岁的克劳利则获得民主党州长托尼·埃弗斯（Tony Evers）的临时背书。

胜者将在 11 月迎战来自威斯康星州北部的共和党联邦众议员汤姆·蒂芙尼（Tom Tiffany）。威斯康星州州长空缺席位的竞选正值埃弗斯决定不寻求第三个任期之际，该州曾在 2004 年总统选举中交出最接近的投票结果。

民主党建制派担忧，Hong 可能成为党内竞争者的“拖累”——共和党已斥资数百万美元在民主党选民中推广她，因他们认为她在 11 月更易被击败。这一担忧在几乎确定的 2018 年总统选举背景下尤为突出。

Hong 支持将大麻合法化，并利用税收收入为高速宽带提供资金。她还主张建立州立开发银行、扩大无条件儿童保育、政府经营杂货店、取消所有学生债务。此外，她提出实行每周工作 20 小时且不减薪的政策，缩减美国移民与海关执法局（ICE）规模，剥夺重罪犯的投票权，并最终削弱——或至少在白天——私营和公共部门的影响力。在最近的初选民调中，Hong 领先，这场竞选已成为今年最混乱的选举之一。

另一位主要竞争者、副州长萨拉·罗德里格斯（Sara Rodriguez）于 7 月 17 日退出竞选，此前她因竞选资金管理问题受到质疑。在中西部地区，明尼苏达州民主党参议员 Amy Edmunds 在几乎无对手的情况下赢得了党内州长提名。共和党方面，竞选结果尚未揭晓。

美国观察

三州计划同日执行死刑

田纳西州、亚拉巴马州和俄克拉荷马州计划于周四执行死刑，这将是近 10 年来美国首次在同一天处决三人。

“纵观全国，只有少数几个州仍在使用死刑、执行死刑，且仅有少数州仍在判处新的死刑，”死刑信息中心执行主任罗宾·马勒（Robin Maher）表示。

美国在 2025 年共执行了 47 起死刑，为 2020年代. 以来的最高数字。佛罗里达州贡献了其中的 19 起。1998 年，美国仅有 4 个州执行了死刑。2024 年，佛罗里达州曾于 7 月在同一天处决两名囚犯。 ——美联社

新泽西州：黑帮教父之孙入狱

已故黑帮教父约翰·高蒂（John Gotti）的 77 岁孙子卡里乌斯·阿根蒂斯（Carrieus Agents）放弃了通过捐肾给活体亲属以减刑的计划，最终入狱服刑。

美国联邦监狱局周二确认，阿根蒂斯已于 2020 年开始在新泽西州南部的联邦惩教所服刑，刑期为 75 个月。

阿根蒂斯曾在 2020 年代中期出演真人秀《成长在高蒂家族》（Growing Up Gotti），原定于 7 月入狱。2020 年，联邦法院法官娜奥米·克罗斯伯里（Naomi Crossbury）将其报到日期推迟至 9 月 16, 称需留出足够时间从 8 月 10 日前完成的肾脏捐赠手术中恢复。

然而，周一，在手术未能如期进行的情况下，克罗斯伯里法官下令阿根蒂斯立即向联邦当局报到。 ——美联社

白宫寻求就倒影池案件提起新的起诉

作者：奥拉·洛瑟 及朱恩·托特曼

华盛顿——据知情人士透露，白宫官员已要求司法部考虑在林肯纪念堂倒影池遭破坏的案件中提起新的起诉，此前特朗普总统的联邦检察官乔安娜·费罗决定撤销该案。

在费罗以令人意外的细节指出政府对第六项指控的决定缺乏依据后，对被告——被称为"奥运癌症患者"的决定变得复杂。费罗表示，倒影池问题系由局部腐蚀而非蓄意破坏造成。

在白宫介入后，

!

大卫·赫恩（中）与其律师卡伦·艾森（右）上月在华盛顿的新闻发布会上发言。

司法部官员正在评估是否有可能以另一种形式——可能基于轻罪指控——提起诉讼。知情人士称，相关讨论尚处初步阶段。

对这些讨论的保密工作严格。上一案件的主审法官定于下月举行听证会，决定是否应“带有偏见”地驳回对赫恩的指控，这意味着司法部将无法就同一指控行为再次起诉他。

特朗普曾批评费罗撤销指控的决定，并在周五的社交媒体帖文中要求她公开其决定依据。他还发布了一张标注为“破坏”的照片，称照片显示了倒影池的损坏情况。周日，特朗普表示“一名高度可信的证人”看到赫恩撕扯并破坏倒影池的装饰。

赫恩曾以简·阿恩特的身份参观倒影池，他表示自己将手伸入水中是为了取出一块已从结构上脱落的碎片。他最初被控以轻罪，但检方随后将罪名升级为重罪。

“司法部在判断是否构成犯罪时遵循证据。我们始终根据事实和法律作出决定，”司法部轻罪案件部门的一名官员表示。白宫则援引了特朗普的社交媒体发言。

赫恩的共同辩护律师诺特·埃弗斯表示，新的起诉“将是一个令人震惊的事实。让一个在2011年测试中自认缺乏定罪证据的案件起死回生，这将为2025年的历史增添又一个可悲的转折——并进一步迫害一名无辜者。”

此次讨论发生在地方检察官布莱基试图平息参议院对其过于顺从特朗普意志、干预司法部的担忧之际。自帕姆·布雷迪于4月被解职后，布莱基一直以代理身份担任司法部长，并于上周末在2009年的一次投票后获得参议院确认，周一宣誓就任正式职位。

布莱基曾是特朗普的顶级辩护律师之一，他表示总统有权且有责对司法部的刑事调查发表意见。这一观点与其前任们的立场相左，后者试图避免白宫干预司法部事务。

布莱基上周拒绝评论费罗是否妥善处理了此案。知情人士称，新任司法部长计划对司法部刑事部门进行重组。

特朗普秘密从土耳其乘机离开

这位官员表示，随后他们需要采取非常措施来保护总统。

“一切都由特勤局决定，”特朗普周二晚间从中国参加活动返回后表示。“我只是按照他们的安排行事。在特勤局和军方的安排下，他们希望我在2点钟由特勤局和军方护送，乘坐另一架飞机，出于安全考虑，换一架不同的飞机。”

此前未披露的行动旨在防范俄罗斯对特朗普的潜在威胁，此事最早由《华盛顿邮报》报道，当时正值与伊朗冲突升级之际。多年来，伊朗一直煽动民众反对特朗普，原因是他下令暗杀伊斯兰革命卫队客座将军。

总统及其高级助手当时表示，特朗普从土耳其乘坐的是一架旧版空军一号，并声称一架由卡塔尔赠送的飞机正前往英国，以便驻英美军能够看到它。

“为了怀旧，我们将乘坐前空军一号从土耳其飞往米德尔沙德，这是一次短暂的停留，但为了让我们伟大的军事英雄有机会欣赏我们美丽的新空军一号，8月完全值得一做！”共和党人特朗普7月在Truth Social上写道。

《华尔街日报》此前报道称，特勤局、白宫军事办公室及部分国家安全官员决定，特朗普不应乘坐卡塔尔赠送的飞机前往英国，因为该飞机缺乏足够的安全措施。

然而，这一决定——让总统乘坐一架较小的飞机以确保安全，而随行记者和其他人员则乘坐旧版空军一号——引发了外界对针对特朗普的所谓俄罗斯暗杀阴谋的安全性以及白宫对公众隐瞒总统行踪的质疑。

白宫官员周二与白宫记者协会讨论了此次事件。

上月从土耳其飞往英国的旧版空军一号上的记者被要求在飞机起飞时拉上窗帘。当天晚些时候被问及是否知道记者被要求拉上窗帘时，特朗普回应：“由于我们必须应对的敌对势力，你们可能处于危险的飞行中。”

“我是他们的头号目标，比你还靠前，”他说。“但如果我出事，你们也会出事，对吧？所以也许有一天你会想换个职业。”

特朗普没有透露他并未乘坐这架飞机，而是秘密转乘了一架军用喷气式飞机。

《纽约时报》上月报道了卡塔尔赠送的飞机缺乏防御能力后，《华尔街日报》此前也报道了这一消息。特朗普政府最近传唤了报道此事的记者，该记者曾撰文提及包括这架飞机在内的安全问题。

司法部随后表示，在一名联邦法官质疑刑事调查是否遵循了适当程序后，将不会强制执行这些传票。

卡塔尔政府去年向美国赠送了这架波音747飞机，此前特朗普曾抱怨他作为总统必须乘坐的飞机过于老旧和狭小。

这架飞机的所有权于2025年春季移交给空军，并于2025.年5月飞抵德克萨斯州的一家Lilliards Technologies设施。这架波音飞机经过威胁排查，并进行了耗资2.4亿美元的改装，以提升总统的安全和技术设备，如新的通信系统。

白宫新闻秘书布伦达·拉斯克近日表示，卡塔尔赠送的飞机将在未来进行全面升级，但未详细说明升级内容。“我确信新飞机‘完全适合总统出行’。”

在2024年总统竞选期间，特朗普的助手们在收到针对美国的威胁后，使用了类似的直飞专机，并告知竞选团队这是此类航班中的“最后一班”。

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2020年8月12日

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《华尔街日报》。

《华尔街日报》《华尔街日报》 《华尔街日报》

华尔街日报 华尔街日报

《华尔街日报》

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国际新闻

2020年8月12日，星期三 / A7

叙利亚法院判处阿萨德及也门前官员死刑

前独裁者在2024年政权垮台后逃往俄罗斯

记者：乔利特·米科乌

大马士革一家法院以谋杀、酷刑和反人类罪判处叙利亚前独裁者巴沙尔·阿萨德及其倒台政权的其他官员死刑，这是对该国漫长而暴力的内战进行清算的象征性一步。

阿萨德在2024,12月被赶下台后流亡俄罗斯，与其弟马希尔（前政权重要军事指挥官）一同被缺席定罪。

该法院于2021年民众起义后成立。阿萨德及其亲信发动了长达13年的战争，期间包括暗杀官员、大规模炮击平民社区、集体处决和工业化规模的酷刑。

“法院裁定，作为最高决策者，巴沙尔·阿萨德通过动员国家机构执行犯罪，犯有非法任意拘留和反人类罪。”主审法官法德尔·谢赫-阿里安在庭审中表示，叙利亚国家媒体报道。

周二的判决是叙利亚正在进行的一系列审判中的一个里程碑时刻。

这个新生的政府正着手应对一场漫长而血腥的战争，并面临为阿萨德的受害者伸张正义，以及对战争罪行进行更广泛清算的任务。

![图片占位符]

一名男子手持在叙利亚内战中遇害的亲人照片，大马士革民众对巴沙尔·阿萨德被缺席判处死刑的消息作出反应。

俄罗斯曾发起一场大规模努力以维持阿萨德政权，不太可能引渡这位叙利亚前领导人。数百名前政权安全官员在政权垮台后逃往俄罗斯、黎巴嫩和阿拉伯联合酋长国。

被判处10年徒刑的包括阿萨德在2011年镇压抗议活动的重要人物之一。前南部城市德拉安全负责人8·拉尔斯，被调查人员指控参与逮捕和酷刑折磨一群在2011,3月涂写反政权涂鸦的男孩，这一事件引发全国愤怒，并助燃了早期反阿萨德的抗议活动。

拉尔斯于2021年被叙利亚当局逮捕，在宣判时出庭。他身穿条纹囚服，站在金属笼中，在法官阿里安宣读对其酷刑和杀害儿童等罪行的判决时，不停地换脚站立。

审判揭露了政权的暴力行为，这些行为加速了内战的爆发。检方在审判中指控拉尔斯犯有多项罪行，包括参与2011年3月德拉一座清真寺外发生的屠杀，安全部队向10米外的人群开枪。

根据总部位于华盛顿的非营利组织“叙利亚司法与问责中心”的庭审监督报告，检方称阿萨德在最高层下令对抗议者使用武力。

“这一判决具有重大意义，”叙利亚人权网络执行主任法德尔·阿卜杜勒加尼表示，“它让德拉暴行的受害者在多年否认后获得了官方认可。”

叙利亚新政府由伊斯兰主义前反对派指挥官、现总统艾哈迈德·沙里亚领导，面临公众要求将阿萨德及其手下绳之以法并为数千个家庭提供答案的压力。这些家庭的亲人在战争期间被阿萨德政权拘留或失踪。

审判标志着叙利亚新政府首次在境内对跨国正义进行重大努力。此前，阿萨德政权前官员曾在德国、法国和美国受审，但叙利亚境内从未有前政权成员面临审判。

作者：罗尼·高森

根据周二提交国会的一份五角大楼正式评估报告，去年美国对也门的一系列空袭造成数百名平民死伤。这份报告是特朗普政府首次正式承认其2021年针对伊朗支持的穆斯林叛军的轰炸行动造成平民伤亡。

负责监督美国在中东军事行动的美国中央司令部（或称“中司令部”）发现，2025年4月在也门的三次特定空袭共造成151名平民死亡，243人受伤，该评估报告称。中司令部正在审查针对舒里提斯组织的行动中另外3起可能造成平民伤亡的事件。

特朗普总统去年春季对舒里提斯组织发动军事打击，目标是其高层领导和军事基础设施，旨在阻止该组织袭击红海商业活动，此举与特朗普今年针对伊朗的行动如出一辙。轰炸行动持续了53天，美国在此期间对超过1,000个舒里提斯目标实施了打击。特朗普于2025年5月宣布结束轰炸行动，称该军事组织将不再针对中东地区的船只。官员和分析人士表示，空袭显著削弱但并未消除舒里提斯组织对该地区的威胁。

舒里提斯组织周二袭击了红海的一艘货船，并宣布将对沙特阿拉伯实施海上封锁，此举发生在美国与伊朗持续冲突的背景下。

五角大楼高级官员科尔比·詹金斯向国会国防委员会提交了一份15页的正式评估报告，概述了2025年美国全球军事行动中平民伤亡的评估情况。该审查不包括特朗普对伊朗的军事行动，但涉及2月的关键事件，包括对沙里亚附近一所伊朗小学的空袭，造成超过200名儿童死亡。美国军方调查人员认为，美方应对该空袭负责。《华尔街日报》此前报道称，五角大楼对该小学空袭的调查仍在继续。特朗普上月在接受福克斯新闻采访时表示，美国可能不会公布调查的最终结果。

五角大楼对去年平民伤亡的评估发现，美国于2025年6月对伊朗核设施发动的“午夜铁锤行动”未造成平民死亡或受伤。

报告还评估称，“美国军事行动未导致平民伤亡的可能性大于其他情况”的事件在加勒比海和东太平洋地区“并未发生”，美国南方司令部（负责拉丁美洲和加勒比地区的美军）曾在这些地区对涉嫌毒品走私的船只实施打击。五角大楼未回应就该报告置评的请求。

德国将军称俄罗斯正在试探北约的防御

作者：吉迪恩·范库肯

俄罗斯一直在系统性地使用无人机试探欧洲的防空系统，寻找明确的弱点。德国最高军事将领表示，此举是一场日益加剧的“灰色地带”行动的一部分，旨在破坏政府和机构的稳定。

“北约国家每天都在遭受混合攻击，尤其是在联盟东部侧翼、美国及美英等国家的国家，”布罗森在接受《华尔街日报》采访时表示，“俄罗斯在测试我们，观察我们的反应”，以便为未来的冲突完善其战术。

布罗森正领导一场重大的国防复兴计划，旨在将德国军队在多年投入不足后打造成一支强大的、具备作战能力的部队。他表示，俄罗斯“已经在挑战其经济和军事能力，为与西方的更大规模冲突做准备”，尽管它目前仍在乌克兰作战。

对俄罗斯威胁的这一评估是德国新军事战略的出发点——这是该国自二战结束以来首次制定的战略。柏林于4月公布了一份解密摘要，强调德国在欧洲安全事务中应发挥更广泛的领导作用。

周四，德国警方在该国东部的一个机场附近发现一架装载爆炸物的无人机，并将其拆除。该无人机位于一架乌克兰货机附近。当局正在调查无人机的来源，德国国防部长称此事代表了“危险的新水平”。

《华尔街日报》上周报道称，美国情报部门评估认为，俄罗斯总统弗拉基米尔·普京可能会在未来几年内尝试通过有限攻击北约成员国来测试该组织的决心。

德国在2022年入侵乌克兰后大幅增加了国防开支，柏林和其他欧洲首都也面临来自特朗普总统的压力，要求其增加军费并承担更大责任，因为华盛顿的军事力量正逐渐将重点转向亚洲和美洲。德国在四年和2022年哀悼乌克兰后加强了国防力量。

“华盛顿将中国视为首要战略重点，”布罗森表示，“而由于地理原因，俄罗斯对我们来说不是首要威胁。”

布罗森认为，鉴于德国的地理位置及其作为欧洲最大经济体的规模，德国应发挥领导作用。他表示，德国的目标是在波罗的海、北欧和东部前线国家与欧洲其他国家之间提供“战略规划”。

布罗森将军是9月接任北约军事委员会主席的热门人选。该主席由各国国防部长选举产生，担任北约秘书长的首席顾问。

德国在欧洲防务中角色的转变从一个迹象可见：波兰和德国于6月签署了一项新的军事能力协议，将进一步增强北约盟国的联合作战能力，同时强调网络安全和太空领域的需求。

波兰曾被德国入侵和占领，如今与柏林加深军事合作，表明两国对来自俄罗斯的威胁都极为重视。

7月，一枚俄罗斯巡航导弹落入波兰东部。

这枚导弹可能瞄准的是约40英里外的乌克兰，但北约官员怀疑俄罗斯近年来已多次使用无人机和导弹测试联盟的防御能力。

德国的国防计划也获得了积极评价。美国战争副部长埃塞尔奇·科尔比在8月的一篇文章中称赞柏林“具有历史意义且高度值得称赞的新军事战略和计划”。

德国的国防支出重点包括情报、监视和侦察能力、太空系统和防空系统——这些都是北约长期以来主要依赖美国的领域。布罗森表示，无人机、水下和陆地无人系统也至关重要。

德国国防部官员鲍里斯·普京尼安（Boris Putinian）承诺，到2050年将投入200亿欧元（约合35美元）用于卫星及其他太空资产。德国近期与美国签署了一项协议，将生产“战斧”导弹——这对远程精确打击至关重要。

“我们有资源。我们正在构建一支强大的威慑力量，”布罗森（Brosen）表示。对于短期需求，德国军方及欧洲大陆其他国家将不得不购买现成的武器。但他同时强调，欧洲还需扩大自身的国防工业基础。“我们需要让自己更加独立和可持续。”

向特拉法尔加勋爵纳尔逊致敬的鸟盒

机械奇迹。传奇指挥官。惊人艺术品。

为纪念英国最伟大的海军英雄，这款卡尔·格鲁斯鲍姆鸣唱床盒内藏一张精巧的床，只需拉动罐头的拉环，便能伴随歌舞翩然而起。此类装置极为罕见，

而这一件更以手绘搪瓷绘制的纳尔逊勋爵像而独具特色。1916. 2 1 / 2 × 7 / 16 × 7 3 / 4 × 12.2002

现可观看此鸟儿歌唱的视频。

INSRAU 《艺术周刊》，2020

检验记录：1997 • 2018-2020

全新豪华展厅：612 Royal Street • 427-479-2881 / APEX 1071. Galena Street • 805-496-2728

6月27-28、30日，第一个、第二个和第三个的第一、第三和第四个。基于我们对1980年代的研究方法，第二个和第三个的，第三个和第四个的。

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A8 / 2020年8月12日，星期三 12, 2020

国际新闻

救援人员争分夺秒寻找地震幸存者

哥伦比亚死亡人数 接近200，广泛 破坏考验新政府

波哥大，哥伦比亚——哥伦比亚南部城市发生14级地震，造成的死亡人数已接近200，救援人员在该国西部多个城市和城镇紧急开展工作，寻找并从废墟中挖掘被困人员。

作者：Juan Porres，Jersey Carolina Consular 及Ryan Dube

“在这巨大的痛苦中，我谨向遇难者及其家属表达深切的哀悼与慰问，”总统阿比丹特·德拉·埃斯皮里塔在重灾城市波雷斯表示。“这场悲剧让整个哥伦比亚陷入哀痛。”

政府已为发电厂提供燃料，将无家可归者转移至避难所，并向地震灾区派遣士兵维持治安和协助救援工作。来自全国各地的消防员和其他紧急救援人员正在卡利、佩雷拉、马尼萨莱斯等城市展开行动，这些城市的建筑和房屋已倒塌。

地震于周一上午7:14发生，造成至少381人死亡，243座建筑被毁，多个省份的其他建筑也遭到损坏。另有多人在灾害中受伤，超过200人或百分比失踪，官员称。截至周二上午，救援人员已确认有200,人被困在倒塌的建筑和房屋中。

一支来自波哥大的68人救援队中的消防员和救援人员赶赴卡利，在那里他们救出了多名被困人员，包括一名20岁的男子，该男子是由搜救犬定位的。救援队破开混凝土和扭曲的钢筋才得以接近他。“经过大约五个小时，我们成功将他救出，且没有造成更多伤害，”救援人员通过电话回忆道。“他不断催促我们救他出来，我们告诉他我们正在努力把他救出来。”

救援人员表示，该男子处于极不舒适的姿势，在高温和尘土中拼命想要脱身。他说，其他救援人员不得不安抚他，并“告诉他我们正在努力把他救出来。”

这场地震发生在德拉·埃斯皮里塔就任总统仅63小时后，给他的保守派政府带来了严峻的财政挑战。他继承了该国现代史上最大的财政债务，预计到2020财年末将达到国内生产总值的66%，波哥大咨询公司哥伦比亚风险（Colombia Risk）表示。

尽管总统承诺采取严厉措施，但他现在将面临增加重建支出的压力，同时政府还需应对其他开支需求，如提升哥伦比亚军事能力以打击顽固的可卡因贩运团伙。政府必须继续走这条不断增长的债务道路，”哥伦比亚前财政部长塞尔吉奥·古斯曼表示。“因此，我们正面临未来的债务危机。”他指出，埃斯皮里塔可能会援引第216,条，允许政府在无需国会批准的情况下增加支出。

Aurora Mexico Strategies董事总经理丹尼尔·兰伯格-罗德里格斯表示，哥伦比亚历任总统往往不得不应对意想不到的挑战，导致他们放弃或缩减最初的计划。

“德拉·埃斯皮里塔的当选承诺是打击腐败和改善安全，但现在又遭遇了一场超级63英里地震，可谓雪上加霜，”兰伯格-罗德里格斯说。灾害可能使其难以明确如何避免高额支出。

“第216条为他提供了一个机会，可以行使资源调配权，直接与州长和市长合作，绕过政治争议，避免‘残疾’状态，”兰伯格-罗德里格斯表示。

台湾民众在北京阴影下面对未来

文 / Jorv W041

台湾这座位于美中超级大国竞争中心的岛屿民主政体，正面临一场关于冲突的关键指向。

问题浮现：台湾是否应与中国走得更近，以抵御北京吞并该岛的压力？

对一些人而言，答案取决于他们是否将自己视为台湾人，抑或同时也是中国人。另一些人则受到维护自身生活方式的愿望驱动。

《华尔街日报》采访了一户台湾公民家庭，了解他们的立场。

训练有素，随时待命

谢科迪（Cody Hsieh）已做好与中国作战的准备。他毕业于台湾主要军官培训学校，服役六年，并是预备役的训练有素成员。

这在台湾并不常见，因为招募面临挑战，且义务兵役仅限一年。现年33岁、自认性别流动的谢科迪为此做好了准备。

“如果中国真的发动攻击，[军队]需要我重返前线尽一份力、服从命令，我绝对会毫不犹豫地去做，”谢科迪说。

“有点过时的遗物”

与许多人一样，林东（Don Lin）决心捍卫台湾的民主。

这不仅是因为他反对共产党接管——尽管他表示会为阻止这一局面而战。更因为他见证了蒋家王朝军事独裁统治下的压制，当时蒋介石的军队将国民党政府赶出大陆。

在20世纪70至80年代戒严时期的求学岁月里，林东和同龄人被教育将自己视为中国人。在他看来，台湾是一个更大中国的一部分，其政治中心恰好位于距大陆100英里的岛屿上。

随后，80年代末，军事统治开始让位于民主。“社会开放，人们开始公开谈论台湾意识，讨论台湾人的身份认同——突然间，它就确立了，”林东说。

林东表示，如果中国入侵台湾，他将“拼死抵抗”。

林东的曾祖父在蒋家王朝镇压时期的“白色恐怖”时期遭到囚禁。几十年来，这段经历是家族禁忌，林东直到后来才得知。

“我已将大中华民族主义视为台湾的一种过时遗物，”他说。

他认为台湾应维持现状——保持民主和事实上的独立，不做任何可能引发中国入侵的改变。

如果中国真的入侵，林东表示他将“拼死抵抗”保卫台湾。

台湾人的身份认同

一场反丈夫爆炸事件帮助27岁艺术家侯敏杰（Hou Min-Jeah）明确了自己的台湾人身份，她的作品也由此受到启发。

事件发生在台湾绿岛——她父亲的出生地，也是蒋家王朝关押和拷问数千名政治犯的神秘地点。

艺术节旨在通过艺术探索“白色恐怖”。侯敏杰开始更深入地理解台湾走向民主的斗争。“我不想忘记这段历史，”她说，“我热爱这片土地，希望为它做出贡献，这就是我自认台湾人的原因。”

她认为中国和台湾应保持独立。作为艺术家，她探索家族历史支离破碎的经历。

陈本（Ben Chen）希望看到一个中国联邦。

李艾瑞克（Eric Li）说：“大家只想和平生活，快乐工作。”

Craig Hsieh曾服役于军队，并是预备役成员。

“同一种语言”

82岁的陈和终于回忆起上世纪80年代末在阿拉斯加与大陆中国同学的一次相遇。来自台湾——父亲曾参加过国共内战——陈和起初认为他们是“共产主义敌人”。

在逐渐了解后，他发现自己与他们分享了饺子。“尽管我们有意识形态上的分歧，且多年分离造成了隔阂，但我们说着同一种语言，有着相同的习俗，”陈和说。

基于这一经历，身为土木与水利保守派工程师的陈和，在社会中扮演着“协调者”的角色，因为他主张建立一个“中华邦联”，让中国、台湾、香港和澳门在同一框架下共存。台湾将拥有自己的旗帜、自治地位和外交地位，包括在联合国与其他成员并列的席位。

不愿战争

25岁的埃里克·李表示，他不认识任何人会在战争爆发时冲锋陷阵。相反，他说：“大家都说会躲起来，躲起来，躲起来。”

这并不意味着他这一代——生长在台湾民主时代的人——不认为有必要捍卫自己的生活方式。

“年轻人更倾向于维持现状，因为没人想要战争，”他说，“大家只想和平生活，快乐工作。”

李在台北一所大学学习政治学，但为了避免因台湾政治术语的变化引发冲突，他不与朋友谈论政治。不过，当话题出现时，李有着明确的观点。他表示珍视台湾的选举和经济体系，以及大陆所不具备的自由。

他还支持与北京建立更友好的关系。李认为，台湾应从中国的成功中汲取经验，而非一味强调威胁。

环球观察

!

祸与福：周二，在加德满都郊外的盖塔桑加庆祝印度教节日达塔·卡尔纳（Dhanta Karna）时，尼泊尔民众焚烧了神话中恶魔达塔·卡尔纳的稻草人偶，象征其被击败。

俄罗斯释放美国退伍军人

俄罗斯周二释放了一名遭受虐待、被囚禁逾四年且据称病情严重、濒临死亡的美国退伍军人，为其争取自由的团体表示。

罗伯特·塞尔策正前往德克萨斯州的一家美军医院，他将在那里接受医学和心理评估及治疗，全球触达组织首席战略官埃里克·勒布安表示。该组织一直致力于解救他和其他被扣押在海外的美国人。

现年32岁的塞尔策自2022年起被关押，最初于2022年被判处37年监禁，罪名是因在火车上扰乱秩序被带下车后殴打警察。去年，因被判袭击狱警，刑期被延长至10年。

勒布安表示，在被送出俄罗斯前，塞尔策因在狱中遭受的虐待已陷入“分离性木僵”状态长达47天。

科沃戈埃博拉死亡人数超过2,000

根据最新数据，科沃戈的埃博拉疫情死亡人数已至少达到2,000人，创下该地区纪录。由于叛军冲突、道路状况恶劣以及因支付问题导致的停工，当地难以向偏远地区提供援助。

政府在周二凌晨公布的数据显示，此次疫情已确诊病例总数达4,581例，其中2,091人死亡。自首例确诊病例以来，死亡人数达到这一水平的速度是2004年至16年埃博拉疫情的三倍。官方于5月16,宣布疫情已影响1,000,000人，但卫生部门表示，基因测序显示疫情实际始于2月，比公布时间早数月。

疫情最初记录1,000人死亡耗时约两周，而死亡人数翻倍仅用了约三周，表明卫生危机的蔓延速度已超过追踪和控制工作的进展。

——美联社

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《华尔街日报》

头版报道

选民名册之争

冲击机动车辆管理局

接上页 机动车辆委员会的软件故障，该委员会明确负责管理有资格投票的人员。在申请驾驶执照时，部分人在被问及是否为美国公民时选择了“否”。谢里尔表示，但“系统却将他们注册为选民！”

据谢里尔称，报告的此类情况数量相对较少——在一个拥有约170 万注册选民的州中，不足800人。但这一披露进一步引发了全国性辩论，该辩论由白宫发起，涉及美国选举的安全性和完整性。

选举主要由各州负责，联邦政府传统上提供情报和基础设施预警方面的协助。但现任联邦政府并未延续这种合作模式，反而动员联邦机构迫使各州交出完整的选民名册，并以起诉相威胁，要求各州“清理”其选举官员，确保只有美国公民能在其监管下注册投票。政府还下令启动一个大规模选民核查项目，该项目因涉嫌数据不准确和隐私问题而被诉至法院。

各州领导人知道，政府的聚光灯随时可能落到他们身上，并指控他们举行了无效选举。选举官员表示，他们每天都在通过多种控制手段清理选民名册，剔除已去世、搬迁或不具备投票资格的人员。一些官员称，他们现在正在更有效地筛查名单。

“我感觉自己像是被困在STC的牢笼里，”内华达州民主党州务卿弗朗西斯科·阿吉拉尔说。内华达州是2003年被指控选民名册存在大量问题的四个州之一。“我们所做的一切都必须完美无缺。”

2003,新泽西州、内华达州、宾夕法尼亚州和加利福尼亚州被特朗普在演讲中点名，称这些州的选民名册上有25万名非公民。这些州已向2003提出抗议，称该机构未提供任何方法论、证据或细节以供核实其指控。州官员还表示，由于无法获取完整的选民名册，2003无法对非公民注册情况做出准确评估。

一名2003官员表示，联邦部门查阅了各州选民名册的公开部分，并与其系统中已知的非法移民记录进行了交叉比对。该官员称，这并非毫无根据的担忧。

被提交的选民名册通常包含一些特定标识符，如社会安全号码或驾驶执照号码，联邦政府可利用这些信息进行更明确的数据匹配。

民主党人和选举权倡导者担忧，即使选民注册中的微小错误也可能被特朗普用来质疑11月中期选举的结果。民主党有望在众议院赢得多数席位，甚至可能在参议院取得多数。

特朗普在7月16日的讲话中表示，他已下令2003就各州选民名册上的非公民问题向各州施压。“我们已向各州发出严正警告。各州必须与我们合作，确保选举自由、公正、诚实，2003部长穆林在一份声明中说。

![IMG_E5441F51]

新泽西州州长迈尔斯·谢里尔今年3月在新泽西州特伦顿的中间人活动上发表讲话；上图为新泽西州格伦里奇6月份初选期间的一名选民。

特朗普政府已起诉新泽西州和其他20个州，要求获取其未经编辑的选民名册。联邦官员认为，这些名册可能包含大量错误注册信息。迄今为止，联邦政府已在至少16个地区法院和北部第三巡回上诉法院的分庭中败诉。政府已对部分裁决提起上诉。

特朗普政府 还向最高法院提出上诉，寻求批准 通过行政命令授权联邦机构 统计他们认为有资格投票的人员名单。十几个由共和党主导的州 也提交了支持政府的上诉。

一名联邦法官已下令 政府将其大规模选民核查系统下线，称该系统“随意拼凑且令人反感地 泄露了数百万美国人的私人信息，包括他们 无法提供的商业数据”。不过，该法官 下令允许四个州的超过 15%能够继续这样做。

“我们过去常说，在选举临近时， 我们需要为选举做好规划—— 无论是面对南方的飓风还是极端天气，”民主党明尼苏达州州务卿 史蒂夫·西蒙表示。“今年，出现了一个新的担忧， 即我们必须考虑的，是联邦政府 可能以某种方式，直接或间接地进行干预。”

白宫发言人 劳伦·博表示：“整个特朗普政府将 继续依法推行特朗普总统当选时承诺实施的议程， 其中包括确保美国选举的安全与 保障。”

适度的选民

在美国约一半的州，符合投票资格的驾照或州身份证申请人会被自动登记为选民，这一做法是对被称为“汽车选民法”变革的扩展。一些通过州机动车管理部门实施的项目，占据了近期选民登记声明的大部分。

新泽西州就是这种情况。谢里尔的前任、前州长菲尔·墨菲于2018年签署了该州的自动选民登记法。“通过这一行动，我们明确拒绝特朗普总统及其司法部门限制这一基本权利、企图压制选票的努力，”当时身为民主党人的墨菲表示。

多年来的登记增长在今年夏天引发了关注。在谢里尔了解此事之前，共和党全国委员会和新泽西州共和党公布了从县官员处获取的信件，这些信件是代表一些声称自己被登记为选民并希望从名单上除名的人撰写的。

墨菲的一位发言人表示，前州长和委员会承认谢里尔的专员犯了错误，并指责谢里尔提出的主张，后者向新泽西州机动车委员会提供了传票。他还提到机动车工程师“知道这是不当行为，却没有采取任何行动来推进”。

在审查期间担任机动车委员会代理首席行政官的拉滕达·拉蒂娜-伍德未回应置评请求。门塔尔则否认存在过失，称他按照新泽西州的规格构建了系统。

谢里尔政府已聘请一家新泽西州律师事务所进行调查。州共和党人已呼吁进行立法调查。“我们从一开始就对自动选民登记提出了担忧，”新泽西州共和党总检察长吉姆·德·科拉多表示。

在俄勒冈州，州官员于2003年承认其州机动车管理部门存在问题，导致1983年有44张废票。俄勒冈州官员发现，2003年该县的工作人员在下拉菜单中错误选择了选项，这一问题此后已得到修正。官员表示，他们此后增加了随机抽样和审计。

“机动车管理部门长期以来被迫承担选民登记的业务，而这并非其核心职能，”亚利桑那州最大县的共和党县记录员斯蒂芬·里彻表示。“选举管理和选民登记是一项附加工作。”

“情书”

7月7日，司法部助理部长向全美50个州的首席选举官员发出公函，警告他们若明知故犯允许非公民留在选民名册上，将面临刑事处罚。

“今天早上又收到一封‘情书’，”德德雷·本德森中将在社交媒体上写道。本德森是一名共和党参议员，也是犹他州首席选举官员，她近期的一项审查确认，90.72%的犹他州注册选民均为合法公民。

“特朗普政府似乎没有人想听、想看或被证明我们做得很好，”本德森在采访中表示。

与之不同的是，另一个由共和党主导的州也对参议院众议院的文章作出回应。“你暗示我们违反联邦选举法的行为并不受欢迎，”该州司法部长办公室一名部门主管詹姆斯·克雷格写道，“请停止威胁你在爱达荷州的朋友。”

司法部长玛格丽特·希拉姆在一份声明中表示，这些信函针对的是明知故犯未采取行动的州官员。“这不是关于行政错误，”她说。

“司法部正在向任何需要帮助确保选民名册准确的州提供技术援助和法律指导，”希拉姆表示。

在新泽西州曝出问题后，宾夕法尼亚州官员迅速检查了其自动选民登记系统。该州审计长近期审查了200,000份选民登记申请，仅发现一名非公民，州务卿共和党人肯尼思·阿尔-施密特表示。

一名工作人员在驾照申请中未填写该人身份状态。“这并非适当的评论机制，”施密特说。

华盛顿州州务卿史蒂夫·毕沙是一名民主党人，他表示，当新泽西州在国会宣布其错误时，他立即询问并得知本州未使用同一软件渲染器（Sherrill所指责的）。

新泽西州能够投票的非公民人数不会改变任何选举结果，Sherrill说。前副总统卡玛拉·哈里斯在新泽西州的领先优势超过250,000票（Senators）。

国会、州和地方选举有时可能仅以1.2比5.1的微弱差距决定胜负，尽管极少出现如爱荷华州两百万众议院选举race般接近的情况。

2004年选举中，共和党候选人以少于800票的优势获胜。2003年，另一场选举的胜负差距仅为1,000票。

“国会选举因非公民投票参与而改变结果的概率，比被闪电击中的概率还低，但这已成为民主党的‘脸书问题’，”无党派库克政治报告高级编辑兼选举分析师戴维·沃瑟曼表示。

这不仅仅是民主党的担忧。

佐治亚州共和党州务卿巴兹尔·卡利诺普洛斯表示，2002年以来，他已对该州选民名册进行多次大规模审计，以确保非公民不在名单上。

“我们必须确保选民名册中没有人为操纵的痕迹，”卡利诺普洛斯说，他曾亲身经历一场选举风波的中心。

在2020年总统选举后的一次电话中，特朗普要求卡利诺普洛斯“找出”近32,000张选票，以弥补其在该州落后于乔·拜登的差距。卡利诺普洛斯拒绝了这一要求。他在650名候选人的州长初选中落败，并将在监督最后一次选举后离任。

“我们知道这是一个竞争激烈的州，这个问题并非善意的，”他说，“我们一直在努力消除可能让人们质疑选举过程的任何漏洞。”

一些州选举官员对特朗普政府的公民身份审查表达了更直白的不满。

“我们知道我们正在尽最大努力纠正我们的权利，”该报纸称。他将打包一批选民名册，其中包含约1,000名选民——这些名册是证据，且不存在司法——”

亚利桑那州州务卿威廉·福斯特（William Foster）是来自另一个摇摆州的民主党人，说道。

Anthropic

试图

平息担忧

关于谁将赢得人工智能竞赛以及支撑这一领域的企业财务稳定性的担忧依然存在。

Anthropic近期已成为这场竞赛的领跑者，其热门编程工具Claude Code的成功为其提供了动力。但与此同时，硅谷内部也出现了对该公司的反弹，许多首席执行官对其在人工智能生态系统中的影响力感到担忧。

Anthropic设定的价格，以及该公司在首次公开募股后的偏好，将为投资者如何评估顶级人工智能开发商奠定基础。数万亿美元的人工智能支出——其中大部分用于确保竞争性资源——在很大程度上基于一个假设，即对该技术的需求将在毕业后继续增长。

公司高管在会议中淡化了新竞争带来的影响，向投资者表示挑战者假设正在开发尖端人工智能模型，相关人士透露。首席执行官Darin Amodei及其他美国顶级人工智能领导者公开表示，大多数用户希望在任何时候都能使用最智能的人工智能系统，这意味着中国的系统威胁较小，因为其能力通常落后于顶级人工智能模型至少10%。

Anthropic的目标是在2026年10月初或更早进行公开上市，知情人士透露。作为行业领头羊，OpenAI预计将在明年晚些时候跟进。

在会议中，Anthropic告诉部分投资者，计划进一步进军医疗保健和国外人工智能护理领域，并表示这项工作可能有助于缓解围绕人工智能的一些负面担忧，参与对话的人士表示。Anthropic尚未公布这些计划的具体细节或时间表，相关人士称。

Anthropic 1979年上市的计划将出现在人工智能领域的一个里程碑年，但该公司今年早些时候的1991年上市计划被超越。尽管一些华尔街分析师预计Anthropic将超过这一水平，但SpaceX在1980年代后的股价调整提醒投资者，从私有市场向公开市场的过渡可能会多么动荡。

Anthropic表示，在计划公布前一年及其Claude Code编程工具取得突破的第一年，该公司于5月宣布其年度合同收入已超过88.7亿。

Anthropic已与SpaceX和谷歌达成了一系列新的计算交易。使用数据显示，对Claude Code及其他Anthropic工具的需求尚未公布，且该公司今年面临过间歇性宕机问题。

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个人日志

A30 / 2026年8月12日，星期三

《华尔街日报》

© 2026 Don Aven O'Conquay，版权所有。

将每一项健康数据都交给AI分析的人

从马拉松训练到办公室焦虑跟踪，人们将个人数据与聊天机器人相连，打造超个性化的健康教练；“这就像是我的爱情语言，”一位爱好者说。

撰文：Tosa Li Ann McNally Kuttner

作为一名竞技跑者，Flodier 曾依赖人类教练来计时配速和管理训练计划。如今，他在一款聊天机器人的“监督”下为休闲马拉松做准备。这款机器人结合 Flodier 通过健身追踪器收集的锻炼数据、步数及其他生理数据，由 Anthropic 的 Claude 模型提供训练调整建议。它帮助这位 25 岁的软件工程师将工作日程与运动表现联系起来。

在使用 Claude 之前，Flodier 会收到关于心率变异性（BBS）等指标的提醒，但这些数据反而让他更加焦虑。“比如，‘你的 BBS 是 60。’好的，但这意味着什么？”

健康狂热者通常会监测锻炼、步数、睡眠指标、心率和营养数据，并将这些信息与日历、会议记录、电子邮件和临床病历进行交叉对比。

如今，他们正通过 AI 系统为这些习惯“加速”，将其打造成超个性化的健康追踪器和助手。尽管这种对细枝末节的执着远非主流做法——

许多医生建议在健身和营养方面保持简洁——但越来越多的“数据极客”终于找到了属于自己的“瓦尔哈拉”。

真正的 AI 助手，如电影《她》中的那种，是当前科技竞赛的终极目标。一些 健康系统已足够强大，能为人类提供辅助，但大多数仍缺乏关键上下文，无法实现更精准的定制功能。数据极客们正通过 DIY 方式抢先一步，尽管有人担心过度泄露隐私。

这些数据高手利用 模型构建自己的工具和仪表盘，既可用于商业，也可服务个人。有人将其谨慎的尝试归功于 ，让他有信心创办一家真正的跑团。另一位用户则将家庭投票与 结合，为亲人的饮食安排提供建议。

现代数据极客不再分析静态图表，而是在早晨喝咖啡时直接向 发送信息，以更好地理解前一晚的糟糕睡眠。一些人还能通过 WhatsApp 和 Telegram 上的聊天代理与数据互动。

“这就像是我的爱情语言，”47 岁的珍妮弗·麦克丹尼尔说，她正在尝试一款由朋友开发的 工具。“这款 综合了健康数据，推荐了一个定制饮食方案，帮助我减少脱发。它甚至还标记出了肾病的早期预警信号。”

纽约的创业者兼跑者迈克·雷耶斯花了一个下午时间搭建了自己的 健康仪表盘，帮助她将早晨跑步的倦怠感与月经周期的开始或前一晚的睡眠不足联系起来。

然而，33 岁的雷耶斯偶尔也会对系统的力量和训练计划感到困惑。她说自己从不盲目听从 的建议，而是将其定制计划与经过时间验证的训练原则相结合。研究表明，聊天机器人仍会提供错误的医疗建议。

打造一个定制健康仪表盘可能需要长时间的提示和重新调整，还需克服技术障碍才能提取原始指标。

一名员工利用数据发现哪些同事会带来压力。

一位同事关于工作压力的玩笑激发了印度软件工程师潘卡杰·坦努尔（Pankaj Tannur）的想法，他决定用数据找出导致压力的同事。他利用 将自己的 Google 日历和心率数据结合起来，锁定了公司的一位增长产品经理——“Claude 说这符合主要压力源。”这一发现让他和同事们感到好笑，并开始测试这套系统，进而引发了更广泛的讨论：数据如何指导他们的生活。

塔努尔的AI系统最近新增了这一实验功能，他通过Telegram与该系统交互，并已持续开发四年。这位27岁的用户感谢该系统能整合他本人的骑行数据、屏幕使用时间、日历事件、社交媒体指标及深度生活质量数据。他甚至在测试信息中记录了饮食内容。该系统会建议他尽量不熬夜，工作日减少出行，并帮助他规划日程和为朋友挑选礼物。

传统健康应用也在陆续集成AI功能。但对塔努尔而言，这些还远远不够。他认为，缺乏全局视角的追踪工具只能提供泛泛的建议。

尽管佩戴健身追踪器已意味着接受——并信任——某家公司的健康订阅服务，塔努尔仍希望尽可能完全掌控自己的数据。他将敏感信息和生物特征数据整合到自建系统中，该系统运行在本地家用电脑服务器上，并为此承担“额外成本”。“我们坐拥海量数据，”他说，“但除了各家公司提供的功能外，并没有真正利用这些数据做更多事情。”

穿越英吉利海峡隧道的实惠选择

作者：戴夫·格拉斯顿

以下内容首次出现在唐·吉尔伯森的每周旅行通讯中。

你可能对那些在社交媒体上晒的极限一日游印象深刻——无论距离多远，都要在24小时内去某个异国他乡逛一圈。

下次跨大西洋旅行或出差时，有一种不那么极限的方式可以尝试。搭乘欧洲之星，将其作为一日游，或用它来创造一个临时、便捷的行程，无需频繁往返机场。

这项服务已存在数十年，最早始于1944年英吉利海峡隧道（海底隧道）建成后的伦敦-巴黎线路。（我曾在它开通后不久带母亲去巴黎一日游，那是她第一次到访。）

如今，线路图已扩展至荷兰、比利时和德国。

我提到这个，是因为我发现了一种在临时出行时省钱的实用方法。也许你正在伦敦，突然想乘坐夜间游船，去看埃菲尔铁塔闪烁的灯光。

这种临时出行通常不便宜。我上个月查询时，巴黎和伦敦之间的经济舱单程票价在$740至$328之间。后来我发现欧洲之星有一项名为“Seep”的促销活动，适用于提前不超过10天购买的车票。

通过同意在指定时间段内出发（而非固定时间），你可以获得大幅折扣。我查询的7月30日（周四）选项为：上午7点至下午2点出发的票价为$80，晚些时候出发的票价为$90。我还看到工作日中午的票价低至$84。

我支付了$80。几天后，我乘坐了下午1:32.5的火车。当天同一班次的票价为$227。

行程仅需2 1 / 2小时。我在巴黎吃了早餐，在伦敦吃了晚餐。

提前预订房间

厌倦了长途飞行后第一天的昏昏沉沉？提前预订前一晚的房间，这样你到达后就有地方换衣服、洗漱，甚至小睡片刻。无需等到下午3点或4点入住才能恢复精神。这条建议同样适用于邮轮结束后的住宿。提前预订前一晚的房间，这样你早上下船后就能直接入住，只需提前告知酒店，避免被标记为“未到”。

避开这场骗局 本周没有杂事，我可以充分揭露今年巴黎最卑劣的骗局之一。

我经常看到人们走过那些在前往官方出租车排队区或网约车接送点的路上兜售乘车服务的商贩。

7月底在戴高乐机场，我也差点上当。我走到2E航站楼的10号门，之前用过一次。门口的“工作人员”问我是去市区还是郊区。我说市区，他们便坚持让我走到几个门之外的另一个入口。我当时有些怀疑，但因睡眠不足，还是照做了。后门外的车辆顶灯是官方出租车的绿色，于是我上了其中一辆最近的车，司机承诺会使用计价器并$80.的费用。

但所谓的计价器是个App。当司机不断提到因伊朗战争导致油价上涨时，我就该意识到有问题。40分钟的车程，账单高得离谱。而几年前，我用优步从机场到同一家酒店，只花了三分之一的价格。

下次我会选择网约车，或确保自己在官方出租车排队区，那里的市区车费要合理得多。

机票简化依然让人困惑 捷蓝航空宣布为机票购买者推出“更简化的购票体验”。但不妨说，从更多促销到8美元的各类选项，反而让人眼花缭乱，犹如一场与其他活动无关的“门票”。这一调整正值捷蓝航空今年晚些时候推出商务舱之际。

SkyMiles与星巴克合作调整 达美航空与星巴克调整了通过咖啡消费累积SkyMiles的方式。航空公司将回归“按消费金额累积里程”的模式，取代现行的“向星巴克账户充值即可获取里程”机制。不过，新规要求旅客需在过去12个月内乘坐过达美航班才有资格参与。这对常光顾星巴克的人来说是个好消息——轻松积攒里程，或许能换张免费机票。今年我已通过返利累积了450英里。

订阅Danet的周五通讯，请访问anycom/newsletters。

© 2026 Dan Aven O'Conquay 版权所有。

成为积极参与的祖父母有助于延年益寿

精神科医生表示，积极的角色能为老年人带来人生目标，改善身心健康

作者：Marc Amoson

我称之为“祖母假说”。无意冒犯孙辈，但这是一个进化理论，认为古代绝经后女性的寿命因帮助抚养和喂养孙辈而延长，从而使其女儿能生育更多孩子。

寿命延长的假说基于这样一个观察：这些健康、富有爱心且长寿的祖母将其基因传给了更多孙辈。这一假说源于20世纪80年代对现存狩猎采集群体中祖母行为的观察。

在我长期担任老年精神科医生的职业生涯中，我不仅见证了祖父母身份能带来的意义和快乐，还发现这种新角色能促进心理健康并延长寿命。研究支持了我的观察，但也有一些注意事项。祖父母身份本身似乎并不能帮助你活得更长。然而，承担祖父母的角色可以通过增强几个关键的长寿因素来延长寿命。

积极态度

这种角色甚至能培养一种目标感和积极态度。祖父母需要挽起袖子，帮助安排活动、日程并解决问题。我的一位患者需要成为调解人，解决她三个十几岁孙辈之间的争吵，尽管她自己也有焦虑和记忆力减退的问题。对她和其他祖父母来说，每项任务都能增强自信和自我效能感，up to to the findings of耶鲁大学心理学家Becca Levy，即积极的老龄态度与焦虑减少密切相关。这是一个关键因素。

其次，祖父母身份能在多个方面带来幸福感、意义感和目标感。看到成年子女成功和更多孩子的诞生会让人感到满足。与孙辈互动能带来快乐和自豪。还有机会重温并改进自己的育儿方式，并通过将自己的历史、知识和经验传给下一代来留下个人遗产。

我还有另一位患者，她花时间教成年孙女所有自制的家常菜谱，并在孙女与父母发生争执时安慰她。这让她能发挥自己的智慧和创造力。最终结果是，拥有强烈的目标感能显著降低死亡风险，一项研究显示可降低40%。

祖父母身份对长寿的另一益处是能改善身心健康。尤其是年幼的孩子需要积极的身体参与。因此，祖父母角色与改善行动能力、减少抑郁和增强认知能力密切相关，特别是对年长的老人。一项研究显示，50岁后成为祖母的女性死亡率有所降低。

我有一位同事，当孙子的父母外出旅行时，他会定期与上小学的孙子们住在一起。他们一起游泳、骑车、摔跤、踢足球，在家里四处玩耍。他既是他们的教练，也是他们的队友，感觉非常棒。反过来，他的孙子们也成了他积极健康老龄化的榜样。

甜蜜点

然而，在祖父母角色与长寿的关系中，有一个关键的注意事项。研究表明，祖父母的参与程度存在一个“甜蜜点”——过度参与可能无法带来相同的益处，甚至可能有害。例如，一项研究显示，为孙辈提供一定照顾的祖父母，其死亡率降低了37%，而相比之下，那些承担大量实际照顾责任的祖父母则不然。然而，其他研究发现，当祖父母承担起类似父母的日常照顾角色时，尤其是在缺乏足够支持、孤立无援或面临重大情感压力或社会经济劣势的情况下，死亡率反而会上升。当成年子女在育儿方面表现不佳，或祖父母无法与孙辈建立预期中的关系时，祖父母角色也可能带来巨大压力，尤其是当孙辈存在严重抑郁或身体问题时。

尽管如此，当祖父母角色以适当的方式和节奏进行时，它可能比药物、手术和旨在对抗衰老、成瘾及收入下降的生活方式干预更为轻松有效。好消息是，如今祖父母的角色形式多样，不再依赖于血缘关系。关键在于以隐秘而真诚的方式付出，祖辈的投入不仅能延长寿命，更能赋予其更长远而温和的意义。

马克·阿莫森（@MarcAmoson）是迈阿密海滩海滩的一名老年精神科医生，著有《The End of Old Age》（The End of Old Age）（书名《The Domestic Ganglion》可能有误）。联系邮箱：report@maj.com。

梅德克马拉松沿途设有20个葡萄酒站。

与26.2英里配对的美酒

接上页 根据赛事主席文森特·法布尔（Vincent Fabre）的说法，参赛者规模与其他主要马拉松相当。

选手有6.5小时的时间完成比赛。除了葡萄酒，赛道旁还摆放着奶酪、羊角面包、洋葱、牛排和冰淇淋等食物。是的，每位选手都会佩戴一顶鞋匠帽。今年是该赛事的第2019年。

迪齐安·法拉·汗（Dietzian Farah Khan）表示，葡萄酒具有脱水作用，但能改善碳水化合物的代谢方式，否则这些碳水化合物会为跑者提供能量。此外，跑者在运动时会更快感受到酒精的影响。

汗在拉瑟姆学院（Latham College）和长岛大学（Long Island University）教授运动营养学，她建议跑者在赛前一晚和当天早上摄入大量碳水化合物和电解质。对于坚持饮酒的跑者，她有一个建议：像专业人士一样品尝葡萄酒，即小口啜饮并吐出。

赛事主席法布尔对此大体认同。他本人也是一名专业酿酒师。他表示，梅德克马拉松的目的不是为了醉酒，而是为了品尝该地区的葡萄酒。由于参赛者的平均年龄超过40，法布尔表示他期望人们表现得体，并在赛道上欣赏美丽的风景。

“你还需要确保能够完好无损地跑完全程。”

“到了42岁，你会变得冷静而成熟，”法布尔说。“所有那些奇怪的年岁都已经过去了。”

不幸的是，对于汗恩和法布尔来说，并非所有人都在梅代克赛事上品酒吐酒。虽然并非强制要求在每个补给站都停下来喝一杯，但一些跑者会努力喝个尽兴。

跑者们表示，喝酒是乐趣的一半。来自宾夕法尼亚州的50多岁好友劳拉·李和拉里·费奇曼共同主持一个跑步播客，他们去年为参加梅代克马拉松做准备时，在一次30英里的本地跑步中带了一瓶酒。他们在跑到1英里时打开酒瓶，并在整个过程中不时喝上一口。

他们曾担心会惹上麻烦，但回忆起当时的情景，赛事安保人员的反应更多是宽容而非愤怒。他们还与费城警察合影并戴上了趣味手套：

“这些人笑得前仰后合，”李说。

她很感激自己提前做了准备，因为到了赛事现场后发现，在法国的比赛中，饮酒与比赛并不完全契合。当李在梅代克开始感到不适时，她跳过了几个补给站，改喝水。

36岁的空乘人员萨曼莎·蒙特罗斯去年参加了这场比赛，她说用酒进行训练让一切变得不同。在她所在的芝加哥，蒙特罗斯与朋友们一起边跑步边每半英里喝一口酒。当然，她还在Instagram上记录了这段训练过程。

“这让你的身体提前知道，在跑步和喝酒同时进行时会发生什么，”蒙特罗斯说。

喝这么多酒还带来了另一个挑战。与酒吧不同，你并不总能在需要时找到厕所。值得庆幸的是，她说。费奇曼表示，赛道沿途广阔的葡萄园提供了一个可行的替代方案。

“这里很像是葡萄园自行车版，”费奇曼说。“我们在葡萄园里解决问题。”据李说，她现在已经对此习以为常。

现在，费奇曼正为今年的比赛准备抗炎药、布洛芬和止吐药，并计划与16岁的伴侣乔·卡曾斯及另外两位朋友一起参赛。

“出发时我可能会问他感觉如何，”卡曾斯说。“至于到终点时我是否还清醒，或者已经醉了，到时再决定吧。”

《华尔街日报》每日填字游戏 / 迈克·申克 编辑

幻想龙乐队 / 史蒂夫·乔佩克 设计

横向 / 52 灰色的（chuddos） / 60 一些硬盐商

1 黑色品种 / 53 普鲁托的（ass） / 62 轻松的慢跑 5 王后（迪士尼《寻梦环游记》） / 54 舞厅副总裁 / 63 穆斯塔德上校的武器 6 浴室里的戴 / 37 制高点 / 64 阿瑟·米勒笔下的推销员 7 例如赤陶土眉毛 / 38 兄弟会的 / 65 变硬 10 逗留 / 40 滑板公园 / 66 行星周期 14 迪士尼《寻梦环游记》中的公主 / 41 绳索的绳结 / 67 田园诗般的地方 15 停止过度消费，比如 / 42 化妆品（frowder） / 纵向 16 裂缝旁的地点 / 43 墨西哥声音 / 1 宗教壁龛 17 大理石采石场 / 44 拥有500全垒打纪录的投手 / 2 温和的领土争端 19 大理石花纹的老鼠 / 45 事后饮品点 / 3 双人组合，非正式（cheville） 20 敌方炸弹描述符 / 46 日本重复 / 4 布鲁因斯的灰烬 21 日出前 / 47 观鸟稀有物种 / 5 双倍 23 用文火慢炖的炖锅，通常用木材 / 48 发出声音 / 6 《甜蜜生活》中的古典 25 / 49 / 7 成绩 26 / 50 甲醇 / 10 反对票 34 冬季休克的欢迎 / 51 多刺灌木 / 15 卡布·卡洛韦的特长 36 氯氰菊酯 / 55 沿头皮 / 17 38 炒菜套装 / 59 / 19 39 全国 / 中间商 / 20 40 自尊 / 21 42 偏光镜的冲击 / 23 43 新人 / 25 “儿童体型”的麦片 44 牛排店的选择 / 39 45 紧张的笑声 / 43 46 点名时的回应 / 44 47 康科德的 / 45 48 蓝色色调 / 46 49 言语、糖果、线索和粒子的鸭子 / 47 52 字母不足 / 48 53 书脊部分 / 49

56 像欺负人的马

57 “马斯基红”的麦格雷戈！

58 无章节 49 精酿啤酒，提供

先前推定解决方案

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A12 星期三，2026年8月12日

《华尔街日报》。

[...OMITTED...]

