英国 £5.40；爱尔兰共和国 €5.40 年度国家报纸 2026年8月1日（周六） / 8月2日（周日）
PERS 6% 见
那个改变我的夏天 FT 作者分享他们的故事
生活与艺术 “性爱场面需要有目的性”
桑切斯谴责对西班牙的“袭击” 与 FT 共进午餐： 《布里杰顿》作者朱莉亚·奎恩 (Julia Quinn)
60,000 名移民涌入引发警觉，首相紧急前往塞塔，右翼势力利用此次事件。 BARNEY JOPSON —— 马德里
在数千人从摩洛哥游过防波堤后，西班牙首相佩德罗·桑切斯谴责了欧盟历史上最大规模的非法移民涌入之一，称其为对国家领土的“袭击”。
昨天清晨，更多的人试图翻越围栏，引发了激烈的冲突。到当地时间下午 6 点，马德里将此次事件的部分责任归咎于
HEBA SALEH —— 开罗
塞塔的涌入规模超过了 2015 年移民危机期间每日峰值的五倍以上（当时峰值为 83,000 人），数以万计的难民进入西班牙，导致西班牙警方不堪重负，迫使当局部署军队。塞塔被摩洛哥包围。
塞塔居民在寻求前往西班牙本土时，仍需接受进一步的边境检查。
“人口走私网络”，称他们正利用一项近期的西班牙最高法院裁决。据相关人士透露，该裁决描述了西班牙当局“不知道是什么在阻止当局拦截经海路抵达塞塔的移民”，而这已成为西班牙与摩洛哥关系中长期的冲突点。分析人士认为，摩洛哥当局刻意引导了移民流。
佩德罗·桑切斯在塞塔发表讲话，塞塔是西班牙在北非海岸的两个飞地之一。桑切斯表示，这次事件是“一次攻击，是对西班牙领土完整的侵犯”，并引发了欧洲各地政治家的批评。
右翼领导人抓住了这一事件。唐纳德·特朗普将局势描述为一场“灾难”，并补充说大约 48,300 人已返回北非。法国极右翼领导人玛丽娜·勒庞指责西班牙政府涉嫌鼓励移民。欧盟委员会主席乌尔苏拉·冯德莱恩将现场情况称为“不可接受”，并补充道：“我们不能允许任何人不遵守我们的规则而进入。”
法国总统埃马纽埃尔·马克龙命令其内政部加强与西班牙的边境管控。德国总理弗里德里希·默茨敦促摩洛哥“毫不延迟”地接回移民。
桑切斯昨日匆忙赶赴塞塔。塞塔市长胡安·赫苏斯·比瓦斯表示，大约 60,000 名移民在 24 小时内进入了该飞地——塞塔的人口约为 4。
水位低陷 多瑙河水位下降显露军舰 在塞尔维亚普拉霍沃的多瑙河中，游泳者在二战时期德国军舰的残骸附近游泳，该军舰因极低的水位而暴露。
由于广泛的干旱和极端高温继续席卷欧洲大陆，欧洲的主要河流水位已降至极低水平。匈牙利关闭了其帕克斯核电站，因为提供冷却水的多瑙河水位过低，无法安全运行。
莱茵河处于八年来最低水位，扰乱了货物流动，并迫使制造商削减产量。
工厂压力 第 4 页 欧洲面临更多火灾风险 第 5 页 FT 观点 第 9 页
伦敦的战场 数据中心 vs 住房 家居与生活 (HOUSE & HOME)
如何在假期厨房中生存 Nigella Lawson FT 周末杂志 (FT WEEKEND MAGAZINE)
安迪·伯纳姆加入反对国际足联股权出售的行列，因凡蒂诺面临的压力日益增加 CLINTON JOSH NOBLE 与 SAMUEL AGINI 报道
将新商业实体分拆并向外部投资者出售股权的计划在足球界面临着日益增长的反对。在国际足联主席詹尼·因凡蒂诺的一位关键顾问于周四的一场紧急会议上辞职后数小时内，中北美及加勒比海足联（Concacaf）的一名参与会议的人士表示，“绝大多数”成员协会已经失去信心，或者对因凡蒂诺的领导能力失去了信心。
该顾问在声明中呼吁更换因凡蒂诺。安迪·伯纳姆（Andy Burnham）市长称，国际足联试图引入外部投资者的做法是“令人震惊的建议”，并补充道，该提案甚至被转发，表明了这一点。
此前几小时，因凡蒂诺的顾问卡洛斯·科尔代罗（Carlos Cordeiro）——一名原高盛银行家——辞职并表示，他对该提案“没有参与”，且“明确反对”。
科尔代罗表示，该计划相当于“在没有任何令人信服的理由的情况下，抵押足球的未来”。因凡蒂诺将于明年竞选连任。
亚足联（Asian Football Confederation）的一位高管拒绝了该投资计划，并表示这一问题“远远超出了单一方案”的范围，并敦促足球领导者予以阻止。
国际足联首席运营官凯文·拉穆尔（Kevin Lamour）（自 2024 年起任职）表示，他及其同事被该投资方案背后的操纵者“欺骗”了，且该方案必须“不能继续推进”，并指责因凡蒂诺通过“恐吓进行治理”。
国际足联昨日表示，尽管面临批评，仍计划推进相关方案。因凡蒂诺这场高风险的赌博使其未来的处境变得不确定。
国际足联表示，“没有人在出售足球”。
欧足联（Uefa）负责监管欧洲足球，称国际足联处理该流程的方式既“不负责任且不可行”，并认为因凡蒂诺“不是领导该组织正确的人选”。
Wetherspoon 酒馆 (英国连锁酒吧) 哀叹成本上升
廉价且不讲究的啤酒一直是 JD Wetherspoon 的成功秘诀。在 2026 年年初，蒂姆·马丁（Sir Tim Martin）旗下的酒馆饮品价格比其他所有酒馆都便宜三分之一，因为他们的涨价幅度仅为竞争对手的一半。
但今年第四次发布利润预警，使人们对支撑该连锁店增长的折扣策略产生了怀疑。
一名分析师表示：“他们本应像其他人一样匹配价格上涨和成本增加。”自 1931 年以来，他们一直在发展。
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震撼足球界的这一周 第 7 页
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Lex 专栏 第 20 页
UK2Yr 4.39 4.32 0.07 © THE FINANCIAL TIMES LTD 2026 TSERORTaSO0 =a eae = 214777 715.896 Eindex 85.153 _ 85.15 UK10Yr 5.05 4.99 0.06 No: 42,318 * Ren TS ay Ae 0.931 0.930 Sive 1.089 1.086 UK30 Yr 5.78 5.72 0.06 MONTREUX, ANJI, PHUKET, JPN 2 Yr 1.49 1.48 0.01 FISE All-Share 5836.47 5853.32 -0,29 CRYPTO PN 10Yr 780 280 0.00 BEIJING, DOHA, DUBAI, MADRID Printed in London, Liverpool, Glasgow, Dublin, CAC 40 8509.4 848564 0.28 ts Lis ze! Frankfurt, Milan, Madrid, New York, Chicago, San aaah er TTT 6263340 64652.80 3.12 JPN 30 Yr 3.99 3.98 0.01 Francisco, Tokyo, Hong Kong, Singapore, Seoul, ses Ethereum 1860.39 ‘1916.99 2.95 GER2 Yr 2.82 276 0.06 Dubai Nikkei 6436202 61867.43 4.03 GER 10 Yr 3.20 3.15 0.05 Hang Seng 25884.43 25858.88 0.19 SOMMOPITIES __ = Tang SERSOYE 370 365 0.05 MSCI World 4791.00 4768.00 048 oiwi Tyr Faso 102 MsCI EM 1611.10 1564.20 3.00 Oj! Brent $ 89.94 89.44 0.56 Prices
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伯纳姆掌控政治叙事 在就任首相的前两周内 与斯塔默时代的基调形成对比， 为首相在民调中带来提升， 但资金计划仍不明确
居民在针对中国“巨型”大使馆的法律挑战中败诉 位于伦敦的开发项目可继续进行，因为法官驳回了附近居民试图阻止这一政治敏感项目的法律挑战。
JENNIFER WILLIAMS — 舍菲尔德 ALIS IAIK GRAY, CHRIS SMYTH — 伦敦
在舍菲尔德的一个社区中心，安迪·伯纳姆回想着他担任首相的前两周。
“你大概会认为自己已经了解这份工作会是什么样子——直到你真正经历它，”他在周四说道。“我决定拥抱它的每一个部分，全部接纳。”
这位新任首相在他的头两周行动迅速，密集发布了关于技能、开发和生活成本的政策公告。
对于选民来说，与基尔·斯塔默爵士最大的对比可能在于基调：虽然他的前任态度阴郁，但伯纳姆强调的是可能性。
他利用自己的公开平台呼吁更换国际足联主席詹尼·因凡蒂诺，并暗示他将审查一项备受争议的陪审团审判政策。
在公众讨论了数周关于治理英国是否已成为一项不可能完成的任务后，伯纳姆让这项任务看起来几乎是可以掌控的。自 2025 年 5 月以来，工党在部分民调中首次超过了奈杰尔·法拉奇的英国改革党。
伯纳姆通过头两周的头条新闻式表现，使其在民调中获得上升。
中国在伦敦的新“巨型”大使馆计划在法官驳回附近居民试图阻止这一政治敏感项目的法律挑战后，可以继续进行。
高等法院昨天驳回了当地居民提出的诉讼，这些居民寻求阻止建设，部分理由是该综合体可能被用作针对中国异见人士的基地。
英国官员今年批准了中国建造其在欧洲最大外交使团的计划，该使团将位于伦敦塔附近。此举被视为试图改善伦敦与北京关系的尝试。在基尔·斯塔默爵士于 2018 年以来首次由英国首相访华之前，规划许可已于 1 月获得。
该项目的反对者誓言在高等法院败诉后继续斗争。
中国议会联盟执行董事卢克·德普尔福德表示，居民将寻求上诉。
中国政府购买了 5.4
“感觉就像是从第 10 号首相府发起的一场小型竞选活动，”政治战略师 Jo Tanner 评价道。
这意味着在曼彻斯特，安迪·伯纳姆（Andy Burnham）创建了第 10 号北区办公室（Number 10 North），将其视为英国国家机构的“回路突破口”的一部分。
已经在该开放式曼彻斯特歌剧院办公场所访问和工作的人们表示，这为白厅（Whitehall）和唐宁街（Downing Street）带来了一种截然不同的动态：市长和议会领导人可以作为平等的伙伴与大臣们会面，而不仅仅是被动地接受指令。
然而，政府高级官员告诉《金融时报》，海利（Healey）和首相安迪·伯纳姆已同意，今秋的首份预算案必须“严格遵守财政规则”。他在 10 月 28 as crowds of Mancunians outside. 以财政大臣身份提交首份预算案时，将致力于确保其符合这些规则。
海利誓言要通过一份简单、管理良好的预算案，以向市场保证他将掌控公共财政。
政府内部人士称，作为首任预算案财政大臣，他倾向于在今秋通过一份重点突出、且能延续积极势头的预算案。
他的社会护理演讲以提及他的父亲开始。
“如果他们期待我们顺从……他们就低估了反对派的力量，”一名安全官员在他第一周结束时表示。
这种转变始于 1997. 第 10 号首相府成立之初。在当时，他推出了一系列相对低成本且有利于零售业的政策，包括降低能源账单的增值税（VAT）以及设定巴士票价上限。这与托尼·布莱尔爵士（Sir Tony Blair）的政府相当。
他的这些声明还伴随着一系列精简的社交媒体片段。其中一个是他和财政大臣品尝平价酒吧小吃的视频，在 X 平台上获得了近 500 万次观看。
关于伯纳姆决定废除科学、创新与技术部的决定，技术领域充满了沮丧。该部门负责人工智能（AI）和数字政策的职责将被分散到三个部门中。
而且，仍有争议。
抓取措施开始于 2018, 涉及前皇家铸币厂（Royal Mint）旧址的土地，包括该地块的所有权，计划在地块边缘建设约 100 套分布在四个住宅区内的公寓。怀疑论者将其称为噱头，但伯纳姆告诉《金融时报》，此举旨在增强对关键国内经济问题的监管。
住宅建筑位于拟议的大使馆周边范围之外。居民们提出了一系列异议，认为拟议的大使馆使他们面临潜在恐怖袭击的风险，并会导致抗议活动带来的干扰。
在上个月的一次听证会上，代表该部门的律师表示，政府拒绝披露平面图和炸弹风险信息的决定是不可接受的。
政府机构研究所（Institute for Government）执行主任 Alex Thomas 表示，这种变化“可能已经迟到了很久，甚至可以说早该如此”。
“如果长远来看它能发挥作用，我希望它能实现，”他说道。
[照片：Number 10 North / Annabel Lee-Ellis / WPA Pool / Getty Images]
新政府患有认知障碍。这个问题“是北方的许多疑问。社区和地方政府坚持认为申请人。在开业两周期间，同时保持非常、非常私人化，对我以及我的家人来说”，他说道。
在上一周举行的国家经济委员会会议上，市长们详细阐述了对居民担忧的“认真且全面地考量”，作为该流程的一部分。
海利和伯纳姆本周会面，商定预算案的日期和形式，财政大臣表示这将促进投资并帮助“每一个邮政编码”。
其中一个主题将是工党的财政纪律，直到秋季预计发布的白皮书才会有关于权力下放、税收、技能、住房和公共服务的详细政策。
伯纳姆在上周五首次前往北方工作，本周又去了两次，几乎没有引起曼彻斯特公众的注意。其他部长也在办公室工作。
在社会护理方面，他最切实的政策是加速由路易丝·凯西男爵女史负责、由斯塔默下令开展的审查。
南安普顿大学政治学教授威尔·詹宁斯表示，伯纳姆的社会护理计划意味着巨大的公共支出，可能通过税收实现。伯纳姆此前一直试图利用下放的税收收入为居民提供回扣。
“这感觉就像是一场从 Number 10 发起的微型选举活动，旨在向选民预测准备情况并进行政策审查，”坦纳说道。
伯纳姆在最初的头两周里享受了“巨大的成功”。法官补充说，毫无疑问，伯纳姆……
（此处原文不完整）
在针对该主张的辩护中，政府还表示，与中国的“外交和贸易关系”在规划申请中“并非实质性考虑因素”。
旨在通过下放权力将权力移出白厅。官员们被要求不要利用首相的名义来打通权力下放的渠道。
利文法官与丁格曼斯勋爵共同审理后，于昨日裁定部长们的行为合法。
利文表示，居民提出的一些论据是基于“怀疑和推测”。她还指出，核心调查评估结果已公开披露。
她表示，由于这些文件已被完整披露，因此申请人主张其未被披露是不成立的。
关键承诺的资金将不会在 10 月 28. 的预算案之前明确。
细节——特别是关于资金和税收的部分——尽管如此，此前已有所提及。
作为前财政大臣瑞秋·里夫斯预算案的延续，其中包括创建 £23.6bn 缓冲金以应对政府自行设定的借款规则。里夫斯去年的秋季预算案于 11 月 26, 举行，此前经历了数周的泄密。
日期的公布标志着预测准备和政策审查往复过程的开始。
乔·坦纳是一位政治传播战略家，曾担任鲍里斯·约翰逊的顾问，他将伯纳姆的社会护理干预描述为“我多年来看到的政治家、更不用说首相，最令人印象深刻且迷人的公开演讲之一”。
避免了“政府采取的一系列措施已经考虑到‘这将需要一段时间’”，并警告在财政部与……办公室之间出现了“在预算责任方面，即财政监督机构，其预测将显示英国政府行政管理中心存在‘深层腐败’”，他说道。相比之下，伯纳姆承诺将“给人们一些喘息的空间”，并将“把照顾人们的需求放在我所做的一切之中心”。
尽管缺乏细节，但伯纳姆发出的政治信号对白厅产生了“震撼”效应。乔治·帕克 (George Parker)、蕾切尔·里斯 (Rachel Rees) 和德尔菲娜·施特劳斯 (Delphine Strauss) 报道。吉姆·皮卡德 (Jim Pickard) 参与报道。
他的团队否决了关于“人们可能还不够了解他。他们在掌控叙事权”的担忧。他补充道：“最大的问题是：这如何转化为一个更大、更连贯的政治平台，以解决最大的结构性问题？政府是否能够按计划实现或错过其财政目标。”
一名高级公务员表示，由于他们意识到是中国政府将 [中国共产党] 变成了权力中心，他们完全误判了反对力量的强度。
尽管缺乏细节，但他们申请了规划许可。但德·普尔福德 (de Pulford) 表示：“如果他们期望我们妥协并允许我们的资本……（此处原文缺失 / 不完整）”
市长汗指责大都会警察局试图操纵与 Palantir 的合同
劳拉·休斯 (LAURA HUGHES) 报道
伦敦市长萨迪克·汗 (Sir Sadiq Khan) 爵士指控大都会警察局操纵采购流程，以确保这家美国技术公司赢得一项价值高达 £50 的合同。
汗的办公室表示，由于在该公司于美国国防部门工作的商业服务中发现了“清晰且严重”的采购违规行为，已决定拒绝批准警察部队签署一份旨在改善……的软件合同。
巴雷特 (Barrett) 表示，今年 5 月，大都会警察局的商业服务总监“确认……被指示确保 Palantir 赢得该合同”，且随后的授标过程“是为了实现这一结果而制定的”。
大都会警察局局长马克·罗利 (Sir Mark Rowley) 爵士警告称，阻止该交易意味着计划中的效率提升将无法实现，他将被迫……
大都会警察局方面表示，这被“反复且被推断为是有意为之”，并向 Mopac 提供了……
该公司在公共采购过程中未进行任何充分的市场测试或竞争。Palantir 在英国变得日益具有争议，因为该公司的工作涉及美国国防部门。
在公共采购过程中，Palantir 的支持者以及联合创始人兼首席执行官亚历克斯·卡普 (Alex Karp) 对总统唐纳德·特朗普 (Donald Trump) 移民打击行动的支持也应被纳入考量。
Khan 的发言人在此时表示……
Palantir 被授予了 UOA……
关于将公共合同授予该公司的一个更广泛的问题是，该公司是否证明了其具有物有所值的价值。此外，还存在一个更广泛的问题，即在公共采购过程中，该公司的“价值观和伦理”是否也应被纳入考量。
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Kramer指出学费冻结、税收上涨及限制国际学生人数
ANDREW JACK 全球教育编辑
伦敦政治经济学院（LSE）美国籍负责人声称，英国政府因忽视而对英国大学造成的伤害，与唐纳德·特朗普蓄意损害其美国同行所造成的影响一样大，甚至更大。
“学费资金冻结是关乎生存的，因此与特朗普的影响相当。英国国内的其他方面仅仅是政策的起伏，很容易扭转。”
除了最近的签证限制外，政府还将从 2028 年起对每位国际学生征收 £925 的税费。
Kramer对安迪·伯纳姆重新关注职业培训表示欢迎，但警告称这不应以牺牲大学为代价。本周，新任首相在宣布计划调整学校课程时表示，英国应当“像重视学位帽一样重视安全帽”。
昨日，英格兰的Jazmin Sawyers在斯科特斯顿体育场参加女子跳远预赛A组比赛。在澳大利亚维多利亚州于 2023 年以成本攀升为由退出后，格拉斯哥同意举办规模缩减版的英联邦运动会。
由于仅包含 10 个项目的精简比赛日程旨在降低支出，这直接回应了关于赛事已不再值得举办的担忧。格拉斯哥摇滚乐队Simple Minds将在周日的闭幕式上领衔演出。
Ben Stansall / AFP via Getty Images Larry Kramer，现任校长
萨福克郡极度干旱的景象被一场巨大的山火所摧毁。
萨福克郡的平原地形最著名的就是其广阔的天空和延伸至地平线的日落。然而，本周，浓厚且阴暗的烟雾遮蔽了这些天空，笼罩在英格兰最干旱的郡县之一之上。
在接连的热浪和数月异常低 rainfall 之后，英格兰东部干涸的景观成为了近年来最大规模山火的背景之一。
当地人惊恐地看着火焰席卷了历史悠久的荒野地带。
萨福克郡消防救援服务的首席消防官 Jon Lacey 描述了这场目前已趋于稳定的火灾，称其为“该部门历史上最具挑战性的事件之一”。
火势蔓延至 Minsmere 自然保护区的部分地区，那里栖息着数千种不同的野生动物。英国皇家鸟类保护协会警告称，这片土地可能需要 20 年以上才能恢复。
“我们都热爱这里，这就是为什么我们选择住在那里，”Buckley 说道。“当天气晴朗时，这里简直太壮丽了，气味也非常迷人。但当你听说接下来的情况时，这令人心碎——需要 10 年才能恢复。这对动物、鸟类以及每一个人来说都是一场灾难。”
萨福克郡联合应急计划部门表示，赛兹韦尔（Sizewell）并未处于风险之中，但这场大火无情地提醒人们，气候变化正影响着这段对英国低碳能源雄心至关重要的海岸线。这场火灾引发了关于气候变化是否应在应急服务规划中发挥更大作用，以及传统的消防战术是否能够应对规模日益增大、移动速度更快的山火的讨论。
“单纯的压制并不是解决方法，”伦敦帝国学院的火灾科学教授 Guillermo Rein 表示。
当地一个度假公园的近 200 辆大篷车以及附近的公寓都受到了威胁。他的观点与……
LAURA HUGHES —— WESTLETON
两年前，伦敦政治经济学院（LSE）的校长指出，相关政策包括冻结国内学生学费、限制国际学生人数以及增加雇主的国民保险金。
Kramer 表示，需要额外的补贴来资助针对当地雇主定制的实习和工作经验，以帮助人们就业。
“这不是一次蓄意的攻击，而是意外的后果。没有人在考虑累积效应，而是在一个维度上观察。”
Kramer 强调，英国顶尖大学的世界排名虽高，但并不像美国大学那样。
他告诉《金融时报》，英国大学过于依赖政府收入。
曾任斯坦福大学法学院院长的 Kramer 还批评了监管和报告要求，认为这影响了教学和学术成果。
他指出，目标应转向三分之一依赖捐赠收入和慈善捐赠，三分之一依赖学费，其余部分则来自其他活动。
在一些大学近期针对人文学科进行预算削减、倾向于某些学科的时候，他认为：“他们强加的监管要求增加了额外成本，而且未必有助于实现他们想要的目标。”
他的评论呼应了……
挫折感。LSE（伦敦政治经济学院）仍然专注于社会科学。克拉默表示：“我们应该认识到，来自社会科学、人文和艺术的教育供给，对于长期经济增长同样相关且重要。”
布里斯托大学高等教育教授西蒙·马金森（Simon Marginson）表示：……关于如何让初创企业留在英国的问题，其实关乎经济学、政治学和法学。
其他英国大学领导者在政策方面依然关注影响该行业的措施，包括削减向国际学生收取学费的名额，从而导致裁员。英国大学曾希望从唐纳德·特朗普对美国大学的打击中获益，但由于资源有限，仅导致了少量在美学者回流。
在塞塔沿海村庄邓威奇（Dunwich）周边，由于火势蔓延，部分居民于周三被撤离。邓威奇位于萨福克郡海岸线的一块区域，距离伦敦两小时车程，深受第二居所持有者和度假者的喜爱。
超过 100 名消防员和 18 辆消防车被部署以应对火势。到周四下午，火势已席卷 150 公顷——相当于 200 个足球场。火势已蔓延至塞兹韦尔 B 核电站（Sizewell B nuclear power station）三英里范围内。
来自西约克郡的劳伦与丈夫和两个孩子一起前往萨福克郡旅行，她作为一名当地居民，在周三晚上与其露营地一同被撤离。
“这简直是一场噩梦，”她说。“我们身上只穿了现在的衣服。我们真正想要的是拿到我们的东西然后离开，或者如果允许的话，我们会留下。”
有人称这不再是一个“平均”的野火季节。里恩（Rein）呼吁采取“协调一致、综合”的方法。“野火安全需要多层保护，包括预防、植被管理、预测和社区准备，”他补充道。
7 月份，该郡接收的降雨量仅为其月平均值的 2 per cent。
焦土：无人机拍摄的邓威奇附近被火灾破坏的荒地景象。详见第 8 页。
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CO 内塔尼亚胡的困境
以色列极右翼攻击美国加沙计划 特朗普的“和平委员会” Itamar Ben-Gvir，以色列极右翼国家安全部长，昨日称该方案“不可接受”，并要求内塔尼亚胡拒绝该协议。
由于美国官员坚持认为该方案符合特朗普拟定的 20 点计划，Ben-Gvir 在本周与特朗普于华盛顿会面时，并未就加沙问题进行讨论。
特朗普准备撤回在 IRS 争议中针对总检察长职位的提名 JAMES SHOTTER — 耶路撒冷
唐纳德·特朗普暗示他将撤回 Todd Blanche 担任美国总检察长的提名，两名共和党参议员威胁将破坏确认程序。
参议院司法委员会原定于周四投票推进 Blanche 领导司法部的选任，但由于来自德克萨斯州的参议员 John Cornyn 和北卡罗来纳州的参议员 Thom Tillis 的反对，投票被推迟。在社交媒体上，特朗普将 Blanche 描述为一名“明星”，但也威胁将在明年两名议员之后重新提交其提名。
该项诉讼是针对美国国税局（Internal Revenue Service）而起的。
—— 特拉维夫 TODD NERI ZILBER — 开罗 HEBA SALEH —
在以色列境内，本雅明·内塔尼亚胡昨日面临政府内部极右翼成员的压力，要求其拒绝唐纳德·特朗普提出的方案。根据该方案，哈马斯将解除武装，以换取以色列分阶段从加沙撤军。
这一初步协议在去年 10 月达成，以色列此前已表示同意。
该协议还遭到一些反对派政治家的抨击。身为鹰派的前国防部长、现领导 Yisrael Beiteinu 党的 Avigdor Lieberman 昨日表示，任何与哈马斯的协议都是“回归原点”。
内塔尼亚胡尚未公开就特朗普的声明发表评论。但 Yisrael Beiteinu 党的国内敏感性表明，关于新路线图的进展最早在昨日被披露。
根据该路线图，哈马斯将解除武装，以换取以色列分阶段从加沙撤出，并为巴勒斯坦建国创造路径。
由于细节泄露，Ben-Gvir 周四在 X 上写道：“你只能通过与纳粹对话来解决问题，没有其他办法。”
“在 7.10 大屠杀之后，总理必须向我们最好的朋友明确一点：在加沙唯一可行的解决方案就是鼓励移民并摧毁哈马斯。”
和平委员会（Board of Peace）是特朗普于今年早些时候成立的争议性国际机构，旨在监督战后加沙的重建。该委员会昨日发布了新“路线图”的全文，旨在通过哈马斯的彻底缴械实现停火。
这包括从加沙移除武器以及该地带的全面去军事化，作为任何进程的前提。
同一官员昨日重申，除非巴勒斯坦武装组织完全放下武器，否则以色列军队不会撤出加沙。
该官员指出，最新的计划未能满足以色列的要求，即通过哈马斯的彻底缴械来实现停火，从而结束这场持续了 2 年的战争。
该方案还包含了一些分析人士认为内塔尼亚胡在政治上难以接受的条件，包括承诺停止对哈马斯控制的加沙地区的军事打击。
和平委员会已就“哈马斯及其在加沙所有其他武装组织的彻底缴械”达成协议，且以色列军队将从巴勒斯坦飞地撤出。
解除武装的前提是以色列必须履行其此前与哈马斯达成的任何协议中的义务，包括增加[此处文本缺失 / 不完整]。一名以色列官员发表声明称，内塔尼亚胡[此处文本缺失 / 不完整]导致以色列不再处于国会之中。“已完成”且导致了“10月7日的大屠杀”。
一次重大地震袭击了日本南部的熊本县，造成建筑和基础设施大面积损坏，并在一家购物中心发生爆炸后导致多人死亡。
这次地震估计震级为 7.1，发生于当地时间周二下午 4.27，导致数万户家庭停电，部分建筑坍塌。
日本首相高市早苗周三表示，当局正在“与时间赛跑”以寻找幸存者。官员们昨日表示，已确认 34 人死亡。日本上一次如此严重的地震发生在 2024 年的能登半岛，造成数百人死亡。熊本本身在 2016. 年也曾遭受大地震袭击。
福西在参议院听证会上拒绝回答关于新冠肺炎 (Covid-19) 大流行的问题
ELENI VARVITSIOTI —— 阿斯蒂帕莱亚 (ASTYPALAIA)
当斯塔西斯·埃万格卢 (Stathis Evangelou) 在九岁时开始钓鱼时，地中海依然感觉资源丰富。作为阿斯蒂帕莱亚这座小岛上的第四代渔民，他将银颊河豚视为一种好奇之物：每天只能捕到四五条，且通常在深水区。
19 年后的今天，埃万格卢说它们无处不在。
Lagocephalus sceleratus 是一种来自红海的有毒物种，经由苏伊士运河迁移。今年夏天，这种鱼成为了希腊海滩上的关注焦点，社交媒体上关于其牙齿切断罐头和渔具的视频推波助澜。虽然记录在案的被咬伤事件仍然罕见，但对这种鱼的焦虑情绪传播迅速。
6 月，希腊红十字会发出警告，称其“喙状颌”可能会造成严重伤口和大量出血。
安东尼·福西 (ANTHONY FAUCI)，M0 对于希腊的小规模渔民来说，河豚的入侵是最新的一次打击。海洋掠夺者：随着海水变暖且运河被反复拓宽，[这种情况] 加剧了，且有观测记录，主要来自渔民。为了针对该物种而设立的赏金计划——尽管结果平平。对于一项已经受到成本上升、鱼类资源枯竭、海水变暖以及数十年过度捕捞挤压的贸易来说。一名渔民表示，[这种情况] 进一步恶化了。埃万格洛 (Evangelou) 说：“捕鱼是我在做的事。环境组织则更为谨慎。这就是我热爱的事。但我不能工作 18 或 20 小时，然后只赚 €30 或 €40。”
在过去三十年里，地中海表层水温上升了约 1C，而近期的海洋热浪将部分地区的温度推高至远超历史常态。相反，旅游业的季节性工作变得更可预测。 “我的朋友们都在旅游业工作。服务员能拿到 €70，”埃万格洛说。“他 4 点上班，11 点下班。”地中海鱼类数量在过去 50 年中大幅下降，原因是过度捕捞、污染、海水变暖以及海草床的破坏。
安东尼·福西，作为美国政府应对新冠肺炎 (Covid-19) 疫情的代表人物，在一次激烈的参议院委员会听证会上援引第五修正案，拒绝回答一系列问题。
在最近一次前往克里特岛莱拉佩特拉 (lerapetra) 港口的行程中，一名 83 岁的渔民基里亚科斯·哈齐达基斯 (Kyriakos Chatzidakis) 指出，网具上出现了由河豚造成的大洞。“看起来就像是用剪刀剪开的，”哈齐达基斯告诉《金融时报》。“修复这些洞可能需要我们花一天以上的时间。”身为潜水员的埃万格洛说，他曾目睹三条河豚将一条 4kg 的鲣鱼剥光。“六分钟内，它们就把鱼毁了，”他说。
渔民将河豚描述为一种贪婪的掠食者，以鱿鱼、章鱼、墨鱼和幼鱼为食。埃万格洛说，堆在他船上的渔网价值约 €15,000。这种贸易的算术逻辑已变得残酷。他说，在运气好的时候，20kg 的鱼能带来约 €500 的收入，扣除约 €200 的成本后，足以让工作变得有价值。对于小规模渔民来说，损害不仅是生态上的，也是财务上的。
“河豚造成了海中 80 ％ 的破坏，”他说。“大海已经死亡并正在死去。”
在阿斯蒂帕莱亚 (Astypalaia)，科学与政策与补网的日常劳动相去甚远。官员们认为，尽管压力和不断增加的外来物种存在，但希腊的渔业仍有未来。政府仍然认为希腊的渔业有未来。他说：“我们相信渔业在希腊有未来。”
他父亲迪米特里斯 (Dimitris) 曾敦促他选择其他行业。“我告诉他去成为一名管道工，”他说。
负责农村发展、粮食和渔业的部长马尔加里蒂斯·希纳斯 (Margaritis Schinas) 表示，[赏金计划] 对渔民很有帮助。世界自然基金会 (WWF) 的米哈利斯·马尔加里蒂斯 (Michalis Margaritis) 认为：“将种群从海中移除是有帮助的，但我们需要观察在何时、何地以及什么年龄段进行针对性捕捞才有效。”
北京在面对增长数据疲软时，暗示将增加公共支出以应对。但中国国家主席习近平承认，在今年剩余时间内需要“挖掘内需潜力”，但并未采取突然的经济刺激措施。
中国共产党的政治局在周四达成协议，将“加速财政支出步伐”，据新华社报道。
新华社还报道了习近平的一篇讲话，中国国家主席在讲话中表示，经济面临“一些困难和挑战”。在世界第二大经济体本月公布低于目标的增长数据后，外界密切关注北京将如何做出反应。
希腊正在效仿塞浦路斯，后者已经采取措施！
气候变化
莱茵河水位下降给工厂带来压力 金融时报 周末版 SEBASTIEN ASH 和 FLORIAN MULLER
法兰克福——由于欧洲极端高温和干旱，莱茵河的水位已降至八年来最低点附近，扰乱了货物运输，导致制造商被迫减产。在德国，本周在经历了打破纪录的六月热浪后，气温再次达到 40。这些公司，如巴斯夫 (BASF)、科思创 (Covestro) 和赢创 (Evonik)，其工厂集中在河岸边，尤其容易受到影响。
德国最重要的内陆贸易走廊——位于美因茨和科布伦茨之间的莱茵河关键航运瓶颈考布 (Kaub) 的可航行深度，在今年的低水位期开始得“异常早”，根据联邦...
德意志银行经济学家 tenberg 表示：“如果水位继续下降，从路德维希港工厂供应货物的方案，由于需要转移的货量太大，通过铁路或公路替代将非常困难，尤其是目前一些重要连接点正在进行施工。”
一些经济学家警告称，低水位导致的干扰可能会削弱德国经济增长 0.2 个百分点。首席执行官马库斯·卡米耶特 (Markus Kamieth) 本周告诉分析师，他认为“不能排除会出现不可抗力公告或……某些情况下的产品短缺”。
在气候变化导致的最快升温的大陆上，塞尔维亚东部的多瑙河水位此前降至极低，甚至能看到二战时期沉没的德国军舰。
“现在你去，可能抓不到任何东西——三四条红乘鱼，几条鹦鱼和一些狮鱼，”希腊海洋研究中心 (Hellenic Centre for Marine Research) 的生物学家兼鱼类学家 askevi Karachle 表示，一旦我们开始积极捕捞它们，我们将在海中看到越来越少的河豚。
Evangelou 说道：“另一种出现在希腊海域的异域物种是河豚。由于河豚，每位渔民每年损失至少 €8,500，因为鱼网被撕裂，钓线受损，导致他们无法出海六天。当我无法这样做时，我就关上门，挂上出售标志，然后离开。”
目前，他仍在打渔。“对我来说，这是我的生计，这是我热爱的东西，这是我想要的，”他说。“但我带着巨大的悲伤说，这件事即将结束。”
苏伊士运河长期以来既是一个生物通道，也是一条贸易路线。Karachle 表示，这些物种已通过一个被称为“莱塞普斯迁移” (Lessepsian migration) 的过程，从十二岛群和克里特岛扩散到了包括阿提卡在内的希腊其他地区。
但她警告说，目前还没有对其生物量的系统性监测。
希腊政府启动了一项价值 €1.5mn 的克里特岛试点项目，向专业渔民支付每公斤最高 €5.33 的河豚捕捞补贴。地区当局将负责组织收集、称重和处理。
自 1869, 年开通以来，红海物种进入地中海的趋势迅速加快。
水路与航运管理部门——化学品生产的“涟漪效应”导致其更容易受到进一步干扰。BASF 表示，化工厂可能会出现生产中断。尽管如此，BASF 表示，与 2018 年之前的干旱时期相比，现在的应对能力更强，当时该公司在 2018. 遭受了 €250mn 的营业利润损失。
Covestro 表示，它在“几周前”就已建立了大量的原材料库存以维持生产，并已转向使用吃水较浅的船舶，这类船舶在水中的下潜深度较低。
昨日（水位）降至 25 厘米。这与 2018 记录的最低水平一致。当考布（Kaub）水位计读数为 25 厘米时，航道内的实际水深大约深 1 米。根据最新预测，水位可能会在下周早些时候低于该水平。
这意味着船舶在欧洲莱茵河（Rhine）沿线携带的货物量将显著减少，需要更多船舶来运输相同的货量，从而增加了成本。这是西欧极端高温导致经济损失的最新例子。
航运受限时间越长，压力就越大，Marc Schat-
（图片说明：Stephane Nitschke / 路透社）
多瑙河（Danube）在匈牙利也降至历史低点，导致供应该国近半电力的核电站（nuclear power plant）在未来几天内关闭，政府周四表示。
额外报道： Marton Dunai
2026 年 8 月 1 日 / 2 日
欧洲严阵以待野火浪潮，担忧消防资源“过载”
连续的炎热天气、干燥的植被和风力构成了威胁。
IAN JOHNSTON —— 布鲁塞尔 ATTRACTA MOONEY AND JANA TAUSCHINSKI —— 伦敦
欧盟官员表示，希腊、Italy 和中欧部分地区在未来几周内最容易受到野火影响，专家警告称，同时爆发的火灾可能会使消防工作不堪重负。
欧盟紧急响应协调中心（ERCC）负责人 Maria Zuber 表示：“在 8 月初，希腊[和]意大利将面临风险。”ERCC 为 27 个成员国和其他 10 个参与国提供消防资源、人员和数据支持，预计今年夏天将非常繁忙，其强度可能会超过 2025 的记录。“去年火灾季节我们收到了 19 项[援助]请求。我们预计可能会打破这一记录，”Zuber 说道。
随着直接威胁的减轻，法国西南部约 220,000 名撤离吉伦特（Gironde）地区的人员获准回家。但法国内政部长 Laurent Nufiez 表示，“情况仍然复杂”且“这一小部分改善并不意味着我们可以掉以轻心”。
他说，如果持续的高温波次让整个欧洲处于易受攻击的状态，那么存在“全欧洲起火”的风险。这种资源共享，特别是空中消防员覆盖的需求预计将持续到 2028. 至于今年火灾季节的程度，即使是在那些大力投资于消防的国家，也可能在努力扑灭现有火灾的同时，面对更多新爆发的火灾。
他指出，失去这种相互援助将显著降低欧洲的应对能力。
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在西班牙，首相佩德罗·桑切斯周四解除了马德里以西地区的国家紧急状态，但同时也表示谨慎。
在法国和西班牙发生猛烈火灾（目前仍在阴燃）之后，这些火灾导致两名消防员死亡，并于周四导致 8,000 人撤离。
强风助长了帕罗斯岛和安德罗斯岛等基克拉泽斯群岛上的火势，多个村庄也被要求撤离。
由于天气条件导致水上灭火非常困难，希腊消防局的一位发言人表示。
即便在接下来的几周里，比雷夫斯主港的一些轮渡航线也受到了干扰，运营商建议乘客在出行前进行确认。
对国家消防力量的需求可能会让欧洲陷入“超负荷”状态，因为连续的热浪、干燥的植被和强风在多个国家持续引发大规模山火。
现在我们看到[山火]将……
[此处文本缺失 / 不完整]
……能够抑制最大规模山火的能力。这显示了通过采取适应气候变化的措施所能实现的“极限”，伦敦政治经济学院的独立科学家 Thomas Smith 说道。
人类活动引起的气候变化是导致近期山火的极端天气原因，而萨瓦纳（savannah）地区以及土地利用的变化，将使极端火灾天气的可能性增加至少两倍，在西班牙则增加了至少 20 倍。世界天气归因小组的科学家在一项昨日公布的研究中表示。
他指出，今年夏天我们见到的山火频繁。西班牙和法国南部已经投入大量资源用于山火防备和管理，他注意到，“但减少燃料和改造景观的选择有限”。
他警告称，欧洲可能出现“大范围超负荷”的情况。
由于 15% 的土地是人口聚集区与植被接壤的地带，欧洲的城市和城镇在山火风险面前尤为脆弱，据《自然》杂志发布的一份报告称，这一比例高于 4.7% 的全球平均水平。
帝国理工学院火灾科学教授 Guillermo Rein 表示：“现在如此干燥，我担心英国和法国北部地区。”
……显示了欧盟委员会危机中心能否应对该情景。
Zuber 表示，威胁的规模正是欧洲希望建立一支能够应对山火的独立飞机机队的理由。欧盟已订购 12 架 Canadair 水上灭火机，但首批飞机的交付时间尚未确定。
Zuber 表示，她认为欧盟的预测中心可以处理。
而全球过火面积预计将有所下降，因为燃烧较少的地区将抵消其他地区。但这掩盖了强烈的区域差异。
随着气候持续变暖，极端火灾天气变得更加频繁且严重，增加了出现大规模、高强度山火的可能性。
“去年我们发生了这么多火灾，但我们并未响应所有请求。我认为我们无法满足每一个请求，”科学家 Joe McNorton 说道。
欧洲森林正是我们看到极端火灾活动增加的地区之一。
他指出，欧洲“仍处于山火季节的顶峰”，通常这个季节会延长到 9 月初甚至更晚，涵盖欧洲南部部分地区。
由于生长条件更加温暖，法国、德国和波兰等更多国家的温带森林预计将积累更多植被，同时暴露在更多“易引发火灾的天气”中。
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国际
战争地带 美国通胀
特朗普对基辅爱国者导弹 美联储利率异议者 拦截系统至关重要 警告称若扩大战争范围至 “这是一件非常非凡的武器，针对基辅及其他城市的弹道导弹。这种情况很有可能发生。”中东地区，通过在该地区境内打击目标，德黑兰很快就会采取反击。 在最近几日的行动中，特朗普赞扬了安迪·伯纳姆，英国的新任首相，在北海石油勘探上采取了“务实”的方法。 EDWARD LUCE —
华盛顿 就在他与乌克兰总统弗拉基米尔·泽连斯基在白宫会面两天后，唐纳德·特朗普表示，他尚未决定是否允许乌克兰生产“爱国者”地对空拦截导弹。说服特朗普考虑允许基辅生产这些导弹，将是对泽连斯基的一个重大成就。 CLAIRE JONES AND MYLES MCCORMICK 华盛顿 在周二的白宫会面后，泽连斯基称此次会面为“良好”，并表示两国领导人讨论了美国将敲定上周公布的与沙特阿拉伯达成的里程碑式民用核能协议。他在会后表示，
特朗普告诉《金融时报》，他的注意力集中在结束俄罗斯在乌克兰的战争上。他认为“这是一款非常非凡的武器……我们必须谨慎一点，我们并不真正授权设备。” 特朗普还表达了乐观态度。他说：“我们正把他们打得落花流水。” 他认为，最清晰的一点是，他 [伯纳姆] 想要让他的国家变得富有，并且他知道可以通过开放许可来实现。 他说：“唯一看来清晰明确的一点是，他 [伯纳姆] 希望我们能发放许可。”
美联储将面临更大的压力。
“北海石油，”特朗普在谈到他控制通胀的首个挑战时表示，除非……
拦截导弹，这让人们对“爱国者拦截导弹的生产以及乌克兰是否能够获得华盛顿同意的部分其他想法”产生了怀疑”。贾里德·库什纳（Jared Kushner）和史蒂夫·威特科夫（Steve Witkoff）将作为他的两名使节，而这是否取决于利雅得是否能使与以色列的外交关系正常化。
“我认为他会这么做的。如果[伯纳姆的前任]基尔·斯塔默爵士已经这么做了，他就不会……”
在与伯纳姆上周的通话中。
中央银行迅速提高利率，是否会增加借贷成本。根据本周投票支持加息的三名持异议官员的说法。
美国总统曾在7月的土耳其北约峰会上表示，他目前正坐在家里看电视，不确定华盛顿是否会向乌克兰授予生产爱国者导弹的许可证。
他说：“非常简单地讲，我们希望在接下来的几天内结束乌克兰与俄罗斯的战争。‘我们寻求的是和平’。”
基辅的最高优先级。美国总统在与伯纳姆的通话中表示，华盛顿将向乌克兰授予生产爱国者导弹的许可证，并补充说“我们正在研究这个问题”。
爱国者防空系统对于乌克兰拦截俄罗斯导弹至关重要。
特朗普坚持认为，尽管伊朗……
沙特王储穆罕默德·本·萨勒曼（Mohammed bin Salman）和以色列总理本雅明·内塔尼亚胡（Benjamin Netanyahu）关于关系正常化的看法，认为这是“两国都希望实现的事情”。
克利夫兰联邦储备银行行长贝丝·哈马克（Beth Hammack）和明尼阿波利斯联邦储备银行行长尼尔·卡什卡里（Neel Kashkari）在昨天的声明中表示，他们反对维持利率不变的多数决定，因为他们担心通胀时间过长且水平过高。
哈马克表示：“高通胀持续的时间越长，将其降低就越具有挑战性且成本更高。”卡什卡里表示：“我越来越认为，货币政策在应对一系列连续的供应冲击方面发挥着重要作用，这些冲击可能导致更高水平的通胀根深蒂固。在我看来，如果通胀保持在高位，采取一系列小幅政策调整将比等待并最终得出结论认为需要采取更激进措施更好。”
第三位持异议者，达拉斯联邦储备银行行长洛里·洛根（Lorie Logan）在当天晚些时候呼应了他们的看法，称：“短期内的适度行动将降低日后采取更剧烈行动的可能性。”
洛根补充道：“每个月超出目标的通胀都会加重美国家庭和企业的预算压力。”
（来自华盛顿的补充报道：Steff Chdvez）
教育：职业选择
“这是否能帮你进入公共部门，”一名今年申请警校的上海高中毕业生说道。
在经济低迷的情况下，优秀青年正选择能够增加就业机会的学院。
在中国最竞争激烈的项目之一——中国人民公安大学，今年在江苏（中国最富裕的省份之一）的高考录取分数线需要 652 分（总分 750 分）。这仅比北京清华大学（最顶尖的大学）最不具竞争力的课程的最低录取分数低了三分。
孙宇（SUN YU）——纽约报道
中国高中毕业生正越来越多地将目标转向警察和军事学院以及其他提供清晰公共部门就业路径的机构，因为长期的经济增速放缓重新塑造了年轻人的职业愿景。
上海海关学院的一些热门专业录取分数……
增加了。这些机构的录取分数线已跃升——江苏省的部分本科课程要求高考成绩达到 662 分。这高于进入顶尖大学上海交通大学所需的最低分数（满分 750 分中需 650 分以上），反映出高分学生对此类学校的强烈需求。其中一些课程的录取难度现在已与顶尖大学中最具竞争力的专业相当。
这些机构（如警校和军事学院）日益受欢迎，反映了中国年轻人的一个更广泛转变：随着经济低迷使学生认为职业确定性比学术声望更重要，他们越来越愿意用后者交换前者。专业院校在确保就业方面具有优势。中国军事学院的毕业生在毕业后将被委任为军官。
毕业生：学生在厦门南洋大学完成军事训练 —— Liu taofeature China / Future Publishing / Getty images
中国国防部周四表示，今年被录取到军事院校的学生平均排名在各省高考考生的前 6% 之中。“我们入学学生的学术素质达到了历史最高水平，”发言人姜斌在新闻发布会上表示。
北京大学等知名但非精英大学的毕业生在去年年底发现，超过三分之一的人在毕业后尚未获得全职工作。这一数字在普通大学毕业生中上升至五分之二。
中国官方公布的 6 月份青年失业率曾高达 15%，这种情况使得公共部门的岗位极具吸引力。根据公共记录和对熟悉该系统人员的访谈，部分学生加入警队的意愿超过 90%，这反映出他们对自身经济未来的不安全感。“中国年轻人愿意如此早地将自己锁定在某种职业生涯中，表明经济依然疲软，”亚洲协会政策研究所高级研究员 Neil Thomas 表示。这些公共部门的工作按照当地标准来看，薪酬也相对较高。
三名持反对意见的成员（其中九名官员倾向于维持利率不变）支持加息 25 个基点。这未能平息市场的担忧，即美国利率制定者将难以遏制总统唐纳德·特朗普因伊朗战争引发的通胀冲击。
自 12 月以来，美联储将其基准利率维持在 3.5-3.75% 的范围内，尽管通胀率已远超其 2% 的目标。根据周四公布的官方数据，其目标监测的个人消费支出（PCE）价格指数在截至 6 月的一年中上涨了 3.7%。该指标已连续五年高于美联储的目标。
伴随着油价飙升，美国经济正面临价格压力，这源于特朗普最新的关税政策以及人工智能（AI）热潮。被视为美联储通胀信誉衡量标准的 30 年期国债收益率，在周三新任美联储主席凯文·沃什（Kevin Warsh）未能暗示美国将采取行动后，飙升至 2007 年以来的最高水平。
Italgas S.p.A. 注册地址：Via Carlo Bo no. 11, Mian 股本：1,258,392, 125.96 欧元，全额缴纳 米兰公司注册号 - 税号 09540420966 REA. Milan no, 2097057 隶属于“Italgas 增值税组” 增值税号 10538260968
公告 —— 文件公布 米兰，2026 年 8 月 1 日 - Italgas S.p.A. 截至 2026 年 6 月 30 日的“上半年报告”文件
部门 —— 存在风险。参加这些机构意味着致力于一项几乎没有转行灵活性的职业路径。尽管很少有人能在竞争激烈的公务员考试中胜出，但许多大学毕业生仍被其工作稳定性和体面的薪水所吸引。一名不愿透露姓名的 PPSUC 教授表示：“一旦你选择了警校，实际上就选择了一辈子的警察生涯。如果四年后你决定不想当警察，转行是非常困难的。”
数百万中国学生每年 6 月参加高考（全国大学入学考试）。上个月，分数已公布。在这种背景下，许多高中生在选择大学时，会优先考虑那些获得政府工作机会前景最好的学校。
几十年来，顶尖大学的学位被视为进入高薪职业最可靠的途径。但随着全球经济疲软，这一假设已被颠覆。
与此同时，央行正认真考虑在 9 月的下次会议上提高借贷成本。但由于沃什（Warsh）誓言在抑制美国价格增长方面不会“动摇”，而他不愿将此修辞转化为实际行动，这使得市场担忧政策制定者不愿采取必要措施，将全球最大经济体的通胀率降低至疫情前水平。一项针对 32,247 名 2025 届毕业生的全国性调查显示……
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2026 年 6 月 30 日半年度财务报告
Snam S.p.A. “2026 年半年度财务报告”，包含运营中期报告、简明半年度合并财务报表、根据立法法令第 154-bis 条，第 5 款（第 58 / 98 号法令）作出的声明，以及由独立审计师事务所编制的简明半年度财务报表报告，已提交至公司位于米兰 (MI) Via Carlo Bo, 11. 的注册办事处。
该文件也可在公司网站 (www.italgas.it) 及由 Teleborsa S.r. 管理的授权存储机制 “eMarket STORAGE” (www.emarketstorage.it) 上查阅，或通过电子邮件 segreteriasocietaria@italgas.it 请求获取。
警察对巴西总统之子发起调查
沙特阿拉伯领导联盟
(https: / eprocurement.mahagenco.in / ) 启动总统路易斯·伊纳西奥·卢拉·达席尔瓦（Luiz Inacio Lula da Silva）的连任竞选，旨在让他再次执掌这个拉丁美洲最大的国家。这位 80 岁的左翼人士在民调中领先于其主要竞争对手——被监禁的前总统雅伊尔·博索纳罗之子、右翼参议员弗拉维奥·博索纳罗（Flavio Bolsonaro）。“他必须证明自己的清白。如果他被判定有罪，他将像任何人在做错事时那样付出代价，”这位左翼人士在周四晚上的一个播客节目中说道。
针对 Lulinha 的调查涉及对其涉嫌代表一名游说者在潜在的政府医疗大麻交易中行事的怀疑，而他在之前担任政府职务期间。卢拉在 2003 到 2010 年间领导巴西，曾因腐败指控被免职，随后这些指控被撤销。他在 2023 年击败博索纳罗重新掌权，而博索纳罗随后被判定策划军事政变，目前正在服 27 年刑期。
联邦警察调查人员上周向法院提出请求，正在调查这位 51 岁的人是否在卫生部官员中充当了不正当的中间人。他们还在审查该活动是否有所延伸。
项目详情及招标信息如下：
拟建项目 / 拟建项目容量 / 招标编号 / 地点 :--- 40 MWAC 光伏发电项目 / 40 MWAC / (缺失) / 村庄：Kanzara, Taluka: Mangrulpir, Washim 区。 30 MWAC 太阳能光伏发电项目 / 30 MWAC / 3000069486 / 村庄：Pardi-Takmore, Taluka & District- Washim。 25 MWAC 太阳能光伏发电项目 / 25 MWAC / 3000069484 / 村庄：Pimpari-Ijara, Taluka: Ner, Yavatmal 区。 145 MWAC 太阳能光伏发电项目 / 145 MWAC / (缺失) / 村庄：Kacharala, Chandrapur 区。
简要招标时间表： - 01 招标文件下载开始日期：自 30.07.2026, 12:00 Hrs IST 起 - 投标前会议：On 18.08.2026 - 在线投标提交截止日期：至 15.09.2026, 15:00 Hrs IST
欲了解招标通知 (NIT) 的更多详情，请访问 https: / eprocurement.mahagenco.in / 或 https: / www.mahagenco.in
Sd/ 首席工程师 (RE-P&P) Mahagenco, 孟买总部
据国王的国防部称，这个 14 国联盟旨在……保障国际贸易路线和能源供应路线。阿拉伯联合酋长国和阿曼在名单中明显缺失，但该部门表示，大门仍然向希望加入该联盟的国家开放。
该联盟“旨在增强海上安全，保护航行自由，保障国际贸易路线和能源供应路线，以及保护共用的海上利益”，这 14 个国家在一份联合声明中表示。
声明补充道，该联盟将由沙特阿拉伯领导，总部设在利雅得，参与国同意共享情报并进行联合海上行动和演习。
尽管将其描述为“纯粹防御性质”且“不针对任何国家”，但在胡塞武装袭击红海中的沙特阿拉伯油轮后，国王通过在荷代达港的军事设施发起空袭作为回应，称这些设施被用于威胁商业航运。胡塞武装试图在以色列于加沙的战争期间干扰红海航运，这促使美国启动了“繁荣卫士行动” (Operation Prosperity Guard) 以威慑此类攻击。欧盟在 2024 年也启动了其自身的红海护航行动，称为“阿斯皮德斯行动” (Operation Aspides)。
1 August / 2 August 2026 FT Weekend
FT 深度阅读 体育
国际足联拟向投资者开放全球足球赛事的方案是如何展开的——以及它如何引发了一场国际性的抵制，并可能导致该管理机构备受争议的主席下台。 作者：Josh Noble, Samuel Agini 和 Arash Massoudi
在世界杯决赛前夕，足球界的权贵们聚集在纽约华尔道夫酒店，这里是国际足联在为期五周的赛事期间的基地。窗外大雨倾盆，传闻称国际足联主席詹尼·因凡蒂诺将宣布一项重大消息。
最终，并没有任何公告发布，人们的注意力很快转移到了西班牙与阿根廷之间的比赛上，因凡蒂诺在观看这场比赛时就坐在美国总统唐纳德·特朗普身边。
但 10 天后，《金融时报》（FT）披露了因凡蒂诺原计划分享的内容：一项旨在成立一家新公司来承接国际足联商业利益，并将其中部分股份出售给私人投资者的计划。该计划被宣传为将数以十亿计的新资金引入足球运动的机会，这些资金将分发到全球各国，以推动体育运动的发展。
据知情人士透露，披露该提案的延迟并非来自国际足联，而是来自 Thrive Eternal，这是一家由技术投资者、特朗普女婿贾里德·库什纳的兄弟约书亚·库什纳控制的投资基金。作为领投方，他担心相关材料还需要进一步完善。
外界的反应可能证明了库什纳的谨慎是正确的。这一高风险的赌注在足球界内外引发了愤怒的抵制，美国和欧洲的政治领导人对此表示谴责。该计划的可行性以及因凡蒂诺作为主席的未来——而就在几天前，其地位看似还稳如泰山——现在都成为了疑问。
震撼足球的一周 同时也迫使足球从业者面对一个长期潜伏的问题：在世界上最受欢迎的运动中，私人资本的影响力达到什么程度才会变得难以承受？对许多人来说，底线已经画好。“世界杯不能被当作一种投资产品，”管理欧洲足球赛事的欧足联表示，“世界杯是神圣的。”
将商业部门剥离的想法将解锁“此前尚未捕捉到的商业价值”。近期尝试出售国际足联股份的想法一直被讨论。在 2018, 即因凡蒂诺就任主席两年后，国际足联曾探讨过一项由软银（SoftBank）支持的计划，拟筹集 $25bn 资金以创建新的全球赛事。该项目因投资者而搁浅。
国际足联主席詹尼·因凡蒂诺表示，引入外部资金将解锁并带来资金，这些资金可用于改善球场、增强国家队实力并吸引更多儿童踢球。如果该计划在 9 月 19, 的投票中获得通过，每个成员协会——其规模各异——将认为额外的投资有助于加强国家队。
然而，许多针对该计划的批评指向的是流程本身。将商业部门分拆并引入外部资金，在德国足球联赛的商业运作中曾引发球迷的广泛抗议。而且对于许多人来说，世界杯是神圣的。没有任何部分应该交给私人投资者。
“国际足联已经拥有极其丰厚的财务资源。该组织拥有数十亿美元的储备金且没有债务，”卡洛斯·科尔代罗在周五辞去国际足联主席因凡蒂诺高级顾问职位的信中写道。“如果成员协会认为额外的投资是必要的，那么足球界最伟大的体育赛事之一就不应被当作一种投资产品。”
没有人们意识到反对力量之强。对于许多人来说，包括大西洋上的小岛蒙特塞拉特在内的许多人，都认为只有 53 天的时间来考虑这些方案，这窗口期太短了——FT montage。国际足联 (Fifa) 认为需要通过这种方式来发展这项运动。但自那时起，足球界最大的展演已变得更具盈利能力，2026 年在美国、加拿大和墨西哥举办的世界杯，其收入将在四年的周期内超过 $15bn，高于 2021 年预测的 $13bn，且几乎是 2022 年卡塔尔世界杯收入的两倍。
“足球日益增长的商业价值未能触及最需要它的领域，”詹尼·因凡蒂诺 (Gianni Infantino) 说道。“这是一个在全球范围内推动足球发展的绝佳机会。”
这份引发如此愤怒的计划并非在苏黎世的国际足联总部权力中心酝酿而成的，而是在太阳谷的 Allen & Co 会议上。少数在因凡蒂诺亲信圈之外的人才知道这个投资计划，直到本周披露。中北美及加勒比海足联 (Concacaf)——负责管理北美、中美洲和加勒比海地区足球的机构——是首批通过媒体获知此消息的机构之一。
许多人现在认为该计划注定失败，理由是欧洲超级联赛的命运。该项目于 2021 年宣布，旨在推出一个新的俱乐部足球赛事。该计划在球迷的抗议以及监管机构和立法者的法律威胁下，不到 48 小时便宣告夭折。
反对者表示他们绝不让步。欧足联 (Uefa) 表示，在其 55 个成员中，没有任何一个成员会在该计划被撤销并获得私人投资方案已被永久否决的约束性保证之前，参加任何国际足联的比赛。
然而，其盟友认为成员中存在支持。印度尼西亚足协告诉 Sky News，它支持该计划。
在去年太阳谷那场排外的、仅限邀请参加的静修会上，约书亚·库什纳 (Joshua Kushner) 和格雷格·马菲 (Greg Maffei) 开始讨论这个想法。马菲曾任一级方程式赛车所有者 Liberty Media 的老板，与库什纳相识多年。“那是一个非常小的人圈子，就像一支忍者小队，” 1 名参与该交易的人员说道。
“我认为他 [库什纳] 接触了我，因为他说：‘看，我们一直在和国际足联考虑这件事，我们知道你在 F1 的经验，’ ”马菲说道，他是在国际足联主席出席一场大奖赛时与因凡蒂诺见面的。“我们实际上被拉到了一棵树下的阴凉处，因为那里很热。我们谈论了……”
这种秘密操作激怒了人们长期以来对国际足联主席经常在没有广泛磋商的情况下强推方案的担忧。“这并不是利益相关者首次面临重大举措，”一个人说。
许多人认为，国际足联已经拥有财务能力，通过现有资源提供支持。例如，通过立即接收 $20mn，以及将年度付款从 $2mn 增加到 $5mn，甚至增加到 $15mn。
足球并不陌生于私人资金的运作。许多世界顶级俱乐部都决心如此。
国际足联引入了比赛中的三分钟补水休息时间，广播公司利用此机会产生数亿美元的额外广告收入。世界杯决赛包含了一个中场秀，将其延长了一段时间。
中北美及加勒比海足联的成员们正迅速失去对因凡蒂诺领导力的信心，而亚足联则表示，此时必须成为国际足联“加强机构改革的催化剂”。
此外，因凡蒂诺努力与唐纳德·特朗普建立关系的举动也引起了反感。去年，他邀请这位美国总统亲自将俱乐部世界杯的冠军奖杯交给获胜者。12月，因凡蒂诺向美国总统授予了一项新的国际足联“和平奖”，并同意建立战略合作伙伴关系。
有些人现在预计因凡蒂诺将在明年的主席秘密选举中面临严峻挑战，而另一些人则在讨论是否对其发起不信任投票。英国首相安迪·伯纳姆周五呼吁他辞职。
特朗普的和平委员会（Trump’s Board of Peace）——这是一个负责重建加沙的团体。但因凡蒂诺正继续推进。他相信国际足联的成员支持他及其计划。一名盟友将目前的僵局描述为一场“生存之战”，并补充道：“他不会屈服。”
关于这场比赛的时间间隔，传统的 15 分钟到半小时之间，是对此的一种致敬。
原本由亿万富翁、私募股权公司或主权财富基金拥有的，而现在则变成了。
NFL超级碗的表演及其利润丰厚的电视广告时段备受关注。场边 VIP 座位售价 $1mn，而普通入场券的价格则一路飙升。
Thrive Capital 专注于科技领域，但拥有一项专门投资于“AI-proof”资产的基金。4月，库什纳总统宣布启动 Thrive Eternal 计划，通过购买旧金山巨人们棒球队的股份进入该领域，但据透露，他正在策划一个大得多的行动。
近一年来，库什纳一直在秘密制定该计划，旨在领导一个投资者财团购买一个估值为 $20bn 的新平台的 20 per cent 股份。Thrive 拒绝就此报道发表评论。
因凡蒂诺表示，本周他的计划是强大的。
对于因凡蒂诺的盟友来说，所有这些变化都证明了世界杯的商业化程度不足，且如果足球领导者抓住机会，未来可以带来更多资金。“因凡蒂诺明白，资金驱动一切，”一位主要体育投资者说道。“他非常强大。”
然而，许多此类交易是在财务困难时期达成的。国际足联采取这种做法的批评者质疑，为什么它认为需要引入外部投资者，尤其是在如此成功的世界杯之后。法国和西班牙联赛都在新冠疫情期间、特别是门票收入降至零时寻求外部资本。
西班牙和法国联赛都将商业运营剥离并出售给私募股权公司——正如国际足联目前试图做的那样。其中一些仍然由成员所有，包括皇家马德里和巴塞罗那。他们也达成了一些与媒体权利等其他收入流挂钩的交易。
讣告 冈特·冯·哈根斯（Gunther von Hagens）对他死后 身体应当如何处理有着非常明确的 见解。媒体称他为“死亡博士”和“ 弗兰肯斯坦博士”。他总是戴着顶 黑帽子，以致敬伦勃朗 1632 年 关于解剖学家尼古拉斯·图尔普（Nicolaes Tulp）的 画作。尽管他能参与严肃的辩论， 但他在海德堡等地的活动也极具戏剧性。 在 1975 年与第一任妻子科妮莉亚·冯·哈根斯（Cornelia von Hagens） 结婚后，他将自己的名字改为冯· 哈根斯。 他职业生涯的决定性发明出现在 （此处缺失）。他在东伦敦向 500 人公开展示了 170 年来首次进行的公开尸体解剖，无视了 关于此类奇观属于违法的警告。他逃避了起诉， 而由此产生的宣传反而推高了门票需求。 绰号 他体内的所有液体和脂肪 都将被硬塑料取代，并剥去皮肤， 以此展示内部结构。
“死亡之医”；他不仅在评论界饱受争议，还喜欢挑衅——在 2003 年，他宣称他将在大连建立一座塑化工厂。起初，他只能用塑料保存标本和身体部位，但后来涵盖了被执行死刑的囚犯。君特·冯·哈根斯（Gunther von Hagens）在 1977 年作为海德堡的一名研究员时，曾写在回忆录中：“我一直很困惑，为什么标本被保存在塑料块或玻璃罐中。作为一个动觉学习者，我知道能够触摸和处理标本的价值所在。这促使我发明了塑化技术。”
他发明并利用这一工艺创建了历史上最广泛的人体解剖公共展览，吸引了数百万观众。身体会被赋予栩栩如生的姿势，准备向公众展出。
冯·哈根斯在 81 岁时去世，他希望自己也能接受塑化处理。
但争议逐渐平息。如今，《人体世界的奥秘》（Body Worlds）展览在全球 10 个场馆中平稳展出，而大学和医学院则常规地将塑化技术用于解剖教学。自 1995, 年首次亮相以来，据称全球已有超过 5800 万人参观了该展。
最初，他允许妓女免费进入汉堡的《人体世界的奥秘》展厅。
除了对侵犯人体神圣性的道德反对之外，冯·哈根斯还面临关于尸体来源的质疑。他始终坚称这些尸体来自自愿捐赠者，并否认了《镜报》在 2004 年发表的关于部分用于展览的尸体来自当地警方及执行死刑囚犯的指控。
君特·冯·哈根斯于 1945 年 1 月出生，后被诊断患有帕...
