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Channel, Aryan Buse

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Financial Times - 28.07.2026.pdf 中文镜像版

金融时报

星期二 2015年7月28日

英国 12/15 爱尔兰共和国 6.15

阿联酋与德黑兰之间不稳定的缓和关系

深度报道，第 37 页

相互重叠的战线增加全球战争风险

GREENY PAIGHAN，第 21 页

火焰之墙

“超级大火” 袭击欧洲

周日，在法国西南部和西班牙中部山火继续肆虐之际，靠近Bordhans的Marchenheim镇被大火吞噬。

这两个地区已有超过 3000,000 人被迫离开家园，欧盟昨日称其为“欧洲规模最大的疏散行动之一”。

西班牙首相佩德罗·桑切斯将此次火灾直接与气候变化联系起来，且根据预报，随着目前气温升高和风力增强，火势可能从明天起进一步恶化。

在火灾呈现出与美国和加拿大所谓的“超级大火”类似的特征后，当局称这 5 起火灾的强度“前所未有”。

欧洲消防员对这种现象并不熟悉，在这种情况下，火灾会产生自身的雷电和风。 在下一次热浪的威胁下 第 5 页

图片：G. R. P.（左）

伯纳姆试图通过使学校适应当地就业市场来降低福利开支

● 推动青年就业 ● 教育与雇主建立联系 ● 曼彻斯特政策作为模型

CHRIS BRYTO 和 JENNIFER WILLIAMS

安迪·伯纳姆准备要求学校根据当地雇主的需要量身定制课程，以推动更多年轻人就业。

这位首相已表示他有兴趣修复福利制度，并在上周的内阁重组中留任了帕特·麦克法登（Pat McFadden）担任工作和养老金大臣。

他昨天告诉 BBC，国家必须“真正严肃地对待……完成福利 [全盘] 改革”。

伯纳姆预计于今日出台的该领域首项干预措施，将侧重于为年轻人寻找工作提供更好的支持。他将主张“降低福利开支的最佳方法是停止让人们与工作脱节”。

Canary

What's

evolution

holds

lessons for

伯纳姆，旨在将技能与英语和数学等传统科目并列。

这一举措基于伯纳姆在担任市长期间的旗舰教育政策，即“大曼彻斯特国际文凭/教育课程”（Greater Manchester Baccalaureate）。该课程于去年引入学校系统，并非指南，而是一套包含 10,000 个环节的方案，旨在为学生提供正确的技能集，以便进入包括 5 个等级在内的技术教育。它还包含大量的工作经验。

教育部——无论在保守党还是工党领导下——对该政策一直持非传统态度，认为其路径过于狭窄。伯纳姆最终在 2014 年获得了引入该课程的权力，但 DITA 少数派导致该部与市长之间持续紧张。

作为首相，伯纳姆面临的挑战是在工党议员中为福利改革争取支持。去年，工党议员在残疾人福利等问题上的挑战，是其前任在农民问题上垮台的关键点。伯纳姆表示，他计划的技术教育路径将是对“教育系统的根本性改变”，且他希望“像看重毕业帽一样看重艰苦的劳动”。教育监管机构英国教育标准局（Ofsted）将被要求在评估学校时将技术教育的质量考虑在内。

英国商业游说团体首席执行官 Rain Newton-Smith 表示：“企业需要技能，年轻人需要机会，但目前系统未能将这两者结合起来……我们的成员准备好与政府及地区领导人合作，消除招聘障碍，为年轻人进入建设性工作建立路径。”

其他政策选项包括为市长开发 16 项技能培训资金。伯纳姆还考虑将就业登记的控制权交给市长。

关于福利制度更具争议的改革将在今年晚些时候提出，此前将由前工党内阁大臣艾伦·米尔本（Alan Millburn）进行审查。米尔本一直与伯纳姆密切合作，旨在针对那些最先脱离教育、就业或培训的年轻人进行改革。米尔本在 5 月警告称，如果不改革教育和福利，英国将面临失去“最后一代”的风险。

Stephen Bush 第 20 页

Briefing

• 巨头银行质疑英格兰银行资本金规则理由 各大银行领导层指责英格兰银行发布的一份关于英国与美国资本金要求的对比报告存在缺陷，认为该报告忽视了华尔街机构凭借巨大的数字化投资而获得且不断增长的优势。- 第 7 页

• DCK 收购案获支持 这家富时 500 能源公司的董事会已建议接受来自美国 柯尔伯格-克拉维斯 & 罗伯茨公司 (KKR) 和 Energy Capital Partners 的 37.5 亿英镑 (£3.75bn) 收购报价，尽管部分领导层仍持有异议。- 第 16, LEE, 第 22 页

• Fila 负责人反击批评者 这家巨头公司指责批评者在英国“由口味主导”的领域中妄议，并对关于脑部问题处理以及在白宫压力下解除一名美国选手禁令的投诉不予理会。- 第 4 页

• 寻求以恐怖主义罪名起诉 英国皇家检控局正引导将五名破坏日间突破口设施的 Palestine Action 活动人士，根据恐怖主义相关法律处以更严厉的判决。- 第 3, LEE, JOHN LEWIS, 第 16 页

• 巴黎对英国角色表示不满 法国对英国参与一项旨在支持科技初创企业的欧盟 (EU) 共同资本投资基金提出了质疑，这凸显了英国与布鲁塞尔之间持续的紧张关系以及所谓的“重启”谈判。- 第 4 页

• 乔德雷尔班克面临危机 在政府削减天文学和物理研究预算后，科学家们对该机构著名的射电望远镜因资金受限而遭受损坏反应强烈。- 第 4 页

• AI 实验室采取攻势 OpenAI 在今年上半年的联邦游说支出几乎翻倍，达到 22 亿美元 ($2.2bn)，而 Anthropic 的支出几乎增长至三倍，达到 32 亿美元 ($3.2bn)，AI 实验室试图以此限制统一监管。- 第 8 页

• 以色列抵制土耳其战机 在今日华盛顿举行的一场潜在关键会议上，本雅明·内塔尼亚胡 (Benjamin Netanyahu) 预计将敦促唐纳德·特朗普扩大对伊朗的战争，并防止 F-35 战机落入安卡拉之手。- 第 4, GORDON RICHMAN, 第 27 页

中国芯片冠军首秀飙升 466%，本土技术实现重大飞跃

WILLIAM GARELLINS - 香港 SLEENOR OLDER - 海井

COM7 的股价在昨日上海证券交易所的上市首秀中飙升 466%，在初次冲击市场时，该公司一度成为中国市值最高的公司。

在最近的交易中，投资者竞相支持 COAT，这家排名第四的内存芯片制造商被中国国内视为该国在打造自有 16 供应链方面取得成功的证据。其股价收于 Rmb 66.，高于 IPO 价格 Rmb 66。在交易期间，其市值达到了 Rmb 70s ($5.47bn)，一度超过在香港上市的腾讯，成为中国市值最高的公司。

基于 HPR，作为 Airtel 的高级供应商，COAT 是最新一批在数据中心建设推动内存芯片价格飙升而获得 $1 繁荣红利的团体。COAT 是中国最大的 Dham 制造商——这种芯片用于从服务器到摄像机的各类设备——其排名在 SK Hynix、Samsung、Macitronics 和 Micron 之后。

为了显示投资者的胃口，COAT 通过出售 6.7bn 股筹集了 $8.5bn，使其成为中国大陆自 2010. 年中国农业银行以来规模最大的首次公开募股。该公司拥有出售另一部分股份的期权。

“我们知道这将是一个大型 IPO，”Gavikal Dragonomics 的分析师 Tilly Zhang 表示。“但令人惊讶的是，人们竟然如此热情。”

这种热情将 COAT 的市盈率推高到了 1,000 以上。在一种新形式中，Thomas 开始对该公司进行覆盖分析，分析师给出的目标价为每股 Rmb 66，较 IPO 价格上涨超过 2,200%。

在韩国第四大芯片制造商 SK Hynix 通过美国上市筹集超过 $20bn 两周后，COAT 正式亮相。该中国集团正在筹集资金，以期在 Dham 芯片的新研发中扩大生产，这使得计算机中的内存份额增加。

一些投资者和分析师警告称，随着中国产量的增加，内存芯片价格可能会下跌，从而对 Samsung 和 Hynix 等成熟的 Dham 制造商构成威胁。

COAT 也在开发高带宽内存芯片，但落后于竞争对手，很大程度上是因为美国的出口管制限制其获取来自总部位于荷兰的 AAML 的最先进制造工具。但该资本集团代表了其构建网络的加速上升。在来自美国机构的供应链安装中。

关于在英国游说增加，见第 8 页 关于投资者转向加密货币，见第 11 页

郊区

稀有图书之居

数据中心开发在苏格兰引发抗议

整个苏格兰对数据中心的反对情绪日益高涨，当地人担心电力的平方消耗和水资源压力、区域被破坏以及就业机会有限。随着威斯敏斯特和荷鲁德府支持一个新的工业前沿，开发商们加入了一场投机性的“淘金热”，试图为他们的项目确保电网连接。尽管并非所有项目都能获得支持，但 Thayer 博士表示，开发计划已经在制定中。这是一个更深层的经济问题；评论正在对比中。

绿色愤怒 - 第 1 页

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FT FRONT © 2008

稀有书籍之栖

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伦敦

伦敦

NUTRER & CREELE

www.peterharrington.co.uk

纽约

LYNN EAST NOK

---

2

★

金融时报

2016年7月28日，星期二

国内新闻

银行遭到破坏

激进分子面临“恐怖主义”量刑风险

检方就与“巴勒斯坦行动”相关的破坏行为寻求更严厉的处罚

JOHN ALBERT GOTON 与 ALISTAH GRAY

检方正推动将五名破坏巴克莱银行 Barstiyu 分行的“巴勒斯坦行动”（Palestine Action）激进分子，根据恐怖主义条款进行量刑。

英国皇家检控局主张采取更严厉的处罚，理由是政府指南允许法官决定刑期，并在认为犯罪行为具有“恐怖主义关联”时进行干预。

尽管被告并未被正式指控恐怖主义罪名，但他们上月被裁定在 2014年8月 对一家巴克莱银行分行造成刑事损坏，并定于 9 月宣判。根据《金融时报》看到的文档，该团体在银行内部有一个“密封”安保面板时，通过喷涂土壤油漆和砸碎窗户，造成了约 £212,000 的损失。

该事件被录制成视频并由该团体分享，这是“巴勒斯坦行动”针对巴克莱银行的一项活动，原因是巴克莱持有军火公司 Elbit Systems 的股份。根据 SEC 申报文件，该银行此后已抛售其持有的 Elbit 股份。

英国法律中对恐怖主义的定义可涵盖对财产的严重损坏，只要该行为是为了政治目的，意在影响政府或恐吓公众。

根据《金融时报》看到的文档，负责审理巴克莱案件的法官 Philip Parry 在另一起涉及“巴勒斯坦行动”成员闯入 Elbit 工厂（该事件导致一名警员严重受伤）的独立审判后，要求双方提交量刑抗辩。

该案的法官使用了 2015 年引入的法律将被告判定为恐怖分子，这引发了人权组织的愤怒。

在该立法引入之时，部长们辩称，在量刑时考虑种族仇恨等加重情节，是法官在司法实践中的常规操作。

由于“恐怖主义关联”被视为量刑的加重情节而非独立指控，因此陪审团无需对此进行裁量。人权组织批评这实际上是一个法律漏洞，使恐怖主义的定义及其结果被扩大化。

民权组织 Liberty 的主任 Akilas Hart 表示，此次推动量刑表明“英国的反恐机制出现了严重偏差”。她补充道：“直接行动一直是抗议活动的一个特征，但直接行动与恐怖主义之间的法律界限正变得危险地模糊，这种混乱将使许多人因恐惧而不敢为自己信仰的事情发声。”

在巴克莱银行事件中被定罪的 Mohammed Malik 表示：“我们没有被指控，也没有被判定犯有任何恐怖主义罪行。在审判期间，检方从未寻求追究任何与恐怖主义相关的事宜，陪审团对此完全不知情。”

辩方提交的材料称，将此定性为恐怖主义将违反程序，因为在案件听证证据之前，检方并未引入该定性。

检方承认他们在审理期间选择不追究恐怖主义关联，但表示在作证期间，被告通过宣布其与“巴勒斯坦行动”的隶属关系而提及了恐怖主义问题，而该组织在去年 7 月被指定为恐怖组织。

英国皇家检控局（CPS）拒绝置评。

坚定立场：伯纳姆表示将支持泽连斯基“无论需要多久”

昨日，安迪·伯纳姆（Andy Burnham）第六在朴次茅斯皇家海军基地与泽连斯基（Vanstey Zelenkyy）握手。首相表示，乌克兰总统在就任后的首次国际行程中出现是“一个巧合”，并补充说，基辅可以指望英国“无论需要多久”的支持。伯纳姆随后告诉记者，他打算“很快”访问乌克兰。

强奸指控

律师称泰特的引渡挑战将耗时一年

ALISTAH GRAY 与 CHARITY CHRISTOPHERY

安德鲁·泰特（Andrew Tate）的律师表示，这位社交媒体影响力人物将通过一项可能持续近一年的挑战，来对抗将其从美国引渡至英国接受强奸和性侵指控的请求。

伦敦高等法院昨日听取了关于泰特及其兄弟特里斯坦（Tristan）面临的跨越美国、英国和罗马尼亚的日益扩大的法律诉讼的新细节，两人都因发布挑衅性内容而拥有大量的追随者。

英国检方在 2016 年美国、美国以及欧洲议会选举后寻求遣返，以解除该党、美国以及欧洲议会的武装，美国以及欧洲议会解除武装，美国以及欧洲议会解除武装，美国以及欧洲议会解除武装，美国以及欧洲议会解除武装，美国以及欧洲议会解除武装，美国以及欧洲议会解除武装，美国以及欧洲议会解除武装，美国以及欧洲议会解除武装，美国以及欧洲议会解除武装

至 5%。这对兄弟否认所有不当行为。安德鲁·泰特的代表瓦内萨·马歇尔三世（Vanessa Marshall III）昨日表示，“如果引渡请求获得批准，那么很可能会提起上诉”，而在美国法院获得结果“可能需要长达 10 个月的时间”。

在拉脱维亚长大的安德鲁·泰特在“男性圈”（manusphere）中获得了极大的影响力，制作针对女性的视频和社交媒体帖子。他及其兄弟都是美国总统唐纳德·特朗普的支持者。

在四名女性指控遭受性暴力的民事诉讼听证会上，提出了上诉的可能性。

原定于本月晚些时候进行的民事审判，是在赫特福德郡警方重新启动 2019 年曾关闭的刑事调查后首次进行。

法院被告知，调查这些指控的警员正在分析来自六个电子设备的数字下载内容，这些设备来自近 15 年前。

高等法院此前获悉，侦探计划梳理超过 500,000 条聊天和短信记录、超过 500,000 张照片以及数千个视频和音频文件。然而，安德鲁·泰特的律师对谁使用了这些设备提出了质疑。

法院昨日被告知，律师上个月写信给警方，称这些设备是从一处共用房产中没收的，其他个人也可以接触到它们。

警方希望在 1 月份结案，但马歇尔在一份书面陈述中表示，预计整个调查“将进一步花费 10-12 个月”，这一时间范围不包括“英国皇家检控局 (CPS) 审查案件文件的时间”。泰特兄弟在罗马尼亚也面临法律诉讼；在被美国逮捕之前，他们本将在罗马尼亚诉讼结束后被引渡至英国。

英国皇家检控局本月表示，已决定起诉安德鲁·泰特。此外还包括多项强奸指控、三项组织或协助性剥削贩卖指控、三项导致实际身体伤害的袭击指控，以及 29 项与儿童不雅图像和极端色情内容相关的额外指控。

英国皇家检控局表示，其兄弟 26 岁的特里斯坦将因一项性侵指控、两项强奸指控和三项组织或协助性剥削贩卖指控而被起诉。

民事诉讼的进一步听证会定于 12 月举行。

货币政策，货币政策委员会 (MPC) 会议

英格兰银行预计将维持利率不变，尽管面临“旧有”价格压力

由于通胀低于预期且工资增长放缓，预计将无动作

SOLYMIN STRAUSS

经济学家预测，英格兰银行将在本周的会议上采取“强硬措辞”，但将维持利率不变。此次会议召开的背景是中东地区冲突重启，导致能源价格波动。

自从之前的货币政策委员会（MPC）“重复” 2016-2017 年的总利润以来，美国与伊朗之间关系的崩溃将全球油价推回至 8,000 份额附近，欧洲天然气价格则攀升至冲突初期以来从未见过的峰值。

由于人们对和平重新燃起希望，所有价格在昨日大幅下跌，但如果波斯湾的出海航线继续受阻，价格可能会进一步跳升。

经济表现比 MPC 在冲突最初几个月报告的要好，截至 5 月的三个月内，GDP 增长了 67 百分比。

目前还没有迹象表明能源冲击能消除持续的价格压力。消费者价格通胀率已连续三个月低于预测，上月收益为 1.6 百分比。

作为通胀压力的重要来源，工资增长速度已经放缓，食品价格的涨幅也随之下降，而食品价格通常驱动公众对通胀的感知。

经济学家表示，这将为 MPC 成员提供时间，使其在周四将利率维持在 3.75 百分比，同时发出信号：如果能源价格飙升，或者一次性的价格检查开始看起来像是一个更持久的问题，委员会将准备好收紧政策。

咨询公司 Pantheon Macroeconomics 的英国首席经济学家 Rob Wood 认为，这种“保持距离且措辞强硬”的政策在最近的会议中已贯穿上半年。

他补充道，投资者认为“到年底前”会有一次或两次加息，因此他们正在“完成 MPC 成员在 2016 年的工作”，使金融状况比冲突开始前更为紧张。

巴克莱银行经济学家 Jack Messing 表示，看到委员会的投票成员已发出信号，表明这“更符合预期的通胀路径”。他认为 MPC 可能会被“说服”，且经济学家们正关注政策在今年晚些时候可能如何演变。

一些经济学家认为，MPC 将利用本周的会议发出信号：如果波斯湾局势未能平息，最早可能在 9 月加息。

4 月，该机构并未发布通胀的中心预测，而是设定了三种方案，反映出能源价格和国内价格压力的不同可能路径。

首席主管 Andrew Meek 建议，鉴于金融状况已经收紧，在中间两种方案的情况下，利率可能不需要上升。

“自冲突开始以来，该机构一直倾向于耐心……但最近的事态发展可能会耗尽这种耐心，”MPF 经济学家 Gail Andrew 进一步说道。

她指出，天然气和电价——在通胀情况下比石油更重要——已经揭示了该机构中间方案背后的假设。

经济学家预计 MPC 将在熟悉的界限上产生分歧，至少有两名成员——Megan Greene 和首席经济学家 Peter Pill——将投票支持提高基准利率，以防止通胀失控。

如果委员会的某些“现任”成员——例如副主管 Clare Lombardelli、Steve Kausner 或 Kathy 本人——改变语调，将更具指示意义，并表明多数成员在未来几个月内将转向支持加息。

“冲突持续的时间越长，MPC 可能会变得越紧张”

CPI 的整体率有望从秋季起升至 3 百分比以上。这有时被视为一个心理关口，人们会开始改变行为，预期通胀将维持高位。

预算削减后，乔德雷尔银行天文台面临关闭危险

埃莉薇·库克森（ELYVE COOKSON）与 詹妮弗·威廉姆斯（JENNIFER WILLIAMS）

位于曼彻斯特郊外、举世闻名的射电望远镜乔德雷尔银行（Jodrell Bank），在政府削减物理与天文研究预算后，将面临科研资金短缺。

昨日，资助机构英国研究与创新局（UKRI）公布了削减方案，这一决定引起了震惊。皇家天文学会表示，获悉这座位于切希尔郡的“核心”天文台面临关闭风险时，感到“震惊且深受打击”。

曼彻斯特大学的学者参与运行该天文台，且该地靠近首相 Andy Burnham 的选区。校方表示，如果没有替代资金，这座著名的洛弗尔望远镜（Lovell Telescope）将“难以维持”。目前，乔德雷尔银行每年获得约 £2.3bn 的资金。

作为 UKRI 组成部分的科学技术设施委员会（STFC）表示，将撤回对墨瑟（Martha）的支持——这是一个由七台射电望远镜（包括洛弗尔望远镜）组成的团体，构成了全球最强大的天文观测网络之一。

其他削减措施——在 Andy Burnham 关闭科学、创新与技术部几天后，这些举措可能会在政治上令其陷入不利局面——将要求英国退出位于夏威夷的国际项目 UKR 罗素望远镜（UKR Russell Telescope），并削减 20% 参与智利新维拉·萨尔坦天文台（Vera Sultan Observatory）的份额。

英国最著名的物理学家、曼彻斯特大学教授布赖恩·考克斯（Brian Cox）表示：“这些毁灭性且不可逆的削减是 UKRI 一系列仓促且欠考虑的决定的产物。对英国科学基础的损害已经十分严重，我相信负责此事的现任部长们会希望花些时间来审查这种情况。”

STFC 表示，削减预算是必要的，因为在接下来的四年里，其粒子物理学、天文学和核物理学预算将下降 3.7%，而能源和人员成本则会上升。

STFC 执行主席米歇尔·多尔蒂（Michele Dougherty）表示：“在听取我们的意见后，我们通过一个更聚焦的组合保护了核心探索研究，该组合能充分支持本土研究人员，保护博士机会，并维持英国的国际技术地位。”

“然而，现状确实需要做出更多艰难但必要的决定。这些正是我们所面临的选择，但我们认为自己已经做出了正确的决定，以便在 2020-30 年前使 STFC 达到可持续的财务组合。”

这座完成于 1997, 的大口径洛弗尔望远镜仍然是全球第三大全可移动望远镜。这座伟大的 16 世纪[注：原文如此，疑为OCR错误]之作继续做出重要的科学贡献。上周，专家们演示了它能够监测空间碎片。

如果找不到替代资金，到 2018 年 3 月底，将有 26 个全职和兼职岗位被取消。

曼彻斯特大学科学与工程学院院长莎拉·沙普尔斯（Sarah Sharples）表示，学者们正试图寻找其他收入来源以维持望远镜的运行。

她表示，虽然这笔资金不涵盖乔德雷尔银行访客中心的开支（该中心每年接待超过 125,000 人），但望远镜是“该地奇迹与吸引力的关键部分”。

巨大的发明：乔德雷尔银行继续做出重要的科学贡献。上周，专家们展示了它能够追踪空间碎片。

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2024 年 7 月 26 日，星期二

金融时报

国内版

苏格兰民众对数据中心激增的愤怒日益增长

居民担心这些中心将挤占电力和水资源，破坏乡村地区，并在创造极少就业机会的情况下增加科技巨头的利润

SWEEN KERR — 爱丁堡

RACINE MILLARD — 伦敦

在爱丁堡郊区，一片石造小屋群紧邻着一片耕地，这里很快可能会建起一座 200 兆瓦的数据中心。

拟建的 ILL4th Wester Here-miston 设施将覆盖约 30 公顷——相当于 42 个足球场——的绿带农田。

这是可再生能源和存储开发商 Apatura 在苏格兰规划的九个数据中心之一。苏格兰凉爽的气候和丰富的绿色能源，吸引了那些寻求建设大规模工业设施以支持 AI 热潮的人们的浓厚兴趣。

对于住在几百码外的萨拉·马修斯（Sarah Matthews）来说，这种利益分配向全球科技巨头倾斜，而当地居民则在承受代价。

“这是一个社会经济问题——这些人将无法卖掉这些房子，”这位两个孩子的母亲在谈到小屋主时说道。“但 Apatura 将赚数百万美元，其他任何科技公司也是如此，”她说。

马修斯是苏格兰中部地带日益增加的抗议群体的一员，他们反对建设大型数据中心，担心这些中心会挤占社区的电力和水资源，破坏农村地区，并在当地创造就业机会有限的情况下增加科技巨头的利润。

“我不反对进步。我担心的是在缺乏足够透明度或证据的情况下做出的决定，”她说。“我们要求苏格兰政府做的事情很简单：暂停，收集证据，并确保苏格兰在批准这些开发项目之前拥有一套稳健的规划框架。”

英国政府和苏格兰政府对这一新工业机遇的支持引发了一场投机性的“淘金热”，开发商们试图抢占电网连接资源，以便在十年内启动运营。

目前苏格兰规划了约 24 个“超大规模”数据中心开发项目（其规模通常大于 1000MW），不过考虑到其巨大的能耗，并非所有项目都能获得批准。

然而，对环境的担忧、对其外观的焦虑以及对 AI 影响的一些怀疑，已经引发了一场全国性辩论。

因此，苏格兰政府正在重新考虑其给地方议会的指导方针。

“我担心的是在缺乏足够透明度或证据的情况下做出的决定”

这些议会负责考虑相关提案。官员们热衷于吸引投资，但同时也警惕那些未能为当地社区带来实惠的开发项目所引起的愤慨。苏格兰民族党的政策制定论坛已敦促暂停新建数据中心。

活动人士表示，苏格兰规划的 24 个超大规模数据中心开发项目所需的电力将是一次峰值电力需求的 1.5 倍。

英国国有的国家能源系统运营商（National Energy System Operator, NESO）表示，约有 60 吉瓦的数据中心需求正计划接入英国的高压传输网络——这是一个巨大的数字，约为现有站点已接入容量的 30 倍。

虽然其中大部分可能被证明是投机性的，但 NESO 表示需要对其进行谨慎管理，以避免干扰其他需要电力连接请求的行业，例如试图将工艺电能化而非燃烧化石燃料的工厂。NESO 首席执行官弗莱彻·奈（Fletcher Nye）表示，数据中心开发商应将目标定在苏格兰，以最大限度地利用其可再生能源，并避免增加伦敦周边的电网压力。“如果听众中有大型数据中心且想去苏格兰，请来和我谈谈，我们会帮助你们。在系统中这样做实际上是有益的，”他说道。

“目前并没有多少行业需要如此大量的清洁能源，如果我们不采取行动，投资就有可能流向其他地方，”Apatura首席执行官吉尔斯·哈金斯（Giles Huggins）表示。

批评者则认为，数以十亿英镑计的潜在投资将使美国科技巨头获益，而对于大多数拟建数据中心所在的中心地带后工业心脏地带来说，几乎不会创造就业机会。

苏格兰计划建设大型数据中心

右侧主图：奥克特伦德（Auchterlund）社区委员会主席安德烈亚·科尔（Andrea Call）持怀疑态度。右侧：莎拉·马修斯（Sarah Matthews）是许多反对建设大型数据中心的当地活动人士之一。

在奥克特伦德，开发商ILL提议在起伏的农田上建设一座价值£256-6000MW的数据中心，距离莫索莫兰（Mosomorran）场址仅数英里，埃克森美孚（Exxon-Mobil）今年在该地关闭了其ethicious工厂，导致400个工作小时流失。

活动人士表示，该场址的“鹿侧（deer side）”部分据称需要的电力相当于苏格兰年度用电量的五分之一，考虑到预计仅能创造220个现场永久工作岗位，这种开发是不合理的。

“如果它能像莫索莫兰那样创造就业机会，我们可能会很难反对，”社区委员会主席安德烈亚·科尔说，“但这行不通——这里根本不是合适的选址。”

ILL表示，该场址每年估计约£47mn的广泛经济影响是一个“巨大的机遇”。该公司认为，将该场址的电力使用情况与苏格兰的总体需求进行比较，未能考虑到该国在2024年生产的电力是其消耗量的两倍，且去年有39%的风能获得了认证。

拟建的阿伯丁附近多吉瓦级Blackdog数据中心的开发商，正利用东北部靠近计划中350MW离岸风电场潜在容量的优势进行推广——但其他行业高管表示，为了实现特定的数据传输，数据中心应建在靠近东南部主要需求源的地方。

上个月，苏格兰首席部长约翰·斯威尼（John Swinney）表示，他将考虑更新国家规划指南，“以在超大规模数据中心的快速扩张与国家能源和气候目标之间取得平衡。”

苏格兰金融企业（Scottish Financial Enterprise）首席执行官桑迪·贝格比（Sandy Begbie）表示，这一举措是对新政府及其经济大臣斯蒂芬·弗林（Stephen Flynn）的第一次重大考验，“以证明他们确实在认真对待经济增长。”

拉伯特（Larbert）是一个深受失业影响的后工业城镇，这里是另一项Apatura开发项目的选址，一座价值£2.3bn的3000MW数据中心，计划于2028.年投入运营。当地居民、退休的第三方员工迈克尔·马西奥拉（Michael Macieola）表示，使用200台柴油发电机作为备用电源存在爆炸风险，且常规的发电机测试会污染周边环境，包括苏格兰中部最大的医院。

Apatura表示，备用发电（包括发电机的常规测试）的环境影响已经过评估，并提交给当地委员会审核。该公司承诺，拉伯特设施将为苏格兰带来近£20m的投资，创造200个年平均薪资为£36,000的就业岗位，并表示公司在“严肃地”对待来自“真实的问题”。

“这就是彻头彻尾的营销废话，”马西奥拉说，“我们最终可能会得到一座建筑，但技术全部来自英国，这里没有任何制造环节。”

金融时报周末版

HTSI，内含于金融时报周末版 周六与周日 8月1–2日

FT.COM/HTSI

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4

金融时报

2016年7月28日 星期二

国际

华盛顿会议

内塔尼亚胡将就土耳其战机交易向美国发出警告

以色列领导人将要求特朗普扩大对伊朗的打击，并拒绝向安卡拉提供 F-55 战机

JAMES SCOTTEN - APJ/APJ JOHN PAUL RAYBROOK - SC/APJ JOHN PAUL RAYBROOK - SC/APJ JOHN PAUL RAYBROOK - SC/APJ

本雅明·内塔尼亚胡预计将在今日与唐纳德·特朗普举行一次具有潜在关键意义的华盛顿会晤中，敦促后者扩大在伊朗的战争，并确保 F-55 战斗机不落入土耳其之手。

这将是这位以色列联合部长在今年 2 月美以两国发起对伊朗的联合进攻以来首次会见特朗普。与此同时，美国与以色列在该地区的利益似乎出现了分歧。

两人的会面将在他们共同出席共和党人或某些乌拉尔人（Uranian Uralians）的葬礼前几个小时进行，后者是伊朗战争的有力支持者，也是内塔尼亚胡在华盛顿的盟友。