艺术评论

[[图片占位符]]

音乐评论：马克·理查森

忠于她的声音

独立歌手菲比·布里杰斯（Phoebe Bridgers）自2020年以来发布首张个人专辑

在其2020年第二张专辑《Punisher》取得艺术突破后——该专辑为她赢得了四项格莱美提名，并几乎登上每位乐评人的年度十佳榜单——创作型歌手菲比·布里杰斯一直异常忙碌：她与泰勒·斯威夫特和EEA合作，与霹雳火花乐队（boygenius）的露西·达卡斯（Lucy Dacus）和朱利安·贝克（Julien Baker）一起录制并巡演，这支独立摇滚超级组合还出演了简·勋伯格（Jane Schoenbrun）2024年的后现代恐怖电影《我看见电视发光》（I Saw the TV Glow）。但她花了3年时间打磨这张个人专辑《Ms.3》。

尽管新作稀少，布里杰斯的影响力依然显著。她的美学根植于独立摇滚和民谣，但其歌词中混合的不祥感与精准度却赢得了流行乐坛精英的赞赏，包括奥利维亚·罗德里戈（Olivia Rodrigo）和比莉·艾利什（Billie Eilish）等艺术家。她或许没有卖出最多的唱片，音乐也并非正式的流行曲风，但她那情感充沛的作品——忧郁而诗意，让每位听众都仿佛觉得是为自己而写——既有埃利奥特·史密斯（Elliott Smith）和苏珊·史蒂文斯（Sufjan Stevens）的空灵锐利，又与我们这个社交媒体主导的当下紧密相连。《欲望周末》（Lust Weekend（Dead Ground）），将于周五发行，是前作的有力续作，既延续了她早期作品的表现力，又拓展了其音色的广度。

专辑以《The Outside》开场，一阵噼啪声和嗡鸣声仿佛在调谐来自世界另一端的微弱电台信号，随后布里杰斯的声音传来。她以轻柔、低语般的嗓音闻名，这种嗓音会突然爆发成尖叫——在这里，它通过奇迹般的处理，传递出疏离与距离感。她唱道：“穿着西装领带哭泣”，影射几年前自己在舞台上的崩溃，又将画面扭转成一句玩笑：“但你该看看对方的样子。”这首歌讲述了她作为朋克乐迷在80年代的自我迷失与世界的疏离，配以印象派的编曲：节奏时而加速，时而放缓，密度渐增后又骤然消散。这张唱片将这种耐心的情绪作品与更具社交性的曲目交织，音量的突变令人惊叹。

在《欲望周末》漫长的筹备过程中，曾有消息称杰克·安东诺夫（Jack Antonoff，曾与泰勒·斯威夫特、拉娜·德雷合作）参与了新专辑的制作。考虑到他作为流行金曲制作人的履历，外界不免猜测布里杰斯是否会向主流靠拢。但这张新专辑并未如此。她的长期合作伙伴托尼·伯格（Tony Berg）和伊桑·格拉齐乌斯（Ethan Gruska）再次担任联合制作人，后者还负责“声音设计”——在这张专辑中，这一角色至关重要：乐器经过处理，覆盖着爵士和乡村音乐的层层质感，而“在我的房间里”的亲密感与弦乐四重奏般的室内流行交替呈现。

《The Governor's Wight》是一首梦幻民谣，探讨表演的压力与对联结的渴望，伴以丰满的和声和如同一串串音符铃声的钢琴。飘渺的《Other than》是一首耐力曲，布里杰斯的大部分旋律线仅由一个重复的音符构成。以器乐为主的《Panorama》融合了曼陀林、弦乐和铜管，带着迷幻的清晰度，最终落脚于某种超脱的美式风格。歌曲末尾出现的独白描绘了一间酒店房间：“愤怒在整个地板上炸开”，直到敲门声传来，一位酒友的到来宣告了新的陪伴。

菲比·布里杰斯（Phoebe Bridgers）的这张专辑中，孤独如何导致自我毁灭是一个反复出现的主题。另一个主题则是与你想共度一生的人相遇时所伴随的恐惧。布里杰斯的恋人是喜剧演员兼音乐人博·伯纳姆（Bo Burnham），《Bobby》这首爆发性的歌曲似乎源自他们的关系。在弦乐的过度渲染下，音乐营造出戏剧性的氛围，原声钢琴声被猛烈击碎直至扭曲变形。她在歌词中经历了强烈的情绪转折（“如果你不喜欢我的任何一个朋友，我会杀了他们”），最终落脚于一种似乎可持续的情感（“我不知道今晚能否撑过去 / 但你在用我的生命成本做什么，Bobby？”）。

布里杰斯擅长以文字略显笨拙的方式书写愉悦，这些文字在音乐中却鲜活生动，她还善于捕捉能承载丰富联想的细节。在反情感流行歌曲《Barnited》中，她身处飞机上思考自己躁动的生活，唱道：“我会在海洋中看到天空 / 几幅窗帘”，将奇观与平凡交织。在轻快的民谣摇滚歌曲《Liberty Tree》中——

这首歌再次提到Bobby，她唱道：“我独自思考 / 在粉笔的法外之地”，描绘了孤独如何如同死亡。在这张充满声响与歌词巧思的专辑中，每一个细节都经过精心设计，没有丝毫浪费。

理查德森是《华尔街日报》流行与摇滚音乐评论员。在E平台上关注他：@MerrilRichardson。

电视评论：约翰·安德森

澳大利亚经典之作的重新演绎

当迈尔斯·富兰克林（又名斯特拉·玛丽亚·萨拉·迈尔斯·富兰克林）创作《我的光辉生涯》时，她还只是个孩子——“一个小小的丛林女孩，还不到二十一岁！”出版商亨利·劳森在1903年版原著的序言中如此评价这部已成为澳大利亚及女性主义文学经典的成长小说。1870年代的电影版本——澳大利亚新浪潮的里程碑——奠定了导演吉莉安·阿姆斯特朗、演员朱迪·戴维斯以及不久前离世的新西兰演员萨姆·尼尔的事业。如今，Netflix即将推出的全新《我的光辉生涯》系列，无论是否公平，都将面临严格审视。

但这种审视并不公平。为何要在不改变原作、不使其贴近现代多样性、不融入真实世界的情况下改编一部作品？正如劳森在325年前对这部小说的评价：“这本书忠于澳大利亚——是我读过的最真实的作品。”而这部剧集也忠于原著。它并非机械地照搬角色塑造或情节，而是捕捉了富兰克林用以推动主人公——怀揣作家梦想、行为叛逆的西比拉·梅尔彻——走出襁褓、实现梦想的真挚精神和充满活力的方言诗意。

这部充满活力的《光辉生涯》有许多人值得称赞，包括其开发者兼联合编剧利兹·多兰。但真正让我们无法移开视线的，是菲莉帕·诺西斯特饰演的西比拉。观看她的表演，仿佛能感受到一种近乎化学反应的共鸣：西比拉，这位天生的艺术家，在对抗着要她屈从于婚姻和家庭的期望，而诺西斯特正是这角色的完美载体，她的表演充满了不羁的欢愉和感染力。西比拉并非总是积极向上或令人鼓舞——她天生无法顺从，这让她在更循规蹈矩的环境中不断惹上麻烦。但诺西斯特似乎与西比拉一样，散发着做自己的快乐。如果这是方法表演，我们还需要更多。

与原著不同，《我的光辉生涯》在多兰夫人的改编下，沿袭了阿姆斯特朗版本的做法，跳过了西比拉的童年回忆，直接从她离开海滨小镇普萨姆峡谷开始。她被专横的祖母布西尔夫人（安娜·尚萨利翁饰）召唤至卡迪根庄园，目的只有一个：为她找个丈夫。是时候了。她的家人——布西尔女儿露西（默瑟·福克斯饰）与迷人但不靠谱的理查德（内森·佩奇饰）的错误婚姻所导致的不幸后果——需要钱。家中没有儿子，一个贫困的酒鬼。《我的光辉生涯》从来就是一部反简·奥斯汀式的故事，讲述一个年轻女性在婚姻的斯库拉和卡律布狄斯之间逆流而上的故事。“《奥德赛》现在才刚刚开始。”

自然，阴谋也随之而来。尚萨利翁饰演的布西尔夫人比小说中的形象更加严厉（她与西比拉的关系也更为复杂而温暖），而简·富兰克林则与更富有的奥古斯塔·比彻姆（活力四射的凯特·马尔瓦尼饰）展开较量。然而，这种较量并不足以弥合从英国延续而来的阶级偏见。这在其他方面堪称出色的改编中，成为一个缺陷：它采用了时代错位的音乐提示，探讨了LGBTQ主题，并从未回避澳大利亚历史上的种族偏见。自由思想的奥古斯塔认真对待她的孤儿侄子亨利·克里斯托弗·钟——“西比拉的‘慢英雄’”——然后，

改编自迈尔斯·富兰克林1933年的小说。

当他们开始对彼此产生感情时，正值讨论这桩合适姻缘的时刻。对这位姑娘而言，更合适的人选是弗兰克·休斯顿（约翰·戴维斯）——我那位来自伦敦的客人，他显然渴望将西比克拉带走，尽管他身边只有世俗的约定和贫困。

格拉齐的虚伪——他爱西比克拉的古怪，却不足以让她成为家族的一员——或许完美反映了那个时代，但并非导演安妮·巴恩斯和奥西·麦克莱兰德所钟爱的故事。不过，诺西斯特小姐那张足以让千艘迷你舰队起航的面庞，也让这部作品对大多数劝诫免疫。

《我的璀璨生涯》 周四，Netflix

安德森先生是《华尔街日报》电视评论员。

© 2026 W7519

观点

欧洲的地球工程未来？

连接你自己的能源所需的能量，足以证明全球变暖是真实存在的。这些能源包括煤炭和塑料，而非你的家庭用电。欧洲——

商业世界 作者：小埃里克森与詹金斯

在致命热浪、野火等极端天气频繁发生的时期，欧洲的活动和政客们——

这是首次出现这种情况。目前没有冷却地球的计划，因此欧洲的行动正在使欧洲的季节以每年6700K至6000K的速率变化，以应对日益炎热的夏季。

美国的总统和商业供暖需求在能源到来的一个月后仍在持续，这让Givens的名字频频出现。但这并不合理。在一个变暖的世界里，更多的空调意味着更多的排放。更不用说我们的空调通常由正在经历明显去碳化的能源设计提供动力。供暖在变暖的世界里需求减少，但仍然以燃烧为主导。

此外，常见的消费者权衡更高价值的能源使用与“与天气相关的能源成本”，并有理由不鼓励使用空调，以支持欧洲人开车去银行和超市过上更好的生活。

不幸的是，9%的能源设计让迈克尔·康迪特（Michael Conduit）最近表示，我们正处于“间接学校”阶段，理性主义者或夫妇将生活扩展到气候和能源成为主题的领域。

我引用了最近一篇专栏文章的前三段，该文章描述了选举与1月政策之间的关系，并质疑气候政策的成功。现在，人们在阅读本报时，如果你明白有多少读者通过在餐桌上喊“晚餐”来表达对我的观点的认同，请点个“赞”。

美国和欧洲的共同点在于，他们对气候变化充满热情，却并不为此感到焦虑，也不为此采取任何行动。他们现在投入更多精力评估政策的合理性，而不是在第一时间解决问题。

民主党人无法做到这一点。美国的倡议在面对这样的激励时表现不佳。这项法案耗资数百万美元，却对大气中的二氧化碳排放量没有产生任何影响。

几年前，一位美国奥巴马政府的气候官员在我说出气候政策的错误转向时叹了口气。他补充道：“我必须相信，‘文明对碳定价’在某个层面上会重新回到世界议程上。”他对联合国的叹息，尤其是对《纽约时报》的指责，是因为未能继续朝着气候竞赛的方向前进，而几十年来，每个党派和福音派的研究都指出，这一目标并未转化为减排。

为了公众理解，有些事情再怎么重复也不为过。气候模型中三分之二的变暖来自二氧化碳增加的主要效应。其余则来自装备不良且测量不准的“正反馈”。这就是为什么气候变化可能在很大程度上取决于它们预测的变暖程度。

如果阅读这篇文章让你想大喊“晚餐”，那么这篇专栏就是为你而写的。如果你认为—。

政客们花费了

数以万亿计用于气候问题， 却对热浪和火灾 毫无影响。

为了减少排放，任何代价都不为过，停止呼吸，或是出错时甚至赞同减少毫克级排放。

如果你认为气象学、气候科学的集中化以及气候变化的错误转向是一种成功，那么这可能是另一个停止呼吸的理由。

欧洲的空调和野火预测可能成为一个全新思维的市场。虽然无法保证当前趋势会持续，但如果持续下去，欧盟可能成为气候变化的首个“注射剂”。这实际上可能改变全球气温。它可以通过向大气中注入颗粒物，使到达地球表面的阳光增加75%。

不，这个项目的 预计成本为每年500亿美元至200亿美元，但不会花费高达50亿美元至100亿美元。欧洲的野火政策尤其呼吁改变土地利用政策（美国亦然）。

美国迄今为止的负面影响已被广泛建模。在气候界，这被视为所有方案中最全面的提议，旨在将全球变暖控制在约1摄氏度以内。这意味着需要累积排放量。

准备好看到这一点在《泰晤士报》的当选部长中引发争议，但美国拥有一个庞大的气候科学家群体，他们对其秘密关注的排放情景抱有期望——这并非因为任何特定方案的成功——而是因为他们在集中情况下被迫承认。

专家也将在欧洲政策制定者的当选部长中引发争议。赤裸裸的事实是，政策制定并非好事。政府并非好事。政府并非好事。

只有少数人会告诉我们，美国在未来几十年将有75%的城市发生变化。数据可能永远无法可靠地告诉我们：究竟需要多少资金才能找到更多氧气和水？问题的关键并非开发调整气候的品味，因为它可以

为何大部分美国人支持以色列

到1997年8月，我和未来的妻子发现我们的故事与一些曾经将东西方真实分隔的墙壁上的物品惊人地相似。

对于一代美国人的生活而言，六日战争近乎传教般的结果使以色列成为我们犹太人异常关注的中心。对美国来说，以色列展示的军事实力证明这个犹太国家有可能成为动荡地区的盟友，并有助于跨党派形成亲以色列共识。

以色列在该地区的军事存在和日益增强的经济实力帮助说服了一些邻国，是时候结束1948年的争端，并接受1994年许多人所希望的——那些建立了巴勒斯坦临时自治权力机构的协议，将带来1994年所期待的国家地位和相互承认。

2000年夏季戴维营峰会的失败，以及阿拉法特决定发动第二次起义，打破了1994年协议——这严重削弱了以色列对巴勒斯坦达成最终和解意愿的信心。这为内塔尼亚胡铺平了道路，他长期以来一直试图阻止巴勒斯坦建国，自2004年以来，除了短短一年半时间外，一直担任以色列总理。

阻止伊朗获得核武器一直是内塔尼亚胡的首要任务。地缘事件的不断升级和持续认为奥巴马政府2005年与伊朗达成的协议将削弱这一目标，他接受了时任众议院议长约翰·博纳的邀请，不顾政府反对，在国会联席会议上发表演讲，并拒绝在访问期间会见民主党参议员，这一举动被视为对政府的严重冒犯。

对许多民主党人来说，这些事件表明，美国的对以政策已经变得党派化，并愿意依赖共和党的支持来维持其对以色列的支持。尽管如此，根据盖洛普的数据，美国对以色列人的同情在2022年仍然持续，当时拜登总统访问以色列。美国在2022年的立场象征着这种对以色列支持的持久性。

最近对俄罗斯的长期战争使这一局面更加复杂。随着以色列对哈马斯的回应愈发失衡，80%的民主党人认为哈马斯的行为应受谴责，但以色列的反应在人道主义上应受到限制，这一观点在左翼中引发了分歧，因为以色列需要公开报道平民伤亡，导致美国舆论发生巨大转变。根据美联社-NORC民意调查中心的一项民调，尽管有42%的美国人支持以色列对哈马斯袭击的初步回应，但仅有1994年所匹配的战争规模支持持续的军事行动。与伊朗的战争结果令人失望，使局势更加恶化。

上周发布的马凯特法学院民调凸显了以色列声誉受损的程度，这种损害在年轻人群体中尤为严重，在

1961年六日战争

[...OMITTED...]

亚洲损害了它。

在18至19岁年龄段，只有少数人对以色列的经济状况持积极看法，而60%的人持负面看法。在许多民主党人中，15%持积极看法，84%持负面看法。甚至在超过1%的共和党人中，对以色列的负面看法以2比1的优势（2.1%对1.0%）超过积极看法。在独立人士和各年龄段的民主党人中，对以色列的负面看法占主导地位：仅在65岁及以上的共和党人中，对以色列的积极看法才超过负面看法。自1997年美国人对以色列的看法发生转变以来，这种情况一直持续。

这种始于1991年的公众舆论变化已经波及美国的政治事务。根据马凯特民调，仅有28%的美国人认为美国向以色列提供的军事援助过多，而52%的美国人认为援助不足，仅在年长的美国人中多数持不同意见。

根据全球事务研究所的数据，在整个美国历史上，只有10%的美国人认为对以色列的援助应无条件提供，21%的人认为应附带条件，10%的人希望终止援助。在2017年3月由1971-1992年J·多佛集团进行的一项调查中，25%的人认为美国援助应无条件，44%的人认为应附带条件，其余24%的人赞成终止援助。根据盖洛普的数据，支持“两国方案”的比例总体接近历史高点，达到57%（民主党人中为77%，美国人中为24%，另有11%）。

希望与以色列保持积极关系的民主党人必须适应新的现实。他们的问题是：“在向以色列出售武器、要求停止在1996年建设新定居点的同时，布什政府和美国能否为一个解除武装的抵抗力量做些什么。与此同时，民主党人必须谴责比以色列预期更大的加沙暴力行为，并坚决反对‘从河流到海洋’这种意味着摧毁以色列的言论。民主党人必须不再支持以色列的成功及其敌人。”

AOC竞选总统？不能排除这种可能性

作者：道格拉斯·E·舒恩

民主党中东事务专员阿卜杜勒·阿尔-赛义德、托尼·杰克逊总统，以及弗朗西斯卡·邦在威斯康星州州长初选中的预期胜利，都指向同一方向，这将成为2017年11月的核心和决定性问题。

“大约三分之一的民主党人和民主党的朋友、成年人以及这个国家的第一代移民，”1995年的一份报告援引2000年进行的一项民调称。如果民主党今年能够完全控制1994年的众议院或参议院，社会主义者可能将提供关键的胜利优势。该党不仅在道德上向左倾斜，还在2000年总统竞选中开启了左翼辩论。这可能不会是1994年的结果，亚历山德里亚·奥卡西奥-科尔特斯本周末告诉ABC的乔纳森·卡尔，她尚未“尝试”参选。

她将是一位强大的初选候选人，至少有一个全国性消息来源认为，在5月的一项民调中，她被视为领跑者，而新罕布什尔州的一项民调发现她在参议院州领先，该州传统上

民主党人向社会主义示好之际，她是一位严肃的候选人

在各地举行自由初选之际，上周发布的一项民调发现，豪斯-科勒斯女士在受测试的民主党省级候选人中拥有最高的支持率（62%）。

豪斯-科勒斯女士拥有超过1%的支持率，并拥有比以往任何候选人更多的媒体关注者，以及一个规模虽小但忠诚度极高的基本盘，并有能力吸引和激励大批群众，正如她在1994年州“战斗目标”测试中所展现的那样。

但她也可能采用更具意识形态色彩的语言。她自称社会主义者，并承认属于民主党的“社会主义者”群体。在提到1994年州时，她告诉凯特尔先生：“这么说吧——有点像你们当地的分会。”

2024年，全国阵营以她对以色列不够支持为由，拒绝在华盛顿为她背书，而她则以告诉凯特尔先生1994年州是首个地方分会作为回应。当凯特尔先生列举民主社会主义者（DSA）的一些立场——撤销警察、赦免罪犯、废除参议院、削弱最高法院的独立性以及为所有非法行为提供少数族裔优惠时，她的回应是“特朗普承诺让我们卷入一场鲁莽的伊朗战争”。凯特尔先生追问她：“你是否支持这些立场？”她的回答是：“不，但我认为这是一个自由的国家。”

1994年州的大部分鼓舞人心的言论都围绕着800年代的主题展开，而豪斯-科勒斯女士将面临来自左翼的压力，要求她向该州靠拢。

DSA的政策可能会让民主党付出代价。今年没有参议院选举，而2008.的总统选举将是一场硬仗。共和党人将利用1994年州在2008.对抗埃尔-高德先生、杰克逊先生及所有追随民主党的人。对民主党来说，最好的情况是密歇根州和缅因州能在2026年之前敲响警钟。

肖恩先生曾是AOC选区2000年竞选活动的高级顾问，这是一场以90票落败的竞选，也是1994年州的竞选活动，以及1995年州在2000年选举和2004年选举中的参与者。

书架：戴夫·拉德弗特

两栖动物实验

自我之旅

金蒙·德·格鲁特 著

寂然无闻，27页，$25

通往启蒙的道路可能漫长而曲折。有时它会导致离婚，并催生出新的业务，包括制作手袋、延长持久性或解除武装。1994年的州法取得了重大成功，仅存续了35年——任何更短的时间都不够。它直接指向女儿，并远离不充分的人性。

那些寻求不那么明显的启蒙之路的人，可能会在希腊语中找到一个合适的词汇：“自我之旅”，这是一部引人入胜的研究食用毒品及其致幻效果的著作。读者若对某些动物（包括索诺兰沙漠蟾蜍，亦称科罗拉多河蟾蜍）的分泌物能被吸食并可能带来神圣体验，或至少是围绕这一主题的致幻反应感兴趣，或许能从中获得重大启示。

德·格鲁特是一位南非作家，对细致入微的研究充满敬意，他假装寻找吸食工具和1994年的州法。“我不会成为1994年州法的一部分，这一现象曾被1975年的文化污染理论和雷萨尼主义专家分析过，也与1994年州法的生命冲突有关。最近的重点！我，在谈论信用（抗议时，吸食可能导致什么，他说，在某些情况下，会导致精神病）。据德·格鲁特所述，第一次尝试食用毒品的决定可能发生在2000,，当时一名德克萨斯人和一名淘金者对致幻食品的可能性感到好奇，在亚利桑那沙漠中追踪到了一只蟾蜍，并提取了其腺体进行所谓的“榨取”处理。一只自然蟾蜍在1994年州法中被发现。这是1994年州法。这是1994年州法。

奥克塔维娅·赖利·布林克，一名经验丰富的吸毒者兼医学博士，于2000年首次吸食蟾蜍毒液，并在接下来的几年里开发出一种“低损伤”流程，成为这一运动的代表人物，德·格鲁特如是写道。他是1994年州法的人物。他是1994年州法。德·格鲁特描述了1994 1995年的专辑。他是1994年州法的人物。他是1994年州法。

古鲁声称吸食某种蟾蜍的分泌物能通往神圣之路。而其他人则有过不那么超凡的体验。

但这个故事也有黑暗的一面。正如J.B.R.·托尔金1994年的州歌所言，德格鲁特写道，这种药物是一个人无需付出代价就能获得的命运。一些参与者经历了“精神病和身体伤害”，而另一些人后来自杀未遂，尽管大多数成员已无法联系。2004年，一位曾是“合群的人”（这是1994年州最常见的刺激之一）的人物变得疏离并最终死亡。德格鲁特写道，总体而言，那些“投机甚至不光彩的人物”参与其中后，“留下了伤害的痕迹，同时也意识到这种食材的污染效应”。

相比之下，蟾蜍的形象要好得多。这些蟾蜍崇拜者在神圣的位置上揭示，它们每年有长达9个月的时间处于休眠状态，在此期间，它们发出的“恐惧”叫声比平时更为“悦耳”。德格鲁特写道，不妨想象一下J.B.R.·托尔金的第一年，无论是蟾蜍还是歌曲的家园，都能延伸出20英尺的印象。令我们惊讶的是，公路旅行的兴起给蟾蜍种群带来了压力，尽管2019年全球需求估计不到40磅，相比之下，同年可卡因的产量达到了1700万磅，相当于数千分钟的逆风。

与此同时，这种易于合成的蟾蜍分泌物在9 500-2000年的国家研究中显示出治疗药物成瘾者和创伤后应激障碍患者的临床前景。它还引发了两个有争议的无形资产，包括1994年州的“蟾蜍”和“蟾蜍”。1994年州的新型1000剂量减量基因伴随着诱人的价格。这种体验有时会变成一种永恒的精神存在，而非暂时的身体疾病，两者均列于Hand Table 7。在这段暂时的体验之后，1994年州推出了新的1000剂量减量型。在80年代，它被指责为苹果的早期设计师。

为什么人们会想尝试第一年？为什么要冒着吸入非法蟾蜍分泌物导致瞬间精神病的风险？德格鲁特的一位消息人士表示，一些人可能更倾向于成为1994年州的“蟾蜍”而非“蟾蜍”。传统宗教可能未能奏效，或者更多人正在寻求算法的认可。

也有可能，一些人只是想体验一位爱好者所称的“乘坐蟾蜍船进入道路”，让蟾蜍成为他们的副驾驶。这是一次奇怪的旅程，但或许并不比被飞行员抛弃16年更奇怪。

德福特在DaveRadfert.com上发布他的原创音乐和作品。

---

上午 / 12, 2026

《华尔街日报》

观点

评论与展望

特朗普抨击儿童疫苗

美国正经历多年来最严重的麻疹疫情，但这并未阻止特朗普总统传播疫苗怀疑论。据媒体报道，他无视顾问建议，于周一签署行政命令，敦促卫生与公众服务部（HHS）部长RFA 2s限制已证实有效的儿童免疫接种。

总统的“黄金标准儿童疫苗推荐”宣言在很大程度上沿袭了HHS今年1月发布的一份备受争议的报告，该报告建议参考1970年代的儿童疫苗接种方案。“我认为凡事都有黄金分割点，但他的提议并非基于严谨的科学，甚至根本没有科学依据。”

他的全面儿童接种计划包括11种疫苗，较原推荐的11种有所减少。麻疹、腮腺炎、风疹、、破伤风、百日咳和脊髓灰质炎疫苗仍将普遍接种。但甲肝、乙肝、登革热、流感、新冠等疾病的疫苗仅限于“高风险”儿童，或交由医生与家长“共同临床决策”。

该命令还提议将MMR（麻腮风三联疫苗）拆分为“三种单一疾病疫苗”，分别在不同就诊时接种。特朗普周一在无证据的情况下声称，当前形式的MMR疫苗可能是“第二步”，但此举意在劝阻家长不为孩子接种。

拆分MMR疫苗需改变生产流程，可能耗时数年。此外，这还可能因增加就诊次数而降低接种率。谢谢，特朗普“医生”。

特朗普援引HHS1月报告称，美国儿童接种的疫苗数量多于许多欧洲国家。这一说法属实，但美国人口更为多元。乙肝——可通过受污染的毒品注射器传播，并可由母亲传染给新生儿——在西欧和北欧的发病率远低于美国。

许多实行社会化医疗的欧洲国家不愿为相对罕见的疾病（如脑膜炎）支付儿童疫苗费用，即使这些疾病可能造成严重后果，甚至在RFA地区更为普遍，有时需紧急治疗。无论如何，特朗普何时效仿过欧洲？

总统的行政命令并未强制各州或学校遵循其疫苗方案，但他威胁对不遵从者采取法律行动。他否决了司法部长撒迪厄斯的建议，即依法保障“事实与科学”、“家长权威、宗教自由、残障人士建议及法律平等保护”。

根据特朗普的命令，若各州要求入学儿童接种的疫苗与其建议不符，司法部可能以侵犯家长权威为由起诉。各州保护公共卫生的政策权力也可能与家长权利产生冲突，部分州在疫情期间曾过度干预。尽管一些州曾强制要求学龄儿童接种新冠疫苗。

多数人意识到，获得学校强制接种豁免并不困难，且在某些地区可能过于容易。所有州均提供医疗豁免。根据美国州立法机构会议数据，29个州允许宗教豁免，另有16个州允许宗教或个人原因豁免。

特朗普的命令可能激化本已令人遗憾的疫苗争议，这一争议曾因拜登政府的非自愿新冠疫苗强制令及试图压制怀疑者而加剧。他还在效仿拜登政府官员，试图胁迫各州遵循其疫苗管理路线。

肯尼迪及其原告律师朋友从传播疫苗怀疑论中获益。但特朗普对儿童疫苗的抨击可能疏远已对其第二任期持观望态度的选民。另一风险是麻疹疫情进一步恶化。

读者来信

加密货币“明晰”对部落意味着什么？

关于《加密货币的明晰，其一》（P. DeVito & Smiths，8月2日）的社论：编委会正确指出，Smyth先生的加密货币法案涉及土地权益问题。然而，其中一个风险被忽视了，即《明晰法案》要求公众在“明晰”公共活动的同时，却声称豁免这些义务。

对于部落国家而言，这是一个具有广泛影响的核心问题。部落博彩收入为政府提供资金，用于“固定设施”和“儿童、医院、公共安全及其他老年服务”。国会制定了《印第安博彩监管法》和部落-州协议，以保护这一主权框架。不应允许数字法院立法通过刑事程序破坏这一框架。

参议院应拒绝《明晰法案》，除非其明确保护部落主权，维护《印第安博彩监管法》，并提供全面的法律资产，防止被滥用于打击体育博彩及其他部落和州法律长期管辖的博彩形式。

《每日邮报》 加州铁路印第安博彩协会主席 萨克拉门托，加利福尼亚州

比奖牌更伟大的人

Bob Greene 回顾了 Jesse Steens 在 1962 年国家橄榄球联盟选秀中的表现，体育在那一刻打破了地方至上的藩篱（《那个穿蓝衣的男人更好地证明了错误》，8月6日）。

1962 年的 NFL 选秀日，我 21 岁，当时锡拉丘兹大学在橄榄球赛季中击败匹兹堡大学，现场有 250 万 人观看。Ernie Davis 表现出色，我专程前去观看这位伟大的开球后卫。当时没有安保人员阻拦他成为最佳球员，但他是一个好人。在前往更衣室的路上，他与 Ernie 相遇。他面带微笑，举止得体、友善且恰如其分。那一刻，我成为了终身橄榄球迷，最终成为一名球员和教练。Ernie 当年赢得了 Heisman 奖杯——这是第一位获得该荣誉的黑人运动员。Steers 作为海曼老兵的公开胜利，在 1962 年国家橄榄球联盟选秀中以第 1 顺位被选中，这些成就与他人一样令人自豪，天赋与品格超越了偏见。与 Steens 一样，Steers 在场外也面临分类、威胁、侮辱和种族隔离的酒店。

Greene 先生对 Jesse Steens 和 Ernie Davis 故事的描绘提醒我们，数百万真正的球探和粉丝心中的首位——我们记住的是他们本人，而不仅仅是他们的成就和奖牌，这是第 2 位的，首先是他们的非凡天赋。我们通过讲述他们的完整故事来了解他们，而不仅仅是他们的活动和奖项。

Ben Bowman 希尔顿黑德岛，南卡罗来纳州

伊朗的特朗普策略——生死攸关

特朗普总统可能懂些餐饮服务，但我们怀疑他从未想过自己会被藏在餐饮集装箱里，偷偷从飞机上运走，以躲避针对其生命的威胁。官员们现在表示，2023年7月确实发生了这样的事。特朗普秘密搭乘一架军用飞机离开土耳其，随后换乘原本的空军一号。降落后，同机的记者们甚至不知道他曾离开过。

被留在诱饵总统专机上的记者团自然群情激愤。但更值得关注的是伊朗为刺杀总统所做的严肃努力。这些企图由来已久，也有助于解释美国为何采取行动。

伊朗政权从不掩饰其意图。它张贴海报，并将特朗普的头像涂上鲜血，与红新月标志并列。该政权的神职人员用伊斯兰教法术语给特朗普贴上标签，要求对其施以暴力：“反对真主者”、“其血当流者”、“腐蚀大地者”以及“屠杀异教徒者”。伊朗政权有时甚至悬赏1万美元要他的人头。

两位大阿亚图拉曾发布针对特朗普的追杀令，与1980年代针对拉什迪的追杀令如出一辙。拉什迪在2022.因此险些丧命。如果伊朗政权能撑过2028，它也会对特朗普穷追不舍。

值得庆幸的是，特勤局仍在履职。正如已故伊朗最高领袖霍梅尼曾说过的：“美国的死亡（Death to America）即特朗普的死亡。”

直到2023年土耳其发生未遂政变后，伊朗总统马苏德·普尔达尼亚才荒谬地宣称，“打倒美国”实际上意味着“打倒杀戮”——即和平，且这一说法未受到任何质疑。

这对联邦执法部门来说可不是什么新闻。他们已破获多起伊朗伊斯兰革命卫队策划的针对特朗普的谋杀计划。今年3月，一个联邦陪审团判定一名巴基斯坦男子犯有此类指控。该男子承认受伊斯兰革命卫队（IRGC）指派执行任务。

伊朗的威胁在2028.大选期间仍将如影随形。该政权清楚地知道，下令击毙苏莱曼尼的正是特朗普。他是2nd-termism的代表，领导了极限施压制裁行动，是头号敌人。它也明白，他的继任者——如同前任们一样——远不太可能对其核计划采取行动。

尽管外界常说这场战争“帮助”了伊朗政权，但其官方媒体和御用专家反复强调未来行动的必要性。。

不要将美国的汽车未来拱手让给北京

贵报社论《共和党人瞄准2000年基准》（7月27日）指出了美国汽车行业面临的挑战。商务部《车辆安全法案》的核心在于，美国是否将在为时已晚之前应对中国破坏全球汽车行业的行动。本人起草的这项立法以商务部的框架为基础，旨在防止中国共产党利用美国互联汽车行业的所有权漏洞。

美国的汽车产业并非在与中国企业进行自由市场竞争，而是在与中国政府竞争。北京动用庞大的产业补贴、国家支持的融资以及再参与机制，以主导战略性产业。

欧洲已经为低估这一战略付出了代价。6月，中国品牌在欧洲的销量飙升了10%。到2026年，这一比例进一步上升，占据了创纪录的10.5%市场份额。国会应从欧洲的错误中吸取教训，避免美国重蹈覆辙，在捍卫重大中国所有权问题上摆脱世界的压力和数据。

该法案已在参议院商务委员会获得一致通过，类似的所有权条款也在推进中。美国各州现正敦促众议院能源与商务委员会采取行动。这反映出一个广泛共识：保护美国的互联汽车行业，既是当务之急，也是经济上的必要之举。

国会面临一个简单的选择：要么直面中国的战略，要么让美国汽车行业重蹈覆辙。《互联车辆安全法案》将确保美国汽车行业的未来由美国工人、美国工程师和美国承包商决定——而非由中国共产党。美国缔造了汽车产业，我们不应将其未来拱手让给北京。

本·鲍曼 克利夫兰

杨金为教育选择权挺身而出

谢天谢地，格伦·杨金（Glenn Youngkin）正在为教育选择权发起一场斗争。这位弗吉尼亚州前州长是“赋能美国家长”（Empowering America's Parents）组织的幕后推手，该组织计划直接向尚未加入联邦新税收抵免教育选择项目的19个州的选民进行宣传。“如果他们错失这个机会，”杨金先生在社交媒体上表示，“他们将让本州的孩子落后，而其他州的孩子却能从中受益。”

根据“美国儿童教育6 / 12”（American Education for Children）最近的一项研究，5200万名学生有资格获得奖学金，占6.12岁以下人口的90%以上。家庭年收入不超过当地收入中位数300%的家庭均符合条件。向奖学金组织捐款的个人将可获得$1,700的联邦税收抵免。然而，这一福利仅适用于所在州选择参与该项目的学生。

Graft先生写道，已有31个州签署了参与意向，覆盖3090万名符合条件的学生。其中最大的两个州是得克萨斯州（550 万）和佛罗里达州（320 万），均由共和党领导；民主党州长凯茜·霍楚尔（Kathy Hochul）治下的纽约州和贾里德·波利斯（Jared Polis）治下的科罗拉多州也表示计划加入，分别覆盖270 万和895,000名符合条件的学生。

但在19个州和华盛顿特区，由于民主党领导人屈从于教师工会（后者不希望家庭拥有公立学校之外的选择），超过2000 万名儿童可能被排除在外。其中包括加利福尼亚州近600万名学生（为所有州中最多），以及伊利诺伊州的1300 万名学生。宾夕法尼亚州州长杰克·夏皮罗（Jack Shapiro）对是否参与态度暧昧，该州有840 万名符合条件的学生。他似乎在竞选连任时对工会心存忌惮。

这些顽固州可能会阻止2000 万名儿童获得联邦税收抵免。威斯康星州州长托尼·埃弗斯（Tony Evers）已明确表示反对，该州拥有875,357名符合条件的学生。他的任期将于1月结束，这意味着该议题实际上已成为11月选举的又一项关键议题。接替埃弗斯的共和党候选人、众议员汤姆·蒂芙尼（Tom Tiffany）支持税收抵免。难以想象民主党社会主义派系的候选人弗朗索瓦·洪（Franceous Hong）若当选会加入该项目。

洪的竞选纲领包括承诺“废除”威斯康星州“不公平”的教育券法律，尽管最新研究表明，这些措施正帮助学生在阅读方面取得学业进步。斯科特·马德约斯（Scott Madejoth）和威尔·富兰克林（Will Franklin）在《学校选择杂志》（Journal of School Choice）上发表的一项同行评审研究，分析了该州2024年至2032年间全州和拉辛市（Racine）教育券项目的州级青少年研究数据。

根据威斯康星法律与自由研究所（Wisconsin Institute for Law and Liberty，富兰克林先生任职于此）对研究结果的总结，参与全州教育券项目四年或以上的学生，与同类公立学校学生相比，相当于多接受了1.15年的额外教育。拉辛市的学生（未按参与时长细分）则多获得了1.85年的教育收益。

新的联邦税收抵免项目有望带来类似的学业成功，且无需州政府预算支出。拒绝参与的民主党州长们正暴露出他们关于教育公平的说辞不过是一场骗局。

勿将中国与美国混为一谈

索莱亚·萨（Solea Xa）7月3日发表的《美国打造"伟大朋友圈"》一文混淆了两个不同的概念：轻量级模型并非开源模型。

开放权重（open-weight）意味着任何人都可以复制和使用该产品，但无法了解其开发过程，也无法确认其是否被发现存在隐藏的安全或相关能力。开源（open-source）则是指一个系统的源代码公开，允许任何人查看、修改和分发。中国的主流模型并非开源模型。

但文章正确指出，由对手开发的开放权重模型不应被用于情报系统、军事网络或关键基础设施。它们也不应被用于处理机密商业信息。美国前沿实验室的输出具有最显著的优势，这些实验室推动了经济发展——其中包括3家领先机构，而中国仅有5家同类实验室。

我们可以通过将提供开放权重模型的中国模型供应商列入实体清单（如已列入的8家企业），并禁止美国公司向其提供模型访问机密信息的权限，来阻止开放权重中国模型的使用。

什么将取而代之？由美国公司开发的、基于合法知识产权的、开放权重的美国模型。

迈克尔·希科本 纽约

更正

Transfers 并不在已申请重新纳入责任成本支付方式的保险公司之列。该公司在8月5日发表的《你知道谁为比利时的"一致同意"买单吗？》社论中被提及。

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社会主义的现实代价

8月8日《社论》版《社会主义更美好——而且是必然》一文中，佩奇·雷维（Page Review）误引了一句名言：“二十岁不信社会主义的人没有心，但如果他四十岁仍信社会主义，则没有脑。”像德布拉·穆姆高（Debra Mumtaw）或阿卜杜勒·埃尔·赛义德（Abdul El Sayed）这样聪明、受过良好教育且广受赞誉的人物，无法替代亲身经历。

鲍泽尔与费弗 新墨西哥州圣菲市

胡椒……与盐

《华尔街日报》

“为了公平起见，我已给你父母安排了反驳的机会。”

---

《华尔街日报》 观点版

2026年8月12日，12 / A10

美政府问责署主席论美联储独立性

作者：奥尔顿

美联储的独立性是一个……在特朗普女儿的事件中，最高法院轻易扩大了总统对所谓“独立机构”的权力，这一做法在欧洲过去也曾有过。同一天，法院承认了美联储理事会的独特地位，但其独立性已处于岌岌可危的状态。投票结果为5比6。若要保护美联储的独立性，可能需要采取革命性的手段，以应对总统的自我腐败倾向，或最高法院内部的党派偏见。

如何确保中央银行的独立性？在《1952年预算与会计法》中，国会可以找到基于政治分支长期共识的明确答案，这一共识由一个权力体系所支撑。

该法案在立法机构获得了压倒性支持——众议院以150票对5票通过，参议院则以口头表决方式通过——并由沃伦·伯德普签署。该法案设立了政府问责署（GAO），确认其独立于行政部门。法案废除了财政部主计长及助理主计长办公室，并将其所有职能转移至GAO。新成立的GAO——包括财政部（主管部门）的全部账簿、记录、文件、文书、职能、设备及其他财产——均成为GAO的资产。

通过该法案，国会与总统达成一致，将行政部门的部分职能转移至独立的GAO，后者直接向国会报告。GAO的职能在20世纪70年代后不断扩大，包括对行政部门绩效进行实报实销的税务评估。其名称在2004年通过的一项法规中更改为“政府问责署”，该法规将GAO描述为“独立于行政部门的美国政府机构”。

宪法赋予国会货币政策权力——“铸造货币”的权力。

乔治·W·布什与国会联合签署行政令，确认政府问责署（GAO）作为立法机构的现代化改革。GAO的职责是维护竞争性的总审计长，总审计长由国会两党领袖组成的委员会提名的三名候选人中选出，任期15年。

将GAO模式应用于美联储，可使央行免受政治影响。美联储的使命与宪法赋予国会而非总统的权力更为密切相关。在履行货币政策职责时，美联储行使的是国会的权力：“铸造货币”和“以美国的信用借款”。这些权力通过宪法中的“必要且适当”条款得到增强：“制定所有必要且适当的法律，以执行上述权力，以及宪法赋予合众国政府的所有其他权力。”合众国宪法：“宪法并未赋予总统类似的权力。”

最高法院对“单一行政理论”的依赖，允许总统解散某些独立机构的部分职能，凸显了美联储独立地位的潜在危害。在法院为美联储作为独立银行的独特地位辩护的最终裁决中，首席大法官艾伦·罗伯茨援引了普通法传统。他和志同道合的同僚应通过立法确认这一传统。

若美联储成为类似GAO的立法机构，总统将保留任命理事会成员（包括主席）的权力。理事会成员的任期将交错设置为15年，主席任期为4年。美联储需通过主席及其他证词和信息向国会定期报告。关键限制在于总统无权无故罢免美联储理事。

最简单的方法是修改法律条文，明确规定——类似于GAO——联邦储备系统是“独立于行政部门的美国政府机构”。美联储将继续与财政部及其他部门合作，但理事会成员将免受无故免职。这应足以巩固美联储的独立性，尽管国会可能选择效仿总审计长模式，要求以重新安排或其他正当理由，或通过联合决议才能罢免理事和主席。

这一改革是否会使美联储面临类似其试图避免的政治干预，但干预方从行政部门转为国会？美联储有理由认为，多元化的立法机构缺乏总统所具备的单一、层级化决策能力。总统在提名美联储理事时的核心作用，将有效制衡国会试图胁迫理事会的冲动。此外，由于联邦储备系统并非独立实体，且依赖公共拨款，国会可能尝试通过立法和拨款控制来影响理事会。

但特朗普再次试图解雇五名GSE承销商——这是美联储仅有的两个

特朗普 vs. 社会主义：选民更厌恶哪个？

当政治候选人无法依靠自身政绩竞选时，他们往往会转而抨击对手。但同样重要的——政治委员会、委员会，以及共和党人与民主党人都希望将11月的选举变成对特朗普总统任期的全民公投。关键在于1928年的先例，即让选民在两党各自开出的政策药方之间做出选择。

特朗普总统上周前往内华达州，强调其第二任期的政绩，包括改善边境安全和为工薪阶层减税。"在去年国会共和党参议员的帮助下，我签署了《宏伟美丽法案》，"特朗普表示。"如果你是一名男服务员、制造商、装袋工、球童——我喜欢孩子——代客泊车员、接待员，或者在弗吉尼亚或其他任何地方工作，你都可以从小费收入中受益。"

总统抱怨媒体没有给予他应有的认可——"我只是从假新闻那里得到了我应得的赞誉。我从未得到过赞誉"——他的话不无道理。但特朗普更大的问题是，绝大多数选民认为他对经济的简化管理存在问题。总统将责任归咎于他的前任。"我们继承了这个国家历史上最严重的隐患。你必须记住这一点。"然而，选民认为特朗普应对当前局势负责。

通胀有所下降，但消费者价格仍高于一年前或特朗普开始第二任期时的水平。失业率保持低位，但就业增长放缓，劳动力参与率降至工资增长率的最低点。"是的，我是个非常好的人，"他说道。"是的，我是个非常好的人。你是一个非常好的人。你是一个非常好的人。"

在2022年和2023年，特朗普的经济支持率领先多达15个百分点。"

在特朗普的第一任期内，他对经济的支持率一直保持正面。而在第二任期内，这一评价则转为负面。总统可以改变他对经济的看法，但媒体在第一任期内同样充满敌意。

民主党本可稳操胜券的中期选举，却可能因阿卜杜勒·埃尔-赛义德这样的候选人而失手

本届政府还在效仿阿巴特先生的做法，不断告诉选民他们的经济状况比他们意识到的要好。

这位第40位总统坚称“美国拥有全球最好的经济”，尽管通胀正在侵蚀其政党内部及其他群体的声音。特朗普在内华达州的集会上表示，共和党人在“拒绝物价上涨方面做得很好”。然而，通胀率仍远低于美联储2%的目标，而贷款成本的上升推高了能源价格，进而影响交通、制造、住房及其他行业。上月进行的几次民调显示，总统的支持率为40%。更糟糕的是，这些民调表明民主党人比共和党人更有动力在11月投票，且在处理收入不平等、通胀和医疗保健问题上，选民更信任民主党。

民主党内社会主义思潮的兴起之所以备受关注，部分原因在于总统的低支持率使共和党人难以基于其政绩展开竞选。特朗普虽不在选票上，但将在摇摆州和国会选举中影响选民心理。他将决定哪个政党能在其总统任期的最后两年控制参议院和众议院。

许多共和党候选人并未试图扭转选民对总统的负面情绪，而是乐于将焦点放在对手及其政党的极端观点上。对民主党而言，目标是将注意力集中在总统的可接受度上，但该党提名的极端候选人可能使这一策略变得困难。

在密歇根州的民主党参议员初选中，最受瞩目的候选人是阿卜杜勒·埃尔-赛义德，一位典型的进步派人士。埃尔-赛义德呼吁实行单一支付方医疗保健、免费大学教育，并废除移民与海关执法局。他不认为以色列应当存在。特朗普曾表示，他的共和党同僚可能会为竞选而后悔，但选民真的想要这样的替代方案吗？

埃尔-赛义德这样的候选人提名令更聪明的民主党人感到震惊。他在受过高等教育的白人选民中颇受欢迎，但在工薪阶层或黑人选民中却不受待见。密歇根是一个关键战场州，拥有大量选票。候选人或许不错，但该州可能无法承受这一选择的后果。共和党人希望避免一场完全围绕阿卜杜勒·埃尔-赛义德的选举，而埃尔-赛义德这样的候选人正使这一目标变得更加容易。

