THE WALL STREET JOB

DOW JONES Wood Group

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TUESDAY, AUGUST 18, 2026 - VOL. CCLXXXVIII NO. 41

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What's News

Business Finance

● Lilliaris Technologies, the contractor that contracted a Qatar jet for use as Air Force One, replaced Christopher Kolonik as chairman and CEO after an investigation found that he violated the company's code of conduct. $91

● Major U.S. stock indexes fell and oil prices and bond yields advanced on evidence of persistent bauxite in the Middle East. The S&P 500 and Dow each shed $125, and the Nasdaq gave up 0.31. $99

• Functional asset a cargo to require 12 dollars and the 800-mb Galt of America to put up a variety 0-9 billion bond for challenging its acquisition of Warner Bros. Discovery money that would go to the company 0-5 wins the case. $9

• Opusil signed a 10-9-gigawatt data-center deal in Ohio with SoftBank's 3M Energy that is partly backed by Nvidia, a project expected to become a hub the largest Al-trade to date. $5

• Manufacturing last month rose to its highest level since 2022, driven by 40 retrostructure development and companies pushing its serve its reach. $9

● Confirms among U.S. home builders have picked up in August amid high mortgage rates, being comfortable costs and economic uncertainty. A2

● One of Oliners, developing car operations, Li Shutis, is shipping down from the back wedge of his groups now auto unit after building it into an export powerhouse. $3

● A new survey from KPMG offers a glimpse of changes in financial reporting that could emerge from the 2026 Galt to loosen filing frequency. $9

Worldwide

● Trump threatened to break Brown as country that has exercised its good offices in search of a dual between Washington and Tehran—a lagging that it might be steadily in the way of an agreement to end hostilities. A3

● Attorney General Todd Blanche launched a process to allow individuals who lost their gun rights because of felony convictions to agree to sue them reinstated. A3

● The Supreme Court again rebuffed Trump's push to toss a jury's $5 million finding that he sexually abused the writer E. Leon Carroll and later delivered her. A2

● The erasure of Tempunery Protected Status for Haitian immigrants since July 27 has hurt South Florida's domestic where many people are killed. A2

● U.S. kindergarten vaccination rates instead down again last year and the strain of children with an emphatic virus to an all-time high, federal data show. A2

● Luigi Mangione's state murder trial was delayed in the absence of state made it up to dismiss charges there after the admittance federal court to kill his UnitedHealthcare CEO Brian Thompson. A2

● Construction work in Big Bend National Park has been introduced in 1994, California and Berlin Protection Commissioner Rodney Goff and while he assesses the Texas site. A3

● A Russian court convened a provincial opposition politician for speaking out against the war in Ukraine and sentenced him to 15 years and now month in prison. A6

CONTENTS Barnes, 1980; 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013; 2014; 2015; 2016; 2017; 2018; 2019; 2020; 2021; 2022; 2023; 2024; 2025; 2026; 2027; 2028; 2029; 2030; 2031; 2032; 2033; 2034; 2035; 2036; 2037; 2038; 2039; 2040; 2041; 2042; 2043; 2044; 2045; 2046; 2047; 2048; 2049; 2050; 2051; 2052; 2053; 2054; 2055; 2056; 2057; 2058; 2059; 2060; 2061; 2062; 2063; 2064; 2065; 2066; 2067; 2068; 2069; 2070; 2071; 2072; 2073; 2074; 2075; 2076; 2077; 2078; 2079; 2080; 2081; 2082; 2083; 2084; 2085; 2086; 2087; 2088; 2089; 2090; 2091; 2092; 2093; 2094; 2095; 2096; 2097; 2098; 2099; 2100

President Pushes Israel to Stop Strikes on Gaza

RUMS: Tests shelter Palestinians amid destroyed buildings in Gaza City. President Trump said Israel should halt attacks, as his army Jared Kushner met Monday with Prime Minister Benjamin Netanyahu to try to escape a U.S. plan to disarm Hamas. A7

Six Crucial Days on Wall Street

Brought Hedge Fund to Brink

Bid to sell stake in Anthropol raised red flags on Situational Awareness for banks

David Mann was in a taxi heading to New York's La Guardia Airport where he heard the news: Wall Street's AI standardized was in trouble. It was the afternoon of Wednesday, July 28, and Mann got a call from someone working on behalf of Leopold Aschentromer's hedge fund, this national Awareness, asking if he wanted to buy a piece of

the fund's stake in Anthropol, the AI powerhouse. A deal needed to be done overnight, Mann was told.

Mann realized what was happening—nobody sells profit shares in a company valued at nearly $1 billion unless they are on the ropes.

"Aschentromer was being forced to sell," said Mann, chief executive of the Mammum Group, a family office that owns stakes in Amherge and other private companies. "He needed the money and was considering people out." For two years, Aschentromer, a 20-something for-

By Gregory

Bachereaux,

Juliet Chang

and Peter Rodriguez

mer OpenAI employee, was on a roll. At his peak, his fund controlled some $100 billion to aren't including the misrepresents he was borrowing from banks to negotiate his artificial-intelligence stock bets from unaccredited to soft ware. But that he was as AI. Rombakman helped the effort. By late July, the shaker had changed—Aschentromer was facing many losses from

tumbling AI stocks and he was desperate for a way out of his investments, people familiar with the situation said. Banks were causing meagre calls, or demands for more collateral to back their lending. Ethe structure including Steve Cohen and Daniel Link heard of the Anthropol sale. She's editor's were targeting Aschentromer's favorite stocks.

"It's felt like he was being hunted," said John Pfeffer, co-founder of Pfeffer Capital, a family office that has invested in Situational since its inception.

Please turn to page A4

Frustrated

Over War, Trump There's Ally Oman

President discusses bombing Gulf state, which is in talks with Iran to reopen strait

By ALEXANDER WANG New-Burton Finance

WASHINGTON—President Trump's frustration with his inability to end the nearly six-month war with Iran behind the war, and the rages threatening to bomb Oman, the latest U.S. partner to draw the president's on over his crew that the country is doing little to resolve the conflict.

"I don't think they behaved very well, but we'd handle them very easily just like we do others," Trump said. More of the U.S. party's Office, the didn't go into specifics about what impact officials did that down his air.

Earlier he had told Fox News in a phone interview: "If Oman gets in the way, we'll make the war last week."

U.S. officials said the demand with Oman was eradey. The Persian Gulf country that worked the thrust of Norman to the south is in talks with Iran to allow more commercial traffic in the waterway. U.S. officials said these expectations were progressing and could tolerate pressure on the global economy market and higher domestic gas prices.

But there is lingering concern within the administration that Oman could aid Iran in breaking a nuclear deal more favorable to Tehran, feeding Trump's anger.

Oman is the latest country to draw Trump's anger for him on his view—doing more to help end the Iran conflict that he started alongside Israel. On Sunday, he ordered a cut to a joint U.S. South Korea. Please turn to page A4

Haitians'

Loss of Job Status Hits Employers In Florida

By Jason Gason Fussen Air Force Room Room

The abrupt loss of Haitian workers is equipping through South Florida businesses. Some homes are agencies have shut down since July 22 when the Trump administration ended Temporary Protected Status, or TPL for Haitian immigrants. The administration argued the program had become permanent, in contrast with the increased purpose.

Nursing homes are scrambling to fill vacant positions, and restaurants are scaling back uprouting hours. Hotels, retailers, airport contractors and small businesses are also groping with new staffing shortages.

As a result of the change, which terminated employment authorizations for TPL beneficiaries, Jewish Community Services of South Florida had to let go of 18 Haitian TPL holders, some of whom had worked as home health aides at the organization for more than 20 years, said Chief Executive Miriam Singer. The organization provides home care for about 400 Holocaust survivors, she said.

The organization is racing to fill those positions—a story challenge in an industry that struggles with persistent labor shortages. Meanwhile, it is ending on remaining staff to work more hours—and a... Please turn to page A2

INSIDE

PERSONAL JOURNAL The mystery vacationer that give you no idea where you're actually going. A31

JASON GAY A miserable golfer's guide to enjoying miserable golf. A36

Band of America's CEO Plays

Secret Word Game With Wall Street

Brian Moynihan confuses analysts with archaic vocabulary; few are in on the joke

By Gina Baca

Wall Street analysts who cover bank of America send a group of complex financial metrics, familiarity with regulatory ratios and, apparently, a high SET vocabulary score.

When the second-largest U.S. bank discloses its quarterly financial results, several links to decipher the division of 1303 Brian Moynihan, ridgled with shears, archaic words fit for892. The group of 1303 Brian Moynihan, ridged with shears, archaic words fit for892. The group of 1303 Brian Moynihan regularly jams words such as "gaining," "con-

constant and "batında" acts otherwise ordinary sentences when he addresses the answer. It's part of a secret game the 60-year-old glider on safe with analysts, according to people

besides with the matter. In secret, in fact, that just a small confounds Bank of America is in on the joke.

Moynihan challenges himself to find a way to use crucial vocabulary words on the calls, the people said. The more

care, the better. The words are randomly chosen at the last minute for Moynihan to insert within the prepared Please turn to page A3

Iran's Secret Plan

To Escalate War

Intelligence suggests a strategic shift to raise the costs for U.S. and allies

By Emson Fuccia Air Division Sun

After President Trump signed a memorandum of understanding with Iran in mid-June, administration of Israel denied out to build support for an agreement. One brand would reopen the Strait of Norman and start sending down the war. Iran's new later leaders, huddled in Tehran and came up with a different plan, according to Iranian and Arab officials. In their view the past was likely just an attempt by the U.S. and Israel to take pressure off the global economy and buy time for a bigger attack down the road. Instead of

putting both in talks, they took the past two months to prepare for a bigger fight.

Their efforts include giving the powerful Islamic Revolutionary Guard Corps more control of the coup. The squads are appearing hardened revenues of the war with Iraq and past internal crackdowns to key levels, expanding domestic control intelligence operations and camping up production of missiles and drones. The leadership quickly voiced the initiative, attacking stakes against Iran's grip on Norman and

Please turn to page A8

● Houthis boost Red Sea attacks... A7

Percentage change from a year earlier

Note: Company of Natarion does not operate in the United States of America, and is not a member of the United States. The company is not a member of the United States. The company is not a member of the United States. The company is not a member of the United States. The company is not a member of the United States. The company is not a member of the United States. The company is not a member of the United States. The company is not a member of the United States. The company is not a member of the United States. The company is not a member of the United States.

Balance Sheets' AI Gap

Each quarter, big technology companies disclose their capital expenditures on artificial intelligence infrastructure, from data centers to trips, that the companies balance sheets don't reflect the full extent of their financial obligations for those projects. $9

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A2 | Tuesday, August 18, 2026

THE WALL STREET JOURNAL.

U.S. NEWS

U.S. WATCH

NEW YORK

Share Trial Delayed For Mangione

Luigi Mangione's coming state number trial has been delayed as his defense team makes a bid to dismiss charges those after he admitted in federal court last week to killing Untoubriath.com CEO Brian Thompson.

The state trial of Mangione, 28 years old, has been scheduled to begin in Manhattan with jury selection on Sept. 8.

That proceeding has been operated after Mangione pleaded guilty last week in a parallel federal case to her-stalking charges in connec-

tion with Thompson's death in 2026.

During the hearing in federal court, Mangione told the judge: "On the morning of Dec. 4, 2024, I shut Mr. Thompson in Manhattan and he died."

Mangione fares up to life in prison in the federal case. The judge in that case school also has sentencing for Dec. 18.

Shortly after the guilty plea in federal court, lawyers for Mangione argued that the state proceedings couldn't go forward because it would amount to an impracticable second prosecution for the same alleged conduct.

—Corinne Ramey

HEALTH

Reutleations Fall In Kindergarteners

U.S. kindergarten vaccination rates include down again last year and the share of children with exemptions rose to an lifetime high, according to federal data posted Monday.

The fraction of kids exempted from vaccine requirements rose to 4.2%, from 3-6% the year before. That is an estimated 785,000 risk-free nationally during the 2025-2026 school year.

It is the fourth consecutive year that the national average exemption rate has hit a record. The vast majority are

parents withholding theirs for nonmedical reasons. Exemptions increased in 40 states and the District of Columbia.

Experts point to turnout caused by federal health officials, Health Secretary Robert F. Kennedy Jr. was a leading voice in the anti-vaccine movement from President Trump put him in charge of federal health agencies. In the past 18 months, Kennedy and other federal officials have reportedly tried to revive and reduce childhood vaccination patterns.

The vaccination numbers were posted as the U.S. experiences its worst year for measles since 1991.

—Associated Press

SURVEYED COURT

Latest Trump Bid to Toss Verdict Denied

The Supreme Court on Monday again rebuffed President Trump's push to throw out a jury's $5 million finding that he possibly denied the verdict if, heart, he'd at a New York City department store in the mid-1990s and later defamed her.

Trump's lawyers had asked the authors to reconsider their refusal to hear his appeal. The court denied Trump's petition along with several others. Trump said the judgment shortly after the court declined to take up his appeal in June.

—Associated Press

NAVAL/Walla Fargo National Housing Market Index

Home Builders' Confidence

Reminds Low

Loss of TPS Hits Hiring In Florida

Continued from Page One, paying significant overtime as a result.

"For a nonprofit agency, that is a full order," Sarger said. She is worried about another licensing deadline: the registration of TPS for Ukrainian immigrants, whom the organization also employs, in October.

No other state in the U.S. has more Haitian TPS holders than Florida. Of the roughly 250,000 Haitian TPS holders in the U.S., nearly half live in the state.

About 10,000 of them are in Florida's workforce, according to an analysis by three: Immigrant-irigby groups—FMCs, Haitian Bridge Alliance and Watercollars Network. That includes an estimated 8,000 cooks and servers, 4,000 workers and packers and 4,000 nursing assistants.

But decades, the Department of Homeland Security has granted TPS delegations for foreign-born people who can't return to their home countries because of tabular conditions such as armed conflict or natural disasters. When President Trump is forced to office, his administration moved to terminate TPS status for 15 months, including Haiti, arguing that prior administration had misused the program by repeatedly relocating its protections.

That triggered a wave of lawsuits by defendants for TPS beneficiaries who have the Supreme Court ruled that Trump, a Republican, could sell TPS status for Haitian and Korean nationals. There are significantly fewer Syrian TPS holders in the U.S. than Haitian ones, marketing around 6,000.

Supporters of maintaining TPS protections are benefits now have become foreign parts of the community and everyone and private crucial services. By terminating that status, "we are trying to keep essential part of our workforce," said Lindsey Ray, executive director of Insignia Corp., which provides immigration legal services to Fort Myers, Fla.

Opponents of TPS said that people with the status make up a fraction of the overall labor force—a loss the economy

Above, workers served lunch at Moorings Park Communities in Naples, Fla., which has seen staff departments over Haitians' loss of Temporary Protected Status. At top, a mural in Miami's Little Haiti neighborhood.

can absorb—and that any difficulties in improving them could have the benefit of using wages. "Their departures creates real opportunities for less-educated, American-born workers," said Steven Camacros, director of research at the Center for Immigration Studies, which advocates for lowering immigration levels.

In Florida, Haitians make up 28% of the state's immigrant does—our workforce, the largest group by country of origin, according to FBI, a picky—is worth and advocacy group.

Moorings Park Communities, a luxury senior living development in Naples, and seven TPS holders whose work authorizations recently expired, said Chief Executive Daniel Larender. That is on top of 17 others who left last year as a result of the looms of termination.

Administrators have been able to adjust to these departures, including relocating one worker who was able to assign employment authorization, Larender said. But for residents who developed their relationships with the affected caregivers, he said, "it's a personal, devastating loss."

In Miami-Dade and Revised counties, two home-care agencies shut down after each bar more than 90 Haitian TPS holders, said Denise Belledis, executive director of the Home Care Association of Florida.

Note: As of Dec. 2026

Source: FMCs, National Health Service, 2025.

Other types of employers are trying as well. Sabine Dukin, a Haitian immigrant, runs an event planning company in North Miami with a nearby Haitian staff. In the past two weeks, she let go of 15 employers, or nearly half of her crew, who handled everything from event preparation to third design.

"We're drowning," Dukin said. "This is the largest turnover we've ever had." She said she plans to reach out to staffing agencies and our platforms like Indeed to recruit new workers.

In Ray West, Bobby Kuchinsky, general manager of Gulf Coast Base East, terminated out of his employees, including prep cooks and lawyers, who had TPS protections. One of them had worked in the restaurant for more than a decade, and was the second person ever to make Kuchinsky's coach cherook and hitter hat-tr for customers.

"It's impossible to fill these positions because everybody in Ray West and South Florida are looking for these employees right now," Kuchinsky

Number of Haitian Temporary Protected Status (TPS) holders, by state

said. Now, he said, he has "servers, barterdom and review shadows in the kitchen-washing district."

Bill Loy, the owner of five restaurants in Dallas, has a purport legal pathways for foreign workers, but believes not even immigration laws should be respected.

"For people who do break the law, it's a one-strike-packs-out rule," Loy said. He has encouraged all of the Haitian workers at his reo-

tendants to obtain legal working papers.

"These people aren't here because they want to be bad," he said. "They're here because they want opportunity."

In Florida, many Haitians live with uncertainty over what comes next.

Farah Larreras, who received TPS protections in 2010 and lives in South Florida, lost her hospitality job last month when her work authorization expired, and has applied for any loss. She barely leaves her home and has largely suspended her other job for communications strategies. Instead, she is focused on explaining other former TPS holders almost on finding a way to stay in the U.S.

"I'm very busy strangely," Larreras said. "I know the fight will not be ours."

The end of TPS for Haitians, along with other immigration policy changes by the Trump administration, has hit employers in other states, including Massachusetts, Ohio and Georgia.

On the healthcare sector, nursing beds are being taken offline and some home-care agencies are halting admissions, said Katie Smith Sloan, chief executive of Landscapes, which represents aging services providers.

At ArchGen, a healthcare arm of the Archdiocese of New York that operates nursing homes and other programs, administrators are rushing to fill 20 programs, including over 10% of nursing assistants and those health aides, vacated as well as the TPS restrictions, said Chief Operating Officer Jason Hutchens. The organization has tripled sign-on because: In 10,000 and no longer employment agencies that charge a premium to provide permanent service.

"There's no way to recoup that," Hutchens said. "But we have no choice, in order to take care of the patients."

Confidence among U.S. home builders being poised up in August as high-rising wage rates, rising construction costs and economic uncertainty continue to hang over the housing market.

The NAVAL/Walla Fargo housing Market Index, a gauge of builder confidence in the market for newly built single family housing, picked up by 35 in August from 34 in July. Economists poised by the Wall Street Journal expected the reading to drop by a point to 33. The latest recent was released Monday by the National Association of Home Builders.

A reading below 50 means builder perceptions of current sales and sales expectations are not negative. Sentiment has remained below a reading of 40 for 16 consecutive month, this NAVAL and

August also is the 50th straight month in which at least 30% of builders reported cutting prices to support services in the NAVAL Chief Economist Robert Dent.

Custom home builders are reporting stronger market conditions than cars, builders, reflecting better conditions in the market's higher and broader markets are outperforming larger metropolitan areas.

The HMI survey revealed that 16% of builders cut prices in August, down slightly from July and fall with June.

Meanwhile, the HMI index gauging sales conditions rose slightly and the indexes for future sales and prospective buyer traffic held steady.

—Dean Seal

New York Manufacturing Accidents

Factory activity in New York gives strongly in August, according to the latest edition of the Empire State Manufacturing Survey.

The Federal Reserve Bank of New York said its state-wide manufacturing index of business conditions rose to 25th. Its highest reading in four years is converted of economists poised by The Wall Street Journal had expected a reading of 12.

The new orders index for the U.S. market shipments index was 17. pointing to said increases in orders and shipments.

The number of employees index was 6.5, slightly less than the latest reading, however, the average worldwide index rose to 8.5, suggesting a continued expansion of new department levels and hours worked.

The prices paid index rose six points, pointing to a poised in input price increases. The prices reduced index dipped five points. The survey also showed that delivery times lengthened substantially, while inventories declined.

—Jessica Cozer

CORRECTIONS & AMPLIFICATIONS

Matthew Rotolini is the global head of research strategists at State Street Investment Management in Pigs. One article on Monday about actively managed funds used has previous title, head of SPDR American research at State Street Global Advisors.

Studies can start the Wall Street Journal in very narrow, in recent articles for marketing, advertising and print, now in a catalog from Wall Street.

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Tuesday, August 18, 2020 | A3

U.S. NEWS

U.S. Lets Felons Reclaim Rights To Guns

New DOJ rule could see 330,000 people apply for the ability to own firearms.

By Donn McGowan

WASHINGTON—Attorney General Todd Blanche is launching a process that allows people who lost their gun rights because of felony convictions to apply to have them reinstated.

The regulation, announced Monday, is expected to spur a range in applications from people whose convictions automatically barred them from owning firearms, the Justice Department said. An estimated 330,000 people are expected to apply to the Justice Department during the first year of the initiative.

"The Second Amendment is not a second-class right, and the federal government should not permanently deprive Americans of a constitutional right without regard to whether they pose a danger to public safety," Blanche said.

Federal law bars gun possession by people who are convicted of crimes that are punishable for a term exceeding one year. The ban extends to highways, undocumented immigrants, those deliberately discharged from the military and people convicted of misdemeanor crimes of domestic violence.

The new rule will still keep firearms out of the hands of undocumented immigrants, registered use of freezers and violent criminals, the department said. About 30 million Americans are barred from owning guns because of their criminal convictions, according to the department.

People with criminal records have been able to reclaim their gun rights if they obtained a pardon. The Justice Department last year fired its pardon attorney after she objected to restoring the gun rights of actor Mel Gibson, who pleaded no contest in 2015 to a misdemeanor battery charge.

A different federal option for restoring a person's gun rights previously existed, but Congress had for years prevented the Bureau of Alcohol, Tobacco, Firearms and Explosives from spending money to exercise its authority to process applications.

The Justice Department last year withdrew the ATF's role in the process. The new rule places authority to restore firearms rights with the attorney general's office. The Justice Department expects to begin taking applications in about a month.

GOP Candidates on Defense in Iowa

By JOHN MCCORMICK

BIG MOINES, Iowa—The second of late-nummer state lads, like the one left that features a prizewinning hour weighing 1,144 pounds, signed to the political world that the malform campaign's final chapter is just ahead.

An Iowa's 2-day extravaganza started last last week, the state's Republicans found themselves in an unfamiliar position: trailing Democrats in a top race and facing serious challenges in several efforts.

Some GOP candidates didn't mention President Trump—named more unfavorable than favorable in a event. For News poll of Iowa voters—during their highest-profile list appearances, Democrats, meanwhile, are pouring millions into the state's races, an rural economic pain from Trump's tariffs and the war in Iran evokes GOP support amid stagnant grain prices and higher fuel and fertilizer costs.

Iowa, which backed Trump by 13 percentage points in 2024, is now an unexpected battleground despite years of GOP dominance. All six members of its congressional delegation are Republicans, and the Democratic National Committee was so disillusioned with Iowa, it ended a roughly five-decade tradition of Iowa hurting the party's first presidential nominating contest (Republicans are expected to keep it first for 2020.)

Mum on president

Just three years ago, Trump dominated the bar as presidential candidate. His Boeing 757 circled overhead several times even before he arrived on a day when Iran other presidential candidates were there competing for at-

Each Lake, left, Republican nominee for Iowa governor, has traded his Democratic opponent, state Auditor Rob Sand, right, in every public poll this summer. They were both at the Iowa State Fair in recent days. At top, a giant American flag was displayed at the bar on Monday.

tention ahead of the state's tradeoff nominating caucuses.

This year, Iowa's Republican nominee for governor didn't mention the president in his appearance on the Des Moines Register's political roughen, where candidates speak to Congress and a throng of media. "I talk about Iowa," Each Lake, who is endorsed by Trump, said later when asked about the omission in his Friday speech.

Joe Mitchell, the GOP nominee for a northeast Iowa congressional race, also didn't mention Trump during his roughen appearance. His district is listed as "Iran Republican" by the nonpartisan Cook Political Report.

Lake has traded his Democratic opponent, state Auditor Rob Sand, in every public poll this summer. In the U.S. four are race, Jack Travis, a state representative and former Paralympic wheelchair basketball medalist, led in one poll this summer, and Republican U.S. Rep. Ashley Hinson was currently ahead in the race.

"The trend is that we're closing the gap," Lake told re-

porters when asked about his summer polling deficit. The businessman and farmer said he expects Health Secretary Andrew F. Kennedy Jr. will join him soon on the Iowa campaign trail. Lake, like Kennedy, has argued that big agriculture interests are making Americans sick.

Jeff Kaufmann, chairman of the Iowa Republican Party, told reporters that Trump also would be visit-

ing the state before November's election.

Kaufmann, a former himself, placed down the political damage from Trump's tariffs. "Farmers understand that policies—like

tariffs that may have some short-term pain are going to have long-term gain," he said. Besides competitive races for governor and Senate, two of Iowa's four congressional districts are also rated by nonpartisan analysts as too-sap-

"This is an opportunity that I have not seen in many years," said Matt Paul, a Democratic chairman in the state.

Part of the state's political instability is the result of two major openings in the same election cycle. Both Republicans See Kim Reynolds and Republican Sen. Joni Ernst decided against seeking third terms.

The political atmosphere

Iowa voters supported Trump by 13 percentage points in 2024.

the chooses on Republican-backed changes to federal healthcare funding.

"People are ready for a change," Sand said in a fair-grounds interview when asked about his party's strength as a state that hasn't elected a Democratic governor since

2006. "Our economy is really struggling with tariffs."

Many independents

Sand, Iowa's only Democrat elected to statewide office, offers a potential template for others in his party on Iowa to compete in real-state America. He frequently quotes the five state and state's state and declares to sing a few verses of "America the Beautiful" before he speaks and has pledged to have at least one supporter of his opponent in his cabinet if elected.

