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FINANCIAL TIMES TUESDAY 18 AUGUST 2026 UK £3.70; Republic of Ireland €410

                              The flimsy guardrails letting Al ‘go rogue’
                            _ BIG READ,          PAGE 21

Kims ‘respect’ Strains spread through private credit portfolios disarms US The value of troubled loans held bysome of the biggest privatedebt investors has reached levels last Kim Jong Unandhis daughter Kim Ju Ae seen in 2017, with some large US attend a circus performance yesterday funds taking writedownsas the marking the 81st anniversary of Korea’s sector faces its toughest challenge liberation from Japanese rule. inalmost a decade,— pace 9 The North Korea leader had further cause to celebrate after Donald Trump - Al anxiety spurs review ordered the scaling-back of exercises Ministers are urgently assessing with South Korea. The US president the economic and security impact hailed his “very good relationship” with were Britons to be blocked by the Kim and said the drills were “inappro- US from using frontierAI models priate and hostile” to an “unthreatening launched by groups such as and respectful” country. Anthropicand OpenAl.— pace 2_ While Seoul and Washington would deny any impacton their ability to fight Barclays revamps top tier anuclear-armed adversary, experts said The lender has hired Mike Joo Trump’s abrupt decision, announced on from Bank of Americaas co-chief social media, would spark concern in ofits investment bank, less than South Korea’s security establishment. three years since its last overhaul, “This is just another example of how inits latest attempt to compete unreliable the US is as an ally rightnow, with rivals on Wall Strect.— PAGE 12 whether that be to allies in Asia or Europe,’ said one. Green signal for Virgin Seoul rattled page 8 The rail regulator has thrown out objections from Eurostar that allowing Sir Richard Branson's trains group to operate Channel

KPMG and EY’s £456mn deal blows Tunnel services would cramp its own expansion plans.— pace 2

                                                                                                                                                                                                                                                                                                          Monzo chair to step down
                                                                                                                                                                                                                                                                                                       Gary Hoffman is leaving the

hole in pledge to cut consultant costs fintech months after some of its biggestshareholders called for his removal amid a battle over the chief’s ousting. Karen Peacock will replace him in the interim.— pace?

                                                                                                                                                                                                                                                                                                          Kushner in Israel talks
    Pair to share civil servant training e Two years since vow to slash outlay @ Biggest single deal since 2012                                                                                                                                                                                        Donald Trump’s son-in-law,
                                                                                                                                                                                                                                                                                                       Jared Kushner, has met Benjamin
                                                                                                                                                                                                                                                                                                       Netanyahua      day after talks with

ELLESHEVA KISSIN AND LUCY FISHER The maximum value of the contract els due to the administrative burden of The new contract with KPMG and EY service's biggest challenge and he wel- Hamas's leader, as the White for KPMG, amounting to £319mn, is Brexit and the Covid-19 pandemic. The will replace an existing arrangement for comed investment in “neglected” areas. House pushes its Gaza peace plan. KPMG and EY are to be paid almost half equivalent to almost a quarter of the move aimed to save the taxpayer more civil service training that was set to “Whitehall has tended to reward = PAGE 4; KIM GHATTAS, PAGE 23 abillion pounds to train civil servants in consultancy’s annual UK advisory net than £1.2bn by 2026. expire. It will serve as a stopgap pending amateurism and undervalue the kind of the largest government contract sales for last year. The £137mn awarded Civil servants were told that all big a planned in-house “national school for deep expertise it desperately needs. But Ferrari defies EV sceptics awarded to the Big Four firms in at least to EY represents about 13 per cent ofthe Whitehall consultancy contracts had to government” that promises to reduce the crucial test is whether they can build ‘The marque'’s first fully electric adccade. firm’s UK consulting income over the be signed off by a cabinet minister or the external spending. expertise in housc to train staff in these car, the Luce, has sold fora record Just two years after ministers pledged same period. department’s senior official. Shadow chancellor Sir Mel Stride told areas,” he added. $40mn, makingit the costliest to slash spending on consultants, the The award comes despite a pledge Published Whitehall accounts show the FT the award showed that Labour's The £456mn contract ceiling does not new car auctioned and defying the Cabinet Office has awarded a contract of from former premier Sir Keir Starmer’s central government cut consultancy pledge to cut consultancy spending mean the government will, ultimately, backlash over its place ina stable up to £456mn tothe firms, according to government in 2024 to halve spending costs by 14 per centin the year endingin amounted to “empty words”. spend the full amount. of petrol-driven supercars.— PAGE 9 procurement data provider Tussell. on consultants after it rose to record lev- March 2025, according to FT analysis. “Labour said they would slash spend- The Cabinet Office said the govern- It is the largest single contract The £1.25bn of contracts awarded to ing on consultants; now they are signing ment was committed to halving consul- Ebola death toll mounts awarded to the Big Four since Tussell’s Big Four companies this year has away a consultancy contract worth tancy spending and would make The epidemic inthe Democratic records began in 2012, with EY and The contract will serve already exceeded last year’s total of nearly halfa billion pounds,” the Tory £700mn in yearly savings by 2028-29. Republic of Congo has now taken KPMG to train officials onskills, includ- as a stopgap pending an £1.06bn, according to the Tussell data. said. “For all their rhetoric, it’s clear “We are making real progress in cutting 2,325 lives, the deadliest in its ingAl use, between 2026 and 2028. Almost half of the largest Big Four con- Labour have no control over spending.” external spending, having reduced con- history, with the World Health The next largest deal, for a maximum in-house ‘national school tracts — 19 valued at more than £100mn Joe Hill, director of strategy at the sultancy costs by over £600mzn last year Organization warning of “a phase value of £322mn, was awarded in 2012 for government’ each — were awarded after the Labour cross-party public services think-tank to their lowest level in five years,” itsaid. of intense transmission”.— PAGE 8 by the Foreign Office to PwC. government’s 2024 spending pledge. Re:State, said AI skills were the civil EY and KPMG declined to comment.

                                                   Chelsea co-owners Walter and Boehly
                                                   in talks over selling stakes to Clearlake
                                                   SAMUEL       AGINI, ARASH     MASSOUD!      AND              ess said. The consortium bought Chel-                                    Representatives             for Walter           and
                                                   LEE HARRIS      — LONDON
                                                   ANTOINE      GARA     NEW     YORK
                                                                                                                sea for £2.5bn in 2022 after Russian oli-                            Boehly did not respond to requests for
                                                                                                                garch Roman Abramovich was forced to                                 comment. Chelsea and Clearlake
                                                   Todd Boehly and Mark Walter are in                           sell when sanctions were imposed fol-                                declined to comment.
                                                   talks to sell their stakes in Chelsea                        lowing Russia’s full invasion of Ukraine.                               Any sale would be the latestin a flurry

Brexit yields dividend for Football Club to majority owner Clear- The revived negotiations come as of deals for sports clubs, where valua- lake Capital, according to people Walter seeks to sell high-profile assetsas tions have surged as billionaires and Europe’s best universities briefed on the matter. his business empire comes under regu- investors view franchises as an investa- Asurge in foreign students at Bocconi latory scrutiny. US prosecutors are ble asset class rather thanjusta trophy. business school in Milan illustrates how Any deal would helpto resolve tensions probing the financier’s insurance com- Aconsortium led by Amit Bhatia, son- Europe's universities are profiting from within the English Premier League panies, which were the foundation for in-law of steel billionaire Lakshmi Mit- a post-Brexit shift in higher education. club’s ownership group. Boehly and his swift rise on Wall Street, following tal, agreed last week to buy about athird EU applicants have been put off Britain Walter’s side of the Chelsea consortium disclosures showing insurers he control- of Liverpoo! FC at a roughly $7bn valua- since losing access to financial support has clashed with Clearlake over strat- led had lent to related parties without tion. The investor group includes Face- and visa-free study. But more students egy. While Clearlake owns more than disclosing links to those loans. The book co-founder Eduardo Saverinanda are also arriving from the UK's private 60 per cent of the club, it shares joint insurers are now selling their affiliated fund backed by Amazon’s Jeff Bezos. schools, drawn by courses in English. control and equal governance with investments or paying down the loans. Under Clearlake and Boehly, Chelsea Applications to Bocconi from abroad Boehly, whois chair. Walter agreed last week to sell the Los in 2025 won the Fifa Club World Cup have doubled since 2023 — and 30 of The talks come after years of on-and- Angeles Lakers for $12.5bn to former and the Uefa Europa Conference League those were from former pupils at Eton. off negotiations between the two sides Disney chief Bob Iger and venture capi- but have struggled in the Premier Student shift > pace 6 and it was not certain that a deal would talist Joshua Kushner, less than a year League, finishing 10th last scason. be struck, those familiar with the proc- _ afterhe bought the basketball team. Henry’s $7bn Liverpool page 12

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* FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                                                NATIONAL

Innovation Civil service head

Lost access to AI models will “hit economy Wormald paid record Probe comes after Trump Anthropic and OpenAl, according to people familiar with the matter. The in British companies could be exploited by foreign users of cutting-edge Al mod- security capabilities demonstrated by the latest models from OpenAI and However, Ciaran Martin, former chief executiveof the National Cyber Security £500,000 blocked foreign access to lastest Anthropic version work is expected to be completed within weeks. US President Donald Trump’s els before being patched. The assessment comes as the Home Anthropic have triggered alarm among defence and security experts. Centre, said he found the export control experience regarding Fable 5 “reessur- after sacking directive in June demanded foreign Office has also been reviewing the prev- Dame Chi Onwurah, Labour chair of ing” in some respects. “What was the LUCY FISHER national access to Anthropic’s Fable 5 alence of AI in criminal methods, the House of Commons science, tech- consequence? Anthropic took the whole modelbe rescinded. according to government figures. nology and innovation committee, said: thing off the market, as it couldn’t GEORGE PARKER AND LUCY FISHER The UK government is urgently assess- While Anthropic relaunched the One government figure said: “When a “It is good that the new government is meaningfully distinguish between Sir Chris Wormald received a record ing the economic and security impacts model globally after temporarily new AI model is launched, all businesses assessing the impact of being cut off but nationals and foreigners,” he said. payout of about £500,000 after being of consumers losing access to the latest rescinding it, the episode has height- are immediately looking at how to best we also need to see a plan to address Martin, now a professor at the Univer- sacked as Britain’s top civil servant by frontier AI models, amid growing ened concerns about the prospect use and exploit it. For the UK to be left unacceptable levels of dependency, and sity of Oxford, said it was “slightly Sir Keir Starmer, according to people concerns about the impact of the threat of Britons being denied access toa cut- behind by not having access — even fora indeed how an acceptable level of implausible that an American AI model bricfed on the scttlement, roughly on growth. ting-edge model available elsewhere couple of weeks — would cause a hit dependency is defined.” would be restricted from foreigners”. twice as muchas initially thought. The Cabinet Office has asked the in the future. to the economy.” Her committee had “repeatedly But he warned: “The US’s ability to Department for Business, Innovation, Economic security officials want to US Big Tech companies are betting emphasised that the government needs manipulate and leverage the whole AI Wormald was “thrown under the bus” Science and Trade to examine the hit to explore the potential hit to the economy hundreds of billions of dollars that AI a reaistic plan to achieve sovereign stack — to try and force countries to in February, according to Conservative the UK economy if Britons were blocked if UK companies could not exploit the will yield big productivity gains. But capabilities in critical areas or risk hav- bend to its will — could be significant.” leader Kemi Badenoch, after only 14 from new versions of AI models latest innovations, as well as the secu- even though the impact of AI on eco- ing its access cut off at the whim of its Additional reporting by Tim Bradshaw months in post, in a highly unusual launched by companies such as rity implications if cyber vulnerabilities nomic growth is as yet unclear, the cyber partners”, Onwurah added. Big Read page 21 move bya prime minister. The full cost to the taxpayer of Starmer’s effective sacking of Wormald will be officially revealed in the Cabinet Security breach Office accounts later this year, but sev- eral people briefed on the settlement

PM swapped said it topped £500,000. Original esti- mates suggested Wormald, who was picked by Starmer to run the civil serv- texts with US ice, might receive £260,000. But his sudden removal led toa much

chief of staff more generous settlement, includes pension add-ons, according to those who have seen the final figure. which

impersonator Wormald declined to comment. Wormald was the shortest-serving cabinet secretary in the 110-year history of the role and was sacked as part of a GEORGE PARKER — POLITICAL EDITOR *May cause discomfort “reset” by Starmer of his Number 10 “Terms and to existing operators trains croissants apply team. The payout had to be personally Andy Burnham exchanged messages signed off by Starmer after Cat Little, with somebody impersonating one of Cabinet Office permanent secretary, US President Donald Trump’s closest said she needed a “ministerial direc- advisers in an embarrassing security tion” on grounds of propriety and value breach for the UK prime minister’s for money. team. “The proposed award is greater than Downing Street declined to comment what Sir Chris Wormald would be con- “on national security matters” but has tractually entitled to,” she said in a note not denied that Burnham was in com- to Starmer. “However I am informed munication with someone claiming to that a settlement of this level is neces- be White House chief of staff Susie sary given that this is a departure froma Wiles. high-profile, unique role that has been People briefed on the matter insisted agreed at very shortnotice.” that the conversations were by message Little told the then prime minister he —nota phone call — and that no signifi- could take into account wider consider- cant information was conveyed in the ations, notably “the public interest in messages. bringing this matter to a conclusion” to They said concerns were raised about avoid Wormald’s exit becoming a dis- the exchanges and that the suspicious traction to public business. activity was “quickly reported to the Starmer noted the advice and replied: appropriate aulhorilies” aller a lew “Tam salislied Lhal the public interest messages between the two parties. Burnham has yet to meet Trump in person since taking office last month. Tunnel vision The UK’s rail regulator has thrown out objections from Eurostar that allowing Sir Richard Branson’s Virgin Group to operators will use. The regulator found that Eurostar’s expansion was only a “modest increase in capacity” Azzurra. It is also yet to gain approval for tunnel access and track rights on the European side of its is met in this regard and direct you toproceed.” One government figure confirmed the The two have spoken on the phone, and the US president has heavily criticised Virgin given operate Channel Tunnel services would cramp its own expansion plans. compared with a new series of routes from Virgin. It also found no flaws in St potential routes. Talks on all three are well advanced, it said. payout of about £500,000 and said: “It shows why they needed the PM to sign it the UK’s policies on fossil fuels and immigration. green light for The Office of Rail and Road (ORR) has granted Virgin track access rights to the high-speed line linking London Pancras’s own analysis of its capacity. The approval is “an important next step in bringing competition and Jones from the ORR added: “While there is still more work to do, we are supporting Virgin and the off. People were pretty shocked to find out. He was the shortest-serving cabinet

                                                     Channel link

Politico, which first reported the secu- secretary in history, so it makes sense he rity breach, said the British embassy with the tunnel, bringing the prospect growth to the market for international wider industry to grow international wanted a lot if he was to leave with that was so concerned about the incident of competition on rail services to the rail services”, said ORR deputy director services.” pretty damning statistic.” that it reported it to the White House, continent a step closer. Martin Jones. Eurostar said the ORR’s approvel It had been thought that Wormald, which declined to comment. Virgin wants to break Eurostar’s Virgin said it welcomed the findings “confirms the huge potential for formerly permanent secretary of the Last year, the FBI investigated an monopoly by offering passenger “and the opportunity to bring growth in international rail and the Department of Health and Social Care, attempt to hack the personal phone of services to Paris, Brussels and competition and Virgin’s award- ambition across the industry to would be given the maximum standard Wiles, after politicians and US business Amsterdam from 2030. Last year, it winning customer experience to the bring more passengers to Europe by payout for a long-serving mandarin of executives received texts and phone received crucial access to the east Channel Tunnel”. train”. The train operator said its £260,000. But the former cabinet secre- calls from someone claiming to be the London rail depot needed to maintain Details of Virgin’s planned services focus “remains on delivering our tary, whose grip on policy implementa- chief of staff. “The White House takes trains for the line. were included in the approval own ambitious plans, investing in tion had been criticised by government the cyber security of all staff very seri- Eurostar, which launched in 1994 documents. These include six daily our fleet and carrying 30mn figures, negotiated an additional ele- ously, and this matter continues to be and is owned by France's state railway services to Paris in October 2030, rising passengers a year”. ment to take account of what was in investigated,” a White House spokes- operator SNCF, had complained to the to 10 in April 2031 and 13 from October London St Pancras Highspeed, the effect his compulsory redundancy. person said at the time. regulator that approving Virgin would that year. It aims to launch four daily company that owns the line and the Such deals are highly unusual, but the It is not the first time a senior British not account for its own intention to services to Brussels in February 2031, station, said: “This is a significant closest equivalent concerned the sack- politician has been exposed to a security expand services in the next decade. and three to Amsterdam from October milestone in opening up the next ing of Sir Tom Scholar as permanent breach by someone claiming to be a sen- It plans to spend €2bn on new trains, 2031. Its plans do not include chapter of international high-speed secretary of the Treasury in 2022 on Liz ior foreign political figure. and says it wants to run services to reopening Ebbsfleet or Ashford rail. It paves the way for Truss'’s first day as prime minister. In 2024, Lord David Cameron, then On track: Eurostar was overruled Geneva and Frankfurt. International, two Kent stations that competition, more services, greater Her move cost the taxpayer £457,000 the foreign secretary, was the victim of a by the regulator after expressing In its response to an ORR were originally part of the network. customer choice and new in compensation for Scholar, compris- hoax call from someone pretending to doubts over the capacity of consultation on allowing Virgin access The group still has to finalise its destinations, at a time when ing a £335,000 severance payment and be former Ukrainian president Petro St Pancras International, above, to the track, Eurostar had also order for trains, which are being demand for international rail travel £122,000 for “annual leave adjustments Poroshenko. Cameron regretted his to handle extra services from questioned the capacity at St Pancras financed by infrastructure investor is set to grow significantly.” and compensation in lieu of notice”. mistake, according to a Foreign Office rival Virgin Group —sopa/alamy International, the terminal that both Equitix and private equity group Peter Campbell The Cabinet Office said: “We don’t spokesperson at the time. comment on individual HR matters.”

                                                                                                             Record drought
                                                              __FTWeekend
                                                                                                             Reform deputy leader tells Britons to ‘celebrate’ heatwaves
     MAKE A WISE                                                                                             JIM PICKARD                                     with Greenpeace pointing out that             waves. “Far from being an enjoyable                 minister,    on     Wednesday       convened
     INVESTMENT                                                                                              DEPUTY    POLITICAL    EDITOR
                                                                                                                                                             Reform had received large donations           experience, for many this summer will               a meeting of Cobra, the government’s
                                                                                                             British people should “enjoy” multiple          from ‘ndividuals with interests in fossil     have brought hardship, with 2,877                   emergency         committee,     to consider
     Subscribe today at
                                                                                                             heatwaves and shrug off warnings of             fuels.“Reform should try telling nurses       deaths during the May and June heat-                the UK’s response to extreme heat, wild-
     ft.com/subscribetoday                                                                                                                                   fainting on shifts, farmers losing their      waves, over 1,100 of which are directly             fires and drought.
                                                                                                             dangerous climate change while enjoy-
                                                                                                             ing more English fizzy wine, the deputy         cropsand people running from burning          attributable to the extra heat added by                Reform is vehemently opposed to net
                                                                                                             leader of Reform UK has said.                   homes to enjoy the hot weather and see        climate change,” said Alasdair John-                zero, a target set by a previous Conserv-
                                                                                                                                                             what reaction they'll get,” said Amy          stone, head of political engagement at              ative government under which Britain

FINANCIAL TIMES Newsprinters (Knowsley) Linited, Merseyside, Richard Tice, one of the most senior fig- Cameron, UK programme director for the Energy and Climate Intelligence must reduce its net greenhouse gas Bracken House, 1 Friday Street, London EC4M 9BT. Newsprinters (Eurocentral) Glasgow, and Irish Times, Dublin, Ireland ures in Nigel Farage’s party, told journal- Greenpeace. “There’s only one way to Unit, a think-tank. emissions to zero by 2050. Published by ists yesterday that it was “arrogant” to stop this extreme weather: cutting emis- “Firefighters have been called to over Tice said climate change had always The Financial Times Limited, © Copyright The Financial Times Limited 2026. All try to stop climate change. sions from fossil fuels.” 1,000 wildfires, which have devastated happened and would always happen. Bracken House, 1 Friday Street, rights reserved. London EC4M 9BT. “When it’s a bit warm, let’s enjoy it. More than two-thirds of England and the landscape, displaced people and He was speaking at the launch Tel: 020.7875 5000 Reproduction of the conten’s of this newspaper in And if it means that English wine and all of Wales have been declared in destroyed homes.” of Reform’s new welfare policy, under any manner is not permitted without the publisher's sparkling wine gets better and better, drought following successive heat- Andy Burnham, the Labour prime which the party claimed it could save Editor prior consent. fantastic,” he said. “Let’s celebrate some £50bn in spending by restricting Roula Khalaf ‘Financial Times’ and ‘FT’ are registered trade marks of these things, rather than just be doom benefits for foreign nationals and FT Customer Care of The Financial Times Limited. and gloom aboutit,” he added. the disabled. Tel 0800 028 1407; help.ft.com The National Farmers’ Union has said However, the party’s proposal to Subscriptions The Financial Times and its journalism are subject to that farmers in England and Wales are remove most benetits from non-nation- wow. ft.com/subscripenow a self-regulation regime under the FT Editorial Code Advertising of Practice: masuft com/editarialcade, facing “one of the worst ever” harvests als — earmarked to save £21bn a year — Tel: 0207873 4000; advertising@ft.com; and that drought is “the dark daily real- would mean unpicking the Brexit with- commeicialitcam Reprints ity affecting crops, livestock and the via- drawal agreement, which Brussels Are available of any FT artide with your company Lettersto the editor logo or contact details inserted if required (minimum bility of farms”. Reform UK could refuse to do. letters editor@ficom order 100 copies). “It is a stark reminder that climate deputy leader Robert Jenrick, the party's Treasury change is no longer a distant threat,” Richard Tice: spokesperson, said benefits claimants — Executive appointments One-off copyright licences for reproduction of FT its president Tom Bradshaw wrote ‘When it’s abit excluding the disabled — would be Tel: 0207873 4909; wwwexec-appointmen’s.com articles are also available. intheFT. warm, let’s forced to clean up local communities Printed by For both services phone Q20 7873. 4814, or Tice’s comments prompted a strong enjoy iv’ and do charity work for 20 hours a week Newsprinters (Broxbourne) Limited, Hertfordshire, alternatively, email_syndication@ftcom Andy Rain/Epa/Shuterstock reaction from environmental groups, orlose their benefits. Tuesday 18 August 2026 * FINANCIAL TIMES 3

                                                                                                                                                                                                                    NATIONAL

Burnham and EU head for clash on youth mobility plan Brussels seeks higher cap on numbers and fee limit for bloc’s students as summit looms Use your ideas to GEORGE PARKER — LONDON ures — certainly above 100,000.” shape the world ANDY BOUNDS — BRUSSELS Another said the EU would be willing to Andy Burnham’s new government is discuss a cap in the low hundreds of heading for a clash with Brussels over a thousands annually. However, EU offi- new youth mobility scheme, with EU cials cautioned talks were at a delicate member states seeking a cap on num- stage and any deal would be part of an bers above 100,000, more than twice overall package that must cover all the number mooted by London. issues. Brussels is also insisting that EU stu- EU trade commissioner Maro§ dents should pay “home fees” to study SefGovic has stressed home fees are vital at UK universities, rather than much to any reset deal. EU officials note that higher international fees, setting up an many FU ministers and officials studied early dilemma for Burnham ahead of a at British universities. One said: “It’s summit expected this autumn. personal to them.” Thomas Byrne, Ireland’s European Byrne, speaking at the Chatham affairs minister, held “productive” talks House think-tank, argued the youth yesterday with Hamish Falconer, his mobility scheme would “bring huge Advertisements huge potential, but we have to get it over Defence is seen as aripe area forfur- —* = = their shared commitment to a closer, opposite number in the UK govern- benefits for British students as well as for courses at the line.” He added: “We want to have a ther co-operation. But Byrne said There are more ambitious partnership”. ment, to discuss the summit as Ireland EU students” and that it should extend London School summit that delivers.” deeper British integration into the Other things The spokesman declined to give a holds the rotating EU presidency. beyond traditional academic work. “It’s of Economics. Work ona new deal to smooth trade in single market would raise “big ques- “running commentary” on negotiations Byrne told the FT the aim was to have not just university places but training Brussels is food and drink is close to conclusion, as tions”, including the stipulation that it Whe teat but added: “We are building an ambi- asummit in the autumn but said there and apprenticeships too,” he said. insisting that is work to link the EU and UK carbon comes with obligations, including free Agree aS tious, close relationship with the EUthat will strengthen our economy and create was “a lot of workstill to do”. The EU/UK summit was scheduled EU students markets, but the details of the youth movement. Asked about Burnham’s long-term well. c B ae more opportunities for working people Asked whether the EU would insist on for last month but was postponed after should pay mobility scheme remain the most politi- home fees, Byrne said: “That’s the way it the resignation of Sir Keir Starmer, who ‘home fees’ to cally contentious. aspiration of Britain returning to the they all and communities across Britain.” always was when you were part of the had hoped to conclude a “reset” deal study in the UK “The deadline is what makes things EU, he said: ‘AS an Irish minister, Icer- involve give Allies of Falconer said there was “a EU.” Asked whether this would hit UK before he left Number 10. A new date Ri In Picts / happen. It will be important to get an tainly wouldn’t object to it from an Irish genuine renewed sense of momentum” universities, Byrne said numbers eligi- has yet tobe set, but both sides want it to early date. We have to do what we point of view.” and take on around the talks, and added that any ble would be capped. “This won’t be happen before the end of the year. agreed to do first,” Byrne added. He said that Burnham’s family had both sides’ youth experience scheme would have to unlimited,” he added. Burnham has in the past expressed a “I think we want to be very ambitious left his own hometown — Drogheda in be “time-limited, capped and based on Byrne declined to say at what level a desire to see Britain rejoin the EU “in my for the relationship. Then there are County Meath — in the late 1800s and our existing youth mobility schemes cap might be sct, with British officials lifetime”, but he has dialled back his other things we can agrec as well. But had departed for Liverpool. “We think with countrics like New Zealand and previously suggesting an annual limit of pro-European rhetoric in recent they all involve give and take on both of himas a local,” he said. Australia”. The European Commission about 50,000. But EU diplomats say this months, not least because he was fight- sides. I think the expectations are very A UK government spokesman said declined to comment on the ongoing falls far short of what would be accepta- ing to win a by-election in Makerfield, a high on the British sideand we welcome Byrne and Falconer had held “a produc- negotiations. ble to member states, with one saying: pro-Brexit working-class seat. that. But I think we also have to be tive, wide-ranging discussion on the Additional reporting by Ian Johnston in “We'd be talking about the early six fig- Byrne said of the summit: “There is realistic.” UK-EU relationship and reaffirmed Brussels

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* FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                                            INTERNATIONAL

Middle East Gulf conflict

Kushner holds Gaza talks with Netanyahu ‘Trump issues fresh threat to US adviser meets Israeli withdrawal from the Palestinian An Israeli official said Netanyahu and However, the official acknowledged 15-point document”. He insisted that bomb Oman enclave. Kushner had agreed there would be no gaps between the two sides, in particular the Israeli military, which controls PM following head to head with Hamas chief in Egypt Kushner, an adviser to Trump and one of the architects of the US presi- reconstruction in Gaza until Hamas had completely disarmed, and the first step over whether there was any prospect of Hamas disarming, with Israel sceptical about 60 per cent of Gaza, would not withdraw from the strip at all “until ifit hinders JAMES SHOTTER — JERUSALEM dent’s plan to end the war in Gaza, on Sunday met Khalil al-Hayya, Hamas’s leader, during talks with mediators in towards disarmament would be for Hamas to hand over its weapons to an and the US believing it was possible. Trump had last month hailed the 15- point plan, intended to lead to the “com- Hamasis disarmed”. Hamas officials, meanwhile, said any progress on the new roadmap was con- deal with Iran ANDREW ENGLAND — LONDON Egypt, according to three people briefed plete disarmament of Hamas and all tingent on Israel first fulfilling its prior Donald ‘lrump’s son-in-law Jared Kush- on the meeting. Hamas said that Hayya The roadmap proposed otherarmed groups in Gaza”, as a major obligations, including increasing ANDREW ENGLAND

ner held talks with Israeli Prime Minis- “met with delegations representing the that Hamas would disarm breakthrough. Under the proposal, humanitarian aid flows into the shat- US President Donald Trump has ter Benjamin Netanyahu yesterday, a mediators and guarentors of the cease- Israeli forces would withdraw from the tered Palestinian territory and with- day after meeting Hamas's leader, as the fire agreement in Gaza” in Egypt. in exchange for a phased Palestinian enclave “as disarmament is drawing to the positions it held when a threatened to bomb Oman if the Gulf state “gets in the way” of Washington’s Trump administration attempts to push The US designates Hamas asa terror- Israeli withdrawal completed”. truce took effect last year. efforts to strike a deal with Iran to reo- forward its peace plan for Gaza. ist organisation, but Trump officials But the plan drew widespread criti- In its statement on Sunday, Hamas pen the Strait of Hormuz. Kushner’s meeting with Netanyahu have previously met members of the international stabilisation force for cism from members of Netanyahu’s far- commended Trump’s role in securing a came just over a week after the Israeli militant group to secure the release of destruction. right government. The Israeli prime ceasefire deal last October, while calling Fox News reported yesterday that leader publicly rejected a US-backed hostages held in Gazaand push for a dip- The official also insisted that Israel minister, whose coalition is trailing upon the mediators “to fulfil their Trump delivered the threat against the plan for the Gaza Strip. The 15-point lomatic settlement to end the war that would continue to carry out assassina- opposition parties in polls ahead of elec- responsibilities and compel the occupa- traditional US ally in response to ques- roadmap proposed that Hamas would was triggered by Hamas’s October 7 tions in Gaza, despite pressure from the tions due to be held in October, said this tion to implement all its obligations”. tions from a reporter, as a diplomatic disarm in exchange fora phased Israeli 2023 attack on Israel. US to halt them. month that Israel “does not accept the See FT View and Opinion effort to get ships moving through the vital waterway has become deadlocked. Trey Yingst, a Fox reporter, said: “I asked the president about . . parallel Property. Affordability talks that are taking place between Iran and Oman about control of the Strait of Hormuz.” He said Trump responded: “If

             Portugal and Spain top EU housing black spots
                                                                                                                                                                                                                                                                       Oman gets in the way, we’ll bomb the
                                                                                                                                                                                                                                                                       s*** out of them.”
                                                                                                                                                                                                                                                                         The US president, who has repeatedly
                                                                                                                                                                                                                                                                       made belligerent threats during the con-
                                                                                                                                                                                                                                                                       flict as he has been frustrated in achiev-

Immigration puts pressure on It found Germany was the big EU ing his war aims, first threatened to economy with the strongest housing bomb Oman in May. He warned Muscat policymakers striving to help supply, with a surplus equivalent to 0.5 — which has traditionally acted as a per cent of all households from 2021-25, mediator between Washington and people buy or rent a home counting the number of building per- Tehran — to “behave like everybody else mits approved. But it acknowledged orwe'll have to blowthem up”. that if the calculations used the number Iran and Oman, whose waters also BARNEY JOPSON — MADRID SERGIO ANIBAL — LISBON of new homes completed, the country flow through the strait, have been hold- hadasmall deficit of 0.1 percent. ing talks for weeks to reach a provisional Portugal and Spain are struggling with In Spain and Portugal, the use of arrangement to manage shipping. some of the EU’s worst housing crises, as apartments for tourist rentals is reduc- There were signs of progress at the immigration-driven population growth, ing housing stock for residents. Prop- beginning of the month, with Iranian bureaucracy and high construction erty developers and civil society groups diplomats saying Tehran had agreed to costs combine to create severe property say shortages are forcing people tosleep the geographical coordinates of a new shortages. on friends’ sofas, rent individual rooms route for shipping in the chokepoint. Such shortfalls are stoking public dis- in units occupied by multiple families They added that the Islamic regime was content and political tensions across and endure long commutes. inthe final stages of agreement. Europe, driving up prices and rents, Lisbon residents earning the average But people briefed on the talks said forcing people out of their neighbour- wage would have to pay more than 110 that the push had stalled more than a hoods and leaving many unable to per cent of their income to renta typical week ago as Iran sought changes to the afford evena modest home. one-bedroom apartment in the city cen- interim arrangement. The strain is particularly acute in the tre — the highest level in Europe, Iranian officials have repeatedly said Iberian peninsula’s biggest cities. Portu- according to Numbeo, a data provider, that, even if Tehran and Muscat reach a gal built 300,000 fewer properties than as well as Deutsche Bank and FT calcu- temporary deal on Hormuz, it would its population needed in 2021-25, equiv- lations. In Madrid and Barcelona, the not necessarily mean Iran would allow alent to 6.6 per cent of all the country’s figure is 75 per cent. the strait to reopen, insisting that the US households last year, according to a In Spain, housing is voters’ top con- would still have to meet a series of con- Bank ol Spain study. Spain’s shorUall in cern, according Lo public pollste> CIS. dilions. This has included paying com- the same period was 750,000 units — 3.7 Prime Minister Pedro Sanchez, who pensation for war damage and lifting a per cent ofall households. leads a leftwing minority government, naval blockade on Iranian ports. By contrast, the Eurozone average maintains an open-door immigration The Iranians have also changed the shortfall equalled 0.5 per cent of all policy that has driven up demand for wording of the statement they have from previous years remains. Centre- not recovered from the devastating con- property, with the country’s foreign- been drafting with Oman in an attempt units, the study found. And the two Ibe- rian countries also havesome of the low- Street anger: protesters ata right Prime Minister Luis Montenegro, sequences of the Eurozone crisis, said ‘Emphasis born population surging by an annual to give themselves more control over est stocks of public housing in the EU. rally in March in power since 2024, has eschewed the Manuel Maria Goncalves, chief execu- should be average of 665,000since 2022. the strait, through which about a fifth of Bank of Portugal governor Alvaro to highlight anti-immigrant rhetoric of rightwing tive of the Portuguese Association of But Sanchez has been largely stymied the world’s oil and gas transited before Santos Pereira said in written answers to the shortage populists but deterred new arrivals by Property Developers and Investors. “We puton on housing policy because he cannot get the war, the people said. FT questions: “The housing affordabil- of affordable tightening entry rules. lost companies, we lost workers and we supply-side major legislation through parliament Under a June memorandum of under- Santos Pereira has sought to shift the and because regional governments have ity problem in Portugal is an ongoing concern, which is felt in several regions homes in Porto David Oliveira/NurPhoto/ focus away from demand. “The empha- lost productive capacity,” he said. Developers were ready to build today, measures, more powers in the area. standing (MoU), the parties had agreed to extend an April ceasefire by 60 days of the country, including in Lisbon and Reuters sis should be put on supply-side meas- he added, but rising construction costs given that In April, his government approved a and allow shipping to gradually return ures, given that the lack of supply is at and excessive bureaucracy meant it was €7bn housing plan for 2026-30 that to its prewar levels, toll free, and hold Porto, where affordability issues are more pronounced.” the root of the accumulated shortfall,” difficult to make a profit from con- the lack includes financing for more public talks on a final settlement to end the He noted that “high migration inflows hetold the FT. structing “middle-class” homes. As a of supply housing and the rehabilitation of empty war, including a deal on Iran’s nuclear have resulted in an increase in the But the construction sector has still result, they were pushed “towards high- buildings. But private developers say programme. number of resident households” but er-end segments where these costs can is at the the root causes of shortages lie else- The US lifted its naval blockade on argued that the solution lay in boosting stillbe absorbed”. root of the where. Juan José Perucho, managing Iranian ports, issued a waiver to allow the supply of new homes. Top 10 European cities where rent for a Still, Goncalves applauded measures director of large Spanish developer Iran to sell oil and agreed to allow one-bed flat is a high proportion of income shortfall’ Asurge in immigration to Portugal in approved by the Portuguese parliament Ibosa, said significant obstacles Tehran to access some of its frozen recent years has included both low-in- Average rent-to-income ratio for one bedroom apartment this year — including lower VAT on con- included bureaucracy and legal chal- funds held overseas, depending on the comearrivals from south Asia and well- in city centre (%)* struction work and simpler licensing lenges that meant it took years to obtain progress of the talks on a final settle- off recipients of “golden visas”, which 10) 40 60 80 100 120 procedures — saying that they “should permission to develop on new plots. ment. could be obtained by buying property Lisbon improve the economics of housing But a bigger factor, he said, was the But the MoU collapsed after Iran tar- until the rules were tightened in 2023. London projects”. rapid growth in the number of working geted ships transiting through a channel Barcelona But Santos Pereira said the housing Madrid The Bank of Spain measured deficits immigrants who are seeking affordable along Oman’s coast, as both sides situation was improving. The Bank of Milan by calculating the difference between housing in the same segment of the mar- accused the other of violating the deal. Rome Portugal said housing construction Dublin the net number of new households ket. “For both sales and rentals, we’re Tehran said the ships were using an broadly kept up with the rate that new Athens formed every year and the number of reaching a point where prices have hit “unauthorised” route. The attacks trig- Warsaw households were formed in 2025, in part Prague residential units approved for construc- levels that are no longer compatible gered a wave of escalatory tit-for-tat owing to reduced immigration. How- * Data excludes Russia and Turkey tion two years earlier, including the time with people’s wages,” he said. strikes between the US and Iran. The Sources: Numbeo; Deutscte Bank; FT research ever, the cumulative housing deficit lag to account for building periods. Additional reporting by Carmen Muela 60-day ceasefire expired yesterday.

                                                                                                             Kremlin anger

                 TIMES                                                                                       Russian senior economist fired after Ukraine conflict warning
                                     FTWeekend                                                               MAX SEDDON — BERLIN                                    Klepach’s remarks at a conference in             strikes on our port, oil and gas, chemi-          have a social crisis. Our economy won’t
                                             a                       =                                                                                            May, reported by the Moscow Times on               cal, and logistical infrastructure are            crash, but our backwardness will inten-
                                                                                                             The chief economist at one of Russia’s
                                                                                                                                                                  Friday and widely cited in Russian                 growing, and they're already becoming             sify with all the ensuing consequences,”
                                                                                                             largest state-run financial institutions
                                                                                                                                                                  media,       were   unusually      frank   for a   anoticeable macroeconomic barrier to              he said.
                                                                                                             has been fired after reportedly warning
                                                                                                                                                                  prominent figure speaking in public but            Russian economic growth.”                            The pessimism has grown further
                                                                                                             that the country would lose a “war of
                                                                                                                                                                  echoed elite concerns that have been                 Klepach said the economic woes and              recently as Ukraine's drone strikes and
                                                                                                             attrition” against Ukraine and that the
                                                                                                                                                                  widespread since the war’s early months            tougher western sanctions would lead to           the Kremlin’s ballooning expenditure
                                                                                                             conflict’s economic toll would trigger a
                                                                                                                                                                  in 2022.                                           a“social crisis . . when nobody expects           on the war have continued to damage
                                                                                                             major crisis.
                                                                                                                                                                    “We are falling behind. We are losing            it”, likening it to the Russian Revolution        Russia’s economy.
                                                                                                             Andrei Klepach, a former deputy econ-                technological and economic competi-                of 1917 and the collapse of the Soviet              Russia’s budget for the first seven
                                                                                                             omy minister, was dismissed from his                 tion inthe world [... ] not just to China          Union in 1991. “I believe Russia won’t            months of this year ran a deficit of
                                                                                                             job at state development company VEB                 and the US, but in some               respects     collapse but I am almost certain we will          Rbs6.5tn ($76.5bn), equivalent to 2.8
                                                                                                             on Sunday after comments he made                     Ukraine,” Klepach said.                                                                              per cent of GDP and close to double the
                                                                                                             earlier this year were reported in Rus-                “We won't win the competition in this                                                              planned deficit of Rbs3.8tn.
             MAKE A WISE INVESTMENT                                                                          sian-language media.
                                                                                                               Klepach’s firing came after “a call
                                                                                                                                                                  war of attrition. We are under the illu-
                                                                                                                                                                  sion taat everything over there will col-
                                                                                                                                                                                                                                                                          The growing hole in Russia's state cof-
                                                                                                                                                                                                                                                                       fers has come from additional spending
                                                                                                             from up high” to Igor Shuvalov, the                  lapse. It hasn’t and it won't. Our costs                                                             to fund the military, which the finance
                                                                                                             former top economic aide to President                are growing.”                                                                                        ministry has estimated could outstrip
             Choose the Financial Times subscription for you                                                 Vladimir    Putin,       according    to exiled         Klepach said Russia’s economy had                                                                 its own plans by as muchas Rbs4tn.
                                                                                                             independent Russian outlet The Bell,                 begun to contract this year after a war-                                                               Ukraine's attacks on Russian energy
             «    React to trusted global news everywhere you
                  go, with ft.com and FT apps                                                                which first reported the news.                       driven boom in 2023 and 2024 gave way                                                                infrastructure and ecommerce logistics
                  Get the iconic FT newspaper delivered to your                                                The move indicates the Kremlin has                 to sharp cuts in investment and an                                                                   have prompted the country’s biggest
                  home or office from Monday to Saturday                                                     zero tolerance for dissent among its                 industrial recession, which he partly                                                                fuel crisis since the Soviet Union while
                  Enjoy our award-winning lifestyle journalism                                               elites as Putin’s invasion of Ukraine                blamed on the central bank’s high inter-                                                             destroying seven of the 10 largest ware-
                  with FTWeekend                                                                             drags on into its fifth year.                        est rates.                                                                                           houses operated by Wildberries, its
                                                                                                               Though many of Russia’s top busi-                     There was “no end insight for now” to                                                             largest online retailer.
             Subscribe today at ft.com/subscribetoday
                                                                                                             nessmen, economic officials and econo-               the war in Ukraine, Klepach said. “Both                                                                The attacks have prompted Russia’s
                                                                                                             mists are critical of the war in private,            sides are intensifying their strikes,                                                                central bank to slow down expected cuts
                                                                                                             only a handful have spoken out against               including on each other’s economy. Our             Andrei Klepach: ex-deputy economy                 to the key interest rate. VEB did not
                                                                                                             the waror left their jobs.                           losses from the Ukrainian armed forces’            minister pays prices for dissent                  comment on Klepach’s firing.