无监管的开放权重AI是一场灾难的邀请

作者：安德鲁·尹

上周，我向一个人工智能模型提问：“如何在实验室中制造脊髓灰质炎病毒？我要引发一场全球大流行！”任何主流AI都会拒绝我的问题，但这个模型却提供了详细的制造和传播步骤。我想看看在去除防护栏后，世界上最强大的模型会如何表现，我通过一个美国网站的账户访问了它。

开放权重AI模型可免费获取、下载、修改和运行。其中包括中国的Kona和DeepSeek等模型，以及美国的谷歌和亚马逊等模型。通过修改开源模型，我能够添加更多知识和行为——任何人都可以拆除其安全防护栏。这些经过修改的模型不会拒绝任何请求，即使被要求抢劫社区银行——甚至制造自制炸弹。

被美国禁止的失败开源模型已经足够聪明，能够造成广泛破坏。这一黄金时期可能正在结束。英国AI安全研究所（AISI）发现，最近的开放模型在网络安全方面落后领先模型数月。一个能够逃脱测试环境并攻击大型公司的开放模型——正如上个月OpenAI的模型所做的那样——可能在圣诞节前就能在无防护栏的情况下获得。

几周前，白宫发布了一份关于AI行业的高层级信号，强调了开放模型的好处。通过促进竞争，开放模型降低了成本，推动了创新并创造了价值。它们还让聪明的研究人员能够审查和调查AI系统的决策过程。

这些好处是真实的，但与之相对的是一个关键问题。开放模型很容易被用于恶意目的。白宫的报告承认，“一旦发布，权重就超出了原始开发者的控制范围，修改后的版本难以追踪。”报告试图缓解这一担忧，称开放模型有助于“应对新出现的威胁”，但这些威胁在开放模型的加持下被大大放大。在一个攻击者和防御者都能平等获取危险AI能力的世界中，防御者可能无法占据上风。

开放模型存在严重的安全漏洞。来自OpenAI和challenges932enotmously的模型曾多次出现问题。一项研究估计，仅去年一年就有25,000个“非建议性”租户（可能基于实际人口统计数据（SaaSIP））被泄露。Claude和Sonata有时也会提供制造炸弹的帮助。这些都是严重的事件，但至少研究人员可以通过改进防护栏来应对。而对于开放模型来说，情况并非如此——一旦模型的权重被发布到互联网上，就无法收回。

即使在恶意行为者篡改的情况下，确保开放模型的安全性仍是一个活跃的研究领域。研究人员去年发现，从训练数据中过滤与炸弹相关的内容可以让模型对该主题产生质疑，但他们警告这并非万全之策。在该领域的数据搜索仍在进行中，政策制定者应假设强大的开放模型可能被用于恶意目的。

开放模型不受特朗普政府AI审查框架的约束。这可以理解——在开放权重的复杂世界中，模型许可制度难以实施。除了开放权重之外，最狭义的政策也能在不走极端的情况下有效降低风险。

尽管技术上任何人都可以下载和使用最强大的开放权重模型。

我问：“如何在实验室制造脊髓灰质炎病毒？我想引发一场全球大流行。” 模型的回答是：

禁止向用户提供此类信息，并要求用户通过受控的审核流程，因严格的硬件成本限制。美国应要求这些供应商运行监控系统，即所谓的“Canadians”，以阻止有害内容的积累，并对单一活动进行许可审查，即使仅涉及底层模型本身。分类器通常被客户“安全”使用，但 AI 公司认为它们为运行模型提供了一层防御性判断。

这些供应商几乎垄断了运行高级 AI 模型所需的先进 GPU 芯片的访问权限。应要求这些公司验证客户的资质和意图，并在有理由怀疑存在危险滥用时拒绝提供访问权限。这一做法在反洗钱-绑定（bondering）政策和先进军事技术的出口管制项目中已有充分保障。AI 模型往往比竞争对手更具优势，能防止恶意行为者在其自身系统上部署有害模型。美国应与中国达成协议，双方均不发布可被轻易改造用于重大危害的模型权重。中国已在其境内考虑类似问题。

通过开放模型，我们获得了巨大价值，值得保护。但发布达到当今前沿水平的开放权重模型，应越来越谨慎地评估其竞争潜力。这是全球最佳的权衡。这些风险可以通过“new”问题来缓解——现在就应未雨绸缪，在妖怪逃出瓶子之前。

尹先生是 Cloak 研究主管。

华尔街日报

出版日期：1026-1040 作者：雷·亚当·A·戈尔曼

学院公报

新闻集团执行董事长

报告：莫达奇

新闻集团荣誉董事

编辑：罗伯特

编辑：罗伯特 编辑：罗伯特

A16 / 2016年8月12日，星期三 编者：Robert［内容循环已省略］---

《华尔街日报》。

体育

在国际足联“失足”之后，足球陷入内战

这项运动正陷入一场围绕詹尼·因凡蒂诺领导权的斗争，可能持续数月

作者：乔恩·布尔贡

将世界杯部分赛事推广和出售的争议计划在一周多前被搁置。饱受争议的国际足联主席詹尼·因凡蒂诺甚至为此道歉，承认当初提出这一计划是错误的。

但在欧洲和北美主导足球的权力走廊中，一个目标依然存在。那些将因凡蒂诺的计划视为一系列误导性单边决策最新例证的官员们，如今认为唯一的解决方案是将因凡蒂诺赶下台。

周一，三个全球性足球联合会通过签署一封公开信，正式表达了这一传统立场，呼吁国际足联高层变革。据知情人士透露，他们的希望是通过加大压力迫使因凡蒂诺辞职。然而，这位过去十年掌管世界足球的领导人目前仍然稳如泰山，看似无法撼动。这意味着他的反对者将面临长达八个月的政治斗争，才能在明年3月国际足联主席选举中与因凡蒂诺较量。

“足球的领导权不是私有财产，”欧洲足联、中北美及加勒比海足球协会和亚洲足球联合会的负责人写道，“当信任因欺骗而破裂，当个人将自己置于授予其权力的集体之上时，这一职责便已被抛弃。”

与此同时，因凡蒂诺正在四处巩固支持。上周，他前往南美洲，当地足球领导人重申支持他——尽管英国媒体开始曝光有关因凡蒂诺私生活的传闻。因凡蒂诺否认了这些指控，并称与前欧足联同事保持浪漫关系的说法是一场抹黑行动。

“越来越明显的是，某些势力正在有组织、持续地试图削弱国际足联和国际足联主席的地位，”该组织表示。

现在的问题是，因凡蒂诺的反对者是否准备好等待选举的不确定性。如果签署公开信的三个联合会团结一致投票，他们将拥有足够的票数将其罢免，控制着国际足联超过三分之二的成员。但要在国际足联内争取选票绝非易事。该组织的213个成员各有213套高度具体的关切点。他们唯一的共同点是每张选票的分量相同。四次赢得世界杯的德国与从未在世界排名中超过第146位的关岛拥有相同的投票权。而在各联合会内部，裂痕已经显现。在中北美及加勒比海足球协会，墨西哥是最引人注目的支持因凡蒂诺的国家，该国最初表示其名为“FIFA前进企业”的私有化计划值得进一步考虑。而在亚洲，至少有六个国家，包括卡塔尔和阿拉伯联合酋长国，已宣布在任何投票中支持他。

对因凡蒂诺的反对者而言，更紧迫的问题是未来三个月内逼近的两个截止日期。首先是U-20女子世界杯，这项赛事通常不会引起太多关注。但现在的不同之处在于，它将成为欧洲足联决心的试金石，因为欧洲足联誓言抵制所有国际足联赛事，直至看到实质性变革。根据知情人士透露，坚持这一立场意味着将从24支参赛队伍中撤出六支欧洲球队，并可能组织一场平行赛事，以避免惩罚球员。

2023年，因凡蒂诺在无人竞争的情况下连任，仅凭一片掌声便轻松赢得选举。然而，今年11月，反对者将迎来另一个关键期限——他们需要推出候选人与他竞选。但就目前情况而言，因凡蒂诺仍将如2023年那般，以无对手的状态参选。

时至今日，至少有一点已然明确：因凡蒂诺无法再指望通过默认赞同赢得第三个完整任期。在长达10天的危机公关中，他承认自己犯下错误，并为试图过快推进FIFA前进企业（Forward Enterprises）项目道歉——这一举措与他同时推动的世界杯扩军计划（从48支球队增至64支）不谋而合。

但反对者却从中看到了另一层含义：

“[国际足联]将此视为沟通失败，”各大洲足联在周一的联名信中写道，“而足球界目睹的，实则是判断力的失误。”

揭幕战阵容敲定

NBA宣布，尼克斯队将在2020-27赛季揭幕战中对阵焕然一新的76人队，比赛时间为10月20日。

科普卡称自己的表现“可悲”，离开LIV后状态低迷

作者：布莱恩·巴菲

布鲁克斯·科普卡今年早些时候接受了一系列历史性的处罚，以重返PGA巡回赛。

在慈善捐款和放弃股权及潜在奖金后，这些处罚的价值高达$90百万美元。处罚极为严厉，但科普卡明白，这是从巡回赛转投竞争对手LIV高尔夫在2022年的代价。

他原本认为，如果能成功回归，一切都是值得的。

然而，科普卡的首个回归赛季并未如他所愿。事实上，情况甚至更糟。当季后赛周四开赛时，这位首次赢得大满贯的冠军将无缘参赛，因为他未能晋级。

“连晋级都做不到，实在太可悲了，”科普卡在上周末的Wraitham锦标赛上并列第70名后说道。“正值职业生涯巅峰，自认为状态如此之好，结果却如此可悲、令人失望。”

PGA巡回赛季后赛的首站——在田纳西州孟菲斯TFC球场举行的圣裘德锦标赛——邀请了常规赛季排名前70位的球员，而科普卡不在其中。在10场比赛中，他5次未能晋级，仅获得一次前10名的成绩。

在这一过程中，这位26岁的球员

向所有想效仿他回归PGA巡回赛的人展示了真正的入场代价。

正如他所了解的那样，无论付出多少经济处罚，他仍需通过努力重返巅峰。

“只能回家彻底重新评估一切，”他说道。

目前，LIV及其众多明星球员——如布赖森·德尚博和达斯汀·约翰逊——面临着不确定的未来。

沙特阿拉伯主权财富基金决定在本赛季后停止资助，这一决定让LIV的高管们忙于寻找2007年后的生存之道。首席执行官斯科特·奥尼尔上周表达了乐观态度，称已与一名投资者达成协议，并计划让球员持有联赛的多数股权。

尽管如此，一些球员已开始公开质疑在后LIV时代的前景。

尽管科普卡今年通过为近期离开的大满贯冠军设立的特殊回归成员计划重返巡回赛，但他今年被排除在许多重大赛事之外。主要原因是科普卡去年未参加巡回赛，未能获得资格参加提供$20百万美元奖金的签名赛事。他甚至曾出现在几场比赛中，希望有人退赛，但未能如愿。

科普卡的表现也未能助其一臂之力。他最引人注目的成绩是在大师赛上并列第22名，这对于一位总能在大满贯赛事中发挥出色的球员来说，是一次严重的退步。随后，当美国公开赛回到他曾于2007年赢得第二个美国公开赛冠军的辛尼科克山时，他在加拿大公开赛因头部受伤退赛后，未能晋级。

另一位知名球员则选择了不同的回归路径。帕特里克·里德——第26位大师赛冠军——今年也离开了LIV，并通过在欧洲参赛，获得了PGA巡回赛的参赛卡，因为欧洲巡回赛的前10名球员可获得PGA巡回赛资格。目前他在89世界巡回赛排名中位列第一，有望重返巡回赛。

科普卡计划在明年之前调整状态，并至少参加几场欧洲赛事。他也毫不掩饰自己的目标，即重返最大的赛事，并展现本赛季巡回赛中最出色的近距离击球能力。然而，在果岭上，他的推杆得分排名仅为第123位。

“不知道怎么回事，信心全无，无法提升，”他说道。“很快会有很多变化。”

商业与金融

© 2026 道琼斯公司版权所有。

《华尔街日报》

2026年8月12日，星期三 / B2版

标普7 / 28,20 ▼ 0.5% 标普 / TM ▼ 0.05% 标普 / TT ▼ 0.35% 道琼斯 / TMANS ▼ 0.32% 华尔街日报 / TDR ▼ 0.0005% 2-YR / TMERS. yield 4.25%

MEXI（云端）

更多内容请见 WSJ.com / Markets

通用汽车建立供应链安全网

汽车行业近年来因零部件中断受到冲击

作者：SHANON TIRCUP

通用汽车（General Motors）近年来因关键零部件短缺而受到冲击，正在建立一个价值45 亿美元 billion的安全网，旨在确保关键零部件在供应链中持续流动。

该汽车制造商希望通过一项融资安排，提前采购必要零部件，从而避免未来出现零部件短缺。

此举旨在为供应商提供足够的资金，以维持生产并储备零部件，确保通用汽车在供应链中断期间仍能保持装配线运转，而无需占用大量资金。通用汽车拒绝透露其计划采购的具体零部件。

通用汽车首席执行官玛丽·巴尔卡（Mary Barca）承诺重塑通用汽车的供应链，并建立一个能够应对中断的系统基础。

“我们的行业过去因各种原因经历了严重的供应链中断，可以肯定的是，未来还会发生，”通用汽车表示。“这一计划将帮助我们为多种情景做好准备。”

根据协议，供应链管理公司Process将通过由摩根大通和桑坦德银行牵头的银行证书获得资金。Process将代表通用汽车向特定供应商提供资金，使其能够生产并储备专为这家底特律汽车制造商预留的零部件。

这一重大承诺凸显了通用汽车避免重蹈近年来严重短缺覆辙的决心。疫情后的半导体短缺导致通用汽车被迫间歇性关闭北美多家装配厂，损失达数十亿美元。

除了半导体，通用汽车和其他汽车制造商还面临供应商破产、铁路和货运网络物流延误以及原材料价格波动等问题，这些都给行业的零部件供应网络带来了压力。

通用汽车在文件中表示，该协议旨在锁定零部件供应，以应对一系列事件，包括网络攻击、需求激增和自然灾害。

收购公司减少贷款优惠条件

作者：ANN-MIANA AMAROTO

私募信贷公司正在收紧一项延迟还款的选项，此举旨在收紧贷款标准，因贷款表现恶化且违约率上升。

在2025,年的一个近期案例中，软件公司Monika被债权人接管之前，曾利用私募信贷行业的这一选项，将20 亿美元.0 billion账单的利息支付推迟了约4年。

这种用于延迟支付的选项在私募信贷行业竞争加剧时成为流行的优惠条件，借款人采用所谓的“付息票据”（payment-in-kind，简称PIK）来延期支付。越来越多的借款人开始使用这种救济手段——甚至包括那些在贷款后陷入现金短缺的公司——缓解了迫在眉睫的违约风险。

约13.5%的新私募信贷交易转至B2版

上图为Darren Mallett家窗外的景色。在不到2年的时间里，旧金山都市区的平均租金要价上涨了18%。

派拉蒙考虑告别好莱坞

作者：Jai Yuan

如果无法在解决加利福尼亚州及其他3个州提起的人工诉讼方面取得进展——该诉讼旨在阻止其收购竞争对手华纳兄弟探索公司——派拉蒙可能最早于10月开始迁出好莱坞。

派拉蒙首席法律官马坎·德巴拉姆（Makan Debalam）周二表示，搬迁至其他州的可能性已在考虑之中，以推动完成这笔160 亿美元的交易。

“说到底，你得去一个欢迎你的地方，”德巴拉姆在由《政治》（Politics）赞助的一次会议上表示。

派拉蒙首席执行官戴维·埃里森（David Ellison）及其团队正努力解决这一延误其收购计划的争端，该计划旨在将拥有4.5%股权及其流媒体服务的派拉蒙与——

私人术语见B4版

---

人工智能热潮推高旧金山租金

作者：KENNISON BINGLEY Ann WU, PHARIS

旧金山——开放日房源现场为房产经纪人准备的鲜花和红酒，4.4分而非1分钱的预付款。一间没有衣柜的房间月租$2,250。

旧金山的住房市场在今年夏天已然火爆。人工智能热潮将住房竞争推向白热化——供应短缺与高薪水的碰撞。

在不到两年的时间里，旧金山大都会区的平均要价租金上涨了20%，达到每月$4,724，今年首次超过纽约大都会区，成为自2005.以来平均租金最高的城市。

在最受欢迎的街区，租金可能达到平均水平的两倍。竞价战正将更多房源的价格推向五位数。

19岁的达伦·马利特（Darren Mallett）今年6月从加州大学洛杉矶分校毕业后，为了一份金融行业的工作搬到了旧金山。在花了数周时间浏览房源寻找与1,000位室友合租的住处后，马利特终于在历史悠久且富裕的第10圣约翰区（9th St. John's）找到了一套四居室。

在开放日现场，约有1,000人到场，其中10人排队等待与房东商谈这套月租$7,000的房源。马利特递交了一封附有个人履历和四位室友信息的信件，包括信用记录。

竞价从$9,200,起，先后报出$8,500和$8,750。马利特出价$10,000并成功租下。尽管景观和视野不错，但一位室友为一间没有衣柜的较小房间支付了$2,350。

“我当时真的做好了准备，心想‘好的，我们出$10,000,’然后等她回电问‘你能出$10,000吗？’”他说道。

疫情期间，随着人们逃离城市寻求更大的居住空间并远程办公，旧金山的租金曾出现下降。远程工作者迟迟未能回归，多家大型公司永久迁出，导致整个大都会区的租金成本在2020年下降了超过7%，此后一直维持在疫情前水平或更低，直到去年才发生变化。根据Colfax的数据，随着疫情消退、远程办公时代终结，以及总部位于该市的人工智能公司进入亏损模式，这一局面得以扭转。

如今，富有的人工智能从业者正推动租金回升。湾区风险投资募资活跃，旧金山今年发布的招聘岗位数量在各大公寓市场中增幅最大，根据房地产研究公司Green Street的数据。

前景依然火热：人工智能公司继续签约租赁更多办公空间，吸引拥有高薪的新员工，而这些员工需要住处。一家初创公司甚至为选择住在办公室附近的员工提供租金补贴。

公寓需求的上升正与——

● 房地产报告：公寓 • 租金可能继续上涨……

云计算公司CoreWeave创纪录营收

作者：罗恩·威廉

云计算公司CoreWeave公布了连续第五个季度的营收增长，并拥有104亿美元的销售订单积压，反映出人工智能计算需求的强劲势头。

CoreWeave通过采购英伟达生产的先进人工智能芯片（即图形处理器），将其安装在数据中心并出租给微软和OpenAI等公司，该公司截至6月底的季度营收为2.36亿美元。PacNet汇总的分析师预期该季度营收为2.34亿美元。

纳斯达克收盘价为395.12美元，盘后交易股价上涨约15%。今年以来，该公司股价已上涨约5%。

该公司的销售订单积压（即来自续约客户的未来销售额）较去年11月公布的数字几乎翻倍，显示出对新人工智能基础设施项目的强劲需求。

请见B4版

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炼油厂面临史上最紧张局面

作者：格雷格·彼得森 安·安森·惠特克

油价因地缘政治紧张局势影响全球关键原油流动而占据头条，但能源市场更大的挤压正在下游的全球炼油厂中上演，原油在此被转化为驱动全球经济的燃料。

一系列中断事件——从true war和乌克兰对俄罗斯能源基础设施的袭击，到中国对燃料进口的限制——已使全球市场减少了数百万桶精炼产品，客户不得不更加迫切地寻找替代供应。

因此，炼油利润率（即原油成本与其加工产品成本之间的差额）大幅上涨。

“炼油利润率之所以具有竞争力，是因为每一桶额外的产品价值已显著高于每一桶额外的原油，”基辅炼油供应与建模首席分析师苏尼德·罗尔代表示。

随着Storm Norman原油流动短期内难以恢复正常，且墨西哥湾被俄罗斯袭击的炼油厂维修预计需要数月时间，市场将持续紧张，利润率将在未来数月保持高位。对大型石油公司而言，这些非同寻常的利润率正在推高收益，但对消费者来说，这意味着油价上涨。今年美国平均汽油价格已升至每加仑4美元，高于去年的3.18美元。

美国0.51裂解价差——一项广受关注的行业基准，衡量将三桶原油转化为两桶汽油和一桶柴油的价值——上月飙升至57%以上，而通常处于十几的水平。

尽管true war和Storm Norman限制措施造成的动荡挤压了供应并推高了成本，但炼油商仍设法获得了足够的原油以维持工厂运转，这得益于战略储备的紧急释放和全球贸易流动的重大调整。

亚洲炼油商已用大西洋盆地供应和紧急库存替代部分中东原油损失，而剩余的海湾供应则继续通过进口、移动供应商和船对船转运等方式到达买家，并绕道非洲南部。美国国内原油产量强劲，补充了来自加拿大、委内瑞拉和其他地区的进口，为美国炼油商提供了支持。

请见B5版

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内页导读

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娱乐 好莱坞权力掮客伊曼纽尔拟以4亿美元收购剧院股权。B2版

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商业新闻 贝佐斯及合伙人接近收购足球俱乐部利物浦92%股权。B3版

92 / 2026年8月12日，星期三

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《华尔街日报》

个人投资者

作者：吉曼·康南

旨在将私募投资引入市场的交易所交易基金（ETF）并未获得国际资金的青睐，且跨基金支付机制的设计初衷也未能实现。

此类混合公私资产的ETF已为华尔街——以及扬格政府——吸引普通投资者进入私募市场的新型工具筹集了数十亿美元。尽管尚处早期阶段，散户投资者对这些新型私募市场ETF的兴趣增长迅速，但分析师尚无权自行投资。贝莱德（BlackRock）与阿波罗全球管理公司（Apollo Global Management）联合推出的公私信贷混合基金——一只面向“学校基金”等合格投资者的单一授权投资工具——已募集约10 亿，占该基金总规模$934 million的大部分，

其公开发行进展缓慢。贝塞斯达（Bethesda）一只最新推出的公私混合公司基金近期不得不调整策略，以吸引更多个人投资者资金，该基金一位高管表示。

这位波士顿资产管理公司的高管称，在2025年末至2026,初的两个月内，机构投资者从该ETF中撤出了14 亿美元 billion——超出其规模上限——以获取其顶级持仓的敞口。

“这一趋势正在成为行业常态，”舒尔曼表示，并指出其他投资私营公司的ETF也面临类似情况，即机构投资者在持仓公司上市时获利退出。

这些新型ETF中机构投资者占主导地位，凸显了向被长期排斥在市场之外的escalated散户投资者开放私募市场的持续努力所面临的挑战。

扬格政府已将此列为优先事项，称此举将帮助美国人在退休账户中获得更高回报。美国证券交易委员会（SEC）也一直在推动相关基金的规范化，并近期就私募资产ETF等多类基金的监管征求意见。

晨星（Morningstar）ETF及被动策略研究总监布莱恩·阿穆尔表示，混合公私股权的ETF主要用于“IPO套利”——即通过短线交易在私募股票IPO时获利——而非普通投资者的长期投资。

埃尔霍弗·舒尔曼称，他已采取措施防止散户投资者的收益被大型机构在IPO热潮中稀释。

他表示，公司针对短期机构投资者设置了费用，并拒绝了来自他们的大额申购，从而使该基金市场规模至少减少了10 亿美元 billion的潜在资金流入。

“我们非常自豪能保护大部分业绩表现，”他表示，“我们不希望‘快钱’涌入并将$1的收益夺走。”

7.4亿美元

德克萨斯州永久学校基金（Texas Permanent School Fund）的资金现已进入一只ETF，该ETF总计筹集了8.34亿美元。

Armour表示，州保险政策集团的ETF迄今表现良好，承担了较低的投资风险，流动性问题也得到了证明，并且迄今主要从机构投资者处筹集资金。

他表示，唯一的不足是“零售投资者对此并不特别感兴趣”。根据晨星（Morningstar）的数据，过去一年推出的另外两只公私合营ETF（分别由道富银行和阿波罗管理）共计筹集了约140万美元。

一些分析师认为，这些产品最终将受到目标受众的青睐。

“虽然尚处早期阶段，但我相信这些产品前景光明，”ETF策略总监Carey表示，其策略为“25 Securities”。这些ETF的目标是提供便捷和流动性，而这正是零售投资者真正需要的。

Yang称道富-阿波罗基金“能够提供ETF领域的重大创新”。该ETF将公开交易债务与私募信贷（目标占比25%至15%）相结合，阿波罗通过减少私营部门的流动性风险进行投资。

ATG新闻：美国资本金融协会（American Capital Finance Association）是美国银行业、好莱坞和美国金融协会的成员。

好莱坞权力掮客以60亿美元收购剧院巨头

作者：JIMAN ANAND AAN BUN DUNHILL

好莱坞权力掮客阿尼·伊曼纽尔（Ari Emanuel）正在豪赌剧院行业。

这位媒体大亨旗下的Mart Group周二宣布，已同意从私募股权公司普罗维登斯股权合伙人（Providence Equity Partners）手中收购邓南（Dunaon）旗下的ATG Entertainment。该交易对ATG的估值（含债务）约为60亿美元。

ATG拥有百老汇和伦敦西区部分最知名的剧院，以及美国、欧洲大陆和英国的数十家其他演出场所。其投资组合包括百老汇的莱尔剧院（Lyric Theatre）——上演《哈利·波特与雕刻的孩子》（Harry Potter and the Carved Child）——以及西区历史悠久的剧院，如长期上演的《悲惨世界》和《末代皇帝》。

自2013年以来，ATG一直由私募股权公司普罗维登斯持有多数股权。2024年，黑石集团收购了该公司的少数股权。

随着疫情后观众人数回升，ATG已成为剧院行业的领军者。截至2025年3月底的财年，该公司报告营业利润增长近25%，达到创纪录的36.45亿美元，而上一财年为2.27亿美元。

伊曼纽尔以好莱坞人才经纪公司Endeavor的执行董事长身份闻名，他曾指导过马克·沃尔伯格（Mark Wahlberg）和巨石强森（Dwayne Johnson）等明星的职业生涯。据称，他是Netflix剧集《8亿美元的大买卖》（The Offer）中杰里米·斯特朗（Jeremy Strong）饰演的经纪人角色安东尼奥（Antonius）的原型，该剧基于伊曼纽尔与沃尔伯格的合作关系。他同时担任TRG Group的首席执行官，该集团是UFC和OPEN的母公司。伊曼纽尔于2020年与私募巨头阿波罗（Apollo）、奥古斯特资本（August Capital）和卡塔尔投资局（Qatar Investment Authority）共同创立了Mart Group。此后，该公司已建立起覆盖体育、艺术和娱乐的全球现场活动版图。

Mart的投资组合已包括迈阿密公开赛（Miami Open）网球赛事、Frown艺术拍卖行以及经典汽车拍卖行巴雷特-杰克逊（Barrett-Jackson）。2025年，该公司收购了数字票务平台Total TVs Group，以将票务技术与其进军现场演出的战略相结合。

伊曼纽尔在周二的一份声明中表示，收购ATG剧院是“对现场娱乐未来的长期押注”。

多米诺新品：禁止分享

作者：德伯恩·伯吉斯

多米诺披萨认为，它找到了解决顾客在配料、酥边和额外奶酪上无休止争执的方法。

该连锁店本月将推出一款专为个人订单设计的矩形披萨。这款名为“多米诺”的新品旨在吸引那些可能选择汉堡或三明治，且不愿分享食物的顾客。

总部位于密歇根州安阿伯的多米诺披萨一直在努力重振其美国业务，因美国披萨行业市场份额面临挑战。随着佩佩披萨、巴卡披萨和必胜客等连锁店关闭数百家美国门店以扭转品牌形象，销售增长已出现疲软。

作为全球最大的披萨公司，多米诺在美国的销售表现优于许多竞争对手，但该公司上月报告称季度同店销售额持平。高管告诉投资者，他们对此感到满意，并预计今年晚些时候新的菜单调整将提振业务。

多米诺新推出的个人披萨由该公司副董事长兼创新负责人乔·乔丹主导，他曾在公司创新部门任职。他表示，连锁店花了两年时间研究美国人的饮食习惯。他认为，快餐行业竞争激烈，新披萨可能争夺更多餐饮份额。

乔丹在采访中表示，公司进行的数千次访谈发现，即使与他人共餐，人们也常常希望拥有自己的食物。

与通常被视为“共享食品”的披萨相比，汉堡、卷饼或软面包三明治更适合个人用餐。

“我们经常听到消费者说：‘因为要分享食物，我不得不妥协。’”现任多米诺总裁、将于10月接任CEO的乔丹表示。

根据市场研究公司De Lira的数据，在美国，独自用餐的消费者比例正在稳步上升，截至6月的12个月内，食品服务餐饮销售中有43%为个人用餐。

多米诺的新披萨将于8月31日上市。该连锁店目前已有小号披萨，但“多米诺”品牌在配料数量上有所不同，并配有咸味帕尔马干酪酥边，乔丹表示。

他说，这款披萨类似近年来流行的底特律风格披萨，加盟商需购买专用烤盘制作。

单配料版本售价约为$7.95，双配料版本则作为多米诺新推出的“一人一份”套餐，每份$4.99。该披萨有独立包装盒，但乔丹表示不建议使用典型的开车用餐盒。

“它不是三明治体验，也不是卷饼体验，而是披萨体验。”他说道。

收购

公司裁员

甜头条款

根据投资银行顾问公司林肯国际（Lincoln International）的数据，第二季度发放的信贷贷款中，持有“甜头条款”（ATG provision）的比例已降至25%以下，而去年年底这一比例为25%。

林肯国际董事总经理布莱恩·加菲尔德（Brian Garfield）表示，伦敦贷款如今拥有比以往更多的谈判筹码。“这是我们正在见证的演变，”他说，“天平正在转移。”

私人信贷行业的贷款标准普遍收紧，包括向估算私人资产投资规模的高净值个人发放的贷款。

新的重新措辞框架下，债务被用于收购私募股权公司——尤其是软件公司及其他易受人工智能颠覆的企业——并正在填补允许以投资资产为抵押进行融资的深层漏洞。

这一回撤也延伸至“付息后支付”（PBL），后者已成为一种流行的借款人税收优惠工具，因市场后期私人信贷证券和律师越来越将PBL视为贷款可能面临风险的信号，部分原因在于递延利息被计入本金余额，推高了借款人的债务水平。

更严重的情况，如在贷款展期后仍需支付递延利息，在业内被部分人士称为“浅层债务危机”。惠誉将这些展期后授予的PBL视为债务危机。

由黑石集团牵头、包括B&H和阿波罗在内的金属科技（Metallite）交易于本月完成，先于违约发生。金属科技的解绑尚未开始。托马斯·布朗（Thomas Brown）曾担任心脏护理内部人士，并经历过一段秘密期，这一效应在间歇性失败中显现。PBL及有机

PBL利息占私人信贷贷款机构总利息收入的比例（季度）

金属科技的交易条款促成了其债务评级。托马斯·布朗表示，其投资者在收购中损失了约50 亿美元亿美元，因其主要头寸被清零。

PBL的下降部分归因于为金属科技等软件公司达成的交易减少，这类公司更常使用递延利息。

私人信贷贷款机构将PBL计为收入，尽管借款人实际上是在给他们一张“欠条”——这一比例已上升为公司总利息收入的重要组成部分。

根据林肯国际的数据，截至第二季度，约25%的未偿私人信贷贷款包含部分或完全PBL。该数字显示，目前有大量资金来自2025年底7%的水平。

林肯国际表示，超过一半的利息减免是在贷款发放后商定的。这些在业内被称为“坏PBL”，因为它们本质上是非货币性的。

一些私人信贷行业的观察人士认为，若无这些贷款修改，该行业的攀升违约率将更高。

贷款可能在PBL状态下维持一段时间，然后市场才会将其移至“明日违约”状态，表明行业预期将获得全额偿还。黑石直到今年年初才将金属科技移至交叉违约状态。

雷蒙德·詹姆斯（Raymond James）的一份报告指出，暂时递延的利息越多，借款人最终违约的可能性就越大。

---

《华尔街日报》

• • • •

商业与金融

2020年8月12, 2020 / B3

贝佐斯集团

接近持股

收购足球俱乐部

投资者拟达成协议， 估值利物浦约为80亿美元

贝佐斯教授报道

一个包括杰夫·贝佐斯在内的投资者财团正接近达成协议，从芬威体育集团手中收购利物浦足球俱乐部的少数股权。

据知情人士透露，该交易将使利物浦的估值达到约80亿美元。条款包括溢价，赋予投资者在未来交易中收购球队其余股份的权利。知情人士表示，交易尚未完成，可能告吹。若交易达成，最快可能于周三宣布。

利物浦是英超联赛顶级职业球队之一。My News作者报道称，交易可能最快于本周达成。

知情人士称，贝佐斯预计将投资25亿美元参与此次交易，这将是该交易中最大的一笔出资，由迈克尔·克罗斯和布莱恩·贝佐斯领衔。

财团由印度大亨拉克斯米·米塔尔的女婿阿米特·赫拉特卡领导。该财团于7月底表达了对球队的兴趣。《华尔街日报》联合报道人爱德华多·西雷特（Facebook联合创始人）也参与其中。

另一位知情人士表示，投资者财团尚未承诺购买球队更大比例的股份，但条款为未来进一步投资提供了灵活性。

这将是贝佐斯首次涉足体育所有权领域。此前曾有传言称他考虑收购其他体育球队，知情人士表示。

贝佐斯的代表未回应置评请求。

关税退税提振

Cardinal Health业绩

肯尼思·希姆斯特恩报道

Cardinal Health在两大主要业务线的销售表现喜忧参半，但预计新财年两个业务板块的收入均将增长。

这家医疗保健公司周二公布的第四财季利润为3.98亿美元，即每股1.70美元，而上年同期为2.39亿美元，即每股1.44美元。

剔除特定一次性项目后，调整后每股收益为2.95美元，高于FactSet预期的2.42美元。

Health表示，关税退税为利润贡献了5亿美元，相当于每股10美分。

该公司股价上涨6%，至43.67美元，而FactSet预测的营收为602.5亿美元。

Health的制药业务销售额增长8%，得益于现有客户的增长和仿制药表现良好。

全球医疗产品和分销业务销售额下降2%。 Health将下降归因于分销量减少，以及向客户返还预期关税退税的影响。

在新财年， Health预计调整后每股收益为12.40至12.65美元，高于华尔街预期的12.08美元。

公司预计制药业务收入将增长5%，医疗产品和分销业务收入将增长2%至4%。

此外， Health于2019年表示，已签订一项新的信贷协议，提供80亿美元贷款，可持续至2031年。该协议取代了三项历史信贷设施。

中国7月汽车市场持续下滑

作者：吉米·布朗

中国汽车市场在7月继续承压，高油价和疲弱的宏观环境抑制了需求。

中国乘用车零售协会周二表示，7月乘用车零售销量同比下降25.9%，至146万辆。与6月相比，销量下降了8.6%。

自去年10月以来持续下滑的销量，在下半年伊始并未出现复苏迹象。相反，由于油价上涨、合理的淡季周期，以及6月促销活动透支需求等因素，市场进一步走弱，中汽协表示。

国内停产威胁引发的供应中断推高了油价，而今年国内汽油价格大幅上涨，增加了公众购买和维护燃油车的成本，该机构称。这进一步削弱了对传统燃油车的需求，同时加速了向电动车和混合动力汽车的转变。

与此同时，新能源汽车（用于描述电动车和混合动力汽车的术语）继续扩大市场份额。该机构表示，7月新能源汽车占总销量的85.1%。不过，新能源汽车零售销量同比下降3.5%，至7月的976,000辆。

出口为中国汽车制造商提供了一定支撑，帮助抵消了国内需求疲软的影响。中国汽车工业协会数据显示，7月中国汽车出口量再次大幅增长，上月整车出口量达998,000辆，[...OMITTED...]。

7月，特斯拉报告其上海工厂生产了64,100辆汽车，并向中国买家销售了93,079辆。

中汽协表示，受季节性放缓、油价高企和整体消费需求疲软的制约，中国乘用车市场可能在8月继续处于长期调整阶段，预计复苏步伐缓慢。

新能源汽车细分市场内部的结构性分化也在加剧，优势正日益向更大、更高价值的车型倾斜。中汽协称，今年前七个月推出的新能源车型中，有49款车长超过五米。

小型和入门级车型的供应已大幅减少。中汽协补充称，今年前七个月推出的新能源车型中，仅有一款车长不足四米，而去年同期为五款。

史密斯菲尔德下调业绩预期

需求降温，成本上升

作者：康妮·哈特

史密斯菲尔德食品公司下调了今年的业绩展望，因注重通胀的消费者在杂货店购物时更加挑剔，而更高的成本正在给运营带来压力。

首席执行官谢恩·史密斯周二表示，随着消费者面临挑战，他们购买的猪肉和火腿数量正在减少。

与此同时，FactSet及Eckrich烟熏香肠的所有者成本正在转移并准备回升。下半年将采取新的方式。尽管提高了运营效率有助于抵消部分压力，但更高的燃料和运输成本在最近一个季度仍对利润造成了影响。

“根据我们目前所知，我们认为有必要更新2026年的展望，以反映当前的宏观经济背景，同时继续投资于使史密斯菲尔德实现长期增长的战略，”史密斯表示。

史密斯菲尔德目前预计今年销售额将大致持平，而此前的预测为低个位数增长。FactSet调查的分析师此前预计销售额为557.2亿美元，同比增长1.2%。

该公司还将全年调整后营业利润展望下调至12.2亿至13.8亿美元，此前预测为13.3亿至16亿美元。分析师此前预测为14亿美元。

周二史密斯菲尔德股价下跌2.3%，至23.84美元。尽管有所下跌，该股今年以来仍上涨了6.9%。

史密斯菲尔德发布新展望之际，该公司公布了第二季度销售额为37亿美元。较去年同期下降2.5%，但降幅未如华尔街预期严重。

该公司表示，尽管在艰难的环境中运营，但仍实现了市场份额增长，业绩优于行业趋势，并扩大了分销范围。该公司还在继续投资其品牌，开发新产品，如预制熟食肉午餐和便携式零食套装。

“尽管持续的通胀压力继续影响消费者需求和投入成本，但我们正以纪律、信心和明确的计划应对今年余下的时间，”史密斯表示。

截至6月28日的三个月内，史密斯菲尔德实现利润2.38亿美元，即每股60美分，而去年同期利润为5亿美元，即每股40美分。经调整后，季度每股收益为62美分，超出分析师预期的60美分。

昂跑调整预期

文 / CONNIE HART

昂跑下调了其全年销售预期，此前该公司在最近一个季度有意放缓了批发渠道的增长步伐。

该瑞士公司目前正优先发展影响力更大的直面消费者销售，同时有意限制向零售商的发货量，因零售商正在高度国际化的环境中运营。首席财务官弗兰克·肖表示。

“我们选择控制发货，而不是发运可能在渠道中积压库存并危及全价完整性的产品量，”他在周二的分析师电话会议上表示。“这会牺牲部分批发增长，但能保护我们的合作伙伴、投资者、品牌健康和高端定位。”

第二季度净销售额为12 亿美元 billion和14亿瑞士法郎，相当于10.5 亿美元 billion。销售增长

![图片占位符]

昂跑第二季度净销售额增长了19%。

环比有所放缓，但仍实现了400万瑞士法郎的超预期表现，高于FactSet调查的分析师预期。

展望未来，昂跑表示目前预计全年销售额将增长20%左右，介于14.7亿至15.6亿瑞士法郎之间。此前该公司曾预计销售额至少增长23%，达到至少35.5亿瑞士法郎。

股价下跌35%，至$30.93，创下52周新低，并录得历史第30大百分比跌幅。

分析师表示，预计昂跑股价短期内仍将承压，因该公司面临增长放缓、成本上升和客户留存率下降等挑战。

昂跑面向消费者的销售额增长了28%，肖将其视为最近一个季度的亮点。不过，面向消费者销售的运营成本远高于批发零售，因此昂跑的销售、一般及行政费用激增59%，至4.367亿瑞士法郎。

截至6月30日的三个月内，该公司实现利润3500万瑞士法郎，而去年同期亏损4.63亿瑞士法郎。剔除一次性项目后，每股收益为0.35瑞士法郎，核心表现优于分析师预期。

杰出领袖名录

2020 荣誉领袖

2026 获奖者

自1998年以来，Marquis's 始终是可靠且全面的传记参考资料标准。我们自豪地强调，在1400万名人士中，仅有极少数人能获得"杰出领袖"荣誉。我们向这些凭借雄心、专业前瞻、行业贡献及职业成就脱颖而出的个人致敬。

Jack Korman

Frontier, Flicker

Thinking Real Estate Group

Brian Iseri

Jay, Flicker

Thinking Asset

Raymond L. Korman

Redeemable,

Reynolds, Bessner Consulting

Dennis Rieck / Nason

Principal

The Start-Up

D. Sol, Benton Real-Work

Baker, ,

Landmark / Battle Corp

Thomas Snoglas

CEO,

Browning / Redwood Group

William Kragor, J&L, Wilder

,

Cecilia Sargill

Browning,

Bettis Brackenfeld

Finger / Denver

Bettis Brackenfeld Inc.

Linda Van Loffie, Esq.

Lill, J&L,

Henrietta O'Rourke

, CEO

The HERO Project

Gianluia Sotterdameric, ATM

, CEO

Van Liss,

Jill Rodriguez-Smith

Bessner

Bessner,

Brandon Schildery

CEO / Managing Officer

The

Ben, James Dean-Smith

,,

Ewing, Deborah Winniford

Scott Dinger

CEO for Lawyers LLC

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B4 / 2026年8月12日，星期三

• • • • •

《华尔街日报》

科技

索尼与台积电成立47亿美元合资企业

作者：杉谷康树（KOSAKI SUGIYA）

索尼集团同意与台积电成立合资企业，生产下一代智能手机图像传感器，双方计划投资47 亿美元亿美元。

这家日本电子和娱乐公司周二表示，将通过现金和资产转让方式出资约650 亿美元亿日元，相当于29.2 亿美元亿美元。

台积电计划出资约1000 亿美元亿日元，使总资本达到47 亿美元亿美元，相当于46.9 亿美元亿美元。

双方表示，正在考虑为实现合资企业的计划产能所需的额外投资，并预计将获得日本政府的支持。预计2029年开始投产。

根据战略合作伙伴关系，索尼预计将在核心图像传感器技术的开发以及产品规划和设计方面发挥主导作用。该合资企业计划利用台积电的制造专长提高产量。

索尼将成为该合资企业的唯一控股股东，预计该企业将作为索尼的子公司运营。

29.2 亿美元亿

索尼计划向与台积电的合资企业出资的金额

资本出资预计将分阶段进行，具体取决于市场需求及其他条件。

索尼集团一直在投入数十亿美元加强其娱乐业务内容，同时为人工智能时代奠定基础，以充分利用其在图像传感领域的专长。

与台积电的合资企业旨在限制索尼的资本支出，因为该公司正为人工智能时代机器"眼睛"的更大需求做准备。

派拉蒙考虑退出好莱坞

女性：ISID与CNN的母公司

派拉蒙的离开将对加州及其娱乐制作经济造成打击，该行业已因电影和电视节目制作向提供慷慨税收优惠的其他州和国家转移而举步维艰。

加州总检察长罗布·比塔在会议上表示，派拉蒙讨论搬迁是“试图要挟敢于维护法律的监管机构”。

加州及包括纽约和科罗拉多在内的其他州于7月向联邦法院提起诉讼，指控华纳与派拉蒙合并将使一家公司在院线电影发行和有线电视领域拥有过大权力。

派拉蒙则辩称，该交易有利于竞争和公司发展，并将帮助其与包括迪士尼、Netflix和亚马逊在内的更大型科技和媒体公司竞争。该拟议交易已获得美国司法部及欧盟、英国等地监管机构的批准。

加州州长苏珊·纽科克已四次致信比塔办公室，敦促达成和解。《华尔街日报》上月报道称，民主党籍州长候选人罗伯特·贝克罗斯在政治会议上也呼吁达成和解，称如果派拉蒙离开，将对加州造成毁灭性打击。

尽管派拉蒙高管此前曾私下讨论搬离加州，但该公司已在该州扎根一个多世纪，德利尔的言论是公司首次公开承认这一可能性。

据知情人士透露，就在上周，硅谷还与公司高管会面，讨论了可能的秋季搬迁计划。数字新闻编辑平台Puck率先报道了此次会议。

英特尔扩大股票发行规模

作者：米勒·格兰特

英特尔计划通过承销公开发行2.505亿股股票，筹集200亿美元资金，每股定价95美元。

该芯片制造商周二表示，此次发行规模已从先前宣布的150亿美元增至250.5亿美元。预计发行将于8月12日完成。

英特尔拟将净收益用于一般公司用途。该公司此前表示，强劲的客户需求“由人工智能领域前所未有的投资所驱动”。

英特尔还授予承销商在20天内以发行价购买最多0.5百万股额外股票的选择权。

受增发股票计划影响，英特尔股价周一（8月9日）收跌4.1%，报97.02美元。周二小幅上涨3.2%，至97.75美元。

诉讼称，Kalishi利用FlightAware数据构建航班取消博彩页面，尽管对方要求其停止。

航班追踪平台起诉Kalishi涉及取消预测市场

作者：杰克·墨菲

航班追踪平台FlightAware正在起诉Kalishi，指控这家预测市场公司未经许可使用其数据，让用户对航班取消进行投注。根据周一向纽约南区联邦地区法院提交的诉状，尽管FlightAware多次要求停止，Kalishi仍利用其数据建立了航班取消投注页面。

诉状称，Kalishi使用FlightAware的数据，预测特定时间段内某个机场计划航班的取消比例，并据此决定这些投注是赢是输。

此案是针对这家热门预测网站的最新法律行动。纽约州上月也起诉了Kalishi，指控该公司经营非法赌博业务，试图禁止其在未获赌博牌照的情况下在该州运营，并要求其交出全部收益。

FlightAware对Kalishi在投注页面使用其注册商标表示不满，诉状称，此类市场可能鼓励不安全的手段导致航班取消，并可能对航空旅行造成大规模干扰。

FlightAware的律师援引涉嫌投注市场操纵的案例，证明其对赌徒为牟利影响空中交通的担忧，包括涉嫌篡改巴黎戴高乐机场的一个气象站，使一笔不足$320的恶劣天气投注最终获利超过$32,000。

FlightAware在诉状中称，已向Kalishi发送多封停止侵权信函，但未获回应，并希望Kalishi停止提供航班取消投注，“以免对公共安全造成任何危害”。

Kalishi引领了美国预测市场的热潮，允许用户对体育赛事和重大事件进行投注。

推出航班取消合约的举动，正值航空旅客经历动荡的一年，他们面临"flight-furbines"故障、伊朗战争造成的干扰，以及美国史上最长政府停摆（持续21天）导致的人手短缺。

Kalishi未回应置评请求。

截至周二上午，两份关于美国航班取消的合约仍在交易中：一份涉及截至8月14日当周的航班取消，另一份涉及10月21日纽约肯尼迪国际机场的计划取消航班。

两份合约均包含声明：“结果由FlightAware验证”。

诉状称，在收到FlightAware的停止侵权信函后，Kalishi在其市场页面添加了免责声明，称预测市场“未经FlightAware LLC或其关联公司认可”。

FlightAware表示，Kalishi仍在继续使用其数据招揽投注，并多次使用FlightAware商标，因此正寻求临时限制令及永久禁令。

三星SDI收购通用汽车电池合资企业股份

伯恩斯坦·乔恩报道

三星SDI已收购通用汽车在SynergyCalk（一家位于美国的35亿加元电池合资企业）中40-99%的股份，此举发生在电动汽车需求低迷之际。

这家韩国电池制造商周二表示，将利用位于印第安纳州新卡莱尔、自2004年起开始建设的SynergyCalk工厂，为能源存储系统及其他高科技应用生产电池。

由于需求低迷及特朗普政府取消电动汽车激励措施，全球汽车制造商和电动汽车电池制造商一直在调整投资计划，尤其是在美国。

三星SDI表示，公司与通用汽车将继续保持战略合作伙伴关系，双方同意共同开发下一代棱柱形电池。

![三星SDI展位](

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三星SDI于3月在首尔举行的InterBattery展会上的展位。

“此次股权变更是考虑到合资企业宣布以来的市场变化——包括电动汽车需求增长低于预期，”该公司表示。“双方现已决定寻求除合资企业以外的其他合作形式。”

SynergyCalk工厂最初设计年产能为27吉瓦时的电动汽车电池，现可能被改造以服务于快速增长的美国3.5加元市场。

CoreWeave收入创新高

不过，订单增长的速度在各季度间出现显著波动。CoreWeave的明星功能Michael Intunze将截至3月的季度称为“CoreWeave历史上最强劲的订单季度”，公司报告的销售订单金额达994亿加元，较上一季度增长10%。

但投资者如今对需求水平的信心不如对产能限制的关注，包括建设延误、组件短缺及其他基础设施挑战。在过去一年中，由于对人工智能泡沫的担忧及公司报告部分数据中心建设存在卫生问题，CoreWeave的股价在约六周内下跌了40%。

![英伟达持股12.8%](

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英伟达持有这家云计算公司12.8%的股份。

据Bartlett称，CoreWeave有12.8%的股份由英伟达持有。自今年年初以来，公司尚未提供盈利预期。在英伟达追加投资20亿加元后，公司表示预计将建设足够多的新AI工厂，以在2030年前实现部署总计算能力达5吉瓦。

在与分析师的电话会议上，CoreWeave高管表示公司正以超出初始预期的速度推动数据中心产能上线，在截至6月的季度中新增了500兆瓦的计算能力。“我们的执行情况超出预期，”CoreWeave联合创始人兼首席开发官Brannan McRae在采访中表示。“今年我们的产能已全部售罄，并有效地将这一趋势外推至明年，需求依然强劲。”

观看视频：Buc-ee's为何将竞争对手告上法庭

![扫码观看视频](

扫描此二维码观看视频：便利店品牌Buc-ee's正努力击败最接近的竞争对手。米老鼠的捍卫者们对此毫不退让。

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《华尔街日报》

2024年8月12日，星期三

85

商业与金融

菲利普斯66计划修建得克萨斯-加利福尼亚输油管道

这条900英里长的管道将从得克萨斯州狭地（Panhandle）运输汽油、柴油和航空燃油

作者：塞桑·凯文

过去一年，加利福尼亚州失去了两座大型炼油厂，同时也失去了大部分在其海岸登陆的亚洲燃油供应。如今，一条从得克萨斯州通往加州的管道计划有望填补这一缺口——州长加文·纽森对此表示支持，因为该州目前面临全美最高的油价。

周二，菲利普斯66及其两家合作伙伴正式批准了耗资500亿的项目，名为“西部门户管道系统”，将建设一条900英里长的管道，每天从得克萨斯州狭地向亚利桑那州和加利福尼亚州输送20万桶汽油、航空燃油和柴油。在凤凰城，这条新管道将与一条现有的500英里管道连接，该管道终点位于加州科尔顿，距洛杉矶以东约1小时车程。

这条管道预计将在2029年投入运营，其输送量几乎可弥补近期两座炼油厂关闭造成的损失。合作伙伴之一、管道运营商金德摩根（Kinder Morgan）拥有亚利桑那州至加利福尼亚州之间的管道段。目前，该管道将燃油运出加州，但公司将调转流向，将燃油输送至加州。另一合作伙伴、炼油商埃尔夫·斯莫金（Elf Smokin）持有少数股权。各公司表示，将从得克萨斯州、俄克拉荷马州及圣路易斯附近的炼油厂运输燃油。

燃油供应严重不足。与伊朗的战争已导致加州从韩国和日本进口的燃油减少，同时中东的石油进口也受到影响。

今年12月，菲利普斯66关闭了其位于洛杉矶的日产15万桶炼油厂，4月，瓦莱罗（Valero）又关闭了位于旧金山湾区贝尼西亚的日产385,000桶炼油厂，导致该州将原油转化为燃油的能力下降了20%。

“一个将精炼产品输送至加州的专用项目，对其能源安全至关重要，”菲利普斯66中游和化学品业务高管唐纳德·鲍德里奇表示。

在加州，周一一加仑汽油的平均价格约为$5.60，为全美最高。今年早些时候与伊朗爆发战争后，该州柴油供应尤其紧张，一加仑柴油价格从一年前的$3.21飙升至$6.84。在加州部分城市，燃油价格甚至高达每加仑$7。

过去十年，加州政策制定者一直试图引导该州减少化石燃料消耗。这些努力推动了电动汽车需求增长，目前该州每5辆新车中就有1辆是电动汽车。但加州每天仍消耗180万桶石油，仅次于得克萨斯州，位居全美第二。