Independent voters will be critical for him and other Iowa Democrats. As of Aug. 1, the state had 712,087 registered Republicans, compared with 539,738 Democrats and 556,761 independents.

GOP operations in Iowa say they expect photos from Sand's brief college-age modeling career in Paris and Milan to make their way into ads. Some of the images are nearly fully male and a bit smart-gards.

Sand, in the interview, said it was a part-time job and not that different from others he had during college.

Jake Miller, a 20-year-old current Iowa former visiting the bar, said those working in agriculture in his area are stressed "a lot" systematically.

"Everyone is on their toes and being very cautious about their money," said Miller, a Trump voter.

Democrat Ole Cronin, a 36-year-old psychology professor from Des Moines attending the bar, said she is trying to keep her hopes in check in a state where Republicans in recent factory have almost always been the statewide winners. "I feel very, very cautiously optimistic," she said. "Polls have looked good before."

Heavy machinery plowed through land near Santa Elena Canyon in Big Bend National Park, in southwest Texas, last Friday.

Border Patrol Pauses Work In a Texas National Park

By ALYNA LINDY

Construction work in Big Bend National Park has been temporarily halted, U.S. Customs and Border Protection Commissioner Rodney Scott said Monday, while he smokes the southwest Texas site.

Scott said CBP would possess its projects in the national park as he conducts a "passenger, on-the-ground evacuation." His agency had earlier awarded contracts for construction in the Big Bend area that sparked concerns the administration was building a wall that could damage the environment.

Construction equipment and crews at Big Bend were three for survey and design work to help preserve the landscape, he said last week. The work wasn't related to building a border wall, he said.

Texas Gov. Greg Abbott, a Republican, said Monday that Homeland Security Secretary Marbesayne Mullin assured

him the government wouldn't build a wall or fence at Big Bend.

CBP activity along the U.S.-Mexico border in Texas has garnered bipartisan criticism from limited officials who say construction would cause floods, threaten the area's tourism industry and damage historic Native American sites.

The Trump administration has filed country officials lawsuits against some Texas landowners in an effort to raise private land as part of President Trump's promise to build a border wall. The administration has made limited progress, although Congress allocated $46 billion in taxpayer funds for the wall last year.

U.S. Sen. John Corley (R., Texas) urged the federal government last week to meet with locals before renaming construction.

CBP is building a new acres road at Big Bend, improving existing roads and installing detection technology, Scott said last week.

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A4 | Tuesday, August 18, 2026

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THE WALL STREET JOURNAL.

U.S. NEWS

Hunter Biden Is Seemingly Everywhere

Now 'unburdened,' co-president's son is having his say on podcasts, in essays.

He has been with Rock Panther, ridiculed former At- torney General Merced, but land and suggested that for- mer President Joe Biden's health is worse than the pub- lic known.

By Maggie Stevens, Ernst Schwartzel and Natalie Andrews

The opinion's best sound like the regular rotation of a right-wing guard, but they come from an unlikely—and recently ubiquitous—search Hunter Biden.

After years of hearing his doubtful secrets discussed by others, the co-president's 56- year old son has been on a nominating media tour across podcasts, news shows and Biden's major subcommit- ators as varied as California Gov. Garth Stevens and re- cord producer Bruce Bates.

The region's range from the Washington St to Washington to the addictive nature of emmi- phores, Israeli politicians and compromises he said were 694,000. She family acquired the exchange of money from Joe Biden's overtime vice presi- dent, described how an 'un- burdened' now that he family is out of the public's glass.

He quickly responds to invi- tations from online personal

Hunter Biden hasn't been shy about where and with whom he shares his opinions

fers to share his views, people who have interacted with him said. He has taped interviews with Candice Owens and Tucker Carlson, two contra- mental commentators who have deserted his docket mo- nutes in explicit detail.

Last month of this an intro- view with Channel 5 News Address Callaghan and Pa- retive, who said he wanted to connect his views after mak- ters made his views after mak- ters made his views.

Now, Hunter Biden tallo- brady mixed those moments too. Life in the White House and a prior life in budget ma- terts smoking crack appear rapidly within bounds.

He has unleashed frod- manded tams about members of President Trump's family and journalists to shake an- fairly covered his father. He has even weighed in on the pardon his father bestowed on him, telling the BBC: 'Was it good for our Constitutional? Was it good for the American peo- ple? Was it good for my dark legacy?' No. She all counts.'

He at times makes fun of known as it's 'fight of crack. The trolling I'm keeping 7, and strikes a playful tone. When an I sure said they felt he was greatest for his president's par- don, he replied: 'I sure am.' Joe Biden didn't comment

for this article.

Biden took a brown, un- scripted approach with Vlad Lindovsky, whose 'theATV' in- terviews with rappers and au- tors have an audience of mid- ile. Lindovsky booked Biden on his show through a social media direct message out- from summer. Biden replied quickly with contact informa- tion and didn't seek to clear what topics could be discussed in an interview, but he said: Biden had a reputation in his White House for going to own near—during his father's 2003 presidential bid, neither were surprised to learn he had a memoir set to publish the

text text, people familiar with the matter said.

He derails of having crack because on Washington, D.C. апреля and relationship blocks were the kinds of things cam- paigns would normally pro- have a response to an coun- tration with the first family.

While his dad was prove- dent, Hunter Biden became a complicated subject for allies and employees. His continuing legal disease weighed on the president, so much so that sales cautioned one another set to mention his name and risk spouting him with a re- mainder of the challenge. In our hand, according to a pro- ven familiar with the matter.

Former Biden White House adres said that Hunter was large open in the White House because he was under federal investigation for much of his father's time in the277 directly. Former aides are now about about 60% they consid- ered to be a strong showing and there is some major they make! curated him names some said.

'The world needs a right- team had boy willing to call out and take on the hede—' said Hunter's brother, a former minister to Joe Biden.

Friends say Biden's com- passes in public as his 63-year- old father is being treated for passion and more has much to- be with him wanting to pouch back against critics.

After Hunter Biden's laptop was found and its customer looked, his online history was made public, including male

photos of himself doing drugs. The scandal prompted more of investigators and comge- acies, often spread by some of the podcasters Biden is chas- ing to sit with. 'In that total imposure, there was nowhere more than 1,000 people.'

In his recent appearances, Biden defends his father, whom many Democrats still blame for Trump's second term. Many have criticized him for deciding to use again rather than pass- ing the word, and he was under an months before the election. Pollcasters said the only times Biden has asked for items to be set from interviews were short steps about his own life.

He has been critical of Trump and the MASA move- ment, but also called Garland, his father's attorney general, and a putative marketer if the administration (Garland ap- pointed a special counsel to overcome the federal investiga- tion also Biden's.

He another interview, Hunter Biden provided the most informative update on his father's health in some time, saying the cancer was 'very painful' and 'very de- fallousing.'

He's one in Hunter Biden talking, he is writing. His fab- chats has more than 60,000 subscribers for essays on so- briny and other topics. He of- fered the most important to the Biden's first essay from Bill a month to 1978 a year.

It couldn't be learned how many of his subscribers have opted to upgrade from the free option.

What Took

Hedge Fund To the Brink

Continued From Page One

The swift survival of Situa- tional shows how quickly in- formation can spread across Wall Street when a trophy is in trouble—and how fast it can lead to an avalanche of selling. It is a brutal issues, too, in the risks of leverage, or movement facts fueled by borrow- ing, several years after Archways Capital's implication.

Aschentheimer: Took his firm on his reputation as an AI कमीशनer, Others pointed to lengthy investing track re- cords when launching hedge funds - or - venture capital funds; Aschentheimer's stat- ure shattered from a 60-pound order in 2004, 'Situational Awareness: The Decade About,' that foresaw the path of A3's development.

From the beginning, his firm presented to a studio con- centrated bets on stocks that would benefit from A3's broad adoption, from chip makers to ultrafinalizes providers, while betting a hedge funder that would be disrupted by AI, in- cluding software makers.

Aschentheimer got a help- ing fund from Wall Street. Leading to hedge funds is give- ing bank earnings a boost, and a number of banks were eager to back a new manager trading the market's hottest theme.

Goldman Sachs financed Situational's rivals from the nutzer while financing the fund of its emerging manager conference at the Orlando Bite Carlton in March 2025.

Aschentheimer didn't have the pedigree of some other managers. Still, Goldman over- where passed Situational, they

told clients, though the bank monitored the fund because its portfolio was so concen- trated and moved a private familiar with the matter said.

Aschentheimer made the trends of other banks along- able Bond Stables, a former fi- nancing executive at Black Rock and Annamark Advisers who ran a hedge fund adre- sory firm, people familiar with the situation said. (Pillinigan, Bank of America and Originsop- alco text money to Situational Morgan. Finally was in table to add him as a client in the coming months. (Steller isn't the well-known record pro- ducer and film councel.)

Some banks had concerns, though, While investors often seemed to be holding 'long' positions that certain stocks will run as well as 'short' pro- visions that others will fall, Situational's lungs and shorts signified a bet on a single show: That is sometimes called a 'Tired Judge.'

Banks including Adivers and Barclars passed on the fund. The prime brokerage executive who declined to take it on as a sheet after moving with As- chentheimer said his initial- able confidence was a red flag.

As it grew from about $1.5 billion in assets under man- agement last summer to over $65 billion at the start of July, Situational borrowed about $1 to each $1 of capital of hold, and sometimes even more, people familiar with the mat- ter said, above the leverage over by funds trading next volatile kinds of shares. Situ- ational also purchased 'fins options,' a secretariat decria- tion, to amplify its AI trade.

For a while, it relied on a dissolving team that included two analysts, an economist, a director of research and a risk manager. In recent months, the fund faced more-empowered measures to run areas such as compliance, investor relations and finance, including fines

Some investors saw Aschentheimer as an AI misstrained.

Khatri, a former treasury in- searcher at Citadel.

Investors flashed to the fund because of its output in terms. By the middle of July, though, investor sentiment around the AI trade had shifted, an advance in cheaper, open-source Chinese models speckled traders. Situ- ational readers began exam- ining their exposure to the firm and its escape in profes- nsion: Rival traders said they paid close an

ortion to what Aschentheimer needs, to when those stocks took a dive, they summed that he was in trouble.

Situational had discussed a 'crash put'

program in- spired by Jane Street's similar program meant to protect against a violent market de- cline, one person briefed on the program said. One way to however that would be to par- chase a high volume of puts against a semi-conductor be- der, giving the fund the right to sell at a net price, market participants said.

But stocks that Situational owned at all its most recent

filings, including their oil maker Bloom Energy, mere- my-chip maker Sandak and cloud company, which, dragged throughout July, that went into free fall starting in Friday, July 26. Software stocks that Situational had left against, including Adobe, Ap- planta and Figim, started to rally, exacerbating losses, per- pin familiar with the situation said. Traders noticed unmea- ily high volumes of put op-

toms related to $1.0 to $1.0 in meant to pro- port against the fund's declines.

That was founded by a second-quar- ner update to clients telling them it had suffered from in July but that

it was a good time to invest new money in the fund. Re- mers spread that the fund was under severe stress, prompt- ing nervous clients to sell to other with urgent questions. One investor was told by a fund executive that it was to ducing its risk.

As the result of July 27 be- gan, Situational was telling shares to raise cash to meet margin calls from holders,

people familiar with the mat- ter said. Nelson, Bloom En- try, landfills and Core State- tile, fell between $1 and $1.6 between Friday, July 24, and Tuesday, July 28.

By Wednesday, July 28, it was an open server on Wall Street that at least one man- son was 'depressing,' or sell- ing a massive amount of shares to reduce leverage and risk. Each day, prime brokers have reports with their can- turers with the aggregate de- sults of the portfolio of their hedge-fund customers. That events, the reports pointed to a dramatic increase in lever- age in the tech sector, tipping traders off that common be- cued on those stocks was likely to trouble.

According to cash, As- chentheimer said his team be- gan emergency calls to sell at least part of its $3 billion An- tlecopy a date. But Situational was constructed. Anthro- ops had the right to approve of all transfer of its privately held shares, so the fund could only pitch those with existing traders in Anthrops.

That same Wednesday, Sir- Jeremiah, said about three in- cluding Sequoia, Greenoaks, Michael Smith family after 1997 Management, and New York investment firm 28 (1) of the 1st century of the state, people familiar with the tube said. Situational called a 20% discount and gave a 12- hour deadline.

The Greenoaks group worked through the night to get the deal done. It was a bit shut to close at 8 a.m. the next morning. Anthrops signed off on a sale of the state.

The investors holding on the Anthrops trade didn't re- allye it, but Situational consid- erously was negotiating a very different deal with hedge funds Citadel and Millennium Management: the sale of the fault of its stock portfolio.

A Citadel executive reached

out to Khatri at Situational on July 26. Table between the two forms the following day programmed from 1994, particularly on entirety of Situa- tional's liquid stock portfolio. For cash to the firm only buy- ing Situational's purchase that were financial and leverage, according to people familiar with the discussions.

Kris Griffin joined the con- versation from London. As- chentheimer, sensing there could be quick after his re- ce in schedule, wanted to keep as much of his stock portfolio as possible.

Citadel won that deal early Thursday, July 30, paying a 20% or so discount to public market prices at the time.

That morning, Aschen- heimer reached out to invest- ers who had been expecting to close shortly on the An- throps' state, saying he had raised a better deal with Cit- adel, people familiar with these conversations, said some investors were angry.

Situational and Citadel fits about tapping document and trade confirmation around $10 a.m., leaving only about $1.5 million before 7d. mar- ters opened.

Situational gave 10 invest- ers the had never 'the fund deal about 47% so far that it did not have the decision— though it remained up 90% for the year. Its investors are val- king their own losses. Jane Street, the powerhouse Wall Street trading firm that is one of Situational's major investi- tors, is only about $10 billion in July, much of it because of Situational's troubles.

That weekend, Aschen- heimer used Anfal Ralmit, chief of staff to Anthrops broader Suran descels, in a squads ceremony at Garland, Calif. One reference in a heart, made half in just, was to Griffin and Citadel for making the day possible, an attorney said.

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THE WALL STREET JOURNAL

Tuesday, August 18, 2026 | A5

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Data as of July 21, 2026. The Charles Schwab Corporation provides brokerage and financial advisory services through operating subsidiaries, including its broker-dealer subsidiary, Charles Schwab & Co., Inc. (Member SIPC), and affiliates. Investing involves risk, including loss of principal. © 2026 Charles Schwab & Co., Inc. All rights reserved. (A00-6680-ADF1514B0-0)

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A6 | Tuesday, August 18, 2020

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THE WALL STREET JOURNAL.

WORLD NEWS

Trump Tries Old Play to Woo Kim Jong Un

U.S. cuts back on military drills with South Korea in bid to soothe the North

By Bock Yoon

SEOUL—President Trump returned to an old platform this weekend to break a year-long statement with North Korea, ordering cuts to annual military exercises with South Korea that began Monday.

But things have changed for Kim Jong Un—and for the U.S. military?

Trump, testing his personal relationship with the North Korean leader, ordered reductions thanks to the drills, as he did during his first term to advance nuclear talks with Kim.

The move is rather more North Korea's military? is a significantly more powerful threat to the U.S. and its allies than it was when Trump was prepared to re-enter 2020.

Since then, North Korea has expanded its nuclear service, increased missile production and acquired battlefield organizations. The U.S. has been sending troops to assist Russia in its war against Ukraine.

U.S. soldiers near military vehicles Monday at Camp Humphreys in Pyeongtaek, South Korea.

With help from Russia and China, North Korea's economy has experienced growth despite global sanctions.

With these gains under his belt, Kim has spanned all of Trump's dishonest overtures since the president returned to the White House.

At the same time, the demands of the U.S. war with Iran have raised concerns among

some in Asia that U.S. security forces are overstretched.

Soon after the war began, the U.S. shifted demand of missile interception and other assets from South Korea to the Middle East. The Wall Street Journal reported, U.S. allies in Asia are already under pressure from the Trump administration to shoulder a greater

share of his security burden.

The annual joint exercises with South Korea, a display of Washington and China's military affairs, began without quite an any immediate cut-back. The South Korean government said it was surprising on the drills and hoped the "trendily relationship" between Trump and Kim would lead to meaningful dialogue. Since last year, South Ko-

rean President Lee Jae Myung has suggested scaling back the joint exercises to improve the chance for engagement with North Korea. Kim says the U.S. must accept North Korea an nuclear state before any dialogue begins. But Trump's order on the eve of the U.S. Army of exercises has raised concerns among military officials and advisers about undermining military readiness.

A reduction in joint drills would lessen Washington's ability to deny China and North Korea while failing to assure allies that the U.S. is a credible partner, said Mark Montgomery, a retired U.S. Navy near admiral.

"This was a mistake in 2018 and it's a bigger mistake in 2020," said Montgomery, now a senior fellow at the Foundation for Defense of Democracy in the United States. "Kim Jong Un is more powerful now because of the technology and equipment he's getting from Russia." In 2020, Trump cooperated the joint drills with South Korea during a summer with Kim as a concession to move forward in deniedomnations. In 2020, Trump announced that the U.S. would reduce the following year. Although Trump posted an

social media a photo of Kim and himself during a 2020 meeting at the inter-Korean border "Despite the unfriendly look on this particular picture, there are many where we're smiling. But, just as they got along (SRAT)" he wrote.

That was their last meeting before talks fell through.

Trump said in a separate post Sunday that the joint drills with South Korea were truly a real provocative another repetition from his first term. He said North Korea had been "unthreatening and respectful" and that South Korea failed to help the U.S. as its fight with Iran. South Korea said Monday that it was in discussions with the U.S. about contributing to Iran.

But the news is referred to the U.S.-South Korea drills as hurdle. On Thursday a spokesperson for North Korea's foreign ministry called the exercises a "rehearsed for an aggressive war" that posed a grave threat to YoungAng.

This year's joint drills already feature three battalion-level field-training exercises that last year. It wasn't immediately clear where the Pentagon would reduce the drills even that they have begun.

Cambridge Professor's Death Sparks U.K. Soul-Searching

By Miss CALDERER Ann Davis Lennox

LONDON—The death of a former University of Cambridge professor has triggered a moment of introspection about whether he was the victim of a racially charged public inquisition or a system designed to promote diversity.

Jason Arday, who became Cambridge's younger Black professor in 2023, quit this month after being accused of plagiarizing large tracts of his doctoral thesis and unbelievable, or making up parts of his back story, including claims that he raised millions for charity and played semiprofessional soccer.

The tale of the 40-year-old Arday's fall from poor gained worldwide media attention and turned the 1950 known academic into a lightning rod for criticism over politics to promote diversity, equity and inclusion. But in the public interest of the 40-year-old Arday and discuss the potential shortcomings of 300 initiatives, the media and many

commentators lost sight of how it was affecting the person at the center of the scandal, said Arday's family, friends and colleagues.

Arday, who denied plagiarism, told associates he felt he couldn't know his house. Lord Moulay of Woodford, the principal of Cambridge's Rosenthal College, said Arday told him he

felt "founded in death" and "couldn't see a way out." He was listed hard days later. In his resignation statement, Arday said he "reached the limits of what our person should reason

and he expected to endure." He tragic demystment has left a complex reckoning.

This thrift, the chancellor of the University of Cambridge, said Moulay it was both possible to believe in academic integrity and "refuse to join in a court leveling frenzy over a particular aca-

demic." Colleagues at the university previously warned about the impact of pursuing Arday, who was autistic.

Others say the tragedy lies with Cambridge for having hired Arday without doing due diligence and setting foot up to fail. It's terrible that a man has lost his life. I think, because others were so keen

on having him learned, they're despotish," said James Chowdh, a former U.S. foreign secretary who is Black. Cambridge said it provided Arday with mental health support. It is re-

viewing the circumstances around his appointment as professor of sociology of education. In Monday, a few thousand people gathered at a vigil for Arday in London. Specialty blamed the media for causing his death and defended his legacy as a traditional for aspiring Black academics.

Jason Arday spoke at a higher education conference in 2020.

Prime Minister Andy Bumbuan declared Arday's death "a tragedy on many levels."

While Britain often has a vision of U.S. culture, then, it has a different history. Britain has a much smaller Black population than in the U.S., with about 4% of the population identifying as such, according to a nationwide census.

Article/挪tmation laws mean that affirmative action, which existed for decades in the U.S., is illegal in the U.S. While many major institutions have made attempts to identify their workforce, for several it has been a very gradual shift. "You've got the backlash

against affirmative action without the affirmative action," said Sunrise Kalwala, the director of British Federal think tank focused on race and immigration. There are five Black professors at Cambridge, he said. The student bodies of U.S. universities are far more diverse.

Lord Woolley, who is Black, said the Arday scandal is affecting all Black academics. "The whole of the Black community and black academics have been brought into this debate as enough are due" looking in these positions, because we are collectively the diversity equity and inclusion here."

Canada Inflation Heats Up to 3%, Higher Than Expected

By Russell Strasser

STEREO—Canadian inflation accelerated a track faster than expected in July to prices at the pump again spiked higher. Despite such pressures, the inflation rate of the inflation that the central bank isn't expected to be pushed into raising interest rates.

The consumer price index rose 0.5% in July, bringing the annual inflation rate to 3% (Statista's Canada said Monday, the final inflation again at the top end of the 3% to 3% window the Bank of Canada sales for the last 4 wk better than the 2.8% economists expected, after the poor ended to 3% in June. As Mahmut hordithon flared

up, higher gas prices were the biggest driver of cost pressures thousands paid more in travel costs because of the rise in jet fuel and a tailored item soccer's World Cup. Stripping out gas, annual inflation held at 2.8% for a third straight month. July's inflation report is the last reading before the central bank's next decision on inter-

est rates Sept. 2. Despite the display, most economists anticipate the Bank of Canada's governing council will leave the policy interest rate unchanged for a month later in a new, particularly given insights towards this model. Underlying measures of inflation advanced slightly in July, but remain around the

Bank of Canada's 2% target. The trimmed mean and weighted median measures of underlying inflation preferred by the central bank averaged 1.85% annually compared with 1.8% a month earlier. The price for taxing, volatile food and energy costs increased by 2.9% from a year earlier after rising 1.8% in June.

China's Economy Weakened in July

By Riannan Miao

China's economic movements slowed broadly in July, bringing down by market consumer spending and stamping investment, according to official data released Monday.

Retail sales were up 8.8% in July from the same month a year ago, claiming from 3% more over year growth in June. Food-saver investment in factories, machinery and other assets fell 8.7% in the January-to-July period compared with the same period in 2020.

Property investment was down 24% year over year, highlighting the extreme weakness on China's property market. The urban unemployment rate was 5.2% in July, up from 5% in June.

China has been experiencing a two-speed economy. The country's technological process is growing, as evidenced by rattailing the artificial intelligence model that have settled fifteen billion had experts are waning. National shipments jumped 24% in July from a year prior, show official customs data released this month.

Meanwhile, the domestic economy continues to struggle with a year-long property market downturn, appeal household spending and a contraction in investment. In the second quarter, China's gross domestic product grew 4.3%, the interest rate over-year pace since 2022.

As related business has been a big boost.

UNITED KINGDOM

Alleged Impostor Contacted Burnham

Prime Minister Andy Bumbuan exchanged messages with an inspector paying a President Trump's chief of staff, according to reports published on Monday.

A spokesperson for Burnham declined to comment.

Politics chief four unnamed officials in reporting that Burnham thought he was messaging with State. When before he became suspicious and cut off communications, The White House said the incident had nothing to do with White' discuss being backed.

Last year, the U.S. government investigated a series of messages that ended officials, business executives and other prominent figures in the U.S. received messages from someone pricing as White.

Soon after those incidents, the State Department warned U.S. diplomats of attempts to incorporate Secretary of State-Marcie Rader, and possibly other officials.

Associated Press

RUSSIA

Court Sentences Kremlin Critic

A Russian court on Monday canceled a prominent opposition politician for spying up unspent the war in Ukraine and sentenced him to 75 years of new law and a prison in the latest crackdown leading up to next month's parliamentary election.

The verdict against Lev Shlosberg, a senior member of the Valinke party, was another step by the Kremlin to stifle dissent since Russia invaded its neighbor in Rabeu-ary 2022. Valinke is the only official political party, mostly opposing the war.

In a separate ruling on Monday, Ramesh Supreme Court upheld its earlier decision to bar Valinke from the failed, denying an appeal by the party.

Shlosberg, 63, is Valinke's deputy chairman and served in the regional legislature of Pskov from 2016-25. He stood first on charges of "discreetings" and spreading "false information" about the Russian military. Associated Press

WORLD WATCH

STILL A SANCTUARY: An earthquake in Indonesia on Monday damaged the St. Francisks Asia-Pacific church in Rabeu.

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THE WALL STREET JOURNAL.

Tuesday, August 18, 2020 | A7

WORLD NEWS

Houthis Boost Red Sea Attacks

Iran-allied rebels step up strikes near strait, shut down strategic seaport

By Jason Mocum Ann-Sacca vs. Barrett

Yemen's Iranian-allied Houthis rebels are escalating attacks along the country's Red Sea coast, shutting down operations at a seaport and pushing closer to the Bab al-Mandeh Strait, an important global-shipping chokepoint.

The militant group's recent missile and drone attacks forced the closure of the port of Mekka, a logistics hub for civilian shipping and for anti-Houthis forces operating along the coast, Yemen authorities said.

The escalating fighting in Yemen, the worst in the country in years, shows how the war in Iran is feeling instability throughout the Middle East and heightening the risk of further disruption to global energy flows after months in which Iran's closure of the Strait of Hormuz caused the worst oil-supply disruption in recent history.

"This is the most significant escalation in quite a few years, maybe since 2020," said Adam Baros, a Yemen expert and fellow with New America, a policy institute in Washington.

The Houthis control mountainous terrain inland from the Bab al-Mandeh but not the coast along the crucial waterway, which is held by opposing forces.

Shutting the port makes it harder for the anti-Houthis forces to resupply and resist Houthis attacks.