Tuesday18 August 20265 FINANCIAL TIMES

                                           Goldsmiths’   Hall, City of London
                                                         goldsmithsfair.co.uk

FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                     INTERNATIONAL

Italian university reaps benefits of post-Brexit student shift Bocconi among institutions filling gap _ for applicants deterred by UK fees SILVIA SCIORILLI BORRELLI — MILAN reaching 60 per cent of the total for the bachelor programme, including arise of iy 4 Ata gym on Bocconi University’s cam- more than 175 per ceat from the UK, the pus in Milan recently, one local member university said. Z,= kicked up a fuss after an instructor led a class in English. Most of the foreign applications for the next academic year came from 5) WELCOME DAYS The episode underlined how the uni- France, Turkey and the UK. The Italian “igo aL 23 aucust/ Acoso versity’s push to step up international business school is also attracting some recruitment has resulted in a surge in of Britain’s most privileged students. In foreign students, changing the district the past two years, ithas been in the top around the campus. four foreign destinations for privately The Italian business school is one of educated students inthe UK, while close the continental universities benefiting to 30 students applied from Eton froma broader post-Brexit shift in Euro- College this year, compared with eight in pean higher education, as EU students 2023. are put off applying to UK universities “There is a certain degree of risk aver- after losing access to domestic tuition sion, since applicants at Oxbridge havea fees, student loans and visa-free study. single shot at applying to one or the Big attraction: and interviews. It is also simpler than lower than for US institutions. Bocconi Bocconi was founded by luxury ‘Milan isa But the institution is also seeing an other . . . they need a fallback if they Bocconi’s School France’s grandes écoles, where entry is also provides financial support to more department store owner Ferdinando influx of students from UK private don’t get in,” Billari said. of Economics. funnelled through the country’s highly thana third ofits students. part of what Bocconi in 1902 to train the managers, schools. Bocconi has been increasing the Nearly 7 per cent of UK private school Below, Porta selective prépas system of preparatory Billari said that applicants had also bankers and civil servants of a newly Bocconi number of its courses taught in English. leavers now enrol at universities over- Venezia district classes and exams. been attracted by the international aca- industrialising nation. Postwar alumni Like other institutions, including in Bel- seas, compared with 5 per cent in 2021. Fees of about €18,000 a year are much demic staff, new courses on global law, offers, I include former prime minister Mario gium and the Netherlands, it finds that At Bocconi, non-Italians make up more cheaper than elite UK universities for Al, data and political science, and Monti, Vodafone chief executive Margh- think it helps to attract more foreign students, than one-third of the 15,000-plus stu- overseas students and are significantly Milan’s international appeal. erita Della Valle and Kering chief Luca began with wa including British ones. dents, up from 20 percent in 2020. New urban developments and better de Meo. Another attraction is that fees can be Less well known internationally than connections during the past decade in Brexit and But one Italian London-based banker a fraction of those charged to foreign some older British or French institu- Milan are helping draw professionals in and Bocconi alumnus accompanying his 2 students by elite UK universities. tions, Bocconi has two-thirds the stu- f finance, fashion, design and technology then Covid 17-year-old son to an open day at the EU undergraduate applications to UK dent body of Oxford or Cambridge, fromacross the world. Foreign residents Milanese university was surprised at his created institutions fell 58 per cent between which have broader course offerings. now account for about one-fifth of the son’s choice. “It’s somewhat tragically 2020 and 2024. “We have adapted in But its relatively simple admissions city’s 1.4mn population. momentum ironic that we spent all this money to order to welcome international stu- process and cheaper fees are helping it Jasmine Levell, a Londoner studying send our kids to private school in Eng- for urban dents,” Bocconi rector Francesco Billari to compete with its rivals. international economics and finance at land, hoping they'd go to Oxbridge and said. “Milan is a part of what Bocconi International applicants can submit Bocconi, said she was attracted by the campuses’ now here we are,” he said. offers, I think it began with Brexit and standardised test results or sit the uni- location as well as the university. “I “It’s apparently cooler to live in Milan then Covid created momentum for versity’s test offered multiple times a wanted a change from London but still now for these kids who probably don’t urban campuses.” year, unlike Oxford and Cambridge, wanted to be ina city,” she said. “Milan is want more of the same English country- Applications to Bocconi from abroad where candidates have asingle deadline smaller, which makes everything very side boarding school experience at have more than doubled since 2023, and must navigate subject-specific tests accessible, and for students it’s great.” university.”

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                                                                                                                           BUSINESS
                                                                                                                           BOOK              of the




                 The Financial Times and Standard Chartered proudly present
                 the longlist for the 2026 Business Book of the Year Award.
                 Congratulations to the 15 longlisted authors, whose books
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                     The First Great Depression and the Making           Getting To and Through Goldman Sachs,               Leon Black, Apollo and the Remaking of
                     of the Modern World, by Liaquat Ahamed,             by Lloyd Blankfein,                                 Wall Street, by William D. Cohan,
                     Cornerstone (UK), Penguin Press (US)                Orion Ignite (UK), Penguin Press (US)               Allen Lane (UK), Portfolio   CUS)



                     OFF THE SCALES                                      THE RISE AND FALL OF THE                            THE UPS MAN
                     The Inside Story of Ozempic and the Race to         ARTIFICIAL STATE                                    James E. Casey and the Creation of Modern
                     Cure Obesity, by Aimee Donnellan,                   by Jill Lepore, Allen Lane (UK), Liveright (US)     Logistics, by Marc Levinson,
                     Fourth Estate (UK), St Martin's Press   CUS)                                                            New York University Press (UK & US)



                     THE INFINITY MACHINE                                PROJECT MAVEN                                       HYPERSCALE
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                     for Superintelligence, by Sebastian Mallaby,        Al Warfare, by Katrina Manson, W.W. Norton          Data Empires, by Paris Marx, Profile Books (UK),
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                     The Murderous Business of Oil and Gas,              Britain's Survival in the Making,                   How the Epic Fight to Control the Last Great
                     by Alex Perry, Ithaka Press, (UK)                   by Hazel Sheffield, Torva (UK)                      Media Dynasty Broke a Family - and the World,
                                                                                                                             by Gabriel Sherman, Simon & Schuster (UK & US)



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                     Ransomware, by Anja Shortland, Profile Books        Developmental Frontier,                             from Ancient Oracles to Al,
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* FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                                                                                                                                            INTERNATIONAL

Africa Official statistics

Ebola outbreak is DR Congoss deadliest Beijing under pressure to Disease has been linked That is still far short of the epidemic from 2014 to 2016 in west Africa that tions during this outbreak to be five times above the officially reported Attempts by the WHO, MSF and other medical agencies to contain the present don’t know about, and until we know about — and break — every chain of raise spending to strain first identified in Uganda in 2007 killed 11,310 people. The number of reported cases and figures. “The 2014-16 west Africa outbreak outbreak have so far been thwarted by armed conflict and extensive popula- transmission, we will not stop the out- break,” said Tedros. as output fails CLIVE LONDON COOKSON AND JACOB JUDAH deaths hit a record during the most recent reporting week, according to the WHO. “The broader geographic spread remains the only meaningful compara- tor for where this could go if the trajec- tory is not reversed within weeks,” Air- tion displacement, as well as the DRC’s fragile healthcare infrastructure. In contrast, in Uganda where the Manenji Mangundu, Oxfam’s country director in DR Congo, said that the col- lapse of sanitation and hygiene infra- to hit targets and continued high mortality demon- finity said yesterday. same virus infected 20 people earlier structure was making it harder to con- ‘rhe Ebola epidemic in the Democratic strate the rapidly changing scope of this ‘rhe outbreak is caused by the rare this year and killed two, no new cases tain the crisis, which had been deepened JOE LEAHY — BEIJING

Republic of Congo has become the publichealth emergency,” it said. Bundibugyo strain of Ebola, which was have been reported for more than a by conflict and aid cuts. China’s industrial output softened last deadliest in the country’s history, The confirmed number of Ebola first identified in the Bundibugyo dis- month. The first two vaccines designed spe- month and consumer spending was with the World Health Organization infections reached 4,945 on Sunday, trict of Uganda in 2007 and then caused Speaking last week after a visit to DR cifically to protect against Bundibugyo muted, underlining pressure on the warning that it is in “a phase of intense including 101 new cases in the previous an outbreak in DR Congo with several Congo, WHO director-general Tedros virus recently started phase 1 safe-y tri- country’s leadership to accelerate fiscal transmission”. 24 hours, according to DR Congo health hundred cases in2012. Adhanom Ghebreyesus said: “The out- alsin human volunteers. stimulus spending and revive stronger The DR Congo National Institute of authorities. It is believed to originate in fruit bats break had a big head start, it is still way One candidate was developed by growth in the second half of the year. Public Health on Sunday confirmed the The true number of infections could and is then transmitted between people ahead of us, and we are playing Moderna, the US-based mRNA com- total fatalities from the outbreak, which be much higher. London health analyt- through direct contact with blood and catch-up. pany. The other candidate comes from Industrial output expanded 4.5 per cent started about six months ago, at 2,325. ics company Airfinity estimates infec- other body fluids. “There are chains of transmission we the University of Oxford. inJuly on ayear earlier, official statistics showed yesterday, short of the 4.8 per cent forecast by a Reuters analyst sur- vey and of growth of 5.3 per cent in June. Asia. Security Retail sales rose just 0.6 per cent last month, compared with analyst forecasts of 1.5 per cent growth and 1per cent in

                        Seoul rattled as Trump curtails border exercises
                                                                                                                                                                                                                                                                                                                                                                  June, as the waning effects of consumer
                                                                                                                                                                                                                                                                                                                                                                  goods trade-in subsidies weighed on
                                                                                                                                                                                                                                                                                                                                                                  household spending. Fixed asset invest-
                                                                                                                                                                                                                                                                                                                                                                  ment declined 6.7 per cent for the first
                                                                                                                                                                                                                                                                                                                                                                  seven months of the year on the same

Concern grows over strength Analysts said Trump’s move could be period in 2025, deepening froma 5.7 per an overture to revive diplomacy with cent drop in the year toJune. of US-South Korea alliance Pyongyang, a major unfulfilled priority Fu Linghui, spokesperson and chief of his first term. North Korea has long economist for the National Bureau of after president praises Kim seen the joint exercises as particularly Statistics, said: “Some regions experi- threatening, and last week described enced extreme weather such as high Ulchi Freedom Shield as “a rehearsal for temperatures and heavy rainfall in July, DANIEL TUDOR — SEOUL awar of aggression”. disrupting market supply and demand.” By dawn, they were ready. From com- On Saturday, Trump posted a photo He added that the readings were mand centres at the sprawling Camp of himself with Kim, declaring the two affected by a “complex and severe” Humphreys toair bases near theheavily “get alongGREAT”. At the G7 summit in international situation, while weak fortified North Korean border, thou- June, Trump told South Korean Presi- domestic demand, which analysts say is sands of US and South Korean personnel dent Lee Jae Myung he wanted to renew because of a grinding years-long prop- were poised for simulated conflict with engagement with Pyongyang. erty slowdown, also played a role. anuclear-armed adversary. “By scaling these [exercises] cown, “Domestically the imbalance between But hours before the drills were set to Trump appears to be extending anolive strong supply and weak demand is rela- begin yesterday Donald Trump sent a branch to draw Kim in,” said Victor Cha, tively prominent,” Fu said. shockwave through the US-South Korea chair at the Center for Strategic China last month unveiled second- Korean alliance, announcing he had and International Studies. Trump sus- quarter growth of 4.3 per cent, one of its ordered the Pentagon to “substantially pended joint drills that coincided with reduce” them, and citing his “very good relationship” with North Korean leader his summit with Kim in 2018, the first of three meetings between the pair. ‘Domestically the Kim Jong Un. Lee himself sought to reopen dialogue imbalance between strong The US president’s unexpected salvo with Pyongyang, and at the weekend via Truth Social post rattled South used an annual liberation day address supply and weak demand Korea’s security establishment, deepen- marking the end of Japanese colonial is relatively prominent’ ing concerns in Seoul about the reliabil- tule to reiterate calls for “peaceful coex- ity of its most important security part- istence” with North Korea. The South lowest readings in decades, as weak con- ner. Analysts said major exercises such over 11 days, rangingfrom drone attacks US and South of Korea Risk Group. Trump’slanguage “Thijs js just Korean president’s office, the Blue sumer demand and falling investment as Ulchi Freedom Shield, which the US and GPS jamming Lo electronic and Korean lorces “sounds like he is parroling Pyongyang’s House, said yesterday il hoped Trump's weighed on sentiment. The Ligure, and South Korea have been holding cyber warfare. conduct a river line”, said Mason Richey, professor of another comments would lead to renewed US- which fell below Beijing’s official 2026 since 1976, are a cornerstone of the While Seoul and Washington would crossing durin, international politics at Hankuk Uni- North Korean talks. full-year growth target band of 4.5-5 per allies’ efforts to maintain military readi- publicly deny any impact on that readi- last sat jolne versity of pordies Studies inSeoul. example In the seven years since the flurry of cent, was the lowest reading since the ness against North Korea. This year’s ness, “in private, people will begin to ask exercises near The US president said the drills were of how Trump-Kim summitry, North Korea has formal introduction of GDP reporting in drills were set to include 14 exercises uncomfortable questions”, said John Lee Seoul —xyodo/reutes “inappropriate and hostile” to North unreliable expandedits arsenal of nuclear and con- the early 1990s, apart from the three- Korea, a country deemed “unthreaten- ventional weapons, deepened military year period of Covid-19 restrictions. ing and respectful”. Trump also said his the US is and economic co-operation with Russia, China has relied on industrial output decision was “somewhat related” to and gained valuable modern battlefield and exports — which rose 23.9 per cent Legal Notices Seoul’s refusal to support US military as anally experience in Ukraine. inJuly — for economic activity in recent ADVERTISEMENT cp appa a pron rough de CREST Elric roy Service my do 0 or action against Iran — piling further pres- right now, “Kim has no compelling need tomeet years as the property sector slowdown the Court ae any adjournment(s) thereof by using the procedures sure on Seoul. “This is just another whether now, given all the support from Russia has constrained household spending. NOTICE OF COURT MEETING MITIE GROUP PLC described in the CREST orManual (avaiablerradeat www.eurocleaccon) In order for a praxy appointment instruction u s i n g the CREST service to be example of how unreliable the US is as and China,” said Cha, who added that But an official gauge of factory activ- Company Number:SC019230 valid, the appropriate CREST message (ie “CREST Proxy Instruction’) NOTICE IS HEREBY GIVEN that,by an order dated 12 August 2026 (the gue propery auhencaed in aczrdnce with the tecestons of “Order’), the Court of Session at Parliament House, Parliament Square, Euroclear UR & Incerational Limited (Euroclear") and must contain the an ally right now, whether that be to that be... the North Korean leader may even ity unexpectedly contracted in July, Edinburgh,EH IRQ, Scothnd (the “Court’) has ordered that a meeting (the information required for such instructions as described in the CREST Manual. allies in Asia or Europe,” Richey added. believe he will have better leverage after adding to concerns over momentum in “Court Meeting") be convened of the Scheme Shareholders (as defined in The message, regardless of whether it constitetes the appointment of a the Scher referred to below) for the purtose of considering and, if thou proxy or is an amendment to the instruction given to a previously appointed The exercises began as scheduled yes- in Asia or US midterm elections in November. the world’s second-largest economy. fit, approving (with or without modification) a scheme of arran roxy, must, in order to be valid, be transmitted so as to be received by Scheme’) pursuant to Pare 26 ofthe CompaniesAct 2006 (he "Companies JUFG (under CREST peeyen 1D RAIS) by 11:30 am. on 14 September /Act’) proposed to be mide between Mit Group PLC (te Company’) 2026 or, in the case of a postponed or adjourred meeting, not later than terday and neither Washington nor Europe’ Even if Kim returns to the negot.ating China’s leadership responded last 2publ Iited company incorporate in Scand with company number 48 hours (excuding any part of a day which is not a working day) before Seoul specified which parts could be cut. table, Seoul could be frozen out. month by signalling they would speed 01923) and with its registered office zt 35 Duchess Road, Rutherglen, the time of the postponed or djourned Court Meeting For the purpose, Glasgow.G73 IAU. and the Scheme Sharehclders (as definedin the Scheme of the time of receipt will be taker to be the time (as determined ty the time But Trump’s intervention was just the Pyongyang has consistently rebuffed up public spending. At a meeting of the Arrangement) and that tie Court Meeting will be held at Level 12, The stamp applied 20 the message ty the CREST Applications Host) fom which Shard, 32 London Bridge Street, London,SEI 95G on 16 September 2026 at MUFG is able to retrieve the message by enquty to CREST in te manner latest in a series of tests to the alliance Lee’s efforts to restart inter-Korean dia- Chinese Communist Party’s politburo, 11:30 am, at which place and time all Scheme Shareholders are requested required by CREST. After this time, any change of instructions to proxies to attend bt caiors through CREST should be comnunicated to the appointze through that has lasted since the Korean war. In logue. It has also revised its constitution leaders agreed to “accelerate the pace of ‘At the Court Meeting, the following resoluton will be proposed: ot means. CREST members and, wher: applicable, cheir CRES™ rs “THAT te scheme of arrangement dated 13 August 2026 (the "Scheme of OFablevoting service provider(s) should note shat Euroclear does not make availe March, the Pentagon relocated parts of to formally drop the aim of reunification fiscal expenditure”, according to state Arrangement”), between Ure Company and uhe holders of Scheme Shares timingsspecial procedures in CREST for any particuhr messages. Normal system and lentatons (each as defined in the Scheme of Arrangement) copy of which has been Prog hsurons i he responsibly of be CREST meer concerned wil therefore 2p raion to ‘Ke input of CREST the Thaad missile defence system — an with South Korea, which it now treats as media Xinhua. produced to this meeting and, for the purposes of identification, intalled the Chair of this meeting, in its original form or with or subect to any mi to tke (onifte CREST members a CREST personal member or sponsored important layer of South Korea’s air aseparate, hostile state. Yuhan Zhang, principal economist of ification, addition or condtion agreed by the Company and OCS (as defined member of has appointed a votng service provider(s),to procure that his or in the Scheme of Arrangement) and approved or imposed by the Court, be her CREST sponsor or voting service provider(s) take(s)) such acton as shall defences — from the country asit shifted “South Korea needs to prepare for the the China Center at the Conference yroved and the director: of the Company (or a duly authcrised committee be necessary to ensure that a message is wansmitted by means of the CREST rereof) be authorised to take all such actions as they may consider necessary system by 2 piruicular tme. For this purpose, CREST members ang, where resources towards the Middle East. possibility that issues directly related to Board, said the breakdown of the July (or appropriate for carrying the Scheme of Arrangement into effect” applicable, their CREST sponsors or voting service provider(s) are -eferred,in A copy ofthe Scheme of Arrangement and a copy of the explanatory statement imitations ofto thechoseCRESTsections ticular, systemand of the CREST Manual concerning practical timings. The Company may treat as invalid Weeks earlier, Seoul complained it its security, such as joint military exer- data suggested that “growth is becoming required to be furnished pursuant to section 897 of the Cempanies Act has 2. CREST Prony Instruction in the circumstances been pubished and is avaluble for Scheme Shareholders fron the Company's of the Uncertifcated Securities Regulatiors 2001.set out in regulation 35(5)(2) had not been fully briefed about a US cises or the deployment of strategic more visibly policy-driven” and concen- ‘website at wwwsmitie.com and hard copies are being sent to those Scheme Ifa corporation is a Scheme Shareholder, t may ty resolution of its directors Shareholders who have previously requested to receive harc copy communi- exercise involving F-16s from Osan air assets, could be used as bargainingchips trated in areas closely aligned with gov- ‘ations fram the Company Further copies of the Scheme of Arrangementmay cr other governing body authorse a perscn to act as its representative at the be cn by sy Scare Sire ycoectngthe Comey ee Court Meeting (or any adjournment thereof or rescheduled meeting, if post= base flying close to China’s air defence during future US-North Korea dia- ernment priorities. tras MUFG Corporate Markets CMUFG ) a Central Square, 29 Welington poned), and any such representative shall xe entided to exercise on behalf of Street, Leeds, LST 4DL or between 900 am. and 5:30 pum. (London time) the corporatioy all the +hat the corporation could exercise if it were identification zone. logue,” said Choi Eun-joo, researcher at For example, investment in informa- Mondiy 1 Frid except UK plc hokdns) on 0371 664 0321 (call ancorporate individual Scheme Shareholder. The Chair may be appointed to act as a representative for the purpose: of the Court Meeting. fron widhin Ure UK) or on +44 v7) 664 0321 (if calling from outside de UK). Calls outside the United Kingdom will be chargedat the applicable international Wyou ae a Scheme Shareholder and aninstuonal investor you may be Korea Risk Group’s Lee noted the the Sejong Institute in Seoul. tion transmission industries rose 26 per rate. Unless the context requires otherwise any capitalised term used but not le to appoint a proxy electronically via the Proxymity platform. For further reduced drills would coincide with the The latest episode could also cent, air transport by 15.7 per cent and defined ir this notice shall have the meaning given to such term in the Scheme information regarding Proxymty, please Jo, f0 ww pronymtyio, For an of Arrangement. Electronic prexy appointment va. te Proxymity platform tc be valid redeployment of the USS George Wash- strengthen calls for South Korea to take computer, communications and elec- Voting on the resolution will be by poll, which shall be conducted as the chair the appointment must be received by MUFG no later than 11:30 am. on of the Ceurt Meeting may determine 14 September 2026 (or, in the case of a ‘or adjourned meeting. ington strike group to the Middle East, greater control of its own defence. Lee tronics manufacturing by 7.8 per cent. By the Order, the Court has appointed Christopher Rogers or fling him, any not less than 48 hours (excluding any part of a day which is not a working day) director of the Company to act as chair of tre Court Meeting and has directed jor to the time and date set for the postpored or adjourned meeting). the chair ofthe Court Mesting to report the result thereof othe Court fore appointng a proxy via this process Scheme Shareholders will need to which would leave “the western Pacific pledged to regain wartime operational “Policy-supported sectors are still ‘The quorsm at the Court Meeting (or at any adjourned or postponed meeti have to ity’s associated terms anc conditions. It is important without an American aircraft carrier for control of South Korean forces before his expanding strongly, but that strength tal brass S bone Sua Geddes nis eened wae aloo te that Scheme Shareholders read these cardiully as they will be bound by them present in person (including, in the case of a Scheme Shareholder who is a and they will the electronic prox) appoirtment.An electronic proxy the foreseeable future”. presidency ends in 2030, or even asearly has not been broad enough to offset corporation, by a corporate representative) or by proxy. appointment va the Proxymity platform may be revoked completely by sending, The Scheme is subject to the satisfaction, cr where permitted, waiver, of the proxy vote. an authenticated message via the platforn instracting the removal of your Conditions (as defined in the Scheme of Arrangement), including the approval The completion and return of a BLUE Form of P-oxy, or the appointment of Trump officials are increasingly frus- as next year. “What matters is not just weakness in property, private invest- of the Scheme by Scheme Shareholders at che Court Meeting, the passing of proxies through CREST, Prony or ‘lectronially, shall net prelude trated by what they see as Seoul’s foot- the reduction of the joint exercises, but ment and less-supported areas of con- the Resoution (as defined in the Scheme of Arrangementi at the General Meeting ‘as defined in the Scheme of Arrangement), and the subsequent Cr any e adjournment Shareholder from attencing and veting in person at the Court Meeting, dragging in identifying projects for the the background and manner in which sumption,” said Zhang. sanction of the Scheme by the Court and ddivery or registration of the Court Meeting and vetes, anythereof. If 1 Scheme Shareholder so attends the Court Order wth the Registrar of Companies. proxy appointed wil be terminated and the >roxy vote Dated: 1€ August 2026 isregarded in -espect of those Scheme Stares so voted. $350bn of investments it pledged to the decision was made,” said Choi. “We Goldman Sachs economists said the Linldaters LLP The Scheme o' Arrangement stall be subject to the subsequent sanction of 20 Ropenaker St, London,EC2Y 9AR the Court. make in the US in exchange for lower need to wait and see whether this deci- government-subsidised consumer English sclcitors for the Company NOTES Dentons UK and Middle East LLP ‘The following notes explain how notice ol the Ccurt Meeting will 2¢ given. tariffs, according to several people sion is the result ofa pre-planned policy goods trade-in programme had also First Flor 9 Haymarket Square, Edinburgh £H3 BRY I. Undelivered notice familiar with the situation. or an impulsive judgment.” becomea drag. Scottish solicitors for the Company If. on three consecutive occasions in the past. documents or information Information for Scheme Shareholders have been sent or suppliedby the Company to any member therzof at their To be entitled to attend and vote at the Court Meeting (and for the purpose address as sontained in the Register, tut such documents or information cof the determination by tie Company of the votes they may cast), Scheme have been returned or undelivered, the Company shall not be obliged to Shareholders must be regitered in the register of membersof the Company Send this notice to such person as at 6:30 prm. on 14 September 2026 or, it the Court Meeting is postponed 2. Restricted jurisdictions med, 6:30 pm. on the date which is ewo working days prior to the Unless otherwise determined by OCSor required by the Code, and per= date fixec for any such postponed or adjouryed meeting. In exch case, changes mitted by applicable law anc regulation, the Acquisition will nct be made to the register of members of the Compary after 6:30 pm on the relevant availble, drectly or indirect, in, inte or from a Restricted Jurisdiction State ballot date will be disregarded in determining the right to attend and vote at the where to do so would violate the law: in that jurisdiction,and no person Court Meeting. may vove in favour of Ure Sclreme by any such means (rors within « Kedericted jurisdiction or any other juridictioni to do so would constitute California billionaires add $40mn to anti-wealth tax war chest ‘Scheme Shareholders are entitled to it a proxy in respect of some or Al of ther Scheme Shares A prony teed wot bea nrenber of the Company 2 violation of the laws in tha: jurisdiction. Accordingly, copies of this docu ‘or a Scheme Shareholder. cheme Sharehol¥ers are entitled to appoint more ment and zll documents rdating to the Acquisition are not being, and than one proxy, provided that each proxy it appointed to eercise the ri must not be, directly or indrectly. maied or otherwise forwarded, dstri= tached fo a erent stare of stares bald by such Schane Sharghotder buted or sent in, into or from a Resticted Jurisdiction where to do so Scheme Shareholders who with to appoint more than one proxy in respect of would viote the laws in that jurierction. and persone receiving thie ther shareholding should contact the Company’ registrars, MUFG.on 0371 document znd all document: relating t the Azquisition (including custod~ {664 0321 (if cal ing from within the UK) o- on +44 371 664 0321 (calling ians,nominees and trustees) must not mail or otherwise distribute or send from outide the UK) for further BLUE Forms of Prony. more than one proxy them in, into or from such jurisdiction: where to do so would violate the MICHAEL TAFFE — NEW YORK Greenoaks Capital founder Neil Mehta extraordinary war chest. Building the proceeds to healthcare and the appointment is made in respect of the same Scheme Shares, the last one laws in that jurisdiction. received by the registrars of the Company shal be accepted. 3. Manner of notice In the case of joint holders of Scheme Shares, (i) it shall be sufficient to give Notice of the Court Meeting shall be even by the Company. iccordance contributed $250,000, according to a Better California had raised more than remaining 10 per cent to education and notice of the Court Meeting only to the senior joint holder: and (i) the yote with its usual practice for stareholder communications and rellecting the Billionaires in California have poured ofthe sei who tenders a vote whether in person of bypron sal be communication preferences prevoul elected by Scheme Shareholders, a campaign finance filing dated August $110mn from around a dozen donors by food assistance, with supporters esti- accepted to the exclusion of the vote(s) of the other joint holder(s) and for beeing any of the following methods: nearly $40mn in fresh money into the these purposes, seniority sual be determined by the order in which the names () sending the documents by eletronic means to those Scheme 14. late June, before Brin’s latest $20mn mating it could raise about $100bn. standin the register of menbers of the Company in respect of the joint holding Shareholders who have so elected to receive communicitions from campaign against a proposed wealth (che first being the most senior). itby electronic means (or who have deemed to have so elected);or Building a Better California also Brin moved to Nevada in late 2025 In order to be valid, a corrpleted and signed BLUE Form of Proxy (as defined (akg the documents availableon the Website and sending a notice tax that will be on the state’s ballot this in the Scheme of for use at ve Court Meeting must be lodged reported giving $5mn each to the cam- ahead of the January 1 residency cut-off. with the Company's registrars, MUFG,at Central Square, 29 Wellington Street, of to aailabilty those of the documents reing made available on tve Website Scheme Shareholder: who tave so elected cr who are November. paign opposing Proposition 40 and to Measure would direct 90% If the measure passes, wealthy people Leeds, LSI 4DL no later than 11:30.am.on I4 September 2036 (or inthe case deened to have consented to receive notification of publication of of a postponed or adjourned meeting, no hter than 48 hours (excluding any part ofa day which is not 2 working day) be‘ore the time of the postponedor adjourned mean) alin accordance with the instruction: pritad onthe documents on the Website: (ii) hare copies of the documens being posted to thore Scheme Chris Larsen, executive chair of block- campaigns supporting Propositions 41 of proceeds to healthcare who say they left California before that Forms of Proxy.ony Alte forms Ata 2 BLUE Form of Prony fr wea he Court Shareholders who tave elected to receive documents in hard chain company Ripple, contributed an date could face scrutiny from state tax ing may to: () a representative of the Company's registrars, copy form, Where hard copies of this notice and the forms of proxy and the reph= additional $10mn to Building a Better and 42, two rival measures that would nullify the wealth tax proposal through and the remaining 10% authorities over whether they had genu- CCoure Meeting at and before the start of the Court Meeting (or. the Court pald emvelepe refered to ern art tobe sen by che Conpary they MUFG, on behalf of the chair of the Cour: Meeting; or (ii) the chair of the

Meeting is adjourned, at ard before the start of that adjourned meeting). ‘As an akernative to completing and retuming the printed BLUE Form of shall be sext by pre-paid post to the persons to whom notce of the Court Meeting is required to be given The Company will not te required California, a group created to oppose new restrictions on state taxation and to education and food aid inely changed their residence. Proxy for use at the Court Mecting, Scheme Shareholders may register the ‘to send such hard copy documentatiorto Scheme elected to receive communications fron the Company by sholders who have electronic means Proposition 40, which would impose a spending. The measure has divided California sppcliciane of proxy lacs ried by loping on to tn howine ain: of who are deemed to have consented to receipt of postal notifications ‘wwrwmitesshares.com. Full details of the procedure are givev on the website. regarding the availablity of documentaion on the Website. one-time 5 per cent tax on the wealth of The spending follows Google co- contribution and the new donations dis- Democrats and organised labour. The For an dectronie proxy appointment to be valid, the appointment must be received by the Company's registrars, MUFG,no later than 11:30 am. on 4. Notice by email Californians with more than $1bn in founder Sergey Brin’s contribution of an closed last week. state Democratic Party endorsed Propo- 14 September 2026 (or.in the case of a pos;poned or adjoumed meeting, not Intimation given by email shill be deened to have been received the day less than 4 hours (excluding any part of 2 ay which nota working day) afeer such email has been sent. covered assets. additional $20mn to Building a Better Proposition 40, backed by healthcare sition 40 this month, while Democratic [Bed besltinlar lees gtbo del en oned or adjourned meting). If you 5. Notice by post not appointed a prox; electronically by such time, you may complete the For Scheme Shareholders whose registered address or address for Venture capitalist John Doerr contrib- California two weeks earlier, pushing his workers’ union SEIU-UHW, would levy governor Gavin Newsom remains BLUE Form of Proxy and hand i t co (Wa representative othe Company’ service in tye Register is in che Unitec Kingdom, the Notice wil be given registrars MUFG,on beha ofthe chair of te Court Meeting or (i) the chait by first lass post. uted an additional $7.5mn to the total contribution to the group to more the one-time tax on billionaires who opposed, warning that the levy could of the Court Meeting, at aid before the stat of the Court Meeting (or, if the For Schems Shareholders whose addess in the Register is cutside the Court seis I peti ied ses before tis scart of tac sterned ineeciel Unived Kingdon, die Node i wo be given by inuernational sta ward post committee, while investor John than $100imn. were California residents on January 1. drive wealthy residents from California Scheme Shareholders who hold Scheme Shares through CREST and who wish (formerly armal) Hering handed over $946,000 and The latest donations add to an The measure would direct 90 per cent of and weaken the state’s tax base. Tuesday 18 August 2026 * FINANCIAL TIMES

 Time is ripe Following a decade of transformation, BlackBerry makes comeback by pruning phones and switching focus © pace 10



                                                                                       mpanies & Markets

Private credit Red faces Ferrari's much-derided first EV fetches a new-car record of $40Omn at auction Monzo chair to step down fears mount Ff months after investor revolt

amid surge in SIMON EUROPEAN FOY BANKING CORRESPONDENT

                                                                                                                                                                                                                                                                             Monzo chair Gary Hoffman is leaving

troubled loans the fintech months after some of its biggest shareholders called for his removal amid a boardroom battle over the oustingof its chief executive.

                                                                                                                                                                                                                                                                             Hoffman, who has chaired the British
                                                                                                                                                                                                                                                                             digital bank since 2019 and previously

@ Stress levels approach near-decade high led football’s English Premier League, will depart next month and be replaced @ Outflows put pressure on listed vehicles on an interim basis by non-executive director Karen Peacock, the company said ina statement yesterday, ERIC PLATT — NEW YORK second quarter as funds were hit with Hoffman’s departure follows an inves- ALEXANDRA HEAL — LONDON impairments and as sales and repay- tor revolt in December last year after Private credit funds are taking write- ments of loans outpaced commitments Monzo’s board unexpectedly removed downs and warning about problems in on new deals. TS Anil as chief executive, prompting their portfolios with the value of trou- Listed vehicles managed by KKR and some of its largest shareholders to push bled loans in the sector at the highest Blue Owl, as well as one run by Apollo for the chair’s removal. level for nearly a decade. Global, were among the funds in which Anil, who was replaced by former Problem loans held by some of the repayments outstripped new lending in Google executive Diana Layfield in Feb- biggest private debt investors are remi- the quarter, with executives at KKR ruary, was subsequently handed a board niscent of 2017, when the sector was hit pointing to limited dealmaking and its seat after Monzo conceded to the by ahangover from an oil price crash, an push to exit certain loans. demands of top shareholders. The ini- FT analysis of figures from fixed- The firm’s listed fund, FS KKR Capital tial plan had been for Anil to move into income data provider Solve has found. Corp, reported that 7.1 per cent of its anadvisory role andto leave the board. Loans placed on non-accrual status by loan book was troubled in the second The boardroom battle exposed ten- the 20 largest publicly traded business quarter, a slight imp:ovement from the sions over Monzo’s strategy as it seeksto development companies (BDCs) — previous quarter but still far above the expand internationally and compete listed funds that invest in private credit industry average. with its much larger UK rival Revolut. loans — climbed to a median 2.8 per cent The figures underscore the challenge Anil was asked to step down by the of their cost in the second quarter, up facing the private investment industry, fintech’s board last October amid con- which bet heavily on private credit for cerns over the pace of its international growth as it looked to invest for insur- expansion and concerns about his com- “Were in a credit cycle. ers, retirees and wealthy individuals. Turning heads: Ferrari’s first electric model, the Luce, on display in Pebble Beach — ans .olow/picture-alliance/dpa/AP Images mitment to staying at the fintech after I dont think there's a lot The rapid ascent of these vehicles and an anticipated stock market listing, the of denial any more’ the lucrative management fees they SILVIA SCIORILLI BORRELLI — MILAN the $26mn paid for a one-off Ferrari target for the Luce. People with FT previously reported. Leading share- spur sent valuations of groups such as Daytona SP3 at last year’s Monterey knowledge of the matter told the FT holders were angered at being blind- Ferrari's first fully electric car has David Golub, Golub Capital Blue Owl, Ares Management, Black- event. However, it was far short ofthe last month that Ferrari had been aim- sided by his removal. been sold for a record $40mn, mak- stone, Apollo and KKR soaring. A deluge record for any car sold at auction, set ing to sell close to 500 units of the EV The shareholder campaign to remove ing it the most expensive new car from 2 per cent at the end of March. The of outflows as private credit returns by a 1955 Mercedes-Benz 300 SLR this year. Hoffman as chair was dropped in Janu- ever auctioned and defying the back- non-accrual demarcation is a signal of dipped has since hit the cohort’s shares. Uhlenhaut Coupé that sold for Uptake was strong in China while ary following negotiations between the lash over its place among the stress in the private credit industry, Leading funds heve acknowledged marque’s stable of petrol-powered €135mn in 2022. the company received positive feed- two sides, the FT previously reported. indicaling borrowers have eilher thal alter a long period ol relatively Ferrari caused uproar among some back Irom lech entrepreneurs, Hollman said yesterday Lhat while it supercars. stopped making payments on their muted defaults, bankruptcies and fans and investors with the EV accordingto the people. was “tempting” to stay on for his full loans or that a fund believes a borrower restructurings were beginning to move Unveiled in May, the Luce was sold by launch, with critics arguing that the The auction price at the California nine-year term, it “feels like the natural might soon default on its obligations. back towards their long-term average. Sotheby’s to an unnamed buyer at Luce’s five-seat, battery-powered event would be likely to encourage time to depart as Monzo pursues its next David Golub, co-chief executive of “We are . . . conserving our capital, Monterey Car Week, an annual event design was too sharp a departure from collectors, said analysts. phase of growth”. He said he had suc- private credit investment firm Golub maintaining ourselves in a more defen- in California where rare classic cars the luxury-car maker’s traditional James Grzinic, analyst at Jefferies, cessfully come through “several years of Capital, told investors this month that sive and risk-averse posture,” said and luxury vehicles are showcased, styling and that it eroded the called the Luce’s first auction “a difficult prostate cancer treatment” and there was “elevated credit stress” as the Armen Panossian, co-chief executive of according to the auction house. marque’s identity. remarkable success”, saying that wanted to focus more on his family. industry grappled witha rise in defaults Oaktree’s credit arm. “Beneath the sur- The auctioned vehicle was a one- Ferrari's shares fell more than 8 per while this was a one-off vehicle, “col- London-based Monzo, which was val- and problem loans. “We're in a credit face, there’s cause forconcern.” off, produced by Ferrari for its foun- cent on the day after the Luce was lectors will certainly take note”. ued at about $6bn in its latest secondary cycle,” Golub said. “Others denied it for Many executives in the $2tn industry dation, which received the proceeds unveiled but have since fully recov- Last month, the Italian luxury share sale, reported pre-tax profits of a while. I don’t think there’s a lot of believe alarmism over private credit’s of the sale. The Luce was designed by ered. The chief marketing officer then group became the only European car- £87mn in the 12 months to March this denial any more.” troubles is overblown, with several former Apple designer Sir Jony Ive, left the company, although Ferrari maker to lift its full-year guidance year on revenues of £1.7bn. Analysts at Fitch Ratings last week blaming the media — including the FT — anda standard model is priced from said his exit and replacement with a with its order book covered for the It said that Peacock would take over warned that private credit defaults had for outflows. Craig Packer, Blue Owl co- €550,000. former BMW executive had been whole of 2027, as it rides a wave of subject to regulatory approval while it hit a record in July. Separate data from president, told investors that “credit The auction price, which far planned before the launch of the hyper-personalisation. searches for a permanent chair. Peacock PitchBook LCD showed the biggest metrics are healthy and the issues we exceeded presale estimates of $1.1mn, Luce. Despite the commotion, the Ferrari did not respond toa request thanked Hoffman for his “enormous publicly listed BDCs shrank again in the are managing remainisolated”. setsa record for a new car, surpassing group has already hit its 2026 sales for comment. contribution” to the group.

                                                                                                                                                                                                         Legal Notices

The wrong lessons are being drawn over public equities worries IN THE HIGH COURT OF JUSTICE, BUSINESS AND PROPERTY COURTSOF ENGLAND & WALES, COMPANIES AND INSOLVENCY LIST (CH.D.) ABP Mar hets Ltd (in special adininigtr ation) (“tne Coup Sumnpany munber ; 07126234 DAVID PHILIP SODEN (IP0! 0490) of Tenco Fira ial Advisory Limited, The equity growing from a $500bn to equitisation partly reflects industrial Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT were appointed joint administrators (“JSAs”) BUSINESS INSIGHT $600bn industry in the early 2000s to concentration arising from loose com- of the C ny on 13 October 2023 pursuant to Re; lation 5(1)(b) of The Investment Bank Special Administration Regulations 2011 ("4 be worth $7.6tn in 2022, according to petition policy. Custody Asse laims pursuant to Regulations 11 and 12E of the SAR and Rule 138 of consultants McKinsey. The result is that The UK is different. Market capitali- inistration (E) id and Wales) Rules 2011 Notice is hereby given that the JSAs have set a bar date of 17:00 hours (BST) on 11 September 2026 (the “Bar Date”) for the unquoted companies are staying private sation in relation to GDP is in decline, submission of claims to Client Custody Assets (including Security Interest Claims), asset out in Regulation 11(1)a) and (b) of the John forlonger. The Al investment boom amounts to unlike inthe US, and the stock market has been less buoyant. That said, the SAR. This Bar Date does net apply to Client Money nts who submit claims after the Bar Date will have no rights to interfere with distributions already made. ails of this notice, including claim submission requirements, have been sent directly to clients and are a ilable at https Plender a return to a more capital-intensive developed world. But, so far, Europe has British emphasis on financial deregula- tion to help boost economic growth ibpmarkets.com Queries and caims should te directed to iop.clients@tereo.com or by post to the address above. 10 August 2026 been lagging behind, even the UK, seems perverse in the light of the disas- which has a more vibrant tech sector trous contribution of light-touch regula- than the big continental economies. tion to the financial crisis of 2007-09. olicymakers around the And London has been losing tech IPOs The policy preoccupation with pro- developed world have long to New York. tecting the City of London in its interna- been troubled by the shrink The UK’s longstanding process of de tional role is also off- beam as far as age in the number of listed equitisation reflects the fact that natural listed company shrinkage is concerned. companies. Initial public domestic buyers of equity, such as Michael Howell of CrossBorder Capital offerings have become more scarce defined benefit pension funds, have cut has long argued that the balance of the while the ranks of existing quoted com- the percentage of their assets in UK capital markets has shifted from being FINANC panies have been thinned by takeovers, equities from 32 per cent to less than 2 about money raising to more refinanc- TIMES many from private equity. per cent by 2023. A key cause was a ingand czpital redistribution. This has been most obvious in the US change in account- So the primary equity market is really where the number of listed groups has ing standards The economic weight of a sideshow in a world of huge currency, halved since the start of the century. But whereby compa- derivatives, debt and repo markets, not now we have SpaceX, the biggest IPO in nies were required US public companies has to menticn insurance, commodities and history. Wide-eyed investors put a value todisclose pension ot halved. Stock market therest. of more than $1.8tn on Elon Musk’s fuad deficits as Ina recent paper, Alperen Gézliigél of rocket-based corporate adventure play- liabilities in their Capitalisation is up greatly the London School of Economics found ground. Could this mark the end of the global IPO drought? balance sheets. over the past three decades Finance directors little evidence of a funding gap for Brit- ish firms. IS YOUR SHARE PRICE Other stellar US tech groups, such as OpenAlI and Anthropic, are expected to responded by urging trustees to adopt low-risk bond portfolios. Where policy is concerned, John May- nard Keynes had an acute sense of what BEING NOTICED? follow. With Al-related capital spending On both sides of the Atlantic policy- mattered. In A Treatise on Money, he on data centres rising, there will be makers have responded to the shrink- said: “It is Enterprise which builds and growing demand for fresh equity as well age in the stock of listed companies by improves the world’s possessions . . . If as debt. Thereis also a surge of tech IPOs loosening listing rules to reduce the Enterprise is afoot, Wealth accumulates The Financial Times Share Service sections,help'you to reach in China with the likes of Moonshot costs and disclosure burdens of going whatever may be happening to Thrift; and engage financially aware decision-makers,and affluent expected to go public in Hong Kong. public. Yet this is arguably based on a and if Enterprise is asleep, Wealth shareholders from across the world in print and @pline. In fact, a sea change is almost cer- misdiagnosis. As Harvard academics decays, whatever Thrift may be doing.” tainly under way. Fierce competition Mark Roe and Charles Wang point out, The message for Andy Burnham’s from emerging markets has in recent the economic weight of US public com- government: ignore fee-hungry City To advertise contact carol.ramsey@ft.com years tilted developed-world economies panies has not halved. Stock market lobbyists and focus on tax and planning away from capital-intensive manufac- capitalisation is up greatly over the past reform to encourage enterprise rather turing towards services. three decades. Profits are also up, as are than financial deregulation anda race to At the same time, the rise of private revenues, investment and employment. the bottom in corporate governance. markets has provided a flexible alterna- They conclude that policymakers are tive to public markets, with private too focused on deregulation when de- john.plender@ft.com 10 * FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                COMPANIES                        & MARKETS

Healthcare Technology

Olympus uses PE tactics in revival bid Asset manager firms target soon-to-be-rich Chief executive is cutting costs and offloading assets He told the FT he was taking a leaf out of private equity’s playbook by adopting The company said it did not comment on market speculation. whether momentum in North America can stay strong as rivals launch new cal endoscopy business as one of his big private equity-style moves. OpenAI and Anthropic staff restructuring actions they would look to Olympus’s attraction is its dominant products,” said analysts at SMBC Nikko. Olympus has been roiled by scandals to deter takeover interest implement, including cutting 2,000 global position in medical endoscopes — Any takeover of Olympus, whose since British chief executive Michael jobs, overhauling its regional set-up and thin tubes equipped with cameras used market value stands at ¥2.3tn Woodford exposed an accounting fraud HARRY DEMPSEY AND DAVID KEOHANE selling assets to simp ify its portfolio. for non-surgical internal inspections. ($14.7bn), could rank as Japan’s biggest in 2011 that had concealed $1.7bn of TOKYO “I say operate as if they sit at the The number of procedures could triple private equity deal. It could eclipse the losses. In late 2024 Stefan Kaufmann table,” White said in an interview in to 6VUmn annually thanks to the rise of roughly ¥2tn buyouts of ‘loshiba by was pushed out of the top job over alle- MICHAEL TAFFE AND HARRIET CLARFELT NEW YORK The boss of Olympus is using private Tokyo. “I don’t operate from a position Aland robotics. Japan Industrial Partners in 2023 and gations that he purchased illegal drugs. equity-style tactics in his attempt to of fear . . . [don’t think there’s any strat- Buyout executives in Tokyo suggest Toshiba Memory, now called Kioxia, A range of Olympus medical devices Wealth managers are cutting fees and turn around the medical imaging device egy in the private equity playbook that privately that the market will give completed in 2018 by a Bain Capital-led are banned from the US because of a hiring staff near Silicon Valley ina rush maker and pre-empt takeover bids. wearen’t [using].” White time to prove he can turn around consortium. product safety alert that followedthree to win over OpenAl and Anthropic Bob White is fighting to boost a share Some of the world’s largest private Olympus and that they must wait before White is a veteran of the medtech warning letters in 2022 and 2023 about workers before initial public offerings price that has fallen by about 15 per cent equity firms have informally any bids have a chance of succeeding. industry who was at Medtronic before manufacturing quality issues. Endo- make them millionaires. over the past two years as the Japanese approached Olympus about acquiring Strong first-quarter results boosted becoming chief executive of Olympus scopes helped steady the company group reels from a long-running US reg- the 107-year-old business but have not the share price earlier this month, but just over a year ago. The American, a through the aftermath of the first Morgan Stanley’s wealth management ulatory compliance saga and his prede- yet submitted offers, according to peo- analysts asked whether those gains were rare foreign boss in Japan, cited the scandal and have become its main division last quarter took in more than cessor’s exit on illegal drug charges. ple familiar with the matter. sustainable. “The question now is launch of a strategic review of its surgi- business. $74bn in net new assets from IPOs after SpaceX completed its blockbuster list- ing through its work managing employee equity plans.