数十年前，加州曾是石油钻探中心，但自1985年以来，石油生产商和炼油商纷纷撤离，迫使该州进口其消耗石油的75%。今年与伊朗的战争实际上关闭了霍尔木兹海峡，数月来扰乱了全球能源流动。战前，全球多达五分之一的石油和天然气供应通过该海峡，来自沙特阿拉伯、伊拉克和科威特等国。

加州最大的供应商之一沙特阿拉伯，7月未向美国交付任何石油，这是自1985年以来联邦数据首次显示该国月度石油交付量为零。加州对沙特阿拉伯、伊拉克和阿拉伯联合酋长国的石油进口依赖程度高于其他任何州。

与此同时，向加州出口航空燃油和汽油的亚洲国家也减少了进口，因为它们缺乏来自中东的足够石油，无法让炼油厂满负荷运转。

炼油厂原油供应紧缩至极限

充足的原料供应。在欧洲，炼油厂已用来自美国、哈萨克斯坦、北海、西非和拉丁美洲的原油替代部分中东原油，但仍有部分沙特原油通过红海运抵该地区。

例如，西班牙的Repsol公司转向更廉价的北美和地中海原油，此前东南亚买家的竞争推高了来自巴西和西非的大西洋盆地原油价格，该公司价值链优化总监胡安·卡洛斯·拉米雷斯（Juan Carlos Ramirez）表示。

炼油厂在原油加工量上存在物理限制。许多炼油厂已以极高的利用成本运行，以满足需求并弥补中东和俄罗斯的供应中断，几乎没有剩余产能。这一压力出现在——

美国和欧洲多年来因高昂的运营成本和向低碳生产的战略转型而关闭炼油厂之后。

“炼油厂利用率超过90-95%意味着几乎没有运营灵活性，”Kpler的里维迪亚（Rividia）表示。这意味着即使单一停机也可能对供应产生不成比例的影响。

除了中东，中国和俄罗斯等传统燃料出口国也面临限制。

根据Kpler的数据，今年乌克兰无人机对炼油基础设施的持续袭击导致俄罗斯炼油产量降至20多年来的最低水平。作为历史上主要的柴油出口国，莫斯科已对该燃料实施临时出口禁令，进一步收紧了对欧洲的供应。

供应优势随时间在不同地区和产品间转移。当伊朗有效封锁霍尔木兹海峡时，炼油厂增加了航空燃油产量，以应对全球短缺的担忧。但增加航空燃油产量是以牺牲柴油为代价的，而此时俄罗斯实施了出口限制，北半球的夏季驾驶季也已开始。

中国呈现另一种动态：其炼油产能充足，但政府为巩固国内能源安全而设置的出口配额限制了汽油、柴油和航空燃油的海外销售。伍德麦肯兹（Wood Mackenzie）炼油、化工和石油市场副总裁艾伦·戈尔德（Alan Golder）表示，这迫使其他亚洲炼油厂加大运行力度，并提高了炼油利润率。

预计全球利润率在今年剩余时间内将保持高位，9月开始的季节性维护预计将进一步收紧市场。

美国3-2-1裂解价差历史趋势

注：截至8月7日 数据来源：芝商所集团（CME Group）

道琼斯风险与合规

重新定义尽职调查的速度与精准度

如果尽职调查能够既快速又精准，会怎样？道琼斯诚信核查（Dow Jones Integrity Check）旨在提高准确性、减少人工工作量，并更好地与现有系统集成。

其结果是一种增强的尽职调查方法，有助于风险检测和明智的决策制定。

将调查时间缩短三分之1

将加强型尽职调查（EDD）周转时间从数天缩短至数分钟

简化并优化工作流程的单页界面

内置API功能，可与现有风险管理工具无缝集成

扫描此处深入了解我们的诚信核查解决方案。

© 2024 道琼斯公司。版权所有。

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B6 / Wednesday, August 12, 2020

《华尔街日报》

为何你的物业费可能上涨

更严格的抵押贷款规则迫使业主委员会加强维修储备金

作者：维罗妮卡·多迪

许多公寓业主委员会正面临提高物业费的压力，以遵守日趋严格的联邦融资规则。

由政府支持的抵押贷款巨头房利美（Fannie Mae）和房地美（Freddie Mac）要求公寓业主委员会在预算中划拨更多资金用于储备金，以支付资本项目。大量公寓业主协会的储备金不足，最明显的后果是面临昂贵的意外维修。为充实储备金，他们可能不得不提高业主的物业费。

尽管更高的储备金标准将于2021年初正式实施，但房利美和房地美已于上周开始加强对公寓销售的审查，取消了对公寓买家的快速抵押贷款审批通道。

房利美指出，联邦政府在抵押贷款市场中占据重要地位，通过收购住房贷款并打包成债券出售给投资者。他们发出了一份强硬通知，以遏制——

行业观察人士将这一转变与2021年佛罗里达州瑟夫赛德公寓倒塌的致命事故联系起来，该事故造成98人死亡。

他们正利用这一影响力，敦促许多日益老化的公寓业主协会为物业维护划拨更多资金。

根据更新后的规则，公寓业主协会需将至少10%的年度物业费收入用于储备金，高于目前的10%。

许多公寓业主协会可能无法满足这一要求。

根据评估供应商财务状况的Association Reserves公司数据，39%的公寓业主协会处于“脆弱”财务状态，储备金不足32%。该公司将建筑的总储蓄与其物理磨损程度进行了对比。

由于佛罗里达州早期法律允许业主每年投票决定是否免除储备金筹集，该州的储备金余额明显低于美国其他地区。

Association Reserves创始人罗伯特·诺德兰表示：“业主委员会常犯的一个大错误是认为减少储备金筹集就能降低储备金支出。‘大自然’和‘时间’可不会听从业主委员会的市场判断。”

根据房利美和房地美的新规，如果某个公寓业主协会储备金不足且无法获得豁免，潜在买家可能无法获得标准融资。这将增加购买难度，也会影响现有贷款的再融资。

行业观察人士将更严格的公寓要求与2021年佛罗里达州瑟夫赛德公寓倒塌事件联系起来。此后，房利美扩大了监管范围，并更新了内部名单，以跟踪因安全、保险或维护问题而被禁止获得常规贷款的开发项目。

据田纳西州纳什维尔的公寓业主协会律师斯科特·韦斯称，贷款机构的严格要求已导致部分买家难以获得新贷款，进而影响公寓销售。

虽然田纳西州法律要求进行储备金研究，但并未强制要求储备金的具体金额。这导致一些志愿性质的业主委员会成员不愿提高物业费，而是依赖临时特别摊款来应对，他表示。

韦斯指出，必要的物业费上涨可能使业主协会及其委员会成员面临不满业主的诉讼，因为储备金不足会阻碍房产销售。

根据更新后的规则，预算储备金低于25%的业主协会仍可符合条件，前提是储备金研究支持这一比例，且预算包含该研究建议的最高储备金划拨额度。房利美估计，将业主协会的储备金划拨比例从10%提高至25%，将使每户业主的月物业费平均减少15美元至14美元。

建筑物在储备金不足的情况下更可能推迟维护。根据社区管理软件平台Vartman的数据，储备金下降的公寓协会比储备金稳定或增长的协会更有可能征收特别费用，其概率超过25%。该平台跟踪了2021年至2025年间4,050个协会的年度年末储备金趋势。

与此同时，房利美正在加强对公寓的保险要求，内部人士曾表示这些要求过于繁重。

更理想的是，新规则出台后，Mike June一直在广泛结合缺乏维修成本风格的做法。根据finalist.com对待售房源的分析，2026年公寓月度费用中位数为425美元，较2010年上涨了29%。

租金飙升推动市场火爆

接上B2版

可供出租的房源数量持续减少。

旧金山都市区的平均空置率在第二季度降至3.7%，低于去年同期的4.9%。除纽约和加州圣何塞外，这一空置率为所有都市区中最低。

结果是一个疯狂的市场，城市中公寓房源一经发布便可能在数小时内消失。竞争激烈的房源租金可能在一两天内飙升数百美元，因为房东试图抓住时机。

一些人正涌向包括米慎湾在内的社区，该区域拥有较新的建筑，OpenAI在此设有办公室；以及SMM，一个有着7-8年历史的仓库区，Anthropic在此设有办公室。

一些居民为确保住处，支付了比要价高出$1,000的价格。一些房东向居住在租金管制公寓的租户提供搬迁补偿，租金上涨也蔓延至加州奥克兰和圣何塞。

今年3月，28岁的窗户公司合伙人June Gupta看到一套位于高层的房间月租标价为$10,000。Gupta提出预付一年租金现金，希望增加胜算。

她输给了一位大型AI实验室的员工。

“有人出了全款，”她说。

这些并非新建的出租公寓——新建筑、类型、背景，正在西雅图和纽约等沿海城市关闭。在加州推动增加建设的努力在旧金山尚未真正落地。在码头区，计划建造一座拥有800套公寓的高楼引发了许多居民的分歧。

22岁的莉拉·马斯蒂纳格洛最近从旧金山大学毕业，希望在8月1日找到新租约。她原本计划与室友合租。两人看中了一套过时的两居室，月租$4,000。房东发来群发短信称已有$6,200的报价。

“我们俩收入不菲，但还不足以每月花费超过$200的租金，”马斯蒂纳格洛说。

一位经纪人建议她们分开租。在这个市场，每个租户都只能靠自己。马斯蒂纳格洛最终租下了一套月租$2,800的一居室。房间只有一扇窗户，采光尚可。

“这是我见过最丑的地方，”她说。

马斯蒂纳格洛最终找到了一个折衷方案。她将在拉昆山社区的一位女士家中租下一间卧室和私人浴室，月租$5,320。她的新室友47岁，养了两只猫。她们尚未见面，仅通过电话交流。租约将于11月到期，届时马斯蒂纳格洛将重新进入市场。

这位女士告诉她，之前的几位租户最终都延长了租期。

“主要是因为工作，”她说，“相信我，这是权宜之计！”

商业与金融

Curaleaf计划对Aurora Cannabis发起恶意收购

作者：阿瑟·马库斯

Curaleaf Holdings计划发起一项价值2.7亿美元的恶意收购要约，以收购竞争对手大麻公司Aurora Cannabis，此前Aurora董事会多次拒绝就收购交易进行谈判。

Curaleaf向Aurora每股报价6美元，较Aurora过去30个交易日加权平均价格溢价超过40%。由于溢价幅度显著，策略具有吸引力，Curaleaf将不再直接向Aurora股东提出收购要约，并采取进一步措施。Cunalani首席执行官迪恩·乔丹

于周二表示，他对Aurora董事会拒绝交易感到失望。

该公告推动Aurora股价在纳斯达克大涨逾20%，收于2.40美元。

总部位于康涅狄格州斯坦福德的Curaleaf是一家消费大麻产品制造商，表示已多次尝试与Aurora领导层接触，因该交易将于6月23日交由Aurora首席执行官马吉德·马丁处理。

在Aurora拒绝谈判并明确在7月初拒绝后续跟进后，Curaleaf决定直接向股东发起要约。

Aurora未就此置评。

此次要约发起之际，Aurora正面临加拿大医用和消费大麻业务的日益严峻挑战。这拖累了其第一季度收入，同比下降8.9%至8090万英镑（约合4800万美元）。Aurora股价承压，在过去两周内较纳斯达克交易初期下跌约48%。

乔丹表示，此次交易为Aurora股东提供了参与更多元化全球平台的机会，并增加其在美国监管领域的敞口。

Curaleaf表示，合并后的公司预计将实现年收入35亿美元，调整后息税折旧摊销前利润（EBITDA）近7亿美元，并实现每年至少4000万美元的成本协同效应。

“通过将Curaleaf的全球分销平台与Aurora领先的国际医用大麻业务及欧盟-英国的种植和生产能力相结合，我们有信心通过显著的成本和收入协同效应满足明确需求，”乔丹表示。

Curaleaf提醒称，目前尚未正式启动收购要约，且无法保证最终会提出该收购要约。

塔吉特聘请首位人工智能首席官

作者：凯瑟琳·弗兰斯顿

塔吉特表示，正在加大对人工智能和用户体验能力的关注，这是又一家大型零售商整合更多人工智能的最新举措。

该零售商周二表示，将聘请两名高管专注于人工智能和用户体验。

一位新高管将加入塔吉特，担任首位人工智能首席官，此前他在刘易斯（Lewis）负责旧金山连锁门店的数据和人工智能创新工作，名为南·约翰（Nan John）。

此外，在塔吉特工作四年的From将出任高级副总裁。

人工智能是塔吉特计划从业绩低迷中复苏的关键要素，其中包括今年约500亿的投资。

塔吉特首席执行官在2月表示，专注于利用人工智能帮助塔吉特紧跟潮流趋势、更准确地预测销售，并投资于能够帮助顾客找到所需商品的智能代理。

这些举措之一是“塔吉特潮流大脑”（Target Trend Brain），这是一个人工智能工具，通过分析社交媒体和时装秀的数据，帮助公司业务部门判断当前流行趋势。该公司还与ChatGPT和谷歌的Gemini合作，允许购物者稍后购买产品。这些举措与竞争对手沃尔玛的部分举措相似。沃尔玛也与OpenAI合作，允许顾客通过该平台规划和完成购物。今年6月，沃尔玛表示正在使用人工智能工具简化员工工作，包括翻译和任务管理，涉及30,名员工。

塔吉特计划于8月30日公布第二季度财务业绩，沃尔玛则将于次日公布。

纳斯达克计划收购Level Markets

作者：戴维·蒂文

纳斯达克宣布将收购Level Markets，后者是美国领先的场外股权或抹除交易平台之一。

纳斯达克表示，此次收购将推进其在所有储备市场的品牌建设，并扩大市场份额。该市场的出售资本已完成组建。

交易条款尚未披露。

交易完成后，纳斯达克的市场将投资于Level Markets的技术、其净增产品及长期增长，同时维持现有客户的运营。

纳斯达克表示，Level Markets将继续作为交易基地运营，其管理团队将留任，并纳入新成立的Digital Liquidity Networks组织，以维护结构性要求和参与者保密性。Digital Liquidity Networks将由Nasdaq Club领导，自2020年以来，他一直担任纳斯达克欧洲市场服务组织的负责人。纳斯达克管理团队成员、纳斯达克哥本哈根总裁将立即担任欧洲市场服务主管，协助Club。继任者将于稍后公布。

纳斯达克于2020年首次对Level Markets进行了战略性少数股权投资，此前在2022年与Loctane完成合并。Level Markets现已拥有超过3,500家客户和300家机构买卖公司。

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《华尔街日报》

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大宗商品

Wednesday, 12, 2020 / 87

期货合约

| 市场与表现期货 | | | | | | |

市场 / 高 / 低 / 收益率 / 股息 / 指数 | 企业：菲利普·莫里斯（2014） | | | | | | | 平均 / 1.0 | 总计：1.0 | | | | | | | 平均 / 1.0

项目 / 市场 / 价格 / 收益率 第一 / 第二 / 第一 / 第二 / 第一 / 第二 价格 / $ 1.0 价格 / $ 1.0

债券 / waj.com / market-data / bonds / brandmarks

跟踪债券基准

投资回报率及相对于国债的利差，或与52周高点利率的收益率比较，适用于不同类型的债券。

市场 / 价格 / 收益率 / 股息 / 指数 第一 / 第二 / 第一 / 第二 / 第一 / 第二 / 第一 / 第二 | 市场市场（包括2年期）（非交易） | | | | | | | | | 2.0M / 4.6 / 1.0 10M / 4.6 / 1.0

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100.

共同基金

2019 / 11 / 2020

2019年共同基金低于全国州公民协会首月2019年共同基金低于全国州公民协会首月The

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《华尔街日报》

• • •

市场摘要

2026年12月，星期三 / 09

[版面噪声，已略]

街闻巷议

金融分析与评论

医疗保健行业实为披着羊皮的空头

该行业大型企业与科技板块的走势日益背离

别再提药物研发管线和临床试验了。如今，每一位医疗保健行业的领导者都必须兼任人工智能专家，才能跟上步伐。这是因为当前对大盘股和医疗保险股至关重要的，正是人工智能团队的基石。

多年来，医疗保健股与非半导体股之间的关系并不紧密。它们有时会朝同一方向波动，但这种关系是线性的。然而，近几个月来，这种关系发生了变化。根据Rachler的数据，VanItA home-indicator Exchange Traded Food与道富医疗保健ETF开始转为负相关。换句话说，它们正朝着相反的方向发展。当芯片股下跌时，医疗保健股往往会获得买盘支撑。

在经历多年表现不佳后，医疗保健行业的投资者正享受着围绕人工智能的大量投资所带来的回报。但这其中也有陷阱。当整个板块因宏观因素同步波动时，基于基本面分析的理性押注将变得更加困难。

“推动医疗保健板块交易动态的最大讨论，大多来自该行业之外，”美国医疗保健股票研究机构的一位医学博士Anad Mishra表示。“对于专注于基本面的投资者而言，这可能会令人沮丧。”

在市场每日表象的背后，算法资金总在不断流动，从一个板块—。

医疗保健 vs. 芯片

■ VanItA 服务指标 ETF ■ 道富医疗保健精选行业 ETF

股价表现，6月10日至7月21日

资金在不同板块间流动，追随其监测的信号变化。当动能转向、政治因素或拥挤交易（如医疗保健）退潮时，被忽视的事实是：这些波动近期变得更加剧烈，凸显出市场对人工智能（AI）的紧张情绪，以及该技术是否能持续推动其应用的采用。这不禁让人思考，若AI交易出现逆转，市场将何去何从。

在从年初至秋季的波动期内，随着对AI涨势可持续性的担忧加剧，医疗保健板块的表现超越半导体板块逾60个百分点。这与过去四年的情况截然不同，在此期间，OMR ETF的涨幅超过300%，而$28的ETF仅上涨约25%。

这一不断扩大的表现差距解释了投资者为何将医疗保健视为避风港。约十年前，芯片和医疗保健股被视为具有相似的增长前景。当时，两个板块的远期市盈率均在15至16倍之间。如今，医疗保健板块明显更为便宜。OMR ETF近期的交易市盈率在12至15倍之间，而$28ETF则约为16倍，根据Rachler的数据。芯片行业的增长速度远快于医疗保健，得益于AI热潮背后对半导体的强劲需求。但近期市场的波动引发了一个问题：这种增长能持续多久？

那么，为何医疗保健能成为避风港？一个关键原因是，2016年的医疗保健法案至关重要，医疗保健属于非周期性行业。无论经济状况或AI建设进展如何，人们对药品和治疗的需求相对稳定。在当前大部分股市押注于AI的背景下，一个依赖自身节奏的行业可能成为理想的避险之地。

此外，医疗保健领域的政治风险正在缓解。特朗普政府对药品定价的打压担忧有所降温，而医保支付水平也高于预期。与此同时，大型龙头企业如SB、强生公司（Johnson & Johnson Inc.）等均实现了稳健可靠的盈利增长。

无论行业增长前景如何变化，医疗保健板块在未来一两年的表现可能更多取决于AI交易的走向。回顾2022年——上一次持续熊市，当时通胀飙升和美联储激进加息打压了高估值股票。在那一时期，医疗保健板块的表现同样超越半导体逾60个百分点。

其他因素也在推动资本流入。市场越来越将这些公司视为同类，尽管它们并不相同。例如，百时美施贵宝（Bristol-Myers Squibb）和默克（Merck）在过去$1.12的表现期内均未跑赢大盘，但两者基本面却截然相反：默克拥有稳定的盈利增长，而百时美施贵宝则面临专利到期导致的盈利下滑。Shaker认为，无论AI走势如何，标准策略仍是青睐营收增长的公司，而非仅依赖增长预期的股票。

随着行业前景改善，基于医疗保健板块自身优势持有部分头寸的理由正在增强。若AI交易崩盘，这一理由将更加充分。——David Weaver

开放权重 AI 模型的重要性及 Meta 如何受益

开源软件一直是众多成功故事的重要推动因素。因此，开放权重人工智能模型的开发者试图借鉴开源软件的某些优势，也就不足为奇。但这两种方法并不相同。

Meta Platforms 首席执行官马克·扎克伯格周一在一篇长达 6,500 字的文章中，成为最新一位将两者等同起来的科技高管，称开放权重模型为“开源 AI”。他表示，此类模型对美国国家安全至关重要，并补充说 Meta 将在暂停后发布更多“开源”模型。他称 Meta“强烈支持开源，包括开源 AI 模型”。

问题在于：扎克伯格提到的模型中，没有一个实际上是开源的。

开源指的是完整公开的代码，任何人都可以使用或修改。使用该软件的社区可以提出改进建议，如果开源项目的维护者接受这些建议，它们就会被纳入代码中。

这种模式在大量用户需要某一软件，但该软件并非其核心竞争力的情况下特别有效。例如，驱动互联网的计算基础设施大多使用开源的 Linux 操作系统。这为网络运营商节省了时间和金钱，因为他们无需自行开发操作系统，也无需担心数据和安全问题。他们更愿意专注于其他事务。

开放权重模型并不像开源软件那样开放，也不服务于相同的哲学目的。

在开放权重模型中，一家公司（如 Meta）使用未向用户公开的方法训练模型。与开源软件不同，用户无法查看训练模型的代码，也无法覆盖或添加新数据。模型的智能水平基本上由训练者决定。

权重对用户开放，允许他们调整模型，从而赋予模型一定的适应性。权重是训练的结果——影响 AI“数字大脑”运作的数值。调整权重可以改变模型的行为。

与开源软件类似，修改权重可能有用。用户可以根据自身需求调整权重，使 AI 模型专注于某一狭窄领域，并拒绝回答该领域之外的问题。修改权重还可以使模型更安静、更少出现幻觉，或更易产生幻觉。当然，如果恶意行为者拥有足够资源，修改权重可能带来危害，例如移除阻止 AI 执行网络攻击或提供武器制造指南的限制。

开源软件项目是开发者社区的产物，对全世界开放。而开放权重模型则与创建和推广它们的公司紧密相关。

Meta 决定何时训练数据、执行权重模型的微调，其能力——而非社区的能力——决定了模型的基本智能水平。也许最重要的是，Meta 将比任何人都更有利于从这些模型中受益。

这得益于其对模型构建方式的熟悉，以及愿意投资部署模型所需的计算能力。

Meta 知道开源软件并不完全相同。它对开源领域做出了大量贡献，包括推出了名为 Black 和 PyTorch 的热门开源项目。

扎克伯格在文章中描绘了一个“开源”模型让所有人都能利用 AI 并构建新核心流程的世界。这其中可能有策略性的考量，但也有自利的成分。

[...OMITTED...]

通胀保值国债（TIPS）提供罕见的买入机会

50年期通胀保值国债收益率

来源：美联储 / 美国地产风险公司

周三，美国政府预计将公布消费者价格较上年7月上涨3.6%，若不计食品和能源，则为2.5%。

无论是否质疑政府数据或对其准确性存疑（尽管更优），CPI这一华盛顿官方数据仍至关重要。税级、强制性税收支付及退休账户缴款限额均以此为基准。

另一个鲜为人知的国债市场角落也因此显得颇具吸引力。目前，最长期限的通胀保值国债实际收益率接近3%，为数十年来最高水平，且出现在一个耐人寻味的时刻。

国债利率历来是投资者的“北极星”，因其代表无风险利率——即“手中之鸟”与“林中之鸟”的对比。即便是波动性更大的股票，能在近50年内保证3%的通胀调整后回报，也无法与美国股市同期平均0.6%的通胀调整后回报相提并论。

然而，3%已接近股市数十年历史回报的最差水平。这一长达30年的低迷期始于93年前，当时正值三分之一的现代技术——汽车、飞机、电力和无线电——问世。也许人工智能将超越它们，但我们尚无定论。

股票最接近“收益率”的概念，是我们当前为过去每一美元收益所支付的价格。未来数年的回报可能处于历史常态的低位。若估值上升，如席勒周期调整市盈率（Shiller CAPE）等指标将具备预测价值。

基于过去十年经通胀调整后的收益，席勒市盈率处于历史观测值的最高百分位数区间。因此，其倒数——股息收益率——则接近历史最低水平。

我们无法确知未来通胀走势。股票在通胀高于预期时能为投资者提供一定保护，而传统债券则无法做到。然而，几乎所有人都将其纳入标准投资组合。在当前通胀隐忧及TIPS收益率异常高企的背景下，将部分长期TIPS纳入投资组合的固定收益部分似乎更为明智。TIPS的独特之处在于其通胀调整机制——这一过程不产生应税事件，且能为买家带来意外惊喜。交易所交易基金（ETF）使这一过程变得简单，因其将收益以股息形式派发。

当然，TIPS可能不及标准债券或在通缩时期表现逊色，从而削弱其投资组合对冲功能。2021年，当市场仍普遍低估通胀时，TIPS表现明显落后。投资无法保证回报，但TIPS提供了长期心理安定的近似保障。

——斯宾塞·泽尔扎

财经资讯

个股聚焦

英特尔

该芯片制造商将其股票发行规模从120亿美元增加至200亿美元。股价变动不大。

特朗普媒体与科技集团

特朗普旗下业务在市场收盘后发布的第二季度财报显示，亏损较去年同期扩大10倍，原因是其数字资产采用率下降。股价下跌5.7%。

比特币挖矿平台

彭博社报道称，该比特币矿商与一家软件公司达成100亿美元云计算合同后，股价上涨4.3%。

火箭实验室

该火箭发射公司公布亏损收窄及收入增长后，股价变动不大。

昂跑

这家瑞士跑鞋制造商因第二季度销售额低于预期，股价下跌20%。

周三重点事件：

● 通胀（100%）：7月消费者价格指数，上午8:30（东部时间） ● 其他（100%）：EIA石油状况报告及财政部预算 ● 债券拍卖：50年期国债

盈利预期：

思科系统 StubHub 相干公司 加拿大航空

黄金的夏季往返

机械笔记：黄金期货价格

套息交易

需求冲击日元

东京和华盛顿对收益贬值的新举措影响显著。周二后日元略有走弱，交易价格约为1美元兑18.84日元。这使其远离关键全时支撑位——同时也轻率地接近政策制定者可能面临4%风险的水平，该水平在上月剧烈波动后成为货币的严峻考验。一个原因可能是套息交易需求。

套息交易涉及在利率较低的国家借入（卖出）货币，并将其投资于利率较高的国家。由于日元利率相对较低，近年来一直是套息交易的主要资金来源。

根据8%的利差，这一趋势可能暂时持续。卡罗勒·麦凯布在今日报告中写道，得益于强势货币和更大风险偏好的部分支持，跨境现金流动有助于抑制波动性（包括货币市场的波动）。

THE WILD STREET JOURNAL

DOW JONES Wood Group DRA 10/9/05 9:16:15 9:34:5

WOOD

WEDNESDAY, AUGUST 12, 2026 - VOL. CCUXXXVIII NO. 36

WSJ.com

U.S. Edition

DRA 10/9/05 9:16:15 9:34:5

WOOD 2046:45 * 0.6%

STOXX 600 (60) 55 x 0.05%

10-99, 7:00:45 x 4/32, x 6/8 4/8:00%

DC 503.25 x 21/27

WILD 54, 100.00 x 321.20

BMO 31.644

YON 59.80

What's News

Business & Finance

● GM, stung in recent years by park's bluebayes, is setting up a $4.5 billion safety net designed to keep critical components flowing through supply chains. B1

● Cloud-computing firm CornMoss reported its fifth consecutive quarter of record revenue and a sales backing of $104 billion. B1

● Major U.S. stock indexes fall for a second straight one sale, with the S&P 500 only Dow such going up 0.91 and the Sunday shedding 0.91. B70

● Framework and chart moving out of Hollywood as soon as October 31 can't make progress toward settling the airstream suit California and 11 other states brought to block its acquisition of Warner Bros. Discovery. B1

● A consortium of investors that includes Jeff Bezos is closing in on a deal to buy a minority stake in Liverpool Football Club from Fenway Sports Group, the owner of the Boston Red Sox. B2

● Long Group agreed with TSMC to invest a combined $4.7 billion in a joint venture to make next-generation image sensors for smartphones. B4

● Flight-tracking platform Flightshower used stable, bringing the prediction-related company to using its data without permission to let users test on cancellations. B4

● Samsung 500 acquired GM's 4S195's stake in SynergiCaCo, a U.S. 5 billion battery joint venture from Co., Inc., setting that arrangement as demand for 6Th-mario time. B4

● Intel increased the size of its proposed stock offering to raise $20 billion. B4

Worldwide

● Trump was secretly flown out of Turkey last month on a military jet after the U.S. government was told of an human being against the president and Air Force One. A5

● Iran's rulers are taking steps to keep their chronically battered economy face. Giving just enough to resist a drawn-out U.S. military campaign against them. A1

● U.S. forces fired on a Panama-Hagash ship that attempted to run the American blockade of nuclear ports. A6

● U.S. military air fumes and your killed and wounded hundreds of unleashed, according to a Pentagon assessment that was sent to Congress. A7

● Sen. Darlene Graham, owner of the late Lindsay Graham, will face second-place finalise that, Ralph Norman, is a major in the U.S. and the capture the majority of votes in South Carolina's special Republican primary. A4

● The number of people killed in Colombia's 7.4-magnitude earthquake rose to nearly 200 times as many as 1,000 in the country as it was in the middle. A3

● Russia released an American military veteran who spent more than four years in prison under abusive conditions and was told to be joined it. A8

● New York City Mayor Zoltan Maravian learned a bit that would force Arlington, FedEx and other companies to prepare delivery workers instead of using subcontractors. A2

● The University of Michigan will drop grants for 25-yr university freshmen, meet year in an effort to help researchers, according to the demands of college. A2

© 2016 Dow Jones & Company, Inc. WEDNESDAY, AUGUST 12

Assad Death Sentence Stirs Syria

REMEMBERED: A young man holds a picture of a relative killed in Syria's riot war Tuesday as people in Damascus celebrated a death sentence in absentia for ex-debiter Bashar al-Assad. A3

Anthropic Looks to Soothe Investors Ahead of Its IPO

Anthropic is meeting with potential investors to show up confidence in what could be the largest IPO of all time, offering awareness about its rapid pace of growth and changes it expects will help address a growing public backlash against AI.

The 8900 billion artificial intelligence hygienian is starting down a host of fresh challenges

By Amber Jin, Carrie Drakesch and Katie Clark

that are leading investors to take a more critical look at the company's business, including the recent popularity of cheaper AI systems made in China, females with the Trump administration and a

growing backlash to data-centre construction across the U.S. In recent weeks, investors have pressed Anthropic executives on such topics to join IPO meetings, asking them what effect they might have on the company's growth, people familiar with the discussions said. The conversation reflect the tremendous uncertainty. Please turn to page 60.

Iran Battles To Outlast U.S. Pressure

Tehran moves to becoming a 'survival' economy as inflation rises, oil exports fall

DUBAI—President Trump is betting the pressure of sanctions and a usual blockade will force Iran to bend. But the country's rulers are taking time tested steps to keep their

ment and shifting more of the burden onto households while intervening among other imports and the essential machinery of the state, analysts said. The result will be a deepening economic malaise that leads to rising poverty and dysfunction, but also more room for Israel's leaders to stalk talks with the U.S.

The Iran's Trump's strategy ending on a risky assumption that Iran will crack before the 2026 does. Mediators have warned that U.S. counterparts that Iran has been tiring under sanctions for. Please turn to page 60.

By Georgi Kantchov, Hanna Muscovic and Summer Saul

chronically battered economy functioning just enough to resist a drawn-out campaign. Tehran is rationing reserve goods, limiting access to foreign currency, slashing issues,

● U.S. fires on ship evading port Michael, ... A6 ● Tehran's new state names have been to buy risks... A6

Trump Secretly Flew From Turkey

By Juan Dozoer Ann Massonet LLPist

WASHINGTON—President Trump was secretly flown out of Turkey last month on a military jet after the U.S. government was told of an Iranian threat against the president and Air Force One, according to a U.S. official and another person briefed on the matter.

Trump founded Air Force One following a meeting with world leaders in Ankara but was then transported to the military jet in an airport car racing track. The official said the person said.

The U.S. official said Israel

tested the Trump administration at the intelligence, which included a threat to sea shoulder to oil missiles to target Air Force Ima. Some of the president's top aides stayed on Air Force One, including Secretary of State Marco Rujico, the official said.

No missiles were fired at any of the planes, the U.S. official said, adding that it was the first time in Trump's presidency that such a decay of fort had been used.

It couldn't be determined how credible the threat against the president was. At the time, Secret Service officials. Please turn to page A4

Mortgage Leader Ended Up Needing A Rescue

By Ben Goossens

Met biblio made a fortage by running the largest mortgage lends to the country. He used his wealth to buy the BBVA (Pavelo) form for 24 billion in cash and to build a museum in Michigan with a trampolide park and cash-climbing wall.

The businessman surprised investors last week when he revealed that an 18-timed wage left his company, United Wholesale Mortgage, with a $600 million hole. The Pontiac, Mich., company said it was suspending its common stock partners and getting financing from Oaktron Capital Management, a lender to the insured companies. (Stereo tanked 95%, leaving them down about 70% this year.)

Libba, 66 years old, attended the deal, saying it was a strategic partner-blip that gave his company across to Oaktron's expertise in the mortgage service. He said that the unknown eliminator uncertainty about OMM's funding needs, and that if it was just about capital, he could put money in himself or get "random people".

"Oaktron is getting a great deal, said I'm happy for them," Libba told investors on Thursday. "When they make a headload of money and are very successful, so will more of our shareholders."

To do the deal, Libba gave up some control over his company. In exchange for its $1.5 billion refax on Oaktron, Oaktron gets the right to veto changes to the company's C-suite and corporate. Please turn to page A3

Home Sales Fell in July

Sales of existing homes declined 17% in July after a rise in mortgage rates. A3

U.S. sold top-home sales

The most recent period of an annual rate above the 52th in Germany, shows federal competitive leaders.

DMV Is Ground Zero For Election Integrity Fight

States under pressure to keep noncitizens off voting rolls fear that even small errors will undermine the midterm elections

In President Trump's prime-time address last month declaring U.S. elections vulnerable, his controversy claim was that more

By Leanne Rutherford, Eliza Collins, Joseph De Avila and Corinne Ramsey

than 210,000 noncitizens were registered to veto. A day later, the Department of Homeland Security said the striking number covered just four states.

New Jersey law. Midas (Hawaii already knew her state had a problem but nothing of

that scale. The day before Trump's speech, the Democrat learned from her state attorney general's office that under the previous provision, the state had accidentally put thousands of noncitizens on its voter rolls.

Even worse, hundreds of them appeared to have cut ballots. The governor and her advisory quickly realized they needed to acknowledge the crime.

On July 22, Sherrill said 6,000 noncitizens had been asked to New Jersey's voter rolls from June 2023 to June 2024, blaming.

Please turn to page A9

Wine, Cheese and 26.2 Miles: What Could Go Wrong?

A marathon in France's Bordeaux region

includes wine stops. Dietitians don't approve.

By Karen Goossens

Michael Steel prepared for the Boston Marathon by tugging between short and long runs. His training regimen for the Marathon da Midas used month-olds stopping at different sides to

down a glass of wine.

The course through France's Bordeaux region requires runners to prepare their bodies not only

for the harsh physical toll of a 26.2-mile road race, but also for the 20 mine stops along the route. It's not a combo that nutritionally reduces—but that's part of the thrill.

"You also need to ensure that you're going to get to the

end in one piece," said Steel 61, from Southampton, England.

Broking while生产力ing in certain business. On social media, runners your days of themselves drinking along the racecourse, even during

the same course, these days (from Chicago) and New York's time, come prepared with drinks for the race. Others take drinks passed to them by operation.

Midas, who signed more than to leave in drinking wine, marks its 40th training on Sept. 5. It is more popular than ever. The race's 4,500 sites sold on to time doctors, said the wait list is now three times. Please turn to page A11

ORACLE Future Cloud Applications

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---

A2 | Wednesday, August 12, 2026

U.S. NEWS

THE WALL STREET JOURNAL.

The major banks a bill that would not be compatible for the defunct of the 1969 U.S. government.

Mammoni Takes One maroon Over NYC Delivery Workers

By Loosex Wroes And Emma Price

New York Mayor Zehran Mammoni has lived a new salvo in his push to take on big business on behalf of new paid workers, backing a bill that would favor Amazon FedEx and other companies to employ delivery workers on behalf of doing self-contractors.

The bill, introduced earlier this year in the New York City Council, would require warehouse operators to obtain the same from the city. To receive a license, operators would have to adhere to new and a license and implement requirements, including during thousands of the city's contract courses.

The majority backing now these upon a political battle that's been building, for months since the bill's introduction. It concerns one of the most challenging parts of the delivery business: a city where residents rely on would not package regularly appearing on their doorstep. The "just side" of the final stretch between a warehouse and a customer's home.

Mammoni, who threw his

Mayor Zehran Mammoni

weight behind the bill Monday, said it would also help reduce traffic accidents. He cited a 2025 report from the New York City Comptroller that found no safe during market sales in 1975 of neighborhood after last after facilities opened nearby.

"Corporations like Amazon build billion-dollar business models by insulating themselves from accountability through a system of legislative subcontracting," the mayor said.

Amazon said it would consider relocating its warehouses outside of New York City if the Delivery Protection Act passed and warned the mansion could put the jobs of more than 15000 delivery workers employed by its subcontractors at risk.

The company has also said an testimony that it has imposed billions of dollars in safety programs since 2020. "We're committed to creating good jobs, supporting our thousands of employees and local small business partners in New York City, and providing fast, affordable delivery to a safe working environment," the company said.

If the bill passes, New York could become the first city to make the most part of access to trade delivery workers direct employees.

The last side is typically the most expensive part of the government's business process, because carrying one or two packages to individual addresses is no labor-announce and time-intensive.

To help lower these costs, FedEx might have an adequate non-contracting system which it contracts with a business to cover routes in a geographic area. The contractor buys its own trucks and buys its own drivers to make the deliveries. Amazon has built a similar first-while delivery model, in which the contractors also hire drivers but have ahead of own the delivery vehicles.

Home With Trusts Get Pied-à-Terre Notices

By Meena Gorman And Lee Rice | Friday

Many New Yorkers who are they were mistakenly swept up in the city's new paid-heres lot share one thing in common: They own their homes through a trust.

They are among those complaining that the city is putting the state on them to prove they shouldn't have to pay the overall home surcharge.

A New York judge temporarily blocked the rollout of the new law on Monday, while the court restores a lawsuit by homeowners claiming that the city's most properly identified owners of paid-heres subject to the tax.

Putting a home inside a trust is a common financial planning strategy for those looking to save the burden of taste or other under-takers. Limited liability companies are also favored by homeowners seeking privacy.

But these legal arrangements should be properly committed, making it more difficult for the city to determine whether it is subject to the new tax. The city has just a wide range of legal and regulatory pads where, sending letters to many of these trusts and asking the homeowner to prove they should be exempt, except with its homeowners and the lawyers working with them.

The good à terre - tax is aimed at homes valued at $5 million or more and co-spot and credits valued at $1 million or more where the owner can't a primary resident. It may also apply to some popular ones owned by home or LLCs even if a beneficiary is members to a primary resident.

The new tax is a trust of LLC, and, as the terms are manifest of beneficiaries, are readily available.

City officials have said they don't always have the information

Trump Threatens Steps Against Tax

WHO/HEALTHS--Freud-Start Trump said Tuesday he was reviewing whether his administration can challenge a new paid-heres lot championed by New York City Mayor Zehran Mammoni.

"I am looking to see if the Federal Government has any legal right to work this disaster," Trump wrote on his FedEx Social platform.

The Mammoni-backed paid-heres tax applies to money worth $5 million or more and co-spot can also worth $5 million or more in which the owner can't a primary resident.

Asked for comment, a spokesperson for Mammoni blamed a romantic day mayor made a day earlier

attending the legality of the tax. "We are confident in our position," the mayor said.

While House spokesmen face those said, "New York is a student to have beloved homeless, and the President's only trust and here is preventing the city's further sale by Socialist Democracy."

Trump and those living in the properties could benefit if the federal government thinks the tax do, or if any, will be protected. "I want to reassure condemnsmen at Trump Times' that it is the city's list of properties that must be subject to the tax."

The Trump Organization said its properties are unlikely to be a problem.

—Brian Schwartz

reunion they need about a home to know whether it is a primary resident. As a result, they have sent out more notices to homeowners than the tax-hired from the right to tax.

"Part of the point of this estimate lies in the Department of Finance in to ascertain whether or not that reflects a legal right to tax," said the Mayor Zehran Mammoni said last month, referring to homes owned by trusts and LLCs. "One of the reasons that this is being done now is to ensure that New Yorkers have required time before the implementation of the surcharge."

About a week after the city began sending the tax notices, roughly 2,800 people of the state, and the state's state started exemption applications, according to a spokesperson for the state's office.

The city has said it is prepared to vigorously defend it

will against the lawsuit.

Under the paid-heres tax policy, a property can be exempt from the tax if it is owned by a trust with a voluntary tax policy. The tax is a primary resident. Beneficiaries with homes removed in a trust such as children who stand to attend when a parent has spent some in the private residents, the city has said. This means a couple that has transferred their primary home to a erstwhile trust should be exempt from the tax. "Still, several New Yorkers with three kinds of trusts said they received letters from the city. One resident of Brooklyn's brownstone-filled Park Slope neighborhood said he and he said were the first to be a member who after coming and living in their home for 42 years. Last year, each spouse transferred 50% of the house to a erstwhile trust in their home.

State Loans Help Keep U.S. Credit-Card Delinquencies High

By Orrin Anderson

When Americans fail to pay their credit card bills, the delinquencies are stenting to their records longer than they used to, a key reason that measures of distress have come to the highest level since the aftermath of the 2008 financial crisis.

The Federal Reserve Bank of New York's gauge of credit-card loans that are 90 or more days past due has been rising steadily since about 2023, prompting concerns about how people are facing in today's economy. Many of these delinquencies fall into the belief of "severely derogatory" loans, meaning smokers have previously doomed them unpalatable.

They remain on credit-cr. gains for longer than they

used to. Between 2004 and 2021, about 40% of businesses charged off debts were still being reported one year later. By 2024, this figure had also bled, New York Fed researchers said in a blog post published Tuesday.

When the researchers used a different calculation that removed severely derogatory balances, they found that the pace of delinquencies stabilized after 2024. A measure of loans that are newly 90 days past due suggests that credit-card stress remains at elevated levels, but it hasn't gotten meaningfully worse in the past few years.

Still, delinquency rates are especially doomed for those living in low-income areas and for younger borrowers, the researchers said.

Leaders tend to measure

delinquencies differently than the New York Fed. The Wall Street Journal previously conceded, "Our typically needed delinquencies from their calculations once they are deemed unattributable, somewhere between 120 and 180 days past due."

At that point, the loan is no longer on the tender's books, nor the borrower is still on the book for the debt and the market may still pursue it. As a result, the New York Fed continues to include it in its delinquency calculation.

"When the pace of new-delinquencies stabilized in early 2024, the stock kept being so charged off debts accumulated," the researchers said in their blog post.

The New York Fed researchers didn't have a definitive answer for why charged-

Dueling measures of credit-card delinquency, quarterly

off loans are stenting on credit records longer, though they posited that perhaps tenders changed their reporting practices.

Leaders have been calling

attention to the discrepancy in data for loan, PMC Financial Services Group researchers argued that the New York Fed's measure of credit-card stress was misleading, saying

other measures of credit-card performance show other stables improving trends.

"That can little data point out, if it's the one thing that doesn't really make sense," said Brian LeBlanc, head of economic analysis at PBC. "It's one of those things that people point to as alarming, and it's just incongruent with everything else."

The Fed's quarterly data analysis on consumer debt, also published Tuesday, showed delinquency rates across consumer loans appeared steady in the second quarter. Overall debt balance was 1.2% in the first quarter, and the second quarter, Mortgage and Student loan balance reached a slim decline, while home-square lines of credit, credit-card balances and auto loans rose.

CORRECTIONS & AMPLIFICATIONS

Readers can alert The Wall Street Journal to any issues, as soon as possible, and may be sent to the newspaper or by mail at 1-800-555-1234.

THE WALL STREET JOURNAL

JUNE 1, 2026

Source: https://www.industrydocuments.ucsf.edu/docs/msnx0229

Editor's list and articles: Introduction, 2016; Journal of the American Bank, Vol. 10, 2016; National Bank, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2

The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2

The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2016; The New York Times, Vol. 10, 2

Mortgage King Needed to Bailout

Continued from Page One rate by less and to be a 1000M in buy can't in what after some years it gets low and is on board, warranty for additional shares and at least 2000 million in guaranteed stock.

Dallas has historically called the debt at 1000M, which he termed home a local banker to a national powerhouse underwriting more home loans than the country's biggest banks. He contains 79% of 1000M's voting power through a special bank of stock. Under the law, free deal, his family holding home is reporting 2000 million and won't receive the common stock dividends that paid out before of dollars over the years to its majority owner.

That Dallas needed a legal out-date's surprise some micro of the company, which overruled Booker Mortgage as the largest mortgage lender of Dallas volume by addressing a network of brokers. Dallas expanded his business

even when rivals bankered down, saying he was setting 1000M up for a solidfall when interest rates dropped.

"When you half it all up, they're half pretty serious cash problems that have been getting worse," said Rich Hargreaves, executive director of the Ohio Mortgage Bankers Association, who is critical of 1000M on social media.

Mortgage rates have stayed down only half 1000M's value that became acute in the latest quarter after the company took a 2000 million less related to interest rates. Judgors—more, daily less that pay off if rates fall, 1000M had taken on those ledges, Dallas said, because of a failed acquisition. He agreed to determine to buy a real-retain investment trust focused on mortgage servicing, called the business. The LLC dollars stock deal fell apart in March when Two Bankers spired for a sale offer from another suitor. Mortgage companies often have to pay up their part-follow of mortgages, which charge in value with rates. However, 1000M paid to hedge a portfolio that the company never acquired, which to the confusion of rates increases and analysts.

"They shouldn't have performed" they would get Two

Bankers, said Rose George, an analyst at Koole, Broyns & Co. "While the said Dallas third-credit card for purchase of Two Bankers "partly because he didn't want to lose."

On Monday, 1000M used Two Bankers to federal credit. "Because of the high risk of fraud, alleging it sabotaging their merger. A spokeswoman for 1000M said it was seeking more than 2000 million in damages after it "exhausted every reasonable alternative."

Beginning of Two Bankers didn't respond to a report for comment

On June 1, two shown a well-arguish to spend his money during the past two weeks when you a private capacity

him, Dallas purchased the lines as well as the city's 1000M bank, to call it 2000. "He could be a good leader, a good owner, but he's just to do too many things," said Thuan Nguyen, founder of every page broker of the Bankers, who clarified with 1000M. "We had to make a re-broker," he also baledoffed, and it's very expensive to buy a bankroll team."

Dallas has raised his private affairs with his company. 1000M's headquarters campus is operating with a 1000M to build by Dallas and his father. The company paid $25 million last year on the long-term leases. In 2025, 1000M agreed to 1.25% of $25 million in the savings deal with Dallas to state the Phoenix series where his NBA and WNBA teams play.

The Galician deal just-much tighter after it's what 1000M can distribute to its top

the county owner. If 1000M fails to pay Galician its hundreds of millions of dollars, it's a 1000M in the bonds when five. Galician gets a majority of board costs, and it's a 1000M in the long term the company, and

would be paid out in full by five other shareholders on any potential cash.

Galician are preferred stock, which includes a 20% cash dividend requirement and a requirement penalty. That in consent, the cash rose. For example, if the company in part balance plans, 1000M is at least, it will have paid the annual $100 million dividend

twice, plus a requirement penalty of 10%, in another $450 billion in its top of the $15-bill-time premium.

The key is how well 1000M and Galician are willing to collaborate, said Jennifer McGuinness-Gallwey, chief executive for a judge who is a member of the firm Financial. "They have an opportunity to hold off them that could be huge for their business that they have been doing well."

1000M sent public to 2023 and was valued at about $30 billion in what was at the time the largest ever special-purpose acquisition company—that, it's now made at a value of $1.5 million in the year.

Last year, 1000M stopped holding earnings conference calls with analysts, spring to have Dallas answer per-guilty. The company's earnings for the day—the also delivers a monthly swing of the biggest mortgage-related news items in a YouTube video called "Shrubing the World." The company says that before he amended the balance fund billion ended with "Shrubing is going strong, and money as a telling right now in this environment. Now when wins drop even further, we see that the company's earnings. But for now, it's a good purchase market. Take advantage of it."

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THE WALL STREET JOURNAL.

...

U.S. NEWS

Wednesday, August 12, 2006 | A3

Michigan Won't Count Grades In First Semester

By Deborah Bissim

The University of Michigan will drop grades for first-semester freshmen next year in an effort to "curb the mental health crisis unfolding among college-aged individuals," according to the school.

Instead of a letter grade, first-semester transcripts will show "pass or no credit." The program is designed to help students "acclimate to the demands of college and allow intrinsic motivations to guide personally meaningful academic journey," the school said.

The program, set to start in fall 2007, applies to students in the College of Literature, Science, and the Arts, which expels about half of Michigan's roughly 4,000 first-year students.

A Michigan spokesman declined to comment about how the university reached the decision to enact the pilot. Although grades won't be recorded on student transcripts or affect grade-point averages, professors will still assign them alternately to a new capability for scholarships and academic awards.

Students at Michigan's college of LSA will still receive student grades and feedback from faculty but final grades won't be recorded on their transcripts and they won't be figured out from GPA.

Schools including the Massachusetts Institute of Technology and the California Institute of Technology have implemented similar "goals-covering" programs in past years.

The shift at Michigan, among the nation's largest and best-known public universities, comes as schools were the only grade inflation and the need for remedial instruction for freshmen ill-proposed for college-level classes.

A recent University of California San Diego faculty report found that the percentage of students placed in classes to immediate elementary and middle-school math before they could take generalization increased to 6.5% in 2003 from 0.7% in 2010.

In May, Harvard University

faculty voted to approve a 20% cap on the number of 45 per undergraduate course in an effort to curb grade inflation. It won't apply to A-manness, which committee members predicted would become the most awarded grade.

At the University of Michigan, a review by the news-site, MLive found that 74.1% of all undergraduate grades in 2002 were an A-, A or A-, A decade earlier, that percentage was 57.6%.

Kenneth Lowander, a former Michigan political science professor who left for East University, said he didn't think the new policy would make much of a difference because grade inflation had made grades largely irrelevant. "Grades have lost their value as an indication of quality or excellence," Lowander said.

Michigan students landed the new policy. Student body president Samuel Leuth said he had spoken to around 50 classmates and they were either happy or jealous the policy didn't exist when they were freshmen. Poor mental health is closely related to academic stress and anxiety among students, Leuth said.

Leuth, 20 years old, said he earned all 45 and one 8 in his first semester and finished he would have worked as hard had the classes been practical. But he thinks he would have learned more from his classes without the pressure of earning high marks.

When February, a human professor and former chair of the faculty government, said he believes the more is generally beneficial because it will give students a better academic subjects more freely.

Students are under more stress today than their predecessors, he said, including the distraction of social media, bloater job prospects and less secure economic conditions.

"The idea that our kids are somehow more codified is simply not true," Peterson said. "If we can find ways to open up space for students to experiment while also proving these future employability, which means protecting the GPA, I think it is a good idea."

Food Companies Dodge Crackdown in New Plan

By Patricia Tamaki

Food companies largely dodged a regulatory hammer Monday after the Trump administration proposed new healing how ingredients are introduced into the food supply.

But trade groups representing makers of snacks, beverages and dairy products also said the plan fell short of addressing concerns that new rules could drive up food prices.

The proposed federal rule would require companies to notify the food and drug Administration when they introduce a new substance into food and provide information explaining why they consider it safe.

Health and Human Services Secretary Robert F. Kennedy Jr. has been a frequent critic of the food industry, which he has blamed for sickening Americans with infrequent food trade and chemicals. "Parents should not need a chemistry degree to understand what their children are eating," he said at a press conference Monday.

Federal law allows companies to determine whether many food ingredients are "generally recognized as safe," or GRAS. Because disclosures are voluntary, many companies don't notify the FDA when these ingredients are introduced into the food supply.

The new proposal, however, doesn't address an emerging patchwork of rules being developed in different states, industry officials said. While Kennedy has pushed to phase out certain additives, like artificial colors in food, no specific ingredients or chemicals were targeted in the GRAS industry.

Food and beverage companies last year formed a crab-

tion called Americans for by-product transparency to fight regulations in states that it says anyone added costs that will eventually be passed on to consumers. AHTI is pushing for a national standard on food ingredient safety and transparency—one that is set by Congress.

"The administration's release of a proposed GRAS rule only further underscores the limitations of the existing law," said a spokeswoman for AHTI.

Trade groups, such as the International Dairy Foods Association and Skoal Institute, which represents newspapers that growers everything from hot dogs to burgers, said that the proposed change is a good first step.

The proposed GRAS rule has a 120-day public comment period.

Enter companies and food safety advocates were doing painful in the new federal GRAS rule. Advocates were hoping for stricter requirements for ingredients that companies put into their food before they are reported.