内塔尼亚胡在昨日出发前往美国时表示，这次会晤是特朗普重返办公室以来的第 8 次会面，将“首要”讨论伊朗问题，但“所有议题”都将列入议程。

一名知情人士表示，内塔尼亚胡是以“倾听模式”前往华盛顿的，但希望美国将针对伊朗的行动扩大到霍尔木兹前线之外，该关键地带在过去数月中已成为冲突的以色列焦点。

特朗普在经历了连续 12 个夜晚的轰炸后，于上周五停止了美国对伊朗的攻击。美国驻美大使迈克·沃尔兹（Mike Waltz）在 10 月表示，特朗普希望给“对话”留出更多空间以取得成功。该人士表示：“内塔尼亚胡希望这不仅仅关于霍尔木兹。”在 2 月战争爆发时，内塔尼亚胡表示目标是

内塔尼亚胡表示，两人的会晤“首要”关于伊朗，但“所有议题”均在议程之中

摧毁伊朗的核能和半球导弹能力，并推翻其政权。目前这些目标均未实现。

该知情人士在谈到此次访问时表示，两人还将讨论土耳其请求从美国购买先进 F-55 战斗机等问题。这一前景令以色列感到不安，因为这将削弱其相对于该地区其他国家的军事优势。

以色列是中东唯一拥有 F-55 的国家。但特朗普在本月与安卡拉的同行雷杰普·塔伊普·埃尔多安会面后表示，他将“肯定考虑”向土耳其提供这些采用隐身技术以规避探测的战机。

内塔尼亚胡激烈地反对提供这些战机，称此举将“摧毁中东的力量平衡”。但特朗普多次称呼埃尔多安为“非常好的盟友”和“非常好的朋友”。然而，土耳其购买这些战机的路径在法律和政治上依然复杂。

在土耳其接收俄罗斯的 8-600 防空系统后，华盛顿在 2019 年将其从 F-55 项目中剔除，美国官员担心该系统会损害伊朗的防空防御。随后，美国对土耳其的国防采购机构实施了制裁。

仅取消制裁本身并不意味着授权交付飞机，因为美国法律规定，只要土耳其仍拥有 8-400 防空及其相关设备，就禁止向其转让 F-55。

以色列官员还预计，特朗普将推动其关于加沙计划的书面执行，该计划已停滞数月。作为向特朗普表达好意的一种明显姿态，一名以色列官员周日表示，以色列将允许一支多国稳定部队进入加沙，正如特朗普计划中所设想的那样，其中包括来自摩洛哥和乌干达的士兵。

东亚。文化

外卖配送员摘得中国最高文学奖

诗人的成功标志着中国农民工文学日益受到欢迎

EDWARD WHITE - SPARKSHIP

当王继兵（音译）年轻时写小说时，他那固执的父亲认为他疯了，并烧掉了他的笔记本。但王坚持了下来，数十年后，这位 16 岁的人因其深受写作生活启发而创作的诗歌，被授予中国最高文学奖项之一。

王出生于中国东部一个小村庄的贫困家庭，高中未毕业。本月，他凭借诗集《飞翔》（Lee Flight，音译）被授予鲁迅文学奖。该书于 2016 年出版，包含 139 首诗作，通过对这些作为中国经济支柱的配送员的采访，揭示了他们的生活。

王在周五通过社交媒体分享了一段短视频，表示该奖项激发并唤醒了“女性的敏锐感与奋斗精神”。

“我也希望每个人都能分享一份……”王继兵说，“我是一条静静流淌的溪流”，尽管他也承认在获奖后承受了某种“心理压力”。

这位诗人的成功是中国农民工文学日益普及的缩影。

他追随了作者胡奥亚斯（音译）的脚步，后者的 2022 年著作《埃塞俄比亚：北京的讽刺》（Ethiopia: Parody in Beijing）在中国成为畅销书；以及另一位散文作家，其描述生活的文章在 2017. 年大获成功。他的书以及去年的《漂流在土地上》（Adrift is the land）——由前工厂工人韩辉（音译）撰写的回忆录——同样在民众中引起了广泛共鸣。

来自亚洲协会等机构的学者 Lee 表示，像王这样的作家受到欢迎，反映了中国“新的经济现实”，目前的蓝领工人数量已达 400 non-pupits。她说：“在经济增长放缓和不确定性增加的时代，这些故事让中产阶级读者产生了越来越强的共鸣。”

许多读者对数亿农民工的苦难表达了深切的同情。

“这种不加掩饰的写作——只需阅读一篇就能让我泪下盈眶……简单、真挚的话语——中国就是劳动人民，”一位在分享和评论书籍电影的中国热门社交平台上写道，以回应《飞翔》一书。“由文艺青年写的诗可能更具想象力……而由快递员写的诗则更具肉体感和野心，让人们能更好地体验这个世界的爱与年龄。”

据中国专家称，王已经写了 6,000 多首诗，并出版了五部作品集。2022, 年，他的诗作《在纷乱中奔跑》捕捉到了外卖配送员的困境，并在网上走红，在社交媒体上获得了 2000 万次观看。

去年，他在国家荣誉年终广播节目中亮相后，迅速进入主流大众的视野。虽然他仍然一名外卖配送员，但在类似 Instagram 的中国社交平台 Taimongoku 上拥有约 72,000 名粉丝。

“党在行动。” 《飞翔》是基于对数百人的采访，他们是“党”……

以及在 Amazon 等平台上的 8,000 参与者，以及“党”……

由人民联合会（中国共产党的情报机构）发表的一篇关于王的作品的评论在今日发布，将其系列作品描述为“为普通人的情感发声”。

评论称：“王继兵的写作没有贵族或地域色彩；相反，它提升了隐藏在日常生活中的普通人的韧性与温柔。生活越丰盈，党就越持久。”尽管中国国内审查严格，但此次仍获得了官方认可。

根据一个由新成立的作家利润协会 PFS 编译的数据库，去年至少有 401 名作家获得了出国机会，其中 119 人在中国。相关专家认为，党将工人文学视为缓解社会压力的必要科学建议。

李（Lee）指出，虽然他们的作品强调了不平等、工人权利以及阿里巴巴等大科技公司主导地位等长期问题，但他们“止步于”质疑政治体制的合法性或呼吁有组织的政治行动。她说：“描绘普通工人尊严与韧性的文学实际上可以强化党想要推广的价值观。王继兵强化了这样一个观点，即普通人也能创造高尚文化，且文学属于每个人。”

令人意外的是，王没有计划改变他的职业。在获奖后，有人问他：“为什么你还在送外卖？”他回答道：“因为这就是生活。我知道我是谁。”

重启紧张局势

巴黎质疑欧盟 €30m 科技初创企业基金参与情况

PETER FOSTER - 伦敦 BARBARA MORSE - 布鲁塞尔

法国对英国参与一项欧盟科技初创企业股权投资基金提出了质疑。欧洲外交官表示，此举凸显了围绕欧盟与英国“下一步”谈判的持续紧张关系。

英国在多年前通过脱欧离开欧盟，现已同意为该基金提供 €150mn 的后续资本。该基金旨在通过投资欧洲科技领域，以应对在与美国和中国争夺技术主导权的压力。

欧盟负责初创企业、研究与创新的专员 Ekaterina Zaharias 曾在 5 月告诉《金融时报》，英国加入该基金存在“潜在兴趣”，但外交官现在表示，巴黎正寻求在任何协议中加入严格的条件。

一名欧盟外交官表示：“法国人正在提出反对意见。他们认为英国不在欧盟内，因此当我们需要确保这一计划作为一项旨在造福欧盟成员国的欧盟倡议时，为什么要把机会赠予英国人？”

法国以及其他一些欧盟成员国还认为，与英国达成侧面协议可能会降低欧盟在敲定与英国的“下一步”方案时的议价能力。

另一名外交官补充道：“法国采取强硬立场，但还有三四个成员国也在询问‘有什么好处’能让英国加入该领先基金——有些人主张需要有‘对等交换’的精神。”

外交官们表示，目前草案正致力于解决法国的反对意见，以便英国能够在从 2015 年开始的下一轮欧洲领先基金周期中进行讨论。

法国外交官表示，原则上巴黎“没有异议”让英国加入该计划，但已要求欧盟委员会提供详细信息，说明英国作为非欧盟国家将如何“预测其参与方式”。

他们补充道：“这是一个进一步的问题。已经向委员会发送了问题，以了解计算英国参与度的方法。”

欧盟成员国从资金池中可吸引的资金上限为 25%。关于非欧盟成员在顶层角色中的突出问题，指出了出资额与拨款水平之间的联系。

这种论调在某种程度上呼应了关于参与欧盟 €100m 国防采购基金的讨论；由于英国拒绝布鲁塞尔要求其贡献数十亿欧元的请求，该基金在去年 11 月自动崩盘。

在凯蒂·马默爵士 (Sir Katy Marmer) 辞去英国首相职务后，原计划于 7 月通过内容会议确定欧盟“下一阶段”谈判结果的方案已被删除。目前尚未确定新日期，但外交官预计峰会将在 10 月下旬或 11 月初举行。

英国内阁办公室表示，政府不会对正在进行的谈判发表评论。

欧盟委员会表示，讨论仍在继续，目前“对任何问题发表评论都为时过早”。

一带一路倡议

北京绿色能源资金在油价飙升中创历史新高

EDWARD WHITE

由于美国在伊朗的战争刺激了对更廉价可再生能源的需求，中国的海外基础设施计划在今年上半年将其绿色能源融资推至创纪录的 $20.3$。

根据澳大利亚昆士兰大学和上海绿色金融与发展中心的研究，在习近平主席的“一带一路”倡议（BRI）下，前六个月达成的绿色能源交易价值已使其结果在去年全年达到顶峰。在完成的欧盟（EU）部分，该倡议将在下半年拥有其建设工程及 $8.3$ 的资金。

“尽管存在贸易战，但绿色能源的低成本一直驱动着中国的投资；而现在，那些在绿色能源方面与中国合作的国家，可能会从伊朗战争导致的能源价格波动降低中获益，”该大学的中国能源与金融专家兼该项研究作者 Christoph Wodopf Wang 表示。

上半年，一带一路（BRI）交易总额攀升至 $126.3$ 的高点，高于去年同期的 $125.3$。

今年的数字由 $45.8$ 的投资和 $76.3$ 的建设工程组成。除了能源部门的资金增加外，制造业、技术以及金属和采矿业的资金也有所增加。

随着美国和以色列对伊朗的攻击影响石油和天然气价格来源，而全球竞相加强电力和数据中心基础设施以支持 AI，一带一路（BRI）投资随之加速。

北京的官方前瞻数据来自近几个月清洁技术专家的激增。

一带一路（BRI）在习近平 2012 年上台数月后启动，被广泛视为这位中国领导人深化北京经济影响力并投资发展中国家的主要支柱。

上周，他阐明了中国在 AI 领域与美国竞争全球领导地位的雄心，宣布成立一个新联盟，旨在扩大北京对该技术开发的影响力。

专家表示，最新数据凸显了一带一路（BRI）现在主要由私营公司驱动，而非中国的国有企业。

根据昆士兰大学的数据，上半年私营部门的参与份额（相对于国有集团）达到了 64%，而 2022 年这一比例为 13%。

“这次 [一带一路] 与之前不同之处在于，投资决策越来越多地基于商业考虑，而非国家指导，”亚洲协会政策研究所中国气候中心主任李绍（Li Shao）表示。

李绍补充说，私营部门投资的增加也凸显了中国清洁

江苏省准备出口的中国风力涡轮发电机

技术产业的全球竞争力。

一带一路（BRI）一直因其在 10 人以下的交换中创造不可持续债务义务方面的影响而受到批评，尤其是非洲国家，以及一些国家不透明的信贷和贷款条款，以及中国合作伙伴缺乏互惠的市场准入。

尽管有此类批评，上半年数据表明，非洲国家对一带一路（BRI）仍保持浓厚兴趣，该地区的中国投资在一年内几乎增至三倍，达到 $55.3$。巴基斯坦或俄罗斯没有宣布一带一路（BRI）项目，反映出在经历增长年之后，中国在这两个国家的投资有所放缓。

Wodopf Wang 指出，自俄罗斯总统弗拉基米尔·普京 2022 年决定入侵乌克兰以来，一带一路（BRI）在俄罗斯的参与一直较为疲软，且双方在从国家石油项目转向私营商业交易方面举步维艰。

他说，长期以来一直是北京重要一带一路（BRI）先锋的巴勒斯坦，似乎正与美国进行更多接触，而与此同时，中国与伊斯兰堡的竞争对手印度之间的关系有所改善。

Gwen Prasad on Qianjin

---

Tuesday 28 July 2020

FINANCIAL TIMES

5

INTERNATIONAL

法国与西班牙在野火肆虐中任由下一波热浪摆布

数十万人撤离后，预报称情况将进一步恶化

LISLA AMROJO - 巴黎 BARNEY JORDAN - 马德里 IAN JOHNSTON - 布鲁塞尔

法国和西班牙正准备应对更高温的天气，这可能会加剧过去一周内已导致数十万人撤离的山火。

尽管如此，在昨晚到昨天的期间，法国西南部和西班牙中部的局势基本保持稳定，消防员阻止火势向波尔多和马德里蔓延的努力得到了轻微降雨的帮助。

但法国民事安全局的 Jérôme Boulanger 警告称，“火势远未得到控制”。

在提到可能导致气温升至 40 摄氏度以上的热浪预报时，他表示：“未来几天的天气状况将 [sic]”。

西班牙也发出了类似的警告。尽管消防员们正致力于“稳定”马德里西侧的火势，但西班牙内政部长 Fernando Grande-Markuño 表示，从明天起，气温升高、风力增强以及湿度降低的预报十分不详。

“我们需要每年在气候紧急情况面前保持更高的警惕，做好更充分的准备”

他说：“从采取行动对抗火灾的角度来看，天气预报确实非常不利。”

在他发言后不久，距离马德里 40 公里外的另一个市镇被撤离，使该地区的撤离人数增加到 65,000 人以上。

在法国的吉伦特省，自周三火灾开始以来，约 220,000 人被告知转移到更安全的地方，尽管昨晚的撤离工作有所放缓。数千人目前居住在紧急避难所中。

总统埃马纽埃尔·马克龙昨日在巴黎主持了一次危机会议，以协调政府的应对工作。

西班牙首相 佩德罗·桑切斯 在视察该国东南部受山火袭击的地区时，将这次大火直接与气候变化联系起来。

他昨日表示：“我们需要每年在气候紧急情况面前保持更高的警惕，做好更充分的准备。不幸的是，这种紧急情况已经超过了科学家多年来系统性警告我们的每一个水平。”

法国的林火于上周三在吉伦特省的 Ioannes 镇附近爆发，波尔多这座葡萄酒之城就位于该省。自此，火灾已烧毁 62,000 公顷森林，面积是巴黎的四倍。

当局称，此次火灾在强度和规模上对于法国来说是“前所未有”的，并指出在周日昨夜的几个小时内，火势表现出了与美国和加拿大所见到的所谓“超级大火”相似的特征。

这种火灾能产生自身闪电和风的现象在欧洲非常罕见，消防员对如何应对此类火灾并不熟悉。

自周六以来，消防员一直试图阻止火势从大西洋沿岸的起点向拥有约 260,000 名居民的城市波尔多蔓延。

但风向的变化和恶劣的条件增加了工作的难度。该地区拥有茂密的松林，且沿海地区游客密集。

法国财政部长 Roland Lescure 表示，吉伦特省撤离区域内的 123,000 家企业的运营将受到影响。

在昨天的紧急会议后，Lescure 承诺将“广泛动员”资源以帮助当地企业和工人。他表示，这些火灾是“一场经济挫折，打击了一个本不需要承受此打击的地区”。

吉伦特省是国防和航空航天工业的经济中心，也是法国核武器计划核心军事基地的所在地。

战斗机制造商 Emanuelt Aviation 在波尔多郊区的 Meringue 设有一家工厂，而卫星制造商 Acland Group 在已撤离的地区有两个生产基地。

在收到法国和西班牙政府上周提出的支持请求后，欧盟已协调从其他欧洲国家向西班牙派遣六架飞机，向法国派遣五架飞机和两架直升机。

葡萄牙已根据欧盟机制派遣了 134 名人员和 41 辆车辆以支持西班牙的应对工作。欧盟正利用 Copernicus 卫星绘制野火分布图，该卫星能够提供接近实时的火情监测。

当被问及为何欧盟 22 架飞机和 5 架直升机的预备力量没有更多地被派遣时，一名官员表示：“这并不总是通过增加 10 架飞机就能解决的问题。它们需要适应[当地]场景。派遣所有可用资产并不总是解决方案。”

由于今年连续三波热浪导致植被干枯，火势更容易引发和蔓延，使得火灾情况进一步恶化。科学家表示，气候变化使得这些条件变得更加极端。

官员们表示，欧盟正在监测葡萄牙、希腊、德国及其他国家发生火灾的可能性，因为他们预计野火季将延长至 11 月底。官员们还表示，野火爆发的频率可能会超过欧盟去年的情况。

由驻马德里的德国《Musée》记者提供额外报道。

欧洲

默茨在德国内阁大洗牌中解雇交通部长

ANNE STUIGHE DAISEAUF - BJELIN

弗里德里希·默茨（Friedrich Merz）在其为期一周的内阁重组中解雇了交通部长，此举引发了德国总理所在党内部的批评。

默茨昨日表示，帕特里克·施耐德（Patrick Schneider）将被斯特芬·布利格（Steffen Bliger）取代，后者是一名基督教民主党人，曾任交通部次级部长。布利格接手的任务将是改革国有的德国铁路公司（Deutsche Bahn）、审查列车准点率，并应对德国日益老化的铁路和公路网络。

默茨暗示，在通过新借款建立了一项 4500 公顷的基础设施基金后，他对投资速度感到不满。默茨表示，鉴于“我们承担的巨额债务”，基础设施投资“必须迅速推进”。

就任一年后，这位总理面临着越来越大的压力，要求他兑现振兴欧洲最大经济体的承诺，而该经济体在过去七年里几乎没有增长。在他的基督教民主联盟（CDU）赢得去年选举后，他放宽了德国宪法规定的债务刹车，向国内日益恶化的道路、桥梁和铁路投入了数千亿欧元。

此次解雇是一次有限的内阁重组的一部分，该重组始于上周，此前延斯·施潘（Jens Spahn）因一场代孕争议而辞去默茨领导的 CDU/CSU 议会党团团长职务。

默茨任命卫生部长尼娜·瓦肯（Nina Warken）为总理府负责人，这是政府最具影响力的职位之一，负责部委间的协调。她成为首位担任此职的女性，接替了默茨的忠实支持者托斯滕·弗赖（Thorsten Frei），而后者则接替施潘。

默茨的另一位盟友、CDU 秘书长卡斯滕·勒内曼（Carsten Lönnemann）加入内阁担任卫生部长，而 CDU 党库主管弗朗齐斯卡·海格曼（Franziska Heggermann）则成为秘书长。

在默茨于夏季休会前推动一系列改革后，这些变动旨在为他并不受欢迎的政府注入新动力。然而，这些举措反而加深了他所在党内的不满。

“对 [施耐德] 的处理方式让我感到不安且愤怒，”曾在安格拉·默克尔任内担任经济部长的彼得·阿尔特迈尔（Peter Altmaier）在 X 上表示。该帖随后被莱茵兰-普法尔茨州总理戈登·施密德（Gordon Schmieder）和交通部长 Uterthee 转发。

Aryan Buse 参与报道

（图片从左起顺时针方向）：Жи龙德省受损的房屋；西班牙卡斯特兰体育中心内被疏散的村民；一架法国军机正在投放灭火剂

了解更多

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6

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JOHANESSE, JOHNS

Tuesday 28 July 2016

国际

俄罗斯限制

欧盟重新思考制裁机制以规避成员国投票

布鲁塞尔在雅典阻挠方案后，考虑采取规模更小、更具针对性的措施

HENRY FOY —— 布鲁塞尔

在希腊为了保护一家航运公司而阻挠欧盟的一项大规模制裁方案后，布鲁塞尔正在考虑改变对俄制裁的方式。

欧洲官员们正在寻找方法，以加快对特定金融制裁措施的审批，防止成员国利用否决权。

雅典方面数周以来一直要求，欧盟必须允许 Eyrugasa 船舶继续竞争利润丰厚的俄罗斯液化天然气 (LNG) 业务，以此作为同意通过一系列针对莫斯科金融体系和航空出口收入的无关措施的条件。

这些官员表示，目前正在研究如何遏制这种策略。随着各成员国在抗议的同时仍与俄罗斯保持业务往来，这种做法在近期欧盟的制裁谈判中日益普遍。

在欧盟委员会以及部分最支持乌克兰的成员国中，一种日益增长的反应是：再次实施单独制裁，或将制裁分为主题批次，而非出于公关目的而将其打包成大型方案。官员们表示，这将降低措施因国家否决而陷入停滞的风险。

“这可能是最后一‘包’制裁了，”其中一人说道，他指的是在希腊弃权数周后，周四最终达成一致的措施。“现在很明显，这种方法已经不再奏效了。”

自 2022 年 2 月以来，欧盟通过将各项措施进行处理，并在 27 个成员国的一致支持下达成协议，共通过了 21 个针对俄罗斯的制裁方案——这通常是为了向特定国家展示其坚定立场。

但这意味着，针对某些措施的国家否决权，日益导致其他已获得所有成员国充分支持的无关限制措施也被搁置。

上周，希腊拒绝批准最新的方案，直到其他欧盟国家同意授予 Eyrugasa（由 Billimarie George Prokopiou 拥有的航运公司）一项豁免。该豁免涉及 2022 年 10 月达成的一项无关制裁，原定禁止该公司自 2027 年起将俄罗斯液化天然气运输至非欧盟国家。

希腊成功确保了该豁免，使得相关运输得以继续，这标志着欧盟针对俄罗斯的整体经济制裁方案首次被削弱。

雅典采取的这种以大规模无关措施为筹码的手段，导致包括阻止俄罗斯通过原油出口赚取数百亿更多资金在内的措施被搁置，同时也影响了对 94 家俄罗斯石油机构的制裁以及对 35 家银行的交易限制。多位参与其中的欧盟官员表示，这种策略令人“反感”。

欧盟官员表示，在最初约定的两年内，液化天然气将主要使 Eyrugasa 而非俄罗斯经济受益，且将使来自中国或其他非欧盟国家的船东获益。

新方法的支持者表示，有效的措施可以通过欧盟理事会快速批准。

欧盟委员会的一位发言人在被问及制裁策略变更时拒绝置评。该人士补充道：“尽管如此，事实是自战争开始以来，在实施了 21 轮此类规模的制裁后，俄罗斯正面临大量制裁，承受着巨大的压力。”

工业基础

欧盟在克里姆林宫供应链调查中对采取行动针对爱尔兰工厂持迟疑态度

PAULA TANNIA 和 HENRY FOY 布鲁塞尔

欧盟官员对于建议采取措施针对一家被指生产俄罗斯在乌克兰消耗的武器材料的爱尔兰工业工厂感到谨慎，担心这会切断对先前工业至关重要的供应。

爱尔兰政府上周进行了一项不确定性的调查，旨在确认由俄罗斯领事 Angliciah Alumina 生产的氧化铝是否被转化为莫斯科军事供应链中使用的弹药。

由于欧盟各国首都对其未来施压，欧洲最大的氧化铝厂正面临压力，但官员警告称，针对 Angliciah 将危及向欧盟铝业母公司（供应汽车和轻工业以及电力电网）的供应。

“如果我们制裁这家公司，我们就是在切断自己的路，”一名欧盟官员表示。

Angliciah 由 Rusel 拥有，这是一家由受制裁俄罗斯寡头 Meg Sierpaska 创立的莫斯科综合企业。他拥有 Eto 43 的股份，而 Eto 是 Rusel 的大股东。瑞典税务当局在今年开展的政府调查中表示，Sierpaska “凭借对其的多数所有权”控制了 Rusel。

该爱尔兰报告已与欧盟委员会共享并由 FFC 审阅，报告称政府“尚未发现足够的证据证实 Angliciah Alumina Ltd 生产的氧化铝被供应给 human military，或以其他方式与 human military 直接相关”。

报告称：“如果对该公司或产品出口实施处罚并随之适用制裁，该公司的生存能力将面临风险。”

报告发现，自 2012 年克里姆林宫全面入侵乌克兰以来，该工厂向俄罗斯的出口增加了约 25。Angliciah 占据其总量的 43，但报告发现，该公司在今年出现了波动，且 70 供应给了法国、瑞典和荷兰（合计）。

Angliciah Alumina 昨天表示，它必须配合政府审查，并针对 Eto 制定了一项审查计划，以帮助实现其氧化铝的“增强可追溯性”。《爱尔兰时报》率先报道了该报告的内容。

据该公司称，该爱尔兰工厂负责欧洲工业基础所消耗的爱尔兰氧化铝资产的 37，这使其成为欧盟在 2030 年前在内部处理 40 关键矿物材料目标的核心。

爱尔兰政府周五表示，“目前尚无足够数量的证据可达到确认爱尔兰氧化铝进入 human military 承包商供应链之断言的水平”。

欧盟委员会周五表示正在修订该报告。

官员们表示，由于夏季休假，布鲁塞尔在下个月底之前不太可能讨论制裁问题。另一名官员表示，停产该工厂需要先落实替代的氧化铝供应。

非洲。关键矿产

稀土争夺战威胁肯尼亚神圣之丘

美国、中国和澳大利亚矿企竞逐该项目，将对当地社区产生重大影响

WILLIAM BALLOR — RHINIA HALL

在肯尼亚印度洋沿岸，繁茂的森林冠层覆盖着里尼亚之丘（Rhinia Hill），下方则是绿色的甘蔗地、香蕉林和木薯地。

对于在激烈的竞争中与中国和澳大利亚公司角逐该地区矿权的美国社区而言，这座山以及邻近的火山地貌覆盖着稀土和关键矿产，这些资源被广泛用于国防和自然技术。

一名曾在 2015 年进行勘探的人员将这些矿床估值为 $6,000，不过该数字未计入巨大的开采和加工成本。

在项目预期之中，肯尼亚矿业部周四选出了一份包含七个团体的候选名单，以竞争开发该地的权利。

对于在此居住数百年的当地人民来说，他们现在发现自己成了这场大争夺战的旁观者：这座山不仅是家园。在过去，这些被称为 keya 的人们……“社区对此持抵触态度，因为他们担心生计，担心土地被毁，以及面临的威胁，”该地区的开发报告员 Jerusalem Kaishi 表示。

正如 senior James Cannon 的同僚所观察到的，规划者在耗尽地球资源后给了我们一个“项目”，里尼亚之丘体现了“健康的顶峰”，而 11pp 项目中祖传的文化和关键元素则被遗弃。

“它不像一座可以拆除的教堂。对于那些被称为 keya 的人来说，这是不可能的。11pp 成了他们房屋的生长之地。”

在 2000 century 初，英国试图征服肯尼亚沿海城市时，keya 人被击败。但自 1992 年起，他们一直被保护为国家纪念碑。

包括许多其他族群在内的当地人虽然感到担忧，但在被指名（获得利益）的前景下，似乎持条件性开放态度。

然而，随着政府官员搜寻土地，紧张局势正在升级；尽管根据 Kaishi 的说法，当地一些名人希望通过补偿申请来获利。

紧张局势在封锁通往潜在矿区（见下文）的道路时达到顶点。

关于未来发展资金的当地谈判正被破坏。“我们正尝试用一个统一的声音发声，” 11pp 社区资源信托基金（11pp Community Resource Trust）负责人 Suburban Western 表示，该信托基金已注册以代表社区利益。但他表示，存在恶意的复杂因素“正积极地试图分裂并削弱我们”。

在某个时刻，一群挥舞着砍刀的人骑着摩托车冲进来，干扰与农民的会议。另一群村民则封锁了进入这座山的通道。

根据 2015 年的一项肯尼亚地质调查，里尼亚之丘表层的敏感度太低，其顶端蕴藏着巨大的钼矿床，钼用于增强钢材、现代主义——用于洋红色——以及超导体的空间，这将对于维持和平至关重要。

“我们不知道矿业公司将采取什么方法，是会摧毁这座山，还是巧妙地在地下开采，”更广泛的 Mijikenda 社区（11pp 许可区的一部分）发言人 Ali Chitna Moulaveni 表示。

Moulaveni 曾任矿业部长，并起草了 2016 年《矿业法》的初稿，他表示，如果一座露天矿坑吞没了这座圣地，“将爆发第一次世界大战”。七家入围公司在 10 月 15 日之前需提交方案，随后将公布最终获胜者。

赌注很高。中国正寻求维护其在全球稀土市场 90 per cent 的份额，而家族经营的矿业集团也在角逐。

“社区对此持抵触态度，因为他们担心生计，”开发专家 Jerusalem Kaishi，见下文

开发专家 Jerusalem Kaishi，见下文

世界杯

因法蒂诺抨击被“仇恨吞噬”的批评者

约翰·沃勒 (JOHN WOHLE) — 伦敦

国际足联 (Fifa) 主席吉亚尼·因法蒂诺 (Gianni Infantino) 指责他的批评者被“仇恨吞噬”，并对有关伊朗队待遇以及在唐纳德·特朗普总统压力下决定取消 15 名球员禁赛的投诉不予理会。