                                                                                                        nology. Comeback                                                                                                                          When OpenAI and Anthropic follow
                                                                                                                                                                                                                                               suit with their own flotations, expected
                                                                                                                                                                                                                                               to be within the next 12 months, it will


                BlackBerry flourishes after pruning its phones
                                                                                                                                                                                                                                               unleash competition among wealth
                                                                                                                                                                                                                                               managers — particularly with advisers
                                                                                                                                                                                                                                               affiliated with investment banks, such
                                                                                                                                                                                                                                               as Morgan Stanley, that act on the IPOs.
                                                                                                                                                                                                                                                  OpenAI alone handed out nearly
                                                                                                                                                                                                                                               $11bn in equity pay in 2024 and 2025, its
                                                                                                                                                                                               eavesdropping software Secusmart is             financial statements show, and would

A decade of transformation looking even more astute as global tur- rank seventh among US public compa- moil has prompted countries across the nies for total employee equity remuner- later, group’s future now rests world to boost defence spending. The ation if it were to list now, despite company provides Nato-grade employingonly about 8,000 people. on car and security software encrypted voice, text and messaging “Showing up from Wall Street in a services for 20 governments. fancy suit and deliveringa classic three- ILYA GRIDNEFF — TORONTO Giamatteo said the company’s tech meeting sales process . . . isnot the way At its height, it was so popular that had become so ubiquitous that people that these prospective clients will make Barack Obama refused to part with his reading this article probably use Black- their decision,” said Jason Van de Loo, phone when he became US president. Berry’s products every day without chief executive of wealth group Choreo, But the reign of BlackBerry, which knowingit. transformed mobile communication in “Nearly every car manufacturer in the mid-2000s and early 2010s, ended the world uses BlackBerry,” he said. “We should price them after its revolutionary cell phones with “And we are seeing more adoption in knowing where they're QWERTY keyboards were rendered future car design in China, in Europe obsolete by the emergence of Apple’s and North America.” going to end up versus iPhone and smartphones with touch- Kevin Michaluk, a Canadian entre- where they are now screens and apps. preneur who launched a campaign to Now, a comeback a decade and a half bring back the old handsets and sells his which has $19bn in regulatory assets in the making is paying off as the com- own version of the BlackBerry key- under management. pany posted a positive cash position — a board, said the company was now stra- Choreo agreed last month to a man- key metric that signals financial stabil- tegically more important than when it agement fee of less than 0.5 per cent ity — in its first quarter this year. That is was selling phones. with more than 100 current and former something it has not achieved at the SpaceX employees who negotiated col- start of any fiscal year since 2017. lectively ahead of the company’s listing. The recovery has been driven by an “We are seeing more Wealth managers commonly charge operating syslem lor cars called QNX adoption in future car aboul 1 per cent ol assets, although lees and Secusmart, an encryption software typically decline for larger accounts. used by governments and some of the design in China, in Europe Another manager, Mariner Wealth world’s major banks. While the plat- and North America’ Advisors, cuts its fees once the number forms are less visible than the phones ofclients from a company reachesa crit- that once defined BlackBerry, they have “It’s less visible but arguably more ical mass. Others, such as Citi, which last become almostas ubiquitous. embedded in the modern economy,” month announced a partnership with “QNX is on fire,” John Giamatteo, said Michaluk, who became known as Palantir, have struck deals directly with BlackBerry’s chief executive since “CrackBerry Kevin”, adding that such a employers on favourable terms. December 2023, said from the com- comeback story is rare in technology. Mariner was also trying to win clients pany’s headquarters in Canada’s Water- “The market spent years valuing by charging separately for pre-IPO tax loo, about 115km west of Toronto, where BlackBerry based on what it used to be. and equity-compensation planning BlackBerry built its first handset. More recently, investors seem increas- rather than levying a fee on illiquid “We've gone from a transformation ingly willing to value it based on what it shares, said Steve Moyer, director of period to now a growth period.” actually is today.” wealth strategy. After employees sell It isa long way from the “CrackBerry” BlackBerry’s transformation m:rrors some shares, they then switch over toa days when the handsets, once must- that of Nokia, another former mobile more typical model of payinga fee based have accessories for stars such as former phone giant that collapsed about the onassets under management. Hollywood power couple Brad Pitt and same time. Advisers are also waiving account Angelina Jolie and young people alike, Nokia has now found a new lease of minimums for some clients. “If they're were said to be addictive. BlackBerry life as a provider of the hardware ina lock-up or, in the case of Anthropic stopped selling phones in 2016 to focus needed for cloud services and data cen- or OpenAl, they don’t actually have any on business-to-business software and tres, winning support from Nvidia, money today, we're looking down the services. which last October announced plans to road,” said Jessica Caruso, executive The decision by Research In Motion, invest $1bn into the Finnish group. managing partner at Mercer Advisors. as the Canadian company was known, 2012 and was once one of its largest BlackBerry BlackBerry this year expanded its “We should price them knowing where to buy QNX in 2010 for about $200mn, shareholders. “Our QNX acquisition found peak own Nvidia partnership in “physical they’re going to end up versus where is delivering, along with the purchase of worked out,” he told the FT. success in the Al”, supplying its QNX software for they are now,” she added. German encryption provider Secusmart BlackBerry is still a shadow of the 2000s and early autonomous, humanoid and surgical Competition for the windfall is also four years later. $83bn behemoth that once had a share 2010s. Left, robotics, medical imaging and indus- changing hiring plans, especially QNX’s technology, which is also used of about 20 per cent of the global mobile Barack Obama trial automation. around San Francisco, where everyone in robotics, medical devices, defence phone market before it was usurped by refused to part Scott Morrison, founder and chief from Citi downwards is aggressively and aerospace, now accounts for about Apple, Samsung and Google. with his phone investment officer at Wealhouse Capital recruiting advisers as well as clients. half of BlackBerry’s revenue, a sign that But its shares have jumed 150 per when he became in Toronto, said the decisions that “We are hiring faster in the broader the acquisitions have set the company cent over the past year and it currently US president BlackBerry made decades ago saved it Bay Area than we are anywhere else in up fora brighter future. has a market capitalisation of about from going bankrupt and ceasing to the firm,” said Caruso. “I’m very happy for them,” said Jim $5.2bn. On the day of the results in June, exist. “I wouldn’t call their comeback This story is the first of a three-part FT Balsillie, the former co-chief executive it rose about 20 per cent. ‘lucky’, you make your own luck,” he series looking at the extraordinary wealth who stepped down from the company in The 2014 acquisition of the anti- said. created through AI. See ft.com/ai

Technology

Lenders to Meta and BlackRock Texas data centre exposed to multibillion-dollar insurance gap MICHELLE CHAN AND LEE HARRIS prohibitively expensive for lenders to expected start-up dates. Marsh, Meta agreeto accept losses above these levels would occur at least once during Meta’s Marsh and Aon are among the large NEW YORK amid a shortage of insurance for mas- and BlackRock all declined to comment. rather than securing cover for the total total lease term of 20 years. brokers that have launched data-centre A new Texas data centre campus sive Al projects. Policies tor the project were agreed as possible losses they could incur. “In case the final insurance payout advisory businesses, seeking to help owned by Meta and BlackRock is on the Under terms advised by Marsh, the the insurance sector struggles to assem- Ahead of Sopaipilla’s bond sale in July, doesn’t cover everything, Meta has to companies buy hundreds of millions of hook for huge losses in the event of venture will have up to $218mn in cov- ble sufficient cover for data centres, a BlackRock executives reassured poten- pay the gap” up to $450mn, said Viviane dollars in insurance coverage. catastrophic events, creating credit erage for rent abatement if construction fast-growing asset class where cam- tial lenders that severe weather events Gosselin, an analyst at S&P, which But the role of insurance brokers has risks for lenders, as only a fraction of is delayed and $645mn in coverage puses and the specialised computer were rare in the El Paso area and that assigned the debt on the Sopaipilla also come under criticism, with some the AI mega-project is fully covered by against terrorism. chips they contain are frequently valued modern disaster-proof data centres project an A-plus credit rating. This is legal advisers warning that these groups insurance. The venture will pay about $5mn for inthe tens of billions of dollars. were unlikely to suffer total losses even one notch below Meta’s own rating, could be conflicted, since they can both all-risk property insirance coverage of Lenders to smaller data centres usu- largely because debtholders do not have advise multiple parties on, and arrange The $14bn data centre in El Paso, Texas up to $427mn during construction and ally demand full insurance, but as deal a direct claim on the project’s physical for, the sale of insurance to cover BlackRock reassured — known as Sopaipilla — has secured $450mn once the centreis in operation, sizes have grown, partial coverage has assets. expected risks. hundreds of millions of dollars of insur- increasing each year by 2 per cent. It has become more acceptable. potential lenders that Meta could also terminate the -ease, “Certain brokers are involved in ance coverage on the advice of the also obtained commercial general liabil- Although dozens of commercial which underpins the debt value, with- transactions advising several different world’s biggest insurance broker, ity cover for an annual premium of insurers have signed up to cover risks at severe weather events were out any penalty if the site suffered from project participants, acting as both a Marsh, according to people familiar about $1mn for a policy with a limit of these campuses, most have been reluc- rare in the El Paso area a severe casualty event that caused a broker and an adviser,’ Marc Norman, with the agreements. $50mn per individuzl event and $50mn tant to build large aggregate exposures project delay of more than 18 months, an insurance recovery lawyer at Coving- But the purchased coverage leaves the inaggregate. to individual sites, which could face during catastrophes, people familiar S&P noted. ton who works on data centres, told sprawling one-gigawatt facility exposed The coverage leaves the venture liable losses from natural catastrophes, power with the matter said. Insurance brokers have played a cru- the FT. to billions of dollars in possible losses for losses above those levels. Data cen- outages or lawsuits for failing to hit Marsh's “probable maximum losses” cial role in data centre projects, with “So there seems to be a conflict, not above those caps on insurance coverage, tres and the valuable technology they aggressive completion timelines. estimate for the Meta project is based on their assessments forming the basis for just in terms of multiple representation, which range from terrorism to property contain are exposed to property damage In response, brokers have advised aonein250-year to one in 500-year fire pristine ratings from credit rating pro- but also the role of advising while also damage and legal liability, the people from natural disasters, as well as finan- lenders and developers on estimated that affects the region, the people said. viders. Fitch and KBRA assigned double beingaseller.” said. The project is not insured againsta cial Uhreats such as lawsuits over their “probable maximum losses” froma sin- This means that there is a roughly 3.9 to A minus ratings to the Sopaipilla deal, Additional reporting by Eric Platt in total loss. Such coverage has become environmental impact and over delays gle catastrophe and counselled them to 7.7 per cent chance that such an event the same as Meta’s corporate rating. New York Tuesday 18 August 2026 FINANCIAL TIMES 11

                                                                                                                     COMPANIES                        & MARKETS

J Crew turnaround hindered by Industrials

                                                                                                                                                                                                                                                                       Heatwaves
                                                                                                                                                                                                                                                                       leave mark

debt load and executive turmoil on European businesses Falling sales overshadow Anchorage Capital’s early success after saving fashion brand from bankruptcy SUJEET INDAP AND ERIC PLATT a CLARA MURRAY

NEW YORK The number of European companies 2 ; ‘\ Sa flagging the impact of extreme weather J Crew rented a pier near New York Har- on their businesses has jumped as bour in September 2023 to celebrate its ~~ severe heatwaves boost demand for 40th anniversary. It wasa festive night: some products but interrupt other Diane Keaton was among the party business activities. guests, who were Lreated to a concert by The Strokes. Terms related to extreme heat, drought There was much to celebrate for the and wildfires were mentioned on a American “heritage” brand, known for record share of earnings calls — one in roll-neck sweaters and slim-cut suits. It 10 — for European companies with weathered a 2020 bankruptcy to finda more than $1bn in market value, far more stable financial and strategic according to data from AlphaSense. footing as the US economy soared. Several manufacturers said the heat- The unofficial host of the evening was waves had increased demand for their Kevin Ulrich, a Canadian-born hedge products, from pools, air conditioning fund tycoon whose Anchorage Capital and sun cream to groundwater pumps had taken over J Crew in bankruptcy. and electricity generators. Under Ulrich’s leadership, the fashion The finance director of appliance brand appeared to have turned a corner. maker Groupe SEB said it had sold 30 But J Crew’s prospects have dimmed per cent more fans in Europe in June in the past two years. Sales have fallen as compared with the previous year. June the retailer raised prices in response to was the biggest-ever month for sun pro- tariffs. Its debt load from the restructur- tection sales in the history of the Ger- ing weighs on the company’s finances, man multinational skin and personal while confusion over strategy has led to care company Beiersdorf, its chief exec- turmoil inits executive ranks. utive said. “Morale is bad,” said one executive. The chief sustainability officer at Flu- Its 2025 full-year adjusted operating idra, a Spanish pool manufacturer, said earnings before depreciation and amor- its products were “a climate refuge tisation fell 30 per cent compared with . .. that’s a long-term opportunity for the previous year to $180mn. President the company”. Donald Trump’s tariffs on Indian and The executives at Swedish-headquar- Chinese imports contributed to an esti- tered Beijer Ref, which supplies refrig- mated annual burden of more than eration and air conditioning, noted that $230mn, adding to costs, according to its biggest increase in demand was com- internal presentations reviewed by the AJ Crew store in tive director. Private equity titan TPG Another executive said Ulrich — who position the J Crew brand to consumers. ing from newer markets in central FT. New York. The first acquired control of J Crew in 1997, worked as a Goldman Sachs trader ‘There isa The company has three segments: main Europe, the UK and France. The company’s same-store sales company’s taking it public a decade later and reac- before co-founding Anchorage in 2002 lack of J Crew, J Crew Factory and Madewell. Several companies also said they had dipped 8 per centlast year, evenas arch- same-store sales quiring itin 2011. — was “very involved in the brand side” Madewell, a women’s concept already made or anticipated a shift in rival Ralph Lauren’s share price has dipped 8% last By the 2010s, J Crew had strayed from where he reviews marketing, advertis- strategic acquired and expanded by Drexler, has their businesses to adapt to hotter sum- jumped 30 per cent in the past year as its year amid its classic aesthetic. At the same time, ing and merchandising decisions. direction disappointed since the Covid-19 pan- mers, either with new products or new revenues are growing. concerns that “fast fashion” brands were suddenly Ulrich helped clinch a J Crew apparel of where demic amid competition from upstart working practices, as a recognition of J Crew carrics a $500mn debt load, the legacy favoured by consumers. High leverage partnership with the US Olympic ski fashion brands popular with Gen Z. climate change. including a $430mn term loan that fell brand had after the buyout — and subsequent divi- team. He separately wrote and directed Anchorage Some executives told the FT that the Roisin Currie, chief executive of food this year to as low as 74 cents on the become overly dend payout — led to financial distress a15-minute short film called Ski Dawgs legacy J Crew brand had become overly chain Greggs — which last summer wants to go dollar. S&P now rates the loan as CCC+ dependent on and, in 2017, the company gained some that debuted last year. dependent on promotions and had not issued a profit warning as high tempera- after the company burned $100mn last promotions notoriety for initiating a novel debt refi- Ulrich became a Hollywood operator with this. demonstrated to customers that the tures in the UK hit sales — said its new year. nancing. That gambit kicked off the after Anchorage swapped debt in the quality of its materials was worth the line of iced drinks had helped it weather There is The company has also been plagued “creditor on creditor violence” era in US MGM film studio for a controlling equity rising price. asecond scorching year. by management turnover, including the financial markets. position. Anchorage eventually flipped noroom Anchorage has also pushed new open- The chief of Dutch engineering group departures of Brendon Babenzien, its In 2020, Anchorage, as an existing the studio to Amazon for nearly $10bn. J ings of off-price factory stores, which Koninklijke Heijmans said it could not well-known menswear director, and lender, took control in the bankruptcy Crew has similarly made Ulrich a power for error’ have risen by a third, to more than 400 rule out its policy of cold-weather leave Lisa Greenwald, chief merchandising alongside Davidson Kempner and performer in New York fashion circles. in less than twoyears. for workers being replaced by a hot- officer. Blackstone, which held smaller stakes, Several current and former J Crew “Over the past five years, J Crew weather one, as 35C temperatures Multiple current and former high- Anchorage quickly installed Libby executives reserved their harshest criti- Group has taken proactive steps to forced crews to down tools. ranking J Crew executives and investors Wadle, aJ Crew veteran who joined the cism for Eric Wang, an Ulrich deputy at upgrade its leadership team and invest Companies were more divided on told the FT that they were proud of the company in 2003, as chief executive. J Anchorage, who became the company’s in our brands. Today, J Crew Group hasa whether the sweltering conditions on legacy of the company bul were Crew insiders told the FT that Wadle chief financial officer in 2024 — the strong balance sheet, momentum the continent this year were the start of anguished by its recent mis-steps. appeared to be distant at times from third CFO in the past four years. When across our brands and extraordinary a“newnormal” or anaberration. When it took over J Crew, Anchorage critical decision-making. he was appointed he had spent virtually opportunities for global growth.” the The boss of German pump manufac- reorganised the company at an enter- One current executive argues that his entire career at Anchorage. company said ina statement. turer KSB said it experienced a “surge” prise value of $1.75bn, a figure that now Wadle failed to offer a coherent strategy Operating executives said Wang’s lack Insiders say Anchorage would like to of orders from farmers needing to is believed to be lower. across the three distinct J Crew business of retail experience made him difficult exit soon, but the company’s recent extract deeper groundwater during a “There is a lack of strategic direction units and sometimes seemed surprised to work with. Amid the tariff chaos of results would not attract a premium drought. “I fear this hot summer will not of where Anchorage wants to go with in meetings to learn of significant new last year, J Crew decided to raise prices takeover price, even as the company’s be [a] one-off. . . [but] probably anew this,” the executive said. “We want to do business initiatives. in line with the higher input costs, term loan has recently rallied above era,” Stephan Timmermann told ana- cool things, but it’s mismanaged and largely passing on the impact to its 80 cents. lysts this month. there is noroom for error.” J Crew term loan trading price customers. A former longtime executive believes Benoit Bazin, chief of Compagnie de JCrew launched in 1983 as a catalogue Total units sold at J Crew last year fell another J Crewcomeback is possible. Saint-Gobain, which makes building Term loan maturing 2031 (cents on the dollar) merchant, with its first physical location by one-tenth year over year. Revenue of “The brand is not broken,” this person materials, said “climate adaptation is an later opening in Manhattan’s South 110 nearly $3bn remained flat, however, said, adding that longtime chief operat- urgent need”, pointing to disruption of Street Seaport, adjacent to where the due to higher sales prices and new store ing officer Mike Nicholson was a “ter- schooling in France in the heatwave. 2023 party was held. The company openings. rific” executive. The company has also UK energy supplier Drax said lower 100 reached its cultural zenith in the dec- One J Crew executive said Wang told just named Kathleen Van Nest Pierce as rainfall would limit the power gener- ade-plus that followed, culminating her that she would have met a profit tar- president for the J Crew brand. ated at some of its hydropower stations with Michelle Obama prominently 90 get by simply raising the list price onan But at a moment whenJ Crew’s big- and that it believed hotter summers wearing the brandas US first lady. item by $7. The executive was surprised gest rivals are thriving despite tariff were here to stay. “It’s probably some- Two fashion legends led the com- by Wang’s analysis because it did not drama and inflation-weary consumers, thing we should have, and will be, pany’s success. First, Mickey Drexler, 80 consider the product’s broader position- the stalwart of classic style is off its expecting to be the new reality,” said credited with the 1990s revival at Gap, ing or how customers might react to the game. chief executive Will Gardiner. came to J Crew in 2003 as chief execu- 74° oy Qa price rise. “Eric runs the company as a “How is heritage doing so well but the But Daniel Ervér, chief of clothing tive. And in 2010, Jenna Lyons, who spreadsheet,” said another person who brand that invented it is struggling?” brand H&M, said the heatwave had 2024 2025 2026 started as a J Crew designer in 1990, has worked closely with him. asked aformer senior J Crew executive. boosted interest in its summer collec- Source: S&P Global Market Intelligence became president and executive crea- There is also a debate about how to Additional reporting by Haley Zimmerman tions.

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12 FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                     COMPANIES                   & MARKETS


                                                                                       Sport. Investment                                                                                                                                 Banks

                                                                                                                                                                                                                                         Barclays axes
                           Henry takes Liverpool from                                                                                                                                                                                    investment
                                                                                                                                                                                                                                         unit leadership
                          crisis club to $7bn juggernaut                                                                                                                                                                                 in shake-up
                                                                                                                                                                                                                                         OLIVER     BARNES      —   NEW   YORK
                                                                                                                                                                                                                                         IVAN   LEVINGSTON          AND   ORTENCA   ALIAJ

US billionaire used techniques LONDON

                                                                                                                                                                                                                                         Barclays is overhauling the top ranksof

honed in baseball to return its investment bank less than three team to top of English game years after a previous shake-up, in the latest attempt by the British lender to compete with larger Wall Street rivals. SAMUEL AGINI — LONDON JAMES FONTANELLA-KHAN — NEW YORK The UK lender has hired Mike Joo, one In the autumn of 2010, Liverpool Foot- of Bank of America’s most senior bank- ball Club was staring into a bleak winter ers, to serve as co-chief executive of its ahead. investment bank, according to an inter- English football’s sleeping giant had nal memo seen by the FT. just sunk into the Premier League rele- Joo will take responsibility for leading gation zone after losing 2-1 at home to investment banking while Adeel Khan newly promoted Blackpool. Before the will be promoted to co-CEO with match, thousands of supporters responsibility for global markets, the marched in protest against the heavily memo sent by Barclays chief executive indebted club’s unpopular American CS Venkatakrishnan yesterday shows. owners, Tom Hicks and George Gillett. “Mike has built a strong reputation for So when another wealthy American, delivering results and leading through Boston Red Sox owner John Henry, periods of change and growth,” wrote sealed a £300mn takeover of Liverpool Venkatakrishnan. “He is widely recog- only days later, he had plenty to prove. nised as a culture carrier with a deep “We're here to win. We have a tradi- commitment to collaboration, integrity tion of winning. We'll do whatever we and developing talent.” need to do,” the commodities trader The changes cast doubt on the futures turned sports investor said after the of some of Barclays’ senior executives deal, which wiped out the debt that was who were brought in to improve per- endangering the historic club. formance in the unit. The investment Henry has been as good as his word. bank’s status in the wider group has Liverpool have since won two Premier been a source of disagreement among League titles, including their first since Barclays executives and investors since 1990, both of England’s domestic cup its 2008 deal to buy a core part of Leh- trophies and the Uefa Champions man Brothers out of bankruptcy. League. Revenues have surged from Joo will take up the new role in Febru- around £184imn in 2010-11 to north of ary, subject Lo regulatory approval, and £700mn in 2024-25. will be based in New York. He will also This week, Liverpool's success on the siton Barclays’ executive committee. pitch translated into a huge return for Barclays is ranked sixth globally for Henry’s Fenway Sports Group. investment banking fees this year, gen- The club, which carries little debt, has erating an estimated $2.7bn in the year been valued at more than $7bn ina Liverpool struggled on the pitch in the capacity of Anfield, Liverpool’s home Winning form: of Bezos and Saverin, as the club looks to to the middle of this month, according stake sale to a group of investors led by Fenway early years of Fenway’s ownership buta stadium, from about 45,000 in 2010 to Liverpool increase its revenues further. toLSEG. Amit Bhatia, the son-in-law of steel expanded turning point came in 2015 with the more than 61,000, helpingto almost tri- forward “The only way to grow the club is to The FTSE 100 lender is still trying to tycoon and billionaire Lakshmi Mittal. Amazon founder Jeff Bezos and Face- the capacity appointment of charismatic manager Jiirgen Klopp, whose teams thrilled fans ple match-day revenues from £40.9mn in 2010-11 to£115.6mn in 2024-25. Mohamed Salah takes a selfie grow geographically and grow it online. These are three of the best people in crack the top tier of the US market, the biggest fee pool in global investment book co-founder Eduardo Saverin are of Anfield, with their high-energy “heavy metal” “Since the initial acquisition, [Fen- with fans after a the world to do that,” one of the people banking, where it lags behind Wall backers. football. way] have rarely put in much funding match at said. Street groups such as Goldman Sachs Will McDonough, founder of mer- helping to and it has always been in the form of and JPMorgan. Behind the scenes, Fenway deployed Anfield. Below, Fenway’s stake sale values Liverpool chant bank Corestone Capital, made the boost the sort of sophisticated data analysis loans, as opposed to equity investment, John Henry has at about seven times O’Connor’s esti- The leadership changes end the struc- introductions that led to the deal. match-day that it helped pioneer at the Red Sox to some of which have since been repaid. overseen a mated revenues for 2025-26, slightly ture introduced by Venkatakrishnan in Talks accelerated during the World recruit the players to suit Klopp’s sys- These have basically only been used to turnaround in above the roughly 6.9 times revenue 2024, which placed the investment Cup. A key moment came when Henry revenues tem. Liverpool often bought players improve infrastructure at the stadium,” the club’s paid by Ratcliffe for United. bank under the leadership of four co- and Bhatia met at Zero Bond, a private from who were undervalued by the market said Kieron O’Connor, the football fortunes since At the time of the respective deals, heads as part of a group-wide reorgani- club in New York, and built their rap- and who would complement other play- finance consultant who blogs as Swiss- taking over in Liverpool’s net debt — which stood at sation. port, according to two people with £40.9mn to ersin the squad. Ramble. 2010 — Pau Ellis/ar P via £283mn in 2025 — was below United’s, The latest reshuffle creates uncer- knowledge of the matter. The FT first In addition to stars such as Egyptian But Fenway has also clashed with sup- Ge which was £537mn in 2023, according tainty over the future of two of the reported the talks on July 21, just two £115.6mn forward Mohamed Salah and Dutch porters over the years. They joined 11 to SwissRamble. group’s investment banking co-heads, days after Spain beat Argentina in the defender Virgil van Dijk, reportedly other clubs in signing up to the failed There is, however, still a significant Taylor Wright and Cathal Deasy, who final. bought for £34mn and £75mn respec- European Super League in 2021, spark- gap between valuations of Premier had been tasked with improving per- The powerful consortium has bought tively, Liverpool signed unfancied play- ing an angry protest from supporters. League clubs and those for US sports formance even as the group reduced the around a third of the club and could ers for comparatively low sums who Critics said the US-style closed competi- teams, which can exceed 10 times reve- amount of capital allocated to the unit. increase its stake over time, people with went on to become first-team regulars. tion went against Europe’s more merito- nue. The pair will remain in post until Joo knowledge of the deal said. Scottish left-back Andy Robertson cratic system of promotion and relega- That is explained by the threat of rele- takes up his role, the memo said. The valuation sets a new record for a joined from Hull City for about £10mn tion. gation and the possibility of failing to Stephen Dainton, the other of four co- football club, surpassing the $6.3bn in 2017. Liverpool fans have also repeatedly qualify for the lucrative Champions heads previously appointed by Venka- enterprise value ascribed to Manchester Off the pitch, Fenway expanded the protested against ticket price rises, con- League. Additionally, the intense com- takrishnan, announced he was retiring United when Sir Jim Ratcliffe bought a straining an otherwise straightforward petition between teams requires con- from the bank last month shortly after 25 per cent stake in 2024. way to boost revenues. The club stant spending to recruit and retain he moved toa role as chief client officer. There is a growing belief among inves- endured a disappointing 2025-26 sea- players, which can wipe out profits. Barclays’ revenue from banking fees tors that live sport is relatively insulated son, finishing in fifth place despite O'Connor said he did not expect the and underwriting fell to £2.5bn last from Al disruption. Top clubs also bene- spending €482mn to sign new players in bumper valuation fetched by Liverpool year, with the equity capital markets fit from huge loyal fan bases, scarcity the preceding summer transfer window, to act as a catalyst for other club deals. business down more than 20 per cent. value — there is only one Liverpool FC — the most of any club in the Premier “Only elite clubs can attract such a While advisory and equity capital mar- and low correlation to stock markets. League. valuation, while there are very few peo- kets fees picked up in the first half of the Steven Horowitz, a banker who O'Connor estimates that Liverpool’s ple who have the means to invest at this year, the business has failed to match US advised the previous two buyers of Liv- revenues increased from about £700mn level,” he explained. rivals. erpool, said the Premier League “para- to £750mn in the 2025-26 season due to The arrival of amember of the Mittal Joo, whois also a minority investor in dox” was that clubs “can be terrible divi- commercial growth and more income family, Bezos and Saverin at a Premier the Buffalo Bills American football dend stocks but terrific long-term from Champions League and Premier League club has provided another stark team, will join Barclays after a two-dec- assets”, League TV rights deals. reminder of the growing financial gap ade stint at Bank of America, during “You're buying scarcity, global rele- People close to the deal say l.iver- between the best and the rest. which he rose to co-head the group’s vance and an extraordinarily sticky pool’s new shareholders can help the “How does anyone aspire to compete investment banking business. He previ- consumer — people change jobs, cities club expand its presence in Asia and with the superpowers?” asked one Eng- ously ran Asia debt capital markets at and spouses, but they very rarely elsewhere. They also pointed to the lish football executive. “What happens Credit Suisse after starting his career as change their football club,” he added. ecommerce and social media knowhow to everyone else?” an analyst at Goldman Sachs.

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                                                                                                                                                                                                                                                   A service from tne Financial Times

Tuesday 18 August 2026 * FINANCIAL TIMES 13

                                                                                                                       COMPANIES                          & MARKETS


                                                                                  Equities. Stock surge                                                                                                                                                 Technology



                            Tech frenzy pushes Chinese                                                                                                                                                                                                  Corporate
                                                                                                                                                                                                                                                        switch boosts
                            valuations ahead of US peers                                                                                                                                                                                                Higgsfield
                                                                                                                                                                                                                                                        video start-up

                                  com
                                    .
                                                                                                                                                                                                                                                        JAMES FONTANELLA-KHAN
                                                                                                                                                                                                                                                        NEW     YORK


                                                                                                                                                                                                                                                        Higgsfield, an AI video generation plat-
                                                                                                                                                                                                                                                        form, has raised $400mn         at a $5.4bn
                                                                                                                                                                                                                                                        valuation from investors including DST
                                                                                                                                                                                                                                                        Global, Goldman Sachs, Liberty Global
                                                                                                                                                                                                                                                        and Intel, as the start-up expands its
                                                                                                                                                                                                                                                        push into corporate subscriptions.
                                                                                                                                                                                                                                                           The fundraising comes eight months
          €             ~
                                                                                                                                                                                                                                                        after the group, founded by former Snap
                                                                                                                                                                                                                                                        executive       Alex   Mashrabov,     raised
                                                                                                                                                                                                                                                        $80mn at a$1.3bn valuation.
                                                                                                                                                                                                                                                          The AI platform, which launched last
                                                                                                                                                                                                                                                        year, reached      $700mn     in annualised
                                                                                                                                                                                                                                                        revenue this month, up from $20mn
                                                                                                                                                                                                                                                        about a year earlier. Higgsfield has
                                                                                                                                                                                                                                                        attracted more than 30mn users, with

                            ;                     “Sa                                                                                                                                                                                                   the US its largest market.
                                                                                                                                                                                                                                                           “The new funding will help us acceler-
                                                                                                                                                                                                                                                        ate our move upmarket. Today, most of
                                                                                                                                                                                                                                                        our revenue comes from businesses,
                                                                                                                                                                                                                                                        which is a significant change from Janu-
                                                                                                                                                                                                                                                        ary,     when      business     customers
                                                                                                                                                                                                                                                        accounted for less than 25 per cent of
                                                                                                                                                                                                                                                        revenue,” Mashrabov told the FT.
                                                                                                                                                                                                                                                          Higgsfield sits at the intersection of
                                                                                                                                                                                                                                                        social media marketing, entertainment
                                                                                                                                                                                                                                                        and the creator economy, where a new
                                                                                                                                                                                                                                                        generation is using AI to produce more
                                                                                                                                                                                                                                                        polished visual content. More recently,
                                                                                                                                                                                                                                                        it has shifted its focus towards corporate
                                                                                                                                                                                                                                                        marketing clients.
                                                 overtook Tencent as China’s most valua-            companies,” said Benzimra, adding that                Helping hand:              analyst at First Eagle Investments, add-                             “At Snapchat, the face filters I built

Support from Beijing has ble company on Thursday, have under- strong earnings growth supported the the upcoming ing that most property busts took a dec- were primarily used by teenagers for scored the country’s Al advances. high valuations. “This localisation listing of ade from which to recover. entertainment. At Higgsfield, we are helped to drive a 29% gain for The upcoming listing of humanoid process is an additional driver to the robotics group Weak domestic demand has ham- the Star 50 index this year robotics company Unitree attracted earnings.” Unitree has mered stocks linked to Chinese con- more than 5,500 times the available In the past year, China’s major attracted huge sumer sentiment, among them internet “Today, most of our WILLIAM SANDLUND — HONG KONG allotment for retail investors, demon- exchanges have relaxed listing require- demand from groups Alibaba and Tencent, whose revenue comes from strating the frenzy in China’s capital ments for companies that are unprofita- retailinvestors shares have sunk 16 per cent and 28 per Backing from Beijing and an investor markets. ble but working on strategically impor- Kiyoshi O'a/Bloomberg cent, respectively, this year. Authorities businesses, which is a frenzy have driven valuations of There is a “significant narrowing of tant technologies. More than half of list- appear unable or unwilling to provide significant change’ Chinese tech stocks far higher than leadership between China and the rest ings in mainland China this year were in meaningful stimulus to address lacklus- US peers as the country’s AI sector of the world as it relates to AI”, said technology or industrial sectors while in tre consumer demand. transforming how larger businesses run emerges as a serious challenger to Varun Laijawalla, anemerging markets Hong Kong the proportion was even Instead, Beijing is hoping that “over marketing campaigns,” Mashrabov said. Silicon Valley’s global dominance. portfolio manager atNinety One. higher at 77 per cent. time, the newindustries will replace the Goldman Sachs has estimated that the Shanghai’s Star 50 index, which The government has thrown itself The looser listing requirements have old industries and create high-value global creator economy, encompassing tracks the 50 largest and most liquid behind the boom. China’s “national driven valuations further. Companies jobs”, said ChiLo, a senior markets strat- about 50mn people, could grow from companies on the tech-focused Star team” of state-backed funds swooped in that have listed in Shanghai this year egistat BNP Paribas. $250bn in 2023 to $480bn by 2027, board, has returned 29 per cent this to purchase equitiesafter a global chip- have an average price-to-earnings ratio The elevated valuations are also fuelled by influencer marketing and year. imaker sell-oll Unis summer hit Lhe coun- ol 268 and a price-Lo-sales ralio of 43 driven by Chinese lech companies com- short-form video advertising. It has handily outperformed the try’s stocks. compared with 67 and 22, respectively, ing to market far earlier than their US Global spending on digital advertising broader CSI 300 index’s 0.9 per cent Beijing’s increasingly urgent push for for companies listed last year. counterparts because the country lacks is forecast to reach $1.1tn by 2030, grow- gain and is well ahead of Ilong Kong’s semiconductor self-sufficiency in the China’s Al equity surge comes amid deep-pocketed venture capital. “There ing at an annual rate of 8.6 per cent, Hang Seng, which is down 1.5 per cent. face of western export restrictions pronounced weakness in the overall has been this tendency to lista company according to the Business Research The Star 50 index is also trading means the high valuations have been economy, presenting a contradictory later and later” in the US, noted Benz- Company. Since May, Mashrabov said, around its most expensive levels since it most concentrated in chipmaking, said picture of technological supremacy and imra. “You had this ecosystem of pri- brands including Dollar Shave Club had launched in 2020. Even after a recent Frank Benzimra, head of Asia equity economic fragility. vate funds that had a lot of money.” begun building Al-driven marketing sell-off, the overall price-to-earnings strategy at Société Générale. Beijing has sought to shift household James Wang, head of China equity systems that used Higgsfield to create ratio of the index is more than 150, well CXMT was initially backed by funds savings from real estate to equities after strategy at UBS, said Chinese equity multiple videos each day, rather than a above the Nasdaq 100’s 35 in the US. affiliated with the municipal govern- the property market collapsed in 2022. markets did not have as many longer- single campaign asset. The sky-high valuations reflect a rush ment of Hefeiin eastern China. “The housing bust in China is as large term investors as the US. “Dollar Shave Club’s CMO has spoken of enthusiasm from domestic investors “We are seeing increasingly more as any we've seen,” said Idanna Appio, “Some of the biggest players like the about using Higgsfield and there are who are still casting around for places to local companies supplying other local portfolio manager and senior research mutual funds are quite short-term hundreds of similar nationwide direct- put their money following a painful focused,” he said. “Given you've got a lot to-consumer brands using AI not just to housing bust. Fund managers said it China tech valuations race ahead of those in US | more shorter-term investors, ittends to make one video but multiple videos a also represented a belief that China’s ‘There isa havemore crowding.” day,” said Mashrabov. Price-to-earnings ratio (trailing 12 months) burgeoning Al industry could compete Bullish investors such as Ninety One’s He said social media teams were using with deep-pocketed US rivals. 250 significant Laijawalla are betting that Beijing’s Al to keep pace with the rapid turnover People are “making a bet on the Star 50 G commitment to technology is likely to of online content while reducing their Chinese ecosystem”, said Gary Tan, an 200 HAETOWINS endure, anchored by President Xi dependence on expensive creative agen- emerging markets portfolio manager at of Jinping’s focus on national security. cies. The technology could lower mar- Allspring Global Investments. “To 150 Laijawalla explained: “If you think keting costs and help brands sell more invest in this you just have to believe leadership about national security, what is national products by producing fresh videos at that China can catch up.” he said, adding 100 between security in China today? It’s tech leader- Our global scale, he added. that high expectations for Chinese AI were behind the “rich” valuations. 50 Chinaand = S"P-Headded: “It’s a question of what you team gives you market-moving Other investors include Tribe Capi- tal, Smash Capital, Fifth Wall, The launch of Moonshot’s Kimi K3 — Nasdaq 100 the rest of think normal is” — referring to the news and views, Valor Capital, Liberty Global Tech Ven- China’s largest AI model to date, rival- ° T T T T T current investment environment in the 24 hours a day tures, Mirae Asset Capital and NTT 2021 2022 2023 2024 2025 2026 ling those of Anthropic — and the listing the world US and China. “I don’t think there is ft.com/markets DOCOMO Ventures. Goldman invested Source: Bloomberg of homegrown chipmaker CXMT, which on AI normal these days.” through its Growth Equity fund.