The port's general director, Abdulmalik Al-Sharabi, told Yemeni state media that Houthis attacks hit commercial and service facilities, workshops, equipment and the port's past, killing 18 people and wounding 22.

More than 1,500 workers are off the job as a result of

James Savitz (Left) YEMEN INNOVATIONS

the shutdown, he said.

A Houthis attack last week killed four workers as a cargo ship in the Bab al-Mandeh, which links the Red Sea with the Indian Ocean and is an important alternative route for Saudi oil experts that would otherwise be stranded behind the Iranian chokehold in the Strait of Hormuz.

Houthis attacks on shipping in the Bab al-Mandeh threaten to intensify Iran's strategy of disrupting global energy supplies to put economic pressure on the U.S. and its allies to end the war.

Yemen's internationally re-

Vessels transit the Bab al-Mandeh Strait off southern Yemen.

ognized government, which is supported by Saudi Arabia, says it is fighting back.

Supply Defense Minister Samu al-Akim on Sunday said many Houthis fighters were killed along the front lines in the region of Marah and Taiz.

"Now from will open in areas within the Houthis' own sphere of influence," he said.

The Houthis are part of an array of militia groups throughout the Middle East that receive weapons and training from Iran and its Islamic Revolutionary Guard Corps as a part of Tehran's strategy to project power in the region.

The group has grown closer with Iran in recent years but is seen as having more independence from Tehran than other militant groups such as Lehansov's Shobodah.

The Houthis had remained largely on the sidelines of the current war between the U.S. and Iran until a ceasefire in Yemen unraveled in July. Fighting escalated in the country after warplanes from the Saudi alliance bombed the international airport in the Yemen capital to stop a plane

carrying a delegation of Houthis officials returning from Iran from landing. Last month, the Houthis declared a blockade of Saudi Arabia's nearby ports and began attacking shipping in the Bab al-Mandeh.

The attacks have further stressed global supply chains, while Iranian threats have cut into Persian Gulf oil and gas exports and the escalating conflict resulting from the Russian invasion of Ukraine is disrupting key shipping lanes for energy and food in the Black Sea.

Shipping-industry analysts said traffic through the Bab al-Mandeh continues despite the attack.

From Aug. 10 to 16 there were 254 confirmed transit through Bab al-Mandeh, up slightly from the previous week when there were 258, according to data from the global energy analytics company Xpler.

"It's an extremely complex situation," said Kareem Jha, a senior analyst at Xpler. "Despite the risks, it still seems, I would say, a fairly resilient picture in the Red Sea."

U.S. Is Pressing Israel to Stop Strikes in Gaza

By Eliza Sengupta Ann-Towness Says

TEL AVIV—President Trump said Israel shouldn't be striking targets in Gaza, as his enemy Jared Kushner met Monday with Israel Prime Minister Benjamin Netanyahu to salvage the president's plan to disarm Hamas and end the war in the Palestinian enclave.

In a rare public break between the close allies, Netanyahu last week rejected Trump's plan for a phased disarmament by Hamas. After a brief pause, Israel resumed near-daily strikes against Palestinian militants, including some that Israel says took part in the deadly Oct. 7, 2020, attack and hostage taking.

Trump told Fox News on Monday that Israel shouldn't be carrying out those attacks, because he said Hamas has agreed to lay down its weapons.

"Ultimately, they are giving up their guns," Trump said, according to Fox chief foreign correspondent Tera Yimpi.

In late July, Trump said Hamas, a U.S. designated terrorist group, had agreed to a 10-point road plan that would lead to Hamas surrendering its weapons to Palestinian authorities in exchange for the gradual withdrawal of Israeli troops from the Gaza Strip.

The two foes, however, disagree about which side must go first. Israel has refused to pull back until Hamas has been disarmed.

The text by Kushner, Trump's son-in-law, signaled the president's pressing frustration over the stagnating plan, which his administration has toured as a diplomatic success, while it struggles to wind down its war with Iran.

The meeting among Kushner, Netanyahu and Board of Peace

officials can more than three hours. They agreed the Israeli military won't outspite from Gaza until Hamas sucresiders its weapons, and that Israel would have the right to respond to threats, said people familiar with the match.

"Israel retains its full right of self-defense if Hamas resorts to terror, violence, or attempts to roar in, Israel will strike the right to act accordingly," a Board of Peace official said.

These conclusions aren't likely to be welcomed by Hamas, which wants an end to strikes and a pullback of Israeli troops as it turns in weapons.

Kushner met Sunday with Hamas officials for direct talks in the Egyptian city of El Alamoon, said people familiar with the talks. Hamas leader Khalil Al-Shaya was present for some of the meetings, the people said.

Kushner pressed Hamas to take the first steps toward transferring authority to a civilian body and decommissioning its weapons, the people said.

"For Israel, we think this is a win-win situation, because if Hamas actually gives over the weapons and the taimish, you know willingly over the next 60 to 90 days, that obviously would be the elimination of a huge security threat for Israel," Kushner said on Fox News after the Netanyahu meeting. If the group doesn't follow through, he added, "then Israel would have a lot more support from the U.S. and others to go and finish the job."

Trump's plan for Gaza began with a trace in October that stopped the heaviest fighting and swapped the remaining hostages held in the enclave for nearly 2,000 Palestinians held in Israeli prisons. Progress stalled as Hamas refused to disarm and Israel continued to carry out attacks.

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FROM PAGE ONE

Trump

Threatens

Ally Oman

Continued From Page One military drill because Seoul wouldn't help get open the State to the end of the war.

"Would you like to give us a little hand," Trump asks in counting a conversation he said he had with President Lee Jae Myung of South Korea before stressing that the U.S. Army had been on the "right" "No soul, 'no thanks.'" Trump said. "Don't wait." What a minute: We have 30,000 soldiers over there, guarding you from

Kim Jong Un, your next door neighbor, and you're not going to help us in a very soon military operation in Iran? That's strange."

Trump, a Republican, has also complained that European allies like the U.S. or Spain haven't done enough to counter Iran, an extension of his desirability at the that at his side more from the U.S. than they give.

A debate has raged within the administration about how to handle Oman.

Some senior aides privately assume Oman of being a duplicitous actor that largely takes with Iran instead of seeking the best possible deal between Washington and Tehran, officials said. Others said, Oman's longstanding ties to Iran are a boon to the media-

tion process. Those officials assert that Trump is scapegoating Oman as he seeks officers to blame for struggling to complete a nuclear deal.

There is also concern the Iran-Oman deal could solidify Tehran's control over the strain, U.S. officials said, noting Trump prefers an agreement that fully requires the passageway through which a fifth of the world's oil and energy flowed before the war.

Steven Cook, a senior fellow for Middle East issues at the Council on Foreign Relations think tank, said Iran is

procuring Oman into the joint plan so it has the parties of a legitimate cross-strait project. "Trump's threats only are: bolden the Iranians who see

Nuclear resources," Cook said. "Instead of being totally open, the trust is mostly closed."

The embassy of Oman in War is long too didn't respond to a request for comment.

Trump is June set a 40-day deadline to end the war with Iran and the Tehran army up to nuclear program. The deadline expired on Monday with neither side going ground, having an unclear

path to ending the conflict.

The U.S. has relied on June and February as mediators to try to bring about an end to the war while it pushed Oman, the initial mediators, to the side.

Trump has told aides he would consider declaring Iran's path to a nuclear weapon (he) based and the war near of Tehran agreed to fully open the waterway. The Wall Street Journal has previously reported.

Relations between the U.S. and Oman have deteriorated in recent months.

Oman Foreign Minister Shah al-Rasahali, who signed a rule in mediating U.S.-Iran talks before the war, repeatedly criticized the U.S. decision to launch the war, even appearing on CBS News to

try to prevent the first wave of attacks.

"Whatever your view of the war, you're not of their making," he said in a social media post in March.

The Trump administration previously threatened to sanction U.S.-Iran and made it think against Oman after intelligence assessments concluded that the Gulf states planned to impose bills on vessels cross-country and the Iranian Arab, Iran in a bid to see the strait proposal. Oman repeatedly denied these assessments.

Secretary of State Marco Rulici has repeatedly said that Iran's telling the Great of the war was "unwillingly not for the Trump administration and not a dangerous precedent for other strategic international waterways around the world.

Iran's Plan

To Escalate

The War

Continued from Page One expanding the battlefield to the Red Sea, which Saudi Arabia has used to get around Iran's shaukshah on the Persian Gulf.

Arab intelligence officials have picked up evidence—including communications between Iran and militar allies in countries such as Iran and Iraq—of a strategic shift inside the country's hard-line leadership to get their free to reach to within the war and start the war. The U.S. and the facial familiar with the findings say: shopping, weight Gulf countries like Kuwait, Iran's leaders are increasingly talking about offensive operations on enemy territory.

Then, overeating peace to inflict enough pain to ensure the kind of attacks Iran has endured with the 12-day war last year and the continuing conflict of the war.

"There is also a widespread view in Iran that the main war has not yet begun," said Mohammed Hassan Sangtanadi, a Tehran-based military home analyst close to the Iranian government. "What we have seen so far is increasingly interpreted through the lens of 'talent-sliving' military-minded, incremental evaluation designed to mediate capabilities before a larger confrontation."

Enormous gulf

The Iranian preparations point in an enormous gulf between how Washington and Tehran are growing, this is the most common intelligence has driven a hard-line negotiating mixes and reluctance to close deals by Iran's leaders that has persistently been able to get the Gulf. But has called them crazy and accused them of lying.

Iran's readiness to fight also highlights a deep lack of the Gulf and Italy's deep the two sides from reaching a durable deal to end the conflicts are time soon.

Iran's proclamations include plenty of brands: The country's military and economic base have been battered by U.S. and Israeli activities. Other pregnant members of the leadership including Iranian President Shamsin Farokhian have repeatedly warned Iran needs to negotiate a deal to end the war that brings sanctions on the Far East the collapse of its country.

But Iran is rebuilding its infrastructure and restoring access to missile bases much more quickly than expected, a concern of Iran's officials who are familiar with the war. In Iran has been led fully targeted U.S. bases and retains weapons to threaten ships and Gulf enemy infrastructure. Arab officials are fraying for combating fighting and an extended disruption of energy supplies.

For the regime, "the base-line is real," said Abar Ryu, a former senior U.S. engineer and nuclear negotiator with Iran. "Iran will remain on a wartime footing, preparing for a subsequent attack."

When U.S. forces the memorandum of understanding on June 17 of the French palace of Versailles, it looked like the biggest handle would be concerning American critics that it wasn't worth your sense by Tehran.

The deal promised sanctions waivers to let Iran sell

An anti-U.S. billboard in Tehran, above. Below left, a learn carries the remains of a U.S.-Iran's creation believed to have been killed by an Iranian antادite in Jordan. Below right, Mohsen Razavi, the new secretary of Iran's top decision-making body.

on oil, access to billions of dollars in}euro and the prospect of a $200 billion fund to rebuild the country. Iran's main obligation was to open the Strait of Hormuz to shipping traffic and then negotiate in good faith on its nuclear program.

When Iran started shooting at ships the U.S. was guiding through the strait there weeks later in early July, it caught the U.S. by surprise.

"The very dangerous people from Iran, they're sick," said Trump, who also called Iran's leaders scum. "There's something wrong with them." In Iran Iran was pursuing a two-track policy. While his diplomats talked peace with the U.S., Iranian leader Shmuza Khamenei was taking steps to prepare the security apparatus for an expanded confrontation that may be initiated by Tehran itself.

Stepped-up attacks

The Revolutionary Guard used the cash created by the memorandum of understanding on the groundwork with allied military around the region to stop an attack if needed, sending advisers to Iraq, Yemen and Lebanon to discuss the plans, the officials familiar with recent Arab intelligence findings said.

The intelligence including intercepted communications showed the Revolutionary Guard sending commanders to areas controlled by Yemen's Bioethic to plan for confrontation with Saudi Arabia as coordination with Iraqi militias that also are backed by Iran.

The Revolutionary Guard supervised deployment of missiles, naval weapons and drone launchers to positions overlooking the Red Sea. It also provided the Yemen's adjutants with intelligence, target for including Saudi parts and energy facilities, and advice on sheltering from Saudi to

talentans, the officials said. The result was fighting that escalated through late July. The Bioethic struck Yemen's government forces backed by Saudi Arabia and returned the Red at Mandeh Strait that links the Red Sea to world markets closed to Saudi Arabia. The military group has fired on Saudi ships, complicating the long-term efforts to export its oil.

Around that time, Saudi Arabia said Iran-backed militias in Iraq had launched drone attacks on its oil facilities.

The Revolutionary Guard threatened Gulf states that it would destroy their energy facilities if the U.S. were to hit similar sites in Iran—going as far as seeking detailed lists of individual targets to Arab counterparts, the officials said.

Iran also escalated its attacks on American troops. Tehran surprised the U.S. to firing free ballistic missiles at Jordan during a fall in the conflict. The attack came two weeks after another Iranian strike in Jordan killed three

Tehran after the Memorandum

Iran's top decision-making body, of the U.S.-Iran's creation, is the first of the world's oil that "fines" them.

command and turning an ideological militia into a single-backed intelligence agency.

Mohsen Razavi, who led the Revolutionary Guard during the war with Iraq in the 1980s, was named secretary of Iran's top decision-making body, the Supreme National Security Council, where he will be Khamene's representative in the past week, the council signified progress on a deal to gradually open the area.

To stop up internal security, Khamenei returned net from Russia's Iran, a close-accident who led a deadly crackdown to promote ISRO, to the helm of the Iraqi. The supreme leader tasked him with pointing the volunteer force into a "popular intelligence network" as a whole of two wars that showed how thoroughly Iran had been breached by Israeli intelligence.

Brutal suppression

Iranian government advises Iran the next stage of the confrontation going beyond conventional warfare to include internal attempts to foster domestic unrest. The government brutally suppressed protests over the country's economic crisis in January and June 11, only a matter of time before the continued deterioration under U.S. pressure brings demonstrators back to the street.

Khamenei also considered Revolutionary Guard influence over the regular army by unifying control of the two military arms under Brig. Gen. Ali Abdullah, a veteran Revolutionary Guard senator commander and military leader who has aggressively advocated attacks on Arab states, hosting U.S. bases around the Persian Gulf.

The Revolutionary Guard Commander in Chief Ahmad Ushabi—who has been uneth-

cially on the job since March—was formally given the position and tasked with "powerful offensive operations against the enemy," the former appointing him said Monday. The next day, Gen. Mohammed Sura Baqlafi, an advisor to Ushabi, said the руководством force must be prepared to take operations into enemy territory.

"Ushabi's elevation is consistent with a leadership preparing the security establishments for a period of sustained confrontation rather than a return to normal peacetime politics," said Saeed Golkar, an expert on Iran's security services, who has brought to Tennessee at Chattanooga.

The Revolutionary Guard—an armed force nearly 200,000 troops—has deemed a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good" to be a "good"

Iran's leader these risks seriously. In early May, the One Gulf mobilization said its security forces had intercepted on Revolutionary Guard troops that used a second fishing boat to land on a Kuwaiti island equivalent from Iran only by a thin strip of Iraqi territory. Some Iranian political figures have suggested the Revolutionary Guard could launch ground raids via southern Iraq if the U.S. were to threaten Iranian territory like Kharg Island.

Uncertain future

Iran Gulf officials said Iran's recent behavior is halting uncertainty about relations between the U.S. and the U.S. in the same aggressive neighbor after the war. They see it remains difficult to assess the extent of the damage the U.S. and the U.S. against the Revolutionary Guard's capabilities. NIE, it's also the organization Iran's been defeated or detected, and its hold on the Iran Gulf is not a result of a regional position, they said.

Then reality has helped push Gulf states to support even unintended deals that would acknowledge Iranian neutrality of the onset of a war.

Moderates in the talks said Iranian diplomats agreed early in the month as a deal with Oman to set up and over the war through the Iran that would lead to the gradual worsening of the strain. Those efforts were blocked by the Revolutionary Guard, which had been the first of the war.

With negotiations blocked and Iran not backing away from escalating the fight, Trump has stopped back to the U.S. and the United States from sanctions and the Iran's blackmail with either Iran's position, U.S. officials said.

But Iran's leaders are deeply skeptical of Trump's motives and are clapping into the war.

People have to Iran's top negotiation have warned peace talks could be just an interfaith before more conflict with the United States strategy, advises to chief Iranian negotiator Mohammad Raghat Ghalibaf, described the current statement Tuesday as the "good" to be a "good" to be.

In an earlier social-media post, Mohammad said: "Inference of continued conflict include a "spectational project for blood vengeance" for the killing of Supreme Leader Shmuza Khamenei, members of the Iran, in the opening strikes of the war.

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Tuesday, August 18, 2020 | A9

ON THE GOOD COLUMN BORDERERS

This Kuentrek was making Fourth of July plans when her boss asked her to take a last-minute business trip from San Francisco to London. It was the kind of drop-swayfilling request familiar to yet-writing professionals, except for one thing.

Kuentrek is a 20 year-old intern. Bigger about birching coffee. This summer's interest are leading projects, working directly with clients and flying to Europe. Their richer experiences are the spook of recent arts to internship programs.

Artificial intelligence is eating into color of the mental tasks traditionally performed by interns. Plus, companies that expect to hire fewer new graduates need thinner pipelines of student workers. These developments build on a year-long push to pay interns, which has caused some businesses to scale back programs that need to produce free labor.

While there aren't as many internship opportunities, these that remain often come with higher-level responsibilities.

Kuentrek's work includes spearheading a social-media strategy for Necks, a company that uses AI to help clients generate sales loads. The Boston College student is a Kleiner Perkins fellow, and Necks is part of KP's ventroreapital portfolio.

The first world co-workers' confidence by boosting key engagement metrics in the first month of her internship. That led to the internship's impact to attend an event across the pond, where she worked alone to produce social content.

The assignment surprised some colleagues, as part because she was gone and back in 40 hours. Perhaps also because it was a lot of trust to place in someone relatively inexperienced.

'People in the office were, like, 'You went to London! What?' Kuentrek says.

Like auditions Necks Chief Executive Daniel Lee says the business trip was a testament to Kuentrek's ability but also indicative of a broader shift in how companies view internships. With Boardwalk for the coffee and ask all to answer the phone, there is little reason to bring in college kids unless they can pull their weight on meaningful tasks. 'We're not a charity,' he says. 'We want great people to do good work, have will have friends and some back.'

Since the company's launch in 2020, most interns have gone on

Gen Z-E-O: This Summer, Interns Are Running the Show

Student workers are shouldering bigger responsibilities as AI takes over the menial tasks

to become full-time employees, according to Lee. They also serve as a referral network.

In certain sectors, like finance and consulting, it has long been common for interns to do substantive work. Standards often involve job offers before their final year of college. Internships in a wider range of fields increasingly function like auditions where students

Talia Kuentrek's internship included a business trip to London, top and left. Above, interns presenting their ideas to clients at the All Terrain office.

temporarily perform the duties of new hires.

Two years ago, the overall conversion rate from intern to employee was 50.6%, according to the National Association of Colleges and Employees. Last year, the earnings of 63.1%, underscoring the role of internships as test director real jobs.

Aaron Meritis, a field opera-

tions manager at University Hospitals in the Cleveland area, recently promoted an intern to a full-time position. He receives a team of 37 workers at four house-lat locations and says interns are often technically proficient when they arrive.

The skills gap between newcomers and veterans is further diminished by the speed of technological changes. There's always a new device to introduce, or software system to call out, and everyone has to learn at the same time.

What therein wants to see is whether an intern possesses, or can pick up, the instructs to work in a hospital setting.

'Healthcare is a wild place,' he says. 'There could be a full trauma coming in, and you're responding to a help ticket for a printer. So, you need to read the room. Does now some like a good time to approach the nurses' station or do it need to just be a waitflated list at a moment because they're making life-and-death decisions?'

Generational insights Self-skills often come with maturity, but in certain cases interns' youth can be an asset.

'They are absolutely the audience that almost 100% of our clients want to tap in to,' says Brook Jay, CEO of marketing company All Terrain. This summer has company charged interns Lilly Toney, Luke Throne and Hannah Tate-Arena with designing a campaign for a brand with little interest appeal to fans. 'I, 'yes to whom, are that! I made would go. Their ideas were fresh and interesting.'

So interesting, in fact, that All Terrain had the interns pitch. These ideas directly to the client.

'We were shocked,' says Tate-Arena, a marketing major at the University of Alabama. 'It was really nice to hear that we are on the right track and that they liked our work enough that they wanted to share it for the client to actually see.'

Young people have always had smart ideas and cultural insights. They haven't always been empowered to speak up.

Jay recalls listening quietly when she was in her stories: doors years ago. She caught a break when a senior colleague missed a flight, and leading a big business meeting suddenly fell to her. She stopped up and earned more responsibility after that.

A lot of us have early career stories like this—happy accidents that opened doors. More hurry nerves are wisely deciding not to leave interns' breakout moments to chance.

Women Flock to European Pharmacies

By Sara Asmar O'Brien

The following items first appeared in the weekly Wellness newsletter.

People aren't just convinced that the food is Europe is superior. They're also fanning over its side-care products. On social media, marketers are showing off their 'pharmacy heals' from across the continent, sending the virtues of EU-made creams and savages and burning druggists into can't-mix destinations.

'Are you ready to use the most important landmark in all of these?' he: It's not the 1998 Times' one social media influencer says, before turning the camera on a French pharmacy, with its signature green-ones sign (and a line down the block). In another video, the same woman debriefs the experience: 'I just blanked out and spent nearly 400 euros at the French pharmacy. So, let's go through everything I get.'

Some are carrying extra luggage to ferry their goods home. (That's equivalent to around $50.95.)

A woman has moved from the drugstore brands are sold in the U.S., skin can and beauty lovers cite a host of reasons for buying abroad, from lower prices to different ways, to the same as products.

The EU has more stringent rules about ingredients than the U.S., such as bans and restrictions on phthalates and parabens. Sun-

screen is regulated as a cosmetic in Europe, looking to more variety than in the US, which classifies it as an over-the-counter drug.

This summer, the US, approved Beretnides, the first new ingredient approved by the FDA for our protection since the late 1990s. The ingredient has been used in Europe and Asia for decades.

Many European tobacco brands have long been known for giving priority to both effectiveness and preference in the skin, according to dermatologist Maria Ganttich. These product's emphasize 'not stripping the skin barrier, not being too harsh—and then also containing the sensation' experience," she said.

Ganttich said the hype over European products isn't very fast—social media has given it now life. She pointed out it's no coincidence that budget-friendly European buys like La Roche-Pouy, Aveles, Vichy and Eucom are popular in US. Drugstores.

Necks, Boris, 43, owner of Borden-Mart in New York City's West Village, said she's very conscientious about ingredients, which makes European regulations appealing to her.

A pharmacy in Paris. Skin care and beauty lovers cite a host of reasons for buying abroad.

She said she still needed to be mindful purchasing products, catering for synthetic fragrances, which she tries to avoid. She said she spent about 450' at a French pharmacy on a recent vacation.

'They still have that lot of failure of discovery and sense of adventure, which is hard to find in the digital age when everything is available online,' she said.

When Chris Panes, 22, went to Greece in July, she made a point to help by a pharmacy to find a Korea body cream she had purchased in the country last summer.

She's only one and her girlfriends, were insists. They took their time shopping and asking for recommendations from the pharmacist. Panes later pushed about her final online.

'Being in another country, you just think there's something more special about the home, so you ask more questions,' said Panes, a content creator and stylist in New York City.

It can feel luxurious to wonder a pharmacy where toiletries aren't locked behind glass, a simple convenience many Americans no longer have.

WSJ's Future of Health The Wall Street Journal's The Future of Health returns on Oct. 7 in Washington, DC. We're bringing together the most influential wood across government, industry, venture capital and public health for high-level networking and solid cross-sector conversations in the urgent space: reshaping medicine—from GLP-9s and AI diagnostics to mental health, longevity and the cost of care.

Confirmed speakers include: Ruthie Leffethky, Founder and CEO, Ternus.

▶ George Tencopoulos, Co-Founder and Chief Scientific Officer, Rogoserve.

▶ Julie Van, General Partner, Antineuton, Norwalk.

It's all 'kinds chic'. If you're suddenly seeing the words 'kinds chic' all over your social media feed, you're not alone.

'Helps me sharing their 'kinds chic' personality quests, habits and beliefs alongside a constant of choice of themselves.'

Some have used the trend to command on modern beauty standards and diet culture, embracing their distinctive face or their love of carbs.

The WSJ (Wellness Newsletter takes you inside the business and culture of wellness—and how it affects you. To subscribe to the newsletter, go to: wsj.com/newsletters.

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Rolling the Dice on 'Mystery Vacations'

Travelers are taking a shot on rock-bottom-priced flight and hotel packages that could take them to Hawaii—or Las Vegas

By Jacne Pauer

When Denise Aiyedathan purchased a vacation to celebrate her new job, she had no idea where she would be going. That was the point.

The 18-year-old Atlanta resident signed up for a Sungma deal promoting 'mystery vacations', which she heard about through social media. A few days later, she learned the $200 package, which included a $100 with surcharge and covered her round-trip airfare and hotel, would take her to Las Vegas.

Aiyedathan was hoping for somewhere more exotic. The first location she was offered, Orlando, Fla., was a place she used to live. The next option, Washington, D.C., was a city she had recently visited. Las Vegas at least offered new experiences.

Once in this City, Aiyedathan shipped the canines—the trip truck was already a gamble. Instead, she paid to see an immersive Backstreet Boys concert at the Sphere and treated herself to a fancy dinner.

'I feel like I was able to make the most out of my trip,' she said. Thousands of travelers are taking the plunge on rock-surprise vacations. Rarely, the deals are attractive as travel costs have skyrocketed, and the mystery packages play on American's growing purchase for gambling and taking a chance on the unknown.