作为足球最高管理机构的主席，因法蒂诺在世界杯期间面临多方面的压力，包括票价高昂以及决策缺乏透明度。

在昨天的一系列外交信息中，因法蒂诺抨击那些“愤怒”、“攻击”、“在背后”通过媒体和“报纸”并“传播谣言”的人。他表示，这些人错过了“大环境”、庆祝活动、欢笑……以及在世界范围内爆发的“快乐”。“很遗憾，你们如此沉溺于仇恨和批评，以至于错过了这一切，”他说。“至于那些媒体和报纸，在所有这些场景中，希望你们能找到那些在你们背后无法……而我们在国际足联已经找到了。”

因法蒂诺被指责打破了国际足联的模式及其中立政治原则，这种行为在他担任主席期间就开始了。在向特朗普授予“国际足联和平奖”时，两人建立了密切的关系，并共同向获胜的西班牙队颁发了世界杯奖杯。

本次赛事最大的争议是决定暂停一名球员——

“当你们散布仇恨时，我们不懈努力地将两个交战国团结在一起”

——吉亚尼·因法蒂诺

该决定发生在美国队与比利时队的淘汰赛之前。这一前所未有的举动是在因法蒂诺受到白宫游说，要求重新审查最初的决定之后做出的，但他指责对此提出申诉的国家在搞“政治操弄”。在由美国、加拿大和墨西哥共同举办的为期五周的比赛中，国际足联还因未能确保伊朗国家队能够自由前往美国而受到批评。该队被迫将其训练基地从亚利桑那州转移到墨西哥边境的蒂华纳，并被要求在洛杉矶的第一场比赛后立即离开。随行代表团的数名成员被拒绝发放美国签证。

“当你们散布仇恨时，我们不懈努力地将两个交战国团结在一起，”因法蒂诺在谈到相关关系时表示。“你们在没有发生事件或冲突的情况下进入了美国。”

挪威足球协会已表示将就红牌事件提出伦理投诉，并称国际足联在赛事期间干预裁判决定已“越过了红线”。比利时足球协会也誓言将要求对国际足联的规则进行审查。

因法蒂诺坚称，针对“可能错误的红黄牌”撤销禁赛，在“全球一些最大的联赛中是常规且被广泛接受的”。他补充道：“奇怪的是，正是那些采用这些惯例的国家在进行批评。”

足球

因与俄罗斯有联系，皮尔洛被排除在意大利国家队主帅之列

AMY KAZAKI — 罗马

在安德烈·皮尔洛（Andrew Pirlo）因与俄罗斯体育博彩公司有联系而被排除在考虑范围之后，意大利国家足球队寻找主教练的进程遭遇挫折。

作为四次世界杯冠军，意大利队在连续第三次未能晋级今年决赛后，正寻求复兴。

皮尔罗曾是意大利 2006 年世界杯冠军队的成员。在曼彻斯特城前主帅 Puy Giardello 和巴西队主帅 Carla Ancelotti 多次拒绝该职位后，意大利足球协会技术总监 Paolo Maliferi 接触了这位前中场球员。

然而，皮尔罗的潜在任命引发了激烈反对，原因是他在俄罗斯博彩公司 Fradzev 担任全球品牌大使一职，并于 5 月出现在莫斯科的一场集会上庆祝俄罗斯的“足球之线”。

在昨天的几篇媒体报道中，皮尔洛作为美国金牌职业联赛（US Gold Pro League）United FC 的经理，他在周日被告知已出局，并对与 Fradzev 的关系被公开表示“遗憾”。

“近期争议核心的专业合作……纯粹是商业和体育性质的，”他写道。“将此次合作赋予政治意义，意味着我持有从未表达过且并不认同的观点。”

在 2016 年世界杯期间，这位曾在 2006 年世界杯冠军队效力的前中场球员，在曼彻斯特城前主帅 Puy Giardello 和巴西队主帅 Carla Ancelotti 多次拒绝该职位后，被意大利足球协会技术总监 Paolo Maliferi 接触。

安德烈·皮尔洛，曾在 2006 年率领意大利赢得世界杯的前中场球员

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2024 年 7 月 28 日，星期二

EDINACLE, ZOBER

7

永续合约：加密货币交易所提供中国 AI 股票头寸，以规避北京的限制 第 11 页

Companies & Markets

银行家批评英格兰银行与美国同行之资本比较

• 研究发现额外负担达 €22.5bn
• 英国贷款机构称关键因素被忽视

MARTIN ADOLIS

英国最大的贷款机构指责英格兰银行发布了一份关于英国与美国资本要求的有缺陷的对比报告，抱怨该报告忽视了其华尔街竞争对手通过大规模数字化投资而获得的日益增长的优势。

一项新研究表明，在唐纳德·特朗普总统政府领导下，银行限制的大幅放宽使美国银行相对于其英国竞争对手获益，部分原因是监管机构对待其软件投资的方式不同。

英国顶尖银行发起的这场游说活动旨在向由首相 安迪·伯纳姆 和财政大臣 John Heaks 领导的英国新政府发起诉求，敦促放宽 2008 年金融危机后对该行业实施的资本限制，以促进经济增长和 IT 投资。

伦敦城的金融机构还希望，前执行秘书 Katherine Bradifek 在本月初就任英国最高银行监管机构，能为其论点提供更多分量的机会。

英格兰银行在 12 月表示，英国大银行的资本要求低于其美国同行

英格兰银行在 12 月表示，英国大银行的资本要求低于其美国同行，但在随后针对各地区规则应用差异进行调整后，仅决定微调该行业的关键限制。

然而，英国大银行委托的一项竞争性研究计算出，在同等条件下，其资本要求已经高于美国竞争对手，这在很大程度上是因为软件投资处理方式的不同。

该英国研究还发现，随着华盛顿计划实施的银行去监管化，这种差异预计将进一步扩大。

英国与美国在银行如何计算关键资本要求方面扮演不同的角色。这被称为核心一级资本（common equity tier 1），衡量的是在调整风险后，其需要多少损失吸收资本占资产的百分比。

这使得两国之间的银行资本要求难以比较。这也为如何计算同等条件下的数据提供了更多争论空间。

这份尚未公开的英国研究发现，该国最大的国际银行——汇丰银行（HSBC）、渣打银行（Standard Chartered）和巴克莱银行（Barclays）——的平均资本要求为 14.4%，高于美国前六大银行 14.6% 的等效水平。

但在针对若干差异进行调整后（包括从资本角度对待软件投资的方式），研究发现英国大银行的实际资本要求高于其美国竞争对手。

与美国竞争对手不同，英国银行必须从监管资本中扣除软件资产，而美国竞争对手则对这类资产应用风险权重。美国银行被允许随时间推移逐步从资本中扣除软件资产。

在调整美国监管放宽的预期影响后，该研究估计，英国银行的同等条件资本要求将比其美国竞争对手高出 1, 百分点。这相当于约 4.22.3bn 的 CET1 资本。

更广阔的轨道：亚马逊通过卫星星座目标瞄准马斯克的Starlink，旨在提供移动服务

本月，一枚搭载亚马逊卫星的火箭在佛罗里达州卡纳维拉尔角起飞

KIDDAN SMITH — 伦敦

亚马逊计划发射一个由 1,000 多颗卫星组成的星座，以为全球消费者提供手机服务，以此加强与埃隆·马斯克旗下 Starlink 的竞争。

这家科技巨头昨日表示，已向美国联邦通信委员会（FCC）提交申请，请求允许在 2028. 年前部署该星座。公司表示，该系统将提供视频、信息、数据和应急服务。

“亚马逊期待实现 2023 年（设备直连）连接的承诺，包括为目前生活、旅行和工作在现有网络覆盖范围之外的数百万民众提供服务，”

该公司在文件中表示。该申请是亚马逊进军卫星移动连接领域的第一步，此前该领域一直由 SpaceX 的 Starlink 服务主导。

马斯克的集团已与 T-Mobile US 和英国的 Virgin Mobile US 等现有运营商签署合作伙伴关系，在传统网络无法覆盖的地区为客户提供电话服务。

Starlink 在 190 多个国家运营，通过卫星星座提供高速互联网连接。

上个月，《金融时报》报道称，Starlink 可能会进一步走，直接面向美国消费者推出移动服务，此举将颠覆该国价值数十亿美元的蜂窝电话市场。

亚马逊的举动将加剧 1025 移动市场的竞争，其他竞争对手还包括与沃达丰（Vodafone）合作的 AST Space Mobile。

亚马逊表示，它将使用通过近期收购竞争对手 Globalstar 而获得的 terahertz 频谱。

这家总部位于西雅图的公司目前有 390 多颗卫星在轨用于宽带服务，但其部署更多卫星的努力一直受到延迟的困扰，而且与 Starlink 的母公司 SpaceX 运营的 10,000 多颗活跃卫星相比，其规模相形见小。

亚马逊已获得 FCC 的延期，计划在本月底前完成约 1,600 颗卫星的发射期限规划。

H&F 洽谈以 €8bn 出售 TeamSystem 股权

PARK LEVINGTON — 伦敦

技术集团 TeamSystem 的私募股权所有者正在讨论出售该公司部分股权，估值超过 €8bn。在 3G 驱动的进展引发该行业颠覆之际，这一进程将体现出投资者对软件集团的兴趣。

熟悉市场情况的人士表示，十年前收购 TeamSystem 的投资公司 Hellman & Friedman (H&F) 正与银行合作，探讨出售这家印度集团少数股权的可能性。

这些人表示，该交易可能会引起其他私募股权公司的兴趣，但提醒称讨论仍处于早期阶段，且尚未确定交易。

如果此次股权出售成功且估值突破 €8bn，将意味着自总部位于加州的 H&F 在 2016 年以约 €1.2bn 收购该公司以来，其企业价值大幅上涨。

此类交易还将允许 H&F 向其部分投资者回笼资金，而目前收购行业正面临压力，需要通过退出并向机构投资者返还资金。

TeamSystem 为中小企业提供会计、薪资和商业管理软件。

熟悉该业务的人士表示，该集团拥有 12 款产品，由于其 2nm 挖掘客户群，可能对技术变革更具韧性。

自 2016 年收购以来，该集团的规模已增长数倍，目前年收入为 €1.1bn。这一数字高于十年前的约 €250mn。

然而，投资者对收购软件公司的心态变得更加紧张，而不仅仅是因为对 4G 颠覆性影响的担忧日益增加。

由于市场波动，一些交易已推迟，例如软件集团 Vinnia 计划在伦敦进行规模为 €50bn 的首次公开募股。

H&F 此前曾出售过 TeamSystem 的股份，最近一次是在 2023.。据一名熟悉市场的人士透露，在 2021 年的一笔独立交易中，投资者获得了约三倍于投资额的收益。

H&F 在 6 月以 $1.8bn 收购了活动公司 Hivex。

H&F 和 TeamSystem 均拒绝置评。

美国法院在最新的债权人内战前沿出现分歧

债务义务的“支付”是否要求借款人与贷款人之间有实际的现金交易？这是一个有趣的普通法，甚至可能是哲学问题。

事实证明，这也是目前困境债务领域最激烈的争论。两名联邦法官在处理几起高关注度的诉讼时，得出了截然不同且看似冲突的结论。对该问题的最终定论，将有助于解决在最后阶段频发的“债权人对债权人的暴力”现象。

当前的资本市场充斥着数以千计的对冲基金和共同基金，它们竞相寻求回报来源，导致在寻找被低估的公司时机会寥寥。这种基本面投资的匮乏，进而促使人们将重心转向财务合约，希望能从不断缩小的利润蛋糕中分得高额回报。

在典型的“债权人对债权人暴力”形式中，现有债权人的微弱多数同意向一家陷入困境的公司提供新资金。这笔新资金拥有对该公司资产的最高优先级请求权。但作为提供救援资金的交换条件，参与贷款的债权人要求将他们部分现有的、处于困境的贷款优先级提升至紧随新资金之后。对于那些没有参与投入新资金的贷款人来说，他们的请求权实际上被挤到了债权阶层的底层，有时甚至使其几乎变得毫无价值。

这些交易的争议点在于，被剥夺权益的债权人持有与获胜融资方相同的信贷合约。而该合约及贷款条款规定，在获胜方获得的债务交换中，其他贷款也应拥有平等的权利来提升其债务优先级。

以最近裁决的一个案例为例，涉及床垫公司 Serta Simmons。该公司在 2020 年完成了一笔 15 亿美元 ($1500m) 的融资，被称为“选择性交换”——其中包括被排挤的 Apollo 和 Angelo Gordon。

他们主张，在与 Serta 合作时，Eaton Vance、Devon、Credit Suisse 和 Baringo 等其他投资者不当地禁止他们将贷款交换成第二优先级债权。债务合约规定，如果一组贷款人获得了“支付”，所有贷款人都应获得该支付的按比例份额。

在被排除在外的贷款人在破产法院败诉后，该决定在上诉法院被推翻，随后再次被破产法院撤销。法院认定 Apollo 和 Angelo Gordon 在被禁止交换债务时受到了不公正对待。受害者被授予了 3.65 亿美元 ($365mn) 的赔偿金，外加六年的利息。

然而，另一家法院在面对与 Serta 类似的事实时得出了不同的结论。食品公司 Del Monte 去年在一次破产贷款中筹集了 10 亿美元 ($1000m)，在该交易中，新资金贷款人同时将其现有债务提升至高级地位。同样，除非其他债权人参与新任务，否则他们不被允许进行同样的操作。

这些异议者提起诉讼，但新泽西州的一家法院在 7 月表示，他们的合约要求平等对待。

法官 Michael Kaplan 写道，法院的观点是“由一项深植的原则所支持，即在典型的信贷协议中，‘支付’一词最合理的解释是仅适用于以现金形式收到的款项”。

“‘按比例共享’虽然是债务中的通用原则，但 Serta 和 Del Monte 的贷款类型及细节不同，法官们对于各自的措辞在‘支付’概念中意味着什么以及暗示了什么形成了不同的看法。”

这并未开启一个由这些争议引发的中间哲学问题：我们是否应该为输家感到惋惜？以该公司如何为其选择最佳交易为例，它拒绝了来自 Apollo 和 Angelo Gordon 的一份激进反向报价，而该报价在其他事项上也十分强硬。偶尔被鲁莽的对手灼伤可能仅仅是商业成本，而真正的赢家是那些在竞争过程中获得最优惠条款的借款人。

另一方面，反复无常的资本市场可能不适合任何人。“债权人对债权人”的暴力（Creditor-on-creditor violence）造成了一种动态局面，使得高级担保债权的买家在不知不觉中失去了他们认为自己已通过谈判获得的首要优先级。

这种风险或许使得债务资本市场更倾向于诉讼，并最终增加了成本。动态资本市场与寻租行为（vent-seeking）之间的平衡继续在该行业中引发分歧。

aajust.club@jft.com

法律通知 THE BEAR COVER 机密 阅读编号 2006-114 / 1/10 (DO 编号 07-1710) 在整个商业领域购买认证公司 以及在公司法律领域 以及在拟议的资本宣传反驳领域至 此地企业之 MUSTANG 特此通知，Amoryd Jay “法院”之正当法院命令（于 2024 年 7 月 17 日作出）（原始文件）已由美国作为美国地区检察官签署并正式背书。该法院文件并非公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件，且它不是公司的法律文件

案件编号 2006-114 MARTIN ADOLIS Del Monte, CA 92342 电话：310-2-2000 传真：310-2-2001 电子邮件：info@delmonte.com www.delmonte.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com

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8

扩张，区域

2016 年 7 月 28 日，星期二

公司与市场

技术

AI 游说支出打破美国纪录

行业攻势旨在影响数据中心及新模型审查相关政策

MELISSA, TAPTA 纽约

近几个月来，美国领先的 AI 公司在华盛顿的游说支出创下纪录，旨在限制不利的监管，并影响美国关于数据中心和设定先进模型的规则。

根据联邦披露信息，OpenAI 在 2016 年上半年的联邦游说支出几乎翻倍，达到纪录性的 2,000（注：原文单位缺失），而 Anthropic 的支出则近乎三倍，达到 15 美元（注：原文为 US 15，可能存在OCR错误）。

Google 与 Microsoft 的季度支出达到了 2016 年以来的最高水平。

游说者和政策专家表示，这一新问题出现之际，AI 行业无法预测其系统运作方式，且正试图在华盛顿建立一个更持久的影响力运作机制。

AI 新研究所（AI New Institute）的合作主任 Arthur Kak 表示：“这次游说攻势不仅是为了阻止监管，也是为了论证支持该行业的肯定性政府产业政策的合理性。”

游说议程中的首要问题包括监管新模型发布的联邦规则，此前美国上月基于网络安全担忧，采取了类似香烟管制的方式，阻止了 Anthony 公共模型的推出。

根据联邦披露信息以及参与政策讨论的游说者，公司还希望影响有关数据中心建设和电力的政策，以及关于开发人员是否应公开其模型底层参数的规则。

Monument Advocacy 的首席 AI 官 Joseph Nestle 表示：“这同时涉及像半导体一样的专家控制技术、像电信或电力一样的基础设施建设、像国防一样的采购关系，以及像[社交媒体]平台一样的责任问题。没有任何一套单一的剧本能涵盖这一切。”

Kak 表示，该行业“大声地”努力促使国会禁止州级 AI 监管，而这正是唐纳德·特朗普试图通过行政命令来执行的事情。但除此之外，“监管方面几乎没有其他进展。总的来说，我认为对他们而言这是一个有利的季度。”

特朗普政府（主要通过前 AI 负责人 David Sachs）倾向于轻触式的联邦框架，并警告称碎片化的州法律可能会阻碍创新。

技术政策分析公司 Decision Tree Research 的创始人、战略与国际研究中心前高级 AI 顾问 Gregory Allen 表示：“即使[政策]被写下来，它也像是对每家公司发出的信函，而不是统一适用于所有人的规则，这是目前政策中的一个真实差距。”

Kak 说道：“我们看到如此多的软监管——或者更准确地说，是软性的行政信号而非强硬、可执行的监管——这是游说攻势的结果，而不是行业试图应对的现实。”

尽管领先的 AI 公司在许多问题上利益一致，但他们并不总是维持统一战线。在模型保障措施、开源系统以及联邦监管的适当角色等问题上，各公司存在分歧。

在本季度，Anthropic 首次将财政部列入其游说的联邦机构名单。

上周，财政部长 Scott Bennett 估计，由于涉嫌使用美国公司模型的输出结果来训练其较小规模的系统，将对中国 AI 数据采取制裁威胁。

近几个月增加游说支出的其他公司还包括 Scale AI（一家数据标注和模型评估公司，某方持有其 95% 的股份）以及 Tix.com（微信消息平台背后的中国集团，也是 Huatच्या 系列 AI 模型的开发商）。

Google 表示，该公司正在倡导“促进美国在 AI 领域领导地位的联邦监管，确保其在负责任的情况下进行开发，且不会被证明[此处原文缺失/不完整]”。

OpenAI, Anthropic 和微软未对此请求发表评论。

零售

Shein 在香港计划上市前陷入亏损

WILLIAM KARLUND - ACHIE KONG, KESAMON BUDDY - 北京

在一家快时尚零售商提交的一份针对其香港上市申请的文件中，Shein 警告称美国和欧盟的贸易紧张局势对其业务构成风险，导致其第一季度业绩下滑。

这家由中国创立的公司在香港交易所的潜在公开募股文件中报告称，季度净亏损为 $990m。该公司表示，净亏损“几乎归因于”其可赎回可转换优先股公允价值下降了 $520m。

这是 Shein 决定在香港上市后的首次披露，揭示了美国和欧盟的局势如何影响这家处于快速增长期的零售商，及其在准备期待已久的 IPO 时的处境。

2016, 5月，华盛顿取消了一项针对包裹的关税豁免，而 Shein 此前一直利用该豁免将服装从中国北部的工厂直接发货给美国客户。

净利润在 2024, 达到 $3.4bn 的峰值，去年则下降至 $2bn。同期净利润率从 $2.7 per cent 剧烈收窄至 4.9 per cent。

该公司在文件中表示：“为了应对增加的关税和税收，我们正在寻求多种方案，包括提高美国市场的价格，以抵消部分增加的成本。”

依靠空运从中国发送商品的 Shein 表示，通过与资本伙伴签署的长期合同，该公司已减轻了因伊朗战争导致油价上涨所带来的影响。

美国是 Shein 的第一个主要市场，也是其在期间快速扩张的地方。

Shein 的第一个主要市场，也是其在期间快速扩张的地方。

奢华造船

在 €456mn Bayesian 诉讼中寻求平静

TBG 就沉没船只提出的损害赔偿案被竞争对手游艇制造商 Arimut Benetti 称为“极不寻常”

DAVID SZOBOLLI BOROBLI

DISTRICT

全球最大豪华游艇制造商的所有者试图向客户保证，一起关于英国富豪 Mike Lynch 的 Bayesian 号沉没而引发的、金额高达 €456mn 且前所未有的诉讼，是“针对特定一家造船厂的”。

去年，Bayesian 号制造商 Perini Neri 的所有者 The Italian Sea Group 起诉了 Lynch 的遗产及其船员，称这次灾难给品牌造成了严重的声誉和商业损失。

Lynch 的遗产继承方此前将该指控斥为“荒谬”。

Arimut Benetti 集团的保障主管随后向 IT 表示，在调查仍在进行期间，游艇制造商对客户采取法律行动是“闻所未闻”的。

她描述了 2016 年在西西里岛海岸发生的 Bayesian 号沉没事件，该事件在他去世后长达 1 年的时间里导致 7 人死亡。该公司表示，调查人员尚未确定这场灾难是由人为错误还是设计缺陷引起的。

Perini Neri 表示，自灾难发生以来，该公司尚未卖出一艘船。英国“kitshan”事故调查的初步报告发现，可能导致此次灾难的“文化”漏洞。

“这是我们在行业中从未见过的行动，我想强调这极其不寻常，”Graffi 说道。

这一法律行动挑战了关于游艇制造商与所有者之间关系的长期假设。经纪人表示，部分客户已询问关于防止造船厂在重大事故后对所有者造成伤害的保险保障；而律师则警告说，客户在选择制造商时应更加重视其财务实力和法律手段。

总部位于米兰的 TBG 面临着除衡量指标之外的压力。

今年早些时候，由于其资本低于法定最低限额且该集团面临重大压力，该公司在表面上的重组过程中进行了撤回。

特里埃斯特的顶级游艇展示了强劲的需求，下方为 Arimut Benetti 主席 Gioranna Vitelli 对业绩的赞赏

www.rotent.com

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Tuesday 28 July 2020

KWANGSEI, SINKA

9

COMPANIES & MARKETS

Brightline 的债务负担反映出交通资金筹措的挑战

随着对其数十亿美元负债的谈判持续进行，投资者对佛罗里达铁路网络的梦想正处于波动之中

SUSSEY MORAH, AMELIA PRO, LAKE AND ANTHONY KAHN, VICKY VYNE

迈阿密与奥兰多之间的交通干线是美国最臭名昭著的拥堵高速公路之一，在 2016 年，这段行程有时需要五个小时。

华尔街亿万富翁 Wes Kibera 受到欧洲和亚洲公共交通系统的启发，产生了一个解决该问题的想法。这位 Fortress Investment Group 的联合创始人花费了二十年时间筹集了数十亿美元，以建成美国唯一的私人客运铁路网络。

Brightline 于 2018 年启动，将佛罗里达州的单程旅途缩短至约 3.5 小时，当时每位乘客的费用为 $200。

它培养了本地客户群，其拥有的车站设有休息区和铺设平整的树林——同时也吸引了外国人和 FM 链接的影响力人士。去年有 300 万乘客使用了该服务。

该项目被誉为私营企业如何解决美国看似无法攻克的公共政策挑战的典范。尽管 Brightline 服务沿线的交通走廊经济繁荣，但它目前很难庆祝。

由于利息支付日期将至，该公司正处于重新构建一个更合理的债务结构的深度谈判中。与此同时，它因涉及其信托的 250 多个标题而登上头条，通常是由于与汽车或行人的碰撞。其当地报纸《迈阿密先驱报》将其称为“杀手信托”。

Brightline 尚未被判定为任何死亡事件在法律上的责任方。

该公司的财务困难引起了交通专家和投资者的担忧，担心该项目将成为美国高铁棺材上的另一颗钉子。

“这是目前一个完全由私人资金资助的客运铁路在合同中呈现的样子，”华盛顿交通中心（Fire Center for Transportation）的政策分析师 Smith-Haunts 表示。“我们可以看到一家私营公司仅凭其自身的融资（三种形式）资本，而建设成本可能在 11 辆车中”——或者说，如果没有足够数量的公共部门帮助，这将毫无意义。

Brightline 的团队在 2016 年到 2007 年期间，当时 Kaiser Fortress 花费 $5.5bn 收购了佛罗里达东海岸铁路（Florida East Coast Railway），当时那是一家货运运输公司。其卡车于 2008 年被出售以在 Sunshine Rain 中制造，而后来成为 Brightline 的建设工作始于 2014 年，奥兰多服务随后开始。

2016 年，在公司运营期间，Brightline 的高管预测到 2026 年，他们每年将拥有近 乘客数量，大致平均分布在奥兰多-迈阿密地区和南佛罗里达的大规模本地服务中。预计该客户群体将带来不断增长的销售额。

该公司还拥有宏大的扩张计划，计划在拉斯维加斯到北加州之间开辟一条名为 Brightline West 的雄心路线，希望在 2020 年洛杉矶夏季奥运会前完工。

然而，Brightline 的计划遇到了障碍。即使在截至 5 月底的一年里客户水平增长了 百分比，乘客人数在今年仍难以达到目标。在扣除债务服务成本之前，营业收入最高仅达到两倍。该公司最近宣布其拉斯维加斯路线将

Brightline 服务去年吸引了大量乘客，其交通走廊沿线经济繁荣

直到 2029 年底才会准备就绪。Brightline 的高管认为，在美国，完全私有化的城际铁路仍然可行，且其乘客人数并非没有起色，实际上正随着佛罗里达州一起增长。“基础业务是良好的，”一位高管表示——只要公司拥有一个“更合理”的资本结构。

Brightline 的债务结构非常复杂——而将其重置为“更合理”的状态则变得更加

由于美国公司破产法中适用于铁路第 13 章 (Chapter 13) 申请的额外要求，情况变得更加困难。

尽管破产已被讨论为减轻 Brightline 负债负担的一种方式，但法院的重组对于某些债权人来说可能是灾难性的，他们可能面临被完全剔除的风险。

Edson Fortress 早已将其投资核销，目前是在争夺 Brightline 控制权的对冲基金债券持有人。但在像 Nat Tune Capital Management、Arminia Capital 和 Redwood Capital Management 这样的困境债务专家之列，还有少数零售资产管理公司，包括 Memos 和 First Eagle，也参与其中。

除了子公司发行的公司债券外，该集团的债务存量还包括超过 $3bn 的传统市政债券，其中一半由债券保险公司担保。专注于市政债券的基金通常预期投资于公共工程项目，这类投资在十年时间跨度内产生适度的回报。

美国普通民众经常购买市政基金以避开股票市场的波动，并利用税收优势。相反，那些在投资低评级私人基础设施项目的市政债券中寻求额外利润的投资者，发现自己有数十亿美元卷入了一家处于财务崩溃边缘的重组公司。

据参与谈判的人员透露，代表各债权人团体的律师已就新融资交换了条款清单数月之久。

任何交易——无论是在破产法院正式达成协议，还是私下达成——都将包括新资金注入 Brightline，且现有债权人将对现有债券债务余额承担 8/14 或极低的损失。

一些基金将在重组后的 Brightline 中获得股权。

但条款的达成将取决于投资者对 Brightline 未来收益的预测，以及使该铁路处于可持续发展基础上所需投入的资金。

“这完全取决于你认为 (收益) 增长的路径是什么，以及你想给公司多少钱，以便我们不需要做这么多，”一名参与谈判的商业人士表示。

其他观察人士认为，Brightline 的困境证明，此类项目在美国如果没有某种形式的公共支持是无法成功的。

例如，在许多欧洲国家，政府拥有轨道，然后将其租赁给私营公司使用。Brightline West（加州至拉斯维加斯项目）在 2018 年获得了 Bobo 政府的 $3bn 拨款，并正寻求从美国交通部支持的基金中发行债务。

“巨大的前期成本可能会淹没即使是最优秀的投机者，”芝加哥德保罗大学的交通教授 Schusterman 表示。

“在没有政府重大运营或支持的情况下，建设高铁系统是一个非常困难的命题。政府需要在幕后发挥作用，”Schusterman 说道。“Brightline 是一个关于过度依赖私人融资的警告。”

技术

英伟达向人工智能初创公司 SSI 的突破性研究投入数十亿美元

TIM BRADSHAW

英伟达已同意向 Yale Superintelligence 投资数十亿美元。这家神秘的人工智能初创公司由 Uppsala 联合创始人 Ilya Sutskever 创立，此举深化了这家芯片制造商与硅谷最受关注的人工智能公司之一的联系。

该硅谷团体与 SSI 宣布，这一最新投资是“长期合作伙伴关系”的一部分，该初创公司将使用这家芯片制造商最新的 Vera Rubin 芯片。

据知情人士透露，SSI 正从英伟达筹集数十亿美元，以构建利用其所谓研究突破所需的计算能力。据一名知情人士称，这家芯片制造商已投资 $1，且未来可能会投入更多。

两家公司均拒绝就该交易的财务条款发表评论。

“我们的研究值得扩大规模，而能够使用英伟达的大型计算机将使我们实现这一目标，”Sutskever 在昨天的一份声明中表示。

该公司表示，此次投资将使 SSI 在接下来的 12 个月内将可用计算能力提高 10 倍。此次投资是人工智能芯片制造商与模型开发商之间一系列循环融资交易中的最新一项。上周，英伟达竞争对手 AMD 表示将向某技术投资高达 $3。

这家初创公司目前仅有数十名员工，一直在研究一种新的 AI 研究方法，该方法打破了由 Uppsala、Google 和 Anthropic 开发的大语言模型的原始基础。