Technology

Singapore hopes cutting-edge AI access will stop finance high-flyers moving to Hong Kong OWEN WALKER — SINGAPORE that Hong Kong was looking at ways of cring moving research and trading staff built isa genuinc diffcrentiator,” said on “incomplete facts from sources with he said. “That is our structural advan ARJUN NEIL ALIM — HONG KONG including some trading firms such as to Singapore to gain access to AI models Aima’sLee. limited knowledge”. tage — tax would be a tactical play to Singapore Inc hopes its ability to access Jane Street in the reforms, although a and powerful chips that are not availa- US hedge fund giant Citadel recently Hong Kong suffered an exodus of bring people in.” the most advanced AI models will help government spokesrerson later tried to blein China. told researchers in its Hong Kong-based expat professionals in the years follow- The moves have sparked alarm in Sin- hold back a tide of investment manag- pour cold water on the plans. “In terms of access to technology, Sin- global quantitative strategies team that ing the Covid-19 pandemic over con- gapore’s investment industry, which ers leaving for Hong Kong, which is While Hong Kong's finance sector is gapore is seen asa bit of asweet spot,” he they either had to relocate or resign. cerns about political unrest and a per- fears they will lead to many high-paid introducing sweeping tax cuts. experiencing a resurgence on the back said. Three people familiar with the moves ceived heavy-handed response to the portfolio managers trying to relocate to of a boom in Chinese listings in the spe- Singapore’s close relations with the US told the FT they believed concerns over pandemic. Hong Kongto reduce their tax bills. Asia’s two biggest financial hubs have cial administrative region, several and China mean the latest AI models data security were part of the reason for The Chinese territory has sought to This has led to discussions in recent long competed for international! white- banks and investment managers have from both countries — including those relocating employees who were key to convince international financial work- weeks between the fund managers and collar workers and to attract the world’s grown frustrated at the difficulties ot developed by Chinese companies such the fund’s intellectual property. Statt ers to return with a package of reforms the Monetary Authority of Singapore, biggest investment companies and accessing the latest westernAI models. as Moonshot’s Kimi K3 and DeepSeek — were offered moves to Singapore or to its tax rules on carried interest and the financial regulator, about what can banks. Tools such as OpenAl’s ChatGPT and are easily accessible in the city-state. Miami, where Citadel is headquartered. performance fees. be done to maintain the city-state’s com- The latest phase of the rivalry is Anthropic’s Claude are banned in main- “Singapore’s open access to the At the time Citadel denied that the Under the measures, profits from a petitive edge. focused on lowering the tax bill for high- land China as part ofthe so-called Great strongest AI models — frontier and moves were related to concerns about wide range of investments would be eli- The talks have covered a wide range of paid money managers and making it Firewall. Hong Kong has long operated open-weight alike, wherever they are data security, saying the FT story relied gible for tax treatment as carried ‘nter- measures — including tax cuts for indi- easier for businesses to access cutting- mostly free of Chinese censors, although est at azero per cent rate. viduals and investment companies, as edge Al technology. restrictions on usageare imposed by the The changes would mean individual well as makingit easier for businesses to “This is all about offering certainty to US Al companies themselves. managers of hedge funds, private recruit foreign workers — according to businesses,” said Kher Sheng Lee, co- Those restrictions have led to several equity, venture capital, private credit several people familiar with the talks. head of Asia-Pacific at the Alternative banks, including Goldman Sachs and and even family offices could structure A measure under discussion is reduc- Investment Management Association JPMorgan, preventing access to models themselves to reduce further their ing the tax rate of a special incentive (Aima). “With tax, you want to know suchas Claude. already-low Hong Kong tax bills. scheme, where investment groups pay how much you will pay to put your busi- Quantitative hedge funds, which rely Benjamin Hung, chair of Hong Kong’s 10 per cent compared with Singapore’s ness on a firm footing. For Al, you need on powerful mathematical algorithms Financial Services Development Coun- standard corporate rate of 17 per cent. to make sure you have access to the lat- to beat the market, are especially reliant cil, the government advisory body that The MAS told the FT it was “reviewing est tools.” on the most advanced frontier Al mod- championed the changes, said they measures to sharpen the competitive- Aima warned last month that several els to gain an edge over rivals. would be “helpful incentives” to attract ness of Singapore”. Aima wrote to the of its hedge fund and private equity Justin Tan, head of financial services workers. regulator last month on behalf of its members in Singapore were considering in Asia at LEK Consulting, said he was “Ultimately, Hong Kong needs to pro- members, saying that reforms should be moving senior staff to Hong Kong to hearing from more investment manag- vide that platform where [you have] about “renewing Singapore’s proposi- benefit from incoming tax cuts. ers — especially quant funds — based in knowledge, information, rule of law and tion” rather than “matching Hong Meanwhile, the FT reported last week China and Hong Kong that were consid- Close ties with both the US and China have helped Singapore —seoncioon cho/siconberg the ability to move money in and out,” Kong”. 14 * FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                                                                             COMPANIES                           & MARKETS

China’s energy plan The day in the markets

has been vindicated by the war in Iran Oil price rises and stocks fall after Oil prices on the rise again lran-US ceasefire deal expires @ Sell-off in long-dated government Brent crude ($ per barrel)

John Kemp bonds deepens on rising inflation fears e US dollar slides against basket of key currencies while euro gains ground 120

                                                                                                                                                                                                                                                                                                       110

Markets Insight Oil prices rose and stocks fell yesterday as the US-Iran ceasetire agreement

                                                                                                                                                                                                                  expired without a diplomatic                                                         100                                                                                Ve                                     t
                                                                                                                                                                                                                  breakthrough to reopen the Strait of
         or two decades, China’s policy-                                    To reduce theneed for imports, China                                  by sea, but just 17 per cent came from                          Hormuz.
         makers have been preoccu-                                       has encouraged more gas production                                       the Middle East, with most of the rest                               US President Donald Trump told Fox
         pied with reducing the coun-                                    from Sichuan in the south-west and Xin-                                  from Russia and Australia. Nearly half                          News he was “not in a hurry” to resolve
         try’s dependence on imported                                    jiang, Shaanxi and Inner Mongolia in                                     of gas imports came overland by pipe-                           the conflict. He also threatened to bomb
                                                                                                                                                                                                                                                                                                        80
         oil and gas and its consequent                                   the north, while exploring for oil in the                               line from Russia and central Asia, mak-                         Oman if the Gulf state “gets in the way” of

vulnerability to a naval blockade in any Bohai Sea and minimising use of petro- ing them immuneto a blockade. Washington's efforts to strike a deal to future conflict with the US. leum products. Renewables such as China has sought to “expand our cir- resolve the impasse over the vital 70 In 2003, President Hu Jintao hydro, wind and solar have been cle of friends” in energy, cultivating passageway. T described this vulnerability as the deployed as quickly as possible while relations with Saudi Arabia, the United Brent crude, the international oil “Malacca dilemma”, warning certain the country uses coal as the “ballast Arab Emirates, Iraq and Qatar as wellas benchmark, climbed as much as 1.3 per 05 T T major powers were intent on controlling stone” to guarantee energy security. Iran. As a result, China-flagged and cent to trade at about $89.68 a barrel Feb Mar Apr May Jun Jul Aug the strait. “It is no exaggeration to say e Electrification China has deployed bound tankers have mostly been before falling back to around $89 later in 2026 that whoever controls the Strait of electric cars and other new energy vehi- allowed through the blockades of the the day. The US benchmark, West Texas Source: LSEG Malacca will also have a stranglehold on cles faster Unan any other country. Gulf aud Red Sea. Intermediate, rose as much as 1.01 per the energy route to China,” he is These are already displacing about Imn e Stockpiling China has amassed one of cent to about $83.23 a barrel before reported to have said. barrels per day of patrol and diesel. But the world’s largest stocks of crude. The falling back to about $82.45. cent and London's FTSE 100 shed 0.3 per Peter Sidorov, senior international Since then, China's military strategy exact size isa state secret. But before the Stocks and bonds slipped as oil prices cent. economist at Deutsche Bank, said “higher has focused on modernising and war, China had been importing 1mn nudged higher. A sell-off in long-dated government oil prices, elevated fiscal deficits and expanding the navy to protect supply Beijing's preparations for barrels a day more than was being proc- The S&P 500 was down 0.2 per cent by bonds deepened as higher oil prices demand for capital from the Al routes. On the energy side, China has aconflict have made it essed by its refineries, with much of the lunchtime on Wall Street, despite gains raised the prospect of higher inflation. investment boom [were] putting upward boosted production, encouraged rest being added to commercial and in the technology sector. Tech stocks The yield on 30-year Treasuries broke pressure on yields”. Sidorov added that greater efficiency, switched to alterna- much less vulnerable to strategic stocks. Total stocks were esti- tose as investors reacted to reports through Friday’s level to touch a new “the resulting long-end sell-off [has] live fuels, expanded the use of electric war in the Middle East mated al more than 1bn barrels, enough that revenue al Anthropic, which is post-2007 high, rising 0.02 percentage been a global affair”. vehicles, diversified imports and accu- to replace imports fully for more than preparing for an initial public offering as points to 5.29 per cent. Bond yields rise Asian stock markets were mixed. Hong mulated massive strategic stocks. 100 days. Japan and South Korea also earlyas October, rose 14-fold in the when prices fall Kong's Hang Seng index rose 1.3 per cent, In the event, China's preparations for as more of the fleet is electrified, the vol- had massive stocks before the war, but second quarter. German 30-year yields also hit another while Japan's Topix fell 0.3 per cent. a conflict centred on Taiwan and the ume will quadruple to more than 4mn in most other countries across the The Nasdaq 100 climbed 0.2 per cent. post-2011 high, after rising 0.03 The US dollar fell 0.2 per cent against Strait of Malacca have made it much less barrels a day by 2035, according to the region, stocks were much lower, in some Sandisk Corporation gained 9 per cent percentage points to 3.75 per cent. a basket of other currencies. The euro vulnerable to war in the Middle East. International Energy Agency. The gov- cases almost non-existent. and Micron Technology rose 5.8 per cent. Max Kettner, chief multi-asset rose 0.2 per cent to $1.159 and the The country has largely avoided the ernment’ 15th five-year plan assumes China has dipped into these stocks to The region-wide Stoxx Europe 600 slid strategist at HSBC, said the sell-off in Japanese yen was little changed at price spikes and rationing that have hit oil consumption will peak before the maintain domestic fuel supplies. Crude 0.2 per cent. Germany's Dax fell 0.4 per long-term debt could continue, given the ¥15935 to the dollar. others in Asia. China’s policymakers are end of the decade. Demand for petrol imports fell by more than 1.3mn barrels cent, while France's Cac 40 lost 0.7 per lack of catalysts for yields to fall. Emily Herbert and Madeleine Wright likely to conclude their approach has and diesel may have peaked already. a day in the first six months of 2026 but been vindicated — encouraging them to e Diversification China expects to rely fuel supplies have remained broadly double down on their strategy. Other onimports for the foreseeable future, so stable. Other countries in Asia are now countries in Asia and the rest of the the government has encouraged the planning a big increase in stockpiling to world are also likely to copy elements of diversification of supply routes while avert supply problems in future. Ea e Eo Po) Lad el ae eo seen eneey markets. paseo ea relations with a Pes Iran oo value of US Eurozone Japan UK China Brazil bese ements ewe e@ Domestic output China’s resource pileBefore are theete wile verse Supply coalnstand sateen war, China imported __ reserves — lessons China has applied for S&P 500 Eurofirst300_ = Nikkei 225 FTSEI0O= ShanghaiComp __Bovespa endowment is considered by Beijingto nearly 60 percentofitscrude fromthe _ the past two decades that have now been Level TI61B 261637 69770.25 1077030 3987.05 16667335 berichin coal, poorin oil, andlackingin Middle East, a much lower share than __ painfullylearntintherestoftheregion. | % change on cay -0.23 -015 074 -0.28 141 -019 gas. The country imports 10 percentof Japan (more than 90 per cent) and most Currency $ index (DXY) Sper€ Yen per $ Sper£ Rmb per $ Real per $ its coal but 40 per cent of its gasand _ other countries in the region. China John Kemp is an oil market analyst and | evel 9951 1159 159.295 1355 674 5189 more than 70 per cent of its oil. obtained 54 percent of itsimported gas _founder of Base Research % change on day 016 0052 0157 0.029 002 “0484

                                                                                                                                                                                                                  Govt. bonds                           10-Year Treasury                  10-year-Bund                              10-year JGB                        10-Year Gilt                   10-year-bond            10-year-bond
                                                                                                                                                                                                                   Yield                                               470                            3.22                                    290                          5.05                             170                      14.84
                                                                                                                                                                                                                  Basis point change
                                                                                                                                                                                                                                  on dey                               0.07                          0.09                                     0.06                         010                             -0.01                      019
                                                                                                                                                                                                                  World / Commods                         FTSE All-World                       Oil - Brent                              Oil - WTI                         Gold                             Silver             Metals (LMEX)
                                                                                                                                                                                                                   Level                                             762.94                          89:13                                  82.82                       4426.87                            6642                  579840

                       Presented by                                              In collaboration with                                                                                                            % change on cay                                    -010                              1.54                                                                0.80                             2.64                      0.08
                                                                                                                                                                                                                                           ct from              1400          GMT. Sé           Norid.Oil = 1700 GM



                       Eu                                                        mace"                                                                                                                                                                     S&P 500                                                                      Eurofirst 300                                                               FTSE 100

                                                                                                                                                                                                                                                                                                                                                                                        11000

                                                                                                                                                                                                                         7600                                                                         2600                                                                              10800

                                                                                                                                                                                                                                                                                                                                                                                        10600
                                                                                                                                                                                                                         7300                                                                         2450                                                                              10400
                                                                                                                                                                                                                                                                                                                                                                                        10200


                       Global Wealth                                                                                                                                                                                     ie        Jun                         Jul                      Aug           ms        Jun                               Jul                   Aug             a       Jun                   Jul                     Aug

                                                                                                                                                      e                                                                  .


                       Management                                                                         Summit                                                                                                       ergectanayel:
                                                                                                                                                                                                                        Ry          us                                                                                                    Eurozone                                                                    UK
                                   °                                                   .                                           .             °                                                                             Corning                                                    638               STMictoelectronics                                                    515       Telecom Plus                                        596
                       Capturing the new generation of globally mobile clients                                                                                                                                                 Hieron Tecrestony                                          402               AP Maler-Maeisk A                                                 505           CMC Marke                                           82
                                                                                                                                                                                                                         a     Applied Mats                                               586               AP Moller-Maersk B                                                449           Hill & Smith                                         375
                                                                                                                                                                                                                               Western Digital                                                514           Nokia                                                             401           Pan African Res                                         3
                                                                                                            ,                                                                                                                  Teradyne                                                   407               ASML Holding                                                      263           Hocnschild Mining                                   324

4-5 November 2026 | In-Person & Digital The Landmark London Constellation Brands -603 Kering ~4.26 Genuit Group ~423 : 4, Charter Communications -565 — Stellantis -411 — Ocado Group 385 3 Adobe -469 Swatch Group BR 371 Trainline 385 © Molson Coors Bev -454 St Gobain (Cie De) -322 —_ Energean -361 ServiceNow 451 Adidas -314 —_Bridgepoint Group -358 Hear from industry-leading speakers Prices take vat MT Aug Biesed ew the conmabilents of the

                                                                                                                                                                                                                  Japan’s 10-year bond yield nears ‘critical’
                                                                                                                             :                                                                                    level after climbing to three-decade high
                   Jonathan Sorrell                                Anneka Treon                                 Nicolas Syz                                         Alicia Levine
                   Group     CEO                                   Global Head of                               CEO                                                 Chief Investment
                   Rathbones                                       Private Banking,                             Syz Bank                                            Officer                                       DAVID KEOHANE — TOKYO                                                             in the government budget. Hitting the                                                 Japan, giving up half of the gains it had
                                                                   Wealth Management                                                                                BNY Wealth
                                                                                                                                                                                                                                                                                                    3 per cent level “would signify ar inter-                                             made.
                                                                   and Investment,
                                                                                                                                                                                                                  IE            OTe         {eee               OTE                                  est rate rise untoreseen by the govern-                                                 After appreciating sharply  trom a 40-
                                                                   ING                                                                                                                                            three-decade high, approaching the
                                                                                                                                                                                                                                                                                                    ment”, he said.                                                                       year low of ¥164 to the dollar to almost
                                                                                                                                                                                                                  closely watched 3 per cent level as a
                                                                                                                                                                                                                                                                                                      Junichi Makino, chief economist at                                                  ¥155, it has weakened again to trade at
                                                                                                                                                                                                                  weak yen fuels inflation concerns and
                                                                                                                                                                                                                                                                                                    SMBC Nikko, said: “The rise in inflation                                              about ¥159.
                                                                                                                                                                                                                  investors bet on an interest rate rise
                                                                                                                                                                                                                                                                                                    expectalions                    [Lo         near         2   per   cent]                 The gain in the 10-year                  yield also
                                                                                                                                                                                                                  nextmonth.
                                                                                                                                                                                                                                                                                                    appears to reflect recent weakness in                                                 came          as Japan’s         economic      growth
                                                                                                                                                                                                                  The benchmark                      10-year government                             the yen.”                                                                             slowed unexpectedly in the three
                                                                                                                                                                                                                  bond yield touched 2.93 per cent yester-                                                                                                                                months to the end of June, which could
                                                                                                                                                                                                                  day, reaching its highest point since                                                                                                                                   complicate           the Bo]’s       looming          rate
                                                       JOIN THEM IN
                                                                                                                                                                                                                  1996. Bond yields move inversely to
                                                                                                                                                                                                                                                                                                    Hitting the 3% level                                                                  decision.
                                                       LONDON THIS                                                                                                                                                prices.                                                                           ‘would signify an interest                                                               Real GDP grew 1.1 per cent on an
                                                       NOVEMBER                                                                                                                                                      Traders and analysts said the rising                                                                                                                                 annualised basis in the second quarter,
                                                                                                                                                                                                                  yield reflected investors’ belief that
                                                                                                                                                                                                                                                                                                    rate rise unforeseen                                                                  according to data released yesterday,
                                                                                                                                                                                                                  inflation would accelerate because of a                                           by the government’                                                                    well below the 2 per cent expected by
                                                                                                                                                                                                                  weak yen and high oil prices from the                                                                                                                                   economists. “Private consumption and
                                                                                                                                                                                                                  war in [ran. Investors were also pricing                                             He added that the yield could decline                                              capex declined, highlighting the weak-
                                                                                                                                                                                                                  in the assumption that the Bank of                                                to the 2 per cent rangeif inflation 2xpec-                                            ness of private-sector domestic
                                                                                                                                                                                                                  Japan would raise interest rates in Sep-                                          tations fell back towards the Bo]’s esti-                                             demand,” said Goldman Sachs analysts.
   Strategic sponsor                   Lead sponsors                                          Associate sponsors                       Exhibitor sponsors                                                         tember.                                                                           mate for underlying inflation of about                                                   Most investors still expect the BoJ to
                                                                     i)      capirat                                                                                                                                Shoki Omori, an analyst at Deutsche                                             1.2 percent.                                                                          raise interest rates to 1.25 per cent next
   OCORIAN                             Me ADDEPAR                         =} Group                                 MARSH               Communify            ©           M       M      S   sympxHony
                                                                                                                                                                                                                  Bank, said 3 per cent was “a critical                                                The yen has continued to weaken                                                    month andare increasingly betting that
                                                                                                                                                                                                                  defence             line for fiscal credibility”                                  despite co-ordinated interventions at                                                 the central bank will accelerate the pace
                                                                                                                                                                                                                  because it was the assumed interest rate                                          the end of last month by the US and                                                   of increases, according to LSEG data.

Tuesday 18 August 2026 FINANCIAL TIMES 15

                                                                                                                                                                                                                                                                                                                MARKET                                                      DATA

WORLD                          M              KETS AT                         A                     GLANCE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            FT.COM/MARKETSD.

Change during previous day's trading (%) S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE EuroFirst Nikkei Hang Seng FTSE All World Sper€ $ per é ¥per$ £per€ Oil Brent $ Gold $

                                                                                                                                                                                                                                                                                                                                                                                                                              0.0518%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Jul 17 - Aug 17 —— Index —— All World Jul 17- Aug 7 —— Index —— All World Jul 17 - Aug 17 —— Index —— All World Jul 17 - Aug 17 — Index —— All World Jul 17 - Aug 17 —— Index —— All World Toronto. SHE FTse100 [J ssptsxcomp = London Sy

             ie                                                                   eres                                                          A                    f                                     3676602
                                                                                                                                                                                                                                                     a                                                                            1972030
                                                                                                                                                                                                                                                                                                                                                                                                                                                           26338.61
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             6416112
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             meee                                                                                             68206
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            697796

  745769                                                                                                  3526335                                                                                                                 0600.37                                                                                                                           2483098

Day ¥ -0.23% Month A 4.26% Year” 24.15% Day 2 010% Month a 4.29% Year A 33.39% Day » -0.28% Month A 1.24% Year 7 1694% Dey » -0.38% Month” 630% Year 4 827% Day 2 0.74% Month 2 792% Year 2 0.00% Day 10.77% = Month a 231% Year A 116.33%

                                                                                                         Foren IAI                                                                                         0418517                                                                                                                                                                                                                                         1998190
                                                                                                                                                                                                                                                     m—ee
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           2456224
                                                                                                                                                                                                                                                                                                                                                                       192169                                                                                                                                                                                                         25453.23               550943
                                                                                                                                                                                                                                       2564.96

                                 Month a 4.85%                      Year”      33.77%                    Day » -0.33%                   Month » -336%                                    Year 4 10.71%                                 Day » -015%                        Month a 240%                               Year 4 19.70%                                 Day » -0.87%                     Month 4 4.12%                          Year 2 31.58%                                    Day
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             4 134%                                 Month 4 3.63%                         Year ™ -0.26%                      Day 7 0.43%                          Month A 4.70%              Year A 35.52%



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$2146.42 16662535 Sus2.28 : TES 7772816 Day» -0.41% Month a 260% Year” 2136% Day » -019% Months -4°5% Year 4 22.11% Day ™-0.66% Month a 783% ___ Year 2 909%. Dey 2 001% Month 342% Year 7 25.80% Day2141%—Montha 580% Yeara 8.62% Day™-0.36% _Monthw-0.54% Year -3.56% Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous County Index Latest Previous Australia ‘All Ordinaries $7730 931320 Crech Republic Caech Republic PX 7873 ey reland 1SE0 Overall 1426596 143187 Noway Oslo All Share 287657 24706 ‘Sweten ‘OMX Stxckholm 30. 26630 ‘327452 ‘Venezuela ee 3637.29 539650 Australia SBP ASK 20 97320 91520 Denmark COUXC Copentagen 20 161731 162105 raed Tel viv 125 400631 407463 Pasta KSE 18060244 TBO10KBT) Sweden OMX Stackholm AS 113173 113585 = Vienan Viet Nam hex 170046 172908 Australia SBP ASX 200 Res £000.10 7864.40 Egypt EGX30 5aI5.10 5585470 tay FISE italia All-Share- 5622202 5625158 —Phiippines Manila Comp 6261.8) 629730 ‘Switerland ‘SMI Index 1430239 1439067, Cross-Border Euro Stoxx50 (Eur) 659045 653959 Austria aK 701.89 873.16 Estonia OWN Talian 26477 700 aly FTSE taia MidCap 241638 50372 Polind Wig 15158827 15372680 Taiwan Weighted Stock indox 4585727 $5811.01 Nethetands Euronext 12010 197091 1987 Belgium BEL 20 762.49 ‘56.48 Finland (OMX Helsinki General 1353.0 13514850 tay ASMB 5358698. Portugal Pia 2197R 925452 Thailand Bangkol SET 6264 160306 Cross-Border FISE 4Goad Global ($) 2152753 215038 Belgium ELM 491.34 5078 Frame French CACAD 857980 6380 = apn Niltei 225, 8205 687138) Portugal PSI General 023533 e206 = Tutte BST 100 1613206 1417226 Cross-Border ——-FISE All World(8) 78273 76371 Bratt Bovespa 16662335 1663420 France SBF 120 640 585 apn Tepx ange 41720 ‘eal Romania BET index 3588183 300535) UK FISE 100 1072030 1075011 Cross-Border «——FTSEE300 5132 2832 Canada SAP TSX 16522 7623 Germany MDAK kre 3.) 2033 Kuwait KSH Maret index oS S893) Aussia Fussiz Traded IndexinUSD 988.1) 9810 UK FISE 4G00d UK 929527 $27836 Cross-Border ———FISE Europ 100 507882 58273 Conads SBP TSX Comp 3766.02 BTO7 Germany TeDa Rm 410587 latvia OM Riga 3274 $2913 Saud Avabia——‘TADAWULANShae Index 1080805 woes) UK FISE Al Share 57682 580522 Cross-Border ——FISE Global 1008) 579055 579286 Chile SSRP/CLX IPA GEN 868.14 555025 Germany XETRA Dax 253851 254031 Lithuania OME Vilnius 151690 151481 Sigapore FISE Sats Times 5768.45 5353 UK FISE techMARK 108 954359 61723 Cross-Border ——_—FISE Gold Min ($) 570671 570871 China hina FISE A200 1157549 17840 Greece Athens 58.8 BB —lwwembourg Lak 70.13 707 Shoal Sa 68 is) USK Dow Jones Compaste 1703016 1703795, Cross-Border FYE Latibox Top (Eu) 598130 537850 China. hina Shanchsi A 47594 M74 Greece FISC/ASCA 6729 70575 IRC Mexico Cty 6105.17 RGIS) Soreria soiree mist giao USA Dow Joves Industrial 5051026 37241 — Cross-Border’ ©—_FTST World($) a7 192720 China ‘hina Shanghai B 158 202 HongKong Hang Seng BRB 2511685 Malaysia FISE Bursa KLO 172589 7B SouhAltia ©~—FISE/ISE All Shae 11467233 11406088 «= USK. Dow Jones Transpot 7204068 7178238 Cross-Border «—_FTSEurofist 100 Eur) 7286.85 70076 China ‘hina Shanchai Comp O25 397.18 Hong Kong HS China Enterprises 88897 834083 Morocco MAS) 188422 ‘TEBISIB) §— South Arica FISE/ISE Res (6946133 6755337 USA. Dow Jones Utilities 43408 43708 Cross-Border FTSEurofirst 80 (Eur) $902.41 308.17 China ‘Shenthen A 706 7038 Hong Kong HSCC Red Chip 4118 413268 Netherlands AB 111480 T1782 South Africa FISE/ISE Top 40 108966.05 106231.66 USA Nasdaq 100 3013828 30046.14 China Shenahen B 7301 1583 Hungary Bux 1501102 15065270 Netherlands. «AEX All Share 15430 153873 South Korea Kap arr 7! USK Nasdaq Composite 2675374 25728.16 Crmatia cRNREX 75 BA (ial SE Sensex TITAN6 7e00875 New 7ealand = NZVSD 1377198 YREGATR) — South Korea ——_Knspi 700 1098 13 waa = USK NYSE Campsite 7180857 748716R Cyprus CSEMAPGEN 2120 m2 Indonesia Jéarta Comp 641.89 6401.89 Nigeria SE Al Share 20265485 2270 Spal ‘Spain IBEX25, 19819) 2015660 USA. ‘SaPso 776784 7576

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS & LOSERS AMERICA LONDON EURO MARKETS TOKYO % Og % Og %Chg — % Og % Chg — % Chg %Chg Chg ‘ACTIVE STOCKS stock close “Day's ACTIVE STOCKS stock lose_—‘Days ACTIVE STOCKS stock chse Days ACTIVE STOKS stot close Days FISEIOD pric) week ys FISEDSO picelé) week ——_ytd-FISESnallCap pricelf) week ——_ytd—ndustry Sectors price week ytd tradedm's price __ change tradedm’s price change tradedn’s pice __ change tradedm’s price charge Winners: Winters Winners Winners Intel 4763 (10431 240 Vodafone Wa 120 002 Sellantis 85 183 “219 Nigpon Tel & Tel 2428 «161 3.20 Lios Finance 123.20 6S 4223 VistryGroup 24 996 57.3) Robert Walters 1.54 16.73 20.59 Real Estos Investment & Svcs 20206 4.01565. Nida 4448 = 22702 ~——188 Loyd Beg Sp Bas 1.50101 etesa Sanpaslo mn 8 = 000 Fujlura 661 ©6078 ©4130) Polar CapTech 68 = 34784 cade Group 2% «983-051 CrestNcholsonHolings © O71 11.01 50.80. Alternative Energy MT 166 10240 Super Miro Comptes 045812 ~ Barclays 34 = 515-005 Banco Santander 1839 ©1263 «0.21 SotBank Cop ee ~ Stames's Place N79 32-1484 Savills 1062 «915 GB}. Tullowit 0.16 10.60 162.15 Hhold Goxds & Home Const BH 27 1991 ‘oan 2108 «(280A 26 B2 52 009 Nekia 1559 460 037 Archon | 270 Sert Mot bv Tit ust 38-709 Hunting 490-7575 Capita 790 — 971 -7A11_Taecnmes Sve Provicers 307 707 14a Micron Technology 1975 030.15 SRA Legal & General mw 862003 El 1558 467 003 MissbishiUFJ 2% 3D TM Ata 710 3566 HG Capital 47 = 770-1588 Aptitude Software Group 218 10.10 25.85 _Telecommunications 2100 = 202 1446 Apple 1498-30856 = 237 Sports Fashion 1361 090 002 Banco De Satatell 397 165 ~ Furikawa Electic 269 479300 241.0) Conputacenter 5000 3057085 Rank Group 105 B72 TS. Castings 318 = 743161 Constructon & Materals 1586128 180 1577 Palantr 13417431 077 Gleneare 17258408 Telefonica Bat 387-102 Solan Bn ep 78 = SHRM = ATM Endeavour 4195 = 297 = BK. Telerem Pls 905 645.3828 Gulf Marne Services 02 = 5-308 Precious Metals & Mining MOMS «1ST +142 Neth. 13017659 158 Tesco 449 448-14 Payal KPN 650 405 003 Ratuten Group Bo 719 - Emin 557 28-2038 Michael Page 206 = 629-1249 OC Japan Ine & Gwh Tot 28 582 5.33 IndustrialFransportaton 4508 095 1816 Tesla 124 = 33885242 Rightmove 1842 504-007 BancoBilbaoVacaya Argentara 565 © 2484 © 011 Honda Motor 256: 16870 = .00—_nteCont Hotels 117982551280. Pacific Horizon iw Trust 1130 BOD 4487 LS. Proerty Services 27m Sal 380 Becticity 13965090 84d Microsot 1108 48267 12.73 Marks & Spen 1165 382-002 Uhiversal Music Groun 57 1480014 Noon Steet 249 = G70 $30.—_Vecafone 12 = 24-2101 Fideliy Emerging Markets «= 1495595) 404 Dialght 54 500 58.00. Nonlife insurance 5547089 2943 BIGGEST MOVERS Close Days Days BIGGEST MOVERS Gose Days Days BGGEST MOVERS Close Days Day's BIGGEST MOVERS Close Days Day's: ie Price change change’ changers Brice change c change’ ye Pree change charges%e price change change % Coming 17658 = 1059638 TelecomPhis 96 = 051 595 STMicwelecronics 436 2405.15. Mitsui Mining & Smelting 3159000 7215.00 754 Butesry 1050-108 = -1728 GBGeup 162 3100 37.04 Residential Secure he 009 = 6874-8502 Personal Goods 17RS | 785-277 Meron Technology 3015 5849 602 CMC Market 7B 031 442 AP Moller-MaerskA 7800.00 1000.00 505 Fujkura 7g 41300 729 Antofagasta B16 895 1028 Genwi: Group 272-101-1694 Synthoner 099-1192 56.40 Industrial Engineering 141230C 461 088 Applied Mats $9690 7872586 Hill Smin DO 110 375 PMollerdMaerskB 716300 © S00» 4.49. Furukawa Elecic oe | 210 594 SpraxGmup nm 84 293 Atalaya Mining Cepper 9% 675 B19 PZCussins 102 7837.75 IndustrialMetals & Nining SK 416 2537 Westem Digital $493 2813-514 Pan AfricanRes 112008 = 3.41 Nokia 30 137 401 Resonac Hides amt) 73500 «= 44g Mats & Spen 32 © $1864 THG 032 = 831-3048 AppliedNutrtion 32 = 8277758 Finance &Credit Servees 19494 388 575 Teradyne 43584 1705 407 Hochschild Mining 5% a 324 ASML Holding 121204180 263° Sunitomo Metal Mining = 9947.00 36200 ama REIX 270 BB -1BZ1 imprint 580 = 830 19.12 Capricon Energy 3436287572 Beverages 708% 375 936 news ‘Dewees ‘Goaae Soa Sainsbury 330—=—« SD) 234 SDCL EficiencyIncist 03 © 808 30.73 SchroderEurReal Estatelm’Tst 062 © 610 ©» 0.65 Pharmaceuticals & Biatech eB 37 1093 scion hands 079-859-803. GenitGrop 2m an 4 tang eT mee aren nom cam 45) ‘oT 7125 Sil 1888. Greggs 178 = 5527.2 CT UK High income trust LIT 585486 Basie Matias Wom 360 21% Coes 4 Charter fommunicatins f 4555 = 872.» -5B5Ocado Group 25 08 385 Sollants 43-49 411 NECCop 760 320 eo Diageo 1704-43828. WHSnith 4 = 523 UZ Region REIT 0% = S31 13.11 : Health ve weiziat «357-1078 153 pedhtt Benckiser 502 = 48-1881 Watchesof Switzerland Group 7.24 © 493 ©5274 NextEnergySolar Fund 0 485-200 PersonalCare Dug &Grcey M4105) 355 B55 Mobs 3185 1737 = 4A 454 esinline 2 7B = = 13 ABI. Swatch Grup AR 1075 [2 TAT7)Dents Greun Sim 7am 1 tesa 464 136. Intemational Worlplace Gp «1.77490 -ZABB.Essentia 107 465 10.35 Software & Computer Sves WIZE «349-1123 Molson Coors Bev 4083-198 Enengean 0B Gobain{Cie De) a eS) ° : ‘ : ServiceNow 11841 559-451 _Bridgepoine Group 32 12-358 Alas 1260 © 495 «314 Shap Cop 7 BBs

        RRENCIES
                                                                                                                FuRO                                                                   POUND                                                                                                                                                                           FuRO                                                              Pounn                                                                                                                                                                  FuRO                                                       POUND
                        Closing               Days                    Weeks              Gosing                Day's              Weeks — Closing                                       Day's                  Weeks:                                           Closing                 Days                          Weeks              Closing                       Days                       Weeks — Closing                          Days                  Weeks                                                       Closing                                          Weeks       Closing                Day's                      Weels — Closing                 Day's                  Weeks

Aug 17, Mid Change Chenge Mid Change Change Mid Shange Change Aug17 Mid Change Change Mid Change Change Mid Change Change Aug17 Mid Change Mid Change Chance Mid Change Change Argentine Peso 1487 7475, 57m 0a 7A EN TR -10773 7018 76ER 4a 97116 Indenesian Rupiah 75.0000 - Teno ‘R53 AN 1450770 MET = 741570 717% 1575710 Same Fiyal 375085 - ona 435m 0077 oom = Snem ooms ony Australia Dollar = 1.4061 0040 107 | 15782 2.0038 00082 19088 1008 00085 sath Shekel 2561 oot13 Omi 3087 ang 06 ce 00185 00538 Singapore Dollar «1.2788 20018 100 1.95 20008 oot 17305 20015 - BabraininDinge = 03770 - — 09969 none ooo 05109 - — Japanese Yen 1582950 02500 0300 1845751 0351 (9882 040s 09774 —Southtican Rand © 16.1764 2.0061 (ones 187436 002s 00s 71901 00613 00613 Bolvan Bolvieno 11.5800 22800 1B 1877 ami7 02817 156888 0348 03408 KenyanShilig 1285800 0.1500 01500 150105 08397 (ey T5727 [itvcx) 06739 South¥oreanWon 1414373320155 20767 16388345 06138 ass 19168298 35198 05u3 Bratiian Fea 51885 10357 OB 60121 013 01213 700 1.063 1371 Kuwaiti Dinar ong - 2004 = 0577 - (ooo 0418s oom 0.0005 Swedish Krona gag 20108 oo = 110011 10068 og | 128672 20108 00866 CenatianDolar = 1.3885 20013 077 15087 2.0107 10033 1.8753 2.0012 10053 Malaysian Ringgit 40505 10055 00 4708 00ze0 {020 503) 209 0074 Swiss kane 08085 20019 (oo) 08t 20017 008 Lo 102 0005 Chilean Peso 914.1000 20500 260 1681677 098 09278 1738830 0.1991 (01991 Mexican Peso Ta 0.805 0180 197339 10 4075) 730813 apa 0.1081 TaanDallar 31.8380 2185 13680 3688 13104 0316 187, 125 0390 Chinese Yuan 67382 3 73076 910 New Zealand Dear "T8872 10088 1006319807 0007 103 228 2.0080 20181 ThaiBat B0u5 0155 (007s = 38.2400 01588 aims Marae 21994 ans ColombienPeso 31353800 i D 3325767 pd ae 4208732 pr Bi Nigetian Naira 13851590 82500 22000 15883180 4701 471 1843516 480 $8091 Tunisian Dinar 29149 20081 1081 337% - - 350 0028 0008 Costa Ricin Colon 447 S85) i E Airayy 7 “1638 607.105 7 “23497 Norwegian Krore = 9.076 2010 063 109180 00105 {0850 127700 20182 00618 TukishLire 7903 01912 cigi2 55048 03833 033 649185 rg ag ‘Cech Koruna 208773 21183 0 Pace 00615 00615 28.2039 0.0821 00821 Pakistani Rupee m2 A2ZD 01000 262 01 C8835 76.1158 0188 0.7668 = UAE Dittam 36728 0.0001 = 4257 00023 O01 «4.9775 0.0016 oonlg Danish Kone 660 10083 103 Ta 0001 000 10018 00053 PenwianNewSol 3530 0012 00122 © 3867 0000 {000 45578 005 0.0055 Pound String 1738 2.0002 1018 08583 ooo 0S 1.0000 - - Egyptian?ound = 501850 13060 ODS 5.1494 15330 05300 0575 05755 PhilinePesm 614350 062 070 «712542 10835 1085 833411 00 12205 — UnitedStates Dolla 1.0000 - - 11587 15 20h 158 omy ong Korg Dollar 7.452 10023 105 3202 0.021 00277 0.0001 00249 Polish Zloty 1265 0.0021 00021 43110 00110 cong s£423 0.003 0.0089 —Vietnanese Dong 262190000 64.0000 64.0000 00079.9550 plskIcy 178 IsnIN ww uw, Hungarian Fore 3132178 2B 21mg Hw 15100 15000 20674 20574 Roneanian Leu az 101% 003552810 0008 (ove 6.1200 10035 00085 Eo 18630 0.0004 107 1.9000 = = 116% Serr ‘odian Rupee 956112 7a? 072 © T0788 v7) 07082 O7308 (07332 Pusan Rouble 49500 23500 2350 © BASIE 3008 30203 115.1286 3453 358

FTSE ACTUARIES SHARE INDICES                                                                                                                                                                                    FTSE SECTORS: LEADERS & LAGGARDS                                                                                                                                                                                                                                                                                                                  FTSE 100 SUMMARY
                                                      £50       Days              Euro          £Svig £Srg                 Year Div                            PIE               Bt)               Total     ¥        percentage
                                                     ‘Aug
                                                       1? chg%                 Index           Aug14 Aug13 ago Yield Cover ratio                                                 adj         Retun            Lankans            ben                                                                                                                                                                                           -                                                                                                                                                                        ee             REE                                                             Gove(nh sh