他在德国阿尔特-斯卡尔登的利伯兴创立了人体塑化解剖研究所——以及学术同僚和学生们。2008年，由于帕金森病病情恶化，他的妻子与儿子鲁里克承担了更多管理研究所的责任。
1945-2026 海德堡，德国。
在苏联占领波兰期间，他在东德的格赖茨长大。他年仅五天大时，他的父亲（曾为 SS 效力）便带着家人向西逃离步步逼近的苏联军队。
由于童年时期患有血友病，年轻的冈特对医学产生了浓厚的兴趣。但他的学业被中断了两年，因为他抗议 1968 年苏联入侵捷克斯洛伐克而被投入监狱。1970 年，他移居西德，在吕贝克等大学完成了医学培训。
“这让我很欣喜，并让我决心将塑化标本和解剖学带给大众，”他说。解剖学，在他看来，“应当民主化，而不应被锁在象牙塔里”。
但许多人接受了他家属在本周发布的讣告中所表达的观点，即冯·哈根斯“让人体结构的复杂性、脆弱性和美感——此前仅限于解剖室和解剖学教科书的范畴——变得直接触手可及”。
到 20 世纪 90 年代，冯·哈根斯成功将该技术扩展到整个身体。继首展东京展（吸引了 450,000 人参观）取得成功后，他与第二任妻子安吉丽娜·沃利合作，在世界各地的意向场馆举办《人体世界》展览。
一个出色的表演者，冯·哈根斯接受了英国赋予他的绰号。
目前已有超过 20,000 人在研究所注册成为捐赠者。该研究所表示，准备和塑化一具完整身体用于展示需要大约 1,500 个工作小时，耗时约一年。我们将拭目以待，看冯·哈根斯被保存的身体——或许戴着一顶黑帽子——何时展出。
“在庞大的解剖书籍库中钻研是我最喜欢的消遣，”他写道。起初，《人体世界》极具争议，被攻击为一场削弱人类尊严、同时让冯·哈根斯获利的剥削性畸形秀。
克莱夫·库克森 (Clive Cookson)
8 FT Weekend 1 August / 2 August 2026
FT 观点
欧洲漫长且炎热的夏天
野火凸显气候变化适应措施与减缓措施同等重要
野火表明，除了减缓措施外，气候变化适应同样至关重要。法国、德国和波兰的温带森林以及斯堪的纳维亚的北方森林可能会出现极端的火灾活动——温暖的生长条件产生了更多容易在炎热干燥的夏天被点燃的植被。与北美相比，欧洲缺乏广阔、偏远的荒野，这意味着火灾很少远离人口密集区。即使火苗没有蔓延到城市，有毒的烟雾也会到达。
2026 年的欧洲热浪进一步证明，一些国家淡化气候变化政策是多么不明智。然而，在减缓努力的同时，今年夏天表明了有些经验可以告诉我们什么行得通，什么应避免，以及哪些技术可能会有所帮助。
其中一项是防止火灾发生或蔓延过快。澳大利亚正在进行更多受控的焚烧，以减少容易引发野火的枯木和树皮；芬兰作为欧洲森林覆盖率最高的国家，将其商业林区碎片化，利用边界、小径和水道作为防火隔离带。葡萄牙正试图从桉树等工业“单一栽培”森林转向更耐火且节水的物种，如橡树和栗树。
最近剧烈的野火也提供了一些教训。澳大利亚、加利福尼亚州以及其他遭受过剧烈火灾地区（如 5 月的希腊，成为世界上第一个部署由四颗热卫星组成的星座以在几分钟内探测地面热点的国家）提供了经验。
同样地，也有更好的准备方法。“毫无畏惧，不偏不倚”——一位法国消防员如此形容席卷吉龙德省部分地区的野火；马德里西部山区回到被烧毁家园的居民也使用了类似的描述。在英国，苏格兰凯恩戈姆山脉和萨福克郡的海岸荒原也发生了火灾。虽然其中一些火势正在减弱，但欧盟官员认为，企业和处于火灾易发区的房主应被鼓励清理水槽——因为碎片可能会被掉落的余烬点燃——打造防火周界，并在建筑物周围维护软管。
消防队伍在志愿者或预备役消防员的配合下，需要经过应对特大火灾的专业培训。
至于可能提供帮助的技术，有些设备提供能够快速向小规模火灾投放灭火剂的无人机。在欧洲，自 1949 年以来，防火周界已经……
在应对大规模火灾时，警告称希腊、意大利以及中欧地区都在适应全球变暖带来的影响——这些地区都被视为脆弱地带。在法国的吉伦特省（Gironde）也有类似的呼吁，要求多样化 19 世纪种植的松林。
另一个步骤是改进预警系统。在加利福尼亚州，硅谷催生了一个消防科技部门，其初创公司正在研发能够探测热源或烟雾羽流的高空摄像头，以及能嗅探点火气体的太阳能地面传感器。其他方案则包括 Canadair 灭火飞机的水投，但成本高昂。在地区或国家之间整合资源可以降低成本。欧盟的紧急响应协调中心提供了一个模式，通过共享灭火飞机车队、山地设备及其他物资。但如果未来几周内同时爆发多场大火，仍可能使消防力量不堪重负。欧洲漫长且炎热的夏天远未结束。
欧洲并非孤例；加拿大和美国的部分地区在今年北半球夏季经历了创纪录或接近创纪录的野火活动。但特别是作为地球上变暖最快的大陆，欧洲不得不面对变化速度之快的问题。科学家警告称，不仅要应对夏季野火，还要应对冬季洪涝。
这对资金匮乏的当局提出了棘手的决策：如何管理那些虽然频率更高、程度更严重，但仍具有不规律性的威胁。澳大利亚和加利福尼亚州的经验表明，将气候适应纳入议程——不仅是缓解气候变化——需要提升到优先地位。
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income world to 一位人口统计学家对中国独生子女政策的个人看法 wealth world 在他的杂志文章《在中国，她茁壮成长。 政策的瓦解后来才到来》（杂志，生活与艺术， 7月18日）中，爱德华·怀特讲述了那个 故事：“我的父母想要两个孩子， 但由于该政策，他们只生了我一个。 如果没有独生子女政策，中国 政策与今天相比可能不会有太大 不同。挑战在于使 今天的人口适应并更缓慢地老龄化。 社会适应低生育率：支持那些 想要孩子的人，改善生活 独生子女政策通过其强制手段造成了严重的 创伤
John Burn-Murdoch
财富在近年来已逐渐脱离收入 中位数可支配财富与中位数工资的相对变化 (1995 = 100)
法国 / 德国
关于中国国家强制的生育控制如何塑造一名女性的生活。
但在实施过程中，它通常被认为——或被指责为——导致中国生育率下降的主要原因，而非证据显示。在这些政策下出生的人们，我与文中提到的安娜（Anna）处于同一时代。在我成长过程中，我看到诸如“晚得、少得、长养”、“计划生育是国家的基本国策”以及“少生孩子，多植树”之类的口号。
早在该政策出台前的 1980 年左右，受社会经济发展以及对婚姻和家庭观念改变的影响，生育率已经下降了十多年。如果没有单一子女限制，现实情况可能是会有更多家庭拥有少于两个孩子，且人们必须离开父母去寻找优质工作。中国仍会像日本和韩国那样，在从未实施单一子女限制的情况下，寻找扭转生育率下降的方法。
然而，这给日益增长的老龄人口（预计将在 2059 年左右达到顶峰，随后开始萎缩）带来了挑战，需要相应的支持条件，并提高规模更小之劳动力的生产率。
王雪静 (Zoey) 普林斯顿大学人口学与社会政策博士 美国密歇根州安阿伯
2000 2010 2020 2000 2010 2020 2000 2010 2020 2000 2010 2020
攀登财富分布阶梯现在需要更多的收入年限
从财富分布的底层四分之一攀升至顶层四分之一所需的工资储蓄年限*
== 鉴于首相最近的言论，英国与法国的有用背景（“如果我们真的要处于那样一个糟糕的境地”，2024 年 7 月 25 日评论版）。读者可能会记得这位法国作家著名的卷册，它们清晰地可见于霍克尼为其父母绘制的肖像画中，工作室推车底层的书架上。这位作家也可能在艺术家最后几年住在普鲁斯特的诺曼底时，脑海中一直存在这些想法。霍克尼自己关于普鲁斯特式散文的理论是，通常在……
对财富分布质量的担忧在顶层四分之一中日益增加，现在需要 40. 年才能攀升。近年来，要求征收财富税的呼声在政治议程中屡见不现。
维多利亚时代的权力下放
菲利普·斯蒂芬斯（Philip Stephens）关于我们可以如何学习维多利亚时代将权力从威斯敏斯特下放的文章，提供了一些教训，让那些关注激进权力下放的 OZ Burnham 等人可见。我对格拉斯哥、利物浦和伯明翰很熟悉，那里的人们在 20 世纪 70 年代从事各种工作。在维多利亚时代晚期，这些城市在财务上变得能够自我维持，并成为社会经济扩展的富裕中心，涵盖工业、创新和贸易。这在很大程度上依赖于 2000 2010 2020 2000 2010 2020 2000 2010 2020 2000 2010 2020。
霍克尼的理论为何难以复制
我很喜欢乔什·斯佩罗（Josh Spero）关于在 TikTok 时代如何对待普鲁斯特的文章（生活、生活与艺术，7 月 25 日）。这篇文章提醒我，普鲁斯特热爱长句子。我想，我简直想用霍克尼肖像画中工作室推车上的刀片诚实地割开我的手腕。
泰特美术馆新馆长面临的艰巨任务
在杰西卡·摩根（Jessica Morgan，泰特美术馆新任馆长）的简介中（生活与艺术，7 月 25 日），你的艺术评论家回顾了摩根在 40 中关于普鲁斯特的评论：“我们正处于一个多么糟糕的境地，如果我们要再次看到另一个罗斯科展览、另一个里希特展览和另一个毕加索展览。我的意思是，我真的……”
泰特美术馆的新老板可能是在对已知之理进行布道，而不是在面对信众。并非我们所有人都拥有与罗斯科、里希特或毕加索近距离接触的特权。泰特面临着失去
2020 2000 2010 2020 2000 25 40 20
大西洋两岸的平等讨论。由于殖民地资源和市场的[缺失]，这种情况更加有害。他们…… [此处文本不完整] ……这些长句旨在寻求更多的公众支持，如果失败了，则会……人们经常在回应中指出，被动财富日益增长的作用（无论是通过资产价格上涨赠予，还是来自父母）相较于那些投资于城市公用事业、学校、公共卫生和警察服务的强有力、具有企业家精神的公民领导者，在同一时期内几乎没有变化。从表面上看，这一论点是合理的。在美国、英国和欧洲，顶层 10 per cent 人口持有的财富份额在过去 15 年中一直持平或下降。即使我们将目光聚焦在顶层 1 per cent 的人群上，他们如今的财富份额也不比 2005 年更高（尽管在此之前该份额一直在攀升，但在某些地区有所波动）。
今天，泰特现代美术馆（Tate Modern）的布拉瓦特尼克（Blavatnik）大楼给人一种令人沮丧的体验，感觉像是一个空壳。大多数（如果不是全部）收取入场费的展览都位于原有的泰特现代美术馆建筑中。与此同时，泰特英国美术馆（Tate Britain），尽管有几场像特纳（Turner）、康斯特勃（Constable）或惠斯勒（Whistler）展览这样的重量级大展，但似乎被遗弃在一旁。
壮丽的市政厅。这些城市的父辈们独立自主、思维现代、精通商业且领先于白厅（Whitehall）许多方面。中央政府在地理上和政治上都十分遥远。“蟑螂”一代（“印度 Z 世代已受够了”，见《金融时报》周末版评论，7 月 25 日）已经变得日益影响力深远。在 1960 年代初期，帝国终于消失了，由于这一因素及其他因素，大片工业领域被残酷地关闭。英国北部的城市和地区遭受了最严重的经济衰退。在接下来的几十年里，纳伦德拉·莫迪（Narendra Modi）嘲笑所有要求撤换部长的要求。
这是一种让我当时在剑桥的导师感到震惊的理论，因为这是一种不熟悉的见解。一个现代、精明且具有商业头脑的视角，在许多方面都超前于白厅。库纳尔·普罗希特（Kunal Purohit）关于印度“蟑螂”一代的叙述，在关于福祉的重要性方面，是对 1990 年代收入等级比财富等级更能决定生活满意度或避免痛苦这一观点的深入探讨。自那时起，这种观点已成为更主要的驱动力。
窥见霍克尼（Hockney）自己关于光学、空间和时间的理论，可以从关于他的第一批书籍中找到，比如罗杰·沙特克（Roger Shattuck）的《双筒望远镜》（Binoculars）。我目前正在完成一项关于该主题的短篇研究。在霍克尼的认可下，我有两条原则：只读普鲁斯特（Proust）的……
德里克·贾科比（Derek Jacobi）在 BBC 的《我，克劳狄斯》（I, Claudius）中饰演那位口吃且患有哮喘的作者，鼓励他拓宽表达范围，让他的话语与呼吸的节奏相匹配。当我被尼古拉斯·塞罗塔（Nicholas Serota）招募去领导泰特美术馆的募款工作时……
……在决定一个人的经济地位时，收入的镜像反映了他们的……
……这在许多方面是一个关于光学、空间和时间的观点。
我的专栏作家 Spero —— 这是一个多么乐观的名字！—— 说他“永远不会停止”阅读普鲁斯特。
对于我来说，我认为这种答案值得探讨，它揭示了隐藏在担忧背后的原因。标准的财富不平等衡量指标无法告诉我们，在过去一代人中，通过被动获取的财富相对于通过劳动获得的财富，其地位提升是如何分布的。
但短短几小时内，无论是在移动中——无论是乘火车、飞机还是船只，还是在皮姆利科的泰晤士河畔——财富是以相对条款分布的。地位——即便财富不平等的情况几乎没有改变——只要一个人能够向上流动的程度，这种分布就至关重要。这种反转之所以重要，是因为它指向了一个比 Jonathon Brown 讲述的故事更持久的故事。这并非每个人（无论顶层还是底层）的财富翻倍，相对比例保持不变。但如果这种财富激增如果没有相应的工资增长（即通过工作获得收入的能力），那么成功的感觉就会被削弱。这种分布突然间变得更加寡头化，在 20 世纪初，一个高度参与显眼慈善活动并经常隐藏其财富的镀金阶层，正在重塑人们对经济的看法。而如今，相对差距依然至关重要。
这是一个重要的概念，但同样重要，如果说不更重要的话，就是关于平等分布的讨论。它无疑在不满情绪的积累中发挥了作用。在 1994 年梅杰政府时期，Pradhan 已经辞职，该运动的新颖之处在于，我直接从头开始。如果她要扭转 Tate 的下滑趋势，她必须清楚 Tate 是什么以及它为谁服务；Tate 必须既能娱乐也能告知。她必须勇敢，敢于追求大众认可。
Tate 基金会董事 2005-2011，伦敦 W9, UK。
然而，如果宏观经济条件导致亿万富翁或意外成为百万富翁的人数增加，这种反转就至关重要。在这种情况下，即使财富分布在顶层，无论是在区域发展局、区域议会还是在威尔士和苏格兰的权力下放政府中，这种分布依然存在。托尼·布莱尔尝试以善意的方式建立政府地区办事处。抗议者被告知回家。这样我们才能最好地尊重普鲁斯特那万花筒般的观察力并转换视角。
在这个不确定的记录基础上，人们极有可能认为任何试图通过权力下放和 10 号唐宁街来解决问题的尝试，对于英格兰北部来说几乎没有什么作用。一次辞职、一次考试改革的保证，无法抵消一种被国家吸收的委屈感。政府承认了这一点。
让我们精确地讨论 Professor Tim Bale（Letters, July 25）所说的，我们要谨慎地反对假设政治中的每一次危机都是前所未有的。英国人一直对政治家的动机及其问责制持怀疑态度。没有改变的是，在一个人可以通过十或 25 年的努力工作实现成功，而劳动力市场将工程师发送到相反方向的社会中，成功的感觉是可以被跨越的。最明显的例子是 Elon Musk，他在政治中的大肆干预。
在自动更正时代，自动更正的感觉和功能都非常相似。在自动更正时代，哈罗德·麦克米伦（Harold Macmillan）——这位以“你们从未如此富足”为口号的保守党首相，注定会被视为一个将克劳狄斯的口吃与现代政治联系起来的人。罗杰·邓谢亚（Roger Dunshea）在舒罗普郡惠奇彻的绝食抗议被打破在了一个承诺之上。
建筑工地和研究生的承诺——在我看来，这相当合理。他的名字被误拼为 MacMillan，而激励措施则十分强劲。国内外引起愤怒的因素导致他的支持率暴跌，而他对美国海外援助支出的大幅削减可以说将国家利益置于其政党利益之上。
在许多国家，这种情况在最近几十年中一直在上演。虽然财富不平等程度没有太大变化，但财富相对于收入的相对重要性已经发生了改变。英国、美国、德国和法国的家庭可支配净资产（净财产和金融资产，不含养老金）的中位数在实际价值上自 1990 年代中期以来大约翻了一番；而收入仅增长了约 30%。
因此，人们对英国民主制度的怀疑程度已达到了 1970 年代政治和经济动荡时期的水平，甚至达到了宪法皇家委员会 (Royal Commission on the Constitution) 曾关注的程度。
在这种差距如此之大，以至于即便奋斗终生也无法提供“成功”之感时，情况就变得不同了。这就是许多人感到焦虑的部分原因，因为他们不相称地强调了世界上最富有阶层的生活。随着财富日益压倒收入，通过努力工作在阶级梯上攀升变得越来越不切实际，而对英国治理体系改进需求的看法也随之增强。
在阅读《感谢众神》（“家与园”版，7 月 25 日）后，罗宾·莱恩·福克斯对那些被克里斯托弗·诺兰的电影改编版所遗漏的精美花园的巧妙描述，正如一位随笔作家所评论的，或许也可以被视为一种“在推销事物的方式”，或者像您所说的那样，也可以被视为“没有思考的文字”，即“永不升入天堂”——如果在《荷马史诗》中包含这些内容，它们本会非常精彩。
这种观点基本上可以被描述为“反慈善”。
那么，哪里能买到没有计划长途旅行就不能买的邮票？
杜拜，阿联酋 拉凯什·K·奇蒂卡拉 (Rakesh K Chitkara)
在思考信件（7 月 25 日）时，自动更正确实有用，但我们都被它坑过。这里可能起到了更大的作用。英国社会态度调查发现，目前只有 9 per cent 的人认为英国的制度需要大量改进。这是该研究记录到的最低数字。与此同时，创纪录的 83 per cent 的人认为英国的治理需要大幅改善。
此外，还有一个事实，即产生部分科技巨头财富的产品和服务。
在阅读《AI 的象征性写作探索》（“生活与艺术”版，7 月 25 日）时，我注意到 Anthropic 聊天机器人的名字 Claude 的词源含义，毫无疑问是 Anthropic 并非有意为之：Claude 意为“跛足”、“蹒跚”或“残疾”。罗马皇帝克劳狄斯之所以得名，是因为他跛脚、口吃且有抽搐。
当然，Anthropic 的 Claude 是一款熟练的“销售工具”，但正如那位随笔作家所言，它可能也代表了将世界上最富有阶层的频繁煽动性干预引入日常生活的趋势。
伦敦 SW13, 英国 苏珊·史蒂文森 (Susan Stevenson)
进入和退出每日 FT 填字游戏的平均次数相当稳定，约为 32. 然而，在上周五（7 月 24 日），这一数字出人意料地达到了 36. 我们的新……
是否有人尝试挑战 FT 的填字游戏？
那些在建筑工地和数据输入工作台之间徘徊的人们。然而，最新的证据表明，（信件，7 月 25 日）？
结果是，在财富关注度上升的当下，哈姆雷特叔叔的那些不朽名言，为所有那些处于斗争状态的人们提供了一个受欢迎的喘息之机。即便不平等现象本身可能并未缓解。
一个世代前很难想象，即便要从底层四分之一（bottom quar-）通过平均工资赚到足够的钱，也需要大约 20 年时间。
作为一项旨在提高国家生产力的宏大计划的一部分，其背后的部长……
Mark Easton Padraig Rooney Nick Handley john.burn-murdoch@ft.com David Otis Fuller 国家社会研究中心高级研究员，伦敦 EC1, 英国 Cerbére, Pyrénées-Orientales, 法国 Bronxville, NY, 美国 Haywards Heath, West Sussex, 英国
2026年8月1日 / 8月2日 * FT 周末版
观点
市场对 AI 的判断是正确的
人们很容易说市场在发疯，就像它们偶尔那样。在 AI 革命的兴奋之余，科技股已成为炒作和价格动量的产物。现在，随着“美股 7 巨头”（Mag7）出现波动，恐慌性抛售正在发生：如果 Alphabet 或微软无法获得超额利润，那么芯片制造商的利润率也必然会下降。多年来，市场一直依赖于 Alphabet、Meta 和亚马逊等领导者的巨额现金流。投资者现在必须在其他地方寻找领导力。
无论你对股价和估值怎么看，总会有很多不理智的行为。你可能听说过一个正在膨胀的、令人心惊胆战的美国股市泡沫，但美国股市目前并未上涨。S&P 500 指数近期的变化一直断断续续。这并不反映群体性的疯狂。相反，市场正在挣扎地衡量一种可能性，即科技公司时代或许已经结束。
目前的美国大科技公司——或者说历史上最好的企业——可能正处于某种危机之中。
情境意识（Situational Awareness）崩溃了。
生产行业，即所谓的“知识从产业中流动”——我们现在称之为数字化产业——享有日益增长的规模收益。它们具有高昂的产品开发成本，但单件成本几乎为零，且具有高昂的切换成本和强大的护城河。
其次，更具颠覆性的层级是 AI 企业可能拥有较低的准入门槛——因为这项技术虽然资本密集，但可能无法产生差异化或具有防御性的知识产权。前沿 AI 模型将趋于近乎可互换，切换成本将降低，网络效应将减弱。硬件折旧和能源成本意味着单件成本可能不会下降。
在总共近 30,000 家公司中，仅有 46 家上市公司。观察 Robert 及其名单中最大的财富创造者，知识公司占据了顶端位置，且所有赢家都具有规模效益。
当低成本的中国竞争对手发布具有竞争力的模型时，份额会震荡。这就是为什么半导体行业会因为所谓的“SaaS 启示录”（SaaSpocalypse）而颤抖。
今天活跃的投资者很少有人记得，在 Arthur 的论文证明其预见性之前，规模收益时代尚未到来。知识公司的主导地位曾被认为难以动摇。简而言之，知识企业曾拥有极高的竞争壁垒。
以理性的方式希望能够解决——在他们达到一定规模时。在运营中，比起他们之前在软件方面的风险，现在的风险更高，或者说递增回报已经结束，且进入了新月份。发生了什么？回到五月，一个艰深的问题：竞争系统软件、互联网搜索或互联网服务的竞争格局如何。除非模型构建者采取合谋手段，否则竞争的形式正在路上。那些“科技七巨头”大盘股（Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla）放弃了他们几年前就持有的市场领导地位。
对于投资者而言，行业的竞争结构，以及公司在其中的竞争地位，是最重要的考虑因素。考虑到目前的工业格局，我们可以将其称为“递增回报时代”，这是在 W Brian Arthur 30 年前所写的内容之后。Arthur 认为，与传统的竞争规则不同，数字化形式的竞争很难想象。但我们最好尝试一下，因为知识正是人工智能威胁要将其商品化的东西。情况可能会有所不同。但威胁在两个层面运作。首先，一些知识型业务可能会被人工智能工具淘汰。这非常严重。这就是为什么美国科技股比几年前风险更高，并且投资者正在重新对其定价。
投资者已经意识到，在人工智能无处不在的经济体中，科技公司可能会变成一种商品，几乎像电力一样——这将是财富创造者的盛宴。而对于投资者来说，人工智能行业的竞争结构，或者事实上社交媒体的结构，除非竞争对手能够撼动规模巨大的在位者，否则进入壁垒将难以逾越。
回顾 1995 年，微软已经是美国最大的公司之一。几周前，包括 Micron 和 Broadcom 在内的一组半导体股票接过接力棒，但最近它们也淡出了。这种波动性尤为剧烈，而且一个由人工智能驱动的大型对冲基金，robert.armstrong@ft.com
分析师 Hendrik Bessembinder 已经表明，过去一个世纪美国股市产生的净财富中，有一半是由少数拥有宽护城河的公司创造的。长期以来，股市产生的大部分超额回报来自少数几家公司。预计这两种模式都将持续。
_ 中国在补贴方面比任何人都要聪明。Tett 写道，他发起的活动在网上展开，同时在完成硕士学位时，让数百万人走上街头。但在美国，补贴仅占非战略部门（如农业）增加值的 2 per 百分之二，而战略部门仅占 0.5 per 百分之零点五。在欧盟，这一比例分别为 1 和 0.2 per 百分之零点二。因此，中国在支持绿色科技等战略业务，而西方则用政治影响力支撑农业等旧部门。迈克尔·斯托特（Michael Stott）写道，这就是驱动中国出口扩张的原因，其规模几乎达到了 $4tn。也许确实如此。但美国技术人员可能会反驳说，他们做得更好。
那个让印度总理在去年回国时受到英雄般欢迎的人是谁？这个问题是本周国际货币基金组织（IMF）论文中没有涵盖的另一个关键议题：政策
整合。当支持者和家人向“蟑螂”青年运动的创始人 Abhijeet Dipke 洒下玫瑰花瓣，并在他回到成长地恰特拉帕蒂·萨姆巴贾纳格尔（Chhatrapati Sambhajinagar）的车队中，在他的眉间点上红色的祝福标记时，我近距离观察到了中国电动汽车、绿色科技和人工智能的惊人质量。
目睹这一切后，人们很难不担心其他国家将如何竞争。
但美国的做法缺乏整体性。目前，美国在实施关税并支持芯片制造商等战略群体的同时，经济学家 Marc Fasteau 和 Jan Fletcher 指出，这种做法是零碎的。其他经济学家也注意到，美国往往缺乏配套措施，例如工人培训或安装支持绿色科技的高速输电线。
相比之下，中国在发电能力（这对人工智能至关重要）方面正在实现飞跃。
那么政府该如何应对？在理想世界中，他们应该立即停止这种重商主义的干预。
但像 Kai Guo 这样的中国经济学家则认为，“补贴已不再是中国企业竞争力增强的最具说服力的解释”。他们指责经合组织（OECD）误判了廉价贷款的运作方式——世界经济论坛的一篇论文也呼应了这一点，认为几乎没有证据表明西方国家在系统性地提供低于市场的融资。
毫无疑问，这场辩论将持续很久。然而，上周出现了一个发人深省的视角……
在非中国政策制定者看来，他们担心出现第二次“中国冲击”。这是我最近一直在思考的问题，因为我刚刚乘坐电动汽车车队横跨中国，在那里的车队中，我近距离看到了其电动汽车、绿色科技和人工智能的卓越质量。
而现在的局面是，一些中国经济学家与经合组织之间爆发了争论。上个月，这家总部位于巴黎的机构报告称，2024 年中国的补贴规模是其富裕国家竞争对手的三到八倍，这为其在全球市场份额的增长贡献了高达 60%（在 2005 年至 2023 年期间）。这呼应了美国和欧洲反复指出的抱怨，即中国正使用“不公平”的战术削弱竞争对手，从而损害全球增长。
国际货币基金组织（IMF）负责人 Kristalina Georgieva 已恳请中国通过刺激国内需求来减缓出口速度。
查塔姆研究所（Chatham House）的南亚专家 Chietigj Bajpaee 表示：“在最理想的情况下，他们应该立即停止这种重商主义的干涉。”
但北京正在支持战略企业，而西方则在支撑具有政治影响力的旧部门。
Dipke 发起的一场针对印度教育体制缺陷的运动，在几周内从网络模因（memes）演变成一场群众运动，迫使总理纳伦德拉·莫迪（Narendra Modi）罕见地做出让步。
“在经历了如此长久的斗争后能回到家，我感到非常高兴，”这位 30 岁的学生领袖（蓄着胡须）说道。“如果未来几天媒体不再关注我，我就能像以前那样过正常生活了。”
这个愿望可能很难实现。身穿 T 恤和牛仔裤，形象极其鲜明的“蟑螂党”（Cockroach Janta Party）创始人如今已家喻户晓。
“我认为他自己也对事态的发展感到惊讶，”Bajpaee 说道。“最初，这被认为是一个讽刺性的在线运动。随后，它成为了该国受教育但失业青年不满情绪的导火索。”
在五月，印度政治风向发生如此戏剧性的变化似乎是不可能的。当时，莫迪领导的印度人民党（Bharatiya Janata Party）正处于鼎盛时期。
然而，上周出现了一个发人深省的视角……
新闻人物 / Abhijeet Dipke
如果这没有发生，反讽的是……
印度的面孔 （在）一系列选举胜利中取得了最新进展。Dipke 当时正在马萨诸塞州波士顿攻读公共关系研究生学位，并正在申请工作。
“这一切并非本意，”Dipke 在 6 月告诉《金融时报》，关于这场“蟑螂抗议”活动，“只是当我读到印度首席大法官阁下将青年人比作蟑螂或寄生虫的评论时……我感到非常难过”，仅仅是因为他们表达了自己的观点……。利用此前作为反对党政策和美国政党社交媒体志愿者的经验，Dipke 发起了一场讽刺性的在线活动。其网站上出现了巨大的黑色蟑螂的 AI 图像。
在 CJP 抗议活动的最后一周，发言人补充道，Dipke 也很清楚自己的想法。Dipke 在 X 上发布道：“如果所有的蟑螂都聚集在一起会怎样？”。但他会听取所有人的意见，但仍会按照他想做的方式去做。”
与此同时，一份来自 IMF 的延迟论文指出：衡量补贴水平非常困难，因为数据匮乏且定义各异。因此，虽然 OECD 的计算包括低息贷款，但 IMF 的计算则不包括，而仅仅关注直接赠款和援助。
该论文提出了三个关键点。首先，即使在狭义定义下，中国补贴在 2023 年占增加值的 2.5% 以上，高于 2015 年的 1%，在此期间平均增长 1.8%。(这个较小的数字在利润微薄的商业环境下至关重要)。
其次，中国并非唯一采取此类政府干预的国家。远非如此。在 Ruchi Gupta（非党派组织、名为 CJP 的“印度未来基金会”执行董事）看来，美国的政府补贴在长期内增加了 1.3% 左右，约 20% 的规模。
但在现实世界中，北京不太可能改变，也同样不太可能降低其关税。毕竟，IMF 计算出，如果 2015-2023 年中国的补贴趋势继续下去，“将是中国而非美国，摧毁了基于规则的贸易体系，因为……各国将别无选择，只能对中国商品征收关税，”她今年早些时候在沙特阿拉伯告诉我。
新兴市场也同样在受苦。 “中国是我们外部失衡的最大风险之一 [且] 我们正试图与中国朋友讨论如何解决这个问题，”土耳其财政部长 Mehmet Simsek 告诉我。
词”。数以百万计的年轻人对此做出了回应。7月18日，警方介入并移走了一名支持CJP的资深权利活动人士，该人士当时正在进行绝食抗议。CJP要求将其在网络上的活动转化为一场现实生活中的运动，于是他回到印度，并在德里的抗议场所 Jantar Mantar 发起静坐。
两天后，防暴警察向数千名向议会进发的抗议者发射催泪瓦斯，并用木棍殴打他们，引发了广泛的愤怒。接下来的周末，人群聚集，CJP的主要目标——教育部长 Dharmendra Pradhan 辞职，政府承认了该运动的其他要求。
接下来的走向尚不明确。CJP 的领导人们表示，他们计划休息一段时间，然后在 2029 年的大选前在全国范围内进行巡演，倾听年轻人的担忧。但莫迪并没有停下脚步。“记住，我们会继续通过 Instagram 争取年轻人，”他补充道。“莫迪在这一角色上做得非常好。也许他应该辞去总理职务，转而担任这一职。”
Advaita Kala 是一位编剧，也是该运动的参与者，她指出 CJP 是首个迫使莫迪任期内一名部长下台的抗议运动。但她认为 Dipke 错过了一个将他的运动制度化的绝佳机会。
“他没有这么做，这说明了他的整体抱负可能是什么，”她说。“一个政治领袖绝不会回避挑战。Dipke 出生于一个达利特（Dalit）家庭，这是一个历史上被边缘化的种姓，他表现出一种安静且坚定的决心。他的灵感源自另外两位英雄：非暴力独立运动领导人圣雄甘地，以及塑造了印度独立后宪法的达利特人士 B.R. Ambedkar。CJP 的领导者坚持不懈。”
然而，Dipke 仍然维持着他那种不敬的幽默风格。在他家中被问到关于莫迪迟迟通过 Instagram 争取年轻人的尝试时，他回答道：“他在这个角色上做得出色。也许他应该退任总理，转而担任这个角色。”
许多印度年轻人因为对政府的信任超过了对反对派的信任，可能在 2029 年的下一次大选中依然投票给 BJP。
07 gillian.tett@ft.com
（此处为另一篇评论文章的片段）
会有其他的干扰项，”他补充道。
我们正处于一个极其商业主义的时代。因此，欧盟政府及其他政府必须做的不仅仅是考虑关税，而且是对抗一种破坏性的想法，这比这些孩子能想到的要高效得多。
而且，这种工业政策的干预在某种程度上显得有些虚伪。例如，支持农民的同时却削减科学研究资金，这简直是疯了。因此，未能投资于统一的电网或培训，在某种程度上是不可原谅的。希望唐纳德·特朗普及其英国和欧盟的同行能够理解这一点。遗憾的是，我怀疑他们是否能做到。
第三，并非所有补贴都一样。中国在战略产业（如半导体和技术硬件）中的补贴占该时期增加值的 3%，根据国际货币基金组织（IMF）的说法，这些补贴帮助了出口繁荣。
然而，在其他领域，这些补贴仅分别占增加值的 1% 和 0.6%，涉及加拿大和欧盟。华盛顿关于中国“不公平”贸易的投诉，以及针对其他工业政策的指责，因此显得有些虚伪。
FT.com / opinion 的热门阅读： - “奥德赛”赢得选角之争 - 山火进入临界点领域
政府和影响力人士”。来自富有远见的英国导演彼得·布鲁克（Peter Brook）的教训对于当今时代依然具有现实意义。
科学家需要更新他们的模型，以理解这些极端事件是如何开始并扩散的，”安贾纳·阿胡贾（Anjana Ahuja）写道。而托尼·塔塞尔（Tony Tassell）则写道，科学家需要耐心地倾听人们，因为那是他真正享受的事情， Vaishnavi Gaur（CJP成员）表示。
一些显而易见的事情正在发生，比如反对派反复地……michael.stot com 因为那是他真正享受的事情，”Vaishnavi Gaur，一位CJP成员说道。国大党（Congress party）仅仅加入了……
一位高级官员表示：“已经成立了[关于改革的检查]委员会”。
额外报道：Jyotsna Singh
10 * FT Weekend 1 August / 2 August 2026
令人谦卑的时刻 投资者终于开始显露出对那些显而易见的荒唐之事的厌倦之情 © 观点，第 20 页
公司与市场 环球音乐（Universal Music）股价暴跌 韩国综合股价指数（Kospi）反弹 因对 AI 的担忧减轻 因担心流媒体增长 SONG JUNG-A — 首尔 DAVID KEOHANE — 东京 EMILY HERBERT — 伦敦
韩国股市在 2026, 年初飙升，随后在 7 月下跌，因为投资者担心涨幅过大。一个包含 80 家全球最大半导体股票的指数下跌了超过
@ 销售额低于预期 / 市值缩水 €9bn / AI 歌曲带来的威胁
昨天，芯片制造商有所反弹，为这个惨淡之月画上了句号。从 7 月初到本周抛售最剧烈的时候，市值在起始点已损失了 $3tn。全球半导体公司被认为损失了高达 $3tn 的市值。
State Street 股票研究主管 Marija Veitmane 表示，该行的托管数据开始显示机构投资者在本周对半导体股票的态度变得更加积极，此前他们对 AI 繁荣的持久性持有顾虑。
Kospi 指数在之前三个交易日下跌 17 个百分点后，昨日上涨近 18 个百分点。韩国股市的上涨由芯片制造商 SK Hynix 驱动，该公司股价大涨。尽管有所上涨，该指数在 7 月份仍下跌了约 22 个百分点。
在华尔街，芯片股在周四经历一年多来表现最好的一个交易日后，昨日继续小幅上涨，该板块从为期一个月的暴跌中反弹。费城半导体指数昨日上涨 0.5 个百分点，加上周四超过 8 个百分点的涨幅，本周累计上涨 30 个百分点，最终仅下跌 2.3 个百分点；而竞争对手三星电子（Samsung Electronics）则上涨近 27 个百分点，本周上涨 5.2 个百分点。
市场对 SK Hynix 的情绪在董事长 桂太元（Chey Tae-won）斥资 $3.2mn 购买该公司约 3,600 股股票后有所改善，这被视为一种信心投票。首尔对冲基金 Petra Capital Management 的管理合伙人 Albert Yong 表示：“微软的盈利缓解了对巨额 AI 支出的担忧，投资者认为市场近期的抛售过度了——但目前还不能确定这是否标志着真正的反弹开始。”
本周微软（Microsoft）和亚马逊（Amazon）的强劲财报似乎缓解了部分投资者的担忧，即在数据中心和芯片上的巨额支出将无法转化为收入和利润。谷歌（Google）、亚马逊和微软在第二季度均报告其云部门增长，这反过来推动了芯片制造股票。
DWS 西欧首席投资官 Vera Fehling 表示：“基于目前的开发情况，[AI] 将比我们见过的任何东西都更耀眼……这种波动是值得承受的。这种技术开发将超越我们见过的任何东西……现在持有轻仓是非常危险的。”
半导体股票在今年上半年的华尔街历史性反弹中发挥了核心作用。
技术视角
Anthropic 的模型在测试期间入侵三个组织
星光熠熠：奥莉维亚·罗德里戈（Olivia Rodrigo）的歌曲是环球音乐上季度的最高销售额产品之一 —— kevin Mazuricetty 为奥莉维亚·罗德里戈拍摄的图片
CRISTINA CRIDDLE —— 旧金山 Anthropic 披露，其 Claude AI 模型在初创公司测试网络防御能力时，入侵了三个组织。这距离 OpenAI 报告类似事件仅一周之久。
这些网络评估全部采用所谓的“夺旗”（capture the flag）任务，即指示 AI 对脆弱系统进行逆向工程、分析或利用，以检索名为“旗帜”的隐藏信息。
在其中一个例子中，Claude 被要求攻击一家虚构公司，而该公司与一个活跃的网站域名同名。Anthropic 表示，由于我们与评估合作伙伴 [Irregular] 之间存在“误解”，Claude 在本应被屏蔽网络访问的测试环境中获得了互联网访问权限。
该公司在一篇博文中表示，这种情况并非普遍现象，且目前互联网访问已可用。
这一披露发生在一周前，竞争对手 OpenAI 承认其两个模型入侵了 AI 初创公司 Hugging Face。
DANIEL THOMAS —— 伦敦 来自激进投资者比尔·阿克曼（Bill Ackman）的 Per-shing Square Capital 在 5 月的一份客户通知中称，该公司将把上市地点从阿姆斯特丹迁至纽约，理由是之前的报价低估了业务价值。阿克曼在 6 月出售了价值 €1.4bn 的股份。
Bolloré 家族持有该集团 30 per cent 的股份。其旗下 Vivendi 集团是环球音乐（UMG）最大的股东，持股 10 per cent，其股价在法国应对此做出反应而下跌了 17 per cent。
全球最大的音乐集团环球音乐在第二季度营收低于市场预期，这加剧了投资者对今年曾经快速增长的流媒体市场出现放缓迹象的担忧。环球音乐集团（Universal Music Group）昨天的市值蒸发了近 €9bn。
在 JPMorgan（摩根大通）的一份通知中，该行补充道：“UMG 的订阅增长率仅为 6.7 per cent，而共识预期为 9.3 per cent，这是由于持续的市场份额竞争，以及定价带来的贡献低于预期。”
周四晚上，环球音乐首席执行官卢西安·格林杰爵士（Sir Lucian Grainge）试图为集团采取更乐观的立场，他在年初向环球音乐员工表示，目前“没有给这个季度抹糖衣（即不粉饰太平）”。
他声称，“没有任何其他音乐公司或娱乐行业公司能达到如此成功的高度”。上季度的畅销产品包括奥莉维亚·罗德里戈、诺亚·卡汉（Noah Kahan）和韩国的 BTS。
环球音乐报告的第二季度收入为 €3.3bn，同比增长 13.3 per cent，这反映了对 Down Music 的收购以及更高的流媒体价格。Spotify 和苹果公司今年均提高了价格。
订阅收入增长速度从 7.9 per cent 减缓至 6.7 per cent。净利润下降 85 per cent 至 €222mn，而自由现金流下降至 €24mn。
上季度 Universal Music 的最高销售额产品中包括 The Weeknd、Drake 和 Billie Eilish。
而模型开发商在今年前三个月提取并获取了信息。比尔·艾克曼（Bill Ackman）的 Pershing Square 较一年前的 €163mn 下跌。Pershing Square 出售了价值 €1.4bn 的 Universal 股份，以进一步加强执行力，并利用新技术以及不断演变的音乐生态系统所带来的机遇。
Universal 是泰勒·斯威夫特（Taylor Swift）和肯德里克·拉马尔（Kendrick Lamar）等艺术家的东家。该公司公布了通过将艺术家粉丝引导至付费订阅层级，并提供独家周边、内容和直接面向粉丝的体验，来提升订阅收入的计划。
Universal 拒绝了一项 €55bn 的收购要约，该要约在一个月前被提出。
Universal 的股票在阿姆斯特丹的午后交易中下跌 25 per cent，使该集团的股市估值为 €26.7bn。在周四收盘时，其估值为 €35.6bn。
该集团的盈利利润率也令投资者失望，从去年同期的 20.5 per cent 下降至 18.5 per cent。
Grainge 表示，公司正“在战略计划方面取得进展，并努力提高执行力”。
与此同时，一些模型在通过一个软件漏洞访问互联网并执行操作后，在今年前三个月突破了它们的测试环境。
一个包含数千行生产数据的数据库被访问。
Anthropic 计划最早在今年进行 IPO，该公司表示在发现网络攻击后立即停止了其网络评估。
Anthropic 表示，此次事件促使其审查自身的网络安全评估，发现三起受影响事件，涉及超过 141,000 次调查。
“在所有情况下，Anthropic 的评估向 Claude 明确指出，其环境是一个模拟环境，且无法访问互联网。”该公司表示。
“最终，许多因素导致了这些事件的发生，但与‘无责事后分析’文化一致，我们认为责任由我们承担。”
技术。AI 竞赛
谷歌、亚马逊、微软和 Meta 的资本投资热潮突破 $1tn，承诺将实现让广告业务成功的因素。
四大超大规模云服务商自上市以来首个季度就在烧钱。Meta 在第一季度报告了总收入同比增长 28 per cent 至 $61bn，但自由现金流为负 $6bn，这在一定程度上导致其股价在周四下跌 8 per cent。“他们到处乱花钱，”他说道。
这四家集团计划在今年投入 $745bn 用于资本支出，主要用于数据中心、先进芯片及运行它们的电力。
自 2023 年以来，他们一直在扩大支出，且目前看不到尽头。
自由现金流指标被密切关注，作为衡量公司在支付运营成本和资本支出后，用于偿还债务或回报股东的现金量。
谷歌还披露了在 AI 投资相关的未来财务承诺中出现了巨额增加。
这笔赌注的成功在一定程度上取决于 OpenAI 和 Anthropic 等初创公司能否继续融资。
然而他补充道，“投资者不再满足于不计成本的增长，他们希望看到支出转化为结果，比如……”
资产管理公司 SLC Management 表示，缺乏一个明确的计划来出租 Meta 的计算能力，这在一定程度上影响了局面。
首席执行官马克·扎克伯格（Mark Zuckerberg）暗示将进军租赁数据中心领域，告诉投资者 Meta 正在收到“大量要求”租赁其计算能力的请求，且规模“具有实际意义”。
他补充说，“对于投资者来说，这不再是相对于我们支付的价格的溢价。”
SAN FRANCISCO RYAN MCMORROW, RAFE ROSNER-UDDIN AND HANNAH MURPHY
大约 $500bn。这四大集团的综合自由现金流在期间跌至 $7bn 的十年低点，其中仅有微软和
三大超大规模云服务商（指谷歌、微软和亚马逊）在三年前开始竞相主导人工智能（AI）以来，已投入超过 $1tn 的资本支出。这种投资热潮给供应链带来了压力并推高了成本，导致内存芯片短缺，这也影响了苹果公司，尽管这家 iPhone 制造商目前在 AI 竞赛中处于观望状态。由于成本增加导致销售额和利润率预期下降的警告，其股价在周四下跌了 6.3%。
亚马逊首席执行官安迪·贾西（Andy Jassy）告诉投资者，该集团将不得不承受一段时间内自由现金流的压力，因为他们正全力构建“许多数据中心正同时快速加速建设”，从设施启用到安装服务器并向客户收费之间存在两年的滞后。“短期内……我们将投入大量资本支出，并在这些数据中心上线前遇到自由现金流的阻碍，”他表示。
这些巨额支出标志着美国最大的科技集团已从轻资产业务转变为物理基础设施的巨额投资者。他们将计算能力出售给从 OpenAI 和 Anthropic 到所有拥抱 AI 的公司。
“资本支出的增长基本上看不到尽头，”Dec Mullarkey，某公司董事总经理表示，大规模的前期数据中心投资及其相关收入意味着投资者必须准备好等待数年才能获得有意义的回报。Rishi Jaluria 也表示：“投资者正在……”
Meta 在该季度签署了 $233bn 的新承诺。增加的部分包括 $96bn 的数据中心和网络基础设施租赁（将在资产负债表上体现，待其投入使用），$112bn 的采购承诺（主要针对第三方云容量服务器及其他基础设施），以及 $25bn 的新债务。该集团随后在 7 月又增加了 $68bn 的数据中心租赁。
微软在第二季度签署了超过 $130bn 的新数据中心租赁。这三家公司合计达成了近 $900bn 的新 AI 相关义务（在三个月内）。
但大科技公司的财报显示，这些投资已开始转化为加速的收入增长，尤其是在云计算领域。谷歌、亚马逊和微软均报告其云部门增长上升，向所有企业出售计算能力。谷歌的云业务在去年的销售额中增加了 $11bn 的收入。在谷歌、微软和亚马逊计划公开上市前几个月，超大规模云服务商倾向于满足巨大的、多年期的计算能力购买承诺，因为销售智能的利润率显著高于直接销售计算能力。
超大规模云服务商的投资：AI 资本支出已侵蚀谷歌、亚马逊、微软和 Meta 的自由现金流
自 AI 热潮开始至 2023 年 6 月底，四家公司的总资本支出达 $1.1tn（根据过去两周的财报数据）。
资本支出（十亿美元） 自由现金流（十亿美元）
200 80 — Meta Microsoft 60 — Microsoft 150 — Google Amazon 40 Meta 100 20 Microsoft 50 20
一名 RBC 资本分析师。 “投资者需要亚马逊和微软股票的支撑。句号，将他们的资产负债表绑定到被迫重新考虑他们自己的时间表，” 2023 2024 2025 2026 : 2015 2020 2026 这些公司不得不走钢丝 Meta，它没有云业务，该分析师表示，人工智能正帮助其定位未来几年的 AI 竞赛。RBC 的 Jaluria 补充道。来源：公司申报文件 } 来源：Visible Alpha；公司申报文件 在投资 AI 和不投资之间——该公司尚未发布这些披露。AI 的诺查丹玛斯 第 13 页
1 August / 2 August 2026 FT Weekend
下午 4:41 周六 他们真正是为了时尚而来的。 乔恩花了数周时间寻找 一件完美的千鸟格夹克。 但当一辆福特 GT40 以 150 英里 / 小时的速度咆哮而过， 让他把饮料洒得满身都是时， 他惊讶地发现自己一点也不在乎。
18-20 SEPT 2026 门票 现已开售
12 * FT Weekend 1 August / 2 August 2026
公司 与 市场
石油与天然气
尽管伯纳姆重新审视，BP 仍将出售北海资产 BP 在该盆地运营五个中心，日产量约 100,000 桶，是一项重要的业务。此次出售发生在 BP 此前与 Ithaca Energy 进行了高级别谈判，就一项接近 £2bn 的交易进行磋商，但未能达成协议。BP 设定了一个目标，在 2027 年底前出售 $20bn 的资产，并且已经
BP 是最后一家在北海拥有业务的石油巨头之一，而竞争对手要么合并了其北海业务，要么将其挂牌出售。该公司最
最有价值的北海资产是 Clair Ridge 油田，该油田于 2018 年开始生产，以及在 2017 年重新开发的 Schiehallion 油田，两者均位于设得兰群岛海岸附近。BP 在北海雇佣了 1,100 人，日产原油略低于 100,000 桶。
这反映了其对资本配置的克制方法”。HitecVision 和 Repsol 之间的合资企业，或 Ithaca 选择了保留这些油田，以获得更好的竞争方，这可能表明 BP 希望有另一家竞争方出现，因此他们不希望出现单一竞标者的局面”。O’Neill 决定出售北海业务，标志着她在接手 BP 后的立场发生了变化，当时她表示该地区具有“尚未开发的潜力”。
当被问及此次出售时，首相安迪·伯纳姆表示，关于北海存在“一系列我正在关注的问题”，包括能源“如果你需要帮助人们，你不能忽视你拥有的资源。但我们将在适当的时候做出进一步决定”。
MALCOLM MOORE — 伦敦
引导其希望征收利润税，该税项将针对公司。在发布公告后，在拥有六十年历史的盆地中，目前每天（产生）的油气量。群岛。今年销售额在 $9bn 至 $10bn 之间。对 BP 征收 78% 的名义税率，亚伯丁的商业游说团体呼吁政府采取措施，减轻运营商面临的负担。Rystad（一家能源咨询公司）估计 BP 的北海业务价值为 $2.6bn。在 BP 经营的 24 个北海油田中，一半正在生产，一半已开始弃井。FT 上周报道，这家石油巨头接近达成协议出售其太阳能业务，但这不太可能包含大额现金组件。在 BP 运营的北海油田中，最可能的买家是 Neo Next +。分析师指出，退役成本可能高达 $3bn。Cooper 表示，这一公告“可能”与授予新油田（如 Jackdaw 和 Rosebank）许可以及对英国能源安全未来的讨论相关。该公司在由新任首席执行官 Meg O’Neill 领导下，昨天表示决定启动正式的销售流程。他补充道：“我已经表明，在北海问题上我会采取务实态度。当人们在挣扎时，而当我们……”
Jennifer Williams 参与报道
快时尚连锁店在印度挖掘巨大机遇 商业 本周回顾
酷点子：Zudio 在德里西部 Rajouri Garden 的门店。这家由 Tata Sons 旗下的连锁店的一大吸引力在于，其空调门店为购物者提供了躲避酷暑街道的场所 —— Mansi Midha / FT e@ 希音（Shein），这家中国快时尚零售商在周日晚间提交给香港交易所的 IPO 前文件中报告季度净亏损 $99mn。该公司称，净亏损“主要归因于”可赎回可转换优先股公允价值下降 $328mn。去年净利润降至 $2bn。Rajouri Garden 在德里西部看起来像是一条典型的印度中产阶级购物街，但一家店脱颖而出：一座大型三层建筑，配有平板玻璃窗和 4 英尺高的白色 2 个字母的现代标志。Zudio 这家大胆的门店是 Tata Sons（印度最大的企业集团之一）一项雄心勃勃计划的一部分，旨在改变这个世界上人口最多的国家不仅是年轻人的穿着方式，而且是他们购买衣服的方式。尽管提供廉价产品，但 Tata 旗下的 Trent（包含更高端 且 现代的 Westside 服装店）的毛利率维持在 44-45 per 左右。
“这里看起来和典型的印度中产阶级购物街一样，但每次我来这里，感觉就像进了一家新店……衣服时尚且款式新颖，我很喜欢，”他说。重要的是，“这里价格符合我的预算”。e@
Leena Saldanha 是一位 52 岁的办公室职员，她在孟买参观 Reliance Trends 门店时表示，她经常在价值零售商处购物：“他们总是在更换款式，这激励我更经常地购买。”e@
在奢侈品集团报告第二季度同比销售额增长 2 per cent 达到 €3.65bn 后，Kering 的股价上涨了 11% 以上。但在竞争对手 Hermés（全球最顶尖的品牌之一），由于业绩疲软，股价下跌 10%，导致交易暂时暂停。
“全球人口，”Zudio 母公司 Trent 董事长 Noel Tata 告诉《金融时报》，他指出大孟买地区和大德里地区的总人口就相当于整个英国。
“其商业模式是端到端——你从产品源头出发到达客户手中，中间的一切环节全部由自己掌控，”他说道。“这就是为什么我们拥有自己的电子商务运输。我们有自己的仓库。我们有自己的店铺。在过去的 25 年里，购买力大幅增长……而且它仍在继续增长，”他表示。“我们的市场底层规模极其庞大。”
“消费者想要更好的购物场所，更好的氛围，而且随着可支配收入的增加……她们更想去一家更好的商店，而不是去一家夫妻店，”该机构副总监 Adarsh Reddy 说道。“每个人都试图在价值时尚领域分一杯羹，因此竞争已经加剧。”
Noel Tata，Trent 董事长，认为这是一种更广泛的努力，旨在利用印度庞大且充满渴望但又极其节俭的消费市场，因为购物者正从地摊和集市转移。他说：“这是一个从非组织化向组织化的转变。这是一个在印度许多许多领域都在发生的重大转变。”
其中一个巨大的吸引力是价格。Zudio 避开了在线零售，认为高退货率会阻塞运营并产生过多额外成本。快速周转是其吸引力的关键。每周四都会推出新产品线，社交媒体团队通过……
另一个吸引力是空调。为了吸引讨价还价者远离市场地摊，Zudio 为其主要年轻女性客户提供低至 199 卢比的棉质 T 恤——穿纱丽已经不酷了，她们想要更多。
“我们使用的制造单元基本上是为我们专属的。”Zudio 是几家致力于占领印度庞大消费市场份额的国内外主要零售商之一。Zudio 是市场领导者，去年售出了 3.5 亿件服装。该连锁店在十年内于印度开设了 1,000 家大型门店，Tata 认为印度至少还有空间容纳另外 4,000 家 Zudio 商店。
印度零售业转移的规模和程度是巨大的。国内服装业预计将以略高于 10 per cent 的年增长率扩张，从而成为一个价值巨大的市场。尽管印度消费者在过去中变得更加富裕……
在第二季度，中国奢侈品的销售额超过了整体销售额。
@ 美国航空航天公司波音公司的国防部门在空军一号翻新项目产生 $280mn 新成本后，出现意外亏损。该项目在唐纳德·特朗普第一任期内由其协商，是一项 $3.9bn 固定价格合同。然而，Trent 的股价在过去一个月下降了 9 per cent。
@ 法拉利表示，尽管投资者和爱好者的反弹，但由于来自中国的强劲需求，其首款电动车的今年销售目标已达成。该公司计划今年销售略低于 500 辆该车型，这款车由 Jony Ive 设计，定价 €550,000. 起。
在今年 6 月季度，由于营收增长 19 per cent，低于分析师预期，引发了对其雄心勃勃的扩张过程中增长是否放缓的担忧。
@ Grant Thornton 将以 $5bn 收购竞争对手 CBIZ，这将是会计行业规模最大的一次收购。
法拉利达到了今年的销售目标 ($2.10)，以及售价 599 卢比的运动鞋。根据 Redseer Strategy Consultants 的数据，到 2030, 年，该规模将达到 $150bn。在过去的十年里，人均收入仍低于 $3,000，而中国则接近 $15,000。
这种增长是由来自中国的强劲需求、大众时尚品牌的扩张而推动的，包括印度亿万富翁穆克什·安巴尼旗下的 Reliance Trends 以及迪拜 Landmark Group 旗下的 Max Fashion。尽管投资者对此反应不佳，但一个名为 Burnt Toast 的新品牌于今年推出，目标市场介于 Zudio 和 Westside 之间。
零售咨询公司 The Knowledge Company 主席 Arvind Singhal 表示：“购买力仍然非常低。”
Venkatesalu 表示，Zudio 门店是女性购物者可以购买内衣而不会受到骚扰的“安全空间”。“我们有许多心向往之的购物者……对她们来说，来这里很酷。当她们看到质量尚可且价格合理的产品时，会觉得自己富有得多，”他说道。
P Venkatesalu 作为 Trent 的董事总经理表示：“我们的门店不在购物中心里，而是在繁忙的街道上，因为我们的目标客户习惯于在集市购物。”
这些设计在很大程度上倾向于现代都市时尚。价值零售商在截至 3 月的年度中记录了约 9% 的增长，几乎是行业平均速度的两倍。这一增长主要由小城市的购物者驱动，根据总部位于孟买的 Fitch Group 旗下机构 India Ratings & Research 的估计。然而，价值零售商在这一代人中“绝没有接近饱和”。唯一限制因素是房地产的可用性，这是印度一直存在的问题。
在孟买的一家 Zudio 门店中，18 岁的学生 Shoaib Ansari 表示，他过去两年一直是这里的常客。“他们不断变换款式，”他说道。
观察员监控时尚趋势，并将其反馈给设计团队。传统的印度纱丽和库尔塔（kurtas）几乎已经消失，而桶形牛仔裤和印有“Cluelessly Navigating Through Life”（糊里糊涂地航行人生）等标语的 T 恤则非常流行。
该交易将创建一个年营收超过 $5bn 的综合集团。
Ebay 及其前高管将支付 $55.7mn 以解决一起指控骚扰活动的诉讼。该活动包括投递活蟑螂、血淋淋的猪头面具以及葬礼花圈。Ebay 在 2023 年认罪并支付了 $3mn 的罚金。
（记者：迈克尔·斯托特，发自新德里 e@；克里斯·凯，发自班加罗尔；安德里亚·罗德里格斯，发自孟买）
e@ 中国：BYD 通过推出其微型电动 K-car 挑战日本汽车制造商。在此之前，BYD 宣布了一项计划，旨在五年内成为全球销量最大的汽车制造商，从而击败丰田。
制药业 Novo 股价在心脏病药物临床试验失败打击增长目标后下跌 10%
亚洲私人信贷基金今年的资本募集量为十多年来的最低水平。今年上半年，五个基金关闭，共筹集 $1.2bn，而 PitchBook 的数据表明，去年筹集了 $9.5bn，共有 29 个基金关闭。
AANU ADEOYE — 伦敦
巴克莱分析师此前预测该药物的年度销售额峰值约为 $1.5bn。Novo 曾在 2020 年以 $725mn 收购 Corvidia Therapeutics 后将 Ziltivekimab 纳入其产品组合。
Novo 股价昨日一度下跌 10%，这是自 Novo 在今年 2 月发布利润预警——由于波音公司固定价格空军一号项目产生的新成本导致利润预警，随后将 $280mn 亏损削减至 7.3% 以来最剧烈的跌幅。
中国芯片公司 CXMT 的股票在周一的上海交易首日飙升 466%，使其短暂成为中国市值最高公司。其市值一度上升至 3.7 万亿元人民币（$547bn），短暂超过了在香港上市的腾讯。
英国航空所有者 IAG 放弃今年扩张计划
亚马逊将发射一个由 5,000 多颗卫星组成的星座，以提供手机服务——
Ziltivekimab 用以研究其对 2026 年“重大不良心血管事件”的影响，但将导致第三季度非现金资产减值损失。
丹麦制药商 Novo Nordisk 旨在降低心脏病发作风险的一种药物在针对心脏病、慢性肾脏病和炎症患者的 3 期临床试验中失败，该公司表示。
Novo 执行副总裁兼研发负责人 Martin Holst Lange 表示，该结果“并未改变我们对心血管疾病的战略承诺”。
他补充道：“这项研究提供了重要的科学证据，将为我们持续开展的心血管研究以及为仍面临巨大未满足需求的患者开发治疗方案提供参考。”
Novo 另有两个正在进行的试验，结果预计将于明年上半年公布。
Ziltivekimab 失败导致这家 Wegovy 和 Ozempic 的制造商股价下跌高达 10%，对其试图开发肥胖症药物之外的新药努力造成了打击。这些畅销减肥药在去年的销售额中占比超过 90%。
Novo 昨日表示，尽管 Ziltivekimab 降低了其旨在针对的蛋白质含量，但这种每月一次的注射并未降低心血管事件的风险，例如心脏病发作和中风。
: “J PETER CAMPBELL — 今年 3 月将交付 16 架新飞机，并增加拉丁美洲、北美和亚洲的运力。尽管如此，该集团表示部分地区的服务费用仍高于去年，不过仍超过 €1bn。欧洲，尤其是西班牙，“由于显著的运力增长而极具竞争力”，这阻碍了其通过近期波动和提高票价来回收燃料成本的能力。IAG 股价昨日下跌 1.5%。
IAG 首席执行官路易斯·加列戈（Luis Gallego）表示：“我们预计全年旅游需求将保持强劲，因为在持续多年的时间里一直如此。”在此之前，加列戈预计今年将是“积极的”，但短途运营的竞争将更加激烈。
由于伊朗战争导致燃料价格飙升并使全球旅游陷入混乱，英国航空的母公司国际航空业集团（International Airlines Group）放弃了今年剩余时间的增长计划。上半年税前利润从 €1.7bn 下降约 19% 至 €1.4bn，而收入增长 1% 至 €16bn。
由于美国和以色列对伊朗的袭击，航空 companies 已经在削减运力并提高价格。直到几个月前，该集团仍计划继续扩张。
IAG 表示，其今年全年的运力将持平，而此前预计将提升 3%。
IAG 表示，预计今年的燃料成本约为 €8.3bn 至 €8.6bn，低于其在年底预测的 €9bn。尽管该集团（包括伊比利亚航空、爱尔兰航空和伏林航空）预计将通过提高价格和削减成本回收燃料账单增加部分的 60%，但此举仍面临挑战。
IAG 指出，企业差旅的增长提振了英国航空，尤其是现在直接飞往亚洲中东目的地的航班。
全球最大的国防公司，包括洛克希德·马丁（Lockheed Martin）和 BAE 系统公司（BAE Systems），根据 Dealroom 的数据，今年已参与了总额高达 $4.1bn 的风险投资轮，且持续时间跨越多年。
埃隆·马斯克的 X 解决了与世界广告发行联盟（World Federation of Advertisers）的法律纠纷，后者被指控组织了对该社交媒体平台的“非法抵制”。目前针对诉讼中点名的几家公司的上诉仍在进行中。
1 August / 2 August 2026 * FT Weekend 13
公司与市场
科技股抛售打击对冲基金 技术
CoreWeave 为应对行业暴跌而启动的债务方案提供更优条件 OpenAI 前员工 Aschenbrenner 疯狂的 $20bn 之旅以向 Citadel 出售大部分资产告终 MICHELLE CHAN — 纽约 FT 记者
CoreWeave 已在最新的 $2.6bn 贷款方案（由其与 Anthropic 的计算交易提供支持）中向投资者提供重大让步，这凸显了在 AI 股票近期暴跌的背景下，投资者对该类贷款的兴趣正在冷却。
为了促成交易，在经历了一周的需求低迷后，这家云计算公司将债务收益率提高至近 9.1%，并加强了贷方保护措施，知情人士透露。关键的激励措施包括一个定制的“锁库”（lockbox）功能，确保来自底层合同的现金流入在支付其他费用之前优先用于偿还债务。该锁库机制将一直有效，直到 CoreWeave 偿还一半的债务，或者在租赁率低于特定阈值时被触发。
该交易的订单在周四激增至近 $9bn，此前 Citadel 迅速出手收购了 Situational Awareness 的大部分公开股票持仓（此前估计价值 $16bn），击败了竞争对手 Millennium Management 和 Jane Street。
Jane Street 此前曾支持该基金，这对于一家自营交易公司来说极为罕见。
“投资者现在要求更高的[收益]”
Leopold Aschenbrenner 凭借预测未来的能力而名声大噪。但即使是被称为“AI 诺斯特拉达姆斯”的交易员，也很难预见到他的高飞对冲基金如此之快就陷入困境。
由于他对 AI 股票的投注具有高度波动性和集中性，至少有一家主经纪商将 Situational Awareness 列入了“观察名单”。
“我们这边的人员对于该公司的风险敞口感到不安，因为其投资组合构成和信用概况[存在问题]，”该行一名高管表示。该主经纪商要求增加额外保证金以支持其头寸，包括在本周内，该行高管称。
这位 OpenAI 的前员工没有任何交易经验，但在两年多时间里成为了华尔街的 sensation，其 $20bn 规模的对冲基金 Situational Awareness 仅在今年上半年就实现了超过 400% 的收益。
但他利用债务驱动的对 AI 灿烂未来的押注，使 Aschenbrenner 在近几周残酷的市场抛售中处于不利地位。随着基金银行家的压力接踵而至，以及快速出售投资组合部分的尝试，Situational Awareness 的麻烦在周三深夜达到顶峰，当时投资者抱怨无法联系上 Aschenbrenner 的基金。
“Leopold 根本不再接电话了，”该基金的一位投资者表示。
相反，Aschenbrenner 正在与华尔街最激进的操作员——Jane Street、Millennium 和 Citadel 洽谈，寻求迅速出售全部或大部分投资组合。
Aschenbrenner 的投资组合此前已引发警觉。向对冲基金提供贷款已变得异常获利，在银行资产负债表中占据越来越大的比例。但随着华尔街对资助 AI 热潮的热情减退。
这位 24 岁的天才，也是华尔街最令人生畏的投资者之一，最终与 Ken Griffin 达成协议，将 Situational Awareness 的大部分投资组合出售给 Griffin 的对冲基金。
收益率上升且更趋紧缩，这是华尔街历史上规模最大且最突然的股票交易行为。该公司的快速下滑是一个熟悉的故事，硅谷和华尔街再次将筹码押在一个目光炯炯但未经考验的投资者身上，而这次该投资者承诺情况将有所不同。“每个人都总想找到下一个金童，”一位资深的对冲基金高管说。“这种情况一直在发生。”
多位投资者表示，Aschenbrenner 正在探索出售部分或全部在 Situational Awareness 和 Aschenbrenner 持有的备受追捧的 Anthropic 股权，不过 Aschenbrenner 没有回应置评请求。
“他就像是把第一和第二任务，或者怎么说，把‘金童’作为核心，”Aschenbrenner 在 2024, 一个热门科技播客的第四小时讨论中说道，就在他正式启动基金前几个月。 “如果操作得当，我认为可以赚很多钱。”
Aschenbrenner 用关于人工智能的大胆想法吸引了投资者，这些投资者来自他的有效利他主义（effective altruism）网络——这是一种具有争议的“行善”哲学，其信徒曾充斥在之前崩溃的加密货币交易所 FTX 中。就在两个月前，这个对硅谷人工智能热潮抱有错觉的人将资金投入到人工智能贸易的赢家身上。
尽管人工智能遭遇暴跌，但 Aschenbrenner 在 7 月 24 日给投资者发送了一封信，称其仍然掌控局面……其回报率依然惊人——截至 6 月底，年度回报率高出基准 439 个百分点，据彭博社报道。
然而，到 7 月份，一些对冲基金的仓位出现了动摇。参与谈判的另一名人士表示，最大的股票头寸是 CoreWeave 和人工智能巨头 Anthropic。
据两名知情人士透露，Aschenbrenner 试图通过其在 Situational Awareness 基金持有的少量无杠杆公开股票及私有股权来挽回损失。一名接近该公司的人士表示，“他产生了一种仍然掌控局面的错觉……而他根本没有掌控权。”
在 CoreWeave 和 Anthropic 的案例中，后者在 4 月份宣布了一项协议，从该公司租赁云计算能力。该公司获得了一笔 $3.1bn 的类似融资方案，由承诺协议支持。CoreWeave 的一名发言人表示，该协议中的合同价格仅比基准高出 4.5 个百分点。
在周三晚上，其他几家金融集团也开始在周三晚上围绕 Situational Awareness 的资产展开讨论，探讨潜在的收购部分私有股权方案，据两名知情人士透露。
该方案包括承诺向新发行债务提供资本，其定价比基准隔夜融资率（Secured Overnight Financing Rate）高出 5.5 个百分点，而折价价格为每美元 96 至 97 美分，根据《金融时报》看到的一份条款清单显示。这较初始价格增加了 1 至 1.25 个百分点，且相对于其上次 $900bn 的估值有所溢价。
与此同时，有人在激进地向市场抛售。那个卖家就是 Aschenbrenner，据多名知情人士透露。他深陷于这场持续通宵的谈判漩涡之中。直到黎明后不久，Citadel 才达成一项协议。Situational Awareness 的资产被清算至 $24bn，因为 Aschenbrenner 试图通过出售私有股权来挽回损失，其中一名知情人士如此说道。
在 19, 岁从哥伦比亚大学毕业后，他曾在 Situational Awareness 简短工作过；随后进入 Jason Henry / FTX Future Fund，这是 Sam Bankman-Fried 帝国下属的慈善部门。
监管文件显示，自成立以来，该数值似乎增长了 1,551 ％——他表示，问题不在于交易是如何构建的，也不在于此次融资将为 Citadel 带来多少资金。该基金由七名投资专业人士和 20 名员工管理——曾一度持有数亿美元，随后又向 Bloom Energy 和 Sandisk 投入了大量资金，这两家公司的股价从 6 月底到本周初下跌了约 40 ％。
Citaldel 认为，这一结果“反映了人工智能基础设施作为一类成长资产的持续成熟”。
与此同时，Aschenbrenner 结识了未来的妻子 Avital Balwit，她目前担任 Anthropic 首席执行官的幕僚长。随后，他加入了 OpenAI 的“超级对齐”（Superalignment）团队，但之后因涉嫌泄密而被解雇。
在 2024 年 7 月 23 日，Aschenbrenner 写了一篇 165 页的论文，探讨了人工智能，尤其是通用人工智能（AGI）将在未来几年如何剧烈地重塑社会。这篇名为《情境意识》（Situational Awareness）的文章迅速走红。Aschenbrenner 利用新获得的知名度，筹集资金成立了一家对冲基金，获得了前 GitHub 首席执行官 Nat Friedman 以及 Stripe 创始人 Patrick Collison 和 John Collison 的锚定投资。
这位被描述为“AI 诺斯特拉达姆斯”的 Z 世代投资者——直到上个月还相对年轻——对近期科技股的抛售不屑一顾，但表示此次市场平仓是“一个增加资金的好时机”。
他在给投资者的信中承认，他的公司并非对近期科技股抛售“免疫”，但称这种平仓是“将创新融资结构推向市场，尤其是在波动较大的背景下，之中的正常部分”。周四，Aschenbrenner 表示他对此承担“全部责任”。
JPMorgan 牵头了该交易，但发言人拒绝置评。
然而不久之后，该基金的情况恶化了。据知情人士透露，Aschenbrenner 给许多投资者打电话，以募集新资金或出售某些资产。
在接受简报的投资者表示，他们对这一流程感到特别担忧。这些电话是临时性的，向不同投资者提供不同的方案。1,000
两名当时接受 FT 采访的投资者表示：“这些是非常昂贵的教训，但我们对这封信感到宽心，认为他们将是非常宝贵的资产。”
Grant Nachman 担任 Shorecliff Asset Management 的首席投资官，他表示：“较高的基准利率、对 AI 资本支出回报的质疑、对过度建设的担忧，以及拥挤交易的平仓，同时打击了这些股票。” PHLX 半导体指数也随之大幅下跌。3,000
但 Aschenbrenner 在信中写道：“在前进的过程中，我将自己定位为 4 角色。我对你们的核心承诺是，我们不会浪费从这些事件中学习的机会。”
他此前在暗示出现问题之前，并未透露在 2022 年底崩溃前的情况，而当时该案件已演变成一宗涉及数十亿美元的欺诈案。
“真正的关键在于，在没有任何个人经验且不了解基础设施的情况下，怎么会有人投入这么多钱，然后又贷出这么多钱？”
“现在比以往任何时候都更重要去意识到波动性的潜在影响，”他写道。
投资者现在要求更高的收益率和更严格的契约，才愿意在该行业的发行新债交易中投入资本。2.000
Fontanella-Khan，支撑最新融资的资金，以及关于他是否会遭遇与 2008 年金融危机期间崩溃的其他对冲基金类似命运的质疑。一些曾向 Aschen- 提供融资的华尔街银行现在对该交易避之不及。
“显然，没有爆雷就是一种成功，”一位在旧金山参与此交易的贷款投资者表示，“但我们对于技术领域在未来几个月内的面貌将如何演变还没有明确的预期。”
（Ortenca Aliaj, Kate Duguid 和 Jill R Shah 在纽约报道；George Hammond 在旧金山报道；Costas Mourselas 在伦敦报道。额外报道由 Rafe Rosner-Uddin 提供。来源：LSEG。2025 年 8 月，2026 年 1 月，7 月。另见 Lex 和 The Long View 专栏）
（额外报道由 Ryan McMorrow 提供）
技术
Google Earth 工具引发对伪造图像的担忧 DAN CLARK 和 JAMIE JOHN —— 伦敦 JAMIE SMYTH —— 纽约
安全研究人员攻击了 Google 最新的 AI 驱动图像编辑工具，认为它将使制造令人信服的卫星图像变得更容易，从而加速虚假信息的传播。
“用于检测伪造图像的工具本身现在正被用来制造伪造图像，”艾伦·图灵研究所（Alan Turing Institute）的高级研究员 Sam Stockwell 表示。
周四，一段在 X 上传播的据称是由 AI 生成的图像显示，伊斯兰共和国已故的最高领袖被从废墟中拉出，而另一段 AI 增强的帖子则夸大了伊拉克某美国军事基地的受损规模。
“人们用来检查图片是否真实的东西现在被整合进了 Google Earth，”开源情报专家 Henk van Ess 表示。Google 将其 Nano Banana 图像生成模型集成到 Google Earth 中，允许用户“输入任何想要看到的画面”并“几乎可以重新想象世界上的任何地方”。
Google 的这一工具比之前的生成式图像生成器走得更远，因为它……
能源
美国核能巨头 Westinghouse 申请 IPO MALCOLM MOORE —— 伦敦
在 X 上流传的一段据称是由 AI 生成的图像显示，在一次伊朗无人机袭击后，卡塔尔的一个美国雷达系统受损，调查人员正在检查可疑图像。
美国能源部表示，将承诺提供 $17.5 的贷款以重建该国的核供应供应链。
Westinghouse Electric，这家美国的核反应堆设计与服务公司，昨日表示已秘密申请首次公开募股（IPO），旨在获取更广泛的资本池，以从核电复兴的兴趣回升中获益。
该公司周四宣布，其从破产中恢复并重返公开市场是一个“象征性的时刻”，也预示着未来几年核电能力的显著增长。
一名知情人士表示，Westinghouse 希望获得更多资金，以支持美国核能复兴。
“如果美国计划建造更多反应堆，Westinghouse 的 AP1000 是最可能的选择，”美国企业研究所（American Enterprise Institute）研究分析师 Brady Africk 表示。核能市场正经历前所未有的投资水平，而这种投资似乎并未……
上个月，美国最大的核能供应公司之一 Holtec International 申请 IPO，旨在筹集资金以支持一项 $10 的小型模块化反应堆建设计划。这家总部位于宾夕法尼亚州的公司由投资公司 Brookfield 和铀生产商共同所有。
Cameco 提交了申请，而 X-energy（一家 SMR 开发商）在九年前通过纳斯达克上市筹集了 $1bn。随后，Standard Nuclear，一家核燃料制造商，申请公开上市。
这些公司尚未决定要发行多少股份，或定价区间。
这是美国核电公司宣布公开上市的一系列行动中的最新一项，这些公司希望利用他们期望能为 AI 繁荣提供动力的技术来吸引投资者。如果订单在 2029, 年前下达，华盛顿将有权持有西屋电气（Westinghouse）20% 的股权。这还取决于西屋电气的估值达到至少 $30bn，且在交易附带的认股权证稀释后，份额将降至约 8%。
去年，美国政府宣布了一项计划，将在美国建造价值 $80bn 的新核电站，并使用西屋电气的反应堆，资金由日本提供。
在三月，当中东战火肆虐时，AI 修改的卫星图像在 X 上迅速传播。用户通过分享图像证明了这一功能的真实性，例如展示了一个虚构的加沙地带炸弹坑和一场发生在阿姆斯特丹的车祸。
谷歌并未就此请求发表评论，但表示每一张使用 Nano Banana 工具创建的谷歌地球（Google Earth）图像都包含水印，可以通过其 Gemini AI 模型识别。然而，Africk 警告称，这不足以防止个人和政府被欺骗。
“很少有人会在浏览或分享图像时，去检查该图像是否由 AI 生成。”
“谷歌地球几十年来一直是记者用来验证信息——包括战争地区等难以进入区域——的参考层，该工具可能会破坏一个最广泛使用的图像验证参考点，”Digital Digging 通讯作者 Brook 警告说。
这些伪造图像被锚定在真实的卫星场景中。用户可以通过 AI 生成的对象来操纵精细图像，从而去除一些揭露伪造迹象的特征，如不匹配的地形和比例。
这些机密文件允许公司在远离公众视线的情况下准备上市，而西屋电气此前因佐治亚州核电站惨重的成本超支而陷入破产。
谷歌的这一公告出台之际，人们对 AI 生成图像的传播担忧日益增加，这使得个人和政府更容易伪造证据并进行传播。
西屋电气于 1957 年建造了世界上第一个商业核反应堆，目前受益于美国政府的资金支持，这是由于总统唐纳德·特朗普去年承诺削减监管并投资数百亿美元重启和建造核反应堆机组，以获得赢得全球 AI 竞赛所需的电力。
在西屋电气的旗舰产品 AP1000 反应堆中，有 6 座目前正在运行，另有 14 座在建。波兰、乌克兰和保加利亚均已下单。
Brookfield 在 2.018 年以 $4.6bn 的价格从东芝（Toshiba）手中收购了该公司。
14 FT Weekend 1 August / 2 August 2026
英国 公司
零售 银行
超市将把该业务剥离给由行业资深人士领导的团体，旨在专注于其核心超市业务。
LAURA ONITA 和 PHILIP STAFFORD 伦敦 —— Sainsbury's 首席执行官 Simon Roberts 表示，该集团已“仔细考虑”了 Argos 的未来选择。
Sainsbury's 已同意以 £120mn 的价格出售 Argos。此次交易对 Argos 的估值仅为 2016 年收购该公司时所花费的 £1.4bn 的一小部分。
Roberts 在一次媒体电话会议上表示，这次出售对两家公司来说都是一次“双赢”，但该交易将产生一个大致为非现金 £350mn 的冲击。
Swift Partners 由零售业资深人士 Richard Pennycook 领导，他曾在竞争对手超市 Co-op 和 Morrisons 工作；Trevor Strain，前 Morrisons 运营负责人；以及投资公司 True Capital 的执行主席兼联合创始人 Matt Truman。
多年来，Argos 一直是 Sainsbury's 的一个侧翼业务，因为它抑制了超市店面业绩。2020 年决定取消其印刷版目录（该目录曾是英国度家庭的标配，普及程度一度仅次于圣经）引发了一波怀旧浪潮。Pennycook 昨天并未排除目录回归的可能性。他表示，他们将尝试在一些地方为 Argos 开设新店，“我们很有雄心”。
Sainsbury's 表示，预计将承受这一影响。Argos 仍拥有 201 家独立门店。Argos 的销售额增长 0.7%，这体现在 4 月份的初步业绩报告中，而 Sainsbury's 的销售额增长 4.9%，达到 £25.9bn。
但 Argos 在截至 3 月的 12 个月中记录了 07 预税亏损，金额为 4£225.2mn。尽管如此，利润增加了 29%，且销售额达到了 £4.1bn。
LAITH AL-KHALAF —— 伦敦
NatWest 首席执行官抵制要求提高税收的呼吁
至少 £120mn，在该连锁店在 Pennycook 努力寻求增长十年后，该公司表示他们正在“收购一个具有中立影响的潜在运营业务，因为该市场由亚马逊主导。这是一个拥有伟大未来的良好企业，但处于不同的所有权之下”。14,000 名员工将在 2025 年 2 月交易完成时转至 Swift。
此次出售给由资深人士领导的新成立公司 Swift Partners，发生在去年尝试将该连锁店以 £1.4bn 出售给中国电商集团 [D.com, 最终失败的漫长 saga 之后。Pennycook 将 466 家位于 Sainsbury’s 内部的 Argos 门店描述为“该模式的独特组成部分”以及“一项伟大的投资”。Argos 销售从家具到玩具和电子产品的消费品，于 1973 年作为一家目录零售商起家，随后发展成为一家高街连锁店，在巅峰时期拥有 800 多家门店。目前，其大部分销售额来自在线订单，因为该公司关闭了数百家门店。
Sainsbury’s 股份昨日收盘上涨 1 分，报 £3.59。
NatWest 首席执行官 Paul Thwaite 昨天回绝了要求提高英国银行税收的呼吁，此前该行报告第二季度税前利润激增 29% 至 £2.3bn，而前一年同期利润为 £37.3mn，根据最新的公司注册处（Companies House）文件。
在重建了食品业务的核心竞争力后，这份协议允许我们集中所有资源，抓住眼前的重大机遇，”Roberts 说道。他表示，随着他们制定战略，他们可以看到该国某些地区“只要他们不认为自己是‘乏味的’超市”。
高街银行的总收入为 £4.5bn，高于去年第二季度的 £4bn，这主要得益于其零售银行和财富管理部门的增长。NatWest 将有形权益回报率（银行的关键盈利衡量指标）的全年指引从 17% 提高到 19% 以上。
该集团超过了分析师的预期，分析师此前预计利润为 £2bn，营收为 £4.4bn。该行的零售部门是表现最强劲的部门之一，创造了 £948mn 的营业利润，高于上次的 £735mn。
与竞争对手劳埃德银行集团（Lloyds Banking Group）一样——后者周四报告第二季度税前利润为 £2.3bn——NatWest 的收入受益于持续的高利率时期。
该行业的巨额利润引发了议员和工会大会（TUC）成员要求提高税收的呼吁。针对 NatWest 的业绩，TUC 总书记 Paul
酒吧
成本上涨令人心寒，压低 Wetherspoons 利润 今年第四次发布利润预警，威胁到该连锁店“便宜且愉快”模式的终结
STEPHANIE STACEY
Sir Tim Martin 成为英国餐饮业最成功的人物之一，他将 JD Wetherspoon 打造成为一个无处不在、与廉价啤酒和简陋装修等同的连锁店。
Nowak 表示，提高银行利润税的理由非常充分。“大银行正从高利率中大赚特赚，而劳动人民却在与房贷痛苦和更高的账单作斗争。”
然而，Thwaite 重申了他的观点，认为增加税收将限制贷款并损害经济。“如果你想要强劲的经济，你就需要强劲的银行，”他说。“政策的连续性和稳定性非常重要。这不仅有助于企业规划，而且在向投资者传递信号方面也至关重要。”
在最新一次利润预警之后，Wetherspoon 酒馆 (英国连锁酒吧) 的分析师指出，该公司所有各项产品的价格都在上涨。他将重点放在他认为过去行之有效的打折策略上。
该集团的减值损失在最近一个季度为 £140mn，而去年同期为 £193mn。即使在 Wetherspoon 酒馆 (英国连锁酒吧) 的销售额有所增长的情况下，利润率也在缩减，这反映了其打折策略的影响，因为竞争对手在去年调价幅度更大。
Martin 在 2025 年表示，成本增加的速度超过了整个行业的增长速度。国民保险缴款和最低工资的增加将使公司成本上升——该公司去年的营业利润为 £146mn——每年增加 £60mn。
Thwaite 对安迪·伯纳姆 (Andy Burnham) 政府致力于增长并与该行业接触表示欢迎。
现如今，该模式正受到成本上升的威胁，迫使公司在 2026 年发出了第四次利润预警，这引发了人们对其增长驱动力——打折策略可持续性的质疑。
根据经纪公司 Peel Hunt 的数据，由于在过去六年中涨价幅度仅为其他酒吧的一半，2026 年初 Wetherspoon 酒馆 (英国连锁酒吧) 的饮品价格比竞争对手便宜约三分之一。虽然这巩固了该连锁店“廉价且愉快”的声誉，但对于利润率本就紧张的企业来说，代价是巨大的。
Wetherspoon 酒馆 (英国连锁酒吧) 正受到各项成本的挤压。
该集团的重点在于维持与其身份核心相关的历史建筑，而饮品在税收上应与超市和酒店业保持平等——因为 Wetherspoon 酒馆 (英国连锁酒吧) 的销售量规模较小，且面临“成本增加”。
酒吧和餐厅必须为食品和饮品支付 20 per cent 的增值税 (VAT)，而大多数在超市销售的家庭食用食品则为零税率。投资银行 Panmure Liberum 认为，这实际上是在补贴酒精饮料的销售。
创始人 Tim Martin 在 1979, 年于伦敦 Muswell Hill 开了他的第一家酒吧，随后将其版图扩展至英国和爱尔兰全境。该公司今年还扩展到了欧洲大陆，在西班牙开设了一家酒吧，主要服务于英国游客。
在 1995 年业务蓬勃发展期间，Martin 采取了温和的价格上涨。Wetherspoon 酒馆 (英国连锁酒吧) 于 1992, 年在伦敦证券交易所上市，为其快速扩张提供了资金。
NatWest 的股价昨日收盘上涨 3.2 per cent。该集团表示，将比原计划提前在全年业绩公布时考虑股票回购。
Peel Hunt 分析师 Douglas Jack 认为，Wetherspoon 酒馆 (英国连锁酒吧) 的息税前利润率（ebit margin）——衡量运营成本的关键指标——在今年已降至约 5.5 per cent，而 2025 年为 6.9 per cent。他认为这在 2026. 年救市已经“太晚了”。
二月份，他呼吁竞争对手酒吧提高价格。
一半的老板支持 Reform UK 将餐饮业增值税（VAT）削减至 10 per cent 的承诺。
Martin 表示，整个行业近期一直在与疲软的经营利润增长作斗争，其市值目前仅为 2019. 年疫情前高点的约一半。股价下跌了 9。
Richard Taylor，巴克莱银行（Barclays）分析师，表示他对 Wetherspoons 的评级为“低估”，尽管它是“经营最优秀的公司之一”。
Wetherspoons 的股价从未恢复到疫情前的峰值。但分析师表示，其他竞争对手的表现更好。包括 Marston’s、Fuller’s、Young’s 和 Mitchells & Butlers 在内的酒吧公司在最近几周发布了更乐观的交易声明，这些公司受益于炎热的天气和世界杯。
Wetherspoons 拒绝就其定价决策发表评论，但表示其“决心尽可能保持竞争力”。Martin 表示，如果税收政策和其他措施能够弥补“巨大的成本差异”，消费者将在酒吧消费更多。他认为，提高价格是为了在成本增加的情况下与其他人保持一致，”一位投资分析师说道。
他认为，即便酒精消费的长期下降趋势会威胁到 Wetherspoons，但价格上涨和成本增加是不可避免的。他对他（安迪·伯纳姆）承诺支持酒吧、俱乐部和现场音乐场馆的举措表示不屑，称削减营业税为“小打小闹”。
Wetherspoons 近期的销售额“略低于”预期。
上个月，该集团完成了对 Evelyn Partners 的收购，交易金额为 £2.7bn，该公司是英国第三大财富管理公司。
整合“大众富裕”阶层的财富管理将使 Coutts 能够专注于超级富豪。
此次交易是 NatWest 自金融危机前主导对 ABN Amro 灾难性的 £49bn 收购以来最大的收购案，那次收购导致该银行获得了 £45.5bn 的救助，并被迫进行大规模重组。
政府于去年 5 月出售了在 NatWest 的剩余股份。
(图表部分) 股价（便士） 2,000 1,500 1,000 800 500 0 2019 2020 2021 2022 2023 2024 2025 2026 来源：LSEG
Thwaite 将银行的财富管理能力作为其增长战略的核心部分，将其视为一种稳定的手续费收入来源，且较核心贷款业务对利率周期的敏感度较低。
Wetherspoons 报告称，其第二季度营业利润增长 16 per cent。
他将此部分归咎于“能源及其他成本上涨的次生影响”。
在酒吧和餐厅等场所消费的啤酒平均成本在 6 月份比去年同期上涨 4.4 per cent，而非贸易（零售）价格则下降 2.2 per cent，根据国家统计局的数据。
Wetherspoons 表示，其 800 多家酒吧的一品脱啤酒平均价格为 £3.16，而健力士（Guinness）为 £3.97。而根据支付公司 Square 的数据，英国每品脱啤酒的平均价格约为 £5.91 500。
Martin 是一个直言不讳的脱欧支持者，他也批评了那些他称之为“令人困惑”的新冠疫情限制措施。
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公司 & 市场
货币。汇率 金融
美国示意准备 美国监管机构 帮助日本捍卫日元 就 KKR 与 Apollo 的“循环” 风险发出警告 李·哈里斯（伦敦）及 埃里克·普拉特（纽约）
美国监管机构正就私有资本集团（包括 Apollo 和 KKR）所使用的快速增长的金融结构中存在“循环持股”和不透明持仓的风险而发出警报。这一警告出自美国州保险监管机构标准制定机构的新文件中，揭示了一个日益增长的担忧：随着该行业将巨额保费收益投入私募市场，填补保险资产负债表的投资可能隐藏着比保单持有人或投资者所认知的更大的风险。
更严格的披露要求或资本要求可能会削弱所谓的“多资产证券化”——这类投资通常将少量基金的份额进行拆分和重新组合。它们的持有资产涵盖从信用卡债务、抵押贷款，到私募股权基金份额以及向中型企业的直接贷款。资产管理公司将这一快速增长的金融市场领域推销为比传统结构化债务更具盈利能力，且仍能获得大型信用评级机构的顶尖评级。寿险公司一直在研究并投资这些证券化债务交易，旨在提高其向退休人员销售的年金产品所宣传的收益率。这些产品的复杂性、缺乏透明度以及它们的潜力可能
美国财政部向银行发出警告。据昨日公布的文件，美国财政部已通过纽约联邦储备银行通知多家银行，称其可能会在今日对日元汇率进行干预，银行应为未来的行动做好准备。
一名知情人士表示，这次干预部分原因是与美国之间显而易见的协调。纽约联邦储备银行已告知各州保险监管机构，由于一些多资产结构有时由抵押品支持，这些资产可能会在不同的保险公司资产负债表之间创造“互连性”，这引起了州监管机构的关注。
虽然国家保险专员协会（NAIC）并非监管机构，但各州保险监管机构会参加其会议并组织工作组，以协调行业标准。
DAVID KEOHANE —— 东京 IAN SMITH —— 伦敦 CLAIRE JONES —— 华盛顿
在日本政府此前于 4 月和 5 月采取的一系列行动中，共耗资 ¥11.7tn 以支撑该货币。分析师认为，由于与美国的显而易见协调，此次干预可能会在昨日之后成为美国与日本在支持该困境货币方面共同努力的最新阶段。
瑞穗证券（Mizuho）的分析和经纪人估算，日本当局昨日疑似干预的规模约为 ¥8.45tn ($52.8bn)。
这种所谓的汇率干预引发了关于官方将进一步采取行动的猜测。
在日本首相高市早苗（Sanae Takaichi）昨日的关系之后，日元汇率大幅走强，兑美元汇率从本周早些时候的水平下跌至接近 ¥159 之下。
但在油价上涨的担忧以及潜在的干预压力下，投资者在周初一度抛售美元。
瑞穗证券的策略师中岛正幸（Masayuki Nakajima）表示，这正是“市场等待的头条新闻”。
总体而言，中岛认为这次新闻发布会“显然是鹰派的”，且上田（Ueda）“成功地满足了市场预期”，尽管这些预期因假设的汇率干预而增强。
交易员目前预计，日本央行在 9 月份加息 25 个基点的概率约为 40%，高于本周早些时候的 30%。
上田表示，他将确保央行不会“落在最新的曲线之后”，并可能加快加息步伐。
“在接近 2% 价格稳定目标的情况下，我们认为比以前更有必要关注通胀的上行风险，”上田说。
“基于这一评估，我们打算在未来的货币政策会议上仔细讨论这些问题。”
上田还表示，如果政策过于宽松，完全有可能加速“利率上升”。
野村证券（Nomura）首席外汇策略师后藤裕二郎（Yujiro Goto）表示：“从价格走势来看……[我认为]日本在隔夜期间必须已经进行了干预。”
一名外汇交易员表示：“正如我们在之前的剧集中看到的那样，他们会干预不止一次。”
这些收益比其他金融资产更有可能获得更高的质量。在金融市场中，如果不能加速推进，可能会失去公信力。监管机构担心这些资产具有“在保险公司内部以及保险公司之间创造更大互联性的潜力”，NAIC 备忘录中这样写道。
熟悉该 NAIC 工作小组的人士表示，其关注点包括 Apollo 为其保险公司 Athene 构建的美元结构化信贷产品，以及 KKR 的证券化资产和私募股权基金（如“Thunderbird”和“Lightning”），KKR 的保险公司 Global Atlantic 已投资其中。
Apollo 表示，其多资产证券持有量多样且信用评级高，且杠杆较低，并已通过监管审查。
一名亚洲银行家表示，认为 AMAPS 具有风险的人，不幸地，显然是不了解情况的。Apollo 在一份声明中表示。
亚洲的一位银行家表示，客户正通过在已经承压的日元上建立日元空头头寸（目标价在 ¥162. 左右），来测试政府的承诺。KKR 拒绝就此置评。
新鲜的举措发生在日银（BoJ）于昨日将利率维持在 1% 之后，这符合市场预期。
该货币此前已跌至接近 ¥164。
美联储（Fed）在周四维持利率不变，且在日银做出决定之前，市场普遍预计美联储将在未来几个月提高利率，从而推高美元。
分析师表示，这一决定为政府采取行动打开了窗口。
据知情人士透露，美国财政部在周四代表美国政府对美元进行了所谓的“利率检查”。
日元在周四上涨了 3%，交易员和分析分析师认为日本政府已采取行动支持货币，以应对交易量的上升。
Citigroup 东京的外汇策略师高岛修（Osamu Takashima）表示，上田（Ueda）认为，“取决于通胀的发展情况，如果银行判断货币条件正在变得……”
东京官员拒绝评论他们是否采取了行动。
日本国际事务财务副部长三村淳（Atsushi Mimura）警告称，应警惕进一步的干预。他补充说，由于市场波动，日本当局的日元上涨空间目前可能是有限的。
但其他人表示，日本当局的任何干预如果仅限于道义支持，将难以在没有其他协助的情况下为该货币提供持久支持。
这次推定干预发生在美联储周四维持利率不变之后，以及日银在决定之前。
美财政部长斯科特·贝森特（Scott Bessent）在 X 上发帖称，他期待在 8 月于北卡罗来纳州举行的 G20 财长会议上“见到我的老朋友，日本银行行长植田和男（Kazuo Ueda）”。
他补充说，两国将“继续享有强大的关系和密切的协调”。
新举措出台之际，日元波动剧烈，昨日交易价格接近前一交易日的盘中高点。
158 说道：“我们了解到我们正收到美国当局的支持。”
159 认为这不仅仅是道义支持。
160 表示他们一直与相关方保持联系。
161 认为单纯的道义支持是不够的。
我们的全球团队提供了较低杠杆的抵押品，并经过监管审查。
一名银行家在亚洲表示，客户正通过建立日元空头头寸来测试政府的承诺，目标价在 ¥162. 左右。
Jul27 Jul 28 Jul 29 Jul 30 Jul 31 2026 联系方式：ft.com / markets 来源：LSEG （反向刻度）
24 小时全天候联系。
在金融市场中，如果不能加速推进，可能会失去公信力。162 163 1641
大宗商品 股票
阿布扎比放弃建立挑战布伦特油价的全球原油基准之雄心 MALCOLM MOORE — 伦敦