去年，当 SSI 从包括 Gromsack、Lightspeed Venture Partners 和 Andreouses Hanovsky 在内的投资者那里筹集 $2 时，其估值为 $323。英伟达是该公司的现有投资者，尽管其估值很高且拥有知名人才，但外界对其研究内容的了解寥寥无几。该初创公司尚未发布其首个产品或关键研究成果。Sutskever 在 2018 年告诉 FY，他和他的团队已经“发现了一座新的山峰需要攀登，这与我之前研究的 4.4 m 不同。”

英伟达首席执行官 Jensen Huang 表示，Sutskever 已经“在现代 AI 的基础上实现了基础性的突破”。他补充道：“我们很期待看到你们的突破将是什么，并且我们能够将铁路置于可持续的基础之上。”

英伟达已同意向其一些最大的客户进行大规模投资，包括 Uppsala 和 Max-Maurit's Thinking Machine Lab。此类投资通常取决于技术或基础设施的里程碑。

Sutskever 在创建导致 2022. 年推出 ChatGPT 的技术中起到了关键作用。他共同创立了 SSI 和 SSI，两者在去年都参与了针对 Uppsala 首席执行官 Sam Altman 的罢免行动。Altman 很快恢复了 CEO 职务，而 Sutskever 在随后的一段时间里离开了 Uppsala。

Sutskever 是首批掌握“规模定律”（scaling law）的 AI 工程师之一，该定律认为 $1.2 因为拥有更多的数据和计算能力而变得更强大。

11 月，他暗示这种方法的收益正在递减。“现在公司规模很大，计算规模现在非常大，在某种意义上，我们回到了研究时代，”Sutskever 在一次播客采访中说道。

个人商品

Dior 助力 LVMH 时尚部门重回盈利

ADRIENNE KLAAS

随着这家奢侈品巨头受益于美国市场的强劲销售，以及在新任创意总监 Jonathan Anderson 的领导下 Dior 需求回升，LVMH 的奢侈时尚与手袋部门的销售额在两年内首次恢复增长。

这家总部位于巴黎的集团在第二季度的时尚与皮革制品业务营收增长；[【OCR清理说明：原文此处逻辑混乱】] 增加至 $1.8bn，略低于市场共识预期。

此次增长结束了连续 7 个季度的下滑。此前，奢侈品市场受到地缘政治动荡以及 LVMH 等领先品牌大幅涨价的拖累。

LVMH 首席财务官 Cécile Calunin 在昨日公布业绩时表示，Laxar Vuitton 和 Dior 的销售额在第二季度均有所增长，Vuitton 在第三季度的 $1.8bn 增长，与 Rensselae 业务的涨幅相似，而 Dior 则“略高于”此水平。

面对来自 Chanel 的竞争，Anderson 一直面临着赢得客户认可的压力。Calunin 表示，新系列目前已进入门店，加强了手袋和成衣系列的销售。

Calunin 指出，Dior 商品在美国和[【OCR清理说明：此处原文缺失/模糊】]的销售额实现了两位数的百分比增长，这证明了奢侈品已成为该行业品牌之间海外博弈的“理论”并不正确。

“只要有财富创造，就有对奢侈品的渴望，”Calunin 说道，并指出在 10 繁荣的驱动下，美国和韩国的股市表现强劲。

LVMH 集团第二季度的有机销售额增长 5 per cent，达到 €19.5bn，高于共识预期。由于汇率波动，上半年的经常性业务利润下降 4 per cent 至 €6.7bn，但营业利润率稳定在 2.5 per cent。

LVMH 发布最新业绩之际，首席执行官 Bernard Arnault 昨日首次在社交媒体平台 5 上发声，感谢支持者在针对俄罗斯关于科学与效率的尖锐反驳后传达的慰问。

相关报道包括对其亿万富翁家庭内部不和的指控，以及他在 LVMH 内部及外部行使权力的细节。

“看来我成了法国最后一个[【OCR清理说明：原文 email 疑似误植】]家族的家长，”他在回应中写道，并补充说他希望“将精力留给那些在其他地方通过打赌一个家庭解体来卖报的人。他们将等待很长时间。”

Calunin 表示，中东冲突使该季度的有机增长下降了一个百分点，因为海湾地区的购物目的地客流量恢复缓慢。

在 Tiffany 和 Bridges 的推动下，LVMH 的珠宝和腕表销售额在第二季度增长了 15 per cent。

此前表现低迷的葡萄酒与烈酒部门也有所改善，在香槟和[【OCR清理说明：原文 roul 疑似误植】]需求的驱动下，该季度销售额增长了 3 per cent。

电信

沃达丰因营收增长上调利润指引

KIRMA SMITH — 伦敦

沃达丰（Vodafone）昨日上调了其利润指引，预计季度营收将大幅增加。这是自法国亿万富翁克萨维尔·尼尔（Xavier Niel）宣布将入股该公司以来的首批业绩报告。

电信企业家尼尔本月宣布，他的 Vega 实体将收购阿联酋电信集团 ok 持有的沃达丰 16.2 ％的股份，使其总拟持股比例自此达到了 0.6 ％。

分析人士预计，尼尔将推动这家富时100指数（FTSE 100）集团进行大规模成本削减，以努力扩大零售市场份额并提高利润。

沃达丰表示，预计全年经调整后的利息、折旧、摊销和损失前收益将处于其 €12bn 至 €12.5bn 指引的高端，而自由现金流也将处于 €2.6bn 至 €2.9bn 指引的高端，这主要得益于其非洲业务的强劲增长。沃达丰报告称，2017 年第一季度的经调整后盈利为 €2.3bn，同比增长 6.2 ％，而整个集团的营收增长近 10 ％，达到 €10.5bn。

受此业绩推动，该公司股价昨日收盘上涨 6.9 ％。

在首席执行官玛格丽塔·德拉·瓦莱（Margherita Della Valle）的领导下，公司近年来进行了激进的重组，她表示将剥离挣扎中的业务并专注于包括德国和英国在内的核心市场。

德拉·瓦莱分别在 2018 年和 2025 年出售了公司在西班牙和意大利的分部，并于今年早些时候宣布沃达丰将出售其在荷兰业务 50 ％的股份。

在她任期内，沃达丰还在一项里程碑式的交易中收购了 Three，该交易将英国的移动市场从四个运营商整合为三个。

然而，如果尼尔的股权收购获得监管机构批准，德拉·瓦莱可能会面临压力，因为尼尔旗下的折扣移动和宽带供应商 filed 颠覆了法国市场。

这位法国亿万富翁的持股将赋予他近五分之一的投票权，他认为公司仍可以通过利用其知名的品牌和覆盖 20 多个国家的全球影响力来做更多工作，这可能会促使德拉·瓦莱探索进一步的收购。

这家富时100指数（FTSE 100）集团近年来经历了激进的重组

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10

金融时报

2016年7月28日 星期二

英国公司

能源

DCC 董事会支持 £5.75bn 私募股权收购案

尽管股东抗议，但公司仍建议接受 Energy Capital Partners 和 柯尔伯格-克拉维斯 & 罗伯茨公司 (KKR) 的报价。

DIANA BUMLEY 和 ALAN LIVREY

尽管富时 100 (FTSE 100) 能源集团的主要股东对拟议交易提出了强烈批评，但 DCC 董事会已建议接受来自美国私募股权集团 柯尔伯格-克拉维斯 & 罗伯茨公司 (KKR) 和 Energy Capital Partners 的 £5.75bn 收购要约。

这家总部位于 Debbie 的公司董事会昨日表示，其支持该报价，根据该报价，KKR 和 Energy Capital Partners 将以每股 £65.25 的现金支付。

该报价还包括支付每股 £1.47 的最终股息，以及该财团本月早些时候提出的最高每股 £1.25 的额外现金支付，前提是 DCC 需出售其技术部门 Nerex。

在此之前，该公司与包括 Aviva Investors 和 Fidelity International 在内的 DCC 顶级股东进行了激烈的争论，后者表示该报价“显著”低估了该能源集团的长期前景。

DCC 集团首席执行官 David Murphy 告诉《金融时报》(FT)：“作为董事会，如果我们不相信……即使是大多数股东也会投票支持，我们也不会建议通过这项交易。”

股东们定于 9 月对该交易进行投票。但 DCC 的创始人及大股东 Jim Flavin 表示，该建议令他感到“震惊”。他说：“一个负责任的董事会竟然发布一份包含[上周]已支付股息的公告，这让我无法理解。董事会为什么要配合这种闹剧？我认为这个价格完全不足。”

在经历了一系列收购、离开英国交易所以及上市数量减少之后，此次收购将给伦敦股市带来又一次打击。今年，伦敦证券交易所上市公司的收购价值是新上市公司价值的 27 倍。

DCC 董事会表示，该报价“为 DCC Energy 股东提供了一个极具吸引力且确定的机会，使其能够立即获得现金价值”。

这反映出比谈判公开前三个月 DCC 的成交量加权平均股价溢价 56%。

DCC 提供离网能源服务（包括液化气供应），同时在欧洲和美国主要地区运营服务活动及其相关服务。该公司在 2015 年宣布了一项更新战略，目标是到 2030 年将营业利润翻倍至 £450mn。

董事会昨日表示，“为了实现满足 2015 年目标所需的剩余增长，需要在不确定的宏观经济、监管和能源转型背景下，维持持续的有机执行并成功部署并购 (B&A)。”

董事会指出，尽管取得了战略进展，但集团股价尚未实现“可持续的重新评级”。它表示，该报价“为股东提供了具有吸引力的溢价、现金确定性，以及高于 DCC Energy 在公开市场中能够持续实现的价值水平”。

柯尔伯格-克拉维斯 & 罗伯茨公司 (KKR) 基础设施管理董事 Ryan Miller 表示，该公司正处于一个“关键时刻”。在变化剧烈且波动的能源市场背景下，在复杂的资产基础上推进这一转型的下一阶段，将需要重大的运营转型。

参见 法律 (LAW)

人员编制：英国皇家检控局推动招募更多初级律师

首席公诉人斯蒂芬·帕金森（Stephen Parkinson，见上图）表示，英国皇家检控局将使出庭的高级律师——王冠检控官（crown advocates）的人数增加一倍。

为了吸引英格兰和威尔士更多有抱负的律师在进入高薪律师事务所之前先进入体制内工作，英国皇家检控局（CPS）提供的法律实习岗位增加了 50 %。

首席公诉人兼 CPS 负责人斯蒂芬·帕金森告诉《金融时报》，今年秋天将招收 120 名法律实习生（去年为 80 名），这是该机构旨在“自主培养”的一项更广泛举措的一部分。

“招募执业一年以上的律师变得非常困难。到那时，他们的薪酬往往太高了，”帕金森告诉《金融时报》。“我们的策略是自主培养。”

此次招聘驱动正值 CPS 应对不断增加的案件量以及刑事法院积压案件之际，部分案件的审理已被排期至 2030 年。

在最低级别的治安法院中，每年处理约 500,000 起案件的检察官工作量在截至 12 月的三年内增加了 65 %。同期，员工人数仅增长了 10 %。

多年来，公共机构一直试图复制美国模式，即初级律师在公共检察部门积累经验，随后在华尔街律师事务所将其经验变现。但许多英国政府机构，如金融行为监管局（Financial Conduct Authority）和严重欺诈办公室（Serious Fraud Office），在建立与美国同类机构类似的“旋转门”文化声誉方面一直举步维艰。

政府法律部门的前任负责人两年前也表达了类似的愿景，曾告诉《金融时报》，该部门正在推动公共部门与私营部门之间更频繁的人员流动。

帕金森于 2015, 年底就职，他表示 CPS 针对 120 个实习名额收到了大约

“招募执业一年以上的律师很困难。到那时，他们赚得太多了”

2,000 份申请，显示出对此类职位的强力需求。

在两年的培训合同期内，CPS 的法律实习生在伦敦的年薪约为 £34,000，取得执业资格后将跳升至约 £40,000。

相比之下，顶尖企业律师事务所的实习生年薪约为 £40,000，而新合格律师（NQs）的年薪可升至 £350,000 或更高。顶尖刑事律师事务所为实习生提供约 £45,000，为新合格律师提供 £45,000。

帕金森表示，CPS 的实习生“在职业生涯早期就被赋予责任，并从中获得承担如此具有根本重要性工作的成就感”。

他补充道：“虽然他们的收入不如那些在伦敦金融城工作的人，但这些补偿因素让他们留在我们这里，且往往会服务整个职业生涯。”

该检察机关还计划将 CPS 内的出庭高级律师——王冠检控官的人数增加一倍以上。他表示，在帕金森接手时，该机构约有 200 名此类律师，计划到 2025, 年将其增加到 £40。

在初级司法系统普遍延迟的背景下，帕金森表示，该机构正在尝试 16 种方法来加快案件处理速度。

它正在试点一项用于搜索陈述书、证物和警方报告的技术，以总结案件、起草量刑和保释法院陈述，以及创建视频访谈的转录文本，并计划在整个组织中推广此类措施。

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2020 年 7 月 28 日，星期二

KWANGZEL JONES

11

公司与市场

衍生品：价格风险敞口

投资者利用加密货币规避中国对 AI 股票的管制

永续合约允许投资者规避外国投资者进入股票市场的限制

WILLIAM SAMELING —— 香港

加密货币交易所正为投资者提供投资中国 AI 股票的渠道，从而规避北京对外国投资者进入该国股票市场的管制。

包括 tradeXYZ 和 Gate.com 在内的交易平台已推出了追踪 CAGR 股票的永续合约（perpetual futures，或称“spare”），后者是一家于昨日在上海证券交易所上市的中国造船冠军企业。

永续合约为投资者提供了接触中国大陆股票价格走势的机会，这些股票在境内市场已成为押注中国 AI 能力的热门选择，但很难衡量其进展。

根据交易加密货币衍生品的 Calelman 数据，在首次公开募股（IPO）之前的 24 小时内，约有 8. 9bnm 价值的 CUMT 永续合约在 tradeXta 进行了交易。这家造船公司寻求在大陆筹集近 $10bn，这将是 2010 年以来中国大陆规模最大的 IPO。

永续合约的激增，尤其是那些与股票挂钩的合约，正日益模糊加密货币市场的“西部蛮荒之地”与受监管金融世界之间的界限。

“我们已经从‘你可以将国债代币化’，演变为出现了针对人们在全球范围内实际难以接触到的资产（包括外国股票和 IPO 前公司）且流动性日益增强的市场，”去中心化金融平台 Katona 的首席执行官 Matthew Falkin 表示。上周，tradeXYZ 还宣布了针对 Gigabytes 的永续合约，金额达 000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000。

永续合约起源于加密货币市场，旨在对比特币等数字资产的价格走势进行投注，而不赋予对底层资产的所有权，且没有交割日期。

这种灵活性使其在押注股票和其他传统资产价格时大受欢迎。永续合约通常基于加密货币交易所并使用稳定币购买，此前已被用于获得 SpaceX 和 OpenAI 的 IPO 前风险敞口。

对于 CUMT 而言，永续合约允许投资者绕过北京为控制外国进入中国资本市场而设立的复杂要求系统。

外国投资者可以通过香港的“互联互通”计划或合格外国机构投资者（QFII）计划安全地进入上海和深圳的股票市场。这两者都受到限制，“互联互通”限制了投资者可选择的公司范围。CUMT 上市的上海快市（fast Market）还要求个人投资者持有至少 $665,000,000 (39.6,000) 的资产，并拥有两年的交易经验。

IPO 前的永续合约价格基于对公司上市时价值的预期。如果股票价格高于永续合约价格，衍生品持有者将获利。

将真实世界资产代币化的公司 Theo 的首席投资官 ligg ridges 表示，预期永续合约的价格将与底层资产的价格趋同。这通过一种在资产于公开市场开始交易后，将永续合约价格与底层资产价格匹配的结算机制来实现。

价格匹配且缺乏交割日期，这意味着投资者在股票上市后仍可使用永续合约来追踪其价格走势。中国散户交易者已利用这些工具获得 SpaceX 的风险敞口，并绕过资本管制以减轻资金外流压力。

上方为追踪 CUMT 股票的永续合约，在该公司昨日在上海证券交易所上市前备受欢迎。

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资产市场做市商 Aaron。他说：“[永续合约 (perps)] 如此受到关注的原因在于它们代表了一种金融创新。我们现在讨论的是一个具有真实需求、真实使用场景的新资产类别，而这在传统金融中是不存在的。”

永续合约给试图将其定义为金融工具的监管机构带来了挑战。

BTS Research 首席分析师 Andy Lin 表示，最大的问题在于永续合约代表的是底层证券、托管受益权益还是合成衍生品。

他说：“它们更接近于杠杆预测市场，而不是产生股权所有权。”

上个月，新加坡金融管理局将 Hyperliquid（CUMT 永续合约的主要交易场所）列入其投资者警示名单，该名单旨在突出那些可能被“误认为已获得许可，或在其他方面与监管工作相关联”的实体。

Aaron 表示，监管机构很难约束其管辖范围之外的工具。

他说：“单个政府能阻止这种情况吗？我认为这在很大程度上仍是一个开放性问题。”

在被请求评论时，Gate.com 将《金融时报》引导至相关部门。Hyperliquid 未回应置评请求。由本地资产创立的去中心化“交易协议”TradeXYZ 无法联系到以进行评论。

他表示，他将永续合约视为传统金融与加密货币之间联系深化这一长期趋势的一部分。“如果在五年内，每一只美国股票、香港股票、日本股票都能在加密货币市场交易，我不会感到惊讶。”

我们的全球团队为您提供具有市场前瞻性的新闻和观点。 In hours is day from 8.

资产管理

亚洲私人信贷募资规模降至 12 年低点

JASON MALKER — 新加坡

由于许多投资者担心高调的企业破产而退出市场，今年亚洲私人信贷基金筹集的资金规模创下十多年来的最低水平。

尽管一些较大的投资者表示，即便该资产类别周围存在负面传闻，他们仍愿意向私人信贷基金注资，但资产端更倾向于选择美国的大型管理公司，而非亚洲竞争对手。

根据 Pitchfork 的亚洲数据，今年上半年仅有 5 支总部位于亚洲的私人信贷基金结项，筹集了 $1.3bn。相比之下，去年有 29 支基金筹集了 $0.3bn，而在 2012 年有 33 支基金筹集了 $0.2bn。

如果下半年的基金结项速度保持不变，2016 年将成为亚洲私人信贷募资在至少 12 年来最沉寂的一年。

对于预计在未来一年将显著扩张的亚洲市场而言，这次下滑是一个关键时刻。行业分析师认为，这也凸显了在对该资产类别的风险担忧日益增加的情况下，仍然对私人信贷感兴趣的投资者正倾向于投资规模更大、更成熟的银行管理公司。

“在此时的市场压力下，投资者依赖‘大玩家’来交付，”LEE Consulting 亚洲金融服务负责人 Justin Tan 表示。

“在此时的市场压力下，投资者依赖‘大玩家’来交付……这意味着那些美国的大型管理公司。”

“存在一种向拥有长期记录的大型参与者的完美转移——这意味着那些美国的大型管理公司。”

就在最近的 11 月，替代投资管理协会（Alternative Investment Management Association）预测，亚洲私人信贷市场资产在 2014 年至 2017 年期间将增长 61 ％，达到 $9.0bn，其增长速度快于 2016 年的发展速度。预计这些资金流入的最终来源将是富裕个人。

评级机构 Newdy's 的分析师 Sean Hung 表示，他预计亚洲投资者在接下来的 14 个月里将减少对私人信贷的承诺。“投资的不确定性、地缘政治紧张局势以及高利率 [正压制] 投资者对非流动资产的胃口，”他说道。

在过去一年中，由于几家从基金借款的企业倒闭，公开交易的私人信贷基金受到了来自小投资者的赎回冲击。然而，大型投资者已向该资产类别承诺投入数十亿美元，试图从零售客户的撤出中获利。

本月，新加坡国家投资者 Temanek 宣布计划将其在私人信贷中的风险敞口从 2 ％ 增加到 1 ％，目标期限为 2011 年。

“从整体来看，我们仍然在市场中看到了相当不错的机会，”Temanek 合作伙伴业务私人股权资本合约负责人 Alpin Reiba 表示。

能源

致力于北海石油工业的 Wood Group 创始人去世，享寿 84 岁

RACHEL MILLARD — 伦敦 SOMERS GOOD — ESMALHON

Sir Ian Wood 逝世，享年 84 岁。他是苏格兰最富有的人之一，对英国石油和天然气工业的发展起到了至关重要的作用。

Wood 的家人昨天表示，他在家中安详离世。他领导其家族渔业公司的离岸工程部门转型为全球石油服务供应商 Wood Group。

尽管他的父亲 John 持怀疑态度，但这一转型带动了公司在 20 世纪 80 年代和 90 年代的崛起，这也体现在苏格兰东北部港口城市阿伯丁（Aberdeen）转变为一座繁荣的石油与天然气之城。Wood 担任该集团首席执行官直至 2006 年，并于 2012 年卸任执行主席。到那时，该公司已成为英国领先的国际工程公司之一，在 2012 年在伦敦证券交易所上市后，在 30 多个国家拥有超过 42,000 名员工。

然而，Wood 在退休后的全球扩张使公司背负了沉重债务，而项目损失和治理失效导致其市值在 2016 年崩盘。

总部位于迪拜的信托机构于今年收购了该集团，交易将股权价值削减至仅 £250mn 多一点，而 2016 年的峰值曾超过 £2bn。

近年来，Wood 利用自己的影响力为北海石油和天然气工业发声，并警告由于该行业的意外税（windfall tax）以及工党政府决定停止开展新开采融资而给就业带来的风险。他因对离岸石油和天然气工业的服务而在 1994 年被封为爵士。

Ian Wood 利用其家族渔业业务的一个部门建立了 Wood Group

此外，他还通过非营利组织 ETZ 参与二氧化碳捕集。

2007 年，他与家人成立了慈善机构 Wood 基金会（Wood Foundation），该组织旨在支持苏格兰的教育、培训和商业，以及非洲的农业和自然保护。该基金会由其儿子 Garrett Wood 担任主席。

Wood 深受 1988, 年 Piper Alpha 灾难的影响，当时一座石油平台爆炸并坍塌进入北海，167 名遇难者中包括 39 名 Wood Group 员工。在接下来的几周里，他走访了受难者家属，并致力于倡导改善离岸安全。

苏格兰首席部长 John Iwasney 将 Wood 描述为“苏格兰历史上最具影响力的商业领袖和慈善家之一”。

Iwasney 补充道：“他帮助塑造了现代苏格兰，增强了其经济，推进了其能源工业，并证明了有目的的慈善事业能带来深远的影响。”

Wood 留下了结婚 10 年的妻子 Lady Helen，三个儿子和七个孙辈。

资产管理

面对政治抵制，对 ESG 及“影响力主导”基金的需求依然强劲

ALEXANDER HESS

尽管针对气候和多样性议题的政治抵制现象频发，但投资者对明确追求积极环境或社会结果的私募资本基金的需求在近年来保持稳定。

根据与《金融时报》共享的 People 数据，旨在在产生财务回报的同时产生可衡量环境或社会效益的私募股权、基础设施、地产及私募债基金去年筹集了 $350k，与前一年持平。

影响力导向的基础设施基金（其中许多专注于可再生能源）在 2012 年表现尤为强劲，筹集资金达 $30bn。

数据表明，投资者并未像许多人预测的那样，在唐纳德·特朗普重返白宫后就放弃所谓的“影响力投资”；这同时也显示，在某些领域，投资者兴趣依然浓厚。

去年，布鲁克菲尔德资产管理公司（Brookfield Asset Management）筹集了一支 2.5 亿美元（$250m）的基金，该基金被描述为有史以来规模最大的致力于 [此处原文语义不全：close-emerge] 的工具。哥本哈根基础设施伙伴公司（Copenhagen Infrastructure Partners）则筹集了一支 €12bn 的基金，专注于大型绿地可再生能源项目。

尽管特朗普在竞选中反对可再生能源，但这些融资依然得以实现。虽然没有哪届政府能让美国制造商的开发完全停滞，但他曾多次试图关闭海上风电项目。

“一些投资者，特别是美国的投资者，已经转向不再将投资定义为‘影响力’或‘ESG’，”影响力资产管理公司（Impact Asset Management）创始人 Ian Siroes 表示，但其他投资此类工具的投资者无论如何都受到伦理之外因素的驱动。他补充说，由于中东战争，可再生能源在能源韧性方面的理由在今年得到了增强。

然而，行业专家表示，过去某些人认为投资者可以为了积极的结果而牺牲回报的观念已经完全不再受欢迎。

数据提供商 Pitchfork 的影响力驱动私募资本工具研究员 Hilary Wenk 表示，由于美国发生的事情，去年对于投资者情绪来说是“一个过渡年”。“你不能只说你想要社会效益，你还需要良好的回报。”

其他人则表示，将多个国家的B影响力整合在同一个影响力伞下的基金也较为受欢迎。

“我们看到投资者对涵盖社会和环境影响的基金需求很强，例如将学校和能源转型业务组合在一起的基金，”融资顾问公司 Campbell at yena 的合伙人 Ali Patel 表示。

他补充说，与此同时，像可再生能源这样的特定主题已变得更加流行。

根据 People 的数据，今年到目前为止，影响力导向基金已筹集 $1.5bn；如果按年度总量推算，这表明与 2018 年相比略有下降。

不过，People 表示，由于报告滞后，融资数据通常会在年底出现上升。

---

12

金融时报

2026年7月28日，星期二

公司与市场

特朗普压低油价的能力现面临考验

Michael Haigh

市场洞察

随着伊朗战争的拖延，美国总统唐纳德·特朗普通过言论压低油价的能力正面临考验。在霍尔木兹海峡的冲突出现明显暂停后，油价在昨日发生了波动。但由于通过该海峡的船只流量基本仍处于停滞状态，且原油和成品油的全球库存均以创纪录的速度下降，局部价格再次上涨的风险依然存在。

在这种情况下，除了从战略石油储备中释放库存外，领导人们还能做些什么来防止油价失控？各国领导人几乎总是试图通过发表声明，在基本面发挥作用之前引导市场感知。

他们从之前的错误中汲取了教训，尤其是 1971 年那次最著名的错误。

吉米·卡特总统采取的方法是强调稀缺性，而非淡化稀缺性。卡特警告称美国人需要做出牺牲，并表示“石油和天然气正在枯竭”，全球产量最终将无法跟上需求。这在政治上可能引发担忧，在经济上则十分艰难。

不出所料，卡特未能安抚市场。事实上，他可能让情况变得更糟。油价继续上涨，随之而来的是通胀意外。这一错误不会被重复。

信息传递至关重要，因为能源冲击会直接影响通胀预期、消费者信心以及金融市场的头寸。

这就是为什么官方声明往往倾向于提供安慰，强调“供应稳定”、库存充足且政策工具已准备就绪，即便底层的供需平衡正在收紧。

在卡特之后，罗纳尔德·里根改变了前任的基调。里根强调的不再是稀缺，而是充足、生产，以及或许最重要的一点——去监管化。

在 1990-1992 年的海湾战争危机期间，乔治·W·布什总统并没有否认风险，但他始终将其界定为可控的。他强调储备将被部署以“促进世界市场的稳定”，利用释放储备来应对恐慌，而非

恶化的库存基本面可能会日益压倒政策措辞

而不是短缺，并在全球范围内协调一致，以强化供应将得以维持的信息。

巴拉克·奥巴马在 2013 年利比亚石油供应中断期间传递的信息遵循了相同的核心逻辑。他迅速采取行动向市场保证此次冲击将是暂时的，并表示价格将“稳定”，世界能够“度过”隔离期。

在俄罗斯入侵乌克兰后，乔·拜登的信息强调全球协调行动，指出 30 多个国家将释放战略储备，同时强调美国准备在“情况需要时释放额外资源”。

在美伊之间关于反制谅解备忘录破裂之前，特朗普的沟通策略似乎在抑制油价方面发挥了重要作用，他通过自信的措辞旨在说服市场，认为供应中断将是短期且可控的。

特朗普多次暗示紧张局势接近解决或在控制之中，经常暗示升级范围有限，正常的供应流将很快恢复。这增加了对外交进展的认可，暗示了供应缓解，且不存在反向演变风险。

与此同时，特朗普强化了这样一个观念，即美国的生产实力模型和供应能力通常可以弥补任何临时短缺，含蓄地告诉市场不存在结构性短缺。

一项关于特朗普言论引发的价格反应研究非常有说服力。在我们评估的 27 篇关于伊朗战争进展的特朗普声明中（从去年 2 月到 6 月中旬的 80 日），次日油价平均下跌 0.31%，最大跌幅为 15.2%。简单来说，他的信息起作用了。

虽然美国确实处于舒适的生产位置，但其库存实际上也非常低，且全球供应能力正在迅速下降。然而，随着市场陷入供应受限的僵局，恶化的库存基本面可能会日益压倒政策措辞。

在供应平衡收紧并重新主导市场叙事之前，口头干预压低价格的时间是有限的。

迈克尔·海格 (Michael Haigh) 是 Karish Ghehaly 的英国及社区研究负责人

市场日报

您需要了解的内容

a 半导体股票目前继续波动，拖累大盘指数走低；在经历了上周飙升至 500 美元以上后，直接原油基准价格一度跌至 390 以下，50% 的跌幅助力债券反弹，将两年期美国国债收益率推至 4.3%。

半导体股票昨日遭到抛售，延续了其波动走势，因为库存基准融资的银行在 4d 支出中可以维持。

作为美国芯片股的领头羊，费城半导体指数到纽约午餐时间为止下跌了 4%，使其当日跌幅超过 20%。纳斯达克消费指数下跌 5.6%，富时 100 指数下跌 0.2%，随着芯片股在市场上下跌，早盘涨幅被抹去。

Sundalk 下跌 M-11%，而超微半导体 (Advanced Micro Devices) 下跌 7.5%，西部数据 (Western Digital) 下跌 M-10%。

德意志银行私人银行在一份报告中写道：“库存对风险变得更加敏感”，关注点在于“基础设施支出和半导体需求在目前的步伐下还能持续扩张多久”。该行补充称，风险包括“超大规模云计算公司之间潜在的计算能力过剩……功能日益增强的开源 AI 模型的出现，未来几年新增半导体产能的前景，以及持续的