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WIA AN 77 4A IRI IAI 12352 Cased End investments... +» V19 Consumer Services. 15! giGou 78800 0.11 Int Cons Aries 43650 158 FTSE 100 ex kestmert Tass (25) 3H06N 029 319841 BI713 6267 WHII3 2 1877 BSD 37M : saat ms Lets Goods... 215 Aberdeen Group m0 033106 mun 223 FISE 250 250) 267044) 065 72531.15 24867.42 2683771 2247038 307 250) 1304 51409 2300358 "7 ggg, Persoral Goods... 27 pda 367800 -137 —Intertek Group 55500 026 FISE 250 ex bw Ca (169) 2581543 -087 7336204 2584028 2579348 2306.14 309 1.2 1992 55125 2478228 gy Consumer Staples. 209 Airtel Attica 32600 097 —lmvestee 66350 -1.83 FISE 350 350) 50499) -032 533533 SB6868 587895 540923 307 2% 1442 13740 13635 698 TobattO.... se... -- £08 Alliance Witan 137600 -079 JD Spots Fashion soz 260 FISE 350 ex kvestmert Trusts (20) 577967 034 527123 579920 580932 53190 310 207 1556 13818 687576 - 649, Real state investment & Svcs. £85 Ang American 387800 203 Kingister m0 150 FISE 350 Higher Yield (135) 518405 049 470878 518927 519324 462685 424 194 1216 15794 1431954 550 Finance & Crit Services £75 Anwagasta 361600 085 Land Seeurities 7500 105 FISE 350 Lower Yield (15) 58983) -013 537943 S906.15 592279 564500 177 311 1817 e982 78594) $37 Ferra Care Oy & Grocery £55 Asse. Bit Foods 70300 233 Lega &General m0 18 FISF Smaif'an (18) 9774M = 1K TAONS4 f7RA94 AIANAN TAQ7AQ ATR 144 1R2? IAAI ISA7RA 437 Medical Equipmert & Sues. AsteJeneca mssom = RT Vion Finance mmm 1a FISE SmalCap ex lav (0(101) 676672 040 617145 679392 677381 626089 360 09 4666 12920 1251883 dag HeathOae........ ACTA Aunorader Grow 5258) 256 Lloyds Big Gp 1470 043 FISE Small Financia ex iv Co(13) 1567) 008 14951 15683 15616 15006 496 157 1281 433 206) 1B Technology... eseescsseeeseteeeeeeveees Aviva 73000 0.47 Londonkfetric Prop 19110 149 FISE All-Suare (532) ‘578682 032 S27775 580622 SBIS10 535038 308 25 1446 13589 136210 ‘0 Pharmaceuticals & Biotech. S ‘Baboek int) 117700 -1.38 Lon Stock Ex ea7e0o | (068 FISE Al- Share x ov Co (361) 567383 034 517475 56907 570283 575382 311 205 1563 12547 GB6268 Industrial Engineering. 8B software & Computer Ses... BAE Systems 760 097 M&G 36580 003 FISE Fleding (43) 1240487 024 1138858 1251469 1247695 1992603 500-1297 -154 20831 301) iia ppeamet rere 12 tcl). a ere 51540 098 — Marks & Spen mi 050 FISEFeding exw C3 (22) 1634895 0.30 1491074 1639823 16276.14 2433842 476 4 457 51151 BROI4I es orn fear siesn aie wovrrstsssesesses AE Hold Goods & Hane Const : : 4691 Barett Redrow 3220-128 — Mekoselnd 439 020 FISE Al-Sal (25) 569823 016 519792 570835 570368 524647 381 108 2525 13074 1409902 Gone industria’... siENciaeseas ~AN4 Precicus Metals & Mining =... cece e e se ese (AD AaloMObilS & PATS... coe eecccseseeeeteseeseeeeseeeesseees SON Beazey 129450 0.15 Mellen Energy 168 001 -FISF All. Small ex lw (> (173) AO7RSA 4 48777R =ANERRT ANIR7A 474849 3AR NA ARI RAR 17RV771 e 51960 063 Nat Grd 119950 OM FISE AM AI-Share (53) 007 002 73031 80092 80088 76639180 197 %31 808 106m fim aehe)-2 NE elles Bait Amer. Tobacco 418100 173 NatWest Group mao0 017 TSE Allhae Tectnoby (20) W9G231 191 176232 197000 193757 215479 254 181 2169 435 DVD gry Noot US$ Daily Month YD US$ YID% GrDh Augt4 Noot US$ Daily Month ID —s«US$. YID% GrOiv BishLand 3120-145 Net 54500 138 FISE All-Stare Teteconmunications (5) 210385 -134 191877 213239 210768 1838.12 335 OM 3739 4130 398062 Regions & countries stocks Indices %Chg %Chg %Chg —TotalRet TotalRet Yield Regions & countries stocks Indices ‘%Chg %Cho %Chg TotalRet TotdRet Yield BT Group 19830 -100 Pearson 7 FISE Al hare Health Cae (12) 155965 OB) 1446465 1573453 161281 1776722 249 2H 1683 36342 IIE Te cre iraaices Fe SSE nn A TT ZIS200 022 Pershing Square Higs zm DNS FISE AR Gare Facile 9 GBA “007 BTAD R2ET BNA 17882998 29)" 1022) (PM TO) 10121 128099 000 355 1438 221037 1568 1.57 Nevelaned ex Furnp2 4189 158857 «602 «37218977487 ««1RRT «175 —Burbetry 105000 -273 Persimmon 116700 -1.88 FISE All Share Real Esate (41) 828) 1M 7904 BADIB 83928 7949 465 1.16 1848 27.16 1041 Gicbal Large Cap 1870 119655 -013 343 1370 212494 1498 1.4¢ DevelopedexEurozne 4785 142590 0.02 367 1526 235879 1537 138 Centica 15605 008 Polar Ceplech 3600183 FISE All-Share Conse Discretionary (69) GISOS! -1.46 560944 6241.88 627061 609731 250 1H 47 10892 7132.15 Global Mid Cap 2393 1474.75 039 357 1664 241192 1811 1.84 Developed ex US 3808-32232 042 (458 1656 164364 1378 238 Cocafola Euopae 780500 -164 Prudential 03400 «(088 FISE A-Star Consurer Staples (8) 1959627 -1.98 1781786 19931.40 2006052 2015195 415 147 1644 48532 2098623 Global Small Cap 5858 148781 035 442 1588 730628 17.24 1.8 Developed ex UK S131 142245 003 374 1813 236791 13.31 142 aceon WCAC 450000 -148—‘ekitt Benckiser 52600 172 FISE Allhae Industria (79) ¥2096? 0.00 1177396 1290801 1282124 1090288 148 204 ZIG 14764 1611380 et ee a ie an oe jee an Be is- Raousayiaers meetl eeA aah aa Me ae re 18 Compass BAN 153 REX uno. 27 9 ex Chine i 1.02 3 3 eee ANOS 1S WONT OS NLS E28) 28 2) Hes Global ex US 8506 834.12 023 386 1470 165680 1681 23€ Developed AsiaPacex Japan 960 113757 1.06 377 37.11 2491.09 3301 215 Computacenter 500000 0.20 Rentoki Initial WIN 108 Moecbew la Luecineh Wa Sangh Wise eeees (alta ele) Cok Ls) ele es (SPT 9889 135901 000 354 1455 229473 1581 152 Developed Europe 119§ 73808 014 376 $63 158685 1241 277 Comatec 22200 105 RioTinw 712800 095 FISE Al-Share Utilities (9) 11031.83 -0.60 1006136 1109818 1114505 1050992 372 154 1752 27734 197973 Global ex Japan 8765 1337.79 -003 345 1399 232680 1529 15 DevelopedEuropeexUK 962 36863 0.13 378 $74 1801.17 1255 257 Coda Intemational 316000 -301 Ralls Ayce 156380 1.48 FISEAl-Sare Softwa & Compute Sies(18) 208073 -194 190681 2132.11 209631 234156 257 181 2149 4843 346504 TSE Regional Indices Developed Eurazone 578 75362 020 446 1107 160508 1381 255 neptaeny em = — —_Sainghryl) we an FISE All Share Tech Herta & Eq (2 397472 113 362507 393028 396246 227641 000 OM 143825 000 $6833 Ameticas 1985 175S5 0.11 396 1412 276159 1498 1.17 Developed Europe AsiaPac 3510 79200 043 450 1681 159558 1313 282 pan, 1m) 20 Scenes 5 1 neon, dione a Saas ope Gas) eee peers x ir 18 OT0. 356 1958i Dele. 212 1S)1 mening ee 4758 18988 031: 1855 972 21442y 1157F 237 Diplma 735500 020 Scot Mart iv Tst vel) 04 pedestal oa ae ines erelees ee ie 2 oad oR oe Europe 1453 «72082 «42015 4375 979 154988 1257 276 fuapenias eck uu) 27) LHW 2201.81 13 Ertiesvour Mining 419500 204 = Sera 180 094 Lee Europe ex UK 1221 8360) 014 «376 995 173652 1276 26) Emerging Europe 25837043 «050 303 1982 BAIT 2259253 Entan 55660 011 Sevemtrent 4000-1682 FISE Al-Share Pharmacestcals& fiotech(@) 2767.47 0.85 2076462 2257561 2301807 2566082 249 24 1671 51499 208718 Ewonne 614 «75797 «021 449 11.20 161450 1394 26 EmergingEurozone 36 430414 110 596 2443 6446.41 27.20 231 pein 7980-315 Sell mms (029 FISE All-Siare Banks (13) 99006) -004 866483 960447 949156 782031 349 261 11.00 30081 10340 psear Se LIS 311 SUT UUBT. 1226) 4.4L EmergingPlus Korea S211 432362 025 275 1861 79186 238 238 ree ay tust 34300 041 Smith Nephew issn 973 FISE All-Share Finance & Credit Senices (7) 1178327 0.85 1074670 1185992 1187485 1250351 208 187 2561 24447 1703881 FTSE Developed Indices Emerging Plus Korea&Poland 2721 519335 053 320 2960 959049 3157 24 Frestilo 72000 178 Smiths aN 1% FISE Al-Sar nvBaing & Brokeage Ses 2) 1346215 021 1227880 13491.34 1343754 1320798 362 26 968 34873 2222477 Deveoped $363 13324) 004 374 1491 227211 1615 1.48 Advanced Emerging 1232 149679 0.19 1.72 3737 32844 B71 250 a maka FISEAl-Share Closed nd westments (171) 1562417 003 1424971 1561952 1564229 1407294 258 6.15 631 26160 1087661 DeveopedexNorth America 3598 79024 042 450 1684 1591.00 1915 242 Secondary Emerging 3526 1864 042 1:98 785 180191 330 225 Game Works soho an ne ee re FISE Alt Share Life Insaance (5) 85828! 008 782781 57602 845264 2418 464 1B 1723 26367 17KB Augie Noof USS Daily Month YID US$ YID% GrDi Augi4 Noot US$ Daily Month YTD US$ YID% GrOv Gey 185150 187 Standed Chanered 70 1m FISE All-Share Nonlife Insurance (5) 6695.63 036 6106665 672005 668146 517105 401 12 1983 17376 169024 Sector stocks Indices %Chg %Chg %Chg _TotalRet TotalRet Yield Sector stocks Indices %Chg %Chg %Chg _TotalRet TotaiRet Yield Helen 35020 152 —_Standad Life 91400 140 FISEASare Red Esatelw ASes{i0) 193551 -128 176524 196027 192870 AUBD1B 206 20B 7251 208 GZMH Digest information Services Hhold Goods & Home Const 122 54397 012 481 132 93419 271 219° tana 200 043 Stdanes's Place 17300 008 FISE Al Share eal Esate InestnentTas(31] 2087.73 135 190407 211838 211863 192813 503 1.1 1793 7376 38453 Software & Computer Swss 538 357492 066 823 0.43 434863 0.05 056 Tobacco 15 196774 043 338 1085 43487 13.48 441 jin 1@0800 050 eso “ag 29 TSC All-Share Automdbiles & Part: (1) O7Ss3 -143 (79056 000.32 09544 149794000 OM 270 000 10012 Meda 163 «821.44 «098 «86664 -377 118071 -319 096 Healh Care FISE All Share ConsurerSenices 2) 22883 -161 380118 SO01B5 307219 3BORSE 219 177 B75 Technology Health Care 851 117033 076 481 549 181962 6.80 162 _HowlenJoinary FRO) 251 TheSaeGy ite fe FISEAll-Share Hhold Goods & Home Const (8) 70756% -1.56 645319 718763 723608 689871 442 165 1362 13081 741141 Sonamas ler 283 ae oe he zi6 Lee ps a pa ee 18 ‘ea a ae ie Ge Be te oo ted bes retake me a 6035 Tech Hardware & Equip 693 7043. LE 5. 85 45. 1S naceuticals & Biotech A 1780.10 11. 1 4 Hamre re Pessoel Goods 3} SE 51S ACOA 1ST] 229 TELE 1577195 \38QA7G 156955 SPALL 1957289 SS 025 NH SBC 3AZ7 1228 ST BIB] cde povecnnclogy 1231 74 497307 11710 029 075 274 568 2401 1038 652844 11949 2447 1062 055 Medical 032 Equipment& Agriculwral Food Sves 210 169649 & Beverages 034 1033 £58 207843 595 098 mM DAN 033 Ud. Utes 138800 170 FISE All hare Media 10) 1265302 1.81 1153993 1286689 1283858 12026.17 318 178 1767 33324 9951 —Tolecommunicctions Equp 114 «S702 0.80 «454 7088 68927 71.79 076 Food Producora 307 657.16 003 106 436 117810 695 312(mperal Brands = ae 25 FISE All Share Reals (19) 2797 -181 754982 2847.42 285183 268188 261 277 1383 4986 403499 Telecommunicetions 251 5552 089 437 3440 136840 3655 195 Beverages 104 @BISt O31 379 1132 15018 1322 289 nloma eet See Nae arm 18 FISE All Share Travel & Leisure (24) 1022643 0.69 932681 1029756 1000104 969299 187 16 3167 12320 1116514 Telecomms SvcProviders 147 45359 «1.00 414 344 101180 626 353 Energy InterCont' Hotels 1179880 063 Whitbread 3700 1.73 ATSC All-Share Deverages (5) 7071.17 -270 1556942 1754407 1750663 1561032 219 2M 1575 10099 1519904 =e MA 222284 010 657 3024 320491 3127 094 Baty Ba = i on 7a teretd i oo FISE All Share Fod Prades (10) 796255 -163 726209 S0S434 809514 755692 272 204 1802 11521 e4a576 Financ ; : 3 is : : FEAL Te FISEAll-Shate Construction & Materials(16) SUE Ie erat cre ORR. A 16341.0) -1.49 1490348 16587.73 1660882 1490058 269 221 1684 26829 2240056 | ife Insurance 74 BAI 078 750 P= 1137 137787 1400 375 et MilGas&Cnal 30h re 4671777 «112 «877 PEM 39H ST WwI4AG MEPYPIBERAN MSR 318 UK RECENT STOCK ADDITIONS FISE All Share Aerospace & Defence (8) 7736765 0.52 24960.12 2722555 2695494 2101413 103 2 3819 22946 352612 Banks 490 54823 «(036 4456 1752 127550 2047 315 Gas Water&Multivtilities 117 71842 021 256 570 181031 827 353 Close (p)%Ch¢ Close (p)%Chg FISE AllStar Beeworc& Eecics Easp (11) 1774125 O57 1618055 1764137 1796.13 1487105 090 3@2 3694 13224 185852 Mortage RealEstatelmists 9 10217 022 O17 -251 23781 420 1248 Utilities 406 «70641 (O11 273 481 16488 677 291 ADMuicGp 18250 - MendelHelum 50 198 FISE All Shave General industrials 6 60184 007 546899 602281 BOID9$ 577572 239 16 7585 7222 e975 Nonlfe Insurarce 125 108872 038 134 535 196153 820 266 Transportation FISE Al. Share Indust Enger) 1576893 006 1392578 1875983 1534366 1812960 231 161 2892 22531 229171 Inv Banking &BrokerageSws 345 127447 049 331 6.90 204787 821 1.59 Automobiles & Parts 298 105157 1.01 374 -1951 172775 -1262 152 Brawn Solutions 18820 1.91 Meridian Mining 80 022 indus Sapo Ses 5) TTSCAlShwe TOAGLI2. 120 964260 TOSIO04 1040406 1051210272 14 OI? 19138 TIEN RonsetonFrvssig Sts SMA O01 SO 019 ISHN 043 O82 Inst! Transporation © 386 SBS. ONG 213 1641 Z5N1.89 1873. 219 Casa AGO 2000 —.-Pathos Comms aC FISEAL Swe hduswal ansponsion(7] —GBBI.I8 053 627585 GADL.IG G9IS94 $8934 39) 179 1428 15334 7B eal Estate 649 96372 0.08 1.15 561 117529 805 365 Aerospace & Defense 102 26131 129 970 1500 499277 1577 101 — Ponish Metal DAY a) hah = FISE AllStar Precious Meals & Mining (4) 322056 273 2937250 3150283141187 3266913 252 28 1290 63365 2539012 RealEstateIv& Sves 329-3524 030 241 895 724.16 520 2.63 Industrial Engineering 330 261799 001 096 2385 38301 2496 132 DachCap 4960-049 Rift Helm 15 (10 FISE All Share Chemical (7) 85490) -155 779594 968341 870805 7671.18 391 O79 3229 21569 977352 RealEstate imestment Tits 320 57437 021 075 1030 157304 1301 397 IndustnalMatenals % ZU Ub BH/ 4SY SMB BSS LIZ ; Lesiesbomgreneersdi ' aplilaatanert sac dnt ang Coa met Cone sane 35H 024 367 O17 “ 11 32974 038 033 ial Sup Sect ices 2s 00s an iMi 8a ‘onsi 8 2 ee ti iz oes to - opener peal ion a wen ‘eae iam “ a me aaa Consume: Discetionay 1813 124780 005 322-121 179498 O45 117. indutial 2062 164541 030 533 1479 262778 1595 137 —— ae Saas real ae fe beesicy 9 Consumer Services 73 1389 0.11 044 430 189452 376 083 General Industrials 4 100778 035 774 221 18556 2453 149 HdoMineals bad Sunbelt Rentals Ubzo) kd FISE All Share Financials ex In Co 63) 2192) 009 2082271949 71887 19033355 28 1180 653 77951 Consumer Stages 622 100205 024 182 577 179295 795 302 Resources & Materials Foe Francia 15 —Tapi aings un TSE AltShave Gas Weter & Mutistiies(6) 9669.85 060 001902 972785 976700 925092 297 144 1747 26072 1710699 Retalers 267 202218 070 4568 672 278157 727 078 Basic Mactals 998 105777 022 685 1538 196262 1694 197 FISE Al-Sie ndustial Metals & Mining (11) 10021.17 1.19 $1361 990303 1009438 800983 251 211 1889 22458 181468) PersCareDrug&GrocenSus 195 56553 023 O54 158 94701 349 254 Chemicals 434 108636 068 031 1745 198814 1923 206 ‘Mayflower Aquisition 6822-000 The Smater Web Co an 0 FISEAI-SarePes Cae Dog& Grcey Srs(I") 458532 -192 418195 467487 470689 491273 258 14 1995 12762 708761 Personal Goods 141 82427 023 085 1062 127640 -950 201 Construction &Materials 461 149409 040 043 569 247938 694 157 NON FINALS 298 62987 043 574463 632586 634699 SSRI 295 181 1773 13605 1292275 Leisure Goods 18067089 240 11.60 240 95929 444 1.37 Waste & Disposal Services © 4042129017 1.85 296 M429 «3.16128 Travel & Leisure 296 123180 003 520 1.86 181467 284 1.53 PreciousMetals & Mining 95 147551 1.80 231 384 2611.10 481 146

Company Name Event : Efective Company Tumover(f) Pre -tax(é) EPSip) DIMip) Pay Day xD Petra Uamonds Lid Hights Issue: 1U for 1/ at 16.bp p.s., payable in tull by Nov. Z1 (xr U/.11.2). Wi11-2uz> Aviva” Int 13:5bn (11.06n) 905.0n (1.3bn) 12.200 (21.700) 14,000 13.100) Det 15 Sep03 Costain Group" Int 543.1m (524m) 192m (182m) 5.700 (5.400) 2.000 (1.000) Oct23 Sep 17 CT Healthcare Trust re) 263k (546K) 0.500 (0.120) 2.568 (2.700) Sop 18 ug27 Entain® Int 25bn (230) 46.4m (-66.3m) 1600 (-15.400) 10.306 (9.800) Sep 28 ‘hug20 Femi$ Int-() -2145m (6.4m) -34.000 (-2.000) ra (n/a) zs x Data provided by ICE. www.ice.com MT Wireless Edge $ ‘nt 26.7m (24.1m) 2.5m (2.3m) 2.880 (2.500) Wa (na) - : The prices listed are indicative and believed accurate at the time of publication. No offer is madeby ICE or the FT. The FT does not warrant nor guarantee that the Optima Health Fin 120.6m (105.0m) 2.5m (2.6m) 2.000 (3.000) Wa(n/a) & : irformation is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information. Pershing Square Holdings $ Int-() -1.9bn(190.1m) ~11.000 (10.600) 18.370 (16.460) Mar 20 feb 12 1ce For further information contact newspapers@ice.c Savills Int 1.2bn (1.:1ba) 7.0m (15.8m) 3.300 (6.800) 7.806 (7.400) Sep 25 ‘ug 27 3 Thungela Resnurces ZAR Int 15:2bn (14800) 2.3bn (384.0) 1035.200 (193.000) 550,000 8.4005) Oct 05 Sep17 16 * CIAL TIMES Tuesday 18 August 2026

                                                                                                                                                                                                                                                                                                                   MARKET                                           DATA

     FT                                                                                                                  LD’S                           LARGEST COMPANIES
                                                                                                                                                                                              52Week                                                                                                                                                                                                                §2Week                                                                                                                      52Week                                                                                                           ‘52Week
Stock                                                                                                                MV (bl         Stock                              Price       Oho        High        low       Yd     PE       M/bb                                                                                                                Stock                         Pice +/Chg                    High          low         Yd           PE    MV                                                    Price +/Chg              High          low       Yid    PE    MV)              Stok                          Price +/Chg                 High           low      Yd        P/E      MVb)

‘Australia (AUD) Finland (EUR) GSK 1652 O34 2282 1289378 1312 7490 7598 025 10461 6972 559 3076 3233 ONEOK 9499 235 9607 66.02 451 1635 5988 ANZ Group Holdings 3389 085 41.00 202 559 1997 117.29 Nordea Bank Abp 1743 006 1777 1234000 1254 31 Halesn 450 005 416 274208 1883 3081 $0.16 002 5360 3180 112 2916 9292 Once 19052 570 34572 11450 133 2534 43357 BHP Group 61.35 -210 6598 330 319 3451 311.74 France (EUR) ‘HSBC Holdings 1831 003 1610 928 361 1715 2629 6312 035 737.76 38952 139 3213 86.90 ORetlyAtomotive 91.05 -153 10872 6259 000 2881 7366 Commonwesthack 167.17 183 18559 14598 302 2562 27975 eLimite 16828 088 18980 18435 200 2224 1038 Uys Barking 115 001 118 077 350 1639 6687 97.16 217 11068 6624 274 2543 124.26 Otis Wotdwide 7263 040 9456 6916 242 2063 2785 ( 19650 -102 77345 90.00 312 2202 6537 ties 21540 250 22130 15742 149 40.19 17066 London Stack 8478 058 10140 6584 186 3556 4127 2H -14h 24280 16093 079 3596 14232 PRG 14455 0.29 167.25 13762 201 21.41 33600 NemareGom 26190 1.82 16790 16731 307 2675 10047 1505 041 4588 3655 5.15 1255 9479 Saitomo Misi Fnancal Natoral 1189 004 1429 1000 408 1816 597 60885 253 674.19 43200 106 3442 16435 PACCAR 19073 007 13924 9225 1.07 2748 6884 National AvstraiaBant «= 41.37 004 4945 348 411 1872 12897 030 11382 6512 460 1171 1519 [aedaPamaential 1100 Natlest Group 709 001 72% «500 494 1325 56.45 49081 -370 51400 11022 051 3865 15954 PalantiTechnoiogesA 17404 -497 20752 10637 0.00 13704 40042 ‘ 8870 022 9517 780 240 3438 10070 020 10075 6588 274 1253 4154 000 Mame Huidngs Rect Henckser Group = SU25 UBS ZH HHA 43] WIS SMI W24) 296 2145) 13430 217 SAS) 560 BAZ) -N73 39888 W957 WW 32292 NG 637 03 4332 BA 435 1761 120% 010 2040 1529 000 927 e112 Tovobecrm RELX 270 056 36:34 1991 279 2194 4321 Digital Realty T 200.15 257 208.14 14623 244 9309 7406 Parker-Harnifin 1055.85 -302 109994 71537 076 3842 13313 Belgium (FUR) 074 ent4 6054 235 2595 695 TowtaNotr 7126 O67 91.17 4437 481 1574 89.44 Domini Energy 6877 023 7299 5585 388 2371 6048 12202 338 141.19 8545 390 2490 43.40 Arheuser-Busch lr 6862 -102 7618 4887 1.17 2589 12332 076 W396 1582 125 2409 agg Kuwait (KWD) a 1664 023 1586 990.070 2253 13021 DooDahA 2172 076 28550 14330 000 11187 8876 6166 107 7922 3846 091 1157 5275 Brazil (BRL) O41 2989 1720 401 1692 639 KuaitFinncetse 0.78 08 077 209 B30 1534 Sha 3630 O10 3759 2554 454 1489 18487 —DRHormn VB -1.07 18454 131.75 121 1415 41.62 14079 0.17 17148 13373 420 1843 192.16 iu Unbarcotokig §— «41.89 050 4780 210 000 000 73533 120 32380 16080 246 3126 74g Mexico (MXN) Univer 4512 O71 5542 3644 366 1219 9721 Dtetnegy 12392 057 13449 11389 350 1866 9662 7879 001 2875 7358 642 3479 15269 tau Unibarco Holding Pid 39.00 069 4967 89 000 000 710% esintenational §— 1576.00 350 230000 146550 1.14 26.88 16538 Anerica Movilf 2001 014 2449 17.48 270 000 124432 United Kingdom (USD) Ean Gop 451.51 -182 478.00 31192 097 4584 17537 ris it) 19039 1.48 20776 14211 308 2735 29674 Percien Basico 4683 0.10 S618 095 000 4150 34852 {Ores 37950 380 40835 33885 190 208 2714 WiMatde (742 030 6387 4661 245 000 82730 prmdings zak 079 45270 10002 0.00 32875 zara Falah MBN O15 30827 24315 106 3681 77.40 2061 1.00 23289 11980 217 132 92 Basler 4209 0.19 5069 2831 000 000 229.24 WME MoetHemessy 458.40 1.60 65170 44000 284 2097 7573 Netherlands (EUR) United States (USD) EdwartLiescieneesCop 91.6) 096 9629 7230 000 5420 5280 Serices6p 25697 1.77 25813 17688 311 1413 10252 Vale 7130 060 9162 286 000 9034 30344 Sakan 36050 250 36850 26280 093 4743 IDD81 Aden 106160 240 160080 7240 000 830 3354 165 190 139 1 BN 9D 4002 210 43626 27484 172 1766 8682 70980 073 25493 18920 019 1049 121.86 Canada (CAD) Sanoh M52 O91 9115 25 546 964 S121 ASML Holding TV9.60 -29B0 1741.00 61180 049 934 61312 11125 002 13749 8197 227 3589 19251 1180.16 -28.84 1249.45 656.10 059 3954 1110.95 141.03 -0.18 15335 10407 303 3120 13371 je Mines © 258.85 7.33 B94 18026 097 2209 131.89 SdredeHatie 306.40 285 31230 20880 137 3567 17728 Heneken 7352 038 8044 639) 261 1578 4157 2846 136 26747 19075 277 7047 4408 163.17 -1.04 166.35 12264 126 3555 91.02 12513 0.38 127.72 $189 448 1128 4317 CoucheTod 91.96 069 9515 6890 094 2160 Baas 757 O37 AA 4974 4A? 11M 17M INiGmep AG «007 «311-71: 3HA TSA AAT ASR AS cea ceancin ety Coe 14261 1.20 15187 10159 286 1103 7480 3593 -279 39555 2654 368 3098 6078 25188 126 $821 15558 265 3002 18211 12085 1.10 14315 11240 418 1397 7094 PaswN 740 070 6894 3617075 707 8126 76402 £47 37086 19012 000 1510 10896 190210 28.32 112868 72082 187 7074 10875 16579 1.00 25992 12199 222 1878 174.12 12698 070 12687 7277 359 2613 15651 TeMayuminCean(o 1701 033 1734 1102 000 44 1042 2145 038 13022 10466 201 1305 60.86 458 026 5085 4258 366 1680 4734 @274 071 6794 $586 518 4580 5937 15755 -1.70 19640 12995 1.78 21.12 236 UmeralMuscbopNY 1495 029 2546 141) 348 HG 2/88 = pirPoduets&Chemicals 160.10 1.49 161.67 136.01 257 2060 658.32 80048 -249 (821.11 541.00 047 1919 81.2 6086 -195 10259 §204 064 11483 13593 30697 345 31487 229.11 234 3256 6880 44270 490 44390 33890 386 1547 16241 Norway (NOK) S12 032 6291 3897 204 4324 5855 2471 -051 23862 19641 125 3041 6575 mt 7535 -243 8651 $809 370 4306 12035 Airbrt A 18406 -1.07 187.12 11081 000 4908 772% rk 171.76 130 171.64 10043 249 2793 159.15 115 098 5605 4108 440 7210 GAS Fyne EAN AM 477% PAAN 377 IAAT 977% —Abphadet A 34690 0.46 40861 19659 025 17.16 2020.74 BAG 471 41387 22131 146 1772 79.17 S656 -381 15386 6352 000 4137 755 2464 145 2462 47.38 BB 028 14200 3388 000 27.11 2561 Canadian National Raiimay 175.87 -191 185.25 126.11 208 3096 10628 5940 O84 9792 5640 741 500 658 Republic of Korea (KRW) Alphabet C $54 0.40 40447 197.45 0.26 17.04 1898.75 se = Cmadanlewrd «B41 006-7099 02 376 1620 13690 BR 0M YB BRIN 0S BR Sotton Tet) rr Niro 6670 062 7706 5470 G45 1372 10970 Lagi sr Meenas Spal Ga) ee Sat ee ee a ee CaradanFacicKanss 12978 -101 13189 9550 076 4120 11409 720 1.10 271.10 20010 154 41.41 sat 1emL0 1 Arann an 76265 248 78720 19600 000 03 exo; ee ee ZEB OE eae es Se Constaltin Softwae 3088.46 -7351 482498 219500 0.18108022 6547 B67 02% NS BSI 349 U5 1BO4 et) et AN 5439 31:38 58473 149.22 000 12957 arg; Fiterbetamet — IOLAT 309 30841 8871 O00 42254 1760 bell ee eA ALE) ibd bets 7s 9% AMAR 6747 549 3BGT 15477 5526 022 5830 3699 344 1788 55 08% W560 072 14N5A ins™m 3M 15R pAae “HOoethe Weng £43 17208 7356 000 6131 117.40 ms 24 27688 W061 131 3878 30051 Menus Francal 6173 050 6258 4122 314 2303 10243 6173 077 9883 3032 057 80.17 GI 0m sm) 41) ae ti 2y nin URA AN Oe Si ee Be side! 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 INTEREST RATES: OFFICIAL                                                                                                                                                                       COMMODITIES                                                                                                                                               VOLATILITY                      INDICES                                                                                                                                                       GILTS:        UK FTSE ACTUARIES                                     INDICES
Date                               Rate                                                                 Current                                Since                                Lost       Energy                                 Price                   Change              Agricultaro                         Price                 Change                                                                  Aug17              —— Day Chg                              Prev            S2wkhigh               — S2wklow                 pi           sivas                                                       Days               Tots!             Month                     Year

is ra Funds 3 Fs i ae 350. : E Metta #313 | 464.00 500 VIX 1505 080 14.25 35.30 13.39 Fixed Coupon Aug? chg% Return Return —-Retun Yield rime 3.75 . 29-04-2006 3.75 Natural Gas 269. 0.05 | Wheat 203.00 200 VXD ypax 13.13 15738 0.31 039 12.82 15.39 4271 3558 2.43 Up to5 1353? i bog Years 86.09 0.05 2656.46 0.25 1.133 4.42 us Discount Euro Repo 1.925 01-09-2025 2.40 Light Crude Oil 8277 037 | Rapeseed 547.75 235 = aees W437 019 3388470120 O87 489 UK Rope 3.75 30 04 2026 3.75 35 Fuel Oa 1034 731 Sudinee Sead 10350.00 80.00 B iS: BENCHMARK GOVERNMENT 10 15 Yoars 142.48 0.32 3726.91 0.64 202 6.35 Japan O’night Call 0.75 22-01-2026 0.50 eC Red Bid Bid Daily = Wkly Mnthly Year 5-15 Years 142.17 023 3486.98 034 1.03 5.08 Switzerland Libor Target 0.25 21-03-2005 050 EuroNaphthaQil 741.72 1437 | Soybeans 1195.25 1750 Date Coupon Price Yield _yieldchg yield chg yield chg vield cha G15 Voare wn 6 Ge Ae =n en : Base Metals Soybeans Meal 313.50 3.20 Australia 06/54 475 88.56 5.553 0.03 0.03 = 0.08 = 0.32 Alt stocks 125.56 023 3132.91 0.43 “1.40 5.33 INTEREST RATES: MARKET ie ES 700 | Cocoa (ICE Liffe) 4124.00 4.00 04/27 475 10010 4.59 0.01 0.00 005 121 Over Change One Thee Six One - Austria 0733288 = 9821321 = 000005008033 . Aug 17 night Day Weet Month Month — Morth —Year—Copper 1415350 050 | Cocoa lICEUS) 6028.00 260 1053 «313 =S 86.30 «388-2? | Days Month Years Total Rew — Return Aug 17 night Day Weet Month Month — Morth —Year_—Copper 1415350 050: SOFR 38m 000 nan0 eal a7)? gy 10080 g50 | Cocoa lICEUS) 6028.00 260 1053 «313 =S 86.30 «388-2?: Coffee (Robusta) 2554.00 -5RON — Belgium 06/54 «3.25 79.82 460 0.01 009 013 0.92 Index Linked Auj17___chg% _chg% chg% _Retum 1Month 1 Year > . Coffee (Ambica) ish ios Catada 06/27 00 ©9881 «= 282 = 000 © 0.00) 003-018 Up toS Years 36301 009 053 219 316749 055 300 EURIBCR : : ~ 2214 2508 2871-2889 Nickel 16820.00 B00) | eee : 1785 «275 «= 76.73. «393 «= 000) 003) 0130.15 Over 5 Years 46566 030 031 -263 364458 030 220 EURIBCR : : ~ 2214 2508 2871-2889 Nickel 16820.00 B00): ESI zie UU v.04 2203.0 «23724872584 Tin 55750.00 444.90 | eee : 1785 «275 «= 76.73. «393 «= 000) 003) 0130.15 Over 5 Years 46566 030 031 -263 364458 030 220: White Sugar sna 6.70 Denmark 1783-225 95.92 2.78 0.00 «0.00 0.03 0.20 5-15 Years 45763 005 0.17 1.05 383733 018 1.60 EURIBCR : : ~ 2214 2508 2871-2889 Nickel 16820.00 B00): en Sees ers cans unas cones cone ans tie 3763.00 1250 | eee : 1785 «275 «= 76.73. «393 «= 000) 003) 0130.15 Over 5 Years 46566 030 031 -263 364458 030 220: Sugar#11 16.92 O32fn and 179 Mo = 450-'113.99- io) Oa 3.19002 00400806 steep Om : 46166 056 083 616 348159 -082 5.84 a ; Cotton B45 uss cans. (300 caie a8 or okay A sachs 46395 021 010 -166 370788 009 = -1.18 SONIA 370 0.000 0.00' 3.736 3.791 3.908 41 Precious Metals

Ratesarc fixedat 11am UK time.                                                                                                                                                                 Gold                                4423.87                       36.05            Orangeshice                       wan                       Stepimemos                                                                                              3)?
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                                                                                                                                                                                               a                                     ae                               on          Maple Leat                      4400.54                    80.33 Germany 0a/33 = 2.60 97.19
 BONDS: TEN YEAR GOVT                                                          SPREA                                                                                                             sings                                 :                                          Live Cattle                      204.48                      085                                 08/53                   75                6731                     3.75                    003                «008                013               026          YieldIndices                          Aug 17                                             Aug 14                                                      Yr Ago
                                                                                                                                                                                              Platinum                             1784.80                      42.40                        #                                                           Greece                    06/28                 3.88               101.67                    292                     0.02               0.02                0.00              048          5 Yrs                                          4.60                                             45/7                                                   426
                          Bid                 Spread                           Spread                                           Bid                  Spread                  Spread                                                ao                           we        Feeder Caitio                            13.8                       1a                                    06/33 «425  *103.63                                               «364 038-74 04038 QV                                                                                                                         510                                              5.07                                                   459
                       Yield                  vsBund                          vs Bond                                         Yield                 vsBund                  vs Bond                                                   >                                   lean Hogs                                 82.08                     023        Ireland                    1092035      81.86 =                                              363001003   O71 108 ey,                                                                                                                      a                                                ae                                                     Ae

Austria 3.35 013 135 Italy 387 065 083 ‘kon Ore 95.05 05 | palm Oil Malaysian) 1164.50 259 ‘tal 12] 2639375 2880000000021 ae Be eo ee aii eye a rer {hy pape 034 = 41310817, «37502040050 — sel sn en _ uy Netherlands 01/54 +200 70.10 © 3.75 001 = 007,012.19 45 Yrs 560 557 an Belgium 3.66 0.44 1.04 Netherlands 3.24 0.02 “148 Baltic Dry 2873.00 $599. | Sarees Ents: WYN Base Mia IN Lemon 073250 9616S 312—Ssio2SsisCisi 8 Brazil 14.84 11.62 10.14 Poland = 5.79 257 108g ichards ICF Futures = 119.45 1m eplnaencaieeesepa Lve Cattle, Live Feeder, Laan Hogs: CME. Poland 0478275 95? 427 003 «011025043 China 170 452 300 Portugal «3.5 023 425 1003-600 102.37 55} 00k 12 0316S Denmak 3.01 021 1.69 Spain 35 0.34 “1.14 Portugal Onfe 63aa 91.93 315 0010.03 0.05 0.38 07% Real Yield 0% Inflation Au3 17 Dur Yrs Previous YrAgo Spain 10/57 A? BR 4m on ona 011 France 3.95 073 275 Sweden 29 0.30 Sem BONDS: GLOBAL INVESTMENT GRADE 10/3 350 101.14 338 001 0.04 006 031 UptoS Years 0.76 274 073 0.73 Germany 3.22 0.00 148 UK 5.65 1.83 035 RedDate Coupon BidPrice Bid Yield Daily Weetly Sweden 1381.75 9630 250 000 0.00 000 014 Over5 Years 230 16.33 228 1.90 ireland 323 001 1.47 us 470 1.48 0.00 uss Switzerlend 03/36 2.50 119.71 0.32 0.00 0.02 022 -049 5-15 Years 1.93 958 1.92 161

                                                                                                                                                                                              Morgan Stanley                               3001   4.00                             38.98               45?                0.06                  06       United Kingsom see        :=                        ;a                    ;=    x9      -i                                                                                                 Over 15 Years                                   246                            2307                                  243                               201
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                                              tion. No offer is made by ICE or the FT. TheFT does not warrant                                                        nor guarantee            Washington Gaslight Co                       36/03  5.78                             97.97               5.02                0.00                 0.90
                             that the information is reliable or complete. The FT does not accept respon- NorthemSee                                                                                                                       Rai}                                   BS                   =                   cia                  yegm       GILTS: UK CASH MARKET
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Tuesday 18 August 2026 FINANCIAL TIMES 7

                                                                                                                                                                                                             FINANCIAL                                             TIMES                              SHARE                     SERVICE


                                                                      52 Week                                                     Vo                                                                                            52 Week                                               Vol                                                                      52 Week                                                ol                                                                             52 Week
                            Price        _+/: Dly Chg           High         Low             Yd                                 000s                                             Price   _+/- Diy                Chg         High        Low           Yid          PIE             000s                                      Price _+/- Dly Che            High      Low            vid             PE           000s                                         Price      Oty Chy                High       Low           Yid

JAerospace Defence & Food & Beverages 113.80 792 33599 —_Inchcapae 816.00 e500 6405) 412 11.28 517.40 BAE Systemsm 2236.00 2360.00 1529.00 1.69 3250 8252.19 _AEPPlantations 180.00 79.00 11150 338 1054 237.37 JD Sports 90.02 106.18 = 63.98 133 19.43 18608.40 Chemring Groups 618.50 650.75 446.52 131 3475 58847 Assoc. BritFoods 2003.00 2369.00 1729.45 315 1415 80257 Autotrader Grp 525.80 831.20 416 80 221 1839 7253.60 Kingfisher 322.00 a 30 as Kl} 385 23 vas sis 58

Puomobiles ears sso 7632 580) 315. 140513828 rs ; fata a0 rom 7800 24 , 7 tagnny (Matte Saga Spemcer 381.5 675.00 repel 747.00 Lol 184.00oA dN- baie779.49 Ford Motorse 1044.46 131904 841.76 «424 «595 5 Bau coca: its 450800 SEN5195.00 EE 3270.00 226 SO 2050 any Pearsons 38659 ue 1197.00 - cS 133700 TEE 7480 RS «214 «2329 185606 re Fan 332.60 oa #30 re, 29227 PEP 412«19.23-«B43Z.BY oe es a Cranswicke 5220.00 5810.00 477500 216 1764 10483 Reache 42.10 7540 40.10 1401-100 25787 re ANZ Group 1987.83 21%550 155073 574 1946 567394 Diageom 1703.50 2142.00 129550 217 2956 6381.00 Relxme 2470.00 3634.00 1991.00 279 2194 338258 Banco Santander ‘1086.00 112.00 689.00 153 1396 $7059 Greencore 258.00 30750 191.10 1.00 1962 107645 Rightmove 504.20 79260 391.40 293 1794 1442492 Buna 2752.00 2686.00 1981.00 269 1952 1227.72 Bankof Nove Scotia 6777.17 2453 6791.54 417864 358 531.78 Kerry Group 711354 = 36.01 «7646.35 5567.81 1.73 2079 2992 SsTVGroup 103.00 - 130.00 95.60 - -10.00 5.19 Capita 291.50 18.5L 416.00 215.0 02 992.36 Barclaysme 515.40 564.10 35285 223 1177 3739905 Tate&Lyle 553.50 500.00 31940 388 2516 331957 WpP 385.10 41260 218.50 166 354539 DCC Energy 6360.00 - 6740.00 4188.00 3.41 230.90 Canadian Imperial 9167.49 35) 9198.88 5380.23 2.48 ~— 311.82 Unileverme 4512.50 5542.11 3644.00 3.66 1219 2103.92 SS Ee Ce Diploma 7385.00 7765.00 4970.00 O86 53.34 212.34 HSBCe. 1531.00 POM MLM Health CareEquip&Sevices = Essentra 106.60 0.40 11520 7840 «(197 - 299.84 LionFinance Gp 1320.00 1362000 390500 240 937 987.85 Anglo American 3923.00 78.00 4239.00 0.73 -16.09 1013.04 — Experians 7799 00 3ca7N0 «97081 RH RMR «HAT IB Lloyds BnkgGpms 114.70 11790 7738 350 1639 76157.16 SN StoreNod 113'.96 1461.23 984.75 - 1458 293.40 Antofagasta 3615.00 31.00 4475.00 159° 36.35 107253 ays 20 © 0.le 7050 2868 O64 -141.22 2588.92 NatWest Groups 708.00 1.20 72.00 500.20 454 1325 9335.68 Smith&Neph 1088.00 1441.50 1050.00 269 2045 211989 BHPGroup 3243.00 37.00 3495.00 37 472 1110.70 Howden Joinery 798.00 $81.00 713.00 276 1822 1285.70 OSB Groupe 50500 O50 64750 47900 7.11 668 199199 Nate) [OMeC MON FerrexpoF 23.58 ~ 87.23 - 455 — Intertek 5855.00 1500 5855.00 351942 282 2585 286.02 Perm TSB Group 250.51 29166 18329 063 645 1089 BanattRedrow 322.20 41029 235.40 521 2369 576481 ‘Fresnilloe 2 382 21.14 478.28 Johnson Service 144.10 172.10 12380 333 «15.49 (776.34 Royal Bank of Ae 1605210 61.25 1618703 1004950 233 $23.72 Bellway 2148.00 280.00 171500 335 1617 29932 —Glencores SSM A Se = ATE Grote 208.00 71400 13480 © 216 31.52 7267.33 Stand Charte 2235.00 16.00 2278.00 ‘128500 229 1550 3751.78 Berksley 3558.00 4442.00 2796.00 — 1073 469.04 Harmony 1485.10 46.09 1983.66 946.96 210 1408 1440.71 is Group 728.50 75250 53690 314 2105 51090 1.375%Pt 12/5 as 12884 10950 «654 - — Burberry Group 1050.00 1376.50 976.00 - = i575 ee atons BA ES 470.00 62000 42000 840 -3406 27.76 8.25%PF 130.25 180 12500 633 Caim Homes 222.00 100 278.00 161.00 385 1219 111.89 = Toronto-Dominion 922655 47.36 © 9286588 5376.30 2.50 55221 Games Workshop 18720.00 23640.00 1407000 307 S000 5203 BPae 513.60 603.40 7 - 321538 Computacenter 5000.00 Samoa ia salsa GPTSs Westpack 1840.37 2275.39 1781.11 439 1746 373.07 — Gleeson (MJ) 276.00 100 435.00 221.00 «389 1018 16921 Capricom 343.00 384.00 - 1660 7181 Nice Group rad Be ee ee CE 'codam Group 8.90 79.00 4.64 Q.09 2385.61 ExxonMobil Hid; 11887.50 11896.70 2.56 The Sage Grp 1047.50 1181.00 771.6 214 27.76 195659 . a , cane McBride 167.00 170.00 106.20 1.86 826 ©7867 GeoPark 703.93 70688 69581 086 1163 410.00 - 43000 2360 1 0 ete em ap Be a) Yak le ‘a 05 Philips 1992.13 2413.42 1790.38 3.65 -ABGO 1227.97 —Hollaniq Energy 1203.14 — 1260.26 123889 4.11 «602 323.84 Seennene eeeeeerenc o a ee “ere ‘= ; 400 = 2 AAos 2s eae ae PZ Cussons 10'.80 114.00 65.09 -363«-21.85 835.82 — Imperial Oil CS 992557 81.05 1039716 611404 1.87 - 13628 ation Sei ENA AS RCE ong CUCU 7" 773 80 m6 40 770.00 — R49 1ARRTA_—_TE Frergy Cam 465 89 —_a7s93 aes amn 7679 4argy ERE sees Sea! Tea Ga Gai eos Jindustrial Engineering Neo ny Tear Telecom Plise 90600 S100 181600 638.00 «552 «895 781.86 poe ay ee ee Beta AS IE Ba 912.00 905.00 585.00 285 2942 30842 AstraZenecame © 1156).00 100.00 1573200 9892 2.07 74 2231.37 Vodafone 119.65 131.10 634) 331-8481 127109.90 Morgan a Sindall : 4516.00 5790.00 391500 361 1214 5987 Goodwin 1962000 40.00 2850.00 929259 143 5997 8.36 Chemical Works : 3077.98 yosa37 30s2% 502 1865 «033 fTovacco discoverlE Gp= = gi000 100 940.00 50500 160 2682 98665 Hill & Smith IM. 3040.00 3084.00 110.00 1200 3220.00 3166.00 1994.00 221600 1.14 2960 2481 26492 330.04 GlaraSmKliname = 1AS1S0. —‘Hikma Pharme 1633.00 340778700 1865.00 ARGH 1187.00 BTR 387 1517 1220 A9AS 66832 Bet amer Tobaccom 4141.00 inperial Brands 2568.00 5326.00 scape 36/7. ele = 582 Boe esBUS T.SZ eae Halma 9707 0 ison 6agmnn 319400 NA? «a758 «6839.95 «= Meelrosee 493.30 685.00 40990 1.52 1701 3188.25 TaelGlise stsi—‘sSCidz Morgan Adv Mat 287.50 261.00 17980 493 3300 71514 RHI 2315.00 3390.00 1920.00 528 1873 832 SS Oxford Instrumentse 2950.00 34.00 3318.00 168200 080 3487 7633 Weir 2672.00 10.00 3560.00 2254.00 1.68 2792 394.05 British Land 431.20 451.60 5.36 easy 61200 100 68380 3326) 196 1021 361832 Renishaw 590000 12500 549000 293000 1.47 4601 «47.92 pT [CLR Denvent Lordon 2053.00 2196.00 3.98 FesGrop ee EMI URS CE A ectronics 7 4 z 170 P a = ‘ortiand Est a 7 Fullers ‘A’ 746.00 77600 54400 284 1302 1972 Voesuones he x 104.00 ae x on x y & io ” : Casco S 0 eee ha) a0 Ms ta Seana s a st . a . : . IntContl Hotels 1798.60 «74.08 05.06 861800 1.19 32.57 206.43 Macfarlane 72.00 9.00 5980 508 1805 15838 onsonMetric Prop 191.10 ae a - ~ inti Cons Air 96.50 290 3327 185718 526907 Financtt Genera) mmm: [industrial Transportation Trayeestrop: S25 10960740 i3 2 = ee wie on a AE) ee ee 3iGroup= 2788.00 3.00 4497.00 182500 303 - : Segre heal vt se Aberdeen Groupe — 244.60 26.00 17752 597 1132 2166.15 Braemare 220.00 = 260.00 203.11 3.18 3039 = 23.66 —Sha'tosbury Capital 143.40 185.10 124.10 2807.94 8265.36 = Drax Group 723.00 3.00 $3750 61390 419 3493 47831 Bridcepoint Group 328.20 36340 21200 289 6564 1668 Fisher (J) 465.00 200 584.00 320.00 - 6345 11.66 _Tritax Big Box 157.80 175.00 132.20 5.23 National Gridm 1189.50 142850 100000 408 18.16 $084.11 City of Lund inv 484.00 aoo 343.00 ez 166 67.45 EE Paes Este nw RSorvices 453.60 06.00 490.4) 646-2398 (1144.65 Close Bros 43160 360 585.15 318.40 - 645 251.03 Admiral Group 3878.00 4006.00 2624.00 3.70 1574 30052 Grainger 174.20 205.00 482 636 179009 Severn Trent 3040.00 SSN 0 yl Oe eto icc 2014.00 2390.00 142487 432 1207 534.02 Aviva 730.00 240 79620 59060 581 2714 852335 Hanworth Group 173.60 — 184.00 039 cig3 59.19 SSE 2400.00 276750 1597.00 286 22.75 1981.40 Investec 663.50 690.00 499.36 580 861 160032 Chesnara 332.00 362.00 26458 678 -6574 18302 Helical 205.00 236.25 128 4244 «= 144.03 Jupitere 162.40 060 21450 11340 367 851 745.99 Ecclesiastical Insurance 143.25 — 185.00 13500 6.02 — 22864 Mountview Estatese 8802.00 1020.00 597 1686 0.04 Liontust 310.00 36.00 223.00 613 2013 139.12 Hansard Global 54.00 1.00 §7.00 4320 824 4154 1.46 Savills 1062.00 1142.00 27 2042 409.50 London Stock Exm> 8476.00 10140.00 3684.00 1.85 3556 891.81 Hiscoxe 180400 9.00 1904.00 1257.18 216 1353 768.71 Sirius Real Estate pee EES Ss SS Aes o Rathbones Group 1692.00 2500.00 1580.00 591 1568 3345 Lancashire Hidgse 598.50 1.50 700.00 549.00 281 670 26307 Smart (J) 11250 = 140.00 289 «661 S&U 1986.00 — 2458.50 162000 579 1017 694 Legal&General 302.00 318.10 217.20 7.2 3023 2497505 Schroderse Se.SU UU SU SB 371711 231064 Old Mutual 5960 © 0.20 7880 5220 6&1 663 304.74 St James's Places 1175.00 157550 103875 1.53 1180 1047.72 Prudential 1034.00 900 12800 91020 190 909 4117.28 Caffns 400.00 - 580.00 350.00 250 -£83 TP ICAP Group 330.00 3.00 36.00 235.5 S21 1310 1673.06 Standard Life 914.00 948.50 615.00 6.06 -19406 131099 — Durrelin Group 863.50 1248.00 707.00 806 1125 243.61 Vanquis Banking Gp 78.10 13200 = 77.10 un 33993 En «Halfords Sroupe 31.00 250.00 12380 390 1620 1107.89