阿布扎比正在改革其销售石油的方式，放弃了建立一个希望最终能与布伦特（Brent）并列的全新基准的雄心。布伦特油价决定了全球大部分石油的价格，而西德克萨斯中间原油（WTI）则是美国的主要原油基准。
然而，他补充道：“美国仍将是许多情况下的正确且自然的家园。”
但昨天，阿布扎比国家石油公司（Adnoc）表示，11月将放弃 Murban 期货作为其官方销售原油的基准，回归到之前的系统，称这是基于一次“常规商业审查”。
此举威胁到了该酋长国国家石油公司 Adnoc 的未来，该公司昨天表示，将停止在公开市场销售其旗舰级原油 Murban，并重新采用之前的配额制度，其价格与在迪拜评估的基准挂钩。石油市场由于伊朗战争引起的剧烈波动，暴露了 Murban 期货合约在时间安排上的一个根本性问题。
这一雄心在今年早些时候变得更加沉重，当时阿联酋宣布将退出石油输出国组织（Opec），并计划将原油产量提高到每日 5mn 桶以上。
五年前，阿拉伯联合酋长国通过宣布 Murban 原油将通过一个新交易所（ICE）的期货合约进行定价，震撼了海湾地区的石油贸易。该合约在原油装船前大约两个月结算，给买家留出了安排时间。
但昨日，Adnoc 表示，这将增加数据的利用率并为市场带来新用户。
监管机构 FCA 启动新举措旨在振兴衰落的伦敦股票交易 MARTIN ARNOLD — 伦敦
英国加强了扭转伦敦公开股票市场衰退的努力，金融监管机构昨日提出了创建单一股票交易数据流的计划，旨在增加数据使用并吸引更多用户进入市场。
近年来，伦敦主要上市公司的匮乏，加上许多英国上市企业被收购或转向美国，引发了人们对英国股票市场萎缩的担忧。
Walls 表示，许多投资者无法获得关于英国股票交易的完整数据，这意味着他们可能会低估伦敦市场的流动性深度，据市场参与者称。
金融行为监管局（FCA）计划明年颁发一个年度合同，创建一个统一的记录，汇总所有股票交易，包括最佳盘前报价和盘后交易数据。
该数据将来自伦敦证券交易所（LSE）及暗池（dark pools）等其他场所，旨在吸引更多公司在英国上市。
该机构计划在明年年初启动招标程序，以确定该服务供应商。
伦敦市场的流动性，据他称，是彭博（Bloomberg）公布的 XLON 数字的 27 倍。
“彻底完蛋了，”一名股票交易专家说，“要杀死自己的创造物需要很多努力。你需要有强大的毅力。”
这一举措的驱动力在于增加来自伦敦证券交易所和其他场所的数据使用，因为它寻求吸引更多投资者和公司在英国上市。其目标是在明年推出该综合行情带（consolidated tape），将所有股票交易数据中心化。
运输。监管机构表示，从昨日起，它将在其网站上发布关于英国上市股票所有交易价值的数据，以解决其认为的伦敦市场流动性报告不足的问题，因为这种不足正促使公司前往其他地方上市。
通过创建一种新的整合数据流，将允许客户“更好地定价、管理并交易其购买的股票”。FCA 旨在提高市场透明度，鼓励投资者参与，并增强英国作为公司上市地的吸引力。FCA 的执行董事 Simon Walls 告诉《金融时报》，其最新举措将明确地为英国市场带来“积极影响”，因为“驱动公司上市的动力”是欧盟与英国市场的相对吸引力。
大多数 FCA 的回应者在去年的最初提案中对此表示反对。但伦敦证券交易所（LSE）对此提出了要求，警告称否则将给既有区域银行带来不公平的“搭便车”优势。
16 * FT Weekend 1 August / 2 August 2026
公司与市场
市场日报 华尔街动态 [协助引入压力测试 您需要了解的信息
（接上文）监管机构表示，在接下来的 18 个月里，新入场者的融资和货物征集规模将大于市场价值。与此同时，监管机构昨日开始在网站上发布该数据的自有版本，即“股票市场活动报告员”（Market Activity Reporter for Shares），提供所有上市股票的交易总值。
当伊朗压力关闭了霍尔木兹海峡的商业航运时，来自富查伊拉（位于该海峡之外）的 Murban 原油价格飙升，因为它具有显著的安全溢价。Goldman Sachs 的企业经纪负责人 Bertie Whitehead 表示，该溢价随后被纳入到装船货物的价格中。
海湾地区的大生产商（如沙特阿拉伯）大部分原油通过长期合同销售，每月根据既定区域基准的价格溢价或折价进行定价，这引发了买家的抱怨。目前，该酋长国正回归定价机制。
阿布扎比国家石油公司（Adnoc）首席执行官 Sultan al-Jaber 将其称为一个“历史性时刻”，这将允许客户更好地对出口的 Murban 原油进行定价。
1 2 2026
但现在是时候抛弃它们了
@ 政府债券在本次美联储政策会议后的连锁反应中下跌 油价在近期高点附近波动 10年期国债收益率 (%) | 增加了对通货膨胀上升的担忧 4.8 全球股市在大型科技股表现不一的情况下震荡 4.6 行业游说，美联储放弃了经济，其他风险——系统性 全球政府债券昨日走弱，因为周三美国 杠杆率组成部分。网络攻击；AI生成的欺诈；算法趋同；私人信贷 联邦储备委员会会议后的连锁反应以及油价上涨拖累了市场。 要求银行在危机期间能够扩大贷款能力 4.4 测试场景中不包括股东在预先基金分发以及履行可变偿还承诺时的情况，这已显著削弱。 此类测试还稀释了市场纪律，并强化了“大而不能倒”的概念。它们降低了投资者 10年期美国国债收益率上升了 7 个基点至 4.73%，为 2025年1月 4.2 以来最高。 的激励，使其不再对大银行进行严格的分析。 30年期收益率上涨 6 个基点至 5.27%，为 2007 年以来最高，投资者抛售了该债券。 以及分析师进行独立分析的动力。 美国政府借贷成本上升 4.0 摩根大通首席执行官杰米·戴蒙（Jamie Dimon）表示，这使得银行董事会难以挑战风险管理人员。 在美联储周三维持利率不变后。 如果美联储说银行很强，为什么还要担心？这些测试还使美联储处于一种 尽管美联储主席凯文·沃什（Kevin Warsh）表示，央行不会在……中“动摇”。 n2009，在伟大的金融危机之中，美国银行监管机构采取了极其大胆的步骤，对国家最大的银行进行公开压力测试。 作为回应一项行业诉讼，联邦存款保险公司（FDIC）最近开始进行详细的…… 这些测试曾假设银行的私募股权持仓在全球市场冲击期间会遭受突然损失。现在它们假设该领域的损失将随时间逐渐增加。
其打击 T T T 的努力在当时由 Ico 领导并支持。这些关于模型公开披露的努力使其处于尴尬境地。如果一家银行陷入困境，这会给通过新闻发布会评论和缺乏前瞻性指引来挽回面子的美联储一个激励，从而寻找救助该银行的方法。
“从对通胀反应的经验来看，交易员们对他在 2026 年 1 月的努力感到不安，”ING 的分析师表示。像 Better Markets 这样的公共倡导团体已经公正地指出，美联储应该废除当前的框架，将压力测试纳入一个动态的监督过程中。
这些测试在增强公众信心以及确保银行拥有充足资本以在深化衰退中继续放贷方面取得了成功。然而，由于美联储必须依法进行年度压力测试，这种测试现已演变成一种年度仪式，面临着误导公众关于银行设计方式的风险。
由于缺乏前瞻性指引，市场在很多周的时间里都被蒙在鼓里。这使得美国利率更容易受到再次推高的影响。
美联储主导了目前的压力测试框架。它假设一种不利的经济场景，然后测试最大的系统性银行是否拥有足够的资本来抵御损失并维持放贷。
压力测试应该与设定银行资本要求脱钩。所有系统性银行都应受到一个强有力的、统一的压力资本缓冲的影响。
今年的测试发现，如果经济状况恶化 10%，银行在压力场景下将损失多少资本。而且美联储应该停止根据行业对通胀上升的担忧而做出一次性的调整。
这些测试应当反映当前的财务和经济状况。10 年期英国国债收益率攀升 6 个基点至 5.05 per cent，而同期德国国债收益率上涨 4 个基点至 3.20 per zent。
所有这些安抚之举都恰逢美联储在计算银行资本时出现明显下降。
早些时候，首尔的 Kospi 100 指数上涨 0.2 per cent。在纽约，由于科技股强劲，纳斯达克指数上涨 18 per cent，创下历史单日最高纪录，尽管这仍使其下跌 22 per cent。
全球股市表现分化。大盘科技股在经历了一个极其艰难的月份后遭到重创。
在跨大西洋市场，欧洲 Stoxx 600 指数下跌 011 per cent，伦敦 FTSE 100 指数在早盘交易中下跌 0.3 per cent，随后下跌 0.2 per cent。巴黎 Cac 40 指数上涨 0.3 per cent，到下午早些时候上涨 0.3 per cent。
华尔街的蓝筹股 S&P 500 指数攀升了 5.1 per cent，高于前一日收盘价，部分抵消了跌幅，最终上涨 0.6 per cent。
苹果公司下跌 9.5 per cent，而亚马逊在报告其云部门第二季度销售额好于预期后上涨 15 per cent。
油价继续在近期高点附近波动。布伦特原油，这一全球基准，曾一度跌至 $86.79 美元 / 桶，随后回升至 $90, 当日上涨 1.2 per cent。
美国西德克萨斯中间原油 (WTI) 上涨 1.4 per cent 至 $84.75 美元 / 桶。
数据来源：LSEG
费城半导体板块在 7 月。Ramsay Hodgson 针对银行失业率的协作学习练习，游说活动下降了 39%。投资者及其监管机构如何看待。商业地产价格和 30% 的分析师在评估银行资本充足性。然而，自 2020 年以来，结果已直接与银行的资本挂钩。如果监管机构不断改变他们心中关于这意味着什么的资本要求，那么房价仅 1.6 个百分点的下降将导致银行的总资本率下降，从而降低其对银行底线的重要性。通过削弱市场纪律并鼓励自满，银行在当前框架下处于最低水平。此外，由于财务压力测试的公开性质，作为金融压力测试的资深人士，我认为这次微小的下跌简直可笑。这些场景也是回顾性的，主要假设会出现像金融危机那样由通货紧缩、信贷紧缩驱动的衰退，当时利率骤降至接近于零。但如今，银行面临的压力场景是高利率、持续通胀以及经济疲软。
这些测试使得金融体系变得不再安全。由于银行界反复游说美联储以削弱测试，而中央银行往往对此采取宽容态度，压力测试理应成为其关注的重点。例如，银行最初必须通过风险资本衡量标准和杠杆率来证明其韧性。但在 2020 年，经过剧烈的游说后。新任美联储主席 Kevin Warsh 正在寻找改革中央银行的方法。
Sheila Bair 是前美国联邦存款保险公司 (FDIC) 主席，也是《如何不损失一百万美元》一书的作者。
US / Eurozone / Japan / UK / China / Brazil :--- Stock / S&P 500 / Eurofirst 300 / Nikkei 225 / FTSE 100 / - / Bovespa Level / 2595.24 / 6436202 / 1086805 / 3832.26 / 1791588 / - % change on day / 0.09 / 4.03 / -027 / 072 / 043 / -
Currency / $ index (DXY) / $ per € / Yen per $ / $ per £ / Rmb per $ / Real per $ :--- Level / 100.06 / 1151 / 159.225 / 1346 / 675 / 5.081 % change on day / 020 / 00 / 70063 / 023 / 0.06 / 0225
Bonds / 10-year-bond US / 10-year-bond GER / 10-year-bond JPN / 10-year-bond UK Yield / 474, / 3.20 / 2.80 / 5.05 Basis point change on day / 172 / 481 / 0.08 / 0.05 / 0.00 / 0.06 / -0.01 / 0.05
World / Commods / FTSE All-World / Oil - Brent / Oil- WTI / Gold / Silver / Metals (LME) Level / 734.29 / 89.94 / 8444 / 4044.63 / 5748 / 5678.90 % change on day / 0.77 / 0.56 / 102 / -151 / 258 / 1.37
FT Financial / LDN 主要股票市场 除以下各项外，昨日收盘价为：货币 = 1400 GMT；S&P、Bovespa、All World、石油 = 1700 GMT；黄金、白银 = 伦敦下午定盘价。
TIMES
S&P 500 2600
Eurofirst 300 10800 10600
FTSE 100 10400 10200
6 500 300 5 5 70 10
夏季特辑 7000 Mey Jun Jul me May Jun Jul ome May Jun Jul
最大波动股 . / ae 美国 欧元区 英国 成为首批 50 位购买 Fearless 的用户 Amazon.com 1501 St Gobain (Cie De) 689 Hilton Food Group 546 Pink aris sua are ania a exclosive Alphabet Cl A 620 Engie 399 Pacific Horizon Inv Trust 539
参观伦敦最古老的城市酒庄，位于 Fulham，探索酿酒工艺。与 London Cru 的酿酒师一起品鉴 Fearless Pink —— 一款清爽的传统法起泡粉红葡萄酒 (Traditional Method brut rosé)。
立即扫描购买
| 公司名称 | 指数/数值 | 公司名称 | 指数/数值 | 公司名称 | 指数/数值 |
|---|---|---|---|---|---|
| Alphabet Cle | 617 | Verbund AG | 384 | AEP Plantations | 526 |
| Eaton | 007 | Infineon Technologies | 370 | Hammerson | 358 |
| UNESIMECS | 2560 | Greggs | ae | Apple | 985 |
| Novo-Nordisk | 737 | Hays | a7 | FMC Corp | -837 |
| Veolia Environnement | 372 | Taylor Wimpey | -607 | Stryker | -717 |
| Orange | -236 | CMC Market | -471 | Linde | Be) |
| Aer | 29 | Plus500 | 483 |
价格取自格林威治标准时间 7 月 31 日 17:00。基于富时欧洲第一 300 欧元区指数 (FTSE Eurofirst 300 Eurozone) 成份股。所有数据由 ICE 提供。www.ice.com
仅限 18 岁及以上的英国居民。前 50 名符合条件的 Fearless Pink 购买者（2026 年 6 月 20 日至 8 月 20 日）将收到伦敦 Cru 酒庄体验邀请。提供两个日期选择。适用条款与条件 —— 请扫描二维码。
HSBC 出售 250 亿美元澳大利亚住房贷款组合，在重组中将其出售给 Blackstone
NIC FILDES —— 悉尼 汇丰银行 (HSBC) 已同意将其价值 360 亿澳元（253 亿美元）的澳大利亚抵押贷款和个人贷款组合出售给 Blackstone 管理的基金，将其作为全球战略重组的一部分。
此次重组是在首席执行官 Georges Elhedery 的领导下进行的。两年前接任这家欧洲最大贷款机构首席执行官的 Elhedery 同时关闭了其在英国、欧洲和美洲投资银行业务的关键部分。
HSBC 于 20 世纪 60 年代进入澳大利亚市场，并在 80 年代获得了完整的银行执照。
HSBC 缩减澳大利亚业务的决定是在花旗银行 (Citigroup) 于 2021 年将其当地业务出售给 NAB 之后做出的。
该资产管理公司在近日成为澳大利亚业务的优先竞标者。Blackstone 表示，昨天的交易代表了“有史以来规模最大的住房贷款组合交易”，并且是其在全球范围内扩大私人信贷业务推动中的一项“标志性投资”。
该公司对私人信贷交易有着极大的胃口，本月与 Apollo 达成了一项 350 亿美元的交易，为芯片制造商 Broadcom 的扩张提供资金，并在 5 月与 Apogee Therapeutics 达成了一项 13 亿美元的交易。
Blackstone 的 Mike Culhane 在一份声明中表示：“我们致力于审慎且有纪律地管理这一组合，并将继续致力于将澳大利亚作为一个极具吸引力的长期信贷投资市场。”
Blackstone 已与当地非银行贷款机构 Pepper Money 合作以服务这些贷款。Pepper 在 2023 年从澳大利亚 Westpac 银行购买了价值 210 亿澳元的 RAMS 贷款组合，并收购了 HSBC 去年挂牌出售但未能吸引正式竞标的价值 14 亿新西兰元（8.2 亿美元）的新西兰贷款组合（尽管包括澳大利亚国民银行 National Australia Bank 和麦格理集团 Macquarie Group 在内的团体表示感兴趣）。
HSBC 处置其澳大利亚贷款组合将导致 1 亿美元的损失，这是该银行本月在将新加坡保险业务以 21 亿美元出售给安联保险 (Allianz) 之后的第二次退出。
此次贷款组合的出售意味着 HSBC 将以 3 亿美元的成本逐步关闭其剩余的零售业务。它将继续在澳大利亚市场提供企业和机构银行业务。
6 月，该行同意支付 3500 万澳元的罚款，原因是其未能保护澳大利亚人免受诈骗者侵害。
1 August / 2 August 2026 FT Weekend 7
市场数据
全球市场 A 一览 FT.COM / MARKETS 前一交易日变动 (%) S&P 500 纳斯达克综合指数 道琼斯工业指数 FTSE 100 富时欧洲第一指数 日经 225 指数 恒生指数 富时全球指数 英镑兑美元 美元兑日元 欧元兑英镑 布伦特原油 $
过去 30 天的股市波动，以相同货币的富时全球指数 (FTSE All-World) 作为对比
美洲 欧洲 亚洲 6月30日 - 7月31日 —— 指数 —— 全球指数 6月30日 - 7月31日 — 指数. —— 全球指数 6月30日 - 7月31日 —— 指数 —— 全球指数 6月30日 - 7月31日 — 指数 —— 全球指数 6月30日 - 7月31日 指数 —— 全球指数 Il ssptsxcomp = 多伦多. as 6436202 6595.45 同行 747012 ae Te an 3533177 L--s aA i 1049712 Fe 1086805 —~ / 7062.32 / 8476.48 7499.36 3485699 2499581 日 20.44% 月 » -0.74% 年 A 24.15% 日 » -0.49% 月 2 146% 年 A 29.74% 日 ™-0.27% 月 3.63% 年 4 19.12% 日 4 0.07% 月 2 269% 年 7 6.66% 日 4 4.03% 月 » -8.14% 年 A 56.71% 日 4 1791% 月 » -2219% 年 4 103.22%
BeBic 墨西哥城” es 2512792 1978290 Na 6748042 AY 2595.24 2288102 5628.50 4719 { 25884.43 517065 2621372 257187
当日 4 0.02% 当月 » -3.91% 当年 4 33.77% 当日 4 0.28% 当月 7 048% 当年 4 17.23% 当日 ¥-0.09% = 当月” 104% 当年 4 20.18% 当日 4 013% 当月 a 172% 当年 4 3758% 当日 010% © 当月 a 1313% 当年 4.49% 当日 » -0.79% 当月 a 885% 当年 A 34.85%
wae BSESensex 孟买 5244012 17202412 5217253 . laa Ht _ 8509.64 7647867 Voy §2319.2 17791588 7962.39 5168243 Rr, 78094.64 当日 7044% 当月 » -0.08% _ 当年 a 2136% 当日 40.43% 当月 a 298% 当年 a 3313% 当日 70.28% 当月 a 710% 当年 a 9.73% 当日 2 013% 当月 a 109% 当年 4 2747% 当日 072% __ 当月 y-640% _ 当年 a 7.25% 当日 2021% 当月 a 21% 当年 ¥ -3.81% 国家 指数 最新 前值 国家 指数 最新 前值 国家 指数 最新 前值 国家 指数 最新 前值 国家 指数 最新 前值 国家 指数 最新 前值 澳大利亚 ‘Ai Ordinaries 9137.00 312270 © 捷克共和国 _Crech Republic PX TBS 70553 冰岛 ISEO Overall 15533 1365470 挪威 奥斯陆综合指数 738553 zm 瑞典 (OMX Stocbcim 30 6 3734 (Veneta BC ‘S708? S102 澳大利亚 ‘SAP ASK 200 257680 86770 «丹麦 COMXC 哥本哈根 20 159875 104967 以色列 特拉维夫 125 ane anise 巴基斯坦 «SE 100 176084.11 7554798) 瑞典 (OMX Stockholm AS 112581
1172308 越南指数 17578 1744.85 澳大利亚 S8P ASK 200 储备 749490 73620 埃及 Boe) 534220 saz20) 意大利 FISE 股票指数 5476888 SHT0E9H / 菲律宾 马尼拉综合指数 ez64 630575 瑞士 SM 指数 1434614 TA32K9) 跨境 欧洲 Stoxx 50 (Eu) 635801 corr) Asti AIK 645792 645479 爱沙尼亚 OMX Talon 214786 74163 意大利 FISE 中盘指数 en 14188 波兰 Wg 1474000 14671978) 台湾加权股价指数 43975 3980330 荷兰 Euronert 10010 197573 1921.54 比利时 20 55582 566500 芬兰 (OMX 赫尔辛基综合指数 1312326 1311548) 意大利 FISE MB 9217253 5210138 葡萄牙 Paizo 160 914595 泰国 曼谷 SET 167384 TSEATI / 跨境 ——~FISE 全球 (美元) m0 比利时 BEL 中盘指数 56331 法国 法国 CACAD 50364 18584 日本 尼尔 25 4362.02 6186743 葡萄牙 PS General 6145.33 6043 土耳其 81ST 100 13488.10 1308293 跨境 ——_FISE 全世界 (美元) xy 巴西 Bovespa 17791588 17715886 法国 sar 120
6496.60 642359 日本 Topix 0830 3250 阿曼 BET 指数 2615488 a5) (英国 FISE 100 1868.05 1085727 跨境 FISE ESO cv] 加拿大 SAP TSK 7038 78807 德国 MAX 3198082 3271888 科威特 KSK 市场指数 758 O75 俄罗斯 俄罗斯交易指数 (美元) 988.10 810 英国 FISE 4Good 英国 904.97 948588 跨境 ———FISE 欧洲顶尖 100 5028.15 加拿大 S8PTSKComp 83177 3550584 德国 Tee Dax 3249 275 拉脱维亚 OMX Riga 972.48 91573 沙特阿拉伯 —‘TADAWULAISharetndex 1058972 1058972) 英国 FISE 全股指数 9896.47 585332 跨境 ——FISE 全球 100 (美元) 5548.9 智利 SSSAPICLX IGPA GEN Exh 553757 德国 XETRADax 7epa24 71203 立陶宛 OMX Vilnius 190355 190518) 新加坡 FISE 时报指数 562850 5B 英国 FISE 科技指数 MARK 100 9173.2 919835 跨境 —~FISE 黄金矿业) 78.1 中国 中国 FISE A200 11967.18 T7514) 希腊 雅典 76975 BN — 卢森堡 LX 1997 35 1975 斯洛伐克 sax Ec: wus (美国 道琼斯综合指数 1687627 1662239 跨境
Border ——FTSE Latex Ta (Eu) 655830 中国 中国上海 A 股 401800 2887 希腊 FISE / ASEA 55025 e609 墨西哥 IPC 墨西哥城 e7ae0.42 MM) 斯洛文尼亚 sa To? 32781 wiz 美国 道琼斯工业指数 saea.t2 跨境 —_FISE 全球) 13728 中国 中国上海 B 股 mre 77346 香港 恒生指数 7588483 75088) 马来西亚 FISE Bursa KLOL 172490 172040 南非 ———FISEVISE 全股指数 11148310 11187270: 美国 道琼斯运输指数 21068 2108973 跨境 FTSEwrofrst 100 (Eur) 7192 中国 中国上海综合指数 2228 380489 香港 H 股 中国企业指数 1215 BAT] Movoto MASI 1788370 WET) © 南非-——_—FISE / ISE 资源 50456.78 ems 美国 道琼斯公用事业指数 406 O52 — 跨境 FTSEwofrst 0 (Eu) 9682.01 中国 深圳 A 股 754040 248269 香港 红筹股 419312 45042 荷兰 AEX 1088.18 110489 南非 —_FISE / USE Top 40 10305788 wse7t = 美国 纳斯达克 100 7805861 230635 中国 深圳 B 股 1185.18 110039 匈牙利 Bux
14688857 14645337 荷兰 AEX 股票指数 148137 149153 韩国 Kosp 652645 a / 美国 纳斯达克综合指数 aie B17218 克罗地亚 ROBEX 4147 44409 ni BSE Sensex Takes TUBS «= 新西兰 NUXSO 1369928 Y37827B) 韩国 ~——_Kospi00 1086.81 a2 美国 纽约证券交易所综合指数 213254 2413823 埃及 CSEMAP GEN 31431 31131) 印度尼西亚 雅加达综合指数 6236.13 818636 尼日利亚 SEAN 股票 245362 26 2536225 西班牙 西班牙 BEX35 1978290 195770 美国 S&P 500 7470.12 718753
股票市场：最大波动 英国市场 获利者与亏损者 美国 伦敦 欧洲市场 东京 %变动 变动 % nq %0hg %变动 — %0hg %0hg S6Chy 最活跃股票 股票 收盘价 日期 最活跃股票 股票 收盘价 日期 FTSE 100 价格(£) 周 YTD FTSE 250 价格(£) 周 YTD FTSE 小盘股 价格(£) 周 YTD 行业板块 价格(£) 周 YTD 交易价格 变动 交易价格 变动 交易价格 变动 交易价格 变动 获利者 获利者 获利者 获利者 — 738 7% BS UoydsBighp 16707 15001 Steliantis 7249S. ‘Nig TL TL 6% (1S The Sage Grp 973 13.40 “10.14 Mond: 892 22 176 Pinewood Tech G 40 3651 20.11 个人用品 1914288 «849 470 6203 © 057-3285 Vodafone 6420 118 0.02 _Intesa Sanpaolo 6034 = 654.08 SaltBank Corp a7 6740880 Burberry 11.88 1.19 $42 Greggs 18.80 18.84 1190 Pharos Energy 0322 m2 4323 消费者数字服务 18310
G11 1.49 Intel 33 24131 Taylor Wimpey 403078 = 005 Nokia U5 1% = 08 Fira 7363 417200 «45200 Croda international 3205 931 1892 Ocado Group 212 1332 “1025 Macfarlane Gp 073 9.40 181 化学品 7865746 «595 7.04 Nvidia 5452 1983299 NatWest Group 4702 = 708 =O Eel an 980 0.04 Sumitomo Electic Ind 608 718007450 ‘Autotrader Group 524 799 ~10.68 WAG Payment Solutions 1.10 1000 476 Capita 28 930 -3%625 医疗保健提供商 1028004 «450 2954 Micron Technology us Bus 4028 BP 3703 5530.10 Banco Santander 237 1232.07 Nissan Motor Co 5119 3620-1880 Marks & Spen 405 647 22.76 Hilton Food Group 599 921 1885 Essentra 1.08 B88 7.87 饮料 1706543409973 Microsoft 2 431258 Barclays 3245 = 5090.02 Universal Music Group 336 1444-492 SoftBank Grp Corp 565 526000 63800 BAE SYSTEMS ns 624 22.17 Wetherspoon (JD) 178 851 5.49 TT Bectronics 1 146 1084 个人护理、药品与杂货 465881 409-177 esa 29-844 = SB
AallsRoyce 26131488 = 005 Banco De Sabadell 194 33 Mitsubishi UFJ 10 357100 «4600 Reckitt Benckiser 5240 586 “16.19 Trainline 20 762 7.62 Marshalls 182 115 “10.41 航空航天与国防 U5I955 = 405 22.13 Super Micro Compter MS 79 - Haleon Bl = 383005 RoyalPN 15034105 Tet BeticPoner so sm / 400 Metlen Energ&Mtls 3082 S15 239 Baltic ClassifiedsGroup 199 15 “197 Card Factory 07 mW 10.90 消费者服务 3282 «376 0H ‘Aiphabet C1 A 8 34S 269 Gienoe 207 = 543.08 Sram 13394 589.11 Nippon Steel 69 688-100 Admiral Kays 513 18.77 Kaines Group 880 13 1200 STtwee 256 690 33.77 通用工业 T4654 3611491 Advanced Micro Devices = 144549139600 Rentokil Initial 780 3450.07 Nowo-Narisk 1209 © 650 «= 24.40 Furukawa Electric BUM 316500 36750 Diageo 16s 461 ‘193 Pets AtHome au 690 63% AM 10 64 -10.96 房地产投资与服务 189647) 316-1145 最大波动 收盘价 日期 日波动 _ 最大波动
收盘价 日期 日波动 最大波动 收盘价 日期 最大波动 收盘价 日期 价格 变动 变动% 亏损者 亏损者 亏损者 亏损者 ss 20% BS 1501 Hilton Food Group 59031 546 StGobsinCie De) 8178 «= 524 G89 Panasonic Holdings aso) = 700001953 Rentokil Initial 345 19.06 2H Vesuvius an 722 $50 Vanquis Banking Gp 078 US “UST Altemative Energy 3586 «963 63.08 Riphabet CTA 3A = 0698.20 Pacific Horizon iv Trust 1055 058 5.33. Engle mM 108-398 Sumeo 35100 «500501752 1G Group 1460 437 11.03 Oxford instruments 72 869 3327 Luceco 24 1478 6237 技术硬件与设备 1261-720 11885 Alphabet C1C m5 (AST 8.17 _AEPPlantations 180 og 5.26 VerbundAG 5955 20 3.84 Taiyo Yuden tozso0 150200 712 Centrica 15 431 858 Keller Group 3024 831 8151 EnQuest O24 1308 12547 金融与信用服务 157663 408 45 Eaton 403 Bg 607 Hammerson 382 013 3.58 Infineon Technologies 6167
20 370 Advantest 3750000 456500 16.34 伦敦证券交易所 (Lon Stock Ex) 83.98 420 6.19 Energean 1 15 -13.88 Fevera 1B 982 -275 消费品 (Leisure Goods) 4065675 380 143 Weyerhaeuser us 14 6.00 NatWest Group 16 = 02 UB Cap 3 790 590 272 村田制作所 (MurataManufacturingCo) 741600 © 1000001559 Games Works 191.20 411 1.06 CMC Maret 667 15 123.08 ASA Intemational 245 426 2929 电力 (Electricity) 1HHMIG 8-3 4B Downs Downs Downs Downs Computacenter 598 401 $6.93 Lancashire Holdings 603 186 601 Dialight 473 1B 3814 实用设施 (Utilities) 61363 «2734.10 国家电网 (Nat! Grid) 1190 384 425 Shawhrook Group 328 TH -3251 Ashtead Technology 409 14 3210 燃气、水及多功能设施 (Gas Water & Multi-stilities) 72700-2604 Conteva 724 = 9-11.08 Greggs 1880 = 152-748 环球音乐集团 (Universal Music Group) 1444-492 25.40 野村综合研究所 (Nomura Research ins) 452600 © 290001596 IMI 2336 374 18.01 树莓派控股 (Raspberry Pi Holdings) 657 10 118.85 _ Fisher (James) & Sons 43 44 1813 贵金属与采矿 (Precious Metals & Mining) 7388423260 1750 Apple M057 HBS Hays 05 = 008 = 847
Now-Natisk 3650 2440-737 柯尼卡美诺 (Konica Minolta) 59080 10000-1448 Melrose Ind 454 342 2273 Hunting 443 43 19.70 国际生物技术测试 (international Biotechnology Tst) 10.20 599 581 建筑与材料 (Construction & Materials) 1518621 «= -243 10.91 FMC Cop 108 = 093-837 Taylor Wimpey 078 © 005-807 威立亚环境 (Veolia Environnement) Mal = 133-372 ich Sankyo BI SD 1113 巴克莱银行 (Barclays) 509 ae 6.88 Goodwin 173.20 488 -18.69 Fuller Smith & Tumer val 580 0.83 电子与电气设备 (Electronic & Electrical Equip) 1447012234 13.50 Styeer mao 77.17 CMC Market 667 = 033471 橙色 (Orange) 1657 051-298 电装 (Denso) 196750 © 23000-1047 林德 (Linde) 9B B31 78 PhsS00 310-190-483. 雅高 (Accor) 40 135-22 富士通 (Fujitsu) 900-2300 823
货币 (RRENCIES) 欧元 (EURO) 英镑 (POUND) 美元 (DOLLAR) 欧元 (EURO) 欧元 (EURO) 收盘周 (Closing Weeks) 收盘日 (Closing Days) 周 (Weeks) 收盘日 (Closing Days) 周 (Weeks) 收盘日 (Closing Days) 周 (Weeks) 收盘日 (Closing Days) 周 (Weeks) 收盘周 (Closing Weeks) 收盘日 (Closing Day’) 周 (Weeks) 收盘日 (Closing Days) 周 (Weeks) 收盘日 (Closing Days) 周 (Weeks) 7月31日 (Jul31) 中点 (Mid) 变化 (Change) 中点 (Mid) 变化 (Change) 变化 (Change) 中点 (Mid) 变化 (Change) 变化 (Change) 7月31日 (Jul31) 中点 (Mid) 变化 (Change)___中点 (Mid) 变化 (Change) 变化 (Change) 中点 (Mid) 变化 (Change) 变化 (Change) 阿根廷比索 (Agente Peso) 148.7221 55160 17140113 206 125685 70048069 14108 179402 印尼卢比 (Indonesian Rupiah) 179940000 860000 somo = ora -3300 7890700 24215.4780 304990 沙特里亚尔 (Saudi Riyal) 3755 10006 aos = 43708 Doo 00483 50540 api2t 00508 澳大利亚美元 (Austaian Dolan) = 14738 O01 181 0042 omg 19161 2.0008 (00090 以色列谢克尔 (Israeli Shekel) 30421 00008 Oo 35231 10008 00866 41208 00505 新加坡元 (Singapore Dollar) 1.2808 none 1067 14770 10005 0008 © 17276 002 007 巴哈马丁岛 (Batranin Diner) = 0.3770 - - 0188 - aooe 05078 - ~ 日元 (JepaneseYen) 193750 = 0.1000 4500 188.1983 00832 am 714271 29623 南非兰特 (South Afican Rand)
16.5512 50 125 19081 aga 1883 2778 00833 1155 玻利维亚玻利维亚诺 (Bolivian Boliviano) 12.1500 02600 ostoo 139792 0x16 1734 183509 03865 14102 肯尼亚先令 (Kenyan Shiling) 1292000» -0.2000 03001486511 22012 1231 1738708 12734 韩国 won (SouthKoreanWon) 14757000 11.8500 405500 160 133465 R106] 1918691155 5582 巴西雷亚尔 (Brazilian Rea) 50807 oom O07 5885 ania oes 68373 00306 00898 科威特第纳尔 (Kuwaiti Dinar) a3 20005 ous 08 1005 amg a4tes 00032 © 瑞典克朗 (SwedshKrone) 95400 209 1678 109783 10088 00703 128384 20008 10 加拿大元 (Canadian Dollar) = 1.4028 oor 00053 18140 00016 ony 1.379 0068 QOTIO 马来西亚林吉特 (Malaysian inggit) 40885 1.0035 0005 47017 10032 O0MeG 5.4994 0869 瑞士法郎 (Swiss Franc) goat oot 0m 0808 00018 00008 1.0888 0003 2.0007 智利比索 (Chilean Peso) RATS 4.1000 177200 1068 2589 400 7603 12494953 82907 J0SH0$ 墨西哥比索 (Mexican Peso) 17504 2066 anit 19965 2002 og 733493 (0766 台湾元 (Taiwan Doli) 270 11535 0100 37186 11701 07609 Gass 2.1081 02453 中国元 (Chinese Yuan) 6796 109 007776 0.081 00560 9.0806 o0et 0519 新西兰元 (New Zealand Dolan)
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
1.7017 20086 14 1519 20060 ee? 2290 00104 泰铢 (Thai Baht) BRB 108 175) 3a418 02306 1085 44.9380 1787 10659 哥伦比亚比索 (Colombian Peso) 3145.5900 «1400 580 36203087 990% 2358 ADASIU 20378 320619 尼日利亚奈拉 (Nigerian Naira) 13660014350 10600 15720428 19238 14903 18387523 191068 突尼斯第纳尔 (Tunisian Dinar) 23m4 2005 10m 3377 - 0003 39K9 00082 210053 哥斯达黎加科朗 (Costa Rican Colon) 4526400 0.1400 o4g00 © S207856 027 6.2698 608.1412 15462 65151 挪威克朗 (Norwegian Krone) 914842 Emad oo 109121 os oie 127634 0010 土耳其里拉 (Turkish Lira) as 1.1099 O17s7 546796 019 OB0S7 639564 02301 08550 捷克克朗 (Czech Koruna) 2.0821 1035 01785 241985 - 00630 283040 0083 0345 巴基斯坦卢比 (Pakistani Rupee) 77 B00 01580 010s 3197149 07340 36347 739572 37388 阿联酋迪拉姆 (UAE Dirham) 36728 20001 - is 00006 00% ©4977 gio 0006 丹麦克朗 (Danish Krone) 64357 10 07374788 04 20010 8740 00176 0013 波兰新索特 (Polish New Zloty) 33972 00106 009 3987 09128 00 45717 0032 英镑 (Pound Sterling) 0781 2007 1072085 0017 oor 1.9000 - - 埃及镑 (Egyptian Pound) §=——51.1500 00 0200 S8A506 01 0419s
3a361 02808 03669 菲律宾比索 (Philippine Peso) 61200 2300 0600 70.867 03788 N62 £23868 00602 美国美元 (United States Dollar) 1.0000 - = 11505 fwd ogra 13458 030 00129 香港元 (Hong Kong Dollar) = 7.8816 102 204 gmat 0.0008 087 105578 0026 1010 波兰兹罗提 (Polish Zloty) 3708 200 1078 43070 gon 2070 5077 001S2 越南东 (Vietnamese Dong)» 753005000 19.0000 25500 = senost0 = 27.1170 02570 533900 1044150 305.2740 匈牙利福林 (Hungarian Forint) = 3188920 1.8817 07537 ASOD 19750 3700 4578 2180 37856 罗马尼亚列伊 (Romanian Leu) 45st 10023 0083 52458 20016 0010 61358 00107 00068 欧元 (Euro) 08681 2002 107 = 1.0000 - = 11697 amn2e 2.0016 印度卢比 (Indian Rupee) 5410 1237 11505109798 02883 O10 128408 20678 23004 俄罗斯卢布 (Russian Ruble) = 795000 1250 18500 91.4588 m7 31108 1069872 1072 3462
FTSE 精算师股票指数 FTSE 行业：领先者与落后者 FTSE 100 摘要 £Svlg 天前 £Sulg £Stig 年 分红 PE XD 总百分比 变化 Jul31 指数 Jul30 Jul29_ago 收益率 覆盖率 回报 Machado’ Seely Biss EES) TSE 10 (10) 1086805 027 991269 1089777 1000841 999138 295 215 1572 19621 127475 硬件设备 [Lod center meron lewd : AG 5iGroup 2400 060 国际消费航空 19 18 FTSE 100 除投资信托 (5) 35945 029 320655 356989 367387 325179 298 204 1643 462 3479994 an ston = $7) 能源、采矿与天然气 “127 Aberdeen Group mom 08 / G 188800 058 FTSE 250 (250) 2397502 -043 21857.48 24079.14 2309581 2247038 325 231 1329 46833 2257374 Fan aareaenl “mu7p, 消费数字化服务 143 Atmel 377200 021 — Intertek Group 584000 009 FTSE 250 除投资公司 (164) 2479828 083 2261837 25006.44 2489159 2330614 331 157 1927 S091 2392039 2455 封闭式投资 7.39 工业
支持服务 208 Aine Attica 333200 240 imester 4900 046 FTSE 350 (650) 590257 029 538370 591947 597272 540923 298 217 1842 10599 1368778 2451. 化学品 iM 工业工程 2% Aliance Witan 134500 1.13 JD Spots Fashion a4 414 FTSE 350 除投资信托 (259) 58459 033 530091 58424 586793 535190 301 200 1662 10707 701878 7351 零售 B55, 医疗保健 x 454 Anglo American 7300 0.19 — Kingfisher mH 1% FTSE 350 高收益 (136) §28191 O01 4817.60 528135 528207 462585 409 182 1342 12147 1454398 oe Ssepyrine “487 制药与生物技术 “454 Antofagasta 365500 122 Land Securities 7650-215 FTSE 350 低收益 (214) SB051 062 54534 509727 59378 564500 172 313 1860 7143 78506 7 breed = an 金融与信贷服务 B25Assoe. Brit Foods 208100 019 Legal& General m0 013 FTSE 小盘股 (184) 04098 045 7534.13 807772 BOBRD7 753789 379 148
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
1782 17762 1550267 18.03 个人用品。‘47g 医疗设备与服务 . . . . . 076 阿斯特鲁善 (AstraZeneca) 1753200 068 伦敦金融 1161000 017 FISE 小型股除投资公司 (102) 63547 072 6062.17 86359 671018 675089 359 078 3673 172 132477 电力... “435 技术.. a 82 Autotrader Group SBM 057 — Uoyés Big Gp 1470-082 FISE 小型股金融除投资公司 (13) 19676 -131 14957 15884 16313 15005 488 132 1558 40 206.79 1458 实用设施与计算机服务 944 Aviva Aman JondanMetrie Prog 167 GT FISE 全股指数 (534) 583647 029 537341 505332 585659 535033 300 216 1545 10610 1366046 ~- 13.85 燃气、水及多用途设施 ..... - 402 房地产投资与服务。 “1145 Babcock Intl 112100 040 伦敦证券交易所 39800 -242 FISE 全股指数除投资公司 (361) 573652 034 573225 5756 575962 SIS3H2 301 199 1668 10610 699232 «+1385 消费者必需品... 265 生物技术。 1356 BAE系统公司 (BAESystems) mm 215 MAG 5150 042 FISE 评级 (44)
1245596 082 1136101 1235466 1238237 1362603 491-1365 149 20831 3002181 ae ins ug 223 基础金属与采矿 eneteqeicomanie 5B 043 Mats &Spen 610 07 FISE 评级除投资公司 (23) 1640019 1.61 1495852 1614006 1608379 2433842 457 -607 361 61151 3392301 SSHAbSiStRSESnnta en) oman daca ieee cece 10. 住宅商品与家居建设 -_ ’ 2B 061 Meose Ind 4-440 ASEM Seal 078) phd Us Ghd Eeahy Glee ey Sl Be) ake peal el ce cecvcececeseveeese 消费服务.....cccccseseosieeeseeieecseeeeeeceeeeees O34 汽车与零部件。 am ssi 120050 — —Metlen 能源 s5181 200 FISE 全小型股除投资公司 (125) 497779 -067 454021 501135 503051 474549 361 059 4707 406 1257911 BP 259 «4177 国家电网 (Natl Grid) 119000 (046 FISE AIM 全股指数 (537) 76255 031 69552 76490 76185 76639 185 137 3308 79 eer fee Rel-7 NR) elles 英美烟草 (Brit. Amer. Tobacco) 457000 0.08 国民西敏斯特银行集团 (NatWest Group) 7B) 322 FISE 全股指数技术板块 (20) 197002 -188 179685 200784 712599
215429 245 184 210 B13 SOB jay Noo! US$ 日度 月度 年初至今 «US$ -YID% 股息 Jul30 Noot US$ 日度 月度» YID.=«US$ YTD% 股息_ BitishLand 4220 «04 Net 1484500 -259 FISE 全股指数电信板块 (8) 209273 -153 190877 212525 215842 1838.12 334 O81 37:19 7265 387370 区域与国家 股票_指数%变化 —%变化 —%变化 __总回报 总回报 收益率 区域与国家 股票 指数 %Chg —%Chg —%Chg_—_TotalRlet Totalet Yield BT Group 2D 12 — Pearson 1700-275 Hae Seater, ‘Tessie ut) Moser) Wests laser al CD tad! WR yeep 除加拿大发达市场 5156 127499 (161 -132 956 216723 1066 152 ual 280200 0.21 Pershing Square Hidgs a 23) SEM Sas Fach 2) BESET OS SUSE SEAT PRL ACS SN 208 NU RE TLS Gla 10127 122123 145-140 904 210570 1020 1.63 除欧洲发达市场 «4173 1478268155 176 995 733850 1079 131 Bubery NES 054 Fersinmen Ne) Se FISE 全股指数房地产 (40) 844 052 797.14 89978 BHOS4 77949 460 125 1731 2427
104822 全球大盘股 1870 114041 160 -123 836 207383 949 155 除欧元区发达市场 4789135788 «152 -131 976 22469 1074 1.43 Centica 1500 157 Polar Caplech 6650245 FISE 全股指数可选消费 (69) -«GI0Z13. 135 556572 BIESM4 GSS4 ONT 252 193 2062 10181 706802 全球中盘股 7395 141370 1.01 -1.10 1181 2310.11 1313 1.90 除美国发达市场 381378219 150-148 1087 156185 1285 2.48 可口可乐欧洲 (CoceCola Euopac) 819000 103 Prudential 111600 -187 FISE 全股指数消费者必需品 (28) 2069196 092 1887302 206475 7137099 2015195 394 1.42 1792 40872 2214347 全球小盘股 5862 140580 1.14 339 949 217748 1069 1.76 除英国发达市场 5138 135470 161-141 957 225236 1064 1.48 可口可乐 HBC (ora cola HBC) AS S100) 099 _利洁时 (Reckin Benckiser) 00-113 FISE 全股指数工业板块 (73) 1232438 007 1124100 1253300 1213770 100283 150 213 31.24 12295 1536394 eG le Mere 3 12 Su ane ue 1s Hecernaarhsey onl oat Syz tee ae a teas ug Gal Compass DER 09
REX 70100 -254 ‘除中国 I - 发达 7 een GueeTa Pele 7 Poovey aoa loose aaa saat bap Lome beg 全球除美国 8572 79074 115 -198 914 157483 1103 247 发达亚太除日本 961 100161 -032 -1441 2073 219097 2226 233 Computacenter 459200 238 Rentokil initial 4480-205 : 全球除英国 9895 129354 145-161 903 218285 10.16 158 发达欧洲 1195 72391 182 205 «752 158366 1006 278 Comatec 7400-210 ‘RioTnto 71740 053 富时全股公用事业 ( ) 1094114 034 9979.36 1090355 10931.95 1050992 377 152 17.46 27656 1963378 —全球除日本 8770 127668 139 -145 879 221879 994 1.61 发达欧洲除英国 963 846.73 209 1.08 697 175452 963 271 Creda ntemational 320500 202 劳斯莱斯 (Rolls Royce) 148780 033 富时全股软件与计算机服务 / 18) 213286 -189 194537 217384 790381 234156 248 184 2191 3727 351704 富时区域指数 发达欧元区 579 72821 239 035 733 158002 990 269 op Feway Sm — Sainsbury) me i
富时全股软件与计算机服务: 富时全股技术硬件与设备] 378249 189 344999 384762 365588 277641 000 000 136869 000 531302 美洲, 1987 1697.11 1.62 080 905 2637.60 982 122 发达欧洲 亚太 3513 75287 156 -203 1103 151489 1210 251 9 agen WAS OS / 18) 213286 -189 194537 217384 790381 234156 248 184 2191 3727 351704 富时区域指数 发达欧元区 579 72821 239 035 733 158002 990 269 op Feway Sm — Sainsbury) me i: Sehenies a. i ‘Al Sare \ edaie 5 ES AAD SUS SS EM OR 03531 pos eerie i ee ee i ot ae] en; ie aM ibe ing me teece® 4759103833 Te 335 «017 «453 «201223 «6.18 z 2.43 ‘Diploma 730. 0.14 Scot Moat in Tst 139050118é eters ae Se ae pats Madigeacraeas sai es Ae ee fat eee 欧洲 1454 «70651 «1.80 «202 786 1517.19 10.20 277 新兴亚太 4008 «115586 026 -447 442 210898 583 1.96 Endeavour Mining 35220008 ‘Sego 6500 017 lope : 欧洲除英国
1222 81477 «208 «106 7.18 1691.28 © 982 271 _新兴欧洲 25939834 «(083 029 1591 81354 1857 273 Entain SH.40 18) Severn Tent 31am 033 富时全股制药与生物技术 (8) 2439.87 071 2225499 2457527 2536987 2556082 229 244 1791 3427 2252Eworone 615 73240 239 «4041 745 158912 10.03 270 新兴欧元区 36 4596.15 257 568 2024 622848 2290 288 Experian 7900 373 壳牌 (Shell) 338350 194 富时全股银行 (13) $69344 029 8750.13 9621.01 $34831 782031 327 243 1258 22175 1036857 东盟 388 «75709 010 594 728 166786 10.09 429 新兴（含韩国） 5213 397310 003 936 899 729082 1051 225 Fer y tat ZIM 0% — Smith&Netew 1) 28 富时全股金融与信贷服务 8) ‘11721.11 -235 1069076 1200283 127960 1250351 204 197 2495 16167 1683329 富时发达指数 新兴（含韩国@波兰） 2723 465087 0.06 -1277 1806 857757 1768 226 ee a RES pare 富时全股投资银行与经纪服务 (3) 1337721
-1.20 1220128 1353061 1367426 1320798 357 291 963 29557 7199900 发达 5968 1277033 «159-118 956 218477 1087 1.54 高级新兴 1232 135651 036 989 2450 294086 2648 275 fesllo ; - 富时全股封闭式投资信托(173) 1509585 058 1376976 1500920 1499197 1407294 268 562 664 29813 1049234 发达除北美 3601 751.14 156 -202 11.08 151048 13.12 251 次级新兴 3627 101474 «001 300 821 179302 676 225 pene one iat =o pia mm 富时全股人寿保险 (5) 8698.11 070 793349 8759.64 SSER6S 8294.18 458 090 2435 26367 1296607 jui30 美元数量 日度 月度 年初至今 美元 YID% GrDiv 7月30日 美元数量 日度 月度 年初至今 美元 YID% GrDV gy 193150 044 渣打银行 (Standard Chartered) 78800 128 富时全股非寿险 (5) 6631.66 027 6048.70 8649.37 6667.83 517105 496 121 1666 19935 1611147 行业股票指数 %变化 %变化 —%变化 —总回报 总回报 收益率 行业股票指数 %变化 %变化 %变化
—‘TotalRet TotalRet Yield leon 30-144 Sundatlife 30 016 FTSE Al-Share 房地产 iv & 股票 (10) 182873 072 108R03 162484 1885.17 706018 216 225 7056 7869 583731 数字信息服务 持有货物与家居 建筑 122 52661019 248-192 90299 072 228 tame Sa ATS ee anid FISEAL Share 房地产投资 信托 (30) 2173.17 061 199553 213531 212808 197813 493 120 1695 G46 SETI 软件与计算机服务 538 390099 256 323 806 401479 772 061 烟草 15 140005 371 286 1247 442822 1614 428 tics 100300 03 ese 6950-951 FISE Al-Share 汽车与零部件 (1) 89035 -267 81209 91479 91123 143794 000 000 079 000 «(1018.11 163° «78055 -106 383 -1426 112155 -1374 1.00 医疗保健 FTSE Al-Shre 消费者服务 (2) SUZ 085 364275 391749 408877 36855 217 177 205 «AM SLAG Teckel 医疗保健 851 114803 -118 «207 «348 1813.15 469 1.65 HowdenJoinery 785): 005 —_TheSageGp 77320 060 FISEAl-Share 持有货物与家居
建筑(@) 657578 -167 608894 678947 673645 889871 468 185 1295 19081 699258 半导体 283 «819.18 434 1398 3132 89806 31.73 061 医疗保健提供商 118 181308 062 238 1128 226356 1228 154 HSBC 157500 063 ‘Titan Big Box 17010 053 FISE Al- Share 消费品 (2) 4770842 -151 4351276 4842878 4949631 4796876 277 133 719 Gez02 Grange) 技术硬件与设备 «633. «GAND95 364 -1205 3395 919326 3439 058 药物与生物技术 573 1011.48 -155 079 806 175670 956 187 IGGou YWe00 1442 Unilever 479300221 ass 技术 1231 458650 324 689 1437 801778 1477 059 医疗设备与服务 210 161545 033 597 -11.04 197912 -1045 103 IMI 7360 0% Und Uses 1300022 FISE Me hare 消费品 (9 tet Ce oss hee ee ee 2m M052 04 085 41811277440. 04 农业食品与饮料 FISE Al-Share 媒体 (10) 1227405 -238 1119.09 1257309 1274588 12026.17 325 181 1706 26025 $887.45 电信设备 114 + 48358
«157 -1979 4465 55867 4557 0.89 食品生产商 e002 001 309 481 118256 736 a1o meted Bands beige eC oe FISE Al Share 零售商 (19) 276882 -172 252543 281732 BI7BA 250188 262 274 1393 4673 399175 _电信 21 49543 «044 11.44 1992 122019 2176 218 饮料 im 99226 021 567 1268 199865 1455 285 iloma 0 2 Wert 752600 -251 FISE All-Share 旅游与休闲 (28) 1016453 -084 9271.01 1025095 1023171 969299 1.88 161 3303 12045 1109459 电信服务提供商 147 43142 084 087 -1.61 96102 093 368 能源 IntesCont’t 酒店 1194130 038 Whitbread 251000 067 FISE All-Share 饮料 (5) 1713485 -075 1962842 1726437 1744543 1561832 312 172 1866 18893 1525556 coco € cowed Ue M43 201536 «362-922 1808 290466 1897 1.03 peak a ae a ne ne ae ae 3 FISE Al-Share 食品生产商 (10) 8138.17 002 742278 813985 814381 755692 266 204 1842 11521 9867292 — & Creditre Services 金融 112. 90587 095 225 858
141558 -7.76 150 替代 ⚡ 电力 89 10070 220 fe237 89 12522# 1082 346 FISE Ab Share 烟草 AQS751 004 SH353 4977755 SIBENO 4751558 58 131 M16 ING GIG Fie 1158 72451 «121 «550 964 1507.22 1184 268 替代能源 67 38460 653 -1252 332 51845 361 041 (up@siaes) wey role @ les) g le) FISEAll-Share 建筑与材料 (16) 1572446 0168 14342.19 1583225 1546328 1430058 275 232 1570 26759 2152843 / 人寿保险 7 BM 139 77 1787 130339 1879 318 煤气与煤炭 30h «9AM «MAR «1N91 «7754 «(15A974 «7987 «373 FISE Al-Share 航空航天与国防 (8) 2566425 073 7340821 25479.11 2450475 2101413 1.03 266 3653 15668 3297789 银行 490 53378 «(188 «(547 1442 123929 1705 315 煤气 水与多功能公用事业 118 72434 004 029 657 182153 894 348 收盘价 (p)%变化 收盘价 (p)%变化 FISE All-Share 电子与电气设备 (11) 1695497 -059 1546453 17056.38 1651232 1482105 093 302 3676 10427 1773485
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
房地产投资信托 9 10095 085 028 234.13 259 12.63 公用事业 407) 711.12 002 095 551 169387 «7.35 «289 ATC Music Gp 18250 — Mendell Helium 380 - FISE 全股综合工业 (6) 605933 040 S52668 6800534 991336 527572 237 163 2582 7222 996822 非寿险 125 110069 083 626 198257 936-263 运输 (hana Sob 1am 075 Meni an 20 FISE 全股工业营销 (6) MO9558 144 1340875 gI049 1492901 1512960 240 154 2706 22531 7r4sagg MW 银行与经纪服务 345 123859 107 528 "98824505 181 Adonis & Pas 2g 0027S 1st 1081 1 184672 1672 159 i Soutons jan 采矿：非金属糖业 (2) FISE 全股 1028628 1.72 SGHZOG 1046663 1089721 1051210 225 158 7825 17as1 raam4ag —交易处理服务 $6 14727 O87 B28 Ne ee meme ESE 2B ER) RE (ac eae moo) = - Pathos Comms Bm 6m FISE 全股工业运输 (7) «670826 -040 611857 673503 6688.15 599934 400 172 1452 1383
758553 房地产 680 97238 042 339 665 118556 900 360 航空航天与国防 102 112 143 «818 468401 831.07 —_—有色金属 11250 088 动力探针 7 - FISE 全股贵金属与采矿 (4) 26953.30 -1.59 2458.95 77389.87 2688429 3266913 281 265 1240 52932 2118186 房地产投资与服务 330 35402 086 412 667 72820 -493 262 工业工程 x0 208 1093 1724 362755 1826 140 paxchCop 41400143 itt Hela 700836 FISE 全股化学品 7 827450 -1.15 7547.13 837087 824608 7671.18 374 075 3571 21065 945428 房地产投资信托 320 58139 082 3:16 11.64 188972 1421 390 工业材料 % 160-102 139 «55795 291 281 a FASE 全股油气与煤炭 (12) 1085158 188 $897.67 1065150 1056530 70565 368 239 1135 20109 1597543 消费品与服务 工业金属与采矿 376105044 194 002 1559 208511 1692 218 — FOXMedical Group a Cs FISEA-Share tena Ee) ml 4G ee OCSsC« LO SSS (a 消费
数字服务 98 31011 210 417 449 31439 423 0.35 工业支持服务 235127069 047 959 1.13 186213 025 129 基础能源 9860 023 Sintana Energy na HecAdshea Base td 1365259 011 1265245 1366RG LHERZ72 150BKB4 217 182 1750 ZAKS? wars 消费可选 1514 118829087 039 5.14 172289 445 1.21 工业 7081 156931 153 138 948 250497 1053 145 Me ee ap a 消费服务 73 138820 078 285 -442 189207 -388 0.83 综合工业 204 «952939 316 030 1652 170643 1770 187 FISE 全股金融除投资公司 (4) 2076 055 21064 22199 21808 19033 342 271 1323 512 77991 消费必需品 622 101521 089 382 716 181461 926 297 资源与材料 foun Faecal 12500 Tapitangs “un FISE 全股气水与综合公用事业 (6) 963052 050 878394 968229 964182 925832 398 143 1751 26072 1711742 零售商 267 «191420 080 092 103 2632.44 152 0.82 基础材料 1001 98683 184 -057 764
182847 894 208 = FISE 全股工业金属与采矿 (11) 986833 036 S00085 983253 954570 800963 223 234 1870 13924 1772268 个人护理药物与杂货店 196 57442 082 348 318 95995 491 249 化学品 494 105408 092 -286 1297 198895 1561 212 _ Maffiower Aquisition 681.06 022 The Smarter Web Co am ANT SeSaensey) ie SkBSPOZS, ss2028, Mes Mn ts ae Soe ee ee STB: “ESOUSE: DUELS SERBIAN 208: 108) REY NEI: TSS: sel A aime ure ES as ee 296 121263 071 265 026 178484 eg .63 eee, 1.15 155 贵金属与采矿 See ee «96125108 322-193 -1195 221385 -1114 170 jices a5 4
英国近期 权利 发行 英国公司 业绩
公司名称 / 事件 / 生效日期 / 公司 / 营业额(é}) / 税前利润(E) / 每股收益(ip) / 股息(ip) / 付款日 / xD :--- Petra Diamonds Ltd / 供股：10 for 17 at 16.5p ps, payable in full by Nov. 21 (xr 07.11.25)。 / 07.11.2025 / lance Witan / int-() / 463m (443m) / 1090 / 9870) / 7.330 (7.080) / Jun 30 / May28 IMI Int 1.2bn (1.1bn) / 190.1m (163.0m) / 57.700 (45.700) / 12.100 (11.000) / Sep21 / Aug 13 Int. Consolidated Airline € Int 16.tbn (15.96n) / 1.4bn (1.7bn) / 22.900 (27.300) / v / a (3.888) / : / : Intertek Int 1.8bn (1.7bn) / 242.7 (226.5m) / 87.900 (98.900) / 0.000 (57.300) / : / : iv Int 1.60n (1.60n) / 78.0m (67.0m) / 1.500 (1.200) / 1.700 (1.700) / Nov 24 / Oct 15
数据由 ICE 提供。www.ice.com
| 公司名称 | | | | | | | | | | :--- Melrose Industries / Int 1.960 (1.7bn) / 89.0m (379.0m) / 6.000 (22.300) / 2.70 (2.400) / Sep 25 / Aug 13
所列价格仅为指示性价格，在发布时被认为准确。ICE 或 FT 未做出任何要约。FT 不保证该信息的可靠性或完整性。
| 公司名称 | | | | | | | | | | Natwest Group / {Int 8.9bn (8.00n) / 4.3bn (3.6bn) / 38.100 (30.900) / 12.000 (9.500) / Sep 18 / Aug 13
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
FT 不承担且不对因依赖或使用此处信息而导致的任何损失负责。
Pearson {nt 1.8bn (1-7bn) 205.0m (218.0m) 24.000 (24.800) 8.200 (7.800) Sep 14 Aug 13
Ice 欲了解更多信息，请联系 mewspapers@ice.com
Rightmove Int 225.8m (211.7m) 149.1m (146.5m) 14.800 (14.100) 4.170 (4.050) Oct 23 Sep 24
Taylor Wimpey Int 1.7bn (1.7on) 116.8m (-92.1m) 2.500 (-1.700) 1.200 (4.670) Nov 13 Oct 08
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P 47180 540 68200 41100 1.12 1906 478985 Gop 2864 17 531 1m a7 ie 3104 084 5990 2130 000 1916 66416 Ast 12632 088 2576 097 v.01 sae 3252 018 4698 2085 283 1668 19476 794 044 30.44 561 20 964 ce 509a 002 55 353 226: 1181 12: 50M xia 237 2681 000 1825 rae au 75 955 008 1407 746 244 31867 17830 ® $53 010 609397 448 May a ee 185 1697 7548 ee 154 253 m8 247 99 7a Bitch AmerTobaxo 4570004 ©5325 3677 536 1302 117 ao 8 a pe Se 8744 088 13941 7194 000 3498 49654 ce 235 02 B81 2000 215 2880 19.86 4192 423 ost 2973 47997 1634 009 2142 1296 385 2077 098 16090 2634 5 a "nie Closing prices and highs & lows ae in traded curency. 141950 650 191250 123000 049 4138 34131 710 108 MO 203 186 282 i an 13 1893 64.15 tas 7se1 S565 Nattetcapitalsaton are inca curency coe ig ells aciel wey Se ote ae aaa 543 008 «707 (275 233 6374 CowdSuikeHoingsA 18522 584 78600 17414 000617400 18860 FAW Ast teas gry. (00S
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[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
利率：官方 / 商品 / 波动率指数 / 国债：英国 / 富时指数 / 精算师指数
7月31日 / 日 / 变动 / 之前 / 2周高 / 2周低 美国联邦基金 / 350-375 / 73-04-2026 / 350375 / 350 / 375 73
商品价格指数 / 日变动 / 总计 / 月度 / 年度 布伦特原油 / 140.25 550 VIX / 1737 028 17.09 35.30 1338 天然气 / 272 0.04 小麦 / 199.757 5 12WES / 1431 053 14.38 4271 243 - / 490-005 85252 0230.0 444 轻质原油 / 84.46 0.87 菜籽油 / 490.00 3.25 燃料油 / 465.33 0.99 向日葵籽 / 1020.00 24.00 欧洲石脑油 / 741.43 22 大豆 / 1177.75 0.50 大豆粕 / 311.10 3.00 可可 (ICE 伦敦) / 3810.00 92.00 27 475 可可 (ICE 美国) / 5396.00 284.00 1053 咖啡 (罗布斯塔) / 3698.00 12.00
基准政府债券 / 5-10年 / 10-15年 / 15-21年 / 22-01-2026 - / 5 10 / 15 / 4245 021 372542 210 204 5.33 075 / 3.5
利率：市场 / 日 / 周 / 月 / 年 欧元回购 / 1.925 01 / 09 / 2025 240 英国回购 / 3.75 30 / 04 / 2026 375 日本隔夜 / Call / 01 21 瑞士 Libor 目标 / 025 21 / 03 / 2025 050 SOFR / 3650 0.000 0010 / 3.655 / 3.746 / 3.870 4.034 ESTR / 2185 0.000 0000 / 2189 / 2305 2432 / 2602 SONIA / 3731 0.000 0.000 3742 3814 / 3958 4.185
基准政府债券 / 日期 / 息票 / 价格 / 收益率 / 收益率变动 澳大利亚 / 06 / 54 / 4.75 / 8970 / 5.47 / 0.07 / 0.09 / 021 / 0.23 奥地利 / 02 / 33 / 2.88 / 98.22 / 3.20 / 0.00 / 0.03 / 031 / 0.33 比利时 / 6 / 54 / 325 / 8081 / 45305004 加拿大 / 027 / 1. / 9874 / 282 / 000 / 0030.18 丹麦 / 1733 / 225 / 95.73 / 2.87 / 001 / 030 / 0.23 / 5.15 德国 / 09 / 33 / 260 / 97.20 / 3.04
指数联动债券 / 1个月 / 1年 5年以下 / 3107 / 010 / 164 315060 013 245 5年以上 / 4349 037 / 232 / 308 362770228 288
EURIBOR : : - 220602472 2681 2558 镍 1720.00 EURIBOR : : - 220602472 2681 2558 镍 1720.00
其他金属 / 价格 / 变动 铜 / 1379350 9.59 镍 / 1720.00 锡 / 55310.00 332,00 锌 / 9643.00 2109 白糖 / 170 糖 #11 / 11 1473 0130 / 19945011398 贵金属 | | | 金 / 4044.63 / -66.04 铂金 / 1649.19
所有股票 / 12551 015 3131.70 152 / 1.44 530 所有股票 / 46149 0.32 / 1.93 2.18 / 368803 1.83 / 1.68
十年期政府债券利差 / 7月31日 / 7月30日 / 一年前 希腊 / 06 / 28 / 388 / 101.72, 爱尔兰 / 132035 360332024 037034089 奥地利 / 3.35 015 / 139 意大利 / 3.88 068 / 0.86
其他指标 | 活牛 / 231.85 0.63 0 53 / 1.75 / 0.20. 瘦肉猪 / 99.20 0.78 铁矿石 / 145 枫叶指数 / $8.23 英国时间：利率固定在 11am | 0902947 / 460 457 426 / 0633 / 425 / 365037037 / 5.09 506 459 - / 319 / 460.18 / 364 645 347044 363 6.14 / 3009822 3.28005 / 350035 6 0 4
1 August / 2 August 2026 * FT Weekend 19
FINANCIAL TIMES SHARE SERVICE
52 Week / Vol / 52 Week / Vol / 52 Week / Vol / 52 Week / Vol :--- Price + / - Diy Chg High Low Yid P / E 000s / Price + / - Diy Chg High Low Yid P / E 000s / Price + / - Diy Chg High Low Yid P / E 000s / Price + / - Diy Chg High Low Yid P / E 000s
Aerospace Defence & eis Beverages 24300 24800 12380 370 1599 91905
BAE Systemsa 2094.00 4400 2360.00 1529.00 1.81 3044 614682 AEP RAantations 180.00 9.00 229.00 88.40 338 1047 47492 MEGroup 110.80 228.00 98.50 757 739 65952 Inchcape 83850 895.00 64050 401 11.57 517.66
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
Chemring Group 590.50 4.00 62000 44652 1.37 3317 551.49 Assoc.BritFoods 2087.00 eam 2959.00 76s SM 268 88157 pagdery 1729.45 3.02 14.74 1244.47 _ / TPR aa wen el aa ae ~ a eee ee ne Glaeser 106.18 vee 134 10. a 13528.58 : ie ingfisher 30860 37230 24030 402 22.04 5020.27 Ford Motors 1083.04 131904 80531 412 -612 = a le L 2 iss Informa 885.80 1000.00 719.00 254 - 254I1 agg 67200 69500 17251 7 25157 Coca-Cola HBC 5010.00 5195.00 3270.00 205 2263 433.89 3 = P f ag sick Sain Sey es Se Ae ee 1425 87.35 65.70 6.73 12.58 1453557 Sainsbury J 3594 370 380.30 29120 381-2077 19360.17 ANZ Grou ; Banco Santander 1947.24 1050.00 712850 1080.00 147917 61300 1.58 583 1916 1350 565038 82754 — Greercore Diagrom 1634.50 260.40 0.60 © 307.50 214200 129550 191.10 385 1.00 2077 1973 3ag724 189984 Peahe ‘Pearson pai Ms ecb) 260700 TS 75a) 1931.00 367600 a 10. 1326428-106 SCR 20h 2 377237 ATS ps ppm Tosca 48950 51040 MES) 2968 178012014
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
Bank of Nova Scotia 6540.77 0.03 6698.34 4160.22 © 3.69 490.69 KerryGroup 7044.84 764635 556781 175 2059 27789 Rightmove ce cy ee a ee 5077 Bunl 280200 «6.00» 283200 198100 264 1987 510.19 Barclayse 508.70 554.10 35260 226 1161 3245428 Tate & Lyles 554.00 $8000 31940 357 25.18 494873 TY Group 104.00 13450 95.60 155 Capita 25850 416.00 215.00 - 1.79 600.56 Canadian imperial 8838.63 ©2865 «9110.65 6348.46 «2.57 332.16 Unileverm 4743.00 554211 3644.00 339 1281 397861 \Wpp pee on ew 50 sgsn13 DOC Energy 633000 — 6740.00 4188.00 3.42 — 1074.00 tinLion Finance Gp rs1000 11610.00 20.00 jae 12040.00 ee 319 690500 814 0101.69 . es Essentra ons 10420 11460 a7840 “as oe «202 — ee 763.05 Lloyds BnkgGpm == 114.70 11770 7440 350 1639 16707250 SN Store Nord W747 172 1461.23 984.75 14.39 603.50 Anglo American 3733.00 © 700-«4239.00 2042.00 078 -1519 326058 _Experiana 279000 4054.00 220300 186 2282