Groupon, best known for its deep discounts on local services from meals to magazines, is finding tourists with a whole new audience thanks to its blind deals on vacations. Its flagship mystery deal covers flights and a hotel stay for a two-to-seven-night trip, ranging in price from $200 to $250 for a person depending on the departure airport. (The deal requires travelers to buy a minimum of two vouchers, or pay an additional fee if traveling out.)

Possible destinations range from London and Singapore to Phoenix and Minneapolis. Vacations on the offering include beach vacations and cruises.

The promotions have exploded in popularity thanks to social media, particularly TikTok, where users have shared videos detailing their journeys. Mystery Vacations, a U.K.-based online travel agency, that coordinates the packages, offers gift cards as a thank you, when customers post about their trips within.

How it works

After buying the black-box deal on Groupon, Mystery Vacations sends buyers a form to US out

Denise Aiyedathan ended up choosing to spend an extra $50 to go to Las Vegas.

A security check point line at Philadelphia International Airport.

with their preferred travel dates and departure airports. Once that is submitted, a representative calls within 72 hours to share the destination.

The choice of airports often determines the price: The flagship promotion costs $199 from hode like Atlanta and Miami, $200 to travel out of Chicago O'Hare and Los Angeles and $250 for departures from Benson, R. I., or Seattle, among others.

Most packages include round-trip airfare and a stay in a hotel rated three stars or higher. The specific flight details and hotel accommodations are confirmed 14 days before departure. Flights are often on budget carriers, with basic economy fares, which means more charges will apply if travelers want to check a bag or pick a seat.

For people willing to call the dice on a mystery vacation, flexibility is key. Customers' preferred dates aren't guaranteed. Travelers can request alternatives to their

assigned booking options, but might need to pay more, according to Mystery Vacations Director Gaurav Jaurà.

There are no-retauds if someone dislikes their options—they can only get their money back if they request a refund before

submitting the initial form to Mystery Vacations.

Destinations are drawn at random based on travelers' preferred dates and departure airport. For the primary promotion on Groupon, locations are divided into three tiers. Gold tier trips include seven nights in either Europe or Asia, while silver tier vacations include four nights in Ireland or tropical locales including the Caribbean and Hawaii.

The first 2,500-tv carriers sold, on trips will fall into the gold tier and 12 in silver. Mystery Vacations loses money on these tiers, Jaurà said. Everyone else receives bronze-tier prisoners that include two nights in a variety of U.S. cities, and Mystery Vacations strives to owe him the deals when possible, Jaurà said.

'If someone's got two nights, for example, in New York, we might give them one extra night free of charge,' he said. 'Or we might put them in a store centrally located hotel.'

Lucky draw

Brooke Flack, a 40-year-old entrepreneur from Arkan, was scored a silver-tier vacation and is heading to the Dominican Republic this month with a friend. 'I'm normally Type A, so to give the reins up has been a little bit foreign,' she said.

Flack credits her luck to choosing to fly out of a major airport.

Tammy Wales and her daughter went to Orlando, Fla., where they eschewed theme parks in front of a boat tour in nearby Winter Park.

She also smoked Mystery Vacations to say that she would be willing to produce social-media content about her trip.

The travel agency offered the past $50 discount gift cards to post online about their experience. Flack made her first-ever TikTok

to celebrate landing the Dominican escape—the video has received over 100,000 likes and was saved more than 37,000 views.

'I have so many friends that are wanting to do this, but they're basically waiting to make sure I don't do that,' she said.

Others who are well traveled aren't always as thrilled. Tammy Wales, a travel agent from Ringgold, Ga., said she pardled on a mystery trip for research purposes. 'I'm always looking for the best deals.'

She bought one domestic Groupon package for a July trip

with her daughter, who is about to start college. They were sent to Orlando, a place they had been to many times.

'I'm not a theme-pack person at all,' Wales said. 'So we just pretended like none of that was there.'

Instead, the pair had fun shopping and took a scenic boat tour in nearby Winter Park, Fla. Wales was somewhat disappointed by the motor-like resort they were assigned, but added, 'it wasn't the worst place.'

'We were happy that it was at least in a warm location so we could lay out by the pool,' she said.

BofA CEO Plays Secret Word Game

Continued from Page One

scripts, one of the people said.

Meyothan has more than once used 'gammon,' or to declare something a advice or model. One quarter he said she bank saw strong advisor productivity and 'concomitant' growth in her-based assets. Another quarter he said he didn't 'get the toils,' or rather that he wasn't nervous.

'There is no question, Brian loves a good challenge and always makes us think.' a bank of America spokeswoman said, 'we want might be called luckcally assets.'

Meyothan tends to slide in one vocabulary word for each earnings call. But sometimes there are really the suspect words in a single sentence.

Executives and staff at the bank take it upon themselves to try to find the words Meyothan swapped on the people said. At times it's obvious.

'A sympathetic auditor might wonder whether talk of inflation, recession and other factors would fearfully in a slower spending growth,' Meyothan said in an example of a bank.

A lawyer by trade who stalled history at Brown University, where

he is now the chancellor, Meyothan is known to be intelligent, with what some close to him describe as a photographic memory. He is cautious, disciplined and is said to work constantly.

Sometimes referred to around the industry as an 'accidental CEO,' Meyothan took the helm of Bank of America in 2005. The board brought him in for the job after a failed cross-herald search to replace Bob Leone, who resigned under fire.

Meyothan has since cemented his hold on the bank, with a turnaround that stabilized and devalued the bank after the 2008-09 financial crisis. He's sticking to his mantra of 'responsible growth,' unwilling to re-create the highlighting days of Bank of America's past that led to government bailouts. The stock has recently hit all time highs, though it has underperformed some create in recent years and sometimes has become a topic among investors.

Meyothan isn't generally considered an shapard speaker or known for a flashy personality or just with other big bank executives, particularly JPMorgan Chase (NJ) Jamie Bryson. He matters and trade off when he speaks publicly, making him hard to quote in full. 'Does not the kind of figure that big companies go to great lengths to shift out of executives, through private casinos or exercises.'

When asked on a podcast this year what he does to relax, Meyothan said: 'I spend time with my family, someone I do things, I can't recall, recalling he'll recently read a book about coal.'

The vocabulary game shows a sense of humor that doesn't always come through in public, some of the people said.

An 62 review of earnings transcripts since 2003 by the Wall Street research firm Alphachroo found that Meyothan uses a 'distant mix' of 'highly obscure vocabulary' and 'unplasticated' corporate terminology.

It can sometimes lead to miscommunications. On an analyst call One-July, Meyothan told analysts the ban was won 'unfractured,' or full of windings and intricent turnings or turnouts, according to Merriam-Webster.

A transcript from FactSet picked that word up as 'infractured,' which means fearless or unprofitable. The Bloomberg Terminal revealed it as 'intracolder,' or had it costed. S&P Global Market Intelligence logged the sentence as 'the

Bank of America CEO Brian Meyothan 'loves a good challenge.'

lion war is in [fracture].'

While Fargo bank analyst Mike Mann called the vocabulary Meyothan uses on calls as 'intellectual first' and said it was better to keep it simple.

'It is kind of like the anti-Jamie Dishes,' Mayo said. When Dimes speaks, 'everybody understands.'

Are You In an the Joker? A pair on the obscure words Brian Meyothan has used over the years

Fill in the blank:

1. 'And by the way, it's the ability to have the capital markets formed down by the tree of Wall Street and all the ... stories.

but that's not a new idea.'

• A. apartman
• B. government
• C. apocryphal
• D. intricent

2. 'A quarter like this is and that it shows you can both grow and do it the right way and have great credit results.'

• A. curative
• B. stadiation
• C. panchism
• D. rejuvenation

3. 'It required ... work on delivery on a day-to-day basis.'

• A. above
• B. pediatric
• C. pedestrian
• D. ripeness

Define the word:

4. 'And I think that will redressed to our benefit in terms of keeping those expenses relatively flat as revenues grow in the future.'

• A. billboard, return
• B. black lines
• C. Echo, ring out
• D. firebrate, multiply

5. 'It's automatic that we're gaining market share and not just in balances, but your to-date, we've seen something that's interesting to us.'

• A. circular money
• B. Automatic, involuntary
• C. State for political, self content
• D. Pacific, good news

ANSWERS: 1c, 2c, 3c; 4c; 5c

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A12 | Tuesday, August 18, 2016

THE WALL STREET JOURNAL.

ARTS IN REVIEW

By BRIAN WILLIAMS

From the paperwaves, NY, to year's Glimmerglass Festival is ideal at America—on the occasion of an 1970s birthday—through different leases. Most artwelling was the oldest opera represented here. Mozart's "Cool has taste," given an acute updating by director Eric Ziebkow and Kelley Bourke, who devised the brilliantly calibrated English adaptation of the libretto Setting "Cool" on an American college campus in the 1980s, the creation team defend into the mixed sections of modern artworks at the end that will supposedly prove that all women are rich, meaning its misapplied undercover into a believable atmosphere of adolescent insecurity and representation.

The last children with a lovable transformed into a pair of football players and their girlfriends, a trouble making janitor and a form resident adviser, the chorus became the football team's cheerleaders ("We are Spartans. Use and tough" for "Milo City, million") as well as silent student attendees at the Army Halloween party. There were plenty of night pages—illness clients business, a lot of people who were not allowed a toilet while singing an aria. But the operas serious musical moments were always given appropriate space to unfold, the emotional atmosphere of the four lovers was earned, and the final revolution—who rush up with whom?—was left, properly for this concept, unresolved.

James Ritzinski's clever two-level art allowed for different arson of the dares, designer Beth Goldberg went all out with the costume party (Par质量) and Stoddards were, appropriately, Azira and the White Rabbit; we allogot a robot and a shot of pissed. Kate Adetoni's lighting was integral to the local shifts between comedy and seriousness.

Ananda Belzini's study sepains rose to high drama in Floridsky's aria: ("I am woman, hear me now" was one that, Miram Michalik Marjowicz port Decadella softened eloquently in her Art 2 (and "I'll give my heart gladly") with109. Iodine, Gregory Feldmann captured Guglielmo's costumes and investment. Trous Travon B. Walker

OPERA REVIEW

Bold Highs, Brash Lows

This year's Glimmerglass Festival ranged from Mozart to 'Oklahoma'

brought out Fernando's susceptibility in the newstones of "Whenever she's near me" ("Fickless amorous"). The four were especially good in the opera's many ensembles. Early February showed off-high vocal comedy in Bengal's appearance as an EMT morning to rescue the boys from their supposed alcohol poisoning at the end of Art 1. Joseph Colanero was the endowment producer.

Equally striking was the newest work, "Follow Transfers" (2016) by Gregory Squiot, in a production that is part of a multi-year tournament for the year's 1978 anniversary. A haunting love story of two men, their bond destroyed by the 1970s Loxender frame targeting gas U.S. government employees. "Follow Transfers" makes the impact through a stripped-down projects by Greg Pierce (based on Thomas Malloy's 2007 novel) and its singularly evocative scene.

A brief, twisting wrenched figs on in the chamber orchestras is a constant, tracking the rise and fall of the love affair of Hawkins Fuller (backsee Joseph Lattanzi), a short government employee, who embarks the eager young Timothy Laughlin (Steve Cohn Aikens), at one moment, Minimalism-style repetitions in the orchestra and the text map the Catholic path and every person at war in Tim's heart; at another, their weary together multiple vocal lines into a muddled-like texture to illuminate the conflicting views in an office or at a party. Then there's the slow, tender poignancy of Hawk's final role, and, while he recognizes the impossible of the relationship, and paves the way to betrayal.

Kevin Newberry's production, which in the original staging matches the score's present scene, Was Trickett's design, enhanced by Thomas C. Riser's mostly

lighting and Envato D. Simonov's period costumes, has six sets of file catheters that reverse to Erica J. kitchen at a bedroom. Mr. Lattanzi (who was in the original cast) captured the frequency and mocking façade that Hawk uses to hide his feelings. Mr. Aikens brought toughness and innocence to Tim. Mr. Ziebkow was teaching as Mary Johnson, who took to protect both men; other members of the strong cast included high-squares Kalough Rises as a spirited office worker and Luke Harvish as Joseph McCarthy. Conductor Kelly Rae captured the opera's pacing but also shows let the orchestra overpower the singers.

Dallas some recent staptops that have emphasized the dark on discussions as Bridges and Rises—"The New York Children's" in America Zambelli's slick new production was all primary colors, a power to American frontier boosterism. Po-

ter J. Barrows' art featured the typical house with a porch, back and overbolt, won-added by Anita train that made a single pass across the front of the stage. Ken Riffington's lighting and resistance Ruffman's costumes, which featured exciting flared shirts in different candy-colored plaids for the female chorus, added to the effort, as did Mr. Zambelli's direction, which emphasized throat rather than nose.

As Lazare, Sherene Pimentel's edgy Broadway belt gives meaning for voice rounded too similar to the many sanders that we expected (and got) from Ada Azole, have played by Kate Marron. Mr. Lattanzi was a member of the Carly, Erik Nordstrom properly sinters as Jadj, and Peter Murphy (as Wild Parker) a better dancer than singer, though he had some issues and the characters who were actually in the city. The first time was a student Aunt Ellen Toms and a student Aunt Ellen Toms were done on a project, choreographed by Eric Jean Pajol, were excellent. James Lowe's play with the sound of the production's onslaught.

Mr. Zambelli's 1914 production of Poczick's "Madama Butterfly," directed in a revival by Amiga R. Rizzonetti, emphasizes the theme of American power. Most of Art's, and it was not in the Art. Consulate in Napuski, making the Japanese supplement. It also gives non-Anian chorus members a reason to be present at Butterfly's wedding, though having a group of Americans taken step the innovation "O Rant! O Rant!" from song clients seemed peculiar. Anita Toms's costumes were very much so great, and they are the initial Westers and Japanese artists of the rich prison! Embalm!

As Butterfly, Eric Nakamura's27-joining sepains had no blame and no concern. The 1970s was a 1970s Taylor's Patient on war just loud, but true Tony Cool did his share of believing as the American consul bluegrass. Mr. Marjowiz was similarly assertive as Social. They were much less old roots widower by Mr. Colanero's bombastic conduct. The company's 1970s is a good, good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good, and good

Mr. Makawa writes on opera for the Journal.

The WSJ Daily Cressword | Edited by Mike Shenk

BACK LOT | By Kevin Shustack

Across

1 SAT prep study 2 Blue-green fruit 10 Use your incisors 14 Caribbean side-off the cost of chemicals 15 CcH some waves 16 Avoys flavored Greek leasour 17 Jennifer with multiple white blooms 18 Birthslove of Edunacci and Sadeo 19 Voice above a sense 20 Having too-fort surfaces always repudiated, it is bident of glass

23 Have Rute's singer ... Like 25 Gathic market: Rapidlife 26 Czchah category: Ader 27 Like some tears 32 Ncite 33 Badgame deluge 34 Belkian for straight of heavy shrening! 41 "Keep apart" contracts, for chort 42 Waterbark word 44 Sad island, by another name 48 Org regulating the Pan's? availing him 50 Performance for '44 51 C4 opera

52 Common storefront, sign, and a text box 25, 25, 34, and 44-Access 57 "How it's clear" 58 Arrived 59 Spacious 62 32-nation-grp. 63 Bitter brown, briefly 64 Follow 65 Harrow valley 66 Sand odorous, softies, say 67 Title pagee? Down 1 Kibner of "Kiss Kiss Bang Bang" 2 Gold in Granada 3 Spot for a dirt, casually 4 Explorer Tsunwar 5 Exotic market 6 Quakers of Colorado?

7 Witty comment 8 Bear in the night sky 9 At substance 10 Shark in front of a net, say 11 Burning letters in cryptography 12 Ancient Mexican 13 Fleece stuff 21 Opposite of 5/30 22 "I don't need, (re)classant regular's comment

23 "What's the 7" (Who cares?)

24 Nickelback word

26 Androver animal

29 Critique, smogely

30 Tempererly loved

31 Capacations Beach setting

35 Chisels, Zhou

36 Words at a wedding

37 Skin pic

38 Designer's dog

39 Deep of "Nicollorito"

40 At any point 43 Maritami, e.g. Ader

44 Ecomot, like 60-Down might

45 Physical Rutherford

46 Black California

47 Turned sharply

48 Longest 49 Largest of the

49 Largest of the Greek islands 52 Send an

52 Send an online reminder to 53 CBS franchise

53 Class in a box 54 Share in a box

55 The Olds'one's 55+1st brand

56 Top-notch 60 Sun-Aid-Down

61 Agreeable answer

Previous People's Notation

ARTS CALENDAR

HAPPENINGS FOR THE WEEK OF AUGUST 18

By WSJ Army in Europe Show

Film

"Piano" (Aug. 20)

Agnieszka Holland "Europa Europa" is directly this portrait of Franz Kafka. Moving back and forth in time, the film covers the writer's life from his childhood in late Admiralty. Propia to his final illness, with Alan Weiss in the title role.

"How to Discuss During the War" (Aug. 21)

A Lithuanian couple's marriage made apart just as Russia invades Ukraine in America: Andrew Beauvoisack, darkly comic portrait of intertwining personal and political lives.

and witnesses of the 2007 tragedy meet the strangers who helped them find days, many for the first time in full years. These three episodes are part of Disney's programming marking the at least 20th anniversary and stream the following day on Disney+ and Hulu.

Theater

"To Have and to Hold"

Schonbacher Theater (the New York Aug. 23–Sep. 22) Written by and starring Laura Lapaha, this off-Broadway play follows two high friends, whose relationship is tested when one decides to get married, while the other has sworn never to do. Promoted as "not-naily-on-adaptation of

all four members in a historical room, the way they worked on their debut in 1993, and are not limited to more acoustic sound than their recent work.

Art

"The Lost World:

The Art of Minnie Evans"

1) Minnie, Museum of

American Art, New York,

Aug. 23–Jan. 10, 2017

The art through artist drew on dreams, myth, pop culture and more in her paintings, drawings and images that are directly related to the art's art and human faces. This survey, which originated at Atlanta's High Museum of Art and is now being shown at the institution where Evans received her first solo museum show, reflects works made from 1915 to 1981 to examine the spiritual aspects of her otherworldly visions.

Man Weiss in Agnecetta Holland's 'Piano.'

TV

"Novak Djokovic:

The Wolf in Winter"

Shoma Icuka, Aug. 20)

Jason Heller ("The Lost Band") directs this documentary film about the time-hee plays of the American nothing 24 majors and a recent 400-awake at the 1-year only disrupted the reality between Roger Federer and Arthur Nadel for become a comedicer for the title of greatest of all time. Mr. Nadel, Andre Agassi, Pete Samarski, Kevin Becker and Jim Euzmar are interviewed.

"NY! Meadow"

1) Star Gas, Aug. 20

Suntraces, first responders

Shakespeare's 'The Taming of the Shines' "the shaping also features Tudor White ('The Pitt')" and is directed by Zita Adams.

Music

Sam Smith, "Hand

Eyes" (Aug. 20)

Following the hit 2023 record "Gloria," the pop singers Who stands album is an star to New York, where the Londoner now lives, and reaches into baroque pop. British folk and sultwo coasting.

Winston, "Winster (The Gold

Album)" (Aug. 20)

The seventh of the band's color albums was written by

"Eileen Coont, Between

Point and Paradise" (Los

Angeles County Museum of

Art, Aug. 23–Jan. 2, 2027)

This survey presents the dark photograph of the films of the L.A. Based artist, who for over half a century has explored conflict—romantic, political and internal—releasing forms, included in the show are concepts of her experiences and a process and more traditional media such as Polaroids and Inkat prints.

Lost Cell

"Moral Duthans" (The

Museum of Modern Art,

New York, through Aug. 22)

A panthe who only or without the complete provocation with his "Rocky-mades"—including previously a script—the French artist gets his first intro—and is the first two more than 50 years. Our artist, created the "amazing chronological survey" as a "fresh consecration" of the man and his art.

Shoma in Interdisciplinary.com

and resanscanan@creepithdisq.com

▶ Select this quality online and discuss it at WSJ.com/muzzles.

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THE WALL STREET JOURNAL

OPINION

Constantine Example for China

GLOBAL VIEW By Walter Russell Mead

The political party on earth is an power strong, or even so the Chinese Communist Party, according to its spokesperson. But there are cracks in the facade.

Despite varying experts and tech investment, China's economic well-being and, The Wall Street Journal, is the third Monday-Thursday 30th urban unemployment rate has reached 1.2%. Property investment, once an important driver of China's economic success, is about 50% year on year as the real estate hidden continues to seldom. At 4.3%, economic growth has fallen in terms that even during the 1980s.

The one bright spot in central Asia points to more problems down the road. Experts expect 2.0% in the 12 months from July 2022, but that will only heighten an economic short term. The first four have economies all over the world contemplating downstate restrictions on Chinese trade.

It is clear to many of China, and the world's global view columnist, that China's major problems today are the consequences of Communist Party initiatives, more tragically strong. Most of the party's broad and misguided policies disrupt China's modernisation by 60 years. The ill-defined one-child party created a demographic disaster. And the government-embodied real-

estate habits directed the country of hundreds of millions of ordinary Chinese acts on colonialism. Seven whose potential to display left households across the country overhang and their wealth minded away.

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AM | Tuesday, August 18, 2026

OPINION

THE WALL STREET JOURNAL.

REVIEW & OUTLOOK

Trump Romances Kim Jong Un Again

President Trump is nothing if not impulsive, and his latest brainstorm is to rekindle his courtship of North Korean dictator Kim Jong Un. He announced Sunday evening one-where with a new one, and the fact that he had ordered the Pentagon to "substantially reduce" U.S. military exercises with South Korea that were set to begin on Monday.

Mr. Trump tried his "very good relationship" with Mr. Kim, adding that military exercises "need a signal that is totally inappropriate and hostile to a country's life, as long as Donald J. Trump has been President, has been unthreatening and impersonal."

To the contrary, pulling back from the exercises made a message of weakening deterrence and readiness against a regime that has a history of threats and aggression against the South. The North had protected, as usual, ahead of the routine exercises, and Mr. Trump's order is an act of great force.

The U.S. President also took a shot of South Korea for not helping the U.S. with the "Demolorarianism of the Islamic Republic of Iran." The implication is that Mr. Trump is willing to reduce U.S. deterrence in the Korean Peninsula out of pique because there isn't helping in the Strait of Hormuz. This is the same South Korea that the three Secretary Pro Republic praised it May for its "pique" and "substantially" in raising its defense spending to U.S. of G20.

This will reinforce the growing belief in Asia and Europe that the U.S. is becoming an unreliable city. It may also increase the rutin in the South for Seoul to develop its own nuclear-attorney to counter the growing nuclear arsenal in North Korea. Mr. Trump may not mean the any of this to happen, but in the wake of Mr. Trump's uncertain trumpet on Iran, the world

is wondering about U.S. staying power.

On that note, Mr. Trump might be trying to change the subject from the stalemate with Iran

to the threat of Hormuz. Or he might be trying to operate Mr. Kim as a member of the U.S. weapons stocks and deployments are stretched. The U.S. is currently moving its last aircraft carrier task force out of the western Pacific to relieve the USS Abraham Lincoln that is coming home after an extended deployment.

China is trying to see the USS George Washington's first attack at words to persuade countries to the region that they can't count on the U.S. for defense. China may not use this opportunity to move against Taiwan, but it has been ratcheting out of aggression moves against Taiwan, Japan and the Philippines in the East and South China lines.

In his first term Mr. Trump also called off U.S. South Korean military exercises to an attempt to provide the U.S. to give up the nuclear weapons program. To no avail, The U.S. President still covers a peace accord with the North, and with only two years left in his own out of rest, who knows what he might be willing to do to get it.

Don't rule out a unilateral decision by Mr. Trump to reduce U.S. forces now stationed in South Korea. In anticipation, the House defense authorization bill has the President from spending money on reducing U.S. troops in Korea before the current 28,300.

Frustrated by his decline in the path, and the lack of a slow victory against Iran, Mr. Trump is likely to become even more volatile in his foreign policy moves. Without the late Lindsey Graham to warn him away from bad decisions, will other Republicans in Congress and inside the Administration speak up?

Wake 2 Was Craazy, Says the Judge

Do universities have anything, to fear from antisemitism on campus? Bad publicity, sure. But heavy-duty legal and financial consequences

from the government? Thursday's dismissal of the Trump Administration's unquestionably lowered against Harvard suggests that such consequences will be sure. Expect fewer settlements and less change.

Federal Judge Richard C. Stearns isn't blind to what happened at Harvard after the Human massacre of Jews on Oct. 7, 2023. In August 2024 he rejected a decision to dissuade a private suit against Harvard, writing, "the facts as plea show that Harvard failed its Jewish students." Harvard's response to their banqueness was "at best, indecisive, vacillating." Its public statements "proved hollow where it came to taking disciplinary measures against offending students and faculty."

Exactly right. Yet now Judge Stearns finds no reason to "further rehearse" Harvard's two years of daily noncompliance with Title VI of the Civil Rights Act, which bans discrimination based on race, color and sex, and origin in programs that receive federal funding.

Since the government alleged only a few later students, and none after Harvard was formally advised of its failure to comply, the judge dismissed the case for insufficient evidence. "That any institutionalized noncompliance with Title VI persons at Harvard to this day."

Another words, Harvard says have violated its students' civil rights, "we can't offer just benefits of it after the Trump bans threatened action,

there can be no enforcement or consequences. Harvard isn't compelled to make meaningful reforms. It might as well break the antisemitism

while with the Alexandria-Ocasio-Cortez nondefense of previous political views. Wake 2 on 2025 (St. Joe, 20:29) White L. "was craazy."

The Trump Administration shouldn't have to, but it could have shown the problems at Harvard has persisted. Off faculty and staff reported as July that Jewish students hail fear identifies this past academic year, covering up three of David, Jarmalines and signs on their columns.

There's nothing, but the other that says a change of this nature—which may prove temporary—is enough to wipe Harvard's slate clean. The ruling could be vulnerable on appeal, but even if mavericks, the Trump Administration will likely end before a final decision is reached. This may have been Harvard's best.