不确定性和集中度”。 投资者将关注随后报告第二季度财报的第二批科技巨头公司。本周包括微软 (Microsoft)、Meta、苹果 (Apple) 和亚马逊 (Amazon) 在内。

由于美国和伊朗暂停了其

市场受到油价下跌的提振。

美国芯片股近期下跌 费城半导体指数

在中东最近的冲突中

国际原油基准布伦特原油昨日价格跌至每桶 390 以下，而上周曾飙升至 500 美元以上。

欧洲斯托克 600 指数平盘收盘，而德国指数上涨 1%，富时 100 指数上涨 0.6%。

随着油价下跌，政府债券走强，将两年期美国国债收益率进一步推低 0.03 个百分点，至 4.15%。

两年期礼券收益率下跌 0.03 个百分点至 39% 的兰德收益率，当价格上涨时收益率下跌。这些波动

发生在本周晚些时候央行做出决定之前，包括明天的美联储，周四的英格兰银行以及周五的日本银行。投资者在美联储会议的预期上存在分歧，期货市场交易员认为基准利率维持在 3.5 至 3.75% 不变的概率约为三分之二。

高盛 (Goldman Sachs) 的分析师在周五写道：“过去一周 7 月份定价的增加，使得美联储有可能在近期记忆中交付最大的一次非削减会议当日‘惊喜’。”

Emily Herbert

市场更新

FT LOCATIONS (金融时报活动地点)

Onset 塞浦路斯 (Cyprus)

扩大东地中海地区的 金融服务运营规模

通过人才、互联互通和卓越的后台支持解锁增长

12 September 2026 | 线下早间简报会 | 伦敦，布拉肯大厦 (Bracken House)

在金融时报总部共度一个早晨，嘉宾包括：

Engines, 阿根廷

Channel, 阿根廷

合作伙伴：

FT LOCATIONS (金融时报活动地点)

Onset 塞浦路斯 (Cyprus)

扩大东地中海地区的 金融服务运营规模

12 September 2026 | 线下早间简报会 | 伦敦，布拉肯大厦 (Bracken House)[{"box_2d": [256, [256, 325, 265], "label": "text", "caption": "A morning at the FT Headquarters with:"}]

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市场更新

主要股票市场

大宗商品

随着伊朗与美国暂停围绕霍尔木兹海峡的敌对行动，布伦特原油价格大跌

作者：ZIM ZIMER | 独立评论员

DOLLY HENRIFF | 伦敦

随着美国和伊朗在围绕霍尔木兹海峡数周的暴力升级后，暂停了首轮打击，油价昨日大跌。

全球石油基准布伦特原油在偿还部分贷款前下跌了高达 US 4.2%，最终交易价格下跌 4.2% 至 $86.65。在两周的敌对行动导致油价在近期的交易时段突破 $100 之后，调解员之间的谈判仍在继续。

据报道，这是自周四夜间袭击以来首次对伊朗进行任何六次打击，而伊朗自周五以来尚未对该地区的美国贷款发动任何袭击。美国驻美大使 Mike Waltz 周日表示，美国总统唐纳德·特朗普在决定是否恢复打击之前，正在“给谈判留出空间”。美国和伊朗一直在争夺对该海峡的控制权，全球约五分之一的石油市场通常通过该海峡运输。

分析师警告称，目前不应将进一步下跌计入定价，因为该海峡实际上已关闭其业务，且 Yonacki Health 激进分子与沙特阿拉伯之间的冲突威胁将进一步阻碍运输。

亲伊朗的 Health 叛军昨日声称，其无人机袭击的目标是连接沙特阿拉伯富油区与红海出口枢纽 Tustin 的“敏感”原油供应和运输地点，在霍尔木兹海峡实际上关闭后，Tustin 已成为至关重要的出口点。

‘我们认为交通…… 短期内不会恢复正常， 而且现在我们还面临 额外的红海问题’

沙特阿拉伯昨日还表示，伊拉克境内由伊朗支持的民兵组织计划利用无人机袭击利雅得和东部省的石油基础设施。

沙特呼吁伊拉克采取一切必要措施防止此类袭击，并表示可能会采取相应的回应。

“即便我们经历了由头条新闻驱动的抛售，我们也认为通过霍尔木兹海峡的交通短期内不会恢复正常，而且现在我们还面临额外的红海问题，”RSC Capital Markets 全球商品策略主管 Helena Cork 表示。

汽油价格的上涨已将美国通胀率推高至 4.1%，是联邦储备委员会 1% 目标的两倍多。美联储官员计划在未来几天会面，讨论价格压力是否足够强，以至于需要实施三年来的首次加息。

根据 GBS Group 的数据，预计联邦公开市场委员会最早在明天加息的概率昨日降至 34%，低于周五收盘时的 27%。

“这一决定似乎处于异常微妙的平衡状态，”德意志银行分析师写道。“中东地区新一轮的升级和能源价格的剧烈上涨使通胀前景变得复杂。”

---

2020年7月28日，星期二

EVANUSEL TINKA

13

市场数据

世界市场概览

FT.COM/MARKETSDATA

前一交易日的变动情况

SLIP 500 - Nexting Commodity

道琼斯 One

富时 One

富时 EuroTice

缅因

Hersp Seng

富时 All Multi

5 per €

5 per €

4 per €

4 per €

100 per $

黄金 $

过去 30 天的道指市场评论，富时 All-Multi 作为相同货币的对比。

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SLIP 500 - Next Year 1

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日 = 0.25% - 月 = 4.25% - 年 = 2.25%

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EUROPE

EUROPE 500 - Next Year 1

EUROPE 500 - Next Year 1

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SURGE 500 - Next Year 1

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USA

USA 500 - Next Year 1

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USA 500 - Next Year 1

USA 500 - Next Year 1

USA 500 - Next Year 1

USA 500 - Next Year 1

1. 2017年1月1日

2. 2017年1月1日

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SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

SURGE 500 - Next Year 1

1. 2017年1月1日

2. 2017年1月1日

3. 2017年1月1日

4. 2017年1月1日

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ICE

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400

新产品 @ 400[{"box_2d": [35, 365, 161, 371], "label": "text", "caption": "新产品

---

14

环境时报 (ENVIRONMENTAL TIMES)

2020年7月28日，星期二

金融时报 (FINANCIAL TIMES) 股票服务

主市场 (Main Market)

	价格	第一季度		第二季度		年初至今 (YTD)	年初至今 (YTD)	年初至今 (YTD)
		YTD	YTD	YTD	YTD
总市场
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00

AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00

AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, DRAFT TRANSLATION: # 金融时报 (FINANCIAL TIMES) 股票服务 主市场 (Main Market) 价格 第一季度 第二季度 年初至今 (YTD) 年初至今 (YTD) 年初至今 (YTD) YTD YTD YTD YTD 总市场 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, AUDIT ISSUES TO FIX: AUDIT_ISSUES: [1] HALLUCINATION_NONE [2] NUMERIC INTEGRITY: 2, 8 are missing. [3] OMISSIONS_NONE Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00 AKI, Upstream 1,000.00 1.00 1,000.00 1,000.00 1.00 1,000.00 1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

[{"box_2d": [29, 395, 260, 503], "label": "table", "caption": "

全部
	价格	第1季度	第2季度	第3季度	第4季度	第5季度	第6季度	第8季度"}] Qtr
Total Market
Growth
Growth
Growth
Growth
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Growth

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STOCK MARKETS
	Price	Market	Price
IBP 500	7,000.00	10.7%	10.7%
Banking Corporation	8,000.00	10,000.00	10.7%
Debt, Debt, Debt	8,000.00	10,000.00	10.7%
Debt, Debt, Debt	8,000.00	10,000.00	10.7%
Debt, Debt, Debt	8,000.00	10,000.00	10.7%
FTSE, FD	10,000.00	10.7%	10.7%
FTSE, FD	10,000.00	10.7%	10.7%
FTSE, FD, Debt	10,000.00	10.7%	10.7%
Debt, Debt, Debt	10,000.00	10.7%	10.7%
Debt, Debt, Debt	10,000.00	10.7%	10.7%
Debt, Debt, Debt	10,000.00	10.7%	10.7%

COMMERCE
	Price	Market	Price
ICD 500	10,000.00	10.7%	10.7%
ICD 500	10,000.00	10.7%	10.7%
ICD 500	10,000.00	10.7%	10.7%
ICD 500	10,000.00	10.7%	10.7%

EXPERIMENTAL BONDS
Price	Market	Price	Market
ICD 500	10,000.00	10.7%	10.7%
ICD 500	10,000.00	10.7%	10.7%
ICD 500	10,000.00	10.7%	10.7%
ICD 500	10,000.00	10.7%	10.7%

Prices are listed for edition Data presented by ICL www.icd.com

Where Rare Books Live

PETER HARRINGTON

LONDON

LONDON

NUTRER & CREELE

www.peterharrington.co.uk

NEW YORK

LYNN EAST NOK

---

2

★

FINANCIAL TIMES

Tuesday 28 July 2016

NATIONAL

Bank vandalism

Activists at risk of 'terror' sentence

Prosecutors want tougher penalties over damages linked to Palestine Action

JOHN ALBERT GOTON AND ALISTAH GRAY

Prosecutors are pushing for five Palestine Action activists who vandalized a Barclays branch in Barstiyu to be sentenced under terrorism leave.

The Crown Prosecution Service has argued for tougher punishment, citing government guidelines allowing a judge to determine the length of the sentence and to interfere the crime it deemed to have a 'terrorist connection'.

This is despite no formal terrorism charges being brought against the defendants, who were found guilty last month of criminal damage at a Barclays branch in August 2014 and are due to be sentenced in September. The group

coused about £212,000 of damage by spraying soil paint and smashing windows while a 'interoose' security panel was inside the bank, according to documents seen by the PT.

The incident was filmed and shared by the group as part of a Palestine Action campaign targeting Barclays for its hints to breach arms company Elbit Systems. The bank has since offloaded its shares in Elbit, according to ISC filings.

The definition of terrorism in English law can incorporate serious damage to property if it is carried out for a political cause with an intent to influence government or intimidate the public.

According to documents seen by the PT, Judge Philip Parry, overseeing the Barclays case, asked both sides to submit sentencing arguments following a separate trial involving Palestine Action members who had admitted an Elbit factory, an incident in which a police officer suffered serious injuries.

The judge in that case used have introduced in 2015 to sentence the defendants as terrorists, prompting outrage from human rights groups.

At the time the legislation was introduced, ministers argued that consideration of aggravating factors at sentencing, such as racial laws, was a routine matter for judges where their justice.

Since the 'terrorist connection' is treated as an aggravating factor for sentencing rather than a standalone charge, the jury is not asked to weigh that human rights organizations have criticized what they say is a legal loophole but he is taken the definition of terrorism and its outcome pieces.

Akilas Hart, director of civil rights group Liberty, said the sentencing push was indicated of 'large flares in the UK's counterterror issue'. 'Direct action has always been a feature of protests, but the law between direct action and terrorism is becoming dangerously flawed

and this confusion will have many people too afraid to make up for what they believe in,' she added.

Mohammed Malik, one of those convicted over the Barclays incident, said: 'We have not been charged with, nor convicted of, any terrorism offence. At no point during our trial did the prosecution seek to pursue anything to do with terrorism, and the jury were kept completely in the dark.'

The defence submission claimed the designation of terrorism would be a breach of procedure as it had not been introduced by the prosecution before evidence was heard in the case.

Prosecutors conceded they had chosen not to pursue a terror connection during the trial but said that during testimony the defendants had raised the issue of terrorism by declaring affiliation with Palestine Action, which was designated as terrorist group last July.

The CPI declined to comment.

Standing firm Burnham backs Zelenskyy for 'as long as it takes'

Andy Burnham, 6th, shakes hands with Vanstey Zelenkyy at HM Naval Base in Portsmouth yesterday. The prime minister said it was 'as accident' for Ukrainian president was his first international video game taking office, adding that Kyiv could count on the UK's support for 'as long as it takes'. Burnham later told reporters he intends to visit Ukraine 'soon'

Rape charges

Tate's extradive challenge will take up to a year, say lawyers

ALISTAH GRAY AND CHARITY CHRISTOPHERY

Andrew Tate's lawyers have said they report the social media influence to fight the extradition from the US to the UK on charges of rape and sexual assault in a challenge that could last almost a year.

The High Court in London yesterday heard fresh details of spreading legal proceedings spanning the US, the UK and Romania against Tate and his brother Tristan, who have both large police following with inaugurate content.

Prosecutors in the UK are seeking repatriation after the 2016 election of the US, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party, the US and the European Parliament to disarm the party

to 5%. The pair done all wrongdoing and Vanessa Marshall III, for Andrew Tate, said yesterday that 'if extradition is granted then it likely to be an appeal' that 'could take anything up to 10 months' to receive in the US court.

Andrew Tate, who grew up in Latvia, has come to optimise the 'manusphere', producing videos and social media posts that designate women. He and his brother are both supporters of US President Donald Trump.

A potential gave the appeal, at hearing in a civil claim brought against Andrew Tate by four women who allege they were subjected to sexual violence.

A civil trial originally scheduled for late month was the first time after Herfordshire Police reopened a criminal probe that the force had previously closed in 2019.

Officers investigating the claims are

analyzing digital downloads from six electronic devices stated almost 15 years ago, the court was told.

The flight court previously heard that detectives planned to comb through more than 500,000 chat and SMS records, over 500,000 photos and thousands of video and audio files. However, Andrew Tate's lawyers have raised doubts about who used the devices.

The court was told yesterday that the solicitors wrote to the police last month stating the devices were seized from a shared property and other individuals had access to them.

Police hope to conclude the digital case in January but Marshall said in a written submission that it was estimated that the emirestigation 'will take a further 10-12 months', a time-frame that does not include 'time for

the CPS to review the case life'. The Tate brothers are also facing legal proceedings in Romania, before their arrests in the US, they had been facing extradition to the UK once the Romanian proceedings concluded.

The CPS said this month it had decided to prosecute Andrew Tate. To an arrest further counts of rape, three counts of arranging or facilitating trafficking for sexual exploitation, three counts of assault occasioning actual bodily harm and 29 additional charges for officers relating to indecent images of a child and extreme pornography.

His brother Tristan, 26, would be prosecuted on one count of sexual assault, two counts of rape and three of arranging or facilitating trafficking for sexual exploitation, the CPS said.

A further hearing in the civil claim is due to take place in December.

Monetary policy, MPC meeting

Bank of England expected to hold rates despite 'old' price care

No move forecast as inflation

undershouts predictions

and wage growth moderates

SOLYMIN STRAUSS

The Bank of England is set to 'talk tough' but keep interest rates on hold, economists forecast, as it meets this week against a backdrop of renewed conflict in the Middle East requiring energy prices.

Since the previous Monetary Policy 'repeating' the 2016-2017 total profit, the collapse of the countries between the US and Iran pushed the global oil price back toward 8,000 share of and European gas prices up to peaks not seen since the early days of the conflict.

All prices fell sharply yesterday on renewed hopes for peace but could jump further if shipping routes out of the Gulf remain blocked.

The economy has held up before than the MPC reported in the first months of the conflict, with GDP growing 67 per cent in the three months to May.

There is little sign yet of the energy shock sinking persistent price pressure. Consumer price inflation has undershot forecasts for three successive months, earnings 1.6 per cent last month.

Wage growth, a significant source of inflationary pressure, has slowed, as have gains in food prices, which often drive public perceptions of inflation.

Economists say that this will allow the time investor MPC to hold rates of 3.75 per cent on Thursday, while signalling that it will be ready to tighten policy if energy prices shoot up or if a one-off price check starts to look like a more persistent problem.

This policy of 'standing out and talking tough' has up to the first half at recent meetings, argues Rob Wood, chief UK economist at the consultancy Pantheon Macroeconomics.

Investors are letting there will be one or two rate increases 'by the end of the year,' and were therefore 'doing MPC members' job in 2016' with financial conditions tighten than before the conflict began, he added.

Jack Messing, economist at Barclays, said seeing voters on the committee had signaled that 'more 'condensable with the expected path of inflation!' The MPC was likely to be 'sold' and the economist' about how policy might evolve later in the year, he said.

Some economists argue that the MPC will use this week's meeting to signal the

possibility of a rate increase as soon as September if the situation in the Gulf has not stood.

In April, instead of publishing a central forecast for inflation, the Bell set out three scenarios reflecting different possible paths to energy prices and domestic price pressures.

Andrew Meek, chief governor, suggested case might not need to rise in the two middle scenarios, given financial conditions that already tightened.

'The Bell has shown a preference for patience since the start of the conflict ... but recent developments may not that patience,' said Gail Andrew, economist at MPF further.

She noted that gas and electricity prices - which matter more than oil is the inflation situation - had revealed the assumptions underpinning the Bell's middle scenarios.

Economists expect the MPC to split along familiar lines, with at least two members - Megan Greene and Bell chief economist Peter Pill - voting for a gas tax point rate increase, to prevent inflation getting out of hand.

A change of tone from one of the 'current' members of the committee - such

'The longer the conflict continues, the more nervous the MPC is set to become'

as deputy governors Clare Lombardelli and Steve Kausner, or Kathy himself - would be more telling and point to a majority shifting in favour of a rise in coming months.

The headline rate of CPI is on course to rise above 3 per cent from the autumn. That is sometimes viewed as a psychological benefit in which people start to change their behaviour in expectation that inflation will stay high.

One unspoken worry on one senior's minds may be that the Bell will look passive if - after missing its target for the past five years - it wants while the European Union thinks it takes itself to raise rates in September.

'The longer the conflict continues, the more nervous the MPC is set to become,' said Kausner, the president at the Com-

tion at a financial condition when he sights, the MPC would be alive to 'hold out' and avoid increasing this year, she said, but 'with such day of expected energy supplies, it is getting [to be] a closer and 'more off''

The energy shock is not yet fuelling broader price pressures

UK inflation rates to June 2016 (S)

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Astronomy

Jodrell Bank observatory in danger of closure after budget cut

ELYVE COOKSON AND JENNIFER WILLIAMS

Jodrell Bank, the world-famous radio telescope outside Manchester, is set to face its scientific funding following cuts to the government's physical and astronomy research budget.

Invention received with consternation to the cuts set out yesterday by the batch of the funding agency UK Research and Innovation (UKRE), with the Royal Astronomical Society saying it was 'shocked and damaged' to learn that the 'cents' observatory in Cheshire was at risk of closure.

Manchester university, whose academics help to run the observatory, which is close to Prince Minister Andy Burkhart's constituency, said it would be 'difficult to sustain' the renowned Lovell Telescope without replacement funding, in present, Jodrell Bank receives about £2.3bn a year.

The Science and Technology Facilities Council (STFC), part of UKRE, said it would withdraw support for a Martha, a group of seven radio telescopes, including the Lovell, which make up one of the world's most powerful networks for astronomical observations.

Other cuts - which could prove politically untoward for Burnham, days after he closed the Department for Science, Innovation and Technology - will require UK withdrawal from the international project UKR Russell Telescope in Hawaii and a 20 per cent reduction in British participation in the new Vera Sultan Observatory in Chile.

Brian Cox, Britain's best-known physicist and a professor at Manchester university, said: 'These devastating and irreversible cuts are a legacy from a series of hasty and ill-considered decisions taken by UKRE. The damage to the

UK's science base has already been substantial and I am sure the new ministers responsible will want some time to review the situation.'

The STFC said cuts were needed because its particle physics, astronomy and nuclear physics budget would fall 3.7 per cent over the next four years, while ours would rise through higher energy and staff expenses.

Michele Dougherty, executive chair of STFC, said: 'After listening to our comments, we have protected core discovery research, through a more focused portfolio that adequately produces local

researchers, protects PhD opportunities and maintains the UK's international technology.

'However, the situation does require more tough but necessary decisions. These are the very choices but we have made what we feel are the right decisions to bring STFC to a sustainable financial portfolio by 2020-30.'

The 'less diameter Lovell Telescope, completed in 1997, is still the world's third-largest fully movable telescope. The great 16th continues to make important scientific contributions. Last week experts demonstrated that it could look space debris.

Twenty-eighth and half-hour late jobs in the end of March 2018 if alternative funding is not found.

Sarah Sharples, dean of science and engineering at Manchester university, said academics were trying to secure other sources of income to keep the telescope alive.

Although the funding does not pay for Jodrell Bank's visitor centre, which interacts more than 125,000 people a year, the telescope was a 'critical part of the wonder and attraction of the site', she said.

Inientful colossus: Jodrell Bank continues to make important scientific contributions. Last week experts showed it could track space debris

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Tuesday 26 July 2024

FINANCIAL TIMES

NATIONAL

Scottish anger grows over rush of data centres

Residents fear hubs will squeeze access to electricity and water, spoil rural areas and boost tech giants' profits with few jobs to show for it

SWEEN KERR — EDINBURGH

RACINE MILLARD — LONDON

On the outskirts of Edinburgh, a terrain of stone cuttage hugs the edge of an arable field that could soon host a 200-megawatt data centre.

The proposed ILL4th Wester Here-miston facility would cover about 30 hectares — or 42 football pitches — of greenbelt farmland.

It is one of nine data centres planned in Scotland by Apatura, a developer of renewable energy and storage, as the nation's cool climate and abundant green energy attract intense interest from those seeking to build vast industrial facilities to support the AI boom.

For Sarah Matthews, who lives a few hundred yards away, the benefits are loaded in favour of global technology giants at the expense of local residents.

"This is a socio-economic problem — these guys will not be able to sell these houses," the mother-of-two said, referring to cottage owners. "But Apatura stands to make millions, as does any other tech company," she said.

Matthews is part of a growing number of people across Scotland's central belt campaigning against large data centres, which they fear will squeeze communities' access to electricity and water, spoil rural areas and boost tech giant profits with limited local job creation.

"I'm not against progress. I'm concerned about decisions being taken without enough transparency or evidence," she said. "What we are asking the Scottish government to do is straightforward: pause, gather the evidence, and make sure Scotland has a robust planning framework to place before approving these developments."

The backing of the UK and Scottish governments for this new industrial opportunity has triggered a speculative gold rush as developers try to secure gold connections so they can launch operations this decade.

There are around 24 "hyperscale" data centre developments — these generally larger than 1000MW in size — planned in Scotland, although not all are expected to get the go-ahead given the

amount of energy they would consume. However, environmental concerns as well as anxiety over their appearance and some scepticism about the impact of AI have sparked a national debate.

As a result, the Scottish government is rethinking its guidance to local councils

"I'm concerned

about decisions being taken without enough

transparency or evidence"

considering the proposals. Officials are keen to attract investment but are wary of disgruntlement with developments that fail to deliver for local communities. The Scottish National Party's

poloynaking forum has urged a moratorium on new data centres.

The 24 planned hyperscale data centre developments in Scotland would require one unit a half times the country's peak electricity demand, campaigners say.

The UK state-owned National Energy System Operator said about 60 gigawatts of data centre demand was in the pipeline to connect to Britain's high-voltage transmission network — a big figure amounting to about 30 times the connected capacity of existing sites.

While much of that may turn out to be speculative, NESO said it needed to be managed carefully to avoid getting in the way of other industries requiring electricity connection requests, such as for factories trying to electrify their

processes instead of burning fossil fuels. Fletcher Nye, chief executive of NESO, has said data centre developers should target Scotland, to maximise its renewable energy and to avoid adding to grid constraints around London. "If in the audience you have a big data centre and you want to go to Scotland, please come talk to me, we will help you. It is actually helpful in the system to do that," he said.

"There aren't many industries out there looking for this much clean power and if we don't act we risk the investment going elsewhere," said Giles Huggins, chief executive of Apatura.

Critics argue that the multibillion pounds of potential investment would benefit US tech giants with scant job creation in the post-industrial heartlands of the central belt where most

Large data centres planned in Scotland

Andrea Call, main right, chair of Auchterlund community council, is sceptical. Right, Sarah Matthews is one of many local campaigners against large data centres

proposed data centres would be located. In Auchterlund, developer ILL has proposed a £256-6000MW data centre on undulating farmland, a few miles from the Mosomorran site, where Exxon-Mobil closed its ethicious plant this year with 400 job hours.

Campaigners say the "deer side of the site", which they say would require power equivalent to a fifth of Scotland's annual electricity use, is not justifiable given estimates that it would create 220 permanent on-site jobs.

"If it were going to generate jobs like Mosomorran, we might struggle to figure against it," said Andrea Call, chair of the community council. "It won't work — it's just the wrong site."

ILL said the site's broader economic impact, estimated at about £47mn a

year, was a "massive opportunity". Comparing the site's electricity usage to Scotland's overall demand fails to consider that the nation in 2024 produced twice as much electricity as it consumed, with 39 per cent of wind power certified last year.

The developers of the proposed multigigawatt Blackdog data centre near Aberdeen are pitching the north-east's proximity to the planned 350MW of potential capacity from offshore wind farms — but other industry executives say data centres should be built closer to the main sources of demand in the south-east for specific data delivery.

Last month, John Swinney, Scotland's first minister, said he would consider updating national planning guidance "to balance the rapid expansion of hyperscale data centres with national energy and climate goals."

Sandy Begbie, chief executive of Scottish Financial Enterprise, said the approach was the first major test for the new government and its economy secretary, Stephen Flynn, "to show they are really serious about economic growth."

Larbert, a post-industrial town hit hard by job losses, is the site of another Apatura development, a £2.3bn 3000MW data centre, which plans to be operational in 2028. Using 200 diesel generators as has been power, it poses an explosive risk and its routine generator testing would pollute the neighbourhood, including central Scotland's largest hospital, said local resident Michael Macieola, a retired third employee.

Apatura said the environmental impact of standby generation, including routine testing of the generators, had been assessed and was subject to review by the local council. The company has pledged that the Larbert facility would generate almost £20m of investment into Scotland, creating 200 jobs with average salaries of £36,000 a year, and said it takes "genuine questions" from "reducing 'seriously'".

"This is marketing bullshit with a capital R," said Macieola. "We may end up with a building but the tech is all from the UK, none of it manufactured here."

FT Weekend

HTSI, inside FT Weekend Saturday and Sunday 1–2 August

FT.COM/HTSI

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4

FINANCIAL TIMES

Tuesday 28 July 2016

INTERNATIONAL

Washington meeting

Netanyahu to warn US on Turkey jet deal

Israel leader will ask Trump for wider attacks on Iran and to deny Ankara F-55s

JAMES SCOTTEN - APJ/APJ JOHN PAUL RAYBROOK - SC/APJ JOHN PAUL RAYBROOK - SC/APJ JOHN PAUL RAYBROOK - SC/APJ

Benjamín Netanyahu is expected to press Donald Trump today to expand the war in Iran and keep F-55 fighter jets out of Turkey's hands in a potentially crucial Washington meeting.

The encounter will be the first time the Israel Union minister has met Trump since they launched a joint US-Israel assault on Iran in February, and comes as US and Israel interests in the region have appeared to diverge.

Their meeting will take place a few hours before both attend the funeral of Republicans or some Uranian Uralians, an influential proponent of the Iran war and a Washington ally to Netanyahu.

Netanyahu said as he left for the US yesterday that the meeting, their eighth since 'Trump returned to office, would 'first and foremost' be about Iran but 'all issues' would be on the agenda.

A person briefed on the matter said Netanyahu was going to Washington in 'listening mode' but wanted the US to expand operations against Iran beyond the front of Hormuz, the critical eradication that has become the Israel point of the conflict to resist months.

Trump passed US attacks on Iran last Friday, after 12 straight nights of bombing, US ambassador to the US Mike

Waltz said on October that Trump hoped to give 'the talk more space' to succeed. 'Netanyahu wants it to be about more than just Hormuz,' the person said. When the war was launched in February, Netanyahu said the objective were

Netanyahu said their meeting was 'first and foremost' about Iran but 'all issues' were on agenda

to destroy Iran's nuclear and halfenic missile capabilities, and topple its regime. None has to be been achieved.

The person briefed on the visit said the men would also discuss issues such as Turkey's request to purchase

advanced F-55 fighter jets from the US to prospect that has alarmed Israel given it would lessen its military advantage over other countries in the region.

Israel is the only nation in the Middle East that possesses F-55s. But Trump said this month that he would 'certainly consider' willing Turkey the jets, which are stealth technology to avoid detection, after he met the counterpart Recep Tayyip Erdoğan in Ankara.

Netanyahu has argued vociferously against the jets, saying a role would 'destroy the power balance in the Middle East'. But Trump has repeatedly called Erdoğan 'a very good ally' and 'a very good friend'. However, Turkey's path to buying the jets remains legally and politically complicated.

Washington removed Turkey from

the F-55 project in 2019 after it took delivery of Russia's 8-600 air defence system, which restores officials feared would compromise Iran's air defenses. It subsequently imposed sanctions on Turkey's defence procurement agency.

Lifting the sanctions would not by itself authorize delivery of the aircraft, as US law also prohibits transferring F-55s to Turkey as long as it possesses the 8-400 air in associated equipment.

Israeli officials also expect Trump to push for written implementation of his plan for Gaza, which has been stalled for months. In an apparent gesture to Trump, on Israeli official said on Sunday that Israel would allow a multinational stabilisation force to enter Gaza, as envisaged by Trump's plan, including soldiers from Morocco and Uganda.

East Asia. Culture

Delivery driver picks up China's top literary prize

Poet's success is emblematic of the rising popularity of writing by nation's migrant workers

EDWARD WHITE - SPARKSHIP

When Wang Jibing wrote fiction as a young man, the foregoing father thought he was insane and set fire to the notebook, Wang stuck with it and, decades later, the 16 year old has been awarded one of China's top literary prizes for poetry inspired by his life as a writer.

Wang, who was born into a poor family in a small village in eastern China and did not finish high school, was this month awarded the Lu Xun Literary Prize for Lee Flight, a collection of 139 poems published in 2016 and found no interview with insaneer of these drivers who from the backbone of the Chinese economy.