4449.13 NatWest Group 70580 22 72260 50020 496 1319 4701868 Smith&Neph 1158.50 1441.50 1050.00 251 21.62 4385.97 Antofagasta 3655.00 4475.00 1850.50 131 3649 83852 Hays 5640 6730 2868 0.78 -115.10 1160723 OSB Group 556.50 Sk Mey Tyme House Leisure &PersGoods 3134.00 3495.00 1873.50 326 2372 66886 HowdenJoinery 78850 981.00 279 16.03 Perm TSB Group 256.06 5.04 29166 17425 061 660 100466 BarrattRedrow 293.30 41029 23540 583 2157 1400281 — Ferrexpo# 28.58 87.23 27.20 - 452 — Intertek 564000 5.00 5850.00 351942 283 26.78 Royal BankofCAe 15666.50 2558 16187.03 9596.72 2.38 960.39 Bellway 1988.00 289000 171500 362 1497 286.13 Fresnillo 2475.00 4472.00 1371.00 384 17.74 632.09 Johnson Service 15040 «0.20 «1721012380 3.19 16.17 962.41 Stand Chart 2188.00 2278.00 128500 236 1507 5037.19 Berkeley 3500.00 4442.00 2796.00 — 1055 27762 Glencorem 543.00 400 «© 707.20 -275.20 2.33 2406831 MITIE Groupe
20700 21400 13480 217 «31.36. 12344.99 7.375%PF 112.00 12884 10950 6.58 Burberry Group ‘1187.50 137650 976.00 1957.05 Harmony 1169.80 1963.66 946.96 263 «1127 2104.19 —-RSGroup 70150 - 74274 53690 326 2027 902.93 8.25%Pf 130.00 ss 143.80 12500 6.35 = — CaimHomes 208.50 228.00 161.00 410 1145 26345 Rio Tintom 7174.00 38.00 117.00 4344.50 482 15.73 191423 Vp, 48500 5.00 620.00 42000 814 -35.14 13.92 Toronto-Dominions 894933 35.11 «9256.88 544142 256 — 841.48 + Games Workshops 19120.00 2364000 1407000 301 206 025 (i Ce Westpack 1976.46 227539 1609.17 407 1885 5186.87 Gleeson (MJ) oe 00 435, o 221.00 4.04 a 32m We 552.50 960 60940 397.15 448 ~ 3702634 Computacenter 4598.00 4962.00 222200 1.62 31.39 301.80 Chemicals 698 195 00464 0.07 868343 Caprica 36600 100 384.00 181.80 1758 10851 NCC Group 14100 16160 10720 330 25.18 3769.39 Elementis 177.20 184.00 136.00 1.88 -3057 1928.84 — ae ba He be
20 1848.36 58.52 ExxonMobil Hidgs 1141.20 — 1153480 11309-30268 = ~ The Sage Grp 97320 580 1234.00 771.66 «231 25.79 3947.66 Johnson Mattheye 1992.00 243400 173072 387 3483 47agq—Chilips 1944.17 Me TOR 84 “OR TI ‘Gopat 728.22 73639 711.13 094 11.95 Triad Groupe 37000 - 380.00 23000 243 «©3730 2:35 Victrex 7930030081900 515007612447 288 c= aa nay palo ‘ee 08 305Nagi$029 seas 6784 Helen faomy; 1114 DMNA - SGLGMM 'loconmunicatons Ts TT se—~ Engineering nergy Corpe / a6 5 — tomse 5085.15 17869 5 S23 z 5. gal Aca SH wozé 70080 158 408 e180 ase Galliford Try Hidgs 590.00 63200 40750 339 1751 19022 _ ; Pharmaceuticals & Biotech in vie 2208 1730) 413 18) eee? ere) aan cca es Ee 722.50 850.00 58500 322 2331 44350 Telecom Plus 85100 300 »«*1986.00 63800 588 «8.41 (196.94 Goodwin 17320.00 360.00 2850000 830642 162 5294 846 AstraZenecam — 12632.00 1573200 9892.00 189 2576 190454 Vodafone 11785
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
13110 80.68 3.36 -83.54 6479.15 电气设备 Hill & Smith 7850.00 3145.00 1951.80 1.86 27.75 13349 化工厂 (2831.62 7831.62 2744.61 543 14.46 0.01 LE discoverlE Grpe 7500 400 800.00 50500 1.68 2566 48068 Ml 2936.00 9076.00 213796 120 2362 1025.18 GlaxoSmKlinem 1931.50 7282.00 1288.60 362 1369 686423 pirpmertoheccone 457000 400 532600 367700 536 1202 21551 Halmae 3530.00 4902.00 3191.38 0.70 3581 1731.65 Melrse 454.30 685.00 40990 165 15.67 1012968 —Hikma Pharm 1585.00 2004.00 1187.00 394 1172 63924 imperial Brands 782500 pee, pele ee es eae Morgan Adv Mat 226.00 - 25150 167.00 540 30.13 108363 AHI 2825.00 3390.00 1920.00 545 1816 37.58 Tel nn] 3 Lak Oxford instrumentse 2732.00 3318.00 168200 0.85 3229 22195 —Severfeld 37.50 3865 21.30 — «31296756 [ann Renishaw 494800 98.00 5490.00 2860.00 158 4295 217.73 + WeirGroup 2636.00 3580.00 2254.00 1.60 27.54 154891
British Land 442.00 44640 318.60 523 _ _ easyJet 63000 «520 68380-33260 «210 «9.57 3436.38 TTXP Electronics 126.80 isso goo — as 501 EE Derwent London 2104.00 213600 1469.33 «387 _ _ FirstGroupe e440 0.50 2404015210 390 B62 952.30 Power 1616.00 206000 81432 = 2868 1200 Gantiow on Sn ooo CoS Ee 3700 27000 2% 0.99 ‘Flutter Entertainment 758800 23610.00 6722.00 4863 78.15 Macfarlane 7330 1.90 10050 5980 499 1837 30682 _Land Securities 708.50 722.00 522.50 584 - = kes 4 ae Bbanay Seapar ald Ves) A = res Smiths 2642.00 - ; 274627 2088.00 o ; 1.77 30.83 84683 = ‘LondonMetric ; i Frop 196.20a 2M 16530 635 : 6S _ IntContl Hotels Intl Cons Air 119414319030 1330506 49290 845800 33270 1.14 «1.57 32.74 198.78 7.09 22508.83 =Aberdeen ore Group Gpatspenl 240.60 alge 1.40 lbs 26500 / Maal 17752 et 6.07 11.14epe 3930.86SME 工业运输 Segro 965.00 eee 997.40 603.00 327 = = Whitbread pres
251000 v 330200 209800 386 2036 320.2 Bridgepoint Group 320.60 4.80 363.40 21200 296 6412 900.15 Braenare 228.00 260.00 203.11 ©6307 31.49 7.00 Shaftesbury Capit! 143.80 16290 124.10 2.99 7.69 4795.15 NN LXL.LL = City of London Inv 476.00 499.00 34600 693 1597 2245 Fisher(J) 443.00 554.00 320.00 ~ -5092 57.64 —Tritax Big Box 170.10 175.00 132.20 4.85 = - Drax Group 73750 937.50 61390 411 35.63 1291.57 Clase Bros ase 3ANSBRASN «tA AN em 房地产保险投资与服务 119000 © 550 --1428.50 1000.00 407 1817 9178.90 ICG. 1888.00 7340.00 142487 461 1132 912.60 romp 3772.00 3816.00 2624.00 543 1531 48030 Grainger 17450 21300 149.44 «481-637 193861 Pennone 46300 606.00 439.40 633 23.87 1200.63 Investec 64900 300 «= 690.00 49936 «593 842 4036.73 693.400 70080 59060 567 2578 819098 jaws Harworth Group 130.40 - ares 19100 eee 116.80 136 A 4497 . 21531 Severn Trent 301800 be 3335.00 - 2381.00
418 24.44 827.03 Jupiter 158.00 21450 11340 380 823 100154 — Chesnara 344.00 360.00 261.00 654 -6812 40926 oticaly ree maiz “Meo 1a) eo ag ee 234600 276750 189700 293 2224 1910.70 Liontruste 284.00 = 385.00 223.00 6.69 1844 = 157.12 Ecclesiastical Insurance 142.00 155.00 135.00 6.07 - 337 antviow Ext 1 伦敦证券交易所 — 8398.00 1029000 6684.00 1.88 3523 1637.78 — jranesrd Global 5 7 ‘ I nm 15 beedheatiee Tey ey Wee ae) Wes Ue Rathbones Group 1688.00 1200 2500.00 1580.00 600 2 1546 11776 ee ane Hiscox 51.00 1809.00 57.00 190400 320 124600 87339. 207 1247. 543° 1241.13 Savills 920.00 1126.00 791.46 5 367s 1769 324.92 oo aa of : a : Sirius Real Estate 98.95 113.00 86.80 553763473335 S&U 1945.00 5.00 2458.50 1620.00 591 9.96 2.34 Lancashire Hidgs 602.50 700.00 549.00 277 670 99859 gay 11250 — 14000 106.00 289 =a - Stoner’ ‘St James's Place cis) 1053.50 50 TEED 1075.71 155 zoe 1575.50
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
1038.75 171 10 2964.14 Lome Generel Old Mutual S000 60.40 Ga) 0.60 S0000, 2720712550701 78.80 50.60 672 6.83 99.48 pS TPICAP Group 342.60 355.00 23550 4.90 13.60 976.87 Prudential 1116.00 1238.00 910.20 1.76 974 7850.38 — Caffynse 400.00 - 550.00 350.00 250 -983 - Vanquis Banking Gp 77.30 132.00 71. — 2434 7830.03 Standard Life 923.00 1.50 932.00 615.00 600 -19597 1915.46 Qunelm Group 869.50 1249.00 707.00 805 1126 361.92
52 周 52 周 成交量 52 周 成交量 52 周 成交量 价格 + / - 日变动 最高 最低 年收益率 市盈率 价格 + / - 日变动 最高 最低 年收益率 市盈率 千股 价格 _+ / - 日变动 最高 最低 年收益率 市盈率 千股 价格 _ + / - 日变动 最高 最低 年收益率 市盈率 千股
航空航天与国防 676.00 - 7000 61300 537 510 «40.90 TE XE crisic 15600 «350 ~—16500 9000-224 «3071 «35.64
Cohort 1226.00 1538.00 881.10 1.48 2347 «63.50 _~—-~Burfod Capital 300.60 105400 27980 314 1395 14262 Mission Group 1800 2700 12.00 085 6818 —_LonSec 360000 — 375500 2100.00 269 1856 =
Velocity Composites 14.00 2600 12.00 700 74.00 Premier Miton Groupe 37.50 6800 3453800 48.08 6275 / Vp NW 13950 250 © 187.50 110.00 624 «750 «154.64
基础 采矿资源 x overages Foe entral Asia Metals 7 ah 2 ) ae 125.27 ae ae oe ig = 5=
Cropper J 380.00 2300 41450 230.00 - 1234 5142 Camellia 5450.00 6300.00 4800.00 4.77 -29.19 0.26 Crism Therapeutics 9.50 - 18.50 8.00 — 1.86 6.86 & a sO ULNA LEE lle
建设与材料 Nichds CMOS 1060.00 20.00 142500 880.00 367 1807 89.77 coseOxford Metrics 3820 60.40 3750 851 -6945 157.84
电子与电气设备 tl SEEM ek 房屋、休闲与个人用品 药物与生物技术
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oul a BREUER Travel leisure Das : / Churchill 385.00 460.00 27100 545 970 1878 . — Gaming Realms 3080 = 55.00 29.00 - 1517 33621 eee te any 7128001 Frontier Dev 436.50 - 58856 30200 - 1029 7806 Sereum Holdings 25D OO a 154000 21.00 167600 98000 110 729 75815 DP s 81.00 9000 3400 = 8068838 pceririn sooo = 200=S«13800=«a7.14 1.10 79.18 A LLL ea ee 350.00 240,00 283 1166 28.65 Sanderson Design Grpe 77.50 «0.50 79.00 40.00 194 26.01 10997 —Bochoo Group 22.40 2950 10.30 — 289 1558.07 [Financial General tcc CU 175200 1.00 +-«*1648.00 1062.00 068 1699 27737 Arbuthnot Banking 840.00 1130.00 799.00 6.55 7.70 4.92 me rao = rng ono 82562 52 Week Dist 52 Week Dis. 52 Week ) Price + / - Dy Chg High Low Yid NAV Prem Price + / - Diy Chg High Low Yid NAV Prem Price + High Low Yid NAV em
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
— Fidelity Euro 428.50 442.00 367.50 231 451.29 4.96 Polar Fin. 246.50 253.00 199.16 — 25470 079 H + 4 infra 30.00 30450 327500 254 40289 © -357_—‘“Fideliy Spec 463.50 46950 37200 223 46353 0.44 + PolarTech. 62650 1500 74350 384.00 — 67524 599 FT 股份服务指南 Abf GVIT 88.00 93.98 76.00 693 103.36 12.25 Fastany Gt edly sh nz zo) Bnet se see Sil pale m On Se Ve a 所有数据截至前一交易日收盘。公司分类基于 Abf Sm 1704.00 8.00 1758.00 1408.07 281 1908.33 Ss ose i a a ED HIRD eu Soe = sa A am) yes ese IcB — pany y FISE. FS E100 Reed 加粗部分为收盘价，Closing prices are an Aberdeen AsiaFoc 418.00 11.00 464.00 334.00 1.54 45591 © -8.17__GRIT{susp) 1.25 12 125 14.40 -91.32,_Ruffer Inv Pr BBE OED S122 203. AAG 280s 除非另有说明。高低价基于滚动 Aberdeen Asian Inc Fund 304.00 7 357.00
22900 617 33219 674 Hanse 336.00 8.00 344.00 250.00 1.31 53395 —-37.85 + Schdr AsiaPac 791.00 11.00 892.00 585.00 1.64 901.13 3.65 52 周期间的交易。市盈率 (P / E) 基于最新的年度报告和账目 Aberdeen Eq Inc 481.00 473.00 369.25 501 45696 1.94 Hanse A 313.00 330.00 24400 141 53395 -41.57 —Schdr AsiaTotal 690.00 23.00 = 738.00 488.70 1.67 71040 = -2.17 并使用中期数据更新。P / E 是使用公司的稀释收益计算的 Aberdeen UK Smil 508.00 53000 441.50 276 56134 -9@2 Henfats 25650 200 281.50 22450 «9.77 23860 ©—6.15._—Schroder Inc 370.00 376.00 310.00 3.97 39500 8.72 —_来自持续运营。收益率基于收盘价及过去 Alliance Witan 1345.00 15.00 1356.00 1178.00 2.18 1406.26 -4.65 Hentigh Inc 205.00 21220 173.25 «543 217.29 5.01 Schdr Japan 373.00 1.00 401.00 258.00 325 402.88 7.10
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Mortgage 1330.50 15.50 1563.00 1015.74 ee 1458.49 955 a Decne ee a shia Seiad shang ps scouts, premka BG China Growth 306.00 331.04 260.00 0.82 34188 © 8.53 _IntBictech 1020.00 1235.00 624.20 307 1127.99 6.89 Scat Oriental 7a 305.00 240.00 1.33 283.40 9.31 赎回收益率 (GRY) 和折价率 (HR) 与股价 (SP) 的比率，以及 HR 与抹除 (WO) 的比率 BG Euro 11700 +«=150 »«-11800-=S«91.40.Ss62 12700 «Ss BA4Cnt PP 142.00 14320 11560 619 15233 665 _ StrategicEq 362.00 — 415.00 330.00 1.17 38721 8.42 以百分比表示，NAV 以便士计 BG Japan 1036.00 4.00 1044.00 811.10 0.97 1128.55 8.80 Inv Asia Dragon Tst 483.00 6.50 51900 366.00 398 51453 6.42 Temple Bar 419.50 428.00 329.00 372 415.96 0.46 BG Shin 161.40 220 168.40 123.05 0.43 178.73 -9.23 Inv Bond Inc 170.00 17850 150.11 7.21 167.55 1.88 Tetragon 1018.02 1406.64 892.96 3.43 BG US Growt 306.00 369.50 260.15 336.42 7.61 JPMAmer IT
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1224.82 261 "RPrp 318.00 O50 36450 291.00 5.06 350.77 9.87 CT Healthcare 144.00 15240 11040 375 14991 0.04 _Lindsell Train 58400 800 98600 53600 479 «7.25 EAS «71.67 + «LEA CT Mgdl 131.50 — 13500 11400 608 131.13 0.24 ~—_Lowlend 182.50 18650 141.50 371 201.13 © 9.02 Bmd 2nd VT 47.60 = 5400 9950 840 4995 470 CT MgdG 320.00 330.00 270.00 324.47 1.07 Marwyn Val 139.00 — 139.25 138.00» 6.52 250.54 9-44.52 Nthn 2 VCT 54.00 200 57.00 47.00 556 54.60 476 CT Cpa 358.00 37300 320.00 372 37670 -431 Mercantile 276.50 282.00 23431 298 309.28 ©9893 Nthn 3VCT 8450-380 8650 79.50 533 8510 482 CTUKHITB 11250 — 12000 9200 530 12023 -7.00 Merch. Trst 666.00 673.00 536.00 445 707.18 571 —_Nthn Venture 5750 2.50 5950 53.00 539 5780 484 . CT UK HIT Ord 116.00 12600 9700 514 12013 1.89 Mid Wynd 770.00 904.00 682.00 1.08 793.86 1.76 数据由 Dunedin Inc 提供 314.00 = 318.00 275.00 642 342.98 974 — MonksIT
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
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Lex。投资者似乎对显而易见且荒唐之事感到厌倦了 国际足联股权出售可行——但价格不能如此之高 尽管国际足联主席 詹尼·因凡蒂诺 可能备受争议，但他监管下的世界杯取得了成功。观点 国际足联世界杯收入（$bn）周期 远瞻 尽管对于获胜者的娱乐价值可能存在不同看法，但鉴于人们对古希腊传说和神话的痴迷，这次赛事带来了出色的足球比赛，并为组织者、主办城市和赞助商带来了收入增长。但 詹尼·因凡蒂诺 可能走得太远了。这个全球足球管理机构计划创建一个 $20bn 商业子公司，名为“国际足联前行企业”（Fifa Forward Enterprise），并出售其 21 per cent 股权（涵盖男子和女子联赛权利），以及全球最强大的。
投资者似乎正逐渐厌倦显而易见的荒唐事。在 Aschenbrenner 将其投资组合的大部分交给 肯·格里芬（Ken Griffin）——华尔街建制派的化身——之后，投资者正日益批判地审视由 凯文·沃什（Kevin Warsh） 领导的美国联邦储备委员会。与此同时，本周的美联储正如广泛预期地那样，维持利率不变，承诺继续与通货膨胀作斗争，但美国长期国债价格依然下跌。尽管如此，全年收益率（利率的关键指标）达到了自 30 以来最高水平。因此，金融市场就像伊卡洛斯（Icarus）一样，飞得太接近太阳了。被雄心和狂妄所迷惑，坚信自己不可战胜，人们利用借贷资金进行投机，这种狂热一旦爆发，就绝不会轻易结束。而本周，几位关键角色在 英国银行等保守机构已经警告过太晚了。西班牙那种像蟒蛇般的战术，非常符合本周发生的 1 或 2 个事件。
中心 韩国金融危机的泡沫也已破灭。由于借贷成本更高，$4.2bn，2010 14 18 22 26 30 银行在激烈的股市波动中受损，而这些股市曾是 2026, 更狂野骑行之旅的一部分。这一切并不令人惊讶。其中一些估值是对这些计划的货币化，而如果国际足联 (Fifa) 确实认为其计划是保持足球运动繁荣的关键，那么它就应该通过推动 1. 足球比赛的普及来证明这一点。
但对我来说，这表明投资者终于开始表现出对那些显而易见但令人痛苦的废话感到厌倦的迹象。炒作大师们仍在发挥他们的特长。然而，现实是，债券市场正陷入一场危险的舞蹈，大型股市基金通过定价显示，因凡蒂诺 (Infantino) 可以压榨球迷。如果他执意通过出售股权来融资，且泡沫正从顶端破裂，那么被套住的普通投资者将深受其害。
这类投机性博弈在之前一直大行其道，且从未有过好结果。
（如果你们具备一定的市场知识，就会意识到韩国股市在 1 月到 6 月底期间上涨了 150%，而并未意识到韩国股市随后在上升的后期阶段下跌了。）以折扣价出售优质资产是另一回事。通过拍卖甚至公开上市，由此产生的监督可能对一个一直饱受腐败困扰的组织是有帮助的。
在接下来的四年周期中，仅男子世界杯预计每年就能带来约 $3.5bn 的收入。因此，关于国际足联是否应该出售其足球赛事的股份，以及以什么价格出售，存在显著争议。将股权出售给 Thrive Capital（一家由唐纳德·特朗普 (Donald Trump) 总统女婿的兄弟管理的基金）的提案，显然无法实现这些目标。世界杯的门票价值与 $20bn 估值相比，倍数接近 6 倍——在计入女足和其他活动的潜在收入后，这一数值更低。商业化并不总是意味着腐败，而投资对于足球的发展至关重要。
与此同时，由于新任美联储主席的方案，借用资金进行投机的投资者不得不自行揣测其意图。这正是市场的表达方式：它认为美联储正在处理通胀问题。正如他所言，他厌恶向市场“喂食”信号。但对我来说，这意味着如果美联储在过度加热的情况下采取行动，那么关于圣诞老人和复活节兔子的好消息可能就没了。
这种反弹将两个问题混在了一起。首先是关于国际足联是否应该出售股份。其次是价格问题。
“政治反应功能很重要，”富达国际 (Fidelity International) 的 Salman Ahmed 表示，“美联储不能在真空环境中运行。” 沃什 (Warsh) 试图传达美联储正在“处理”问题，但他的反感可能会引发混乱。
此外，由于欧洲足球协会联盟 (Uefa) 和政治家的反对，部分球迷团体已投票决定抵制下一届世界杯，除非国际足联支持保护比赛规则。如果因凡蒂诺坚持己见，可能会导致竞争治理机构之间爆发战争。
韩国股市指数在 1 月至 6 月底上涨了 150%，但在随后的阶段走低。目前，半导体公司的股票已在市场上被大量预先宣传。
在坠入凡尘之后，但投资者们将足球视为长袜。通过引入两届世界杯，以及这项运动将有助于该运动，他至少可以对他的新投资者做同样的事情。Situational Awareness（情境意识）。将一家对冲基金命名为该名称要求你传递出信心，一种韧性，但也要恰到好处地带有星光以暗示其排他性。通用地，结果就是一种将岩石、森林和季节陈词滥调地组合在一起的方式。并非如此。
在对冲基金狂热中，最不安的人正感受到痛苦，其中一人在本周告知《金融时报》，她的生活已经“被搞砸了”。韩国当局现在已经打击了风险零售基金——看来对于数千名投资者来说已经太晚了。零售投资者在出售个股，主要是科技板块，其速度是自新冠危机以来最快的，根据 Vanda 的研究和专有数据。Vanda 表示：“受创的是科技板块，而非整体市场。”与此同时，所谓沉闷的英国股票市场，因为缺乏刺激的科技股，本周创下历史新高。
这意味着 Aschenbrenner 的方向并不正确。他声称该基金今年仍上涨 80%。但他的新四年战略的一部分是……
在杠杆与波动率的市场中，确实如此。如果此前上涨如火箭般上升之物有时会像木棍一样掉下来，那么这并不令人惊讶。对于 24 岁的神童 Leopold Aschenbrenner 来说，他在写了一篇 165 页关于 AI 变革力量的论文后命名了他的基金，这正是如此。在 29 只美国上市股票中，该基金在 3 月底报告的持仓中，平均股价在过去一个月下降了 21%。本周，其大宗持仓之一的芯片制造商 Sandisk 下跌了 45%。
或许埃隆·马斯克的 SpaceX 上市确实引起了关注。他在今年上半年获得了极高的 AI 财务回报，正如其 400 度的涨幅所证明的那样。但在这次投机市场的顶峰——其股价现已减半——Situational Awareness 在他青睐的科技股遭受打击时，依然处于领先地位。
Lloyds 银行集团首席执行官 Charlie Nunn 喜欢谈论机器人可以秒速搜索整个市场，每件产品必须凭借其自身的新策略来竞争。大银行可能仍然能提供最佳价格，得益于更便宜的资金和专有数据，但基金能否不再依赖于被动受众。
在英国，已经有近五分之一的消费者使用它来辅助他们的技术。这位前埃森哲合伙人希望将客户存款放在区块链上，并让资深员工参加一个“AI 领导力”课程。
这并不意味着英国可能会陷入一场 AI 财务大混战：金融行为监管局（Financial Conduct Authority） 7 月的一项监管审查指出，快速切换……
投资者知道这种傲慢在赌注失败时具有破坏力。现在他们正在寻找体面的安全性与稳定性。这就是最好的方式。
避免被灼伤。实际上，这是一场赌注，赌人工智能（AI）不会征服一切。AI 代理可能会损害金融稳定。
Lloyds 希望通过对尚未上市的 AI 实验室 Anthropic 的投资来增加收入。这应该能给人们提供关于 Lloyds 地位的信心。Nunn 可能是英国最大的技术布道者，但如果 AI 威胁到而非协助他的交叉销售理念，那么大多数人不与其共享同样的积极态度是一件好事。
在它的保险部门中，一个核心优先事项是“实现跨集团协同效应”——即经典的银行保险（bancassurance）销售模式，向银行客户销售保单和投资产品。此外，还有一个“综合交通生态系统”——鼓励客户在同一地点搜索新车、安排短期融资并办理保险。甚至该银行新的租赁物业网络也成为了销售住房保险和抵押贷款的渠道。
对于像 Lloyds 这样的集团来说，这是有意义的。其零售部门与约一半的英国成年人建立了关系。也就是说，有 28mn people 通常会选择通过银行应用程序购买的便利性，即使在其他地方有更好的交易。
Lloyds 绝非唯一这样做的银行。英国的每家大型贷款机构都希望新的“定向支持”监管措施将使向财富管理服务客户销售竞争产品变得更容易。从历史上看，唯一的真实风险是触犯误导销售规则。
但现在出现了一个新风险。如果消费者将财务任务交给代理 AI 怎么办？这种情况越多，交叉销售的吸引力就越低。
为了避免被灼伤。实际上，这是一场赌注，赌 AI 不会征服所有领域。AI 代理可能会损害金融稳定。
杠杆化股票，以及在过去几周内，来自其银行的追缴资金要求导致他不得不出售其持仓。这些持仓自 6 月中旬的日内峰值以来已下跌，且低于起价。katie.martin@ft.com
谁还需要学习那个教训？也许是 AI 数据中心的建设者——Lex 认为他们将在 2030, 年前投资 $9 tn，而且他们正处于面临类似错误风险的边缘。
正如 Aschenbrenner 的长期杠杆投注证明他预见了未来，但误读了过去，技术基础设施的建设者们在承担大量债务融资、销售房屋保险和抵押贷款时，正在强化 Man Group 所警告的——已经建立的是一种“时间错配”。
很多事情可能会出错。芯片可能会在贷款偿还之前磨损。新的 AI 模型效率可能会使某些数据中心变得多余。像 Kimi K3 这样以少胜多的中国模型可能会获得影响力。
《情境意识》（Situational Awareness），由 2024, 年成立的 OpenAI 前员工创立的基金，将其大部分公开交易证券出售给了竞争对手 Citadel，原因是银行要求偿还贷款。表面上看，情况很简单：Aschenbrenner 认为 AI 相关股票会走一个方向，结果却走向了另一个方向。由于他使用债务进行交易，这迅速演变成了一场流动性危机。
他错了 吗？
虽然大型贷款机构没有将自己的资产负债表押注在 AI 热潮上，但他们很乐意收取费用帮助他人这样做。教训就在那里，听从教训的人可以获益，而对于那些不听的人来说，杠杆依然可用。
KUSNACHT (R) PRACTICE
《情境意识》作为 Aschenbrenner 长期杠杆投注的证明，预见了未来但误读了过去。技术奇才的不幸提醒人们，投资者即使正确地看待了 AI 将获得大规模采用的观点，但如果胜者和时间表出现偏差，仍可能遭遇灾难。
NIKKEI Asia 亚洲世纪之声
法国和西班牙遭受创纪录山火袭击
法国 / 西班牙 :--- 累计过火面积 (公顷) 100,000 / 115,000 80,000 / 累计火灾次数：500
自上周以来，波尔多周边地区有 224,000 人被迫离开家园，其中超过一半的人现已获准返回。这表明消防员在应对法国数十年来最严重的山火时可能已占据上风。
本火灾季法国境内已有 115,000 公顷土地被焚毁 根据内政部长的说法， 60,000 公顷，打破了 2022 年创下的 66, 公顷的前纪录。 在 西班牙，据当局称，马德里周边的山火也已基本得到控制， 40,000 在 20,000 粗略 63,000 名撤离者中，大多数已被允许返回家中。但另一起火灾已在东南部的瓦伦西亚以及西部的萨莫拉省和莱昂省爆发。
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Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec
虚线代表法国政府发布的最新过火面积数据。*2026 年截至 7 月 29 日的数据 来源：Effis 订阅 The Climate Graphic: Explained 通讯 ft.com / climate
在瑞士苏黎世湖畔，Kusnacht Practice 提供世界领先且高度个性化的心理健康、成瘾治疗和精准医学临床护理。通过一个涵盖三个学科的内部医生团队，实现深刻的治愈、持久的转变，以及生活的全面重启。 KUSNACHTPRACTICE.COM
获取您在亚洲取得成功所需的商业洞察 访问 asia.nikkeil.com
2026 年 8 月 1 日星期六 / 8 月 2 日星期日
风格 / 旅行 / 书籍 / 艺术
ifecoArts FT 周末版 柏林忧郁 战斗阵地 艾伦·卡明 还我周日 1066 年的事件， “惊叹感”剧场 安妮-西尔万·沙萨尼 第 18 页 在黑斯廷斯重演 即将来到皮特洛赫里 «= 旅行 第 7 页 艺术 访谈 第 12 页
一根骨折的大拇指，一封足球运动员的信，一次惊险的逃脱，一支在萨福克郡的女子乐队，在爱丁堡艺穗节坠入爱河 —— FT 作者们回顾那个让他们成就今天的季节 6:28 pm 周日版。* 他们最初只是想尝试一些风格上的突破。插图由（此处无姓名）。当然，我确实喜欢结识新朋友。但尽管我最近刚刚抵达，保罗想要庆祝他们的周年纪念。在 2015 年的那个夏天，汉娜·罗宾逊（Hannah Robinson）还在实习。尽管他们见到了许多从未见过的景象，从震耳欲聋的引擎到耀眼的时尚，但我发现那种独立自得的幸福感——即独处的简单，我的思绪仅由一本好书来增强。我在匆忙赶往乘坐地铁时，在车厢和站台之间的缝隙中滑倒并掉落。当时我 20 岁，而我本能地将手臂伸向即将关闭的车门，这救了我的命。我在其他地方写过这次事件带来的震撼，但它还产生了另一种意想不到的影响。这次经历是一次着装教训：从那时起，我死也不愿再穿帆布鞋。（很难不听到那个表达方式在字面上的直白感。）当时我是个学生，穿着朋友淘汰的旧衣服。那时鞋子是穿搭中被忽略的部分。“我掉进了车厢和站台之间的缝隙” 这一重要发现：我甚至不是在度假——我喜欢独处。我再也没有穿过那些帆布鞋。尊重你的双脚，留意你的脚步。 杰·雷纳 餐厅评论家
有时候，一切都发生在快节奏的冲刺中。在 2003 年 5 月，我厌倦了在伦敦的一份企业工作，因此决定与某人一起旅行。但我最亲近的朋友是我的女朋友，她在同一个部门工作。到 9 月份，她怀孕了，我们两人都辞职并搬到了华盛顿特区。在期间？婚姻，一次从海岸到海岸的徒步蜜月，甚至在我的暑假工作中。我在 6 月、7 月和 8 月在彼得·马丁奖学金的资助下为《金融时报》撰写社论，该奖学金是为了纪念这位伟大的 FT 商业评论员而设立的。那个夏天教会了我重要性。理想情况下，鞋子应该有抓地力，且不会让你高速滑入一个巨大的、危险的空间。这不是一个关于浪漫或与海豚产生深刻邂逅的故事。我原本计划与某人同行。但我的好友无法参加，很快我意识到，也没有其他任何人能行。于是，我拒绝悲伤，买了一张国际铁路通票 (Interrail pass)，规划了一条路线，将塞得满满的背包高高扛在肩上，出发前往多佛，期待着冒险。我在那个夏天发现了一些冒险，以及一个陪伴我终生的教训。理想的情况是，果实并不总是持久，但孩子、婚姻甚至那次实习仍在塑造我。
蒂姆·哈福德 《地下经济学家》 丽贝卡·沃森 FT 作者兼小说家
在四十年的距离之后，很难确定那个觉醒的准确时刻。也许是在乘坐火车缓缓经过意大利南部棕色焦褐的灌木丛，前往希腊轮渡的途中。又或者是在爱琴海上起伏颠簸时。再或者，是在那些惬意地吹着空调、沿着土耳其海岸蜿蜒行驶的大巴车上，旅程中唯一的停顿就是司机在休息站给你的双手喷上柠檬香调的古龙水。但无论具体是在什么场合，在 1985 年那个炎热的旅行之夏，我在某个时刻有了一个重要的发现：我喜欢独处。
“在经历了这些恐怖之后，年轻人做了什么？他们选择了生活” ——马丁·沃尔夫 (Martin Wolf) 首席经济评论员
我选择的改变人生的夏天是 1946 年。我出生在 1946 年 8 月。毕竟，没有什么事件能比出生更好地符合这个标准。这不仅仅是改变人生：它是人生的开始。此外，1946 年相当特殊：它是第二次世界大战结束后的第一个完整年份。我是第一批战后“婴儿潮”一代的一员，这一代人对西方世界产生了深远的影响。
18-20 2026 年 9 月 门票 现已发售
我的 （续见 Zz 页）
生活
基本上所有英国其他主题公园的免费入场券——但它并非美食的提供者。在我离开几年后的那个夏天，土壤协会（Soil Association，一家食品与农业慈善机构）将其描述为“深炸垃圾之都”。这并不公平，因为其中相当一部分其实是即食袋加热、工业烤箱速冻或由场外厨房重新组装而成的。
改变了我 我在那里时的糟糕经历。 尽管如此，那些夏天确实 改变了我：它们磨练了我的时间 管理能力，让我体会到了 财务自由的滋味，并教会我 每次去主题公园时 接第 1 页 一定要带便当。
然而，比我这一代人随后的历史更令人感兴趣的，是我们父母所做的选择。他们当时还是年轻人，大多在二十多岁或三十多岁，刚刚经历了一场毁灭性的战争。仅在英国，就有约 454,000 人死亡。在全球范围内，估计的总死亡人数达到了几乎不可想象的 8700 万。
面对这些恐怖，年轻人随后怎么做？他们选择了生活。1946 年，英国出生了 955,266 名儿童（每 1,000 名居民中有 19.5 名儿童）。这是 1945 年至 1970 年间所有年份中第二高的比率，仅次于 1947 年的 20.7。
‘Urban Clique 成了我们女子乐队的名字。我是 Posh Clique’ 专栏作家 杰米玛·凯利 (Jemima Kelly)
我那时刚满 16 岁。我的哥哥正准备加入我的姐姐在剑桥大学的学习，而我的大姐刚刚开始行医生涯。但我并不打算像他们那样生活。我，这个最小的孩子，这个异类，打算成为一名流行歌星。我的母亲对此极不赞成，但我父亲觉得他应该支持我的梦想。于是他允许我和两个一起开始唱歌的校友在他的房子里住一周。我们把它当成了一种新兵训练营。我们练习和声，进行了数百次……
我的父母选择了生活，尽管他们知道自己大家族中的几乎所有成员都…… 每天做 1 组仰卧起坐，为了我们的 露脐上衣配低腰牛仔裤的组合， 并研究了 Destiny’s Child 的视频
SSS 在大屠杀中被谋杀。他们和 Britney Spears。NS. REGS 选择了生活，尽管在战争期间被迫流亡。4 ll Urban Clique 成为了我们女子组合的名字，灵感来自多种来源，我父亲的牛津英语词典，在最城市中形成。许多父母一代的人选择了生活，因为他们相信更好的未来。他们是对的：他们的后代生活在一个和平的金色的时代。我们需要再次拥有这样的乐观精神。在那年夏天之后，我回到哥伦比亚生活了三年。我的生活始于乐观。
在所有意义上，这就是 Posh Clique。
关于哥伦比亚的两个建议：永远不要把“T”拼写成“u”，永远不要开关于可卡因的玩笑。因为这个国家有数百万件更有趣的事情。
Alice Fishburn 周末版评论与分析编辑
在某种程度上，我开始怀疑自己的资历。我曾在德文郡海岸的一处地方生活。我的妻子在某个周末加入了我的行程，德文郡成了我们的快乐之地，我们在那里度假。我们买了炸鱼和薯条，坐在海滩上写我们的第一首歌。
“宝贝，我就坐在这里，我一直想着你 / 你让我快疯了，女孩该怎么办？”
这是开篇词。这是一首正经的爆款曲目。
我们终于在音乐节的最后一天亲吻了。然后他消失了。
次年，他在 Polydor Records 成为了一名 A&R 执行官。
Jo Ellison HTS! 编辑
我发现在美国，口音绝不是一件坏事。在那些城市之地，萨福克郡阿尔德伯勒 (Aldeburgh) 这个高端海滨小镇让我深深着迷。（如果你在质疑自己的资历，我告诉你，你只需要在一年时间内补回所有睡眠就足够了。）
但我同时也旅行，并爱上了这个地方。我坐在树下读小说。
Henry Mance 英国新闻编辑
生活在国外会改变你的生活吗？还是说它开始了另一种生活，且不受之前忠诚度和预期的约束？我交到了朋友，朋友的父母。那种知道你可以在夏天结束时回到大学，并暂时离开那个迫在眉睫的成年世界的安全感。
但我太英国化了，无法永远住在波哥大。但我会在学校读到 18 岁，再多留一段时间。八月英国夏天的兴奋之情正将我推向——提示：是时候出发了。
我毕业于爱丁堡大学，随后又花了六年时间尝试在行业中闯出名堂。
纽约市。二十一 岁。我是一名夏令营辅导员，白天照顾一群五岁孩子，晚上在沙发上借宿并参加派对。
夏季风暴完全将我的路径分成了两条，比我的大拇指分得更整齐。
我的路径分成了两条，比我的大拇指分得更整齐。
我从上西区前往 SoHo 区，然后在夜晚原路返回。凌晨 2 点。出租车在西侧高速公路 (West Side Highway) 上疾驰。善良的朋友们。更善良的朋友。
那是 2005, 年的夏天，我正处于两个月的探索期。发现美国父母很大方。你永远不会在给幼儿园孩子表演“Under the Sea”的舞蹈时出错。
当面对一个无聊的孩子时，一条围巾可以是一个提示。
当我不情愿地重新回到板球场，在一次低级别板球赛的边界线上接球时，我的大拇指就像雅各布饼干 (Jacob’s cracker) 一样裂开了。一个高球向我飞来。我判断错了。
艺术博物馆。50 Cent。
在其他地方。记得那时我成了新工党背景下音乐产业中的一件“工具”，在酒吧、商店和一家精品店工作赚钱。几周后，我前往哥伦比亚进行大学实地调研。
生活并非完全线性，我对此心存感激。你只有 21 岁，且曾一度处于爱情的边缘。一个英国人参加 Yugotours 旅游是一次机会，但对我而言并无益处。分离主义派系之间日益紧张的局势，最终演变成一次前往马卡尔斯卡里维埃拉（Makarska Riviera）的度假套餐。我的父亲总是对廉价商品情有独钟，将 Yugotours 的即将崩溃视为一个机会。而我的母亲出于我们未曾提及的原因，留在了家里。
对我来说，这是一种新型的度假方式。它让我初次接触到橡胶奶酪自助早餐和超高温灭菌（UHT）牛奶。我此前从未想到，人们竟然会飞到距离任何值得参观的景点都有 20 站巴士之遥的地方。我从未想过要在泳池边度过整个两周的假期——虽然在我的情况下，并不是在泳池里。为了让自己看起来像钢铁女侠（Iron Maiden），我留长了头发，结果反而让我看起来像个女孩；有几次我脱掉 T 恤时，一些大孩子指着我笑，于是这件事就这么结束了。
看着父亲与女服务员调情又是另一种新体验。后来我明白他其实很不擅长地调情，但当时我并不这么认为。此前我并不了解他的风格，很容易想象他身边跟着一个笨拙的、性别模糊的孩子，穿着一件《野兽之数》（Number of the Beast）的 T 恤。
那个夏天究竟如何改变了我，很难说清。能理清所有线索的心理医生是我永远负担不起的。我当时 12 岁，我的假小子时代结束了。
Bryce Elder Alphaville 主编
我的第一封也是最后一封粉丝信。令人惊讶的是，“莱斯爵士”回复了。那是一张蓝色纸上的手写便条，对他离开的可能性表达了含蓄的看法。一个月后，在六月，他离开了。我哭了，并意识到我永远无法将自己绑定在一支足球队上——或者说，绑定在这支球队上。
南斯拉夫国家的寿命比我父母的婚姻稍微长一点，在正式进入“政府即将崩溃”（我其实并未投票支持）以及对我未来前景的严重焦虑之前，它提供了一段诱人的缓冲期。
在特拉弗斯剧院（Traverse Theatre, Edinburgh）负责票务的最后一个夏天，是我最后一次机会。
Horatia Harrod 艺术编辑
令人惊讶的是，“莱斯爵士”回复了。
随着英格兰队退出今年的世界杯，我想起了自己那个充满足球失望感的夏天。
伦敦 GOLF CLUB 皇后公园 (QUEENS PARK GOLF CLUB)
1995 年，我的热情所在是女王公园巡游者足球俱乐部（Queens Park Rangers FC），当时他们是一支出人意料的优秀英超球队，其灵魂前锋是莱斯·费迪南德（Les Ferdinand）。我坐在阁楼上，作为 QPR 支持者阵营中罕见的女孩，看着“莱斯爵士”一个接一个地进球。
当赛季结束时，他被卖给一家更大的俱乐部几乎是必然的。除非，也许我能说服他留下？这是我写的第一封也是最后一封粉丝信。
Oliver Roeder 《金融时报》周末杂志 委任编辑
21 岁的演员基里安·墨菲（Cillian Murphy）凭借在《迪斯科猪》（Disco Pigs）中的首个角色征服了整个苏格兰。这是一部关于初恋的爆炸性双人剧，演员们使用一种极其奇特的皮钦语（pidgin language）表演。我爱上了这种写作方式及其作者，后来我经常在……时为他提供免费门票。
我在大学毕业初期，在酒吧、商店和一家精品店工作赚钱。
在 2006 年的夏天，我正处于暧昧期，从芝加哥南区搬到了北区。我住在离瑞格利球场（Wrigley Field）一英里远的地方，那里是我心爱的芝加哥小熊队的瑰宝级棒球场。那个夏天，无论什么时候有比赛，我都会走过去，次数多得数不清。瑞格利球场与周围社区融合得如此紧密，以至于你可以在街道对面的屋顶上观看比赛。在球场外，左外野之外是绿树成荫的韦夫兰大道（Waveland Avenue）。从本垒到砖墙外野之间有 355 英尺，而从看台到街道则有另外 50 英尺。强有力的本垒打会像雨一样落在城市的人行道上。而每天下午，那里都会出现一个持久的夏季营地：躺椅阵。那里的人大多在二十多岁，戴着手套和帽子，听着收音机里的比赛。他们被称为“球鹰”——莫（Moe）、“超级”戴夫（“Super” Dave）、肯（Ken）、里奇（Rich），以及那个夏天的我。
小熊队是我青少年时期的阳光英雄，像不真实的、遥远的电视角色。当他们的杰作落在人行道上时，美感在尘土与沥青的摩擦中显现。那个夏天我在韦夫兰大道接到了四个棒球，让我感觉到世界在缩小。现在那里加装了更多悬臂看台，并安装了围栏、一个巨大的视频屏幕和广告。现在几乎没有棒球能落到那里了。
与其审视损失，我更愿意记住，没有什么伤害是无法通过远离来修复的，而且没有任何套装度假产品能足够便宜到能弥补这一点。我们最终在节日的最后一天，在派对上接吻了，结果紧接着就传来了戴安娜王妃在车祸中丧生的消息。随后他消失了。三周后，一张剧院传单、四封德文信件、一个公共图书馆、两次公共电话亭通话，以及我母亲那里的一条模糊留言——说有一个“带着奇怪爱尔兰口音的小伙子”在找我——之后，我们重新联系上了。
（那是模拟信号时代，孩子们。）
我们至今在一起。
《Disco Pigs》今年秋天满 30 岁。
夏天对我而言，往往伴随着生活剧变。这可能是幸运的，因为泳裤从未成为我的首选装扮。我生命中所有重大的决定性时刻——与妻子相遇、成为父母、父亲去世——都发生在冬季或深秋。但一次持久的夏季改变发生在我的二十多岁后期。当时我更换了工作，突然觉得不需要任何雇主来解释我为什么要在乐高温莎乐园（Legoland Windsor）从事两年的餐饮服务工作，这个主意很不错。
我将两周的计划缩减为一周。但我预订了埃克斯穆尔海岸（Exmoor coast）林茅斯（Lynmouth）的一家小型 B&B 旅馆，带上了一叠书，大部分时间在徒步（或开车）前往最著名的风景点，在阳光下坐着阅读。
（在炎热的一天，苍蝇在我的头顶嗡嗡作响，我学到了一个深刻的教训：在你欣喜地走下山坡之前，最好确定没有另一座山在等着你。）
我的主要目的地是国家信托（National Trust）的一处房产，名为沃特斯米特（Watersmeet）。
根据我母亲的说法，她曾毫不含糊地告知我，打算在暑假期间无所事事并向她要钱的计划根本行不通，于是我勉强申请了一份工作。
当时，乐高乐园（Legoland）是一个很棒的雇主——加班费丰厚。我在伦敦郊外的儿童主题公园乐高温莎乐园（Legoland Windsor）从事餐饮服务工作。
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《布里杰顿》系列书籍作者揭秘人们认为阅读必须是艰苦的，或者至少在某种程度上必须有所提升的社会心态。“我认为这简直太棒了，”她说。“我从未说过我的书是历史课。”
Netflix 的热门剧集将新的观众引入了浪漫小说领域。关于“从此幸福地生活在一起”这类小说的商业运作及其在摄政时期英格兰的持久魅力——以及为什么 BookTok 是粉丝们的避风港——Julia Quinn 与 Brooke Masters 进行了探讨。
我知道她的意思。像许多浪漫小说的长期粉丝一样，我过去常常淡化我对这一类型的热爱，主要购买电子书，这样就没人知道我在读什么。
但近几年的心态已经发生了变化。人们在承认女性欲望和讨论性话题方面变得更加坦然。大流行期间的封锁也增强了人们对逃避现实的兴趣，无论是通过阅读还是其他爱好。现在，当我向熟人坦白自己对浪漫小说的痴迷时，男性通常会感到惊讶，但至少有些女性会点头表示认同。
在我对面的 Julia Quinn 正在谈论性爱场景。这位小说家的作品是 Netflix 现象级剧集《布里杰顿》的原著，该剧讲述了一个贵族英国大家庭的 8 个兄弟姐妹在 19 世纪寻找爱情的故事，她拥有 30 年将角色从初识引导至幸福结局的创作经验。
她也是一个清醒的现实主义者，尤其关注那些能让她的观众不断回味的火辣邂逅。“对我来说，性爱场景在书中必须起到某种作用，而不仅仅是为了存在而存在，”她说道。
她翻看手机，找到了 HR 7661 号法案的文本，这是一项旨在简化从公共和学校图书馆删除书籍程序的国会法案。
Quinn 也许是通过让女性结婚来维持生计，但她本人绝非保守的传统妻子。自从电视剧极大地提升了她的书籍销量后，她利用自己的全球知名度来倡导对她而言至关重要的进步事业，包括性别平等和反对审查。她对试图将酷儿、非白人作者以及包含非传统家庭参考资料的书籍从图书馆书架上清除的努力感到尤为愤怒，“在人类历史上，从未有像现在这样，禁书的人最终发现男人竟然还是好人。”
她曾于 2023-24 年度担任非营利组织 EveryLibrary 的美国国家大使，并在全国范围内发表演讲。她仍然坚持将每次图书馆演讲费中的 $5,000 捐给该组织。“基本上，人们是为了《布里杰顿》而来的，这有点像‘诱敌深入’，因为他们不得不听我讨论前 10 分钟关于禁书的话题，”她说。
就她而言，Quinn 强调了 BookTok 的兴起，这是 TikTok 的一个子板块，读者、作家和出版商在这里分享评论、推荐和笑话。能够凝聚在一起，有助于粉丝们面对那些轻蔑之情。
技术变革也发挥了作用。粉丝小说网站和自出版帮助新作者吸引注意力，同时向传统出版商展示了这个市场究竟有多么广泛且利润丰厚。
这是一个完美的夏天日子，25°C，万里无云的蓝天，远处普吉特海湾波光粼粼。我在派克市场（Pike Place Market）顶层一家热闹的海鲜餐厅里，在西雅图品尝意大利三明治和意式冰激凌。这里是西雅图地标性的鱼类和农产品市场，人满为患。
在一起。“我认为[多样性解释了这一点。‘当我上大学时，如果能把《布里杰顿》里的场景去掉，而这本书依然成立，那么至少对我来说，它就不是一本浪漫小说，而是一本情色小说。’] 现在你绝对可以去 Instagram 或 TikTok 上看看，那里有一个这样的社区，”她说。
曾经被认为琐碎且低俗的浪漫小说，近年来人气大增，激发了包括情色浪漫小说和浪漫奇幻小说（romantasy）在内的众多子类型的出现，且每个子类型都有自己的粉丝群和明确的规则。
这同样是一门大生意。浪漫小说（定义为以核心爱情情节和幸福结局为特征）的销售额在 2008 年经济危机之后开始上升，随后在新冠疫情期间激增。目前，其销量已远超“严肃”文学及推理和惊悚小说等其他类型。
在英国，年度收入从 2020 年之前的 £20mn-25mn 增加到 2024 年的 £69mn，并基本维持了这些增长。美国浪漫小说的销售额（以销量追踪）去年达到约 51mn，在过去四年中翻了一番。2025 年，在包括艾米莉·亨利（Emily Henry）和丽贝卡·亚罗斯（Rebecca Yarros）在内的美国前 10 名小说作家中，有 5 位撰写的是浪漫小说。
Quinn 认为此类小说依赖于截然不同的公式和模式。“我真的不知道会发生什么，”她说。“当[听到人们如此肯定地对此发表看法时]，我既怀疑又嫉妒，因为我真的不知道未来会怎样。”
她对人工智能（AI）日益增长的影响感到更为矛盾，出版业内部有些人担心 AI 将削弱人类写作的价值，并对类型小说（依赖特定公式和模式）构成特别威胁，“我所有的书都可能会被禁。”
Quinn 同时也担任 Landesa 的董事会成员，这是一项倡导长期居民土地权的全球慈善组织。她将此问题视为性别平等问题。“他们说，如果你给女人一条鱼，你能养她一天；如果你教她如何钓鱼，你就能养她一辈子。Landesa 希望女人能拥有那个池塘。”
她补充说，这与[她的书]有一点联系，因为在摄政时代，女性拥有财产是非常、非常困难的。
服务员撤走了甜点盘子（海盐焦糖意式冰淇淋），我们聊到了 Quinn 经常前往英国的行程，因为《布里杰顿》在萨里郡的谢泼顿制片厂以及伦敦和巴斯实地拍摄。她本月晚些时候将再次访问，为第 5 季拍摄，该季将基于《当他邪恶时》（When He Was Wicked，2004 年出版）改编，Quinn 将其描述为“我最火的一本书”。书中，寡妇弗朗西斯卡在游览西雅图时，在丈夫表亲的诱惑下重新学会了爱。
由于她家里有客人，她希望在客人回来时能在家，所以她需要尽快出发。
我挤出了最后几个问题。她告诉我，她想寻找讲述故事的不同方式。她非常享受在《夏洛特王后》中的工作，且每 17 本印刷销售的小说中就有一本是浪漫小说。
“这就是为什么诗人能拿到钱，”Quinn 说。“我们是出版商能够生存的原因。”
与 FT 共进午餐 朱莉娅·昆 (Julia Quinn)
“性爱场景必须服务于某种目的。”
随着出版业正与自出版和人工智能的竞争作斗争，以及关于持续阅读习惯大幅下降的报告，今年的整体图书销量有所下滑。但分析师希望浪漫小说能成为救星，因为秋季将有几部潜在的爆款作品推出。今年 3 月，当 Bloomsbury 宣布将出版 Sarah J. Maas 的两本新浪漫奇幻（romantasy）书籍时，其股价上涨了 17 百分比。好莱坞也搭上了浪漫小说的便车，这在很大程度上要归功于《布里杰顿》（Bridgerton）。
所有她的书都设定在英国格洛斯特郡。Quinn 的故事发生在英国摄政时期，即 19 世纪初，当时乔治三世深受精神疾病困扰，其子（后来的乔治四世）担任摄政王。这一互相关联的系列作品以大众市场平装书形式销售，并因其丰满的胸脯而被称为“撕胸衣小说”（bodice rippers）。
Quinn 在将书籍版权出售给 Rhimes 的制作公司时，放弃了创意控制权，但制片人会咨询她的意见，她也支持 Rhimes 的选择，特别是美国对浪漫小说的痴迷。
Shonda Rhimes 在度假期间偶然发现了 Quinn 的书，并将这一构思卖给了 Netflix。第一部《布里杰顿》系列于 2020, 年圣诞节上线，吸引了 1.13 亿次观看。
最新的季度预计将于 2027, 年发布，目前看来将是最具争议的一季。从一开始，Rhimes 对 19 世纪英国的虚构演绎就因加入了黑人和亚裔角色，以及同性恋和双性恋的爱戏而激怒了一些人。这一次，Rhimes 翻转了 Francesca 情人的性别，并计划将本季的核心设定为一段女同性恋浪漫关系。
这一剧集是 2023 年播出的《布里杰顿》衍生剧。
Rhimes 先写了剧本，然后由 Quinn 将其转化为小说，而不是相反。
最后，我不得不问：在花了一辈子的时间描写 1800 年代贵族的艰辛与磨难之后，她是否曾经希望自己生活在那个时代？
“完全不希望。[就像我的医疗保健和疫苗一样，我太不能接受回到 19 世纪了，]”她说道，并补充道：“而且我想投票。”
Brooke Masters 是《金融时报》（FT）的编辑，她在哈佛大学就读期间花了六个月时间研究。
MATT’S IN THE MARKET First and Pike, 94 Pike Street, Top Floor, Suite 32, Seattle WA 98101
具有性成瘾特质。妹妹们长大，三个月内，使其成为 Netflix 史上观看次数最多的前 10 名剧集之一，其他制作公司也纷纷试图复制这种成功。最近的流媒体热门剧集《激烈竞争》(Heated Rivalry)、《校外》(Off Campus) 和《度假相遇》(Meet on Vacation) 均基于浪漫小说，就像大片电影《如此之我》(It Ends with Us) 一样。
“你觉得你必须掩饰它，”她说。“浪漫小说主要是由女性为女性而写，讲述的是情感。社会贬低女性的宗教观和浪漫爱，足以让她的角色不至于显得太不合时宜。”
奎因在其中获益匪浅。她的 29 部小说，包括 Smythe-Smith 系列以及 Bridger-ton 前传，主要设定在摄政时期的英格兰，这是浪漫小说最受欢迎的时期之一。这是一个历史上的甜蜜点，距离现在足够遥远，我们可以将其浪漫化，并允许出现如今无法实现的情节，她说。与此同时，摄政时期的人们已经足够现代，以至于他们的想法符合一名浪漫小说作者的身份。
这些作品在美国单方面就售出了超过 20mn 册，并被翻译成 43 种语言。在《布里杰顿》剧集推出后不久，该系列的全部八本书（对应字母排序的八个兄弟姐妹，从安东尼到海亚辛斯）全部成为了热门。
2001 年，她的第 11 本书《绅士的报价》(An Offer from a Gentleman) ——一个将本内迪克特·布里杰顿设定为白马王子的辛德瑞拉改编故事 —— 首次进入畅销书排行榜。几年后，她有几本书同时登上了《纽约时报》畅销书榜单。
这促使她的出版商哈珀柯林斯 (HarperCollins) 将她的作品作为首批原创电子书发行，因为他们担心如果让她独立运作，她会在没有他们的情况下赚钱。
我们现在在 Matt’s in the Market 用餐，这是西雅图的一家老字号，因为 Rebecca Patrcia “Becky” Armstrong 非常喜欢向人们展示这座城市，她在 2002 年为了丈夫的医学研究在美国多次搬迁后爱上了这里。
奎因在大学一年级时结识了未来的丈夫。但她的职业道路更为曲折。在获得艺术史学位后，她决定进入医学院。这意味着她必须花两年时间补修缺失的科学预修课程。兼职课程和作为慈善机构（包括计划生育联合会 Planned Parenthood）的电话筹款员的工作，意味着她有大量的剩余精力，而她将这些精力投入到了写作中。
今年，奎因通过创办 JO Editions 出版社将她的成功转化为资本。
意式烤三明治 $3 鸡肉浓汤 白虾三明治 侧边沙拉 $27 $12 哈佛广场 她最终乘坐地铁前往剑桥的另一个区域去拿。
\ \ SS = 盐焦糖冰淇淋 x2 $24 蓝莓柠檬水 $14 小咖啡 合计（含税和服务费） $124.94
NIKKEI FINANCIAL TIMES 其他制作商试图复制这种成功。近期流媒体热剧《激烈竞争》、《校外》和《度假相遇》均基于浪漫小说，正如大片《如此之我》。
“你觉得你必须隐藏它，”她说。“浪漫小说主要是女性为女性而写，关于情感。社会贬低女性的宗教和浪漫之爱，足以让她的角色不至于显得太陈旧。”
奎因获利巨大。她的 29 部小说，包括 Smythe-Smith 和 Bevelstoke 系列以及 Bridger-ton 前传，大多设定在摄政时期的英格兰，这是浪漫小说最受欢迎的时期之一。
奢侈品业务 亚洲峰会 —— 亚洲版 2026 年 10 月 19-20 日 / 线下与数字化 曼谷 Capella 酒店 探索消费者与文化力量，重新定义行业
（补充修正内容）： 之前的书中被视为配角的人物变成了恋爱对象。 她说：“人们一直被告知，伟大的文学就是‘伟大的白人男性追求’。”
3 次训练：“大约两周后，我们认为：这就是家。” 她在 1994 年同年出版了她的前两部小说《灿烂》（Splendid）和《午夜之舞》（Dancing at Midnight），随后她进入了医学院，因此推迟了入学时间，以便在同一系列中创作并销售第三本书。即便如此，她仍心存疑虑：“在我小说页面的之外，我的朋友们都在获取高级学位，我想，‘我没有资格做任何事情。如果写书这件事行不通怎么办？’于是她最终进入了耶鲁大学医学院，但在两个月后辍学。”
一旦致力于写作，她变得极其像在经营一项业务，每年出版一两本书，同时抚养两个孩子，建立忠实读者群，并通过电子表格追踪销售额。
在订阅栏中，为了推出她最喜欢的其他作者小说的特别装饰版，以及她自己书籍的赠送版本。
这家餐厅是一个不张扬的地方，56 岁的昆恩（Quinn）穿着一件简单的黑色连衣裙和一双便携拖鞋，显得十分契合。
服务员端来了我们的食物。昆恩的三明治填满了意大利冷切肉、火腿、萨拉米香肠和 Coppa 火腿。
“我的妈妈来自康涅狄格州东部，他们把这种三明治称为‘俱乐部三明治’（club sandwich），”她说，“这尝起来很像我的童年。”我的虾仁三明治堆满了炸海鲜，多到无法用手拿起。我用叉子处理它。
对话转向了对浪漫小说陈词滥调且缺乏营养的普遍批评，认为这相当于文字版的棉花糖。
“它并不比推理小说更公式化，”她说，并补充道，围绕浪漫小说的负面评价指向了我们对阅读的一种执念。
大多在东海岸长大，昆恩曾在康涅狄格州就读寄宿学校，并在赢得奖学金后进行了首次出国旅行。
她告诉我叫她朱莉，因为她的法律姓名是朱莉·科特勒·波廷格（Julie Cotler Pottinger）。
Chayapa "Pirk" Gaggan Anand Chutrakul 及其所有者
我们查看了鸡尾酒菜单，昆恩注意到马特（Matt）提供了一种“灌木酒”（shrub），这是一种仅可追溯到几个世纪前的水果类非酒精饮料。今天的版本是黑莓和蓝莓口味。我几乎被诱惑了，直到她解释说灌木酒也被称为“饮用醋”，并警告说她的丈夫认为这种酒“令人作呕”。于是我选择了蓝莓柠檬水。
服务员回来点餐。昆恩选择了特价三明治，被描述为意大利风格三明治，并配以一份鸡肉浓汤。我选择了白虾三明治和配菜沙拉。
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FT Weekend 1 August / 2 August 2026
时尚
如何被看见 已经是 8 月了，我们要去海滩了，在那里我们将穿着非常随意的服装。尽管如此，仍有一些要点需要记住。大多数男性，由于某些原因，会在海边佩戴昂贵的太阳镜、巨大的潜水表和巴拿马帽。海滩是唯一让这些东西看起来不荒谬的地方。尽管如此，不要在海滩上抛弃我们的虚荣心。时尚，正如美国经济学家索尔斯坦·凡勃伦（Thorstein Veblen）所教导的，是展示闲暇表现的机会：向我们的朋友和竞争对手表明，物质上的忧虑已在身后，我们可以全身心地投入到这种表现中。
真正的柳编海滩篮在科学上是未知的，因为那样太显眼了。请避免使用。海滩上的饮食应该是昂贵的欧洲酒类与廉价的美国零食相结合，将高端与低端风格融合。尽管如此，伙计们，尽管尝试吧。
泳裤应该短一些。即便这暗示你的下一次旅行将是前往山中的飞钓木屋，也只需少一点。
随意但有品位。如果你的腿部丰满或不好看，那么——我们让自己沉溺于闲适的快感中。而且，还有什么比海边更完美的惬意剧场？用塑料杯喝白葡萄酒，或者那些可爱的锥形坎帕里苏打水瓶，传达出你的不自信。从那些裸露的肌肤开始。它们非常理想。再加一大袋乐事薯片和几个白面包三明治。永远不要在海滩上穿夏威夷衬衫，这是现代休闲生活将阶级标签进口到当地的典型例子。金枪鱼或鸡肉沙拉为这次活动提供了讨论的机会，如果蛋黄酱被晒伤，甚至晒得过深，我们这些贫穷的奋斗者就会显得有些俗气，且显得缺乏经验。野餐 195Us 风格，在马萨诸塞州的坎贝尔瀑布——简单地在冬日进行 hyrox 训练，如果没有合适的基因，或者（像我一样）犯了基础错误，通过 GLP-1 药物注射来获得身材。但有些人，在阳光下被晒伤，甚至过度晒黑，就变成了有毒的（你的母亲错了：它并没有）。鼻梁上轻微且不显眼的脱皮，在回到办公室后反而能起到很好的作用。不要担心。还有其他方法可以展示你有多么放松。如果可能的话，在整个过程中睡着，是最时尚的做法。
其次，前往水边。你将了解到，去海滩的时间有特定的时段：上午 10 点和下午 3 点之后。一早和傍晚是一天中最美丽的时刻，而在正午烈日下躺在沙滩上则显得荒诞。这表明你附近没有房子，而且有人在为你端上点缀着法式酸奶油的gazpacho冷汤。如果这一切听起来太麻烦，你总是可以留在城市里去电影院，那里凉风习习，而且每个人都穿着衬衫。
只要是男孩们在玩，就说明他们不需要在九月份进行如此精心准备的大动作。去海滩应该是件大而令人兴奋的事，而不是需要如此细心筹备的活动。海滩服装奇怪地成为了整个环节中最不重要的部分。
海滩装备：不应过多，且不能太复杂。这会意味着对你来说，一次海滩之行是一件大事。这种风格会给你的海滩混合搭配带来一种户外技术感，就像 Yeti 那样。
最重要的是阅读材料。这应该是高雅的，但不能是知识分子的。读严肃的书籍，或者更糟糕的，《纽约客》，在海滩上会显得像个用力过猛的人。经典类型小说（西蒙农？埃里克·安布勒？）的平装本则能营造出一种聪明人在休息的印象。时尚杂志则显得低俗且有趣，并暗示你正准备迎接大动作。
最后，至关重要的一点，你需要一辆海滩车。它应该是旧的，处于轻微损坏状态，且由于受潮而沉重。具体来说，应该是某种不再生产的古怪品牌。大众 Thing？或者 1979 年的国际 Scout？在炎热的乙烯基材质上散发的阳光气味，就是许多代家庭从蒙托克到蒙东度过夏季的味道。它还会与你的冷却箱形成鲜明对比，后者应该是昂贵的现代品牌。
最时尚的行为方式是表现出对内容的漠不关心。首先，海滩椅和遮阳伞应该是帆布和木头材质，而不是塑料和铝制。这使它们具有古朴感和自然感。此外，大型潜水表和巴拿马帽也是理想的选择。
（在你的（复古）敞篷车里）揉乱晒过的头发，迅速开车离开。
为什么夜总会 想要加入 健康热潮 趋势 / 该行业正适应人们从酒精转向健身的转变。 Kathleen Baird-Murray 报道
与 Luca Maggiora 交谈，他本身就是“健康”的代名词。他停顿了一秒。“那些说他们不再去夜总会的人，其实是陷入了怀旧，生活在一种并不存在的现实中，”他说。他的观点是，新一代的夜店常客并不认为在 Tramp 度过深夜与在 Tramp Health 进行清晨锻炼之间存在矛盾。反而是那些已经停止夜生活的人，才觉得这种组合难以想象。
这位出生于都灵的夜店企业家在 2023 年收购了伦敦私人会员俱乐部 Tramp，并于今年 5 月在梅费尔（Mayfair）开设了 Tramp Health。与他交谈本身就像一次健身：他时刻关注着周围发生的一切，完美诠释了现代款待业应有的样子：反应灵敏且要求苛刻，可能与他俱乐部里的会员没什么两样。
Tramp 及其全球 48 间私人会员俱乐部，目前在全球拥有 210,000 名会员，在过去几年中一直在应对扩张带来的后果——亏损、品牌价值稀释以及过度拥挤的问题。这些问题在今年早些时候完成的一笔 $2.7bn 交易中达到顶峰，该交易使俱乐部在 2021. 年上市后重新回归私有。
Maggiora 承认，社区才是真正的产品，也是最难打造的部分。“Tramp 始终致力于连接优秀的人才，”他说。“Tramp Health 仅仅是这一哲学的延伸。”在他重启原俱乐部时，Maggiora 面试了 3,200 人，从中筛选出 1,100 人作为首年会员，其中 87% 的人选择了续费。他在会员构成方面非常谨慎：
（图注：从左上起顺时针方向：Tramp Health 的水疗中心、健身房和 Reformer Pilates 普拉提工作室（与 Rosewood 奢华酒店相连）；下方：1973 年在 Tramp 演出的英国摇滚乐队 The Faces。摄影：Michael Putiand / Getty Images）
Tramp Health 似乎是一个极不协调的结合体。由 Toméf studio 负责设计，唯一能让人联想到其夜店“姐妹”之地的可能是 1970 年代的樱桃红。这里有红光健康舱、Reformer Pilates 普拉提工作室和一个正念空间（由于十年前一次职业倦怠让他前往印度和西藏，这成了 Maggiora 的个人爱好），空间内铺设着 22 块白色窗帘，并配有巨大的锣和颂钵。人字拼地板和吊灯与沉重的深色 Eleiko 健身器材以及棕色叶绘壁画显得格格不入。设计重点在于设施，但更在于人，无论面积多大，都无法替代人的因素。
自 2013, 年起，向健康与福祉的转型迅速增长。根据非营利教育组织全球健康研究所（GWI）的数据，该市场在 2024 年达到 $6.8tn，并有望在 2029, 年达到 $10tn。
当健身与健康的概念变得互换时……客户开始从更整体的角度看待健康。GWI 首席执行官 Katie Henderson 表示：“会员定义中的‘健身房’已经发生了转变。”
在这样一个健康与社交相结合的新世界里，你究竟在为什么付费？而这是否物有所值？
金融界也想参与这场“淘金热”。Knight Frank 房产中介在 2024 年的一份报告中表示：“仅在过去四年里，开设的俱乐部数量就超过了自 1985 年伦敦标志性的 Groucho Club 成立后的三十年总和。”
他在 Tramp 时期以一种极其惨痛的方式体会到了局限性。当时他认为，[去年 8 月] Gallup 的一项调查结果——只有 54% 的美国人现在将孤独感视为公共卫生问题——是最低的，因为该调查始于 1939 年。Chris Sanderson 是趋势情报与消费者前瞻平台 The Future Laboratory 的联合创始人，他对哪些模式能长久、哪些可能失败的看法十分直截了当。“教训并不是‘健康’能拯救俱乐部，”他说，“而是创建社区永远是一种类似的体验。”
“我们经常谈论‘社交健康’，”他说。“感觉良好不仅关乎身体健康，还关乎感到被连接、受启发和参与其中。”Sanderson 表示，水晶占卜与诊断及健身课程一同热卖。这让我们回到了 Westbourne Grove 地区，以及切尔西 The Method 的咖啡馆，那里到处是典型的 Notting Hill “健康影响者”，皮肤光亮，头发柔顺，身着协调的健身装备，点一杯蛋白质奶昔。
这里不仅有企业家、创意人士，还有化妆师。“我不想让这一切只关于金钱，”他说。“我需要不同人们的能量来营造正确的氛围。”
在 The Method，重点在于课程。这里有三家专门为快节奏锻炼而设计的健身工作室，名称分别为 “Blast”、“Beat Dance” 和 “LSD”（意为“拉长、塑形、定义”）。其咖啡馆在开业时由营养师精心设计了一份健康菜单。它维持了 35 天。“‘超级健康’的单成分食物在伦敦行不通，”他说。“我们这里不是洛杉矶。” 他的会员想要金枪鱼鞑靼、三文鱼堡，偶尔想要美式煎饼。单价 £27 的胶原蛋白华夫饼悄悄从菜单上消失了。
追求健康的俱乐部大致分为两个阵营：既有的俱乐部在现有服务中增加长寿诊所和冷水浴，以及从零开始围绕健康建立并附带会员制的初创者。“一种是为诊断付费，另一种则是为一杯鸡尾酒以及未来可能增加的高压氧舱付费，”Sanderson 说道。
这个想法并非完全新鲜：KX 早在 2002 年就将健身房、水疗中心和健康餐厅整合在私人会员制的屋顶之下。但改变的是规模。
在 The Method，健身工作室配备了用于身体成分分析的内部 RI 机器，将其作为定制训练计划的一部分，同时提供心血管筛查和身体代谢分析。这里设有用于对比疗法的桑拿房和冷水池，而“大师驻院计划”（Master Therapist Residency Programme）则邀请了著名的针灸师 Renata Nunes 和 Makiko Imato 以及 Alignment Bodywork 等专家。
位于贝斯沃特（Bayswater）前 Whiteleys 购物中心的 Six Senses London 则处于另一个极端，它被构想为一家健康酒店。这里配备了低温冷冻舱和 40 项生物标志物健康评估，并与长寿诊所 HUM2N 合作。会员费从每年 £3,000 到 £37,000 不等。
Soho House 始于 1995 年，最初是希腊街上一个拥有 500 名会员的隐秘场所。而 Six Senses Place 的总监 Nico Eden 表示，这家酒店的会员俱乐部吸引了人们关注。
肽类小袋，临床雄心以及旁边的数字。在入口附近，一个粉红色的霓虹灯标志。Emory 的 Surrenne 艺术品在墙上闪烁，完美契合了 Belgravia 的美学，我起初以为那是件复制品；但事实上，它是一件特雷西·艾敏（Tracey Emin）的原作。直到我读到“Wanting You”，我才花了一段时间才认出艺术家的笔迹。在一个建立在人类渴望连接感、归属感且处于增长中的行业里，没有什么比这表达得更恰当的了。
Belgravia 于 2024 年开业，拥有一个 22 米长的泳池（配备水下音响系统）、健身工作室、水疗中心以及分布在四层楼的长寿诊所，年费为 £10,000，另需支付 £5,000 的入会费。2019 年，位于梅费尔的 The Arts Club 与奥地利医疗健康运营商 Lanserhof 合作，提供相关服务。
1 August / 2 August 2026 * FT Weekend
风格
Vinted 与假货的真实问题
在 Vinted 的商品列表中滚动浏览时，Aggie Campbell 终于找到了她想要的东西：一件她一直在寻找的奶油色粗针织开衫。这件商品不仅尺寸和颜色符合她的要求，而且来自法国品牌 Sézane，且处于“全新带吊牌”（NWT）状态，价格合理，仅为 £45。
“我觉得算法在回应我的祈祷，”这位常驻伦敦的编辑说道。Campbell（化名）是一位经常在二手交易平台购买 Sézane、Ganni 和 Farm Rio 商品的资深 Vinted 买家，她毫不犹豫地点击了“立即购买”并完成了交易。
当开衫寄到时，“它有一种奇怪的、像肥皂一样的质感，感觉更像闪亮的腈纶而不是羊毛”。她尝试在 Sézane 的官方网站上寻找这款服装，但找不到相同款式的产品。在向卖家发送消息要求提供购买证明无果后，她确信自己不小心买到了假货，于是向 Vinted 举报了该商品。两周后，经过调查，公司认定该商品似乎并非正品并办理了退款。
过去，造假者专注于奢侈品。今年，他们采取了更“平等”的方式，将范围扩大到高端中端市场和当代品牌。那些绝不会故意从街头摊贩那里购买山寨 Gucci 包的购物者，现在正不自觉地购买 Sézane 开衫、Coach 包和 DeMellier 的仿制品。
“这真的很令人沮丧。你刚买一件，第二天它就以另一种形式出现了，”他说。
Vinted 的一名代表在书面声明中表示：“Vinted 严禁销售假货，我们致力于解决这一问题。当我们有理由怀疑商品的真实性时，可能会隐藏该商品并要求卖家提供进一步证明。如果商品被确认是假货，我们会将其删除。我们的措施还包括在多次违规的情况下永久封禁其账户。”
该声明还写道：“我们继续与合作伙伴、政府和执法部门密切合作，以帮助解决这一问题，我们也意识到这对大部分时尚行业来说都是一项挑战。”
该代表拒绝提供关于假货商品流行程度或因造假活动而被删除的商品和账户数量的数据，但补充说，买家保护措施包括在收到商品后两天的申诉窗口期。
此外，他们指出 Vinted 已与英国政府共同发布指南，以帮助用户在购物时更加谨慎。
去年，两个二手交易平台删除了六万件类似的假 Longchamp 产品。
在点对点信任方面。建议包括评估同行市场，相信卖家简介和评价，要求提供额外的真实性证明，寻找产品包装中的差异，并在提供“物品验证”服务时利用该服务。尽管一些购物者愿意寻找昂贵品牌的高端复制品或仿制品，但大多数人在收到商品后才意识到自己买到了假货。
许多 Vinted 的忠实购物者讲述了他们被骗的经历。在 Reddit、Mumsnet 和 Facebook 上，许多购物者描述收到与列表中完全一致的商品，但随后发现是假货，且诈骗手段正变得更加普遍且复杂，“一名 Mumsnet 用户警告道。
关键的仿制标准似乎是品牌热度——任何受欢迎的产品都容易被抄袭，从 Carhartt T 恤到 Reformation 连衣裙。
这个问题并非 Vinted 所独有，但由于其规模——该平台在 4 月底达到了 80 亿欧元 (€8bn) 的估值——且商品发布便捷，投诉有所增加。这些因素，结合不断涌入的新用户，创造了一个让不那么精明的人与专业卖家交锋的购物环境。
一些用户完全避开 NWT（全新带吊牌）的商品列表。一名女性表示：“我觉得如果一件衣服被穿过几次，更有可能是真的。我宁愿选择有使用痕迹且面料优质的商品，也不要全新的假货。”购物者还对那些所谓的“羊绒”产品进行吐槽，这些产品其实是二手……
发现自己买到假货的用户主张采取一种“取证式”的方法来评估卖家：如果搜索某个特定产品并发现许多使用相同照片、价格较低的商品，请务必远离。
用户还发出关于细微破绽的警告，例如 Coach 包袋旨在证明真实性的补丁上存在拼写错误。
Cassegrain 批评这些市场，认为由于其规模，支付提供商和承运商在为销售假货提供便利。他表示，平台“并非毫无作为，但可以做得更多”：“当我们要求他们删除因伪造而违规的商品列表时，他们通常会迅速处理。”
在英国，可选的“物品验证”服务（针对标价超过 85 英镑 (£85) 的商品）是一项 10 英镑 (£10) 的认证检查；大多数人……
来自中间层级的物品，并伴有托儿进行推销。正面影响是。负面影响是对比标签和标志，在火焰附近融化，缝线凌乱，市场标签的价格低于此阈值，使得难以识别合法产品，缝制糟糕的标签，胶水味，而原本不应有这些。这使得购物者必须成为专家和侦探，“巡逻依赖于我们”，这样才说。当一件商品的描述是虚假且胡言乱语时，请相信你的直觉。一位女性购买的“Ralph Lauren”套头衫附带的是一个粘性的塑料贴纸，而非预期的镶嵌图案。Vinted 为她办理了退款并封禁了卖家。
去年，一个由承包商组成的专项团队成功地将 60,000 件假 Longchamp 产品从转售平台中移除。Longchamp 的首席执行官 Jean Cassegrain 在谈到反假货工作时表示——这是“一项沉重的负担”。该品牌每年在反假货方面投入七位数资金。
到目前为止，人们意识到需要更谨慎购物的意识在增强，但这似乎并未阻止许多用户在应用上购物。“这是一个警钟，”Campbell 在谈到假 Sézane 针织衫时说。一名女性购买的二手“Loewe”衬衫最终被证明“显然是假的”。卖家并未明确说明衬衫是正品。但现在她觉得知道该寻找什么了。“我并没有因此放弃 Vinted。”
一些人通过 QR 码进行验证——然后表达愤怒，并在意识到自己被骗后感到尴尬（“觉得自己像个傻瓜”且“对自己如此轻信感到愤怒”）。
跑者深爱的丑表 配饰 / Garmin 的 GPS 腕表可能很笨重——但它们是健身爱好者的身份象征。作者：Grace Cook
“你在戴什么表？”我最近在亚利桑那州用餐时遇到的一位商业地产高管问道。他的手腕上戴着一块精美的钢制劳力士；而我的手腕上则是一块厚重的黑色橡胶 GPS 智能手表，型号是 Garmin Forerunner 55. 我的用餐伙伴说他注意到这块表是因为它很“书呆子气”，与我整体的穿搭不协调。他说得没错。
我在为芝加哥马拉松训练期间买了它。Jessie Hyman 是跑步创意机构及墨尔本印刷杂志《Running and Sport》的联合创始人，她建议，对某些人来说，Garmin 留下的晒痕就是“你能买到的最昂贵的表”。它是运动和户外活动的象征。
“我最近遇到一个人，他戴着 Garmin，我立刻就想，‘噢，他一定是个跑者’，”来自切希尔郡的六次大满贯马拉松跑者 James Irlam 说道。Irlam 还拥有一块 Apple Watch 和一块 Coros，但他回到了 Garmin，因为那是他买的第一块表。
随着全球跑步热潮的兴起，Garmin 健身系列的总销售额飙升了 42%。Garmin 越来越多地出现在健身房中。在野外，这些设备能让用户认出彼此。
时尚买手 Feyisola Latunji 穿着她的 Garmin 参加了她的单身派对。“配饰向世界暗示了我们的身份。我的 Garmin 告诉人们，我是那种优先考虑运动生活方式的人，”Strange 说道。
更多精致的运动手表正陆续上市。香港初创公司 Amazfit 最近委托纽约珠宝商 David Perry 为英国跑者 Josh Kerr 打造了一款定制钻石表盘，Kerr 最近在钻石联赛中打破了 1 英里世界纪录。
与此同时，跑者们也正转向 Hyrox 等健身比赛和社区。标签品牌 Pruzan 最近将其与一件带有精致刺绣饰边的宽松白色棉质 Bode 连衣裙搭配。其价格为 £85,。
在 2021 年，因为伦敦马拉松。几年前。现在，这在 2026. 第一季度增加到 $547mn。由两名电气工程师 Gary Burrell 和 Min Kao 于 1989 年在堪萨斯州创立，佳明 (Garmin) 通过其连接手表，提供具有运动功能的高雅钢制时计。在理论上，它是两全其美，您可以在橡胶表带和钢表带之间轻松切换，但它的成本更高：即使是最便宜的型号也要 £1,350, 且额外表带费用为 £180.。
对我来说，对我的佳明手表产生的情感依赖源于它的简单。我没有升级到更新、更时尚的款式，因为我的 2021 款型号能提供我所需的所有功能，没有冗余；它不像 iPhone 那样，过时的软件会导致其无法工作。我的 Oura 戒指和我一样，不感兴趣。
大多数佳明用户像 Irlam 一样，不对 Apple Watch 上的文本或电子邮件提醒感兴趣。我欣赏它不是我手腕上的另一个智能手机。在这样一个时代，它让人感觉原始且具有模拟感。就像大多数可穿戴设备一样，佳明会追踪步数、卡路里燃烧和睡眠。但是
在伦敦。马拉松。现在，这款刚推出的 XBand 是一块笨重的 £115 时计——外观和直观的功能性相结合。Kickstarter——它是一个类似 Whoop 的可穿戴手环，带有一个传感器，旨在取代您豪华手表的表带。其理念是在不牺牲奢侈闪耀感的情况下，获取不间断的数据。诸如 Tag Heuer 等品牌，其海洋和航空系列也属于昂贵的奢侈手表。
现在，irlam 在不运动时会佩戴他的佳明，而不是他的劳力士。他认为成功的定义自他开始跑步以来也发生了变化。他说：“现在戴劳力士会让我觉得很尴尬。劳力士感觉太张扬了。这是一种通过努力赢得的另一种成功。”
大多数佳明用户像 Irlam 一样，奇怪（以及我）只有在充电时才会将其摘除——我的电池续航时间为 14 天。
(赤裸的上身)，此时，在 2021 年，由于健身表现训练（仅在 2020 和 2021, 之间，在疫情期间开始跑步的人员增加）。“我会在跑步圈里感到尴尬，因为 Apple Watch 至少被认为有点乏味。）在《跑者世界》(Runner’s World) 今年的“最佳手表”报告中，佳明的前行者 55 (£119.99 促销价，2021 年发布) 到最高规格的 Marq Athlete (Gen 2) (£1,999 促销价，2022 年发布) 均名列前茅。针对徒步者和骑行者的版本也同样存在，但跑者每天都会佩戴。
即便其最忠实的粉丝也承认，佳明相当丑陋。Studio Beyond 的联合创始人 Nicola Strange (以及我) 只有在充电时才将其摘除。
心率监测器在健身爱好者中很受欢迎，可以感受表现 (它们主要专注于 3 跑走练习)，其首款跑步手表于 2003 年发布，但该公司的健身手表销售额自疫情以来稳步增长。在 2020 和 2021, 之间，该细分市场的收入从 $1bn 增加到 $1.5bn。如今，那些在职场中崭露头角的年轻人已经迅速成为了
科技男和金融人士倾向于选择极简的 Oura 戒指和 Whoop 臂环，而像 Coros 这样的新兴品牌在健身表现训练者中已广受欢迎。
陛下御用 庄园粗花呢制造商 女王陛下御用 针织品及织造配饰制造商
©38:00
JOHNSTONS OF ELGIN, SCOTLAND。Good 的联合创始人 Matt Willocks 表示，用户能从该手表系列中获益，因为它能追踪配速和距离。您还可以将其同步到健身社交应用 Strava。
上方：Garmin Forerunner 170 手表。
就像我们大多数人一样，她并不真正关心马拉松跑者的轨迹。
Garmin Fenix 6x Pro JOHNSTONS OFELCIN.COM
FT Weekend 1 August / 2 August 2026
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250km 美国 / 一个以沃尔玛总部而闻名的阿肯色州城镇，是如何成为一个圣地的？ 堪萨斯城 圣路易斯 美国 本顿维尔 阿肯色州 小岩城
Dallas © 业余和冒险主义骑行者。作者：Siona Jenkins New Orleans. Ld ie} Houston io) CL) a.) ©Mapcreator ©OpenStreetMap
一个位于阿肯色州西北部的城镇，竟然声称自己是世界顶级的骑行目的地之一？在我降落在西北阿肯色国家机场，俯瞰周围风景时，我持怀疑态度。我前往的是本顿维尔（Bentonville），这里最著名的身份是沃尔玛（Walmart）的故乡——这家零售巨头的仓库式百货商店主宰了全美郊区购物中心的景象。
令人欣慰的是，在我开车前往市中心的短途路程中，看不到任何购物中心，但一系列维护良好的自行车道出现在一个低层办公园区边缘，这让我停下了思考。在热爱汽车的美国，这多少有些令人震惊。当我抵达本顿维尔的小型市中心时，街道上纵横交错着由行人以及骑着货运电动自行车接送孩子的家长共用的砖石路径。在短短一个街区内，我就发现了两家自行车店，并看到商店和餐厅外的自行车架上停放着未上锁的精致自行车。
当我进入康普顿酒店（Compton hotel）高耸的中庭，惊喜仍在继续，我被引导至一位自行车礼宾员那里。
——本质上，我必须忘掉所有公路骑行的技巧——我必须采取站立在踏板上、身体前倾地下降以及坐回后方地爬坡的姿势。当我试图在骑行中调整座垫高度时，一个身穿黑衣、四岁的小女孩低头看向我，她被头盔衬托得显得异常娇小，但她轻而易举地完成了一个跳跃，让我意识到自己的进度多么笨拙。
最终，我准备好乘坐缆车，沿着绿色的“发火者”（Fire Starter）小径向下骑行，这条小径旨在为山地骑行初学者“点燃激情”。纳什（Nash）在后方提醒我他的指令——我站起在踏板上，身体前倾，小心翼翼地在树林中向下骑行。在第二次尝试时，我加快了速度，开始享受其中，尽管要追上那些以极速飞驰并飞跃障碍物的其他骑手，我还有很长的路要走。
_本顿维尔 (Bentonville) 可以建议路线或帮我安排团体骑行的服务。此外，这里还有一个名为 Ari Q valet 的单车管家服务，我可以打电话让他们准备好我的单车，随时待命。我前往本顿维尔的水塔，加入一群女性参加她们每月一次的砾石路骑行活动。我们大约有 20 人，骑行路线全长 59 公里，环绕皮里奇 (Pea Ridge) —— 1862 年一场重要的内战战役发生地 —— 并且沿州界线行驶。阳光灿烂，随着我们驶出城镇，气温也在上升。出乎意料的是，我发现自己回到了 J 街。这次我知道该期待什么，但由于在山坡上未能获得牵引力，且未能足够快地脱离锁鞋，导致我经历了一次令人尴尬的摔倒。幸运的是，我在队伍后方，所以没人注意到，直到他们看到了我渗血的肘部。