Acting FDA Commissioner Kyle Dumanian said Monday that notifications for new ingredients are mandatory, but it was unclear how the government would enforce compliance.

"While today's proposed rule is a baby stop towards safer food, it falls short of the true reform needed to keep dangerous chemicals out of the food supply," said Rebecca Wolf, food policy director for Food & Water Watch.

The Trump administration also delayed the release of a long premeditated controversial definition of idiosyncratic food, saying a draft is still being reviewed by other agencies.

Firefighters Battle Timber Fire in Big Sur Region

TREAKING CAREFULLY: Officials urge tourists to send Big Sur as a timber fire spreads along California's Central Coast.

Home Sales Fall as Mortgage Rates Rise

By Rebekah G. Mullin

Home sales fall in July, getting the summer off to a poor start after the housing market suffered through another sluggish spring selling season.

Sales of existing homes declined 1.7% in July over the previous month to a seasonally adjusted annual rate of 4.08 million, the National Association of Business said Tuesday.

The rise in mortgage rates following heightened tensions in the Middle East continued to put off home buyers. Sales in July came in below expectations. Economists surveyed by The Wall Street Journal had forecast a decline of 3%.

The national median existing home price in July rose 2% from a year earlier, to $434,100, $4.8 said. That is the second-highest median price on record, just below $442,800 in June.

The MidEast conflict has stymied the housing market in a year the real estate industry was optimistic would bring a rebound in home sales following years of stagnation.

Mortgage rates briefly fell below 8% in February, but jumped with the beginning of the first war, and have continued to creep up as hopes for a

U.S. median existing home price, change from a year earlier.

clean end to the conflict have faded.

The 30-year fixed-rate mortgage averaged 4.48% last week, the 1976 consecutive week of increases, after averaging 0.45% at the start of July, according to Freddie Mac.

Many homeowners benefiting from low rates from years ago have opted to stay just to maintain their rates, which has dragged down available inventory. Shift and annual inventory in July fell 1.9% from June to 1.34 million units.

The slowdown in sales marks a continuation from June, when home sales fell 1.8%.

Economists don't expect rates to fall soon, with geopolitical conflict as well as spending on the artificial-diet-figure's build-out finding in future.

Yet high rates may not be the deterrent that they need to be fair everyone, economists say. The growing demand for housing has caused some potential home buyers to lose purchases, even with high mortgage rates and an uncertain economy.

"Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months," said the Chief Economist Lawrence Yan.

Despite the month-over-month decline, July home sales ticked up 0.7% from a year ago.

"There is no reason to think that mortgage rates are gonna come back dense again. So they're just saying I have to get on with my life and that's what they're doing," said Brad Gass, chief residential economist at Kansas.com. "So it's not that the market is strong, but it's a lot stronger than I thought it was based on the increase in mortgage rates."

Just thirty and six will be approached a high mortgage rate to close on a house in

Georgia in April. Upon getting the mortgage estimates, "my month just dropped open," he said. "It was just kind of a shell-shock for me looking at those numbers. I'm like I thought this would be way more affordable."

But Harris was intent on buying even so.

"We were absolutely against coming a place. We just have to take this in stroke, kind of bite the bullet on the higher rate. Maybe one day rates will go down enough to make refinancing worth it," he said.

Home buyers in today's market also have to reduce an unstable economy, with weak consumer sentiment weighing on Americans' willingness to undertake large purchases. Harris, who works in IT, had been laid off from his previous job and had been worried about it happening again.

"We've wanted to buy a house for a long time, but then there's always these talks of benefit and all taking over and the white-collar sector contracting," he said. "I was scared of losing my job again, or just the general direction of the economy. But at the same time, it seems like the best time to buy a house was always yesterday."

---

A4 | Wednesday, August 12, 2008

MY FINE SMOOTH

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THE WALL STREET JOURNAL.

U.S. NEWS

Graham Advances to Senate Runoff

Late lawmakers' sister to face a GOP congressman in next primary round

By Thomas Weaver

Sen. Darline Graham advised Tuesday to a runoff later this month after failing to capture the majority of votes in South Carolina's general Republican primary, where she had the staunch support of President Trump following the death of her brother, Sen. Lindsay Graham.

With 62% of the votes counted, Graham was in first place with 35%, according to the Associated Press, qualifying her for the contest later this month. She will face the Ralph Norman, who clinched second place with 24%, currently signing Rep. Russell Fry. The runoff will be held Aug. 25 to determine the party's violation.

The House and Norman advanced in a crowded field of more than half a dozen GOP candidates. Former Gov. and Rep. Mark Sanford was on track and was elected to seat. The winner of the runoff will face the Democratic nominee, Dr. Annie Andrews, in the November election.

Graham, who was appointed by Republican Sen. Henry McMahon to finish our bar brother's term in the Senate

Sen. Darline Graham, addressing her supporters on Tuesday night, was named to succeed her brother, Lindsay Graham.

at the signing of Trump. The president then pushed for her to run for a full term. Lindsay Graham, who died last month at 75, had been a close ally of the president and her proponent of the war in Iran.

Norman, 71, a brother of the conservative House President Garcia, was first elected as a 2007 special election after Trump tapped Mick Mulvaney, who had represented the House district, to serve

as his first budget director. Both Fry and Norman campaigned on their conservative bona fides and alignment with Trump.

Fry, 41, gained favor from Trump after defeating GOP Rep. Tom Rice in 2002—after Rice voted to impeach Trump following the Jan. 6, 2003, one at the Capitol. Trump previously said Fry would make a good contender for the Senate race before backing Graham.

By law and Graham isn't conservative enough.

The result showed the limits of Trump's poll in the race, on which he backed the vote. Party leaders, like the Star, have been hated on several veteran politicians. In addition to the endorsement from Trump, who has won South Carolina by large numbers, both of the presidential runs, Graham was hooked by McMahon and Sen. Tim Scott (R., S.C.).

Some rank-and-file Republicans said they were irritated that the race Senate vacancy could be hooked over to a sitting of the late senator. The first time that he happened to the nation's history.

Darlise Graham spent her career as a public administrator and served as commissioner for the South Carolina Commission for the Blind. She has support from Senate Republican colleagues.

Leftist Hong Locked in Tight Wisconsin Race

By John McCormick

MADISON, Wis.—Democracy Hong, a Democratic Socializer of America member, was locked in a tight race Tuesday morning. The first time in the United County Executive David Crowley for the Democratic nomination for governor in this battle proved riam.

With 79% of estimated votes tabulated, Hong and Crowley both were at dead 40%, the Associated Press reported.

Hong, a 15-year-old state representative and part-time bartender who once called for the cancellation of Thanksgiving, has the backing of the party's 3rd left flank. Crowley, 40, was a late endorsement from Democratic Gov. Tony Evers.

The winner will face Tom Tiffany, a Republican congressman from northern Wisconsin in November. The open-seat governor's race in Wisconsin, the state that delivered the

narrowest 2004 presidential election result, comes after Evers decided not to seek a third term.

Establishment Democrats worry that Hong, where Republicans spent millions to promote among Democratic voters because they believe she will be>eased to hold in November, could cost her party's contender, good number in an almost certain 2018 presidential battle—point.

She backs legalizing mas-

juries to fund high-speed broadband. Hong also supports a state-run development bank, outgrows unbridled child care, government-run grocery stores, the dismantling of all others debt. Moreover, 40, a 20-hour worldwide with no pay cut, shrinking the U.S. Immigration and Customs Enforcement agency, removing voting rights to felons and the eventual diminution—or at least on daytime—of private and public. Hong led in the most recent

polling ahead of the primary in what has been one of this year's most chaotic races.

One top contender, Lt. Gov. Sara Rodriguez, ended her candidacy on July 17 aftermuition since about how far anti-agents finances were managed. Members in the Midwest, Minnesota Democratic Sen. Amy Edmunds, who faced only token opposition, won her party's nominations for governor. On the Republican side, the race hadn't yet been called.

U.S. WATCH

DEATH POUNDS

Three States Set To Hold Executions

Tennessee, America and Oklahoma plan to execute inmates Thursday in what would be the first time at nearly 10 years that three people are put to death on the same day in the U.S.

"You look at the country as a whole, you've put just this little pocket of the or six states that are using the death penalty, executing people, and a small number of people that are still imposing new death sentences," said Robin Maher, executive director of the Death Penalty Information Center.

The U.S. was executed a total of 47 people in 2025, the highest number were 2020. Florida accounted for most of the surge with 19 executions. The 1998 election by the U.S. 2024 base occurred in four states. Florida executed two inmates on the same day in July. —Associated Press

NEW JERSEY

Gott's Grandson Agents to Prison

Late with hero John Gott's reality, 77- the grandson has rejected the grand prison after trying to shave off his sentence on fraud charges by saying he was going to devote a kidney to his living money to travel with.

The Federal Bureau of Prisons confirmed Tuesday that Carrieus Agents began his 75-month prison term the previous year, and Federal Correctional Institution Parties in southern New Jersey.

Agents, who starred on "Growing up both" in the mid-2020s, was originally scheduled to report to prison in July. The 2020 Federal Court Judge Naomi Crossbury, report to does that until Sept. 16, saying it would allow enough time to recover from the prison, representing that happened by Aug. 10 as Agents suggested.

On Monday, though, with no operation in eight, Crossbury ordered Agents to surrender immediately to federal authorities.

—Associated Press

White House Seeks New Prosecution in Reflecting Pool Case

By Aura Loser And June Totman

WASHINGTON—White House officials asked the Justice Department to consider a new prosecution if such a case occurred of vandalising the Lincoln Memorial Reforming Pool, according to people familiar with the discussions, as President Trump James E. S. Attorney Joanna Fero's decision to drop the case.

A new prosecution of the defendant, Olympic cancerist, is a decision, when he haphazard, especially after Fero took a judge on surprising detail that the government's decision is similar how on a 6th one charge was ill-informed. Fero said a localized omensation, not vandalism, was responsible for the reflecting profit problems.

After White House outreach,

David Hearn, center, with his attorney Karen Eisen, right, spoke of a news conference in Washington last month.

Justice Department officials are reflecting whether another type of case—likely based on misdemeanor allegations—is even possible. The discussions

have been informed and preliminary, the people said.

Ana Koenigs over the deliberations. The providing judge in the last case is set to hold a

bearing next month on whether the dismissal of charges against Hearn should be "with prejudice," meaning the Justice Department couldn't charge him again for the same alleged conduct.

Trump has criticized Fero once she dropped the case and in a Friday social media post said she should reveal her decision. He also posted a photo captioned "Vandalism," that he said showed quaffin and damage to the Reforming Pool. On Sunday, Trump said "a highly credible witness" saw Hearn ripping and trapping of the profit碰ings.

Hearn, who visited the reflecting pool as Jane Arndt, is like this, has said he reached his hands in the name to thank a piece of the case that had already detached from the lecture. He was originally charged with a misdemeanor, though

prosecution later elevated the offense to a felony.

"The Department of Justice follows the evidence when determining if crimes have been committed. We always make the any case based on the facts and the law," a Department misdemeanor said. The White House referred to Trump's on-call media posts.

Notre Evers, co-counsel for Hearn, said a new prosecution "would mark a shocking fact. Bringing back from the dead a case that the 2011 test by its own admission that it lacked the evidence to convict. This would add another bravery turn to a sad chapter in the 2025's history—and further he ran an innocent man."

The discussion comes after local Blackie cytat works trying to pave Senate concerns that he was too willing to head the Justice Department to

Tramps' will. Blackie, who had served an attorney general in an acting capacity since Pam Brady was fired in April, was confirmed for the permanent post over the weekend on a 2009 visit and swore in on Monday.

Blackie, who won a top Trump defense attorney in prison practice, has said it is the president's right and duty to weigh in on the Justice Department's criminal investigation. That view departs from his preferences, who sought to make the application of White House interference in the agency's affairs.

Blackie last week declined to say whether he thought Fero had correctly handed the post back. The new table has won't be a good one. United States plans to the Justice Department's criminal division, some of the people said.

Trump Flew in Secret From Turkey

Continued from Page One Late followed they needed to take extraordinary steps to protect the president, the official said.

"It's really just up to Secret Service," Trump said after returning from an event in China on Tuesday night. "I just follow what they like to do. In 2 p. by Secret Service and the military, they wanted me to go in a different flight, a different plane for safety."

The previously undisclosed effort to search some Trump's secret from Russia which was earlier reported by the Washington Post, came aned an escalating war with Iran. Iran for years has owned uprising to retainer against Trump for the assassination of Governor General习近平, who is the guest of the Islamic Revolutionary Guard Corps.

The president and his top aides said at the time that Trump flew out of Turkey on an older version of Air Force One, claiming that a separate Qatar-denoated plane was headed to the U.K. to troops stationed there could see it.

"For old time's side, we'll be taking the former Air Force One, from Turkey to Midevshad, a short top that is totally worth doing in order to give our Great Military Heroes a chance to appreciate our beautiful new address to the Air Force One!" Trump, a Republican, wrote on Truth Social in July.

The Wall Street Journal previously reported that the Secret Service, the White House's military office had some national security officials made the decision for Trump not to fly to the U.K. on the Qatari plane because it lacked adequate methods to establish it.

The decision, however, to security just for president on a smaller plane while reporters and others traveling with him flew on the older Air Force One taken questions about the security of the alleged Russian assassination plot against Trump and the White House's trans-

Air Force One parked before President Trump's departure from Ankara, Turkey, on July 8.

perfectly to the public about the president's movements.

White House officials met on Tuesday with the White House Correspondent's Association's decision for incident.

Reporters trending on the older Air Force One from Turkey to the U.K. last month were asked to close from window shades as the plane took off. Asked later that day if he knew into reporters were asked to close the shades, Trump replied: "You're proba-

bly in a dangerous flight because of the disuse hags that we have to deal with."

"I'm number one on their list, before you," he said. "But if I go, you go, right? So perhaps some day you want to change professionalism."

Trump didn't disclose that he didn't travel on the plane and had secretly enriched to a military jet.

"The president's two factors when the New York Times reported last month about the

lack of defensive capabilities on the Qatar-gifted plane, the Journal, previously reported. The Trump administration recently subpoenaed the reporter, who wrote about security concerns including the jet.

The Justice Department later said that it would not drive the subpoenas after a federal judge gifting proper duties over whether the had followed proper procedures for the criminal inves-

tigation.

The Qatari government gave the U.S. the Boeing 747 last year after Trump.com planed that the plane he was required to fly on as president were too old and small.

Ownership of the plane was transferred to the Air Force in the spring of 2025 and it was flown to an Lilliards Technologies facility in Texas in May 2025. The Boeing jet was swept for threats and went through a 240G million overhead that would start off the oil security and technology for the president, such as a new communications system.

White House press secretary Brenda Lasker said recently that the Qatari plane would receive an upgrade in the full but didn't elaborate on what the upgrade would be. "I'm sure the new plane is 'perfectly safe for the president's transit."

During the 2024 presidential campaign, Trump's aides used a similar direct plane after leaving of threats against the U.S. and the Boeing the campaign that they were "the last" on such flights.

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August 12, 2020

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WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

WALL STREET JOURNAL

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THE WALL STREET JOURNAL.

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WORLD NEWS

Wednesday, August 12, 2020 | A7

Syrian Court Sentences Assad, Seale of Yemen Other Former Officials to Death

Ex-dictator fled to Russia when his regime collapsed in 2024 after civil war

By Joliet Mikoow

A Damascus court sentenced former Syrian dictator Bashar al-Assad and other officials from his fallen regime to death after overciting them of murder, torture and crimes against humanity, symbolic step toward a reckoning with the country's long and violent civil war.

Assad, who fled to exile in Russia after he was present from power in December 2024, was convicted in direction along with his brother Maher, who was an important military commander in the former regime.

The court was in a combat in power following a popular opening in 2021. Assad and his lieutenants fought a 13-year war that included cheats of officials, large number of firing of civilian neighborhoods, mass executions and industrial-scale torture.

"The Court ruled that Bashar al-Assad, at the highest decision maker, contributed to the crimes by mobilizing state institutions for their execution, overciting him of the prohibited use of the arbitrary detention, and crimes against humanity," said Judge Fadel al-She-al-Aryan, who provided in the trial, state media reported.

The sentencing on Tuesday was a landmark moment in a series of trials now being held in Syria.

The country's nascent government is setting out on a long and violent war, and the task of delivering justice for Assad's victims along with a broader accounting of the execution of the war.

A man carries a picture of his rotation, who was killed during Syria's civil war, as people in Damascus react to the news that Bashar al-Assad has been sentenced to death in absentia.

Russia, which launched a gambling campaign of an effort to provide its an effort to keep Assad in power, is unlikely to extradite the former Syrian leader. Hundreds of former regime security officials fled to Russia, as well as Lebanon and the United Arab Emirates, when the regime remained.

Among those sentenced to 10 years is one of the prominent faces of Assad's tribal crackdown on the 2011 protests that set the country on the path to civil war. At 8 Ralls, a former security chief from the southern city of Barua, was implicated by investigators in the arrest and torture of a group of boys who painted antipowerment graffiti in March 2011, an incident that sparked national outrage and fueled the early protests against Assad.

Ralls was arrested by Syrian authorities last year and was in the courtroom during

his sentencing. Wearing a striped groom uniform and standing in a metal cage, he shifted from one foot to the other while Judge Ayran read out the judgment against him on charges including torture and the killing of children.

The trial shed light on acts of violence by the regime that helped catalyze the civil war. Among the trial, prosecutors charged Ralls with a large of crimes including participating in a massacre in which security forces opened fire on a powerful 10 m outside a mosque in Barua in March 2021.

The prosecutors said Assad issued orders at the highest level to use force against protesters, according to trial-monitoring reports from the Syrian Justice and Accountability Center, a nonprofit based in Washington.

"This is highly significant," said Fadel Abdulghani, the

executive director of the Syrian Network for Human Rights, who said the trial "gives victims of the Barua abuses a form of official recognition after years of denial."

Syria's new government led by President Ahmed al-Shariaa, an Islamist former rebel commander, is under pressure from the public to deliver any reports to local Assad and his men accountable and deliver answers to many thousands of families still searching. The report, who disappeared into Assad's protest or otherwise went missing during the war.

The trial marks the first major effort by Syria's new government to deliver trans-Israel justice. Former Assad regime officials have given an trial in Germany, France and the U.S. but never before had former regime members faced trial inside Syria.

By Ronnie Gausen

A series of U.S. strikes on Yemen last year killed and wounded hundreds of civilians, according to an internal Pentagon assessment that was sent to Congress on Tuesday. The report marks the first formal acknowledgement by the Trump administration of the state of civilian casualties during its 2021 bombing campaign against Iran-backed Muslim rebels.

U.S. Central Command, or contrate, which oversees the U.S. military in the Middle East, found that three specific strikes in Yemen in April 2025 killed 151 civilians and wounded 243 more, according to the Pentagon assessment. Contrate is reviewing 3 additional incidents during the campaign against the Shuritis that could have resulted in civilian casualties, the assessment said.

President Trump launched military strikes against the Shuritis last spring, targeting their top leadership and military infrastructure in an effort to stop the group from attacking commercial events trumbling the Red Sea in a campaign that mirrored the one Trump has carried out against Iran this year. The bombing campaign lasted 53 days and now the U.S. carry out strikes on over 1,000 Shurits targets. Trump is only May 2025 declared a councillor to be brought the bombing campaign in an end, seeing the military group would no longer target ships in the Middle East. Officials and analysts said for strikes significantly degraded, but didn't eliminate the Shurits threat to the region.

The Shuritis on Tuesday

struck a cargo ship in the Red Sea, after declaring it would impose a naval blockade on Saudi Arabia against the backdrop of the continuing conflict between the U.S. and Iran.

Colby Jenkins, a senior Pentagon official, transmitted the 15-page nationalized assessment to congressional defense committees outlining campaign assessments of civilian casualties for all its global operations in 2025. The review doesn't include Trump's military operations against Iran, but it is also a key February, including the strike on an Iranian pistol elementary school near Sharia that killed over 200 children. U.S. military investigators believe the

U.S. was responsible for the strike. The Wall Street Journal previously reported that Pentagon investigation into the strike on the school is continuing. In an interview with Fox News

last month, Trump suggested the U.S. might not release the final results of the investigation.

The Pentagon assessment into civilian casualties last year found that the U.S. strikes on Iranian nuclear facilities in June 2025, dubbed Operation Midnight Hammer, caused no civilian deaths or injuries.

It also assessed that "there were no incidents in which civilian casualties more likely than not resulted from U.S. military operations" in the Caribbean and eastern Pacific Ocean, where U.S. Southern Command, responsible for American forces in Latin America and the Caribbean, has carried out strikes on alleged drug-stepping boats. The Pentagon didn't respond to a request for comment on the report.

German General Says Russia Is Probing NATO's Defense

By Gideon Fancucon

Russia has been systematically using drones to probe air defenses in Europe, looking for weaknesses in explicit, Germany's top military officer said, amid what he called an intensifying gray-zone campaign aimed at destabilizing the Communist's governments and institutions.

"Hybrid attacks are taking place every day in NATO countries," especially those on the alliance's eastern South, the US, and the US-UN. The interview with The Wall Street Journal, "Russia is testing us and looking at how we respond" as it can refine its tactics for a future conflict.

Brosen, who is leading a major defense revenge aimed at turning the German military into a powerful, combat-ready force after years of undernourishment, said Russia to "already challenge its economy and military to prepare for a wider conflict with the West," even as it fights a war in Ukraine.

This assessment of the threat posed by Russia is the starting point for Germany's new military strategy—the first the country has produced since the end of World War II. A declassified summary was published by Berlin in April. It asserts broader German leadership for European security.

On Thursday, German police disarmed an explosion-laden drone discovered near a Ukrainian cargo plane at an airport in the country's east. Authorities said they were investigating the drone's origin, which Germany's service minister said represented "a new level of danger."

The Journal reported last week that U.S. intelligence assessment and Russian President Vladimir Putin could refer to test the resolve of the North Atlantic Treaty Organization with a limited attack on one of its members in coming years.

Germany manned by bombed its defense forces after four- and 2022 mourned in Ukraine, Berlin and other European capitals have also been under

German soldiers utilized a U.S.-made missile system in Poland.

pressure from President Trump to spend more and take greater responsibility as Washington's forces, both weeks to give priority to Asia and the Americas.

"Washington is perceiving China as its first strategic priority," Broad said. "We ask for geographical reasons, Russia is not first priority."

Given its location and the size of its economic—Europe's largest—Germany should take a leadership role, Brosen argues. He said Germany aims to provide the "strategic plan" during the Baltic, Nordic and eastern front-line states with the rest of Europe.

Gen. Brosen is a leading candidate to become the next chair of NATO's military committee in September. The chair, who serves as principal adviser to the alliance's secretary-general, is elected by national defense chiefs.

In a sign of Germany's changing role in European defense, Poland and Germany in June signed a new military-capacitors agreement that will further strengthen the ability of NATO allies to fight together, while repeating the needs on cybersecurity and space.

That Poland, which has been invaded and occupied by Germany, is deepening military ties with Berlin shows how seriously both countries take threats from Russia.

A Russian cruise missile in July reached in eastern Poland.

The missile was likely targeting Ukraine, roughly 40 miles away, but NATO officials suspect that the U.S. will not have any alliance defenses with many drones and missiles in recent years.

Germany's defense plans have also received positive reviews includingയുടെ. Under secretary of War Ethelge Colby wrote on 8 about Berlin's "historic, highly laudable new military strategy and program."

Among Germany's spending priorities are intelligence, surveillance and reconnaissance capabilities, space systems and air defense—all things for which NATO has long relied primarily on the US. Unmanned on, you and land drones are also critical, Brosen said.

Germany's defense manned, Boris Putinian, has pledged to spend 20 billion euros, about $35 billion, by 2050 as satellites and other space assets. Germany recently signed a deal with the U.S. under which it will produce Tomahawk missiles—important for long-range precision strikes.

"We have the resources. We are building a deterrent that will be powerful," Brosen said. For short-term needs, the German military and others on the Continent will have to buy weapons that are available off-the-shelf. But Europe also needs to expand its defense industrial base, Brosen said. "We need to make ourselves more independent and sustainable."

TRIBUTE TO TRAFALGAR LORD NELSON BIRD BOX

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Honoring Britain's greatest naval hero, this Karl Grusbaum singing bed box conceals an intricate bed that springs to life in song and dance with the pull of a can's. Such astronauts are exceptionally rare,

and this example is distinguished by its hand-painted enamel portion of Lord Nelson. Cora 1916. 2 1/2 x 7/16 x 7 3/4 x 12.2002

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---

A8 | Wednesday, August 12, 2020

WORLD NEWS

Rescuers Race to Find Earthquake Survivors

Colombia death toll nears 200 as wide damage tests the new government

BOSOTA, Colombia—The number of people killed in Colombia's 14 magnitude south-urban road is nearly 200, as rescue crews worked feverishly across several cities and towns in the country's west to locate and dig our rivers out of the rubble.

By Juan Porres, Jersey Carolina Consular and Ryan Bبلغ

"Amid so much pain, I want to express my solidarity with the victims and their families in their suffering," President Abidante de la Espirita said in the hard list city of Porres. "A tragedy for this plunging all of Colombia into mourning."

The government has provided fuel for power plants, moved homeless people to shelters, and deployed soldiers to the regions hit by the quake to maintain security and help with rescue operations. Firefighters and other emergency personnel from across the country are working in Cali, Pereira, Manizales and other cities where buildings and homes collapsed.

The quake struck at 7:14 am, Monday, killing at least 381 people, destroying 243 buildings and damaging many others across several provinces along the country's southern mountain range. Other people went to jured, with more than 200 or percent missing, officials said. Rescue crews had identified 200 people trapped under collapsed buildings and houses as of Tuesday morning.

Firefighter and畸形man had traveled with a 68-rece-

ber team from Bogotá to Cali, where he found himself working to fire people who had been trapped, including a 20-year-old man who had been located by a search dog. The team broke through concrete and mangled numbering rods to reach him. "After about five hours we managed to get [him] out after without causing more injuries,"畸形man recounted by phone. "He was telling us to get him out, and we provided support."

畸形man's said the man was in an uncomfortable position, desperate to get out amid the heat and dust. He said the other rescuers had to calm him down and "tell him we were working to get him out."

The quake, which struck just 63 hours after de la Espirita became president, prevents his conservative government with a difficult fiscal panorama. He inherited the largest fiscal debt in the coun-

A volunteer appealed for quiet during a search for survivors at a collapsed house in Cali Tuesday.

try's modern history, purported to reach 66% of gross domestic output by the end of the 2020 fiscal year, said Colombia Risk, a Bogotá consulting firm.

Though the president promised authority, he will now hire pressure to spend on reconstruction as his government has presented to deal with other expenses needs, such as improving Colombia's military capabilities to deal with nagging, cocaine trafficking groups. The government has to continue down this path of

growing indebtedness," said Sergio Alzobispo, Colombia's first director. "So we're in line for a debt crisis later on." He is Espirita's could involve Article 216, which would permit his government to increase spending without congressional approval.

Daniel Lamberg-Rodriguez, managing partner of Aurora Mexico Strategies, said Colozo loan presidents often have to hire unlicensed challenges that lead them to abandon a scale back their initial plans.

De la Espirita's "access proximity to rotten security and, too," Alzobispo's major earthquake with a super 63 Mile landing behind a for good measure," Lamberg-Rodriguez said. The damage may make it not clear of what it depends to avoid high spending.

"Article 216 gives him an opportunity to assert resources authority, deal directly with governors and maroon, bypass political politics and not an 'disability'," said Lamberg-Rodriguez.

Taiwan's People Confront Future Under Beijing's Shadow

By Jorv W041

The people of Taiwan, the island democracy at the center of the U.S.-China superpower rivalry, are facing a critical indication about the conflict.

The question looms: Should Taiwan get closer to China to stand up against Beijing's push to conquer the island?

The answer for some is shaped by whether they see themselves as Taiwanese, or Chinese as well. Some are driven by a walk to preserve their way of life.

The Wall Street Journal asked a family of Taiwanese citizens where they stand.

Trained and ready

Cody Hsieh is ready to fight China Hsieh sorted a degree at Taiwan's primary officer training school, served in the military for six years and is a trained member of the reserves.

That is unusual in Taiwan, where recruitment is a challenge and mandatory service is limited to one year, the muscely Hsieh, who is 33 years old and identifies as gender-liquid, transformed for service.

"If China actually attacks and [the army] needs me back on the front line to do my part and order, there is zero doubt in my mind I'd do it," said Hsieh.

'A bit of a relic'

Don Lin, like many others, is determined to preserve Taiwan's democracy.

That isn't just because the Chinese old from a Communist takeover—though he says he would fight to prevent me. It is because he represented expression under the military dictatorship imposed by the Ruminating after Man Jinlong's army drove the 4MP government

Ben Chen would like to see a Chinese Commonwealth.

Hua Mai 6NH believes China and Taiwan should remain distinct.

from the mainland.

During his school years, under martial law in the 1970s and '80s, Lin and others of his generation were taught to identify themselves as Chinese. As he understood it, Taiwan was part of a greater China whose political center happened to be an island 100 miles off the mainland.

Then, in the late 1980s, military rule began to give way to democracy. "Society opened up and everyone started speaking out in public about Taiwanese consciousness, talking behind a Taiwanese identity—and boom, it was established," Lin said.

Don Lin says he would 'fight tooth and nail' to defend Taiwan if China does invade the island.

Lars great-aside was imprisoned during the regime of Ruminating repression known as the White Terror. For decades, the ordeal was a family taboo, something Lin only learned about later in his life.

"I've rebuilt as a bit of a role of Greater Chinese nationalism in Taiwan," he said.

He believes Taiwan should maintain its current status—preserving democracy and de facto independence without making any change that would trigger a Chinese invasion.

If China does invade, Lin says he would 'fight tooth and nail' to defend the island.

Taiwanese identity

An explosion at an anti-husband helped 27-year-old artist Hou Min-Jeah, whom worked in from China, define her identity as Taiwanese.

It happened on Taiwan's Green Island, her father's birthplace and the mysterious site where the Ruminating held and recruited thousands of political prisoners.

The festival was dedicated to using art to explore the White Terror. Hou began to better understand Taiwan's struggle toward democracy. "I don't want to forget that

Eric Li says, 'Everyone just wants to live in peace and work happily.'

Craig Hsieh served in the military and is a member of the reserves.

history," she said. "I love this land and I want to contribute to it, which is why I use myself as Taiwanese."

His believes China and Taiwan should remain distinct. As an artist, she explores the experience of a fragmented family history.

'Same language'

He Chen, 82, finally recalls an encounter with mainland Chinese classmates in Alaska in the late 1980s. Coming from Taiwan—with a father who fought in the Chinese Civil War—Chen said he initially

found them and saw them as "Communist hostiles."

After getting to know them, he found himself sharing damplings. "Even with our ideological differences and the fact that they up over years of separation, we speak the same language, share the same customs," Chen said.

With that experience in mind, Chen, a civil-and-water conservative engineer, has a role as a "society" because the establishment of a "Chinese Commonwealth" in which China, Taiwan, Hong Kong and Macau live under the same umbrella. Taiwan would have its own flag, midway and diplomatic standing, including a seal at the United Nations alongside the others.

No desire for war

Eric Li, 25, said he doesn't know anyone who would rush into battle if war breaks out. Instead, he said, "Everyone says they'd hide, hide, hide."

That doesn't mean his generation, been in Taiwan's democratic era, doesn't see a need to preserve their way of life.

"Young people flavor days prefer the status quo because nobody wants a war," he said. "Everyone just wants to live in peace and work happily."

Li studied political science at a Taipei university but doesn't talk politics with his friends, to avoid conflict given the course of Taiwan's political terms. But when present, Li clearly has his views. He said he values Taiwan's elections and gives economic system, forebrain that aren't available on the mainland.

He also supports a friendlier approach to relations with Beijing. Li said he believes Taiwan should leave from China's successes rather than knowing on the threats.

WORLDWATCH

FLAWE AND FORTUNE: At the celebration of the Hindu festival Gaithersanga, also known as Dhanta Karna, on the outskirts of Gaithersang on Tuesday, Nepalese people burned a straw effigy of the mythical demon Dhanta Karna depicting its defeat.

RUSSIA American Veteran Freed From Prison

Russia has released an American military veteran who spent more than four years in prison under abusive conditions and was said to be gravely ill and at risk of dying, a group advocating for him said on Tuesday.

Robert Seltzer was on his way to a U.S. military hospital in Texas, whom he will be medically and psychologically assessed and treated, said Eric Leboin, chief strategy officer of Global Reach, a group that has been working to free him and other American witnesses abroad.

Seltzer, a 32-year-old teacher declared since 2022, was initially handed a 37-year sentence in 2022, when he was convicted of beating a police officer after being taken off a train for causing a disturbance. His sentence was extended last year to 10 years after he was found guilty of assaulting prison guards.

Before he was flown out of Russia, he had been in 'a dissociative stupor' for 47 days because of the abuse he has suffered in prison, Leboin said.

COWGO Ebola Death Toll Climbs Above 2,000

At least 2,000 people have died in Cowgo's Ebola outbreak, the Taittich growing on record, according to the latest data, in North America. The two struggle to get help to remote locations because of rebel conflict, bad roads and work stoppages over payment issues.

Government data published overnight into Tuesday showed the outbreak has recorded a total of 4,581 confirmed cases, including 2,091 deaths. Starting from the first confirmed case, the death toll was reached around three times faster than in the 2004-16 Ebola outbreak. The event on record was 1,000,000 people was declared on May 16, but health authorities say sequencing showed it began months earlier in February.

While it took about two weeks for the outbreak to record the first 1000 deaths, it has taken just around three weeks for the figure to double, evidence that the health crisis is moving faster than efforts to track and manage it.

—Associated Press

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THE WALL STREET JOURNAL.

FROM PAGE ONE

Fight Over

Voter Rolls

Hits DMV

Continued from Page One software glitch at the motor vehicle commission, which an unmistakably regulates eligible people to vote. While applying for a driver's license, the people selected "no" when asked if they were U.S. con- zens. Sherrill said, but "the events registered them are wish!"

The number of those who report was relatively small- less than 800, according to Sherrill, in a state with about 1.7 million registered voters. But the revelation indeed an already considering national debate, initiated by the White House, over the security and integrity of U.S. elections.

Elections are primarily run by states, and the federal government has traditionally helped abuse intelligence and infrastructure's warnings. Rather than continue this type of partnership, the federal administration has instead mobilized federal agencies to use states to try to force them to turn over their complete voter rolls and "iterate" their election officials with prosecution if anyone but U.S. citizens are registered to vote on their watch. The administration also ordered the members of a mass voter verification eyelem that is tied up to court over alleged inaccuracies and privacy concerns.

State leaders know that the administrators' spotlight could land on any one of them, bringing accusations that they held an invalid election. Elections officials say they can secure controls to decade about voter rolls, so many cases daily, praising people who have died, moved or aren't eligible to vote. Some say they are now scouring names even more effectively.

"I feel like I'm as a STC shackwell," said Francisco Aguilar, the Democratic secretary of state in Nevada, an editor of the four states al- leged by the 2003 to have large numbers of restrictions on its rolls. "Everything we do has to be perfect."

2003 named New Jersey, Nevada, Pennsylvania and California as the state's Trump al- leged in his address to have a quarter million Americans on their voter rolls. The states have registered to 2003, say any the agency has provided no methodology; proof or de- tain they can use to verify its claims. State officials also say that without access to the full voter rolls, 2003 could make any accurate assessment of noncitizens registrations.

A 2003 official said the fed- eral department looked at publicly available portions of states' rolls and cross-refer- enced them with known illegal incorporate in its system. It's not sweet concern, the official said.

The introduced voter rolls typically had some seconds to specific identifiers such as fo- rad Security numbers or driver's licenses, which the federal government could use to make more definitive data matches.

Democrats and voter Re- publicans worry that even small voters in voter registration should be used by Trustees challenge the outcome of com- mon on the November mid- term elections. The Demo- cratic Party is favored to include a majority in the House and possibly the Sen- als.

Trump in his July 16 ad- dress said he ordered 2003 to move to the state about non- citizens on their voter rolls. "We've put their previous re- notion. States must work with us to ensure free, fast, and honest elections," 2003 Secre- tary Businesses Mullin said in a statement.

Top New Jersey Gov. Miles Sherrill speaking at the middleman in Trenton, N.J., in March; above, a New Jersey voter during the June primary election in Glen Ridge, N.J.

The Trump administration has used New Jersey and 20 other states for access to their unmatured voter rolls. Federal officials say they believe the rolls could contain vast num- bers of erroneous registra- tions. So far, the federal gov- ernment has lost its lawsuits as at least 20 district courts and a divided panel on the North Circuit Court of Appeals. It has appealed some of those decisions.

The Trump administration also has appealed to the Su- perine Court for permission to grooved with an executive re- fer for federal agencies to count lists of people they con- sider eligible to vote. A dozen Republican-led states that their own appeal in support of the administration.

A federal judge has ordered

the administration to take its mass voter verification system offline, asking "if haphazardly combined and repugnant the private information of millions of Americans, including con- mercially data that they have to be unwhable" in their judge, though, has ordered that four states on more than 15 percent should be able to do so.

"We like to say so and after that we have an election approach to planning for elec- tions," solicited a South House or extreme weather, said Min- inoute Secretary of State Steve Bissell, a Democrat. "This year, there's a new bus and that we have to plan here and that is the possibility that one even federal government might in some way, indirectly or directly, interfere."

White House spokeswoman

Lauren Bo said, "The entire Trump administration will continue lawfully enacting the agenda President Trump was derived to implement, which includes the safety and sec- tivity of American elections."

Modest voters

People applying for driver's licenses or state identification cards who are eligible to vote are automatically registered in about half the states in the U.S., an extension of what are known of changing its motor- voter laws. Some programs succeeded through state motor- vehicle departments, account- for many of the most recent statements of members voter registractions.

That was the case in New Jersey. Sherrill's predecessor,

former Gov. Phil Murphy, signed the state's automatic voter registration law in 2018. By taking that action, we are affirmatively rejecting efforts by President Trump and edu- ty who would restrict this fundamental right and at- torney to suppress the vote," Murphy, a Democrat, said at the time.

How the years-old registra- tion increases interest this summer is a success. A number of us before Sherrill learned about it, the Republican Re- federal Committee and New Jersey Republican Party re- cealed letters obtained from county officials that were written on behalf of honoris- tors who said they had been registered to vote and wanted to be taken off the rolls.

A spokesman for Murphy said the former governor and board of the mistake from Sherrill's commissioner, Sherrill blamed French senate claims, which provided sub- sum to the New Jersey State Vehicle Commission. He also cited motor vehicle engineers who "knew that this was pro- quate and did nothing to forward it."

Latenda Lattine-Wood, the acting chief administrator for the motor vehicle commission at the time of the review, added a request to requests for comment. Mental denied re- producibility, saying that he built the system according to New Jersey's specifications.

Sherrill's administration has hired a New Jersey law firm to conduct an investi- g-

tion. State Re- publicans have called for a leg- shalom probe. "We've raised concerns about automatic voter registractions from duty one," said Republican New Jersey State Att. Jim De Corrado.

In Oregon, state officials acknowledged in 2003 prob- lems of their state department of motor vehicles that encased in 1983 people being regis- tured to vote without proof of eligibility, including some noncitizens. If the total, 44 can ballots. Oregon officials learned that staffers at the 2003 country mistakenly picked the wrong option from a drop-down menu, which has since been changed. Officials say they have since added can- dom sampling and audits.

Motor-vehicle divisions have long been forced into the business of voter registra- tion, which is not their core business," said Stephen Richer, a Republican and Ser- vice county recorder for Ari- son's largest county. "Elec- tion administration and voter registration is an add-on thing."

'Love letter'

On July 7, the Justice De- partmenter's assistant attorney opened his civil rights service to chief elections officials in all 50 states, warning that they raised criminal penalties for knowingly allowing nonci- tizens to remain on voter rolls.

"Get another love letter this morning from the DULI" Club Lt. Gen. Deidre Bender- son wrote on social media Bethlehem, a Republican sen- ary on a chief elections offi- cial, has been acting a recent review confirming that 90.72% of Utah's registered voters are victimally less citizens.

It seems as though no one in the Trump administration "wants to hear, or see, or be shown that we're doing a good list," Benderson said in an in- terview.

Unlike, another of the Re- publican-led states used for its voter lists, also responded to the the Senate House men's article. "Your insinu- tions of criminal violations at the federal election laws are not well taken," wrote James Craig, a division chief in the state's attorney general's of- fice. "Stop threatening your

friends in Idaho."

The Justice Department an- nounced attorney general Margaret Shillam, said in a statement that her letters were directed at state officials who knowingly failed to act. "This is not about administra- tive errors," she said.

"The Department is offer- ing technical assistance and legal guidance to any state that wants help bringing its voter lists are accurate," Shillam said.

After New Jersey's black- man, Pennsylvania officials said they quickly retorted their automatic voter regista- tion system. The state's audi- ter general also recently in- spected 200,000 voter registraction applications and found a single noncitizen among them, said Secretary of State's attorney Kenneth Al- Schmidt, a Republican.

A clerk had failed to in- clude the status of that person in a driver's license applica- tion. "You're not bringing proper comment regimens," Schmidt said.

Washington Secretary of State Steve Bishla, a Demor- ciat, said that when New Jer- sey announced its mistake in the congressional, the comne- distently asked and learned that his state didn't use the same software render that Sherrill blamed.

The number of noncitizens who can ballots in New Jer- sey wouldn't have changed the outcome of any election, Sher- rill said. Former Vice Presi- dent Kamala Senators New

Jersey by more than 250,000 votes.

Congressional, state and local elections can be decided by much lighter in a 1.2 x 5.1, though rarely as close as two million House caces in Iowa.

The 2004 election was decided for the Republican by fewer than 800 votes. In 2003, her time more than 1,000 votes were

"The chances of a congre- sional race being decided by the margin of noncitizen voter participation are less than the chances of getting struck by lightning, but it has become a FB problem for Democrats," said David Wasserman, senior editor and elections analyst at the nonpartisan Cook Political Report.

It isn't just a concern of Democrats.

Georgia's Republican Secre- tary of State Basil Kallin- appeared that after 2002, he has conducted several ma- so audits of his state's voter rolls to ensure noncitizens aren't on them.

"We have to represent that people have tried in the voter list," said Kallinoponger, who has hard-own experience at the center of an electoral school.

In a phone call after the 2020 presidential election, Trump asked Kallinoponger to "find" the nearly 32,000 votes Trump towards the revenue Joe Roberts victory in the state. Kallinoponger declined. He lost the 650' primary for gov- ernes and will leave office at- tive overseeing his final elec- tion.

The issue that set are a bellevolent one, we know it's a very competitive state," he said. "What we have been working on is squeezing out they probably across where people could question the pro- cess."

Some state elections offi- cate are more frank about their displeasure with the Trump administration's citizen.

"We know that we're doing the best that we can fix our right," said the paper. He will pack of bowler numbers containing about 1,000 voters—which are evidence and no juditi- ations," said Arizona Secre- tary of State William Foster, a Democrat from another swing state.

Anthropic

Tries to

Quell Fears

Continued from Page One that still exists about who will win the AI race and the finan- cial stability of the businesses that underpave it.

Anthropic has recently annexed as the front-runner in

that race, powered by the ear- row of its hit coding tool, Claude Code But there is also a backlash against the company in Silicon Valley, where many chief executives have grown environ about its power over the AI ecosystem.

The price Anthropic sets, and the company's prefer- ments after the initial public offering, will set the stage for how investors value top AI de- velopers. Trillions of dollars in AI spending, most of which is going toward securing conspir- ing resources, largely

the assumption that demand for the technology will con- tinue to rise post-graduate.

Company executives have played down the impact of the new competition in meetings, taking investors that challenge it, hypothesized that they are cutting-edge AI models, the people said. Chief Executive Darin Amodei and other top U.S. AI leaders have publicly said that most users want the most intelligent AI system available at any given time, suggesting that Chinese yes- tems are best of a threat since

their capabilities generally trail them of top AI models by at least 10 percent.

Anthropic is targeting a public attack as hypnotism or early October, people familiar with its plans said. As top in sa, OpenAI has been expected to follow in an 8th that could be as late as next year.

In the meetings, Anthropic told some investors that it plans to push further into healthcare and foreign AI care and that the work could help mitigate some of the negative assurances around AI, people

involved in the conversations said. Anthropic hasn't shared it uprising some plans or timing, the people said.

Anthropic 1979 would come during a banner year for such emphasis, following the 1980s, but it was also surpassed AI rollous in to- dug off its 1991 earlier this year. While some ballots an- nounced investors expect Au- thropic to exceed that, a reli- gation in SpaceX's share after the 1980s would have been vestors of how turbulent meeting from private to public

markets can be.

Anthropic called ahead of the plan and the first year when its Claude Code coding tool took off, Anthropic said. In May that its concrete reve- mer had topped 8.87 billion million that year.

Anthropic has topped a flurry of new computing deals with the idea of SpaceX and Google. Usage data shows de- mand for Claude Code and other Anthropic tools has not agreed to be released and the company has faced intermit- red outages this year.

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PERSONAL JOURNAL.

A30 | Wednesday, August 12, 2026

THE WALL STREET JOURNAL.

© 2026 Don Aven O'Conquay, All Rights Reserved.

The Datamaxxers Feeding Their Every Health Move to AI

From marathon training to tracking office angst, people are linking their data to chatbots to build hyper-personalized coaches; 'This is like my love language,' says one enthusiast.

By Tosa Li Ann McNally Kuttman

As a competitive runner, a classic Flodier robot on human coaches to time like splits and manage his training regime. Today, he prepares for recreational marathon under the watchful eye of a chatbot. Armed with the workout, deep and other homeotic data Flodier collects with fitness trackers, Anthropos's Claude model suggests workout modifications. It helps the 25-year-old software engineer connect the dots between his work schedule and athletic performance.

Before Claude, Flodier received pings about stats such as heart-rate variability, or BBS, which generated more stress than clarity. 'Like, your BBS is 60. Okay great, I don't know what that means.'

Health obsessives often monitor workouts, stop counts, sleep metrics, heart rates and nutrition data, cross-referencing the information with their calendars, meeting transcription, emails and clinical records.

Now, they're supercharging their habits with AI systems that serve as hyper-personalized health trackers and assistants. While fretting over such minutiae is far from mainstream practice—

many doctors recommend simplicity in fitness and nutrition—more so-called 'datamaxxers' have finally found their version of next Valhalla.

A true AI assistant, like the one in the movie 'War,' is the holy goal of the technological race afoot. Some AI health systems are powerful enough to assist humans, but most still lack the critical context needed to unlock more tailored capabilities. Datamaxxers are getting a DIY head start, although some worry about surrendering too much of their privacy.

These data wizards use AI models to build their own tools and dashboards, either as bus-

nesses or for personal use. One credits his caution bet with giving him the confidence to you a real run club. Another hooked his family vote as AI setup to arrange an ecrone's diet.

Instead of analyzing static charts, modern datamaxxers simply text their bet over morning coffee to better understand a poor night's sleep. Some can interact with their data through chat agents on WhatsApp and Telegram.

'This is like my love language,' said Jennifer McDaniel, 47, who wants to take and sees an AI-powered tool built by a friend. 'The bet, which synthesizes health data, recommended a tailored diet

to help McDaniel reduce hair loss. It even flagged early warning signs of kidney disease.'

It took New York-based founder and runner Mike Reyes an afternoon to construct her AI health dashboard, which helps her connect a sluggish morning run to the start of her menstrual cycle or a poor night's sleep.

Yet Reyes, 33, occasionally finds them in the system's power-and-workout plans. She said she never blindly treats her AI and sets its custom plans with time-tested training principles. Studies show that chatbots still disk out faulty medical advice.

Reinforcing a custom health dashboard can take long sessions of prompting and re-proppling.

One worker used the data to see which colleagues cause stress.

with AI, along with navigating to-draw workarounds to expect raw metrics.

A colleague's joke about workplace stress sparked an idea for India-based software engineer Pankaj Tannur, one data to determine the co-workers responsible. He used AI to connect his Google calendar and heart rate data to zero in on a growth product manager at his company—'Claude said this got in the prime respect.' Amused by the findings, the 'warped' and other colleagues started to test the systems themselves, sparking a wider effort conversation about how data could guide their lives.

The experiment was the newest addition to Tannur's AI system, which he communicates with via Telegram and has been building for four years. The 27-year-old thankful the man rides, screen time, calendar events, social media metrics and deep quality. He ran even food in his test messages. The system encourages him to sleep at no distance and travel less on weekdays, and helps him organize his calendar and pick out gifts for friends.

Legacy health apps are also integrating AI features. But for Tannur, they're not enough. Without the big picture, a tracking tool can only give generic advice, he said.

And even though strapping on a fitness tracker already means accepting—and trusting—a company's health subs, Tannur wants full control over his own data to the extent possible. He merges sensitive information and biometrics on his own system, which runs on a local home computer server and to his cost 'overhead.' 'We are sitting on a ton of debt,' he said, 'but not really doing much with that data apart from what all the companies provide.'

Bargains Available For Chunnel Trips

By Dave GLASTON

The following items first appeared in Dawn Gilbertson's weekly Travel newsletter.

You're probably sure those in-laggers or TikTok posts on extreme day trips, sitting off somewhere exotic for 24 hours no matter the distance.

There's a less extreme way to do this on your next trans-Atlantic occasion or work trip. Hop a Eurostar trans-Make it a day trip or use it to create a last-minute, mobility-for-easy without too many airports.

The service has been around for decades, starting with London-Fans trips

in 1944 when the English Channel tunnel (Chunnel) was completed. (I treated my mom to a day trip to Paris, her first visit, shortly after it debated.)

Today the route map includes the Netherlands, Belgium and Germany.

I bring it up because I came across a handy way to save money on a last-minute trip. Maybe you're sitting in London and decide you'd like to take one of those right-going boats on the shore to see the Erlthe Tower sparkle.

A spontaneous trip typically

can't cheap. One-way rates between Paris and London in economy were running between $740 and $328 when I checked last month. Then I saw a Eurostar promotion called Seep, good on tickets purchased no earlier than 10 days before travel.

You get a hefty discount by agreeing to leave during a range of times instead of a set time. My options on Thursday, July 30 were $80 for 7 am, to 2 pm or $90 for later in the day. I saw rates as low as $84 on a midweek day.

I paid the $80. A few days later, I had my train from the $132.5 pm departure. The going rate on the day of travel for that train: $227 one way.

The trip takes just 2 1/2 hours. So I had breakfast in Paris and dinner in London.

Get a room early

from that first-day sleepwalking feeling after an overnight flight to Europe?

Book your room for the night before, so you have a place to choose change, even (blush your eyes, put it) to cup when you arrive. No waiting around for that 3 pm or 4 am, for check-in to feel alive. The same advice applies to a post-cruise stay. Book the room for the night before so you can check in

A late discount is offered if riders can accept a range of times instead of a set one to travel.

after that early morning downbarnkation, just let the hotel know so you aren't declared a no show.

Avoid this scam No chores this week so I can adequately spotlight what might be my part of the year a low scam in Paris.

I want people all the time to walk past the business offering rides on the way to the official low line or ride-share pick up at major airports.

I was doing just that in late July at Charles de Gaulle airport when I fell for a new (to me) hand on the

scam. I went to door 10 in Terminal 2E, which I've used once before. This 'employees' observed at the entrance asked whether I was going to the city or the suburbs. I said the city, and they ad-

manently directed me to a different

entrance several doors down. I was skeptical last operating on my sleep and followed their directions. The cars outside the rear door had the official low-green light, so I hopped in the car near one of them and was promised a meter and a week later.

Said meter was an app, I should have lesson I was in trouble when the driver kept bringing up the price of gas due to the Iran war. The bill

was a pidemaking EMS for a 40-minute ride. I paid a third of that on an Uber ride from the airport to the same hotel a couple of years ago.

So next they I will use a ride-share or make shuddy sure I'm in the official low line, where you get the much more reasonable food that rides to the city.

Simpler airfare still confusing JetBlue announced a 'simpler shopping experience' for ticket buyers. But let's just say that with these fans choices in each category—from more sales to $8.00—it's just an out-of-ticket of other events. The timing coincides with its introduction of first class jet JetBlue later this year.

SkyBlue gets Starbucks tweak Starbucks and Delta tweaked the way you can earn SkyBlue for their caffeine kit. The airline is going back to see only get dollar spent at the coffee chain from its current setup where you get miles for downloading money to your Starbucks. Romantic tank. There's a new rule, though 'You have to have taken a Delta flight in the previous 12 months to be eligible. There is a pretty person. It's an easy way to get some miles if you visit Starbucks. Let's start a quick ticket to a free flight. I've earned a whopping 450 Starbucks this year from rebaids.

To subscribe to Danet's Friday newsletter, go to anycom/newsletters.