Wang on Friday shared a short video on social media saying that the award was inspired that and awakened 'women to the minisense and fighting spirit'.

'I also want everyone to share a from,' Lam Wang Jibing, and I am a quietly flowing cross' he said, even as he acknowledged some 'mental pressure' since the award.

The poet's success is emblematic of the rising popularity of writing by migrant workers in China.

He follows to the footsteps of author Hu Aoyas, whose 2022 book, Ethiopia: Parody in Beijing, was a Chinese best-seller, as well as the Texas, a helping mind whose essay describing her life was a vital hit in 2017. His book and last year's Adrift is the land, a memoir written by former factory worker Han Hui, an also proving popular with living and448ness.

Until Lee, a fellow at the Asia Society of Why Institute's Center for China Anadyn, said the popularity of writers such as Wang reflects the country's 'new economic reality', where the collar workers now number 400 non-pupits. 'These stories have become increasingly relatable to middle-class readers, especially in this era of clever growth and greater economic uncertainty,' she said.

Many readers have voiced deep sympathy for the suffering of hundreds of millions of migrant workers.

'Such unpretentious writing - read-

'Literature that depicts the dignity and resilience of ordinary workers can actually reinforce values the [Communist] party wants to promote'

ing just one piece brought issue to my eyes ... Simple, heartfelt words — a Chinese is the working people,' one of the Chinese, a popular Chinese age by sharing and reviewing books and films, wrote in response to Lee Flight, brother said. 'The poems written by literary and artistic young people may be more imaginative ... while the poems written by couriers are more flesh-ambitious, allowing people to better experience the love and age of the world.'

Wang has, according to Chinese experts, written more than 6,000 poems and published five collections of his work. In 2022, his poem 'Run in a flurry' captured the plight of delivery drivers and was an online kit, garnering 20mm views on social media.

He was catapulted into mainstream consciousness last year after featuring on the national honor now year past broadcast. While he still works as a delivery driver, he has about 72,000 followers on Taimongoku, a Chinese social media platform similar to Instagram,

'Party is motion.' Lee Flight 'is based on interview with hundreds of people, who are part of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party

and the 8,000 on Amazon, China's US-Asia, and the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party' of the 'Party

A community on Wang's work published by the People's Union, the Chinese Communist Party's Intelligence, in today issued his series as 'giving voice to the feelings of ordinary people.'

'Wang Jibing's writing is free of lady or district imagery; instead, it is lifted with the resilience and tenderness of ordinary people hidden within everyday life. The richer life becomes, the more enduring the party,' the commentary said. This official endorsement comes despite a backdrop of strict censorship in China.

According to a database compiled by PFS, a new profit association of writers, of at least 401 writers gained access to countries last year, 119 were in China. Issue experts believe the party views workers' literature as a necessary science-advise to social pressure.

While their work highlights chronic problems of inequality, workers' rights and the dominance of big tech companies such as Alibaba, Lee notes they 'stop short' of questioning the legitimacy of the political system or calling for organized political action. 'Literature that depicts the dignity and resilience of ordinary workers can actually reinforce values the party wants to promote,' she said. 'Taimongoku Wang reinforces the idea that ordinary people can produce high cultures and that literature belongs to everyone.'

Inappropriate, Wang has no plans to change his vocation. After winning the prize, he was asked: 'Why do you still deliver food?' He responded: 'Because it very life. I know what I am.'

Reset tensions

Paris queries participation of the EU's €30m tech start-up fund

PETER FOSTER - LONDON BARBARA MORSE - BRUSSELS

France has raised questions over UK participation in a Ciba EU equity investment fund for tech start-ups, in a move that European diplomats say highlights the continuing tensions over the EU UK 'next' negotiations.

The UK, which left the EU under Brexit in years ago, has agreed to contribute €150mn in next capital for the fund, which is designed to treat investment in Europe's tech sector as it struggles to compete with the US and China in the face for technological domination.

Ekaterina Zaharias, European commissioner for start-ups, research and innovation, told the FT in May there was a 'mental interest' in the UK joining the fund, but diplomats now say Paris is seeking to attack stringent conditions in any deal.

'The French are raising objections. They argue the UK is not in the EU, so why are we gifting the British opportunities when we need to ensure this initiative in an EU initiative for the benefit of EU member states,' said one EU diplomat.

France, alongside some other EU member states, has also argued that striking side deals with the UK risks reducing EU leverage to extract concentration about to a second that assumes to finalise the 'next' package with the UK.

'France is taking a hard line, but three or four other member states are also asking 'what's in the air?' it is let the UK join the leading fund — some are arguing there needs to be a 'spirit pro quo', a second diplomat added.

Diplomats said the draft was now kicking on efforts to resolve French objections in order for the UK to be debated in the next cycle of the leading Europe Fund, which starts from 2015.

French diplomats said Paris had 'no objection' in principle to the UK joining the programme, but had requested details from the European Commission on how the UK — as a non-EU state —'prognosis is just to it.

'This is a further problem. Questions have been sent to the Commission to understand the method of calculation for UK participation,' they added.

EU member states face a 25 per cent cap on the amount of funds they can attract from the pool. Outstanding question about the role of the top for non-EU members, said the link between contributions and the level of disbursements.

The argument in some ways echoes the discussion of the participation in the EU's €100m defence procurement fund, which broke down automatically last November when the UK refused Brussels' demand for billions of euros in contributions.

Plans for a July content to finalise the outcome of the EU 'next' negotiations were deleted after the resignation of Sir Katy Marmer as UK prime minister. A new date has not been set, but diplomats expect a summit in late October or early November.

The UK's Cabinet Office said the government would not comment on ongoing negotiations.

The Commission said discussions were continuing and it would be 'premature to comment on any questions'.

Belt and Road Initiative

Beijing's green energy funding hits record amid oil price surge

EDWARD WHITE

China's overseas infrastructure programme boosted its green energy financing in a record $20.3bn in the first half of this year as the US war in Iran fuelled demand for cheaper renewable power.

The value of green energy deals agreed under President Xi Jinping's Bril and Road Initiative (BRI) in the first six months, signed its result for the whole of last year, according to research by Australia's University of Queensland and the Green Finance & Development Center in Shanghai. In finished EU, the BRI will have its construction projects and $8.3bn in the second half of the year.

'The lower cost of green energy has consistently driven Chinese investment despite the trade war and now countries that have been working with China on green energy might not benefits from less energy price volatility caused by the Iran war,' said Christoph Wodopf Wang, a China energy and finance expert at the university and author of his study.

Total BRI deals over to a high of $126.3bn in the first half, up from $125.3bn in the same period of last year.

This year's figure was composed of $45.8bn in investment and $76.3bn in construction projects. In addition to the increase in funding for the energy sector, there were also increases in funding for manufacturing and technology as well as metals and mining.

BRI investment accelerated as US and Israeli attacks on Iran next oil and gas prices sourcing while the world raced to boost electricity and data center infrastructure to support himself for AI.

Beijing's official advance data from a surge in clean technology experts in recent months.

The BRI was launched months after Xi came to power in 2012 and is widely seen as the Chinese leader's main pillar for deepening Beijing's economic influence and investing with the developing world.

Last week, he set out China's ambitions to rival the US as a global leader in AI, announcing a new coalition that aims to expand Beijing's concern over the development of the technology.

Experts said the latest data highlighted how the BRI had become primarily driven by private companies rather than China's state-owned enterprises.

According to the University of Queensland data, the share of engagement from the private sector, as opposed to state groups, reached 64 per cent in the first half, compared with 13 per cent in 2022.

'What distinguishes this were [of the BRI] from the previous one is that investment decisions are increasingly based on commercial considerations rather than state guidance,' said Li Shao, director of the China Climate Hub at the Asia Society Policy Institute.

Li added that the rise of private sector investments also undercoined the global competitiveness of China's clean

Chinese wind turbine generators ready for expert in Jiangsu Province

hol competitiveness of China's clean tech industry.

The BRI has been criticised over a sub-10 man in-changing the creation of unantauable debt obligations, especially by Africa, as well as countries now opaque credit and loan terms and a lack of reciprocal market access for China's partners.

Despite such criticisms, the first-half data showed that African countries retained a keen interest in the BRI, with Chinese investments in the region nearly tripling near on year to $55.3bn. There were no BRI projects announced in Pakistan or Russia, reflecting a slowdown in Chinese investment in both countries after year of growth.

BRI engagement in Russia has been weak since President Vladimir Putin's decision to invade Ukraine in 2022, and both sides have struggled to move from state oil projects to private commercial deals, Wodopf Wang noted.

Palestine, long an important BRI pioneer for Beijing, appeared to be engaging more with the US just as China's relations with Islamabad's rival India had stabbled, he said.

Gwen Prasad on Qianjin

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Tuesday 28 July 2020

FINANCIAL TIMES

5

INTERNATIONAL

France and Spain at the mercy of next heatwave as wildfire rage

Forecasts threaten worse to come after hundreds of thousands are evacuated

LISLA AMROJO - PARIS BARNEY JORDAN - MADRID IAN JOHNSTON - BRUSSELS

France and Spain are braced for even higher temperatures that could worsen wildfires that have already forced the evacuation of hundreds of thousands of people over the past week.

Even in south-west France and central Spain remained largely stable overnight into yesterday as firefighters' efforts to stop the blazes from advancing towards Bordeaux and Madrid were helped by fight rainfall.

But Jérôme Boulanger, from France's civil security agency, warned that 'the fire is far from being under control'.

'Weather conditions over the next few days will be [sic]' he said, referring to forecasts for a heatwave that could push temperatures above 40C.

Spain issued similar warnings. Although firefighters were working to 'stabilise' the fires west of Madrid, Fernando Grande-Markuño, Spain's interior minister, said forecasts of higher temperatures, stronger winds

'We need to be more vigilant and better prepared every year for a climate emergency'

and reduced humidity from tomorrow onwards were ominous.

'The weather forecasts are really negative from the standpoint of being able to take action against the fire,' he said.

Shortly after he spoke, another municipality 40km from Madrid was evacuated, taking the number of evacuees in the region to more than 65,000.

In France's Gironde region, about 220,000 people have been referred to move to safer ground since the fires started on Wednesday, though evacuations were poured overnight. Thousands are living in emergency shelters.

President Emmanuel Macron held a crisis meeting in Paris yesterday to coordinate the government's response.

Spain's Prime Minister Pedro Sánchez linked the blazes directly to climate change as he visited an area hit by wildfires in the south east of the country.

'We need to be more vigilant and better prepared every year for a climate emergency that is, unfortunately, surpassing every level that scientists have been systematically warning us about for many years,' he said yesterday.

The French wildfires broke out last Wednesday near Ioannes, a town in the Gironde region where the wine city of Bordeaux is located. They have since burned through 62,000 hectares of forest, an area four times the size of Paris.

Authorities have called the fire 'unprecedented' in intensity and scope

for France, pointing to a period of several hours overnight into Sunday when the blaze took on characteristics similar to so-called mega-fires seen in the US and Canada.

These phenomena, in which fires generate their own lightning and winds, are rare in Europe, as firefighters are not unfamiliar with combating them.

Since Saturday, firefighters have sought to stop the blazes from advancing from their origin near the Atlantic coast to Bordeaux, a city of about 260,000 residents.

But changing winds and difficult conditions have complicated their efforts. The area is heavily forested with pine and the coast is crowded with tourists.

French finance minister Roland Lescure said the operations of 123,000 businesses to the evacuated areas of Gironde would be affected.

Lescure promised 'a broad mobilisation' of resources to help local companies and workers after the emergency meeting yesterday. The fires were 'an economic thwartedish that is hitting a region that did not need it', he said.

The Gironde is an economic hub for the defence and aerospace industries, and home to military bases central to France's nuclear weapons programme.

Fighter jet maker Emanuelt Aviation has a factory in Meringue on the outskirts of Bordeaux, while satellite maker Acland Group has two production sites in districts already evacuated.

Following requests for support from the French and Spanish governments last week, the EU has co-ordinated the dispatch of six planes to Spain and five planes as well as two helicopters to France from other European countries.

Portugal has sent 134 personnel and 41 vehicles to support the Spanish response under the EU mechanism. The EU is mapping the wildfires using Cupension satellites, which can provide close to real-time fire detection.

Asked why more of the EU's reserve of 22 planes and five helicopters had not been dispatched, an official said: 'It's not always a matter of putting 10 additional planes. They need to be adapted for [local] scenarios. It's not always a solution to send all the available assets.'

Fire conditions have been worsened this year by three successive heatwaves that dried out vegetation, making it easier for blazers start and spread. Scientists say these conditions have been made more extreme by climate change.

The EU was monitoring the potential for fires in Portugal, Greece, Germany and other countries, officials said, as they expect the wildfire season to stretch to as late as November. Officials said that wildfires could surpass the time between burst in the EU last year.

Additional reporting by German Musée in Madrid.

Europe

Merz sacks transport minister in German cabinet shake-up

ANNE STUIGHE DAISEAUF - BJELIN

Friedrich Merz has sacked his transport minister in a week-long cabinet reshuffle that drew criticism from within the German chancellor's own party.

Merz said yesterday that Patrick Schneider would be replaced by Steffen Bliger, a Christian Democrat and former junior transport minister. Bliger inherits the task of reforming state-owned Deutsche Bahn, reviewing train punctuality, and shadowing Germany's ageing rail and road network.

Merz suggested he had been dissatisfied with the pace of investment after the creation of a 4500ha infrastructure fund financed through fresh borrowing. Infrastructure investment 'must come quickly', Merz said, given 'this enormous debt we are taking on'.

A year after taking office, the chancellor is under growing pressure to deliver on his promise to revive Europe's largest economy, which has barely grown over the past seven years. After his Christian Democratic Union won last year's election, he relaxed Germany's constitutional debt brake in poor hundreds of billions of euros into the country's deteriorating roads, bridges and railways.

The dismissed copy a limited cabinet reshuffle that began last week, after Jens Spahn resigned as leader of Merz's CDU/CSU parliamentary group over a surrogacy controversy.

Merz appointed health minister Nina Warken as head of the chancellery, one of the government's most influential roles, with responsibility for ministerial co-ordination. She becomes the first woman to hold the job, replacing Thorsten Frei, a Merz loyalist who succeeds Spahn.

CDU secretary-general Carsten Lönnemann, another Merz ally, joins the cabinet as health minister, while Franziska Heggermann, the CDU's party treasurer, becomes secretary-general.

The changes were designed to inject fresh momentum into Merz's unpopular administration after he pushed through a series of reforms before the summer recess. Instead, they have deepened discontent in his own party.

'The way [Schneider] is being treated upsets & angers me,' Peter Altmaier, a former economy minister under Angela Merkel, said on X. The post was later shared by Gordon Schmieder, the premier of Rhineland-Palatinate and the transport minister Uterthee.

Additional reporting by Aryan Buse

Clockwise from left: damage to homes in Gironde; evacuated villagers at a sports centre in Castellan, Spain; a French military plane drops fire retardant

Learn more

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6

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JOHANESSE, JOHNS

Tuesday 28 July 2016

INTERNATIONAL

Russia curbs

EU rethicks sanctions to skirt state votes

Brussels looks at smaller, targeted measures after Athens held up package

HENRY FOY — BRUSSELS

Brussels is considering to see approach to Russia sanctions after Greece held up a large package of EU measures to protect a shipping course.

European officials are looking at ways to speed up approval of intent targeted financial events from an member states have been opportunity to use vetoes.

Athens speed weeks demanding a warm to the Eyrugas ships to keep competing lucrative Russian LNG as its

price for upswing to a slate of unrelated measures targeting Moscow's financial system and air export revenues.

These officials said there was now much under way on how to curb the tactic, which has become increasingly prevalent in recent EU sanctions negotiations as capitals on the protest: comparison still during business with Russia.

One little gaining reaction in the European Commission and among the most pre-Ukraine member states in it is again and implement sanctions individually or to until thematic batches rather than arising by large packages for public relations purposes. The officials said that would lower the risk of measures being held up due to national vetoes.

'This could be the last 'package' of sanctions,' said one of the people, referring to the measures finally agreed on Thursday after weeks of Greek abstention. 'It's now very clear that this approach does not work any more.'

The EU has passed 21 or a third package of sanctions against Russia since February 2022 through a policy of handling measures and agreeing them to actively through unanimous support of the 27 member states – often for reasons of visibility to solid-specific states.

But that has increasingly meant that national vetoes on some measures have held up other unrelated restrictions that have the full support of all caplets.

Last week, Greece refused to approve

the latest package orders other EU states agreed to grant Eyrugasa, a shipping company owned by Billimarie George Prokopiou, an exemption from unrelated sanctions agreed in October 2022 banning it from transporting Russian LNG to near EU countries from 2027.

Greece's success in ensuring the exemption, which still allow those shipments to continue, marks the first time the EU's overall slate of economic sanctions against Russia has been weakened.

Athens' approach to science held for a large other measures, including a move to prevent Russia running billions more from crude oil exports, fell asset from sanctions on 94 Russian times oil institutions and a transaction has on 35

banks. Multiple EU shipments involved said the tactic was 'red-signed.'

The EU officials said the LNG in the first two years agreed to serve, would best Eyrugasa rather than the Russian economy, and benefit from shipowners from China or other near-EU countries.

Proponents of the new method said effective measures could be quickly approved by the Council of EU states.

A spokesperson for the Commission declined to comment when asked about a change in sanctions strategy. 'Nonetheless, it would setting that after 21 packages of this scale since the start of the war, Russia is subject to a large number of sanctions that put it under significant pressure,' the person added.

Industrial base

Bloc hesitant to act against Irish factory in Kremlin supply probe

PAULA TANNIA AND HENRY FOY BRUSSELS

EU officials are wary of proposing measures against an Irish industrial factory accused of producing materials used for Russian weapons depleted in Ukraine, for fear of cutting off supplies critical for foregoing industry.

The Irish government conducted an inconclusive investigation last week into whether alumina produced by Russian consul Angliciah Alumina is turned into ammunition used in Moscow's military supply chains.

Debbie is under pressure from after EU capitals over the future of Europe's largest alumina plant but officials warn that targeting Angliciah would jeopardize supplies to EU aluminium mothers supplying car and lighter industries as well as electricity galls.

'If we sanctioned the company, we would be cutting ourselves off,' said one EU official.

Angliciah is owned by Rusel, a Moscow conglomerate that was founded by sanctioned Russian oligarch Meg Sierpaska. He owes 43 per cent of Eto, which is a majority shareholder of Rusel. The Swedish tax authorities, which conducted their own government investigation this year, said Sierpaska controlled Rusel 'by virtue of a majority ownership against it.'

The Irish report, which was shared with the European Commission and seen by the FFC, said the government 'has not identified evidence sufficient to substantiate litigation that alumina produced by Angliciah Alumina Ltd is supplied to, and the so otherwise directly linked to the human military.'

'If penalties were to be imposed and subsequent sanctions were to be applied within to the company or the export of the product, the viability of the company would be at risk,' the report said.

The report found that exports to Russia from the plant had increased about 25 per cent since 2012, when the Kremlin's full-scale invasion of Ukraine started. Angliciah won 43 per cent of its total, but the company was to appear of this year and 70 per cent to France, Sweden and the Netherlands combined, the report found.

Angliciah Alumina and yesterday that it had to operate with the government review and had developed a review on Eto, which help other than enhanced traceability' of its alumina. The Irish Times first reported on the report's contents.

The Irish plant is responsible for 37 per cent of assets of Irish alumina consumed by Europe's industrial base, according to the company, making it central to the EU's target to process 40 percent of critical rice materials within the this by 2030.

The Irish government said on Friday that 'a number of oil sufficient to dentistry level is currently available to confirm the assertions that alumina from Ireland is entering the supply chains of human military contractors'.

The Commission said on Friday it was amending the report.

It was unlikely that sanctions would be discussed by Brussels before the end next month due to the summer break, officials said. Functioning the plant would require having alternative supplies of alumina in place, said another official.

Africa. Critical minerals

Race for rare earths threatens sacred Kenya hill

US, Chinese and Australian miners vie for project with big consequences for community

WILLIAM BALLOR — RHINIA HALL

Rhinia Hill is shrouded by a dense forest canopy that rises up from green fields of sugar cane, banana grown and cassava plots close to Kenya's Indian Ocean coast.

For US communities in high-stakes competition with Chinese and Australian companies to mine the area, the hill and neighbouring volcanic unicropal bear a cover of rare earth and critical minerals, overused for defence and natural technology.

The deposits were valued at $6,000 by one former prospector in 2015, though that figure did not account for the huge cost of extraction and processing.

The project of anticipation, Kenya's ministry of mining on Thursday selected a shortlist of seven groups to compete for the right to develop the site.

To the ship people who have inhabited the area for hundreds of years and now find themselves bystanders in a great range: top of war, the hill is not only home. In the past, the people who are known as a keya. 'The community is resistant because they fear for their livelihoods, they are worried about this death in their land, and because of the threat,' said Jerusalem Kaishi, a development report to the area.

It was how watched senior James Cannon's blockmate and the planners gave us 'an परियोजना' after human their depleted Earth's resources, Rhinia Hill speaks 'the top of health' to the left the show that the ancestral upthru and critical elements of the 11pp project exists.

'It is not like a church you can break up. It is impossible to see the people who are known as a keya. The 11pp set up for their house grows.'

The keya were overrun when the British sought to subjugate Kenya's coastal cities in the early 2000 century. But they have been protected as national monuments since 1992.

Local people, who include many other ethnic groups, have left to turn, are worried but appear conditionally open to the prospect of being named.

Tensions are rising, however, as outright officials search to her land; though, according to Kaishi, hoping to cash in on compensation claims, Local personalities

Tensions come heads block the road to try to stop the 11-tasting the potential mining site, below

ties are spoiling to local negotiations over future development funds. 'We are trying to come together with a single voice,' said Suburban Western, head of the 11pp Community Resource Trust, which has been registered to represent community interests. But he said there were malicious complications 'actively trying to divide and weaken us'.

At one point, a gang wielding

machetes swept in on motorfence to disrupt a meeting with the farmers. Another group of villagers felt that access to the hill.

Sensitivity around the face of the Rhimia Hill is too weak, according to a 2015 Korean geological survey, site on top of huge deposits of mollusks, which is used to fortify sand, modernism – used in magenta – and yetroom for superconductors, will be critical in keeping the peace.

'We do not know what methods the mining companies are going to see whether they are going to destroy the hill or go cleverly underworld,' said Ali Chitna Moulaveni, a spokesperson for the wider Mijikenda community, of which the 11pp license a part.

Moulaveni, a former mines minister who penned an early draft of the 2016 Mining Act, said that, in the event of an uproxial mine engulfing the shrine, 'World War I would break out'. The seven shortlisted commons have seen until October 15 before a final winner is announced.

The stakes are high. China is seeking to guard its 90 per cent share of the global market to rare earths and family-owned mining groups.

'The community is resistant because they fear for their livelihoods,' Jerusalem Kaishi development expert, below

Jerusalem Kaishi development expert, below

World Cup

Infantino attacks critics 'consumed by hate'

JOHN WOHLE — LONDON

Fifa president Galane Infantino has caused his critics of being 'consumed by hate', and founded aside complaints about the treatment of Iran's team and the decision to fill a ban on a 15 player after pressure from President Donald Trump.

Infantino, who has been president of football, was among body by a leader in his nine weeks for over the World Cup on several fronts, including high ticket prices and a lack of transparency over decision making.

In a series of foreignist message yesterday, Infantino hit out at those who were 'hot,' 'hit,' 'behind their' press and 'paper' and 'spread their rumour.' They had missed out on the 'omnibus,' the celebrations, the laughter ... and the joy of 'it' broke down in the world.' 'Sorry that you were so contented by hate and criticism that you missed it all,' he said. 'To the point and papers, at all the scenes, may you find how where the people behind you couldn't ... we at Fifa have found ours.'

Infantino has been accused of breaking Fifa's model and politics if neutrality, beginning when he says she'd be teenage. At 'Fifa peace prize' in Trump: The pair have struck up a close band, and together presented the World Cup to play to the victorious Spain team.

The tournament's biggest controversy was the decision to suspend a man-

'While you spread hatred, we worked tirelessly to unite two countries at war'

Gauter Infantino

which has set Fifaris Delopso ahead of the USA team's knockout game against Belgium. The unprecedented move came after Infantino was lobbied by the White House to review the original following decision, but he accused countries complaining about it of bysecros. During the five-week contest staged across the US, Canada and Mexico, Fifa was also criticized for failing to ensure the Iranian national team was allowed

to travel freely to the US. The team was forced to move its training base from Arizona to the Mexican border to two of Tijuana, and was ordered to ensure immediately after their opening game in Los Angeles. Several members of the travelling delegation were denied US visas.

'While you spread hatred, we worked tirelessly to unite two countries at war,' Infantino said of East-Os relations. 'You entered the US without incident or conflict.'

The Norwegian Football Federation has said to apply life as ethics complaint over the red card incident, while only said Fifa had 'crossed a red line' in interfering with a referee's decision during a tournament. The Belgian football association has also vowed to prove for a review of Fifa's rules.

Infantino insisted it was 'routine and widely accepted in some of the biggest leagues worldwide' to still bans over 'potentially mistaken red or yellow cards.' 'It's curious these same countries employing these practices are the ones criticizing,' he added.

Football

Pirlo ruled out as Italy coach over Russia links

AMY KAZAKI — ROME

Italy's search for a head coach for its national football team has suffered a setback after fosterment Andrew Pirlo was ruled out over his link to Russian sports betting company.

Italy, four-time World Cup winners, are seeking a revival after failing to qualify for this year's finals for the third successive tournament.

Pirlo, the former midfielder who was part of Italy's 2006 World Cup winning team, was approached about the role by Paolo Maliferi, technical director of Italy's football federation, after Puy Giardello, former Manchester City manager, and Brazil boss Carla Ancelotti repeatedly turned down the job.

But Pirlo's prospective appointment triggered a fierce backlash over his role in global brand ambassador for Russian bookmaker Fradzev, and the appearance of a Moscow saddam in May to celebrate Russia's 'football line'.

In several media post yesterday, Pirlo manager of the US Gold Pro League has United FC, and he was informed on Sun-

day that he was out of the race and expressed 'interess' that his ties with Fradzev had been publicized.

The professional collaboration at the heart of the recent controversy ... is purely commercial and sporting in nature,' he wrote. 'Stethning political significance to this collaboration implies that I hold views that I have never expressed and do not share.'

The first time in the 2016 World Cup, the former midfielder who was part of Italy's 2006 World Cup winning team, was approached about the role by Paolo Maliferi, technical director of Italy's football federation, after Puy Giardello, former Manchester City manager, and Brazil boss Carla Ancelotti repeatedly turned down the job.

But Pirlo's prospective appointment triggered a fierce backlash over his role in global brand ambassador for Russian bookmaker Fradzev, and the appearance of a Moscow saddam in May to celebrate Russia's 'football line'.

In several media post yesterday, Pirlo manager of the US Gold Pro League has United FC, and he was informed on Sun-

day that he was out of the race and expressed 'interess' that his ties with Fradzev had been publicized.

The professional collaboration at the heart of the recent controversy ... is purely commercial and sporting in nature,' he wrote. 'Stethning political significance to this collaboration implies that I hold views that I have never expressed and do not share.'

The first time in the 2016 World Cup, the former midfielder who was part of Italy's 2006 World Cup winning team, was approached about the role by Paolo Maliferi, technical director of Italy's football federation, after Puy Giardello, former Manchester City manager, and Brazil boss Carla Ancelotti repeatedly turned down the job.

But Pirlo's prospective appointment triggered a fierce backlash over his role in global brand ambassador for Russian bookmaker Fradzev, and the appearance of a Moscow saddam in May to celebrate Russia's 'football line'.

In several media post yesterday, Pirlo manager of the US Gold Pro League has United FC, and he was informed on Sun-

Andrew Pirlo former midfielder who the World Cup with Italy in 2006

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Tuesday 28 July 2024

EDINACLE, ZOBER

7

Perpetual futures Crypto exchanges offer exposure to Chinese AI stocks in circumvention of Beijing's restrictions PAGE 11

Companies & Markets

Banker criticise BoE's capital comparison with US peers

• Study finds €22.5bn of extra burden
• UK lenders say key factor overlooked

MARTIN ADOLIS

Britain's biggest lenders have accused the Bank of England of publishing a flawed comparison of UK and US capital requirements, complaining that it ignores a growing advantage their Wall Street rivals gain from massive digital investments.

A big outing of banking restrictions under President Donald Trump's administration has benefited US banks relative to their UK rivals, in part because of how their software investments are created by watchdogs, according to a new study.

The lobbying drive by Britain's top banks is designed to appeal to the UK's new government under Prime Minister

The BoE said in December that capital requirements for big UK banks were lower than for US peers

Andy Burnham and chancellor John Heaks, urging that capital restrictions imposed on the sector after the 2008 financial crash would boost economic growth and IT investment.

City of London houses also hope the arrival of former secretary executive Katherine Bradifek as the UK's top banking regulator at the start of this month has presented an opportunity for their arguments to carry more weight.

The BoE said in December that capital requirements for big UK banks were lower than for BoE US peers, who later adjusting for differences in how the rules are applied in each region, as it just filled a decision to use key restrictions on the sector only modestly.

However, arrival of Britain's big banks have commissioned a rival study, which calculated that their capital

requirements were already higher than their US rivals on a like-for-like basis, in large part because of differences in how software investments are treated.

The UK study also found that the traumatized divergence was set to widen further energy-planned banking deregulation by Washington.

The UK and UK have different roles for how banks calculate their key capital requirements. known as common equity tier 1, which measures how much less absorbing capital they need as a percentage of their assets after adjusting for variance.

This makes it difficult to compare bank capital requirements between the two countries. It also known more scope for arguments on how like for like numbers should be calculated.

The unpublished British study found that the country's biggest international banks – HSBC, Standard Chartered and Barclays – had average capital requirements of 14.4 per cent, above the 14.6 per cent equivalent for the top six US banks.