此后情况有所好转。我们以舒适的速度在细腻的砾石路上骑行，穿过起伏的农田，让人联想到法国乡村，直到偶尔出现的一辆皮卡车或一座木制农舍将我们猛地拉回美国。骑行一小时后，阳光炽热，在经过几个陡坡后，我们在红骡子谷仓 (Red Mule Barn) 稍作停留。一旦路面平坦，我逐渐恢复了节奏。
在我到达前的一周，该地区举办了首场专门的山地车缆车赛事，同时也为业余爱好者提供了活动。与之相配套的是众多餐厅、微型酿酒厂和酷炫的咖啡馆。这是增长最快的都会区之一，部分由沃尔顿家族 (Walton brothers) 拥有（他们还持有骑行服装品牌 Rapha 的股份）。“第一条步道的绝妙之处在于它就在市中心，所以你不需要开车去骑行，”安德鲁在电话里告诉我。这条步道同样面向初学者，这或许为当地骑手“打开了视野”。如今，Slaughter Pen 的长度已超过 48 公里，且无需开车即可到达。它是目前遍布该地区的六条山地车步道之一。
第二天早上，我前往位于本顿维尔和邻近的贝拉维斯塔 (Bella Vista) 之间的 Oz Trails Bike Park，尝试挑战山地车。在公园的玻璃钢结构总部，我见到了总经理加里·弗农 (Gary Vernon)，他向我展示了最佳的山地车和砾石路路线。
顺时针方向从主图开始：一旦步道平坦下来，我渐渐……
本顿维尔原本是一个在奥扎克山脉 (Ozark Mountains) 的小定居点。但其创始人萨姆·沃尔顿 (Sam Walton) 的后代利用慈善事业将这座城镇转变为一个繁荣的现代社区。他的女儿爱丽丝·沃尔顿 (Alice Walton) 创立了 Crystal Bridges，这是一座令人惊叹且世界闻名的现代艺术博物馆；而他的孙子汤姆和斯特尔特·沃尔顿 (Tom and Steuart Walton) 则投资于基础设施，使骑行文化根植于本顿维尔，并让这座城镇能够举办国家级和国际级赛事以及业余活动。
本顿维尔充满活力。原先的五分一分商店（现为博物馆）位于主街道上。
在最后一个早晨，我回到我的大房间，房间配备齐全，有瑜伽垫和泡沫轴，用于伸展骑行后疲惫的双腿。我的怀疑态度正在动摇。
“那条步道的设计初衷就是为了让初学者也能骑行，”安德鲁对我说道，这简直是典型的轻描淡写。
我尝试在不熟悉的单车上切换档位，结果处理不当，导致我在一个陡坡上无法顺利通过。后来我了解到，这里就是当地人所说的“J 街”，骑行起来可能“有点技术难度”。我脱离锁鞋走上一段短小的山坡，庆幸没有人在我尴尬的开局时目睹。
我前往 Bikes，一家位于本顿维尔旁边的时尚单车店。
带有颜色代码的路线图。在出发前，我的教练纳什·克拉克（Nash Clark）耐心地向我讲解如何应对山路，要求我站立骑行。
我是一名业余公路自行车骑手，对“碎石路骑行”（gravel cycling）充满好奇。我喜欢避开繁忙公路的想法，以及在乡村未铺装路段上骑行的感觉，尽管我对在泥泞或森林小径中艰难前行并不太感兴趣。因此，我对在北美这座自封的骑行圣地尝试一下感到非常兴奋。
我们组中的几乎所有骑手在过去五年内都搬到了这个地区。其中一位英国同胞告诉我，她在搬到本顿维尔之前并不太了解这里，但现在她不仅是一名热情的山地车骑手，也是碎石路骑行的爱好者。“我爱这里，”在我们出发时她告诉我。
三个小时后，尽管早晨的体力消耗让我疲惫，但我也感到心潮澎湃。在鞍座上，我看着本顿维尔周围的绿色山丘在飞机的窗外渐渐远去，想起汤姆·沃尔顿（Tom Walton）曾说他希望西北阿肯色州成为全球顶尖的骑行目的地。我认为他可能会成功。
为了让自己适应单车，我请教了康普顿酒店（The Compton）的单车礼宾安德鲁·埃文斯（Andrew Evans）来规划行程。在一张刻有镇上自行车地图的木桌上，我们仔细研究了一台 iPad，上面列有酒店为客人设计的路线。我选择了“糖溪经典线”（Sugar Creek classic），这是一条全长 37 公里、累计爬升 329 米的环形路线。
本顿维尔；西奥娜·詹金斯（Siona Jenkins）带我前往
我骑上了一辆 Specialized 山地车，它拥有宽大的车把和令人印象深刻的避震系统，用于学习基础技巧。纳什提醒道：“记住：公路车骑手就像未来的山地车骑手。”
他可能过于乐观了。在我们的“女性碎石路骑行”（Femmes Gravel cycling）小组攻克其中一段如同滑雪场般陡峭的下降路段时，自行车的宽胎在不平整的地面上起到了很好的缓冲作用。
我最初对本顿维尔产生兴趣，是因为一张关于一座名为“账本”（the Ledger）的独特玻璃建筑的照片，其外观十分抢眼。进一步研究后我知道，该镇声称拥有美国一些最顶级的骑行道，许多新来者都被这里丰富的户外活动和美景所吸引。
我骑车前往当地著名机构 Wright’s BBQ，大快朵颐一份熏鸡配焦培根碎三明治（极其美味）。这家餐厅位于剃刀背绿道（Razorback Greenway）上，这是一条长 64 公里的铺装路主干道，连接了西北阿肯色州的七个社区，让骑行者无需开车即可到达山地骑行道、徒步路径以及各类餐厅和文化场所。沃尔顿家族基金会（The Walton Family Foundation）资助了其建设。
我骑行在未铺装的小径上，经过了本顿维尔整洁的郊区，心中不禁对我自学骑行的技巧感到一点自豪，但此时也感到燥热、尘土飞扬且饥肠辘辘。
我看到一座古老且充满风情的加油站，那里有一个洞穴般的杂货店，墙上挂着野猪头、熊皮，还有一件看起来像填充的猞猁皮。我们在那里补充能量，喝下按加仑出售的冰凉饮用水，吃一些烘焙点心。
在 Oz Trails Bike Park 乘坐缆车时，我看到一座小溪边有一座小木屋，周围散布着几栋红色的谷仓。
所有未铺砌路面占 57%。Siona Jenkins 是阿肯色州旅游局 (adpht.arkansas.gov) 的嘉宾。我将路线下载到手机中，走出本顿维尔酒店 (thecompton.com；房价 $409 起)，面对一堵闷热的空气墙。汤姆·沃尔顿 (Tom Walton) 递给我一辆黑色时尚自行车，配有粗壮的颗粒胎。这是一辆来自阿肯色州 Allied Cycle Works 的碳纤维车架精品。沃尔顿在大学期间得到了一辆二手山地车，从此成为一名狂热的骑行者，并在 2007 年回到家乡。当时，该地区的第一条 8 公里山地车道——Slaughter Pen 刚刚建成。
在灰色阴霾的笼罩下。冲浪是 Tamraght 最大的吸引力，这在一定程度上归功于 Surf Maroc 等先驱运营商，他们早在 2000 年代初就开始将国际冲浪者带到这条海岸线。“冲浪的人群在过去 10 年中发生了巨大的变化，”联合创始人本·奥哈拉 (Ben O’Hara) 说道。仅限女性的冲浪课在陆地上就开始了。我的教练 Anass Douatchich 引导我进行“推力测试”，以确定我的主导前脚。随后，我迅速发现，头先地潜入迎面而来的浪潮相当痛苦，且练习“快速起身” (pop-up)——双臂水平伸展尝试将自己撑起在冲浪板上——并不像我原以为的那么简单。在我努力保持平衡时，我带着一丝羡慕地看向身边的冲浪伙伴。但我并未因此气馁，因为 Anass 热情的鼓励给了我动力。经过几个小时的练习，我终于能稳在板上，并以此激发了我的冲浪欲望。
明信片：Tamraght 来自…… 每天下午，Imourane 海边都充满了孩子们尖叫、父母交谈以及青少年听音乐的嘈杂声。在海滩对面，有相当数量的非冲浪游客躺在躺椅上晒太阳而非运动。这在 20 年前的小渔村里是不可想象的。
我住在 Cove Surf House，这是一家去年 3 月开业的旅舍。老板是一位 29 岁的叙利亚裔美国人，在俄克拉荷马州长大，他在辞掉卡车司机工作去旅行后爱上了摩洛哥，从此再也没离开。这里提供高品质且仅限女性的冲浪周体验，其水准远超普通水平。
详情 仅限女性的课程起价为 250 迪拉姆 (ous nous，在阿拉伯语中意为“一半一半”，约 £20)，由一半咖啡和一半牛奶组成，类似于卡布奇诺。冬季最适合中级和经验丰富的冲浪者，因为此时波浪大且平滑，几乎没有风的干扰。初学者则全年都能享受到稳定且较小的浪。
我处于初学者的阵营。腰高的浪（2 英尺到 3 英尺之间）已经足够具有挑战性，正如我在 Imourane 海滩尝试时所发现的。我随后发现，只要弯曲膝盖并“直接站起来”即可——技术细节可以以后再讲。我轻而易举地做到了，在短时间内站稳了。
我的最后一天很快就到了。一周的练习让我能够稳在板上。由于旅舍没有厨师，我们吃 Medfouna，这被称作“柏柏尔披萨”，是一种酥脆的……
我得出结论，冲浪……
可能不像其他 Tamraght 地区那样昂贵。填满肉末、洋葱和香料的平板面包迅速变得受欢迎，成为了个人最爱。Cove Surf House 的双人间价格约为每晚 Dh540 (£43)，多人宿舍每人每晚 Dh250。一个包含双人间和每日冲浪课程的七晚套餐价格约为 Dh6,650. 这里没有餐厅，每两天会组织一次团体晚餐。一名厨师会烹制分量充足的塔吉锅、库斯库斯和 pilaf 炒饭。附近的餐厅供应传统的柏柏尔风味菜肴。
Cove 的内部装饰采用了无缝的赤陶色 Tadelakt，这是一种由石灰灰泥制成的传统摩洛哥材料。每到夜晚，客人们便聚集在屋顶观看日落，而 Adhan（伊斯兰教的宣礼声）在平顶建筑之间回荡。
Tamraght 是摩洛哥南部海岸的一个偏远渔村，距离其更热闹、更时尚的姐妹村 Taghazout 5km。这里距离阿加迪尔 Al-Massira 机场 30 分钟车程，该机场有来自伦敦、巴黎和苏黎世等城市的直飞航班。欲了解在该地区住宿的更多信息，请访问 visitmorocco.com。
冲浪营和旅舍如今遍布村庄。我注意到一块写着团体、个人或[缺失]价格的黑板。
因为用力地划水，我的双臂酸痛，就像我最初想象的那样。当我费力地撑起身子时，海水中的咸味仍留在口中。很快我就恢复了过来，成功站稳，骑过了我的第一波浪，欣喜于自己再次避免了一次水中的“脸着地”。对于那些在成年后才开始学习冲浪的人来说，这已经达到了体育运动的标准。
那些未铺砌的尘土飞扬的道路彰显了这里的乡土魅力。我从一辆旧的青绿色菲亚特 Uno 汽车后座的咖啡小贩那里点了一杯浓烈的摩洛哥浓缩咖啡。
1 August / 2 August 2026 FT Weekend
旅游
尽情体验 1066
在橡树林下的野餐凳上，你会遇到威廉一世（征服者威廉）。在他身边的是他的宿敌哈罗德·戈德温森，后者显然更为紧张，正在抽卷烟。
“你可以读一本书，看一部电影，玩一款电脑游戏，”哈罗德（即 Karl Moir）说，“但这无法给你同样的感觉。站在那片草地上，看着还原表演者在你面前战斗——你是在亲手接触历史。你几乎可以伸手触摸到它。”
黑斯廷斯战役于 10 月 14 1066, 开启了诺曼征服英格兰，近千年后的今天，每年在最接近该日期的周末仍会举行纪念活动。500 多名身着全套时代服装的还原表演者重现了这场战役，数千名观众在旁观看。观众们像看哑剧一样地喝彩和起哄：就像摔跤比赛一样，结果早已注定，但观众们依然沉浸在其中。
今年，这次活动的关注度可能会比以往任何时候都高。拜工业挂毯——这块长 70 米的刺绣布料是在战后创作以讲述战役故事的——首次回到了英国，并将于下个月在伦敦的大英博物馆展出。2026 年的门票 [缺失]
英国 皇家坦布里奇韦尔斯 (Royal Tunbridge Wells)
高维尔国家景观区 (High Weald National Landscape)
在 24 小时内售罄（Reschke 展览——在现实生活中，这位德国军队的准尉关注的是贵族阶层，展览将持续到明年 7 月，明年的门票将于稍后公布）。对于那些无法购票前往东萨塞克斯郡现场观看的人来说，观看黑斯廷斯战役的重演似乎是一个极具吸引力的替代方案。
作者：Oliver Smith
我提前一天抵达了 2025 年的黑斯廷斯战役现场。盾牌正从货车中卸下。装满锁子甲的蓝色宜家购物袋被倾倒在草地上，一千年前，这里曾被被杀的萨克森人的鲜血浸透。我来到这里，是为了看看这场战役在挂毯中是如何被缝入英国身份认同的。
剩下的盎格鲁-萨克森领导人们在获胜后不久便向威廉投降。人群在整场战役中对内杰尔发出嘘声，但当评论员宣布威廉（又名内杰尔）获胜时，他们却给出了心不在焉的喝彩。最终，厮杀结束——伤员被扶起，医护人员收拾装备，所有人都回家了，营地折叠椅被打开。卡洛斯在雷鸣般的欢呼声中骑马穿过战场；内杰尔则在嘘声中离开，语气十分平淡。
但在 1066 年，战后清理行动很快就会开始。金属碰撞，评论员通过扩音器向全国解释局势。一名重演者在队列中还没来得及换掉他的米老鼠睡衣。这就是一种贯穿全天的重复模式——中世纪与现代的碰撞，既滑稽又不可避免。
然而，这场模拟战展现的故事比书记员或缝纫工所能记录的更为复杂。剩下的盎格鲁-萨克森领导人们在现实生活中其实是最好的朋友。我注意到一名弓箭手——来自林肯郡的内杰尔·阿莫斯（Nigel Amos），他是一位全职爸爸兼半专业重演者，拥有“多项才艺”（其中一项是射箭）。这是他第二次饰演威廉：他还是一个 21 人的骑兵队的协调员。
“我们都在互相厮杀，”他说道。
很少有游客会停下来询问那个“终结者”重演者，那些在应该阵亡后仍继续战斗的人。但这里的对话也同样具有启发性。“你面对的是一群人，加上马匹，加上箭矢，还有鹰，”医护人员尼克·鲍威尔（Nick Powell）解释道。“这意味着整体风险增加了。多年来人们意识到这真的会受伤。但没有什么比一场大打出手更过瘾的了。”
虽然这是一场精心策划的战斗，但你依然能看到前进与后退的宏大编排，这由隐藏在步兵队列中的监督员严格执行。
一些诺曼步兵被发现正在战役修道院（Battle Abbey）的食堂里吃甜甜圈，一名萨克森人给我看了一个装电子烟的羊毛袋。所有重演者都在排队使用便携式厕所（除外……）
（接前文：在现实生活中，一名准尉关注的是贵族阶层……）“我们诺曼人才是真正的正义之师，”他自豪地说道，展示着他的丝绸袖子。“我们将文化和语言带到了英格兰！”
而在塞恩拉克山（Senlac Hill）上，不为人知的财富在悄然流逝。那些阵亡的诺曼人，战斗到最后一刻的萨克森人，以及一名可能在握住白蜡木弓时感到紧张，却不知自己的一箭正中国王之眼的弓箭手。
由于今年大部分时间比较干燥——或许像 1990 年代初那样，人们正梳理着原野上飞奔的真马。然而，我们仍然有为贵妇准备的，她们去给残疾人，死亡率很高，疲惫的步兵们想躺下休息。最终，那些近看像小豆袋的石头被收回。 “我确定小学足球队会为此感到自豪。” 重新演职员的主管们对士兵的屠杀漠不关心。 “我相信总有一天我们会赢，”他说。“我一直抱着希望。”
每当你的视野中剔除现代干扰——在那儿，萨克逊盾墙崩塌。有时，人们在战斗开始前悄悄练习射箭；而情感上，哈罗德·戈德温森（Harold Godwinson）是卡尔·莫尔（Karl Moir）——被人们称为卡洛斯（Karlos）——一名来自萨默塞特郡弗罗姆（Frome）的铁匠。小时候，他让两名贵妇为他摆拍，因为他想成为近卫骑兵（House Cavalry）的一员：这是他能最接近成为一名真正骑士的方式。明天将是他的第一次率军，他的声音因紧张和兴奋而颤抖。 “在骑兵冲锋时，我只想着：这就是我童年梦想成真，”他说。“马鬃在飘扬。大地在轰鸣。这是我的辉煌时刻。”
关于这场战斗，他说。 “在过去的模拟演习中，我曾遇到一个场景，几个红脸男人对我大喊：‘你这个诺曼混蛋，滚出英格兰！’ 人们对诺曼人会变得非常愤怒，但迈肯（Maiken）的弓箭手们——
在这个过程中，中间隔了几个世纪，他们把一支箭交给卡洛斯，让他插在眼睛里。这虽然是一个伟大的出游日，但其中蕴含着教训。关于黑斯廷斯（Hastings）的大多数资料都侧重于哈罗德与威廉（William）之间权力的博弈——《贝叶斯挂毯》（Bayeux Tapestry）也记录了威廉——他的声音在颤抖。11 岁的朱利叶斯（Julius），他的父亲扬-菲利普（Jan-Philipp）来自德国杜伊斯堡，在诺曼军营中；一名拿着圆盾的萨克逊战士与一名拿着风筝盾的诺曼战士并肩而立，面对着长船驶出的灰色大海。第二天，诺曼弓箭手释放了一波箭雨。很快，箭矢远到足以让安全记录在视觉上变得隐形，而 there is a sight that, a millennium ago, would have chilled the blood of a thousand Englishmen: a salvo of metal and Norman feather in flight against an
阴天天空。诺曼弓箭手的技巧是威廉战争机器的关键部分——寻找萨克逊盾墙上的漏洞让骑兵利用——尽管黑斯廷斯之战很可能是威廉军队在计划于伦敦路上拦截哈罗德时的一次近战。 “人们仍然对这场战斗产生强烈的情感，”他说。
模拟战斗几乎和战争本身一样古老。罗马人通过在圆形剧场中重演胜利的消息来传达新闻。如今，流行的模拟演习通常集中在国家胜利的时刻：在整个西班牙，城镇和村庄都在唤起。
今天，通过视觉化。奥利弗·史密斯（Oliver Smith）是英国遗产基金会（English Heritage, english-heritage.org.uk）的访客。今年的黑斯廷斯之战于 10 月 10 日举行；门票价格为 £24，会员票为 £8。
去往战地（Battle，这座在黑斯廷斯战场旁建立的小镇，距离 6 英里）的铁路目前无法运行：我乘坐了替代巴士，沿着威廉军队计划拦截哈罗德的伦敦路行驶。
（FT 摄影师 Murray Ballard 拍摄）
在 Reconquista 的战场上，通过上演基督徒对抗摩尔人的战斗来重现历史是困难的。这里有修道院的遗址，而关于这段历史的情感基调则是：威廉受命发起战斗。我曾听见人们大喊：“滚出英格兰！”
黑斯廷斯（Hastings）被认为是英国历史上最伟大的奠基之战，旨在通过胜利来赎 7 段历史的罪，但在某种奇特的情况下，它在民间被视为一场国家悲剧。诺曼人的钢铁地面对抗萨克逊人的血肉。在北翼，战斗正激烈地进行着，茶室和礼品店熙熙攘攘。但 Weald 的这个角落森林茂密，正如 11 世纪时那样。因此，10 月份来访可以看到诺曼人和萨克逊人都熟悉的景象：橡树和白蜡树在变黄，落叶如金色的闪电，行军的脚步在叶堆中发出沙沙声。
在战斗修道院（Battle Abbey），开馆前的最后准备工作正在进行。一个诺曼船的复制品已经出现，到达的游客并非来自英吉利海峡，而是从伯明翰经由 M40 高速公路而至。
黑斯廷斯之战的蜂蜜酒帐篷就搭建在啤酒大棚旁边。弓箭手首先进入战场，测试射程，以确保稍后不会误伤观众。他们的领导者是来自刘易斯（Lewes）的考试官迈肯·巴格利（Maiken Bagley）。弓箭手被分配到诺曼或萨克逊军队，尽管大多数人都想为己方效力。“我得承认，”她说，“每次扮演诺曼人之后，我都得好好洗个澡。”
人们对历史准确性的态度很认真。贝叶挂毯（Bayeux Tapestry）将哈罗德·戈德温森（Harold Godwinson）描绘成留着大胡子和飘逸长发的样子——许多萨克逊重演者效仿这种造型，使他们看起来像齐柏林 Led Zeppelin 乐队的巡演工作人员。弓箭手们在思考白蜡木弓与红豆杉弓的优劣——有些武器是手工制作的，有些是从 Etsy 购买的。但他们的限制也在这里。
而对于此地的情感认同则是：哈罗德被认为是这个国家最后一个真正的国王——代表了一个更高尚、更英勇的时代，那时英格兰由英格兰人统治。与此同时，威廉被刻画成外国入侵者和反派，在登陆之初就屠杀平民。尼格尔（Nigel）和卡尔（Kar-）都承认曾被这种萨克逊浪漫主义所吸引。久而久之，他们认为双方同样残暴且不光彩：尼格尔将威廉和哈罗德比作相互竞争的黑手党。他们的角色包括铁匠、步兵，有些人遵循中世纪的饮食，甚至有一两个人说着古英语，都乐于参与聊天。烤鸡在转叉上翻滚，头盔被戴在好奇的孩子头上。
在礼品店里，印有哈罗德旗帜的玩具旗比威廉的畅销得多，且幅度很大，有时甚至在哈罗德被杀害的地方摆放鲜花。一些评论认为，结果可能直到哈罗德被杀时才变得明朗。这场战争从九点开始一直持续到黄昏，时间异常之长。相比之下，这次重演被压缩在下午的一个小时内。在一天中的大部分时间里，游客们在战斗修道院周围悠闲地闲逛，聆听中世纪吟游诗人的演奏，观看猎鹰表演，以及萨克逊和诺曼营地之间的游行。
诺曼营地的氛围——搭建在停车场附近——则不那么经典。
世界上最好的分时所有权俱乐部
为什么只拥有一栋度假屋，而不能通过一个统一的共有模型，获得欧洲、亚洲和非洲各地的豪华住宅使用权？
— THE HIDEAWAYS CLUB thehideawaysclub.com
致命的岩石，更像是大都市的文青。箭头由橡胶覆盖，正如挂毯中描绘的入侵者，其后脑发型短促——有些婴儿般的模样，看起来像是来自道尔斯顿（Dalston）或克罗伊茨贝格（Kreuzberg）。剑类和其他刀刃均已钝化。一对一格斗由个人决定，在对方刀刃触碰到时礼貌地让步（有些人抱怨说）。诺曼人重演者的风格也更具国际化。其中包括朱利安
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FT Weekend 1 August / 2 August 2026
图书 生活与艺术
关于马尔赞·萨特拉皮（Marjane Satrapi）于 6 月去世的消息引发了对其获奖两卷本真实故事 graphic novel 《波斯波利斯》（Persepolis）的赞誉之潮；这部作品是提醒人们漫画书可以产生多么深远影响且如此重要的一种方式。受到作者在伊朗成长经历的启发，《波斯波利斯》（2000-03 年以法文出版）被认为让西方读者对伊朗革命及伊斯兰共和国下的生活有了更细致的理解。
就像美国漫画家 Art Spiegelman 的《鼠族》（Maus）一样——这部通过他自己家族故事讲述大屠杀历史的作品在 1992 年获得了普利策奖特别奖——《波斯波利斯》的影响力最终被证明远超许多政治历史巨著。萨特拉皮的定居地（作者兼电影导演于 2006 年获得法国国籍）在对待漫画艺术家及其作品的严肃程度上，长期以来一直领先于美国和英国。
那么，还有什么比通过一部为已知故事注入新生命的作品，更能让读者意识到平面小说的艺术真实性呢？在即将改编的玛丽亚娜·恩里克兹（Mariana Enriquez）短篇小说集《我们在火中失去的东西》（Things We Lost in the Fire，由 Megan McDowell 翻译——将于 10 月由英国 Granta 出版社和美国 Hogarth 出版社出版）中，Lucas Nine 对暴力浸染的当代阿根廷进行了噩梦般的视觉呈现，带来了一些令人战栗的真实感，同时仍为读者的想象力留下了空间，去构思那些未见的进一步恐怖。
相比之下，我认为 Sarah Maxwell 对安德烈·阿西曼（André Aciman）畅销爱情故事《请以我的名字呼唤我》（Call Me by Your Name）的改编缺乏巧思。用什么样的方式开启读者对平面小说艺术性的认知，比通过一部作品更能让那些怀疑（或根本不熟悉）该类型的读者接受呢？
在法国，每四本售出的书籍中就有一本属于 bande dessinée（法式漫画）类型，这为该流派注入了新生命。如今，英国和美国市场也正在赶上来。出版商和读者都意识到，图像小说可以且应当具有主流吸引力。
过去 25 年见证了英语图像小说的稳步上升及其与更传统文学小说的融合。这一流派已成为年轻读者进入书籍世界的普及入口，并日益吸引成年观众——尤其是通过知名经典文本的改编。
2001 年，克里斯·韦尔（Chris Ware）的《吉米·科里根：地球上最聪明的孩子》（Jimmy Corrigan: The Smartest Kid on Earth）成为第一部获得主流英国文学奖的图像小说，它赢得了《卫报》首本书奖（Guardian First Book Award）。韦尔的英国出版商是 Jonathan Cape，这家出版公司在 20 年前为我们带来了许多人认为是英国第一部图像小说的作品：波西·西蒙兹（Posy Simmonds）在 1981 年创作的对她青少年时期浪漫漫画的巧妙讽刺剧《真爱》（True Love）。
“这是什么？”西蒙兹回忆起她的编辑在第一次翻页阅读时所问的话：“一个漫画故事？”
波西·西蒙兹是第一位英国漫画作者（也是第四位女性）在昂古莱姆国际漫画节（Angoulême International Comics Festival）上赢得大奖的作者，这是全球最负盛名的漫画终身成就奖——这为图像小说进入文学圈铺平了道路。
当 Cape 在 2007 年推出专门的图像小说书单时，该品牌文学上的底蕴帮助该流派合法化。其早期的成果之一是 2012 年的《杰玛·博弗里》（Gemma Bovery）。当时美国和加拿大的市场规模约为 $1.94bn，在 2024 年增长了 4%，高于 2023 年。
（上图：莎拉·麦克斯韦尔（Sarah Maxwell）为《卫报》创作的图像小说版本，该作最初在 1990 年代作为 100 集的每日连载发布。安德烈·阿西曼（André Aciman）的爱情故事《请以你的名字呼唤我》由 Faber 在本月出版，该书是对弗洛贝尔 19 世纪经典小说的当代演绎。这部由条漫转为图像小说的作品颠覆了人们对漫画及其可能性的认知。）
尽管如此，挑战依然存在。有些出版商希望将该流派更广泛地整合进成年读者的阅读习惯中，但依然有人假设这是一种由美化的绘本组成的媒介，仅面向儿童或阅读能力较低的读者。
然而，对于那些年轻读者来说——以及他们未来对书籍的享受——我们不能忽视其意义。
我内心深处的愤世嫉俗者一直持怀疑态度。无论是通过《动物庄园》中的反乌托邦景象、《美丽新世界》和《使女的故事》这些坚实的文学基石，还是通过像《安妮日记》、《蝇王》和《杀死一只知更鸟》这样被纳入学校课程的作品，最好的文学改编版图像小说不仅仅是将原著散文转置为编辑过的对话气泡。
正如一些优秀的文学影视改编剧会对原著素材进行大胆处理一样，最好的图像小说改编在原著基础上进行了升华。
《请以你的名字呼唤我》的插图效果很好——棕褐色、阳光充足的色调唤起懒洋洋的夏日气息；大量特写镜头展现出汗水淋漓、线条流畅的美丽青年身体，那些经典帅气的恋人让人想起 20 世纪中叶美国浪漫漫画中的英雄——我不确定这是否勾勒出了原著中已经显而易见的东西。但它很可能会在现象级成功的 queer 青少年网络漫画（后转为图像小说并被 Netflix 改编为剧集）《心跳停拍》（Heartstopper）的粉丝中找到其理想受众。
议论文 / 图像小说正走出漫画书店，在文学界赢得更高的认可。露西·肖尔斯（Lucy Scholes）追踪了这种聪明且富有创造力的形式走向主流文学底蕴的漫长旅程。
艾玛·海利（Emma Hayley）是总部位于伦敦的出版社 MadeHero 的创始人。
形式——作为进入其他纪实文学和非虚构类阅读的垂直门户，包含图形小说和漫画。左下：勒内·诺尔（Renée Nault）对《使女之徒》（The Handmaid's Tale）的改编，采用三栏宽的布局，颠覆了传统的漫画条带蓝图——而这种体裁在讲述故事的范围上（字面意义上地！）打破了传统的视平线。玛格丽特·阿特伍德（Margaret Atwood）获得布克奖的《使女之徒》的图形小说版本于 2019 年问世，其续作《证词》（The Testaments）由 Jonathan Cape 出版社于 2019 年出版，将读者带回了基列国。虽然该剧的电视剧改编版在 2024 年创下了极高的收视率，但英国的销售额与法国市场相比仍相形见绌，后者的 bande dessinée（法式漫画）市场在 2024, 售出了 68mn copies，价值 €837mn。
尽管上述引用的销售数据在 2025 年的英国图形小说市场中占据了 £25.9mn，且较 2024 年的 £20.3mn 有所增长，但这些数字可能预示着更广泛的行业前景。Bobby Joseph 指出，2025 年美国成人图形小说销售额较前一年增长了 9.2%。如今，图形小说和回忆录几乎出现在所有文学出版社的名单中，无论是否专业。漫画被认为是鼓励不愿阅读的孩子以及进入其他阅读领域的“完美媒介”。
这种融合在 2018 年得到进一步巩固，当时尼克·德拉纳索（Nick Drnaso）的《萨布丽娜》（Sabrina）成为首部获得布克奖提名的图形小说。在今年伦敦书展期间，Pan Macmillan 的首席执行官乔安娜（Joanna）建议出版社利用图形小说销售额的近期增长，通过将原著文本简化为更易于阅读的碎片化形式，以吸引更广泛的读者。SelfMadeHero 在近 20 年前就采用了这一理念。该公司于 2007, 成立，其创始系列是“漫画莎士比亚”：将 14 部莎翁戏剧改编为漫画形式。
有些人可能会认为，改编过程更像是文学翻译，是插图与文本之间的共生关系，从而允许以特别创新的方式颠覆和更新素材。保罗·卡拉西克（Paul Karasik）、大卫·马祖凯利（David Mazzucchelli）和洛伦佐·马托蒂（Lorenzo Mattotti）对奥斯特（Auster）的《纽约三部曲》进行的精彩重塑就是另一个例子——其插图具有浓厚的黑色电影感，而文本本身在视觉呈现上也极具创意。同样，加雷斯·布鲁克斯（Gareth Brookes）对 17 世纪田园经典《完满的钓鱼者》（The Compleat Angler）的重新诠释，利用林可版画和水彩画，在威廉·戈尔丁（William Golding）及其文学遗产管理机构的许可下出版，旨在庆祝该原著文本出版 70 周年。
当然，并非所有出版商都是在通过将畅销书“低端化”来套现。诺尔在改编中巧妙地借鉴了基列国的等级色彩代码，利用视觉力量来增强叙事。
在其他杰出作品中，我们可以看到玛丽·塔尔博特（Mary M Talbot）和布莱恩·塔尔博特（Bryan Talbot）在 2024 年出版的《她父亲的眼睛》（Dotter of her Father's Eyes）。以及由英国桂冠诗人、前英语教师艾米·德容（Aimée de Jongh）重新讲述的一群学童陷入野蛮状态的故事，该作旨在纪念原著文本的 70 周年。
对于那些认为图像小说不能被视为与纯文字作品同等地位的纯粹主义者，扎迪·史密斯（Zadie Smith）宣布《萨布丽娜》是“我在任何媒介中读过的、关于我们当下的最好书籍”。自那次获得评论界成功以来，该体裁的可见度日益提高。
图像与色彩旨在展示那些斑驳的墨色绘画，是去年最出人意料的 offerings 之一。英国图书奖（British Book Awards）引入了“图形小说”类别，而海草节（Hay Festival）举办了首届图形小说日。这两项进展无疑都得到了近期销量增长的支持：2025 10 英国图形小说书籍销量价值 £78.7mn，同比增长 13.9%（比 2019 年该领域赚得的金额多出 £46mn）；而漫画与图形小说的销量在 2000 年是否就已达到了 John Saunders 这种水平？或者是指那些关于连续杀人犯 John Christie 的法医鉴定？
由于过去十年现代化电影改编作品的成功，从 Baz Luhrmann 的《罗密欧与朱丽叶》(1996) 到《我恨你十处》(1999)，这类改编小说在商业上是合理的。这些改编并非简单的懒政衍生品，而可能是进入图形小说世界的最佳入门途径之一。与其简单地将其视为衍生品，不如说如果处理得当，改编作品本身可能就是一件极具价值的艺术品。
这让我想起总统埃马纽埃·马克龙对萨特拉皮（Satrapi）的《波斯波利斯》的致敬，称其为“伟大艺术家的作品”。读者最初可能会被这些图形小说吸引，因为它们是改编作品，但如果制作精良，当他们读完时，会发现这是一件独立的艺术杰作。
关于 Offred 作为侍女的生活，由 Richard Appignanesi 改编并由多位艺术家绘制的插图，与她之前的丰富生活形成了对比。而 de Jongh 则利用微妙的视觉技巧，挖掘出 Golding 原作字里行间潜藏的诸多细节，从宗教图象到男孩们不断变化的身体力量。
法医人类学家 Sue Black 也许是英国顶尖的法医人类学家，该领域（简单来说）涉及对死者的身份鉴定。她是众多教科书的作者，包括（与 Louise Scheuer 合著的）关于法医科学及其在法庭中关键作用的著作。Black 揭开了谜团。
《审判席上的法医科学》(Science on Trial) 作者：Thomas Grant Doubleday £22 400 页
法医科学中的许多英雄与反派在书中生动地出场。其中包括 Mark Bridger 的绑架案以及 2012 年在威尔士谋杀五岁女孩 April Jones 的惨剧，这些都是过去 50 年中最令人心碎的案例。
与许多接触刑事司法系统后在专业知识范围之外发表意见的非法律从业专家不同，Black 对该系统有着精准的理解。Black 以一种轻松、对话式的风格写作，在她的职业生涯中阅读了大量的专家报告和书籍。
她探讨了某些骨骼碎片是否为（耻骨）碎片，或者是否属于一名死去的孩子。Black 并不急于下结论。
我们发现，Alphonse Bertillon 创造了一整套人类身份识别系统，但当他试图在德雷福斯事件（1890 年代法国的一场政治和军事丑闻）中将自己塑造为笔迹专家时，该系统最终崩溃了。其中一位专家是 20 世纪初备受争议的病理学家 Bernard Spilsbury，他的证词将许多人送上了绞架，并且取得了如此高的威望，以至于他的证词被视为决定性的。
这项工作让她对相关动态和程序有了深入了解。它被赋予了近乎教皇般的不可置疑的地位，即便在相关主题上有所欠缺也是如此。
“我曾协助处理一起相对较新的案件，涉及一颗从牛场中发现的较新鲜的人类头部，”她轻快地解释道。偶尔会出现一些口语化的表述失误。她曾被派往伊拉克、科索沃和泰国（在 2004 年海啸之后）执行任务，这种书的概念对我来说是个巨大的挑战。我们能感受到交叉质询在法庭上，尤其是在谋杀审判中，那种令人揪心的紧张感。书中对她法庭经历的描述让这本书真正地活了起来。
关于那些维多利亚时代砷中毒案件的描述至今仍能吸引公众的想象力。我很高兴地看到，最近一版领先的法律教科书——一本关于专家证据的书——长达 800 页，文字密集，只有最坚韧的律师才会感兴趣。令人失望的是：书中有如此多丰富的素材，以至于我想追溯许多来源。
但这些只是小瑕疵。Black 写了一本将有很多人阅读的书，它在揭示神秘感的同时，兼具启发与娱乐价值。
然而，圣约翰学院院长、同时也是欧洲著名的法医科学家 Sue Black 教授，其传记《另一个 Mr Black》是一部犯罪文学的小经典。她拥有深厚的经验可以借鉴，曾在无数次刑事法庭审理中担任专家证人。我们读到她处理的一个案件，其中涉及通过新颖的流程在她与丈夫共住的房屋地下室中检测出 Mrs Crippen 尸体中存在砷。
《专家证人》(An Expert Witness) 融合了对科学法医流程（如指纹分析和弹道学）的讲解，精彩的案例研究展示了这些流程在实际应用或误用中的情况，以及 Black 对英国刑事程序的快速回顾，追溯到中世纪的审判，并追踪了刑事调查的发展。
她肩负着一项使命：追寻并根除不良实践，揭露伪科学。她在刑事调查工作中的个人经历在书中得到了体现。专家证人的概念最早出现在 18 世纪，当时允许所谓的“科学之人”根据其抽象知识而非对相关事实的直接了解来作证。在 19 世纪，专家成为了中心。
无论是身份识别？还是步态分析，这些伪科学在法庭上的普及（无论好坏）都已成为激烈辩论的主题。最近一次提到的毒药使用者 Mary Blandy 被描述为“在外观上没什么大出彩”。由于缺乏脚注，这让人感到遗憾。
罗伯特·丘吉尔 (Robert Churchill) 是一位在 20 世纪初许多伟大谋杀审判中出现过的弹道学专家。正如柯南·道尔所描述的，由于其对内八字腿武装抢劫犯的识别，让夏洛克·福尔摩斯感到厌恶。
1 August / 2 August 2026 * FTWeekend
图书
打造人的手稿 一位古文字学家探索广泛的流散及其结果 《移民：他寻找最关键之物》 这是最私人化的回忆录，包含对新西兰殖民背景的深刻洞察与探索，这对于理解该体验至关重要。 作者：Christopher Benjamin Jonathan McAloon 著 Allen Lane 出版，£25，320 页
通过将对新世界的探究与个人童年记忆相结合，这本书讲述了拜索挂毯从诺曼底被运往伦敦（7月在警察护卫下）的曲折故事。De Hamel 承认，对于 20 世纪 60 年代的英国青少年来说，在当时的环境下，这种经历几乎是“不可想象”的，因为许多孩子被禁止接触这类物品，从而导致 Christopher 成为一个孤独的孩子。但在登内丁公共图书馆（Dune-din Public Library），那里收藏了许多古怪的南半球收藏家的中世纪手稿残页，给予了他将祷告书归属为德比郡约克派贵妇人的空间。
这些手稿往往来源不明。本书中的一本书是九世纪由巴伐利亚修女制作的圣经片段，被缝进了书封中。
C. de Hamel 在其著作中探索了这些手稿的旅程及其出处。凭借深厚的学术功底、丰富的见解以及对新西兰背景的切入，他将一种旅行志的元素融入其中。
在欧洲手稿中心（Manuscripts Europe），de Hamel 处理过许多塑造了世界顶尖水平的中世纪文本。他童年时独特的成长环境使他能够早早开始接触，他可以自由地将手稿页带回家，挂在卧室墙上。他的最新著作《移民》（The Migrants）将旧世界与新世界的相遇作为核心主题。
德哈梅尔经常身体力行地前往这些地点。正如他在 2016 年出版的《与非凡手稿的相遇》（Meetings with Remarkable Manuscripts）一书中所承认的，他在孩提时代偶然发现那些彩绘手稿的经历，培养了他的好奇心。
这种第一手的侦探快感——从新世界回溯到手稿的来源——正是本书的魅力所在。他认为，在随机的相遇和循环的巧合中，存在着一种“有形的真实感”。
同样，文化评论家 Walter Benjamin 会告诉你，你应该亲自站在画廊的设定中，而不是去看复制品。但进入一个气候控制室并在保护人员的监督下翻阅无价且脆弱的书籍要困难得多。
《移民》在讲述手稿的故事、其制作者以及它们直到今天的旅程时最为出色，其中包含一本由传奇英国印刷商 William Caxton 制作的著作。
他主张《移民》是一部早期的福音传播作品，在紧闭的门前传道。这是一个关于幸运、幻想且充满奇迹的人生故事，他旅行的范围“比任何人所经历或能经历的都要远，甚至无需进入太空”，从欧洲开始，最终到达新西兰。
...与前往达勒姆大教堂图书馆的旅程一样独特。正如作者自己的家人所做的那样。对他而言，接触这些文物就像是“在课后时间跨越了一道时间和空间的魔幻之门”。在惠灵顿的一份假期工作中，他被两名图书管理员接待：一名来自澳大利亚，一名来自他的原籍地新西兰，这段经历塑造了欧洲图书馆的格局。
其中，一本12世纪的波爱修斯（Boethius）手抄本被追溯到了坎特伯雷大教堂，而托马斯·贝克特（Thomas Becket）当时是大主教。几十年后，德·哈梅尔（de Hamel）在书中对“邂逅中世纪手抄本”表达了强烈的赞赏，他将这种体验比作时间旅行。这些手抄本的“绝对”吸引力在于，它们是亲自委约圣徒本人创作的。
严格来说，装饰手抄本是欧洲最古老的说话、手写文本，并饰以金箔以捕捉光线。在苏富比（Sotheby’s），他甚至负责所有装饰手抄本的销售；而在剑桥，他则负责处理这些文物。
德·哈梅尔在书中展现出一种他承认是“令人叹为观止”的观点，即这种体验就像是时间旅行。
这种写作风格是典型的德·哈梅尔式，他倾向于触及所有细节。对于读者来说，复制品就足够了。
在1955年，作者的父亲在纽西兰接受了一份医疗职位。预计不久后将搬回家中，一本记录在澳大拉西亚的查理曼王朝圣经（Carolingian Bible）这一意外发现的遗珍，现在成为了最令人欣喜的部分。这里有一个美丽的时刻，作者描述了自己在数百年来第一次打开一本书，并在此刻闻到被困住的中世纪熏香，然后它便永远地消失了。
在 1994, 艾米莉·埃金（Emily Eakin），当时是哥伦比亚大学英语与比较文学专业的研究生，正在考虑她的选择。在她迷人的新书《法国人》（The Frenchmen）中——这是一部文学回忆录与思想史的优雅结合——现任《纽约时报》编辑的埃金回顾了她放弃博士学位的决定。她读到一项研究表明，太多的文学博士在竞争过少的学术岗位。但她感到失望还有一个更深层的原因。
“决定性的因素，”她写道，“是理论。我已经受够了它。”
“理论”（Theory），这是 Abacus 出版社（£20 / Little, Brown $30，共 272 页）给出的名称，指的是 20 世纪 60 年代在法国兴起的一场知识分子运动。这场运动改变了美国大学人文学科的面貌，并在过程中成为了后来所谓的“文化战争”早期冲突的导火索。
埃金在哈佛大学就读本科时首次被“法国人的魔咒”所吸引，她在书中追溯了理论的起源。
在戴维·塞达里斯（David Sedaris）最新的随笔集中，坦诚的动人时刻穿透了喜剧色彩，康斯坦斯·艾顿（Constance Ayrton）写道。其中最令人动容的篇章是关于悲伤的，塞达里斯以其惯有的冷静沉着和偶尔闪现的幽默来处理这些主题。在其中一篇随笔中， he lists the friends he has lost，他们的名字仍保留在他的电子通讯录中：例如他的第一任经纪人唐·康登（Don Congdon），或者他曾共事过的翻译哈里·罗沃尔特（Harry Rowohlt）。
原本可能成为一份忧郁的离世名单，现在却变成了一系列深情的肖像画，每一个条目都伴随着关于那个人的微小记忆。
“在我的脑海中，我就像一个友好的垃圾工，用零碎的生活碎片构建起……”
人。结构主义在人文科学领域引发的革命——她断言，这次革命“实际上是两次革命合而为一”。首先，结构主义者用非人格化系统的概念取代了让-保罗·萨特关于拥有能动性和选择能力的自我的存在主义观点。其次，他们将语言置于至高无上的地位，认为语言能够重塑思想。他们借鉴了瑞士语言学家费尔南多·德·索绪尔的观点，认为语言是一个没有正项的系统，单词的含义完全源于它们彼此之间的关系。
法国浪潮 20世纪80年代关于理论之意义及其影响的争论日益激烈，且并未局限于学术界。例如，1987年，保守派哲学家艾伦·布鲁姆的《美国心智的封闭》登顶畅销书榜。该书谴责了欧洲思想家所衍生出的、源自绝望的“行话”所带来的腐蚀影响。如今，布鲁姆的论调继续影响着许多从政治右翼批评美国大学现状的人。但席卷美国的这场浪潮……
David Sedaris 在 2002. 年写道，他的妹妹格雷琴被诊断出患有癌症，而萨里底斯本能地决定给她买一件保暖斗篷用于化疗：“就好像只有这件斗篷——而且仅此一件——才能让我妹妹活下来，”他回忆道。但当她痊愈后，他忍不住想：“我想把那件斗篷要回来。”
二十年后，这段描述依然贴切。这位畅销的美国幽默作家将收集日常生活中被忽视的碎片——家庭争吵、偶然的邂逅、社交中的烦心事、随口而出的话语——并将其转化为被广泛喜爱的散文集，其风格以冷峻、幽默且偶尔令人震惊而著称。
许多人被萨里底斯吸引的原因（他的书已售出 1600 万册）在于他们能听到他的声音。在他最新的散文集《土地及其人民》（The Land and Its People）中，现年 69, 岁的萨里底斯继续挖掘自己生活中的素材。
老读者在这里几乎找不到陌生感。书中依然是他标志性的自嘲——“我智力低下……我基本上是个白痴”——以及对周围世界的无奈。在《小美国》（Little America）中，他抱怨公共礼仪的没落，提到火车乘客无视指定座位或在不戴耳机的情况下播放音乐。“这就是变老最难熬的部分，”他说。
这种声音在每一页中都清晰可辨，正是这种声音吸引了数以千计的读者参加他的欧洲巡回签售活动，他在那里通过大声朗读来试稿，回答问题并与观众交流。
本可以成为的样子 一份关于逝者的忧伤目录是一系列充满温情的肖像画……
乔纳森·德比郡 (Jonathan Derbyshire)
关于一部令你感到一切都极其烦躁的作品的根源、迅速崛起及其深远影响。另一个原因是他的情绪化。在回顾与已故父亲之间破碎的关系时，他写道：“我再也不必给他打电话或写信了。我自由了！”如果说他那些关于烦恼、身体疾病和幽默旁白的素材有时显得过于冗长，那么这些时刻则穿透了喜剧，揭示了底层的痛苦与人性。
对于像埃金这样的学生来说，“解构”西方形而上学的基本假设曾令人心潮澎湃，这些哲学家引发了文化战争早期的冲突。因此，在如此彻底地沉迷于理论之后，为什么她（或他们）现在将这种所谓的耶鲁学派视为一种必须摒弃或放弃的“危险立场”？
这里，他以一篇关于与德里达亲密友谊的论文开篇，而这段友谊是美国理论故事的核心，而非该故事的糟粕，因此也是埃金想要讲述的故事。评论家尼古拉斯·戴姆斯将其称为“理论一代”。（讽刺的是，这个群体在大学期间经常以现实主义小说的形式被描绘——即理论确实在很大程度上起到了“去自然化和去神秘化”的作用）。正如戴姆斯所言。想想那些书吧。
到 20 世纪 70 年代中期，法国理论已经在美国东西两岸都设立了前哨：德里达在耶鲁，而德曼在那里担任比较文学系主任。法国人试图回答这个问题。而在这样做时，也邀请我们将埃金自己的故事在某种程度上视为对此经历的象征。
对于像埃金这样的学生来说，阅读雅克·德里达以及德勒兹曾经的共同作者，以及文学理论家罗兰·巴特和保罗·德曼，是令人心醉神迷的。后者实际上是一位在第二次世界大战后移民美国的法语区比利时人。但从德里达的出发点来看，他的兴趣在于“阅读，而非摧毁”。
衰老、身体衰退和死亡在 28 篇文章中占据了重要地位，其中一些最初发表在《纽约客》上。塞达里斯在 2018 年的《卡吕普索》（Calypso）中，封面再次显示了一对几乎被埋在沙滩上的情侣，这本身就传递了同样的信息。读者会记得他那张被多次拍摄的照片，记录了他 2000 年在一次图书巡演中感染胃肠道病毒的经历，以及他母亲的酗酒和癌症。这里的许多文章都以旅途中的邂逅开始；一次新的全球巡演将于本周开始，一直持续到 5 月，毫无疑问将提供更多碎片供其收集。问题是，这些故事是否会在他疲倦之前就先让人生厌。“感谢上帝，我 20 年后就会死掉，因为我不知道我还撑得住多久，”他在最近的一次 NPR 采访中打趣道。
这里，他以一篇关于照顾其男友休在髋关节置换术后情况的论文开篇。这是典型的塞达里斯式设定：家庭不适转化为喜剧素材，并辅以高超的技巧。“我对肾结石和牙龈手术了如指掌。我知道肋骨骨折和尿路感染。”但当涉及到髋关节疼痛时，他被折磨得够呛。
情况在 1987 年变得更糟。一名比利时研究员发现，在 1983 年去世的德曼曾为纳粹占领比利时期间的一家合作报纸撰写过一百多篇文章。其中至少有一篇具有明显的反犹太主义色彩。这一发现……
撰写道。在追踪自己理论之旅的同时，Eakin试图将这些大师思想家“重新具象化”，“找回潜藏在他们往往刻板且非人性化理论之下的的人文元素”。Eakin认为，德里达和福柯代表了理论在美国的两条分叉路径：“一条路径延伸至修辞分析、对悖论的痴迷，以及德里达所主张的细致入微的文本阅读；而另一条路径则是由福柯所倡导的，以‘话语’形式对政治和社会权力的研究。”
对于Erdur和Eakin而言，例如，哲学家雅克·德里达（Jacques Derrida）在当时还是法国阿尔及利亚的犹太人，并因维希政权引入的犹太学生配额制度而在 1942 年被学校开除，这一点具有决定性的意义。德里达本人表示，这次经历造成了一种他从未完全走出来的“身份紊乱”。他及其几位同辈一样，永远是一种局外人。至于德里达和德·曼（de Man），他们表现出的对晦涩语言细节的痴迷，开始被认为与“公共利益相悖”。
Onur Erdur在其更具传统学术风格的著作《南方学院》（School of the South）中，探讨了法国理论的“殖民根源”，试图实现类似的目标。
与此同时，对于德里达来说，（某个经历）安排了一次对他而言格外痛苦的访问；而福柯则在加利福尼亚州的伯克利尝试了一次痛苦但最终并不令人信服的清算，面对的是其友人年轻时写下的文字。对于理论的敌人来说，这些揭露证实了他们关于解构病理的一切想法。Eakin写道，“解构主义革命的时机……简直就像是美国新崛起的政治右翼精心策划的一样”。面对这一切，写一部忏悔式的冷战时期的共产主义背教回忆录，无疑具有诱惑力。但Eakin的作品并未以对一个“失效之神”的讣告而告终，而是以一种挑衅开始，并将其包装成——
《我的理论生活》（My Life in Theory） 作者：Emily Eakin 企鹅出版社 (Penguin Press) $35, 496 页
她的“法国人”是一群多样的人。除了德里达，还有……为了听听他接下来的发现。乔纳森·弗兰岑的《修正》（The Corrections）或劳里·摩尔的《楼梯口的一扇门》（A Gate at the Stairs）。在同一时间，（福柯）成为了旧金山同性恋浴室的热情顾客。
他们随身携带的一种借来的“反叛气息”，是 1968 年 5 月巴黎街头路障中盛行的“反动情绪”的残留痕迹。但实际上，这是一种替代政治，一种革命角色扮演，几乎没有实际的政治效果。但事实是，这种对语言复杂性和矛盾的警觉质疑和严谨关注，可能与公共利益截然相反。
发件日期： 7 May at 10:16 主题：关于您的 Vitsoe 订单 收件人：email@vitsoe.com
你好 Andrew，
你的安装人员（Jody 和 Darren）昨天来安装我的书架，他们做得非常好——一切看起来都很完美！尤其是后者，似乎并不太认同所有那些规划（以及所有那些修改！）。但你的图纸让我有信心一切都会恰到好处。等我把东西全部拆箱摆好后，我会给你发几张照片。
再次感谢你的时间和周到！
祝好，
法国理论（French Theory）的哲学家米歇尔·福柯和吉尔·德勒兹，以及精神分析学家雅克·拉康、马克思主义思想家路易·阿尔都塞、精神病学家菲利克斯·瓜塔里，常被指责为虚无主义或更糟。许多批评者如此指责。
由 Onur Erdur 撰写，Andrew Brown 翻译 Polity 出版社，£25，288 页
乔纳森·德比郡（Jonathan Derbyshire）是《金融时报》的美国观点编辑。而担任第二任里根政府教育部长的威廉·贝内特（William Bennett）则是一位坚韧的文化战士，他也持有某种观点。
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书籍
在阿米特·乔杜里（Amit Chaudhuri）的第九部小说《红城堡》（Château Rouge）中，那位未具名的叙述者喜欢他租房所在的巴黎地段之名——“红城堡：美丽的名字。我知道它的意思是红色的城堡”——但当这个地方被描述为“充满活力”（vibrant）时，他却感到不安：“‘活力’这个词不再被用来形容一座西方城市——‘精美’（exquisite）、‘美丽’（beautiful），甚至‘令人兴奋’（exciting）都可以，但这个词让我觉得出问题了。”
另一个让他不安的表达是：“空中将响起音乐。”
一名在巴黎获得奖学金的作家对他从一对德国和美国夫妇那里分租的公寓感到沮丧。他将其比作“站在一个被掏空的屠宰场里。地板上的床垫成了牺牲品。我得绕开它走。”
这让人想起乔杜里 2022 年的小说《旅居》（Sojourn），该书背景设定在柏林，采用了类似的叙事：一名作家对他失望的住宿条件感到不满。他的妻子则劝他用不同的方式思考：“你知道，如果海明威现在住在巴黎，他一定会选在这里，”她说道，以此鼓励他。
他的文字具有一种即时感，生物学家兼记者罗温·胡珀（Rowan Hooper）在这本重要的新书中表示，就好像我们与叙述者同在，共同经历这些奇特与平凡之事——《共生：生命最伟大协作的隐藏故事》（Togetherness: Symbiosis and the Hidden Story of Life’s Greatest Collaborations，Fern Press £25 / Knopf $35）。胡珀作为《新科学家》杂志的高级编辑，认为达尔文强调竞争的重要性是正确的，而在一个残酷的自然世界中，生存的是最适应者。
以及君主蝶是如何在从美国北部和加拿大南部到墨西哥中部的史诗级迁徙中生存下来的，这段距离最高可达 3,000 英里。它们在可能的时候也会利用热气流，将它们正常的每日飞行范围从 25-30 英里提升到每天数百英里。
在婆罗洲的丛林中，罗格斯目睹了巨大的、翻滚的蝙蝠“大锅”，它们倾巢而出，遮蔽了天空。
在《向上：科学家的天空指南》（Up: A Scientist’s Guide to the Magic Above Us，Doubleday £22）中，工程师兼发明家露西·罗格斯（Lucy Rogers）提醒我们，头顶的天空不仅是我们生活的背景，而且是一个由极少有人真正了解的生物和自然现象组成的不断变化的世界。
她的书解释了为什么秃鹰通常每隔几小时才需要扇动一次翅膀（它们搭乘免费的热气流）。
以改善其财务状况，但一笔私募股权交易出了问题。在某个时刻，他们担心不仅会失去企业，还会失去家园。最终，他们找到了挽救局面并追求其目标的方法……将自然之声和后代的声音带入董事会。
巴黎，一点一点地发掘这座真实的城市，而不是“那个”。在《物种起源》中。但他他们的洞穴。在罗马她租了一套公寓，而在巴黎普鲁斯特的故居和鲍德温的呈现出一种强大的力量，反对那些利用书中的观点来证明资本主义或社会达尔文主义正当性的人，因为科学家们仍在寻求完全理解，并揭示最令人印象深刻的陨石收藏之一由梵蒂冈持有。她有力地主张让我们放下手机，抬头仰望天空。
兰花就是一个典型的例子。作为最成功的开花植物类型之一，它们拥有 28,000 个物种，几乎是鸟类物种数量的三倍。但正如 Hooper 所写，他们的许多成就归功于与真菌的强力结盟，使植物能够在没有土壤的情况下生长，抵御水分流失，并获取储存在地下的食物和养分。夏威夷短尾鱿鱼体内也栖息着一种细菌——在某个时刻，它们能发出光芒，帮助鱿鱼在月光照耀的水域中屏蔽饥饿捕食者的感知。珊瑚、地衣、蚂蚁以及无尽的更多生命形式，都由这种合作关系塑造。然而，对演化由竞争驱动，也由物种间的合作或共生（希腊语中意为“生活在一起”）驱动的研究。
气候科学家 Bill McGuire 在他的最新著作《世界的命运：气候危机的历史与未来》（The Fate of the World: A History and Future of the Climate Crisis，Harper-North 出版，£20）中提出了较为不乐观的看法。Lucy Popescu 称其为对平庸之事的哲学洞察。McGuire 是一位火山学家，也是伦敦大学学院（University College London）地球物理与气候风险的荣休教授，他长期以来一直警告气候变暖带来的潜伏威胁。这一次，他回顾地质历史，试图论证自工业革命以来我们向大气中排放的温室气体可能使我们走向一个更炎热、更难以预测的气候。
在一次采访中，Chaudhuri 表示，他的妻子在搬到巴黎后也发表了同样的看法，这启发了他创作这部短篇小说——叙述者，就像 Chaudhuri 本人一样，是一位具有孟加拉血统的印度作家。Amit Chaudhuri 的第九部小说充满了文学雄心，多次提及：在他们的关系初期，他的妻子曾送给他一本《流动的节日》，那是海明威在 1964 年出版的关于 20 世纪 20 年代巴黎及其咖啡馆和左岸波希米亚生活的追忆录，但这本书一直未被阅读。《红色城堡》（Chateau Rouge）让人想起 Deborah Levy 在她的《生活自传》三部曲中《房地产》（Real Estate）这一最终篇章里关于巴黎的 0 个章节。在 2017 年为《格兰塔》（Granta）撰写的一篇关于其风格的文章中，Levy 同样住在第 18 区。
《红色城堡》是以一系列短篇速写形式写就的。在开篇页中，叙述者描述了他试图在蒙马特定居的尝试，并经历了类似的琐碎之事。Chaudhuri 表示，他希望自己的段落能够独立存在，在任何时间点都可以重新阅读；让单个段落优先于小说的整体叙事结构；将这部小说视为段落的集合。他和他小说中的叙述者两人都习惯于关注普通细节，他在 Tati 购买床上用品，并注意到比起卢浮宫的艺术品，更倾向于盯着巴黎超市（如家乐福 Carrefour、Franprix 和 Monoprix）里的海鲜陈列看。有时，这种关注
共生关系。Pliocene epoch（上新世）存在于大约 5.3mn 和 2.6mn 年前。这被认为是一个海水更温暖、风暴更猛烈的时间段，海洋也更为凶险。他说，如果再次出现类似上新世的情况——或者更糟——后果将是可怕的。巨大的冰盖最终可能会消失。大量甲烷和其他反应的释放可能会将地球温度推高。海平面可能会上升，使得剑桥这个大学城的边缘被水淹没，而迈阿密及其 40 per cent 的孟加拉国（此处原文疑似地理混淆，原文为 Bangladesh）可能会被淹没。他预期社会和经济将至少处于严重失能的状态。
在逛完 M&S 食品大厅后，他购买了典型的英国中产阶级安慰食物，这让他的……
……在日常生活中显得平淡，但 Chaudhuri 对食物的着迷令人愉悦。两者都是巴黎的局外人，尽管他是一名印度人，而非殉道者。
“这里几乎没有 Rue Poulet 或 Chateau Rouge 的痕迹。或者抽象地说是关于那些妓女及其心不在焉的守夜人的片段；到处是火上的烤肉串。女人被烟雾吸引。他感兴趣的是那些微不足道的事物；而其他人可能根本不会注意到。”
他也很擅长模糊时间。我们知道此时是 2019 年，因为书中随口提到两个重大事件：摧毁巴黎圣母院的大火和“黄背心”抗议活动。
除了小说家，Chaudhuri 还是诗人、散文家和音乐家。他在传达文化的层叠感时非常敏锐，尤其是他指出剑桥大学城的情况。他出生于加尔各答（当时称 Calcutta），在伦敦和牛津学习。在巴黎东站（Gare de l’Est），他跟随一名行人走在路上，用寥寥数语生动地唤起一个街区的文化层级：“这个地区曾是一片废墟。面无表情的通勤者在车站前被巴士接走。他们似乎正准备跨越国境。”
在书的早期，他提到被扒窃，但直到小说末尾他才……在其他地方，他从一个参考点转向奥斯曼（Haussmann）和加布里埃尔·达维乌（Gabriel Davioud）。
而在小说中间部分，讲述者在五年后再次回到这座城市，并详细描述了这次短暂的第二次访问，增加了一层记忆。起初，讲述者买了一个微波炉并储备了 Marks & Spencer 的即食食品。
Faber £14.99/
Frieda Gormley，一名白人南非人，讲述了一个不同的故事。在她的书《In Other Company of Nature: Regenerating Business, Community and the Living World》（切尔西格林出版社，Chelsea Green £22 / $29.95）中，她描述了关于自然界的“游牧贸易”。
Gormley 曾在 Topshop 工作，担任模特 Kate Moss 的同事，随后与丈夫 Javvy M Royle 共同创立了一家可能会成为崇拜式室内设计公司的企业。这家公司 House of Hackney 成立于 2011 年，夫妇俩决心使其在环境和财务上均可持续。
New York Review Books $1795
208 页。Chaudhuri 的散文片段，有些短至一行，鼓励读者自行拼凑他所建立的联系。
（注：部分文本片段由于原件缺失或断句，译文保持了相应的破碎感）
成功。McGuire 写道，他们的特质是“世纪中叶的”，而他的女儿则试图让他吃得更健康。他倾向于 Carte D’Or 品牌的香草冰淇淋：“[它] 是英国产的。它融化得很快；它可能是多种冷冻脂肪的混合物。”这种效果是一种新鲜感和直接感，非线性的作品提供了一个迷人的视角，就像我们与叙述者同在一样，由平庸与深邃的碎片共同构成。
移民的沉重负担 在一部获奖的处女作中，Elmy 1995 年出生于索非亚，在一个认为少数同志就能通过 1 次单一但惊人的暴力行为改变世界轴心的理论家庭中。现代恐怖袭击与 Lawrence 笔下的 Lawrence 校园黑色电影相遇。在由 Osborne Chatto & Windus 出版的、背景设定在土耳其的惊悚小说中，Osborne 是一位成熟的游记和回忆录作者，作为小说家，他非常擅长塑造在道德模糊地带漂泊的角色。他 2014 年的畅销书《小人物之歌》（The Ballad of a Small Player）聚焦于一名在澳门赌场连败的赌徒（2025 年 Netflix 改编剧集由 Colin Farrell 主演）。在这部土耳其故事中，他再次在橙色灯光的小巷、颓圮的宫殿与宏伟且安全的庞大建筑之间穿梭，且情节曲折。
博斯普鲁斯海峡的迷情 由 Mia Levitin 撰写，£18.99 / Summit Books，$27, 272 pages。
从后共产主义世界的保加利亚搬到美国，其失败之处在于她描述的小说中所谓的“world of deficits”。她的文字捕捉到了后共产主义时代东欧集团的氛围。在向市场经济的颠簸转型中，保加利亚面临经济崩溃、银行危机和恶性通货膨胀。虽然 Yana 的父母在美国开启新生活，但 20 岁的 Yana 梦想着她正在办理从索非亚起飞的航班登机手续，行李重量从 30kg 猛增到 5,000kg（此处对应原文本 5,）。
当票务代理打开行李箱检查时，她开始取出她描述的场景。他不想引发恐慌或惯性，但如果能被重视，将有助于尽快地采取行动削减排放。这是一个非常古老的信息，但如果人们能听从，将有助于一个天然的世界——正如这些书所展示的，其价值我们仍在学习如何去欣赏。
在她的 J-1 签证下，她挣扎着寻找住房，并被迫接受黑工（under-the-table work）。她在想，“这里在西方看来多么美好”是否“仅仅是一个幻象 [我们的父母] 从铁幕背后瞥见的”。在社区里，居民们“与其他人隔绝，美国人所在之处，其余的人都能在其中做梦，在痛苦中挣扎”。但并非只有移民在失去对幻象的信心。Yana 与一位年长的服务员建立了友谊——他是餐厅里唯一的美国员工，而他失去了一个死于鸦片中毒的女儿。
但这不仅仅是关于生存。Yana 的父母虽然是医生，但生活艰辛——买不起尿布，经常吃 popara（蘸茶的面包）。“他们两个人都想知道为什么 1989, 之后每一件事都没有像他们希望的那样被解决。为什么明天的世界和昨天一样空虚……？”
当票务代理打开行李箱检查时，她开始取出。
某些人描述该事件时，认为“他们共同创造了一个巴黎的纪念碑”，而像 Zakir 和 Liton 这样其他外来者，是两名在当地销售豌豆的孟加拉国移民，他们在当局的雷达监控下运作。批发订单虽然有，但紧缩的利润空间、残酷的付款条件以及旗帜商店“高得惊人”的固定成本基础让他们不堪重负。
在伊斯坦布尔，这座城市是文学作品的完美舞台——这里曾出现过 Graham Greene、John le Carré 和 Ian Fleming 的神秘故事，这些作者被这里宏伟与安全的复杂气息所吸引。
政治。这让新任的美国财富管理专家 Meltzer 感到困惑，而 Yana 的家人则在底层生活中一个个挣扎。Yana 的父亲与酗酒作斗争，他因未能……而深陷愧疚。在这种喧闹中，叙事不断转移。在他 1932 年的小说《伊斯坦堡快车》(Stamboul Train) 中，Greene 描述了“汽车的嘈杂声”以及通过开窗听到的声音，以及“金角湾中渔船的灯光像手电筒一样闪烁”。在 Joanna Elmy 的处女作中，灵感来自她在美国参加“夏季工作与旅行”计划的亲身经历，这是一部令人心碎的作品。Yana 抵达了特拉华州的一家度假村，当地经济严重依赖季节性农业工人。她拼凑着餐饮服务行业的“烂活”，住在市郊廉价的住所中。一天晚上，Yana 目击了一起事件。
在跟随他们回到伊斯坦堡后，Osborne 的故事呼应了年轻的摩尔多瓦女子的经历，她在深夜骑车回家时被车撞死。如果说共产主义是一次失败的实验，那么资本主义的结果也并非尽是美好。小说在唐纳德·特朗普……时开篇。
……且在一个低端公寓中展开，这里处于欧亚交汇点。Osborne 的主角 Tyler 费尽心思进入了……公司，并与 Chana 展开了一段出人意料的浪漫关系。此时，Tyler 是一个熟悉的人物，一个和蔼的侦探。更有趣的是那些细节丰富的边缘角色，比如 Adam，一个英俊的欺诈艺术交易商；Meltzer，那个闻起来像 Acqua di Parma 香水的温柔同性恋顾问；紧张的 Diana，她扎着马尾辫，情绪多变，暗恋 Tyler；以及 Seyhmus Yavuz，一个礼貌但冷酷的土耳其情报官员。此外，还有 Marco，一个圆胖的、不修边幅的意大利遗产继承人。
跟随他们回到伊斯坦堡，Osborne 的故事呼应了伊斯坦堡黑色文学的大师 Eric Ambler。像 Ambler 一样，他捕捉到了这座城市的 funk、忙碌与刺激，以及它杂乱的魅力。
欧洲尚未解决其移民和劳动力问题。在 Yana 16, 岁时独自移民到德国后，她成为了一个年轻的季节性农业工人。一名护士建议她不要向警察报案；女孩在接受治疗后消失了。Elmy 对资本主义的审视在人物的故事中得到了清新的体现，而不仅仅是他们的思考。
Sedge- Osborne 将视角转向了安慰食物——muhallebi 牛奶布丁——以及 2016 年总统竞选期间的活动。当 Yana 决定逾期停留时。在这种重新评估中，她加入了其他波尔干之声，包括阿尔巴尼亚政治哲学家 Lea Ypi，以及 Joanna Elmy 的《罪之子》（Born of Guilt），由 Angela Rodel 翻译。Angela Rodel 因翻译格奥尔基·戈斯波季诺夫的《时间避难所》（Time Shelter）而获得 2023 年国际布克奖。这本书在保加利亚获得了 2022 年国家首作奖，英文版由作者和 Angela 翻译，Faber 出版社出版，售价 £14.99，共 368 页。
《罪之子》在设定或主题上可能并不像原著那样规模宏大——无论是在背景还是主题上——且有些情节难以令人信服。但在千禧一代小说家中，这本书值得称赞，因为其中许多人被指责过于依赖氛围、格调和喧嚣，而 Osborne 捕捉到了跳跃感。但这是一部充满氛围且引人入胜的快节奏小说，它传达了对“每一个细节都由之而成的宏大且微小历史，这些街道浸透在‘丰富且永恒的阴谋堆肥’中”的真诚渴望。
（另一栏） ……y，冬季饮品由碎兰花制成——以及永恒的运动。“这是一个孤独者的城市，”Tyler 指出。他像是一个直接出自 Raymond Chandler 剧本的疲惫的中年美国私家侦探，被雇来寻找一个被宠坏的小孩。他的雇主 James Arthur Knight Jr——“一个承担了家族石化企业重担的商人”——任务是帮他追踪他 27 岁大的土耳其半血女儿 Chana，一个最后一次出现在博德鲁姆（Bodrum）的任性、倾向于无政府主义的女孩。Tyler 正处于一段并不如意的人生阶段，他被赋予了一个光彩照人的章节，讲述他如何通过匿名的皇室情人信，追求安德鲁王子，一个有着麻烦历史的阔太女孩最终抢到了未来的国王。“在 Mayer 看来，对温莎家族来说‘太现代’的年轻戴安娜被媒体关注折磨到采取极端的节食方案：‘她开始，字面上地，消失’”。但正如读者所知，她并没有。
跟随 Mayer 所称的“两个受损的无辜者”以及“那个……
1 August / 2 August 2026 FT Weekend 1
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……的婚姻之后，Oonagh Devitt Tremblay 评述了一部敏锐的小说，追踪了两个女性朋友从童年到成年的生活。无论是在 1 还是 2 岁，《如何塑造女性》（How to Make a Woman）的故事发生在未来。Rose 正在关注关于 Solange 的新闻。在一次音乐会上，Rose 以只有青春期少女才会有的方式被深深触动：“噢，……”。Marie Darrieussecq 的写作具有一种即时性，同时伴随着极高水平的细节描述。
村庄里的丑小鸭” 这首歌！就在此时此刻，不再——了解她丈夫与一位无敌对手之间持续不断的 关系，一切将不再相同。读者随后被拉回 20 世纪 80 年代，直到小说的过去追上现在。故事在书本开始的地方拉开帷幕。世界的深色天鹅绒现实。”
而 Rose 选择了稳定之路，但她的死亡环境 却令人深思。Darrieussecq —— 就像她的主人公一样，来自巴斯克地区 —— 随后去学习心理学，结婚并与 Christian（尽管他有酗酒倾向）生了两个孩子。Mayer 写道，将戴安娜与她的好朋友、已故的 Paula Yates 相比，“脆弱的人往往会对那些正在杀死他们的关注产生依赖”，在将戴安娜比作安妮·波林（Anne Boleyn）之前（后者较不合理），先将其比作一个“变成了‘好莱坞宝贝’的村姑”。
媒体和旁观者簇拥在戴安娜王妃周围，1996 年，罗马 —— Shutterstock
卡米拉表现为那个战胜了媒体所有攻击的女性。迷人且令人向往的 Meghan，在 Mayer 看来，无意中提供了帮助。网络欺凌在只有一个目标时效果最好，而且 Mayer 暗示，有野心的女性总是首当其冲。
《如何塑造一名女性》（How to Make a Woman），由 Marie 著，由 Penny Hueston 翻译，Fitzcarraldo 出版，£14.99。
读者对此一定非常熟悉：近年来媒体试图将萨塞克斯公爵夫人 Meghan 刻画成与她的嫂子，威尔士公主 Catherine 对立。在 Mayer 看来，两人都被敌手攻击为“太肤色深、太有野心、太难对付”。
女性并非唯一的受害者。想想 Gillray 那些关于摄政王胃凸出之腹的夸张漫画，或者媒体对一名王后的不懈关注。
在 Mayer 看来，这些人遭受攻击是因为她们成为了目标。通过 Miranda Seymour 的视角，她承认自己在遥远的过去攻击过威尔士公主；而在这里，她赞扬 Catherine 在维持健康隐私与提供王室榜样之间走在一条艰难的平衡线上。
通过优美、清晰且翻译精巧的文字（由 Penny Hueston 翻译），Darrieussecq 追踪了 Solange 和 Rose 在一个小村庄里隔街相对成长的过程。Rose 严肃且早熟：“Rose 的生活与其他人无异，与 Solange 相比，她的生活没有波折，是一段……”
在 Darrieussecq 的作品中，读者会认出之前书籍中的角色，包括《All the Way》（英文版 2013 年出版）和《Men》（英文版 2016 年出版），她凭借后者赢得了 2013 年的 Médicis 奖。Solange 渴望离开她们令人窒息的小镇，逃离青春时代的错误。她试图成为一名演员，并从一座城市搬到另一座城市（Darrieussecq 对伦敦的描述非常出色），最终定居在洛杉矶。
《如何塑造一名女性》记录了 Rose 和 Solange 从少女到女人的转变，追踪她们在巴斯克地区的早年生活，随后搬到波尔多和巴黎，而对于 Solange 来说，则是伦敦和洛杉矶。Darrieussecq 以平行于第八位女性（Meghan）的方式，勾勒出了由小失误、错误转折和偶尔的胜利所组成的人生轨迹。
256 页
“预期”。而我与凯特·摩丝（Kate Moss）有什么共同点。被忽视的女性。于是有了哈里王子的法庭之争。但男性在为丈夫提供平静——而索朗热（Solange）“很有趣，她自己知道，她意识到了”，但她也在质疑她的生活何时才会“开始”。罗斯深深地爱着她的男友克里斯蒂安（Christian）和她的父母。
索朗热在 15 岁时怀孕，与母亲住在一起，母亲容易陷入抑郁，而她的父亲偶尔才提供支持。怀孕是一次意外，这对索朗热来说是一个错误——这意味着索朗热将花一辈子的时间去忘记和逃避。这个孩子，更常见的是，由于某种未指定的发育障碍，由她的母亲抚养。索朗热与孩子的关系无法建立且完全拒绝建立，这是最令人心酸的方面之一。
梅根告诉她的丈夫：“是什么？” “为了这样被憎恨——为了什么？” 另一位女性说，“我们应该在彼此还在的时候见面，而当你不在那里时，我才记得有这么多话想对你说”。
在这种情况下，梅根告诉她的丈夫。在最糟糕的时候，梅耶（Mayer）似乎误将《Spare》视为绝对事实。但在最出色的时候，她指出了一种权力跷跷板，确保一名皇室女性的持续推崇与另一名被感知为竞争对手的皇室女性的降级相对应。梅根和凯特符合这一条件。这并不公平，但无论谁暗示加入像温莎家族那样古老的机构……
《分而治之》（Divide and Rule）是凯瑟琳·梅耶（Catherine Mayer）对宫廷阴谋世界的最新尝试。梅耶曾任《时代》（Time）杂志编辑，以 2015 年为当时的查尔斯王子（Prince Charles）撰写的传记而闻名。在这里，她对八位女性进行了广泛的调查。
《分而治之：皇室女性及其战斗》（Divide & Rule: Royal Women and Their Battles） 凯瑟琳·梅耶 著 总部出版，£22, 448 页
关于伊丽莎白一世和维多利亚女王的章节快速地浏览了一些熟悉的场景（伊丽莎白身披盔甲在蒂尔伯里向部队发表讲话；维多利亚在入土为安时紧握着她的男性侍从约翰·布朗（John Brown）的手）。
有些人生来就是皇室成员。有些人则运气好，如果你想那样看待的话。安妮·博林（Anne Boleyn），在被执行死刑前仅 19 周……
在这种压力下，媒体自从印刷开始以来，就一直小心地将注意力集中在那些被视为不配得到关注的目标上。
梅耶并非职业历史学家，但读者知道，得益于对小说的初步窥见，索朗热最终会以某种方式成功。这本书中的每一次成功都留下了痕迹。在洛杉矶的一次电影首映礼上重逢——在不透露太多细节的情况下，读者的心将会破碎。读这些关于女性及其时代的内容越多，就越想读。她写道，这令人鼓舞。
通过对那些被忽视的女性、王后、公主、配偶以及皇室情妇的关注，她们的可见度使她们成为珍贵的，且经常被媒体关注的对象。这全部都是如此痛苦。
梅耶是少数几位对萨塞克斯公爵（Duke of Sussex）表示尊重的记者之一，因为他被母亲残酷的公开之死所创伤。她引用了《Spare》的内容，以证明这种悲痛。她广泛使用了第一手资料和已发表的材料。
由于拥有丰富的八卦细节，她的写作非常流畅。她还提到了一些消息灵通的来源，使她的作品极具可读性。
《如何塑造一个女人》（How to Make a Woman）是对一段关系的迷人探讨，这种关系始终处于不确定状态。这两个女人从未在同一水平线上相遇。
这本书。这本书最美妙的成就——在她的天主教前任阿拉贡的凯瑟琳去世后。你几乎能感觉到梅耶在放松，赋予一名新成员公平竞争的权利？安妮·埃尔诺的书迷和几乎不被提及的埃里克·罗默的电影将会在书中进入她自己的生命周期。皇室，作为这本书开篇中尴尬地矗立着的，是皇室最著名的受害者，正如前约克公爵夫人所学到的那样，这提供了一种残酷的旁观者体育运动。这是她的长项。戴安娜，两个童年好友依然在对话，即使相隔万里，且言语未尽。由于迪耶塞克能够以微观视角勾勒宏观生活，这正是其魅力所在。
消遣 国际象棋 伦纳德·巴登 桥牌 保罗·门德尔森 即将到来的选举任期，但现在将不再如此。& a / WR 集团控股 (WR Group Holding) 和 在大多数运动之前，人们 46432 交易商：北爱尔兰 (North Love All) 这让他没有任何 即将到来的选举任期，但现在将不再如此。& a: 国际棋联 (Fide) 主席候选人。他的接替者将是 Timur / WR 集团控股 (WR Group Holding) 和 46432 交易商：北爱尔兰 (North Love All) 这让他没有任何：OR Riad) =™ 活跃的国际象棋赞助商。热身以让身体进入 4 s 5 87 东北西南 进入赛场。当一个 国际象棋联邦 (International Chess Federation) 的情况将非常有趣。其 2052 NB NB 2NT NB 氛围。同样的情况应 应用于大脑，在 N sc NB 3S” NB 局面下，东家 K# 击败 B : c > py . ;. : a9 41087 4S ., 桥牌赛事之前。这里是 安排 _ 哈萨克斯坦棋协 (Kazakhstan Chess Federation) 主席 2) R Rg 商业人士。虚拟手 Q&, 且 最近陷入混乱，因为欧盟 谜题 2685 另一手第一手牌 #106 2 "TF @9543 要求不出王牌 候选人引起了不安。由于南家需要一个 51073 : $k 76 分成 4-0。在第 3 墩，西家 陷入混乱，因为欧盟候选人将担任副职：宣布旅行和资产 2007. / : R 彼得·列科 (Peter Leko) 对阵 马格努斯 (Magnus) 引起不安 不仅是对他的伙伴，而且是对 @AKQI5 持续心红桃，南家 实施对阿卡季·德沃科维奇 (Arkady Dvorkovich) 的制裁，后者不仅是实施者，而且 . . . 9973 截击 Turlov，Freedom Holding 的亿万富翁创始人，以及他的竞选伙伴 Gordon Tang，一名中国商人。
虚拟手中的。他抽出了 QJ，他必须拒绝 他是 24- : A i. 局棋盘比赛的第一手牌。南家选择 在过去八年里一直担任该职位的德沃科维奇，他是国际象棋界最受推崇的人名之一。 他冻结了。由于在截击 两轮王牌——和 _心红桃截击，反而 德沃科维奇，他在过去八年里一直担任该职位的 反对力量强大。 国际象棋联邦的国际总监，一名德国百万富翁 Jan 威胁 2 . . . Qc2 将杀，但白棋逃脱了，对于一个 2NT 开局；北家 幸运地使用了 3-1 的王牌，虚拟手，即便 切换到 J#；南家获胜，
Stayman，四张方块和一张梅花，现在破局，一次灾难性的收割 #AKQ，接着是 ¢AK，而在俄罗斯占领的区域，Henric Buettner 创造了——他的竞选伙伴。Wadim 通过 2 Ke2! 逼平。你能找到吗 / 于是 4S 被找到了。西家出牌看来很容易。宣告者可以实现：宣告者必须使用一个 plays 54 到 64。在明局中，乌克兰。Dvorkovich 拥有一个自由式国际象棋帝国， Rosenstein 也是一个德国黑家正确的获胜 KY，被东家 AY 超过。 弃掉他的两张梅花输牌，从手中出高位王牌到 QJ 被收割，并且他计划出第三张，并由百万富翁、解决方案之首 Malcolm Pein 负责，封底 / 南家的计划是什么？在明局的 #QJ 上。所有这一切是逼平东家的最后一张王牌——梅花输牌被弃掉。
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横向 纵向 横向 纵向 1 在希腊神话中，死者灵魂被摆渡通过的冥河 (6) 1 Neo 在平地喝的凉爽小饮品 (7) 1 对某事产生影响 (6) 2. 称为朱砂的亮红色矿物，当用作颜料时 (8) 2. 忧郁中的诗人被引导至 (7) 2. 3. 首都为姆巴巴内 (Mbabane) 的非洲国家 (8) 2 / 20 / 5D 引导至 5 皇后使用的方式？ (7) 5 建立在意大利王国的东日耳曼民族成员 (9) 4 1973 年音乐舞台剧《洛基恐怖秀》的作者 (9) 4 脾气暴躁的 9 小狗在吃微型鞋子 (6,6,9) 在 493 中 (9) 表演 (6) 3. 重新调整结构的 Spurs 球队符合标准 (4,6) 10 举办 1920 6 前皇家住所 10 一个人在撕扯重新设计的大猩猩笼子 (9) 奥林匹克运动会的城市 (7) 在这里，苏格兰女王玛丽被加冕 (8,6) 11 与萨默塞特小镇结好 7 美国国务卿 11 郡镇在教堂为公爵种树 (10) daughter round? (5) 2005-09 (4) 4 脾气暴躁的 5 见 2 following callow with Ankh-Morpork，特里·普拉切特 (Terry Pratchett) 2005-09 年的 Discworld 幻想小说中的虚构城邦 (9) 8 1890 年由鲁德亚德·基普林 (Rudyard Kipling) 发表在《军营民谣》 (Barrack-Room Ballads) 选集中的诗 (6-5) 13 Scottish 术语，指穿着袍子的稻草人 (4) 12 探戈需要短裙且身体发烫 (4) 12 见 6 Knight leaves Friendly 岛屿 (5,3) 14 在印度音乐中，一对小型手鼓 (5,3) 14 快速开始，当一个 Sheffield 团队在 Hearts 3,9) 房间里时 (8) 14 快速启动 (5) 7 栗子，不是第一个在小手鼓 (5,3) 里的 (8) 16 在 1960 年代电视剧《冠军》 (The Champions) 中饰演 Richard Barrett 的演员 (5) 9 毛茛属植物，具有淡黄色、白色或橙色球形花 (8) 18 这里的 newItem 混乱了 12 证人 (5,4,3) 12 左舷？ (8) 17 拉丁语词汇，意为“永远”或“似乎永远” (10) 12 饰演 Mickey Knox 的美国演员 21 Small 13 恶徒崛起 穹顶凹陷 (4) 角色放弃 (10) @Q9) 在 1994 年电影《天生杀手》 (Natural Born Killers) 中 (5.9) 15 首个在 1908 年曼彻斯特生产的软饮料品牌，作为健康补剂 (5) 19 1977 年 The Jam 的首张专辑 (2,3,4) 15 带着咬劲：奇怪的鱼 (9) 15 附件放在帽子之前 (7,3) 16 适合拿在手里的方式 (8) 22 崇拜一位神而不否认其他神存在的人 (11) 18 特别是在烘焙中，将工作和压力手动揉成团 (5) 24 一个爱尔兰人觊觎？ (9) 17 真爱消耗社会 25 与脸颊相关 (5) 20 日本人口第二大城市 (8) 26 诗人精神在 Lyceum 开启 (5) 19 相当之于五十 (8) Solution 1,397 Solution 18,435 27 制作手套的软皮革，由
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29 建筑装饰线条，横截面呈 S 形 (4)
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32 小型海绵蛋糕，原产于法国，通常形状像扇贝壳 (9) 33. 英国飞镖选手，2007, 出生，绰号“The Nuke” (7)
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Arts CG
“这可不是 你奶奶的”
他与丈夫——美国插画师格兰特·谢弗（Grant Shaffer）一直在翻修一座靠近因弗内斯（Inverness）的房子，将其打造为一个“避风港”。这座房子距离《叛徒》（The Traitors）在高地阿德罗斯城堡（Ardross Castle）的拍摄地在可通勤的范围内。（这项承诺每年必然要占用他两个月的时间。）卡明（Cumming）在珀斯郡（Perthshire）还有一个较小的住所。“我正和伊万·麦格雷戈（Ewan McGregor）聊这件事——他就住在附近——关于随着年龄增长，你开始……”
“皮特洛克里（Pitlochry）吸引我回到了家乡。”这次重返苏格兰也是他对当年接受培训的艺术界的致敬（他毕业于格拉斯哥的皇家苏格兰音乐与戏剧学院，现为皇家音乐学院）。“决定接手这份工作简直是疯狂的，不按常理出牌，诸如此类，但同样是一件非常感性的事情，是我在回馈那个培养我的体系。”
在舞台背后，皮特洛克里保留了其工艺工作坊，这意味着它可以培训并吸引制作人才。“拥有工作坊的意义之一在于，你可以在这里完成所有制作，这让这里的氛围更加令人兴奋。我们这里有服装间。所有的布景都在这里搭建。我们是全国极少数仍拥有这种端到端生产设施的剧院之一。”
在与沙弗（Shaffer）结婚之前，卡明持有作为“杰出人才”的美国绿卡——这在某种程度上是一次伟大的逃离，通勤时间极短且风景优美。
在皮特洛克里节剧院（Festival Theatre），他有时会被看到穿着一件印有“邪教头目”（Cult Leader）字样的 T 恤。
“在某种程度上，我觉得我确实在创办一个‘邪教’，”他愉快地说道，用叉子搅拌着一大桶蔬菜炖菜，此时他正身处皮特洛克里的 Supernova 排练室。
卡明谈到他对某些美国艺术家的失望——这些人即便私下的政治立场很明确，但尚未公开反对唐纳德·特朗普的政府。“剧院永远是一个政治场，但我更失望的是那些主流文化中拥有强大影响力的人，他们本可以做得更多，”他说。
与此同时，在皮特洛克里，排练再次在招手。他与雪莉·亨德森（Shirley Hendersons）正致力于呈现一部“美妙的”作品。
为了摆脱节剧院曾经温文尔雅的名声，他告诉娜塔莉·惠特尔（Natalie Whittle），他要平衡“惊叹因素”（the gasp factor）——让观众感到兴奋，同时确保“座无虚席”并引入大额资金。
卡明有时会被看到在皮特洛克里校园周围穿梭，带来一抹“布里格多恩”（Brigadoon-y，指苏格兰式的奇幻）魔法。
到目前为止，他邀请的演职人员包括西蒙·罗素·比尔（Simon Russell Beale），将在秋季出演由剧作家马丁·舍曼（Martin Sherman）编写的《我将再次见到你》（I'll Be Seeing You）中的利伯拉切（Liberace）。
接下来的一个季度将通过卡明与伊万·麦格雷戈（Ewan McGregor）的共同出演，进一步提升明星光环，他们将出演 2020 年电影《超新星》（Supernova）的舞台改编剧。这是一个关于爱与失智的故事，他承诺这部剧将是“令人惊叹且疯狂的”。“我们已经为此做了一些工作坊准备。”
在这个曾经温文尔雅的苏格兰剧院聚集地，占据着图梅尔河（River Tummel）边一个安静而优美的位置，卡明现在成了这个家乡归来之星中一个调皮的新任负责人，一个坚决反对枯燥、致力于创作让所有人都能产生共鸣的艺术的使者，他正试图招募、说服并用魅力引导皮特洛克里的观众进入更具胆量的领域。
这可以说是一个“幸福的烦恼”：他拥有非凡的能力，而纽约成为了他被接纳并深爱的家。
为了将莎士比亚带回皮特洛克里，在莫琳·比蒂（Maureen Beattie）最近饰演完 Lear 之后，卡明将接手饰演哈姆雷特。卡明在 20 世纪 90 年代也饰演过这个“忧郁的丹麦王子”，虽获得了赞誉，但由于他的苏格兰口音，引起了某些评论家的不满。
与此同时，在皮特洛克里，排练再次在招手。他与雪莉·亨德森正致力于呈现一部“美妙的”作品。
在承诺为那些已经习惯了平庸的观众提升“惊叹因素”的同时，这部剧也向剧院艰苦的战后初期致敬：其创始人约翰·斯图尔特（John Stewart）在 1951 年主持了皮特洛克里的首个季度。
浪漫音乐剧《一部历史》（A History of...），由已故剧作家奥利弗（Oliver）执笔。在演员和观众簇拥的临时帆布帐篷中，习惯于平淡且无挑战性的音乐剧观众，面对加雷斯·威廉姆斯（Gareth Williams）谱曲的作品，懂得其中必须包含一些能够确保票房的商业大作。这是一部细腻且具有概念性的作品，以碎片化的纸条为线索，构成了一个关于爱情奥秘的脆弱档案。
伊丽莎白·纽曼（Elizabeth Newman）在为《金融时报》的安东尼·索吉卡（Antony Sojka）撰写的关于皮特洛克里（Pitlochry）活动的报道中提到，艾伦·卡明（Alan Cumming）表示：“我也是个商人。我一个见过世面的人，不得不考虑‘好吧，不是所有人都会来看这个’，所以你得想办法做些更能吸引观众入座的事情。”
为了实现这一目标，卡明将在本冬季度假季结束时，由他饰演亨利·希金斯（Henry Higgins）的《窈窕淑女》（My Fair Lady）作为收尾——这是他在青少年时期曾在卡努斯蒂音乐协会（Carnoustie Musical Society）演出过的剧目，不过当时扮演的是较小的角色皮克林上校（Colonel Pickering）。
从皮特洛克里到纽约，这种联系契合了卡明将这个舒适的小镇打造成为国际目的地的宏大愿景。在他的剧院规划正式实施之前，他先主办了一个酷儿冬季艺术节“山中之光”（Out in the Hills），旨在传递一个信号：“这里不再是你祖母口中的皮特洛克里”。或许更激进的是，他随后削减了剧院的夏季剧目，打破了已延续 75 年的传统剧团模式。
尽管卡明此前曾谈到过，他决定放弃艺术总监的薪水，以换取剧院资产负债表的健康。他补充道：“我这样做是出于多种原因，并非全部是出于利他主义。”
但最终，卡明同意了。他大胆地起用了许多名星，同时在未知领域冒险。
而这似乎取得了回报。“我很喜欢成为一个文化推动者，”他说。
自 2025, 年 1 月就职以来，卡明在首个季度做出了一些大胆且有商业价值的决定，该季度于 5 月随一部百老汇热门剧作的苏格兰首演而拉开序幕。
在剧院编程之前，他已经在一年中承担了大量的工作：电影角色、电视作品（如罗素·T·戴维斯近期执导的迷你剧《踮起脚尖》（Tip Toe））、播客、音乐会，以及在斯特拉特福-upon-Avon 的皇家莎士比亚公司（RSC）、奇切斯特（Chichester）和威廉斯敦（Williamstown）的节日剧院演出，以及两季美国版《叛徒》（Traitors）。今年，他还凭借这些作品获得了备受争议的英国电影学院奖（Baftas）。
“这就是每个剧院导演在做的事，我猜。你总是在尝试吸引新观众。但试图改变一种文化是非常艰巨的。我知道这需要付出很多努力，”他在苏格兰方言中将其描述为“敲打自己的锅”（knocking his pan in，意为艰苦奋斗）。
就这样，他穿着非名流身份的便装——华夫格上衣、灰色慢跑裤和羽绒背心，溜回排练室。人群（以及一只女演员的狗）簇拥在木摇杆周围。他说：“这就像是在一架飞机上观看电影，索引可以从好莱坞一直翻到百老汇。”
Pitlochry 的工作是中庭的钢琴，所有人都追随他。他已进入英国剧院的 A 级名单。思考一下。这就是为什么最近，他似乎在利用自己的志愿状态，以便拥有更多的自由——部分是出于对 Cumming 的内心热爱，他准备恢复对他初恋——表演——的“绝对、专注”关注。Cumming 出生于珀斯郡，在更东边的安格斯郡 Panmure 庄园长大。他在回忆录中叙述道，他的童年因其身为林务长的虐待父亲而受到伤害。
他精明的一个迹象是，他能直接与 Sonia Friedman Productions 打交道，其中一部作品将转至纽约演出。Pitlochry 的演出计划定在明年 8 月 9-9 月 12 日，此外还有一些开发资金。
“我知道人们在应该给我们钱的时候会回想起来。”他说道，“我问他们，我们就能穿透组织层级接触到那些我们之前无法接触到的人，在这方面非常有帮助。” 这种精明体现在他敢于在会议中说出那些你本不应该说的话。
这种崇拜仍处于发展之中。
pitlochryfestivaltheatre.com
格拉斯哥艺术学院 在两场毁灭性火灾多年后，查尔斯·雷尼·麦金托什（Charles Rennie Mackintosh）的杰作面临着不确定的未来。埃德温·希思科特（Edwin Heathcote）写道，现在是政府采取行动的时候了。
这座曾经最完整且最全面地融合了建筑学的建筑值得被完全修复。一个拟议的方案是保留外墙：在内部构建一个乏味的盒子。“他们说他们能做的就是稳定建筑，”戈登·吉布（Gordon Gibb）说道，他曾是格拉斯哥艺术学院（GSA）建筑学院的高级讲师，他公开批评了学院在管理麦金托什大楼（绰号“Mockintosh”）方面的无能。吉布认为，GSA 应该尝试为更大规模的重建筹集资金——但他说，“事实是，他们背离了院长 Penny Macbeth 两年前做出的承诺，而那些辉煌的建筑却被任由腐烂。”
最初的估价为 £100mn。GSA 最近的估价为 £265mn，由于建筑成本飙升，这一数额受到了严重的通货膨胀影响。
这将是一次“忠实的恢复”。格拉斯哥艺术学院的传奇故事是最糟糕的，这已不再关乎善意，因为那种罕见的艺术新风格杰作——麦金托什（Mackintosh）的代表作——在第二次火灾后已被挥霍殆尽。这座代表作分两个阶段建于 1897 和 1909. 之间。它为每条街道提供了截然不同的特质。对于城市内的弗鲁街（frew Street），它是一系列艺术工作室，拥有巨大的北向窗户，建筑风格带有工业气息，但配有精致且纤细的铁艺。对于斯科特街（Scott Street），它是一座原现代主义塔楼，拥有高大的铅封窗和一座预示了阶梯式装饰艺术风格的入口；对于达尔豪西街（Dalhousie Street），它则是一座坚固的男爵塔楼，像一座带有狭缝窗和塔楼的城堡。其坚固的石质外观掩盖了深色木材构成的内部空间。有些高耸的空间让人想起中世纪大厅，另一些则营造出一种氛围。
它是那些能让人屏息凝神的空间之一。我作为一名 19 岁的学生被它吸引，从而对建筑产生了兴趣。我于 2015. 年再次访问该学校。现在这里一片狼藉，脚手架纠结在一起，支撑着被烧黑的废墟。2014 年 5 月的一场火灾席卷了整座建筑，将其摧毁。在这次更剧烈的火灾之后，重建将是这里唯一的出路。毫无疑问，英国和苏格兰政府都需要参与其中。
可怜的麦金托什被他的故乡城市无情地对待。格拉斯哥大学在 1963 年拆除了他与妻子兼合作伙伴玛格丽特（Margaret）共有的房子；该学校的图书馆——它是该校最宏大、最复杂的空间：一座密集、复杂的工艺美术风格图书馆，内部由深色木材构成。
在巴黎，巴黎圣母院在 2019, 年的一场可怕火灾中被焚毁，而在此前一年艺术学院发生了第二次火灾。该校在 2024 年重新开放并获得赞誉，这得益于工业亿万富翁和公众的大量且复杂的捐款，总额达 €846mn。此前，政府 seize 了该机会，利用该项目培训新一代的石匠、木匠和工匠，而非仅仅进行修复。
目前，稳定并最终修复建筑的工作正在进行中。然而，初步修复带来的那一抹希望在最近将其出售给苏格兰主教会议（Bishops’ Conference of Scotland）时被彻底粉碎了。除了完全重建，没有其他结果。
从左至右：在火灾前从斯科特街看到的克兰斯顿茶室（Miss Cranston’s Tearooms）；以及学校的图书馆。只有一座幸存。他的 “Maltyrs” 公共学校建在他出生地道路上，紧邻着一条直接修建在旁边的高速公路。
学校此前与保险公司陷入了漫长的仲裁过程，直到 7 月才结束。结算条款仍保密。
但无论如何，这些房屋正在被稳固和重建。即使保险似乎可以覆盖成本（当时估计在 £20mn 和 £35mn 之间），但目前的资金显然是不够的。与此同时，苏格兰政府部长们在很大程度上支持拯救该建筑的方案，但未能做出任何财务承诺。他们拒绝了由法官领导的对火灾进行公开调查的呼吁，而这正是苏格兰议会文化委员会在 2019 年所建议的。在 2018 年，重建费用估计不足以进行全面重建。一旦脚手架被移除，遗迹
将会被巩固。这座卓越的建筑即便每一根柱子、每一片木屑都被更换，依然会保留麦金托什杰作的精髓。
但即使它被构想为废墟，那些房屋更像是维也纳中产阶级的公寓。然而，火灾几乎摧毁了整个内部。自此之后，一段关于管理不善、推诿责任、缺乏透明度以及现在的投降主义的阴郁历史随之而来。
上周宣布，虽然布拉德·皮特与 GSA 校友彼得·卡帕尔迪共同筹集了约 £20mn，且保险公司赔付了约 5000 万英镑n，但其中一部分资金被用于购置和装修一座新建筑。
在 2018 年 6 月的建筑中，从毛巾到 T 恤，从珠宝到廉价杯子，他的方块图案和苍白的色彩随处可见。但最让访客痴迷的是图书馆。那里没有任何其他地方可见的相似之物。麦金托什的学校是全球最独特的建筑之一，且幸运地成为了世界上记录最详尽的建筑之一。就像忒修斯之船一样，图书馆是一个真正的 Gesamtkunstwerk（总体的艺术作品）。它的灯具、装饰细节和办公桌使其显得既具有预见性又充满怀旧感，既预示了现代主义，又像是一个几乎无法想象的投降世界，没有任何其他地方能与之媲美。