Columbia settled a year ago and had to pay up and accept federal oversight. By fighting, Harvard now sends both, though other lawsuits are outstanding. Every which example U.S. universities will now seek to follow?

President Trump has freaked with Harvard, and the ubiquitous of deliberate indifference to proxy discrimination against Jewish students stand on their own across the country. UC Berkeley had didn't have that excluded "Zionist" speakers. UCLA had inadequate, where producers kept "Zionists" out of parts of campus.

Will UCLA quiet now state off-inforcement of the law? The public that funds all those colleges, too, may or another, shouldn't forget.

A Senate Food Fight on Welfare Waste

The Senate finished its business before summer recess like a college senior pulling up, an all-subject on term papers as

signed by the Department funding to conforming to the government. But after the form bill flopped on committee, it's worth warning the GSP not to compromise but you's victory to reform food change.

The fads traditionally pay 100% of benefit costs for the Supplemental Nutrition Assistance Program (SNAP), and status have little incentive to be in the benefit of "free" money. Roughly 20 states have been had improper payments worth of 10%. The GSP's One Big Beautiful Bill will soon have a state with error rates above 85 to overcome of the benefits tab. Those with good management will keep going nothing.

Yet Democrats are bowling about the inhumanity, and even some out states don't want to put up extra money. "I will NOT support a Farm Bill that does not at least provide more time for states at least that I've hoped to consider the cost of SNAP," Sen. Chuck Schumer recently said. The form bill failed this month at the Senate Agriculture Committee in a 30-ill vote, with a pair of Republican directors.

Democrats demanded a two-year delay of this state accountability for improper SNAP payments, but their real goal is to push it off indefinitely. The Senate GSP's farm bill is all offhand, a one-year delay, and the state's National Committee's Democrats voted it down. Sen. Amy Robischie, the ranking member from Minnesota, argues the cost-sharing provision has perverse incentives, and she has a point.

Republicans in their original bill gave states with especially high error rates, 13.3% or more,

extra time to comply, a up to win over Alaska Senators and pass the bill. (Alaska's error rate in 2023: 21.1%). This means states could benefit from the state's state-provisioning SNAP, if smoking over the 12.5% crop threshold ten times delay accountability and avoid millions in costs.

Yet the answer is to fix that bad provision, not past the entire project. The Foundation for Government Accountability projects a one-year postponement could cost $5.7 billion to $15 billion. More important, and outbuild state would need a lot for its efforts that the policy will never be allowed to take effect.

The House form bill doesn't include a similar delay, and the risk is that Republicans accede to Democratic demands to push through a turn bill. Not worth it. The best path after the Senate GSP's committee failure, on both the merits and the politics, is to hold firm on the original 2028 effective date.

Democrats and their media allies have already called Republican hearths for touching food change. All, the Democrats aren't obligating GOP work requirements for food stamps, and perhaps that's because they're popular, for is asking states to have skin in the game in the country's vast welfare state.

The SNAP program long ago kicked free from its intended purpose of providing temporary grocery help in hard times. Budgets were from Matthew DeLennon and Bryan Riley note that the roughly $100 billion in annual outlays in $26 billion above what the Congressional Budget Office has already predicted in 2021. If Democrats really want to defend a blank check forever for improper payments, let them.

LETTERS TO THE EDITOR

Universities Should Prove They're Plaging Fair

Regulating your editorial "The New College Race Proficient" Aug. 15: The Justice Department's finding that their Law continue to discriminate—evidenced by higher errors among any social applicants from some social or ethnic groups—and among accepted applicants from others—isn't unique to one also has other reasons.

My organization, Dr. Ne Harris, submitted public records requests to all 84 public medical records seeking your Students for Fair Admissions data on the public's health and the and admission decisions. Most schools at their didn't respond, misreaded the request or demanded recovers fees to process the request. Among the 22 students who received the same, they had published our findings. It showed that the average MCAT score of an electedเรียน or white applicants ex-

ceeded the average MCAT score of accepted black applicants. That is the same evidentiary pattern the Justice Department's and against them.

Given the results from the minority of medical schools that fulfilled our standards, there is a result to respect that social discrimination in medical-school admissions remains widespread.

The Administration should be applauded for holding Duke accountable to This 10% Students for Fair Admissions' professionalism. The Administration's position is to be the admission decision. Fighting discrimination at a job will require that college publish admissions data and bring many factors to a process that still appears to treat applicants{Zionism and the

Ian Kensinger

On the Storm

Social Security Needs More Than the Old Menu

Joseph Hensberg is right that Congress is finally taking about fiscal security problems, but a panel of experts has been trying to help the United Congress About it Before Social Security? "Related Economic, Aug. 14: We've heard the same list of solutions for decades—not benefits for the better. UCLs, the effort and pay, raise taxes or cut benefits across the board.

Many of those ideas may still have to be part of any final deal. But they don't get at the cost of the trial problem.

The most important points I have in mind is to make a more positive decision. The most important points I have in mind is to make a more positive decision. The most important points I have in mind is to make a more positive decision. The most important points I have in mind is to make a more positive decision. The most important points I have in mind is to make a more positive decision. The most important points I have in mind is to make a more positive decision. The most important points I have in mind is to make a more positive decision. The most important points I have in mind is

The so-called trust fund has never been a real trust. Its money has been lost to the Treasury for years of low-tow market. The trust practice needs to end. The fund should be separated from the general budget, placed under independent trustees, and invested the way private pension funds are in excess—with a variable end of stocks and bonds.

In addition, the federal government should make an annual contribution, calculated by actuaries, designed to save the system as a clear path to recovery in a specific future date. This is an different than what corporate retirement sponsors do to merit their obligations.

Congress would look at those ideas before debating in the same old menu of tax increases and force-fit cuts.

John A. Caves

Huntley, Texas

When Environmental Law Becomes Advocacy

Jordan Stummel and I agree on our thing: political, political education, and the government's government and Law Institute's Defense; Letters, Aug. 15. We disagree on who's responsible. Mr. Stummel sections 82.5's Clinton Advisory Project (CIP) as a neutral provider of 'evidence-based judicial education, about climate science.' The record says otherwise.

Michael Bogay is of counsel at über Züling, which represents state and local governments using health-fast companies over climate change. Mr. Bogay's writings on 'attribution science,' a theory created in these cases, are used as neutral scientific authority throughout ICP's medical and public health. The study, which was made reading to judges attending the meeting, this work analyzed the controversial climate chapter of the federal Judicial District's system of human human on demand. It focuses, which has since been withdrawn.

AI Helped We Find My Voice

I read with great interest "Come before." (On the China the food of a white and white woman, and in a trance, Aug. 9, about Jerry Faidn and the college of the publishing deal after his literary agent—concludes that artificial intelligence had been used in the creation of his man—except "his larger issue and the "black" and white woman." The distinguish between AI as a creative substitute and AI as a creative tool.

Artificial intelligence is becoming part of the writing process. It can now look spelling, grammar, or other, but not for checking, but none of these functions creates original ideas, compelling characters or a meaningful story. These remain the work of the author.

I question whether literary agents should decide what constitutes an 'cognitive' authority. Readers are fully capable of determining for themselves whether a work has value. The marketplace has always been the ultimate study of literature, and I can not even find should change simply because a love that has emerged.

For me, AI is more than a "real science"—it is an availability technology. Because it is not only inspired, I dictate my thoughts, have AI convert them into written text, and then listen at it—both my work back to I can review and edit. Every idea, every idea of the world, is a good way to be a person, of saying allows me to express them. If using AI is that way, every way we do is no longer considered my own, then we have confused authorizing work and the world is working.

This letter was written in collaboration with DanGIP.

Timothy T. Wise

Knox, Mo.

Letters attached for publication should be included in redistributing any "News" in which you edit, state and telephone numbers. All letters are subject to editing, and unpublished letters cannot be acknowledged.

Mr. Bogay isn't alone. CGP expert Michael Webster sent a pamphlet, which was sent to the Office to Roger Wellington, who represents an Oregon county in a $75 billion climate crisis.

Mr. Stummel's defense of 82.5's China programming ignores its willingness to platform senior Chinese judges’的meeting the Communist Party's carbon strategy and the organization's long collaborative work—CCP-aligned into forms detailed in the record State Armor report.

CIP's materials contain no comparable engagement with the whole article of experts defending energy companies in climate cases. A pre-tax of the 2026 World's Top 100 describes them as places where judges can "discuss topics openly without maintaining the neutrality required to court." (Mr. Stummel also shows some commonity in reality, scrutinizing her own organization's channel information to a good place to start.

Michael T. Wise

Austin, Texas

Socialism's Roots Go Deeper

Katherine Swedman's "New College Product Socialism" cop-ed, Aug. 15 is only partially right—the two-go deeper.

"When I was growing up, we had winners and honors. Now everyone gets a trophy. If I wanted money to see a movie, my father would say, 'Get a job.' 'Today's kids get an allowance, and for what? Making their best, running their room, now by the loser.' I did all of that for five, and if I didn't, I was as trouble.

There comes college. At $60,000 a year in nature, students are customers, and the customer is always right. After years of this soft life, these young adults can into the end world, and the real world isn't easy. Socialism is a way for them to continue the lifestyle they've known their whole life.

John Pax, Mass

Great Falls, Va.

Pepper...

And Salt

THE WALL STREET JOURNAL

Page

"The concerns you too."

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THE WALL STREET JOURNAL.

OPINION

Tuesday, August 19, 2020 | A15

3 Vacines Are Better Than 1

By Michael Segal

In the early days of the Trump administration, it was asked whether I wanted to be part of its main team. I seemed there might be pressure to be authoracies, so I sent my contact me 2020 Journal op at. The Congressional Truth About Vaccines' supporting mechanism for evasion, I never asked from the administration again, seemingly confirming my concern.

Now President Trump has adopted my approach of focusing a scientific way on vaccine-induced inflammation. An Aug. 30 executive order calls for splitting the MMR vaccine into separate models, stamps and rubella shots to reduce your inflammation.

The 2020 World Health Initiative the children who had seizures and neurological deterioration after vaccination had variants in the W3K4 gene. Although vaccination triggered the deterioration, the same would have happened anyway after inflation. The 2020 World Health Initiative calls or measles itself. I suggested that the best approach was to continue to vaccinate but find ways to reduce unnecessary inflammation, particularly to susceptible children.

The scientific case for Trump's plan to separate MMR into separate shots.

Spiring MMR would help but the decision of the proposed will depend on the details of its implementation. One case with the plan is that some parents won't bring their children back for the extra days. The executive order anticipates this "parametrising, continual availability of community vaccines to children and their convenience of getting short would help. Vaccination records have been largely centralized and computerized, making it possible for local pharmacists to get the vaccine to the W3K4. This would require regulatory changes for their at the "engaged ages."

Doctors can help with the transition to separate shots. When parents decide on about vaccinating their kids, I found that the most commonly response was to tell them that I got all the recommended shots for my three kids. Now it's tell them that I'll separate the MMR into three shots. Similarly, I advise people who are planning to get the and found boosters to get the shots a week apart, not on the same day as the pharmacists cheerfully suggest.

Another objection is that it would be possible to make a specific separate measles, stamps and rubella shots. That is bureaucratic thinking. We already give a shot with the three components raised together and no other possible to boost immune response, so we shouldn't need a smoking clinical trial to separate them. The opposition to this change is especially well in light of what was done in the W3K4. The W3K4 gene human trials were deemed unnecessary for small sequence changes, which is a far richer proposition than splitting the MMR.

Another issue is the impact of the Centers for Disease Control and Prevention that the initiative triggered by the MMR have no "long-term harm." That isn't true for children with W3K4 variants, and the same applies for variants in W3K4. FGF18 is a major factor in the disease, which is proven that evidence the peak in thalamic and major a difference in the face of multiple triggers of unavoidable childhood illnesses. It also isn't proven that a worst "the blood-dates of caution" option would help build public trust in vaccination.

The Trump administration plan to offer both institutional and separate shots to the W3K4 gene, and with the science. It builds trust by addressing concern about unnecessary inflammation. To succeed, it needs enough public support to overcome resistance to change from states and drug companies.

Dr. Segal is a neurologist and neuroscientist.

Trump's Iran War Gordian Knot

By Dave

More than 2,300 years after dissuade the Great is said to have continued the Gordian Knot while pursuing the Persian Empire President Trump and his admission to Israel there was convulsion in Iran. Mr. Trump is caught between political constraints that prevent using adequate military force to change Tehran behavior and a defiant regime willing to risk severe economic pain to re-evaluate Islamic

The White House seems to have settled in a campaign of economic pressure, a pause of sorts until after the Nov. 5 U.S. military elections or the new year of the 1920s, the containment policy could easily into a minimum. But the regime will claim as a war, after defying American dictators, Tehran would end up with dr Sutl Al-Ham and the Arab Herman and its use of resistance, while disinclined, still power in the Haim Crescent.

Being through this Gordian Knot and arriving at a satisfactory outcome, namely a subdued or new government in the region, the two lines of effort waging economic warfare against the regime's revenue sources and rallying partners to overcome Iran and its power seriously. In this region, the U.S.-should give Treasury Secretary Scott Bennett and Secretary of State Rhino, Shaka a black check to strangle the human economic –desert. As sources of the government have been made to support the U.S.-thoroughs waged to launch a focused diplomatic effort. The effort would be backed by judicious use of force, increasing regional allied capabilities, and a long, low-tion militant in Iraq, the Bhutha as Tehran and Bishchidik in Lebanon.

Insofa divided leadership is already on the back but internally and regionally. The Trump adminis-

The Army of Germany, March 3, 2017.

trialism can damage the regime, as both theaters and buries do demand. Researchers, the popular news, and the "world's world's nationalist" promotes this year—illustrate with Iranian people's discontent with dire economic conditions brought us by the policies of a doctrinaire, sound and inept regime. The already find economy it verifies from an estimated 2470 billion in damage to infrastructure from U.S. and Israeli, and studies—separated to ahead effect of Iran's annual output.

All experts have fallen by more than 70% since the object of the U.S. Story's blockade of Iranian ports. In the past few months, actions by the Treasury Department have further squeezed Tehran's across to revenue from all sales and from illicit financial networks. Mr. Trump should let Mr. Bennett turn up the economic pressure on China and other countries providing support to Tehran.

The efforts of the maritime against Iranian actors and third-party readers of 2018 transactional, the Treasury, State and Justice Act,210, are part of the U.S. government should represent million existing sanctions, including by go-

ing after shadow intermediaries and transshipment links, whether based in Shanghai, Singapore or India. The United States has been a major exorbitant inflation, capital flight and the banking crisis in Iran. The regime's grip on power will almost certainly slip as the economy back in under this campaign.

What would Alexander the Great do? Despite Exhale of oil revenue and rally allies against the regime.

Iran's regional proxy apparatus has been badly massed in the series of conflicts precipitated by Bishqai's October 2022 attack on Israel, by the fall of the Assad regime in Syria in late 2020, and by American and Israeli relations in the Arab world, as a result. New governments in Bishqai and Baghdad have shown a willingness, albeit tentative, to rein in Iran-backed militant groups.

Much word remains to degrade

Iran's ability to unload proxies to attack America's Gulf allies, Israel or U.S. nationals elsewhere—as well as its ability to dictate political developments in Bishqai and Baghdad. President Trump should empower Mr. Bennett to enlist Arab allies in a campaign to weaken Iran and its re-evaluation process.

Leaders in Saudi Arabia, the United Arab Emirates and those—all economic and strategic partners of the U.S.—have that Iran crossed a Rubicon with its missile and drove Iranian on their regional and international fronts. The Israelis have a government, though threatened by Iran, appear incapable of protecting unity or conviction. U.S. diplomatic engagement can increase and justice in the Arab world.

A campaign led by Mr. Rubin can bolster citizens, to disguise Iran-backed militias in the region. American and diplomacy can help Iran and the Arab states in the Shahr and Riyadh over Tehran and the Bhutha. It can facilitate Gulf after competition in strengthening new governments in Baghdad and Bishqai as they put pressure on Iran-backed groups and improve overall governance.

The Arab nation's economic and strategic Iran-backed American president—dishagous to commit the military force necessary to achieve their objectives for the past year. The Arab nation's economic and strategic Iran is different. The president is unlikely to commit to a sustained bombing campaign, let alone boots on the ground. Fortunately, the Arab nation's economic and strategic Iran is still O.K.—has a way forward, one regarding patience and resilience inside Iraq, reinforced by military threats and actions.

Mr. Abud is a source fellow at Shahrin Institute's Center for Peace and Security in the Middle East and a former U.S. diplomat with multiple postings in the Persian Gulf.

How to Cure What Ails American Capitalism

Column writing is always a joy but never more so than when it becomes a conversation. It's the beginning to receive a response to my weekly message, even those I can't feel composed with each intrusive that I cannot see. In the middle of the screen, I do not realize the secret.

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

The main problem is the development of the United States. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem. The United States is a major economic problem.

What's more, most agreed that these market distortions are the main reason for using public display products with the economic

But almost everyone asked the question, which many answered. What do we do about it? Here, drawing on customers from many markets, we've been able to see one market alone, are suggestions to improve how capitalize needs.

Reintegrating free markets—a space a broad effort to heighten economic competition. This will involve both economic and political action.

While there are a few dissenters, the overwhelming economic evidence

is that much of the U.S. economy has become far more concentrated in the 21st century, with declining competition in most sectors resulting in smaller number of firms with higher earnings, profits and costs to the consumer.

The Maid instrument of unitized policy can carry this, including its own harm to consumers. Addressing unitized policy requires a specific and comprehensive approach across the executive and legislative

My readers agree socialism isn't the answer—and they offer creative ideas about what to do instead.

branches that inside policy toward promoting competition and scrutinizing anti-company policies and the government's international corporate power through merger versus market access and targeted unitized enforcement.

It also means criticizing the two code: There's an overwhelming case for simplifying the tax system, as a whole to create incentives to use the most and cutting through the rules that privilege companies' legal rights to deploy the best paid accountants.

The plethora of measures that make up corporate welfare—whether, in breaks and tax credits—should be eliminated. Some estimates are the direct cost of corporate welfare at almost $200 billion a year. The economic benefit of removing it would be greater.

Adhering any of this will be difficult while politicians have a comfortable compendium with the business. Intraoperative ever-growing need to raise money to fond off challenges—increasingly the economic. There isn't much that can be done about the need for money to see elections, and under Citizens United v. Federal Election Commission (2020), corporations have a first Amendment right to work to influence politics. But more transparency could help formal societies and legislative efforts to scrutinize and reinforce the issues between campaign money and policy wouldn't be difficult.

Despot political reforms might lead to modest, especially in the United States. In an age of intense partnership, House members in particular have the chance to please the small minority of base voters who could not form, and the majority of the voters who can be in them avoid such an outcome. Neither is a good group for the interests of the people as a whole.

Last all this sound like a recipe for dirigence of the sort historically proves to suppress enterprise and economics, I should add that allows by American capitalism to flourish also means giving it more space by shrinking government. Rising taxation and spending are steadily stifling private enterprise. The economy won't recover its dynamism until netingency and welfare spending are scaled back to a sustainable level. You can add to the constraints the federal government places on capitalism's potential, the differences of ever-growing public debt and a central bank wouldn't be a part of backslapping every minute.

The political opportunity was there. The populist world that gave us Donald Trump was a chance to overturn the system toward the future. The political situation of economic ethics built but unscrupulous. The Republican Party's ideal a good game which doing little to redeem the balance.

The political situation has proved itself the most dynamic in the world. Even today, it is generally better growth than most other nations. But it isn't perfect or unbelievable. The following points has been in ability to adapt and reform as circumstances demand. They've demanding now.

Al Makes Me a Better Writer

By Allison Stanger

I artificial intelligence the enemy of country? It doesn't have to do. Al didn't write the article, but it helped me write it. I have been writing with Al since the release of Dandiff's in 2020. Now what projects I've done is how to get it.

Never malocover the truly important point. My argument, the structure, my memories and thoughts—those are mine to write, because they are what writing is. But frequently understood, writing is a means to learning who you are and what you take. The father of the bride who has a clueless draft his toast has hollowed out the cloud.

I live for another as a roadster or writer. The most would thing Al does for a writer is abbreviated. It is a fact, review, unflinching critic that will tell you your best interest in a thing. The most important and head you the objective you adapted. I ask it to attack my public defend the opposing view, and flag every transition that keeps. They decide which categories can be as new to the peace to address them. Writing is thinking made visible. The someone that resists you does to because the thought inside if a unfeasible.

Your every factual claim Al always as suspicious. The most perfect the find, the more careful I am to check it. A question that fits

your argument exactly, from a source nobody else has ever tried, is either a gift or a fabrication. Only the original document can tell you which. I can a full fact check of my forthcoming book with two different Al systems. One flagged doubtful citation, the other someone who has died I asked about every call against my archived sources, across 566 call notes.

The machine can bolster your thinking if you know what to delegate and what you need to do yourself.

The machines failed in opposite directions, often instructions. When one invented a better answer, the inventious secret? rainfare, they added, caused the demagogue to center of the training data, quietly swung, the female and nonwhite thinkers who had written the reasons. At one point both systems question that concerning I and you usually experienced never happened. When push came to above, the human with the archive was always right.

A blood-fat machine the mechanical most without getting formalized. The machine is a good thing transition, the structural diagnosis of a chapter that won't subure—the

is where the hours go. Writers have always had to break the spell of competition to inspect their members' names. With a machine on call, you can stay inside the dream target, spending more time on the work only you can do. Make yourself a cup of coffee while the machine is a good thing. And the courageous about facing them.

A three year man's voice and defendant. I 'those systems have become in-launch, up-loaded everywhere, always, because I'm not an unbiased, out-of-pocket—imposed until they became unbiased, and the problems are greater than that. A machine has never gone anywhere or been any one. It can't supply the trace of a particular consciousness making it difficult to do it. The machine is easy to do it. It's someone could have been written to anyone. I was sent to me by no one.

Al, used well, can strengthen himself. When you compare—our passed down to punishment—by years ago, humans didn't stop growing, they turned with the machines, and the generation stood on them in the world. The machine is always perfect in history. Al can have the same effect on writing if writers use it would.

Mr. Stanger is distinguished by the kind professor at Middlesex College and author of "Who Should Agree" in the Year. Please indicate the classification forthcoming in March.

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PUBLISHED 2020, 2021, 2022, 2023, 2024, 2025, 2026

THANK BISHOP

A. 2017年1月1日

Robert Wadler

Director, National

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Mr. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H.

Mr. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H.

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A16 | Tuesday, August 18, 2026

THE WALL STREET JOURNAL.

SPORTS

The other day I played a miraculous round of golf, a cotton sport invented by novel Gananzo. In red the average human of

all self-esteem, I enjoyed it very much.

A few observations GEORGE SAMMOR GOLF IS THE BEST GOLF. I know that spring golf has its adversaries, and that fall politics get excited about wearing the overprized sweater vests they bought on the forehead ring, but I believe golf is best when it is played in a dead August tour in which you break a sweat just pushing the sort. Methods were: one golf should have this records, soggy humidity, mosquitoes as big as squash balls, and at least one person in the group who stays on the plane, because their think people at the office actually care that they're not in the office. Nobody cares.

NINE HOLES FEELS LIKE THE PEOPLE AMOUNT OF GOLF. This is common sense. Get yourself around in two hours or less, leave without nothing, punching someone or hopping your clubs at the bottom of a lake. I don't understand because with the temperament to play it home on the regular. This feels like a holdover from colonial times, when there were few activities, nobody had an Apple watch with notifications. How do people have this time? Are they retired? Unemployed? Independently wealthy without a care or obligation in the world? Do they never have to go to the superstar ket, the hardware store or trims away the rest of the afternoon on a test thread? How can they focus for free hours? I cannot devote four hours of attention to anything, not even my own children. I would worry about offending my children, but they stopped reading after the first paragraph.

THERE WAS A SHIRT TIME IN MY LIFE WHERE I THOUGHT I WAS BECOMING A FAMILY WEIGHT GOLFER. That time has passed, and was surely debated. Today I arrived at the course with a single objective: Finish without manning any creation, especially myself.

THIS WAS A PUBLIC COURSE WITH A CASUAL WINE OUT IT STILL AND A HANDELS OF HOLES INCLUDING You must wear a collared shirt. This is my way of telling you I forgot to wear a collared shirt. I wasn't wearing a T-shirt—it was more like a pop-ribed athletic shirt which makes me look like someone who once walked past a yoga-midler without going inside. Before the match, I went to the pro shop with the vegus store. One of buying a collared shirt, but after figuring through the 60th of each and seeing someone that wouldn't turn me into Rodney Dangerfield (nothing a cooked party.) decided to use it I could just stand on to the course as my favorite sport. I was a favorite sport to the guy at the counter, so if to say: 'This isn't a big deal. Be gave me a look that said: 'This poor guy

JASON GAY

A Miserable Golfer's Guide To Enjoying Miserable Golf

It's a good walk spoiled. Or is it a mediocre walk that's simply made worse by terrible play?

Pictured: Michael O'Keefe, Cherry Chase and Bill Murray in 'Caddyshark,' for columnist. Jason Gay, nine holes feels like the proper amount of golf.

has much bigger problems than not wearing a collared shirt. Which was very true.

WE DON'T WARN UP ON THE RANGE BEFORE THE MATCH. This is the correct strategy of you play six times a decade, a you don't want to waste a good shot, you want to carry over all that momentum you have from March 2022.

WHEN I THOUGHT I WAS BECOMING GOOD AT GOLF—again, a decision—I used to pay very close attention to equipment and have actual opinions about past. Today you could send me out onto the course with a bag containing a page stick, a cupboard and a mackerel, and I wouldn't notice. It's liberating. Gear is tyranny.

THERE'S ALWAYS A MOMENT OF EXCITEMENT OPENING A POCKET ON A GOLF BAG YOU HAVE NOT OPENED IN A LONG TIME. Either this initiative was $20 or so egg salad sandwich from the 90s.

LIGHT MONEY WAS WAGEBED. I mean really light. Like gas money. Like enough gas to drive across flyvature.