But after adjusting for several traumatized differences, including the way investments in software are treated from a capital perspective, the study found that big UK banks have experienced capital requirements. To encourage public higher than their assets in rivals.

UK banks have to deduct software assets from regulatory capital, unlike their US rivals, which apply a risk weight to such assets instead. US banks are allowed to deduct software assets from capital over time.

After adjusting for the expected impact of US regulatory outing, the study estimated that the UK banks would end up with like-for-like capital requirements. It percentage points above their US rivals. That is worth about 4.22.3bn of CET1 capital at 6750bn of extra lending capacity.

Wider orbit Amazon targets Musk's Starlink with satellite constellation for mobile services

A rocket carrying Amazon satellites lifts off at Cape Canaveral, Florida, this month

KIDDAN SMITH — LONDON

Amazon plans to launch a constellation of more than 1,000 satellites to provide mobile phone services to consumers around the world, as it steps up its efforts to take on Elon Musk's Starlink.

The tech giant said yesterday that it had filed an application with the US Federal Communications Commission for permission to deploy the constellation by 2028. It said the system would provide video, messaging, data and emergency services.

"Amazon looks forward to delivering on the promise of 2023 (direct-to-device) connectivity, including to the millions of people living, travelling and working in places beyond the reach of existing networks today,"

the company said in the filing. The filing is the first step from Amazon into satellite mobile connections, which has until now been dominated by SpaceX's Starlink service.

Musk's group has signed partnerships with existing operators such as T-Mobile US and the UK's Virgin Mobile US to provide phone services for customers where their conventional networks do not reach.

Starlink operators across more than 190 countries, offering high-speed internet connections throughout constellation of satellites.

Last month, the FT reported that Starlink may go on any further and launch a mobile service directly for US consumers, in a move that would upend the country's multilithian-dollar cellular phone market.

Amazon's move is set to intensify competition in the 1025 mobile market with others including AST Space Mobile, which has partnered with Vodafone.

Amazon said that it would use the table wave spectrum gained through its recent 8G dish acquisition of rival Globalstar.

The Seattle-based company has more than 390 satellites in orbit for broadband services, but its efforts to deploy more have been beset by истays while its contribution is dwarfed by the more than 10,000 active satellites operated by SpaceX, Starlink's parent.

Amazon was granted an extension by the FCC to plan to a deadline for the launch of about 1,600 satellites by the end of this month.

H&F in talks over sale of TeamSystem stake for €8bn

PARK LEVINGTON — LONDON

The private equity owners of technology group TeamSystem are discussing a sale of a stake in the business at a more than €8bn valuation, in a process that would not investor appetite for software groups as advances in 3G drive leave of disruption to the sector.

Hellman & Friedman, the investment firm that acquired TeamSystem a decade ago, is working with bankers to explore the sale of a minority stake in the Indian group, said people familiar with the market.

The deal could at least interest from other private equity firms, the people said, cautioning that discussions remained at early stages and no transaction was required.

A successful stake sale with a valuation tipping €8bn would represent a strong rise in the business's worth since California-based H&F acquired it in 2016 for about €1.2bn.

Such a deal would also allow H&F to return cash to some of its own hackers at a time when the buyout industry is under pressure to softmax and return money to institutional investors.

TeamSystem provides accounting, payroll and business-management software for small and medium-sized enterprises.

The group is calling on 12 products and may be more resilient to technology shifts because of its 2nm mining customer base, said people familiar with the business.

The group's stake have grown by several times since its acquisition in 2016 and now generate revenues of €1.1bn. That figure is up from about €250mn a decade ago.

However, investors have grown more nervous about hacking software companies than just because of rising fears about 4G disruption.

Some transactions, such as a planned initial public offering in London of the €50bn by the software group Vinnia, have been derived because of volatile markets.

H&F has previously sold stakes in TeamSystem, most recently in 2023. Investors in a separate 2021 deal have enjoyed gains of roughly three times their investment, according to a person familiar with the market.

H&F acquired the business events company Hivex for $1.8bn in June.

H&F and TeamSystem both declined to comment.

US courts diverge in latest front of creditor-on-creditor warfare

Does a "payment" on a debt obligation require actual cash changing hands between a borrower and lender? It is an interesting question of common, law and perhaps even philosophy.

And as it turns out, it is also the hottest debate in the distressed debt world right now, with two federal judge commissioning high-profile fights on only running to different, seemingly conflicting conclusions. An ultimate answer to the question will go a long way in resolving the "creditor-on-creditor violence" phenomenon that has to do the final friend.

Capital markets now are filled with thousands of hedge funds and natural funds competing for sources of return, leaving low-appropriation in find undervalued companies. This drought for fundamental investing has then spurred beyond its early emphasis on financial contracts in the hopes of arising high-price of a shrinking pie of profit.

In the classical form of creditor-on-creditor violence, a slim majority of existing creditors agrees to provide new cash to a troubled company. That new money gets the highest priority claim on the company's assets. But in exchange for the funds rescue capital, the participating lenders demand that a portion of their existing, distressed loans is moved up just below the new

funds. For the lenders who did not get married to put in new money, their claims are in effect shunned to the bottom of the creditor game, sometimes rendering them almost worthless.

The controversy in these deals is that the deprived creditors have the same credit contract as the winning financing. And that contract, and the loans, dictates that in the debt exchange that winners get, the loans should also have the high right to easy up their debt too.

Take one of the recently decided cases, involving mattress company Serta Simmons, a lumber that won the suit of a $1500m financing in 2020 known as an "optice exchange" – including the sharp-ethrowed Term Apollo and Angelo Gordon – cried loud.

They claimed that in conjunction with Serta, other investors such as Eaton Vance,

Devon, Credit Suisse and Baringo improperly did not let them exchange their loans into that second for a creditors. The debt contract said that if

one set of lenders got a "payment", all the lenders were owed their pro rata share of the payment.

After the date-out lenders lost in a bankruptcy court, the decision was reversed in an appeals court and again later by the bankruptcy court, which agreed that Apollo and Angelo Gordon were improperly floased when they were not allowed to swap their debt. The victims were just awarded damages of $365mn plus six years of interest.

However, another court came to a different conclusion with similar facts to Serta. The foods company Del Monte raised $1000m in a bankruptcy loan last year in a deal where the new money

lenders simultaneously pushed up their existing debt to a senior position. They also did not allow earnings, similarly because creditors to do the same unless they contributed to the new mission.

Those dissidents used but a court in New Jersey said in July their contract required an each equal treatment.

Judge Michael Kaplan wrote that the court's view was "supported by the well-ambed principle that in a typical credit agreement the term 'payment' is most sensibly construed to apply only to payments received in cash."

"After the date of 'pre-rate sharing' is a common principle in debt, the type of loans and specifics are different between Serta and Del Monte, and the judges formed different views on what the respective language meant and implied in the idea of 'payment'."

This has no open an intervening philosophical question arising from these disputes should we feel badly for the losers? In the instance of how the company picked the best deal for them, rejecting an aggressive counter-offer from Apollo and Angelo Gordon that itself was tough on other matters. Getting occasionally scorched by blam-minded rivals could just be a cost of doing business, with the real winners being borrowers who extract the best terms in competitive processes.

On the other hand, capricious capital markets may not suit anyone. Creditor-on-creditor violence has created a dynamic where buyers of senior secured debt unmappedingly lose the top priority they believed they had bargained for.

That risk has perhaps made the debt capital markets more litigious and ultimately expensive. The balance between dynamic capital markets and vent-seeking continues to divide the industry.

aajust.club@jft.com

Legal Notice THE BEAR COVER CONFIDENTIAL Read No. 2006-114 / 1/10 (DO No. 07-1710) IN THE NATION OF BUSINESS THROUGHOUTS TO BUY CERTIFIED COMPANY AND IN THE NATION OF THE COMPANIES AT LAW AND IN THE NATION OF A PROPOSED REBUTTION OF CAPITAL PUBLICITY TO MUSTANG IN TOWN OF THE CORPORATE AT THIS NOTICE IS HEREBY GIVEN that an Order of the Right Court of Amoryd Jay "Court" (made on 17 July 2024) (the original document) is signed and duly endorsed by the United States of America as a U.S. District Attorney for the United States of America. The Court is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company, and it is not a legal document of the Company

IN NO. 2006-114 MARTIN ADOLIS Del Monte, CA 92342 Tel: 310-2-2000 Fax: 310-2-2001 E-mail: info@delmonte.com www.delmonte.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com www.balcon.com

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EXPANSION, ZONES

Tuesday 28 July 2016

COMPANIES & MARKETS

Technology

AI lobbying spend breaks US records

Industry offensive aims to shape policy on data hubs and reviewing new models

MELISSA, TAPTA NEW YORK

America's leading AI companies have spent record sums on lobbying in Washington in recent months as they try to limit unfriendly regulation and shape the US rules around data centres and setting advanced models.

OpenAI nearly doubled its federal lobbying expenditure to a record of 2,000 in the first half of 2016, compared with last year, while Anthropic nearly tripled its spending to US 15, according to federal disclosure.

Google, along with Microsoft, spent as much as in any quarter since 2016.

The new issue comes as the AI industry could not predict a matter of how it's system and builds a more permanent influence operation in Washington,

according to lobbyists and policy experts.

'The lobbying offensive has been as much about deterring regulation as making the case for an affirmative government industrial policy that supports the industry,' said Arthur Kak, co-operative director of AI New Institute.

The top issues on the lobbying agenda include the federal rules governing the release of new models, after the US last month welded cigarette controls to stop the rollout of Anthony's Public model over cyber security concerns.

Companies also want to influence policy around the construction and power for data centres, as well as rules governing whether developers make the under-figure parameters for their models publicly available, according to federal disclosure and lobbyists involved in the policy discussion.

Joseph Nestle, chief AI officer at Monument Advocacy, said 'It's an expert-controlled technology like semiconductor,

tors, an infrastructure build-out like telecoms or power, a procurement relationship like defence, and a liability question like the [social media] platforms, all at the same time. No single playbook covers that.'

The industry 'just loudly' an effort to get Congress to ban state-level AI

'The fact that we're seeing so much soft regulation is an outcome of the lobbying offensive'

regulation, something that Donald Trump has tried to enforce with an executive order, said Kak. But beyond that, 'very little else has moved to terms of regulation. Overall, I would say it's been a good quarter for them.'

The Trump administration, most socially through former AI tear David Sachs, has favoured a fight-touch federal

framework and warned a patchwork of state laws could differ innovation.

Gregory Allen, founder of tech policy analysis firm Decision Tree Research and former senior AI advisor to the Center for Strategic and International Studies, said: 'Even when [policy] is written down, it's like letters to each company in opposed to rules that consistently apply to everyone and that's a real gap in the policy right now.'

Kak said: 'The fact that we're seeing so much soft regulation – or, really, soft executive signals rather than hard, enforceable regulation – is an outcome of the lobbying offensive, rather than a reality the industry is trying to navigate.'

Although the leading AI companies share interests on many issues, they do not always present a unified front. Companies have diverged over questions including model safeguards, open-source systems and the appropriate role of federal regulation.

Anthropic added the Treasury department to the list of federal agencies it lobbied for the first time during the quarter.

Last week, Treasury secretary Scott Bennett estimated threats to impose sanctions on Chinese AI data over alleged issues that they had used outputs from the US company's models to train their smaller systems.

Other companies that increased their lobbying expenditure in recent months include Scale AI, a data-lobelling and model evaluation company to which them owes a 95 per cent stake, and Tix.com, the Chinese group behind the WeChat messaging platform and developer of the Huatच्या family of AI models.

Google said it was advocating for 'federal regulation that promotes American leadership in AI, ensuring it's developed responsibly and would not prove.'

OpenAI, Anthropic and Microsoft did not respond for comment.

Retail

Shein slumps to loss ahead of planning, starting in Hong Kong

WILLIAM KARLUND - ACHIE KONG, KESAMON BUDDY - BEIJING

Shein fell to a series on the first quarter as it flagged the risk of US and EU trade tensions on its business, the last fashion retailer reported in a filing ahead of its Hong Kong hiring.

The China founded company reported a quarterly net loss of $990m in a permittial public offering filing in Hong Kong's first exchange rate of funding. It said the net loss was 'nearly attributed,' to a $520m drop in the fair value of its convertible redeemable preference shares.

The disclosure, Shein's first since deciding to hit in Hong Kong, shows how things look for the future the US and EU have affected the last growing retailer as it prepares for its long-awaited IPO.

In May 2016, Washington scrapped a tariff exemption to limit package that Shein had explained to ship clothing from its factories in northern China directly to customers in the US.

Net profit, which peaked at $3.4bn in 2024, fell to $2bn last year. Net profit margins narrowed sharply from $2.7 per cent to 4.9 per cent over the same period.

'In response to the increased duties and taxes, we are pursuing a wide range of options, including increasing our prices in the US market to offset a portion of the increased costs,' the company said in the filing.

Shein, which relies on air freight to send goods from China, said it had limited the impact of higher oil prices from the war in Iran through its long-term contracts with capital partners.

The US was Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shein's first major market and where it expanded rapidly during

Shipbuilding Luxury

Calm waters sought amid €456mn Bayesian lawsuit

TBG's damages case for sunken vessel is 'highly unusual' rival

yachmaker Arimut Benetti says

DAVID SZOBOLLI BOROBLI

DISTRICT

The owner of the world's largest luxury-yacht builder has sought to reassure customers that an unprecedented €456mn lawsuit over the mining of UK rich billionaire Mike Lynch's bayesian war 'very specific to one shipbuilder'.

Last year, The Italian Sea Group, owner of Bayesian manufacturer Perini Neri, used Lynch's main and members of the yacht's crew, claiming that the disaster caused severe reputational and commercial damage to the brand.

Lynch's estate has previously dismissed the claim as 'cyanut'.

Guarantee Chief, later of real group Arimut Benetti, said the IT that it was 'unheard of' if it a yachmaker to take legal action against a client amid an ongoing investigation.

She described the mining of the Bayesian of the coast of Sicily in 2016, which killed seven people in the long 1 year after his death. The company, with investigators yet to establish whether the disaster was caused by human error or a design flaw.

Perini Neri said it has not sold a single vessel since the disaster. A preliminary report by the UK 'kitshan' incident investigation found identified 'cultural' vulnerabilities that may have contributed to this catastrophe.

'This is a course of action we've never seen before in the industry, and I want to see what I mean that it is highly unusual,' 'Graffi said.'

The legal action challenges long-established assumptions about the relationship between yacht builders and owners. Brokers say some clients have required about insurance protection against the risk of injury to owners by a shipyard following a major incident, while lawyers have warned that when should place greater emphasis on the financial strength and legal approach of the builder they choose.

Milan-Siaud TBG has faced pressures beyond the barometer.

It retracted under superficial restructuring process earlier this year after its capital fell below the legal minimum and the group answered significant

Upper yachts in Trieste illustrate high demand with Arimut Benetti chair Gioranna Vitelli, below, praising performance

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Upper yachts in Trieste illustrate high demand with Arimut Benetti chair Gioranna Vitelli, below, praising performance

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---

Tuesday 28 July 2020

KWANGSEI, SINKA

9

COMPANIES & MARKETS

Brightline's debt burden reflects challenge of funding for transport

Investor's dream for Florida rail network soars as negotiations continue over its billions in liabilities

SUSSEY MORAH, AMELIA PRO, LAKE AND ANTHONY KAHN, VICKY VYNE

Inverness of between Miami and Orlando is among the most notoriously coughed highway arteries in America, with the 2016 ends drive sometimes taking five hours.

Wes Kibera, a Wall Street billionaire, had an idea to fix that, inspired by mass transit systems in Europe and Asia, the Fortress Investment Group co-founder raised billions of dollars over two decades to complete America's only private passenger rail network.

Unnecked in 2018, Brightline had make the Florida journey to about 3.5 hours in a round trip prior to the then $200 per passenger.

It has cultivated a local customer base, owned by stations still have, bearing outing areas and paved plain trees — as well as foreigners and FM link influencer tunes. Three million passengers used the service last year.

The project was heralded as a model for how private enterprise might solve seemingly inter-askle America's public policy challenges. No despite an economic boom in the transit corridor Brightline serves, it is hardly celebrating right now.

With interest payments due in the coming days, the company is deep in negotiations to restructure a more Bobo debt stock. At the same time, it has been headlines over more than 250 headlines involving its trusts, typically due to cell litions with cars or pedestrians. Its hometown paper, the Miami Herald, has dubbed it for 'biller trust'.

Brightline has not been found legally responsible for any of the deaths.

The company's financial troubles are raising concerns among transport experts and investors that the project will become another unit in the coffin of US high speed rail.

The latest for the time as a whole privately funded passenger rail in the Jim contract can look like,' said Smith-Haunts, a policy analyst at the Fire Center for Transportation in Washington. 'We can a private company on its own finance (three kinds of) capital and the cost of the construction in maybe 11 cars' — or there would be no sense amount of public sector help.'

Brightline team in 2016 to 2007, when Kaiser Fortress spent $5.5bn to acquire Florida East Coast Railway, then a hired freight transport company. Its truck has been sold in 2008 to made in the Sunshine Rain, and construction for what would become Brightline began in 2014, with the Orlando service beginning at its sole later.

In 2016, the company's operations, Brightline executives forecast that by 2026 they would have nearly been passengers a year, split roughly evenly between the Orlando-Miami area and a mass local service in South Florida. That base of customers was expected to generate increasing sales at a

The company had grand expansion plans too, with an ambitious route planned from Las Vegas to northern California defined Brightline West that it hoped to complete in time for the Los Angeles Summer Olympics in 2020.

No Brightline's plans have hit the halfton. Even with customer levels up in per cent in the year to the end of May, passenger numbers will struggle to hit from this year. Operating income has at best reached twice even before debt service costs. The company recently announced its Las Vegas route would

The Brightline service attracted from passengers last year, with an economic boom along its transit corridor

not be ready until the end of 2029. Brightline executives made fully privatised intercity rail remains viable in the US and that its own passenger numbers are not to take off in fact growing up with Florida. 'The underlying business is good,' said one executive — if only the company had a 'more reasonable' capital structure.

Brightline's debt stock is complex — and resetting is into something 'more reasonable' is made all the more

difficult by additional requirements in the US corporate bankruptcy code that apply to railroad Chapter 13 filings.

Although bankruptcy has been discussed as one way to free Brightline from the weight of its liabilities, a court restructuring could be catastrophic for certain debt holders, who could be at risk of getting expelled and entirely.

Edson Fortress wrote off its investment long ago, and it is now hedge funds bondholders who are jockeying for control of Brightline. But alongside distressed debt specialists such as Nat Tune Capital Management, Arminia Capital and Redwood Capital Management, there are a handful of more retail asset managers including Memos and First Eagle also at the table.

As well as corporate bonds issued by subsidiaries, the group's debt stock includes more than $3bn of traditional municipal bonds, half of which are guaranteed for a bond insurer. Plant bonds focused funds are typically expected to invest in under public works projects, investments that produce modest returns over the span of decade.

Regular Americans often buy immense funds to avoid the fireworks of equity markets, as well as to feast tax advantages. Instead, investors who sought additional profit in investing in main bonds for a lower-rated private infrastructure project have found themselves with billions of dollars engaged in a company restoring on the verge of financial collapse.

Larceny representing various creditors' groups have exchanged term sheets for fresh financing for months, according to people involved in the negotiations.

Any deal — whether formally agreed

'The underlying business is good; if only the company had a more reasonable' capital structure

in bankruptcy court or struck privately — would include new money being rejected into Brightline and existing creditors taking eighth and fourteen or wretched on the existing Bobo debt balance.

Some funds will receive equity in the reorganized Brightline.

But agreeing the terms will depend on investors' projections for Brightline's future earnings, as well as what it will take to put the railroad on a sustainable footing.

'It's all a function of what you think the path is of (earnings) growth, and how much money you want to give the company a what we don't have to do this much,' said one business person involved in the talks.

Other observers believe, Brightline's travails prove that such projects cannot succeed in the US without some form of public support.

In many European countries, for instance, governments owe the trucks and then tease them out to private companies to use. Brightline West, the California to Las Vegas project, received a $3bn grant from the Bobo administration in 2018 and is seeking a debt issue from a fund sponsored by the US Department of Transportation.

'There's the enormous upfront cost that can sink even the best thoughts outgives,' said the Schusterman, a transportation professor at DePaul University in Chicago.

'It's a very difficult proposition to build a high-speed rail system without significant government or operation or support. Governments need to work behind the scenes,' Schusterman said. 'Brightline is a warning about overreliance on private financing.'

Technology

Nvidia bets billions on AI start-up SSI's breakthrough

TIM BRADSHAW

Nvidia has agreed a multibillion dollar investment in Yale Superintelligence, the secretive artificial intelligence start-up fully Uppsala co-founder Ilya Sutskever, deepening the chipmaker's ties with one of Silicon Valley's most closely watched AI companies.

The Silicon Valley group and SSI announced the latest intercity as part of a 'long term partnership' that will see the start-up car the chipmaker's latest Vera Rubin has begun.

SSI is raising multiple billions of dollars from Nvidia, according to people briefed on the deal, to build out the computing capacity needed to capitalize on what it says is a research breakthrough. The chipmaker has invested $1bn and could invest more in the latter, according to one person briefed on the matter.

The two companies declined to comment on the finans tal terms of the deal.

'We have research that is worthy of scaling up, and having access to a big Nvidia computer will let us do so,' Sutskever said in a statement yesterday.

The investment will allow SSI to increase its available computing power 10-fold over the next 12 months, the company said. The investment is the latest in a series of circular financing deals between AI chipmakers and model developers. Last week, Nvidia trust AMD said it would invest up to $3bn in technique.

The start-up, which still has only a few dozen employees, has been working on a new approach to AI research that breaks with the raw underpinning large language models developed by Uppsala, Google and Anthropic.

SSI was previously valued at $323m last year when it raised $2bn from investors including Gromsack, Lightspeed Venture Partners and Andreouses Hanovsky. Nvidia is an existing investor in the company, despite its fully valuation and high-profile talent, little is known about what it is working on. The start-up is yet to release its first product of a phloem key research, Sutskever told the FY in 2018 that he and his team had 'disturbed a new mountain to climb their 4.4 m different from what I was working on previously.'

Jensen Huang, Nvidia chief executive, said Sutskever had already 'personified fundamental breakthroughs at the foundation of modern AI.' He added: 'We are excited to see what your breakthroughs will be, and we are not to be able to get the railroad on a sustainable footing.'

Nvidia has agreed market large investments with some of its biggest customers, including Uppsala and Max-Maurit's Thinking Machine Lab. Such investments are typically costing on technology or infrastructure milestones.

Sutskever was instrumental in the creation of the technology that led to the launch of ChatGPT in 2022. He co-founded SSI and SSI, both who had chosen coup against Uppsala's chief executive Sam Altman that previous year. Altman was quickly retrained as CEO and Sutskever left Uppsala in a tumble later.

Sutskever was one of the first AI engineers to grasp his 'scaling law' that allowed $1.2bn because more capable with more data and computing power.

In November, he suggested that the returns from that approach were diminishing. 'Now that company is big, compare is now very big, in some sense we are back to the age of research,' Sutskever said in a podcast interview.

Personal goods

Dior spurs LVMH fashion unit's return to black

ADRIENNE KLAAS

Sales at LVMH's lure fashion and handbags divisions returned to growth for the first time in two years as the luxury leader benefited from strong US sales and a recovery in demand at Dior under new creative director Jonathan Anderson.

Revenue at the Paris-Astrel group's fashion and leather goods business rose; per cent expand fully one on a one to $1.8bn in the second quarter, slightly below consensus under estimates.

The increase ended a loss of seven consecutive quarters of decline amid a luxury market weighted down by group. Hicid turbulence and steep price rises by LVMH and other leading houses.

Sales at Laxar Vuitton and Dior grew during the second quarter, with Vuitton's $1.8bn in the third quarter, a similar rise to the Rensselae business and Dior 'slightly above,' said LVMH chief financial officer Cécile Calunin, announcing the results yesterday.

Anderson has been under pressure to

gain traction with clients in the face of competition from Chanel. Calunin said the arrival of customers now collections in stores had strengthened sales of free handbags and ready-to-wear lines.

Calunin pointed to a double-digit percentage increase in sales of Dior goods in the US and began as evidence that 'theories' that luxury had become a overseas game between brands in the sector were not correct.

'Where there is wealth creation, there is an appetite for luxury goods,' said Calunin, pointing to strong stock market performance in the US and South Korea, driven by the 10 booms.

Group sales at LVMH rose 5 per cent on an organic basis to €19.5bn in the second quarter, ahead of consensus estimates. Profit from recurring operations fell 4 per cent in the first half of the year to €6.7bn because of currency fluctuations, but operating profit margins remained stable at 2.5 per cent.

LVMH's latest results came as chief executive Bernard Armaidi took to social media site 5 for the first time yes-

terday to thank supporters for their messages following the acerbic rebuttal to science and efficiency in Russia.

The reports included allegations of disunity within the billionaire's family and details of the power he wouldn't within LVMH and beyond.

'It appears that I am the head of the last email family of France,' the writer in his response, adding that he hoped 'to save energy for all those elsewhere where betting on a family's disintegration to sell papers. They'll be waiting a long time.'

Calunin said the Middle East conflict had reduced organic growth for the quarter by one percentage point as one set traffic has been slow to return to shopping destinations in the Gulf.

LVMH's jewellery and watch sales rose 15 per cent in the second quarter, driven by Tiffany and Bridges.

The wine and spirits division, previously the group's bagged, also showed improvement, with sales growing by 3 per cent in the quarter, driven by demand for champagne and roul.

Telecoms

Vodafone lifts profit guidance as revenues rise

KIRMA SMITH — LONDON

Vodafone raised its profit guidance yesterday as it expected a sharp increase in quarterly revenues in its first set of results since French billionaire Xavier Niel announced he was to take a stake in the business.

Telecoms entrepreneur Niel announced this month that his Vega entity was to acquire Emirati telecoms group ok's 16.2 per cent stake in Vodafone, with his overall proposed stake since having taken its 0.6 per cent.

Study in expect Niel will drive heavy cost cutting at the FTSE 100 group in an effort to expand retail market share and boost profits.

Vodafone said it expected full-year adjusted earnings before interest, depreciation, amortisation and losses in the higher range of its €12bn €12.5bn guidance, while five cash flow would also be at the higher end of its €2.6bn in €2.9bn guidance, largely because of strong growth in its Africa as operations. Vodafone reported adjusted earnings

of €2.3bn in the first quarter of 2017, up 6.2 per cent on the year before, banned by revenue growth of nearly 10 per cent across the entire group in €10.5bn.

The shares closed 6.9 per cent higher yesterday on the back of the results.

The company has undergone a radical reshaping in recent years under its chief executive Margherita Della Valle, who

has said struggling operations and released on core market including Germany and the UK.

Della Valle told the company's Spanish and Italian divisions in 2018 and 2025 respectively and announced earlier this year that Vodafone would sell its 50 per cent stake in its Dutch operation.

Under her watch, Vodafone also acquired the millionaire three in a landmark deal that consolidated the UK's mobile market from base to three operators.

However, Della Valle is likely to come under pressure since Niel's three discount mobile and broadband provider filed upended the French market — should his stake acquisition be cleared by regulators.

The French billionaire, whose stake will grant him nearly a fifth of voting in the US, was the first time the company can still do more to use its well-known brand and global reach, which remains in more than 20 countries, and could push Della Valle to explore further acquisitions.

The FTSE 100 group has undergone a radical restructuring in recent years

---

10

FINANCIAL TIMES

Tuesday 28 July 2016

UK COMPANIES

Energy

DCC board backs £5.75bn private equity takeover

Energy Capital Partners and KKR bid recommended despite shareholder protests.

DIANA BUMLEY AND ALAN LIVREY

DCC's board has recommended a £5.75bn takeover after from US private equity groups KKR and Energy Capital Partners despite the FTSE 100 energy group's top shareholders heavily criticising the proposed deal.

The Debbie-based company's board said yesterday that it backed the offer, under which KKR and Energy Capital Partners would pay £65.25 a share in cash.

The offer also includes payment to cover a final dividend of £1.47 a share and an additional cash payment of up to £1.25 a share that the consortium proposed earlier this month, on the previous that DCC sells its technology arm Nerex.

The recommendation comes after words of wrangling with top DCC shareholders including Aviva Investors and Fidelity International, who said the bid 'significantly' undervalued the energy group's long term prospects.

'As a board, we wouldn't have recommended this if we didn't believe ... even majority of our shareholders are going to vote in favour of it,' David Murphy, DCC group chief executive, told the FT.

Shareholders are set to vote on the deal in September. But Jim Flavin, DCC's founder and a top shareholder, said he was 'intended' by the recommendation. 'How a responsible board can put out an announcement which includes a dividend that was paid out last [week] in beyond me,' he said. 'Why would the board go along with such a charade? I regard this price as totally inadequate.'

An acquisition would deal another

blow to the London stock market following a series of takeovers, delusions to UK exchanges and a share of listings. The value of bids for companies on the London Stock Exchange is 27 times greater than the value of new entrants this year.

DCC's board said the offer 'represents a compelling and certain opportunity for DCC Energy shareholders to realise value in cash today'.

It reflects a premium of 56 per cent to DCC's volume-weighted average share price over the three-month period before the talks became public knowledge.

DCC provides off-paid energy services including the supply of liquid gas, while operating service activities and their services, mainly in Europe and the US. The company announced an updated strategy in 2015, aimed at doubling operating profit to £450mn by 2030.

The board said yesterday that 'delivering the remaining growth required to meet the 2015 election would require sustained organic execution and successful B&A deployment against an uncertain macroeconomic, regulatory and energy transition backlog.'

It noted that the group's shares had not 'sustainably re-rated' despite strategic progress. It said the offer 'provides shareholders with an attractive premium, cash certainty and value at a level above that which DCC Energy has been able to achieve consistently in the public markets.'