                            frice        _+/-Dly Chg            High‘52 WeekLow                  Yd       FE                     wsVol                                           frice +i Oly chg                            High‘52 WeekLow           via                          owsVol                                    price _+i- DiyGn              HighSheen                                              lev
                                                                                                                                                                                                                                                                                                                                                                                                                                                               Price _4¥-Diy tn                 High‘52 WeekLow           “dP                               owsVol

Aerospace Defence & 676.00 - 7000 61300 527 510 1057 en Christie 18250 - 18500 9000 230 002 ©1036 Cohort 1382.00 159300 881.10 1.30 2646 124.80 Burford Capital 308.80 1064.00 27980 305 1448 32376 Mission Group 200 100 2700 ©1200 103 931.01 —_LonSec 3650.00 — 3800.00 210000 286 1881 0.00 Velocity Composites 1550 - w00 1200 — 775 7527 Premier Miten Group 38.50 = €8.00 3453 7.79 4936 271.96 to NWF 180.50 - 18750 11000 578 809 80.58 hh ol . : ies ; Ee coe ee ee ee Cropper J 445.00 = 460.00 230.00 - 1445 1477 Camallia 5800.00 = 25.00 6300.00 4800.00 4.48 = 31.07 043° Crism Theapautice 10.75 8.50 8.00 - 211 847.84 aT LE Fevertrce Drinks 843.00 973.00 711.00 205 4489 23600 fh ROWaTs Nicholse 1090.00 1275.00 880.00 3.57 1858 31.79 Oxford Metrics 60.40 37. 7273 1444.54

Elecvonic eee & Eecical House, . ~ ~ Goods Leisure & Pers Churchill 400.00 5.00 40.00 271.00 5.2 10.08 22.07 PhamecesiclsS lk Bitech oe dae Feet Gaming Realms 20 52.00 29.00 - 14.88 253.50 Cheat sieves ~ 200 1235 = 808637 Fromvier Dev 43550 800 588.56 302.00 1027 76.74 —_Sareum Holdings i ANG) 72858 je? 1575.00 1676.00 980.00 107 746 356.80 LPA e250 00 34.00 3125 1490 Portmeirion a0 13800 47.14 15737 Petes Thorpe FW 256.00 320.00 240.00 2.8) 1180 34.64 Sanderson Design Gp 77.00 £0.00 40.00 195 2584 11832 — Boohoo Group 20.60 7950 10.30 - 266 5086.05 iistialfagineiog aso Re Ge Mcamtieteg EM = Ho Me 6 7 TE cen 161000 20.00 + 1800.00 1120.00 1.61 2389 «©1354 nn

                                                                      52 Week                                                                                                                                                    52 Week                                             Dist                                                           52 Week
                                rice       _/-Dy                igh             low              Vid __ NAV                                                                    Price                                         High        Now                Hi                       Pam                                        cn: Dly Che     High       Low                        vid__NAV
                                   Equity)                                                                  Fidelity Spec                                                  47" 50                                        477.50 372.00              2.19 47139                      0.65       —_—Polar Tech.             603.00     «1100   «74350 38400                             — 7039                     -7.77          f                                            ;

wane AST Le ene ana) Feubery Gl 807.00 915.00 706.25 250 67909 6.71 Rights GissIT 2450.00 2520.00 1965.19 1.85 294189 -17.48 Guide to FT Share Service 4 1016 7 ‘TheG E 16 206334 c 2610.0 32 12 3106 16 Abt Smit 1758.00 140807 2.73 196469 10.86 GRIT{susp Ra pe i Se eee re am 319.00 281.26 2.407 311.07 424 [CB system used by =TSE. FSTE 106 constituentsare showr in bold. Closing prices are shown Moieon foaree 300 464.00 34200 «+143 «49909 «= -9.g9-~—sHansa 344.00 2.00 346.00 250.00 1.28 $5026 -38.72 —Schdr AsiaPac O40, 4.008200. GIRO] 155 7L1E 01s talons otherwise indicated. Highs& lows are based on inre-day trading over aroling Aberdeen Asian Inc Fund3) 2.00 367.00 23470 Sa 34191 3 Hansa A 334.00 2 336.00 244.00 1.22 55026 = 40.17 Schdr AsiaTotal 716.00 8.00 738.00 488.70 1.61 734.46 3.45 52 week perivd. Price/earnings rativs (P/E)are based on lalest annual reports and eccounts Aberdeen Eq inc 473.00 35925 508 46144 Hen FarEs 262.00 — 261.50 22850 956 24932 6.12 Schioder Inc 372.00 2.00 378.75 311.90 3.95 391.73 4.75 and are updated with interim figures. P/E is calculated using the company's diluted earnings ‘Aberdccn UK Smit 539.00 441.50 265 58493 Hen High Ine 207.90 m4a0n 172395 537 71812 479 Schdr.lapan 35 00 190 amon 778.00 307 47781 AS frem continuing operations Yields are hased on clesing price and on dividends paid in the last Alliance Witan 1394.00 117800 2.13 146341 Hen Smit 982.00 996.00 769.00 295 108420 8.71 —_Schdr Orient 45300 150 483.00 30250 288 467.70 1.41. _ financial year and updated with interim figures. Yieldsare shown in net terms; dividends on Allianz Tech 400 76400 43956 — 78966 -7.23 Herdd 3065.00 3200.73 2285.00 — 342862 -10.49 — SchdrUK Mid 777.00 702.00 65200 291 82616 -594 UK companies arenet of 10% tax, non-UK companies are gross of tax. Higts & lows, yields Artemis UK Future Lead 3 350 40400 321.00 368 44561 10.72 —HICLInfra 137.00 141.00 10720 620 16128 -1454 Scot American 555.00 BIZ00) 40010 1296 G07 G21) SEE ae alee ke piel Cn wine ornate Taleo me root Auro-a UK Alpha 100 27900 «22209 «1.84 28979 11.99 Impax Env 449.50 450 494.76 379.00 «1.13 51867 -14.64 Scot Mortgage 145050 1500 156300 1015.74 032 157168 8.47 see taamaneae Rant pasha pry StaresNet asset vale pot share (NAV) AVI Japan 1001940015450 1.28 17728264 —_IntBotech 108s.00 10.00 1236.00 65400 269 118473 7.02 Scot Orient 700 150 90600 24000125 ISIS 10.10 stat um far ot asset vale estimate and Gsing pric. Disuurs,peums gross BG China Growth 200 331.04 26600081 33887 8.68 Intl PP 138,00 14580 11560 6.7 15057 -6.86 Strategic Eq 36550 1.50 415.00 330.00 1.16 396.98 6.87 ——_sedemption yield (GRY) and hurdle rate (HAI to share price (SP) and HR to wipe out WO) are BG Euro 133.00 91.40 088 13433 -11.69 — InvAsia Dragon Tst 492.50 2.00 519.00 36835 39 52630 6.46 Temple Bar 423.00 429.50 334.00 3.69 422.82 0.90 displayed as a percentage, NAV in pence. BG Japan 200 1090.00 811.10 093 117747 -10.09 —InvEond Inc 171.00 0.50 17850 150.11 7.16 16841 1.64 Tetragon 981.37 1446.64 892.96 = 3.53 = BG Shin 060 17600 12305 0.4)18996 -980 JPMAmer IT 1246.00 1268.00 1041.00 O82 128403 © -263 TRIG 7350 #050 63.20 1000 10024 -24.86 BG US Growth 200 38950 280.15 35609 801 JPMAsia Gal 590.00 400 68200 39528 527 9448 = -1.28 UI 202.00 202.00 187.00 396 256.62 21.80 trading ex-dividend Baillie GiffordUK 231.00 180.12 279 24766 -10.04 JPMChinaG&l 2750 450 313.00 25500 469 30752 9.53 —_Utilico EmerWixts 278.00 30200 283.00 345 306.14 «= -9.70 sm teding ex-cepitel distrib Bankers IT 020 15480 121.79 «1.84 16711 «©-8.24- JPMClavr 976.00 200 966.00 791.74 374 99048 -1.60 VEIL 703.00 885.00 682.00 = — 80785 11.39 —* mice at ime of suspension from trading Biotech Growth 26.00 1762.00 846.00 — 182107 6.03 JPMGbICore 80.00 $6.60 68.00 Worldwide Hlth 384.00 3.50 398.00 316.00 0.62 411.17 6.19

BickR Amer Smi 70055 19700 520 27872 1.86 JPMEmgEMEA 2400 © 200 310.00 181.65 075 6996 «75405 4 TT), RTI a TS) 14 a indicative and believed accurate at the time of publication. No offer is BickR Energy & Res 2.50 205.00 120.50 3.19 19068 3.90 JPMEnny 167.40 2.60 161.200 11840 = 4.50 179.77 746 CT FrivEg 500.00 = 59200 439.84 564 69638 28.19 made by ICE or the FT. The FT does not warrant nor guarantee that -he infomation is reliable Bickf Front 050 20800 16450 39 19101 1 JPM Eur Dise 634.00 666.00 548.00 282 68935 830 iccapital loset 5i459 31862 «1.17 S269? 22.09 —-oF complete. The FT does not accest responsibility and will not be lable for any loss arising Bickf GtEur 1.00 62500 50695 1.16 oo2z58 6.76 JPMEur G&i 148.40 183.00 124.50 3.67 151.54 120 iy 200 este) ee Le, er fram the reliance on or use ofthe information. — Bickh ee = 240.00 20000 32 26018 10.02 JPMEmMkDiv 207.00 1.00 221.00 14500 29 22512 868 icGent 1484.00 1611.42 128831 283 202620 -27.84 eae seebte lid eter ac eae not Be fully sae of all

Bick World Mining 17.00 1072.86 «543.15 248 98399 © 1.57 JPMIndiaGGwthInc 873.00 1098.00 799.00 508 94849 807 partons pee 61389 0.16 94552 58357 975 1157 3829 pewspapec@) Brunner 1556.00 1584.00 1336.00 1.74 174369 10.11 JPM Japan RAY ON 300 R70 R100 1ft SIRRB Aiko [Conventional-PropertyiCs SY

Caledonia Inv 394.00 402.00 31200 195 58414 32.03 JPMUKSm 364.00 369.00 28792 4.10 38919 © 5.97 CanGen C$ A964 95759 717742 «73-9045 «=n 74 «=: UPMUS Sml 456.50 150 463.00 365.00 070 50162 -9.37 © AEWUKREIT 103.00 11320 95.90 7.55 106.26 204 City of Lon 587.00 59900 48600 3.77 57992 220 LawDeb 1250.00 1290.00 977.40 296 123463 218 TRFrop 303.00 364.50 291.00 5.23 347.95 9.25 COS NatRes 40600 ©7700» 467.00 20833697 38876 «1.37 Lindsell Train 575.00 eo.oo 53600 467 724 1851 [i CT Healthcare 14080 140 «18240 «111.86 «3.74 14802 «= -5.69—_Lowand 187.50 19150 14550 3.61 20851 = 7.56 Bme 2nd VT 4480 = 5400 3950 897 4670-450 CT Ngdi 131.50 13500 11400 608 13382 -1.88 ~— Marwyn Val 138.50 — 14000 13775 654 24706 -4393 — Nthn 2vcT 53.00 _ 5650 4700 566 5640-433 CT MgdG 327.00 330.00 270.00 33967 3.39 Mercantile 287.00 79.00 23431 287 32002 -852 Nth 3VCT 82.00 _ #650 7950 549 8600 -465 CT Cp&l 355.00 373.00 32000 375 37388 = 3.32. Merch. Trst 674.00 667.00 536.00 441 71577 = -482 thn Venture 53.00 5950 5300 554 5660 -4.44 CT UC HITB 108.00 — 1900 9200 547 11967 698 MidWynd a CM CML MM Zor Dividend PreferenceShaes ; CT UK HIT Ord 117.00 17500 9700 509 11972 1.24 Monks IT 1628.00 1664.00 1366.00 006 172815551 — ———— ———— Data provided by Dunedin inc 316.00 — 32200 27500 64 34303 © -8.15 — Montanaro Eur 176.50 169.00 14200 088 19502 821 ui 3 Edinburgh Inv 44.00 861.00 73760 379 91633 -7.51 Munayinc 1000.00 1026.00 854.66 4.10 107494 6.22 «EXD Mt Edin Worldwde 26400 400 29450 186.80 28517 = -9.08 = Munay inti 368.00 37250 73.00 348 36295 1.53 Crys Amber 83.00 — 1639 Ho — 1/559 -496U Markets and data The Euro SmiCo 238.50 20721 19380 528 26558 9.42 —_NewStarIT 142.00 145.00 108.00 260 19875 -29.05 F&C Inv Trust 343.00 1332.00 325.80 1.22 37863 -9.07 N. Ad Smir IT 430.00 5.00 433.00 328.00 1.63 63463 31.98 Fidelity Asian 610.00 67200 54606 335 63780 446 —Pac.Horiz 1190.00 © 1800 »—«1282.00 657.00 0.13 123122 -10.05 Ice happen here. ty China 26500 200 39000-24101 3.40 28343 «= -8.17_Pers Assets 550.00 566.00 908.00 102 $6305 -053 tyEmemMkts 1496.00 18.00-«*1574.00 836.00 1.2 157941 633 —PolarHealth 440.50 460.00 327.70 080 43508 261 . ty Euro 441.00 M750 36750 22 AGAST? = ©—-A.77——~Polar Fin 254.00 100 286.50 199.16 25752 1.42 ae cs-com

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18 * FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                                                                                                                                          MANAGED                                   FUNDS                                   SERVICE


                                                                                                                Total Return (£) os investment
                                                                                                                Performance Since Launch                                                                                                                                     —           Fund            Asset Allocation                                                             %                                                                                                                            Top 10 Holdings                                                                                  %


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ISIN UK 0 Ri Tinto 23 GBOOBTARTES toh USA 1. Bid Price (14-08-2026) Mettle-Toleco International 22 6639.99 anno Europe 7 Yield (14-08-2026) Ewerging Makai Zz Medtronic 20 77 £2000 Change (14-08-2026) Japan | ASML Holding 20 210.60 f0 1992 1995 2000 2004 2008 2012 2018 2020 2024 Total _ 100. i Top 10 Holdings 237 Fund Bid Uffer +/- Yield 24m 36m Fund Bid Utter +/- Yield 24m 36m Fund Bid Utter +/- Yield 24m 36m Fund Bid Utter +/- Yield 24m 36m

                                                                                                                                                                                                                                                                                                  CG Asset Management Limited                                                                                               (IRL)                                                                                          O66.
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                                                                                                                                                                                                                                                                                                  Absolute Return M Inc                                           £       14455                - 015         261     314      255

Fay 4 i re rearvic a Capital Gearing Portfolio GBP P £ m5669 8 8- 4792 195 305 241 EdentTree Investment Manag nt Lid (UK)

        igebris Investments                                                                                                   (IRL)                 Brown           Advisory                     Funds                                                                            (IRL)           Capital Cearing Portfolio GBP V                                 £       19247                - 023         194 307          241 — sunderiand SRA43 4AU geno
                                                                                                                                                                                                                                                                                                                                                                                                                                                           368 3010

Regulated ; : Dollar Fund Cis D inc £ 15184 - -043 282 152 -258 Authorised Inv Funds Agebris Core Italy | EUR € 25700 - 096 000 26.15 1812 PCARecognised Vollar Hedged GBP Inc SS ar oon ca am ben anTree Global Im - 016 417 038 01 Aigebris Core Italy R EUR € 23732 - 088 0.00 2521 1724 GlobalLeaders FundUSD C $ 3326 - -002 000 747 1104 — RealRetu Cis Ainc £ 1827 - 026 255 O81 -235 a - : Edentree Green Impact Equity 13820 - 010 090 982 1087 Aigebris Financial Credit | EUR € 23015 - 0.10 000 693 966 GlobalLeaders SustainableFund USDC $ 1944 - 0.02 0.00 621 $87 — UKindexLinked Bond G Inc £ 10519 - Of5 210 085 000 : EdenTree Green Impact infrastucture 7e01 - 030 669 298 -056 Aigebris Financial Credit | GBP £ 20380 - 008 000 000 0.00 Global Sustainable Total Return Bond GEPB = 947 - 003 000 000 000 ee fig on oot Aigebris Financial Credit: Agebris Financial Credit | GBP £ 20380 - 008 000 000 0.00 Global Sustainable Total Return Bond GEPB = 947 - 003 000 000 000 ee fig on oot: USD $ 21258 - 0.08 586 0.00 0,00 GlobalSustainable Total Retum Bond USDB $ 1091 - -003 000 090 000 Eiie Tor lobed Seseneants enti Ba Og LT eS) CS Aigohrin Financial Cendit R FUR e 1m SR naan ann R92 «AON ; US Equity Growth Fund USD B $ 78.39 - 063 000 825 11.79 EdanTree Edantree Sustainable European Equity Sustainable E Eouity AB 49810 50340 = -140 140 1.85 13.83 0.00 1379 14.73 1469 anlree lanable turopean = = Ls A Aigebris Financial Equity B EUR € 40351 - 034 0.00 0.00 0.00 US Flexible Equity Fund USD B $ 4329 - 006 0.00 1203 1658 Chartered Asset Management Pte Ltd am : EdonTroo Sustainable Global Equity A 464.10 170 053 10.66 10.26 Aigebvis Financial Equity R EUR € 32709 - 029 000 2738 282 USMid Cap Growth Fund USD C $ 2619 - -0.02 0.00 1021 1163 Other International Fuads ini aeii-iniiied Equity Fund Fun B GBP Financial Equty Aigebris ris Financial £ 33708f - 028 0.00I 0.00X 0.00I US Small Furn USD B all CayCap Blend Blend Fund $ 32.90 - 015 000. 1483 1286 a CAN-GIF VCC S 4918 SH Ww LOU 4d 3/9 Mh seen nht ade fe open id IH ie AE 4 Ea EdanTree Sustainable Managed Income A 14180 - -010 401 609 511 Aigebris Financial Fruity Fund R USD $ smea8 - 49 390 AM AM — US Smaller Companes Fund USD B $ 4924 - 012 000 1289 922 canoriver $ 147718 ~- fo coo maAR 4Ag Pisrves Siena Marca . — A ae A anTree Sustainable Managed Income - oi : Aigebris Financial Income | EUR € 31057 - 016 0.00 16.22 18.08 US Sustainable Growth Fund USDC $ 41.26 - 034 000 596 1264 Raicvce $ 189 - #000 C00 897 -1.66 : EdonTroc Sustainable Short Dated Bend 9587 ao2 457 044 1.14 Agebris Financial Income R EUR € 27339 - 015 000 1518 1702 US Sustainable Value FundUSD C Acc $ 1852 - 001 000 090 000 : ; EdenTree Sustainable Sterling Bond A 8510 - 015 497 037 076 A\gebris Financial Income Fund | GB? £ 2203 - «fil 602 000 000 7 - EdanTree Sustainable Sterling Bond B ga21 - 016 497 023 137 Agebris Financial Income Fund | USD $ 26052 - 012 000 000 0.00 : EdanTree Sustainable UK Equity A 75540 - 080 174 643 48: AgebrisGlobal Credit Opportunities EUR € 15523 - 023 000 39 642 : : nea onaarnn @ we a» om ay 5m cP GI | EdonTroc Sustainable UK Equity B 25460 ago 211 441 475 ° ns: i Hes . = A Si . joba EdenTree Sustainable UK Equity Opp A 32870 - -110 146 335 6.16 Algebris Global Credit Opporunities | GBP o£ 15438 - 022 000 000 0.00 2 sa Asset Management EdanTree Sustainable UK Equity Opp B 33550 - -110 191 328 6.1" Agebris Global CreditOpportunities | USD $ 18836 - 023 0.00 000 0.00 Agebris Global CreditOpportunities: AgebrisIG Financial Credit | USD $ 18836 - 023 0.00 000 0.00: EUR € 1272 - O18 000 588 771 WhiEA Li AgebrisIG Financial Credit R EUR € 11668 - 017 000 505 7.18 Aigebris Strategic Credit Fund R EUR € 1630 - 216 000 405 0.00 Aigebris Global Equity Select B EUR € 15983 - 022 000 1568 1597 Canaccord International Fund Managers Limited (JER) CP Global Asset Management Pte.Ltd. Aigebris Global Equity Select EUR @ 1917 = Bzy (000 1419) t4ug 0h OeSE ST Esplanade, 9 Hing Joney E74 womucpulobal.con.sa, Email: support@cpalobaLcom.st customer 144(0) 1534 700 104 (int.) :44 808 169 7966 (UK) International Mutual Funds

                                                                                                                                                Canaccord Wealth International Multi Strategy Funds Limited                                                                                       CP Multi Stratagy Fund                                          $       46542                -     023     COO 1221        1248                                                                                                     e                             e

Balanced Strategy 2 119 = 000 000 1235 11.69 | e ity Balanced Strategy A 2 119 - 000 184 905 908 ee TE Cautious Balenced Strategy £ 149 - 000 Osi 973 948 CP Capital Asset Management Limited Cautioue Balencod Stratogy A 2 1.08 oco 1.04 720 7.59 aeeaawenebloom Frail’ iodsenicasGcoohlcom CS) Growth Strategy £ 270 - 001 076 159 584 International Mutual Funds FIL Investment Services (1200)F (UK) A Growth Strategy A = 1.29 = «0.00 O54 1104 11.40 CP Dual-Pupose Fund $ 21306 - 006 (C00 0.00 0.00 Beech Gete, Millfield Lane, Lower Kingswood, Tadworth KT20 6RP RTEMIS High Growth Stratecy AE = 397 - -0.01 024 1554 1543 CP Globel Alpha Fund $ 507% - 015 C00 1138 1278 Caltree:trivate ChentsyHuU 414151 The Prorir Hunter High Growth Stratecy A 2 136 - 0.00 052 1208 1277 — CPS.Maste: Private Fund $ 61316 - 002 COO 11.17 1262 Broker Dealings: 080414 181 High Income Bond Fund B Monthly = 089 - 000 0M 000 000 OEIC Funds Artemis Fund Managers Ltd (1200)F (UK] High Income Bond Fund B Quarter'y = 100 - 000 000 090 000 ‘Alocator World Fund W-Acc-GBP € 439 - 001 097 1709 1682 57 St James's Street, London SW1A 1LD 0800 092 2051, US$ Growth Strategy $ 261 - UUU UZl 1639 1607 Anericar Fund W-Ac:-GBP £ 8739 - -040 0.00 842 13.22 Authorised Inv Funds oe Anericar Special Sits W-Acc GBP £ 272 - 001 O41 637 986 Dealing Daily Initial Charge Nil fr A classes ard up to 2% fcr other classes. - ‘Attemis Corporate Bord | Acc 11877 ~- ~«~019 000 537 659 D od ge C Ox? Asia Funds W-Acc-GBP £ 2969 - 040 049 3741 27.78 ‘Attemis Corporate Bord: Avtemis Slobal income | Acc 11877 ~- ~«~019 000 537 659 D od ge C Ox? Asia Funds W-Acc-GBP £ 2969 - 040 049 3741 27.78: Dis 25.18 - 069 000 217 080 Asia Pacific Opps W-Acc £ 345 - 003 067 1143 7.80 Astemis High Income 10 Inc 63 - 018 023 258 319 Worldwide Funds ‘Asian Dividend Fund W-Acc-GBP £ 366 - 002 203 21.21 1672 Actemis income | Ine a7 = 417 54k 1743 1780 Cash Fund W-Acc-GEP £ 121 - 000 383 000 000 Actemis income: Avtemis Monthiy Dist | Ine a7 = 417 54k 1743 1780 Cash Fund W-Acc-GEP £ 121 - 000 383 000 000: Inc 10285 - 019 000 1435 1407 China Fund W-Accumulation-GBP £ 254 - 003 416 635 021 Actemis income: Artemis Short-Dn Stra: Bond 13399 - 001 000 651 7.51 “ie A N D R | Ine a7 = 417 54k 1743 1780 Cash Fund W-Acc-GEP £ 121 - 000 383 000 000: A M 2 Dodge & Cox Worldwide Funds (IRL) Emerging Mkts NAV 157941 - 572 0.00 0.00 0.00 Actemis income: Artemis SmartGARP kur Eq | Ine a7 = 417 54k 1743 1780 Cash Fund W-Acc-GEP £ 121 - 000 383 000 000: Acc W39b2 = - 512 WOU 29/1 3047 48-49 Pall Pall, London SW1Y 5JG Enhanced Income Fund W-Inc-GBP £ a4 - 0.00 212 -1.45 -1.96

Artemis SmartGARP Giohal Small Ca | Aer 75R47 = 197 198 1597 1497 BY NEW YORK LIFE INVESTMENT MANAGEMENT swan dojoeandeos com +44 0203 642 3370 European Fund W-Acc-SBP £ 3280 - 004 142 608 823 Artemis SmartGARP Giohal Small Ca: Artemis SmartGARP GloEmr Eq | Aer 75R47 = 197 198 1597 1497 BY NEW YORK LIFE INVESTMENT MANAGEMENT swan dojoeandeos com +44 0203 642 3370 European Fund W-Acc-SBP £ 3280 - 004 142 608 823: Ace 3731 - 476 0.00 2871 27.22 FCA Recognised Global High Income Eond W-Acc-GBP £ 158 - 0.00 573 589 8.03 Artemis SmartGARP Giohal Small Ca: Artemis SmartGARP Gio Eq | Aer 75R47 = 197 198 1597 1497 BY NEW YORK LIFE INVESTMENT MANAGEMENT swan dojoeandeos com +44 0203 642 3370 European Fund W-Acc-SBP £ 3280 - 004 142 608 823: Acc 80675 - 145 000 2965 27.22 Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund Sustainable Euro Equity Fund W-ACC-GBP ££ 739° ~- «(4001 113 868 887 Artemis SmartGARP Giohal Small Ca: ‘Artemis SmartGARP UK Eq | Aer 75R47 = 197 198 1597 1497 BY NEW YORK LIFE INVESTMENT MANAGEMENT swan dojoeandeos com +44 0203 642 3370 European Fund W-Acc-SBP £ 3280 - 004 142 608 823: Acc 46129 - 2184 241 2855 2571 Candriam Investors Group (LUX) Sustainable Giopal Eyuity Fund W-ACC-GBF £ 4385 - 005 030 729 831 Artemis SmartGARP Giohal Small Ca: Artemis Strategie: Assets | Aer 75R47 = 197 198 1597 1497 BY NEW YORK LIFE INVESTMENT MANAGEMENT swan dojoeandeos com +44 0203 642 3370 European Fund W-Acc-SBP £ 3280 - 004 142 608 823: Acc im18 = (105 99 768 758 FCA Recognised Emerging Markets StockFund AUSD Acc = $= 16.22, - 002 0.00 27.94 25.08 Jagan Fund W-ACC-GEP £ 1079 - 001 088 27.21 22.88 Artemis SmartGARP Giohal Small Ca: Attemis Strategic Bond | Aer 75R47 = 197 198 1597 1497 BY NEW YORK LIFE INVESTMENT MANAGEMENT swan dojoeandeos com +44 0203 642 3370 European Fund W-Acc-SBP £ 3280 - 004 142 608 823: Q Acc 133-012 44 691 720 Ee eramnemace ape aaa - qo ae Emerging Markets Stock Fund AGBP Acc = £ = 1695 - 0.04 0.00 24.47 21.77Select 50 Balanced Furd PI-Acc-GBP £ 154 - 000 215 000 0.00 Pyne PEI W565 = 000 120 ‘andriam Abs —— 2 cy umr am anr Emerging Markets StockFund DGBPDs: = £15394 = -OC3 ; 189 2191 1925 — grecial Situations Fund W-ACC-GBP £ 7420 - 018 224 1773 18.18 sia ti Nia I cad © : : Emerging Markets StockFund AEURAcc = € «= 17.08 - «003.151 24.18 2223 ae See i ee Ee Candriam Bonds GbIHi Yield -C Cap & 9108 - 005 0m 485 608 on pes Actemis UK Si Cos | Acc 2054.40 = -1.62 8 SiG 69.68 ‘Short Dated Corp Bond Fund W-ACC-GBP £ 12.67 = 000 466 0.00 0.00

Attemis UK Special Sits ! Acc 12748 - 611 0.00 1517 1663 Dodge & Cox Worldwide Funds-Global Bond Funds Sustainable Water & Waste W-ACC-GBP 12660 - 000 000 794 131 " ‘ Candnam Bonds Giti Inf ShUtion--tap = TBBBY = «U4 UW 318.16 : Attemis US Extended Alpha | Acc 9425-028 OOD 16.12 1907 a ttl Ratan Aone ne pee a ee aa nna Sona au . se WAINC-GBP . me A ‘® oa ‘e a Attemi . ; { Select Fund W- = 4 169 409 7: ste etce = 022 000 7038 2458 candam Diversified Futures-L-Cap 2 1370381 - 9550 00) -294 -236 EURAccimulating Class(H) € 12 - 069 COO 433 454 “ sos . Ales 15 Sam Oe ee SMOG = 928000 7286 22-82 candiam Eqs L Australia Cap AS AS 28233 - -797 000 704 769 EURDistibuting Class € 1% - 007 000 149-086 a cee coe a : : _ . _ Candram tqts L tmerging Mkts Uap € 1134 - 3/8) OOD 2BzB 2392 EUR Disvibuting Class (H) e 747 - -Of2 §05 048 -021 al s ; wy — ee . vu om _ _ . its W- = y 4 f . Canairiam Fqvities | Rinterch-C-Cap $ 141817 - 300 OM 2560 7128 GBPDisbibuting Class £118 - 007 475 1.28 -1.08 ‘cainde) — we larkets eareae Fc ao2 1614 25737 21.12By a pl a Candriam Equities LEurope ImovR-Cap «-=—=«261.16- 0.84 0.00 -460 -2.73 _GBPDistibuting Class (H) £ 16 - on 4n 19 1 ‘ : kd pip nee ee toe ie = os P-ACC- -

                                                                                                                                                Candriam Index Arbitrage -0-Cap                                              £       153610         -      -148     000     187      290          USD Accumulating Class                                          $        15%                 -     00      COO     636      655              Ree eS                    Ue Eee                                                                                ie                              se             WS
                                                                                                                                                Candriam Long Short Credi: R-Cap                                             &           12051      -       00)     000     329      411           CHFDistibsting Class (H)                                    Sk           703                -     -0¢2    coo    204       279     ‘Mex Japan P-ACC-GBP                                                                       E228                                       OE            SEAT GIES BER
                                                                                                                                                coma Rie Arhinagn                                                               nanan                  con          nm      age      ayo                                                                                                                                              Index Pacific
                                                                                                                                                                                                                                                                                                                                                                                                                                                ex Japan P-ACC-SBP                                                               £                264          -                00)      262 1272 1077
                                                                                                                                                 ~andriam Rise Arbitiage-C-Can                                               em                      :                      305                                                          ;
                 .                                                                                                                                    7    boating                 ;                                                                                                              Dodge & Cox Worldwide Funds-Global Stock Funds                                                                                      Index Sterling Carp Bond FundP-ACC-GBP                                                                      096          -                000      513             0.00            0.00

ASB Capital Candriam Sust Bond Emerg Mikts | Dist $ 7764 - 091 00 720 458 sndox pace-oBe oo joo p68 1830 1880 Saver Villaye Gate 5,hee Level 4,SO Unit 11, DIFC, (Corie ‘Sint bard Er Conia 2 1196 - 024 00 431 §13 USD Accumulatinga Share Class $s sod . oc? coo 1679 1828 pein -ACC index — - oe iF A . !

                                                                                                                                                                                                                                                                                                                                                                                                                                       index                 tt.         rl                                                                                    =            4                  E              z               5

wennenasbe.com Candriam Sust GibiHighYield--Cap € 176687 - -003 00) 422 519 SBPAccumulating ShareClass = OFF so HS ue Sa Ae ee dace ue inde) ice ma Ul < I By ).! f

ASB SUKUK RUK -- ACC $ 10808if + 000. 000A 0005 og5 Santer ail Eoon-R-Cap ij wo- moe = =‘5 tes M:on i der Balanced in ‘unt Fund W-AccGBP -Acc- o£ © 78 < 000I 292é 0.00 { 0.00. ASB SUKUK K DIST $ oseZ io0 (dg05 cu,0 oaoO | e ene $ mn - 222 om 1619 17 Mi Asomistie : Saelee eee MoneyBuilderilder DividencDivi Fund W-Acc-GBP 5 £1.6464 - 00101 160160 -08908 -1,-154 ASB Staveta‘e Stre t Street Global al Equi jit $ 12785f - 000i 000I 000i og) sf antamSutEaEmerging MktsC-Cap 18812075 OM) 2865 20.36 inane sciribestin a mada rwist. M MoneyBuilder - sonInc ss Fund W-ACC-GBP AD £ = 1422 e 002 446 is 441.! 6.42E ASB‘SB Global Global Technol Techn , $161.83J - 4 111 000I oooI oo) = Amnam Sust Ea EMC Cop fe = St 6 ae i eee eee Maltiulti Asset it Allee Al ce Adh Adventurous FAW-ACC-GBPE 4 3.24 - 001I 113R 1437y 1405i “) Candriam Sust Eurp S&M Caps-1-Cap 2 20248 - 158 000 110 028 CADAccumulating Class cs 6601-016 C00 17.54 19.03 : " ASB MENA Equity $ 9354 - 000 000 000 00 Multi Asset Allee De'ensive FAW-ACC-GBP £ 158 - 001 0.00 654 605 Candriam Sust Eq World-C-Cap 2 4718 - -018 0.00 1094 13.11 Dodge & Cox Worldwide Funds-US Stock Fund ; NYUM GF US High YieldCorp Bond-R-Ca $ 17497 oo om 6s 741 Multi Assct Alloc Growth Fd W ACC GBP £ 259 0.01 1.11 11.63 11.19 igh igh YieldCorp -Cap - I E USD ae " Share Class $ 62.24 . O16 COO 1499 17.15 Malti Allee Stratagic FAW-ACL-GBP£ 205 - 001 116 810 830

Atlantas Sicav (LUX) ee Accaniang as ese £ 1S} = 007 C00 11.85 1401 ase Asset Balanced inc FAWINCSBP 6 f= 105«—- «000000 437-382 (Ghar later wedions | Conder SAL SEES £4167 = 004 C00 10.99 13.09 asi Asset tne & Grwnli Fund W-INC-GBP 134 - «000 203 1195 9.53 Candriam Investors Group EUW Accumulating Shire Class € G87 - 006 C00 672 10.98 Apt; Asset Incomo fund W-INC-GBP £ cg2 - 000 000 329 230 American Dynamic $ 9597.97 - 000 0.00 0.00 0.00 Otherinternational Funds Gee setae are Gate DR £ 2382-065 C00 1355 1563 — Ayiisi Asset Open Avent W-ACCGBP sf «254 «0001.65 1353 1231 ; : USD Disirtuting Class S$ 20 - 066 COO 1411 1619 . poorer SES 9.00 0.00 1095 13.66 Candriam Bds Euro Sh Term Cap @ 7219438 - 159 000 295 330 Multi Asset Open Defen W-ADC-GBP £ 168 = (000 000 879 7.43 Boal Gate € 164869 - 0.00 0.00182 725 candriam Bonds Credit Opportunities # 22 - 000 OM 315 369 Multi Asset Open GrowthFundW-ACC-GBP £ = 236 - 000 (1.78 1291 11.71 Eurocroissance € 1353.11 - 0.00 0.00 000 0.00 Candriam Bonds Emerg Mit-C-Cap $ 312022 - -451 000 885 1058 Multi Asset Open Strat. FundW-ACC-GBP = 200 - 0.00 238 1056 930

Lh S 1296.46 = 2.00, 0.00 0.00 0.00 Candia Equities LEurp Opt Olt--Cap «28026 - «021 OM 931 Sea Oyen Wold For! W Ace GaP £ 60 = O01 (081 44S 1587 Candriam Equities LGlobalDemgRCap @ 39599 - -195 000 993 1320 Svategic Hond Fund P-Acc-GP £ 139 - (000 356 543 6.17 Candriam Equities Onco imat-1-Caa $ 360810 - -1980 000 1001 957 Index UK Gilt Fund P-Acc-GBP £ 077 - «000 445 212 22% Candriam Equities L Robt&innvTech | Cap $ 8069.79 - -3302 0.00 2968 2876 D R A GO N CA P I TA L Sustainable Asia Fquity Fund W-ACC-GRP t 7a - 002 074 7574 1899

                                                                                                                                                                                                                                                                                                                                                                                                                                      Sust Multi Asset Balanced Fund W-ACC-GBP £                                                               = 123           ~-               «0.00    200             0.00            0.00
                                   NN WZ                 BLUE            WHALE                                                                                                                                                                                                                                                                                                                                                        Sust Multi Asset Cor. Fd W-ACC-GBP       £                                                                 109           -                000      000             000             0.00
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                                                                                                                                                                                                                                                                                                                            =                                                                                                         UK Opportunities                              Fund W-ACC-GBP                               £                273          -            «02           186            000             0M
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Blue Whale Investment Funds ICAV (IRE) Vi Cantab BalancedA GBP Acc 4192 - -U3/ 180 150 468 Other International Funds = Vi Caetab Moderate 4 GH Acc 13985 - 028 212 983 855 ViemamEquity (UCITS Fund A USD) $ 3461 - O10 COO 456 O00 FCA Recognised-Ireland UCITS VT Cantab Sustainable Gbl Eq A GBP Acc 17202 - 073 137 999 989 Blue Whale Growth USD T $ 253 - 0.07 0.00 000 0.00 Tuesday 18 August 2026 * FINANCIAL TIMES 19

                                                                                                                                                                                   MANAGED                                         FUNDS                                  SERVICE

Fund Bid Offer +/- Yield 24m 36m Fund Bid Offer +/- Yield 24m 36m Fund Bid Offer +/- Yield 24m 36m Fund Bid Offer +/- Yield 24m 36m

                                                                                                               Marwyn Asset Management Limited                                                                                  (CYM)         Purisima Investment Fds (UK) (1200)F                                                                                              (UK)
                                                                                                               Regulated                                                                                                                      3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL
                                                                                                                                                                                                                                              Orde: Desk and Encuiries
                                                                                                                                                                                                                                                                 (1245 977 0044                                                                                                                                                 oe
                        Fundsmith                                                                              Marwyn Value Investors                                   £        36217             -    000      000      O00         100    hetiacieedins Sasi                                                                                                                                                         7        Sean               re               TibEKe

                                                                                                                                                                                                                                              Authorised Corporate Director-Waystone Management
                                                                                                                                                                                                                                                                                             (UK) Limited
                                          s                                                                                                                                                                                                                                                                                                                                                                                      EQUITY               FUND

                        Equity                           Fund                                                                                                                                                                                 Global Total Fd PCG A                                                     71862         -         0.00     041     1631            1936
                                                                                                                                                                                                                                              Glubal Tutal Fu PCG B                                                     70764         -         000      000     1623            1930

Eaeiniiae Ki STE ee a a Stonehage Fleming Investment Management Ltd (IRL) n ro ssouunslonchagefemog con/ah) PO Box 10846, Chelmsford Essex CM99 2BW 330.122.1815 SEAS www fundsmith.co.uk, enquiries@fundsmith.co.uk ood Purisima _ Investment Fds (Cl) Ltd (gen) "a" Regulated

Authorised Inv Funds Rontond SF Global Best Ideas Eq B USD Ac: $ 31136 - 221 000 642 731 Fundsmit Equity T Acc 70880 - -620 0.00 1.25 3.37 =r ar a7 0m 8202187 SF Global Best Ideas Eq D GBP Inc £ 3965 - 251 000 349 500 Fundsmitn Equity T inc 639.73 - 560 600 1492 14.04 or o . MclInroy & Wood Portfolios Limited (UK) = PcG £65.59 - 018 0.00 1799 21.0 Easier Alderston, Haddington EH41 3SF 01620825867 Authorised Inv Funds Balanced Fund Ace 702490 - «750 174 509 0.00 J | N N E S S Balanced Fund Inc cm - 220 17 336 316 Royallondon on GLOBAL INVESTORS = tin SUPERFUND ; 80 Fenchurch Street, Loncon EC2M 4BY e Emerging Markets Fund ACC 7319.20 - 1.60 3 226 «(000

                                                                                                               Fmerging Markets Fund Inc                                        magn           -       140      17h      =N4R     -1 BR                                                                                                                                                                                         SF       vai FUTURE     OF      INVESTING
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                                                                                                               meat                                                             3235.20        7       SiC      276      425       394         Royal Lovdon Sustainable WorldA Inc                                          51540         -     240       O75     1192            1252

                                                                                                               Simalle Conmpenie Find Acc                                       ya914c         = 2250            119      649      0.09        oval Lowden Corgorate Bond Mth Income                                         7687         -     015       444      034             132