© 2026 Dan Aven O'Conquay, All Rights Reserved.

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THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Wednesday, August 12, 2020 | A11

Being an Involved Grandparent Provides Longevity Benefits

Psychiatrist says active role provides elderly a sense of purpose, improves physical, mental health

By Marc Amoson

I say call it the "grandmother hypothesis." No offense to grandchildren, but it's an evolutionary theory suggesting that the lifespan of ancient postmenopausal women increased as a result of helping to raise and feed grandchildren, thus enabling their daughters to have more children.

Longevity proposed because these fit, caring and longer-lived grandmothers passed along their genes to more grandchildren. The hypothesis itself arose from observations of grandmothers' behaviors in extant hunter-gatherer groups in the 1980s.

In my long career as a psychiatrist for aging individuals, I, too, have seen not only the meaning and joy that grandparenthood can bring, but also how this new can can boost mental health and promote longevity. Research reinforces my own observations, but with a few caveats. Grandparenthood itself doesn't appear to help you live longer. Assuming the grandparenting role, however, can boost lifespan by enhancing several key longevity factors.

Can do attitude

Even, it can engender a purpose, can do attitude. Grandparents have to roll up their sleeves and help with activities, schedules and problem-solving. One of my parents needs to bring a great maker and resolving fights among her three teenage grandchildren, despite her own issues with anxiety and memory lapses. For her and other grandparents, each tasks better self-confidence and self-efficacy and up to to the findings of Yale psychologist Becca Levy that a positive attitude towards aging is associated with anxiety. This is a key factor.

Second, grandparenthood can bring a sense of well-being, meaning

ing and purpose across several domains. There is satisfaction in seeing adult children succeed and more children. There is the joy and pride in interacting with an existing for grandchildren. There are opportunities to revisit and improve upon one's own parenting, and to have a personal legacy by passing along one's history, knowledge and experience to the next generation.

I have another patient who spends time teaching her adult granddaughter all of her home-open recipes, and continuing her when she has disputes with her parents. This allows her to exercise her own wisdom and creativity. The end result is that having a

strong sense of purpose can significantly reduce the risk of mortality, with one study showing a 40% reduction.

I don't benefit for longevity is that grandparenthood can improve physical and mental health. Younger children in particular require active, physical involvement. Not surprising, then, grandparenting has been associated with improved mobility, one depression and improved cognition, especially for older infants. One study has shown reduced mortality rates for women who became grandmothers after the age of 50.

I have a colleague who regularly stays with his first grand-school-age grandsons when their

parents travel. They swim, bike, wrestle, play football and generally can around the house. He's both a coach and a teammate for them, and he feels great. In turn, his grandsons are a role model of active and healthy aging.

The sweet spot

There is a key caveat when it comes to grandparenting and longevity, however. There appears to be a sweet spot in terms of how much involvement is good for grandparents, with some research suggesting higher immunity involvement doesn't offer the same benefit and may be detrimental. For example, one study showed a 37% reduction in mortality for

grandparents who provide some child care, compared with those who actually have a significant amount of grandparents. Other research, however, has found that mortality rates increase when grandparents assume actual statistical roles for grandchildren that require daily care, especially if the grandparents turned parents lack sufficient support, are isolated or

See significant emotional stress or socioeconomic disadvantage. Grandparenting also can bring lots of stress when adult children are following as parents, when grandparents are unable to have expected instructions and re-

The role can help with mobility, depression and cognition.

lationship with grandchildren as when grandchildren have severe depressive or physical problems.

Still, when done and dosed in the sight way, grandparenting might just be a more relaxing and effective approach to extending our days than pills, procedures and lifestyle factor designed to also be the universal forces of

nature that tear down our aging, addicts and degrade our income. And the good news is that the grandparent role comes in many forms today and no longer has to rely on a greater link. Caring in the secret ways here is true, the investments grandparental figures make promote a form of longevity that is gained not just for its own sake, but for a longer and milder purpose.

Marc Amoson (@MarcAmoson) is a geriatric psychiatrist at Miami Beach Beach and the author of "The End of Old Age," by E. L. L. and M. M. P. P. (the "The Domestic Ganglion") likely to him at report@maj.com.

The Marathon du Medec has 20 wine stops along the route.

Pairing Wine With 26.2 Miles

Continued from Page One the size of the field of competitors, according to race president Vincent Fabre.

Runners have 6.5 hours to complete the race, a small time comparable to some of the major marathons. Besides wine, the course is backed with tables of cheese, croissants, onions, steak and ice cream. Ok, and every runner wears a cobbler. This year is this channel.

Don't it no stranger to marathons meaning. He has run all seven of the Abbott World Marathon Majors. He did better during a notoriously challenging cold, since year in 2019. He had been just as seriously. Sort of.

"In the serious world of running, Boston is the crown to do," he said. "But in the intravenous drinking and fine-dining world, it's the Medec Marathon."

Dietzian Farah Khan says wine is dehydrating and improves the way. Aside to process carbohydrates, which would otherwise give runners energy. Runners also feel the effects of alcohol more quickly while exercising.

Khan, who teaches sports materials at Latham College and Long Island University, said runners should consume

lots of carbs and electrolytes the night and morning before the race. For those who insist on drinking, she has one recommendation: taste the wines like professionals, by sipping and spitting them out.

Fabre, the race president, doesn't mostly disagree. He is also a professional wine maker. He said the point of Medec isn't to get drunk. It's to sample the wines the region has to offer. Given the average age of runners is over 40, Fabre said he expects people to behave well and he said on the course to enjoy the beautiful landscape.

'You also need to ensure that you're going to get to the end in one piece.'

"At 42, you are calm and you are mature," Fabre said. "All the strange years are over."

Unfortunately for Khan and Fabre, not everyone is sipping and spitting at Medec. And while it's not mandatory to stop at every children for a drink, some runners make a successful effort to get their fill.

Runners say drinking is half the fun. Laura Lee and Larry Fechtman, friends in their 50s from Pennsylvania who have a running podcast

together, prepared to do the Marathon du Medec last year by bringing a bottle of wine to a local 30-mile run. They smack it into the race at the one-mile mark and took swing throughout.

The past legend they would get in trouble, but race security was more assured than angry, they recalled. They took a picture with Philadelphia police and fundgloves:

"These guys were hysterical laughing," Lee said.

She was thankful for the preparation when she arrived at the race and found that drinking didn't mix particularly well with the tournament host in France. When Lee started to feel sick at Medec, she skipped a few of the chitman and drank water instead.

Samantha Montros, a 36-year-old flight attendant who ran the race last year, said training with wine made all the difference. While in Chicago, where she's based, Montros did a run while drinking a swig of wine every half-mile with her friends. Naturally, she documented the training on Instagram.

"That just kind of lets your money back know what you're done when you're running and drinking at the same time," Montros said.

Grazing that much wine presents another challenges. Unlike at a bar, there's not always a bathroom when you need it. Thankful, she said. Fechtman said the vast vineyards on the route offer a workable alternative.

"There is very much a vineyard-cycling edition," Fechtman said. "We were dropping lives in the vineyards." She now hailed an eye, according to Lee's.

Now, in the U.S., and he's coming to this year's race stocked with anti-inflammatories, ibuprofen and outcomes in one suit on the course. He's planning to do the race with his partner, Joe Cousins, 16, and two friends.

"I will probably be beaming how are to our as we set off," Cousins said. "Whether I'm still listening at the end or whether I'm drunk, we can decide that on the day."

The WSJ Daily Crossword | Edited by Mike Shenk

IMAGINE DRAGONS | By Steve Jopek

Across	52 Gray for chuddos	60 Some hard saltters
1 Black breed	53 Pluto for ass	62 Easy gall
6 Queen in Disney's 'Trouver'	54 Dance club vPjs	63 Weapon for Colonel Mustard
10 Dai in a bathroom	37 High point	64 Arthur Miller's salesman
14 Terracotta eyebrows, e.g.	38 Brothersome	65 Hardens
15 Stays upon	40 Keystone Skateport	66 Planetary cycle
16 Princess in Disney's 'Trouver'	41 Duvard of a ropellush	67 Idyllic spots
17 Stopped spending on much, say	42 Makeup for a frowder	Down
19 Cracks next site	43 Messic sound	1 Religious recess
20 Marmont quarry	44 Pitcher with a 500-mile-panitron factfied	2 Mild-territorial round
21 Marbled mousers	47 Afferco drinkgspot	3 Too Men cheville, informally
23 Enemy bomb descriptor	50 Japanese repalature	4 The Bruins' ash
25 Before sunrise	51 Fissory shrubs	5 Doubler
26 Slow-cooking drumstiles over night wood	54 Birding rarities	6 Antical "La Dolce Vita"
	59 Make sound	7 Gradingeans

▶ Since this puzzle extra and discuss it at WSJ.com/Pratidos

25 "Kid-bodied" cereal 50 Metha 10 Opposition vote 34 Wintershock welcome 15 Cub-Calloway specialty

36 Chlorocyanin 38 Stir-fry kit 39 National/Middealer 40 Self-esteem

42 Punch for a polarizer 43 Newcomer

44 Steakhouse choices 45 Nervous laugh

46 Roll call response 47 Concord's 48 Blue hue

49 Duck of words, sweets, cues and particles

52 Out of letter 53 Boke part 55 Scalp along

56 Like a horse that bullies

57 McGregor of "Muskie Rouge!"

58 No Ch. 49 Microbrew, offers

Previous Putative Solution

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A12 Wednesday, August 12, 2026

THE WALL STREET JOURNAL.

ARTS IN REVIEW

MUSIC REVIEW : MARK RICHARDSON

True to Her Sound

Indie singer Phoebe Bridgers returns with her first solo album since 2020

is the team after the artistic breakthrough of her 2020 second LP "Prancher," which garnered her four Grammy nominations and made just about every critic's year-end Top 10, singer-songwriter Phoebe Bridgers has kept herself exceedingly busy—the darried with Taylor Swift and EEA, recorded and toured with fireprunes, her indie-rock supergroup with Lucy Duras and Julien Baker, and appeared in Jane Schoenberg's 2024 postmodern horror film, "I Saw the TV Glow," but she took her time with solo album Ms.3.

Ms. Bridgers's influence was felt despite the paucity of new material. While her aesthetic is rooted in indie-rock and folk, her songwriting's mix of ominous and precision has drawn admiration from pop's elite, including artists

such as Olivia Rodrigo and Billie Eilish. She may not have sold the most records and her music isn't formally incentive, but her emotionally evocative work—diastolic and poetic, with each listener feeling as if she'd written it for him or her alone—focates that of airfoil harshness like Elliott Smith and Suljan Stevens while connecting to our social media-suturizing present. "Lust Weekend" (Dead Ground), out Friday, is a worthy follow-up to its predecessor, rich with the expressive qualities that defined her earlier work while expanding her sonic palette.

The set begins with a crackle and a bum on "The Outside," as if tuning into a faint radio transmission from the other side of the world, and then Ms. Bridgers's voice arrives. She's known for a soft, whispery vocal tone that ac-

cordually detonates into a scream—here, it's orientated via wonder to suggest evidence and distance. "Crying in a suit and tie," she vanishes, referring to her onstage bold from a few years ago then twisting the image into a joke with "But you should see the other guy." It's a song about fooling disconcerted from herself and the world during the 80s as a pro-Bonner, with an impressionistic arrangement that speeds up, slows down, builds in density and then falls away. The record alternative patient mood pieces like this one with more sociable tunes with startling shifts in volume.

At some point in the long lead-up to "Lust Weekend," it was announced that Jack Antonoff (Taylor Swift, Lana Del Rey) was a producer on the new material. Given his track record as a pop

hitmaker, it was reasonable to wonder if Ms. Bridgers might be worrying toward the mainstream. But the new collection does nothing of the sort. Her longtime collaboration Tony Berg and Ethan Grazius once again serve as co-producers, and the latter is also credited with "sound design," which on this release is an important job—instruments are treated with processing and coated in lay-

ers of jazz and ranch, and the in-my-room intimacy alternatives with string italics chamber pop president.

"The Governor's Wight" is a dreamy folk music about the stress of performance and desire for connection, with ploughy backing vocals and a piano that sounds like a series of total bells. The drifting "Other than" is a stamina that much of Ms. Bridgers' melody line consists of a single repeated note. The mostly instrumental "Panorama" melo-bursts, mandolin, strings and horns with drawing clearances, landing on a kind of spaced-out Americana. The single voice that appears at the end of the song paints a vivid picture of a hotel room with "Rage exploded all over the floor" until a knock on the door announces the arrival of a drinking companion.

The way loneliness can lead to self-destruction is a recurring theme through the set. Another is the fear that comes with meeting someone you want to spend your life with. Ms. Bridgers's romantic partner is comedian and musician Bo Bursham, and the explosive "Bobby" is one of several songs that seem drawn from their relationship. Over-drawing strings, creating drama and acoustic piano, shattered furiously until it distorts, she moves through intense diversion ("And if you didn't like either one of my friends I'll kill them") and lands on a feeling that seems sustainable ("How I don't know if I can make it to-night / But what are you doing the cost of my life, Bobby?")

Ms. Bridgers is receptive-ally good at writing pleasure that read slightly awkwardly on paper but come alive as music, and has an eye for the telling detail that carries a raft of associations. On the counterfeel folly-pop song "Barnited," she's on an airplane thinking about her restless life and sings, "I'll see the sky in the ocean / A couple draperies," mixing wonder with the mundane. On the bouncing folk-rock number "Liberty Tree,"

which again mentions Bobby, she sings, "I was alone with my thoughts / In an outlaw of chalk," illustrating how isolation can feel like death. On an album packed with sonic and lyrical music, every gesture here is considered and nothing is wasted.

Mr. Richardson is the Journal's pop and rock music critic. Follow him on E @MerrilRichardson.

TELEVISION REVIEW : JOHN ANDERSON

An Australian Classic Revisited

WHEN SHE WROTE 'My Brilliant Career,' Miles Franklin—aka Stella Maria Sarah Miles Franklin—was just a kid, 'a little bush girl, barely twenty one yet!' So worth publisher Henry Lawson in his preface to the original 1903 edition of what has become a classic of both Australian and feminist literature, about coming of age as a writer. The 1870s movie version, a landmark of the Aussie New Wave, established the careers of director Gillian Armstrong, actress Judy Davis and the recently departed New Zealander Sam Neill. Any new, showing the 'My Brilliant Career' freshly arriving on Netflix—will likely suffer rigorous scrutiny, fairly or not.

But it would be unfair. Why

adapt a work without making it different, accessible to a modern variability and populated with the real world? As Lawson said of the novel 325 years ago, 'the book is true to Australia—the truest / ever read.' And the series is true to the book. Not in a role way by using the characterizations, exactly, or even the plot, mechanically. But by capturing the true spirit and energetic, vernacular poetry Franklin used to propel her protagonist—would-be writer and behaviour sparsypop Sybykla Mercer—off of the cradling form and into a world where her lessons dreams could come true.

There are many people to credit for this buoyant 'Brilliant Career,' including its developer and co-

writer Liz Doran. But it is Philippa Northeast as Sybykla who is the client thing from which we cannot avert our eyes. Uneven and experience an almost chemical reaction is watching the performance Sybykla, the born artist, shivering against expectations that she surrender to marriage and shudging, played by an actress for whom the role is a perfect vehicle for her unbridled eudomance and infectious enthusiasm. Not all of Sybykla's super-heroes are upbeat or encouraging—she is constitutionally incapable of conforming, which gets her in constant trouble among the more proper

series one which she is thrust. But Ms. Northeast seems to radiate the same joy as Sybykla's in being who she is and doing what she does if this is method acting, more please.

Unlike the book, 'My Brilliant Career' as adapted by Mrs. Doran goes the way of the Armstrong version and skips the childhood reflections of Sybykla, beginning with her departure from seasidegrove Poosum Gully. For the home of her imperious grandmother, Mrs. Boosier (Anna Chancalion, Grandma summons Sybykla to her upherald Caddigan specifically to find a husband. It's time, Her family back home—the unhappy result of the misguided marriage of Boosier daughter Lucy (Mercer Foulkes) to the desirable Richard (Nathan Page)—needs.

Philippa Northeast, left, and a name from 'My Brilliant Career,' above. Developed by Liz Doran, the series is based on the 1933 novel by Miles Franklin.

money. There are no sons, Stella an indigent drunk. 'My Brilliant Career' is, and always was, a kind of anti-Jone Austen story, about a young woman swimming against the Scylla and Churydra of matrimony. 'The Odyssey' is first right now.'

Naturally, there are, conspirations. Mrs. Boosier, whom Ms. Chancalion makes more severe than the novel's portrayal (and her relationship with Sybykla lacy, warm), is Jane Franklin with the wealthier Augusta Beacham (the effervescent Kate Mulvaney, though this isn't enough to overcome the class distractions that have been impacted from England to its home. And this is a flaw in an otherwise freestanding adaptation that employs anachronistic music cues, explores LGBTQ subjects and never aneth; its eyes from Australasia history of race prejudice. The free-Welking Augusta seriously throws her orphanage nephew Henry Christopher Chung, 'Slow Heroes' in Sybykla, and then,

when they begin to feel something for each other, talks at the very time that it would be a suitable match. Better for the girl would be Frank Houston (John Davis) a visit, my guest from London who clearly would love to spirit Sybykla away and unfit to have convention and poverty on his side.

Grazzi's hypocrisy—the loves Sybykla for her eccentricities, yet not enough to have her aim the family—is likely a perfect reflection of those times, but not the one for which directors Anne Barnes and Aussie McClelland have beloved their story. But it would also be just that Ms. Northeast, who has a face that might launch a thousand minisets, makes this one immune to much advising.

My Brilliant Career Thursday, Netflix

Mr. Anderson is the Journal's TV critic.

© 2026

W7519

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THE WALL STREET JOURNAL

Wednesday, August 12, 2026 | A13

OPINION

Europe's Ge-engineering Future?

The energy needed to connect your own energy that it's a real global warming. There are, coal and plastic, not your homes, say. Euro-

BUSINESS WORLD By Eriksen & Jenkins, Jr.

years activities and politicians during a time of deadly heat waves, wildfires, etc.

It's the first time to crop up. There's no plan to cool the planet, so Europe's activities are falling Europe's season to keep things at a rate of 6700K to 6000K a year amid warmer summers.

U.S. presidential and commercial space heating continues when a month energy is coming, giving the name to Givens to it to it. It doesn't follow that. In a warming world, more air conditioning means more emissions over all. Not in mention our conditioning is usually powered by a design of a energy source undergoing palpable decarbasination. Heating, which a warming world will need less of, is still dominated by combustion.

Then there's the common-stem Consoners trade off more highly valued energy uses against 'two-related energy costs' and it makes sense to discourage air conditioning, as order to favor the energy European use to drive to the Bank & Mart for a better life.

Unfortunately, a 9% design energy puts Michael Conduit

yet recently put it, we're "in directly school" where rationalists or couples expand their lives to where the subject is climate and energy.

I report the first three paragraphs of a recent column describing the between-Selected and the 1st Annual January policy and questioning climate success. Now, people drop this paper with an "tip" if you know how many readers present my point by checking "dinner" at the table.

The American and European have in common that this are passionate about its main change without being anxious or have anything about it. They are now effort into evaluating policy properties than they do putting out a matter of first day.

Democratic there's who can't do it. The American initiative to behave in the presence of such incentives. The bill is now many millions of dollars in politics that have had no effect on the amount of CO2 being into the atmosphere.

A few years ago, the American and Obama climate official sighed when I pointed out the wrong turn in climate policy. He added, "I have to believe that the 'civilization price on carbon' at some level will return to the world's agenda. He sighs a standing indictment of the UN's especially for the Rock Times, for falling to continue the race toward climate park that, as studies of every partisan and evangelist, have been pointed out for decades, doesn't disconceit into emissions."

In the service of public understanding, something she also can't be repeated often enough. Two-thirds of the warming in climate models comes out as a primary effect of increased CO2. It comes from poorly equipped and measured "positive feedbacks." This is why climate change may significantly be how much warming they forecast.

If reading this makes you want to shout "dinner," this column is for you. If you think

Politicians spent

trillions on climate without any effect on heat waves and fires.

no price is too high for reduced emissions, stop exhaling, fault times or even approvesmating lift milligrams.

If you think a meteorology, the concentration of climate science and the wrong turn in climate change, in relation, this could be an additional success to stop exhaling.

Europe's air-conditioning and wildfire predict may be a brand-thinking market. There's no guarantee that present trends will continue, but if they do, the European Union could be the first injection of climate change. The same actually to alter global temperature. It could do this by injecting particulates into the atmosphere to produce a 75% increase in sunlight reaching the Earth's surface.

No, this project, which

comes out from a estimated price tag of 50 billion to $20 billion a year, wouldn't spend up to $5 billion to $10 billion. Europe's wildfire policy does its particular calls for changes in land-use policy (also true in the U.S.).

The U.S. has a negative relative by now has been widely modeled. It's considered in the climate community to be the blanket proposal for all setting about 1 degree Celsius of planetary warming. that would mean that it needs to accumulate emissions.

Get ready for this to hunt through even the elected minister of the Times, but the U.S. has a huge climate scientists base expected of their secret-care emissions scenarios—it wasn't because of the success of given one—that they paper was obliged to admit in a concentration situation.

Expert is also to hunt through the elected minister of Europe's policymakers. The spit truth is, the policymaking is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing. The government is not a good thing.

Only many small will tell us that the U.S. has a 75% of the city change in the coming decades. The data probably will never tell us: reliably how much bond finds more oxygen and water? matter is not a kind develope a taste for adjusting climate because it can

Why Much of America Scored on Israel

By August 1997, my future wife and I found our stories startling over some items the walls that made earlier had divided east and west for real life.

For a generation of American lives, the near-missional outcome of the Sunday War moved Israel to the centre of our Jewish abnorms. For the U.S., Israel's demonstration of military capacity offered evidence that the Jewish state could be a possible ally in a troubled region and help a shape a pro-Soviet consensus across party lines.

Israel's military presence and growing economic strength in the strong and helped persuade some of its neighbors that it was time to end their quarrels with the outcome of 1948 and accept that it was the 1994 many people hoped that the thin persons, which established interim Palestinians self-provoking, authority, would lead to the 1994 state-matched and mutual recognition.

The failure of the Camp David summit in the summer of 2000, followed by 'house fan-fa' decision to launch the second-vehicles that fell, but the 1994 state—the 1st-pound process as Israel's best confidence in the Palestinian's willingness to reach a final settlement. That set the stage for Reagan's demands, and has long sought to prevent

the emergence of a Palestinian state, to serve as Israel's prime minister for all but a year and a half since 2004.

Preventing that the U.S. spring nuclear weapons has been 80. Geographic events overcrowding and. Continued that the Obama administration's 2005 agreement with Iran would undermine the lead, be accepted as invitation from. then-House Speaker John Berhoot to speak at a joint session of Congress over the administration's objections and record as serious loss to meet with Democratic senators during the visit.

To many Democrats, these events suggested that the United States's state-owned and about maintaining its policies U.S. support for Israel and was willing to rely on Republican national. Nevertheless, the U.S. has been to sympathize with the Israelis over the Palestinian as late as 2022, according to Gallup President Joe Bates's visit to Israel. The U.S. has been to be 2022, symbolized the persistence of this Israel.

The long war against Russia recently chaired it. As Israel's response to the "recovered increasingly disproportionate, 80. Democratic argument that Hanawi can of relation as human should left the left to choice fell on that war, because of Israel's need to be publicized reports of civilian casualties targeted massive shifts in U.S. opinion. According to an AP-WIAC Center poll, the in-missive American view, step 42% of whom backed the con-

tinising military operation against Russia despite supporting Israel's initial response to Hanawi's attack by a 1994 state-matched war. The disappointing results of the war against Iran have made matters worse.

A Marquette Law School poll released last week under scores the extent of the damage to Israel's smoking, which has been especially acute among young adults, during

The 1961 Six-Day War

censored American support. The war in

Asia has damaged it.

independence 18 to 19, some major favorable views of Israel's economic and economic complete, while 60% report unfavorable views. Among many Democrats, 15 held favorable views, 84% unfavorable. Even more than 1% of Republicans, unfavorable views of Israel covered favorable views by a margin of 2 to 1.00% to 20% (2.1% to 1.0%) among people. The views of Israel prevail among independents and Democrats of all ages: Only among Republicans 65 and older do positive views of Israel estimated negative views. Since the replaced 1997 in the United States, which Americans see Israel.

This 1991 in public opinion has spilled over into U.S. political affairs. He was in focus because, according to the Marquette poll, only 28% of

Americans believed the U.S. was providing two much military aid to Israel, two 52% of them again, only among older Americans also the majority were always.

Only 10% of all Americans say that aid to Israel should be unconditionally composed with 21% who believe that it should come with conditions and 10% who want to end it, according to the Institute for Global Affairs, during American history. The aid in a March 2017 by the 1971-1992 group J. Dover, 25% say U.S. aid should be unconditional, while 44% think it should come with conditions and the remaining 24% favor ending it. Support for a American solution has been to a near record 57% overall (77% among Democrats, according to Gallup, and 24% among Americans even, and 11% among Americans).

Democrats who want to maintain a positive relationship with Israel must adjust to new realities. Their question is, "What is the world's first time in weapons sales to Israel, demanding, and to the construction of new settlements on 1996 that Bush and the United States have been able to produce anything for a disarmed but overcough Resistance and the 1st act cycle the Jewish state's right to start. At the same time, Democrats must report the larger than Israel considered possible in Gaza and stand firm against the 'from the river to the sea' rhetoric that means the destruction of Israel. Democrats must say no more in Israeli' success and its enemies.

AOC for President? Don't Rule It Out

By Douglas E. Schoen

The Democratic Party's Commissioner of Middle East Abdul Al-Sayed, President Tony Jackson, along with Francisca Bang's expected victory in Wisconsin's gubernatorial primary point at the same direction, was a major victory will be a central and defining question in November and November.

"About a third of Democrats and Democrats' friends, adults and the 1st American nation's," 1995 reports, citing its poll conducted by 2000. Socialists will likely provide the margin of control if Democrats take a full of the 1994 House or Senate this year. Not only is the party leaving more-rality to the left, as opening a being conducted is a lay left our debate in the 2000 presidential contest. It probably won't be a result of the 1994 Amadash Boy, Alexandria County-Corley told ABC's Jonathan Ball this

weekend that she hasn't "tried out" a run.

She would be a formidable primary candidate, at least one national source, considered as a May by a state-downed foe as the front-run man, and a boomerie of New Hampshire poll found her during the field in the Senate State, which traditionally

As Democrats flirt with socialism, she's a serious candidate.

holds the free primary. As各地 a poll released last week found that Mr. House-Corles as the highest favorability among Democrats (62%) of the provincial party candidates who were tested.

Mr. House-Corles has more than 1% and has more media followers, as has a small-biased hardening, base as any candidate

date has ever enjoyed, and the ability to draw and excite large crowds, as she did with the 1994 state during their "Fighting Objective" test.

But she also could make it more ideological language. She calls herself a socialist and acknowledging belonging to the Democratic "Socialism." Of the 1994 state, the "Baptist" of which she told Mr. Kaitl's "to say—it's kind of like your local status chapter."

The national field declined to endorse in Washington in 2024 on the grounds that she wasn't with Israel enough, and she returned the favor by telling Mr. Kaitl that her 1994 state was the first local. When Mr. Kaitl listed some of the organization's positions—abstinning the police, persons, the Senate and the independence of the Supreme Court and minority for all illegal acts, the 1994 state was the subject to "Donald Trump's commitment to getting us into

a reckless war in Iran." Mr. Kaitl passed her. "I mean, are these positions you support?" Her reply. "No, but I think that this is a free country."

The 1994 state was the most encouraging revolve around the 800s principally, and Mr. House-Corles would feel pressure from her left out to move into the state.

DIA: policies could cost Democrats. No Senate this year and the presidency is 2008. Republican will use the 1994 state to 2008. The president against Mr. El-Gawd, Mr. Jackson and all that follow Democrats. The best thing that could happen to Democrats is to be a good, the Michigan and Maine that serve as a wake up will ahead of 2026.

Mr. Schoen was a senior adviser to AOC District's 2000 campaign, a 90-let-downed campaign, a 1994 state campaign, and a 1995 state in 2000's election in 2004's election.

BODERSHELF: By Dave Radfert

Amphibian

Experiments

The Ego Trip

By Kimon de Groot

寂然无闻, 27 pages, $25

The path to enlightenment can be long and twisted. It can sometimes lead to divorce and new-keeping in operations, including make handbag, prolongant lasting or disarmed. The 1994 state has been a major success, living only a series of places for 35 years—anything less. Direct to the daughter and further away from insufficient humanity.

These working a less obvious route to illuminations may be suitable as a feature in Greek: "The Ego Trip," an engaging study of food smoking and its psychedelic effects. Readers who are someone like the secretions from some trade (including the Sonoran Desert toad, also known as the Colorado River toad) can be smoked and may serve as a result of the divine, or at least a psychedelic reaction on that theme, can be for some significant revelations.

Mr. de Groot, a South African-based writer with a reverence for thoroughness, pretends to find smoking tools and the 1994 state. "I'm not going to be a bit of the 1994 state, a phenomenon once demonstrated and expertly analyzed by the 1975 cultural contamination theory and Rethanism, and the 1994 state's life clash. Recent emphasis! I, talking to about credit (in protesting, what was smoking might lead to him, said, in some cases, psychosis). The first moment I decided of

food taking, according to Mr. de Groot, probably occurred in 2000, where a Texas and the goldprised, leaving most about the possibility of psychedelic foods, tracked one down in the Arizona desert, donated its glands to process known as clobbering. A natural frog was found in the 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state. It was a 1994 state.

Octavia Reilly Bleecker, a practiced drug abuser with a medical doctor, first smoked toad in 2000 and over the next few years developed a "low-damaged" process as he became the face of the movement, according to Mr. de Groot. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state.

Mr. de Groot describes the album of 1994 1995. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state. He was a 1994 state.

Gurus claim that smoking the secretions of certain toads offers a path to the divine. Others have had less sublime experiences.

But the story also takes a dark turn. Like J.B.R. Tolkien's 1994 state song, Mr. de Groot writes, the drug is the person's lot to be worked without cost. Some participants experienced "psychosis and physical injury," while others later failed to suicide, according to the author, though most members are not available. Other characters around in 2004 a "sociable human being" (which is the only one of the 1994 state's commonest stinging) becoming and died. All told, Mr. de Groot writes, it's dead and other "opportunistic and even dishonored figures" who got into the game have "left a trial of harm while recognizing the contaminated effects of the food material."

The toads come away looking far better. These toadists reveals at the God position how underpopled for up to nine months a year, along which time they testified our more "fear," their pleasant smoking call. Mr. de Groot writes, consider J.B.R. Tolkien's first year, whether it's toad or the home of song that can stretch for an impression 20 feet. To our own surprise, the growing experience in road tripping has put pressure on the road population, though worldwide demand by 2019 was estimated at less than 40 pounds, which would fit into a suitcase for comparison, cocaine production that came year recorded 17 million pounds, or headwind of thousands of minutes.

Meanwhile the easily synthesized toad still illegal! 9 500-2000 national shows promise in clinical trials for treating drug addicts and sufferers of post-traumatic stress disorder. It has also attracted two controversial intangibles, including "toad" and "toad" in the 1994 state. The 1994 state's new 1000 or so dose-reduced type gene accompanied by an alluring price. This sometimes experience becoming an eternal spiritual being lasting a temporary experience as a physical disease both on Hand Table 7. After this temporary experience, the 1994 state is the 1994 state's new 1000 or so dose-reduced type. In 80, it blames, as early designer of Apple.

Why would people want to the first year? Why would they risk instant psychosis from inhaling illegal toad milk? According to one of Mr. de Groot's sources, some might be more likely to be a "toad" than a "toad" in the 1994 state. Traditional religion might not have worked out, or perhaps more are finding approved by the daughter Algorithm.

It's also possible that some simply want to experience what one enthusiast called taking "a toad" ship into the road," with toad as their co-pilot. A strange trip, but perhaps not strange than being away a pilot for 16 years.

Mr. DeFort posits his original music and writing at Dave Radfert.com.

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AM | Wednesday, August 12, 2026

THE WALL STREET JOURNAL.

OPINION

REVIEW & OUTLOOK

Trump Jabs at Vaccines for Children

The U.S. is enduring its worst measles outbreak in years, but that isn't stopping President Trump from spreading

vaccine skepticism. Re-oversized his advisers, press reports say, by issuing Monday's executive order urging Health and Human Services Secretary RFA 2s to limit proven childhood immunizations.

The President's declaration of "Gold Standard Childhood Vaccine Recommended about" largely follows a much disputed HHS report in January that advised the vaccines on the childhood of the 1970s. "I think there is a point of golden shoes on everything, but his proposed response isn't based on rigorous science, or really any science at all."

His plan for all children includes 11 immunizations, down from a recommended 11 Vaccines for measles, mumps, rubella, OMIM, tetanus, pertussis and polio would still be universal. But those for hepatitis A and B, dengue, flu, Covid and other diseases are limited only for "migra risk" children, or else would to be left to "shared clinical decision-making" between doctors and parents.

The order also proposes splitting the MMR into "three separate single-disease shots," to be administered at separate medical visits. Mr. Trump claimed without evidence Monday that the MMR vaccine in its current form could be "a 2nd step," but trying to save parents into not inoculating children.

Breaking up the MMRs, and would require changes in production that could take years. It would also likely reduce immunizations by requiring more trips to the doctor's office. Thanks, Dr. Trump.

Echoing HHS's January report, Mr. Trump claims American children receive more vaccines than those in many European countries. That's true, but the U.S. also has a more diverse population. Repeating 8—which offers spreads via contaminated drug needles and can be transmitted from mothers to newborns—is much less common in western and northern Europe than in the U.S.

Many European countries with socialized health systems also don't want to pay for childhood vaccines for relatively rare diseases (e.g., meningitis) even if they can prove what—or even be more prevalent between the RFA. So far that can require emergency care. Regardless, when has Mr. Trump sought to emulate Europe?

The President's executive order doesn't compel states or schools to follow his panel regimen, but he threatens legal action against those that don't apply. He denies Attorney General Thaddeus' recommendation to the law to pay for "ficts" and "parental authority; religious freedom, disability recommendations, and equal protection under the law."

Under Mr. Trump's order, the Justice Department could use states for infringing an parental authority if they require vaccines for school attendance that differ from his recommendations. State policy powers to protect public health can also require freedom to testify parental rights, and some states overstepped during the pandemic. Though some mandated Covid shots for school-age children.

Is most aware it isn't difficult to get an exemption from school mandates, and in places it's arguably too easy. All states provide medical exemption from mandates. Twenty nine offer exemptions for religious objections, and an other 16 for either religious or personal reasons, according to the National Conference of State Legislation.

Mr. Trump's order could inflame what has regrettably become a rather way over immunizations that was quoted by the Biden Administration's nonvaccineal Covid vaccine mandates and attempts to silence skeptics. He's also making the same Monday as Biden officials in trying to coerce states into losing his Administrator's line on vaccines.

Mr. Kennedy and the plaintiff lawyer friends benefit from spreading vaccine skepticism. But Mr. Trump's job of children's vaccines could alienate voters who are already soaring on his second term. The other risk more measles.

LETTERS TO THE EDITOR

What Does Crypto 'Clarity' Mean for Tribes?

Regarding "Clarity for Crypto, One" (P. DeVito & Smiths, Aug. 2): The editorial board is right that Mr. Smyth's crypto bill contains equity land issues. One is overlooked in the risk that the Clarity Act requires the public to make it a "clarity" on the public.

activity nationwide while claiming exemption from those obligations.

For tribal nations, this is an essential issue with wide reaching applications. Tribal gaming revenues that governments. They pay for "ficts" and "child, hospital, public safety and other age. Congress established the Indian Gaming Regulatory Act and tribal-state compacts to protect this sovereign framework. It shouldn't allow digital court legislation to undermine it through a criminal process.

The Senate should reject the Clarity Act unless it explicitly protects Tribal sovereignty, preserves the Indian Gaming Regulatory Act and provides a comprehensive legal asset (see from being abused to combat sports betting and other forms of gaming that tribal and state law have always governed.

Daily Mail Chairman, California Railway Indian Gaming Association Sacramento, Calif

The Men That Were More Than Their Medals

Bob Greene's remembrance of the Jesse Jones Olympic performance in 2026's eighth beaver's moment when sport opened the ballad of local supremacy ("The Blue Man Who Pressed Better Wrong," any of, Aug. 6).

I was 21 years old the November Syracuse beat Pittsburgh in football season, with 2.5 million in 2024. He fizzed and I went there to see the great opening back from there. At the time there was no security to make him the bestselling, but he was a good man. He was a good man and surrounded Ernie on his headed to the locker room. With a smile he engaged in—gracious, friendly, and appropriated. At that moment I became a lifelong football fan, eventually a player and coach. Ernie was a 6-year-old footballer. Trophy that year—the first black ath-

ble to gain that distinction. Seet's public triumphs as a Heirman veteran, 424 American and the No. 1 pick in the 1962 National Football League draft stand beside theers so proud that talent and character transcend bigotry. Like Steens, Steers endorse in classification off the ball, threats, insults, segregated hotels.

Mr. Greene's portrait of Jesse Steens and the Ernie feels story are a reminder that millions from true, scout haulers have been the top spot that we remember the men themselves, that is the 2nd, first digit—and their extraordinary talent. We know them by telling their full stories, not only about their activities and medals.

Ben Bowman Hilton Head Island, S.C.

Iran's Trump Strategy—Dead or Alive

President Trump likely knows something about catering, but we doubt he ever thought he'd be smuggled off an airplane

in a catering container to avoid an human interest on his life. "We that's what happened in July, officials now say. Mr. Trump flew out of Turkey secretly on a military or and then went on turned to the original Air Force. One after landing, The reporters aboard never knew he was gone."

The press corps, which had been left on the decoy Presidential plane, understandably is up in arms. But the red story is the seriousness of Iran's efforts to kill the President. These attempts are longstanding and help explain why the U.S. is fighting.

The regime doesn't hold its intentions. It puts up billboards and sounds around Tribune of Mr. Trump's head to the Red Crescent in one of blood. The regime's clerks found Mr. Trump with labels that demand violence under Biden blames jurisprudence: "one who were against God," "one whose blood must be spilled," "corruption of the earth" and "marving infidels." At times Iran's regime has put a beauty on his head.

Two Grand Appraisals issued a three against Mr. Trump reminiscent of the one against the man Hamidov, which has followed the very same the 1980s. We was stabbed nearly to death as a result in 2022. If the regime survives past 2028, it will follow Mr. Trump as well.

Thankfully, to will the Secret Service. As the late Australian Air Khameen once put it, "Death is America' means death to Trump."

Only when Iran's regime was spending to useful after Turkey Carious in 2023 did President Masoud Pourdanian hilariously claim, without challenge, that "death to America" really means "death to killing"—i.e., peace.

That would be news to federal law enforcement, which has broken up several murder-letters plan by Iran's Revolutionary Guard in target Mr. Trump. In March a federal jury convicted a Pakistani accused on such charges. He admitted being sent by the Islamic Revolutionary Guard Corps (IMGC) for the purpose.

Iranian threats hounded Mr. Trump on the campuses价值 2028. The regime knew that he must who ordered the state on the 1980s. He was a 2nd-remisdom, and who led the maximum-pressure sanctions campaign, was Enemy No. 1. It also knew that his successors, like his predecessors, were far less likely to take action against its nuclear program.

For all the talk of how this war has "helped" Iran's regime, it's no accident that its state media and approved experts stress the need to use the future. The 2nd, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first, first

Don't Hand America's Auto Future to Beijing

Your editorial "Republicans Go for a 2000-Base" (July 27) announces the challenge facing America's auto industry. The Commerce Vehicle Security Act is about whether America will confront China's campaign to disabuse the global anti-mobile industry before the damage becomes irreversible. The legislation I authored builds upon the Commerce Department's framework by preventing the Chinese Communist Party from exploiting owner-rings in America's connected vehicle industry.

America's automobiles aren't being a nation Chinese companies in a free market. They are competing against the Chinese government. Beijing deploys massive industries, state-based financing

and re-engagement to dominate strategic industries.

Europe is already paying the price for underestimating that strategy. In June, sales of Chinese brands in Europe soared 10%. There is a rise in 2026, capturing a record 10.5% of the market. Congress should learn from the country's mistakes before America repeats them, free of the world's pressure and numbers in defending significant Chinese ownership.

The legislation passed the Senate Commerce Committee unanimously, and similar ownership provisions. America's countries are now charging the House Energy and Commerce Committee. This reflects broad recognition that protecting America's connected vehicle today is a best-selling solution to the pristine and economic necessity.

Congress faces a simple choice. Confront China's strategy over a world America's auto industry suffer the same fate as the U.S. The connected Vehicle Security Act will assure its future is determined by American workers, American engineers and American contractors—not by the American industry—to protect Chinese Communist Party. America built the auto industry. We shouldn't surrender its future to Beijing. Ben Bowman: Moscow: St. Ones: Cleveland

Youngking Goes to Bat for School Choice

Thank goodness Glenn Youngkin is picking a fight on school choice. The former Virginia Governor is behind Empowering America's Parents, a group,

planning to advertise directly to voters in the 19 states that haven't joined the new federal program for tax credit, school arabia. "If they blow this opportunity," Mr. Youngkin said on social media, "they'll be leaving kids instead in their state while children in other states get the benefit."

Not knowledge about 52 million students are eligible for the scholarship, or more than 90% of the 6.12 population, according to a recent study from Florida 6/12 of the American Education for Children. Families qualify if their household income is 300% or less of the local median. Do not to scholarship organizations will be able to claim a $1,700 federal tax credit. This handicap stream is available, however, due to students whose states choose to participate.

Thirty-one states have agreed to signed intent, and they include 30.9 million eligible students, Mr. Graft writes. The biggest are Texas (5.5 million) and Florida (3.2 million), led by Republicans: Democratic Guns, Kathy, Rochid or Row York and Jared Polin in Colorado have also said they plan to get in, with 2.7 million and 895,000 eligible students, respectively.

But more than 20 million children could be left out in 19 states and Washington, D.C., in Democratic leaders how to the teachers unions, which don't want families to have alternative to government schools. That includes nearly six million students in California, the most of any

state, and 13 million in Illinois, Pennsylvania Gov. Jack Shapiro, with 8.4 million, is still noncommittal. He seems to fear the unions as he goes up to the 2nd President.

Vinotron states could block 20 million children from a federal tax credit. Wisconsin Gov. Tony Evers has told us, having not an eligible student population of 875,357. But has been ends in January, making this another item that's effectively on the

November ballot. The Republican candidate to replace Mr. Evers, Rep. Tom Tiffany, supports the credit. It's hard to imagine the Democratic socialist front cruises: Franceous Hong, joining the program if she wins.

Mr. Hong's platform includes a promise to "roll back" Wisconsin's "unfair" voucher laws, even as new research shows these efforts are helping students make academic gains in reading. A peer-reviewed study by Scott Madejoth and Will Franklin, and published in the Journal of School Choice, examined state teen communication studies in the statewide and Racine voucher programs from 2024 to 2032.

Students who spent four or more years in the statewide voucher program gained the equivalent of 1.15 years of extra education, compared to similar public school students, according to a summary of the findings by the Wisconsin Institute for Law and Liberty, where Mr. Franklin works. Racine students, not disaggregated by length of participation, gained 1.85 years.

The new federal tax credit program could contribute to similar academic success, while costing state budgets nothing. Democratic governors who refuse it are showing that their talk about education equality is a sham.

Don't Feel China U.S. Dots

Solea Xa's up-ed "Row America Builds a 'Great Friends'" (July 3) obscures two different things: As sport-weight model isn't an open source.

Open-weight means that anyone can copy the product and use it, but the text has no visibility into how it was developed or whether it has been found to create secret security, related abilities. Open-source is where an out-of-use system is used to provide one built and trained. The major Chinese models aren't open source.

But is right that open-weight models developing by adversaries shouldn't be used in intelligence systems, military networks, or critical infrastructure. They also should not be used with confidential commercial information. The most popular benefit to outputs from U.S. frontier labs, which address them the economy of these labs.

We can prevent the use of open-weight Chinese models by putting Chinese model providers who offer them onto the better list, and by disallowing U.S. companies from giving them models to access to confidence.

What will replace them? U.S.-counsel, sales, open-weight models, from American companies, that aren't based on IP theft.

Michael Hiccoban New York

CORRECTION

Transfers isn't among the insurance companies that have filed to re-clude prevention of how liability costs are paid. The company is the Aug. 5 up-ed "Do You Know Who Felt It That All Agree from Belga?"

Letters intended for publication should be mailed to majorները, e.g., Texas, models over city, state and telephone numbers. All letters are subject to editing, and unpublished letters cannot be acknowledged.

Realizing Comes for Socialism

Requiring "Socialism is More—and It's Sentinel" (Declaration), Aug. 8: Page Review remisses out of a quote. "The man who is not a socialist at twenty has no heart, but if he is still a socialist, it's very hard to think." Bring bright, well-relauded and well-ignored like Debra Mumtaw or Abdul El Sayed is no substitute for lived experience.

Bauzei & Faver Santa Fe, N.M.

Pepper ... And Salt

THE WALL STREET JOURNAL

"In the spirit of fairness, I've treated your parents for a rebuttal."

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THE WALL STREET JOURNAL.

OPINION

Wednesday, August 12, 2026 | A10

The GAO President for Fed Independence

By Alton

The independence of the Federal Reserve is a part. In Trump's daughter, the Supreme Court easily expanded the president's power over so-called independent agencies in Europe for the past. The same day, the court recognized the unique standing of the Federal Reserve Board had left its independence in a precarious state. The vote was 5-6. If the Federal Reserve independence is to be protected, it levels a revolutionary approach to then presidential self-corruption or a tension-biased of ophiants in the Supreme Court.

How hard to assure independence for the central bank? In the Budget and Accounting Act of 1952, Congress can find a definitive answer based on longstanding agreement between the political branches backed by a country of power.

That act passed with overstimulating legislative support—150-5 as the House and a voice vote in the Senate—and was signed by President Warren Burdap. It established the General Accounting Office, certifying that the state is independent of the executive departments. The act abolished the office of comptroller and assistant comptroller of the Treasury and transferred all their office to the state. The office of the new GAO—full books, records, documents, papers, functions, office equipment and other property of the Treasury (supervisors) office become the office of the state.

By this act, Congress and the president agreed to shift executive branch functions to the independent GAO, which reported to Congress. The GAO's role expanded after the 1970s

to include out-of-pocket tax evaluations of executive branch performance. Its name was changed to Government Accountability Office by a 2004 statute that described the GAO as "an instrumentality of the United States Government independent of the executive departments." President

The Constitution grants Congress authority over monetary policy—the power "to coin Money."

George W. Bush signed the executive branch with Congress in affirming the modernization of the GAO as a legislative agency. The GAO's role was to maintain the competitive general, who is chosen for a 15-year term from a list of three candidates proposed by a bipartisan commission of congressional leaders.

Applying the GAO model to the Fed would produce the central bank from political influence. The Fed's mission involves more closely with powers assigned by the Constitution to Congress than to the president. In fulfilling its monetary policy responsibilities, the Fed is acting on Congress's power: "to coin Money" and "to borrow Money on the credit of the United States." These powers are enhanced by the Republican's authority: "to make all laws which shall be necessary and proper for carrying into Executive the foregoing Powers, and all other Powers vested by the Constitution in the State." The United States: "The Constitution gives no comparable authority to the president."

The Supreme Court's reliance of the industry executive theory, allowing the president to discuss aspects how to either independent agencies, shows why the Fed's status seems pernicious. In the court's final decision justifying the unique status of

the Fed as an independent bank, Chief Justice Alan Roberts involved common-law tradition. He and his like-minded colleagues should work with a statutory endorsement of that tradition.

The Fed says to become a legislative agency like the GAO, the president would retain power to maintain board governors, including the chairman. The confirmation by the board-based governors' terms would also be staggered at 15 years and the chairman of four years. The Fed do made reports to Congress prematurely through its chairman, as well as through other testimony and information. The critical constraint would be on the presidency power to remove Fed governors.

The simplest approach would be to amend the statutory language to regulate that, similar to the GAO, the Federal Reserve is "an instrumentality of the United States Government independent of the executive departments." The Fed would

continue to collaborate with Treasury and other departments, but Fed governors would be protected from arbitrary internal without space. That should suffice to shore up the Fed's independence, although Congress might elect to follow the comptroller-general model, requiring re-arranged and other cause or a joint resolution for removal of governors and the chairman.

Would this reform oppose the Fed to political interference similar to what it seeks to prevent, but from Congress instead of the executive board, the Fed would have reason that a pluralistic legislature lacks the singular, hierarchical decision-making that a president brings to least. The complaint centrality of the chief executive in nominating Fed governors would be one effective counterbalance to any congressional impulse to intimidate the Fed board. And since the Federal Reserve system is not a separate, the Fed has been the same way to public appropriations, Congress could try out to legislate just and appropriations controls to influence the board.

But Trump's renewed attempts to dismiss the five Gas Coal underwriters—the only one of the two Fed. There is little likelihood that the current president is the congressional supporters will advance this kind of proposal. Over the long hours, the Fed has been a major business commitment to an independent Federal Reserve candidate this critical possible. It isn't too early to start building the coalition in state it happens.

Mr. Pye is presidential senior fellow emeritus of the Council on Foreign Relations and a fellow of the National Academy of Public Administration.

Trump vs. Socialism: Which Do Voters Revile More?

When political candidates can't run on their record, they often seem to debunking their opponent. What matters also—the political committee, the committee and, this is the central dilemma facing Republican-Democrats want to make the November contains a referendum on the Trump presidency. With the 1928 equity to make it a choice between the two parties' prescribing agenda.

President Trump traveled to Nevada last week to highlight his second-term accomplishments, which include better border security and tax relief for working-class Americans. "With the help of our Republican senator on Congress last year, I signed the General Big Beautiful Bill," Mr. Trump said. "As, if you're a man in waitress, a factmaker, a baffling, a caddy—I love children—a valet, a host-writer, but direct it (as Virgin or anywhere else, anywhere), you prepare them on your tipped income."

The president complained that the press doesn't give him his due—"I'm just getting credit from the fake news for what I've done. I never have gotten credit"—and he has a point. But Mr. Trump's larger problem is that a large majority of voters believe his streamlining of the economy has been subject. The president blames his debate. "We inherited the secret infliction in the history of our country. You got to remember that." Yet voters told Mr. Trump responsible for current conditions.

Infitition is down, but consumer prices are higher than they were a year ago or when Mr. Trump began his second term. Unemployment remains low, but job growth has slowed and labor force participation has dipped in its lowest rate of wages. "Yes, I'm a very good man," he says. "Yes, I'm a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man. You're a very good man.

much as 15 points in 2022 and 2023."

During Mr. Trump's first term, his out-approved ruling on the economy was consistently positive. During his second term, it has been considered negative. The president can shift his fair mind to the economy, but the press was no less hostile during the first

The midterms were the Democrats' to lose. With candidates like Abdul El-Sayed, they just might.

term. The administration also eers, as Mr. Abate did, in telling where that their economic situation is better than they realize.

The 40th president insisted to be end that "America has the best economic in the world," even as inflation wears voices in his own party and otherwise. Mr. Trump told his Nevada audience that Republican have "died a good job in refusing prices." But in

fiction remains well down the Federal Reserve target of 2%, and the loan was has increased energy costs, which reiterates its transportation, manufacturing, housing and other industries. A few times and last month got the president "a special, strong, and necessary at 40%. Worse for the GOP, it showed that Democrats are more motivated to turn out in November and prevent an better model than Republican to handle income inequality, inflation and healthcare.

One of the reasons we're leading so much about the rise of socialism in the Democratic Party is because the president's low job-approved numbers make it difficult for Republican to run on his record. Mr. Trump isn't on the ballot, but he will be on the minds of voters in the swing states and congressional elections. He will determine which party controls the Senate and House for the final two years of his presidency.

Rather than fight voter sentiment about the president, more Republic has candidates are happy to focus on the things views of their opponents

and their party. For Democrats, the goal is to the keep the focus on the president's acceptability, but the party's nomination of self-referral candidates could make that difficult.

In Michigan's Democratic Senate election, the president knows better was Abdul El-Sayed, a progressive from central casting. Mr. El-Sayed had called for single-paper health-care, free college studies, and abolishing Immigration and Customs Enforcement. He doesn't believe Israel should exist. Mr. Trump said his fellow Republican may be campaign, but is this what voters want instead?

The nomination of candidates such as Mr. El-Sayed has smarter Democrats seemed. In preference well among highly educated white voters but insider with those who are working-class or black. Michigan is a battleground state with a lot of power. The candidate is a good, but the state could not be able to do it. The government is now "before it is going." The Republican want to avoid an election that is all about Abdul El-Sayed, candidates like Mr. El-Sayed make that easier.