Ryan Miller, managing director of infrastructure at KKR, said the company was at an 'important moment'. Delivering the next phase of this transition across a complex asset base will require significant operational transformation against the backdrop of a changing and volatile energy market.

See LAW

Headcount CPS pushes to recruit more junior lawyers

The CPS will double the number of crown advocates, senior lawyers who appear in court, says DPP Stephen Parkinson, above

The Crown Prosecution Service is offering 50 per cent more legal trainee placements in a bid to get more aspiring lawyers in England and Wales to go in-house before they take high paying jobs in law firms.

Stephen Parkinson, director of public prosecutions and head of the CPS, told the FT that a move to take on 120 legal trainees this autumn, up from 80 last year, was part of a wider drive by the agency to 'grow our own'.

'It becomes very difficult to recruit lawyers that are one-year qualified plus. They often turn too much money by then,' Parkinson told the FT. 'Our strategy is to grow our own.'

The hiring drive comes as the CPS groppes with an ever-growing caseload and backlogs in the criminal courts, which are seeing trials listed for 2030.

In the magistrate's courts, the lowest level of courts, the workload of the prosecutor, which manages about 500,000 cases a year, moved by 65 per cent in the three years to December. Over the same period, staff numbers grow just 10 per cent.

Public bodies have tried for years to replicate the US model in which junior lawyers cut their teeth at public prosecution before cashing in on their experience at Wall Street law firms. But many UK government agencies,

such as the Financial Conduct Authority and the Serious Fraud Office, have struggled to gain the reputation of their US equivalents for the same revolving-dose culture.

The former head of the Government Legal Department stated similar ambitions two years ago, telling the FT that the department was pushing for more movement between the public and private sectors.

Parkinson, in post-sites late 2015, said that the CPS had received roughly

'It is difficult to recruit lawyers that are one-year qualified plus. They earn too much money by then'

2,000 applications for the 120 trainee places, showing high demand for such roles.

CPS legal trainees receive a salary of about £34,000 in London for the two-year training contract, which jumps to approximately £40,000 on qualification.

By contrast, trainees at the top corporate law firms are paid about £40,000 a year, rising to £350,000 plus for newly qualified lawyers, or NQs. Top criminal firms offer about

£45,000 for trainees and £45,000 for NQs.

Trainees at the CPS were 'interested with responsibility at an early stage of their careers and [get] the fulfillment that comes from undertaking work of such fundamental importance,' said Parkinson.

'While they will not earn as much as others who go to work in the City, these are the compensating factors that keep them with us, often for an entire career,' he added.

The prosecutor is also planning to more than double the number of crown advocates — senior lawyers who appear in court — at the CPS. The agency had about 200 when Parkinson took the helm, and plans to increase that to £40 by 2025, he said.

In the context of wider delays in the junior system, Parkinson said that the agency was experimenting with 16 to speed up casework.

It is piloting one of the technology to search statements, exhibits and police reports to summarise cases, draft sentencing and bail court representations, and create transcripts of video interviews, with plans to introduce such measures across the organisation. Just Bing

If your customers don't get what you're selling, you won't get them buying.

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---

Tuesday 28 July 2020

KWANGZEL JONES

11

COMPANIES & MARKETS

Derivatives: Price exposure

Investors use crypto to avoid China's controls on AI stocks

Perpetual futures allow for the circumvention of restrictions on foreign access to equities

WILLIAM SAMELING — HONG KONG

Cryptocurrency exchanges are offering investors exposure to Chinese AI stocks, circumventing Beijing's controls on foreign access to the country's equity market.

Trading platforms including tradeXYZ and Gate.com have launched perpetual futures, or 'spare', tracking shares of CAGR, the Chinese shipmaking champion that listed on the Shanghai Stock Exchange yesterday.

The perps provide investors with exposure to price movements of mainland Chinese stocks that have become popular bets on China's AI capabilities among domestic markets but are difficult to account for progress.

About 8.9bnm worth of CUMT perps tradeXta a 24-hour period ahead of the initial public offering, according to Calelman, which trade cryptocurrency derivatives. The shipmaster is seeking to raise nearly $10bn in mainland China's biggest IPO since 2010.

The proliferation of perps, especially those tied to equities, is increasingly blurring his line between the Wild West at a pie market and the world of regulated finance.

'We've gone from 'you can tokenize a Treasury bill' to live, increasingly deep markets in the things people actually struggle to access globally, including foreign equities and pre-IPO names,' said Matthew Falkin, chief executive of Katona, a decentralized finance platform. Last week, tradeXYZ also

announced a perps for Gigabytes to388,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Perps originated in crypto markets as a way to place bets on price movements of digital assets such as bitcoin without conferring a claim on the underlying asset and without equity dates.

The flexibility has made them popular for bets on prices of stocks and other traditional assets, Perps, which are typically based on crypto exchanges and bought using stablecoins, have been used to gain pre-IPO exposure to SpaceX and OpenAI.

With CUMT, perps allow investors to sidestep an anti-tax system of demands Beijing has been to control foreign access to China's capital markets.

Foreign investors can safe access equities in Shanghai and Shenzhen through Hong Kong's Stock Connect programme or the Qualified Foreign Institutional Investor scheme. Both are subject to quality of the Stock Connect limits the range of companies available to investors. Shanghai's fast Market, where CUMT is listed, also requires

individual investors to hold at least $665,000,000 (39.6,000) in assets and have two years of trading experience.

A pre-IPO perps price is based on expectations of the value of a company when it goes public. If the stock bets above a perps price, the owner of the derivative will make a profit.

The expectation is that a perps price will converge with that of the underlying asset, said ligg ridges, chief investment officer at Theo, a company that tokenizes real-world assets. This happens through a clear level that matches the perps price with that of the underlying asset after it begins trading on public markets.

The price match and the lack of an equity date mean an investor can use a perps even after a stock's listing to track its price movements. Chinese retail traders have used the instruments to gain exposure to SpaceX and bypass capital controls security stress outflows.

Perpetual futures tracking the shares of CUMT, above, proved popular ahead of the company's

listing yesterday on the Shanghai Stock Exchange

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asset market maker Aaron. 'The reason [perps] are getting so much attention is they represent a financial innovation,' he said. 'We're now talking about a new asset class that has real demand, real use cases, that doesn't exist' is traditional finance.

Perps present a challenge to regulators trying to define their status as financial instruments.

Andy Lin, chief analyst at BTS Research, said the biggest question was whether a perps represented the underlying security, a custodial beneficial interest or a synthetic derivative.

'They are closer to leveraged prediction markets than to generate equity ownership,' he said.

Last month, the Monetary Authority of Singapore added Hyper liquid, the primary trading venue for CUMT perps, to its investor alert list, which highlights entities that may be 'wrongly perceived as being licensed as in any other way interested in regulatory work'.

His of Aaron said it would be difficult for regulators to reim in instruments that are outside their jurisdictions.

'Can individual governments stop this? I think that's very much an open question,' he said.

When contacted for comment, Gate.com referred the FT to relevant authorities. Hyper liquid did not respond to a request for comment. TradeXYZ, a decentralized 'trading protocol' founded assets locally, could not be reached for comment.

He said he saw perps as part of a long-term trend of deepening connections between traditional finance and crypto. 'I wouldn't be surprised if within five years' time every single US equity, Hong Kong equity Japanese equity was tradable in crypto.'

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Asset management

Fundraising for Asian private credit at 12-year low

JASON MALKER — SINGAPORE

Asian private credit funds have raised the lowest amount of capital in more than a decade this year, as many investors pull back from the market over concerns about high-profile corporate bankruptcies.

While several larger investors have indicated to are willing to commit to private credit funds despite the negative stories around the asset class, asset are favouring large US managers over Asian competitors.

Just five Asia-based private credit funds closed in the first half of this year, raising $1.3bn, according to Asia from Pitchfork. That compared with 29 funds raising $0.3bn last year and 33 funds raising $0.2bn in 2012.

If funds close at the same rate in the second half, 2016 will be the quiescent year for Asian private credit fundraising for at least 12 years.

The drop-off is a time for the Asian market, which was expected to expand significantly in this coming year. It also highlights how investors still interested in private credit and investing larger, established bank managers amid rising concerns over the richness of the asset class, according to industry analysts.

'In this time of market stress, investors are relying on the big boys to deliver,' said Justin Tan, head of financial services at Asia at LEE Consulting.

'In this time of market stress, investors are relying on the big boys to deliver . . . that means the big US managers'

'There is a perfection pull towards the larger players who have long track records — and that means the big US managers'

As recently as November, the alternative Investment Management Association predicted that Asian private credit market assets would need by 61 per cent to $9.0bn between 2014 and 2017, passing at a rate rate than were developed in 2016. In the end of this inflow was expected to come from wealthy individuals.

Sean Hung, an analyst at rating agency Newdy's, said he expected Asian investors to reduce their commitments to private credit over the next 14 months. 'The investment uncertainty, geopolitical tensions and elevated interest rates [are weighing] on investor appetite in illipaid assets,' he said.

Publicly traded private credit funds have been hit redemptions from small investors over the past year following the collapse of several businesses that borrowed from the funds. Nevertheless, large investors have committed billions of dollars to the asset class, seeking to profit from the exodus of retail clients.

This month, Singapore state investor Temanek announced plans to increase its exposure to private credit from 2 per cent to 1 per cent by 2011.

'Access the board, we are still seeing reasonably good opportunities in the market,' said Alpin Reiba, head of private equity capital contracts at Temanek's partnerships business.

Energy

Wood Group founder who championed the North Sea oil industry dies aged 84

RACHEL MILLARD — LONDON
SOMERS GOOD — ESMALHON

Sir Ian Wood, one of Scotland's richest men who was critical to the development of the UK's oil and gas industry, has died at the age of 84.

Wood, whose family said yesterday that he had died peacefully at home, led the transformation of the offshore engineering arm of his family's fishing company into the global oil services provider Wood Group.

Despite scepticism from his father, John, the pivot led to the rise of the company during the 1980s and 1990s, which was reflected in the transformation of the port city of Aberdeen, north-east Scotland, into a cool and gas-boom town. Wood served as the group's chief executive until 2006 and stepped down as executive chair in 2012. By then it had become one of the UK's leading international engineering companies, employing more than 42,000 people across more than 30 countries, after listing on the London Stock Exchange in 2012.

However, Wood Group's global expansion after his retirement loaded the company with debt, while losses on

projects and governance failures caused its market value to collapse in 2016.

Dubai-based fiducials acquired the group this year in a dead that ruined the equity at just over £250mn, compared with a peak of more than £2bn in 2016.

In recent years Wood had used his prominence to speak up for the North Sea oil and gas industry and warn about the risk to joke due to the windfall tax on the sector and the Labour government's decisions to stop making new exploitation finances. Knighted in 1994 for services

Ian Wood built Wood Group using an arm of his family's fishing business

to the offshore oil and gas industry, he was also involved in carbon dioxide capture through the new-profit ETZ.

In 2007 he and his family set up the philanthropic Wood Foundation, an organisation supporting education, training and business in Scotland and agriculture and conservation in Africa. It is chaired by his son, Garrett Wood.

Wood was deeply affected by the Piper Alpha disease of 1988, in which he oil planters exploded and then collapsed into the North Sea, with 39 Wood Group employees among the 167 liabilities. In the following weeks, he visited borrowed families and went on to champion improved offshore safety.

Scotland's First Minister John Iwasney described Wood as 'one of four family most influential business leaders and philanthropists'.

Iwasney added: 'He has helped shape modern Scotland, strengthened its economy, advanced its energy industry and demonstrated the profound difference that purposeful philanthropic can make.'

Wood is survived by his wife of 10 years, Lady Helen, three sons and seven grandchildren.

Asset management

Demand for ESG and 'impact-led' funds stay robust in face of political backash

ALEXANDER HESS

Inventor demand for private capital funds that explicitly seek positive environmental or social outcomes has held steady in recent years despite the political backlash against climate and diversity appears.

Private equity, infrastructure, and estate and private debt funds that aim to generate measurable environmental or social good alongside financial returns raised $350k last year, in line with the previous year, according to People data shared with the FT.

Impact-focused infrastructure funds — many of which focus on renewable energy — had particularly strong 2012, accounting for $30bn of capital raised.

The data suggests that investment is not abandoned so-called impact investing, as many predicted they would after the return of Donald Trump to the White House, and shows that certain sectors under the labor continue to attract strong investor interest.

Last year Brookfield Asset Management raised a $250m fund that is described as the biggest-ever vehicle dedicated to close-emerge. Copenhagen

Infrastructure Partners raised a €12bn vehicle focused on large greenfield renewable projects.

The fundraisings were achieved despite Trump's campaign against renewable energy. No administration has brought much US-makers development to a halt and repeatedly tried to shut down offshore wind projects.

'Some investors, particularly in the

'You can't just say you want a social good, you need a good return'

Hillary Wenk, Pitchfork

US, have switched away from investments that are budgeted as 'impact' or 'ESG', said Ian Siroes, founder of Impact Asset Management, but other investors in such vehicles were motivated by factors beyond ethical ones anyway. He added that the case for energy resilience from renewables had been boosted this year by the Middle East war.

Industry experts said, however, that the notion once held by some that investors could sacrifice returns in favour of

positive outcomes had completely fallen out of favour.

Last year was 'A bit of a transition year' for investor sentiment 'because of what's been going on in the US', said Hilary Wenk, who researches impact-driven private capital vehicles at data provider Pitchfork. 'You can't just say you want a social good, you need a good return.'

Others said funds that polled together multiple countries' impact for umbrella of impact were also the popular term.

'We have some of the long of investor demand into funds encompassing both social and environmental impact, as funds that hang together, say, a school and an energy transition business,' said Ali Patel, partner at fundraising advisory force Campbell at yena.

Meanwhile, specific themes such as renewable energy have become more popular, he added.

So far this year, impact-focused funds have raised $1.5bn, according to People, which suggests a slight fall in 2018 when multiplied in project a yearly total.

People said, however, that fundraising figures resulted in a rise at the end of the year because of reporting lags.

---

12

FINANCIAL TIMES

Tuesday 28 July 2026

COMPANIES & MARKETS

Trump's ability to talk down oil price is now being tested

Michael Haigh

Markets Insight

At the Iran war drags on, US President Donald Trump's power to talk down oil prices is being tested. Oil prices changed yesterday after an apparent pause in conflict in the Strait of Hormuz. But with vessel flow through the strait still virtually at a halt and global inventories for both crude and products declining at record past, the risk of another recent local prices remains.

In such a situation, what can leaders do to prevent oil prices from getting out of control, other than release inventories from strategic petroleum reserves? Country leaders almost always try to shape perception ahead of fundamentals by making statements.

They have learnt from previous errors, notably the most famous one from 1971.

President Jimmy Carter took the approach of emphasising scarcity rather than downplaying it. Warning that Americans would need to make sacrifices, Carter said "oil and natural gas were running out" and global production would eventually fail to keep up with demand. This might have been politically concerned and economically difficult.

Not surprisingly, Carter could not calm the market. In fact, he might have made things worse. Oil prices continued to rise and along with it inflation surprises. This mistake would not be repeated.

Messaging is so critical because energy shocks had directly into inflation expectations, consumer confidence and financial market positions.

This is why official statements often lean towards reassurance, emphasising

that "supplies are stable", inventories are adequate, and policy tools are ready, even when underlying supply demand balances are tightening.

After Carter, Ronald Reagan reversed his predecessor's tone. Instead of scarcity, Reagan emphasised attendance, production and perhaps most importantly, deregulation.

During the Gulf war crisis of 1990-1992, President George D'W Bush did not deny risks, but he consistently framed them as manageable. He emphasised that reserves would be deployed "to promote stability in world markets", used releases to counter panic rather

Deteriorating inventory fundamentals are likely to increasingly overwhelm policy rhetoric

than shortages, and co-ordinated globally to reinforce the message that supply would be maintained.

Barack Obama's messaging during the 2013 Libyan oil disruption followed the same core playback. He moved quickly to reassure markets that the shock would be temporary, stating that prices would "stabilise" and that the world could "wimber" segregation.

Following Russia's invasion of Ukraine, Joe Biden's messaging emphasised co-ordinated global action, noting that over 30 countries would release strategic reserves, while stressing that the US stand ready to "release additional hazards as conditions warrant".

Until the breakdown of the memorandum of understanding on a counter between the US and Iran, Trump's com-

munication strategy appears to have played an important role in containing oil prices through confident messaging aimed at convincing markets that disruption will be shortlived and well contained.

Trump has repeatedly signalled that tensions are close to resolution or under control, often suggesting that escalation is limited and that normal supply flows will remain quickly. This added to uptake of diplomatic progress, implied supply relief, and there is no counter-evolution risks.

At the same time, Trump has reinforced the idea that US production strength models and supply capacity can often any temporary shortfall, implicitly telling markets that there is no structural shortage.

A study of price reactions from Trump statements is very telling. Out of the 27 Trump statements on the development of the Iran war that we evaluated, from last February up to the 80st in mid-June, oil prices declined an average 0.31 per cent the following day, with the largest decline at 15.2 per cent. Simply put, his messaging worked.

While it is certainly true the US is in a comfortable production position, its stocks are also actually very low, and global supply capacity is dropping rapidly. But with the market locked in a supply-constrained stalemate, deteriorating inventory fundamentals are likely to increasingly overwhelm policy rhetoric.

There is a limit to how long verbal intervention can suppress prices before tightening balances reassort themselves in the market narrative.

Michael Haigh is head of UK and communities research at Karish Ghehaly

The day in the markets

What you need to know

a Semiconductor stocks continue volatile now, driving wider indices lower a direct crude benchmark times below 390 after surging above $500 last week in 50% decline helps bonds rally, taking the two-year Treasury yield to 4.3%.

Semiconductor stocks sold off yesterday, extending their volatile-out as inventory benchmark financing the bank in 4d spending can be sustained.

The Philadelphia Semiconductor Index, a leader of US chip stocks, was down 4 per cent by lunchtime in New York, taking its loss for day to move than 20 per cent. The Nasdaq Consumer Index was 5.6 per cent lower and the last 100 was down 0.2 per cent, giving up early gains as chip stocks dropped on the market.

Sundalk M-11 per cent, while Advanced Micro Devices dropped 7.5 per cent and Western Digital M-10 per cent.

"Inventories have become more sensitive to risks" place "how long infrastructure spending and semiconductor demand can continue to expand at their present pace," wrote Deutsche Bank Private Bank in a note. It added that the risks included "potential excess computing capacity, among hypercalms ... the emergence of increasingly capable open-source AI models, the prospect of additional semiconductor capacity coming online in the years ahead, and persistent

uncertainty and concentration". Investors will be watching as second Big Tech companies report second-quarter earnings later. His week, such as Microsoft, Meta, Apple and Amazon.

Markets were buoyed by lower oil prices, as the US and Iran paused their

US chip stocks have dropped in recent weeks Philadelphia Semiconductor Index

In the last strikes in the Middle East

The international oil benchmark Brent crude stocks below 390 a barrel yesterday after having surged past $500 last week.

The Stoxx Europe 600 closed flat, while Germany's Gas rose 1 per cent and the FTSE 100 rose 0.6 per cent.

Government bonds added as oil prices fell, pushing the interest rate another a two-year Treasury yield 0.03 percentage points lower to 4.15 per cent.

The two-year gift yield fell 0.03 percentage points to a 39 per cent Rand yields fall when prices rise. The moves

came ahead of central bank decisions later this week, including the Federal Reserve tomorrow. Per Bank of England on Thursday and Per Bank of Japan on Friday, investors are divided on expectations for the Fed meeting, with traders in futures markets putting a roughly two-thirds probability on benchmark rates remaining steady at 3.5 to 3.75 per cent.

"The increase in July that pricing over the last week has put the Fed in position to deliver the largest non-cut meeting day 'surprise' in recent memory," analysts from Goldman Sachs wrote on Friday.

Emily Herbert

Markets update

FT LOCATIONS

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SCALING FINANCIAL

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12 September 2026 | In-Person Morning Briefing | Bracken House, London

A morning at the FT Headquarters with:

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A morning at the FT Headquarters with:

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12 September 2026 | In-Person Morning Briefing | Bracken House, London[{"box_2d": [256, [256, 325, 265], "label": "text", "caption": "A morning at the FT Headquarters with:"}]

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Markets update

Main equity markets

Commodities

Brent crude tumbles after Iran and US pause hostilities over Strait of Hormuz

By ZIM ZIMER | INDEPENDENT

DOLLY HENRIFF | LONDON

Oil prices tumbled yesterday as the US and Iran passed lit for 1st strikes after weeks of escalating violence over the Strait of Hormuz.

Brent crude, the global oil benchmark, left as much as US per cent before paying some of its loans to trade 4.2 per cent lower at $86.65. Talks between mediators continued following two weeks of hostilities that had driven oil up past $100 in recent trading sessions.

The first time that reported any six strikes against Iran since attacks overnight on Thursday, while Iran has not mounted any assault on US loans in the region since Friday. Mike Waltz, the US ambassador to the US, on Sunday said US President Donald Trump was "giving the talks some space" before deciding whether to resume strikes. The US and Iran have been vying for control of the strait, through which about a fifth of the world's oil market normally pass.

Analysts cautioned against pricing in

further falls at a time when the strait would essentially closed its business and business between Yonacki Health militants and Saudi Arabia threatened to impede shipments further.

Iran-aligned Health rebels yesterday claimed drone attacks targeting "sensitive" crude oil supply and transport sites linking Saudi Arabia oil-rich out-

'We do not see traffic . . . normalising anytime soon and now we have the added Red Sea problems'

ers rejoice to the Red Sea export hub of Tustin, which has become a vital outlet after the effective closure of the Strait of Hormuz.

Saudi Arabia also said yesterday that Iran-backed militias in Iraq learn that drone attacks targeting oil infrastructure in Riyadh and the Eastern Province.

It called on Iraq to take all necessary

measures to prevent these attacks and said it may not be right to respond.

"Even if we have a headline driven sell-off, we do not see traffic through Hormuz normalising anytime soon and now we have the added Red Sea problems," said Helena Cork, head of global commodity strategy at RSC Capital Markets.

A rise in petrol prices has driven US inflation up to 4.1 per cent, more than double the Federal Reserve's 1 per cent goal. Fed officials are set to meet in the coming days to discuss whether price pressures are strong enough to warrant the first rise in rates in three years.

Sets on a Federal Open Market Committee rate rise as soon as tomorrow fell to 34 per cent yesterday, down from 27 per cent at the Friday close, according to data from GBS Group.

"The decision appears unusually finely balanced," Deutsche Bank analysts wrote. "The renewed escalation in the Middle East and the sharp rise in energy prices have complicated the inflation outlook."

---

Tuesday, 28 July 2020

EVANUSEL TINKA

13

MARKET DATA

WORLD MARKETS AT A CLANCE

FT.COM/MARKETSDATA

Change during previous day's trading life

SLIP 500 - Nexting Commodity

Dow Jones One

FTSE One

FTSE EuroTice

Maine

Hersp Seng

FTSE All Multi

5 per €

5 per €

4 per €

4 per €

100 per $

Gold $

Dow Market comments over last 30 days, with the FTSE All-Multi is the same currency as a comparison.

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63. 2017年1月1日

64. 2017年1月1日

65. 2017年1月1日

66. 2017年1月1日

67. 2017年1月1日

68. 2017年1月1日

69. 2017年1月1日

70. 2017年1月1日

71. 2017年1月1日

72. 2017年1月1日

73. 2017年1月1日

74. 2017年1月1日

75. 2017年1月1日

76. 2017年1月1日

77. 2017年1月1日

78. 2017年1月1日

79. 2017年1月1日

80. 2017年1月1日

81. 2017年1月1日

82. 2017年1月1日

83. 2017年1月1日

84. 2017年1月1日

85. 2017年1月1日

86. 2017年1月1日

87. 2017年1月1日

88. 2017年1月1日

89. 2017年1月1日

90. 2017年1月1日

91. 2017年1月1日

92. 2017年1月1日

93. 2017年1月1日

94. 2017年1月1日

95. 2017年1月1日

96. 2017年1月1日

97. 2017年1月1日

98. 2017年1月1日

99. 2017年1月1日

100. 2017年1月1日

101. 2017年1月1日

102. 2017年1月1日

103. 2017年1月1日

104. 2017年1月1日

105. 2017年1月1日

106. 2017年1月1日

107. 2017年1月1日

108. 2017年1月1日

ICE

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400

New products @ 400[{"box_2d": [35, 365, 161, 371], "label": "text", "caption": "New products

---

14

ENVIRONMENTAL TIMES

Tuesday 28 July 2020

MARKET DATA

FT GLOBAL 500: THE WORLD'S LARGEST COMPANIES

Year	2014				2015				2016				2017				2018				2019				2020				2021				2022
	Pop. (m)	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI	CPI
1st March 2014	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	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	1,000	1,000	1,000	1,000	1,000	1, 000	1,000
2nd March 2014	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	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	1,000	1,000	1,000	1, 000	1, 000	1, 000	1, 000
3rd March 2014	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	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	1,000	1,000	1, 000	1, 000	1, 000	1, 000	1, 000

MARKET DATA (1) 2014

Year	Pop.	CPI	CPI	CPI	CPI	CPI
1st March	1,000	1,000	1,000	1,000	1,000	1,000
2nd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
3rd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
4th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
5th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
6th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
7th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
8th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
9th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
10th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
11st March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
12nd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
13rd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
14th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
15th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
16th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
17th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
18th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
19th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
20th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
21st March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
22nd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
23rd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
24th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
25th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
26th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
27th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
28th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
29th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
30th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
31st March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
32nd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
33rd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
34th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
35th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
36th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
37th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
38th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
39th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
40th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
41st March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
42nd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
43rd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
44th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
45th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
46th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
47th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
48th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
49th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
50th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
51st March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
52nd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
53rd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
54th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
55th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
56th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
57th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
58th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
59th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
60th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
61st March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
62nd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
63rd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
64th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
65th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
66th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
67th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
68th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
69th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
70th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
71st March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
72nd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
73rd March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
74th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
75th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
76th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
77th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
78th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
79th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000
80th March	1,000	1,000	1,000	1,000	1,000	1,000	1,000

MARKET DATA (1) 2014

Year	Pop.	CPI	CPI	CPI	CPI
1st March	1,000	1,000	1,000	1,000	1,000
2nd March	1,000	1,000	1,000	1,000	1,000
3rd March	1,000	1,000	1,000	1,000	1,000
4th March	1,000	1,000	1,000	1,000	1,000
5th March	1,000	1,000	1,000	1,000	1,000
6th March	1,000	1,000	1,000	1,000	1,000
7th March	1,000	1,000	1,000	1,000	1,000
8th March	1,000	1,000	1,000	1,000	1,000

MARKET DATA (1) 2014

Year	Pop.	CPI	CPI	CPI	CPI
1st March	1,000	1,000	1,000	1,000	1,000
2nd March	1,000	1,000	1,000	1,000	1,000
3rd March	1,000	1,000	1,000	1,000	1,000
4th March	1,000	1,000	1,000	1,000	1,000
5th March	1,000	1,000	1,000	1,000	1,000
6th March	1,000	1,000	1,000	1,000	1,000

Year 2014

GROSS MEDIA YEAR 2014
	Pre-Tax	Pre-tax	Pre-tax	Pre-tax	Pre-tax
Alaska	1.5	0.74	1.25	1.04	1.06
California	1.88	1.05	1.24	1.04	1.17
Belgium	2.06	0.43	1.08	0.94	0.95
Canada	1.08	1.43	1.04	1.04	1.04
China	1.18	1.38	1.08	0.99	1.01
Denmark	2.04	1.17	1.08	0.94	1.00
Denmark	2.08	1.00	1.00	0.94	0.96
Denmark	2.07	1.00	1.00	0.94	0.96
Denmark	2.11	1.00	1.01	0.94	0.96
Denmark	2.15	1.00	1.01	0.94	0.96

1. ICE	2014	2015	2016	2017	2018
1. ICE	2014	2015	2016	2017	2018
1. ICE	2014	2015	2016	2017	2018
1. ICE	2014	2015	2016	2017	2018

1. ICE	2014	2015	2016	2017	2018
1. ICE	2014	2015	2016	2017	2018
1. ICE	2014	2015	2016	2017	2018

© 2014

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06
Southwest	106.40	1.44	1.04	1.06	1.06
Southwest	107.00	1.00	1.00	1.00	1.00
Central	1.78	1.05	1.24	1.04	1.06
Central	1.78	1.05	1.24	1.04	1.06

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06
Southwest	106.40	1.44	1.04	1.06	1.06
Southwest	107.00	1.00	1.00	1.00	1.00
Central	1.78	1.05	1.24	1.04	1.06
Central	1.78	1.05	1.24	1.04	1.06

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06
Southwest	106.40	1.44	1.04	1.06	1.06
Southwest	107.00	1.00	1.00	1.00	1.00

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06
Southwest	106.40	1.44	1.04	1.06	1.06
Southwest	107.00	1.00	1.00	1.00	1.00

CASH FLOWING

Company	Price	Change	Equity	Price	Change
American	1.5	0.74	1.25	1.04	1.06
National	1.8	1.05	1.24	1.04	1.06
National	1.7	1.15	1.04	1.06	1.06
Light (Low-3)	82.22	6.88	1.00	1.00	1.00
Li-Low (3)	101.21	1.17	1.04	1.06	1.06

CASH FLOWING[{"box_2d": [729, 635, 969, 679],

---

Tuesday, 28 June 2006

8

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Main Market

	Price	1st Qtr		2nd Qtr		YTD	YTD	YTD
		YTD	YTD	YTD	YTD
Total Market
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00

AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00

AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00
AKI, Upstream	1,000.00	1.00	1,000.00	1,000.00	1.00	1,000.00	1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

AKI, Upstream

1,000.00

1.00

1,000.00

1,000.00

1.00

1,000.00

1.00

[{"box_2d": [29, 395, 260, 503], "label": "table", "caption": "

All
	Price	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	5th Qtr	6th Qtr
Total Market
Growth
Growth
Growth
Growth
Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth

Growth