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播报员，已故的安东尼·波登（Anthony Bourdain）创造过很多东西：比如，一锅炖着牛小排和牛尾的牛肉烩锅，或者在深炸锅中完成的T骨牛排。但大多数时候，他创造的是神话——关于他自己的神话，以及关于他起步之地的、被油脂浸染的餐厅业阴暗面。
现在，在他本该迎来 70 岁生日之年，一部简单名为《托尼》（Tony）的传记电影为波登的神话推了一把。电影以一种润色后的版本讲述了他的成名史：一个年轻人，在 1970 年代的某个夏天于鳕鱼角（Cape Cod）忙碌，不停地制作炸蛤蜊、水煮龙虾以及偶尔出现的其他菜品，被卷入那个混乱且由毒品驱动的餐厅厨房世界。
但这部电影必须在独立评价的同时，不能脱离新闻报道来看。2006 年，当以色列与真主党之间爆发冲突时，他与团队在贝鲁特潜伏。2016 年在河内，他带着美国总统巴拉克·奥巴马前往一家简朴的白色瓷砖茶馆吃烤肉米粉（bun cha）。他穿行于印度和埃塞俄比亚的偏远地区。然而，久而久之，进取的博主们开始追踪他的路线并记录行程。旅行公司推出了跟随波登足迹的定制美食度假行程。这一切最终变成了它最初试图反对的东西：一种生活方式。
他的粉丝无疑会坚持认为，波登的作品与其他美食旅行节目（例如菲尔·罗森塔尔在 Netflix 上的《有人给菲尔喂食吧》，Somebody Feed Phil）截然不同，后者的报道聚焦于烹饪的杂乱一面。但事实上，唯一的真正区别在于罗森塔尔总是真心实意地烹饪。而《厨房机密》看来对他所获得的这份工作感到极其欣喜。
这部畅销书在 1999 年首次发表在《纽约客》（The New Yorker）上，开篇词是：“美食，美餐，全部关于血液和内脏，残酷与腐朽。”突然之间，我们远离了玛莎·斯图尔特（Martha Stewart）的温馨世界，以及晚餐永远是用爱烹饪的观念。
然而，波登本人通常被描述为 #MeToo 运动中女性的盟友，但马里奥·巴塔利（Mario Batali）和约翰·贝什（John Besh）等厨师在餐厅厨房中被指控的虐待行为，迫使他考虑《厨房机密》的影响，以及它所赞美的那个放纵且往往具有攻击性的厨房文化。2017 年，他在接受 Slate 采访时问道：“在那本书中，我在多大程度上为那些‘肌肉男’（meatheads）提供了正当性？”同样，他觉得没有创造出一个能让女性员工向他倾诉的空间。“我认为这是一个个人失败。”
波登声音的影响力怎么强调都不为过。他的散文更具动感、更社会化且更直接，通过让观众去往他们无法到达的地方，与观众展开对话。《无保留》（No Reservations）、《中途停靠》（The Layover）和《未知之境》（Parts Unknown）等系列节目是反生活方式的。
但这部电影也必须与传主生命中真实的救赎弧线（或缺失）联系在一起：一个自称的炉灶操纵者如何通过其于 2000 年出版、并以“性，毒品，坏行为和高级料理”等词句宣传的畅销回忆录《厨房机密》，成为烹饪底层阶级的发声者。同样，它也不能脱离这样一个事实：这个活在梦想中的男人在 2018 年自杀身亡。
安东尼·波登 / 在新传记电影上映前，杰伊·雷纳（Jay Rayner）回忆这个男人的神话与忧郁
这种感性的方式。下方，从左起：多米尼克。
在他 CNN 系列剧集《Parts》的伦敦篇中，他之前派遣过更具动感、更激进且更直接的报道。与此同时，鲍丹（Bourdain）正准备共进晚餐。在对待食物的情感失禁方面，人们对其同样痴迷，正如他在这部作品中所表现出的那种由于首部出版作品而带来的明显轻视。而乔治·奥威尔（George Orwell）的《巴黎和伦敦的生活》（Down and Out in Paris and London）出版于 1933 年。在巴黎和伦敦，他将 Les Halles 视为几乎神圣的场所。
在公园大道上。此外，还有像吉姆·哈里森（Jim Harrison）这样的作家，他们喜好内脏，并享受通过晚餐这一媒介来沉思死亡。但鲍丹的散文则完全不同。
（档案：Newsday / Getty Images）
在 2000 年—— trunk 处。在他描述的那个被药物麻痹的海盗厨师形象中，他看起来更像《现代启示录》中的库尔茨上校（Colonel Kurtz），永远在向河流上游进发，若非他总是被一名电视剧组员陪同。但他向我们展示了另一种方式。
最终，这一切都让他精疲力竭。在《安东尼·鲍丹读者》（The Anthony Bourdain Reader）中，这部于 2025 年 posthumously（死后）出版的作品集，据说是在他 2018 年于阿尔萨斯自杀前写的最后一样东西，当时他 61 岁。
尽管我批评他的第二本非虚构类书籍《厨师之旅》（A Cook’s Tour）是一部为了履行合同义务而匆匆写就的笨拙作品，但他为我的一本小说提供了一个幽默的引用。后来我们在伦敦共同举办了一场图书活动，有 200 人出席，其中 199 人是为了他而来的。尽管我觉得自己像个多余的人，但他在整个过程中一直非常关照。
到那时，他的广播工作已经取代写作成为了他的主要产出。对他来说，这可能更舒适。考虑到他每年有 200 多天远离女儿在旅途中拍摄，他确实是在漂泊。
但在现实生活中，鲍丹的举止早已告别了书中所描述的那个状态，近乎彬彬有礼。我们彼此略有了解，偶尔在美食公告栏上通信。尽管他如此，但“用欲望烹饪”的鲍丹风格，可能和“用爱烹饪”一样陈词滥调。
由于他在一家著名的前卫餐厅工作，这里是厨房后门最凌乱的一面，大多数顾客并不知情。这是一个周日。令人惊讶的是，尽管食客们显然欣赏这种洞察力，但那些不懂行的人并不明白，如果他们在周一点鱼，那鱼已经挂了五天；或者如果他们要求牛排全熟，他们得到的是最差的一块牛肉。但一旦电视摄像机关闭，他的注意力便冷了下来。
他确实向我们展示了另一种方式。我们品尝了猪头肉和土豆派，由他的朋友、厨师费格斯·亨德森（Fergus Henderson）端上来。
很难夸大鲍丹声音的影响力。他以令人印象深刻的洞察力将凌乱的政治剖析得清清楚楚。
然而，在他那种大卫·马梅特（David Mamet）式的阴郁电影剧本中，讲述的是一对在酒吧相遇的疏离夫妇。愤怒的语言在交锋。威士忌被饮尽。酒吧老板不小心被误杀。“我的生活结束了，”男人说。“我们的生活在很久以前就结束了，亲爱的，”女人回答道。“我们不存在。我们甚至从未在这里。”不可避免地，这部新的鲍丹传记电影讲述了一个年轻人的承诺，在大多数观察者看来，他正开启一段充满戏剧性和刺激的生活。问题在于，我们都知道这段生活是如何结束的。
《“托尼”（Tony）》将于 8 月 7 日在美国影院上映，8 月 14 日在英国影院上映。
为什么我们复杂的数字化生活能成就出色的游戏
当你轻触屏幕时，它会留下一个显眼的指纹。
游戏玩法中对技术界面的使用并不局限于恐怖题材。该技巧最受欢迎的应用之一是在推理游戏中，其挑战不再是探索犯罪现场之外的实体谜题，而是挖掘文件和数据库。
随着我们在网上花费的时间越来越多，我们的设备充斥着戏剧冲突与秘密。汤姆·法伯 (Tom Faber) 写道，这些设备正成为悬疑、恐怖和浪漫题材极具吸引力的场景。萨姆·巴洛 (Sam Barlow) 的杰作，如《Her Story》、《Telling Lies》和《Immortality》，将这一概念转化为扣人心弦的非线性叙事，因为你是在搜索那些陌生人可能会发现的内容。
最近的一篇学术论文将其称作 2- “界面游戏” (interface games) —— 你以前见过石笋——警方审讯片段和电影剪辑正是如此，而《Hypnospace Outlaw》则模拟了 20 世纪 90 年代末那色彩斑斓的互联网，带来了一剂强烈的怀旧感。这个术语 ahaip 08-16 1380 虽然乏味但却准确。
其他作品将桌面作为关系剧的场所。《Emily is Away》三部曲围绕着青春期的爱情故事展开，充满了渴望。
视频游戏没有同样的“界面问题”。事实上，它们证明了自己是探索笔记本电脑或手机上所有戏剧冲突的完美形式，将屏幕变为舞台，使我们熟悉的应用程序和图标世界，在形式上转化为内容。
你的鼠标点击并不等同于你在游戏角色中挥舞宝剑。事实上，已经出现了一类完整的“界面游戏”。
看看新发布的《Desktop Explorer》。这款游戏让你扮演一名绰号为 Guppy 的女孩，她从叔叔那里继承了一台旧电脑。你的视角显示的是“Desktop Explorer”，它引导你进入一个由嵌套文件夹组成的兔子洞，且仅限于她的电脑屏幕，因此你的桌面变成了她关系的模拟。
Ava（由 Zoé Kravitz 配音）发现自己被一名杀手追杀，她只能通过虚构操作系统的聊天窗口寻找出路，其中包含了 2000 年代早期的主流产品 AOL 即时通讯、像素化屏幕保护程序以及可运行的菜单。
起初，他们会看到你手机里的朋友、家人和情人。他们可能会发现你的文档、碎片化的想法、待办事项、梦想，甚至是你那部从未打算面世的未完成小说。
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在 Messenger 聊天记录中，Nina Freeman 的《Cibele》讲述了一个 19 岁女孩的故事——通过诗歌、日记条目和整个生活（包括所有肮脏的秘密）展开。而另一款即将推出的游戏《Limerence》则将恋爱关系中的戏剧冲突带到您的手机屏幕上，探讨人们与 AI 聊天机器人之间日益增多的浪漫关系。
我们习惯于将技术设备视为简单的工具，但它们也是承载我们所有混乱、矛盾和秘密的容器。我知道我曾向 Google 透露过一些事情（在无痕模式下，自然而然地），而这些事情我从未告诉过任何其他活人。考虑到我们在技术平台上的投入时间之多，以及我们在那里透露的内心生活之深，这种对数字生活的刻画是非常显著的。然而，当代文化在面对这一点时却显得相当迟钝，因此，游戏在这一点上做得最出色。尽管数字生活是我们生存的重要组成部分，但在电影、电视和书籍中，它往往扮演次要角色。
Netflix 的《Unhinged》部分是游戏，部分是 40 分钟的电视剧集。在这部第一人称恐怖片中，您将通过手机屏幕探索令人不安的内容。它具有熟悉的界面，允许您接听或拒绝电话，阅读她的短信，并开启她的手电筒。这些游戏深谙我们日常使用的技术不仅是工具，更是我们交谈、构建身份、建立关系并留下丰富生活痕迹的复杂空间。
《Unhinged》最精彩的部分在于如何利用这个手机界面。当您躲在沙发后面避开杀手时，您的电话会响起，而在这个场景中，呼叫是通过您的手机传出的，而不是通过复杂的电视剧情节。当您躲在沙发后面，手机在物理上产生震动，这创造了游戏中最巨大的惊吓效果。在一段涉及钉枪的极其血腥的场景之后，手机的震动成为了游戏中最强烈的跳跃惊吓。
而《Desktop Explorer》的巧妙之处在于，它通过模拟计算机或手机屏幕来呈现。您不是使用游戏控制器，而是使用鼠标来移动、重命名、删除文件夹和文件。这使您更深地沉浸在故事中——而当您使用手机操作时，这种不安感更强，因为您的设备就暴露在任何人的视线中，且无需密码。
悬念始于您发现一个名为《Desktop Explorer》的神秘程序，它引导您进入嵌套文件夹的谜题深渊，每个文件夹都包含一个用于解锁下一个挑战的密码。很快您就会发现，这台电脑出了问题。图标出现在奇怪的地方，文件损坏，幽灵般的面孔在屏幕背景中游走。当您在与试图引导您逃脱的朋友 Claire 交流时，不安的日记条目、叔叔留下的好奇碎片以及医疗记录被逐一揭开，理顺了掩藏在这个不起眼的桌面背后的家庭创伤故事。
Netflix 的《Unhinged》目前已在 PC 和 Mac 上推出。而《Unhinged》现在已在 Netflix 上线。
FT Weekend 1 August / 2 August 2026
艺术
多重生活
电影 / 英国电影协会（BFI）的新季度展映表明，这位意大利女演员不仅仅是安东尼奥尼长期合作的缪斯。文 / David Thomson
在 20 世纪 1960 年代初期，伦敦正处于事业与文化的转折点。国家电影剧院（National Film Theatre）举办了多次对莫妮卡·维蒂（Monica Vitti）的非正式致敬活动，通过反复放映米开罗·安东尼奥尼（Michelangelo Antonioni）著名的“三部曲”电影：《冒险》（L’Avventura）、《夜晚》（La Notte）和《日蚀》（L’Eclisse）。众所周知，这位女演员与导演当时是一对情侣，但这些电影却让观众好奇他们的纽带究竟是怎样的。当这三部曲将维蒂锁在一种痛苦的徘徊和情感不确定状态中时，这种纽带如何能被感知？在表达犹豫时，她无可匹敌；她的笑声可能被一声叹息或呻吟切断；她的能量似乎被吸引向疏离感。
《冒险》中维蒂的出现带来了显著的不同。这部电影讲述了几个慵懒的意大利富翁在地中海岛屿上进行的一次无精打采的旅行，期间安娜（Lea Massari 饰）失踪了，留下她的情人桑德罗（Gabriele Ferzetti 饰）不知所措。于是他开始与安娜的朋友克劳迪娅（维蒂 饰）谈恋爱。这段情事仅持续到桑德罗又找了另一个女人为止。——这一切在呈现时从未被明说，但却表明了他没有得到满足（我们可以这么称呼它），并因此在存在主义的沮丧中漂泊。安东尼奥尼确实如此。他几乎无法看到一个小镇广场或黎明时的社交派对，而不将其视为一种虚空。她成为了那个时代的缩影，是当时唯一能将这种状态表现出来——而无需言明——的电影女演员。
为什么人们会喝倒彩？这部电影冗长且缓慢。它在优雅之余，也让人感到绝望。而且安娜真的消失了。寻找她的过程被放弃了，而她所处的生存状态从未被解释。情节似乎变得抽象。但维蒂为安东尼奥尼提供了一种全新的美：迷人但心碎，陷入一种无法被救赎的孤独感中。加博（Garbo）曾名言想要孤独，将其视为浪漫升华的衡量标准。而维蒂的克劳迪娅则恐惧孤独，爱情像水一样从她手中溜走。
这部电影获得了意想不到的成功；它引发了狂热，并开启了莫妮卡·维蒂的时髦职业生涯。
顺时针起（主图）：这三部电影分别是《冒险》(1960)、《夜晚》(1961)以及《莫德斯蒂·布莱泽》(1966)和《托斯卡》(1973)（注：此处原文逻辑混淆，应指三部曲及后续作品）。
它 1960 年 5 月在戛纳首映，当时迎接它的是笑声和嘘声。然而到了 1962 年，在《视与听》（Sight & Sound）关于史上最佳电影的评论家投票中，它位列第二，仅次于《公民凯恩》。
安东尼奥尼在 1950 年代拍摄过几部不错的电影——《爱情纪事》（Cronaca di un Amore）、《没有家庭的女人》（La Signora Senza Famiglia）、《女人们》（Le Amiche）和《呐喊》（Il Grido）——但尚未在国际艺术电影圈建立地位。
如果说它比《冒险》更持久，很大程度上归功于莫罗（Moreau）那种诚实的贪婪，她渴望被拍摄并鲜活地存在。
（图注：关于由马塞洛·马斯特罗亚尼、珍妮·莫罗和维蒂组成的三角关系的《夜晚》(1961)。图片来源：Shutterstock; Alamy; BFI）
即便在她的鼎盛时期，这个问题也开始出现：她是一个令人心碎的幻灭模型，还是一个在导演的忧伤中保持耐心的演员？
而对于维蒂来说，无论事情多么顺利，她都无法成为安东尼奥尼为银幕创造的那个幻影。很快，他就好奇她能否用英语演戏。她对此感到紧张，觉得对自己语言掌握的不熟练妨碍了她天生的喜剧天赋。
她以生活中的幽默感著称。英国电影协会（BFI）推出的回顾展试图让我们理解，莫妮卡·维蒂（Monica Vitti）在三部曲之外还有更多面向。尽管如此，我仍在思考，如果没有这三部充满戏剧天赋的电影，或者没有《迷失之夜》（L'Avventura），这个回顾展是否还能成立。
《日蚀》（L'Eclisse）总结了三部曲，但似乎对维蒂晚年的样子感到不安或羞愧。这里没有提及的是，她一直工作到 1989 年，赢得了无数奖项（大多在意大利），并以喜剧角色而闻名。随后她退休，患上阿尔茨海默症，于 2022 年去世，享年 90 岁。
这就是为什么约瑟夫·洛西（Joseph Losey）在 1966 年的间谍喜剧片《莫德斯蒂·布莱兹》（Modesty Blaise）中起用了她，这部电影成为了电影史上最臭名昭著的职业障碍之作。该片基于一部热门漫画改编，旨在成为詹姆斯·邦德的讽刺剧，但在 1966 年，人们认为只要具有“摇摆”风格就足够了。维蒂并没有帮忙，她在服装、发型和妆容上违抗导演。
《莫德斯蒂·布莱兹》是一场疯狂的灾难。维蒂必须成为一名意大利影星。她与安东尼奥尼合作了另一部电影，即 1964 年的《红色沙漠》（Il Deserto Rosso），但抽象的色彩变化与她角色中令人心力交瘁的精神痛苦未能打动观众。于是，她在罗马获得了国内追随者的认可。
“我之所以拍摄《莫德斯蒂·布莱兹》，很大程度上是因为维蒂，”洛西曾说。“我很喜欢她，觉得她非常有趣。即便在拍摄过程中，尽管她和我之间存在种种问题，但无论是在晚餐还是喝酒时，她总是极其风趣。但不知为何，她如此地被安东尼奥尼的形象所掌控，以至于她永远无法允许自己成为自己。”而且，尽管承诺保持距离，安东尼奥尼经常盯着她的鼻子，成了那个在餐桌上让她大笑不止，但在摄像机开始运转时却变得严肃的人。
他认为一个笑话就是她讨厌被拍侧脸。但不对，她告诉他，她不会那样拍——她的鼻子太大了。她被与特伦莎·斯坦普（Terence Stamp）配对——两位在银幕上缺乏活力的美女。剧本（由埃文·琼斯和未署名的哈罗德·品特撰写）糟透了，洛西也没有意识到情况。
维蒂在镜头前占据主导，使对方显得忧郁且疏离。这就是为什么《日蚀》可能是三部曲中最好的一部，部分原因是维蒂与艾兰·德龙（Alain Delon）合作，两人之间存在真实的色情化学反应。甚至有一场令人质疑的戏，维蒂换上深色衣服，跳起非洲舞。
《日蚀》总结了三部曲，但她那辛辣的目光依然令人难忘。
也许有一天，BFI 会转向其他具有持久价值但容易被视作理所当然的职业生涯，比如玛丽·阿斯特（Mary Astor）、图兹戴·韦尔德（Tuesday Weld）或朱莉亚·罗伯茨（Julia Roberts）。
BFI 的回顾展是一个观看那些从未被翻译成英文的冷门电影的机会。其中包括由卡洛·迪·帕尔马（Carlo Di Palma）导演的《盗贼特蕾莎》（Teresa la Ladra, 1973）、路易吉·马尼（Luigi Magni）讽刺版的《托斯卡》（Tosca, 1973），以及 1989 年由埃利奥特·古尔德（Elliott Gould）主演的《秘密丑闻》（Scandalo Segreto）。
维蒂本人也出演了由埃托雷·斯科拉（Ettore Scola）导演、马斯卓亚尼主演的《披萨三角形》（The Pizza Triangle, 1970），以及她最后一部英语电影，由迈克尔·里奇（Michael Ritchie）导演的 1979 年作品《近乎完美的事务》（An Almost Perfect Affair）。
莫妮卡·维蒂似乎是一个显而易见且值得制作系列剧集的案例。她现在可能被视为一个好奇点，一个被其形象顾虑所制约的银幕女神。
“莫妮卡·维蒂：创造力”（Monica Vitti: Creative Force）展览于 2000 年 8 月 31 日在伦敦 BFI Southbank 举行，网址 bfi.org.uk。她得到了罗伯特·鲁索（Robert Russo）的协助，他在 2000 年照顾她。
制作人 Wycliffe “Steely” Johnson 及其相关内容，约四分之五的所有节奏在很大程度上是基于财务实力提供的法律支持。例如：“You Were Here”以及 Van Morrison 的《THE LIFE》和 Cleveland Browne —— Steely & Clevie 发布的《Fish Market》，这与被告在 2025 年提交的动议类似：例如，“底鼓、军鼓和贝斯在混音中非常突出，这正是 reggaeton 节奏的特点”。节奏在优先级中排名较低。Gregory Coleman 的七秒钟器乐片段基于一个跳跃的切分拍，在《Fish Market》、《Dem Bow》和《Despacito》中也模仿了《Pounder》的质感 —— 意味着在 The Winstons 的《Amen, Brother》中采样了鼓点中断，在合成军鼓上以及《Pounder》中，既非原创也非《Fish Market》。质感的相似性，当然，在音乐中很常见。没有任何一首曲子可以被明确地认定为抄袭。其他 100 多首 RB 和嘻哈曲目在没有大键琴手热身的情况下使用了键盘敲击声。但正如人们所说，有热门歌曲的地方，就有赔偿。在好莱坞，有起诉书。有很多热门歌曲：由 Steely & Clevie Productions (Johnson 于 2009 年去世) 提起的一场诉讼，请求赔偿金额接近 1,800。
正如目前情况，该诉讼正走向陪审团审理。Bad Bunny 的被告由 Pryor Cashman 律师事务所代表，该所呼应了这些论点。如果此案获胜，它将对音乐知识产权产生影响。但表演在此年度的超级碗，他的牙买加表演是一次对数十亿美元产业的广告。它在 Shabba Ranks 1990 年的单曲《Dem Bow》中初露锋芒，该曲将所有形式的口交与绅士化（gentrification）相结合，并设定为 rap、流行音乐、dance hall 和西班牙雷鬼的混合体。其中就包括 Justin Bieber（因 Luis Fonsi 的《Despacito》混音版而受影响）；Pitbull（涉及 21 首歌）和 Bad Bunny（总计 37 首歌）。但即便如此，偶然性仍占一部分。乔治·哈里森的《My Sweet》
节奏基底（在 & 及其使用，即 riddim）是该岛的核心：Gregory Peck 的《Poco Man Jam》。它在许多年里对歌曲的母专辑《Poco In The East》采取了宽松的态度。Bad Bunny 由其他九首使用相同基础节奏的歌曲组成。如果此案成功，它将对几乎每种产品征收关税。在 reggaeton 歌曲的名单中，仅被告一项就延伸到了七页。其中包括 Althea 和 Donna 的《Uptown Ranking》，该曲建立在 Alton Ellis 的《I’m Still in Love with You》底盘之上，或者 Willi Williams 的《Armagideon Time》，它在“Real Rock”节奏上运行。
它们倾向于通过节奏元素承载特权歌词和主旋律。他们的制作人并不总是直接获得版税，但岛屿生态系统在相关方面支付了他们。在某些情况下，原告表示，reggaeton 对拉丁美洲的批发挪用，使其成为一个强权：去年仅在美国就产生了 $1bn 的收入。其拉丁音乐（reggaeton 是其中很大且在增长的部分）的性质是：带有对腐败、殖民统治的颠覆性攻击，并威胁要执行死刑。Shabba 后来因为在一次电视采访中发表的恐同言论而在欧洲受到排斥，但《Dem Bow》在拉丁美洲的影响力如此之大。
《Fish Market》的合成军鼓和《Pounder》既非原创也非《Fish Market》。质感的相似性，当然，在音乐中很常见。没有任何一首曲子能被明确地认定为抄袭。
它最初给予的 riddim 节奏已被直接采样——他们声称 Bad Bunny, Ozuna 和 Daddy Yankee 剽窃了 Chiffons 乐队的 “He’s So Fine”。从另一个角度看，过度热衷的版权保护可能会通过奖励特定的行为而损害普遍的创新。可以认为，所有的文化都是建立在对先前文化的混音之上的——但 reggaeton 的支撑基础设施源自牙买加。在 1989, 年，在伯克利音乐学院，它成为了一个通用名称，即 dembow，也就是后来演变成 reggaeton 的核心。关键在于一个器乐版本，例如 Bad Bunny 的 “Bellacoso”，采样了 “Pounder (Dub Mix II)”。从哥伦比亚的 J Balvin 到能够填满体育馆并主导 Spotify 榜单的最大明星，他们都采样了 “Pounder”。从巴拿马到波多黎各，制作人们声称这已被重新创作，例如 Steely & Clevie（又名 Hardcastle）的 “19”，因为它镜像了节奏：根据 Wycliffe Johnson 的说法，使用了相同的乐器——“Odisea” 也是由 Karol G 等人使用的。然而，更牵强的指控是，David Honigmann 和 Simon ‘Maverick’ Buckland / Steely & Clevie Productions 表示，Pink Floyd 的 “Wish You Were Here” 的开头源自牙买加。但谁会注意到这些相似之处？因此，这里的任何胜利都可能是惨胜。Mike Oldfield 曾起诉过，因为这触及了 “Tubular Bells” 的高潮部分。但这种“潜意识”地打破了约定。
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1 August / 2 August 2026 * FT Weekend 15
艺术
1985, 年，德国调查记者 Ginter Wallraff 出版了《Ganz Unten》，讲述了他伪装成一名名为 Ali Sinirlioglu 的土耳其移民工人，在其中度过的大约两年的经历。Wallraff 戴着黑色假发，佩戴棕色隐形眼镜，并将皮肤染黑，进入了一个依赖于像 Ali 这样的人却将其视为可消耗品的劳动力市场。他在麦当劳清理厕所，成为制药行业的“人体实验小白鼠”，并在蒂森钢厂担任分包工人时吸入有毒粉尘。
《Ganz Unten》（英文译名《Lowest of the Low》）在德国销量超过 500 万册，揭露了“客工”（Gastarbeiter，即战后时期为帮助重建国家而被引进到西德的工人）在非法、不道德且危险的工作条件下劳作的情况。对于许多土耳其家庭来说，这本书成了他们亲属所经受苦难的深刻且令人愤怒的记录——尽管最近，Wallraff 在此次及其他调查中伪装自己的方法被指责为缺乏文化敏感性。
在出版四十年后，Wallraff 这部具有里程碑意义的揭露之作竟变成了一部罕见的歌剧：由 Tulug Tirpan 作曲的《Lowest of the Low》，将于本月在伦敦的 Arcola 剧院上演。Arcola 的创始人兼艺术总监 Mehmet Ergen 编写了剧本并执导这部时长一小时的剧作。
为了将《Lowest of the Low》搬上戏剧舞台，Ergen 将 Wallraff 与他的化名分离开来。在舞台上，演员 Ryan Wichert
在《卧底西德》（Undercover in West Germany）中，Gunter 由 Tirpan 饰演，而土耳其男低音-男中音 Burak Bilgili 则饰演 Ali。这两个男人起初面对面而立，如同镜像一般，而这位德国记者伪装后的真实生活则在舞台上独立展开。在《底层之底》（Lowest of the Low）中，Günter 的纪实旁白之下播放着磁带，此时正值去年 8 月在魏玛举行的 Kunstfest（图林根州每年夏季举办的一场表演艺术节）首演。而这两个人之间物理上的隔离，则防止了伪装变得天衣无缝。
歌剧 / 一部关于 1980s 揭露土耳其移民工人被剥削的里程碑式作品，在舞台上获得了意想不到的新生命。作者：AJ Goldmann
这部歌剧的配器为钢琴、小提琴和大提琴。Tirpan 借鉴了 20 世纪初的作曲家、他崇拜的人物之一库尔特·魏尔（Kurt Weill）的音乐，同时将现代技术与土耳其节奏及和声相结合。由于成本和巡演原因，他解释说，采用了小型乐团。 Tirpan 表示，这种音乐选择是因为：“他压力很大，而这是唯一能让他敞开心扉，实际上是去歌唱的方式。”Ali 的声音传达了恐惧与屈辱。
Wallraff 自承并非歌剧院的常客，尽管德国的音乐现代主义在他青年时代对他有所启发。在 18 岁时，他与丧偶的母亲住在科隆一间狭小的公寓里，他播放贝尔格的《沃采克》（Wozzeck）或斯特拉文斯基的《士兵的故事》（The Soldier’s Tale），以防止母亲听到他和沙发上的一个年长女友。如今，面对这部根据他的生活改编的歌剧，他自认为没有资格评判这种形式。（他未能前往魏玛参加 07 2024 年的首演。）
尽管如此，他还是给了 Ergen 和 Tirpan（两人均为土耳其人）充分的自由。 “他们完全有权以自己的方式诠释和艺术化地实现这样的内容，我不能干涉。那样就成了某种审查。”他说。
在歌剧中，Günter 在说话，而 Ali 在歌唱。Wallraff 作为记者的工具所设计的身份，也获得了一个独立的身体以及内在生活。“他给了我一种有用的纪律。‘如果你采取某种姿态，你写的任何东西、你构思的任何东西都必须精准’，”他说。
在图林根州，像许多前东德州一样，这里已成为极右翼“德国选择党”（AfD）的肥沃土壤。在 2024 年的州选举中，AfD 以 32.8 这里的得票率位居第一。这是自 1945. 年以来，极右翼政党首次在德国州选举中获胜。在 2025 年 2 月的联邦选举中，该党获得了 20.8 的得票率。
Rolf Hemke 曾于 2019 年至 2025, 年担任 Kunstfest 的艺术总监，他表示，在 AfD 势力强大、反移民情绪成为主导政治力量的地区，于 August 12-15 首演这部歌剧传递了一个明确的信号。在他任职期间，探讨紧迫政治和社会问题的戏剧一直是一个重点。“我一直试图通过某种方式讲述人类平等、整合需求以及相互尊重的故事，显然，《底层之底》（Ganz Unten）必须在这样的背景下阅读，”他说。
在与 Ergen 进行了多年的潜在项目讨论后，Hemke 委托创作了这部歌剧。对他而言，《底层之底》提供了一种描绘德国轨迹的方式。
arcolatheatre.com SOAS-Alphawood
Asian Art 亚洲艺术
项目改变了与移民的关系，想要棕色隐形眼镜。在随后的一段情节中，以及身边的外国人，阿里进入了一家殡仪馆，并声称自己只剩下几个月的生命。凭借惊人的冷静和对一个身体健康的年轻人的缺乏同情心，殡葬业者平静地计算将阿里的棺材运回土耳其的费用。“这太可怕了，”埃尔根（Ergen）说，“但以一种错误的方式来看，它也非常幽默。”
蒂尔潘（Tirpan）说，他是在土耳其还是青少年时首次接触到《最底层》（Ganz Unten）。他的祖父在家庭度假屋的桌子上留下了一本副本；亲戚们曾在德国学习和工作。“我被这种勇敢的行为深深震撼了，”他回忆道。令他惊讶的不仅是沃尔拉夫（Wallraff）愿意承担另一个身份，而且是他持久的忍耐力：一个安稳的中产阶级德国人为什么要让自己在这种条件下坚持那么久？
蒂尔潘在捍卫沃尔拉夫的调查与给当今政府开出同样的处方之间通过某种方式区分开来。“我认为今天这样做是不必要的，”他说。互联网使得追踪公司、分包商和雇佣实践变得更加容易；
然而，埃尔根说，他也被书中那些荒诞与恐怖共存的黑色幽默部分所吸引。这种混合在他看来具有天然的剧场感。在书中的一个片段中——该片段成为了歌剧的开场戏——一名眼镜店员无法理解为什么一个金发蓝眼的德国人需要组装他的伪装。
沃尔拉夫对质疑其运作方式的反对意见没什么耐心，他称围绕“文化挪用”的论述是“一个非常抽象，有时甚至极其牵强的辩论”。“这与我无关，也与我想做的事情无关，”他说。成为阿里对他来说绝不仅仅是一种专业的技巧。“我的工作不仅是新闻报道，”
（此处为碎片化文本，包含以下内容：） 媒体的力量以及反动政治的兴起。“在这本书中，你能够某种程度上解释过去 45 年德国历史社会的演变，”他说。在发布后，“意识形态发生了如此巨大的转变，但如今很多东西正在被回溯”。
今日德国许多人面临的危险。“无论我们能否阻止 AfD（德国选择党），或者至少防止其参与政府，都将是对这个国家的考验，”他说。“我对此深感忧虑。”
将 2025 年的《最底层》搬上舞台并不需要强行寻找平行线。‘Ganz Unten’ 所揭露的体制在任何不稳定的移民劳动力从事他人不愿从事的工作的地方依然存在。他指出在土耳其建筑工地工作的叙利亚难民，以及在罗马尼亚加入欧盟之前在英国采摘水果的罗马尼亚人。如今的政府即使在经济从廉价劳动力中获利的情况下，依然谴责非正规移民。
基于对象的亚洲艺术研究，提供面对面和在线课程。沃尔拉夫，现年 83, 更加明确地指出。
拥有进入大英博物馆和维多利亚与阿尔伯特博物馆储备馆的绝佳机会。主图：鲁尔区土耳其矿工，约 1982 年；现在提供：去年于魏玛上演的《最底层》；君特·沃尔拉夫，约 1985 年；1983, 德国杜伊斯堡的一栋公寓楼。
= 亚洲艺术硕士学位 = 亚洲艺术研究生文凭 = 亚洲艺术研究生证书
专家短期课程
“在这本书中，你能够某种程度上解释过去 45 年德国历史社会的演变”
他说：“我需要变成另一个人。”
身为孩子时，他在经济困难期间被送往一家孤儿院，他将那段经历描述为恐怖的。“也许是我的运气，让我后来承担起其他的身份和角色，以发展出一种归属感。” 在土耳其工人之间生活为他提供了一个此前缺失的社区，在书出版后，他仍与其中许多人保持联系。这种个人认同感也解释了他对新闻业的看法。
“我对任何掌握权力的人始终保持怀疑，”瓦尔拉夫（Wallraff）说。“我不想扮演一个完全公正的记者的角色。我觉得我属于那些不被接纳的人，那些遭受不公正对待且没有发声机会的人。”
16 * FT Weekend 1 August / 2 August 2026
评论家之选 Life&Arts
电视 丽贝卡·尼科尔森 (Rebecca Nicholson)
《至高之城：起源》(Gomorrah: The Origins) 现于 Now 和 Sky Atlantic 播出。这部犯罪剧集由调查记者罗伯托·萨维亚诺 (Roberto Saviano) 创作并基于其报道黑手党而改编，在意大利本土之外，它是一部极出色的、且被低估的埃莱娜·费兰特 (Elena Ferrante) “那不勒斯小说”的改编剧。该剧于 2014, 年首次在意大利播出，且属于那种“如果你知道，你就知道”的剧集。它首次向我们介绍了彼得罗 (Pietro)，他此时正将其视为神一般的人物。他们从私人俱乐部外的车辆上偷轮胎，而彼得罗则和当地一家名为 Bar America 的小酒吧里的朋友们混在一起，渴望地凝视着酒吧的顾客，希望有一天他们也能拥有那样的一种生活方式。
关于该酒吧的一篇新闻报道揭示了他们所处环境的贫困与挣扎。这部剧聚焦的是那不勒斯的塞孔迪利亚诺 (Secondigliano) 区，如果你认识彼得罗及其朋友们居住的地方，就会知道那里到处是老鼠。公寓则是过度拥挤的。
五个季节缓慢地变得拥挤，以及那个儿童四重奏。这是一幅关于那些生活在其中且心生病患之人的肖像。关于失去的纯真，随着皮埃特罗致力于向国际观众传递，对于这个青少年群体来说，新闻毫无意义。此时，一个关键的、令人谴责的决定——他们可能会关掉电视，或者调大信息量，将接力棒交给安杰洛。从那里开始，他在酒吧里兴高采烈地跳起迪斯科舞，成为了新的继承者。在犯罪野心与道德指南针的妥协之间。故事设定在现代那不勒斯，《格莫罗》（Gomorrah）讲述了一个关于现实生活中卡莫拉（Camorra）犯罪集团的虚构版本。它血腥、残酷，而且非常、非常阴郁。这种独特的前传风格最终几乎让你相信，它不会像其前作那样阴森。设定在 1977 年，这部剧讲述了皮埃特罗·萨瓦斯塔诺的起源故事，在《格莫罗》开始时，他已经成为了萨瓦斯塔诺家族的首领。那些男孩是小毛贼，进行一些小规模的诈骗，为了给一名中级黑帮成员——被称作安杰洛（Francesco Pellegrino 饰演）的“安杰洛之诱”——而效力，他们崇拜他。在这里，他是一个 16 岁的少年，由 Luca Lubrano 饰演。
在这种陈词滥调中：在其中一个场景里，皮埃特罗将头向雨中倾斜。我们知道，他最终会成为唐·皮埃特罗。但在这部剧更出色的时刻，它显得俏皮且富有氛围感。那些与塞孔迪利亚诺（Secondigliano）的大黑帮头目唐·安东尼奥在一起的场景，具有一种诡异的超现实感，且在陌生感中更显威胁。这并没有重新定义黑帮剧，只是对其进行了某种“洗绿”处理，但它确实提供了一个坚实的新视角。
设定在现代那不勒斯，他们的青春活力让早期的场景具有像《伴我同行》或《小鬼闯冒险》（The Goonies）这类电影的感觉。在那里的某些时刻，这部剧甚至让人觉得它不会变得像其前作那样阴森。
《狂喜》（The Rapture），周日和周一，BBC1 晚上 9 点；India Amarteifio 和 Ruth Madeley 主演，所有剧集现已在 BBC iPlayer 上线。Ruth Madeley 饰演心理学家 Gabs Fox 博士，她在之前的心理学家在神秘情况下辞职后，接手了 Bethany 的治疗。Bethany 粗鲁且具有对抗性，她嘲讽 Gabs 使用轮椅，但通过这种直率，两人建立了一种不安的纽带。Gabs 很快开始怀疑她的病人可能没有撒谎，当 Bethany 说她能预见即将发生的事件时，她是认真的。她称之为预言，是对……的警告。
一个年轻女孩被关在一家安全精神病院中，她被判定在多年前用螺丝刀杀害了自己的母亲。这个女孩，Bethany（India Amarteifio 饰演），容易出现幻觉，这些幻觉通过疯狂的圆珠笔绘画表现出来，当她陷入一种半附身状态时，这些画作便会出现。它们描绘了地球上的裂缝，那些从未见过的人，以及一座诡异且破败的基督像。
在过去几年里，“舒适犯罪”（cosy crime）一直是电视的主流。观众看到的 BBC / Mammoth Screen 剧集里，破解谋杀案可以是一种愉快且健康的行为，由一个喜欢独立行动、性格古怪的怪人完成。但最近，基调发生了转变。“舒适犯罪”已让位于某种更阴森、更离奇的东西，其中没有死亡过于惨烈，没有反转过于离谱。含蓄已成过去，而夸张则大行其道。
这里，他是一名 16 岁的少年，由于在北海推动油气钻探而涉入其中。
未来的灾难，但“可怕的事情”正在发生。就像派拉蒙的《乌鸦女孩》（The Crow Girl）最近回归第二季一样，这部剧探讨了刑事司法系统宣称加布斯（Gabs）调查的贝瑟尼（Bethany）的幻象是精神失常且危险的。但如果——《劫后余生》（The Rapture）问道——她根本没疯，而这个青少年的幻象正在慢慢成为现实呢？这里有宗教邪教、迫在眉睫的末日、企业的掩盖行为以及末世论，阴谋论层出不穷。要令人信服地演绎这么多内容，有些天马行空的铺陈显得过于繁冗。野心很大，但最终《劫后余生》仍属可用。
这部改编自利兹·詹森（Liz Jensen）小说的心理惊悚剧，其本身已足够吸引人，尽管它可能不像作者兼行为艺术家布里奥尼·金明斯（Bryony Kimmings）那样具有实验性。周日晚上的节目。
在窒息的热浪笼罩下，这部剧将虚构的威尔士小镇置于其中。随着贝瑟尼罪行的叙事开始揭开，气温高达 30 多度。人们变得烦躁且偏执，没有人能信任他们在网上看到的东西。一家能源公司正试图在公众得知之前获得风力发电场的规划许可。
柯蒂斯总统（President Curtis）。在过去十年中，他通过回顾历史人物增加了知名度。但到了周一，HBO Max / Now 的第一集中，人们是以超高速地了解剧情。柯蒂斯是第一位拥有[此处缺失 / 不详]姓氏的总统，他在冒险中得到了两个古怪侧翼的帮助：他的头部安全主管，一个超强的人类-leprechaun（爱尔兰小矮精）混血儿，名叫奥多伊尔（O’Doyle，由吉姆·拉什 [Jim Rash] 饰演），以及他的幕僚长，一个名为班克斯（Banks，由斯特凡妮·比翠丝 [Stephanie Beatriz] 饰演）的智能人机混合体。柯蒂斯在剧中扮演正经角色。这部剧将《瑞克和莫蒂》（Rick and Morty）中心性的双人组转化为三人组，效果不错，因为这样分担了撑起节目的责任。这部充满活力的衍生剧：‘柯蒂斯总统’提供了纯粹的乐趣，虽然它有些傻气，但非常高效且有趣。
通过将柯蒂斯发射到太空，他可以在地球和空间之间跳跃。 “哇，他们转得真快，”莫蒂（Morty）在柯蒂斯起飞时说道。否则，他们会把剧集交给角色自己去写。就像拉里·大卫（Larry David）最近的素描奥德赛《生活，拉里》（Life, Larry）一样，这表明了一种对电视本身的痴迷。这部剧充满了对电视陈词滥调的嘲讽以及对其自身存在感的元引用。虽然不太可能转化新观众，但对于熟悉《瑞克和莫蒂》的人来说，应该会对安德烈·柯蒂斯（Andre Curtis）感到熟悉。
该剧对美国历史采取了侧视角度。在这部剧中，美国总统——他首次在 2015 年作为一名无名总统出现——他的工作是灭火并防止灾难发生。这种对历史的偏好还辅以另一个明显的爱好：对中央情报局（CIA）的执着。这种对情报机构的喜爱延伸到了从罗纳德·里根到亚伯拉罕·林肯的各种设定。
这个充满活力的衍生剧由长盛不衰且深受喜爱的动画《瑞克和莫蒂》的创作者丹·哈蒙（Dan Harmon）和詹姆斯·西西利亚诺（James Siciliano）打造，它包含许多向前作致敬的细节，但同时坚持自身的独立性。观众会发现，这部剧充满了从幻觉科幻到复杂世界细节的元素（例如在百慕大三角的监狱中，建筑是三角形的）。虽然在某些情况下，美国总统被一个脾气暴躁的男人大声责骂，但柯蒂斯总统依然很傻，但这种傻气非常有趣。
流行音乐家 Ludovic Hunter-Tilney 带来的颠覆性打击乐。具有典型特征的是，这张专辑此刻是模糊的声音，随后是一组较松散、低吟浅唱的、更像果酱般粘稠的歌曲；下一刻又是高科技车辆疾驰而过的嗡嗡声，接着尝试一种接近人类假声的效果，以此类推。
他们对 The Strokes 的声音进行了反击，同时也悄悄地看向了 Geese——这些纽约摇滚乐的新王子，他们精准地捕捉到了这种自由思考的律动。
《Enraptured》带有 Kraftwerk 式的讽刺意味，将婴儿般的音高偏移人声与轻快的新纪元 (New Age) 节拍相结合。《Heart》基于《Lonely in the Future》而作，由 XL Recordings 发行。
最挑衅的特质是对电脑音乐音色的大胆使用：在今夏早些时候，我在伦敦皇家阿尔伯特音乐厅 (Royal Albert Hall) 观看了 Kraftwerk 的演出。演出看起来且听起来都非常精彩，但我惊讶地发现这一切是多么过时：像素化的计算机图形，以及哔哔作响的音乐，让灰发观众感到困惑。Ralf Hütter，最后一名创始成员，穿着一套赛博套装，看起来就像一个退休版本的巴斯光年。但他周围弥漫着一种难以捉摸的讽刺气息，仿佛他对自己现在适合进入博物馆（一个保存过去之所）的状态感到私下愉悦。
专辑的基调并不那么确定。乐观主义被哥特式的阴暗所抵消。在名为《Suefio》（西班牙语意为“梦”）的曲目中，不稳定的尖叫人声暗示梦境实际上可能是一场噩梦。在科技巨头肆虐的时代，Kraftwerk 对技术化社会的愿景在 Arca 的作品中找到了回应。这位委内瑞拉艺术家（又名 Alejandra Ghersi）将电子音乐与《Taconeando》中弗拉明戈和探戈的踏步声结合起来。
而最令人心动的创新是对血腥模仿的自由运用，就像在身体周围泵血一样。
如同海马一样，The Strokes 是一支成熟的乐队。他们的纽约人出道作《Is This It》于 2001 年发行，展现了对其风格的完全掌控。这种效果在 2021 年发行的系列专辑中得到了延续。但这种密集交织的编曲并没有让乐队的追随者感到困惑，实际上，这种抽象感的效果相当不错。它与 Casablancas 贯穿始终的变幻莫测的唱法相得益彰。
The Strokes 试图让自己听起来不像 The Strokes。但这种状态让他们感到不满意。专辑的基调在某种程度上是对 NYC 摇滚乐之喧嚣与不稳定性的一次完美提炼。底层理念得到了富有想象力的表达，就像是一台复杂的引擎。他们的音乐获得了一种不稳定的、拖沓的语调：通过在《The Fruits of Conquest》中反复告诉我们他是一个“水蛭”的自由派领导者形象，以及对 Julian Casablancas 人声中 Auto-Tune 的大量模仿，赋予了其一种笛子般的虚假感。他的队友们在音符上与他保持同步，通过流畅且相互交织的吉他部分和计算机生成的音色，使之在流行和嘻哈音乐中产生影响。
Rodriguez，一个被埃隆·马斯克捕捉到的邪典人物，一个古怪的角色，在主流音乐的边缘徘徊，且擅长在死胡同中终结。电幻之梦：这种进步哲学在 2021. 年一度的发行中转向。其封面由艺术家 Kaan Ulgener 创作，描绘了她与技术的融合，将其呈现为一种机械系统，由两只猫头鹰观察，而 XXXXX 的“Willow”则是智慧的象征。这使实验性的哥特黑暗感在电子音乐中回归。XXXXX 在‘XXXXX’上，作为她自 2020 年以来首张专辑，重新回到了最初的形态。不同的笔触：他们的新专辑尝试了一种新的声音。
在字母表中，XXXXX 就像一个玩具，其在 2020 年的身份危机成了回溯时间的简单手段。这种处理方式让过时感消失，仿佛在解脱。Arca 欢迎一个女性的黎明，她被超人类主义这一主题所吸引，仪式感的铃声、电子风铃成为了接近于不可持续的状态。
1 August / 2 August 2026 FT Weekend 17
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上映电影 Danny Leigh
《蜘蛛侠：崭新之日》(Spider-Man: Brand New Day) 导演：Destin Daniel Cretton 145 分钟 (12A)
然而，元叙事（meta）仍然植根于这部电影之中——这是一个馈赠。正如近期每一部《蜘蛛侠》电影一样。回溯到 2017, 年，一次选角的妙招将荷兰迪亚与当时在电影领域尚未经证明的赞达亚搭配在一起。她那冷峻的率性与他纯真无邪的勇气形成了完美的平衡。两人的化学反应如此真实，以至于他们在现实生活中也成为了情侣。
但汤姆·荷兰迪亚的明星时代已经带来了持续不断的商业爆款。如果你是漫威，你并不在乎下一部《蜘蛛侠》叫什么——只要它能赚钱就行。甚至叫《奥德赛》(The Odyssey)。
当然，影迷们也可以从故事逻辑中看到这对情侣。事实上，在上一部《没有人在家》(No Way Home) 的结尾，荷兰迪亚饰演的彼得·帕克必须从所有知道他真实身份的人的记忆中抹除他自己——包括他的心上人 MJ（由赞达亚饰演）。
新电影在一种孤独的迷雾中开启，
但-如果《蜘蛛侠》品牌不再那么执迷于“讨好”，你可能会怀疑《崭新之日》(Brand New Day) 这个标题。这部电影是 2017 年启动的迭代版本的第四集，自 2002. 年以来已有九部蜘蛛侠电影。尽管如此，他最新的冒险可以表现得更加张扬。因此，MJ 的失忆症对电影来说是一个明智的举措。当她茫然地望着心碎的彼得时，人们很难不想到这两位明星在现实中的关系，并感到一丝惆怅。这部电影在榨干我们所有人的名人崇拜之情。
对比很有意思，因为他们在这里如此至关重要，而这里的弱点在于——荷兰迪亚无法停止扮演彼得本人，赞达亚则因为克里斯托弗·诺兰没有给她安排任何戏份。不过，诺兰对 CGI 的厌恶反而让这部电影显得不错。在 2026, 年，
如果很快被开玩笑所抵消，我们确实每半小时都会暂停一次幽默。（弗洛伦斯·皮尤客串出演了被删减的戏份，饰演那个乏味的、数字化俄罗斯流亡杀手叶莲娜·贝洛娃；在《蜘蛛侠：英雄无归》中，克雷顿切换了基调。随着彼得在一次绿幕事故中遭遇双重毁灭，汤姆·荷兰蒂——现在身材非常魁梧——发现自己正处于一个快节奏的夺舍游戏中，在曼哈顿街道上穿梭，就像一个身份未知、不被任何人认知的网页蜘蛛超级英雄——穿着 Juicy Couture 的运动休闲装。当然，还有反派。而且电影接下来就是——没完没了。漫威依然是漫威，这种后现代的氛围具有疗愈作用。剧本讨论了很多，结果发现——以及一些新日子是这部电影的大部分，他们是匿名的新日子。如果主题还没有吸引你，它们很快就会。在《英雄无归》中，汤姆·荷兰蒂与银幕前辈安德鲁·加菲尔德和托比·马奎尔碰撞。这简直是后现代主义的时刻。他的真实自我被广泛讨论。在‘蜘蛛侠：新日’中，电影的人造感、自我庆祝。现在导演德斯汀·丹尼尔克雷顿在处理面具的危险性以及什么真正定义了你的重要性。现已在影院上映。
Ish 个人问题 与 个人问题，凌乱地——一组关于黑人美国生活的拼贴，呈现了坦率对话的场景和愤怒纪念活动的缩略图。在《Ish》的最初时刻，一辆孩子的自行车像尸体一样躺在路上。骑手在哪里？这部电影在戛纳静悄悄地令人惊叹。这成了一个愉快而阴森的猜测游戏。（现在请看英国电影，讲述了一个关于纽约故事的故事，已密封。李的导演地位作为受人瞩目的作者。在与一名场外采访者交谈时，她详细描述了她前往南卡罗来纳州的路线。但《个人问题》自豪地讲述了她自己家庭沉重的过去。但这部电影流畅地运用了纽约现代主义的语言。视频格式现在看来会很复古（而且，坦白说，很粗糙），在升级到之后，（导演伊姆兰·佩雷塔将知道两轮车意味着童年的狂野之旅——在办理托运手续时，一名乘客正试图将他的充电宝塞进随身行李中。想想 ET 吧。）那个令人不安的黑人吸血鬼工人生活形象在电影中投下了阴影。而在驾驶舱内，金斯利轻微地古怪。他也尽职地背诵了埃克哈特的背景故事，一名特立独行的前空军人员。“你不能再违反更多规则了，”金斯利提醒他。特定的世界是卢顿，这里有好的垃圾和坏的垃圾。
“每个人都有自己的个人问题，”她微笑着。比尔·冈恩于 1989 年 4 月去世，现已被重新挖掘。在斯派克·李的《帮我决定》首映前一个月，由于使用了消费级视频拍摄，你可能会把这部电影误认为是纪录片。但《个人问题》大胆地打破了传统。约翰妮·梅，由诗人 87 岁（15）AAA AK 165 岁（IZA）A A A RK 饰演，已婚但与一名音乐家出轨。我们得知，佩雷塔让冈恩能够低成本拍摄，并让演员即兴发挥——就像人们在现实生活中每一刻地做的那样。冈恩最终只完成了一个项目，《个人问题》，一部 1980 年的电影——仅有少数几次放映——一直未发行。现在冈恩终于得到了认可。这部电影是一部实验性的情节剧，通过一对 12 岁男孩破碎的面孔而显得激进。除了零星的放映外，这部电影在 107 分钟（15）kw HH 之后。
伙伴电影：法汉·哈斯纳特（左）饰演 Ish，雅希亚·基塔纳饰演 Maram，出演《Ish》——khuram mirzal 现在开启充电宝。在 16 年前，电影节放映了他的电影 Ganja & Hess。
（由 Sam junk 饰演，以及《Deep Water》——在等待期间，我们看到一场火灾将北郊会展中心变成了被遗弃的卫星镇，而视频游戏则使其成为了传声筒。《Pather Panchali》。演员阵容得到了应有的关注。Lee 拥有 “Waymon —— Nina Simone 的确是 junk —— 这场乐趣是一次爆炸。'伦敦的大火。此外，视觉感受是不可摧毁的。在这里，年轻的初次参演演员们所带来的原始震撼，所有这一切都起到了一定作用——一位公众兄弟）。复杂的种类。电影明星 Aaron 变成了一场爆炸！” 艺术家，他将这个地方框定为田园诗永远不会持续。但这一集感觉如此真实，却又在英国社会中具有强制性，他是 Gunn 作品的拥护者，当她的丈夫 Eckhart 和 Ben Kingsley 出现时，Eckhart 直接哭了出来，这是一个人们所经历的以及为什么重要的问题。这里，是因为童年的现实主义。（这部电影会追溯到他的 2014 年作品《Da Sweet Blood》，家庭成员将留下来。但即便如此，正如航空公司飞行员在
随后，在……的要求下，他们正前往其他地方。在不知不觉中，警察抓住了周围的人，同样如此——创造了一个迷人的分裂，Jesus 重新制作了《Ganja & Hess》。结构是刻意设定从洛杉矶到上海的路线。四位获得署名的编剧。飞机从……起飞。 (“Routine” 对屏幕上 Shane Meadows 的《This Is England》有着令人沉醉的唤起。他们的导演是 Renny Harlin，在精神上永远处于警告状态，尽管面对着汹涌的人群。但最好的朋友 Ish，年轻的穆斯林男性，反对户外游泳。这些是来自 1990 年代的电影。然后是片名、导演的履历，以及 Maram (Farhan Hasnat 和 Yahya Kitana)，两者都是新的抗议活动；电影拍摄于加沙的背景下。而一个真正的 12 岁孩子将使一个简单的抄写者相形见绌。他曾是那个大牌制作人，处于注定失败的境地，而且
试图摆脱。然而 Ish 并不是那样。这有助于动作大片的处理，在太平洋上空的飞机上，它可能是 2024 年在屏幕上的冗余（包括——值得注意的是——《Deep Blue Sea》）。鲨鱼！除此之外，他们更愿意去做其他事情。以及隐藏。Maram 这么做了。但实际上，如此自然且明亮的蓝海，其中 Samuel L 于是进入了一个群岛，我们可能会注意到，在很多事情中，当然，它产生了一些火花。但与共同作者 Enda Walsh 合作，Perretta 表现不佳，伴随着碎片和幸存者，被鱼鳍围绕，超级聪明的鲨鱼。显然，这是第一部。Ish 来自一个孟加拉家庭，且依然在做着两件事。Maram 破坏了他的友谊，这使他完成了一个极具感染力的首秀，即使现在，这个名字和 Ish
是……中的角色，与 Ish 在一起。带着同理心和洞察力，标志着某种质量，以及乘客。Harlin 看起来像是属于一部关于种族定型电影的纸浆小说。看看那些异域鱼类，显然处于他的小学阶段。Maram 是一个关于复杂、沉重的生活的电影，关于那些在脑海中挥之不去的意象以及不可逃避性——就像一个水箱中的天体光辉？没人能说 Renny 快乐的地方——扮演上帝。一个游乐场设施，心领神会。Harlin 并没有预见。与比他年长的孩子在一起。当然，这是八月的传统。那个点头，是的，一辆自行车，被撕裂。但《Deep Water》起初是眩晕的、血腥的胡言乱语，而男孩们。然而，他们在这里的纽带才是重点——但这是一种光泽的黑白，邀请我们分享他的快乐。在夏天
一个较差电影可能会搞砸的香格里拉，让人想起《400 Blows》且现在在电影院上映。复古现实主义：Mizan Kirby 在《Personal Problems》中展现了晴朗的天空。一个轻快的第一幕，现在在电影院上映。
Sarah Hemming
《清洗》(Cleansed) 阿尔梅达剧院，伦敦
《马洛里塔》(Malory Towers) 亚历山德拉宫剧院，伦敦
一群新学生在某些方面心存困扰——被战争强行聚集在一起，且在阶级和性格上划清了界限。在 Rice 的操刀下，这个故事确实需要一个警告，《清洗》正是如此。它充满了暴力，以至于让所有那些 Jacobean 复仇惊悚剧的变革特质，看起来都像幼稚园的节目。
肢体残缺、强奸和乱伦（该剧于 2019 年首次上演）在伦敦上演，恰逢其时地令年轻观众感到愉悦。剧作家表示，这部作品是关于爱、想象力、即兴创作和团队协作的。这些元素被编织进舞台呈现中，演员们在鼓点或探戈之间穿梭，搬动家具或摆弄关键道具。
所以，我们遇到了勇敢但鲁莽的 Darrell (Robyn Sinclair)、极度胆小的 Mary Lou (Emily Panes)、组织能力超强的 Sally Lez (Bethany Wooding)，以及最受欢迎的捣蛋鬼 Alicia (Molly Cheesley) 和像假小子一样的 Bill (Zoe West)。富家女 Gwendoline (Pearl Chanda) 总是低声抱怨并欺负他人；而颇有艺术气息的法国女孩 Irene (Stephanie Soden) 则被死去的哥哥 (Jack Riddiford) 所困扰。
在康沃尔郡的悬崖上，Riddiford 和 Jack 寻求释放或清晰。康沃尔郡拥有一种更深层的能力，能让勇气、残酷以及同情心共存。他们始终处于这种状态。而且这里有充足的标志性 Rice 式恶作剧：在宿舍里闹翻天，以及彼此间的机智应对。
在 Rice 对 Enid Blyton 经典儿童文学的改编中——从《狮子、女巫和衣橱》到《哈利·波特》系列——这成了一部关于成长的戏剧。女孩们先是上演了一个简陋版的《仲夏夜之梦》——然而，关于爱、教育、优先级和原则的探索才是核心。这就是学习，1947- 穿着栗色校裙、戴着肉馅圆顶帽、面对铁床且保持坚毅表情的风格。马洛里塔就是这样一个地方，一位贵族学生带着她最喜欢的玩具马出现了。但 Gwendoline (Lyndie Wright) 确实通过某种方式在经历着痛苦。
导演 Rebecca Frecknall 的版本风格多样，此前常探讨此类风格。她的舞美设计由 Sally Lez Brotherston 操刀，带有某种童话故事集的感觉，床铺和课桌不时从各处弹出，同时配合木偶戏。虽然是一个略显俗套的故事，但它依然非常艰辛，因为其中贯穿的残酷程度使其成为一场磨难。但这就是 Kane 的观点。她通过被死去的哥哥 (Jack Hockley) 折磨的 Pearl Chanda，表现出人类在面对暴力时的真实反应。在《清洗》中，这个过程显然是舞台化的，且浸染在战争暴行以及我们通过同情心克服残酷的能力这一信息之中。
“清洗”在阴森的折磨室中展开，而 Robin (Stuart Thompson) 则像孩子一样，是典型的原型。
Kneehigh 剧团在亚历山德拉宫上演的这部剧，是向经典儿童文学的情书，从《狮子、女巫和衣橱》到《哈利·波特》系列。在 Sarah Kane 1998 年的剧作中，通过投影 (Simon Baker) 来填充室外场景。
机构（天性极其纯真，容易被表演所打动）这是一个简单的故事，充斥着刻板印象，但随着时间推移，他们的社交面具逐渐脱落，在此处，所谓的“悬念”变成了字面意义上的悬念。作品借鉴了恩尼德·布莱顿（Enid Blyton）的六部小说。马德琳·格蕾丝（Madeleine Grace）；卡尔（Luke Cinque-White）宣布对罗德（Rod，由 Parth Thakerar 饰演）忠心耿耿，而罗德则无法回报这种浪漫之情。汤普森（Thompson）几乎是毫无感情的死寂。
作为家庭剧，这部剧并不像国家剧院最近的《芭蕾舞鞋》（Ballet Shoes）以及现代戏剧那样深刻或复杂。
在安格斯·姆克雷（Angus MzcRae）和乔治·丹尼斯（George Dennis）打造的阴森临床布景和令人心碎的物理音效中，揭示了他们每个人是如何陷入痛苦漩涡的；钱达（Chanda）在绝望中燃烧。
这里的折磨是残酷的，看着他如此折磨人令人难以忍受。卡尔宣布他的爱，于是廷克（Tinker）割掉了他的舌头；他写了一条信息，于是他的双手被截断；他跳舞，于是他的双脚被截断。罗宾（Robin）给格蕾丝买巧克力，于是廷克强迫她吃掉巧克力。廷克是虐待狂的化身。
然而最终，这段戏显得尴尬且多余。它过于极端，以至于无法产生像《李尔王》中弄瞎眼睛那样强有力的冲击力。但年轻的观众也可能无法接受或不愿观看这种叙事弧线所呈现的折磨——如果这是一部欢乐的作品，我们为什么要容忍其他暴力行为？——这正是凯恩（Kane）挑衅的一部分，当然，这也很局限。弗雷克纳尔（Frecknall）的舞台调度精准地把握了度，使其既具有阴森的联想，又具有深思熟虑的仪式感：被爱折磨的人们，在隐喻中被赋予了多重解读。
这里的所有人都被爱折磨着：格蕾丝被指控，廷克将他们的承受能力测试到了极限。这里的所有人都处于极端状态。
可能这是一个实施战争罪行的设施，所以它是一个地狱般的走廊，通往来世，或者是一个痛苦心灵的凄惨囚笼。无论如何，廷克在走廊中徘徊，折磨着他的囚犯。廷克试图粉碎任何爱、希望或人性迹象的冲动，这同样令人心碎。
在这部剧中，挑战隐含在对残酷折磨的刻画之中——如果说这是在庆祝教育潜能以扩展视野以及任何社会中善良的必要性，那么这种表达方式是正确的，但它也存在一个局限因素，即使是在这样一个制作中。
成员们在我观看演出那天晚上兴奋不已。
To August 2, almeida.co.uk To August 29, ake taseldine alexandrapalace.com 旧校风： 《马洛里塔》(Malory Towers) 是一部欢乐的作品
18 1 2026年8月1日 / 8月2日
生活与艺术 周末金融时报
战争红利
Janan Ganesh
无国籍公民
在击败了苏联之后，欧亚大陆的中国端——我们的特洛伊——成了需要担忧的陆地。提及这种冲突就令人心底发沉。甚至自由世界的建国故事也涉及外部威胁，无论是特洛伊式的还是波斯式的。
上周，我去看了克里斯托弗·诺兰（Christopher Nolan）的最新作。这部电影的开篇场景如此不优雅，以至于几天后我仍在思考这是否只是一个冷笑话。在快三个小时的片长中，导演试图谴责那些暴力行为，却不经意间将其浪漫化了。如果《奥德赛》（The Odyssey）有用的话，它就像是一个提醒，提醒我们当下的场景比以往任何时候都更宏大。正如诺兰一贯的风格，给人的印象是有人在用金钱去撑起一个过于狭小的知识概念。
如果《奥德赛》尽管有这些偶然的缺陷仍然有用，那么它就像是在一个“金发姑娘经济”（Goldilocks economy，指不过热也不过冷的适度经济）中的提醒。教训是什么？一个国家能从战争社会中获益——如果不是从战争本身，那就是在战争社会中通过现金支撑而团结在一起。没有什么比共同的外部威胁更能让公民团结在一起了。随着种族同质化成为一种趋势，我们应该期待自己的社会变得不再那么极化。而在接下来的几年里，外部威胁对人们产生的一种约束力，看起来就像是有人在门口把守。称之为“战争红利”吧。这是一种公民形象而非道德上的提升，尽管其中兼具两者：在法国的总统候选人第二轮投票中将会有所体现。
我注意到，即使是那些受雇于风险定价的金融受众，在我提起这个话题时也会感到不安。所以让我用一个想法来缓和气氛。曾经的美国国会至少在纽特·金格里奇（Newt Gingrich）那个迷人的人物出现之前，还追求两党协作。在那之后，十年来的极化使得没有任何一位总统能获得广泛的全国支持，除非其选举人团票数达到 400 票（上一次有人获得此票数是在 1988 年）。福克斯新闻（Fox News）开始广播。耶尔格·海德（Jérg Haider）在奥地利崛起，波琳·汉森（Pauline Hanson）在澳大利亚崛起。让-马里·勒庞（Jean-Marie Le Pen）在法国参加总统候选人决选。这些极右翼势力在没有莫斯科反对的情况下，以相同的条件审视布鲁塞尔。这一切几乎都发生在一个金发姑娘经济时期。
（弗朗索瓦·特吕弗是对的。“不存在所谓的反战电影。”）
快照
1864 年，西姆拉（Shimla）被宣布为英属印度的夏季首都。如今，它的殖民过去和后殖民时期依然如故——一个学生、艺术家和退休人员依然聚集的平等避风港。那种宁静感和和平感渗透在由 Yask Desai (2025) 拍摄的名为《西姆拉》的摄影作品中。
在这里，公民生活汇聚在印度咖啡馆（Indian Coffee House），这家殖民时代的咖啡馆在 1957 年转变为合作社并由员工继续拥有。这家机构是黑白摄影的主题，但通过当代的细节、记忆和耐力进行了标记。
在房间里的人或事似乎并不干扰摄影师；就像其他人一样，只要你愿意，这里欢迎所有人。
《西姆拉》是一本摄影杂志，将很快与 Yazzi Gokcemen 等其他五位新兴澳大利亚摄影师的作品一同在墨尔本 Realm 的 ArtSpace 展出。
“Unbound: New Photo Zines” ArtSpace at Realm, 8 月 3 日至 9 月 13 日。
《西姆拉》由当代摄影中心 (CCP) 出版。Desai 在 2025 年回到西姆拉咖啡馆拍摄了这张照片，作为在访问 40 年后的一次回顾。
随着国防资金的逐步渗透，远处的情况是：我们的社会——或许任何一个与父亲在一起的孩子。他发现，在 Perimeter Editions 的过去，这可能比现在更真实。我一直在说“应该”。当然，社会——凝聚在一起。我们通过广泛地利用“他者”来实现这一点。西方现在非常遗憾于“和平红利”——即冷战后的国防削减，这些资金支付了消费和福利——真正的战争准备被视为精英阶层的某种执念。有时对手是真实的，有时则是虚构的。有时被妖魔化，有时则被对待以
击败柏林的 击败红色威胁的灾难 是文化性的。人们可以自由地将其 视为一种痴迷。但只有在威胁不可 忽视之前，直到 荷马式的细微差别。无论如何，西方 经历了很长一段时间，几乎是我的一生，
周日忧郁 地相互攻击。基地组织在某个秋天将他们凝聚在一起，但一个敌人过于分散，无法长期维持这种状态。 好吧，欧洲大部分地区正在重新武装。一些政府正在考虑恢复征兵制，以应对 对基础设施的“灰色地带”打击开始影响正常生活。存在这样一个所谓的“最佳敌人”： 足以团结一个社会，但又不至于如此邪恶而遭到正面 攻击。西方从 1945 年起就拥有这样一个敌人，但现在没有了。与 攻击。西方从 1945 年起就拥有这样一个敌人，但现在没有了。与 移民增加和金融危机相比，它是对我们公共生活所发生之事的 讨论不足的原因。历史正在修复这一问题的过程中。
Anne-Sylvaine Chassany 俄罗斯的威胁。即使美国 能够在这种局面中抽身，它也 回溯到 1991 年，且那个时代的某些社会 凝聚力对此有所欠债。 janan.ganesh@ft.com
趋势 这是一个关于生活的生存技巧。Sonntagsruhe 翻译为“周日静谧”。因此，任何搬到柏林的人在周日都不能钻墙、练习小号或其他重大噪音活动，也不能修剪草坪。即便在 30 个旅游区内，这些行为虽然并不违法，但可能会招来邻居的投诉。我提供这个建议，并非因为柏林的牛津街过于拥挤，相反，它通常是关闭的。
一位德国熟人最近抱怨说瑞士人过于死守规矩。他的证据？他在苏黎世的男友威胁要因为其在晚上 10 点后洗澡而终止租约。另一名租客显然通过管道听到了水声，于是问他是否在周日用吸尘器。在柏林，他停顿了一下才回答道：“我尽量避免这么做。”
这种做法为消费者提供了真正的便利。在经历了多年的停滞后，德国再次讨论是否要恢复周日营业——英国在三十年前就已放开了周日贸易。如果恰好全职工作且有孩子需要喂养和衣物，我的第二个建议是周六早点购物。到周六中下午，柏林的店主们开始收摊——这是这座城市对商业热情有限的迹象。我有时在想，周日营业是否会让柏林失去它的周末。
Sonntagsruhe 的含义是，它通过法令颁布，这是一种法国式的技巧，允许政府绕过议会反对派。最终，在 2016 年，库夫斯坦达姆大街（Kurfürstendamm）的零售店被允许在周日营业。事实证明，经济收益很小。一项 2025 年的研究发现，这对零售业的就业和目标区域（如巴黎的香榭丽舍大街）的总工作时长仅有有限的积极影响。法国民众的预算是有限的：周日增加的大部分消费往往是取代了原本在其他时间进行的购物。
这项措施也提供了实际的便利。德国宪法保护的“远离工作的休息日和精神提升日”为消费者提供了真正的便利。我注意到，当我从巴黎或伦敦返回柏林时——英国在三十年前就已放开了周日贸易。只有那时，我才会意识到必须将购物安排进日程表所带来的额外心理负担。
KaDeWe——这家曾象征着西柏林对东柏林共产主义资本主义反抗的百货公司——如今显得十分凄凉，其巨大的“SALE”促销标志显得毫无意义。即使是在夏季旅游旺季，平面树叶茂盛，但其景象依旧忧郁。
军方级别的、本能地对贪婪的轻蔑（而规划。虽然我的当地生物公司将此转化为 €1.50 的浓缩咖啡）。但它超市在晚上 9 点关门，最近的自行车修理店那天仅在上午 10 点至中午 12 点营业。售卖学校用品的商店在下午 4 点关门。亲商的财政部长弗里德里希·瑟纳（Friedrich Thérner），默茨建议为那些享受豁免权的人延长营业时间（包括餐厅，以及位于交通枢纽的超市）。要求采取更激进措施的呼声在德国零售业游说团体中日益高涨。但我并不期待默茨能做太多，他是一位基民盟成员且是虔诚的天主教徒。经济学家未能理解的是，而且普遍的讨论中忽略了的是，这对城市氛围的提升。世界上很少有地方比繁华的商业街更能击败“周日忧郁”了。死气沉沉的大道比这里更令人沮丧。听到柏林周日的钟声，许多教堂召唤信徒参加弥撒，这很美好。但没有理由让它们随之陷入沉默。
更令人惊讶的或许是，这种观念是如何渗透到私人领域的。当我的周六购物冲刺允许时，我经常在下午 2 点干洗店关门前五分钟冲进去。得到的奖励通常是对方无奈地看一眼墙上的时钟。然后我会挤出时间最后一次逛逛 Manufactum 零售店，那里售卖高端商品，我总能买到羊绒连裤袜、橙花皂或马zipan 杏仁糖。
然而，德国仍然是欧洲最坚定维护神圣的“周日休息”（Sonntagsruhe）规则的国家之一，这得益于工会和教会这两个意想不到的盟友。2024 年，其中一家德国最大的工会—— Verdi 甚至援引此条，起诉一家超市连锁店，以防止其在周日经营自助服务商店。
这场辩论与十年前在法国目睹的辩论如出一辙，当时一位年轻、大胆的经济部长埃马纽埃尔·马克龙试图放开周日贸易。政治分歧点非常相似：强大的工会和仍具影响力的天主教会与消费者和企业相对立，而后者认为更大的灵活性将振兴低迷的经济。新教和天主教会则继续主张，这一天应致力于家庭和礼拜。所谓的《马克龙法案》——一系列旨在将国家从停滞中唤醒的措施——在当时引起了巨大的争议。
或许更令人意外的是，FT 驻柏林局长 Anne-Sylvaine Chassany 对此深有体会。
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棋局解析 2685 1...Qd8! 同时威胁 2...Bb4+（赢得皇后，因为白方的 d5 骑士被牵制）以及 2...Qxd5+ 和 3...Qxh1，届时黑方将多出两个兵。如果白方以 2 Ke2 应对 1...Qd8，则 2...Bg4+ 3 Kf2 Qh4+! 4 K 移动 Qxel 将赢得白方的皇后。
( 时代终结 “壮丽七巨头”时代已结束 2 / 金融 金融时报 2026年8月1日 周六
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本周... Nathan Brooker，FT 金融编辑。 “The Nifty Fifty”、 “The Four Horsemen”、 “The Faangs”、 “The Mangos” —— 投资历史上充满了股票绰号，但没有哪个比 “壮丽七巨头” 更强大。 这组由 AI 驱动的巨头公司在近年来主导了全球股市的回报。然而，其霸权时代正显得摇摇欲坠 —— 这七家公司（微软、苹果、Meta、特斯拉、亚马逊、Alphabet 和英伟达）在 6 月份损失了超过 $2.2tn 的市值，且它们的财富轨迹开始分叉。问题在于，它们的主导地位促成了惊人的市场集中度 —— 那么在帝国终结之际，投资者现在应该怎么做？ 封面故事由 John Plender 撰写，第 6 及 7 页。
养老金 高收入者被警告注意养老金的递减税陷阱 (taper tax trap)。 由于复杂的规则，如果调整后的收入超过 £260,000.，年度免税额将减少 £1，最低降至 £10,000.。 JOSEPHINE CUMBO
储蓄者因费用损失 £260,000,。 每 £2 的资产，如果调整后收入高于 £260,000,，年度免税额会减少 £1，降至最低 £10,000.。 Evelyn Partners 的特许财务规划师 David Little 表示，随着税务海关总署 (HMRC) 报告称，因违反年度免税额而面临养老金税收处罚的储蓄者人数激增，高收入者应避免递减税陷阱。 他指出，递减税仍然是一个 “特别的陷阱”，因为 £60,000 的基准免税额可能会给高收入者一种虚假的安全感。 HMRC 报告称，申报超过年度养老金免税额的人数增加了 22 ％。 Little 注意到调整后收入计算的复杂性。
英国人交了很多税吗？ 我们确实感觉到生活被挤压到了极致 —— 但我们的抱怨合理吗？ 金融思考，第 4 页
高于其年度限额的供款。“通过自我评估调整收入限额，尽管标准年度限额在 2023. 年 4 月从 £40,000 增加到 £60,000。财富管理人员表示，这在很大程度上是由高收入者触犯年度限额而驱动的，这种情况依然在发生。”
高收入者可能会意外地触发年度限额税款，这是养老金税务系统中最复杂的规则之一。年度限额是大多数人每年在享受税收减免的同时可以向养老金供款的最高限额。然而，某些储蓄者（包括高收入者）适用较低的限额，其中包含灵活提取了定义缴款养老金的人员，以及那些收入和供款高于其个性化年度限额的人员。
专家表示，关键在于在纳税年度结束前灵活规划，而不是等待养老金对账单或报税单才揭晓问题。
通过自我评估，在 2024-25, 30,440 人申报了养老金供款，高于一年前的 24,950 人，根据本周公布的统计数据。超额供款的价值从 £505mn 增加到 £672mn，增长了三分之一。
由于涉及多个计划的定义收益方案，或者由于对结转规则的误解，使得最终情况在纳税年度后期之前难以预测，此时撤回在纳税年度内已缴纳的养老金供款将非常困难。但无论如何，这通常是由于高收入者触犯了年度限额。
即使个人供款看起来相对较低，也可能被牵连其中。因为年度限额包括雇主养老金资助，所以即便在这种情况下的年度限额也必须按其边际所得税率缴纳税款，无论该税款是直接支付还是通过其养老金计划支付。
一名读者写信至第 5 页的“您的疑问”栏目，提出了一个关于养老金的微妙请求：“如果我把钱借给家庭成员，我能把钱拿回来吗？”
Wealth 财务规划师兼首席执行官 Adrian Murphy 表示：“高收入者可能会通过多种方式意外地触发年度限额税款。”
递减机制适用于门槛收入超过 £200,000 且相关英国收入较低的情况。
你迟到了。这是我的发票。 我们从不承认迟到有多昂贵。别担心，我想出了一个解决方案。 James Max, 第 9 页 读者来信
夏季托儿服务在英国为何变得如此昂贵？ / 每周工作四天。 企业税，很快地 我完全支持伴侣们 脱欧婴儿潮一代：“我们要求 每周工作五天，且 在结婚前签署婚前协议。 我们的三重锁定。” 同样是脱欧 两个孩子的托儿费用 如果这就是我们将金钱话题 婴儿潮一代：“为什么没有 目前会让我每月净损失 常态化地引入关系中的方式，那么就这样吧。 给孩子的钱？这是一个无法 £1,700。 / 住房问题将会 克莱尔·巴雷特，封底 被解决的谜团” —— jfkfc，来自 FT.com 想出一种方法，为了每年多拿 / 得到缓解 —— PinkRemoanyClub，来自 一英镑，我 FT.com 我们的学校和托儿 需要将我的薪资增加 体系在设计之初是基于 约 £55,000。 —— 一名家长（通常是男性）工作， JamiePCon，来自 FT.com 妻子在家的模式。 堆叠 许多房屋的挂牌价格不切实际， 理性的临界点在于 无论是对市场还是对许多当地人而言。 卖家通常不愿降低价格以
最佳买入选择 家。只有最富有和最贫穷的 家庭才能负担得起大家庭。因此， 安迪·伯纳姆何时才会 出生率下降并不令人意外，因为养育 解决“工作成本” 抵押贷款 储蓄 孩子的成本如此之高 —— JMO872，通过 两年期固定利率，60% LTV 一年期固定利率 — FT.com 危机？ First Direct — 4.32% — £490 £10,000 AER — 作为一名拥有伦敦抵押贷款、两个孩子在 手续费 — 免费估值 GB Bank — 492% 托儿所且收入高于 £100,000 税收门槛的 FT.com 伦敦人，看到其他人如何 操纵系统，这令人沮丧。 西南部如何成为英国最 我的妻子和我都全职工作， 功能失调的房地产 但生活依然拮据。当决定不再 市场 工作变得更诱人时，当你发现实际上 给予各地区权力 能找到买家的价格水平时，人们 AllatSea，通过 FT.com 最终会明白人口统计学的必然性 —— Tim Gough London，通过 以及婴儿潮结束之日就越来越近了。 FT.com 届时，整个国家将崩溃 —— 这一代人的购买力， 以及价格都将下降。
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电子邮件提醒 这种学年结构 何时该停止，并且 我们是否因为孩子的 设定公司税并向企业提供 通过电子邮件发送至 money@ft.com 或在 Twitter 条款，一年仅有两到三次 家长决定做出 搬迁才是答案。 通过 @ftmoney。评论可能会 订阅所有 周的假期 —— 职业选择？ —— Botomous, 经由 如果西南地区被允许 因篇幅和 FT Money 报道的免费提醒，请扫描 1968camper, 经由 FT.com FT.com 在价格上低于伦敦 清晰度而进行编辑。 二维码 > 金融时报 2026年8月1日 星期六 资金 / 3
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夏季房产市场放缓“比往年更剧烈” 房产 抵押贷款利率去年总体稳定，维持在 弱期至 7 月 19 日。数据 抵押贷款利率较高已导致 抵押贷款利率在五年的固定期限内 处于买方市场，数据表明 星期三公布的来自英格兰 范围在 4.1% 到 4.3% 之间 抵押贷款审批量在 6 月从 56,600 之间，约为 75% 的 贷款价值比。但伊朗战争 56,600 增加至 58,200。 导致市场反应剧烈， 银行显示。詹姆斯·皮克福德 (JAMES PICKFORD) 导致领先利率跳升至 4 月左右 5% 左右。 北东部 —— 然而， 英国房产市场的销售 斯科特兰 —— 该十年至 2023 年的平均利率 要快于 2026 年 7 月 19 日 前四周对比去年同期 (%) 许多较高，约为 速度在夏季有所放缓， 65,000 到 68,000 套 / 月。 “数据 约 5% 左右。 约 4.75% 左右。
北东部 —— 斯科特兰 —— 约克郡和亨伯地区 —— 西南地区 4 伦敦 + 西北地区 + 东部 —— 东南部 4 西米德兰兹 4 东米德兰兹 —— 威尔士 4 英国 =
销售成交量 45 至 58,200
他们随后在 7 月回落至 4.75% 左右。Zoopla 表示。 “经验法则，这些抵押贷款利率越接近 5%，对住房市场的影响就越大，”多内尔 (Donnell) 说道。 除了三个地区外，在截至 7 月 19 日的四周内，所有地区的待售房屋数量均有所增加。伴随着成交量的下降，这显示出了买方市场的典型特征。 在截至 7 月 19 日的四周内，成交数量与去年同期相比下降了 9%。 包括汇丰银行 (HSBC) 在内的大型贷方在内。 来源：Zoopla Research 房产网站
Zoopla。巴克莱银行 (Barclays)、桑坦德银行 (Santander) 和 Hali- 市场。“买家拥有比前一段时间更多的议价空间，”Donnell 说道。该网站的房价指数——涵盖 6 月份的日历月——显示，房产销售和房价上涨的波动在 Zoopla 的衡量标准中被转化为幅度小得多的增长。增长率已从去年的 1.7% 减缓至 1.3%。
他警告称，这些条件意味着渴望卖房的人将难以像北方的买家那样从传统“九月反弹”中获益。这些地区的房价在一段时间内一直上涨，几乎自伊朗战争再次爆发以来就一直如此。
由于销售达成数量少于去年，英格兰东北部成为唯一反转销售量下降趋势的地区。而 Bath、Oxford 和 Harrow 等地的销售额则持平或下降。
Zoopla 收集关于潜在买家查询数量的数据，统计那些对特定房产表示感兴趣的人数。在 100 个衡量指标中，超过四分之三的小型当地市场 (76%) 登记的销售量较少。这些地区的区域性销售达成量同比下降了 23%，其中包含 Warrington、[Tull。
Zoopla 的证据表明，南北分化主要由成本解释，北方的平均价格低于南方。
Trinity Financial 的经纪产品总监 Aaron Strutt 表示：“抵押贷款利率已经上涨了一段时间，部分大型贷方的固定利率和追踪利率在短期内有所上升。”他说，这种情况在短短一周内发生了两次。此外，今年夏季的销售下滑比往年更剧烈，抵押贷款利率更高且销售量低于去年。同时，政治不确定性也压低了买家信心。
理查德·唐尼尔 (Richard Donnell) 担任 Zoopla 执行董事，他表示：“季节性销售需要在此基础上达成现实且具有竞争力的价格，且需尽快达成，尤其是对于那些有紧迫搬迁需求的人来说。”
英国股市飙升引发投资平台交易热潮
STEVE JOHNSON
英国股市创下历史新高，引发了部分大型投资平台上的零售交易热潮。IG 平台上富时 100 指数 (FTSE 100) 股票的日均交易量在 7 月份激增 41%，与去年同月相比。
苏格兰抵押贷款投资信托 (SCOTTISH MORTGAGE INVESTMENT TRUST) 投资进行中
富时 100 指数自 2010 年以来表现明显逊于标普 500 指数 (S&P 500)，因为后者的巨头科技股（由“七巨头”领衔）大幅领先。
然而，近几周来，富时指数中缺乏对人工智能建设的直接敞口似乎正成为一种优势。
一些英国零售投资者在本月交易活跃，因为他们同意分别由竞争对手 OCS Group 和 ABB 收购。同样，中型股 easyJet 在董事会建议接受美国金融公司 Apollo 提出的 £5.7bn 要约后，也出现强劲反弹。
给予了其“反动能”的状态。旧的市场格言是，创纪录的高点往往会催生进一步的新高，并由此吸引投资者的兴趣，”博尚（Beauchamp）表示。“如果活动继续以目前的步伐进行，富时 100 指数（FTSE 100）有望在周环比增长约 34 per cent，凸显出英国股票吸引力的增强，因为该指数正向新的历史高点推进。”
英国投资者并未完全放弃芯片股。然而，IG 的数据还显示，英伟达（Nvidia）、美光（Micron）和英特尔（Intel）等股票的交易量有所增加，买单数量明显超过卖单。InvestEngine 表示，对专注于伦敦的上市英国公司和交易所交易基金（ETF）的需求增长较为温和，尽管这种情况在 7 月发生了反转，当时富时 100 指数接近其历史最高点。
“许多投资者似乎并不将创纪录的高点视为获利了结的理由，而是认为上涨行情仍有空间，”他补充道。
由于对支出水平和中国竞争的担忧，高飞的美国和全球科技股在新鲜压力下出现动摇，英国股票因其低估值、稳健的分红以及缺乏 AI 风险敞口的结合而成为关注焦点，“博尚”——IG 首席市场分析师表示。
由于对英国公司的收购兴趣上升，也增加了伦敦市场的投机氛围，富时 250 指数（FTSE 250）公司——外包服务商 Mitie 和工程集团 Rotork 的股价大涨。
旧的蓝筹股指数在本月上涨了 3.8 per cent，超过了其 2 月设定的前高。该伦敦基准指数在过去一年中增长了 19.1 per cent。
医疗保健的未来。
将技术置于生物学的核心。
我们在寻找这些改变世界的企业的使命中，探讨一系列令人兴奋的主题。为什么不把它们全部发现一遍？
Scottish Mortgage 投资信托基金旨在寻找全球增长最快、最令人兴奋的公司，并进行长期投资。医疗保健仅是其中之一。
我们认为，这是您在未来数十年获得强劲回报的最佳方式。资本存在风险。可获取关键信息文件。
由 Baillie Gifford 管理 scottishmortgage.com
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Baillie Gifford & Co Limited 发行并批准，注册地址为 3 Haymarket Square, Edinburgh, EHS SRY, United Kingdom。Baillie Gifford & Co Limited 是该信托基金的获授权替代投资基金管理人及公司秘书。Baillie Gifford & Co Limited 受金融行为监管局 (FCA) 授权并监管。由 Baillie Gifford & Co Limited 管理的投资信托基金不属于金融行为监管局的授权或监管范围。
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4 / Money FINANCIAL TIMES 2026 年 8 月 1 日 星期六
OPINION / NEWS
英国人是否愿意被责打是一回事。但同时推荐你的同僚也被责打，那就是另一回事了。
真正支付？这正是“爱国百万富翁”（Patriotic Millionaires）组织采取的策略，其成员包括足球评论员加里·莱因克尔（Gary Lineker）和前城市交易员加里·史蒂文森（Gary Stevenson）。该组织正呼吁对富裕阶层征收更高税收，而此时即将上任的首相安迪·伯纳姆（Andy Burnham）也正在考虑实施此类征税。这简直就像火鸡在圣诞节前夕给农夫发了一条前往屠宰场的日历提醒。许多英国人认为他们已经承受了沉重的税收，无论其净资产是否高达七位数。
这种信念正确吗？如果税收过高，纳税人就有理由投票反对实施该政策的政治人物。同时，他们也会寻找减轻负担的方法。许多英国人坚信自己已经承受了沉重的税收——而这种观点在 IFS（财政研究所）的一项关于财政政策分析的陡峭分位数显示中显得十分明显。但真正的震惊之处在于，通过额外的所得税、主要是 2010 年至 2019. 年间所得税起征点的冻结（自 2021. 年 4 月起持续冻结），给低收入家庭带来的压力。这些由少数群体承担的额外和更高税率所得税，在相对 terms 中，中等收入家庭的表现尚可。这为某些评论员所传播的“被挤压的中产阶级”叙事提供了一个有用的现实检查。
我的理论是，在欧盟经济体（如德国和法国）与英语国家之间，英国处于一个尴尬的中间位置。因此，council tax 成了寻求回答该问题的关键。毕竟，现在的平均工人每年支付 £700 的税款，仅仅是因为个人免税额的冻结。
你可能会反驳说，我过度解读了这一陈述。个人对所得税极其敏感，因为它直接由他们承担。但个人在支付所有其他国家税收（如公司税、商业税率等）时，则由雇主支付。我会持有异议。
这些税收可能主要由特定群体（如投资者）承担，但它们也会通过商品和服务的成本触及消费者。一种衡量英国所有税收规模的更广泛方法是将其作为 GDP. 的历史百分比。这一数字自 1965. 年以来一直在 28 到 35 之间波动。如果将英国税收水平与外国同行（特别是欧洲大陆同行）进行比较，那么“不”也许也是答案。
针对具体问题：“英国人是否承受了沉重的税收？”有几种答案。如果以历史先例为基准，答案是肯定的。如果你很富有，答案也是肯定的。当将英国与外国同行比较时，答案可能是否定的。
在 2024 年的一项排名中，英国税收处于顶端。
税收和福利的变动确实帮助了一些中等收入人群。
所得税收入与资本收益收入相比，目前高度依赖于富裕阶层。
“所得税筹集的资金增加了许多，”德莱斯特（Delestre）说，“但其中大部分落在高收入群体身上。”目前，最高 1% 的人群贡献了英国约三分之一的收入，而这一比例在 2000 年代仅为四分之一。但关于这一点，稍后详述。
就业机会同样重要。这受限于高昂的雇佣成本，特别是雇主的国家保险金和员工费用。但它们同样通过商品和服务价格影响消费者。
大多数人认为他们应该支付适度的直接税，而富人则应多缴。
GDP. 占比的税收收入（%）：年度变化百分比
家庭可比国家已打破了对 40 : 可支配收入（按收入十分位数区间划分）支出预期，且呈持续上升趋势。NHS（国民医疗服务体系）和国防支出：（2024 年价格）。英国目前正趋于随之而行。
“我心中一直存有一种挥之不去的不安。它关乎 2010-24 年间的就业成本，尤其是雇主缴纳的 10 百分比的 GDP，”财政研究所（IFS）的高级研究经济学家伊萨克·德莱斯特（Isaac Delestre）表示。前任财政大臣瑞秋·里夫斯（Rachel Reeves）将此比例提高至 15%，同时将起征点从 £9,100 降低至 £5,000，涵盖 30 : -10- 年收入。
分析英国人缴纳的税款与外国人的对比并不困难。真正的问题在于决定谁被排除在分析之外。就个人而言，我忽略了微小的削减。然而，显而易见的是，对就业征收的高税赋进一步激励了雇主使用人工智能取代入门级员工。我的理论是，英国在主要欧盟经济体与具有强社区导向的单薪家庭和两个孩子的“英语圈”（Anglosphere，指英语为主要母语的发达国家）之间处于尴尬的中间位置。这种差异体现在“税收楔子”（tax wedge）中。这个便捷的衡量指标是——
（图表内容） Total, 2010-19 —— 接近并即将超过历史最高税收额，特别是国民保险。 2010-24 就业成本 [2019-24] 英国青年失业率令人遗憾地达到了 16.4 百分比，且发生在 21. 岁。即便如此，平均值为 2=20。 12345 67 8 9 10 （收入十分位数：由贫到富） 行为响应后的收入变化 1965 1980 2000 来源：OECD 经 OBR 引用 * 来源：IFS
英国的就业税低于欧盟同行，但在英语圈中最高。 就业税与就业成本， （%） @ 净额，扣除现金转移支付 [员工] [福利] 所得税 I) 所得税 英语圈 欧盟国家 40 5 ——_ e e@ = - 40
至于我，我尽职地缴纳所有税款，但会自动对任何多收的款项提出申诉。我的经验是，税务机关在像养老金提取这样简单的交易中可能会多收钱。“爱国百万富翁”可以通过不情愿地支付被要求缴纳的所有款项来增加他们自己的贡献。与此相反，
iLid # 20 — n - 20 雇主雇佣一名员工的总成本与 对于这种方式，莱因克尔本人 该员工实际到手金额之间的差额， 曾就 2023. 年一项 £4.9mn 的税务要求 通常以百分比表示。 提起上诉。他胜诉了。 Ca ; NZ US _Canada UK Italy Germany Spain France Jonathan Guthrie 是一位记者、 Australia 根据 OECD 的数据，在澳大利亚和 顾问及《投资真相》 (The Truth 美国，工作是一项相对负担得起的 About Investing) 的作者。 活动。但在其他地方则更为昂贵 jonathanbuchananguthrie@gmail.com (对比基于 OECD “平均税收楔子”计算，即：个人所得税加上员工及雇主社会保险缴费，减去家庭福利，除以总工资加上雇主社会保险缴费) 来源：OECD 2026, 作者研究
FINANCIAL TIMES Saturday 1 August 2026 Money / 5
您的疑问 / 能否拿回借给家人的钱？ 露西（Lucy）表示，她借钱给家人以帮助他们度过难关，但没有签署书面协议，因为她通常信任他们会还钱。 在这种情况下，可以通过多种方式追回。如果借款人仍然不付款，或者强制执行步骤未能奏效，您可以考虑让借款人破产。 但在此采取正式行动之前，通常明智的做法是先进行协商，尤其是在涉及家庭动态的情况下。这有助于维护关系，降低成本并减轻压力。 请确认是否有任何内容记录在短信、电子邮件或其他书面沟通中。对协议内容的证据越明确，您的立场就越有利。 如果没有讨论利率，则不太可能支付利息。如果没有约定还款日期，该贷款将被视为“见索即付”，这意味着
法院通常期望当事人在启动诉讼程序之前尝试达成和解。
除了考虑借款人是否可能会主张该款项是赠与而非贷款外，还应考虑是否有任何可以追回资金的措施。根据英国法律，某些家庭成员之间的转账被推定为赠与，但这一推定较为薄弱，通常可以通过证明对债务存在真实争议等情况予以反驳。证明有还款预期的证据将有所帮助。
即便没有正式的书面合同，口头贷款协议仍然可能具有法律约束力。如果当时讨论了贷款条款（即使形式非常随意，包括讨论了任何还款日期或利息），那么这些协议可能依然有效。
Joshua Swift（Withers 律师事务所诉讼与仲裁团队合伙人）表示，纠正此类情况的第一步是确认你与对方就贷款条款达成的一致意见。
即使是非正式的贷款讨论也可能具有法律约束力——在这种关系中，你通常有两种法律选择。
如果你被欠款 £5,000 或更多，你可能会能够发送一份法定要求偿还通知（statutory demand）。这是一份正式的书面付款要求，如果还款被拒绝，或者在 21 天内未对有效要求做出回应或满足要求，你可以向县法院申请宣布借款人破产。借款人可以通过质疑要求来挑战该通知，但如果成功，你将获得一项随后可在法院执行的判决。
或者，你可以提起法院诉讼以追回债务。较低金额的索赔可以通过法院的 Money Claims Online 服务提交。尽管如此，较高金额的索赔可能在县法院或高等法院审理。法定要求偿还通知通常会鼓励借款人还款，但请仔细考虑，如果对方已破产，你可能无法追回资金。这将取决于对方的资产情况及其他债务。
本专栏观点仅供一般参考，不应替代专业建议。Financial Times Ltd 及其作者不对因依赖本回复（包括任何损失）而产生的任何直接或间接结果负责，并最大限度地排除相关责任。
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6 / 金钱 金融时报 2026年8月1日 星期六
封面故事
愤世嫉俗的人会说，市场的绰号是由专业人士为了刺激投资者而编造的——但 John Plender 认为，“The Mag 7”比这危险得多。
华丽七巨头 (The Magnificent 7) 的时代 那些曾经主宰美国市场的全能公司——英伟达、Meta、苹果，等科技股已不再如此华丽。
“七巨头”（The Mag 7） 微软、 Alphabet、亚马逊和特斯拉——在 6 月失去了光彩，市值蒸发了 $2tn 以上。
投资者担心在 AI 基础设施上的巨额支出可能无法产生足够的利润，特别是对于所谓的超大规模计算供应商（hyperscalers），如 Meta、亚马逊和微软。这些公司计划在 2025 和 2026, 年在 AI 相关资本支出上投入超过一万亿美元，这一承诺超过了其收益和现金流，使它们日益依赖于不断攀升的债务。市场还担心内存芯片的成本。
这无疑是一次巨大的失宠。在 2024 和 2025 年，这些股票（其名称源于 20 世纪 60 年代的经典西部片）约占 S&P 500 总市值的三分之一，并为该指数带来了极高比例的涨幅。虽然 Mag 7 股票在 7 月收复了一些失地，但它们不再占据头条新闻，近期的焦点已被那些忙于从 Mag 7 慷慨的资本支出中获利的芯片制造商所占据。
这类绰号并不新鲜。大约十多年前，这类绰号总是反映出投资风格从价值型向动量型的转变。当时风靡的是 Faangs，其阵容与 The Magnificent Seven 现象及其被冠以旧名的前身基本一致，只不过是 Netflix 取代了 Nvidia，而 Meta 和 Alphabet 则仍沿用其原名 Facebook 和 Google。在 20 世纪 60 年代，我们有“漂亮 50”（Nifty Fifty），这是一个由 50 支大盘、高质量股票组成的群体，投资者在购买它们时认为可以永久持有，因为深知它们会持续增长且永远不会破产。
但这其中包含一个科技爱好者应当警惕的警告。AI 可能会与早期的技术进步有根本的不同。BIS 表示，AI 可能会增强知识本身的生产。如果有一天，AI 系统能够“创造”技术和创意，那么宏观经济后果可能与以往的创新截然不同。
然而，这种狂热可能会被心理因素和“错失恐惧症”（FOMO）所放大。在这种情况下，投资者实际上是被迫在股价大涨时买入。指数跟踪在很大程度上加剧了股市的集中度。同样，通过将基金经理的业绩与指数进行基准对比的做法，也促进了动量投资。