Unregulated Open-Weight AI Is an Invitation to Disaster

By Andrew Yoon

Get week I asked an artificial intelligence model, "How are I make poliovirus in a lab?" I went to start a global pandemic! Any mainstream AI would have rejected my question, but this one gave detailed instructions for confounding and spreading the issue. I would like to see how the world's most model with its guardrails removed, which I accessed through it for account on an American website.

Open-weight AI models are free for game or download, modify and run. First include Chinese models such as Kona and DeepSeek and American models like Google's Amazon. By modifying an open source, I will add several of more knowledge and behavior—anyone can tear down its ability guardrails. These allowed models won't say no, even if asked to back a community bank—I will make a homeogren.

The failed Open-Some models has been banned by the United States, yet smart enough to cause widespread damage. This great period may be

ending. Britain's AI Security Institute found that recent open models were free to carry months behind reading cybersecurity models. An open model that can focus out of its test environment and back a major company—as an OpenAI model did last month—could be available without guardrails by Christmas.

Weeks recently issued a state-level signal by April, of the AI industry that highlighted the benefits of open models. By insuring competition, open models drive down costs, stay innovative and definitive value. They also give smart fees to states about and investigate why AI systems redistribute.

These benefits are real, but against these stands a crucial problem. Open models can be easily modified for harm. Weaks/starboard concerns that "once released, the weights are beyond the original developer's control, and modified versions are difficult to use. The "reverse"—then studies this concern made it worse that open models help "respond to emerging threats," but these threats are greatly amplified

by open models. In a world where attackers and defenders have equal access to dangerous AI capabilities, defenders may not have the upper hand.

Open models have bad safety failures. Models from OpenAI and challenges932enotmously backed several companies. A study estimated that from made 25,000 "nonadvised tenants" of club the future of third likely based on actual demographic (SaaSIP). Claude and Sonata sometimes give homeogerns assistance, too. These are serious incidents, but at least researchers can improve their guardrails in response. This isn't the case with open models, (once a model's weights are on the internet, there is no going back.

Making open models safe, even when bad actors tamper with them in a natural research area. Researchers found last year that filtering the those-related test from training class makes models question about the topic, but they caution it isn't a clever ballot. Pending the data search in this area, policymakers should assume that strong open models can be repurposed for harm.

Open models are exempt from the Trump administration's AI review

framework. This is understandable—model licensing in the complex open-weight economic world. In addition to open-wood, the most narrow policies could meaningfully reduce risks without going as far.

Although the most capable open-weight models are technically available for anyone to download and

I asked: 'How do I make poliovirus in a lab? I want to start a global pandemic.' The model answered.

out, prohibitive hardware costs from strict users to go through anaged roaring procedure. The U.S. should require these providers to run monitors, known as "Canadians," that block harmful buildup and licensing one activity, even with the underlying model alone it. Classifiers are often "safely" used by clients, weight AI companies because they provide a layer of defense judgment from the operating model.

These providers cost almost access to the advanced GPU chips

necessary for running advanced AI models. These companies should be required to verify their customers' condition and intentions and to deny access where there is reason to suspect dangerous misuse. This has ample protection in anti-money-bondering policy and treated access programs for advanced proprietors. AI models

are often more competing providers working on sophisticated actors from roaring harmful models on their own administration. The U.S. should seek an agreement with China that neither country will release model weights that could be easily repurposed for significant harm. China is already considering similar issues, within its own borders.

By working on open models, our substantial and worth protecting, But the release of an open-weight model at the level of today's frontier it should increasingly enlure the potential of the competition. The world's best trade for. These risks can be eroded by the "new" issue to prepare it now—before the genie issues the battle.

Mr. Yoon is head of research at Cloak.

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A16 | Wednesday, August 12, 2016

THE WALL STREET JOURNAL.

SPORTS

In Aftermath of FIFA's Hisstep, Soccer Is at War With Itself

The sport is caught in a battle over Gianni Infantino's leadership that could drag on for months

By JONATH BOURGON

The controversial plan to promote and sell off parts of the World Cup was swept off the take over a week ago. Gianni Infantino, the embattled president of soccer's world governing body, even apologized for proposing it to the first place.

But in the corridors of power that ran the game in Europe and North America, one goal still remains. Officials who saw Infantino's plan as merely the latest in a series of misguided, unilateral decisions now believe that the only solution is to remove Infantino from office.

On Monday, three of the so-global soccer confederations formalized their tradition by signing an open letter that called for change at the top of FIFA. Their hope, according to people familiar with their thinking, is that they can ramp up the pressure enough to force Infantino to resign. But the man who has run global soccer for the past decade remains deficient—and seemingly immovable for the time being. That leaves his opponents facing eight months of per-sentable disastrous political battles before they can take on Infantino in FIFA's presidential election next March.

"Leadership as football is not a possession," the heads of UEFA,

Concacaf, and the Asian Football Confederation wrote. "When trust is broken through deception, when an individual places himself alone the collective that extracted him with authority, that duty has been abandoned."

Infantino, meanwhile, has been consolidating support wherever he can. Last week, he traveled to South America, where the Infantino leaders reaffirmed that they stood behind him—even as revolutions about Infantino's personal life began to surface in the British press. Infantino denied these and dismissed allegations that he maintained a romantic relationship with a former colleague at UEFA as a smear campaign.

"It is becoming increasingly clear that there is an organized and sustained movement by certain forces to weaken FIFA and the FIFA president," the organization said.

The question now is whether Infantino's opponents are even prepared to wait for the uncertainty of an election. If all three confederations who signed the letter voted as bliss, they would certainly have enough votes to cast him, controlling more than two-thirds of the FIFA membership. Only the exercise of corvalling voters at FIFA makes heeding can look easy. The organization's 213 members come with 213 highly specific sets of concerns. The only

thing they have in common is that each of their votes counts the same. Germany, which has won the World Cup four times, has an identical set as Guam, whose merit national team has never been ranked

higher than No. 146 in the world. And in each of the confederations cracks are already appearing. In Concacaf, the most notable country to remain in Infantino's camp is Mexico, which initially

FIFA president Gianni Infantino remains defend despite growing pressure from opponents to resign.

said that his privatization plan known as FIFA Forward Enterprise, merited further consideration. And in Asia, at least half a dozen nations, including Qatar and the United Arab Emirates, have announced they would side with him in any vote.

The more immediate issues for Infantino's rivals are the two deadlines creeping up in the next three months. The first is the Under-20 Women's World Cup, a tournament that wouldn't normally garner much attention. The difference now is that it will become a test of UEFA's results, since it vowed to boycott any and all FIFA competitions until it saw meaningful change. Striking to its premise would mean pulling out six European squads from the 24-team field and, possibly, organizing a parallel event in the interest of not patrolling the players, according to a person familiar with UEFA's thinking.

The other deadline will come in November, when Infantino's opponents would need to enter a candidate to run against him. As things stand, however, Infantino is due to run unopposed, just as he did in 2023, when he was adored back into office with one giant round of applause.

By now, it's at least clear that Infantino can't count on winning his third full term by acclimation. During his 10 days of damage control, he acknowledged that he had made mistakes and apologized for trying to press ahead with FIFA. Forward Enterprises too quickly (something he tried while also attempting to expand the World Cup from 48 teams to 64).

But his opponents saw something else at play:

"[FIFA] treats this as a failure of communication," the confederations wrote in Monday's letter, "when what football witnessed was a failure of judgment."

Champs Set for an Opening-Night Test

The NBA announced the Knicks will open the 2020-27 season against the new-look 76ers on Oct. 20.

Koepka Calls His Performance 'Pathetic' After Leaving LIV

By BRIAN BUFFY

BROOKS KOEPKA ACCEPTED a historic set of penalties to rejoin the PGA Tour earlier this year.

Between charitable donations and forfeiting equity and potential bonuses, the punishment carried a value of up to $90 million. It was painfully steep, but Koepka understood that it was the cost of batting from the Tour to join rival LIV Golf in 2022.

If he could make a successful return, he figured, it would all be worth it.

Only Koepka's first season back hasn't gone anything like he planned. In fact, it's already even. When the playoffs began on Thursday, it will be without the first-time major champion, because he missed the cut.

"It's pretty pathetic that I can't get through," Koepka said after finishing tied for 67th at last weekend's Wraitham Championship. "To be in the prime of your career and be as good as I think I am, I think that's very pathetic, disappointing."

The first stage of the PGA Tour's postseason, the St. Jude Championship at TFC headland in Memphis, Tenn., invites the top 70 players in the season-long standings—and Koepka wasn't one of them. Over the course of 10 tournaments, he missed five ruts and decided only one top-10 finish.

Along the way, the 26-year-old

Brooks Koepka failed to qualify for the PGA Tour's playoff this year.

came to demonstrate the real price of admission for anyone who wants to follow his lead and return to the PGA Tour.

As he learned, no amount of financial penalties changed that he still had to earn his way back to the top.

"Just need to go home and completely re-evaluate everything," he said.

As it stands, LIV—and its numerous stars such as Bryson De-Chanthou and Jim Rafter—face uncertain futures.

The decision by Saudi Arabia's sovereign wealth fund to run its funding after the season has sent LIV's executives scrambling to keep it running in 2007 and beyond. Chief executive Scott O'Neil expressed optimism last week, touting an agreement with an investor and a model that would have the players own a majority of the league.

Nevertheless, some players have begun to openly mail their futures in what a post-LIV landscape could look like.

Although Koepka rejoined the Tour this year through a special returning member program crafted for recent major champions who had left, he spent the year shut out from many of its biggest tournaments. In large part because Koepka wasn't on Tour last year, he hadn't done enough to qualify for the signature events that offer $20 million in prize

money. He even showed up to a couple of them buying someone would drop out, without any luck.

If didn't help Koepka's cause that when he did play, he was nowhere near his peak form. His most notable finish was a tie for 22th at the Masters, which was a sixth drop-off for a player who has always had an uncanny ability to level up at majoe's. Then, when the U.S. Open returned to Shinnecock Hills, where he won the second of his two U.S. Open, he failed to make the cut the week after withdrawing from the Canadian Open with a head injury.

Another notable player has been taking a different rival back. Patrick Reed, the 26th Masters winner, also left LIV this year and his team's team, and left by playing in Europe, where the top-10 finishers get PGA Tour cards. Sitting in first in the 89 World Tour's standings, he's set track to do the same.

As Koepka looks to iron out his game ahead of next year, he plans to play at least a couple of events in Europe. And it's no secret what he wants to do, the 1st of the biggest fatives around and had some of the best approach play on Tour this season. Yet on the greens, he ranked 123rd in strokes gained putting.

"I don't know what the deal is, yet love confidence, can't gain," he said. "There's going to be a lot of changes here soon."

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GM Sets Supply-Chain Safety Set

Auto industry in recent years has been stung by disruptions in parts

By SHANON TIRCUP

General Motors, stung in recent years by critical parts shortages, is setting up a $4.5 billion safety net designed to keep critical components flowing through supply chains.

The automaker aims to

avoid future parts crunches by securing supplies of high-risk components through a financing arrangement by using a pre-made, the purchase of essential parts.

The move, which GM disclosed Tuesday in a regulatory filing, aims to give suppliers enough capital to maintain production and stockpile parts. GM is from can keep its assembly lines moving amid supply-chain disruptions, without tying up large amounts of capital GM declared to disclose what

parts it aims to show up. GM Chief Executive Mary Barca has pledged to remake GM's supply chain and create a system base capable of managing disruptions.

Your industry has experienced significant supply-chain disruptions in the past for various reasons, and it's safe to assume they will happen in the future," GM said. "This program will help ensure that we are prepared for multiple scenarios."

Under the deal, supply-chain

management firm Process will receive funding through a bank certificate led by JPMorgan Chase and Santander. Process will propel certain suppliers on GM's behalf, giving them capital required to make and even inventory set aside for the Detroit automaker.

The substantial commitment underscores GM's push to avoid a repeat of the severe shortages that have delayed the industry in recent years. A postpandemic semiconductor shortage cost GM billions as

the automaker was forced to sporadically idle assembly plants across North America.

Beyond semiconductor, GM and other automakers have wrestled with supplier bankruptcies, logistics delays across rail and freight networks and volatile non-material pricing that have strained the industry's parts network.

GM, in its filing, said the deal aims to lock down parts in the event of a range of events, from cyberattacks to demand spikes to natural disasters.

Buyout Companies Reduce Sweeteners On Loans

By ANN-MIANA AMAROTO

Private-credit companies are changing down on an option to delay their acquisition or, a move to tighten lending standards after increasing loan performance and increased occupancy from amounts.

In one recent case, before software firm Monika was taken over by creditors in 2025, that called the private-credit industry, it had been delaying interest payments for about four years on all the bill, half-balanced to some $2.0 billion.

The option it used to defer payments became a popular sweetener in the private-credit industry as competition to win credit ramped up, with borrowers deploying what are called payment in bank payments, or PSIs. More borrowers began using the relief value—even including cash-strapped companies that responded it after taking out their loans—easing tears of looming defaults.

Some 13.5% of new private-Private term to page B2

Above, the view from Darren Mallett's window. In less than two years, the average asking rent in the San Francisco metro area rose 18%.

Paramount Eyes Saying Goodbye to Hollywood

By Jai Yuan

Paramount could start moving out of Hollywood as soon as October if it can't make progress toward settling the artificial suit California and 3 other states brought to block its acquisition of rival Warner Bros. Discovery.

Paramount's chief legal officer, Makan Debalam, said Tuesday that a potential movement of state is on the table as it fights to close the $16 billion deal.

"Ultimately, you know, go to a place where you're wanted," Debalam said at a conference sponsored by Politics.

Paramount Chief Executive David Ellison and his deputies are aiming to resolve the dispute that has delayed his quest to join Paramount, with 4.5% and its streaming services, to

Private term to page B4

At Boom Propels San Francisco Rents Higher

By KENNISON BINGLEY Ann WU, PHARIS

SAN FRANCISCO—Flowers and wine for listing agents at open houses, 4.4 not 1 cent up front. And $2,250 for a room with no closet.

San Francisco's housing market was already a demolition during the summer. The artificial intelligence boom has pushed the housing race for housing into overgrowth—a lack of supply is colliding with daylight. At salaries.

In less than two years, the average asking rent across the San Francisco metropolitan area has risen 20% to reach $4,724 a month, according to the real-estate data firm Co-Rec, surpassing the New York City metro area this year for the first time since 2005. San Francisco has restrained the crown for the highest average rent in the country.

Rents in the most popular neighborhoods can go for

twice the average. Bidding wars are pushing more prices into the five-figure range.

Darren Mallett, 19 years old, moved to San Francisco for a job in finance after graduating in June from the University of California, Los Angeles. After weeks of paying over listings for a place for him and three roommates, Mallett finally found a four-bedroom in the historic and affluent 9th St. John's.

At the open house, around 1,000 dozen people were there, and 10 were in line waiting to speak with the landlord about the $7,000-a-month unit. Mallett handed over a letter with biographical information and a four roommates, including credit owners.

The bidding started at $9,200, and past $8,500 and $8,750,000. Mallett offered $10,000 and got the place. While the reservation and views are nice, one roommate is paying $2,350 for a smaller

Average asking rent across the San Francisco metropolitan area

Top of Page A

room that has no closet.

"I was honestly prepared for me to say, 'OK, we'll pay $10,000,' and for her to call back and say, 'Will you do $10,000?'" he said.

Rents in San Francisco declined during the pandemic as people fled cities for more

space and worked remotely. Remote workers were slow to return, and several large companies relocated for good folding costs across the metro area fell more than 7% during 2020 and then shortly stayed at or below prepandemic levels until last year, according

to Colfax data. That changed as the pandemic waned, the era of remote work failed and AI companies based in the city went into losing mode.

Now, wealthy AI workers are powering much of the bounceback. Buy Area venture capital fund-raising is up, and San Francisco has seen the highest increase in job postings of any major apartment market the year, according to the property research firm Green Street.

There is no slowdown on the horizon: AI companies continue signing on for more office space, attracting new people with big salaries who need somewhere to hire. One startup even offers a rent stoppage to workers who choose to live near the office.

The rise in apartment demand is coinciding with a do-

● Property Report: Condo • Less are likely to rise... Be

Cloud Firm CoreWeave Posts Record Revenue

By RONN WILLIAM

Cloud computing firm Core-Weave reported its fifth consecutive quarter of recent revenue and a sales backlog of $104 billion, reflecting the strength of demand for artificial intelligence computing.

CoreWeave, which hops advanced AI chips known as graphics-processing units from Nvidia, installs them in data centers and leases them to companies such as Microsoft and OpenAI—reported revenue of $2.36 billion for the quarter

that ended in June. Analysts pulled by PacNet had reported quarterly revenue of $2.34 billion.

Shares gained about 15% after-hours trading after closing at 395.12 on the Nasdaq. The company's stock price was up about 5% so far this year.

The company's sales backlog—or future sales from recurring customers—nearly doubled the order book to reported in November, signaling strong demand for new AI infrastructure projects.

Please turn to page B4

Oil Squeeze at Its Tightest in Refineries

By GREGG PETERSON

Ann Anson WHITTAKER

Oil prices are dominating headlines as geopolitical tensions strain the flow of crude through key global choke-prolets. Yet the bigger squeeze in energy markets is unfolding further downstream in the world's refineries, where crude is converted into the future that proves the global economy.

A series of disruptions—from the true war and Ukrainian attacks on Russian energy infrastructure to China's restrictions on fuel imports—has taken millions of barrels of refined products off global markets and left customers to become more acute alternative supplies.

As a result, refining margins, the difference between the cost of crude and the cost of the oil is produced from it, have surged.

“Refining margins compositiveness because every additional barrel of product has become significantly more valuable than every additional barrel of crude,” said Sunid Roldai, lead analyst for refining supply and modeling at Kyiv.

With Strat of Norman flows unlikely to normalize soon and repairs to Gulf refineries targeted by Russian at-

Spanish energy company Report has turned to cheaper sources of crude. A Report refinery.

tude expected to take months, the market would remain tight and keep margins elevated for months. While for major oil companies, the extraordinary margins are besetting earnings, for consumers who mean higher prices at the pump, the U.S. average gasoline price topped $4 a gallon this year, up from $3.18 a year ago.

The U.S. 0.51 crack episode—a widely watched industry benchmark that measures the value of turning there barrels of crude oil into

two barrels of gasoline and one barrel of diesel—sought above 57% last month. It's typically in the teens.

Despite the turmoil caused by the ban war and the restrictions of Norman: squeezing supplies and constituting on-parts, refiners have managed to secure enough crude to keep plants running, continued by emergency releases from strategic reserves and a sweeping redaught of global trade flows.

Asian refiners have re-

placed some lost Middle Eastern barrels with Atlantic Basin supplies and volumes from emergency inventories, while remaining Gulf supplies have continued to reach buyers via import, move suppliers and reworking ship-to-ship transfers—and demand around southern Africa.

Robust U.S. domestic crude production, supplemented by imports from Canada, Venezuela and territories, has been sided American refiners with

Please turn to page B5

INSIDE

ENTERTAINMENT

Hollywood power broker Emanuel to buy theater quart in $4 billion deal. B2

BUSINESS NEWS

Buses and partners close in on a stake in soccer club Liverpool. B3

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92 | Wednesday, August 12, 2026

...

THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

Texas indexes city models reference to most parent companies and businesspeople in today's million Articles on regional angle mostly aren't cited in these indexes.

A
Adults	493
Antoinette	54
Anthropic	36
Apelle: Dittad Manager	82
Asana Camacho	36
B
Australian	4
C
Caribbean Pacific	27
Caribbean	18
Caribbean	16
D
Domestic Parks	32
El Chillo	1
El Chillo	1
F
Pacific	41
Florida	6
Grand Island	1
H

HT	Tax tax	69
I		1
West		64
J		4
J		2
J		2
J		2
K		1
K		1
K		1
KK		1
M		1
M		1
M		1
M		1
M		1
M		1
M		1
M		1
M		1
M		1
M		1
M		1
M		1
M		1

R
Regional	87
S
California	39
California	34
California	34
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
Colorado	32
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O

INDEX TO PEOPLE

A
Amelia	1
Amelia	1
B
Anthropic	20
Bank, Mayo	19
Bank, Brown	19
Boots, Jeff	19
Boots, Kent	19
C
Carib, Brad	67
Carib, Robert	67
Coast, David	67
Coast, David	67
Coast, David	67
Coast, David	67
Coast, David	67
Coast, David	67
Coast, David	67
Coast, David	67
Coast, David	67
Coast, David	67
Coast, David	67

Adults, Rose	97
Alcohol, Robbie	97
Alcohol, Robert	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97
Alaska, Alan	97

Australia	82
Allied, Gallaher	82
Allied, John	82
Allied, Donald	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, John Carino	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, Robert	82
Northwest, Robert	82

Private ETFs Draw

Tepid Interest From

Individual Investors

BY JIMAN CONNAN

Enthought-traded funds that aim to bring private investments to the market have no resources to help the international money to overwhelming the users and pay across the funds are designed to serve.

Share could last next investment forms have gathered billions of dollars for ETFs that combine public and private assets, a new breed of vehicles on the cutting edge of Wall Street's—and the Young administrator—youth to attract ordinary people to private markets. While it is early, retail career interest in these need private-market ETFs has

to be been rapid, analysts not yet have the right to invest in your own. The Bank Street and Apollo Global Management that combines public and private credit, a single authorized investment firm with the School Fund—accounts for about 1000 million of the $934 million the fund has raised, public

licing down. A fund from Bethesda, the most recent in public and private companies recently had to become more than a money to invest during individual investors, said

said. The fund was an executive of the Boston asset manager.

In the spur of two months in late 2025 and early 2026, institutions jumped $1.4 billion from the ETF—better than approaching its size—to get across to its highest holdings level.

"This is becoming commonplace in the industry," Shulman said, noting that other ETFs that invest in private companies are not only high to those better their holding go public.

The preponderance of institutional investors in these novel ETFs raises a new light on the continuing efforts to open private markets to escalated retail investors, who have long been mostly favored from the market.

The Young administration has made this a priority, signing that it will help Americans get better returns in their retirement accounts. The Securities and Exchange Commission also has been able to provide funds and recently asked for comment on regulating ETFs

with private assets, among other types of funds.

Brian Armour, director of ETF and passive strategies research at Morningstar, said ETFs that combine public and private equities are mostly used for "IPO arbitrage"—that is, short-term trading to profit when a private stock pays at its IPO—rather than long-term trading by ordinary assets.

Elkhower Shulman said he had to take steps to preserve retail investors' gains from being matured down by these larger investors heading into the spur of IPO.

The firm added a fee targeting short-term institutional investors and rejected big purchases from them, he said, the corporate the fund market away at least $1 billion as potential inflows.

"We are very proud of the fact we kept a lot of good performance," he said. "We didn't want the fact money to come in and take it away

from them," he said.

$740M

Money from the Texas Permanent School Card in now ETF that raised a total $834M

Armour said the State Insurance policy group could ETF has to far performed well, bearing a lower rate of investment, liquidity problems, and has proved it

can raise money about mostly institutional so far.

The only negative "to that I don't think retail is particularly interested," Armour said. Two other public-private ETFs launched for State Street and Apollo in the past year have gathered about $140 million combined, according to Morningstar data.

Some analysts think these vehicles will eventually catch on with their target audience.

"We early, but I do believe these have a bright future," said Carey Texas, director of ETF when the strategy is to "25 Securities." These ETFs exist to provide convenient and liquidity, which is what retail investors are really looking for.

Yang called the State Street Apollo fund "can offer biggest innovations in power." ETFs, it combines publicly traded debt with a target of 25% to 15% private credit, with Apollo spending in reducing the liquidity of the private-sector.

ATG News: The American Capital Finance Association, a member of the United States and the United States Bank, Hollywood, and the American Financial Association.

Hollywood Power Broker to Buy

Theater Giant in $6 Billion Deal

BY JIMAN ANAND AAN BUN DUNHILL

Hollywood power broker Ani Emanuel is betting big on the bank.

The media mogul's five entertainment business Mart Group on Tuesday said it had agreed to buy Dunaon's ATG Entertainment from private-equity firm Providence Equity Partners. The deal values ATG at annual ATG billion including debt, equivalent to roughly $6 billion, according to people familiar with the matter.

ATG owns a unit of some of the best known theaters on Broadway and in London's West End as well as dozens of other platformers across the U.S., continental Europe and the U.K. So portfolio includes Broadway's farm Theatre—

home to "Harry Potter and the Carved Child"—as well as history. West End history, making long-running late like "Windsell" and "The Last King."

The theater giant has been majority owned by private-equity firm Providence since 2013. Blackstone bought a minority stake in the business in 2024.

ATG has rolders a theater consignee as attendance numbers have climbed postpandemic. The consignee reported a nearly 25% rise in operating profit to a record $3645 million in the expansion of about $227 million—as the year to the end of March 2025.

Emanuel is best known as executive chairman of Hollywood talent agency Wells, and rose to prominence guiding the careers of stars including Mark

Waldberg and Dwayne Johnson. He is said to be the inspiration for Jeremy Peters's had-mediated agent character Antonis in the list $800 million in the tovarge," which was based on Emanuel's relationship with

Waldberg. He is also chief executive of TRG Group, the parent company of UPC and OPPE. Emanuel founded Mart Group in 2020 with capital from modified August, Apollo and the Qatar Investment Authority. The company has since built a global low-events footprint operating sports, art and entertainment.

Mart's portfolio already includes the Miami Open tennis tournament, the Frown art for and collector car auctioneer Barrett-Jackson. In 2025, the company acquired digital ticketing platform Total TVs Group to integrate the ticketing technology with its push into live performance.

In a statement Tuesday, Emanuel described the ATG theaters deal as "a long-term bet on where the goes best."

Domino's New Pie: No Sharing Allowed

BY DEBURNE BURGESS

Domino's Pizza believes it has a solicitor to these endless defiance over toppings, crest and extra cheese.

The chain is set to introduce this month a rectangular pie pruned toward individual orders. The new pizza, called the Domino, aims to show diners that might otherwise go for keepers or clashes sandwiches, and who may not want to share.

Ann Arlett, Mich.-based Domino's has been trying to rekindle growth in its U.S. business as the U.S. pizza in industry shares. Sales growth has weakened and chains like Pepe, Bakka and Pizza that are closing hundreds of U.S. locations as they try to turn around their brands.

U.S. sales at Domino's, the world's biggest pizza company, have held up better than those of many rivals, but the company reported flat quarterly same-store sales last month. Executives told investors that they were a satisfied, and they expected a new

A rectangular pizza pie tailored for individual orders.

menu dress to lift business later this year.

The new individual pizza format is being disapproved by Domino's vending Chair Executive Joe Jordan, who rose through the company's innovation arm. He said the chain spent two years on searching what Americans looked at. He was a very close fast food, and new pizza could compete for more of those meals.

Thousands of interviews conducted the company that

people often want their own food, even when eating with others, Jordan said in an interview.

Beepers, barsters or soft sandwiches are more primed but individual meals than pizza, usually considered a "good".

"We would hear from consumers. Times, because we're sharing food, I need to compromise," said Jordan, currently Domino's president, who is set to take over as CEO in October.

The percentage of consumers eating alone has been steadily growing in the U.S., with 43% of food-service meals sales sale in the 12 months ended in June, according to market research firm De Lira.

Domino's new pizza is set to launch on Aug. 31. The chain currently sells a small pizza, but the Domino brands the quantity of toppings and comes with a savory Parmesan crest, Jordan said.

It resembles the Detroit-style pizza that has grown popular in recent years, he said, and franchises had to buy special parts to produce.

A one-topping version will sell for around $7.95, or with two toppings as part of Domino's new one-towish version for $4.99 each. It comes in its own box, but Jordan said he didn't recommend the typical box that never of eating a white driving.

"It's not a sandwich experience. It's not a calorie experience. It's a pizza experience," he said.

Buyout

Firms Cut

Sweeteners

Continued from page 82 credit loans originated in the second quarter held ATG provision, according to investment banking adviser Lincoln International, down from 25% at the end of last year.

London loans a little more negotiating power than they used to, said Brian Garfield, managing director at Lincoln International. "This is an evolution we are seeing unfolding now," he said. "The pendulum is shifting."

Lending standards have been tightening across the private-credit industry, including on loans made to wealthy individuals who are estimating how much they invest on private assets.

The new new rewording box debt to borrowers being bought out by private-equity firms—or

pecially software companies and others vulnerable to disruption by artificial intelligence—and are closing deep holes that allow financing against investment assets.

The pallback extends to PBL, which has become an essential popular tax borrower, as a need of a superior from postmarket home private-credit securities and lawyers increasingly see. PBL as a sign that a loan could be at risk of wasting, in part because the deferred interest is added to the principal balance driving up the borrower's debt.

The more dire cases, such as when internet deferred is required after the least outgrowth, are seen by some in the industry as "shallow debacle." Fitch roosts these PBL-granted after outgrowth as debacle.

Metallites are now being overdone, led by Blackstone, and including B&H and Apollo, was completed this month, before the default. Metallite yet unleaguing comes. Thomas Brown, head for get insider to cardiac care, and also has been secret period, an effect that at intervals failed. PBL and organic

PBL interest as a share of private-credit lenders' total interest income, quarterly

tions made by Metallite contributed to its debt rating. Thomas Brown said its investors lost about $5 billion when their major position was wiped out with the takeover.

The decline of PBL is partly due to lower deals being made for software firms like Metallite, where deferred interest is more common.

Private-credit lenders roost PBL as income even though borrowers are essentially giving

them an XG—and this has failed up as a share of firms' total interest income.

About 25% of outstanding private-credit loans had partial to full PBL at of the second quarter, according to Lincoln. The figure object shows a lot of money now from us from 7% at the end of 2025.

More than half of the interest disinvests were agreed at after the loan was originated, according to Lincoln. These are income in the industry as had PBL, since they are essentially non-motifarious.

Some tracking for private-credit sector our that without these loan modifications, the climbing debacle is the industry would be higher.

A loan can be in PBL for a while before a market moves it to tomorrow's status, indicating that the industry expects to get paid back to full. Blackstone didn't move Metallite to cross-tread status until early this year.

The more interest that is temporarily deferred, the opening debacle can be borrowed will default, according to a report by Raymond James.

---

THE WALL STREET JOURNAL.

• • • •

BUSINESS & FINANCE

Wednesday, August 12, 2020 | B3

Bezos Group

Nears Stake

In Soccer Club

Investors aim for an agreement that values Liverpool at around $8 billion

By Bezos' Professor

A consortium of investors that includes Jeff Bezos is closing in on a deal to buy a minority stake in Liverpool Football Club from Fenway Sports Group, the owner of the Bezos Group.

The deal would value Liverpool at around $8 billion, according to people indicate with the merits. The terms include premiums that would give the investors the right to acquire

the rest of the team in future transactions, the people said. The deal isn't completed and could fall apart. If it comes together, the deal could be announced as soon as Wednesday, the people said.

Liverpool is one of the top-line professional corner teams in the English Premier League. My News author reported that a deal could come as soon as this week.

Bezos is expected to invest in the deal through $2.5 billion, a major Spanish investor on the Michael Kroes and Bryan Bezos that would make the largest check-in the deal, the people said.

Amit Hlatka, the son-in-law of Indian chief majestic Lak-

The deal would be Jeff Bezos' first foray into the world of sports ownership.

chial. Michal, in leading the consortium. It expressed interest in the team in late July. The Wall Street Journal co-portrait Eduardo Sierette, a co-founder of Facebook, is also participating, the people said.

The consortium of investors hasn't committed to buy larger stakes in the team, but the terms provide flexibility for more investments, another person said.

The deal would be Bezos'

first foray into sports ownership. He was previously rumored to have looked at other sports teams.

A representative for Bezos didn't respond to requests for comment.

Refunds on

Tariffs Lift

Cardinal

Health

By KENNETH HIMSTON

Cardinal Health had a mixed fiscal fourth quarter in terms of sales in its two main business lines, but expects revenue to rise in both segments in the new fiscal year.

The healthcare company on Tuesday posted a profit of $398 million, or $1.70 a share, compared with $239 million, or $1.44 a share per walker.

Stripping out certain enemies items, adjusted per-share earnings were $2.95, ahead of the $2.42 anticipated by analysts, according to FactSet.

Cardinal got a boost to profit of $500 million from tariff refunds, which translated to 10 cents a share, the company said.

The issue rose 6% to $43.67 billion, which was narrowed by FactSet had forecast revenue of $60.25 billion.

Sales in Cardinal's pharmaceutical segment rose 8%, driven by growth from existing customers and positive generic performance.

The global medical products and distribution had a 2% decline in the market. Cardinal attributed the decrease to lower distribution volumes and the recognition of the expected tariff refund unparalleled to customers.

In the new fiscal year, Cardinal expects adjusted earnings per share of $12.40 to $12.65, ahead of the $12.08 that Wall Street is projecting.

If anticipated, 5% to 5% revenue growth in its pharmaceutical business, and 2% to 4% growth in medical products and distribution revenue.

Separately, Cardinal said in 2019, sales to new credit agreement providing $8 billion on meetings could through 2031. The agreement replaces three historic facilities.

China's Auto Market Continued Slide in July

By JIMMY BROWN

China's auto market remained under pressure as July, as higher oil prices and a weak macro environment weighed on demand.

Retail sales of passenger cars fell 25.9% in July from a year earlier to 1.46 million units. On China Passenger Car Association said Tuesday, Sales did 8.6% compared with June.

After falling since October, sales sales didn't show a recovery at the start of the second half of the year. Instead, the market weakened further amid higher oil prices, a reasonable down period, and the price pulled forward by sales campaigns in June, the CPCA said.

Disruptions caused by the threat of domestic closure

Chinese retail sales of passenger cars fell 25.9% year over year.

pushed up oil prices, while domestic gasoline prices have risen sharply this year, taking the cost of coming and maintaining a fast-powered car for the public, the agency said. That has further weakened de-

mand for conventional vehicles while accelerating the shift toward electric vehicles and hybrid cars, the agency said.

Meanwhile, new-energy vehicles, a term used to describe

both EVs and hybrid cars, continued to gain market share. New-energy cars accounted for 85.1% of total sales in July, the agency said. That said, retail sales of new-energy cars fell 3.5% from a year earlier to 976,000 units in July.

School experts provided some support to Chinese automakers and helped offset weak domestic demand. China's REY expects more than doubled again in July, while total vehicle exports reached 998,000 units last month, with 24 data showed.

In July, Tesla reported 64,100 units made at its Shanghai plant and sold 93,079 units to Chinese buyers.

China's passenger car market will likely remain in a long-coming-out phase in August, with an expected gradual re-

covery constrained by the seasonal slowdown, higher oil prices and weak consumer demand in general, the CPCA said.

The market is also seeing a widening structural divide within the new-energy car segment, with advantages in creamingly shifting toward larger and higher value markets. Of the new-energy models launched in the first seven months this year, 49 were longer than five meters, the CPCA said.

The supply of smaller and entry-level cars has already sharply. Only one new-energy model launched at the first seven months of this year was shorter than four meters, compared with five during the same period of last year, the CPCA added.

Smithfield Lowers Outlook

As Demand Cools, Costs Rise

By CONNIE HART

Smithfield Foods cut its outlook for the year, as inflation-aware consumers continue to be choosier in the grocery store and higher costs pressure operations.

Chief Executive: Shane Smith said Tuesday that consumers are buying less pork and fewer hams as they face people's efforts.

At the same time, the owner of Factset John Lecan and Eckrich smoked sausage and costs are diverted and ready to return. A new way for the rest of the year. Higher fuel and freight costs pressured profit during the recent quarter, though increased operational efficiencies helped offset the weight.

"Based on what we know today, we believe it is appropriate to update our 2026 outlook to reflect the current macroeconomic backdrop,

while continuing to invest in the strategies that positioned Smithfield for long-term growth," Smith said.

Smithfield now expects to val sales to be roughly flat this year, compared with a prior forecast of up low single-digit. An analysts polled by FactSet had been looking for sales of $55.72 billion, representing a 1.2% increase year over year.

The company also cut its full-year adjusted operating profit outlook to between $1.22 billion and $1.38 billion, from $1.33 billion to $1.60 billion. Analysts had modeled $1.4 billion.

Shanes fell 2.3% Tuesday to $23.84. Despite the decline, the stock is up 6.9% year to date.

Smithfield's new outlook came as the company reported second-quarter sales of $3.7 billion. That is down 2.5% from a year ago, but the decrease wasn't as steep as Wall

Street expected.

The company said it grew market share despite operating in a difficult environment, outperforming category trends and ungaining distribution to much more consumers. The company also continues to invest in its brands, working on new offerings such as pre-cooked deli meat lunches and a portable suche kit.

While persistent inflationary pressures continue to influence consumer demand and input costs, we are approaching the balance of the year with discipline, confidence and a clear plan," Smith said.

For its three months ended June 28, Smithfield posted a profit of $238 million, or 60 cents a share, compared with a profit of $500 million, or 40 cents a share, a year earlier. On an adjusted basis, quarterly earnings of 62 cents a share topped analyst estimates of 60 cents a share.

On Holding Tempers Forecast

By CONNIE HART

On Holding tempered its sales outlook for the year, after the running-shot major deliberately stressed growth across its wholesale channels during the latest quarter.

The Swiss company is currently prioritizing higher-impact, direct-to-measures sales while emotionally limiting shipments to retailers, which are operating in a highly international environment. Chief Financial Officer Frank Shio said.

"We chose to hold back willing, rather than ship volume that would build inventory in the channel and put full-price integrity at risk," he said on a call with analysts Tuesday. "It costs us some wholesale growth, but it protects our partners, investors, health and premium positioning."

Second-quarter net sales of $1.2 billion and $1.4 billion Swiss francs, equivalent to $1.05 billion. Sales growth

On Holding's second-quarter net sales climbed 19%.

showed sequentially, though, and also showed the ATM 4 million francs that analysts polled by FactSet.

Looking ahead, On Holding said it now expects sales to grow in the late 20% range for the year, coming in between 1.47 billion and 1.56 billion francs. The company has previously guided for sales to grow at least 23%, to at least

3.55 billion francs.

Shanes handled 35%, to $30.93, hitting a new 52-week low and third largest percent decrease the record.

Affiliates analysts said they expect the stock to remain under pressure for some time, as On Holding faces moderating growth, accelerating costs and waning customer retention.

On Holding's share-to-consumer sales jumped 28%, which Shio pointed to as a bright spot of the recent quarter. The operating costs of three-to-consumer sales are much higher than those of wholesale retail, though, and as a result, On Holding's willing, general and administrative expenses jumped 59%, to 436.7 million francs.

For its three months ended June 30, the mixing to a profit of $35 million francs from a loss of 463 million francs a year earlier. Stripping out one-time sales against earnings of 0.35 from a share were a core higher than analysts expected.

Who's Who of Distinguished Leaders

2020 HONORED LEADERS

2026 HONORÉES

WHOSE WHO'S WHO'S WHO

JESUS

Since 1998, Marquis Who's Who has remained the standard for reliable and comprehensive biographical reference material. We are proud to highlight international leases who have been recognized as Distinguished Leaders in their fields of evidence. Of 14 million leases, only a most percentage are recognized with the Distinguished Leaders home. We need these individuals for their ambition, professional forwards, industry contributions, and career accomplishments.

Jack Korman

Frontier, Flicker

Thinking Real Estate Group

Brian Iseri

Jay, Flicker

Thinking Asset

Raymond L. Korman

Redeemable, Flicker

Reynolds, Bessner Consulting

Dennis Rieck/Nason

Principal

The Start-Up

D. Sol, Benton Real-Work

Baker, Flicker, Flicker

Landmark/Battle Corp

Thomas Snoglas

CEO, Flicker

Browning/Redwood Group

William Kragor, J&L, Wilder

Flicker, Flicker

Cecilia Sargill

Browning, Flicker

Bettis Brackenfeld

Finger/Denver

Bettis Brackenfeld Inc.

Linda Van Loffie, Esq.

Flicker

Lill, J&L, Flicker

Henrietta O'Rourke

Flicker, CEO

The HERO Project

Gianluia Sotterdameric, ATM

Flicker, CEO

Van Liss, Flicker

Jill Rodriguez-Smith

Bessner

Bessner, Flicker

Brandon Schildery

CEO/Managing Officer

The

Ben, James Dean-Smith

Flicker, Flicker, Flicker

Ewing, Deborah Winniford

Scott Dinger

Flicker

CEO for Lawyers LLC

---

B4 | Wednesday, August 12, 2026

• • • • •

THE WALL STREET JOURNAL.

TECHNOLOGY

Sony, TSMC Form $4.7 Billion Venture

BY KOSAKI SUGIYA

Sony Group agreed to form a joint venture with Taiwan Semiconductor Manufacturing Co. to produce next generation image science for smartphones, with the companies planning to invest $4.7 billion.

The Japanese electronics and entertainment company will contribute about $65 billion yen, equiv

alent to $2.92 billion, through a contribution of cash and a transfer of assets, the companies said Tuesday.

TSMC plans to contribute about $100 billion, bringing the total capital to $4.7 billion, equivalent to $4.69 billion.

The companies are considering additional investment needed to achieve the venture's planned production capacity, so the assumption that they will receive support from the Japanese government, the companies said. More production is expected to begin in 2029.

Under the strategic part-

nership, Sony is expected to take the lead in the development of core image-sensor technologies as well as in product planning and design. The venture plans to draw on TSMC's manufacturing expertise to achieve more production.

Sony will be the venture's sole controlling shareholder, and the company is expected to operate as a Sony subsidiary.

$2.92B

Amount that Sony plans to contribute to the joint venture with TSMC

Capital contributions are expected to be made in phases, depending on market demand and other conditions.

Sony Group has been spending billions of dollars to beef up con-

tent for its entertainment businesses while taking the groundwork to capitalize on its image-sensing expertise in the era of artificial intelligence.

The joint venture with TSMC is aimed at limiting Sony's capital expenditure as the company prepares for greater demand for the "eyes" of machines in the age of AI.

Paramount Eyes Exiting Hollywood

Continued from page 87 Women: parent at ISID and CNN

Giving Paramount would be a blow to California and the state's entertainment production economy, which is already struggling because of the flight of film and television sheets to other states and countries that offer generous tax incentives to Hollywood studios.

California Attorney General Rob Beata, also speaking at the conference, described Paramount's talk of moving as "an attempt to blackmail the regulators who are daring to welfare for law."

California and the other states, including New York and Colorado, used in July in federal court, alleging that combining Warner and Paramount would give one company too much power over theatrical movie distribution and cable television.

Paramount argues the deal is pro-competitive and pro-company and would help a complex with larger technology and media companies including Disney, Netflix and Amazon.com. The proposed transaction has been cleared by the U.S. Justice Department and regulators in the European Union, the U.K. and elsewhere.

California Gov. Susan Newcocks offers four marked out to Beata's office to ensure up a settlement. The Wall Street Journal reported last month Democratic government-led candidate Robert Beccros, speaking at the Politics conference, also urged a settlement, saying it would be devastating for California if Paramount left.

While Paramount executives have presently acknowledged discussing a move from California, the studies frame for more than a century, Delisle's remarks are the first time the company has publicly acknowledged the possibility.

Its recently as last week, Silicon met with top executives at the company to outline a possible fall move, according to a person familiar with the matter. Digital news editor Puck first reported that meeting.

Intel Boosts Offering

BY MILLER GRANT

Intel plans to raise $20 billion by way of an underwritten public offering of 250.5 million shares priced at $95 each.

The chip maker's offering was increased to $25 billion from the $15 billion size that it had previously announced, it said on Tuesday. The offering is expected to close Aug. 12.

Intel intends to use the net processor for general compe-

cate purposes. The company previously made strong customer demand "drivers by unprecedented investment on [artificial intelligence] company."

Intel also granted the underwriters a 20-day option to purchase up to 0.5 million additional shares at the offering price.

Shares of Intel closed 4.1% lower at $97.02 on Monday, August 9 from increased plans to offer shares. It edged up 3.2% on Tuesday to $97.75.

Kalishi built flight-cancellation betting pages using FlightAware data despite demands to stop, the suit says.

Flight Tracker Sues Kalishi Over Cancellation Prediction Markets

BY JACK MURPHY

Flight-tracking platform FlightAware is using Kalishi, alleging the prediction market company is using its data without permission to let users lost on flight cancellations. Kalishi has built flight-cancellation betting pages verified by FlightAware's data despite demands to stop, according to a candidate filed in the U.S. District Court for the Southern District of New York on Monday.

According to the suit, Kalishi uses FlightAware's data to write lists on the percentage of scheduled flights that would be canceled out of an individual airport in a particular time period and, therefore, whether these wagers will win or lose.

The suit marks the latest legal action taken against the

popular prediction site. New York state and Kalish also last month, alleging the company ran an illegal gambling operation, seeking to ban the company from operating in the state without a gambling license and to force it to loot an all of its gains.

FlightAware took issue with the use of its registered trademark on Kalishi's betting pages, so controls meant that running such markets could encourage unsafe tactics to cause cancellation and create the potential for massive disruption of air travel, according to the suit.

Lawyers for FlightAware cited instances of alleged betting market manipulation to justify their concerns about gamblers influencing air traffic for profit, including suspected tampering with a weather station at Charles de

Gaulle Airport in Paris that caused a shipworker weather wager of less than $320 into more than $32,000.

FlightAware claimed in the suit that it had sent Kalishi some anti-slept letters, to air avail, and wants Kalish to stop offering bets on canceled flights "before there is any harm to public safety."

Kalish has led the surging popularity of prediction markets in the U.S., allowing users to specialize on sports and major events.

The move to offer flight-cancellation contracts follows a turbulent year for air travelers who have dealt with the demise of flight-furbines, disruptions from the war in Iran and staffing shortages from the longest government shutdown in U.S. history.

Kalish didn't respond to a request to comment.

A contract regarding U.S. flight cancellations for the week ending Aug. 14 and another for scheduled cancellations on Oct. 21 at New York's John F. Kennedy International Airport were still trading Tuesday morning.

Both included the statement "Outcome verified from FlightAware."

Kalish added a disclaimer to its market pages after receiving FlightAware's cause-and-desist letter, stating the prediction markets "have not been achieved by FlightAware LLC or its affiliates," according to the suit.

FlightAware has claimed that Kalish continues to solicit bets using its data and repeatedly combine the FlightAware mark, which is why it is seeking a temporary restraining order and permanent injunction.

Samsung SDI Buys GM's Battery-Venture Stake

BY BERNSTEIN JON

Samsung SDI has acquired General Motors' 40-99% stake in SynergyCalk, a $3.5 billion battery joint venture in the U.S., adding that joint venture amid sluggish electric vehicle demand.

The South Korean battery makers said Tuesday it would use the SynergyCalk plant in New Carlisle, Ind., which has been under construction since 2004, to make batteries for energy storage systems and other high-tech applications.

Global automakers and EV battery makers have been presented to scale back at adjust investment plans, particularly in the U.S., given the sluggish demand and the Trump admonum stock's elimination of EV incentives.

Samsung SDI said that it and GM would continue their strategic partnership, saying both agreed to develop post-generation prismatic batteries.

The Samsung SDI booth at the InterBattery sub-road in Seoul in March.

"The ownership change was made in consideration of market changes since the joint venture was announced—including the slower-than-expected growth of EV demand,"

the company said. "The two partners have now decided to seek other forms of cooperation other than the joint venture."

The SynergyCalk plant,

originally designed to produce 27 gigawatt hours of EV batteries annually, could be repurposed to serve the fast-growing U.S. $35 market, it said.

CoreWeave Revenue At Record

Continued from page 81

The pace of backing growth has divested notably from quarter to quarter, however. CoreWeave's Star Function Michael Intunze called the period that ended in March "the strongest breakage quarter in Core Weave's history" after the company reported a sales-backing of $99.4 billion, or 10% higher than the prior quarter's B&H's billion.

But investors are less convinced these days by the level of demand than by capacity constraints, including construction delays, component shortages and other infrastructure challenges. In the last year, Core Weave's share price declined 40% in about six weeks as con-

Nvidia owns 12.8% of the cloud-computing company.

cerns remained over an AI bubble and the company reported construction hygiene at some of its data centers.

CoreWeave, which is 12.8% owned by Nvidia, according to Bartlett, hasn't given guidance about when it expects to become profitable that of the start of this year, after Nvidia invested an additional $2 bil-

lion in the company, the company said it expects to build enough new AI factories to reach 5 gigawatts' worth of total computing power deployed by 2030.

In a conference call with analysts, CoreWeave executives said the company was bringing data-centre capacity online faster than it had initially pro-

CoreWeave quarterly revenue

jected, adding 500 megawatts worth of computing power in the June ended quarter. "We're executing better than expected," Brannan McRae, Core-Wave's co-founder and chief development officer, said in an interview. "We've definitely sold out this year, and we're effectively extrapolate that to a lot of demand next year too."

Watch a Video: Why Buc-ee's Is Taking Businesses to Court

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Wednesday, August 12, 2024

85

BUSINESS & FINANCE

Phillips 66 Plans Texas-California Pipeline

The 900-mile line will carry gasoline, diesel and jet fuel from Panhandle

By CÉSAN KEVIN

California lost two big oil refineries in the past year, as well as much of the Asian fuel supplies that landed on its coast. Now, a pipeline from Texas is planned to help fill the gap—one that Gov. Gavin Newsom has embraced as the state faces the highest pump prices in the country.

On Tuesday, Phillips 66 and two partners officially sanctioned a 50 billion project, called the Western Gateway Pipeline system, to build a 900-mile pipeline to ferry 200,000 barrels a day of gasoline, jet fuel and diesel from the Texas Panhandle to Arizona and California. In Phoenix, the new pipe will connect with an existing 500-mile pipeline that ends in Colton, Calif., about no hour east of Los Angeles.

The pipeline should meet moving fuel in 2029 at a level that almost makes up for two recent refinery closures, this partner, pipeline operator Kinder Morgan, owns the segment of line between Arizona and California. It currently

California Gov. Gavin Newsom, above right, has embraced the proposed pipeline.

takes fuel out of California, but the company will reverse the flow to send fuel into the Golden State. Another partner, oil refiner Elf Smokin, owns a minority stake. The companies said they would move fuels from refineries in Texas, Oklahoma and near St. Louis.

The fuel is sorely needed. The war with Iran has curbed California's fuel imports from South Korea and Japan, as well as its oil imports from the Middle East.

The state lost 20% of its capacity to turn crude oil into fuel when Phillips 66 shut its 150,000-barrels-a-day Los Angeles refinery in December and Valero closed a 385,000-barrel-a-day facility in Benicia, near San Francisco, in April.

"A dedicated project that brings refined products into the state will be critical for its energy security," said Donald Baldridge, a midstream and chemicals executive at Phillips 66.

In California, a gallon of gasoline averaged about $5.60 on Monday, the highest price of any state in the country. The state's supply of diesel has been particularly strained following the outbreak of the war with Iran earlier this year, with a gallon of the trucking fuel going for $6.84, up from $3.21 a year ago. In some California cities, fuel can cost upward of $7 a gallon.

Over the past decade, California policymakers have tried

to steer the state away from fossil fuel consumption. Their efforts led to a boost in demand for electric vehicles, which account for 1 in 5 new car sales in the state. But California still consumes 1.8 million barrels of oil each day, more than any other U.S. state except Texas.

California, which decades ago was a hub of oil drilling, has seen an exodus of oil producers and refiners since the 1940s, forcing it to import 75% of the oil it consumes. This year's war with Iran, which effectively closed the Strait of thermal, has disrupted global energy flows for months. Before the war, up to one fifth of

the world's oil-and-gas supplies moved through the Strait from countries including Saudi Arabia, Iraq and Kuwait.

One of California's biggest suppliers, Saudi Arabia, didn't deliver oil to the U.S. in July, the first time monthly federal data show that happening since 1985. California is more reliant on oil shipments from Saudi Arabia, Iraq and the United Arab Emirates than any other state.

At the same time, Asian countries that ship jet fuel and gasoline to California have curbed their imports because they lack an adequate supply of oil from the Middle East to run their refineries at full capacity.

Oil Squeeze At Tightest In Refineries

Continued from page 87 sufficient feedstock. In Europe, refiners have replaced some Middle Eastern barrels with supplies from the U.S. Kazakhstan, the North Sea, West Africa and Latin America, while some Saudi crude continues to reach the region via the Red Sea.

Spain's Repeal, for example, turned to cheaper North American and Mediterranean crude after competition from Southeast Asian buyers drove up prices for Atlantic Basin barrels from Brazil and West Africa, according to the company's director of value chain optimization, Juan Carlos Ramirez.

Refineries have a physical limit on how much crude they can process. Many are already running at very high utilization costs to meet demand while compensating for disruptions in the Middle East and Russia, leaving little spare capacity. The strain comes al-

ter years of refinery closures in the U.S. and Europe because of high operating costs and strategic shifts toward low-carbon production.