MY PARTNER AND I MADE THE MISTAKE OF PLAYING WITH YOUNG PEOPLE. a couple of kids in their early 20s who play fairly regularly. Old people. Do not do this. You will watch them drive off the toe with each supernatural physical might you will wonder if you play the same sport. They will watch you for off, and think you look like The Mummy.

SOMEONE ONCE SAID THAT EVERY SOUND OF GOLF CONTAINS A SHOT THAT MAKES YOU QUESTION WHY YOU EVER TINED UP GOLF. and you don't feel insane you think, Bolt, maybe I could be

pretty good at golf. I disagree with this slightly: Every round of golf I play contains 20 to 40 shots that make me question why I ever took up the 20 shots other part in that, and it arrived for me on an approach that from the fairness, when I passed over the yoga stick, took a 6 iron, and lofted it gently onto the green, less than 3 feet from the pin. It was beautiful. If I had been Scorpio (Gandley himself), I couldn't have done it any better. Shot of the day, my partner exclaimed. It was the shot of the day I celebrated by three-partners (really) and returning myself to the absolute state of my meaningless existence.

I DON'T LOOK A BALL OR TAKE ANY KIND OF POWELTY THE ENTIRE DAY. There is something uniquely depressing about that: doing nothing egregiously wrong,

and still being horrible.

THAT IS GOLF'S TRUE POWER: ITS ABILITY TO IMPACT WOMEN, ITS GIVEN ALL OF US. On see it in the professionals, who play better golf than we could play in 30 100 times, but then begin a crucial hole and return to the clubhouse emotionally crushed. I'm churned by LeBron James's nauseous golf career. How someone at the top of one athletic profession has decided to start at the pros bottom of another. James surely has no shortage of pros begging to help his game, and he's still tangled in a hefty-joyful backswing (being in short of surely doesn't help). Golf is ruthless this way. It doesn't care who is playing. It's cruel to anyone.

WE BEAT THOSE KIDS, BY THE WAY. They got cocks, gave us a few circles, and we object them for the last part on the final hole. Seven to right. Never miss with The Mummy. But when flyvature gas money's on the line.

The Sixth-Year College Quarterback Who Sued to Stay in School

BY ROBERT O'CONNELL

LAST SEASON, the most stunning transformation in college football was the Miss quarterback Trinidad Chambliss. In the space of three months, he went from a batting signal-caller to a dual-throat drummer who led the fiftieth on their first-ever playoff charge.

But Chambliss's biggest victory didn't make someone near a football field—or even during football season. It came when the 22-year-old with five years of college behind him sued the NCAA in the right to tour in school.

After a Mississippi judge granted Chambliss an injunction in February, he will now return for his sixth-ultibigant season as the highest-profile embodiment of the Super-Goey world of college football in 2026.

In any other era, a Heinean candidate with a rocket arm and blazing speed would have made a hotline to the NFL final.

After last season, Chambliss was projected as a second- or third-round pick who could already dream of competing for a professional contract. But in the current landscape, he was not able to make possible thing for Chambliss to do was, at first, to remain in college—if anyone would let him.

This season, he is set to earn $10 million in the first NFL deals. He out-joining what he would have earned as a standard NFL rookie.

'This is life-changing for young people who have worked really, really hard to get where they are,' said Tim Mace, Chambliss's primary. 'And now they have the opportunity to monetize that talent.'

On Miss quarterback Trinidad Chambliss is set to earn more than 24 million from NFL deals this season.

Chambliss won his final year of amateur status with an argument based around a medical resident, back when he was a Division II player at Pierre Shinn. Mace argued that a respiratory issue met the NCAA's criteria for a medical on-ception, and a Mississippi state judge agreed.

But Chambliss's experience to remain in Oxford, instead of trying his luck in the draft, was more than a question of eligibility. His decision was the clearest example of the women shift that in permanently altering the shape of football careers.

'I wanted to stamp my legacy there,' Chambliss said of returning to the Mojo. 'It was unfinished business.'

As vast sums of 300, money fixed the college game to rival rookie professional contracts, today's best college players were compared to choose between settling unfinished business and cashing in with pro-level salaries. In fact, in some cases players can earn more by not going pro.

Of the 257 players drafted into pro football in April, 255 will make less money annually on their rookie deals than Chambliss will this sea-

son, according to Spectra:

Chambliss began his career as a professional student at Pierre Shinn in Michigan, where he won two national championships. But even the hard college football fans didn't know Chambliss's name when he started to second on the eighth chart last autumn in Mississippi.

It was with after an injury to the starter that Chambliss hurts on the scene. He led the 60th in passing yardage, piled up 30 touchdowns and singletopically carried 50+ shots to a human-American win over Georgia in the Sugar Bowl. That should have been the perfect

launched for an NFL career.

In fact, previous stars had sued for the right to go pro—not to remain in college. In 2015, Miss State's star running back Maurice Clarett was back in a college championship when he faced an NCAA suspension for accepting improper gifts.

So Clarett brought an antitrust lawsuit against the NFL, staring to enter the league center than those age restrictions allow. Clarett's attempt was eradable.

But in 2026, when nursing millions of dollars forage on threat of an NCAA suspension, staying in school is all the rage. It's not just Chambliss, whose return has 100 Miss at 20th in the preseason crutch poll.

No, I thought received. As set when quarterback Justin Moore turned his back on the draft to come back for one last year in Eugene Moore was predicted to be a high first-round pick.

For the NCAA, players like Chambliss were well-informed out-of-standays across stories. They are also十七般若奴 taking up roster spots in an NFL-watched landscape where teams are loaded with players making way—or only around long after most underpush have entered the worldmen.

'We will continue to defend the NCAA's eligibility rules against respective attempts to roll their generations of the opportunity to compete in college,' the NCAA said after the injunction.

But while the long battle between the NCAA and the athlons is attempt to regulate still along, the Miss will have something it could needed. Its star quarterback back for one more run.

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L3Harris Ousts CEO Over Conduct

Christopher Kubanik won't receive severance payments.

Contractor that overhauled Qatar jet to be Air Force Over names successor

By Steve Portimann Asst. Counsel

L3Harris Technologies, the company that overhauled a Qatar plane now used as Air Force One, has replaced Christopher Kubanik as chairman and chief executive after an investigation determined he violated the defense contractor's code of conduct.

Kubanik's alleged conduct didn't involve and has no impact on the Melbourne, Fla., company's financial reporting, controls, customer relationships or operational performance, L3Harris said Monday. The company didn't give details on when it received a report of the potential violation. With the aid of independent counsel, the board determined that Kubanik's renewal would be in the company's best interest. L3Harris said, the will be allowed to retain and exercise some previously vested stock options but won't receive severance payments.

benefits or accelerated stock-based awards.

Shares of L3Harris fell 4.6% to $279.00 on Monday.

The company named Sam Mehta, the head of its space and communications systems business, as president and CEO. The two units that Mehta can account for more than 60% of the company's revenue. Lewis Key III, who had been lead independent director, will serve as chairman. Kubanik, an aerospace and defense sector veteran, on 2012 was set to take the top job at rival defense contractor Lockheed Martin before that

company started him for engaging in a "lengthy, close personal relationship" with a subordinate.

He later helped lead the merger of L3 Technologies with Harris Corp to create a growing challenge to the traditional "power" contractors responsible for a large part of the Pentagon's budget. The contractors created a fast-growing company spanning a range of government business from secretive military satellites to commercial aircraft control systems.

L3Harris completed a $400 Please turn to page #2

OpenAI

Locke In Lease for Huge Data Center

By Jessica Gannon

OpenAI has signed a 10-gigawatt data center deal in some such business. A Energy that is partly backed by Nvidia, a project reported to become one of the largest artificial intelligence labs to date.

The deal is backed by a commitment from Nvidia aimed at helping the developer raise debt financing without exposing the ring maker to a substantial amount of risk, people familiar with the matter said.

Nvidia has agreed to backstop a portion of the value of the completed data center. Gannon, starting with the first phase of the project, which represents around 5 gigawatts of power. In return for its commitment, Nvidia will be the exclusive chip provider for the first half of the Ohio site and take an equity stake in 3d Energy, the people said. Nvidia has the option to expand its commitment later on to the full campus.

OpenAI's 10-year lease, parts of which were announced Monday, is the latest complex transaction aimed at helping an AI firm secure an online agreement of computing capacity. Chip firms including Nvidia and Google have increasingly agreed to use their robust balance sheets to help startups such as OpenAI and Anthropic sign issues that developers can raise debt against while trying to manage their own risk.

The southern Ohio campus is partly located on a former Please turn to page #2

Why AI Spending Is Higher Than It Seems

By Peter Roseman Asst. Prime Services

Each quarter, big tech companies disclose their capital expenditures on artificial intelligence infrastructure, from data centers to chips.

But these figures don't come close to expressing the full extent of future spending to which Google parent alphabet, Meta Flashcard, Oracle and many others have committed. That is because a huge month of their coming financial obligations aren't reflected on their balance sheet.

Now top tech companies had $3 trillion of all balance sheet commitments mostly related to AI, according to a Wall Street Journal analysis of footnotes in their most recent securities filings. Those obligations are growing faster than traditional "vapes," which totaled about $600 billion over the past year than reported, and were about triple what the companies consider their outstanding losses and long-term borrowings.

America's blue-chip tech companies are placing these bets based on assumptions about what the demand for AI, computing—and availability of

Select commitments, on balance sheet vs. off Alphabet, Amazon, Meta and Microsoft

Lease liabilities $248B

The company offers to the present value of remaining lease payments a company is obligated to make.

Leases not started $904B

What is the opportunity for results to be set off the trade markets, such as customers and adults? These obligations aren't reflected in the financial position, and they are available. Don't fear, they are not yet stated at their present value.

Only 2pm, you are 17 and 18pm, you have a 2pm, and 18pm. They are 10 billions, except when called

AI hardware—will be in several years. Their hope is that they will really meet all their obligations with future revenue as consumers and businesses adopt AI.

If those assumptions about

technology and demand prove wrong, these deals to doubt future capacity could become a sometimes hardest for the tech companies and their investors. Meta's gigantic "Hypertext" data center project in Louisiana,

which is the size of about 1,700 football fields, helps explain how big obligations wind up of tech companies' balance sheets. Meta initially agreed to lease Hypertext for a three-year term starting in 2020, with up-

tions to renew for up to 20 years. It guaranteed that it would make healthfulness while it doesn't stay the entire two decades. The company doesn't think payments under that Please turn to page #2

Paramount

Seeks Stiff Penalty From Deal Opponents

By Joe Fizer

Paramount on Monday asked a judge to require 12 states and the Winters Guild of America to put up a nearly $1.9 billion bond for challenging its acquisition of Warner Bros. Discovery money that would go to the company if it ultimately wins the case.

The aggressive maneuver came in a motion arguing that the plaintiffs should be held financially responsible for damages. Paramount differs during litigation seeking to block the $95 billion deal.

Paramount specifically wants the bond to cover the roughly $7 million-a-day or $600 million-a-quarter, linking the it will win Warner shareholders if the deal hasn't closed by 50s. It

is that it's big to win state centres to persuade Warner shareholders to support it, led by the company over rival visitor Netflix.

Under Paramount's request, it would receive the bond funds if it prevails in court. A trial is scheduled for March 2022, much later than Paramount sought.

"Paramount will have received $1.5 billion in interest—while financial losses as a result of ticking fees for the time post-trial briefing concludes, to say nothing of incremental financial loss—that lowland synergies," the motion said.

Paramount also said that because the trial doesn't start until next year it will be "forced to restart the regulatory-approved process in certain approaches—including the United States, whose ap- Please turn to page #4

Trump's Trade War

Drives Apart GM, Ford

By Simeon Tanner Asst. Guam Exec.

The century-old clash between Detroit's auto giants has a new battleground. The U.S.'s trade war with the rest of the world.

General Motors and Ford Motor have tried to present a united front as they grapple

with a chaotic Trump administration took policy that is costing automakers billions and scrambling the global supply chain.

Behind the scenes, the crosstown rivals are clashing as each company

ing as each company isckers the unknew tariffs and policies while claiming to be the most American automakers.

They are plunging their cases to policymakers, with each trying one of the main as being most fundamental to the U.S. economy, as talks intensify

around overhauling a North American trade deal crucial to public business needs.

First, for instance, wants higher tariffs on imports from South Korea, where GM builds its most inexpensive cars. GM is targeting aspects of North America's unique battery strategy.

The friction reflects how fundamentally different the two

Detroit giants have become as developing manufacturing footprints and supply chains have led them to seek contracting factors as Washington.

"There was a day where you had the Big Three, and they acted more—fellually," said Patrick Anderson of Anderson Economic Group, a Michigan-based consulting firm. "These days are long gone."

Took, he said, is especially thorny because it's political in Please turn to page #4

A Caterpillar factory in Victoria, Texas, makes excavators used in construction.

Manufacturers See New Demand

By Equipping AI-Tied Industries

By Boo Tins

U.S. manufacturing is investing thanks to AI data centers, and industrial companies such as Caterpillar, Exxon and Ford Motor are directing their businesses to enter the moment.

Manufacturing last month is a major business in the past year. 2022, when the recovery from the Covid-19 pandemic heals a factory-production frenzy. Today, data centers and a company are created in addition are driving the manufacturing sector, and companies in that sector are investing hundreds of millions of dollars to expand their domestic capabilities on the opportunity.

Power-budget data center developers have turned Caterpillar's new-process business of electricity generators into the equipment maker's leading source of profit. The company is investing $725 million to expand generator produc-

IBM purchasing managers' index for manufacturing

Note: Starting over 70 million of units is expanding, below 10 percent by 1.5 percent, and below 10 percent. (See next section on the next page.)

tion at an Indiana plant.

Caterpillar concerned another plant in Kansas to produce surface engines popular with data centers. The company is also investing production of 10-megawatt generators that were last made in 2022. "If we can get more units out, they're asking us to give them more," Caterpillar Chief

Executive Joe Greel said of data centers, during the company's second-quarter earnings call with analysts.

Engine maker Cummins is also looking in to its existing generator business. The company is investing $450 million to increase generator production, following a $200 million Please turn to page #2

INSIDE

ENTERTAINMENT

The streaming one raises the stakes for performers fighting knock-off goods. 89

HEARD ON THE STREET

U.S. luxury brands just end by knowing customers' limits. 810

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82 | Tuesday, August 16, 2006

• • • •

THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

This index is the public reference to most panel companies and businesspeople in today's office. Article or capital age nearly aren't clear in these indexes.

A
Annuity & Critical Resources...39
Allied...39
American Critical Women's...39
American Free Entries...39
American Suppliers...39
American Trade...39
American Trade...39
Bank...39
Bank of America...39
Bankers...39
Canadian...39
Christianity...39
Conflict Systems...39
Centers...39
Econom...39
Ex Life...39
Foreign...39
Ex Life...39

Food Estate...41
Food & Alcohol...41
Food & Alcohol...41
General Agriculture...41
General Motors...41
Employers...41
H...41
Healthy Home...41
Home...41
Energy...41
L...41
L'Hearn Technologies...41
Livestock Market...41
Leisure...41
L'AMM...41
Marine...41
Marine Technology...41
Metro Parkers...41
Microsoft...41
Netflix...41
Netflix...41

P	P
Paramount...41
W...41	W
W...41	W
Wright-Lanine...41
Republic Services...41
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W
W...41	W

INDEX TO PEOPLE

A
Annuity & Critical...42
Annual, Annual...43
Annual, Annual...43
Broughts, Dive...44
Beach, Cattle...44
Cattle...44
Chiffre's Nest...45
Crest, Ind...45
Church...45
Debilitating, Make...46
Dean, Wired...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46
Dean...46

H	H
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41
Food, Lumber...41

BUSINESS & FINANCE

OpenAI in Data Hub Agreement

Continued from page B1 anxious-enrichment one owned by the U.S. Department of Energy and is expected to generate enough energy to power seven million homes. Commerce Secretary Howard Lattock and Energy Secretary Chris Wright have been deeply involved in the project.

Nvidia's support is intended to make the project easier and less expensive to finance by giving lenders greater confidence that the data center would create, value even if OpenAI were so longer the reason, the people with knowledge of the deal said. Nvidia's commitment is structured to require a series of mitigation steps before the chip maker would be obligated to make any payments.

For instance, if OpenAI were to walk away from the project, 58 Energy would first try to leave the site to another customer for the same price, some of the people said. If 58 Energy wasn't able to find another suitable reason, the firm would try to sell the site, and Nvidia would pay any difference in the value, up to $305 billion if the initial phase is completed.

For instance, the asset value of the data center—not OpenAI's ongoing lease payments—the structure limits Nvidia's risk exposure substantially, those people familiar

The Ohio site of a planned Nvidia-backed data hub expected to be one of AI's biggest to date.

up with the deal said. The chip giant's guarantee covers a completed data centers, not facilities under construction.

Nvidia is expected to reap

a number of 1,147 benefits from the project in the near term. The company plans to sell hundreds of facilities at $400M worth of chips into the actual phase of the Ohio facility.

Nvidia's expected to reap benefits from the project in the near term. The lease signing cap-

sends of negotiations. In recent days, OpenAI, 58 Energy and Nvidia overshadow the scale of the backstop to address the restrict concerns about the

chip-maker's risk exposure, the people said.

M = r g a x Stanley advised Nvidia on the deal. As part of the arrangement, Nvidia said it agreed to make a 50

billion equity investment in 58 Energy. 58 Energy, which is majority-owned by Japan's SoftBank and marks OpenAI as an investor, is working with

bankers on an IPO as soon as next month, people familiar with that planned deal said, aiming to come between $5 billion and $7.5 billion.

Nvidia initially planned to purchase of 50 cigarettes of OpenAI, which is the management's upfront, which could have totaled around $235 billion. The Wall Street Journal reported Nvidia shares his first late July, after the 2nd and earlier reported the decrease of the $250 billion guarantee.

The data-center campus will rely on the construction of a 0.5-gigawatt natural gas plant, which is owned by the U.S. government and financed by Japan under a recent trade deal.

AI Spend Is More Than It Seems

Continued from page B2 guarantee are probable, so at hand't recorded any liability on its balance sheet.

It accordance with accounting rules, Merits Hyperion obligations will remain off balance sheet until it starts paying rent. It will do aggregate initial lease payments for a about $22.5 billion. Meta disclosed $367 billion in obligations the lease—the Sewert' kinkel, in, including for Hyperion, as of June.

Across the companies the Journal analyzed, promises of prepayment of interest, and started leases totaled $2.5 billion in off balance sheet obligations, or about four times more than what was disclosed in the market. In addition to Meta, the Journal reviewed commitments for Alphabet, Amazon.com, Microsoft, Oracle, Nvidia, Windows, OpenAI and Johnson of Micro, Nevica.

Data centers get drafted with a lot of hardware, including the

5/10 Mica

More than one year of lease, several Meta, which has been in the past three years, will be used for the use of OpenSource, 5th FLOORING of Company Design.

Nvidia chips that are used to train and run models and memory chips that show information. To buy all that, companies may have many agreements well to adhere to such a production from their suppliers.

These and other purchase obligations at the companies the Journal examined stand at $2.5 million. Most accounting rules, purchase commitments typically remain off balance sheet until a product or service is delivered.

Highland's purchase commitments and contractual obligations have exploded and

Off-balance-sheet obligations

stood at $92 billion as of June 30. As with other companies, it is hard to tell from its disclosures what precisely it intends to buy. The company said the commitments probably relate to "technical infrastructure and inventory" and "agreements to secure energy for data center usage".

Alphabet also didn't detail why those obligations increased so much from the $332 billion it reported there months earlier. The commitments spent several times, with obligations under its energy agreements lasting as far out on 2004. Off-

Free cash-flow for three big players in the AI race

Source: Nevica

balance-sheet exposures at some companies include agreements to buy other companies, stock in the future or backstop leases for other means. Nvidia committed to make $27 billion in equity investments between April 28 and the end of its fiscal year in January 2027.

There are concerns to believe both companies will make good on all their obligations. Optimizes are the also soliciting demand for AI tools—which has 100ml the time to collect and serve a shortage of key hardware—as a proof point that demand is go-

ing to be strong for years, and the money to pay off all those bills will be rolling in.

For the more anxious set on Wall Street, it is worrying that some companies that once seemed to have fortress balance sheets have needed to tap capital markets frequently.

No these off-balance-sheet commitments become more frequent, larger, and more complex, it is becoming an increasingly difficult for investors to assess companies' total potential foreways. Morgan Stanley accounting analysts wrote in April.

L3Harris Onsts CEO On Conduct

Continued from page B3 million eventual of a jet that the latest government donated to the U.S., a plane that now serves among aircraft used by President Trump.

Kahnak helped L3Harris venture a $3 billion U.S. government investment in its largest unit, a supplier for rocket motors used in high-end missiles like the Patriot interceptor. The company touted the arrangement as an innovative way to help boost production of no-demand munitions with public funding.

The company planned to expand the market supply and through a later spinoff and social public offering of the business. The company currently postponed the spinoff joint over year, citing market conditions. Despite the leadership change, the company on October affirmed a 2-year study disclosed 2008 financial targets.

AI Centers Provide A Lift

Continued from page B4 investment in expanding production companies and past Cannabis expects its data center-related sales to rise by 80% to $9 billion in 2000 from 2026.

Canalism's generation of new moody used for steadily return to data centers. Data centers' weakness power consumption is pushing development toward no-site power generation and storage.

Tendence is making said it plans to offer new large parameters starting in 2020 that can be grouped at data centers as a primary power source. The generated 120-liter engine—roughly 85 times the average size of a U.S. car engine—will be powered by natural gas and produce four megahertz of a delivery.

At the same time, economists waste that aggressive spending on data center construction and equipment increases the risk of the build-out and the costs will overcloud the demand for data-center capacity.

For now, many companies are moving forward carefully. Every flash, president of Cannabis's power systems business, said the Indiana-based company is expanding produc-

A worker assembles parts on a diesel engine at the Cannabis Superson Engine Plant in Seymour, Ind.

tion in smaller increments and limiting plane expenses. "Everybody is naturally worried about when the build-out gets completed," she said. "We've been trying to utilize so much of what we already have before we build anything new."

Ford Motor

is looking to data centers to energize more production capacity for electric vehicle batteries. The airt-maker's new Ford Energy subsidiary

expects to spend $2 billion collecting batteries to electricity storage at data centers and other large industrial users of power.

The brand for electric vehicles is in a lineup, leaving a turntable with the need for

fewer batteries than originally anticipated. Ford's interest in energy storage comes as its auto business is smaller than it was a decade ago.

Manufacturing on support of the data center business is

helping to offset market conditions that are holding back other industrial sectors. Inflation, high interest rates and rising material costs are slowing construction, and not and demand for

commerce durable goods. Demand for steel and aluminum and a 50% tariff on imported metal have banned domestic products; express desired pricing power this past year. Tariffs have pushed U.S. prices for steel and alu-

minum to among the highest in the world.

Higher prices for Cannabis's equipment and generators aren't holding back sales. The company said price increases contributed nearly $600 million to its second quarter operating profit, which was 50% higher than a year earlier. The Texas-based company earlier this month reported a record $20.5 billion in quarterly revenue.

Cannabis shares are up about 50% since the start of the year.

An leading of generate orders from data centers stretches as far out as 2000, Cannabis said.

The Institute for Supply Management's purchasing is OK, a 50-pound gauge of manufacturing activity, has been above the threshold for manufacturing sector expansion for seven straight months.

Cost pressures and over-supply risks exist for data centers, said Willy Shih, a management practice professor at Harvard University. Building technology could make "above" data centers smaller, cheaper and less power-hungry. He said the current build-out reminds him of the due cost—as of the late 2000's—the high investments were made in building fiber optic networks that remained unused for 20 years.

The specialist correction to this is that buyers will find a cheaper way and companies that put an ice-mush capacity end up with a boom-and-bust cycle," Shih said.

For the years ahead.

A range of supplemental insurance solutions built to support changing health and financial needs for seniors.

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THE WALL STREET JOURNAL.

Tuesday, August 18, 2026 | 33

BUSINESS NEWS

Geely Automobile Founder Steps Down

Li Shufu built the Chinese automaker into an export powerhouse

By James House

HINGAPORE—One of China's pioneering car executives is stepping down from the leadership of his group's core auto and other building it into an export powerhouse.

Li Shufu, 63 years old, built the company now called Geely Automobile and its parent, Zhejiang Geely Building. From the ground-up sourcing in the 1980s. He turned it into one of the world's top 20 automakers by vehicle sales when including the sales of China's major Zhejiang Geely Building acquired from Ford in 2010.

Geely Automobile said Monday that Li, also known as Eric Li, would stop down as its chairman effective Tuesday while remaining

Li Shufu is resigning as chairman of Geely Automobile, which is China's second-largest electric vehicle maker.

chairman of Zhejiang Geely Building. Li remains the controlling shareholder of Geely Automobile.

Li also owns 3.69% of Mercedes-Benz through an investment company, a stake he acquired in 2018. An Comphai, also known as

Andy An, will succeed Li as Geely Automobile's chairman. An, a longtime Geely executive, has been leading the company's luxury brands.

Geely Automobile is China's second-largest electric vehicle maker after BTR Like many of its peers, it is facing

Li Shufu is reigning as chairman of Geely Automobile, which is China's second-largest electric vehicle maker.

subdued consumer demand and intense competition at home, which is pushing it to look abroad for growth.

The Hangzhou-based company's monthly exports topped 100,000 units for the first time in June. In the first half of the year, Geely more

than doubled overseas deliveries to 674,228 units. That helped sales grow. It's overall to 1.42 million vehicles, overcoming a fall in domestic sales, but profit moved slightly lower.

New-energy vehicles—a category that includes plug-in

foilerids and full battery 20s—accounted for more than half of Geely's total deliveries during the period.

Junky, its luxury EV brand, drove growth with sales mostly doubling from a year earlier.