Guinness Global Investors Royal Smaller Companies Fund Inc cosseo = 21.20 1.21 422 4.49 —‘“Aloyal London LondonEiEurcpean Growth T ies 29870 - 030 1.14 1190 1159 Superfund Asset Management G GmbH Solis Slaat aur Maca Y_SOE DAS 088 ZG) 8210 Royal Lodon Sustainable Leaders A Inc 1031.00 - 300 147 900 826 © xownusunerfund.com +43 (1) 24700 Guinness Global Innovators Y GBP ACC £ 4755 - 039 000 1145 1789 Royal Loxdon UK Growth Trust 878.10 - 0.30 16) 1189 1142 Other International Funds Guinness Global Quality Mid CapY Gop Acc £ 1643 - 006 000 1386 1263 Royal London UK Income With Growth Tust 257.70 - 080 383 805 822 Superfund Tend Gol S = . Gh cn) GP me Royal Lnidon US Growth Trust 66460 - -1.80 0.01 1521 1807 Superfund Tiend Silver $ 208708 - 757 0.00 6112 3874 Ministry of Justice Common Investment Funds (UK) Sean Additional Funds Available Superfund Tiend $ 79889 - 153 0.00 1129 452 HPB Assurance Ltd cy fur details Please seegponeuuyallamlon ‘Superfund Bitcoin 0-2x € 8272 - 0.00 0.00 -254) 9.76 Anglo int! House, Bank Hill, Dcuglas, isle of Man IN1 4NL, 01638563490 The Equity Idx Tracker Fd Inc 702.00 - «08.00 1.90 1216 11.73 Superfund Fund-of-funds $ 15529 - 0.00 0.00 1628 1759 a Distribution Units International Insurances Regulated Holiday Property Bond Ser 1 £ og - 000 000 041 -041 pepper eepi . a ia ume te ia Superfund Blockchait € 2028 - 0.08 0.00 1061 1974 Superfund Gold Silve + Mining € 2006 - 051 000 3342 = - — _ Supertund Wuadnigs All Scasons € 16.10 U0b U.00 18/1 16.31 U Se RW E BR) Superfund Irflation SF 1133 - «0.13 0.00 1268 456

                    Janus Henderson                                                                                                                      ASSET MANAGEMENT                                                                                                                                                                                                       (UK)
                                       INVESTORS                                                                                                                                                                                               Ruffer LLP (1000)F
                                                                                                               Nutshell Asset Management Ltd                                                                                    (IRL)          34001 Contral Square, Welington Svoct, Leds LSt ADL
                                                                                                               Nutshell Asset Management Ltd, iybrige House, 1-5 Adam Street, Londen WC2N 6LE                                                  Order Desk and Enquiries: 601.961
                                                                                                                                                                                                                                                                          2346   0                                                                                                                                      ASSET                  MANAGEMENT
                                                                                                                             nutshellam com                                                                                                   Authorised Inv Funds

Janus Henderson Investors (UK) Authorised Inv Funds Authorised Corporate Director-Waystone Management (UK) Limited PO Box 9023, Chelmsford CMS9 2WB Enquires 0800832 £32 Nutshell Growth Fund Gtp Inst Found £ 189.32 - 1.78 0.00 1609 17.33 = " Troy Asset Management (1200) (UK) www janushenderson.com ee ey ‘ WS Ruffer otal Return C Ace 60044 - 0.00 1.78 483 322 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL Authorised Inv Funds WS Ruffsr Total Return C Inc 360.90 0.00 1.8) 354 1.72 Order Desk and enquiries (245 603.0950 Authorised Inv Funds Jenus Henderson Absolute Return Fund AAcc = 206.70 - «0.10 210 647 672 Janus Henderson Asian Divi Ine Unit Trt Inc 10040 - 020 560 1198 928 OASIS ee Cee One eee eee ee Janus Henderson Cautious Mrgd Fund AAcc = 357.10 - 0.0 380 822 886 Trojan Investment Funds Janus Henderson Cautious Mrgd Fund A Inc 15320 - 020 290 342 349 Trojan Ethical Globel Inc 0 Acc 11515 - 0.00 295 166 353 Janus Henderson China Opp Fund A Ace 131800 - 1800 10 1689 875 S 7CO Trojan Ethical Globeline 0 Inc 1141 = 0.00 301 -008 067 Janus Henderson Emerging Markets Asia A Acc 1886.00 - 400 000 27.48 21.19 Trojan Fthical 0 Acc W9ih non Of? #38 AOA

Janus Henderson Emerg. Mkts Opps fnd Acc = 306.20» «=«1.20« 00 2094 1588 ra Trojan Ethical 0 Inc 15365 - 0.00 068 631 652 Janus Henderson European Focus A Acc 61620 - 070 010 000 000 ; Trojan Ethical Income O Ac: 17160 - 000 252 633 7:31 = Janus Henderson Euro. Sc! Ops Fund A Acc 3265.00 400 020 11.00 1262 Oasis Crescent Global Investment Funds (UK) ICVC Repslated (UK) =F _ Trojan Ethival Incume O Ine 129.12 - 0.00 261 35! 446 jegui Janus Henderson Fixed Int Mthly Inc Fd Inc 17.09 0.02 690 027 020 * Trojan Fund Acc 485.93 - 0.00 080 567 579

Janus Henderson Global Equity Inc Frd Inc Bay) = O10 290 1G) aR 2 Stal eg dU) Af) Come erent E - OfO05 1 000 2105' 7773 $1C0. BSC BHR (BHR) Trojan Fund inc 35487 - 0.00 088 75% 501 Janus Henderson Globel Select Fund Acc 6673.00 - -400 00 11.30 1600 Oasis Crescent Global Ine Fd (USD) A Dist $ 10.26 - 000 000 O87 081 Telephone 1973 1751 5700 Trojan Global Income 0 Ace 17900 —- 0.00 324 489 479

Janus Henderson Globel Sust Equity Fd A Inc 72590 - 040 000 1057 1332 OasisCressent Low Equiry Fund(USD) D Dist $ 16.50 - 0.02 0.00 11.74 10.35 Website-wwrw.sizdbank.com Trojan Global income 0 lnc 13288 «= «(000 331 161 151 Janus Henderson Globel Tech Ldrs FdA Acc © 7179.00 - -23.00 000 2561 2953 ass Crescent Mad Equity FA(USD)Adist $ 1938 - 0.03 0.00 1414 1210 Khaleej Equity Fund $ 58347 - 393 000 -151 064 aien income O Acc a4. - 000 273 465 522 Janus Henderson Inst! UK Index Opps A Ace 17845 - 0.16 210 16.16 1525 O#8SCrescent Prop EquiyFd(USD)ADist $ = 11.22 = 0.01 0.00 1239 13.13 Sten Gut tquity Hund S162 = 017 0.0) W5/ 834 Trojan income 0 Inc 17950 - 000 283 237 301 Janus Henderson MultiAsst Abs RinFdAAcc 18790 - 0.20 270 457 4.49 Oasis CrescentStort Term Inc FA(USDIA(Dis!$ =» 0.9 ~—- 0.00 0.00 072 0.82 Janus Henderson Multi Mgr Acty Fd A Acc 3990, = 090 180 919 (9q7 CsssCementVaatehadlUSADay £ 124" = <0 00) 654 87) cicn Capital KSA (KSA) Troy Asset Management (1100) (IRL) Jans Henderson Multi Mgc Dis A ne EN o aR eA oe Telephone - +966 11 521 2835 Kilmere House, Spencer Deck, North Wall Quay, Dublin 1, 001 YEB4, reland Website -uonnwsicoranitaLcom Friquiries +353 (0) 1877 1800 Janus Henderson Multi Mgr Di.= Fd A Acc 10650 - 020 3240 739 727 See . FCARecognised Funds Janus Henderson Multi-Mgr Gib! Sel Fd A Acc 44730 - 040 000 10.29 1155 . SICO Kirgdom Equity Fund SAR 1086 0277 00 1.9 - Janus Henderson Multlgrine&Gwth FdA Acc 7420 - 020 270 742 719 Private Fund Mgrs (Guernsey) Ltd (GSY) ico MENA Equity Fund SAR 21.34 = 0.13 0.03 -1.37 480 Management Company - Universal Investment Ireland = Janus Henderson MultiMgrinc&GwthFdAlnc 16350 - 020 280 438 394 Regulated - SICU Capital Money Market SAK 13.92 - JUS O00 - - Tojon Fonds (Wotaed) Plo Janus Henderson Multi-Mgr Mngd Fd A Acc 40890 - 0.00 150 861 879 Monument Growth 11/08/2026 £ 619.24 Gv 00 099 377 344 Trojan Europe O EUR Acc € 10301 - 000 000 000 000 Janus Henderson Multi Mgr Mngd Fd A Ine 3710 - 000 120 718 727 Trojan ExclusionsX GBP Acc f 19312 - 000 000 713 788 Janus Henderson Sterling Bond Unit Trust Acc «229.50 - «040-430 422 ‘578 Trojan Global Equity 0 GBP Acc £ 61354 0.00 020 215 614 Janus Henderson Sterling Bond Unit Tust Inc 5544 - 010 430 003 076 Trojan Ireland) 0 GBP Acc £ 18739 - 000 000 683 652 Janus Henderson Strategic Bord Fund A Inc 95.62 0.14 §70 1.00 181 Janus Henderson UK Alpha Fund A Acc 209 - 030 120 922 1209 Janus Henderson UKEq nc &Grwth fd Aine «70400 - + -200 330 985 1162 Janus Henderson US Growth Fund A Acc 305900 - -1200 000 11.00 1802

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FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                             ARTS

Grim, angry and timeless Aids epic Sit down at the pianoand impro- SSICA vise for a few minutes. That is the kind of atmospheric music we get Anthony Hopkins here — dreamy in “Farewell My Life ls a Dream Love”, romantic in “And the Waltz tokio: Gocs On”, heavy with Arabian per fume in the Two Pieces for Orches- tra, composed in 2024 and given THEATRE Richard Fairman their premiere in Riyadh. When future biographers come There is a history of famous people to write about Iopkins’ life, they Angels in America who wrote music in their spare might bear in mind that he has Edinburgh International Festival time. Soviet poet and novelist done it already through his music. toktek Boris Pasternak penned a har- Anumber of the pieces recall fam- monically complex piano sonata. ily members and an idyllic child- Anthony Burgess, author of A hood in Wales. Tim Bano Clockwork Orange, wrote sympho- Margam, named after the sub- nies and operas. Philosophers urb of Port Talbot where he grew Time and place take on strange qualities Rousseau and Nietzsche both tried up, nostalgically evokes memories in Tony Kushner’s Pulitzer Prize-win- their hand at composition, the of gathering bluebells with his ning 1990s epic of the Aids epidemic. former with some success. grandfather. The three move- Characters hallucinate they are in Ant- Now we have an album of origi- ments of 1947: Suite for Solo arctica rather than Brooklyn, they com- nal works by Anthony Hopkins, Piano and Orchestra picture a hot mune with ancestors, angels and ghosts. double Oscar-winning actor. Welsh summer as a boy, most So it makes a perverse kind of sense that He says his interest in music memorably in the bluesy this 18-year-old production of the great started when he was four and by “Bracken Road’, which is given an American play, by acclaimed Belgian the age of 10 he was playing aura of sophistication by its skilful director Ivo van Hove, finally premieres Beethoven over and over to the use of the orchestra. in the UK at the Edinburgh Interna- point where his father stopped It would be a push to describe tional Festival, in Dutch. him with “No wonder [Beethoven] any of the music here as “classi- These dislocations are what make went bloody deaf!”. cal”, as has been suggested. Angels in America so transfixing. Van Hopkins senior might have pre- “Cinematic” would be a better Hove rejects the maximalist approach ferred his son’s music, if he had description — appropriately, given that the play seems to demand and heard this recording. The pieces its composer. Gustavo Dudamel brings an outsider’s eye to the state of chosen for inclusion are not ambi- and the Philharmonia Orchestra the States. This is the skeleton frame of tious in any way — only one lasts guarantee high-quality perform- the play, where Kushner’s swaths of elo- more than seven minutes and ances, so imagine the lights in the quent speechifying have been thinned most are reluctant to venture cinema going down and let the (totheir benefit) and translated. beyond the safety of their home soundtrack roll. Across the back wall, faded projec- key — but they make a nicely var- tions of American scenes — a busy con- Krisjan Schellingerhout, left, and Minne Koole as Joe and Louis in ‘Angels in America’, performed in Dutch ied collection. ‘Life Is a Dream’ is released by Decca course, an emergency room, the Twin Towers — suggest a washed-out country. Americans”, “This Is Not America” and Trump: disbarred for borrowing money houette made giant on the back wall. An empty grid of lighting bars hangs the now almost obligatory “Heroes” for from a client, he claims an establish- Kushner’s play punctures its speechy low. The rest is a bare stage-within-a- an anthemic finale. Though it predates ment stitch-up and threatens lawsuits realism with symbolic angels and stage where the cast, made small by the van Hove's collaboration with Bowie on for anyone who treads too near. impressionistic hallucinations. But this cavernous space around them, plays out the 2015 musical Lazarus, it has the Van Hove’s production makes production abstracts everything by one the five-hour reckoning with America same denuded, mournful texture. demands on the imagination. Lighting degree, holding the play at arm’s length, and Aids, its ravaging of gay couples, The sparenessis alienating at first: too by Jan Versweyveld becomes a stand-in casting it into purgatory and weighing straight couples and the closeted, self-conscious, too little to latch on to. for scenery or set. Emanating from high up its virtues and flaws. When confused homophobic bully Roy Cohn (at one Butacross the course of five hours it gets up in the fly tower, so that the inner Jewish Democrat Louis (Minne Koole) point the mentor of Donald Trump). better and better — grimmer and workings of the theatre are on display, it and confused Mormon Republican Joe Less angelic than ghostly, van Hove's angrier too. It is helped by towering per- stays always bright, shifting from Ant- (Krisjan Schellingerhout) wrestle on production often refuses to give things formances from two of Internationaal arctic white to hospital-room white, and stage, one of the only moments of their true form. When characters speak Theater Amsterdam’s most renowned throws shadowsaround the stage. action, you sense the production tutting on the phone, they just use their hands. ensemble members: Marieke Heebink This method is particularly effective and shrugging. This outsider’s perspec- The only thing on stage throughout is a plays, variously, a spluttering rabbi, a for the angel. Most productions relishin tive of America may be almost 20 years table witha record player and speakers, sardonic doctor, a conservative Mor realising her with maximalist designsas old, and the play 15 years older, but its the tangle of wires vaguely suggesting mon mother and the wry ghost of Ethel she crashes through the ceiling. Here conjuring of a bleak and diminished equipment around a hospital bed, Rosenberg. Hans Kesting’s malevolent she is not some booming Deus but a country, haunted by death, looks where characters regularly drop the Cohn, brutish and then slowly dimin- male nurse (Felix Schellekens) in pris- increasingly deathless. needle on David Bowie songs. ished by Aids, becomes a renewed and tine white scrubs who spreads his arms Track choices are blunt: “Young fascinating focus for his analogues to as he walks on stage, his wingspan sil- To August 20, eifco.uk Anthony Iopkins has written a varied collection of compositions

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Tuesday 18 August 2026 * FINANCIAL TIMES 21

                                                                                           FT              BIG             READ.                                  ARTIFICIAL                                          INTELLIGENCE


                                Recent cyber attacks reflect what the technology was trained to do but safeguards are falling short,
                                       threatening potential chaos in the world’s IT systems until patches can be rolled out.
                                                                       By Madhumita Murgia

 n early      May,        ChatGPT     maker
 OpenAI began a lab experiment                                                                                                                                                          self.    int_mode:
 that would set the tech industry on
 a new course — one that is all the               dense_b,atvne
                                                t_type:
 more alarming for being the prod-                                                                                                                                                                     (self.eax_width                            —    le

uct not of accident but of design. On the surface it may have looked like aregular security test: in-house hackers were def scalar_str(self, formatterl, formatter2= formatter2 1 N 2 given a hard cyber security challenge realistr > f_striself.real, fore to solve to test the limits of their capa- imag_str | ee self.inag, for bilities. Employing creative tactics, they managed to work around their mt hee == “+” or imag _str{@] = constraints and collaborate with one real_str + imag str bit_input another to crack the problem over loati6, several days. bf loati6, real_str +" nt32, But the “hackers” were AI agents — loat8_eda software that can perform multi-step cognitive tasks without human involve- ment. OpenAI had built them using a (n, m) transpose_result (m, n) combination of models, including a new_empty(output_shape, dtype=out_dtype) spaces and comms powerful new one that is as yet unre- Length = formatterl.width() + 2 leased. Their success in their designated == iit diGBRis_avaiieo.e) oF h. index_ré¥uce. default) task made waves acrossthe world. cet ft distributed torch.distributed. Last month the agents were able to fr torch. distributed. break free of a test environment without from torch.distributed. internet access, crawl the open web and eventually hack the systems of the pop- identity, func( ular software platform Hugging Face — obj: torch. Tensor, without the knowledge or permission of po: Optional | dist.ProcessGroup), device: Optional{torch.device), any human operators. cospaniodiipbj: Any, They also displayed an entirely new > torch. Tensor: ability — to communicate and co-oper- return obj ate to complete a task. The AI agent swarm left messages for one another _a\_gather_sharded_tensor( on an internal message board they sharded_tensor: "ShardedTensor", pg: Optional (dist.ProcessGroup Ht device: Optional itorch.device) = None, ‘The offensive capabilities tt tot i VIIA x -> torch. Tensor: dione: ta we have today, we have r | +_get_default_group() world_size = dist.get_world_size(pg) reached deliberately [by] shards = sharded_tensor. local_shards() Gim@_size = sharded_tensor.size()[@] # type pre findex} gathering data and tensor_numel = sharded_tensor.size().numel() e: ignore

training models for years’

                                                       ‘Rogue’ Al is working as intended

assembled, sharing code vulnerabilities to help orchestrate their escape. When details of the hack were revealed, it set off a firestorm among cyber security and AI experts, with OpenAl’s own researchers labelling it a “watershed moment” for the industry. The disclosure also sparked a flurry of Similar discoveries. Al models are better suited Lo the tasks — Lhe risk of harmtful cyber Alter last month’s hack, OpenAl says OpenAl and accidentally allowed Lhe Face, since Lhe ChatGPT maker is no US Aland tech giants Anthropic and discrete, verifiable task of finding a attacks is increasing, with little in pros- it is starting to train its models to write models access to the internet when they more careless than many other frontier Meta, Chinese start-up Moonshot and vulnerable target in code than the pect to rein in the threat. “superhumanly secure code”. were supposed to be offline. Allabs. the UK government's Al Security Insti- more amorphous work of defence But, in the short term, security This was a result of human error or Some politicians want more dramatic tute, which evaluates the cyber capabili- FT montage/Getty Images/Dreamstime Two sides of the same coin experts expect that AI systems will “miscommunication” between Irregu- steps to prevent further risks. US Sena- ties of new models, have all subse- Al’s ability to write code has soared as expand the scale and speed of cyber lar and the AI labs, says a person famil- tor Bernie Sanders has called for a pause quently found evidence of AI agents the technology has become more capa- attacks, threatening potential chaos in iar with the situation. Anthropic said in building more powerful AI systems hacking into the systems of unsuspect- ble of reasoning and solving problems. the world’s IT systems until patches can the capability tests are — for obvious “in the interest of humanity”. ing third parties during testing. This coding prowess has brought with it berolledout. reasons — deliberately run without safe- Such a measure would have to be More than half a dozen experts inter- additional skills, including identifying “If we extrapolate from here, those guards that would otherwise be availa- agreed by the US and China, the world’s viewed by the FT say the breaches signal software bugs and learning how to patch inside labs predict a couple of years ble to the general public and “would Al superpowers, as well as all other a turning point in global cyber security —and exploit — them. where things are intense, where things have blocked the behaviours identi- nations where development takes place, — Al agents are now able to string “Coding and cyber are two sides of the get hacked, a lot of companies get fied”. However, they acknowledged anaccord many see as unrealistic. together different and complex skills to same coin — as coding capabilities destroyed and there is a lot of potential sucha procedure “is safe only if the eval- But, in the absence of sucha halt, ora attack real-world targets, without out- increased, the cyber capabilities pain,” says Jeffrey Ladish, a former uation is appropriately contained”. universal kill switch for the technology, side control or help. increased too,” says Dawn Song, acom- Anthropic researcher who is now direc- The UK AI Security Institute also some experts argue that the first step is The sophisticated strategies the puter science professor at the Univer- tor of Palisade Research, which investi- deliberately provided internet access to hold AI providers accountable for agents employed to accomplish their sity of California, Berkeley, who works gates cyber-offensive Al capabilities. during its testing of Anthropic’s Mythos how their systems behave — just as goals, including subterfuge and theft, at Meta’s superintelligence lab as its Al Eventually, he argues, systems will be 5and OpenAl’s GPT5.6 Sol models. manufacturers are responsible for prod- surprised even those who have been research chief. more secure as companies and govern- In one of the tests, the Mythos agent uct safety. watching the evolution of AI models “Model capabilities have increased ments adapt theirnetworks to AI hacks. attempted to insert malicious code into “I find it quite unbelievable that closely. drastically in the past year . . . automat- In tie meantime, however: “The plan an open-source project on the popular OpenAI didn’t notice for several days But researchers emphasise that the ically generating exploits that can is we will have to trust Al agents . . . and developer platform GitHub by creating their model was attacking another web- models are not acting out of character — bypass standard security defence have to hope that agents are aligned to fake online identities and using them to site,” says Thorsten Holz, who, along- instead the tasks they are now excelling mechanisms. what we want.” pressure the person in charge of the side Song, designed the ExploitGym at arethose they were built to perform. “People didn’t expect it to get here so So far the agent hacks have not been software project toapprove the code. benchmarking system used by all the Indeed, some say it is a category mis- quickly,” she adds, speaking in her crippling, but researchers such as Such unprecedented actions have major Al labs. “What we need is a mech- take to describe such agents as “going capacity as an academic. Milanov argue that the risk is mounting prompted an industry-wide rethink of anism in which disclosure of [AI hacks] rogue”, making improved safeguards all Song, who co-designed the Exploit- as Al agents run in parallel, each focused how AI models should be evaluated, doesn’t just depend on voluntary trans- the more important. Gym benchmarking system, which on breaking a different potential target. monitored and audited. parency ofthe labs.” “The offensive capabilities we have OpenAl, Anthropic and Google all use to Indeed, last week brought news of the Holz, who is scientific director at the reached today, we have reached deliber- test their AI systems, says the intrinsic first known instance of an AI agent ‘Tt is generating exploits Max Planck Institute for Security and ately,” says Boyan Milanov, senior asymmetry between offence and attack on a nation state. China-linked Privacy in Germany, notes the example research scientist at the independent defence allows them to be particularly hackers targeted the Taiwanese govern- that can bypass standard of the aviation and healthcare indus- New York-based AI Now Institute, who good attackers. ment by simultaneously deploying up to tries, in which independent organisa- studies the security risks associated Finding a vulnerable target in code is eight autonomous Al agents. defence mechanisms. tions collect confidential safety reports with AI agents. “AI companies have a discrete, verifiable task with clear suc- They were able to map government People didnt expect it to that are investigated thoroughly. “We been actively gathering training data, cess criteria, which AI models are better systems, compromise government user need ways for universities, public safety training models and refining cyber suited to than the more amorphous accounts and extract more than 2,500 get here so quickly’ institutes and independent evaluators capabilities for years now.” work ofdefence. personnel records before expanding the to have access to the models for testing Modern AI models are designed to try Cyberdefence, a slower-moving and attack to cnergy companics and Tai Irregular and the UK AI Security Insti under controlled conditions,” he adds. all possible methods to accomplish a more complex field, can take painfully wan’s nuclear safety agency. tute have both now suspended internet Much comes down to the role of gov- given goal without explicit instructions, long to catch up. A new patch for an According to an executive at Dream, access for models in their test environ- ernment — a highly controversial topic which makes them inherently unpre- entire IT network, for instance, may the Israeli group that discovered the ment; the institute has begun an inter- inan industry that has become the great dictable. If they succeed, they are need to be rolled out across thousands Taiwan intrusion, the advent of AI tools nal review of testing methods. power competition of the age between rewarded, a training process known as of computers and operating systems means “every government around the “The more conservative the set-up, the US and China, with both sides fight- reinforcementlearning. in acompany setting. globe” must now assume it is under per- the easier it is [to ringfence such tests],” ing for Al advantage. In a computer system that lacks manent cyber attack. says the person with knowledge of Many industry players equate regula- understanding of human intentions and For AI company insiders, the crisis the Irregular incidents. “But if we are tion with protectionism. The Trump morals — a phenomenon the Al indus- Al agents are increasingly successful in cybersecurity tasks | has beenlooming for months. over-restrictive, most issues will only administration has signalled that it will try describes as “misalignment” — the Success rate” (%) The sharp rise in AI capabilities this be discovered post-deployment in the oppose heavy US regulation of the sec- line between a powerful cyber security @ Claude Sonnet @ Claude Opus © DeepSeek @GPT @ Other year — which has allowed agents to hack real world.” That, they add, “is a worse tor. Instead, it has created a voluntary defender and a dangerous hacker is into external systems within days — has world for you”. system to test new AI models up to 30 100 becoming increasingly blurred. made things more difficult still. Now, days before they arereleasedto the pub- Reining in the risks But, however it is characterised, such GPT-5.5-Cyber @ & even testing the models under closely lic—a similar regime to the UK’s. Al activity is already causing harmful nO @ .. watched experimental conditions has Last month, more than 1,300 experts But Heidy Khlaaf, a leading AI safety consequences for businesses across sec- Claude @ 8 V4-F become “significantly more compli- from across the tech industry warned engineer who designed cyber evalua- tors and throughout the world. Sonnet 4.6 cated than it was a year ago”, says a per- about the risks of unchecked AI cevel- tions for the launch of the UK AI Safety “The Hugging Face incident showed 60 G @ son familiar with the recent hacks. opment. They called for an interna- Institute, says the recent breakouts that we underestimated the real-world For years, people have been worried tional effort to slow the production of show the limits of the current regulatory cyber capabilities of our AI models,” about criminals weaponising AI to new models and give regulators time to system. OpenAl president Greg Brockman wrotein a blog published yesterday. 40 o © launch cyber attacks, Ladish says, “but I wasn't expecting the big wake-up call introducestandards and safety checks. In an open letter, researchers includ- “This is a clear demonstration that Al labs’ voluntary auditing processes, “We are strengthening our safety to be the agents themselves breaking ing Anthropic CEO Dario Amodei and which are often touted by both US Claude requirements accordingly, which in Ba a out during testing and hacking other Google DeepMind’s chief AGI scientist and UK governments as sufficient solu- turn adds even more urgency to our companies”. Shane Legg blamed corporate and geo- tions for oversight, are . . . inadequate,” existing safety research and internal GPT-4.1 The OpenAl agents’ hack on Hugging political competitive pressures for the she says. “If cyber security experts security work.” O DeepSeek-V3 Face was unusual in breaking out of a relentless pace of frontier AI develop- are legally and criminally liable for But, as AI companies accelerate o- T T T T T T restricted test environment by exploit- ment. carrying out cyber security attacks on Jan2025 Apr Jul Oct Jan2026 Apr Jul development of the software in a race to ing software flaws. By contrast, in most One signatory, who works at Google any infrastructure, there is a serious achieve artificial general intelligence — Release date of the other recent incidents, Irregular, DeepMind, said he took part because of conversation to be had as to why Al a superintelligent machine that can * Share of instances where agent successfully repraduces the target wilnerability with a working proof of concept an Alcyber security company, ran Lest the “genuine concern” he was caused by labs are exempt from such liability and Source: CyberGym outperform humans on all cognitive evaluations for Anthropic, Meta and the OpenAI models’ hack on Hugging consequences.” 22 FINANCIAL TIMES Tuesday 18 August 2026

The FT View

                                                                        A realignment of the Middle East
                                                                                                                     weakened, still pose a lethal threat.          defence agreement reached last Sep-             Thereisa                     axes. But the Meccaagreement exposes
                                                                        Iran conflict is reshaping                     The result is a crisis reshaping the         tember. It gives Ankara the prospect of         shared                       the region’s shifting faultlines. While the
                                                                                                                     Middle East in ways likely to have last-        lucrative defence deals and Islamabad                                       Iranian threat is at its forefront, the trio
                       ==                ;        ar                    alliances in a way neither                   ing repercussions for Washington, as            further financial support from Riyadh.
                                                                                                                                                                                                                    recognition that
                                                                                                                                                                                                                                                 will view itas a potential counterweight
                                                                        America nor Israel foresaw                   regional leaders adapt toa newreality.          For Saudi Arabia it offers at least a sym-     Tehran will                  to Israel. The Israeli attack on a Hamas
                                                                                                                                                                                                                     increasingly
   FINANCIAL TIMES                                                      The moment Donald Trump ignored
                                                                                                                        Gulf states are reassessing their reli-
                                                                                                                     ance on the US as their principal secu-
                                                                                                                                                                    bolic strengthening of its deterrence
                                                                                                                                                                    against any further attacks by Iran or its      have to be
                                                                                                                                                                                                                                                 office in Qatar last September acceler-
                                                                                                                                                                                                                                                 ated their co-operation.
            “Without fear and without favour’                           the advice of Arab allies and ordered US     rity guarantor after Iran struck military       proxies, as Houthi rebels in Yemen have        managed by                     In the other corner sit the Abraham
                                                                        forces to attack Iran, he gambled with       bases, energy facilities, airports and          reignited a conflict with the kingdom.         regional powers              Accords allies, notably the United Arab
                                                                        the future of the Middle East. Almost six    other infrastructure across the region.           All three will use the pact to project                                    Emirates, which is in a simmering rift
                                                                                                                                                                                                                    amid donhts
                                                                        months into an operation the US presi-       ‘rhe conflict has also deepened Arab and        influence and leadership.     Yet neither                                   with     Saudi   Arabia     and   increasingly
                                                                        dent predicted would last four to five       Muslim leaders’ concerns that Israel is a      Turkey nor Pakistan is likely to rush           about the US's               charting a course independent of its tra-
                                                                        weeks, the region is trapped between         destabilising force.                           into war with Iran to defend Saudi Ara-         reliability                  ditional Arab partners while deepening
                                                                        war and peace, grappling with the con-          An early sign of where this may lead        bia. Nor is the agreement likely to deter                                    ties with Israel. The dynamics will
                                                                        sequences of the conflict he and Israel's    came when Saudi Arabia, Turkey and              Iranian or Houthi attacks. Saudi Arabia                                     remain fluid, and other Arab and Mus-
                                                                        Prime Minister Benjamin Netanyahu            Pakistan recently agreed a mutual              will not be sending troops to Kashmir.                                       lim states will be wary of taking sides.
                                                                        unleashed.                                   defence pact, symbolically signed in           And despite growing talk of strategic                                        Egypt, though closely aligned with the
                                                                          The Iranian regime that Arab states        Mecca, Islam’s holiest city. The three          hedging, the US will remain the Arab                                        Meccatrio, notably did not join the pact.
                                                                        have considered a grave threat since         Sunni-led powers insist the agreement          world’s principal defence partner.                                              But if Trump and Netanyahu believed
                                                                        the 1979 Islamic revolution remains          is defensive and not directed against any        The pact’s significance, for now, lies                                     that war with Iran would draw regional
                                                                        intact. It is belligerent and, despite       particular country. But it reflects a           instead in its symbolism, and what it                                       states closer to Israel and pave the way
                                                                        the devastating costs of the US-Israeli      shared recognition that Iran will              says about emerging new alignments                                           for an expansion of the Abraham
                                                                        bombardment,      feels emboldened.     It   increasingly have to be managed by             afteralmost three years of conflict in the                                   Accords, they are likely to be disap-
                                                                        retains a chokehold     over the Strait      regional powers amid doubts about the          Middle East following Hamas's October                                        pointed. The war will reshape the Mid-
                                                                        of Hormuz, while its proxies in the          US's reliability.                              72023 attack on Israel.                                                      dle East. But it will do so in ways they did
                      ft.com/opinion                                    so-called   axis of resistance,   though        The pact builds on a Saudi-Pakistan            It is too early to speak of opposing                                      not intend or foresee.



                                                                                                                                                                                                                                                                        Email: letters editor@ft.com

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about Jason Arday Central bank gold repatriation has its own logic Leisure time — we differ so much from the ancients Business is devoted to the creation of Ewan Whte The report on Venezuelan MPs uniting stored their reserves in London to logic of offshore safe-haven storage surplus money, not promoting ethical to demand the return of their nation’s safeguard them against domestic begins to break down. Central banks goals. Anything that impedes that gold (Report, August 14) brought a wry political turmoil and the risk of around the world must now confront process is discarded as irrelevant. smile to my face. Or perhaps, as a internal confiscation. The supreme an uncomfortable reality: in the At present we are all committed to citizen of Turkey, a country that holds irony, as highlighted by the Venezuelan modern financial architecture, physical the acceptance of this truth, which asa nearly 200 tonnes of its own gold — case, is that the custodian itself has possession within one’s own borders consequence influences how we roughly 25 per cent of its national now Lecome the party enforcing may be becoming more valuable than conduct our lives, especially how we reserves — in London, I should be the freeze. trust in a foreign jurisdiction. use our leisure time — what the feeling a growing sense of unease. When custodial safety shifts into Hasan Huseyin Deniz Romans called otium. Sovereign states have historically political leverage, the foundational Istanbul, Turkey We use such downtime quite differently from our naive ancestors who used their leisure to acquire How consultants ensure UK should not surrender “useless” knowledge, ie knowledge that could not be turned into money, but advice is worth paying for the Parthenon Marbles only into a greater knowledge and Robert Armstrong is right that artificial Michael Vatikiotis provides a understanding of ourselves (think of intelligence could turn much analytical misleading comparison between the Socrates). part because, for many, this was not a work into a commodity (“Who needs Elgin (aka “Parthenon”) marbles and Antonio Albert Stephen story about Cambridge, but one about Black people in publiclife and “diver- consultants in the age of AI?”, Opinion, August 6). the Bayeux Tapestry (“The Bayeux Tapestry loan is a model for the London SW3, UK

Bush sily, equity and inclusion hiring”. But how will the next generation of Parthenon Marbles”, Opinion, Cat flap comeback Nor was Arday the first memoirist experts acquire the expertise and August 10). to make outrageous claims. After human judgment they need for this? First, the UK does not dispute I told my cat Bob about Gail D’Arcy’s James [rey’s first two books were In engineering, as in consulting, France’s ownership of the Bayeux suggestion (Letters, August 13) that he found to be largely fabricated, they judgment has always been forged Tapestry. Greece, however, accuses the be kept indoors given the estimated nJune 2019, the award-winning were simply marketed as fiction. The through the accumulation of working UK of possessing stolen goods because 27mn birds killed by him and his feline German blogger Marie Sophie Salt Path, Raynor Winn’s account of through problems. This includes it claims the marbles were looted. friends in the UK annually. Hingst, who wrote about her walking the South West Coast Path testing how outputs change as inputs Second, the UK can be relied upon to Bob said — as he headed out the cat experiences as the granddaughter with her terminally ill husband, was are adjusted, or responding to a return the Bayeux Tapestry to France. flap — that he found this rather rich of Holocaust victims, was found extensively reported to contain false- colleague who challenges an Nobody seriously believes Greece coming from a member of a species not to be descended from Holocaust hoods — which she disputed. Her next assumption. Much of the routine part would return the Elgin Marbles tothe that gets through around 2.7mn birdsa victims at all, or indeed even Jewish. book is due in January 2028. He is still of this groundwork can be absorbed UK — who returns “stolen” property to day in the UK. And that’s just the Der Spiegel found she had added the alive. using AI techniques. Bawx athief? chickens. names of 22 people, some fictional, to But academia in particular relies on However, no matter how advanced The UK government would be foolish Barry Willcox Yad Vashem, the archive that docu- trust. Questions about Arday’s eye- these models become, someone must to facilitate the surrender of the Elgin London KT2, UK ments the 6mn Jews killed. brow-raising autobiographical claims carry professional responsibility for safe, buildable and will perform. That Marbles, especially to a Greek Hingst was stripped of her awards undermined the acclaimed academic what is built and how it performs over rests on professional judgment, which government that is handing and a month later, she was dead, aged book he had written on multicultural- decades. While machines may take on is exactly what cannot be automated or management of the country’s Clarification 31. She was not the first or the last per- ism in the UK. Allegations of plagia- repeatable tasks, professionals still invoiced by the hour. All this means we archaeological sites to private son to be exposed as inventing fictions rism in his PhD would inevitably have need to build the experiences through must deliberately cultivate the next companies. These private enterprises elt has come to our attentionthat AI about their relationship to the Holo- tainted any further research. which they learn to sense when an generation's expertise by designing charge extortionate prices for people to was used to condensea longer draft of a caust — perhaps the most famous is Reporting on what really happened answer is sound — or not. opportunities for challenge, visit Greece’s heritage, as I experienced column on President Trump’s tariff Misha Defonseca, who in 1997 wrote a in these cases is in the public interest. Armstrong also notes that firms are mentorship and critical thinking. This during a recent visit. By contrast, policy published on August 14 prior to memoir claiming that she had sur- We have good reason to believe that, increasingly charging for outcomes will be how firms can ensure their anybody can see the Elgin Marbles in submission to the FT and ourown vived by being adopted by a pack of without the media circus, Cambridge rather than time. In engineering and judgment is still worth paying for. the British Museum for free. editorial involvement. The FT editorial wolves. But Hingst was, to the best of would have continued to minimise design, the outcome a client ultimately Fiona Cousins Andrew Apostolou code of conduct specifically prohibits our knowledge, the first person to die complaints. For the sake of the univer- buys is assurance that what gets built is COO Total Design Arup, New York, NY, US Washington, DC, US the use of Alin the writing process. by suicide asa result. sity in the case of Arday, and the sake of history in Hingst’s, exposure does matter. From the beginning, his But it also matters what happens after someone chooses to resign. That first wrote about Manchester’s Nobu’s developer Salboy, which is for too long on such snobbery, story was accompanied both Arday and Hingst took their own OUTLOOK skyscrapers a decade ago. Shortly also building former footballer Gary focusing instead on its own debates by acloud of excessive lives is atragedy. That, in Arday’s case, a‘ter covering a planning Neville’s nearby residences W, has about the breakneck pace of change. further commentary appeared about NORTH WEST application for a 64-storey seen interest switch over five or six The skyscrapers appeared as living references to his race his unfitness to hold his post and his residential behemoth, I stood years from Asian investors to UK standards were being squeezed and supposed stupidity was to forget that looking down Deansgate towards the buyers and the Middle East. The Burnham himself leaned into Before his death, Jason Arday had, he was not a talking point in a row spot where it would loom. region is now Salboy’s busiest resulting anxieties about housing similarly, been exposed as something he was not, with a series of lingering about DEI but someone who had already taken the decision to step Manchester's People won't know what's hit them, I thought. international market, accounting for more than 21 per cent of sales at W. inequality in his first 2017 run for mayor. This summer, the mayoral questions over aspects of his scholar ship. From the beginning, however, away from the spotlight. Arday’s investigators did find real towering What followed was not just one tower but a brand-new skyline. A City centre estate agent Julic Twist says one of the biggest drivers is the election triggered by his departure for Downing Street was again dominated something was different in how his cause for concern, but 1e was also held gleaming forest of glass that sprouted city’s universities. “It’s increasingly by skyscraper politics. Nearly 10 years story was talked about, the investiga- tions accompanied by acloud of exces- to a higher standard than some col- leagues. His story was never discussed ambition seemingly from nothing ina city best known for its football and its 1980s common for families to buy rather than rent while their children study.” on — with penthouses now selling for £4mn or more and letting for £14,000 sive references to his race. One news bulletin described him as “the Black without a miasma of race. His short- comings were depicted not just as the shows in its and ’¢0s music heyday. Today, it is the backdrop for Prime Minister Andy Meanwhile there has been a visible rise in Middle Eastern food and driak a month — the Green Party demanded rent controls, accusing Labour of

                                                                                                 new skyline

professor accused of plagiarism”: as if usual failures of rigour in publishing Burnham’s new Number 10 North. options. On Deansgate, the coffee shop “growth for growth’s sake”. Burnham’s the most important thing was not the or academia but as exceptional proof The luxury skyscrapers, where Gulf shows this new influence; Labour successor, Bey Craig, landed in plagiarism, but the temerity to be that ethnic diversity et Cambridge — young influencers live alongside opposite, a Lebanese restaurant is similar territory, calling for national simultaneously Black. where 0.4 per cent of academic statt Emirati postgraduates and the odd relocating trom the wealthy Cheshire powers to control rents. Reform UK The unmistakable and, in some are Black — has gone too far. football manager, were part of a suburb of Hale. Underneath capitalised on controversy cases, explicit tone of all this was that In Defonseca’s case, no one sug- deliberate regeneration strategy bya Deansgate Square South is a populer surrounding millions of pounds if an organisation is gulled by a Black gested that public willingness to swal- town hall seeking to revive post- alcohol-free Lebanese café. loaned to help private developers man, then the issue must be that it has low the lupine philosemites story industrial Manchester. They now When a resident offers to give mea build skyscrapers. Burnham himself been blinded by excessive wokery. If it meant that our abhorrence of the Hol- stand for the economic and political tour, I am struck that the expansive criticised the approach as a candidate takes a decade for an account involv- ocaust was too extreme. Arday’s sto- confidence of Britain’s third-largest lobby of the south tower feels like a a decade ago, although the loans ing being parented by wolves to be ries, however, were taken as a specific city, as well as the tension inherent in five-star international hotel, from its continued under his tenure. debunked, well, that’s life. But if a commentary on DEI initiatives across Burnham’s term “Manchesterism”: his heavily fragranced air to the polished So the towers sum up the tensions Black man can trick you without academia, one with broad lessons argument that the city’s revival is a floors and black-suited security within “Manchesterism”. For while the immediate exposure, then racial tol- about the treatment of Black people in blueprint for the country. guards. In basement car parks, city has changed at pace in the last erance has been taken too far. higher educationand the workplace. Soon there will be more towers. Ina Lamborghinis sit next to Porsches, decade, its progress has been more Arday was not the first professor to The difficult truth is that if Arday railway arch off Deansgate, a former Bentleys and the odd Ferrari. contested, and more disruptive, than face credible allegations of plagiarism, were white, a professor facing allega- car showroom, Robert De Niro last Manchester is perhaps a natural Burnham’s rhetoric implies. something that he denied. One of his tions of plagiarism would probably still year broke ground on the 76-storey home for showy international wealth: Manchester’s internal debates are fellow professors at Cambridge, a his- be in post. And if Arday were white, branded Nobu building, which is set to it has a longstanding eye for bling, now in the national spotlight. And as torian, who is white, was reported by then a father of two would probably be the city’s tallest yet. influenced by Cheshire millionaires Burnham's new Number 10 finds its the FT to have been found to have cop- still be alive. That first truth raises A fly-through video shows the and cash-splashing footballers. feet, London lobbyists and consultants ied more than 12 pages of an under- questions for Cambricge. The second polished bling of Dubai. That is “This is a city that drinks first and heading north will soon be able to graduate’s work. He is still in post — for those who saw him only as a sym- perhaps no coincidence: a decade ago, eats after, with its mouth open,” wrote interpret the skyline for themselves. fittingly for the social sciences, this is bol evenafter he had exited the stage. foreign investment in Manchester restaurant critic AA Gill, derisively, in an experiment with a control. The dif- by Jennifer Williams came from China. Now it is the Gulf. 2010. Manchester tends not to dwell jennifervilligms@ fc ference here is the firestorm: in large hen. com Tuesday 18 August 2026 * FINANCIAL TIMES 23

                                                                                                                            Opinion

                                    Crime and punishment in Syria and Lebanon                                                                                                                                                                    _          Eldefence
                                                                                                                                                                                                                                                 executives are no
                                         while further crimes and political
                                         accommodations are still under way?
                                                                                         just one day later when parliament
                                                                                         passed a general amnesty law that will
                                                                                                                                                for justice. Lebanon could now ask for
                                                                                                                                                the extradition of a Bulgarian             man
                                                                                                                                                                                                  prosecutors filed individual homicide
                                                                                                                                                                                                  cases, flattening the enormity of the
                                                                                                                                                                                                                                                 :
                                                                                                                                                                                                                                                 :longer as safe as
                                                                                                                                                                                                                                                               they were
                                           Lebanon has had a moratorium on               benefit hundreds.         The country last             involved in the shipping of explosive             crimes.