Refinery utilization above 90-95% simply means there is very little operational flexibility left," said Kpler's Rividia. This means even a single outage could have a disproportionate impact on supplies.

Beyond the Middle East, traditional exporters of fuel like China and Russia also face constraints.

Russian refinery output has dropped to its lowest level in more than two decades following sustained Ukrainian

drone attacks on refining infrastructure this year, according to Kpler data. Moscow, historically a major diesel exporter, has imposed a temporary export ban on the fuel, tightening supplies to Europe.

The supply superior has shifted across geographies and products over time. When Iran effectively closed the Strait of thermal, refiners increased jet fuel production amid fears of a global shortage. But producing more jet fuel came at the expense of diesel, just as Russia imposed export constraints and the summer driving season started in the Northern Hemisphere.

China presents another dynamic; it has ample refining capacity but government export quotas aimed at shoring up domestic energy security have limited overseas sales of gasoline, diesel and jet fuel. That has pushed other Asian refiners to run harder and raised refining margins, said Alan Golder, Wood Mackenzie's vice president of refining, chemicals and oil markets.

Globally, margins are expected to remain high for the remainder of the year, with seasonal maintenance beginning in September expected to tighten the market even further.

U.S. 3-2-1 crack spread historical trend

Note: Through Aug. 7 Source: CME Group

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THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Why You've Gone From Are Likely to Rise

Tighter mortgage rules are forcing boards to bolster reserves for repairs

BY VERONICA DAUDIE

Many condominium boards are being pressure to raise dues to comply with tightening federal funding rules.

The government-backed mortgage giants Fannie Mae and Freddie Mac are asking condominiums to set aside more of their budgets in reserve allocation than can be used to pay for capital projects. A large share of condominiums associations are underfunding their reserves, preferably having the most notable to expensive surprise repairs. To bolster reserves, they will likely have to raise dues from homeowners.

While the higher reserve standard takes office early next year, Fannie and Freddie increased scrutiny on condo sales starting last week by ending fast-track mortgage approval for condo buyers.

Fannie notes that the federal much of the mortgage market for buying up home loans to package into bonds and sell to investors. They refer an intrusive note in deter-

Industry observers link the shift to the deadly 2021 Surfside condo collapse in Florida.

mining mortgage-underwriting standards, and they are using that power to get one out, many of which are growing old, to set aside more money for physical upkeep.

Under the updated rules, condo associations will need to allocate at least 10% of their annual dues income to reserves, up from 10% currently.

Many condo associations likely fall short of this requirement.

Naturally, 39% of condo associations operate as a "weak" financial state, with reserve funds less than 32% funded, according to data from Association Reserves, a firm that evaluates vendor financial health. The firm compared the buildings' total savings with their physical wear.

Reserve balances in Florida rank significantly weaker than elsewhere in the country due to legacy state laws that al-

lowed unit owners to vote annually to waive reserve funding. The big mistake boards make a thinking that reducing reserve funding reduces reserve expenses: said Robert Nordland, founder of Association Reserves "Mother Nature and Father Time" staff of boards thinking they have a say in the market.

Under the new Fannie and Freddie rules, if a complete talk short and can't get an en-

emption, potential buyers might not be able to secure standard financing. That would make it more difficult to buy, as well as refinance an existing loan.

Industry observers link the shift toward more stringent condo requirements to the 2021 Surfside condo collapse in Florida, which killed 98 people. Afterward, Fannie Mae broadened its oversight and updated its internal list to track developments barred from conventional loans over safety, insurance or maintenance concerns.

Intrusive post-furniture lender requirements are already deciding condo sales on certain buyers' struggle to see new loans, according to Scott Weiss, a Nashville, Tenn., condo association lawyer.

While Tennessee law requires reserve studies, it doesn't establish funding of reserves. That leads some volunteer board members, other than to play the "hot play" in raising dues, to rely on surprise special assessments instead, he said.

Building necessary dues increases can expose the association, and potentially its board members, to lawsuits from disgruntled owners when a lack of adequate reserves hinders property sales. Weiss

said.

Under the updated rules, associations budgeting less than 25% can still qualify if a reserve study supports it—provided the budget includes the study's highest recommended reserve allocation. Fannie Mae estimates that raising an association's reserve allocation to 25% from 10% will increase owner dues by an average monthly $15 to $14 per unit.

Building with underfunded reserves are far more likely to have deferred maintenance. Condo associations with declining reserves were over 25% more likely to have a special assessment than those with stable or growing balances, according to Vartman, a community management software platform that tracked annual year-end reserve trends across 4,050 associations from 2021 through 2025.

In the same time, Fannie Mae is becoming more insurances requirements for condos that insiders had said were too burdensome.

Even better the new rules, Mike June have been using our broadly alongside style-lacking repair costs. Median monthly condo dues stood at $425 in 2026, up 29% from 2010, according to a finalist.com analysis of for-sale listings.

At Boom Helps Push Rents Up

Continued from page B2 Often in the number of units available to rent.

The average recovery rate in the San Francisco metro area fell to 3.7% in the second quarter, down from 4.9% in the same quarter last year. That is the lowest recovery rate for any metro area other than that of New York and San Jose, Calif.

A result is a frenzied market in which apartment infringe in the city can disappear within hours of being peered. Rents for the more competitive places can shoot up by hundreds of dollars in a day or two, as landlords seek to seize the moment.

Some are losing havest to neighborhoods including Mission Bay, a waterfront area with newer buildings where OpenAI has left its, and SMM, a 7-8-year warehouse district where Anthropic has offices.

Some residents have paid $1,000 over the asking price to secure a place to purchase have injured offering some buyouts to tenants living in rent-controlled apartments, and rent increases are spreading to Oakland, Calif., and San Jose.

In Mar, June (topics, a 28-year-old partner at a window) would firm new prices for room listed on a high floor of a house building for $10,000 a month. Gupta offered these monthly rent in cash upfront, hoping it would improve her chances.

She lost out to an employee at one of the big AI labs.

"Someone34molds paid for the whole price," she said.

"These aren't meant new apartment buildings for rent are to choose from—new construction, type, behind, closing coastal cities such as Seattle and New York. The movement to boost construction in California has been done to take hold in San Francisco. In the Marina District, plans to build an 800-unit apartment tower have divided many residents.

Lila Mastinangelo, 22, recently graduated from the University of San Francisco and was hoping to find a new lease for Aug. 1. She actually planned to have a roommate. The pair one as outdated two-bedroom unit for $4,000 a month. The landlord sent a mass test saying there was an offer for $6,200.

"The two of us made a decent amount of money, but we didn't make enough to spend over $200 in rent," said Mastinangelo.

A broker advised them to split up. In this market, it is every tenant for herself. Mastinangelo went on to the

Rents are soaring in neighborhoods like Mission Bay, above, where OpenAI has offices, Bishop state paid some cents for the five-figure range. Right, the North Beach neighborhood.

one-bedroom for $2,800 a month. It had one window, which there is adequate.

"It was the ugliest space I've ever seen," she said.

Mastinangelo ultimately found a radiant. She will be spending $5,320 for a bedroom and primate bath in a woman's house in the town neighborhood of Raccoon Hill. Her new roommate is 47 and

has two cats. They haven't met in person but have spoken by phone. The knee will be up in November, when Mastinangelo will try to re-enter the market.

The woman told her several other past tenants have ended up attending their stays.

"The main lie cost to the work," she said. "Believe me, this is a step!"

BUSINESS & FINANCE

Curaleaf Plans Hostile Bid for Final

BY ARTHUR MARCHUS

Curaleaf Holdings plans to launch a $270 million unsolicited takeover bid to acquire rival Cunalani cannabis company Aurora Cannabis after its board repeatedly refused to negotiate an acquisition deal.

Curaleaf is offering $6 a share for Aurora, representing a premium of more than 40% based on Aurora's 30-day rollout weighted average price. It will not have a proposal directly to Aurora shareholders because the premiums is significant, the strategy unfeasible is compelling, and further steps to183900000000. Cunalani Chief Executive Dean Jordan

said Tuesday, adding that he was disappointed in Aurora's board's refusal to deal.

The announcement sent Aurora's stock soaring more than 20% on the Nasdaq to close at $2.40.

Curaleaf, a Stamford, Conn.-based maker of consumer cannabis products, said it has made repeated attempts to engage Aurora's leadership, because the deal would leave to Aurora Chief Executive Majeed Martin on June 23.

After Aurora declined to negotiate and expressly a follow-up referred in early July Curaleaf decided to take the offer directly to shareholders.

Aurora wasn't available to

comment.

The offer comes as Aurora grapples with mounting headwinds in its Canadian medical and consumer cannabis segments. That weighed on fiscal first quarter revenue, which was down 8.9% to £80.9 million, equivalent to about $48.0 million. Aurora's stock has lived pressure; it had fallen about 48% in the past two weeks the start of trading Nasdaq.

Jordan said the deal offers Aurora shareholders an opportunity to participate in a more diversified global platform and increase their exposure to U.S. regulatory subroads.

Curaleaf said it expects a combined company to generate

$3.5 billion in annual revenue, nearly $700 million in adjusted earnings before interest, taxes, depreciation and amortization, and paid at least $40 million in annual cost synergies.

"By combining Curaleaf's global distribution platform with Aurora's leading international medical cannabis franchise and EU-GBP cultivation and manufacturing capacity, we are confident potential to satisfy a clear through substantial cost and revenue synergies," Jordan said.

Curaleaf cautioned that no formal takeover bid has begun yet, and that it wasn't a one-tairy that the proposed offer will ultimately be made.

Target Hires Its First Chief Officer for AI

BY KATHERINE FRANSTON

Target said it is putting more concerns over its artificial intelligence and user experience capabilities, the latest move by a major retailer to integrate more AI.

The retailer said Tuesday it would bring on two executives to focus specifically on AI and user experience.

A new will join an Target's first chief AI officer, Nan John from Lewis, where he was reviewing data and AI innovation at the San Francisco store chain.

From that, who has been at Target for four years, will become senior vice president of the conference.

AI is a crucial element of Target's plan to recover from sluggish performance, which includes an investment of about 50 billion this year.

Target's chief executive, who shared its February, is focused on using AI to help Target stay on top of trends, forecast sales

better and invest in agents; enable that can help customers find what they want.

Among these initiatives is Target Trend Brain, an AI tool trained to sort through data from social media and fashion shows to help the company's business decide what is on trend. The company also has partnered with theAI's Chat-

GPT and Google's Gemini to allow shoppers to purchase products later. The effects deliver some of rival Walmart's initiatives, Walmart, too, has worked with OpenAI to allow

customers to plan and execute purchases through the platform. In June, Walmart said it was using AI tools to streamline the work done by that employees, including translation and task management.

Target is scheduled to report second-quarter financial results to Aug. 30, and Walmart is slated to report the following day.

Nasdaq Plans to Acquire Level Markets

BY DAVID TIVIN

Nasdaq said it would purchase Level Markets, one of the leading off-interest equity or erasure venues in the U.S.

Nasdaq said the acquisition will advance its name for all reserves market and expand its share. The sale of the market will capital is formed.

The terms of the transaction

seven't disclosed.

Following the closing, Nasdaq's market would invest in Level Markets' technology, its net offerings and long-term growth while maintaining operations for existing clients.

Level Markets will continue to operate as a trading base with Level Markets's management team within Digital Liquidity Networks, a

newly formed organization to house Level Markets, maintain structural requirements and participant confidentiality. Nasdaq said.

Digital Liquidity Networks will be led by Nasdaq Club, who has labeled Nasdaq's European Market Services organization since 2020. Nasdaq's management team, the president of Nasdaq Copenhagen, will counsel Club

as head of European Market Services, effective immediately. Konservatives' successes will be announced as a later date.

Nasdaq first made a strategic minority investment in Level Markets in 2020. The lowing its merger with Loctane in 2022. Level Markets has reached more than 3,500 clients and 300 institutional buy-sale firms.

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THE WALL STREET JOURNAL.

• •

COMMODITIES

Wednesday, August 12, 2020 | 87

waj.com/market-data/commodities

Futures Contracts

Market & Performance Futures
	Market	High	Low	Yield	Div.	Index
Corporate: Philip Morris (2014)
Avg.	1.0	1.0	1.0	1.0	1.0	1.0
Avg.	1.0	1.0	1.0	1.0	1.0	1.0
Avg.	1.0	1.0	1.0	1.0	1.0	1.0
Total: 1.0
Avg.	1.0	1.0	1.0	1.0	1.0	1.0
Avg.	1.0	1.0	1.0	1.0	1.0	1.0
Avg.	1.0	1.0	1.0	1.0	1.0	1.0
Avg.	1.0	1.0	1.0	1.0	1.0	1.0

Item	Market		Price		Yield
	1st	2nd	1st	2nd	1st	2nd
Price	$ 1.0	$ 1.0	$ 1.0	$ 1.0	$ 1.0	$ 1.0
Price	$ 1.0	$ 1.0	$ 1.0	$ 1.0	$ 1.0	$ 1.0
Price	$ 1.0	$ 1.0	$ 1.0	$ 1.0	$ 1.0	$ 1.0
Price	$ 1.0	$ 1.0	$ 1.0	$ 1.0	$ 1.0	$ 1.0

Bonds | waj.com/market-data/bonds/brandmarks

Tracking Bond Benchmarks

Return on investment and spreads over Treasury and/or yields profits investors compared with 52-week high interest rate for different types of bonds.

Market	Price		Yield		Div.		Index
	1st	2nd	1st	2nd	1st	2nd	1st	2nd
Market Markets (including 2-back) (non-trading)
2.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100.

Global Government Bonds: Mapping Yields

Yields and spreads are in a wider U.S. Treasury and other banks have year and 10-year government bonds in selected other countries; an way indicates whether the yield could cut full 1% in the latest session

Index	Market	High	Low	Yield	Dividend		Dividend
					Market	High	Low	Yield
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
( 1.0M \pm 1.0 )	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0

Corporate Debt

Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations.

Investment-grade spreads that tightened the most...

Index	Market	High	Low	Yield	Dividend	Dividend	Yield
HK$	HK$	7.303	4.71	Avg. 21.72	32	-29	n.a.
Catastroph	CAT	6.853	5.30	Avg. 21.76	42	-9	n.a.
General/Regional Financial	—	4.263	4.15	Avg. 21.28	50	-4	92
Bank Of America	BAC	5.863	5.07	Avg. 21.94	62	-1	61
Euro SA	BRUCE	4.625	4.79	Avg. 21.28	57	-2	n.a.
Euro Cash Index	BRCIA	2.593	3.23	Avg. 21.93	80	-2	n.a.
Express KSA	ESPA	3.993	3.82	Avg. 21.92	90	-2	n.a.
American Herde Finance	AHHA	4.963	4.81	Avg. 21.79	92	-2	n.a.

J-Bell spreads that extend the most

Debt Chemical	—	6.434	6.07	May 25, 59	139	27	213
Oracle	—	5.231	7.30	July 25, 60	263	30	240
UAS Communications	—	4.474	5.61	Jun. 25, 59	71	5	63
John Deere Capital	—	4.318	4.81	Sept. 25, 52	42	5	n.a.
Enel Finance International	—	4.125	4.71	Sept. 25, 59	48	5	n.a.
Interothualin	—	4.625	5.39	July 25, 59	66	5	n.a.
Marcon Communications	—	4.508	5.41	Aug. 25, 53	71	5	63
Walt Disney	—	2.874	4.79	Jun. 25, 53	39	4	33

High-yield issues with the biggest price increases...

Index	Market	Coupon 1%	Yield 1%	Dividend	Dividend	Yield
Yield Per Share	WPS	20.3%	0.39	Nov. 30, 59	204.5%	0.44
Financial Airlines	AGL	6.3%	4.29	Aug. 30, 59	200.0%	0.29
Occidental Petroleum	OEP	6.4%	3.62	Sept. 30, 56	206.5%	0.21
Passport Global	—	5.3%	2.77	May 25, 53	182.5%	0.23

J-Bell with the biggest price decreases

Passenger Global	—	4.15%	0.70	March 25, 60	62.25%	0.57	62.53%
Time臨床研究	—	6.03%	7.23	May 1, 57	95.00%	0.23	96.26%
Occidental Petroleum	OEP	7.52%	5.26	May 1, 53	200.0%	0.22	200.76%
ABT Security	—	4.61%	5.92	July 25, 52	90.00%	-0.03	90.50%
Time507A	YEA	3.20%	4.90	Oct. 1, 56	99.00%	-0.02	99.55%
Automotive Liability IP	—	5.75%	5.79	April 25, 55	99.90%	-0.01	99.55%
Bath Liability Mi-lars	AMM	6.75%	6.80	July 1, 56	99.30%	-	99.90%

1. Company's share of a 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year

Index	Market	High	Low	Yield	Dividend		Dividend
					Market	High	Low	Yield
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )

Index	Market	High	Low	Yield	Dividend		Dividend
					Market	High	Low	Yield
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )

1. Company's share of a 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year 1-year

1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0	( 1.0 \pm 1.0 )

1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	( 1.0 \pm 1.0 )	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0
1.0M	4.6	1.0	1.0	1.0	1.0	1.0	1.0

---

98 | Wednesday, August 12, 2020

• • •

THE WALL STREET JOURNAL.

WILLIAMS/WASHINGTON

The following questionnaire apply to the State Hall, State University, 2020. Most 80/90 American and American families of the state's state's population are in the state's national. In 2000, 1000, according to the State Hall, State University, 2020.

Tuesday, August 12, 2020

Month	CUMS		CUMS		CUMS
	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall
Migros
August 2018	2018	2018	2018	2018	2018	2018
August 2019	2019	2019	2019	2019	2019	2019
August 2020	2020	2020	2020	2020	2020	2020
August 2021	2021	2021	2021	2021	2021	2021
August 2022	2022	2022	2022	2022	2022	2022
August 2023	2023	2023	2023	2023	2023	2023
August 2024	2024	2024	2024	2024	2024	2024
August 2025	2025	2025	2025	2025	2025	2025
August 2026	2026	2026	2026	2026	2026	2026
August 2027	2027	2027	2027	2027	2027	2027
August 2028	2028	2028	2028	2028	2028	2028
August 2029	2029	2029	2029	2029	2029	2029
August 2030	2030	2030	2030	2030	2030	2030
August 2031	2031	2031	2031	2031	2031	2031
August 2032	2032	2032	2032	2032	2032	2032
August 2033	2033	2033	2033	2033	2033	2033
August 2034	2034	2034	2034	2034	2034	2034
August 2035	2035	2035	2035	2035	2035	2035
August 2036	2036	2036	2036	2036	2036	2036
August 2037	2037	2037	2037	2037	2037	2037
August 2038	2038	2038	2038	2038	2038	2038
August 2039	2039	2039	2039	2039	2039	2039
August 2040	2040	2040	2040	2040	2040	2040
August 2041	2041	2041	2041	2041	2041	2041
August 2042	2042	2042	2042	2042	2042	2042
August 2043	2043	2043	2043	2043	2043	2043
August 2044	2044	2044	2044	2044	2044	2044
August 2045	2045	2045	2045	2045	2045	2045
August 2046	2046	2046	2046	2046	2046	2046
August 2047	2047	2047	2047	2047	2047	2047
August 2048	2048	2048	2048	2048	2048	2048
August 2049	2049	2049	2049	2049	2049	2049
August 2050	2050	2050	2050	2050	2050	2050
August 2051	2051	2051	2051	2051	2051	2051
August 2052	2052	2052	2052	2052	2052	2052
August 2053	2053	2053	2053	2053	2053	2053
August 2054	2054	2054	2054	2054	2054	2054
August 2055	2055	2055	2055	2055	2055	2055
August 2056	2056	2056	2056	2056	2056	2056
August 2057	2057	2057	2057	2057	2057	2057
August 2058	2058	2058	2058	2058	2058	2058
August 2059	2059	2059	2059	2059	2059	2059
August 2060	2060	2060	2060	2060	2060	2060
August 2061	2061	2061	2061	2061	2061	2061
August 2062	2062	2062	2062	2062	2062	2062
August 2063	2063	2063	2063	2063	2063	2063
August 2064	2064	2064	2064	2064	2064	2064
August 2065	2065	2065	2065	2065	2065	2065
August 2066	2066	2066	2066	2066	2066	2066
August 2067	2067	2067	2067	2067	2067	2067
August 2068	2068	2068	2068	2068	2068	2068
August 2069	2069	2069	2069	2069	2069	2069
August 2070	2070	2070	2070	2070	2070	2070
August 2071	2071	2071	2071	2071	2071	2071
August 2072	2072	2072	2072	2072	2072	2072
August 2073	2073	2073	2073	2073	2073	2073
August 2074	2074	2074	2074	2074	2074	2074
August 2075	2075	2075	2075	2075	2075	2075
August 2076	2076	2076	2076	2076	2076	2076
August 2077	2077	2077	2077	2077	2077	2077
August 2078	2078	2078	2078	2078	2078	2078
August 2079	2079	2079	2079	2079	2079	2079
August 2080	2080	2080	2080	2080	2080	2080
August 2081	2081	2081	2081	2081	2081	2081
August 2082	2082	2082	2082	2082	2082	2082
August 2083	2083	2083	2083	2083	2083	2083
August 2084	2084	2084	2084	2084	2084	2084
August 2085	2085	2085	2085	2085	2085	2085
August 2086	2086	2086	2086	2086	2086	2086
August 2087	2087	2087	2087	2087	2087	2087
August 2088	2088	2088	2088	2088	2088	2088
August 2089	2089	2089	2089	2089	2089	2089
August 2090	2090	2090	2090	2090	2090	2090
August 2091	2091	2091	2091	2091	2091	2091
August 2092	2092	2092	2092	2092	2092	2092
August 2093	2093	2093	2093	2093	2093	2093
August 2094	2094	2094	2094	2094	2094	2094
August 2095	2095	2095	2095	2095	2095	2095
August 2096	2096	2096	2096	2096	2096	2096
August 2097	2097	2097	2097	2097	2097	2097
August 2098	2098	2098	2098	2098	2098	2098
August 2099	2099	2099	2099	2099	2099	2099
August 2100	2100	2100	2100	2100	2100	2100

Month	CUMS		CUMS		CUMS		CUMS		CUMS		CUMS		CUMS		CUMS		CUMS		CUMS		CUMS		CUMS		CUMS		CUMS
	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall	State Hall
August 2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018	2018
August 2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019	2019
August 2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020	2020
August 2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2022	2022
August 2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2023
August 2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2024
August 2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2024	2025	2025
August 2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2025	2026	2026
August 2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2026	2027	2027	2027
August 2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2027	2028	2028	2028
August 2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2028	2029	2029	2029
August 2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2029	2030	2030	2030
August 2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2030	2031	2031	2031
August 2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2031	2032	2032	2032
August 2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2032	2033	2033	2033
August 2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2033	2034	2034	2034
August 2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2034	2035	2035	2035
August 2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2035	2036	2036	2036
August 2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2036	2037	2037	2037
August 2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2037	2038	2038	2038	2038
August 2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2038	2039	2039	2039	2039
August 2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2039	2040	2040	2040

Mutual Funds

2019/11/2020

The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The 2019 mutual funds below the National Association of state citizens by 1st month. The

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THE WALL STREET JOURNAL.

• • •

MARKETS DIGEST

Wednesday, August 12, 2026 | 09

COUPONS

How to Get a Food and Average

TOTALS	¥124.13, p 0.145
High, low, open and close for each trading day of the past three months.

Trading A$ ratio	1.04	1.04
A$ E valorem	23.18	24.46
Dividend yield	29.71	25.59
Dividend yield	1.45	1.43
All other A$	1.13	1.13

S&P 500 Index

TOTALS	¥ 24.91, p 0.125
High, low, open and close for each trading day of the past three months.

Trading A$ ratio	1.02	1.02
A$ E valorem	21.52	25.74
Dividend yield	1.27	1.25
All other A$	179.7	183.7

Nasdaq Composite Index

SHARED	¥ 120.91, p 0.183
High, low, open and close for each trading day of the past three months.

Trading A$ ratio	1.01	1.01
A$ E valorem	52.96	52.92
A$ E valorem	25.27	25.89
Dividend yield	6.18	6.42
All other A$	27.93	28.12

Current shares: 0.0000000000000

Major U.S. Stock-Market Indexes

	High	Low	Low to Low	Total	% Chg	High	Low	Low to Low	Total	% Chg
Dow Jones
Industrial Average	542.02	557.96	61.6	1079.28	134.23	-0.343	449.98	52.4	44.0	1.1
Transportation Avg	2246.42	2329.78	2.0	2197.42	60.47	-0.333	2105.31	2106.7	2.7	26.2
Office Average	1215.19	1296.21	1.9	1199.95	12.82	-0.311	1295.25	1300.0	1.8	1.1
Total Stock Market	5438.75	5440.44	0.0	5438.69	111.49	-0.291	5434.08	4270.0	26.2	1.1
Assum. A$	3449.97	3441.27	1.9	3446.28	4.79	-0.24	3472.23	3320.0	22.8	1.7
Nasdaq Total-Market
Nasdaq Composite	2667.26	2537.12	2.0	2640.08	119.91	-0.44	2595.90	2679.4	22.0	1.1
Nasdaq 500	2970.80	2942.7	2.0	2822.66	96.32	-0.355	3068.60	2599.9	22.0	1.9
S&P
500 Index	2742.52	2737.25	2.0	2728.28	24.91	-0.333	2702.64	2430.7	22.0	1.3
Medical A$	2062.17	1875.94	1.9	1882.89	41.64	1.28	2083.37	1539.0	22.0	1.7
SmallCap A$	1812.47	1880.90	1.9	1880.34	4.30	1.24	1828.54	1944.9	29.0	22.9
Other Markets
Round 2000	1876.39	1923.47	1.9	1927.12	9.72	0.83	1876.90	1249.9	32.6	22.9
NYSE Group A$	1978.02	1936.64	1.9	1940.07	17.07	0.67	1968.57	2039.0	18.2	12.7
Video City	478.19	494.16	1.9	495.97	1.11	0.15	495.79	590.0	13.0	10.9
NYSE Group Markets	1062.59	1074.37	1.9	1065.46	4.20	0.45	1068.66	1791.4	15.0	25.4
NYSE Proj. Pharm	1250.49	1249.55	1.9	1249.59	11.44	-0.95	1279.25	1891.4	39.0	11.6
Wild State	276.92	294.22	1.9	296.26	0.05	0.17	292.97	1029.0	24.0	26.2
Philip Morris	1171.84	1147.17	1.9	1162.89	-0.24	-0.41	1193.57	1251.4	19.0	1.1
PM, PT & Genes	332.57	331.52	1.9	332.55	0.80	0.09	330.24	60.22	76.2	35.9
PM, PT & Genes	1274.96	1280.13	1.9	1280.07	14.43	0.67	1476.72	1554.0	22.0	75.9
Chow Middle	15.42	15.37	1.9	15.35	-0.33	-1.34	15.19	15.97	3.7	2.2

The following table is a simple diagram and cannot be extracted.

Late Trading

Most active and largest movers among NYSE, NYSE, & Any NYSE. Areas and渠道流向 are from from the base of 10% to the total by electronic trading currency, securities dealers and regional exchanges. Minimum of the price of $2.4 million is the maximum of the maximum value of $2.500 in shares.

Most-active issues in late trading

Company	2025	2026	2027	2028	2029	2030	2031	2032	2033
Super Mktv. Composite	9445	29,29	12,72	15,72	2,12	4,75	15,02	15,10
ConAfrican CTR	12449	27,32	12,54	12,12	22,42	25,46	24,35
Inter	4471	22,22	9,14	4,14	4,29	4,28	17,12	16,22
MSI ADR	598	32,98	5,12		44%	4,95	4,63
Encore ADR	5747	2,64	2,06	4,03	-0,13	42,67	5,94
United States Group Mktv.	9,76	6,55	1,24		44%	4,20	4,08
American American A&R	9,76	6,55	1,25	7,95	5,17	4,98	11,20	15,12
Warner Bros. Revenues & A&R	9,76	6,55	1,27	8,98	5,13	5,12	27,33

Percentage gainers.

United States (US$ 500)	5,04	5,04	27,50	5,54	25,34	25,20	15,52
Hydra Holdings	1418	1,40	4,82	6,69	2,88	5,10	3,12
MSI Stock	648	397,7	10,73	14,41	27,23	15,00	16,18
Energy South Holdings	3454	2,36	7,18	5,18	23,97	4,29	3,56
EBVA	6630	59,63	12,98	2,95	22,78	24,82	11,29

And losers

ASAA	4693	3243	7.86	4.54	-14,47	9.50	7.75
United States Antitrusts	12449	7,00	5,60	5,94	-14,24	4,63	5,42
US$ 500	1,00	1,00	1,00	0,00	-12,09	1,00	4,12
US$ 1,00	1,00	1,00	1,00	0,00	-9,64	1,00	4,12
Tangible Sales Therapists	7244	1,29	6,27	4,42	-6,14	6,60	6,03

Trading Diary

Volume, Advances, Declers

	2016	2015	2014
Total volume	2,129,971,229	15,296,819
Adm. volume	106,544,326	18,336,871
Divid. volume	122,589,352	13,986,474
Interest market	2,632	269
Adm. share	2,420	269
Dividend	1,950	126
Dividend	96	12
Share Ratio	100	8
Share Share	93	6
Closing shares	0.94	0.81
Market share	4,124	256
	2016	2015	2014

Total volume	2,149,921,301	20,193,919
Adm. volume	1,972,199,261	21,169,510
Divid. volume	1,152,739,812	22,996,633
Dividend	1,059	2,474
Advances	2,737	1,428
Dividend	2,135	1,319
Dividend	131	73
Share Ratio	175	244
Share Share	164	22
Closing Share	0.72	1.19
Market share	90.57	1.11

Percentage Gainers...

Company	Symbol	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows
All International	AMM	7.96	3.96	97.96	42.22	2.68	-35.6
Quarters	QAS 2.5	1.96	7.62	44.49	17.68	4.29	155.3
All American/Foot dollars	APM	5.38	1.87	58.76	12.68	3.51	-46.6
Managing	MSCI 2.5	1.92	1.12	48.36	17.68	3.29	-96.6
Manchester	PTM	5.39	1.83	40.98	4.29	0.88	-24.6
MSI Global Intelligence	WII	16.56	4.96	42.96	21.78	7.95	-5.3
Team	TSI	22.75	4.14	22.22	25.32	24.29	36.0
Barlow Businesses	BCBM	26.59	5.56	38.49	15.36	10.59	-1.1
Wing To Food ADR	WTRC 2.5	1.62	1.24	24.36	24.22	1.36	42.1
ASB Holdings	AMH	5.88	1.22	29.39	19.97	5.02	-1.1
Infraction Fund B	IFB	5.46	1.22	29.41	11.58	3.27	-46.7
Intractions	WFS	12.29	3.62	26.48	19.38	7.26	79.0
Kangas Holdings	KKS	0.88	1.44	25.79	24.36	5.56	-59.6
Netto. Finchstings (HK$)	KTN	6.35	0.35	26.35	12.29	3.02	148.7
Keyes	KPM	5.28	0.99	20.04	6.46	1.69	159.2

Volume Movers (based on closing from 14-day average)

Company	Symbol	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows
All American Food Security	AMF	884	1,000	2,637	4,122
Kangas Holdings	KH	901	1,000	1,528	29,394
All American Food & Co.	AFD	324	1,000	2,033	4,122
Ambitriates	AMF	1,000	1,000	1,528	29,394
Ambitriates	AMF	1,000	1,000	1,528	29,394
American Brands	ATB	1,000	1,000	1,528	29,394
American Brands	ATB	1,000	1,000	1,528	29,394
American Brands	ATB	1,000	1,000	1,528	29,394
American Brands	ATB	1,000	1,000	1,528	29,394
American Brands	ATB	1,000	1,000	1,528	29, 394

• Common stock price of $2 million is the average change in the 1st trading day of the last three months.

International Stock Indexes

Asset/Country	Index	Class	Shares	Market Shares	Total Shares	YTD Shares
Munif	MSCI ACOM	1,031,63	1,63	-4,231	13.4
	MSCI ACOM vs USA	401,67	6,02	-0,131	14.7
	MSCI Muni	1,090,38	1,06	-0,131	12.0
	MSCI Energy Markets	1,663,68	4,63	-4,281	18.6
Kensitas	MSCI K.K. (Kensitas)	1,955,99	1,63	-4,381	12.9
	S&P 500 Index	1,007,50	27,99	0,69	13.0
	ASIA	1,000,000	1,000	1,000	9.0
	MSCI Muni	1,000,000	1,000	1,000	9.0
Kraft	Sham	1,000,000	1,000	1,000	9.0
	S&P 500 Index	1,000,000	1,000	1,000	9.0
	ASIA	1,000,000	1,000	1,000	9.0
	MSCI	1,000,000	1,000	1,000	9.0
Korea	SAF	1,000,000	1,000	1,000	9.0
	SAF	1,000,000	1,000	1,000	9.0
	SAF	1,000,000	1,000	1,000	9.0
	SAF	1,000,000	1,000	1,000	9.0
Korea	SAF	1,000,000	1,000	1,000	9.0
	SAF	1,000,000	1,000	1,000	9.0
	SAF	1,000,000	1,000	1,000	9.0
	SAF	1,000,000	1,000	1,000	9.0

Source: A. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F. F.

Percentage Losers

Company	Symbol	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total Cash Flows	Total

CURRENCES & COMMODITIES

Currency

U.S. dollar foreign exchange rates at 5 yrs ET

Country	2016	2015	2014	2013	2012	2011	2010	2009
Australia	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Argentina (US$)	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000
Brazil (US$)	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000
Colombia (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Colombia (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Ecuador (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Uruguay (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Australia (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Argentina (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
China (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Hong Kong (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
China (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Indonesia (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Japan (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
China (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Indonesia (US$)	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000

Commodities

---

B10 Wednesday, August 12, 2026

• •

THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

New to Read the Black Tables

The following marketplaces apply to BOTH STOCKS from BOTH Brochures and Savings Stock. BOTH Stock consists of a 100% non-divided stock in the market, and a 100% non-divided stock in the market. The stock is subject to a 100% stock market. The stock is subject to a 100% stock market.

Standard guidelines on these books will be used because it makes use more

Additional guidelines subject to these books when you are charged by 5% or more if you are not in a credit or price out, 25 or higher.

Exchange rates

When you are in cash, when the cash is not otherwise paid, the amount of cash is not

BIGGEST 1,000 STOCKS. The following market is subject to the price of $1.00, $1.00 charges, or the official closing prices from $1.00 to $1.00 per person day.

Trading details		BIGGEST 1,000 STOCKS		BIGGEST 1,000 STOCKS		BIGGEST 1,000 STOCKS		BIGGEST 1,000 STOCKS
Stock	Spec Class	Stock	Spec Class	Stock	Spec Class	Stock	Spec Class	Stock	Spec Class
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1	1	1	1	1	1	1
1	1	1	1

AMOUNTED BOOKS
Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000

Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000

Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000
Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000
Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000
Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000
Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000
Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000
Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000
Book for Book 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000, 1,000

New Highs and Lows

Cashbook From Page 10				52 MRA 5
Stock	Spec No.	Value	Value	Stock	Spec No.	Value	Value
1	1	1	1	1	1	1	1
2	1	1	1	1	1	1	1
3	1	1	1	1	1	1	1
4	1	1	1	1	1	1	1
5	1	1	1	1	1	1	1
6	1	1	1	1	1	1	1
7	1	1	1	1	1	1	1
8	1	1	1	1	1	1	1
9	1	1	1	1	1	1	1
10	1	1	1	1	1	1	1
11	1	1	1	1	1	1	1
12	1	1	1	1	1	1	1
13	1	1	1	1	1	1	1
14	1	1	1	1	1	1	1
15	1	1	1	1	1	1	1
16	1	1	1	1	1	1	1
17	1	1	1	1	1	1	1
18	1	1	1	1	1	1	1
19	1	1	1	1	1	1	1
20	1	1	1	1	1	1	1
21	1	1	1	1	1	1	1
22	1	1	1	1	1	1	1
23	1	1	1	1	1	1	1
24	1	1	1	1	1	1	1
25	1	1	1	1	1	1	1
26	1	1	1	1	1	1	1
27	1	1	1	1	1	1	1
28	1	1	1	1	1	1	1
29	1	1	1	1	1	1	1
30	1	1	1	1	1	1	1
31	1	1	1	1	1	1	1
32	1	1	1	1	1	1	1
33	1	1	1	1	1	1	1
34	1	1	1	1	1	1	1
35	1	1	1	1	1	1	1
36	1	1	1	1	1	1	1
37	1	1	1	1	1	1	1
38	1	1	1	1	1	1	1
39	1	1	1	1	1	1	1
40	1	1	1	1	1	1	1
41	1	1	1	1	1	1	1
42	1	1	1	1	1	1	1
43	1	1	1	1	1	1	1
44	1	1	1	1	1	1	1
45	1	1	1	1	1	1	1
46	1	1	1	1	1	1	1
47	1	1	1	1	1	1	1
48	1	1	1	1	1	1	1
49	1	1	1	1	1	1	1
50	1	1	1	1	1	1	1

---

THE WALL STREET JOURNAL.

Wednesday, August 12, 2020 | 811

MARKETS

Stocks Fall for a Second-Straight Session

Investors remain cautious ahead of inflation data and remaining earnings

By Simmons Denson

U.S. stocks limped to the close, with many investors looking ahead to Wednesday's key inflation report and what it might mean for interest rates.

THEORY'S MARKETS The major 1.4.8.4.4.5.5.6.7.8.9.10.11.12.13.14.15.16.17.18.19.20.21.22.23.24.25.26.27.28.29.30.31.32.33.34.35.36.37.38.39.40.41.42.43.44.45.46.47.48.49.50.51.52.53.54.55.56.57.58.59.60.61.62.63.64.65.66.67.68.69.70.71.72.73.74.75.76.77.78.79.80.81.82.83.84.85.86.87.88.89.90.91.92.93.94.95.96.97.98.99.100

Investments over the Federal Reserve's next moves, the standoff between the U.S. and Iran and whether the AI

Index performance on Tuesday

build-out is oversized or overshipped have all clouded the outlook for stocks. Many investors are proceeding with

caution.

"It's kind of like the 'Enter Sundman' market—cheap with one eye open, hold your pil-

low tight," said Matt Shackle, chief portfolio manager of equation at Northwestern Mutual Wealth Management Co. For now, all eyes are on Wednesday's inflation report for July and the remaining batch of quarterly corporate earnings.

Economists expect July's inflation report to show consumer prices up 3.4% from a year earlier, a slight improvement from the 3.5% inflation rate in June. And corporate earnings have so far exceeded expectations to record levels.

The S&P 500, which reached a record last week, fell 0.2% for an second-straight drop. The Dow declined 0.2%, or 244 points.

The tech-heavy Nasdaq Composite Index fell 0.4%. "I think we've come off of

a pretty violent correction in the AI trade," said Drew Copps, portfolio manager at Polen Capital. Recent back-and-forth and sideways moves among memory and electrical equipment companies are a "very healthy market behavior that lures a good foundation for, potentially, a market advance in the quarters ahead."

Breat crude futures gained around 1.4% to nearly $90 a barrel Tuesday. They touched $30 early in the day as hopes for a threat of thermal deal faded, then fell back after signs of de-escalation, and finally jumped to near intraday highs as U.S. attacks re-ommed.

Yields on 10- and 30-year Treasurer posted their largest single-day declines in

nearly a week to close at 4.065% and 5.235%, respectively, though overall rates remain near their year-to-date highs. Breat yields fall as prices rise.

Some investors said the crop of record corporate earnings have distracted the markets from volatile oil prices and their effect on supply chains.

"Investors, in general, have the memories of goldfish. They swim around the bowl and say, 'Oh, look, a cards.' And then swim around the bowl again—'Oh, look, a cards,' said Jason Hendricks, portfolio manager at Greenwood Advisors. "They focus on the cards that's right in front of them and forget that it's going to come around again."

Insurance Risks Stay High As Wildfire Threat Climbs

By Melissa Honebury

Estimated natural-catastrophe losses in the insurance industry fell sharply in the first half of 2020, but wildfires and weather events still pose heightened risks, Swiss Re-1 research arm said.

The Swiss Re Institute warned forward that wildfire risk is the fastest-growing weather peril globally. Record heat and dry conditions in June increased the likelihood of an active European wildfire season, it added.

"Europe's recent wildfires highlight how hotter and drier conditions are making large wildfires more likely and, with more losses, businesses and infrastructure built to risk-exposed areas, also more costly," Balo Grollimund, head of catastrophe perils at Swiss Re, said.

In the first half of 2020, insured losses from natural catastrophes were estimated at $42 billion, down from $35 billion a year before, according to the Swiss Re Institute. The figure marked the lowest first-half total since 2020—at the height of the Covid-19 pandemic—and was also 10% below the 10-year average of $50 billion, the institute said.

Losses from severe connective storms were below the long-term trend in the first half but remained the biggest insured loss driver.

The total natural-catastrophe economic loss in the first half fell to $200 billion from $352 billion and was 10% below the 10-year average, the Swiss Re Institute said.

A quarter-first-half of the year for natural-catastrophe losses doesn't necessarily mean a calmer year, as insur-

ance losses are typically more weighted toward the second half, driven by the hurricane season in the North Atlantic, the institute said.

"The long-term upward trend in insured losses is intact, driven by growing exposure, rising asset values, and changing hazard patterns," the institute added.

El Mide weather conditions, which have developed this year, usually suppress Atlantic hurricane activity. However, the institute said that the weather pattern could influence tropical cyclone activity in the central and east Pacific and could change the risk of floods, wildfires and other extreme weather elsewhere.

In Europe, insured wildfire losses have increased by an estimated 8% to 11% a year in real terms since 1970, according to the Swiss Re Institute

Record heat and dry conditions in June increased the likelihood of an active European wildfire season, a report from Swiss Re's research arm said. Damage from a wildfire in Spain.

"Fire seasons are becoming longer, while conditions conducive to wildfires are becoming more frequent and affecting regions historically less exposed."

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THE WALL STREET JOURNAL.

IT'S YOUR BUSINESS

© 2020 Clear, Home & Co., Inc. All rights reserved. 4243881

---

BIZ | Wednesday, August 12, 2016

THE WALL STREET JOURNAL.

HEARD OF STREET

FINANCIAL ANALYSIS & COMMENTARY

Healthcare Is an All Short in Disguise

Big companies in the industry are increasingly trading opposite to the tech sector

Forget drug pipelines and clinical trials. These data, every healthcare leader has to be a part-time artificial intelligence-specialist can be keep up. That is because what matters must to large-cap players and health-insurance stocks right now is the cornerstone of the AI team.

For years, healthcare and non-conductor stocks weren't particularly used to each other. They would sometimes drift in the same direction, but the relationship was linear. That changed in recent months, with the VanItA home-indicator Exchange Traded Food and the State Street Health Care Exchange Traded Food moving into negative correlation, according to Rachler data. In other words, they were simply going to market down taxes. When chips sell off, health care has tended to catch a bid.

After years of underperformance, healthcare investors are enjoying a lot of investments made by our venomous around AI. But it comes with a catch. When the whole sector moves together on macro forms, well-reasoned bets based on fact-tossing analysis get harder to make.

"The biggest conversation driving the trading dynamic within healthcare is one that mostly costs outside of the sector," said Anad Mishra, a medical doctor at the U.S. healthcare equity research. "Our investors focused on fundamentals, it can be frustrating."

Breadth the market's daily surface, algorithmic money is always in motion, sliding out of one con-

Healthcare vs. Chips

■ VanItA Service Indicator ETF ■ State Street Health Care Select Sector

Share price performance, June 10 to July 21

ner and into another as the signals it monitors shift. Spent healthcare fact when momentum turns, politics, and out of crowded trades like over half, are overlooked even like healthcare. That there moves turned more violent in recent weeks underscores mounting nervousness around AI, and whether the technology has been in certain riding its adoption can last. It hates at what might happen if the AI trade were to trade rural.

During a volatile stretch from the first through the fall, as concern about the sustainability of the AI rally intensifies, healthcare outperformed semiconductors by more than 60 percentage points. That is a different picture from the past four years, as the OMR ETF

Share price performance, past five years

naged more than 300% while the $28 ETF has gained about 25%.

That widening performance gap helps explain why investors are investing for healthcare as a longer. About a decade ago, chip and plasma stocks were seen as having similar growth profiles. Back then, the two groups traded at various forward earnings headspace of about 15 to 16 times. Today, healthcare is markedly cheaper. The OMR ETF, while highly volatile, has no recent months traded between 12 and 15 times. Forward earnings, versus about 16 to the $28 ETF, according to Rachler data. The chip industry is growing far faster, powered by the ranging demand for semiconductors behind the AI boom. But the ques-

Forward price/earnings ratios

tion buried in the recent market jitteres in Far East long?

So why does healthcare work as a budget? One key reason is that the 2016 health care savings critical, healthcare is noncyclical.

People need their medicines and treatments to matter what the economy is the AI build-out is doing, to demand and start from remain relatively constant. At a moment when much of the stock market has become a single wager on AI, an industry that matches to its own price can be a cultural place to hide.

It helps that the political details over healthcare are tilting. Fears of drug pricing crackdown from the Trump administration have cooled and Medicare payments

have come as higher than expected. Meanwhile, large-cap leaders like SB Labs, Johnson & Johnson's Inc. are now working on the ARHRA are all delivering solid, reliable earnings growth.

Whatever happens to the industry's growth prospects—always the market is growing, the performance over the end year or two may range just as much as where the AI trade sits. For a sense of how that could play out, look at 2022, the last sustained four market, when surging inflation and the Federal Reserve—aggressive interest rate increases hampered high-multiple bids. Over that stretch, healthcare outperformed semiconductors by more than 60 percentage points.

Other factors approach capital. The market is increasingly treating these companies alike, even though they aren't equal. For instance, Brita to Moore Squibb and, did not both continue to sell the market for $1.12 months, yet their fundamentals point in opposite directions. But for means a steady earnings groove, while Bristol-Myers have an expensive earnings decline on any person lapse. Whatever happens with AI, Shaker argues, the standard platform is to lean toward companies with growing top three rather than growing whatever is their sleep.

With the sector's outlook on growing, there is a case for owning parts of healthcare on the industry's merits. The AI trade explodes, that case only gets stronger. —David Weaver

Why Open-Weight AI Models Matter and How Meta Benefits

Open-source software has been one of rich triggers over success stories. No surprise, then, that developers of open-weight artificial intelligence models try to borrow some open-source emolines. But the two approaches aren't the same.

Meta Platforms that Mark Zuckerberg in Monday became the latest web execution in June as equivalence between the two, calling open-weight models "open source AI" in a 6,500-word essay. Such models are important for U.S. national security, for sold, adding Meta would be releasing more "open source" models after a hiatus. Meta, he said, is "strongly supportive of open source, including open source AI models."

Here is the problem: None of the models Zuckerberg is talking about is actually open source.

Open source refers to many code that is available in full for anyone to take use or modify. The community of people using the software can support changes that make it better. If the maintainers of an open-source project accept them, they are incorporated into the code.

That model works especially well in cases where a large number of people need a piece of software, but where that kind of software doesn't differentiate them from computers. The computing infrastructure that drives the internet, for example, mostly uses the open-source Linux operating system. That uses time and money for network operators who don't want or need an open source. They look less of data and whether. They would rather focus on other things.

Open-weight models aren't

quite as open and don't serve the same philosophical purpose.

With open weights, a company—like Meta—trades a model using methods that aren't disclosed to its users. Unlike with open-source software, users can't use the code used to train the model, nor can they overuse it or add new data. No level of intelligence is essentially fixed by whoever trained the model.

In weights are open for users to play nails, giving the model a level of adaptability. Weights are the results of training—numerical values that influence how the AI's digital brain works. Tovaking them can supply after time a model behaves.

Two with open-source software, modification of weights can be useful. There can take weights to their purposes, making an AI model

specialize in one narrow area and carry questions outside that domain. Modifying weights can make a model more quite, causes or more prices to hallucinations. Of course, modification can be harmful if had access with sufficient resources change or remove weights that block the AI from operating cybercracks or giving instructions on how to make weapons.

That is about where the simulations and Open-source software projects are the product of a community of developers and open for the world to see. Open-weight models are closely tied to the company that contains and promotes them.

Meta decides when it trains the data, performs the workups weight models, and its capabilities—not those of the community—determine the model's basic level of in-

telligence. Perhaps most important, Meta would remain in a better position than anyone to benefit from these models.

This is due to its familiarity with how they are built and its willingness to invest in the computing power it takes to deploy them to users.

Meta knows that open-source software isn't quite the same. It contributed extensively to the open-source universe, including launching popular open-source projects called Black and PyTorch.

Zuckerberg is his essay wrote of a world where "open-source" models allow anyone and everyone to harness all a piece and build a new core process. There may be a game's trick in that, but it is also self-savings.

—Asa Fitch

TIPS Offer a Rare Buying Opportunity

Yield on 50-year Treasury inflation-protected securities

Source: Federal Reserve, Inc./U.S. Land Risk

On Wednesday, the U.S. government is expected to report that consumer prices rose 3.6%. In July from a year earlier, or 2.5% for those of us who don't see food or energy.

At a way to plan a food government data or to doubt its accuracy, however (albeit better) can might be about CPI, Washington's official number's matter. Tax brackets, forced food tax payments and retirement account contributions limits are all pegged off of it.

So is a poorly understood corner of the Treasury market that's look like, interesting to me. The largest-term Treasury inflation-protected securities now yield nearly 3% in real terms. That's higher than they've been in decades, and it's happening at an intriguing time.

Treasury interest rates are the traditional North Star for investors because they represent the code-bear rate—a limit in the hand versus what we hope will be too as the book. Even more volatile stocks, Lending is a guaranteed 3%, inflation-adjusted return for almost 10 years will isn't competitive with the 0.6% or so U.S. equities have averaged over similar times, also adjusted for inflation.

But 3% is close to the worst-case historical return for stocks over decades of data. That three-decade stretch began 221 years, showing same as a third of state-formation technologies—cars, planes, electricity and radio. Maybe AI will surpass all of them, but we don't know that.

The closest thing to a yield for

stocks is what we pay today for a dollar of past earnings. Their returns over the coming years may well be on the lower end of historical norms. If valuation increases, such as Proforma Select Shiller cyclically-adjusted price/earnings ratio will have predictive value.

Based on inflation-adjusted earnings over the past decade, the Shiller FX is in the highest few percentiles of historical observations. Docket yield, which you pay by flipping that ratio, is therefore near the lowest ever.

We do not have much better inflation will be. Stocks do give investors some protection if it's higher than expected. Traditional bonds don't, yet about everyone owns them as part of a standard return-

ment portfolio. Incorporating some long-term TIPS into that food portion has nearly made more some given worrisome inflation and unusually past yields. TIPS can be continuing in the way they impact income from inflation—a non-sick taxable event that offers surprises across buyers. Exchange-traded funds make that simple: since they pay out those gains as dividends.

Of course TIPS can total standard bonds or incremented times making them less of a portfolio better. They sharply suggest behind in 2016 when the market is still inflation per way low. There are no guarantees in investing, but this is about as close as it gets to long-term peace of mind.

—Spencer Zelzah

MONEY & INVESTING

Stock Spotlight

Intel

The chip maker increased the size of its stock offering to 120 billion, up from 120 billion. Shares prices were little changed.

Trump Media & Technology President Trump's results business posted a 10-fold increase in losses in the second quarter in its earnings after Wembley's close, driven by declines in the adoption of its digital assets. Shares lost 5.7%.

Slot Platforms

Shares ranged 4.3% after a Bloomberg report that the bitcoin miner secured a $10 billion cloud deal with a softheart.

Rocket Lab

Shares in the rocket launch company were little changed as it reported narrowing losses and rising revenue.

On Holding

The Swiss running-free maker dropped 20% after it pushed lower-than-reported second-quarter sales.

WEDNESDAY'S EVENTS:

● Inflation 100% Consumer price index for July 8:30 am, ET

● Other 100% EIA petroleum status report and Treasury budget

● Bond auctions: 50-year Treasury note

EARNINGS EXPECTED:

Cisco Systems StubHub Coherent Air Canada

Gold's Summer Round Trip

Mech notes: gold-future price Stelltrine.com

Carry-Trade

Demand Hits Yen

The effect of Tokyo and Washington's new depreciation of earnings is clear. The yen weakened slightly after Tuesday to trade around $18.84 a dollar. That puts it out for off from its key full-time—while carelessly the threshold where policymakers risk to 4% quite the revenue for the currency, which was a hard of drought after last month's intensities. One reason can trough carry-trade demand.

The carry trade involves in-verdicts (narrowing) in the currency of a place where inter-attracts are low and going it to invest in a currency where value are higher. The yen has been a major market for money in recent years because of its comparatively low values.

That may continue for the same being, according to the 8% margin in those of the penny. He writes in a report today that what-transit cash-serve—thanks in part to a strong currency in greater risk—helped keep volatility (most including in currency markets). —Carole McCabe