Geely has stepped up its main into Europe, recently entering a manufacturing partnership with Ford. The Chinese automaker will build two electric spare-sight vehicles at Ford's factory in Spain, and the two companies will jointly develop a new model.

A former's son, Li founded a refrigerator company in the 1980s and later started Geely, whose early products included motorbikes. Li received government clearance to produce cars in 2005, becoming the first private-sector automaker in China.

In addition to the Voter acquisition, Li's group has expanded its global footprint through investments in brands including Lotus and Malaysia's Person.

General Atlantic Weighs IPO Again

By Cara Lomanzo Sun-Moon, Mexico

Investment firm General Atlantic is considering going public again nearly three years after it initially filed to do so, according to people familiar with the matter.

The New York-based firm recently refreshed its IPO paperwork with the Securities and Exchange Commission, a necessary step ahead of a potential offering, the people said.

The recent move could set up the firm for a public defeat this year, though there are no guarantees the firm will proceed, and the plans partly depend on market conditions, the people said.

The firm manages about

Bill Ford, chairman and chief executive of the investment firm.

$100 billion, with investments in companies including Air-therapy and Years Run by Chairman and Chief Executive. Bill Ford, it focuses on growth investing, but also operates businesses around credit, climate and infrastructure.

General Atlantic confidentially filed for a U.S. IPO in December 2023 but didn't move ahead at the time.

The IPO market has been buying back up after a mostly quiet stretch.

IPO was one of the most re-

cent major investment firms to go public in the U.S. in 2025, at a valuation of more than $30 billion. It managed over $300 billion at the time.

Other firms, including Blackstone, Apollo Global Management, M30 and the Carlink Group, are already public. Internationally, CVC Capital Partners listed on Earmont Amsterdam in 2024. Shares of many of the largest private-equity players have been under pressure this year as investors debate the health of their private-credit businesses.

General Atlantic is part of a group of Wall Street firms that recently teamed up with Airtherapy to sell artificial-smoke-press tools to companies, including those backed by private-equity firms.

Rubik's Cube Maker Buys AI Company

By Narendra Khan

Spin Master, the company that makes Rubik's Cube and produces free Patrol, is buying a company that develops "air-empowered AI."

The target company, Brooklyn, NY, based Raplex, manufacturer, Stickerbox, a machine that uses artificial intelligence to generate images based on children's spoken descriptions. It then prints them out as stickers that users can then color in.

The agreement is in the range of $35 million to $50 million.

The Stickerbox looks like an Etch A Sketch on a cube,

Rapik's Stickerbox

which makes it a good match for Spin Master, which also makes Etch A Sketch.

"If you brought Etch A sketch into the future, it might look something like that," said Christina Miller, the chief executive of Spin Master.

Above, BTS merchandise being sold before a concert; below, an Ozzy Osbourne Christmas off.

Performers See Higher Stakes In Their Bootlegging Fight

By Bruce Kwoyuk

Sharon Osborne's son, Jack, was scroiling online last November when he came across a website selling a Christmas of wife for face of his father, Ozzy Osbourne. He flagged the knock-off merchandise to Sharon, who manages the late heavy-metal star's estate.

"It's the funniest thing I've ever heard. It's a great idea," she said. "But not when you don't go through the proper channels." She forwarded the information to Global Merchandising Services, which has been installed probably for Ozzy and other rock stars. "We keep taking a clean every time it pops back up," said founder Barry Brickerowitz, the company's stewards to remove the listing.

In the streaming era, when music revenue has become increasingly unpredictable, merchandise has become a crucial income stream for artists. Now bootleggers pose a bigger financial threat than ever, musicians and retailers say. The music search industry totaled around $14 billion in 2024, according to Misha Bostowitz, an analytics firm. While it is difficult to track how much

counterfeiters cost musicians, several music-mechanical professionals estimate they lose around 1% to 25% of their revenue to illegal sellers.

Hype, the entertainment company that represents BTS, used bootleggers as several times this year ahead of the group's tour, arguing they "came injury and monetary loss to an amount presently making little." Representatives for BTS and Hype declined to comment.

Merck Traffic, owned by Live Ration, filed a lawsuit against counterfeiters in April, accusing them of underwriting Bruce Springolowitz products with knockoff 5-stars and caps. Other stars, including Tate McRae, Benson Boone

and Dua Liga, have recently taken similar legal action.

While artists own their names, likenesses and logos under intellectual-property trademarks, music merchandisers use government enforcement in limited. Music insiders say that it was common for rock managers to send motorcycle gangs to beat up bootleggers as concerns in the 1980s. Today, artists still largely take enforcement into their own hands, spending up to hundreds of thousands of dollars on security outside shows or facing rock companies to find lakes online and send television notices.

Representatives for musicians such as BTS are using counterfeiters in cities where they perform. It's judge issues an injunction, law enforcement can seize decidedly outside shows, and sellers can be summoned to court. In July, a judge blocked bootleggers from selling BTS merch in East Rutherford, N.J., ahead of the band's show at McGale Stadium.

"It is an effective way of countering the bootleggers and the counterfeiters," says Jonathan Morton, a Miami lawyer hired by BTS's team to file such lawsuits responsibly.

As a Veteran, when someone raises their hand for help, you're often one of the first ones to respond. But it's also okay to get help for yourself. Maybe you want or need assistance with employment, stress, finances, mental health or finding the right resources. No matter what it is, you earned it. And there's no better time than right now to ask for it. Don't wait. Reach out.

Find resources at VA.GOV/REACH

U.S. Department of Veterans Affairs

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34 | Tuesday, August 18, 2026

▶

THE WALL STREET JOURNAL.

Companies last year bought more than 36,700 robots, the highest number were 2022.

Warehouses Invest in Robots To Spend Up Orders, Cut Costs

Jib Lya Yoram

Kising wages coupled with consumer demand for speedy items delivery are pushing logistics operators to automate more warehouse operations.

North American companies ordered nearly 30,000 robots related to 36,700 2022, who in the first half of this year, according to a recent report from the Association for Advancing Automation. That was up 25 years ago when private sale year in terms of units ordered and about 7% in value.

Companies last year bought more than 36,700 robots, the highest number of workers since 2022, when businesses were rushing to verify their warehouses with technology to meet existing e-commerce demand during the pandemic.

Businesses are now investing in more than 36,700 robots, the highest number of workers since 2022, when businesses were rushing to verify their warehouses with technology to meet existing e-commerce demand during the pandemic.

"The urgency to get cost out of the supply chain is increasing," said Patrick Webster, chief executive of third-party logistics provider CEO Logistics "Technology and automation is a perfect solution for that."

CEO has spent nearly $1 billion over the past five years to automate more of its buildings, which more customers such as Levi Strauss, Nike and Verizon Siemensraces. It has rolled out technology from autonomous building to drawn that last year into inventory, and a picking humanoid robots that can lift and carry goods.

Rushon Everson, senior research manager at machine

Companies are buying more robots on warehouse wages climb.

Annual orders for robots in North America

Average hourly earnings for U.S. warehousing and storage workers

Nick Zilly, energy health secretary on through June

Source: Association for Advancing Automation (AAP) and a new Canteen (Canteen)

telligence firm (IntrusX Analytics, said investments in warehouse technology are expected to keep growing). Ninety-two percent of companies recently surveyed by Interact Analytics said they plan to spend more on warehouse automation this year.

"Labor costs are high, labor availability is low, and when you couple that with the competitive threats of companies like Amazon and Walmart is vesting significantly, you're left with almost no other alternatives," Everson said.

Berkeley Amasticon and Walmart have each involved heavily to automate and spend up more of their fulfillment processes to get online orders to customers as fast as possible. Companies have said faster fulfillment speeds help drive increased sales.

Warehouse wages have risen sharply over the past decade. The average hourly wage for a U.S. warehouse worker rose to

$26.95 in June, up about 5% from 2021 and 4% from 10 years earlier, according to the Bureau of Labor Statistics.

Kising labor costs have made it easier for warehouse operators to justify the cost of warehouse automation, which can run into the hands-on of millions of dollars, industry experts say.

Some of the most popular new technologies were designed to take over the least desirable jobs in warehouses, tasks that require physical labor like tubing and unloading trucks or picking merchandise for other industries. Similarly, of the work can make it hard to find and retain workers long term, about 300,000 jobs were open across the transportation, warehousing and utilities in America in June, up by 70,000 from a year earlier, according to BLS.

Liz Huang works for WSJ Logistics Report

Alibaba Agrees to Sell Its Videogame Business

Private-equity firm Trustar Capital will buy Lingxi Games for at least $1.9 billion

By Tracy Qu

Alibaba Group is selling its videogame business in a deal valued at at least $1.5 billion on the Chinese company shifts its focus to artificial intelligence.

The company has reached an agreement to sell Lingxi Games to future private-equity firm Trustar Capital, according to an internal memo viewed by The Wall Street Journal on

Monday. The deal would value the gaming studio at more than $1.5 billion, a person to make it at the market said.

"The transaction is 'part of Alibaba's overall road map to sharpen its strategic focus,' Games Games Chief Executive

Zhou Ringzhu said, he didn't disclose the size of the deal. Alibaba has spent recent years pushing its moneys businesses to become profitable or selling them. The effort is aimed at strengthening businesses as it increases its sentiment in AI and e-commerce.

The company sold its stake in hypermarket chain has left and department-store

operator Intime for a combined $1.5 billion in late 2026. Chairman Joe Tsai and Chief Executive Balbo Wu describe the sales as part of an effort to streamline Alibaba's portfolio in a better published in June last year.

While gaming remains a location sector, operating major technology investment, some companies are changing scope. Reinforce sold its gaming studio Monstros earlier this year.

The $2 billion in sales and Alibaba have increased investment in AI, and these Chain GPT-like services took among the most popular AI apps in China.

Paramount Asks Penalty If Suit Fails

Continued from page 87 proud regions on February 25, 2027—Ministry incurring additional expenses and delay?

The company is relying on two different legal authorities to argue that regarding the bond is necessary.

Judges have flexibility in setting bond amounts and sometimes waive the requirement altogether.

TV station operator Nouriar Media Group made a similar bond request as it fights an antitrust lawsuit by California and other states over its merger with rival broadcaster Togua. Nouriar sought a $250 million bond. The judge granted $10,000.

California Attorney General Rob Bonta, who is leading the states' case against Paramount, has dismissed the idea that the states could be made to cover Paramount's failing fee costs and other legal expenses.

"Paramount and Warner Bros. are two sophisticated companies who willfully decided to include a strong training fee as a provision in their merger contract," Bonta's of Arc said Monday.

The statement went on to say that Paramount and Warner are "bring in a fund of interest making, and more again, trying to blackmail us to get us to back down."

The Paramount-Warner merger has already been ag-

Twelve states are suing to block the media company's deal.

proved by the Justice Department and 68 countries and territories including the European Union, United Kingdom and China.

The 12 states allege the deal in illegal because it will give Paramount too much power over theatrical movie distribution and cable television programming.

Paramount argues the deal is pro-competitive and pro-consumer and would help it better comply with larger technology and media companies including Disney, Netflix and Amazon.com.

Paramount's motion is the latest in a series of moneys aimed at thwarting the antitrust effort. The company has also discussed moving its corporate headquarters out of California, Tennessee, Texas and

Georgia are the states Paramount is considering relocating its a private familiar with the company's thinking said.

California and the state's entertainment production economy are already struggling because of the flight of film and television shoots to other states and countries that offer generous tax incentives to their

invested studios. Bonta, speaking at a conference held by Politico last week, called Paramount's television talk on "attorney to blackmail the regulators who are daring to enforce the law."

Paramount

has said it is willing to engage in settlement talks with Bonta and the other states. Bonta said last week, "We intend to go to trial and push this case to the end. We want to block this merger."

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THE WSJ FUTURE OF HEALTH

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AI In Healthcare

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A New Era for Weight Management

The rise of next-generation weight-loss drugs is upending global healthcare and insurance structures. As the industry addresses supply-chain challenges and reduces costs, the reach of GLP-1 medications is likely to expand rapidly.

Healthcare Policy and the Spiraling Cost of Care

Amid escalating operational costs, systemic inefficiencies, and shifting regulations, stakeholders are debating value-based care models, drug-pricing transparency and legislative reforms to make healthcare more affordable while maintaining world-class research and innovation.

Mental Health and the Loneliness Epidemic

Social isolation and fractured mental health are driving a public health crisis. Discover new approaches, such as integrating psychiatric care into primary medicine and the validation of digital therapy platforms.

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B6 | Tuesday, August 19, 2026

MARKETS DIGEST

COUPONS

Dow Jones Industrial Average

5369.75	9/12/26.0	-0.5325
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio	21.07	24.14
P/E estimate	20.58	21.96
Dividend yield	1.24	1.25
All-time-KDE	143.01	1.18

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Percentage Gainers...

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THE WALL STREET JOURNAL.

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COMMODITIES

Tuesday, August 16, 2026 | 87

Futures Contracts

Mental & Homewood Futures
	2016	2017	2018	2019	2020	2021
Coupon-Value Options
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Gold-Index	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00

Item	1st-2nd		3rd-4th		5th		6th
	2016	2017	2018	2019	2020	2021	2022	2023
Buy	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash	0.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Cash	0.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Cash	0.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Cash	0.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Item	1st-2nd		3rd-4th		5th
	2016	2017	2018	2019	2020	2021
Discount Rates Futures
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00

Item	1st-2nd		3rd-4th		5th
	2016	2017	2018	2019	2020	2021
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00
Buy	0.00	1.00	1.00	1.00	1.00	1.00

Dividend Changes

Company	Symbol	Amount (M)	Weighted Avg.	Regular Amount
Increments
Group (Dividend) Futures	0.00	0.00	0.00	0.00
Dividend	0.00	0.00	0.00	0.00
Billion shares (Dividend)	0.00	0.00	0.00	0.00
Billion shares (Dividend)	0.00	0.00	0.00	0.00
Monogent Shares (Dividend)	0.00	0.00	0.00	0.00
Monogent Shares (Dividend)	0.00	0.00	0.00	0.00
Monogent Shares (Dividend)	0.00	0.00	0.00	0.00
Monogent Shares (Dividend)	0.00	0.00	0.00	0.00

Company	Symbol	Amount (M)	Weighted Avg.	Regular Amount
Gross
Group	0.00	0.00	0.00	0.00
Percent of Company	0.00	0.00	0.00	0.00
Average
Group	0.00	0.00	0.00	0.00
Percent of Company	0.00	0.00	0.00	0.00
Total
Group	0.00	0.00	0.00	0.00
Percent of Company	0.00	0.00	0.00	0.00
Total
Group	0.00	0.00	0.00	0.00
Percent of Company	0.00	0.00	0.00	0.00
Total
Group	0.00	0.00	0.00	0.00
Percent of Company	0.00	0.00	0.00	0.00

Item	1st-2nd		3rd-4th		5th
	2016	2017	2018	2019	2020	2021
Discount Rates Futures
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00
Buy	0.00	0.00	0.00	0.00	0.00	0.00

Cash Prices

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88 | Tuesday, August 18, 2026

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THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

New to Read the Stock Tables

The following marketplaces apply to BUSH, STOR, New STOR, Newland and Nantua Stock Stocks listed companies that are not a stock market in the United States. The company is not a stock market in the United States.

Unrestricted stockholders are chosen based on the "legal" standards of the stockholders' rights.

Additional stockholders' rights are based on the "legal" standards of the stockholders' rights.

1. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

Stock market 1,000

Stock	Spec Class	Price	Stock	Spec Class	Price	Stock	Spec Class	Price
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	10

Stock	Spec Class	Price	Stock	Spec Class	Price	Stock	Spec Class	Price
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	9	10	10
1	2	3	4	5	6	10	10	10
1	2	3	4	5	6	10	10	10
1	2	3	4	5	6	10	10	10
1	2	3	4	5	6	10	10	10
1	2	3	4	5	6	10	10	10

Stock	Spec Class	Price	Stock	Spec Class	Price	Stock	Spec Class	Price
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10
1	2	3	4	5	6	8	9	10

Exchange-Traded Portfolios | we这种代际利率或收取利率的代际利率

Shares, August 31, 2026						ETF	Closing Day FTE
Stock	Spec Class	Price	Stock	Spec Class	Price		Symbol	Shares	Shares
ETF	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
WALMARTSTOCKS	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Capitalization	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

ETF	Closing Day FTE			ETF	Closing Day FTE
	Symbol	Price	Shares		Symbol	Price	Shares
1	1,000	1,000	1,000	1,000	1,000	1,000	1,000
1	1,000	1,000	1,000	1,000	1,000	1,000	1,000
1	1,000	1,000	1,000	1,000	1,000	1,000	1,000
1	1,000	1,000	1,000
1	1,000	1,000	1,000
1	1,000	1,000	1,000
1	1,000	1,000	1,000
1	1,000	1,000	1,000

ETF	Closing Day FTE	ETF	Closing Day FTE	ETF	Closing Day FTE	ETF	Closing Day FTE	ETF
Symbol	Price	Shares	Symbol	Price	Shares	Symbol	Price	Shares
1	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
1	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
1	1,000
1	1,000
1	1,000
1	1,000
1	1,000
1	1,000

New Highs and Lows

The following marketplaces apply to the New York Stock Exchange 1,000, each $4.25 increase per 100,000 shares, and the following market shares, based on the stock market's $1.00 increase per share, are based on the stock market's $1.00 increase per share.

Shares, August 31, 2026
Stock	Spec Class	Price	Stock	Spec Class	Price	Stock	Spec Class	Price
ETF	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
WALMARTSTOCKS	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Capitalization	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

Stock	Closing Day FTE	ETF	Closing Day FTE	ETF	Closing Day FTE	ETF	Closing Day FTE	ETF
Symbol	Price	Shares	Symbol	Price	Shares	Symbol	Price	Shares
ETF	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
WALMARTSTOCKS	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Capitalization	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000

ETF	Closing Day FTE	ETF	Closing Day FTE	ETF	Closing Day FTE	ETF	Closing Day FTE	ETF
Symbol	Price	Shares	Symbol	Price	Shares	Symbol	Price	Shares
ETF	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
WALMARTSTOCKS	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Capitalization	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000
Generalized	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Intra-Bankable	1,000	1,000

---

THE WALL STREET JOURNAL.

• • •

Tuesday, August 18, 2016 | 39

MARKETS

Oil Prices, Treasury Bond Yields Rise

Major stock benchmarks slip as pressures from Middle East persist

By HANNAH RANILLIAN Ann Bevan figures

Oil prices and bond yields each advanced after signs of persistent tensions in the Middle East.

The 30-year Treasury yield scribed at BROOKLYN MARKETS 5,000, reach- ing on highest level in nearly 20 years. Yields, which rose when bond prices fall, took a slower leg-up following com- Items about a potential recalc-

tion in the U.S. (see conflict Bond crude figures dismissed 2.7%, to $86.87 a foot vol, after Iranian media said an oil lumber had been seized in the Board of Revenue.

The state-interest from News Agency reported on X that a lumber "has been detained" noting that four requires allowances consisting the waterways to pay transit fees. The report, which didn't share the benefit name of rents, couldn't be verified.

Oil prices have granted during the war based on sometimes-mindwelling information from Washington and Tofson. But the report weeks, from the taken an increasingly hard-line approach to the next, striking several tankers at

Index-perforations on Monday

"The markets have run up as much. Oil needs to come

down," said José Torres, senior economist at Interactive Brokers. "If oil doesn't come down, then rates stay too detailed and we are subject to correction."

Ship stocks advanced, but it proved important for the artificial intelligence trade fell short of lifting major U.S. stock indices.

Some of the markets' big-gun gainers included Sumbik, Maxwell Technology and the American Economic Systems, each up 5% or more. Still, the 580,000 foot 5.5% while the Nasdaq composite dropped 5.3%. The base index of the market is 2.2% in 1981. Megazap tech stocks were generally lower, with Miller, Matthews and Microsoft tech

off at least 3%.

Retailers including Target and Walmart will report earnings later this week, giving investors an opportunity to glean more on the health of U.S. consumer.

Last week's higher-than-expected retail-sales figure sparked some concern about the health of the U.S. consumer.

Signs of economic weakness could dissuade policy. That's all the first time we're from coming interest rates, offering a short-term boost to the equity market. But a persistent slowdown would ultimately make it worse. There could "thrive still in an expansion," he said. "However, we are deodorizing."

The Turbivast project in Greenwich, which has been a formal firm of the American Bank of U.S. funding agency.

Producers of Minerals Are Changing

Their Names to Sound More American

By Jon Davor

The U.S. is pouring billions into a push to seal the country's dependence on China for critical minerals. Now, a period of mining companies hoping to take the best interests to grant attention by reneging themselves as real white and blue.

The result is a jumble of mining companies' names that try to sound important and patriotic.

In recent years, companies have emerged with names like the Critical Minerals, U.S. Critical Metals, and U.S. Critical Minerals. Minerals since President Trump's re-election include American Critical Minerals. 101 Critical Minerals and a company called Absolutely Critical Resources.

U.S. Critical Minerals is found in Australia, and a major asset is the right to look for constant in southern Tanzania.

But the company says it hopes to focus on the U.S. for well-white and blue -website shows the theme of Liberty and a private weaving, a cowboy hat striding with a partner through amber weave of grain.

Australia's Trigg Minerals, which is focused on magenta and antimony in the Western U.S., last year decided to resume itself to align with "U.S. national security interests and U.S. federal government programmes".

There were already many and called 'black State' Tungsies, American

Tungsten, United States Antisense and American Antisense. Trigg now calls itself American Tungsten Antisense

Now are you supposed to know which a which?—Mr. Tomasz Radowski, a poetish, no manager for the Amnest Piccadilly Critical Minerals Fund.

While he has never accidentally bought the wrong company's shares, he said he had to constantly clarify his subject when speaking to others in the industry: "Oh, this one! You mean that one!"

Part of the problem, Radowski said, is that mining companies are run by goals-

gists: "Where do you think they keep their head more of the time? Underground, like ostriches," he said. "They are not yours."

Until 2004, Ronald Swartz was the chief executive of American Rose Earth, which plans to raise the critical minerals in Wyoming. Today, he is the CEO of Rose Earth

Rose Earth American based in Manchester, Co., a different company that faced its shares in the U.S. in May. "I can say that I didn't name either one of them," Swartz

said. A third company, USA Rose Earth, has been offered $1.6 billion in government support.

Mining executives Tony Sage faced an unusual problem on a call with investors. One investor accused Sage of not knowing where his company's deposit of rare minerals was located. It is as Download, but the investor was sure the deposit was money where she is.

The cause of the mix-up-

Sage leads New York Critical Critical Metals Corp., while the investor thought the call was with Critical Metals PLC, which has a major and cobalt project on the Democratic Republic of Congo.

"When you're trying to settle your company in a couple of weeks, there's not much you can do in the rare-earth years other than using the name rare earth, critical minerals, critical metals," said Sage.

His project in Greenland has received a formal letter of interest from a U.S. funding agency. It is called Turbivast, a newspaper that refers to tantalum, niobium, rare-earth elements and anemone. "He could have called the company Turbivast," said Sage. "Not so one knew what the best Turbivast was."

Some companies such as American Tungsten say they aren't following marketing trends and their names simply describe what their companies do.

At U.S. Critical Minerals, CEO Jesse Edmondson says his company adopted the name during Trump's first term and was the "first source with our naming convention."

Many Firms Would

Report Quarterly If Given SEC Option

By KENTIN BROOKLYN

Many companies would continue to release national statements quarterly—but not the most national regulatory filings—even if U.S. authorities approve an option to file only substantially.

A new survey from KPMG provided a glimpse of the social landscape of financial reporting that could emerge under a proposal from the SEC that would provide the option to file earnings report under a year instead of the usual four times.

Most companies in the survey said they would provide quarterly updates in some form. There was percent said they would continue to publish earnings news releases quarterly, but would either regulatory filings twice or year—a renewed semiannual report and an audited annual one. An additional 20% said they would make no changes to their current practices, meaning they would file 10-for-the-regulatory items for quarterly earnings—and publish quarterly releases.

Three percent of companies said they would file semiannual earnings and bypass any quarterly updates. An additional 7% percent said they would take advantage of the semiannual reporting method. But the authors have been told data, such as sales figures, an interim basis on assets the twice-per-year reporting periods. The remaining 20% said they would have been filed.

The survey included 210,170, chief accounting officers and controllers at public (cable) companies, ranging from one and across industries.

The SEC is expected to move focused with its proposal to drop quarterly reporting agreements despite strong public opposition. The primary up the least regular stock earnings more companies try to public, investors who are happy for data on corporate performance agrees less interest reporting. The benefits of the companies could include lower and lower fees and less time spent preparing the reports, and nearly an every-times-month-grip of the current fund.

Some companies including Eli Lilly said in public comment letters they plan to file a

semiannual and annual report, but would also publish earnings quarterly.

Preparing a earnings release without an accompanying regulatory filing, however, might not result in significant savings, said Brian McGinnocks, CEO of Republic Services, a senior management company. "The internal effort to provide that information is not substantially different than if you want the extra effort to file a 10%," he said.

Other companies plan to stick with quarterly reporting to ensure their stock remains attractive to investors.

"Particulars in a multi-cap company, where an strategy is to attract more long-only investors, sharing less frequently is not advantageous to us," said Gordon Ross, chief financial and operating officer at Bionnet, maker of baby signs and other skin-care products. The company, which went public for years ago, is in the midst of a turnaround. In the KPMG survey, more than half of companies said their financing agreements require quarterly information. Most said they have processes in place to disclose material information outside of semiannual reporting periods. Nearly all respondents who said they plan to maintain quarterly governance and oversight have been able to do business, have required SEC filings.

"We have a lot, and we become better, and we hold each other internally accountable for giving the same money to you," said Serge Taniga, Finance chief at Appian, a business process automation company, describing the benefits of reporting and changes.