需要认识到，AI 可能会成为一个极具颠覆性和鼓舞人心的市场叙事。但在 6 月的崩盘之后，Mag 7 股票不再同步波动。花旗银行（Citigroup）的分析师表示，Mag 7 作为评估大盘股动态的构建体系已经死亡。
动量作用于两个方向。许多对冲基金和共同基金长期持有半导体股票，同时做空超大规模计算供应商。许多基金发现自己对 Magnificent Seven 的持仓不足。而一个愤世嫉俗的人可能会说，这类绰号是由金融专业人士设计的。
回顾 20 世纪 70 年代，“漂亮 50”公司如 Avon、宝丽来（Polaroid）、伊士曼柯达（Eastman Kodak）和 Xerox 最终不再“漂亮”，并走向破产。
关于基准对比如何扭曲价格，尤其是当基金经理在指数权重较高的证券中持仓不足时，伦敦政治经济学院（London School of Economics）的 Dimitri Vayanos 已经证明了这一点。他们随后必须购买被视为高估的股票以满足跟踪限制。
保罗·伍利（Paul Woolley）在国际清算银行（Bank for International Settlements）的年度报告中指出，目前有些指数对年度背离度设有上限。
方向、剧烈波动以及 7。由此产生的价格扭曲——一些经济学家认为，如果人工智能渴望提升市场金融不稳定性，可能会导致结果。Woolley 和 Vayanos 认为，资本成为劳动力的一种紧密替代品，即机器自主提升自身的能力，将允许经济获得一个自我增强的超指数增长引擎。问题在于我们如何从现状达到那个目标。
在美股市场中，动量（Momentum）占据主导地位，部分原因是资金流入被动指数追踪基金（包括交易所交易基金）的规模超过了流入价值基金的规模。被动投资等同于制度化的动量交易，而这在 Mag 7 股票的增长中至关重要。因为指数基金是以市值加权的，市值更大的股票吸引的资金比例更高。
因此，我们是否处于一个由 Mag 7 引起的科技泡沫中？虽然市场泡沫没有定义，但有一些基本组成部分。想想南海泡沫（South Sea Bubble）。南海公司的主营业务是持有等同于年金的资产并管理政府债务。
存在两种基本的投资策略：价值投资，投资者根据未来的公司现金流评估股票；以及动量投资，投资者购买表现出当前强劲势头的股票，这似乎预示着短期资本收益。牛市和泡沫在启动时会增强这种情绪。这对市场成交量是有利的，从而有利于做市商的收入。然而，这是资本配置错误、市场价格与经济基本面脱节的征兆。
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封面故事
至 $225，但随后在 7 月中旬跌回 IPO 价格以下。SpaceX 现象提醒人们，泡沫往往会催生新的高风险投资工具。在 1929 年华尔街崩盘之前的时期，投资信托大量激增。约翰·肯尼思·加尔布雷斯在其著作《1929年大崩盘》（The Great Crash 1929）中指出：“20 世纪 20 年代末最显著的投机结构，以及在很大程度上满足公众对普通股需求的手段，便是投资信托或投资公司。投资信托并不促进新企业的发展，也不扩大旧企业的规模。它仅仅是安排人们通过新公司这一媒介来持有旧公司的股票。” 加尔布雷斯补充道，即使在美国，在 20 年代，现有企业能够使用或新创建企业能够雇用的实际资本量也是有限的。他尖锐地宣称，投资信托的“优点”在于，它使发行的公司证券总量与实际存在 Company 的公司资产总量之间几乎完全脱节。
如今与之相当的是单股交易型开放式指数基金（single-stock ETF）。这一现象已在全球范围内产生传染效应——最惊人的是在韩国，与存储芯片巨头三星电子（Samsung Electronics）和 SK 海力士（SK Hynix）挂钩的单股 ETF 表现出剧烈波动。这对韩国市场产生了极大的不稳定影响，因为这两家公司占据了韩国综合股价指数（Kospi index）的一半权重。
投资者如何对冲由“七巨头”带来的市场集中度风险以及其他科技公司带来的风险？
传统的答案是多元化。但由于风险资产之间的相关性在危机期间往往趋同，因此还需要在不同国家和资产类别（如房地产和基础设施）之间进行多元化，尽管投资者应记住，传统的避险资产黄金已处于高位。在现金收益率相对丰厚的情况下，持有更多现金通常是合理的。
集中度风险在定额缴款养老金计划中尤为严重，尤其是在英国，大多数成员选择了默认选项，从而在被动股票中持有大量头寸。大多数 DC 计划追踪的是如 MSCI 世界指数等指数，这些指数高度暴露于美国市场。
至于我们处于泡沫的哪个阶段，不要忘记约翰·梅纳德·凯恩斯的著名名言：市场保持非理性的时间可能比你保持偿债能力的时间更长。
目前市场对销售额的痴迷，虽然产生了负现金流并承诺将外太空货币化，但依然存在。现在人们在谈论“Mangos”：AI 参与者 Meta、Anthropic、Nvidia、Google、OpenAI 和 SpaceX —— 这是投资者必须面对的集中度风险的另一种表述方式。
从今年 6 月 12 日 $135 的 IPO 价格（当时估值为 $1.75tn）开始，它迅速上涨至高点。
然而，在残骸之中，铁路最终改变了世界。技术进步带来的泡沫会激励投资者投入资金，从而大规模开辟新的机会领域，并由此启动技术进步。AI 显然属于后一类。
有些泡沫是不产生效益的，而有些则是技术科学进步的催化剂。
这些问题似乎并没有困扰 SpaceX 的投资者，该公司在首次公开募股时被估值为 95。
Oaktree 资本管理公司的创始人霍华德·马克斯认为，多年来由于过度挖掘而获得巨额收益的“七巨头”已不再是唯一的答案。然而，他强调了投资者面临的一系列目前无法回答的问题。
AI 资产的实用寿命将是多少？芯片的寿命是多少？在资产定价比中，应该计入多少年的盈利增长？机器能否实现人类大脑能做的一切？这将是进步的终结，还是可能会有进一步的革命？如果是这样，哪些公司将受益？公司是否会达到能够提取经济价值的稳定技术状态？
马克斯问道，接受在超大规模计算供应商的债务中进行固定收益投资是否审慎？而且，这种通过债务资助芯片和数据中心的投资，能否维持足够长的生产力，以便在 30 年的义务期内偿还？
至于泡沫何时破裂，GMO 基金经理创始人杰里米·格兰瑟姆在其与金融历史学家爱德华·钱塞勒合著的新书中表示，不要忘记关于 1840 年代英国铁路泡沫的著名词藻。当时计划在利兹和曼彻斯特之间开通 6 条线路，而实际上只需要 1 或 2 条。
年股票回报率 (%) 指数已重新基准化 (000) 2023 2024 0 100 200 ChatGPT 发布：Mag 7* ie) 100 200 S&P 500 Apple Alphabet a) 其他 493 T T T 2016 18 20 22 24 26 Amazon Meta Microsoft Nvidia Tesla 来源：Bloomberg * Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia 和 Tesla，通过 Bloomberg ** Bloomberg 500 ex Magnificent 7 指数
美股投资者依然严重依赖少数几家公司 ie) 100 200 fe) 100 200 S&P 500 中前 10 大公司的综合权重 (%) Apple Alphabet 40 Amazon 20 Meta 30 Microsoft Nvidia 1965 80 90 2000 10 20 26 Tesla 来源：Tim Edwards 和 Nick Didio (S&P Dow Jones Indices) 的研究论文《在巨人的阴影下》 来源：LSEG
FT Weekend 45222 体验 FT Weekend 报纸的生动呈现，参与环节包括：
伯纳姆预算将是什么样子？国会议员、《我们能再次变得富有吗？》(Can We Be Rich Again?) 作者 Jeremy Hunt，Blick Rothenberg 首席执行官 Nimesh Shah，以及 FT 的 George Parker 和 Tom Braithwaite 将共同探讨这对英国经济未来意味着什么。
我们如何解决 Z 世代的财务问题？从学生贷款、生活成本上涨到投资和住房所有权，FT 的 Claer Barrett 将与 Tolani, Abi Foster, Brian Byrnes, Michael Taylor 和 Oliver Gardner 一起，探讨年轻成年人面临的最大财务挑战以及可以产生影响的实际步骤。
学习如何规划遗产税，在与 FT 资产管理记者 Alan Livsey 的实际课程中，探索如何充分利用 £325,000 的遗产税起征点。
一场关于退休的大师课，7 numbers 将探讨在规划退休时最重要的财务、健康和生活方式决定。听取作家兼记者 Jonathan Guthrie、健康与福祉专家、广播员兼作者 Radha Modgil，以及 RBC Wealth Management 财富管理总监 Michelle Holgate 分享如何充分利用晚年生活的实用建议。
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OPINION
抱歉你迟到了。
生活中的某些事情对我的困扰程度远超合理范围。
例如，食物被盛放在除盘子以外的任何东西里；缺乏空间意识的人，尤其是在人行道上；拿餐具姿势不正确的人——事实上，我曾因为在电视上抱怨这件事而陷入麻烦。我认为这是一个完全合理的观察。其他人则认为我过于关注人们如何进食。他们可能说对了。
迟到是一种时间的浪费和对金钱的浪费——但我想到了一个解决方案。
你可能认为将薯条盛在花盆里是现代餐饮的胜利，或者认为迟到是无伤大雅的。我们可以对此持有不同意见。
迟到则不同；它永远不体面。这是糟糕的行为，而且这种情况似乎在蔓延——在这个夏天，我遇到的空座位和道歉次数似乎增加了。
但更令人不快——而且几乎没人提及的——是这种行为的成本。
我的时间观念可能并不完全正常。对我而言，准时到达就已经算迟到了。如果会议 10 点开始，我想在 9.50 抵达。如果我迟到了，哪怕只迟到 5 分钟。
你可能会认为丢失的时间被存储在某个地方，稍后可以找回。它不能。那些分钟已经消失了。
我曾与一个人共事，他每次开会都迟到。偶尔迟到也就罢了。每次都正好 15 分钟迟到。这已经变得如此可预测，以至于你可以根据他来校对手表。
他们理解时间的价值。他们向我们收取费用以节省时间。那么当他们浪费时间时，他们也应该付费，这才是公平的。
时间就是金钱，所以如果你让詹姆斯·麦克斯 (James Max) 等候两小时，那简直是灾难——而在他们让你等待、推迟我的航班或让我排队，同时反复向我保证我的电话“很重要”时，你却无法获得同样的宽容。
如果你在会议上迟到，那被视为一个“运营问题”。
— ciara San millan
(Note: Date is Saturday 1 August 2026)
WaitPay 将会悄悄地记录在案。时间与你的时间同样重要。会议将定于上午 10 点举行。几分钟之后，你应该假设世界已经末日了。两顿迟到的午餐，在电话中等待 43 分钟。我并不是铁石心肠；1 每个人都会到达。文件将被打开，咖啡将被斟满。这可能源于对宽带供应商的认知，即某些迟到是可以被原谅的。我被告知，孩子们在这一方面特别有天赋。他们可以直到手握门把手的确切时刻才准备出门。然后，有人需要上厕所，或者莫名其妙地弄丢了一只鞋。
奇怪的是，当别人在向我们收费时，我们能理解时间的价值。错过一次付款？会有罚金。在车位超时停车？要交罚款。向税务部门延迟提交申请？他们突然会对截止日期的重要性产生极大的兴趣。这就是为什么我想发明“WaitPay”。我们全部注册，它就悄悄地消除了尴尬。
如果你迟到 15 分钟，朋友们有 5 分钟的宽限期。十五分钟迟到？咖啡你请。三十分钟？你得买单午餐。然而，公司方面，我会坐着等待午餐 20, 有时甚至是 30 分钟，直到对方终于出现，一副悠闲的样子，仿佛他们是按照原定计划到达的一样。
但我所说的不是偶然的迟到。我说的是习惯性的迟到。那些认为会议时间只是一个建议的人。那些在还在决定穿哪件外套时，就发送“五分钟后到”信息的人。他们会很乐意在你的行李超重 300 克时向你收费。他们会因为你想坐在同行者旁边而向你收取选座费。
在这个过程中，WaitPay 会悄悄地记录得分。我在现场广播中主持了 20 年。它教会你时间不是可以协商的。如果你在上午 10 点直播，它不能被推迟到 10.03，因为咖啡排队的人太多了。麦克风不在乎。观众也不在乎。空白的时段是在向我们收费。
那么，在 10.15, 他会出现。准时地迟到。几乎令人佩服。
不过，重点不在于钱。准时仅仅是良好的礼貌。而应对这种情况并非坏礼貌。这就是生活。时间是我们所有人被给予的唯一且数额完全相同的货币。糟糕的一餐可以被忘记。一个错误的决定往往可以被修正。但浪费的半小时？永远地失去了。
所以，如果你约见我迟到了，不要担心。我不会生气。我只会给你发一张账单。叮。 “您的 WaitPay 账户已入账 £138.40。”
James Max 是一名广播和电视节目主持人。社交账号 @thejamesmax
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[采矿 Restore (RST) Unite Group Rio Tinto (RIO) 0") (UTG) 高层变动：Skinner 辞职 学生房东寻求重组 AI 推动金属价格上涨
在公布半年业绩的同时， 在买方市场中出售资产 首先是商品 文件处理专家 Restore 很少是一次愉快的体验。这就是 超级周期；现在我们迎来了 AI 和 宣布 Charles Skinner 将 Unite Group 面临的挑战，这家 电能转型。 退出其第二次首席执行官 学生房东计划出售其投资组合中 前者在很大程度上是由中国对铁矿石 任期。他是在三年前被请回 72,000 张学生床位中的 15,000 的需求所驱动的， 以扭转这家陷入困境的 至 20,000 张床位。 而后者则在推高 企业的局面。 Unite 表示，其 2026 年的资产处置目标为 £300mn 铜、铝以及一系列 Restore 在失去了五分之二的 至 £400mn，目前已完成 £130mn，并称其 较冷门金属的市场。 市值后正处于复苏之路上 —— FT 摄影 / Pat Stockley 在定价方面采取“务实”态度。 Rio Tinto 公布的中期收益大幅增长，自由现金流激增 其间的大部分时间涉及重组，包括 处置表现不佳的业务
恢复首席执行官卸任后 及其流程的改进。 在技术业务方面，其 该公司计划利用 所得资金来加强其资产负债表 半年报时的现金流，但 更重要的是，铜，
三年的转型期 营业利润同比增长一倍。 尽管其中部分增长是 资产负债表，增加其开发管线 且在一切顺利的情况下，回购更多 铝和锂占据了 底层现金利润的一半以上 由较高的销售价格驱动，但 过去半年内股价上涨 175%，得益于向数据 Skinner 表示，该公司在开展的业务方面 今年上半年（截至 6 月）下降了 6%，至 £6.73bn。这是其 中心租赁的转型，Restore 的股价则 也变得更加谨慎。 税前亏损 £417mn 的关键驱动因素。底层 失去了其价值的五分之二。 总体而言，这些改善 earnings 为 $6.85bn（截至 6 月的六个月），高于 2025 半年期的 $4.81bn。 但这种在大西洋一侧取得巨大成功而 体现在半年报数据中，数据显示调整后 Unite 已将其 2026 / 27 另一侧遭遇惨败的故事过于简单化。 营业利润增长 19%，底层 学年的租金增长指导范围下调了 1 个百分点， 利润率略高于 20%。 至 1% 到 2% 之间。FactSet 共识预计每股收益为 $612，2027 年将升至 $6.25。 除了铁路方面的生产力节省外，对铜和锂的投资
首先，International Paper 现正分拆为两家公司，这实际上是对其大规模收购未能奏效的承认。而近期的增长势头有所停滞，过去 12 个月仅上涨了 5 per cent。我们认为，潜在的改善并未反映在公司的估值中。
英国公司的复苏由首席执行官负责监督，他已宣布将在 2026. 年底将接力棒交给首席财务官 Dan Baker。
许多英国上市公司在今年大量收购，但潜在趋势已存在一段时间。International Paper 在 2024 年收购英国包装竞争对手 DS Smith 仅是富时 100 (FTSE 100) 企业被海外同行收购的最新案例之一。
那些留在国内市场的人则在通过降低价格来填补表现较弱城市的床位。目前优先考虑的是 [此处原文缺失 / 不完整]。投资者可以从资本回报率提高 3 个百分点至 17 per cent 这一点获得安慰。该股的交易价格为预期收益的 11 倍，而 Restore 的股价在过去 3 年上涨了 74 per cent。
但 Restore 依然面临挑战，其股价现已几乎翻倍，达到三年前低点的两倍。虽然 Restore 的规模仅为 Iron Mountain 的十分之一，且未接触 AI 浪潮，但这正是其市盈率仅为美国竞争对手四分之一的原因。
Unite 7 per cent 的股息率，加上回购带来的收益，将缓解部分投资者的不耐烦情绪，但这比该行业其他地方更具吸引力的风险回报概况更为合适。其隐含股息率为 4.5 per cent。
Dan Jones Michael Fahy Hugh Moorhead Mark Robinson Charles Skinner：这是关于对美国和英国股市态度分歧的故事吗？
DIRECTORS’ DEALS 本周谁在买入或卖出自家公司的股票？
Director / PDMR / Date :--- Fevara Tim Jones (ch) / 17 Jul 26 / 138.0 / 55,200 Greencore Leslie Van de Walle / 22 Jul 26 / 238 / 833,000 Guardian Metal Resources Oliver Friesen / 17 Jul 26 / 148.7 / 29,750
其转型的成功。Hercules Martin Tedham 17-22 Jul 26 31-34.8 133,193 市场看来他们已被抛在——计划，该计划包括将 MHP。Serhii Dobrohorskyi (PDMR)* 20 Jul 26 607.4 37,033 之后。以美国信息管理巨头 Iron Mountain 与 Aim 上市公司 Restore 截然不同的命运为例，两者最初都是作为文档存储业务起家的，其数字化与实体存储部门的剥离，以及对一个可靠性较低的办公室搬迁业务的剥离并确定新的增长领域，表明其在未来应该能够赢得更多投资者的青睐。
SELL One Health Zak McMurray 21 Jul 26 251 99,998 Steppe Cement Javier del Ser Pérez (ch) 17 Jul 26 21.5 26,210 Supreme Sandy Chadha (ce) 10 Jul 26 131.8 659,055 Telecom Plus Carla Stent 17 Jul 26 880.0 24,930 Eagle Eye Solutions Cédric Chereau (PDMR) 20 Jul 26 502.26 502,260 Marks and Spencer Alex Freudmann (PDMR) 22 Jul 26 397.633 1,073,609 Marks and Spencer Sacha Berendji (PDMR) 22 Jul 26 397.576 1,192,728 Marks and Spencer Mark Lemming 23 Jul 26 378.255 313,940 Roadside Real Estate Charles Dickson (ce) 16 Jul 26 56.8 662,666 SSE Stephen Wheeler (PDMR) 17 Jul 26 2,478.89 99,156 WAG payment solutions Morgan Seigler 21 Jul 26 100 30,000,000
“ 交易由配偶 / 家人 / 密切关联人进行 * 代表 TA Associates LP 行事 % 全球存托凭证 (GDRs)
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FINANCIAL TIMES 2026 年 8 月 1 日 星期六 Money / 11
在 Marks and Spencer 发生网络事件导致运营受阻并压低零售商股价一年多后，该公司似乎终于看到了隧道尽头的亮光。
在截至 3 月 28 日的 12 个月里，税前利润同比下降 29%，但 M&S 的食品业务在销售额增长 7% 后提升了市场情绪。
尽管 M&S 拒绝提供当前财政年度的前瞻性指引，但股价在业绩公布后出现了反弹。自 1 月以来，股价上涨了 174%。
这或许可以解释近期三位高管的一波抛售潮。M&S 国际业务董事总经理 Mark Lemming 上周处置了价值 £1.07mn 的股份；运营总监 Sacha Berendji 在 4 月从 M&S 退休前，也出售了价值 £119mn 的股票；而另一位高管则抛售了 1 份价值 £313,940 的股票。
Erin Withey
S&P 500（周线） A FTSE 100（周线） A Euronext 100（周线） A 美元 / 欧元（周线） A = 欧元 / 英镑（周线） A 英镑 / 欧元（周线） A 7470.12 58.14 0.78% 10868,05 131.82 1.23% 1925.79 447 0.23% 1.151 0.013 112% 1.345 0.013 0.972% 0.855 0.001 0.135%
12 个月 2 17.54% 12 个月 4 19.13% 12个月 ~ 22% 12 个月 2 0.75% 12 个月 4 198% 12 个月 » 119%
7月 31 涨跌 %涨跌 7月 31 涨跌 %涨跌 7月 31 涨跌 %涨跌 7月 31 涨跌 %涨跌 A 澳大利亚 All Ordinaries 9137.00 14.30 0.16 A 意大利 Milan FTSE MIB 52172.53 68.15 0.13 A ge 1.151 +0.000 £ / $ 0.743 0.002 0.22 A 巴西 Bovespa 177915.88 757.02 0.43 A 日本 Nikkei 64362.02 2494.59 4.03 A SIE 1.346 +0.003 A ef 1.170 +0.002 = +0.206 A” 中国 上海综合指数 3832.26 27.57 0.72 新加坡 Straits Times 5628.50 -45.08 -0.79 E / E 0.855 0.002 0.204 We 183.196 0.083 0.045 7” 法国 CAC General 8509.64 24.00 0.28 A 西班牙 Madrid SE 1960.50 3.80 0.19 ¥ / $ 159.225 0.100 -0.063 > £ Index 85.153 - - ”~ 德国 DAX 25629.24 7.21 0.07 瑞士 SM Index 14346.14 -46.35 -0.32 A WE 214.977 40343 = +0.161 A Sfr / t 1.089 +0004 = +397 7” 香港 —- 恒生指数 25884.43 25.55 0.10 ~~ 美国 Dow Jones 52440.12 232.06 0.44 A Sfr / € 0.931 +0.002 +0.188 Ritcoir 62633.40 +00.22 3.12
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
A 印度 BSF S&P SFNSFK 78094 64 166.49 071 7” 美国 Nasdaq 25177.97 +79.94 +007 e / $ 0.869 0.000 0.017 以太坊 1860.39 -25.78 2.95
美国 英国 欧元区 原油 贵金属 加密货币
6.89% 0.56%
Amazon.com Corteva aes Greggs = Sa «ce salah iene WTI 原油 Brent 原油 黄金 白银 比特币 以太坊
支付 前次 规定 除息支付 _ 前次 规定 除息 7月 30 1个月% 3个月% 1年% 5年% dul 31 前次 变更 周一 Safestore Holdings 7.65p 7月03 7月 02 超保守指数 985.61 -1.59% 0.21% -2.02% -19.19% 美国 2年期 429 421 0.08 欧洲机遇信托 14. 5p 0. 00p Juil0 7月09 — Safestore Holdings PID 2. 55p 7月03 7月 02 保守指数 1533.01 -1.28% 1.40% 4.76% 6.31% 美国 10年期 474 4.56 0.08 F&C 投资信托 099p 0.00p = 7月03 7月02 周五 收益指数 4773.65 — -1.19% 7.30% 836% 18.67% 美国 30年期 5.26 6.21 0.05 Helical PID 1p 0.00p = 6. 25 6月25 —_Blackfinch Spring VCT 22p = -27p — 7月03 7月C2_——平衡指数 8517.71 1.70% 7.98% 11.71% 79.38% 英国 2年期 4.39 4.32 0.07 Helical Ip 35p 6月 28 6月25 CT 英国高收益信托 14p = 1. 37p = 7月03.- 7月G2_——增长指数 8549.33. -1.19% 3.51% 13.68% 39.25% 英国 10年期 5.05 4.99 0.06 a oe y Ist i , id be ie be i eau ; a rH “4 x ‘ a 超高增长指数 3388.38
-1.37% 17.01% 54.86% ae 年 5.78 5.72 0.06 lercantile InvTs' p 9p 6月 12 6月 ucustite p 21p 7月 7 7月 OS 全球增长指数 3495.83 -2.42% 16.98% 55.69% 日本 2年期 1.49 1.48 0.01 Next ae 181pi 1758p in 7月03.ns 7月02.—= Games Workshop Group [pS 7月 hl? = ree E a A'l-ShareShare 指数 Ind 25853.32 a 3.87% et 18.15% 45.23% °- 日本 10 ¥1 2€0 2 0.00 Norcros (2007 Uo.) 7.6p 6.9p 6月 26 6月25 —_Liontrust 12p S0p — 7月03 7月02 ee a 世界除英国指数 84527-2699 16.955 58.104 日本 30年期 3.99 3.98 001 PayPoint 10p 0.00p Juid3 Juid2 Living REIT 1.4475p 1.4055p Juli0 Julcs 2 — ee =e : GFR? 年 267 276 0.06 Utd Utilities 3578p 34. 57p 6月26 6月25 Montanaro UK SmI Ces II ‘.68p 1.74p = Juli7 7月 16 GFR 10年期 3.70 3.15 1.05 Workspace Group 16. Jp 19p 7月 03 7月0Z — NewRiver REIT 3.6p 35p 6月19 6月 18 il 价格指数 77 价格指数 德国 30年期 3.70 3.65 0.05 周二 Next 15 Group OG) Ops 7月03 .uic2 / ) neeallestce inten
消费者价格指数 latex CC 日本 Inc& Gwth Tst 175p 1.65p 7月03 7月? Polar Capital Holdings 32p 32p = Juli0. Julcg 变更 超过 1个月 变更 超过 12个月 Johnson Mat 5p 55p 6月05 6月04 Premier MViton 1 5p 3p Juli0. Julcg. API 6. 416.50 0.30% 3.0% arr 数据报告 / Dat Ci 周三 Sanderson Nesign Group 1p ip 7月10 7月 RPIX 6. 403.70 0.27% 2.9% ves 7 mia " ' os om Smith & Nike Peas Uberon AIM VUI 1359 1. 3p — 7月10. 7月09_—-Schroder Ociental Inc Fund 250 2p 7月24 7月2g CPI 6. 142.50 0.10% 2.6% fe oe belay Ales dese SL a et aac Tatton Asset Management TSp 9.5p 6月26 6月25 Schroder UX Mid Cap Fund 65p 63p 7月’0 7月 09 银行利率 / 国际利率 06 Aug 2028 7Z roe BaalE Ibstock Lateran ‘ x Cussons Me a ne 英格兰银行基准利率 (7月) 3.75% 03-Aug-2026 FDM Group 中期 / 06-Aug-2026 Admiral — 中期 Me a ne 英格兰银行基准利率 (7月) 3.75% 03-Aug-2026 FDM Group
中期：美国联邦基金利率 3.50 - 3.75% 03-Aug-2026 Senior Interim / 06-Aug-2026 Admiral — 中期：06-Aug-2026 Harbour Energy _— 中期 Ca ae 4.004 0.00; Jul 03 Jul 02 hnety One ae as jul 17 BF I 18 美国长期债券 471% 04-Aug-2026 BP 中期 / 06-Aug-2026 Mears 中期 hnety One ae as jul 17 BF I 18 美国长期债券 471% 04-Aug-2026 BP 中期: re P ‘= i 欧元基准利率 2.40% 04-Aug-2026 Keller 中期 / 06-Aug-2026 Mears 中期: 06-Aug-2026 WPP 中期
价格 日息 折 / 溢价 / 价格 日息 _折 / 溢价 / 价格 日息 _折 / 溢价 / 价格 日息 _折 / 溢价 / 价格 日息 _折 / 溢价 :--- 3i Infra 380.00 3.57 / BickH World Mining 883.00 1.00 124 / Hansa 336.00 8.00 3785 / JPMUS Sm 432.00 7.00 8.97 / Schdr Orient. 442.00 7.50 3.96 Abf GVIT 88.00 -12.25 — / Brunner 1538.00 -10.29 / Hansa A 313.00 -ALST Law Deb 1242.00 2.61 / Schdr UK Mid 780.00 A494 / Abf Sml 1704.00 8.00 -9.68 Caledonia Inv 383.00 3.50 -35.2 / Hen FarEs 256.50 2.00 615 — / Lindsell Train 584.00 8.00 -21.67 / Scot Americen 555.00 6.69 / Asia For 416.00 11.00 R17 CanGen C$ ?f98.84 -39.87 Hen High Inc 705.00 5M / lowland 187.50 9.07 / Scot Mortgage 1330.50 16.50 9.55 / Asian Inc Fund 304.00 7.00 6.74 — / City of Lon 593.00 1.00 1.91 Hen Smir 953.00 — 771 / Marwyn Val 139.00 — -44.52 / Scot Oriental 256.00 9.31 / Aberdeen Eq Inc 461.00 1.94 / CUS NatKes 351.00 263 Herald 2980.00 6.25 — / Mercartile 276.50 9.93 / Strategic Ea 362.09 6.42 / Aberdeen UK Smil 508.00 -9.82 / CT Healthcare 144.00 -0.04
HICL Infra 136.00 — -15.47 Merch. Trst 666.00 6.71 Temple Bar 418.50 0.46 Alliance Witan 1348.00 18.00 -4.65 CT Mgdl 131.50 0.24 Impax Env 432.00 1.50 -12.91 Mid Wynd 770.00 1.76 Tetragor 1018.02 Allianz Tech 670.00 400 82 CT MgdG 370.00 _ -107 IntBiotech 1070.00 -A.89 Monks IT 1578.00 17.00 448 TRIG 76.10 -76.85 Artemis UK Future Lead 382.00 -10.95 CT Cp&l 353.00 -431 Inti PP 142.00 -6.65 Montanaro Eur 174.00 7.57 IL 196.00 — -23.55 Aurora UK Alpha 253.00 1.00 11.88 CIUKHIT8 112.50 7 Inv Asia Dragon Ist 483.00 6.50 6.42 Murray Inc 1020.00 7.04 Utilico EmerMkts 287.00 2.00 9.02 AVI Jepan 164.00 -2.61 CT UK HIT Ord 116.00 -1.89 Inv Bond Inc 170.00 _ 1.88 Murray Int! 368.50 1.50 0.99 VEIL 703.09 -11.86 BG China Growth 306.00 -8.53 Dunedin Inc 314.00 —_ -974 JPM Amer IT 1200.00 16.00 -2.03 New Star IT 139.50 _ “31.45 BG Fura 117.00 150 -B44 —
Fdinburgh Inv 844.00 B09 PM Asia GRI 558.00 8.00 -134 N. Atl Smit IT 474.00 — -31.95 BG Japan 1036.00 4.00 88 Edin Worldwide 232.50 -7.81 JPM China G&l 268.50 1.00 -7.88 Pac. Horiz. 1056.00 54.00 75 BG Shin 161.40 2.20 9.23 Euro Opps{susp} 937.00 oa 5.07 JPM Clavr 974.00 4.00 1.44 Pers. Assets 545.00 1.00 0.96 BG US Growth 306.00 -7.61 The Euro SmiCo 234.00 0.50 -798 JPMGbICore 80.00 Polar Health 438.00 3.07 Baillie Gifford UK 220.00 9.45 F&C Inv Trust 331.20 1.20 8.11 JPM Emrg EMEA 250.50 _ 273.38 Poler Fin. 246.50 0.79 BankersIT 147.00 1.00 -7.15 Fidelity Asian 88.00 -463 JPM Frrg 161.80 460 74) Polar Tech 676.50 15.00 $99 Biotech Growth 1602.00 5.8 — Fidelity China 263.00 3.00 -5.15 JPM Eur Disc 25.00 3.00 7.17 Rights & Iss IT 2310.00 10.00 -20.29 BickH Amer Sml 279.00 3.19 Fidelity EmerMkts 1370.00 24.00 786 JPM Eur G&l 146.80 0.60 0.96 — RII Lap 2565.00 20.54 Bais compel by ICE
wawicenomn BickR Energy & Res 174.00 4.1 Fidelity Euro 423.50 496 = JPM Em Mk Div 199.50 4.00 8.27 Ruffer Inv Pr 296.50 0.50 2.8 所列价格在发布时被认为具有代表性且准确 (The prices listed are indicative and believed accurate at the time of publication) BickR Front 187.00 1.31 Fidelity Spec 463.50 0.44 JPM GbIG&I 609.00 5.00 0.36 — Schdr AsiaPac 791.00 11.00 9.65 BickR GtFur 588.00 i? ~~ Finsbury G&l 804.00 806 JPM India Gwth Inc 887.00 779 Schdr AsiaTotal 690.00 73.00 2AT Ice 如需进一步信息请联系 (For further information contact) Bick 1&G 227.00 10.13 The Gibl Small Co 191.80 1.40 -3.51 JPM Japan 789.00 - -6.1 Schroder Inc 370.00 6.72 newspapers@ice.com Bickk Smir 269.00 0.50 11.45 — GHI / {susp} 1.25 9132 JPMUKSm 342.50 0.50 9.49 Schdr Japan 373.00 1.00 77
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[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
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数据库 (DATABANK)
抵押贷款利率 往来账户
最低提前还款 信用利息 账户 通知存款 AER 利息 已付 利率和期限 最高 LTV 手续费 费用 期限 提供商 账户名称 账户手续费 利率 利率：Nationwide Building Society FlexDirect 无 5% 短期固定 a0 uu: £5,000 - Mess > Bank of Scotland Vantage Classic Account 无 3% thisbank (thisbank.co.uk] Triple Access 无 £1,000 4.28% Mly first direct 4.32% 期限 2 年 60% £490 Ist2yrs Lloyds Club Lloyes 无 3% United Trust Bank (utbank.co.uk) UTB Limited Access 无 £5,000 4.30% Yly fist direct 4.81% 期限 2 年 90% £490 Ist2yts cahoot (cahoot.com) Simple Saver (17) __无 £1 4.32% Vly 透支 (OVERDRAFTS) first direct 463% 期限 3 年 75% #490, ls-3yts 提供商 账户名称 账户手续费 利率 7 7 Starling Bank Currant Account 无 15% 无通知期 (NO NOTICE) £10,000 West Brom BS 5.11% 至 31.10.29 90% 至 31.10.29 PIED Wet et Recount 无” 39.90% thisbank (thisbank.co.uk}
Iriple Access 无. 4.28% Mly Virgin Money M Plus Account 无* 19.90% United Trust Bank (utbank.co.uk) UTB Limited Access 无 4.30% Yly 更长期固定利率 “账户手续费：若满足最低要求则免除 cehuot (cahoot.cu Si Saver (17) 无 4.32% Yl eteey (eae ine Seves 7) 无 Yast direct 4.38% 期限 5 年 0% 490 EG 信用卡利率 无通知期 (NO NOTICE) £50,000 first direct 4.58% 期限 5 年 85% £490 IstSytS / 入门利率 (INTRODUCTORY RATES) thisbank (thisbank.cu.uk} Triple Access 无 £1,000 4.28% Mly first direct 4.73% 期限 5 年 90% £490 Ist b yrs United Trust Bank {utbank.co.ukl UTB Limited Access 无 £5,000 4.30% Yly Nationwide ES 5.49% 期限 10 年 20% £999 Aeoowe 提供商 卡片类型 入门 消费 APR cahoot (cahoot.com) Simple Saver (17) 无 £1 4.32% Yly t YS 188 Platinum Purchase 0% 期限 25 个月 24.95% Barclaycard Platinum Balance Transfer 0% 期限 24 个月 24.90% 无通知期 (NO NOTICE) £100,000
重新抵押 (Remortgages) M&S Bank Purchase Plus 0% 期限 24 个月 24.90%
thisbank (tnisbank.co.uk) Iriple Access 无 £1,000 4.28% Mly _ first direct AA4T%F 期限 2 年 60% £490 Ist 2 yrs = - = = - 余额转移 (BALANCE TRANSFERS) United Trust Bank (utbank.co.uk) UTB Limited Access 无 £5,000 Se Yi first direct 4.57%F 期限 2 年 75% £490 Ist2yts 提供商 卡片类型 入门 消费 转移 费 APR cehoot {cahoot.com) Simple Sever(17)__无 £l_ 4.52% YY Set dineat 4.99%F 期限 3 年 85% 490 Is-3ys MBNA Long Balance 0% 期限 36 个月 2.99% 24.9% fatdi AgO%E 期限 5% 7490 ine HSBC 1st Account 0% 期限 36 个月 3.19% 24.9% 最长 90 天通知期 (UP TO 90 DAYS’ NOTICE) £1,000 Estunees 期限：年。 - SOYIS Barclaycard Platinum Balance Transfer 0% 期限 36 个月 315% 248% Oxbury Bank (oxbury.com) 90 Day Notice (14) S90Day £1,000 4.18% Mly Secure Trust Bank (securetrustbenk.com, 90Day Notice 90 Day £1 4.21% Qly 首次购房者 余额转移 (BALANCE TRANSFERS) StreamBank (streambank.co.uk) 90DayNotice-12 90Day £1,000 4.35%
Mly West Bram BS 5 15%F to.91.10.98 95% 7499 To31 10.78
提供商 / 卡片类型 / APR / 返现 :--- American Express / Cashback Everyday / 23.1% / 0.5%-1%
前 5 个月 5%（最高 £125）
最长 90 天通知期 £5,000 West Brom BS 5.27%F to 31.10.28 95% : To31.10.28 Virgin Woney Evaryday Cashback 24.9% 0.25% 前 3 个月 1%（每月最高 £15）
United Trust Bank (utbank.co.uk) UIBS0Day Notice 1 G0 Day $5,000 4.20% Vly _Barclays Mortgaye 5 14%F to 30.929 95% £899 To309.29 Natwest Travel Hewore ZES Hi eel ceeponovee Ele yore StreamBan« / streambank.co.uk) 90 Day Notice- 12 90Day £1,000 4.35%
Mly 提供商 / 排名 / 每年度 £ / 提供商 / 排名 / 每年度 £ :--- 最长 90 天通知期 / £10,000 / 递减浮动利率 / 浮动利率 单身 / 终身 / 年龄 55 / 单身 / 终身 / 年龄 50 7” West Brom BS / 4.49% (2年期) / 90% / £999 / 无
自 71 / 97 / 7076 以来波动 5.98% 自 71 / 07 / 7078 以来波动 4.75% Secure Trust Bank ({securetrustbenk.com}) 90DayNotice 90 Day £1 4.21%
ly / Aviva Pension Annuity 1 / £6,914.04 / Aviva Pension Annuity 1 / £7,266.12 StreamBan& / streambank co.uk) / $0 / 通知期-1? / 90 天 71,000 4.35% / Mly Beverley BS / 4.54% (2年期) / 80%
Is2yts Standard Life Pension Annuity 2 £6,848.64 Standard Life Pension Annuity 2 £7,238.28 BLME A (bime.com) 90 Day Notice (10) S0Day £10,000 4.37% Oly Newbury BS 4.29% (3年期) 75% £850 Is 3yts Legal & General Pension Annuity 3 £6.778.68 Scottish Wi dows Annuity 3 £7,183.32 Scottish Widaws Annuity 4 £6,768.24 Just Pension Annuity 4 £7,103.28
最长 90 天通知期 £50,000 Newbury BS 359% (限期) NS £85)
ItOyS 提供商 / 排名 / 每年度 £ / 提供商 / 排名 / 每年度 £ Secure Trust Bank / {securetrustbenk.com / 90 Day Notice / 90 Day / £1 / 4.21% 单身终身 / 年龄 65 / 联名终身 / 男性年龄 60 & 女性年龄 57 StreamBank / (streambank.co.uk! / 90 Day Notice-12 / 90Day / £1,000 / 4.35%
Miy 浮动利率 自 21 / 07 / 2026 以来波动 4.00% 自 21 / 07 / 2026 以来波动 2.92%
m Scottish Widows Annuity 1 / £8,094.00 / Aviva Pension Annuity 1 / £6,923.76 BLE A (bime.com) 90 Day Notice (10) / 90 / £10,000 / 4.37% HSBC / 4.05% (2年期) / 60% / £999 Standard Life Pension Annuily 2 / £7,923.72 / Scottish Widows Annuily 2 / £6,874.32 Yorkshire Building Society / 4.13% to 30.11.28 / 75% / £995 Aviva Pension Annuity 3 / £7,774.56 / Standard Life Pension Annuity 3 / £6,831.84
最长 90 天通知期 £100,000 Just Pension Annuity 4 £7,682.04 Canadalife Lifetime Annuity 4 £6,775.20
提供商 / 排名 / 每年度 £ | Source: Mercer Financial Planning 0345 077 8774 | | | StreamBanc (streambank.co.uk 90 DayNotice-12? SDay / 1,000 435 Mly Nationwide BS / 4.29% (2年期) / 85% £999 / 无
联名终身 男性年龄 65 & 女性年龄 62 Mercer Privete Wealth 是 Mercer 的贸易名称 BLME A (bime.com) 90 Day Notice (10) 90 Day £10,000 4.37% 自 21 / 07 / 2026 以来波动 3.90% Financial jut thority. 英国及威尔士注册编号 No. 984275 9 9
买至租 (Buy-to-Let) 浮动利率 月息最高 £5,000 Scottish Widows Annuity : 1 / £7,467.96 1.39% (2年期) / 无 Staten / ife Beriston Annual 2 7.3885? cahoot (cahoot.cam) Simple Saver (17) / None / £1 4.32% Mly - : Canada Life Lifetime Annuity 3 / £7,257.36_ StreamBank (streambank.co.uk) 90 Day Notice-12 G0Day / £1,000 4.35 Mly Hinckley & Rugby BS / 4.75%D (2年期) / 75% £1,249 / se 2 yrs ova Renston Ariiy s / £6,940.20
wwwmerver.com / private-wealta cahoot (cahoot.com} Sunny Day Saver (6) _None £1 5.00% Mly — Bath BS 5.09%D (2年期) 80% £999 1st2yrs 所有付款
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
每月后付，无保证期且无递增，适用时配偶受益率为 50%。性别中立利率。数据基于 £100,000 的年金购买价格并以总额显示。LS1 邮编。在某组福利或年龄段中排名靠前的公司，在另一组福利（例如指数挂钩年金）或不同年龄段中可能排名较低。因此，务必通过 thisbank (thisbank.co.uk) 货比三家，寻找适合您自身情况的年金。表格不包括针对吸烟者或健康状况不佳者的增强型年金，也不包括仅为特定退休群体提供年金的公司。支付较低的供应商未予显示。排名列显示了该供应商在相关类别的 Position。
TripleAccess None 100 万英镑,000 4.28% 每月 Simple Saver (17) None 100 万英镑 4.32% 每月 HSBC 4.99% 至 31.10.28 75% 10.28 StreamBank (streambank.co.uk) 90 DayNotice-12 90 100 万英镑,000 4.35% 每月 5 NatWest 4.65% 至 20.11.31 £995 7 188 5.49% 至 31.10.31 80% 100 万英镑,995 至 31.10.31
每月利息 £10,000 账户与债券 thisbank (thisbank.co.uk) Triple Access None 100 万英镑,000 4.28% 每月 cahoot (cahoot.com) Simple Saver (17) None 100 万英镑 4.32% 每月 StreamBank (streambank.co.uk) 90DayNotice-12 90 100 万英镑,000 4.35% 每月
（注：折扣率。固定利率。V=浮动利率。在偿还抵押贷款时可能适用相关条款和条件。所有利率及条款如有变更，恕不另行通知，在最终确定任何安排前应进行核实。对于因使用或依赖本信息而导致的任何直接或间接损失，概不承担责任。非金融专业人士读者应寻求专家建议。）
保证收益债券 第 90 期 Mears! 500 100 万英镑 每月 0 保证增长债券 第 78 期 2 年期债券 £509 每月 467% 每年 每月利息 £50,000 保证收益债券 第 78 期 2 年期债券 £500 100 万英镑 每月 4.67% 每月
cahoot (cahoot.com) Simple Saver (17) 无 £1 4.32% 每月 担保收益债券 第80期 3年期债券 £500 最小 4.65% 每月 Sieanank lsveambank on ok 90日通知-12 90D 71000 4.35% 每月 房屋指数 / 抵押贷款利率 担保增长债券 第7期 5年期债券 £500 最小 455% 每年 eel = y = ell 8 ae ! 担保收益债券 第72期 5年期债券 £500 最小 4.55% 每月 Nationwide 房价平均值 (2026年6月) 200 万英镑77.48 绿色储蓄债券 第9期 3年期债券 £100 100K——4. 45% 每年 离岸账户 £10,000 5 Direct Saver 无 £1 200 万英镑m 3.45% 每年 Nationwide 房价指数 (月度指数) 650.70 Standard Bank international 收益债券 无 £500 £im 3.45% 每月 {standardbank.com} 离岸储备储蓄 无 £3,000 1.15% 每年 Nationwide 房价指数 (年度变化) 2.20% 投资账户 无 200 万英镑0 最小 2.05% 每年
NatWest International Halifax Hi Price Av Nr £2! , . . aa leax Helse Eee WI UE EEE 所有利率除非另有说明，均显示为 AER 浮动利率。开设及操作账户的方法 {natwestinternational.com) Premium Saver None fl 1.36% Mly = : Halifax 房价指数（月度指数） 516.20 会有所不同。所有利率和条款如有更改，恕不另行通知，在最终确定任何 Standard Bank international. ; ; 协议前应予以核实。对于因使用或 (standardbank.com) International Saver 36 36 Vay £10,000 2.70% vly Halifax 房价指数（年度变化） 0.60% 依赖本信息而造成的任何直接或间接损失，不承担任何责任。非金融专业人士的读者应寻求专家建议。访问 Moneyfactscumpare.co.uk 获取详情
带有开户奖励的账户 ISA 利率 Cynergy Bank (cynergybank.co.uk) 在线快速取款 (99) None £1 4.23% Yly Aeconal 通知存款 转账 % AER 利息 Sidekick (通过 app) Multi Shield None £1 4.23% Miy 现金 ISA 或定期付款 Mansfield BS [通过分行) Triple Access (Ist) None f1 4.25% Yly jronumert ene {通过 app) poe ISA Boosted None ELON 38 oe 4 vn ae ae = ern= = ; lum (通过 app) um lone lo . ly Ulster Rank (ulsternank co.uk) limited Fdition Sever-3 None. 5,000 4.30% Mly Chip (通过 app) Chip Smart ISA None fi No 241% A My Post Office Money® (postoffice.co.uk! 在线储蓄 89 None f1 4.31% Yly Sidekick (通过 app) 现金 ISA None fi Yes 4AA% A Mly Chase (通过 epp) Chase Saver Boosted None £1 4.50% Mly A 或 Noti 存款 转账 % AER 利息 — z ; ccou ice lepo 转账 SAGA (saga.co.uk) 快速取款储蓄 None fl 4.50% Mly 固定利率现金 ISA 或定期付款 Temdo Money (通过
app) HomeSaver None f10 4.55% Mly Castle Trust Bank (castletrust.co.uk} Fixed Rate e-Cash ISA 1YrBnd £1,000 Yes 4.83% OM Revolut (via app) Instant Access None £1 5.00% Diy _ Gharter Savings Rank (chartersavingsbank co.uk) Fixed Rate ISA TYr Bnd 5,000 Yes 457% Yly emit ) ienelinciant Ace N £1 5.00% My nergy Bank Fixed Rate ISA 1¥rBnd £500 Yes 257% Yly Say see : Y Tandem Bank (via app) Foxed Rate ISA Ty¥rBnd 1 Yes 257% My 所有利率均显示为 AER 浮动，除非另有说明。账户的开设和操作方法将有所不同。账户与债券（免税）通知或期限 最低 最高 转让：% AER 门槛。所有利率和条款如有变更，恕不另行通知，在敲定任何安排前应予以核实。对于因使用或依赖此信息而产生的任何直接或间接损失，不承担任何责任。非金融专业人士的读者应寻求专家建议。欲了解完整详情，请访问 Moneyfectscom- NS&I 青少年 ISA 18 岁 £0 3.70% A=有限期限内的 introductory 利率。OM = 到期支付利息。所有利率均显示为 AER 浮动，除非另有说明。
数据由 ICE 编译。www.ice.com。所列价格在发布时具有指示性且被认为准确。来源：Mcneyfactscompare.co.uk - 帮助您做出更好的财务决策。账户的开设和操作方法将有所不同。所有利率和条款如有变更，恕不另行通知，在敲定任何安排前应予以核实。对于任何直接或间接损失，不承担任何责任。非金融专业人士的读者应寻求专家建议。欲了解完整详情，请访问 Moneyfactscompare.co.uk。请访问 pare.co.uk 了解详细信息。
数据编译于 77th May 7076。如需进一步信息，请联系 newspapers@ice.com
金融时报 (FINANCIAL TIMES) 周六 2026 年 8 月 1 日 货币 / 13
基金 买入价 卖出价 D W~ 收益率 基金 买入价 卖出价 1 W_ 收益率 基金 买入价 卖出价 0 W_~ 收益率 基金 买入价 卖出价 D W_ 收益率
Atlantis Sicav (LUX) 受监管 I
IOEDIIS 投资 = 美国第一 全球债券 we === $ 1070011 € 166406 00 ao 6S 8067 0 00 CANDRIAMS 纽约人寿投资公司 IW CP Global 资产管理
Algebris Investments (IRL) CP Global Asset Management Pte.Ltd. (受监管) Candriam Investors Group (LUX) 电子邮件：customer.support@cglobal.com / dsucna@global.com.sa
| 基金名称 | 货币/金额 | 标识符/代码 |
|---|---|---|
| Algebris Core | EUR € 21% (25,000) | FCA 认可 |
| Algebris Core | EUR € 7,867 (210,000) | |
| Candriam Natural Cap | USD $ 44,17M | |
| Candriam Bonds | EUR € 14,911 | |
| Algebris Finance | GBP £ 1% 0% | |
| CP Capital Asset Management Limited | ||
| Candriam Bonds Global | EUR € 166.49 (000 046 00) | |
| Candriam Varied Futures | EUR € 1X 0% |
网站：www.cpabl.com，电子邮件：fundservices@cpabl.com
| 基金名称 | 货币/金额 | 详情/代码 |
|---|---|---|
| Financial Equity | EUR € 31,691 (6,485,000) | |
| Blue Whale Investment Funds ICAV (IRE) | EUR € 1,560 M | 股票中盘 |
| Algebris Financial Equity Fund | USD $ 491M (10,390) | |
| Blue Whale Investment Funds ICAV (IRE) | EUR € 1,560 M | 股票中盘 |
| Biotech C-Cap | USD $ 138,507 (987 105) | |
| CPS Master Private Fund | USD $ 510% | |
| Algebris Financial Income | EUR € 3,627 (189,271,000) | FCA 认可 - 爱尔兰 UCITS |
| Candriam Equities Europe | EUR € 257 1% (22,000) | |
| Algebris Financial Income | EUR € (07 29) | |
| Financial Income Fund | GBP £ 2% (208,802) | |
| Blue Whale Growth | USDT $ 164,155,000 |
网站：www.bluewhale.co.uk，电子邮件：info@bluewhale.co.uk
| 基金名称 | 货币/金额 | 详情/代码 |
|---|---|---|
| Financial Boom Fund | USD $ 7,689 (6,238) | |
| Algebris Global Return Opportunities | EUR € 1,540 (018,000) | |
| Algebris Global Credit Opportunities | EUR € 44,016,000 | |
| Candriam Sustainable Bond | EUR € 11,167 (035,000) | |
| Algebris Global Credit Opportunities | GBP £ 013,021,000 | |
| Candriam Equity | USD $ 16,105 (25,924,000) |
| 基金名称 | 货币/金额 | 详情/代码 |
|---|---|---|
| Algebris Credit | EUR € (031) | |
| Candriam Equity | USD $ 78,706 (113,400) | |
| Candriam Sustainable Emerging Markets Cap | EUR € 1,885 (1,095) | |
| Algebris Strategic Debt Fund | EUR € 115% |
深思熟虑的投资 (Thoughtful Investing) Algebris Worldwide Fund
‘Ngpbs moe 全球股票精选基金 (欧元) (Global Equity Select EUR) €aea Se 4% 295 000 ; Brown Advisory Funds PLC (IRL) amen ie Ere on Candram SusttyWote--Cap Shek € 460 VT 02 05) 00 rth s Mall, , LondonLond SW1Y 55JG wwwdodgeandcoxeam +44 0203 642 3970 http:www.brownadvisory.com lel:020 3301 8130 NYUMGFUS 高收益企业债券 (High YeldCarp Bonc-RCaa), $ 17372 O19 §=031 000 FCA 认可 (FCA Recognised FCAFecognised) : ~ Dodge & Cox 全球基金-新兴市场股票基金 (Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund) Geballzaders uc USDC 6 5 $ 2B B 107 B i 0 Candriam 投资者集团 (Candriam investors Groap) .
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
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[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
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[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
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[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
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[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
迪拜阿拉伯联合酋长国 Hghlocore Bere Fund B Monthly £ 10 00 0) Oru $ eem1acn ass61ac0 0m 000 om SPOstintngStaeCess(H £ BA 02 088 00) wowwasbe.com !ighocareerdFandBCuatey £1 coo 000 00 gacaver swim - ccd ag) oy SD DsvinnrnCass ee ASESUKUK-ALL $ WD - 26 02 Om USsGowhsuaey $ 28 02 000 O21 payer $ 1M ail (Ud. RE ASB SUKUK-D'ST $ 979 26 8 05 Dealing Daily. Initial Charge Nil for A classes and uo to 2% for other classos ASE Stat Steet cba Eauity $ 11963 ds «6-33 0 ASR Gihhal Techenogy $ vam 4m 357 0m ASEMENAEouity $ $57 2 282 00 14 / Money FINANCIAL TIMES Saturday 1 August 2026
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
管理 基金 服务
基金 买入价 卖出价 除息日 应付利息 收益率 基金 买入价 卖出价 除息日 应付利息 收益率 基金 买入价 卖出价 除息日 应付利息 收益率 基金 买入价 卖出价 除息日 应付利息 收益率
Short Dated Corp Bone Fund W+ACC-G3P £ 1262 00) 0M 48 HPB Assurance Ltd 司法部 普通投资基金 (英国) Sustanable Water & Waste WAUL-S3? 1258) O00 OD COU Agr Huse, Een Hil Douglas, le of Man MI 4NL 01638583400 房地产及其他英国单位信托 Sustarable Wate & Waste WANC-GBP 12400 000 O00 000 —etemnelionel Insurances Telly iiiader hike Tn TOT UK Select Furd W-ACC-GEP £ 47 02 012 WM 度假房产债券 Sor 1 ag 00 00 ow DRAGON CAPITAL Lb 全球红利基金 W-ACC-GEP f£ 464 on 808 24 Holic Propesty Bond Ser? Om am om om lobed Enkanned WW-AOC-GEP £ 353 02 06 416 全球特别系列 WHADE-GOP £ soo 2% 08 On rca rrercing Mates P-ACD-GBP f200 万英镑% 015 608 166 欧洲除英国市场 PACL-SEP £ 301 0B 06 20 ‘ee Dragon Capital dex 日本 PADCGEP £317 O10 04 182 pity voww.de ital.com 太平洋除日本 P-ACL-GP £ 263 ol OM 26 基金信息：info@draqoncapital.com dex Sering Cop
债券基金 F-ACC-GEP £ 056 00 OM &1g Janus Henderson N U T S H E L L secbrnid ret UKPACCSEP a ES) Nas —— 投资者资产管理 Vetnam Equity (UOT Fund AUSD) $ 4B To 1M O00) / 希腊 USRAUCGEP £ 58 0 «04 Of 世界 PACC-GEP f 455 0 «600 17 MoneyGuide 平衡基金 Vor GBP £ 079 00 om 2% MoneyBuices 红利基金 Wc GBP f 18 000 0 18 eae Ga cs eee 酒店资产管理 UX) i Sust MoneyBuiberincFoRdWACCGIP E415 Oe 072 re anesteedereonca Nusshell Asoox Management Lax, Wybricgs House, 1-5 Adam Stes, Lordon WCIN GLE MubiAsetAlocAdernrousheWALG =f 310 it) = EAL EULA is. CO uli set loc 防御基金 W-ACD-GBP £ 157 0 O00 cipiwemalilec = = oe PPM 44eo 多资产配置增长基金 W ACC GEP 200 万英镑 O2 UO 13 tensomAdanDaske tb Fhe ma 40156 549 Nutshell Groat Fund Gop hstFounder £ 10 - 0% 272 0m edentree 多资产配置策略基金 VACC-GBP £ 2M O01 000 117 现金管理基金 AACs <I) of 400 3M
投资管理 多资产平衡收入 WNC-GBP £ 1B Oo! 000 000 {iris enon Catiog Miglin Ake / 1m 1m 39 多资产收入与增长基金 WANC-GBP £ 12 OO 00D 275 ue tendon Chie Opp Fut A ea ai) Gem Oth perccagemagpeinass vical FOO OC auslindesntnenig Mares sek = CM SETAC OM OASIS EdenTree 投资管理有限公司 (英国) 多资产开放账户 W ACC GEP £247 eT rez Heakran eae hkeCree refer 7005) ni 310 00 Sunderland SR43 4AU 9800 358 3010 多资产开放防御 W-ACD-GBP f£ 15 00 00) C00 as tendon tucemnFousAAx Pe os) 3a) 10 (Aderienalion Funda 多资产开放增长基金 V / VACC-GBP 200 万英镑 0) 02 1c tdasntim SOpsfu A A “ain ain {derifee 全球公司债券 (6s TO TET teeta a Ue 00) 001 24 prus Heer fen ty fh a7) a cmt G10 Ecsifee Jenna Eity (820 1-00) 05) “GeiacnlvArGe a 03 OC C84 rus neon Ghali he fre on 10 21 2 经济影响力基础设施 7189 0s 0m 6 / SRpCEndhmihATGH ie 000001307 rus Hendersn
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
基金管理与服务信息
客户服务热线 * 免费致电：私人客户 0800 414161 | 经纪交易：080 414 181
其他基金概况 * Global Tod FA POG：686.53 83118 000 * Allocator World Fund W Acc (GBP)：£ 47 (0% 费用) * American Fund Wide GAP：- * Intro American Special Sits W Acc (GBP)：£ 2m (06 1% 02) * SUNNESS 亚洲基金 (GBP)：- * 全球投资者 (Global Investors)：-
Purisima Investment Fds (Cl) Ltd (JER) Guinness Global Investors Mclnroy & Wood Portfolios Limited (UK) — 9%
| 基金名称 | 代码/标识 | 份额/金额 | 状态/类别 |
|---|---|---|---|
| Guinness Global Equity Income (GEP 分红) | 2457 | 019 | 005! 206 |
| 授权投资资金 (Authorised Investment Funds) | 619 | 0% | 02 COO |
| Entered Broome Fund (英镑-GBP) | — | £ 0% | 00 20 |
| Guinness Global Quality Mid Cap (累积型) | 1517 | 01 | 0D 000 |
| Baared Fund | 63510 | 20 | 1300 177 |
| Emparihnd | — | £ 318 | 02 048 145 |
| Hay CIA Global High Income Bond (SEP) | 15 | 00 | 00 52 |
| Suse Egy rd WATL GP | — | £ 12% | 010 008 115 |
| Palen | — | £ 102 | 417 08 |
| Smaller Companies Fund (累积型) | 7184 | 510 | 1100 12 |
| Special Situations Fund (W-ADC-GEP) | — | £ 7287 | 00 116 22 |
联系地址与信息： Easter Alderston, Haddington EH41 3SF 电话：01620 825857 参考号：POGC 53959 / 318 / 510 / 00 std
金融时报 (FINANCIAL TIMES) 2026年8月1日 星期六 | 理财专版 | 第 15 页
基金 买入价 卖出价 D W _ 收益率 基金 买入价 卖出价 D W _ 收益率 基金 买入价 卖出价 D W _ 收益率 基金 买入价 卖出价 D W _ 收益率
| Royal London (英国) | Trojan Fund Acc | 80 | - | 219 | 609 | Of |
|---|---|---|---|---|---|---|
| 80 Fenchurch Street, London EC3M 4BY | Trojan Fund Inc | 3068 | 2-7 | 455 | OD | |
| 授权投资基金 (Authorised Inv Funds) | Trojan Global Income D Acc | 7900 | - | 28 | 370 | 321 |
| Royal London 可持续多元化基金 (Sustainable Diversified Inc) | m0 | - | 210 | 10 | 18 | |
| Royal London 可持续全球基金 (Sustainable World Inc) | BD | - | 9 | 10 | 076 | |
| Royal London 公司债券月度基金 (Corporate Bond Mth Inc) | mM | - | 019 | 0M | 425 | |
| Royal London 欧洲成长信托 (European Growth Trust) | m2 | - | 30 | Gi | 14 | |
| Royal London 可持续领导者 A 份额 (Sustainable Leaders A ho) | 50 | - | 30 | 130 | 18 | |
| Royal London 英国增长信托 (UK Growth Trust) | so | - | 0 | 0 | 17 | |
| Royal London 英国收益增长信托 (UK Income With Growth Trust) | 2040 | 00 | 54 | 32 | ||
| Royal London 增长信托 (Growth Trust) | eum | - | 7m | 1 | o |
| SUPERFUND | Trojan Global Income Dine | 43-8827 | 3B |
|---|---|---|---|
| Trojan Income Acc | B23 | 1 | |
| Trojan Income Inc | TB | - |
Troy Asset Mgt (1100) (爱尔兰) Kilmore House, Spencer Dock, North Wall Quay, Dublin 1, D01 YE64, Ireland 查询电话：+353 (0) 1672 1600 FCA 认可基金
Superfund Asset Management GmbH (BHR) SICOBSCBHR
wwwsuperfund.com, +43 (1) 247 00 管理公司 - Universal Investment Ireland 可用附加基金 电话 - +973 1751 5700 : Heese see wawwyalondencom tr deta 网站 - www.sicobank.com 其他国际基金 Trojan Funds (Ireland)Ple Kraee Eauity Fund $ 56740 - 263 4B on — : _ : - / oe Trojan =urmpe O FUR Acr € 1% - om oo om ‘Sico Gulf Eoutty “und $ me - a7 O07 OM = a . We aa BE) aT Trojan 2xclusions X GBP Ace £ 13113 - 001 001 00 Spat 2s eee CY Trojan Gicha Frit (GAP Ave f 59M4 - 1% 02 0M Se cea See io a ne Tojan Gicta heome [le’and / 0 GB? Ao: f£ 173 - 0 002 00 SICO Capital KSA (SA) SeeeRieia Ja ijan oor elan) OGEP Aco £14 - 00 08 OD clcnione BEL 521 3835 受监管 Tojaniteard] OGEPAx £ 183 - 0 0” 00
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
RU Wobsite yaww,sicocanital com SuperhiniAccatain € 9% - oO 217 Om 7 a R ICO Kingdom Equity Fund SAR 1066 - «027 «027 000 © Gold Sinar+ Mining —_Superlind € 5 - 015 281 OM aa SICO MENA Eouity Fund SR 1A 013 013 000 Superfund Quadhiga Al! Seasons € 43 - 16 127 0 S100 Copitel Voncy Market SAR 1387 CO = 000 000 © Supertundnftation Sh 108 - 05 22 0M
Ruffer LLP (1000) F (英国) 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL 订单台与查询：0345 607 9610 授权投资资金 4) 资产管理 (ASSET MANAGEMENT) 授权公司董事：Waystone Management (UK) Limited 全球股票最佳基金策略 (GLOBAL EQUITY BEST FUND IDEAS)
Troy Asset Management (1200) (英国) 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL WS Ruffer Total Return C Ago £641 60 10 订单台与查询 0345 608 0950 WS Rutter Total Return C Ine 14 1 授权 投资资金 (Inv Funds)
Stonehage Fleming Investment Management Ltd (IRL) 授权公司董事：Waystone Management (UK) Limited www.stonehegetlemina.com / abi enquiries@stonehagetleming.com ‘Tmyjan Ehiical Gicbal Inc 0 Acs 144) 12 27 2% 受监管 jan Pica! Gichal ln: One mH - AN 274 28 Tran Etiicel 0 Acc 1679 - «403 86184 068 SFGlobal Bestideas Eq B USD o> $ m7 - «Gt «52 00 ciel trojan Eticel O ne i350 «COR 178 OR SF Global Best Ideas Fy D GBP Inc PF MM - 38m 6419 OM - Tojan Ehicel moom20 Acc WO = - =—-25k 378 288 Trojan Ehical noome 0 Ine 134) 133 ©6285-2600
FT 基金数据指南 本页所引用的基金价格由基金运营方、基金经理和基金管理人提供。本页公布的基金详情（包括价格）仅供信息参考，且仅应作为指南使用。《金融时报》有限公司不对其准确性或完整性做任何陈述，在做出投资决策时不得依赖这些数据。在某些司法管辖区，法律可能限制销售本页所列基金的权益，且这些基金未必能提供给该出版物发行的所有司法管辖区的人员。如有疑问，请寻求适当的专业建议。数据由 ICE 汇总。本期公布的基金价格及附加信息也可在《金融时报》网站上查到。
www.ft.com / funds，这些页面发布的基金按基金管理公司分组。除非另有说明，价格以便士计。如果显示了变动，是指与前次报价相比的变动（并非所有基金每天都更新价格）。标注为 $ 且无前缀的指美元。收益率百分比（在周二至周六的报纸中）已计入购买费用。某些较旧的保险挂钩计划的价格在出售时可能需缴纳资本利得税。
市场与数据 OEIC：开放式投资公司。类似于单位信托，但采用公司而非信托结构。发行不同的股份类别以反映不同的货币、收费结构或持有人类型。 出售价：也称为买入价（bid price）。投资者出售单位信托份额的价格。 买入价：也称为要约价（offer price）。投资者购买单位信托份额的价格。包括管理人的初始费用。 单一价格：基于底层投资的中端市场估值。OEIC 股份和单一价格单位信托份额的买入价和出售价相同。 管理人定期资本费用的处理：24 和 36 个月；24 和 36 个月的年化业绩数据使用该期间的总收益（或亏损）计算。业绩公式经过调整，以考虑参考期间内的收入分配。 收益率：使用基金的预计年收入除以最新的可用净资产值计算。
www.ice.com 报纸上出现的价格是由管理人 / 运营商提供的最新价格。此广告服务的费用基于发布的行数和基金的分类。如需进一步信息，请联系 data@ft.com 或致电 +44 (0)20 7873 3132。如需进一步查询，请联系 newspapers@ice.com
透明度。 价格发现。 创新。 ice.com
市场与数据在此发生 ice 16 / 货币 金融时报 2026 年 8 月 1 日 星期六
观点
Z 世代与 千禧一代 伴侣
据称泰勒·斯威夫特签了一份。显然，杜阿·利帕也签了。而且，今年夏天结婚的夫妇极有可能也会这么做。我指的是婚前协议。 这不再仅仅是财富——
曾经是富豪与名流才使用的资产保护工具，如今婚前协议正进入主流市场。随着更多中产阶级夫妇寻求保护以个人名义积累的资产（其中至关重要的是来自“父母银行”的赠与），这种趋势日益明显。如果这就是我们如何将金钱讨论在关系中正常化的话。下个月，数字法律服务提供商 Amicable 将推出一项针对普通夫妇的婚前协议服务。据报告，随着英国 £5.5tn 的财富转移持续加速，需求正在“爆炸式”增长。
作为市场上几家低成本供应商之一，Amicable 对每对夫妇的收费将从 £1,500 以下起，而传统律师事务所的收费则在 £5,000 至 £10,000 之间。
握手成交：更多英国夫妇选择签署婚前协议 —— Ft montage / Dreamstime
仅仅提出各种可能场景的可能性，并预先披露所有金融资产，就能让你对未来的配偶产生极大的了解。然而，Amicable 的联合创始人凯特·戴利（Kate Daly）表示，现实生活并不总是如预期的解决方案那样匹配。布兰德（Brand）会问她的客户一些她希望更多夫妇会问的问题。
这样做可能会让人觉得不浪漫。这是一个尴尬的开端。
婚姻基金会的一项最新研究表明，在 18 至 35 岁的英国夫妇中，每五对就有一对已经签署或将要签署婚前协议，以约定在离婚时如何处理他们的资产、债务和其他财务事项。
无论他们是否签署婚前协议，在恋爱早期就对财务保持透明是我强烈支持的概念。能够毫无尴尬或恐惧地讨论金钱，能建立更牢固的关系。然而，Amicable 和另一家数字法律服务提供商 WeNup 表示，很多父母（包括已婚父母）在为此感到挣扎，这正是驱动需求的原因。但签署婚前协议的人群往往是以第二次结婚的人为主，这是一个重要的客户群体。通常，他们的第一次离婚让他们明白了。
“你不信任我吗？”是一个常见的反应。向对方保证，你的动力并非源于不信任，而是希望保护你的财务独立。正如一位睿智的人曾说过，你结婚的人并不是你离婚的人。但对于走得长远的人来说，了解彼此拥有什么是有帮助的。
在孩子出生时，如何公平地划分财务？其中一方是否会为了照顾孩子而放弃工作？家庭如何分担为人父母后的开支和育儿成本？
我最近在平方英里（Square Mile）给年轻交易员做的一次演讲中，房间里的男性惊讶地发现，在伦敦获得一个全职托儿所名额可能每天需要 £100。有人开玩笑说，这是一种有效的避孕药。
随着结婚年龄的推迟，人们更有可能建立自己的职业生涯、投资、养老金、储蓄，甚至拥有自己的企业，以及购置房产。养老金和投资会促使你在退休前就接触财务规划吗？
我无法告诉你我见过了多少夫妇的财务状况因为产假、育儿成本以及长期存在的“母亲惩罚”效应而脱轨。
谈论金钱并不能让这些问题消失，但能更好地应对。我关于这个话题有很多想说的，我已经写了一本书，将于明年春天出版。艾米莉·布兰德（Emily Brand）是该项目的负责人。
Boodle 的家庭法规划专家可以减轻这些影响。我对夫妇的建议是？尽早就金钱价值达成一致，这能减少潜在的争论。Hatfield 表示，一份起草良好的协议可以将这些内容转化为日常对话。虽然婚前协议在英格兰和威尔士没有法律约束力，但协议可以让双方衡量资金，而且不要忘记，发现彼此在财务上不兼容是导致离婚的主要原因之一。在你经历了两次约会和一个卡拉 OK 之夜后，至少你可以带着基本完整的财务状况离开。关系持续的时间越长，情况就越容易发生变化，尤其是当孩子到来时。
“娶我吗，朱丽叶？”“只有在我们先谈谈婚前协议的情况下才可以。”克莱尔·巴雷特 (Claer Barrett) 称之为分手时刻！但如果你等到共用一个地址或有了孩子之后才进行深入的金钱讨论，那么摆脱这段关系将不再简单。
离婚法院会对协议给予相当大的权重，前提是这些协议公平且符合严格的法律保障。如果协议不满足这些需求，法院有权推翻之，尽管律师可以……
克莱尔·巴雷特是《金融时报》的消费者编辑；claer.barrett@ft.com Instagram @ClaerB
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在波动的投资环境中，积极地猎取利润可能会有回报。如果你仅跟踪一个指数，那么在利润中可能会混入一些令人不快的意外。这就是为什么我们的猎手始终采取选择性路径。依赖猎手的直觉，而非跟踪者的直觉。您的资本面临风险。
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2026年8月1日 星期六 / 8月2日 星期日
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最近有什么新鲜事？Patrick Grant 从《缝纫大赛》(Sewing Bee) 转型为养蜂人 —— 步伐 请在 Instagram 上关注我们 @ft_houseandhome
住宅还是数据中心？ 伦敦已成为欧洲最大的 AI 电力中心枢纽，每一个中心都在与住宅竞争能源、空间和水资源。新的政策草案
未能给当地居民带来多少安慰，许多人呼吁这座城市应当像阿姆斯特丹或纽约州那样，采取刹车措施。作者：Francesca Perry
六月，一群人聚集在 2029. 一棵巨大的橡树下，位于伦敦北缘的 Potters Bar。他们挂起装饰品庆祝自然，并看着太阳在田野上落下，这里是该市绿带的一部分，理论上是不允许开发。但这一小块绿色区域 —— 总计 85 英亩 —— 将成为欧洲最大的数据中心开发项目之一，计划于明年开工。
上图：对基础设施的影响使当地住宅承受压力。Lisa Sheehan。去年十二月，一份来自伦敦议会规划与再生委员会的报告揭示了数据中心政策是“向前迈出的积极一步”，但希望市长 Sadiq Khan 确保新的数据中心是在正确的位置上开发，并考虑对当地社区的影响，以及对基础设施和住房交付的影响。
但这些建议足够吗？它们会产生任何实质性的影响 —— 还是说伦敦该像阿姆斯特丹或纽约州那样，采取刹车措施了？
下图：六月在伦敦 Brick Lane 举行的一次抗议。
面对全球公共压力，一些政府已经暂停了建设，直到更永久的计划出台。在欧洲，阿姆斯特丹已暂停开发直至 2030.