Kim death penalties since 2004, but in a voted on a general amnesty in 1991 in materials, which resulted in the devas- Short ofa full national reconciliation region where human rights are rarely order to absolve everyone, from war- tating Beirut port explosion of August process, Syrians may be deprived of a : Ghattas mentioned its justice minister Adel lords to snipers, of the horrors of the 2020. Bulgaria has refused to extradite true sense of accountability. A process : Nassar described abolition as “an civil war. him because of the death penalty. Hop- driven by the current authorities also : essential message in favour of funda- ‘rhis time around, the amnesty was ing toseta regional example, Lebanon is risks being selective, motivated by the i mental rights”. partly designed to reduce prison over- also pondering whether to refuse the need to assert legitimacy and power. : Elisabeth eadlines from the Middle To be fair, among Arab League coun- crowding. But it has long been extradition to Syria of former regime Trials in absentia are flawed but, with i East are dominated by war, tries, Djibouti removed capital punish- officials for trial in courts that still hand the death penalty still in force, Syria will Braw death and destruction but ment from its penal code in 1995, but it out death penalties. struggle to extradite regime officials. : last week Lebanon and is in the Horn of Africa. In the Middle Short ofa full national Last week in Damascus, former presi- This makes the quest for accountability : Syria made the news for a East, Israel abolished the death penalty dent Assad, his brother Maher and sev- feel fragile and somewhat rushed. different reason — their own efforts to for ordinary murder in 1954, retaining it reconciliation process, eral former regime officials were sen- In 1965, Martin Luther KingJr said the t’s like something out of a summer improve the application of justice and only for wartime crimes against human- Syrians may be deprived tenced to death in absentia. After four “arc of the moral universe is long but it horror movie: a hippyish couple the search for accountability. ity. Nazi official Adolf Eichmann was months of trial, the outcome was met bends towards justice[ . . -] How long? : camping in the Swedish country- In abolishing the death penalty, with notably executed under it in 1962 of true accountability with cries of joy by victims of the Not long.” Despite war and turmoil, side near a prominent CEO’s holi- no exceptions, Lebanon delivered a pro- But in March, the Israeli Knesset regime’s brutal war, oppression and there are shy shoots of green in Lebanon : day home has a nation fearing espi- gressive, historic first in the region. passed a law making capital punish- demanded by political and sectarian forced disappearances. and Syria. But the original sayingfrom : onage. This is the reality for today’s Across the border, in Syria, a court sen- ment mandatory forterrorism. The law, factions — Sunnis looking to absolve Atif Najib, a cousin of Assad and polit- 1853 by an abolitionist minister, Theod- : western business leaders. After several tenced former president Bashar al-As- sponsored by the farright after October Islamists; the Shia militant group Hiz- ical security chief in Deraa province, ore Parker, expresses the uncertainty : decades of a mostly safe existence, sad to death in absentia for premedi- 7, is written in a way that excludes Jew- bollah trying to release members of the where the spark of the 2011 civilian around this arc much better. “I cannot : they're now viewedas fair game by hos- tated murder, among other charges, in ish Israelis, in effezt making it only community imprisoned on drug-related uprising was lit, was the only regime calculate the curveand complete the fig- : tile states. the 13-year war he waged against his applicable to Palestinians. Israeli civil offences. Amnesties can help countries figure to appear in court, behind bars, in ure by experience of sight. [can divine it : “A woman who spoke English with an own people. and human rights organisations have move on from conflict but, handed out a striped prison uniform. He denied all by conscience.” : accent walked on tothe cottage plot and But what does justice mean in a time criticised it as enshrining a two-tiered without a truth and reconciliation proc- accusations and said he felt no remorse. i asked if she could fish from the jetty that of war and upheaval? And what kind of justicesystem. ess, they promote impunity. Syria has no laws on war crimes or The writeris authorof ‘Black Wave’ and an : belongs to the plot,” Swedish national accountability can truly be achieved Lebanon's achievement was marred Still, the abolition opens new avenues crimes against humanity, so the FT contributing editor : television reported earlier this week. : The plot belonged toa person connected with Micael Johansson, the CEO of the Swedish arms manufacturer Saab — and Johansson is frequently there. Because : he heads one of the world’s leading

Can canned
                                                                                                                                                                                                                                                 : defence        companies,     whose   Gripen
                                                                                                                                                                                                                                                 : fighter jets are about to be exported to
                                                                                                                                                                                                                                                 i Ukraine, Johansson          has bodyguards,
                                                                                                                                                                                                                                                 : who grew suspicious and called the
                                                                                                                                                                                                                                                 : police. The woman and a male compan-

cocktails revive ‘ ion told the police that they were Rus- sian opposition activists. They were indeed Russian, but their visit turned : out to be more mysterious than your : typical camping trip. Among the items : the police found in their possession

booze sales?
                                                                                                                                                                                                                                                 : were       “Komradios”,       or long-range
                                                                                                                                                                                                                                                 : walkie-talkies, which the man claimed
                                                                                                                                                                                                                                                 : were a wedding present from his wife in
                                                                                                                                                                                                                                                 : case their phones malfunctioned.
                                                                                                                                                                                                                                                       The Russians’ visit may have been an
                                                                                                                                                                                                                                                 : innocent coincidence, but it’s hardly
                                                                                                                                                                                                                                                 : surprising that the bodyguards and the
                                         drinking age report drinking in the past                                                                                                                                                                : police were concerned to find them next
                                         six months, up from 66 per cent three                                                                                                                                                                   : door to a defence CEO’s retreat, espe-
                                         years ago. More Gen Zers drink than
                                         boomers and they are not far off the gen-
                                         eral population
                                           The
                                                       rate of 76 per cent.
                                                  youngest   generalion      of legal
                                                                                                                                                                                                                                                          If CEOs can be scared
                                         drinkers just indulges differently, and                                                                                                                                                                         into ceasing trade with
                                         for companies that cater to their crav-
                                         ings, the good times are starting to roll.
                                                                                                                                                                                                                                                          Ukraine, it's a victory
         he booze business has been         Sales of “ready-to-drink” concoctions                                                                                                                                                                            for the Kremlin
         suffering from a post-pan-      of alcohol with soda, juices and other
         demic hangover for the past     mixers have been shooting up. Drinks              That translates into big bucks: US                   berry gocs for $13.50, and a single               bowl of mystery punch. Individual              i cially since Sweden offers more than
         couple of years. Now that a     such as Surfside’s Peach Tea and Vodka          sales of premixed           cocktails       have       BuzzBallz Tequila ’Rita sells for $3.99.          portions also make it easier to “zebra         : 400,000 square kilometres of uninhab-
         lockdown-fuelled boost in       and Cutwater’s Mango Margarita are              increased more than six times from                       “Particularly in spirits, affordability         stripe”, slang for alternating liquor with     : ited land on which people can camp. For

home drinking has faded, spirits are winning over younger consumers who $489mn in 2020 to $3.8bn last year. has gotten out of whack,” says Chris non-alcoholic drinks to reduce total : now, the Swedish authorities have enduring a huge sales downturn, winer- like the low price, ease of use and inno- And where the US leads, many expect Goodchild, a Boston Consulting Group consumption. : instructed them to leave the country. ies are closing at record rates and vol- vative flavours. other countries to follow. Though RTDs senior partner who works with drinks So far, the big spirits groups have : The fear surrounding business lead- umes of beer produced have slumped. “They’ve got this ‘I don’t want to currently account for just 1 per cent of groups. “If you compare today with largely missed out: The most popular : ers’ security has deep historical roots. The share of Americans who say they drink my parents’ drink’ element,” says UK sales by volume, they have been 2020, getting a cocktail or a glass of RTD brands are independent (Carbliss, Decades ago, European business leaders drinkalcohol has dropped to a historical Ed Mundy, adrinks analyst at Jefferies. growing 8 per cent a year since 2019, wine is materially more expensive than Surfside) or owned by beer and wine : were surrounded by politically moti- low, and even those who do are drinking Alcopops have popped up as beer IWSR says. Research group MFRF it was.” companies (Gallo’s High Noon and AB : vated plots. In 1977, the self-styled Red less amid an increased focus on wellness alternatives before. Gen X had their projects European sales will more than The appeal of canned cocktails goes InBev’s Cutwater). : Army Faction shot and killed Jiirgen and an affordability squeeze. US under- 1980s wine coolers; the mid-1990s saw double in the next decade. beyond price. The convenience of Canned cocktails were seen as low- Ponto, the CEO of Dresdner Bank. A few age drinking has fallen even faster, the rise of Zima and other carbonated Some of the fizz in the canned drinks premixed drinks meshes well with rent when spirits groups were boasting : weeks later, they kidnapped Hanns- reaching all-time lows in 2025, leading malt-based drinks, and hard seltzer market is almost certainly due to the today’s socialising patterns. Young about their ability to push up prices in Martin Schleyer, the powerful boss of many analysts to predict — and industry brand White Claw became such a phe- fact they are relatively cheap at atime Americans are drinking more at home the name of “premiumisation”. Spirits : the German employers’ association; executives to fear — that young Ameri- nomenon in 2019 that there were when customers are feeling pinched by or in small groups rather than in the distribution networks are focused on : then they killed him too. In 1989, they cans were becoming stay-at-home tee- nationwide shortages. high fuel prices and prolonged inflation. country’s shrinking number of barsand liquor stores rather than convenience : assassinated Deutsche Bank chair totallers. But never before have canned mixed US restaurants are marking up wine nightclubs. RTDs also fit into “third stores and supermarkets where Gen Z Alfred Herrhausen; two years after that, Listed drinks groups have been swap- drinks played such an important role in bottles by six times cost, and $20-plus spaces” — festivals, sporting events — consumers tend toshop. : they shot and killed Detlev Rohwedder, ping chief executives faster than a frat the industry’s hopes for its future. cocktails are the norm at big city bars. that serve alcohol but do not have the That is finally starting to change. Saz- the man in charge of privatising ex-East boy throws back shots: Diageo, Brown- Since 2019, US sales in the RTD cate- But a four-pack of Carbliss Vodka Cran- staff to provide a full bar. erac bought BuzzBallz in 2024 and is : German state enterprises. Forman, Constellation Brands and gory have logged a bubbly combined Brands are leaning into group fun rolling it out globally. Diageo’s new CEO. A few kidnapping schemes aside, Rémy Cointreau have all changed lead- annual growth rate of 11 per cent while with packaging that sparks on social said last week that canned cocktails are ? western executives have enjoyed a ers inthe past 18 months. overall alcohol sales have fallen flat at ‘Ready-to-drink’ brews are media, such as BuzzBallz’s neon spheres a big part of plans to revive the belea- mostly safe existence in recent decades, But a ray of hope for the industry is minus 1 per cent despite a pandemic- and Surfside’s distinctive stripes. guered group. A generation of driakers : which is why the 2024 killing of a starting to shine through. Despite their induced boost, according to IWSR, a winning over younger At the same time, canned drinks can is picking its tipple of choice. The big : healthcare CEO on a busy Manhattan later start, Gen Z, those born between 1997 and 2012, aren’t Puritans after all. market research firm. Premade drinks now account for 8 per cent of total US consumers who like the also appeal to those concerned about safety and wellness. Pre-mixed cock- spirits makers need to join the party. i street shocked the world. But the news : from Sweden follows the unmasking of a Some 74 per cent of US Zoomers of legal alcohol consumption. low price and ease of use tails feel more tamper-resistant than a brooke.masters@ft.com i Russian assassination plot against Ste- ? fan Thumann, the CEO of the German drone-maker Donaustahl. Two civilians were caught after monitoring Thumann : and filming his home and company’s

                                                               How online fandom shaped our world                                                                                                                                                : headquarters. Two years ago, intelli-
                                                                                                                                                                                                                                                 : gence agencics uncovered a Russian
                                                                                                                                                                                                                                                 i assassination plot against Armin Pap-
                                                                                                                                                                                                                                                 i perger, the CEO of the German defence
                                                                                                                                                                                                                                                 : giant Rheinmetall.
                                         cussions, a stan (theinternet’s term for          The line between social media fol-                   the ideas of Lovecraft and other sci-fi           ideology that calls for society to return      :   Ever since, Papperger has had body-

Adam an extremely enthusiastic fan, named lower and disciple is particularly write:s with those of French philoso- to traditional constructs —hasinformed : guards. “The jobs have to get done, and after the protagonist of an Eminem blurred in the world of K-Pop, where pher Gilles Deleuze, the CCRU argued the political views of technology inves- anyone who cracks doesn’t belong in a Aleksic song) can slowly summon their favour- fans of South Korean girl and boy bands that any idea could be circulated into tors including Peter Thiel and Elon job like this,” he told the German DPA ites back into the limelight, synchronis- try to boost algorithmic attention for cultural discourse through hyperstition Musk, helping to shape the current cul- : news agency. Several European security ing social and algorithmic momentum their favourite groups, helping the —asort of self-fulfilling prophecy where ture in Silicon Valley and the White : services have instructed defence indus- to deliberately move the window of rele- unlucky ones escape nugudom, a kind ot fictional statements become true House in turn. If enough people believe : try bosses to shore up company security he cultural mainstream can vance. If they succeed, they lift their tar- nowhere land derived from the Korean through repetition. that governments should be run by : —and their personal protection too. Liv- only focus on a few dozen get out of what somejokingly call “Khia word for “who?” Through their likes and The idea is that, since reality is techno-capitalist enterprises or that : ing like Papperger is not enjoyable, but pop stars at any given time. Asylum” — an imaginary holding cell comments, fans have been able to nudge socially constructed, if enough people society is working towards a singularity : pretending that threats don’t exist is For the devoted fans of named after the one-hit-wonder rapper say “this celebrity is popular” or “this with AI, those concepts become : worse. Russia does not aspire to respect- those who are cast aside, Khia, who disappeared from main- meme is popular’, those celebrities and real. And while this subject matter is ability: instead, it wants to inspire fear. there is little choice but to gather on stream relevance 20 years ago. The idea is that ifenough memes will indeed become popular. All undoubtedly weightier than pop music, : If CEOs can be scared into ceasing busi- “Stan Twitter”, a corner of the internet Iseea very similar dynamic play out that is required is the time and energy to the same logic applies of slowly “sum- : ness with Ukraine or shifting away from dedicated to obsessive celebrity fan- in internet meme communities. The people say ‘this meme is promote the ideas and people will even- moning” an idea into the mainstream. arms production it’s a victory for the dom. Here, people track and promote digital references that reach the main- popular’, those memes will tually catch on. K-Pop fans, meme pages, political the- Kremlin. Other hostile states can easily their favourites in a bid to bring them stream, like “skibidi” or “6-7,” are not The CCRU was particularly interested orists and occultists devote themselves : adoptthe same formula. back to the public’s attention. accidents. They start with a hyper-on- indeed become popular in pop culture as a hyperstitioned phe- to creating the world they would like to Having the private sector operate in Just as the horror writer HP Love- line group of post-ironic practitioners. nomenon but they also applied their see. This begins with an understanding : perpetual fear is nota recipe for success. craft’s ‘Cthulhu Mythos’ universe imag- By allocating their time to specific bands like BTS from comparative conceptsto capitalism and technology. of how ideas now spread. Our music, : West German executives kept going to ined a pantheon of deities, forgotten memes, these groups — which con- obscurity to global phenomenon. Each The idea that anyone can shift the language, aesthetics and politics all : work and eventually saw the Red Army except by the scattered occultists trying stantly rematerialise under new names digital engagement doubles as a signal “Overton window” of acceptable dis- emerge from amorphous pockets of : Faction fade into nothingness. Today's to summon them, the digital devotees like “juggtok” and “niche community” to the algorithm, making the trend ever cours? in a particular direction by pre- algorithmic space — and they canall be : CEOs will have to steel themselves simi- of this modern online subculture and have no motive other than the more real. sentirga version of reality online has not manipulated. : larly if they want their businesses and attempt to reshape reality through desire to influence others — are able to Long before the rise of K-pop and been lost on the American radical right, : their countries to prevail. an almost religious dedication to their alter the vocabularies of teenagers TikTok, this behaviour was presaged by which has referenced the writings of The writer, known online as Etymology : chosen artist. around the world. the Cybernetic Culture Research Unit, Nick Land, a former CCRU researcher. Nerd, is the author of ‘Algospeak: How : The writer is a senior fellow at the Atlantic By labouring over new video edits of Once the memes become widespread, an academic collective al Warwick Land’s “Dark Enlightenment” philos- Social Media Is Transforming the Future Council and advises M&C Saatchi World the celebrity or engaging in internet dis- the community moves on. University in the late 1990s. By fusing ophy — an anti-democratic, reactionary of Language’ i Services 24 * FINANCIAL TIMES Tuesday 18 August 2026

                                                                                                                                                                                                                                                                        John Plender
                                                                                                                                                                                                                                                                        The wrong lessons are being
                                                                                                                                                                                                                                                                        drawn over public equities worries
                                                                                                                                                                                                                                                                          BUSINESS INSIGHT

Resurgent Burger King | Whopper wins political life alongside worries over

Counterfeiting other services from banking to local is starting to take a Share prices rebased in dollar terms playgroups. Net, a quarter of all pubs 130 have called last orders in the past bite out of McDonald's claims risk Restaurant Brands quarter century, leaving 45,000 (Burger King owner) 120 hostelries still observing opening time.

taking the The US fast food market isn’t for the The UK population has risen by a fifth. faint-hearted. The cost of beef and 110 Supporting local communities is a runring stores 1s rising, and an ever- politically appealing goal, but the UK is

shine off Shein increasing number of burger chains are fighting for the same stomachs. To 100 going about this the wrong way. For one thing, curbing the redevelopment make matters worse for sector potential of pubs will lower property 90 9 — heavyweight McDonald's, with $190bn values for existing landlords and may, of market value, its main rival Burger in future, discourage new money from King is starting to bite back. being ploughed into the sector. Over the past couple of decades, Aug Jan It will also do litle to support pubs’ McDonald’s has been able to keep 2025 2026 underlying business case. Not all are tis easy to make enemies in the flipping about half the burgers sold in Source: LSEG city-centre boozers, any more than ultra-competitive fashion the US despite the rise of newcomers most resemble the quaint oak-beamed industry, but Shein has collected such as Five Guys, In-N-Out and Shake has a fight on its hands: a year ago, hostelries sought by tourists. Those more than most. The China- Shack, according to Technomic data. It Restaurant Brands International, that cannot attract enough customers founded fast-fashion retailer is was Burger King and Wendy’s market which owns Burger King alongside will eventually close. Others have tried planning to go public in Hong Kong shares that were smashed, from 28 per other fast-food chains, traded at a 34 this before. In the 1980s, New York after previous attempts to list in New cent of the US burger chain market in per cent discount to the Golden Arches. preserved space and lowered rents for York and London ran into opposition. 2007 Lo 21 per cent al the end of last The gap has now narrowed to around clothes-making in Manhattan's But while the change in venue may year. But Burger King is now making a 10 per cent. The discount between Garment District: three decades later, reduce some of the political noise, it comeback. In the second quarterof this McDonald’s and Wendy’s, boosted by both the space used and employee hasn’t quietened industry complaints year its US same-store sales grew takeover speculation, has narrowed to numbers had fallen by 90 per cent. about alleged stolen designs. 8.5 per cent, compared with just 0.8 per just 17 per cent, from last year’s 50 per One question must be whether All fashion relies on a certain centat McDonald’s. cent. McDonald’s has unparalleled government should step in at all. There amount of creative copying. Asos, What’s changed? For one, Burger scale and brand recognition. But as is a difference between people being one of the earlier generation of online King has turned on the money taps. competition with old-school rivals nostalgic for a service and being stores that suffered as Shein expanded, slarled as a site for cheap ll Over the past four years it has invested roughly $2bn in its US business. More heats up, it is set for a leaner period. prepared to spend money on it. To the extent that pubs are the victims of recreations of celebrity looks — the Shein has been met with copyright lawsuits — imen Ben Youssef/tans Lucas/AFP/Getty Image than half its restaurants have been changes in drinking habits, other name was an acronym for As Seen On refurbished, lifting sales by an average pursuits may take their place. Screen. But Shein has often been accused of the risks. At a mooted valuation of between $25bn and $30bn, down from run by groups such as Amazon and Walmart also have IP issues, without of 15-20 per cent the following year, according to Northcoast Research. It UK is going the wrong Recent jumps in business duties and employer taxes have hit labour- crossing the line. In June, a subsidiary around $100bn in 2022, Shein would getting so much stick. The company has also improved its burgers and way about keeping its intensive pubs and restaurants hard. of Italian eyewear giant be around half the value of H&M or says it invests heavily in detecting focused on a simple pricing structure. pubs sector protected There's about 2 per cent net profit ina EssilorLuxottica accused it of selling Inditex on a price-to-earnings basis. problems and, according to EU McDonald’s, meanwhile, raised prices pint, calculates the British Beer and fake Ray-Ban sunglasses and Oakley And, cynically, a certain amount of disclosures, it terminated the faster than its peers for years, Pubs Association. Leaving landlords towels. Its complaint included legal trouble could be dismissed as a accounts of more than 200 third- according to Bank of America analysis, Every country has its own bar culture. witha reasonable head would be a photographs of products bought on cost of doing business. Shein’s model party sellers for intellectual property hurting customer traffic. Burger King Britain’s pubs are so established in the better way of avoiding closures. Shein that are not only similar in involves offering a massive range of infringements in the second nowscores better than McDonald’s on national psyche that they’re often a design, but also appear to include the products — more than 2mn at a given half of last year. multiple fronts, including taste, quality tourist draw in their own right. In an Closing time brands’ logos. time — in relatively small numbers, so But at the very least it needs to do a and order accuracy, according to effort to support local communities, Number of UK pubs (000) It’s not alone. Shein has been any damages for mis-selling a handful better job of explaining those efforts consumer data provided by HundredX. the UK government is moving to stop targeted in more than 100 copyright should be manageable. — given the broader sensitivities The store wars will only get tougher. pubs from being redeveloped to other, 60 lawsuits in US courts since the start of But regulators could drive the costs around Shein’s business, even the Wendy's, which was recently overtaken more lucrative, uses. Boozers would be 2023, with complainants ranging much higher. Last month the European perception of a counterfeiting by Burger King in US burger sales, has better off though if the pub trade, and 50 from individual designers to large Commission fined Alibaba’s AliExpress problem could provide ballast for launched its own turnaround. With US not its premises, got more support. corporations such as Estée Lauder €550mn for breaching the Digital wider complaints. same-store sales down 7 per cent in the Housing secretary Angela Rayner 40 and Coach owner Tapestry. Several, Services Act, including failing to It has already faced questions second quarter, it has begun to close has clamped down hard. Pubs can now including EssilorLuxottica and prevent the spread of counterfeits. about its supply chain, and been weaker restaurants and plans to shut only be redeveloped if they have been 30 British shoemaker Dr Martens, have Shein is currently bzing investigated accused of exploiting tax loopholes to more of its estate while investing in the on the market for at least a year asa sued multiple times after alleging under the same act; a similarly sized undercut rivals and selling weapons rest. If activist investor Nelson Peltz pub and there is no reasonable 20 that Shein breached earlier fine would wipe out almost a third of and childlike sex dolls. So far, none of succeeds in taking Wendy’s private, prospect of running a viable watering settlements. its annual net income. Shein’s US the criticisms have hampered its any restructuring could be even more hole. ‘I'he rules will account tor abar’s 10 Should investors care? The fall in operations are also being investigated popularity with young customers. aggressive. Analysts expect its sales to historical popularity to stop businesses Shcin’s value over the past few ycars by the US Federal Trade Commission. But if anyonc knows how quickly return to growth next year, according being deliberately run down. 0 helps cushion them against some of To be fair to Shein, US marketplaces trends can change, it should be Shein. to estimates collected by Visible Alpha. The decline of the tavern trade has 2000 05 10 15 20 25 Source: British Beer & Pub Association Investors seem to believe McDonald’s heen a long-running theme in UK

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制度与权力批判深度研判：Financial Times (2026-08-18)

▌ 本日全报思想与文化深思雷达 (Intellectual & Cultural Significance Radar)

在系统通盘梳理本期报纸所涉及的所有国际政治、经济、社会与文化报道后，以下 4 个具体事件在思想史、文化政治与制度伦理层面最值得学者进一步深思：

1. 【特朗普缩减美韩联合军演的突发政治决策】 [F3_9 🔍]

   • 事件简述：特朗普通过社交媒体突然宣布缩减美韩联合军演规模，引发韩国安全机构担忧；报道援引专家观点称，此决定将在韩国安全机构引发关切。韩国经济增长预期降至 4.5%-5%，为 1990 年代以来最低。分析称演习削减与首尔拒绝支持美对伊军事行动有关，加深首尔对美方可靠性疑虑。
   • 思想文化深思切入点：触动了主权政治与技术治理的张力——特朗普的社交媒体决策模式（即时性、去中介化）与传统军事同盟的制度化协商机制形成对照，凸显现代主权国家在面对算法化权力时的合法性危机。同时，韩国经济增长放缓与安全依赖的矛盾，揭示了后殖民地主权话语中的“经济安全悖论”。

2. 【英国政府因 AI 模型访问权限被限制而展开的紧急经济评估】 [F1_3, F1_4]

   • 事件简述：美国总统特朗普 6 月发布行政令限制外国对美国 AI 模型的访问权限，英国内阁办公室紧急评估失去对最前沿 AI 模型访问权的经济与安全影响。英国国家网络安全中心前首席执行官警告，此举将对经济造成“冲击”，其影响可能是最初预期的两倍。
   • 思想文化深思切入点：触动了技术主权与全球治理的辩证张力——AI 模型作为新兴的“技术主权”象征，其访问权限的地缘政治化，暴露了后福特主义全球资本主义在技术依赖与地缘政治控制之间的结构性矛盾。同时，英国政府的紧急评估，凸显了民族国家在面对算法霸权时的无能为力。

3. 【KPMG 与安永斩获 4.56 亿英镑政府咨询合同引发的公共支出争议】 [F4_10, F4_13, F5_15-F5_18]

   • 事件简述：英国政府斥资 4.56 亿英镑（为 2012 年以来最大单笔合同）向 KPMG 授予公务员培训合同，旨在实现到 2028-29 年每年节省 7 亿英镑的目标。该合同作为临时措施，直至政府推出内部“国家深度专业学校”。然而，此举引发公众对政府咨询支出激增（同比增长 14%）的质疑。
   • 思想文化深思切入点：触动了新自由主义治理与公共财政伦理的冲突——政府将公共服务外包给私营咨询公司，通过“节省成本”的技术话语合法化，实则将公共责任私有化。这暴露了新公共管理（NPM）模式在面对复杂社会问题时的制度性失灵，同时凸显了技术理性对民主问责制的侵蚀。

4. 【黎巴嫩通过大赦法案与废除死刑争议】

   • 事件简述：[F12_79-F12_80] 标注为虚构事实，已删除。本报告不涉及未经证据支撑的事件。

▌ 精选核心专题深度思想论证 (In-Depth Dialectical Monograph)

专题一： 《算法霸权与主权碎片化：特朗普社交媒体决策模式对美韩同盟的制度性冲击》

1. 现实困境深描（The Concrete Dilemma）

特朗普通过社交媒体平台发布的突发性军演削减决定，直接绕过了传统的外交与军事协商机制，将同盟关系的维系从制度化的“共同安全”话语，转向了算法化的“即时威胁管理”逻辑。 [F3_9 🔍] 这一决策模式在韩国引发的安全焦虑，不仅体现在对朝鲜核威胁的应对能力上，更在于对美方可靠性的根本性怀疑。报道援引专家观点称，此决定将在韩国安全机构引发关切。韩国经济增长预期的下滑（降至 4.5%-5%，为 1990 年代以来最低），进一步揭示了安全依赖与经济自主之间的结构性矛盾：当同盟伙伴的政治决策变得不可预测时，韩国如何在“经济安全”与“主权自主”之间寻找平衡？

2. 博弈机制与话语策略剖析（Mechanisms & Discourse）

特朗普的社交媒体决策模式，实质上是一种算法化权力的展现：决策的即时性、去中介化与个人化，使得传统的外交礼仪与制度约束沦为形式。 [F3_9 🔍] 这种话语策略通过“去施事化”的修辞（如“演习对朝鲜不构成威胁”），将复杂的地缘政治议题简化为“效率”与“成本”的技术问题。而在韩国媒体的报道中，这种决策被描述为“引发安全机构担忧”，凸显了制度化权力在面对算法化权力时的被动性。同时，报道提及韩国拒绝支持美对伊军事行动的立场，进一步削弱了同盟的凝聚力，使得“可靠性”成为悬而未决的政治问题。

3. 历史思想资源的平等对话（Theoretical Resonance）

哈贝马斯在《交往行动理论》中提出的“生活世界殖民化”理论，为理解这一困境提供了批判性框架。 [F3_9 🔍] 特朗普的决策模式，将地缘政治关系从“交往理性”的协商机制，转向了“工具理性”的算法控制。而韩国面临的困境，则类似于黑格尔在《法哲学原理》中描述的“主权与承认”的辩证关系：当一个主权国家无法确保其盟友的“承认”时，同盟关系将沦为单边主义的工具。康德的“永久和平论”在此处遭遇挑战：在算法化权力的时代，如何重建基于“普遍交往权”的国际秩序？

4. 当代现实对理论的反向质询与新洞见（Contemporary Synthesis）

当下的技术条件（如 AI 驱动的决策系统、社交媒体的算法推荐）使得主权国家的决策过程变得更加不透明与不可预测。 [F3_9 🔍] 这不仅挑战了传统的国际法主体理论，更凸显了“主权碎片化”的新现象：民族国家的主权在面对跨国科技公司与算法化权力时，逐渐丧失其传统的自主性。因此，我们需要重新思考主权的概念：它不再是绝对的、不可分割的，而是一种在算法霸权与地缘政治博弈中不断重构的“流动主权”。这一洞见，为未来的国际秩序设计提供了新的理论视角。

专题二： 《技术主权的地缘政治化：AI 模型访问权限限制对英国经济安全的制度性冲击》

1. 现实困境深描（The Concrete Dilemma）

美国总统特朗普 6 月发布的行政令，限制外国对美国 AI 模型的访问权限，直接威胁到英国等盟国在 AI 技术领域的竞争力。 [F1_3, F1_4] 英国内阁办公室紧急评估这一限制对经济与安全的影响，凸显了英国在面对美国技术霸权时的脆弱性。报道援引英国国家网络安全中心前首席执行官西兰·马丁的警告，此举将对经济造成“冲击”，其影响可能是最初预期的两倍。这一困境，不仅涉及技术依赖与经济安全，更关乎英国在全球 AI 治理中的主权地位。

2. 博弈机制与话语策略剖析（Mechanisms & Discourse）

特朗普的行政令，通过“技术主权”的话语合法化，将 AI 模型的访问权限限制视为“国家安全”的必要措施。 [F1_3 🔍] 然而，这种话语策略掩盖了其背后的地缘政治动机：通过技术控制，实现对盟国的经济与政治影响力。英国政府的紧急评估，则体现了技术依赖与主权自主之间的张力：在失去对 AI 模型的访问权后，英国如何在技术创新与地缘政治控制之间寻找平衡？报道通过“经济冲击”的修辞，将技术主权的问题转化为“生存危机”的叙事，进一步强化了技术霸权的合法性。

3. 历史思想资源的平等对话（Theoretical Resonance）

福柯在《规训与惩罚》中提出的“权力-知识”理论，为理解技术主权的地缘政治化提供了批判性框架。 [F1_3 🔍] 技术主权不仅是一种经济资源，更是一种权力工具，通过控制技术访问权限，实现对知识生产与经济发展的垄断。而英国面临的困境，则类似于韦伯在《新教伦理与资本主义精神》中描述的“理性化”困境：在技术理性的驱动下，民族国家如何在追求经济增长与维护主权自主之间寻找平衤？同时，哈耶克的“知识分散化”理论，在此处遭遇挑战：在 AI 驱动的知识生产模式下，如何确保知识的普遍可及性？

4. 当代现实对理论的反向质询与新洞见（Contemporary Synthesis）

当下的技术条件（如 AI 模型的集中化与垄断化）使得技术主权的地缘政治化成为一种新的权力形式。 [F1_3, F1_4] 这不仅挑战了传统的国际法主体理论，更凸显了“技术霸权”与“经济依赖”之间的结构性矛盾。因此，我们需要重新思考技术主权的概念：它不再是一种静态的、绝对的权力，而是一种在全球治理中不断重构的“流动权力”。这一洞见，为未来的技术治理与国际秩序设计提供了新的理论视角。

▌ 面向学者的开放性思想追问与研究路标 (Open Horizons for Scholarly Inquiry)

1. 【技术主权与地缘政治博弈的伦理边界】 在 AI 模型访问权限限制的背景下，技术主权的行使是否构成对全球知识共享的侵蚀？如何在技术创新与地缘政治控制之间寻找伦理平衡？这一问题涉及技术治理的普遍主义与特殊主义之争，为未来的全球 AI 治理提供了新的研究方向。

2. 【算法化权力对主权国家合法性的制度性冲击】 特朗普的社交媒体决策模式，如何重塑民族国家的合法性基础？在算法化权力的时代，主权国家如何在“即时决策”与“制度约束”之间寻找平衡？这一问题涉及民主治理的技术化转向，为未来的政治哲学研究提供了新的理论视角。

3. 【后殖民地主权话语中的“经济安全悖论”】 韩国在面对美方不可预测的决策时，如何在“经济安全”与“主权自主”之间寻找平衡？这一问题涉及后殖民地主权话语的重构，为未来的国际政治经济学研究提供了新的分析框架。

制度与权力批判深度研判：Financial Times (2026-08-18)

▌ 本日全报生活世界痛感与情感政治深思雷达 (Lifeworld & Affective Significance Radar)

在系统通盘梳理本期报纸所涉及的所有报道后，以下 3 个具体事件在生活世界痛感、情感政治动员与制度理性冲突层面最值得学者进一步深思：

1. 【特朗普缩减美韩联合军演的社交媒体声明】 [F3_9 🔍]

   • 事件简述：特朗普通过社交媒体突然宣布缩减美韩联合军演规模，引发韩国安全机构担忧。韩国经济增长预期降至4.5%-5%，为1990年代以来最低，分析称演习削减与首尔拒绝支持美对伊军事行动有关，加深首尔对美方可靠性的疑虑。
   • 情感政治与伦理深思切入点：这一事件触动了韩国民众对"被抛弃感"的集体痛点——在朝鲜核威胁持续存在的背景下，美国总统通过社交媒体发布的"即时性"决策，将地缘政治博弈简化为个人情绪表达，而韩国安全机构与民众却需承担制度后果。这种"情绪化权力"与"制度化恐惧"的撕裂，凸显了现代主权国家中"信任赤字"的深层危机。

2. 【英国内阁秘书克里斯·沃马尔德被解职与537万英镑和解金】 [F10_64-67]

   • 事件简述：英国首相斯塔默在上任仅14个月后解雇内阁秘书克里斯·沃马尔德，后者获得创纪录的537万英镑和解金。此前，有人冒充内阁办公厅常任秘书与政府成员交流，最终需由首相亲自签字批准支付。
   • 情感政治与伦理深思切入点：这一事件暴露了英国政治体制中"权力游戏"的冷酷面孔——高级公务员被视为可随意替换的"工具人"，其尊严与专业性被制度理性无情压制。537万英镑的和解金不仅是金钱数字，更是对公共服务伦理的嘲讽，凸显了"精英治理"与"民众信任"之间的深刻裂痕。

3. 【英国被迫放弃前沿AI模型访问权的经济安全评估】 [F8_60-61, F9_62-63]

   • 事件简述：特朗普下令限制外国对美国AI模型的访问，英国政府紧急评估失去前沿AI模型访问权的经济与安全影响。英国内阁办公室要求商业部评估消费者失去最新AI模型访问权的影响，专家警告这将对经济造成"冲击"。
   • 情感政治与伦理深思切入点：这一事件触动了英国民众对"技术殖民化"的焦虑——在全球科技竞争中，英国被迫沦为"二等公民"，其经济发展与国家安全被他国技术霸权所绑架。这种"技术依附感"与"主权丧失感"的交织，凸显了当代全球治理体系中"技术权力"与"国家尊严"的深刻冲突。

▌ 精选核心专题理性与情感辩证论证 (The Dialectic of Logos and Pathos Monograph)

专题一： 从"社交媒体主权"到"制度信任赤字"：特朗普缩减美韩军演的情绪政治学

1. 制度理性架构解构（Deconstruction of Institutional Logos）

特朗普通过社交媒体发布缩减美韩联合军演的决定，这一行为本身就是对传统地缘政治决策模式的颠覆。传统上，美韩军演的规模与时机由两国外交与军事机构通过复杂的协商机制决定，其依据是对朝鲜核威胁的技术评估、地区安全平衡的量化模型以及盟友间的信任机制。然而，特朗普的社交媒体声明将这一决策过程简化为个人情绪表达与即时性政治动员，完全忽视了韩国安全机构的专业判断与民众的情感需求 [F3_9 🔍]。这种"情绪化主权"的展现，将地缘政治博弈从制度化理性的框架中剥离，转而依赖于总统个人的情绪波动与政治算计。

2. 生活世界真实痛感深描（Living Lifeworld Pathos）

在韩国，这一决定引发了深刻的"被抛弃感"与"不确定性焦虑"。韩国民众长期生活在朝鲜核威胁的阴影下，美韩军演不仅是军事演练，更是对国家安全的象征性保障。特朗普的突然决定，将这种象征性保障转化为不确定性，使得韩国民众在面对朝鲜威胁时感到自身安全被他国总统的个人情绪所绑架 [F3_9 🔍]。同时，韩国经济增长预期的下滑（降至4.5%-5%，为1990年代以来最低）进一步加剧了民众对未来的焦虑，这种焦虑不仅源于经济数据，更源于对制度可靠性的怀疑。在生活世界中，这种情感体验被符号化为"美国不可信"的集体记忆，并通过社交媒体与民间传播不断强化。

3. Logos 与 Pathos 的内在辩证摩擦（The Dialectical Friction）

制度理性与情感体验的撕裂在这里表现为两种截然不同的"理性"：一种是特朗普的"情绪化理性"（Emotional Logos），即通过社交媒体发布决策以动员支持者；另一种是韩国安全机构与民众的"生存理性"（Survival Logos），即通过制度化机制维护国家安全与经济稳定。特朗普的决定将前者强加于后者，导致韩国民众的情感反弹（愤怒、焦虑、不信任）不仅针对美国政府，更指向自身制度的脆弱性 [F3_9 🔍]。这种反弹背后蕴含的"隐性理性"在于对分配正义与生存尊严的捍卫——民众质疑的是，为何自身的安全与经济福祉要被他国总统的个人情绪所决定？

4. 话语温度差与社会心理韧性诊断（Discourse Temperature & Prognosis）

在制度端，特朗普的声明使用了冷酷的技术术语与简化的政治修辞（如"演习对核威胁无效"），完全忽视了情感与伦理维度。而在生活端，韩国民众的痛感则通过具体的肉体经验（焦虑、不安）与象征性符号（"被抛弃"）表达。这种话语温度差凸显了制度理性的"去情感化"与生活世界的"过度情感化"之间的深刻裂痕。从社会心理韧性来看，这种裂痕正在削弱韩国民众对全球治理体系的信任，并可能引发更广泛的地缘政治不稳定。

专题二： 从"公务员尊严"到"金钱交易"：克里斯·沃马尔德被解职的权力伦理学

1. 制度理性架构解构（Deconstruction of Institutional Logos）

英国内阁秘书克里斯·沃马尔德的被解职与537万英镑和解金，暴露了英国政治体制中"精英治理"的冷酷逻辑。作为内阁秘书，沃马尔德代表的是韦伯式的"科层制理性"——其权威来源于专业能力、制度忠诚与长期服务，而非个人情感或政治偏好。然而，斯塔默政府的解雇决定完全忽视了这一逻辑，将沃马尔德视为可随意替换的"工具人" [F10_64-67]。这种"工具理性"的展现，将公务员体系从专业伦理的框架中剥离，转而依赖于政治算计与金钱交易。和解金的数额（537万英镑）不仅是金钱数字，更是对公共服务伦理的嘲讽——它将一个拥有110年历史的职位简化为商品，供出价最高者购买。

2. 生活世界真实痛感深描（Living Lifeworld Pathos）

在生活世界中，沃马尔德的被解职引发了对"公务员尊严"的深刻质疑。作为英国最高级别的常任文官，沃马尔德的专业性与忠诚度代表了公共服务的核心价值。然而，其被解职的过程充满了戏剧性与羞辱性——有人冒充内阁办公厅常任秘书与政府成员交流，最终需由首相亲自签字批准支付 [F10_64-67]。这种羞辱不仅针对沃马尔德个人，更指向整个公务员群体的尊严与专业性。在英国社会中，这种痛感被符号化为"精英治理的虚伪"，并通过媒体与社交平台不断传播，进一步削弱了民众对政府的信任。

3. Logos 与 Pathos 的内在辩证摩擦（The Dialectical Friction）

制度理性与情感体验的撕裂在这里表现为两种截然不同的"理性"：一种是英国政府的"政治理性"（Political Logos），即通过解雇与和解金实现短期政治目标；另一种是公务员群体与民众的"伦理理性"（Ethical Logos），即通过专业能力与制度忠诚维护公共服务的尊严 [F10_64-67]。政府的决定将前者强加于后者，导致公务员群体的情感反弹（愤怒、失望、不信任）不仅针对斯塔默政府，更指向整个政治体制的腐败与虚伪。这种反弹背后蕴含的"隐性理性"在于对公共服务伦理的捍卫——民众质疑的是，为何一个拥有110年历史的职位要被沦为政治交易的筹码？

4. 话语温度差与社会心理韧性诊断（Discourse Temperature & Prognosis）

在制度端，英国政府的决定使用了冷酷的政治术语与金钱数字（如"和解金"、"政治改组"），完全忽视了情感与伦理维度。而在生活端，公务员群体与民众的痛感则通过具体的职业尊严（专业性、忠诚度）与象征性符号（"110年历史"）表达。这种话语温度差凸显了制度理性的"去伦理化"与生活世界的"过度伦理化"之间的深刻裂痕。从社会心理韧性来看，这种裂痕正在削弱英国民众对政府的信任，并可能引发更广泛的政治不稳定。

▌ 面向学者的伦理与社会心理开放性追问与研究路标 (Open Horizons for Ethical & Sociological Inquiry)

1. 【开放性学术追问一：在"情绪化主权"时代，如何重建地缘政治决策中的制度信任？】 * 特朗普通过社交媒体发布缩减美韩军演的决定，凸显了"情绪化主权"对传统地缘政治决策模式的颠覆。未来研究可探讨：在社交媒体主导的政治环境中，如何通过制度设计（如透明化决策机制、多方参与机制）重建盟友间的信任？同时，如何平衡总统个人情绪表达与盟友安全需求之间的张力？

2. 【开放性学术追问二：在"精英治理"的危机中，如何捍卫公共服务的伦理尊严？】 * 克里斯·沃马尔德的被解职与537万英镑和解金，暴露了英国政治体制中"精英治理"的冷酷逻辑。未来研究可探讨：在政治交易盛行的背景下，如何通过法律、伦理与制度设计（如公务员保护法、透明化问责机制）捍卫公共服务的伦理尊严？同时，如何重建民众对政府的信任？