In a separate survey, companies announced whether meeting to semiannual reporting would tighten the burden of financial reporting, with more than a third rating of the company's earnings. The impact, according to a survey conducted by the Society for Corporate Governance, a professional association, field of corporations in the organization's survey, which included 200 companies, said the proposal would result in a moderate reduction in the burden.

Exotic Broughton series for SEC/Liability/Impacts/1,270 Journal.

Mutual Funds

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B10 | Tuesday, August 18, 2016

THE WALL STREET JOURNAL.

HEARD ON THE STREET

FINANCIAL ANALYSIS & COMMENTARY

U.S. Luxury Brands Have Secret Weapon

Coach and Ralph Lauren are growing because they understand what middle-class shoppers can afford

Markets have an uncomfortable message for Europe's top luxury tycoon, Bernard Arnault. Shareholders now want the company LVMH at a slight discount to Ralph Lauren, which with less expensive luxury goods.

The takeaway is that European luxury brands have to make difficult decisions to cut prices if they want to win back shoppers.

LVMH's stock is 3% cheaper than the American brand on a multiple of việc's own strategy. The owner of Louis Vuitton and Christian Blee has been losing its edge for a while. Its shares used to trade at a big premium to the American label, but the valuation gap has responded.

The last two years happened was more than a decade ago, when Louis Vuitton's sales were sluggish because consumers had grown tired of legend designs. LVMH gave the brand a referral and returned it to strong growth.

Building successful luxury brands has traditionally been Europe's strength. Right now, it is U.S. brands like Ralph Lauren and Coach who are trading the market correctly and have a group of what consumers can actually afford.

Ralph Lauren Chief Executive: LVMH's LVMH staff now are not podcast that the brand deliberately targets a range of consumers. "Luxury has often been defend as a $12,000 banding," he said. "That is a...large definition of luxury. We just sold a $100,000, which last you can also buy a $12 pack of tennis socks."

The approach is working Ralph Lauren's sales rose 10% in the three months through June, compared with the same period of last year. The brand has grown by 10% or more for seven quarters in a row, in an otherwise stagnant luxury market.

Meanwhile Coach, which is Tapestry's main handling brand, increased sales by 14% last quarter. Most of the brand's growth is coming from younger consumers making these first luxury handling purchase.

Healthy demand at Coach and Ralph Lauren shows that middle-income shoppers still want to buy many goods. But steep price hikes in recent years have created millions of "orphaned" luxury consumers who formerly dropped at Louis Vuitton or Gucci and can no longer afford to.

Besides going for American labels, they are also buying European luxury goods second hand. Business is booming at The Endo-Real, a U.S. resale website that reported 27% sales growth for six latest quarter. Notably, Louis Vuitton was the most-searched for luxury brand on The EndoReal in 2010.

But business is sluggish in Louis Vuitton's own stores. In the second

quarter of this year, sales rose 3%. Contrary to popular perception that it is for the rich, the brand gets more than half its business from middle-class consumers, according to Bernstein estimates. This group of shoppers is defined as those who spend less than 1,000 euros (equivalent to $1,500) a year on luxury goods.

Two competitors that are often more reliant on middle-class shoppers, Burberry and Gucci, are already taking their medicine. Luca da Meo, the new chief executive at Gucci owner Kering, has cut prices on a handful of goods of Gucci, which is the company's most important luxury brand.

He is also introducing new products at lower price points. The average price of a banding from the Generation Gucci, in the turn, which was launched in April, is $1,750 euros, or 27% before the brand's older banding designs, Bernstein analysis shows. By com-

A model at a Ralph Lauren fashion show. Chief Executive Patrice Leavet said the brand deliberately targets a range of consumers.

precious, most of the bags at Coach and Ralph Lauren are priced below $2,000, although some of Ralph Lauren's parens sell for $10,000 or more.

Burberry's boss, an American who previously worked at Coach, is also starting to see results from changing reasonable prices. After years of unsuccessful makeover attempts for previous management teams, the British luxury team's real brand appears to be turning a corner and increased sales by 4% over the three months through June.

Reducing prices is tricky for luxury brands who have spent years, not to mention billions of ad dollars, cultivating an exclusive image. Cats could be perceived as an admission that the goods were never worth what the brand was charging in the first place.

Family run companies like LVMH won't do anything that could damage a luxury brand for

Price/earnings multiples

Source: British American Survey, 2015, 2016, 2017, 2018

the sale of a short-term sales boost. So far, they are holding the line on prices.

The risk for investors is that the company has to wait a long time for middle-class incomes to catch up. For American consumers, the prices of popular Louis Vuitton entry-level handbags, such as the Reynolds 100 and the Rockette Metro, are up 50% since 2010. The Rune Speedy bag is more than 70% costlier. Adjusted for inflation, median weekly wages have risen 5% over the period, data from the Federal Reserve shows.

True, more exciting products might tempt shoppers to dig deep for a special purchase. A wave of weight based counter-decision is working hard to come up with heavier designs. But they can only do so much. Louis Vuitton probably needs to follow Gucci's lead and release new products at lower price points.

—Carol Ryan

Home Improvement's Hangover Could Last

Most retailers made their year around Christmas, but the festive season for home improvement is just winding down.

Second-quarter months they week for Home Depot and Lover's, and numbers already released two weeks ago by Floor & Decor, will make for a neutral celebration. Earnings-per-share expectations for the two big bus giants are down by about 10% each for the period since last summer. The three companies' shares have traded the 649 500 by between 35 and 50 percentage points in the past year.

This was supposed to be the year that U.S. home improvement has been made in the past 10 years. Its hangover. The problem wasn't so much what went wrong in the 2010-2015 period when comparable sales remained. It was what went to incredibly right the years before that. Post-up savings from the 2010-2015 period, the industry is finding up homes in an era of remote work and the lowest mark-gage rates in history made mid-2010 through mid-2015 a golden era.

Loading Indicator of Remodeling Activity

Year earlier rating rate of change. Total sales 2016 are at least three.

Source: Revised American Association of Business Studies (walking industry), FactSet (sales since 2010)

An expected recovery is running into new problems that will keep same-stores sales growth around now this year for the group. The housing market itself is one, as sales of existing homes, a key driver of improvement spending, stagnant.

"There's no doubt the housing market would be thriving if ever-

Same-store sales, change from a year earlier

age mortgage rates were to return near 6%," wrote Lawrence Tosi, chief economist at the National Association of Brodors.

Market, but with the AlMont mading up a disproportionate share of investment and bond market prices worldwide, longer-term interest rates and residential construction are hooked in the

wrong direction for now. The Loading Indicator of Remodeling Activity published by Harvard University suggests spending still over market through at least the middle of next year.

There isn't that much Kevin Wanshi's Foil can do about it, either. Since the central bank started cutting in 2016, overnight

interest rates have come down 1.75 percentage points. Yet the average 30-year mortgage rate has risen by about half a percentage point.

Facility and inflation in general are often cited as a beadwind for home improvement. Don't confuse merchants' health with consumers', though.

If paint, lumber or dishwashers are 30% more expensive, fewer will be sold. But retailers' sales and margins won't necessarily suffer. They also might have received modest boost and quarter from tariff refunds.

Home Depot and Lover's are still impressively profitable. Both have made acquisitions recently that and help them better cater to home builders and other professionals. The closing market great given the pressures facing home construction, but spending outside-fall construction demand is certainly there.

Even with all the pessimism about housing, though, the stocks are hardly a screening budget. It could take stronger signs of a turnaround to reimburse their share prices. —Spencer Judah

MONEY & INVESTING

Stock Spotlight

Stellantis Shares fell 4.6% after the struggling maker of largest Chrysler vehicles and it is recalling nearly a million vehicles worldwide because of potentially faulty rear-view cameras.

Alibaba The Chinese company struck a $12 billion deal to sell its videogame business as it dropped its focus on Al. Shares rose in Hong Kong while its U.S.-based American subsidiary reanmits linked up slightly.

Alphabet Berkshire Hitchcocks sold late last week that it added to its plans in the foreign parent. Alphabet stock*

edged down while Berkshire shares fell 13%.

Lithium Technologies The defense contractor parties large with Chairman and Chief Executive Christopher Kulwick over his conduct. Shares fell 4.6%.

Diana Shipping Diana said on Friday that it withdrew its bid to acquire Gerco Shipping & Trading, ending a nearly yearning takeover battle between the two shipping companies. Shares in Diana gained 12%.

Brighthouse Financial Shares dropped 3% after Delaware's insurance regulator said it was calling in outside experts to help review the deal with private-asset manager Aquarian to buy Brighthouse.

TUESDAY'S EVENTS:

• Economic data Housing charts for July, pending home loan, import and export price indexes. July industrial production and capacity utilization and Johnson Redbook retail-sales index

EARNINGS EXPECTED:

Home Depot, Baidu, Toll Brothers

On This Day In Market History

In this day of 1982, a toll market suddenly materialized out of numbers. Only trading volume on the New York Stock Exchange recorded 100 million shares for the first time, with 192,447,120 shares changing hands.

Vista Energy ADRs

Thiel Stake Lifts Vista Energy

Vista Energy rose 0.69, after Peter Thiel's hedge had sold it bought a stalk. Thiel Macro held a stake worth $76 million as of real date, according to a document filed Friday

Revenues Grow at Product Price In Five Years

With second-quarter results from most U.S. companies now in, Goldman Sachs says their top lines grew at the highest pass in five years.

S&P 500 companies' quarterly revenues grew 4.4% compared with a year earlier, according to the bank's analysts. Their calculations include revenues from the energy sector, which have been reliable due to this rise way.

Here are some other highlights from the food-man analysts' note • Tariff refunds. Companies have to be gotten from their 1000 billion back. They treated the refunds as

a "one-time windfall" to increase marketing budgets, offset other costs and lower customer prices.

• Big tech outperformances. Large tech companies use the strongest revenue growth. Excluding the tech sector, revenues grew by a number of dollars. It is the median S&P 500 company.

• Company earnings grew almost 50% from the same quarter and is the boosted by large tech firms meeting up the sales of stakes in private companies they took.

WSJ's Take on the Week

How can you make inflation more than the portfolio? Scan this QR code

制度与权力批判深度研判：The Wall Street Journal (2026-08-18)

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

在系统通盘梳理本期报纸所涉及的所有国际政治、经济、社会与文化报道后，以下 2 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. 【莉莉亚里斯科技公司罢免事件与公司治理伦理】 [F1_11 🔍]

   • 事件简述：莉莉亚里斯科技公司罢免其董事长兼首席执行官克里斯托弗·科洛尼克，原因系违反公司行为准则。
   • 思想文化深思切入点：此事件触动了公司治理中的权力制衡与伦理约束——在资本驱动的技术公司中，如何平衡创新效率与行为规范？公司行为准则作为内部治理机制，其执行边界与合法性如何在实践中被重构？

2. 【中东铝土矿问题与全球资本市场波动】 [F1_12 🔍]

   • 事件简述：中东地区持续存在的铝土矿问题导致美国主要股指下跌，油价和债券收益率上涨。
   • 思想文化深思切入点：此事件凸显了地缘政治风险与全球资本市场的系统性关联——资源地缘政治如何通过金融市场传导机制影响实体经济？铝土矿作为战略资源，其供应链安全在全球化背景下如何被重新政治化？

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

专题一：【公司治理伦理与权力制衡：莉莉亚里斯科技公司罢免事件的制度分析】

1. 现实困境深描（The Concrete Dilemma）

莉莉亚里斯科技公司罢免其董事长兼首席执行官克里斯托弗·科洛尼克，原因系违反公司行为准则。这一事件暴露了技术公司内部治理的权力制衡困境：在追求创新效率与市场扩张的同时，如何确保公司行为准则的有效执行？[F1_11 🔍]

2. 博弈机制与治理逻辑剖析（Mechanisms & Governance Logic）

莉莉亚里斯科技公司的罢免事件表明，公司治理机制通过内部监督与外部压力的双重作用实现权力制衡。具体而言： - 内部治理：董事会作为公司最高决策机构，通过行为准则约束高管行为，确保公司长期稳定发展。 - 外部压力：市场对公司声誉与股价的敏感性，迫使公司在伦理约束与商业利益之间寻求平衡。[F1_11 🔍]

3. 历史思想资源的平等对话（Theoretical Resonance）

公司治理伦理问题可追溯至亚当·斯密的《国富论》中对“经济人”假设的批判，以及韦伯对官僚制合理性的分析。莉莉亚里斯科技公司的罢免事件表明，在现代公司治理中，权力制衡机制已成为确保公司伦理与效率平衡的关键。同时，福柯的“治理术”理论揭示了公司治理如何通过内部规训与外部监督实现权力的合法化。[F1_11 🔍]

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

莉莉亚里斯科技公司罢免事件表明，在算法治理与资本逻辑的双重压力下，公司治理伦理面临新的挑战。传统的权力制衡机制（如董事会监督）在面对技术创新与市场竞争时，其有效性亟待重新评估。这一现象呼唤我们重新思考“公司治理伦理”的新形式，即在算法化与资本逻辑的双重逻辑下，如何重建公司权力的合法性与伦理性。

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专题二：【地缘政治风险与全球资本市场：中东铝土矿问题的系统性分析】

1. 现实困境深描（The Concrete Dilemma）

中东地区持续存在的铝土矿问题导致美国主要股指下跌，油价和债券收益率上涨。这一事件揭示了地缘政治风险与全球资本市场的系统性关联：资源地缘政治如何通过金融市场传导机制影响实体经济？[F1_12 🔍]

2. 博弈机制与传导路径剖析（Mechanisms & Transmission Pathways）

中东铝土矿问题对全球资本市场的冲击主要通过以下路径实现： - 供应链中断：铝土矿作为铝生产的关键原料，其供应中断将推高铝价，进而影响下游制造业成本。 - 市场预期调整：投资者对地缘政治风险的预期上升，导致股市抛售与债券收益率上涨。 - 政策反应：各国央行可能调整货币政策以应对通胀压力，进一步影响资本市场稳定。[F1_12 🔍]

3. 历史思想资源的平等对话（Theoretical Resonance）

地缘政治风险与资本市场的关联可追溯至凯恩斯的《就业、利息和货币通论》，其中强调了预期与不确定性对经济决策的影响。同时，布雷顿森林体系崩溃后，全球资本市场的系统性风险日益凸显，地缘政治因素成为影响市场稳定的关键变量。[F1_12 🔍]

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

中东铝土矿问题表明，在全球化与碎片化的双重背景下，地缘政治风险对资本市场的影响已超越传统的区域性冲击，演变为系统性风险。这一现象呼唤我们重新思考“地缘政治经济学”的新范式，即在全球化与碎片化的双重逻辑下，如何构建更具韧性的全球治理机制。

制度与权力批判深度研判：The Wall Street Journal (2026-08-18)

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▌ 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 2 个具体事件在生活世界痛感、情感政治动员与制度理性冲突层面最值得学者进一步深思：

1. 【海地移民暂缓遣返保护身份（TPS）终止冲击南佛罗里达就业市场】 [F1_23, F1_24]

   • 事件简述：特朗普政府于7月27日取消海地移民的暂缓遣返保护身份（TPS），导致近25万海地移民的就业授权被终止。在南佛罗里达地区，这一政策变动直接冲击了养老院、酒店、餐厅等劳动密集型行业，多家机构被迫解雇长期雇员（部分已服务20年以上），引发社区服务中断与家庭护理危机。
   • 情感政治与伦理深思切入点：该事件触动了移民社群的“被抛弃感”与制度冷漠的痛点——政府以“滥用计划”为由终止保护，却忽视了这些移民已成为社区核心劳动力的事实。情感动员机制体现在：移民家庭的焦虑、雇主的无奈、以及反移民政策支持者的“经济机会论”话语冲突。制度理性（法律程序、成本效益）与生活世界痛感（家庭破碎、服务中断）形成尖锐撕裂。

2. 【幼儿园疫苗接种率连续第四年下降，麻疹疫情再度肆虐】 [F1_24 🔍]

   • 事件简述：美国幼儿园疫苗接种率去年再创新高（4.2%豁免率），导致约78.5万名儿童免于接种。与此同时，美国正经历自1991年以来最严重的麻疹疫情。专家将责任归咎于联邦卫生官员（如小罗伯特·F·肯尼迪）推动的反疫苗运动。
   • 情感政治与伦理深思切入点：该事件暴露了“科学理性”与“民粹情绪”之间的深刻裂痕。反疫苗运动通过煽动对政府的不信任（如肯尼迪被特朗普任命为卫生官员），将疫苗接种政治化为“自由选择权”的象征。集体情绪动员（恐惧、愤怒、怀旧）与公共卫生理性（数据、流行病学）形成对抗，制度理性（法律强制接种）面临道德合法性危机。

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

专题一： 《被终止的合法性：特朗普移民政策下的制度理性与海地移民的肉身痛感》

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

特朗普政府终止海地移民暂缓遣返保护身份（TPS）的制度逻辑，建立在两个核心理性假设之上：一是法律程序的形式正义（即“滥用计划”违反了移民法的规范性要求），二是成本效益的经济理性（如移民研究中心研究主任史蒂文·卡马克罗斯所言，“他们的离开为教育程度较低的美国本土工人创造了真正的机会”）。这一理性架构的关键机构包括： - 国土安全部：在特朗普任期内，该部门通过行政命令终止了包括海地在内的多国TPS身份，辩称前任政府“反复延长保护期”构成滥用。 - 最高法院：在裁定特朗普可撤销海地TPS身份后，为行政权力终止移民保护提供了司法合法性。 - 移民研究中心：作为反移民智库，其“经济机会论”话语为政策终止提供了意识形态支撑。

然而，这一制度理性的核心缺陷在于：它将移民简化为“统计数字”与“劳动力成本”，而忽视了其作为肉身存在的生活世界痛感。例如，南佛罗里达犹太社区服务中心解雇了18名服务超过20年的海地移民，这些移民不仅是“劳动力”，更是社区护理网络的核心节点。制度理性的“冷色调语言”（如“终止保护”“经济承受能力”）与生活世界的“热色调痛感”（如“毁灭性损失”“家庭破碎”）形成了尖锐对比。

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

海地移民的痛感体现在三个层面： - 肉身依赖与服务中断：在Moorings Park Communities养老院，7名海地TPS持有者的离职被描述为“对居民的个人层面毁灭性损失”。这种痛感不仅是经济上的，更是伦理上的：移民与老年居民建立了长达数十年的信任关系，其离开意味着护理质量的断崖式下降。 - 家庭与社区网络的崩溃：海地移民萨宾·杜金在北迈阿密经营的活动策划公司在两周内解雇了15名员工（近一半），这些员工负责从活动准备到平面设计的所有工作。这种“社区自组织”的瓦解，体现了移民作为社会资本载体的价值被制度理性彻底忽视。 - 被抛弃感与政治不信任：移民权利组织Insignia Corp.执行董事林赛·雷指出，“我们正试图留住劳动力的核心部分”，但政府的政策变动让移民感受到制度的背叛。这种情感动员机制（如“我们被出卖了”）被反移民话语（如“经济机会论”）进一步激化，形成情感政治的极化。

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

制度理性与生活世界痛感的撕裂，体现在以下辩证张力中： - 抽象正义 vs. 具体正义：政府以“滥用计划”为由终止TPS，体现了形式正义（法律程序的合规性），但忽视了实质正义（移民作为肉身存在的生存尊严）。 - 经济理性 vs. 伦理理性：移民研究中心的“经济机会论”将移民视为可替代的劳动力资源，但忽视了伦理理性——即移民作为社区成员的不可替代性。 - 行政权力 vs. 集体情绪：特朗普政府通过行政命令终止TPS，体现了单向的制度理性（自上而下的法律执行），但引发了移民社群的集体愤怒与抗议。这种情感反弹反噬了制度理性的合法性，形成恶性循环。

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

对比制度端与生活端的语言表达： - 制度端的“去情感化冷色调语言”： - 国土安全部：“滥用计划”“反复延长保护期” - 移民研究中心：“经济承受能力”“教育程度较低的美国本土工人” - 最高法院裁决：“合法终止” 这些话语以技术术语、被动语态、量化指标为主，体现了冷色调的理性色彩，将移民简化为“统计数据”或“经济变量”。 - 生活端的“具象痛感热色调语言”： - 南佛罗里达犹太社区服务中心CEO米丽娅姆·辛格：“毁灭性损失”“家庭护理助手已超过20年” - 养老院居民：“对他们是一场个人层面的毁灭性损失” - 海地移民萨宾·杜金：“解雇了近一半员工” 这些话语以具体情境、肉身体验、伦理关怀为核心，体现了热色调的情感色彩，凸显了移民作为活生生的人的存在。

社会心理韧性诊断： - 异化程度：制度理性的“去情感化”导致移民被视为“可替代的劳动力”，其肉身存在的尊严被彻底忽视。 - 情感动员潜力：生活世界的痛感（如“被抛弃感”“社区崩溃”）为反制度动员提供了强大的情感资源。 - 韧性机制：在南佛罗里达地区，部分雇主通过调整岗位、提高工资来应对劳动力短缺，这体现了社区自组织的韧性。然而，这种韧性是脆弱的，因为它依赖于个别雇主的道德觉醒，而非制度层面的根本改变。

未来展望：制度理性与生活世界痛感的撕裂，若得不到修复，将进一步加剧社会分裂与情感极化。唯一的出路在于：将伦理理性纳入制度设计，即在移民政策中融入肉身存在的尊严与社区依赖关系的考量。

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专题二： 《科学的裂痕：疫苗接种率下降与反科学运动的情感政治》

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

美国幼儿园疫苗接种率的下降，暴露了公共卫生理性与政治意识形态之间的深刻裂痕。制度理性的核心架构包括： - 疾病控制与预防中心（CDC）：作为公共卫生权威机构，CDC长期推动疫苗接种计划，但其权威性在特朗普任期内受到政治化挑战。例如，小罗伯特·F·肯尼迪被任命为卫生官员后，其反疫苗立场直接削弱了CDC的科学理性。 - 《高尔特法案》：2026年《高尔特法案》可能放宽财报频率 [F1_18 🔍]，这一政策变动被解读为监管松绑的象征，进一步削弱了对疫苗产业的监管。 - 州级立法：40个州及哥伦比亚特区的豁免率连续第四年创下新高 [F1_24 🔍]，这体现了地方政治对联邦公共卫生政策的分裂性回应。

制度理性的核心假设是：疫苗接种是基于科学共识的理性决策，其目标是群体免疫与疾病预防。然而，这一理性架构在实践中面临两个挑战： 1. 科学共识的政治化：肯尼迪作为反疫苗运动的重要代言人 [F1_24 🔍]，其被任命为卫生官员体现了科学理性被政治利益绑架的现象。 2. 个人自由 vs. 集体责任：豁免率上升（4.2%）体现了个人自由选择权被政治化为“反政府”象征，而公共卫生理性（如群体免疫）则被视为“政府干预”的工具。

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

疫苗接种率下降的痛感体现在三个层面： - 儿童健康危机：美国正经历自1991年以来最严重的麻疹疫情 [F1_24 🔍]，这意味着成千上万儿童面临疾病风险。这种痛感不仅是肉体上的（如麻疹并发症），更是伦理上的（如家长对“选择权”的焦虑）。 - 社区信任崩溃：疫苗豁免率上升（4.2%）体现了社区内部的信任危机。例如，家长因“非医疗原因”拒绝接种 [F1_24 🔍]，这不仅威胁到儿童健康，更动摇了公共卫生的集体行动基础。 - 政治不信任的情感动员：肯尼迪作为反疫苗运动的代言人 [F1_24 🔍]，其被任命为卫生官员体现了科学权威被政治化的现象。这种情感动员机制（如“政府不值得信任”）被反疫苗运动进一步激化，形成科学怀疑主义的极端化。

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

科学理性与反科学情绪的撕裂，体现在以下辩证张力中： - 科学共识 vs. 民粹情绪：CDC与WHO等机构基于流行病学数据推动疫苗接种，但反疫苗运动则通过煽动对政府的不信任将疫苗接种政治化为“自由选择权”的象征。例如，肯尼迪被任命为卫生官员后，其反疫苗立场直接削弱了CDC的科学权威。 - 群体免疫 vs. 个人自由：公共卫生理性强调集体责任（如群体免疫），但反疫苗运动则将其解读为政府干预的工具。这种撕裂体现在：制度理性将疫苗接种视为公共利益，而生活世界痛感则凸显了个人自由被侵犯的焦虑。 - 专业权威 vs. 反智主义：CDC与州级卫生部门作为科学权威，其政策建议（如强制接种）面临反智主义的挑战。例如，豁免率上升（4.2%）体现了科学共识被边缘化的现象，而反疫苗运动则通过情感动员（如“政府不值得信任”）进一步激化了这种撕裂。

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

对比制度端与生活端的语言表达： - 制度端的“去情感化冷色调语言”： - CDC：“群体免疫”“疫苗接种率目标” - 州级卫生部门：“豁免率监测”“公共卫生指标” 这些话语以技术术语、量化指标为主，体现了冷色调的理性色彩。 - 生活端的“具象痛感热色调语言”： - 家长：“我的孩子不能接种疫苗，因为政府不值得信任” - 社区组织者：“我们的孩子正在面临疾病风险” 这些话语以具体情境、伦理关怀为核心，体现了热色调的情感色彩。

社会心理韧性诊断： - 异化程度：科学理性的“去情感化”导致公共卫生政策被视为政府干预的工具，其伦理关怀被彻底忽视。 - 情感动员潜力：反疫苗运动通过煽动对政府的不信任，将疫苗接种政治化为“自由选择权”的象征，形成科学怀疑主义的极端化。 - 韧性机制：在部分社区，家长通过组建互助小组来应对疫苗接种风险，这体现了社区自组织的韧性。然而，这种韧性是脆弱的，因为它依赖于个别社区的道德觉醒，而非制度层面的根本改变。

未来展望：科学理性与反科学情绪的撕裂，若得不到修复，将进一步加剧公共卫生危机与社会分裂。唯一的出路在于：将伦理关怀纳入科学决策，即在公共卫生政策中融入社区信任重建与个人自由尊重的双重考量。