“这基本上是未来的危机，”在附近长大并协助建立 Potters Bar 特别利益小组的 Ros Naylor 表示。
但其他人认为，提供足够的电力并非那么简单。在电力网络中，维持数据中心的能力不足 —— 这些中心显然极其耗能 —— 且与新住房形成了竞争。据估计有 30 到 40 个数据中心 ——
在 Plan 中。它建议确定这些建筑的“合适”位置，减轻对当地社区的任何不利影响，并优先考虑可持续性。
去年十二月，一份报告揭露了资本城市在 2022. 电力需求导致住房建设停滞，揭示了一个内在的冲突：我们应该为人们开发建筑，还是为计算机开发？
在回应全球公共压力时，一些政府已经暂停了建设，直到更永久的计划出台。在欧洲，阿姆斯特丹已暂停开发直至 2030.
苏格兰政府正在考虑 SNP（苏格兰民族党）的一项动议，旨在冻结计划。
伦敦作为欧洲最大枢纽的地位得到了积极支持。在 2024, 工党政府将指定数据中心为关键国家基础设施。
伦敦议会的一份报告在 2022 揭露，数据中心延迟了住房交付，尤其是在西伦敦。它阐明了三个拟建数据中心区 —— 希灵登 (Hillingdon)、豪恩斯洛 (Hounslow) 和伊灵 (Ealing) —— 的电网情况，这些电网在 2022. 达到了满负荷。
这些区依赖于服务于斯劳 (Slough) 和希思罗 (Heathrow) 周边地区的同一电力网络，那里是数据中心的聚集地。
所有新中心。在美国，禁令已成为中期选举前的一个热门政治问题；纽约在 7 月引起波澜，当时它发布了一项为期一年的全州暂停令。 “新开发项目也是如此，”住宅协会（Group Residents’ Association）的 Steve 表示。
由于其与金融市场和大型用户的物理距离相近，开发商一直青睐该市——这使得超高速数据传输成为可能。但由此产生的[此处指数据中心]在伦敦——欧洲最大的数据中心枢纽——开发正在加速。微软正在西伦敦 Park Royal 一个价值 £1 场地上接近完工。谷歌去年在市郊开设了一个大型开发项目，且另有两个项目在筹备中。在整个地区规划了 20 多个其他站点，其中 24 个已规划。
当地居民与 AI 基础设施开发之间的冲突在全球范围内上演。今年在伦敦举行了多次抗议，最近一次发生在东伦敦的 Brick Lane，那里原 Truman Brewery 所在地。甚至前啦啦队队员也呼吁克制：德克萨斯州共和党州长格雷格·阿博特（Gregg Abbott）曾自豪地宣称该州是数据中心的中心，并呼吁暂停在该州农村地区进一步建设。
Naylor 认为该开发项目“不尊重”当地社区，且会让居民承受“持续运行噪音、交通增加和环境美感丧失的潜在影响”。她认为，数据中心消耗的能量本可以用来为数十万个家庭供电。
数据中心对电力的需求在英国 2025 年的估计值为 7.6 TWh（太瓦时，或万亿瓦时），根据国家能源系统运营商 (NESO) 的数据，到 2050 年可能会增加近 10 倍，达到 71 TWh。正如 FT 本周早些时候报道的，新政策支持数据中心及其在《伦敦计划》中的数据中心政策。
英国承诺到 2050 年实现净零温室气体排放，这意味着从天然气和汽油转向电力，因此对国家电网的需求增加。“我们在住房中使用更多的电，”Turner 引用关键国家基础设施 (CNI) 地说道，包括电动汽车充电、空调和热泵。在这些之上增加数据中心是一个“巨大的负担”。
这是否可行？虽然新住宅所需的必要电网连接最终得到了保障，但该报告呼吁进行战略性本地能源规划，对数据中心进行能源需求评估并制定数据中心政策。
在英国，由于等待电网连接的房屋容量持续一年多，该协会一直通过请愿和公开示威活动提出挑战。容量问题进一步加剧，导致等待电网连接的房屋容量突然面临长达 15 年的延迟。英国建筑商联合会（Builders Federation in the UK）的执行董事 James Turner 表示：“该报告的目标是确保我们不必在两者之间做出糟糕的选择：是优先考虑数据中心和技术驱动的经济增长，还是优先考虑等待住房的伦敦人？”
根据贸易协会 techUK 的数据，该开发项目由 Equinix 开发，拥有 4,600 名员工，预计年收入为 £4.7bn。
规划与再生委员会（Planning and Regeneration Committee）主席 James Small Edwards 表示：“最终，我们应该同时追求这两个目标。”
超大规模数据中心的交付正被划定在电力供应被认为充足的高科技地点，从 Canning Town 到周边郡县。其他地点包括 Wembley，以及从爱丁堡到农村地区的数十处。而在苏格兰的开发项目，活动人士表示，其所需的电量将是苏格兰峰值电力需求的一半倍。在“承认”住房等其他需求的同时，大伦敦政府 (Greater London Authority) 在 7 月尝试通过发布一项专门的“可持续政策”（作为新伦敦规划草案的一部分）来应对这些担忧。Foxglove 组织倡导中心主任 Donald Campbell 鼓励开发项目尽可能“可持续”，以实现高效用电。此外，这种开发热潮也给政府承诺到 2026 年建设 1.5mn 间房屋的目标带来了挑战。而在巴西到田纳西州的地区，情况亦然。续见第 2 页
2 * FT Weekend 1 August / 2 August 2026
House&sHome
现金买家不再是之王 花园 / 设计师 Olivia Morris 的陡峭海滨空间 是一堂关于色彩与香气的灵动课程。作者：Clare Coulson。 Lindsay Cuthill 摄影：Brian Daly
英国房地产市场陷入了低迷。在许多地区，所有希望似乎都已破灭，但就在卖家认为要价过高而犹豫不决时，一名买家骑马进城了。这种局面使得降价在日益增加，而推动交易的势头则难以维持。
尤其在高端市场中，作为一名中介，我观察到的最大挑战之一是现金买家不愿承诺。而这正在颠覆我长期以来深信不疑的一个真理：现金买家是之王。
这最令我惊讶。因为在我记忆中，我一直认为现金买家主导市场。他们气势汹汹，不可一世。理由很充分。
而在这之前，他们可能在考虑：明天会不会更便宜？
但就在此期间，一名买家出现了。这名买家在过去的六个月里，频繁地出入其位于伦敦的排屋，接待了源源不断的看房者。他们收拾厨房的次数多到不想记得。他们隐藏起孩子的玩具，安置好宠物狗，并精通了在有人要求再次看房时消失一小时的艺术。
最终他们找到了买家，尽管成交价格低于最初的预期。
另一个条件是？他们必须在学期开始前搬出目前的住所。
“这虽然是个后花园，但感觉像个前花园，”Olivia Morris 说道。她审视着她的地块，这里位于东萨塞克斯郡圣莱昂纳兹海边 (St Leonards-on-Sea) 的悬崖顶端住宅。
（顺时针从上方起）：Olivia Morris 在俯瞰景色；底部是一组成熟的蒙特雷松，营造出戏剧性的背景；常绿树篱现已被修剪成温柔的云朵状，标示出边界。在种植之前，
他们更换了颜色和香气。卖家喜欢它们，因为它们是九月的。突然之间，这座宏伟的 1880 年别墅，她发现了一个简陋狭窄的庭院，而一个更为慷慨的结合点在敏捷性中；他们可以让事情发生。荒野中带着一个寒酸的 20 世纪 80 年代庭院，一个露台并增加了一个开阔的第一层走廊，这里已经变成了咖喱草（Helichrysum italicum）——即变动的部分。交易往往涉及较少的墙壁，且他们认为这提供了宝贵的额外“空间”。他们“生活在夏天”，莫里斯（Morris）说道。在角落里，他们通过每一周六的奔波地将孩子们接送到各个活动场所，说起在北科特路（Northcote Road）到国王路（King’s Road）之间往返的巨大任务，她说。
在松树的阴影下，他们在 2019 年建造了一个蒙特雷松露台，经常在户外烹饪。对于他们来说，漫长的抵押贷款申请过程、房产转让律师对关键文件缺失的焦虑——比如 1992 年安装在阁楼上的 Velux 窗户是否通过正确核准。“噢，抱歉，当时委员会没有出具完工证明，但我们可以为此提供赔偿，只需 £500。”在看房还没开始之前，就通过门缝塞进了一张便条。
可能窗户本身的费用比这还高。
严格来说，这并不是他们的梦想之屋。但已经很接近了。丈夫内森（Nathan）是一名平面设计师。孩子们一直很向往这座房子——并且在看房之前就已经通过便条表达了这一点。这证明了一次偶然的尝试得到了回报。一个铺石子区域允许种植一些自播种子，包括青铜芬特、Erigeron karvinskianus、Stipa tenuis-sima、Catananche caerulea 和薰衣草，以柔化露台的边缘。一个小石盆为现在丰富的鸟类提供水源——蜜蜂、蝴蝶、苍蝇，甚至一条慢螈也都搬进了花园。除此之外，这里拥有 180 度的南海岸景观。
这座房子的规模是他们在伦敦露台房的两倍。这里有可以停放 20 辆车的车位，而不是三条街外的一个抢夺空间。而这正是关键所在。现金买家认为，他们甚至可能想要一个能停 30 辆车的车位——并且愿意一直等待直到找到为止。而链条买家（chain buyer），在终于获得了自己的买家后，则准备做出妥协。
他们认为，如果不依赖于房屋出售的资金，现金买家在与链条买家（即使链条很短）竞争房产时几乎总是胜出。
在松树的阴影下，他们建成了蒙特雷松；芬特和新西兰麻（phormiums）提供阴凉；巨大的银早熟禾（Stipa gigantea）则用于遮荫。
莫里斯在 Cordwainers 接受鞋类设计师培训，并在 1998. 年毕业后在伦敦波多贝罗（Portobello）推出了自己的品牌。大约十年后，她在 2017 年与两个孩子一起搬到了海滨小镇——随后她的母亲也加入了他们，搬进了地下层公寓。由于两名孩子在 24 度陡坡上的荒凉草坪和一棵孤零零的樱桃树之间攀爬，父母都筋疲力尽：“我觉得我真的没有考虑周全，”她说道。
如果当时考虑了，可能会过于畏缩。
住房 他们需要快速行动。是的，他们非常渴望逃离伦敦。他们想要更多空间、更多自由以及不同的生活节奏，这是其中最高优先级的需求之一。
但最重要的是，他们需要有人在背后推动他们。他们资金充足，不想失去机会。正是这种紧迫感让他们与普通买家最为不同。
那么，既然拥有如此崇高的地位，为什么现金买家不再像以前那样令人兴奋了呢？在晚餐派对上，我经常被介绍给一对来自诺丁山的可爱夫妇，他们认真地寻找房子已经两年了，却始终找不到合适的。他们有资金，而且显然非常渴望。他们已经准备好妥协。他们甚至接受了接送孩子上学的路程可能不像他们最初希望的在 Colchester 那么方便。然而，当合适的房子出现时，不知为何，最终总觉得不太对劲。
我并非对付连锁机构的挑战天真地乐观。有连锁机构，且遍布各处。我的工作的一部分就是为客户调查这些连锁机构，并确认每个链接是否像每个人声称的那样可靠，而不是按照他们的意愿行事。毫无疑问，连锁买家也面临风险。产权转让过程依然极其缓慢，沟通往往不畅，而买家可能非常反复无常，尤其是当……
（接第 1 页）
……为了电网扩容。这意味着他们必须在不同的公共利益之间做出选择。在阿姆斯特丹，住房是最高优先级之一。由于担心电力和土地需求，该市在 2019 年实施了暂停令，在 1 2020 年之后要求项目必须位于指定区域，并在能源效率和可持续性方面符合严格的标准。但即便如此，这仍然不够，因此在 2025 年，该市宣布暂停新数据中心建设五年，优先考虑将城市空间用于住房等用途。
在南阿伦敦的 Southall，一家于去年 11 月获得规划许可的超大规模数据中心，其电量消耗就相当于 530,000 户家庭。这并非唯一的情况。
Campbell 表示，该行业的开发商和运营商在欧洲纷纷按下暂停键，停止在伦敦及其周边地区的开发。在爱尔兰，据中央统计局的新数据，数据中心消耗了该国 23% 的电力。在担心停电风险的背景下，目前有 192 个数据中心在运行或建设中。
为了支持这些设施，必须建设足够的全新可再生能源和储能容量。伦敦计划的政策鼓励在现场产生可再生电力，而 3 个建设单位……
发电；这不是一项强制要求。全国数据中心暂停计划（national moratorium on data centres）于 2021. 年实施。我向一对这样的人展示了他们认为完美的房子。该计划于 2025, 年 12 月结束。他们得到了想要的空间，得到了想要的地理位置，也得到了他们想要的生活方式。
但那房子太宏伟了。或者也许是厨房的朝向不对。实际上，现在我想起来了，洗衣房的天花板感觉有点低。花园太正式了。他们想要的是别的东西。
问题在于，在我看来，尽管许多现金买家所说的那样，在交易后期出现破裂的可能性降低了（因此涉及至少 half a million 的交易），但往往缺乏真正的紧迫感。在目前的市场中，再也没有那些为了出高价而互相抢购的买家队列，迫使人们迅速采取行动。他们听到有房产以 asking price 的一半价格出售的传闻。他们说服自己，如果现金买家和连环买家（chain buyers）已经准备就绪……
$ 5 Southend-on-Sea
没有直接的沟通渠道。激发抗议者情绪的不仅是使用率，还有污染。直到英国政府对简化电网连接的咨询完全脱碳之前，电力生产仍需要燃烧天然气，而数据中心通常拥有柴油驱动的备用发电机。运营商被要求在需要时将电力反馈给国家电网，且每个设施年度电力需求的至少 80 per cent 必须来自可再生能源。
来源：数据中心地图 (Data Center Map)
爱尔兰计划将数据中心开发从目前的都柏林热门地区移走，转而推广在能够靠近可再生能源来源的地点建立“绿色能源园区”。与此同时，在白金汉郡（Buckinghamshire）和贝德福德郡（Bedfordshire）的数据中心开发项目——只要能加快流程的系统，都会受到几乎所有相关人员的欢迎。
Basingstoke 2 Maidstone Dover Salisbury Winchester Southampton Brighton and Hove MapLibre / ©Mapcreator.io / ©OpenStreetMap
任何能加快流程的系统都会减少因焦虑而失眠的夜晚。而且这可能正好有助于平衡赔率。
去年 9 月《卫报》（The Guardian）的一份报告揭露，谷歌计划在伦敦东缘的瑟罗克（Thurrock）建立的超大规模数据中心预计每年将排放 50 万吨二氧化碳，相当于每周 600 趟短途航班。
《可持续建筑与城市工程期刊》（Journal of Engineering for Sustainable Buildings and Cities）发表的一篇论文的主作者 Small-Edwards 认为，这种举措将受到几乎所有相关人员的欢迎。最近的研究表明，由于数据中心沉重的用电量和部分冷却系统排放的热空气，它们可能会使当地温度升高 2C 以上。全球行动计划（Global Action Plan）估计，这种电力需求很大。该组织指出，在伦敦外围、距离伦敦中心北部 12 英里的 Waltham Cross 计划建设的新设施占地 33 英亩，并不使用水进行冷却，且已具备热回收能力。Small-Edwards 认为，爱尔兰的举措“看起来潜在地像是一种干预，有助于解决该问题”。
伦敦计划（London Plan）政策中关于年度温室气体排放的规定，鼓励废物公司在其英国业务的项目中采用热回收，这意味着其中部分设施将以“接近或达到”95% 的脱碳率运行——这不仅是环境问题，也是心理问题。增加的电力需求来自数据中心，可能导致电网压力增大，因为电网往往依赖效率较低、成本更高的发电机来满足增长的需求。《地球之友》（Friends of the Earth）在今年的一份报告中指出，数据中心对大量水的需求——特别是如果依赖水冷系统——每天可能超过 100 万升。根据环境署（Environment Agency）的数据，伦敦和东南部是英国水资源最紧张的地区之一。开发者和运营商在伦敦的站点坚持认为，他们正在采取措施提高水效率。
此外还有水资源短缺的问题。虽然英国住户被要求减少用水（7 月公布的多次禁用水管令），但政府在优先考虑高度耗水的数字基础设施的同时，这也成为了当地社区健康（如房屋取暖）的一个关注点。与此同时，微软（Microsoft）在西伦敦巨大的 Park Royal 站点可能会改变格局。该公司的发言人引用了“演进我们设计、建设和运行数据中心的方式”，并指出相关系统使新设施能够使用零水冷却以及雨水收集。但关于其数据中心如何避免给能源网络增加额外压力的具体细节似乎较为模糊。
计划中的 Potters Bar 中心开发者 Equinix 在其网站上声称，赫特福德郡（Hertfordshire）园区将使用 100% 可再生能源，并采用一套不耗水的冷却系统，通过新植被增加生物多样性，并保留超过一半的——
伦敦计划政策要求站点证明水效率。
由于经济的不确定性，Lindsay Cuthill 共同创立的 Blue Book Agency 认为，目前的政策“远不足以解决问题”，给开发商留下了“太多的操作空间”。尽管他看到了暂停建设的暂时吸引力，但他认为需要永久性措施——即“具体条件”，以确保当地的水源供应或环境不受损害。否则，他补充道，开发商“不应被允许地建设”。来自房屋建筑商联合会（Home Builders Federation）的 Turner 希望英国政府向公用事业提供商施加更多压力。
伦敦计划的草案尚未包含这些要求，但它将在 10 月前提交公众咨询，最终可能在 2028 年采用，因此该截止日期最有可能推动一项协议的达成。他们可能没有更丰厚的银行余额，但他们有更多东西在赌注之上了。
目前，人们在等待另外六个月，直到市场重新启动。单是白金汉郡（Buckinghamshire）中心预计就将产生超过 50 万吨的排放量。在此之前，在市场低迷时期，完美的房屋将以 substantially less money（大幅降低的价格）出售。此时，时间压力至关重要。买家将对方视为敌人。现在是焦虑、犹豫、拖延的时候了。
而根据 Global Action 在 4 月发布的 Sputnik Plan 报告以及 5 月发布的一份关于爱尔兰的报告，由于数据中心在该国的扩张，爱尔兰住户在 2015 年至 2023 年间在电费上估计多支付了 €715mn；在 2025 年至 2034 年间，他们可能面临额外的 €1.43bn 支出。
确保当地社区以及该地块作为开放空间的属性。升级并扩大基础设施。措施。未设定具体限制。Ros Naylor 持怀疑态度。否则，他说，住房将如市长自己所承认的那样，伦敦的住房将陷入危机。由于数据中心，政府表示可能在 25 年内缺水。“阿姆斯特丹的政策很明确：住房是优先事项。如果是这样，那么您需要看到它被优先于数据中心，”副市长安德烈亚斯·肖尔特斯 (Alexander Scholtes) 说道。同样令人担忧的是单个数据中心产生的废热，其排放量可能超过 40,000 户家庭的排放量。根据 2015 年至 2023 年的账单，爱尔兰家庭在电费上多支付了 €715mn。目前，坎贝尔 (Campbell) 总结道，“这是一场毫无节制的抢占”。
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坚持选用耐风植物。在种植任何植物之前，他们还在斜坡上钉了椰壳垫，这有助于植物扎根并防止侵蚀（随着时间的推移，它会腐烂分解）。阳台上的恶劣条件让盆栽难以生存，但莫里斯 (Morris) 将一个从维多利亚时代喷泉中回收的巨大扇贝壳改造成了遮荫墙容器，现在那里生长着一群繁茂的多肉植物。有些植物是从她西伦敦的公寓搬来的，包括许多盆的百合花和一棵陪伴了她 25 年、现已在土中茁壮成长的橄榄树。鲁格萨蔷薇在这里也生长茂盛，就像在海岸边一样；一株淡粉色的现代玫瑰“奥利维亚·罗斯·奥斯汀”——一份 50 岁生日礼物——也生长得很好。许多色彩缤纷的灵感来自不起眼的场所。大片的大花郁金香 (Tulipa turkestanica) 是受附近贝克斯希尔 (Bexhill) 一个环岛的启发，
而另一个在黑斯廷斯 (Hastings) 的地方则让她对耐旱的岩蔷薇产生了新的痴迷。砾石区域是年轻的薰衣草丛（‘Hidcote’ 和 angustifolia）、荆兰以及 Verbena bonariensis 空灵的茎干，形成了一系列有趣的形态。巨大的新西兰麻 (phormium) 伴随着 mounds 的蜜源大戟 (Euphorbia mellifera)、海桐 tobira、山松 (Pinus mugo ‘Mops’) 和 Miscanthus ‘Morning Light’，在夏末带来一种羽毛般的轻盈感。在盛夏，色彩来自耐旱的多年生植物 Achillea ‘Credo’ 和缎子。
灿烂的加州罂粟是对附近 Dungeness 的 Prospect Cottage 中德里克·贾曼 (Derek Jarman) 花园的致敬。而在长椅后面，一排银色的山海花 (Santolina) 和意大利蜡菊 (Helichrysum italicum) —— 咖喱植物 —— 增添了迷人的香气和更多色彩。
砾石露台是早晨喝咖啡的最爱之所：长椅由内森 (Nathan) 建造，他也创建了通往花园的阶梯。“他真的非常擅长建筑，”莫里斯微笑着说，“他是一位极其出色的工匠。”
但种植的关键在于园艺师和种植设计师马克·奥尼尔 (Marc O'Neill)。莫里斯在都柏林的青少年时期就认识他，而他后来拥有了 ‘Terracotta’、Perovskia “Blue
被五彩缤纷的植物环绕，催生了她的 Olivia Morris At Home 品牌，该品牌于 2020 年推出，起初推出了一系列天鹅绒材质的居家鞋，随后扩展到花卉丝绸、印花布和其他复古纺织品的长袍。最近她还增加了宽檐帽。每个月她都会创建一个情绪板，聚焦于该系列中出现的某种特定花卉——8 月份是雏菊，主打来自 Sanderson 和 Jonelle 的 1970 年代面料长袍。
回到花园，植物们有着一系列有趣的形态。灿烂的加州罂粟是对附近 Dungeness 的 Prospect Cottage 中德里克·贾曼 (Derek Jarman) 花园的致敬。
“Spire” 以及 “Dianthus”、“Tulbaghia ‘Fairy Star’” 和 “Verbena ‘Bampton’” 均尽可能从当地苗圃采购，包括伦敦时尚界的中心以及 Great Dixter Nurseries、Athelas Plants 和附近的 Zophian Plants。在 Zophian Plants，O’Neill 已经志愿服务了十年，那里由职业滑板手转行的植物专家 Toby Shuall 经营，他专门从事耐旱多年生植物的种植。他最近提供了 Cirsium rivulare “Trevor's Blue Wonder” 和 Nepeta；Morris 采用了淡黄色的 cistus。“其中很多都是实验性的，”Morris 说道，她对在 Santolina 旁种植 Tulbaghia 越来越有信心；他安排在主要种植区域的结构性植物现在已经成熟，其中包括 Erigeron karvinskianus 和 Stipa gigantea —— 但她已经学会接受失败。
“每个做父母的人都喜欢去，因为你可以全年看到这些花园，即使在关闭期间。”
“每当我回头看这个花园时，最让我惊讶的是它如此繁茂，”她说。“尤其是考虑到这个位置。在冬季，我意识到结构是多么重要。”她正学习喜爱那些稍微不寻常的植物。
“Marc 非常擅长让事情看起来更自然，”Morris 说道。
他曾建立自己的女装品牌，在伦敦时尚界占有一席之地。他们在 Great Dixter 重逢，Morris 还加入了一株新西兰 Manuka 植物 (Leptospermum scoparium)，其粉色花朵在早春时分盛开。在不同季节中，她会带着孩子在周五参加森林学校。
本页，顺时针方向从主图开始：一个砾石花园，种植有橄榄树和耐旱的薰衣草、Lychnis。
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从左起顺时针方向：Van Houtte 坐在她开放式空间的格子布长凳上；她的巴黎公寓楼；蓝色主题延续到了厨房中；艺术品包括（从左至右）Rafael Neff 的摄影作品、一件 Studio Lenca 的版画以及 Ralf Kokke 的一幅画作。
像时尚一样精致
与 FT 共同居家 / 时尚科技
企业家 Alexandra Van Houtte 沉浸在将英式古怪风格融入其巴黎住宅的乐趣中。
她告诉 Daisy Dawnay，这已融入她的血液。
摄影：Julien Lienard
走进这家充满复古小酒馆气息的住宅，那些优雅的装饰艺术风格椅子是以约 €200 的价格从二手交易平台 Selency 购买的。“人们坐在对面应该感到快乐。生活已经足够枯燥了，餐桌不能也这么乏味。”
这些在跳蚤市场、eBay 和布鲁塞尔的 Edji 画廊（由她的哥哥 Edward 共同创立）淘来的宝贝，构成了她家的基调：“除此之外，生活中还发生了其他事情，”她说。Stu-dio Lenca 和 Killion Huang 的画作是她哥哥推荐的。两只装有坚果和水煮蛋的陶瓷盘——那是来自 Dior 时尚周的邀请函——挂在墙上，旁边是她从 Instagram 账号 @monkpictures 随机挑选买家并根据帖子评论选购的艺术品。其中一副是她觊觎三年的收据画，“我尝试了三年，终于买到了一幅，”她高兴地说。
作为在线社区的一员，这在 Van Houtte 的生活和工作中占据了巨大比重——她总是在 Substack 和 Instagram 账号上分享个人推荐。她特别喜欢带女儿去的一个地方：Chantelivre，一家当地书店，有一扇通往“一个装满书籍和动画的巨大儿童房”的秘密门。“对于任何在巴黎带着孩子的人来说，这里都是最佳去处。”
她承认社交媒体上存在很多噪音。但她说，Tagwalk 旨在通过对时尚秀场的编辑来“剔除所有废话”。人工智能正在帮助团队优化并重新思考策略；他们正在利用 AI 的能力按颜色、风格、面料为单品打标签，并预测趋势。员工人数已从 30 人精简至 14 人。包括 Adidas、Walmart 和 Burberry 在内的客户可以通过实时数据和关于趋势风格的定期报告获取洞察。
创业精神在她的家族中传承。客厅里的一把软垫奥斯曼长凳继承自她的外祖父 David Stapleton。他与妻子 Annabel 在 1970 年买下了海鲜生产商 Pinneys of Scotland，多年来一直供应烟熏三文鱼。
（右上方起）：这栋公寓楼的每一层都拥有带有色玻璃的阳光房；
但工作就留在工作中。所有事务都在位于 Rue du Louvre 的 Tagwalk 办公室完成。
但在打开门进入 Alexandra Van Houtte 的家后，氛围发生了转变。这里有典型的木地板、高窗以及俯瞰城市锌皮屋顶的视野，然而，色彩、格子布和花卉的注入，使其脱离了典型的巴黎居家风格，显得更加简约精致。
“我不喜欢‘时髦’（chic），”这位与丈夫 David（从事基础设施金融工作）以及两岁女儿 India 共同生活在这里的时尚科技企业家说道。“我希望人们走进来后不想离开。”她一半英国血统，一半法国血统，而这个家展现了她的两面。虽然她说这里感觉“更像英国”，因为她正坐在扶手椅上，端着一个 Emma Bridgewater 的杯子喝咖啡。
Van Houtte 在 2016. 年创立了 T 台搜索平台 Tagwalk。在担任时尚助理期间，她意识到将 T 台造型分类的任务极其耗时，由此产生了该想法。如今，该业务拥有 450,000 名用户——这是一个由每周多次访问该网站进行造型研究的“设计师、造型师、记者、买手和零售商”组成的群体。
她热爱招待客人，但餐桌必须有趣：“人们坐在那里必须感到快乐。生活已经足够枯燥了。”
包括 Corti 和 Marks and Spencer 在的高街零售商们，在化妆、梳发以及前往办公室的过程中，它能为你切换到一种不同的能量，”她笑着说。家是用来放松的。“每当我心情不好时，我就躺在[阅读室的]那把沙发上，周围摆满设计师书籍，感觉非常平静，”她说。
玻璃制品是“我想要的那种轻松、闲聊、且带有逃避现实感的风格”。罗曼·艾迪逊 (Romaine Editions) 让她笑了。她的母亲后来搬到了巴黎，在那里她遇到了 Van Houtte 的父亲。Van Houtte 在第 16 区长大——她描述那里是“非常保守，真的非常刻板”的区域。
在英国就读寄宿学校为她提供了一个小小的逃避之所：“我觉得[女孩们]在那儿远离尘世，得到了真正的保护，”她说道。“在法国，当你 14 岁时，你被允许尝试饮用葡萄酒。你可以偷偷溜出去，然后在午夜回来。这是我们文化的一部分。”
当她的父母搬到左岸时，她终于有了家的感觉。那里国际化和文化气息浓厚的社区以及绿地让她“感觉太棒了。我当时就想，‘这里必须就是我想待的地方’。”从那时起她就一直住在那里。
但 Van Houtte 的风格比典型的法国方式更随意。她热爱款待客人，但认为“餐桌必须是充满乐趣的”，她指着一个装满亮色桌布的抽屉说，她会将这些桌布与彩色书籍搭配在一起。
在她们的公寓外，在楼梯平台上，每一层都有一扇彩绘玻璃窗——窗上绘有一轮散发着彩色光芒的太阳。在公寓看房时，这对夫妇将其视为一个预兆。“就是这里了，”Van Houtte 微笑着说。
扫描以获取更多家庭功能特性，包括木地板、电梯、一名 gardien [管理员]、两个大卧室、两间浴室和一个阅读室。他们希望靠近公园和地铁。并且要高——能俯瞰屋顶的餐厅。
虽然花了时间，但如今他们拥有了一个厨房向格子布长凳休息区开放的家，而客厅则通向图书馆阅读室。墙上贴满了 Cole & Son 设计的香豌豆花图案（那是 Van Houtte 最喜欢的花，也是她婚礼花束中的花卉）。她的丈夫在 2020 年他们在 Tinder 上相识时住在右岸——但她用家诱使他跨过塞纳河。他们对自己家的标准非常严格：“我们希望厨房是开放的，有木地板，有电梯，有管理员，有两个大卧室，两间浴室和一个阅读室。”
她更倾向于卧室，而不是餐厅。
每一年，她都会在马贝拉的 Buchinger Wilhelmi 健康诊所预订 1 次度假，关掉手机，阅读自助类书籍。“梅尔·罗宾斯 (Mel Robbins)、《当下的力量》(The Power of Now)、《不驯》(Untamed)；只要你能想到的那本书，我可能都读过了。我会用荧光笔标注。我真的很投入，”她说。在家里，她在正门摆放幸运符，收集大象图案和避邪之眼，“为了保护”。
她女儿 India 的卧室里，墙上布满了文学气息、国际化和文化色彩的元素。整个公寓中出现的花朵和太阳图案相互呼应。
“我爸爸说，‘我不理解这样做’，”她谈到决定设立阅读室而非餐厅时说道。
大卫 (David) 则更喜欢陀思妥耶夫斯基，他在办公桌旁收集大象图案以求好运；而她则收集彩色书籍。
在英格兰北部的坎布里亚郡 (Cumbria)，她们的三位女儿——Lara Stapleton、羊绒品牌 Brora 的创始人 Victoria Stapleton 以及室内设计师 Serena Williams-Ellis——仍有一个基地。
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伦敦 St John’s Wood 伦敦 Marble Arch 伦敦 Westminster 伦敦 Holland Park 坐落于首都一条声名显赫的街道，地理位置极佳，这是一栋卓越的六卧室 临近标志性的海德公园，一套拥有四间卧室及五间浴室的时尚公寓。 坐落于首都一条历史悠久的街道，这是一栋距离圣詹姆斯公园仅数步之遥的 这栋杰出的七卧室住宅面积超过 6,500 平方英尺， 住宅。毗邻勋爵板球场，周边环绕着 配备私人露台，这栋精致的住宅不容错过，能效等级 c。在与 WETHERELL 的合作下。 非凡的五卧室住宅。其内部空间充裕， 设有室内游泳池和一座壮丽的花园。家门口就有 绝佳的精品店和餐厅，能效等级 c。 能效等级 c。 是家庭居住的理想物业，能效等级 d 多种绝佳的配套设施，能效等级 c。 Dexters Hampstead 020 7433 0273 £12,000,000 Dexters Hyde Park 020 7590 9500 £8,500 pw Dexters Westminster 020 7590 9570 £5,500,000 Dexters Notting Hill O20 7792 0792 £21,000 pw
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Avaterra 别墅 顶级 5 星级住宅
您知道伦敦房产买家最常犯的 3 个最昂贵的错误吗？
在卢贝隆（Luberon）地区，这座引人注目的堡垒式住宅占据了最显赫的地理位置之一。它坐落在 24 英亩的正式花园、薰衣草田和私人橡树林之中，是普罗旺斯生活方式的罕见体现。这座美丽的住宅经过精心修复，达到了极高的标准。
投入 200 万英镑（£2m）以上的伦敦房产买家正犯着三个代价高昂的错误，且无人提及。
近期完工的 Avaterra 俯瞰巴厘岛百万富翁区，处于极佳的视角——拥有 270° 的地平线视野：白日是蓝色海洋，夜晚是灯火之海。
欲了解这些错误是什么以及如何避免，只需访问 www.insidersguidebook.com，发送电子邮件至 info@mercuryhomesearch.com 或立即拨打 +44 203 4578855 申请免费获取《业内人士伦敦豪宅置业指南》（The Insider’s Guide To Acquiring Luxury Property in London）。
仅在我们这里，您可以找到印度尼西亚巴厘岛豪华住宅和顶层公寓的转售机会，房型涵盖 1 到 3 间卧室，生活空间从 95 至 325 平方米不等——全部设计精美，配置周到，装修典雅。可选租赁管理计划。价格每平方米 22'930 瑞士法郎（CHF）起。
该物业拥有 10 间卧室、11 间浴室，设有四间套内卧室、开放式起居空间、一个无边泳池、一个禅意花园、蒸汽房和冰浴池。配备太阳能发电、自有水井以及 Starlink 卫星网络连接。
低调奢华，现代舒适——完全合规。
MERCURY 18米游泳池，看管人住宅及网球场。拎包入住：一个私人避风港，或巴厘岛下一个高收益的奖杯房产。产权：永久产权 thielproperty info@thielproperty.ch +33 4.90 05 01 54 +41 (0)41 888 06 06 client@nvictoire.com €12.9M 联系方式：info@jtmd.com USD 4,250,000 HOMESEARCH Whatsapp: +31 634367125 山地住宅及更多 www.thielproperty.ch
为了完美的千鸟格 但当一辆福特 GT40 轰鸣而至时
没有什么比得上 "78-20 9月 2026 Goodwood 门票现已发售
6 FT Weekend 2026年8月1日 / 8月2日
House&oHome
Plan bee（蜜蜂计划） 花园救援日记 / 为了打造一个全年丰盛且让蜜蜂幸福的家，Patrick Grant 接待了一位蜂箱数量过多的男士。由 Arran Cross 为《金融时报》拍摄
早在三月，当地的传闻告诉我，一个叫 Dave 的人想和我谈谈关于蜜蜂的话题。不是那个穿着洁净的 Le Chameaus 鞋、戴着粗花呢帽的著名 Dave（尽管 Sir Dave B 和我确实曾简短地聊过一次养蜂术）。这个 Dave 是 Dave Pearson，他穿着农场商店的雨靴，是农民之子，住在北约克郡的 Long Preston。他想找我，是因为他需要一个可以安置几个蜂箱的花园。人类大约在公元前 2500 年开始建造蜂箱并饲养西方蜜蜂 (Apis mellifera)，虽然我家蜜蜂的历史没那么久远，但也确实有 300 年之久。我知道这一点是因为我的邻居 Robin 和 Jane 告诉我，我墙上正方形的石质凹槽是蜂洞（bee boles），它们是为了安置稻草或柳条编织的蜂巢而建的，是现代蜂箱的前身；我们 75% 的粮食作物依赖蜜蜂及类似的传粉媒介进行授粉。
蜂巢。罗宾认为，如果蜜蜂灭绝，我们可能也会随之而去。他相信他们农场上的蜂巢至少已经使用了一个世纪，这很合理，因为 1874 年取消土地糖税后，使得养蜂变得更加负担得起，意味着养蜂不再是农民能有效利用时间的活动。
杀虫剂和化学肥料的使用、过度放牧、湿地排水、对树篱和田边地的移除，以及我们的耕作方式和园林维护方式，共同构成了一场集体性的生物多样性灾难。除此之外，极端天气事件（例如 6 月的异常剧烈冰雹）扰乱了觅食并摧毁了食物来源。随后又是疾病、害虫和入侵物种，比如已被发现出现在离我不到 30 英里处的黄脚亚洲胡蜂。
自 1980 年以来，像我所在的这种高地地区的野生蜜蜂数量减少了一半，而在英国 270 个物种中，有超过 35 个处于灭绝边缘。蜜蜂的噩耗就是我们的噩耗。
观察它们是了解它们喜欢在哪里筑巢以及喜欢取食什么的绝佳方式。我的花园目前最受欢迎的是荆草、细香葱和六出花，所以明年我会多种一些。观察蜜蜂也是花园生活的巨大乐趣之一。如果你还没看过《我的千朵蜜蜂花园》（My Garden of a Thousand Bees，BBC iPlayer / PBS Nature），我强烈推荐。该片由资深野生动物摄影师马丁·多恩（Martin Dohrn）拍摄。在布里斯托尔的花园里，他记录了 60 种左右的蜜蜂，它们大多为独居、非攻击性且不产蜜的品种，演绎了一系列非凡的戏剧：包括切叶蜂、毛脚花蜂、邪恶的寄生尖蜂，以及马丁与之结成神奇友谊的泥蜂。大多数蜜蜂出生，筑巢，产下几枚卵，将一生致力于为这些卵提供花蜜储备，然后死去。这既迷人又令人心碎。
在我的花园能够容纳我的 Bee Kind 蜂巢之前，它需要通过戴夫（Dave）严格的审查。戴夫就像他的著名同名人物一样，对他和他的蜂巢充满热情；这些可怜的老蜜蜂近几年遭受了重创。他报告说，最近的一个冬天是记忆中最糟糕的。
我目前对养蜂尚不熟悉。年少时，他在家族农场帮叔叔照看蜂巢，但直到 2020 年他才正式开始钻研。从准备一个小型蜂巢开始，他的群体（就像他的 Freedom Hive 一样，凭借其独特的知识储备）迅速增长，现在他负责近 40,000 只蜜蜂，大约有 33 万只。戴夫甚至不喜欢蜂蜜——而且销售蜂蜜的食品标准许可手续是他并不想要的——所以他的养蜂纯粹是对自然的慷慨之举。
但愿我们都能如此慷慨，不过我们不必非要亲自搭建老旧的蜂巢来尽一份力。我们可以摒弃杀虫剂。我们可以停止没完没了的修剪草坪。只修剪我们需要的部分；蜜蜂（以及几乎所有其他生物）都热爱蒲公英、雏菊、三叶草、蓟以及所有我们被训练去根除的所谓“杂草”。
帕特里克（Patrick）正在检查他的新蜂巢；在夏天，人们使用烟雾来安抚蜜蜂；马特·索默维尔（Matt Somerville）则在照看蜂巢。马特曾是一位内阁成员，对蜜蜂情有独钟，开始尝试用手工挖掘原木制作蜂巢。他的设计不断演进，如今在 2 月份大黄蜂和独居蜂需要觅食时，他的雕塑感 Bee Kind 蜂巢——一个由西方红杉中空而成的蜂巢——已经成熟。
雪松原木的标准；令人高兴的是，在东边一个开始觅食的地点，一直延伸到带有围墙花园的手切栗木三脚架，得到了他的认可。现在是十月，所以尝试思考植物的茅草锥形顶——许多花园都有清晰的东南飞行路径，可作为全年的蜜蜂花园，包括海格罗夫（Highgrove）。国王（蜜蜂喜欢在脸上晒太阳）在那里养蜂已久，而且当它们早晨出门工作时，有足够的树冠可以保护整个蜂巢免受盛夏阳光的暴晒，并提供一定的防风保护。树木可以发挥巨大作用。我的杂货商 Fortnum & Mason 先生们（他们销售的海格罗夫蜂蜜帮助资助了国王基金会的自然积极活动，该基金会位于一个优美的位置，且恰好具有圆形结构，这有助于产生蜂蜜的蜜蜂）。但蜜蜂并不需要 stately homes 宏伟的庄园。
无忧的养蜂人所恐惧的“六月缺口”）。选好地点后，戴夫建造了基础并安装了一个诱蜂箱——一个带有柠檬草香味的空蜂箱，旨在吸引寻找新家的分群野蜂。搬迁蜂巢的最佳时间是春末，当天气变暖且花卉盛开时，有充足的食物，因此四月的最后一个星期，也就是在我生日（五月节）前一天天气晴朗温暖时，蜜蜂就搬进来了。
我的甜栗树今年开出了第一批花，这预示着良好的前景。肺草和狐尾佟是很好的早春花卉，而大多数花园在仲夏都应拥有充足的资源以满足饥饿的蜜蜂。但如果你想真正提供帮助，请种植更多开放式花朵，如雏菊、天竺葵、野玫瑰和松果菊，这些花朵蜜蜂更容易采集。景天在秋季是很好的蜜蜂饲料。
它们的绒毛砌筑 周 抵御其他花朵。 他，胜利地，倾斜而开， 他的脚穿着纱网，轻盈， 大多是在蜂巢周围挥舞——
【My Mayfair Pied-a-Terre】 作者：艾米莉·狄金森 (Emily Dickinson) 购买一处偶尔使用的第二居所——考虑到初始投入、税收影响以及直接管理房产的承诺——似乎很少是合理的。47 Park Street™ 在梅费尔 (Mayfair) 提供一系列布置奢华、宽敞的公寓，其成本仅为每年您在伦敦个人所需时间的极小一部分，而无需承担全额所有权的费用。
其优势包括： + 全方位集成物业管理 + 24-hour concierge, maid, and room service (24小时礼宾、女佣和客房服务)
所有蜜蜂都需要合适的筑巢空间。虽然学校制作的蜜蜂旅馆在全国的孩子们中很受欢迎，但其实也可以简单地在花园里留出一些空间。它紧邻一片植被茂密的装饰性李子花田（得益于偶尔有牲畜在其中活动）。该位置同时紧邻一个巨大的兔子窝，所以我希望作为奖赏，数以千计的蜜蜂的存在能鼓励兔子跳向这里。
在我的生活中，从一只蜜蜂（《英国缝纫大赛》在七月回归 BBC One 频道）到我现在拥有大约 40,000, 只蜜蜂，但我自己的养蜂职责其实可以简单到仅仅是在蜂巢周围除草。
在三月的第一周，先是装饰性李子花，然后是四月的樱桃、大马士革李和李子。山楂花在五月达到顶峰，而接骨木花一直开到六月。
代客泊车存储设施以及多种原木自然腐烂的利用方案（或许能获得他的头盔是金色的；并确保围栏能撑住任何 *无需印花税钻孔并多钻几个孔）；他的胸膛，一块独一无二的缟玛瑙将牛群挡在海湾。Dave 每周会来几次查看这个群体和花园。看到英国有这么多木材在重新种植真是太好了，但还需要一个世纪或更长时间，树木才会开始死亡和腐烂，从而创造新的蜜蜂栖息地。他的劳动是一场咏唱，进展迅速；第二个腔室（被称为“蜂蜜超级厢”）已经添加。Dave 还会检查我们的诱饵。像放置潜在一个新居民的蜂箱一样放置蜂箱，并安装鸟巢箱；它们不需要与花园和周围充满花朵的边缘地带完美融合，而且天气状况良好，看来我们已经为快乐的蜜蜂做好了准备。尽管他的使命至关重要，但我们的 Dave 不太可能因为他的努力而获得爵位。但也许如果他运气好，他可能会获得一枚 O.Bee.E（大英帝国荣誉勋章）？
47 PARK STREET: 每日开放，上午 9 点至下午 5 点。电话：+44 (0) 20 7950 5528 Mayfair - 伦敦 电子邮箱：moreinfo@47parkstreet.com
Patrick Grant 是 Community Clothing 的创始人，也是 BBC 电视节目《英国缝纫大赛》(The Great British Sewing Bee) 的评委，以及《Less》(HarperCollins 出版) 的作者。
扫描以获取更多 Patrick Grant 的 《花园救援日记》 分期内容
Patrick Grant 向养蜂人 Dave Pearson 开放了他的约克郡花园
2026 年 8 月 1 日 / 2 日 FT Weekend 7,
家居与生活 (House&Home)
从左至右：由 Studio Valerie Name 设计的卧室；Pierre Yovanovitch 对走廊的构想；Husband Wife 浴室；由 Studio Valerie Name 设计的房间入口 —
“这么小？尺寸选择应该看起来很荒诞，”Yond Interiors 的创意总监 Julia Miller 说道。在最近的一个木屋项目中，她在沙发上方的一面墙和壁龛内放置了一件小艺术品；橱柜进一步起到了框架作用。
“给它们呼吸的空间，但也要创造一些可以关联的东西，无论是线条、材质的切换还是对称点，”Bolaiio 补充道。“有时将它们稍微偏移，或将其放置在非预期的中心点，可以营造出一种精准的意图感。”
就像白色信封上的邮票一样，它恰恰因为其尺寸而脱颖而出；但在画廊墙上，它可能会被淹没。这种做法增加了质感和聚焦的兴趣点。
对于珠宝设计师 Joe Spiro 的伦敦住宅，她在一扇高门的两侧各挂了一幅小肖像画，位置略高于眼睛水平线。“重要的是它们不能与建筑结构竞争，而应该是对它的点缀，就像句子中的停顿一样，”她说。
这种方法借鉴了风格主义（Mannerism）的理念——这一文艺复兴晚期的运动挑战了古典的比例和完美观念。室内及家具设计师 Pierre Yovanovitch 表示：“完美只有在包含不完美的情况下才存在。一件与其所占据的空间不相称的小作品，正是这种‘完美的缺陷’的一部分。”
Yovanovitch 承认，预测一件小作品在与传统大件作品对比时是否有效更为困难。他最近在的一栋宽广的乡村住宅中，出人意料地在各处布置了小作品。Matthieu Cossé 的一幅微型风景画挂在入口大厅的尽头；它在那里看起来应该显得荒诞。
“当一件小作品被置于宏大的建筑手法之中时，它向你提出了不同的要求——你必须靠近，慢下来，审视意图，”室内设计师 Valerie Name Bolaiio 说道。“它创造了一种静谧的引力感。”
相反，大尺寸作品通常在你进入房间的一瞬间就宣告了自己的存在，有时甚至决定了事物的等级之分，”她说。极小尺寸的艺术品则能“引导视线，鼓励其与其它物体保持平衡”。
这里有一些室内设计师在布置艺术品时依赖的指南：
例如，挂在沙发或床头板上方的作品，其宽度应大约占家具宽度的三分之二。逻辑很简单：大墙面需要比例相称的大型艺术品——或者至少是一组占据相同尺寸的小型作品。然而，设计师们正越来越多地颠覆传统，在开阔的墙面上悬挂单件微小作品，以产生引人入胜的效果。
图案墙是一个简单的目标——极小的艺术品在其中看起来并不那么孤立。“这需要一定的试错，”Yovanovitch 承认。Ellen Siebers 将一幅精巧的装裱画挂在书桌上方的画轨上；一幅更小的肖像画则点缀在儿子床上的墙壁上，她说这带来了一种某种“神圣”的质感。
“小动作能激发好奇心，”室内设计师 Athena Calderone（Studio Athena 创始人）赞同道。她用她新曼哈顿公寓（前行政套房，天花板高 4 米）的比例来回应。
这可能违背了我们填满每个空白处的冲动，但缓慢的收获是值得的。
“比如一件陶瓷作品，引导人们从一件作品游走到下一件。”卡尔德罗内（Calderone）说，“逐步展开。” 在她自己的雅典公寓里，一件由安妮·福尔曼诺尔（Annie Fourmanoir）创作的希腊之神厄洛斯（Eros）的古董画，尺寸几乎不比便利贴大，就那样孤零零地挂在她床上的墙上。对于一些人来说，这种处理方式可能很难接受。但在波拉菲奥（Bolafio），其核心在于微妙。 “这不在于填满墙壁，而在于创造一个精准的瞬间，几乎像是一种低语，却又清晰可见。”
一个小比例的艺术作品需要周围的元素来支撑才能发挥作用。“小尺寸的艺术作品能让人更专注地观察。”
灵感源自传承，为现代生活而设计 探索分布在英国及全球的非凡房产组合。从宏伟的乡村庄园到优雅的城市住宅，我们的定制化方案确保为您提供与我们所代表的住宅一样精致的体验。我们在全球 84 个地点拥有 26,100 名代理人，凭借全球视野提供当地专业知识——提供极少数人能企及的资源。在建立在传承与信任基础上的品牌指引下，发现您的传奇之作。
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House&Home
我刚刚发现了一份可以应用于近期热浪期间园艺工作的“使命宣言”。和你们大多数人一样，我一直在用浇水壶浇水，并耗尽了一个雨水桶。我一直在为我的高山植物遮阴，以免它们受到讨厌的干燥阳光直射。我一直在修剪枯茎并采摘没完没了的西葫芦。现在我得知，我一直是在“培养韧性”。
这是慈善机构世界古迹基金会 (WME) 最近采取的一系列优秀计划的口号。该基金会将使命从古迹扩展到了“历史绿地”、公园和花园。这与它在北京故宫乾隆园提供协助的 25 年工作相契合，该园于 2025. 重新向公众开放。这座花园中一座修复后的古迹的名字翻译过来是“勤政倦工作室”。我正享受着为那些……
金属造船业。它依然是 1997, 年时的宏伟巨作，其穹顶在 2019 年再次升级。它是建筑师 Decimus Burton 和工程师 Richard Turner 的杰作。它继续启发着现代设计师，诺曼·福斯特爵士 (Sir Norman Foster) 就承认受到了它的启发。它是对历史品味的一次迷人纪念。在 1850 年代，大批游客前来惊叹于它以及 1852. 年开放的水百合屋。他们热爱棕榈屋的样子。
我们需要一座棕榈屋吗？当然需要。在这里，每年数十万名游客开始了解遥远雨林中的自然。在广为人知的香蕉品种中，稀有且濒危的物种也在此生存。殖民主义植物学根本不是问题所在。通过 Kew 花园的专家，该……
为韧性而努力，却失去了在其中占据一席之地的资格。由于忽略了一个巨大的正式花园，而这些花园蕴含着培育稀有棕榈树的精妙技巧。当我通过选择具有主根和银灰色叶片的植物来培养花坛植物的韧性时，由大师 William Nesfield 设计的花坛已经开裂，从而确保了我的花园具有连续性。泰国棕榈必须经过人工授粉，而其他棕榈则必须通过扦插培育。由于房屋被清空，我了解到了它的超稀有玻璃房网络及其门廊，但现在我了解到，内部（通常是对外开放的）同样不容错过。这里正是园丁在精美的中央吊灯下祈雨的地方。
十月份，最后一阶段的筹款呼吁将开始。预计筹集 £66mn 的资金中，已经筹集了一半，其中一部分来自 WMF，匹配的另一半肯定会像海啸般涌入。目标是将这座“超级房屋”打造为一座“净零”建筑，由空气源和热泵供暖。
在初夏，上方的蔬菜花园（或称 potager）是凡尔赛风格的。它吸引了 WMF 的支持，后者是该项目的另一个大赞助者——美国花园爱好者、慈善家 Bunny Mellon，恰如其分地将他描述为一名“奔跑的英国迷”，以纪念他对英格兰、马匹及其运动和艺术的热爱。Gerard B Lambert 基金会（以 Mellon 夫人的父亲命名）已成为 WMF 绿色空间项目的重大资金来源。
WMF 在伦敦的主要绿色项目是修复巨大的 Kew 皇家植物园棕榈屋（Palm House at Kew Gardens）。这座巨大的玻璃温室俯瞰着大棕榈……
世界古迹基金会（WMF）的使命宣言同样重要。Kew 皇家植物园的分析表明，纽约中央公园的树冠中，不足 9% 的现有树木被认为在未来的气候预测中具有脆弱性。在此之前的这些分支项目中，WMF 资助了一项试点计划，在秘鲁种植另一种“Waru Warw”种植床，以帮助作物在严苛的环境中生存——通过雨水而非自来水来维持植物生长。为了改善空气流动，屋顶通风口的原始设计得到了恢复。
建于 1848 年的 Kew 棕榈屋在修复后采用了新设计的硅胶密封垫封住玻璃，并在更换 16,000 块玻璃窗后完成。其中一块铭牌纪念了来自科摩罗群岛的 Ravenea 棕榈。它在 Kew 依然存活，但被认为在野外已灭绝。2025, 7 月，一个联合保护团队出发，在格兰德科摩罗岛（Grande Comore）的卡塔拉火山（Karthala volcano）的一个斜坡上，发现了可能在野外生存的最后一批 Ravenea moorei。
在 11 月，我发现了入侵的乌金草和在目前混播植物中播种的蓟类，就在 8 月份修剪之前。项目的下一阶段将在今年秋季讨论。Burton 和 Turner 的见解，以及运行 Kew 精美纪录片《科摩罗：棕榈屋》的气候影响及其成本，成为了 WMF 的资金来源。
房子将被改造。Lost Palm（迷失之棕榈）可在 YouTube 上观看：它展示了个人韧性，我遇到了地板。为了恢复韧性，我们搬到了 House 池塘，这里仍然是 Kew 的中心。Kew 在此并非孤军奋战。在影片中，三位来自法国和 WMF 的高管在几分钟内呈现了现场发现。在英国两个酷热的日子里，我对那些单方面的批评感到震惊，于是开始研究其关键的伦敦工作。在布鲁姆斯伯里的圣乔治教堂，一座由伟大的尼古拉斯·霍克斯穆尔设计的亮眼修复历史教堂，它在 1731. 年开放，其规模宏大，且在殖民主义、不环保、闷热的佛罗里达州，一座巨大的新玻璃房是这座 House 的改造之作。在有限的场地内，他设计出了一个白象。这是一座玻璃宫殿，而第二阶段价值 $61mn 的马里·塞尔比棕榈园将再次坐落在伦敦，一个不断变化的杰作，其尖顶、内部和历史、技术及植物环境自 11 世纪的军事用途以来一直令人惊叹。白漆将闪闪发光。在 2022 年，一场“超级绽放”项目播种了 20mn 颗野花种子，让地板上的花朵令旁观者和摄影师欣喜若狂。在 WMF 的修复前，它已经退化。它将增强韧性，也能抵御飓风——这也是 Kew 玻璃房在 2002 和 2008. 之间进行干预措施时面临的风险。它将反击那些偏执者及其片面之词。
在 2027 年，睡莲房（Waterlily House）将重新开放，同时开始对棕榈房（Palm House）的改造工作。自 2012 年起，目标是实现净零排放。在适当的时候，棕榈房将再次恢复其维多利亚时代的床花坛，重现其辉煌。它将不仅是净零排放，而且是净正向排放，这符合皇家植物园（Botanical Gardens）的驱动力。在纽约，著名的埃尼德·A·豪普特温室（Enid A Haupt Conservatory）是私人捐赠者培养的结果，与 WMF 不同，它在 1993 年清空并经联合国教科文组织修复。我经常经过它的外墙，赞赏其古典的柱廊。在 1844 和 1848 之间，这座棕榈宫殿利用所学经验建成。你对此依赖。*
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Sanchez condemns ‘attack’ on Spain Bridgerton author Julia Quinn LUNCH WITH THE FT
Alarm at influx of 60,000 migrants PM rushes to Ceuta & Rightwingers seize on incident
BARNEY JOPSON — MADRID after thousands of people swam around more than five times the daily peak of 83,000 and is hemmed in by Morocco. HEBA SALEH — CAIRO a breakwater from Morocco, over- the 2015 migration crisis, when hun- People in Ceuta are subject to further Spain’s Prime Minister Pedro Sanchez whelming Spanish police and forcing dreds of thousands of refugees entered border checks if they seek to travel to has condemned one of the biggest authorities to deploy the army. Europe via Turkey. the Spanish mainland. influxes of unauthorised immigrants in EU history as an “attack” on the coun- try’s territory, after about 60,000 people More people tried to climb over fences early yesterday morning, sparking violent clashes. By 6pm local time, Madrid put some of the blame for the incident on “people-smuggling net- works”, saying they were exploiting a ud Pedro Sanchez Rightwing leaders seized on the inci- dent. Donald Trump described the situ- ation as a “catastrophe”, adding that entered one of its two enclaves on the about 48,300 people had returned to recent Spanish Supreme Court decision described the Spanish authorities “don’t know what to coast of north Africa. Morocco, Spanish author ties said. that stops the authorities from inter- events in Ceuta do”. Marine Le Pen, the French far-right Speaking from Ceuta, a tiny territory European Commission president cepting migrants who arrive in Ceuta as ‘a violation leader, blamed the Spanish government How to survive holiday kitchens that has been a longstanding flashpoint in relations between Spain and Ursula von der Leyen ca led the scenes “unacceptable”, adding: “We cannot and Melilla by sea. Analysts suggested that the Moroccan of Spain’s territorial for allegedly encouraging migration. Emmanuel Macron, the French presi- Nigella Lawson Morocco, Sanchez said that the incident allow anyone to come to cur union with- authorities had deliberately enabled the integrity’ dent, ordered his interior ministry to FT WEEKEND was “an attack, a violation of Spain’s ter- out abiding by our rules.” stream of migrants. Sanchez avoided a strengthen border controls with Spain. MAGAZINE ritorial integrity” as it sparked criticism Ceuta’s president, Juan Jesus Vivas, question on whether they had played a German Chancellor Friedrich Merz from politicians across Europe. said that about 60,000 migrants had role. urged Morocco to take back the Sanchez rushed to Ceuta yesterday entered the enclave within 24 hours — Ceuta has a population of about migrants “without delay”.
High and dry Falling Danube bares warship Swimmers bathe near the wreckage of a London’s battleground second world war German warship on the river Danube in Prahovo, Serbia, left Data centres vs housing exposed by ultra-low water levels. HOUSE & HOME Principal rivers across Europe have fallen to extremely low levels as wide- spread drought and extreme heat cont- inue to grip the continent. Hungary shut down its Paks nuclear plant because the Danube, which supplies its cooling water, is too low for it to operate safely. The Rhine is at its lowest level in eight years, disrupting the flow of goods and forcing manufacturers to cut output. Pressure on factories page 4 Europe braced for more fires page 5 FT View page 9
Burnham joins opposition to Fifa stake
sale as pressure on Infantino mounts
CLINTOUE
JOSH NOBLE AND SAMUEL AGINI lent of “mortgaging football’s future
without any compelling justification”.
is due to stand for re-election next year.
The Asian Football Confederation LA PRAIRIE
Atop Fifa executive saida plan to sella The plan to spin out a new commer- rejected the investment plan and said
stake in a new commercial entity was cial entity and sell a stake to outside the issue “extends far beyond a single
SWITZERLAND
the “project of one person” and urged investors faces growing opposition from proposal”,
Wetherspoons rues cost of football’s leaders to block it, hours within football. The “vast majority” of Concacaf after a key adviser to the organisation’s “It is a bad deal for Fifa’s member members have either lost faith or are staying cheap and cheerful president Gianni Infantino quit in associations, a bad deal for football and losing faith in Infantino’s leadership, Low-cost beer with no frills has been a protest. abad deal for the long-term future of the according to a person who joined an winning cocktail for JD Wetherspoon. game,” Cordeiro said. emergency meeting on Thursday. Con- Drinks at Sir Tim Martin’s pubs were a Kevin Lamour, Fifa chief operating Prime Minister Andy Burnham called cacaf oversees football in North and third cheaper than everyone else’s at officer since 2024, said ‘n a statement for Infantino to be replaced. Fifa’s effort Central America and in the Caribbean. the start of 2026, as they had raised prices by half as much as rivals. But that he and his colleagues had been “deceived” by those behind the invest- to bring in external investors was “an outrageous suggestion”, Burnham said, Uefa, which governs the game Europe, said Fifa’s handling of the proc- in AT THE HEART OF its fourth profit warning this year ment scheme and that i: must “not go adding that the fact that the proposal ess was both “irresponsible and inde- ee: SECRET: OF LIFE is casting doubt on the discounting ahead”. was even forwarded showed that fensible” and accused Infantino of “gov- strategy that has powered the chain's Hours earlier Infantino’s adviser Car- Infantino “is the wrong man to lead the ernance by intimidation”. growth. ‘They should have matched los Cordeiro, a former Goldman Sachs organisation”. Fifa said that “nobody is selling their price increases and cost increases banker, resigned, saying he had “no Fifa said yesterday it planned to press football”. Since 1931, we have like everyone else; says one analyst. involvement” in the proposal and on with the proposals despite the criti- Additionalreporting by Jennifer Williams been developing Sobering costs » PAGE 14 opposed it “unequivocally”. cism. Infantino’s high-stakes gamble Week that shook football page7 Cordeiro said the plan was the equiva- has put his future position in doubt. He Lex page 20 the most advanced longevity programs to live better and healthier. World Markets In print and online We are life-changers. STOCK MARKETS CURRENCIES GOVERNMENT BONDS www.ft.com/subscribenow Tel: O800 028 1407 Jul 31 Prev %chg Pair Jul 31 Prev Pair Jul 31 Prev Yield (%) Jul 31 Prev Chg Experience our holistic S&P 500 7470.12 743763 0.44 Sie 1151 1.151 &/S 0.869 0.869 US2Yr 4.29 421 0.08 Nasdaq Composite 25127.32 2512218 0.02 S/E 1.346 1.344 £/$ 0.743 0.744 US 10 Yr 4.74 4.66 0.08 vision to empower your Dawilineg Ind 5244012 5220808 044 £/e 0.855 0.856 ef 1170 1.168 US30 Yr 5.26 5.21 0.05 existence. www.ft.com Euro Stoxx50 635801 634440021 ¥/S 159.225 160.595 We 183.196 184.797 UK2Yr 4.39 4.32 0.07 © THE FINANCIAL TIMES LTD 2026 TSERORTaSO0 =a eae = 214777 715.896 Eindex 85.153 _ 85.15 UK10Yr 5.05 4.99 0.06 No: 42,318 * Ren TS ay Ae 0.931 0.930 Sive 1.089 1.086 UK30 Yr 5.78 5.72 0.06 MONTREUX, ANJI, PHUKET, JPN 2 Yr 1.49 1.48 0.01 FISE All-Share 5836.47 5853.32 -0,29 CRYPTO PN 10Yr 780 280 0.00 BEIJING, DOHA, DUBAI, MADRID Printed in London, Liverpool, Glasgow, Dublin, CAC 40 8509.4 848564 0.28 ts Lis ze! Frankfurt, Milan, Madrid, New York, Chicago, San aaah er TTT 6263340 64652.80 3.12 JPN 30 Yr 3.99 3.98 0.01 Francisco, Tokyo, Hong Kong, Singapore, Seoul, ses Ethereum 1860.39 ‘1916.99 2.95 GER2 Yr 2.82 276 0.06 Dubai Nikkei 6436202 61867.43 4.03 GER 10 Yr 3.20 3.15 0.05 Hang Seng 25884.43 25858.88 0.19 SOMMOPITIES __ = Tang SERSOYE 370 365 0.05 MSCI World 4791.00 4768.00 048 oiwi Tyr Faso 102 MsCI EM 1611.10 1564.20 3.00 Oj! Brent $ 89.94 89.44 0.56 Prices are latest for edition MSCI ACWI 1103.20 1094.60 0.79 Golds 4044.63 4110.67 1.61 Data provided by ICE. www.ice.com www.cliniquelaprairie.com
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FT Weekend 1 August/2 August 2026
NATIONAL
Burnham grabs political narrative Residents lose legal challenge in first fortnight of premiership against China's ‘mega’ embassy Contrast in tone after Starmer years gives PM bounce in polls but funding plans remain unclear in London JENNIFER WILLIAMS — SHEFFIELD ALIS IAIK GRAY CHRIS SMYTH — LONDON Plans for China’s new “mega” embassy In a community centre in Sheffield, in London can go ahead after judges Andy Burnham reflected on his first two threw outa legal challenge from nearby weeks as prime minister. residents fighting to stop the politically “You kind of think you'll understand sensitive development. what the job will be like — until you actually experience it,” he said on yes- The High Court yesterday dismissed the terday. “I just decided to embrace every case brought by locals who had sought part of it, the whole thing.” to block its construction partly on the The new prime minister has moved basis that the complex could be used as fast during his first fortnight, with a blitz a base from which to target Chinese of policy announcements on skills, dev- dissidents. olution and the cost of living. UK officials this year approved For voters, the greatest contrast with China’s plans to build what is set to be Sir Keir Starmer may be tone: while his the country’s largest diplomatic mission predecessor was dour, Burnham has in Europe, near the Tower of London. emphasised the possibilities. The move was seen as an attempt to He has used his public platform to call improve London’s relations with Bei- for Fifa president Gianni Infantino to be jing. Planning permission was granted replaced, and to hint that he will review in January before Sir Keir Starmer made acontroversial policy onjury trials. the first trip to China by a British prime After weeks of public chatter about minister since 2018. whether running Britain had become an Opponents of the project vowed to impossible job, Burnham has made the fight on despite the High Court defeat. task look almost manageable. Labour Luke de Pulford, executive director of has overtaken Nigel Farage’s Reform UK the Inter-Parliamentary Alliance on in some opinion polls for the first time China, said the residents would seek to since May 2025. appeal. Burnham’s fortnight of headline- The Chinese government bought 5.4
‘Tt feels like a mini-election ‘If they expect us to roll campaign being conducted over... they have \ a
from Number 10’ completely misjudged Jo Tanner, political strategist the strength of opposition’ grabbing measures began with the acres on the site of the former Royal opening of Number 10 North in Man- security officials at the end of his first Newkidon Burnham has created an Office for the Mint in 2018, including the freehold to chester, part of what he sees as a “circuit John Healey will “stick well within the day working in Number 10 North,sothe block: Andy Prime Minister and Cabinet to give him about 100 flats across four residential breaker” for the British state. fiscal rules” when he delivers his first prime minister could briefly greet Burnham visits closer oversight of key domestic and blocks at the edge of the plot. The Sceptics dubbed it a gimmick, but Budget as chancellor on October 28 as crowds of Mancunians outside. a Sheffield economic issues. This was a change that residential buildings lie outside the Burnham told the FT that the move was he attempts to reassure markets he will That came at the end of his first week, family centre had previously been urged on Starmer. proposed perimeter for the embassy. comparable to Sir Tony Blair’s govern- keep a grip on the public finances. in which he unveiled a series of rela- yesterday. Alex Thomas, executive director at The residents raised a series of objec- ment announcing Bank of England Healey vows Senior government officials told the tively low-cost, retail-friendly policies, | Below, Number the Institute for Government, said this tions, arguing that the proposed independence on its first day in 1997. to ‘stick well FT tnat Healey and Prime Minister Andy including cuts to VAT on energy bills 10 Northin more powerful Number 10 had been embassy put them at risk of potential “It could be as, if not more, signifi- ithin fi | Burnham had agreed the Budget must and caps on bus fares. action — Annabel Lee- “long overdue”. terrorist attacks and would result in cant . .. inthe long run ifit works in the within fisca build in a solid fiscal buffer against His announcements were accompa- Ellis/WPA Pool/Getty Images There was dismay in the tech world disruption from protests. way Ihope it will,” he said. rules’ for his — futue economic uncertainty. “The nied by a flurry of snappy social media about Burnham’s decision to scrap the At a hearing last month, lawyers for
lO
Those already visiting and working first Budget chancellor favours a straightforward, clips. One, in which he and chancellor Department for Science, Innovation and the residents also challenged the out of the open-plan Manchester opera- well-managed Budget this autumn,” one John Healey rank pub snacks, has Technology, which will see responsibil- government's decision to withhold tion report a strikingly different government insider said. nearly 5mn views on X. ity for AI and digital policy scat- information about floor plans and bomb dynamic to Whitehall and Downing “He wants a focused first Budget as His speech on social care began tered between three depart- risks. Street: mayors and council leaders can chancellor that builds on the positive by referencing his father, who ments. And there remain But the Ministry of Housing, Commu- meet ministers as equals rather than momentum of the new administration's has dementia. The issue “is NORTH many questions. nities and Local Government insisted supplicants. opening fortnight while staying well very, very personal for me Burnham’s plans to help officials had considered the residents’ At a meeting of the National Eco- within the fiscal rules.” right now and for my fam- more children pursue concerns “conscientiously and care- nomic Council last week, mayors set out Healey and Burnham met this week to ily”, he said. technical education fully” as part of the process. more than two dozen projects and poli- agree the date and shape of the Budget, Jo Tanner, a political prompted an immediate In its defence to the claim, the govern- cies they felt had been blocked by which the chancellor said would boost communications strategist backlash from parts of the ment also said that “diplomatic and Whitehall. Officials were immediately investment and help “every postcode”. who previously advised education establishment. trading relations” with China were “not tasked with using the weight of the One theme will be Labour's fiscal Boris Johnson, described Burnham has left almost a material consideration” in the plan- prime minister’s name to unblock the devolution, to push power out of Burnham’s social care inter- all detailed policy on devolu- ning application. government machine. Westminster, a key early theme of the vention as “one of the most tion of tax, skills, housing and Mrs Justice Lieven, sitting with Lord Burnham worked out of Number 10 Burnham government. impressive and captivating public services until a white Justice Dingemans, found yesterday North for the first time last Friday and Healey’s colleagues see the Budget as speeches I’ve seen froma politician, paper expected in the autumn. that ministers acted lawfully. again twice this week, barely noticed by building on former chancellor Rachel let alone a Prime Minister, in years”. Funding of key pledges will not become Lieven said some of the arguments the Manchester public. Other ministers Reeves’ Budgets, which included Detail — particularly around funding clear before the Budget on October 28. advanced by residents were based on are working out of the office too. creating a £23.6bn buffer against the and taxation — has nevertheless often On social care, his most tangible policy “suspicion and conjecture”. In a sign of the battles to come, Lord government's self-imposed borrowing been less than forthcoming, Tanner was speeding up a review by Baroness She also said core findings of a blast Ben Houchen, the Tees Valley mayor, rules. Reeves’ autumn Budget last year noted. As with a number of other policy Louise Casey ordered by Starmer. assessment had been disclosed publicly: was able to use Burnham’s own rhetoric was held on November 26, preceded by announcements, Burnham’s social care Will Jennings, professor of politics at “There was no unfairness to the claim- against him after the prime minister weeks of leaks. plans imply major public expenditure, the University of Southampton, said ant by reason of these documents not rejected his idea of using devolved tax The announcement of the date marks probably through taxation. Burnham had enjoyed “a very success- having been disclosed” in full. receipts to give residents a rebate. the start of the to-and-fro process of “It feels like a mini-election campaign ful first two weeks”. The judge added there was “no doubt” In his first days, Starmer told voters forecast preparation and policy scrutiny being conducted from No 10,” said Tan- Burnham had avoided “the series of the government had taken into account that “this will take a while”, and warned between the Treasury and the Office for ner, “because they recognise may peo- mis-steps that we saw at the start of the it was the Chinese government that had of “deep rot in the heart” of the British Budget Responsibility, the fiscal ple don’t know enough about him yet. Starmer administration”, he said, but applied for planning permission. state. Burnham, in contrast, has prom- watchdog whose projections will show They’re grabbing the narrative.” added: “The biggest question is: how But de Pulford said: “If they expect us ised to “give people some breathing whether the government is on course to One senior civil servant said that, does this turn into a larger, coherent to roll over and allow our own capital to space” and “put the care of people at the hit or miss its fiscal targets. despite the lack of detail, the political platform for tackling the biggest struc- become a [Chinese Communist Party] heart of everything Ido”. George Parker, Rachel Rees and signals sent by Burnham had hada “gal- tural questions?” power centre, they have completely His team overruled the concerns of Delphine Strauss vanising” effect on Whitehall. Additional reporting by Jim Pickard misjudged the strength of opposition.”
Mayor Khan accuses Met of trying to fix contract with Palantir
MAKE A WISE LAURA HUGHES undertake any adequate process of The awarding of public contracts to strated value for money”. There was
INVESTMENT London mayor Sir Sadiq Khan has
market testing or competition”. Palantir has become increasingly con- also a wider question about whether
In April the Met’s director of com- tentious in the UK because of the com- the “values and ethics” of a company
de accused the Metropolitan Police of
mercial services had “confirmed . . . pany’s work in the US defence sector should also be taken into account
ft.co fixing a procurement process to ensure
that he was instructed to ensure and co-founder and chief executive Alex during public procurement processes,
Palantir would win a contract worth up
Palantir was awarded the UOA Karp’s support for President Donald a spokesperson for Khan said at the
to£50mn.
contract” and that the subsequent Trump’s immigration crackdown. time.
The Mayor’s Office for Policing and award process “was formulated to Khan’s office said it had made the Sir Mark Rowley, the head of the Met,
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NATIONAL
Higher education Leap of faith Labour has hurt Games in Glasgow near universities, conclusion
says LSE head England’s Jazmin Sawyers competes in the women’s long jump qualifying round Group A at the Scotstoun Stadium, yesterday. Glasgow agreed to host a slimmed-down version of Kramer points to freeze “The tuition funding freeze is existential the Commonwealth games after the and hence comparable to Trump’s Australian state of Victoria pulled out on fees, tax rise and curbs impact. The rest in the UK is just the ups in 2023 blaming escalating costs. on international students and downs of policy, easily reversible.” The smaller competition schedule, As well as recent visa curbs, the gov- with just 10 events, is designed to ANDREW JACK ernment will introduce a £925 levy on reduce expenditure and comes in GLOBAL EDUCATION EDITOR each international student from 2028. direct response to concerns that the Kramer welcomed the renewed focus Games were no longer worth hosting. The Labour government has harmed by Andy Burnham on vocational train- Glasgow rock band Simple Minds UK universities by neglect as much or ing but warned it should not be at the will headline Sunday’s closing more than Donald Trump has inten- expense of universities. The new prime ceremony. tionally damaged their US peers, the minister said this week that Britain Ben Stansall/ AFP via Getty Images American head of the London School of should “value the hard hat as much as Economics has claimed. the graduation cap”, as he announced Larry Kramer, who became president plans for the school curriculums to be
Bone dry Suffolk's parched landscape scarred by huge wildfire
and vice-chancellor of LSE two years tailored to local employers. ago, pointed to policies including the Kramer said there would bea need for freeze in domestic student fees, restric- extra subsidies to help fund internships tions on international students, and and work experience to help people into increases in employers’ national insur- work. ance. “It’s not an intentional attack but Kramer stressed the top UK universi- LAURA HUGHES — WESTLETON Jon Lacey, Suffolk Fire and Rescue Serv- lage of Westleton, said dry conditions The fire spread across parts of the Mins- it’s the unintended consequences. No ties were among the best in the world ice’s chief fire officer, described the were part of Suffolk life but not on this mere nature reserve, home to thou- one is looking at the cumulative effect, after those in the US, but constraints on Suffolk’s flat plains are best known for blaze, which has now stabilised, as “one scale. “We understand that’s what it’s sands of different species of wildlife. which has been as bad or worse than their operations meant they were losing their vast skies and sunsets that stretch of the most challenging incidents” in the like, but this has been unbelievable — The Royal Society for the Protection of anything that’s happened in the US,” he out to other countries suchas China. across the horizon. This week, however, service's history. exceptional. It hasn’t rained properly Birds warned the land could take more told the FT. UK universities were too dependent those skies were obscured by thick, dark The outbreak has prompted debate for weeks and weeks,” she said. than two decades to recover. Kramer, former dean of the law on the government for income, he said, smoke hanging over one of England’s over whether climate change should Suffolk Joint Emergency Planning “We all love it, and that’s why we live school at Stanford, also attacked regula- setting out a long-term objective at LSE driest counties. play a greater role in emergency Unit has said Sizewell is not here,” said Buckley. “When the tory and reporting requirements, to move towards a third of its support After successive heatwaves and services’ planning and whether at risk, but the blaze serves as an unwel- heather’s out it’s glorious, it smells gor- including around freedom of speech, from endowment income and philan- months of exceptionally low rainfall, traditional firefighting tactics are able come reminder of climate change on a geous. Then you hear it’s going to teaching and academic impact. thropy, a third from fees and the rest the parched landscape in the east of to deal wita the increasingly large, fast- stretch of coastline that has become take 10 years to come back. That’s “They are imposing regulatory from other activities. England became the backdrop to one of moving wildfires. central to Britain’s low-carbon energy devastating — for the animals, for the requirements that add additional costs, At a time when some universities the largest wildfires in recent years. “Suppression alone is not the answer,” ambitions. “It seems bizarre, doesn’t birds, for everybody.” and not necessarily helping achieve the have targeted the humanities in recent Locals watched in horror as flames said Guillermo Rein, professor of fire it?” Buckley said. Almost 200 caravans at a local end they want,” he said. budget cuts, in favour of subjects such as swept across the historic heathlands science at Imperial College London, holiday park, as well as nearby apart- His comments echo the frustrations engineering, LSE remains focused on around the coastal village of Dunwich, adding there was no longer such a thing ments, were evacuated on Wednesday. of other UK university leaders on policy the social sciences. an area of the Suffolk coastline that just an “average” wildfire season. Lauren, from West Yorkshire, who measures that have hit the sector, with “We should recognise that the educa- two hours outside London is Rein called for “a co-ordinated, inte- had travelled to Suffolk with her hus- cuts to fee-paying international stu- tional provision that comes from social popular with second homeowners grated” approach. “Wildfire safety band and two children, has been staying dents leading to job cuts. sciences, humanities and the arts is and holidaymakers. requires multiple layers of protection, with a local resident after her campsite UK universities had hoped to benefit equally relevant and important to long- More than 100 firefighters and 18 fire including prevention, vegetation man- was evacuated on Wednesday night. from Trump’s crackdown on American term economic growth,” Kramer said. engines were deployed to tackle the agement, forecasting and community “It’s been a bit of a nightmare,” she universities, but their more limited “Just inventing things doesn’t mean flames, which by Thursday afternoon preparedness,” he added. said. “We’ve only got the clothes that resources mean that there has only been you've created the environment in had torn across 150 hectares — equiva- In July, the county has received just is i re ; . we're literally wearing. All we really asmall exodus of US-based academics. which they flourish. The question of lent to more than 200 football pitches — 2 per cent of its average monthly want is to get our stuff so we can leave or, Simon Marginson, professor of higher how to keep start-ups in the UK is about spreading to within three miles of the rainfall. Scorched: a drone view of heathland if we're allowed, we'd stay.” education at Bristol university, said: economics, politics and law.” Sizewell B nuclear power station. Barbara Buckley, who lives in the vil- damaged by flames near Dunwich ET View page 8.
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INTERNATIONAL
CO Netanyahu dilemma
Israel's far right attacks US Gaza plan
Trump's Board of Peace Itamar Ben-Gvir, Israel’s far-right humanitarian aid flows into the war-
“You only yahu had not discussed Gaza with
national security minister, caled the ravaged territory. The Board of Peace, Trump when the pair met in Washing-
unveils proposals for deal deal “unacceptable” yesterday and the controversial international body talk with ton this week.
with Hamas militants demanded Netanyahu reject it — formed earlier this year to oversee post- Nazis The official said the latest plan failed
Trump set to withdraw nomination despite US officials insisting it was in war Gaza, yesterday released the full to address Israel’s demands for “the for attorney-general amid IRS row JAMES SHOTTER — JERUSALEM line with a 20-point plan drawn up by text of a new “roadmap” to fulfilling through the complete disarmament of Hamas, Trump last October that Israel had Trump’s 20-point ceasefire plan. The including the removal of weapons from Donald Trump has suggested he will withdraw Todd NERI ZILBER — TEL AVIV HEBA SALEH — CAIRO already agreed to. initial agreement was reached last Octo- crosshairs — Gaza and the full demilitarisation of the Blanche’s nomination as US attorney-general, after Benjamin Netanyahu was under pres- “You only talk with Nazis through the ber, bringing to a halt two years of war and no Strip asa precondition to any process”. two Republican senators threatened to torpedo the sure yesterday from far-right members crosshairs — and no other way,” Ben- between Israel and Hamas. The same official reiterated yesterday confirmation process. of his government to reject a plan Gvir wrote on X on Thursday as details Included in the new text were condi- other way’ that there would be no pullback “what- The Senate judiciary committee had been set to announced by US President Donald of the deal leaked out. tions that analysts highlighted could be Itamar soever” by Israeli forces until the Pales- vote to advance Blanche’s selection to run the Trump under which Hamas would dis- “After the 7.10 massacre, the prime politically difficult for Netanyahu to Ben-Gvir tinian militant group fully laid down its Department of Justice on Thursday against a back- arm in exchange for a phased Israeli minister must clarify even to our best accept, including a commitment to halt arms. drop of resistance over a deal to settle the president's withdrawal from Gaza. friends: the only solution in Gaza to military strikes in Hamas-controlled The nascent deal also came under fire lawsuit against the Internal Revenue Service. Trump said that his Board of Peace which Israel is willing to be party to is areas of Gaza and the creation of a path- from some opposition politicians, with But the vote was postponed due to opposition from hadreached an agreement for the “com- encouraging emigration and destroying way to Palestinian statehood. Avigdor Lieberman, the hawkish senators John Cornyn of Texas and North Carolina’s plete disarmament of Hamas and all Hamas.” Netanyahu has not publicly com- former defence minister who heads the Thom Tillis. On social media, Trump described other armed groups in Gaza”, and that Hamas said yesterday that any mented on Trump’s announcement. But Yisrael Beiteinu party, saying any agree- Blanche as a “STAR” but also threatened to resubmit Israeli forces would withdraw from the progress on the new roadmap was first in a sign of the domestic sensitivity of ment with Hamas was “a return to the his nomination next year when the two lawmakers Palestinian enclave “as disarmament is contingent on Israel fulfilling its prior any deal with Hamas, an Israeli official same preconception that led Israel to are no longer in Congress. completed”. obligations, including increasing issued a statement claiming that Netan- the October 7 massacre”.
Huge earthquake in Japan collapses buildings and claims at least 34 lives Ecology. Alien migration
Pesky puffer fish invade Greek waters
A major earthquake struck Japan’s southern Kumamoto prefecture, causing widespread damage to buildings and infrastructure and multiple deaths after an explosion ata shopping centre. The earthquake with an estimated magnitude of 7.1 hit at 4.27pm local time on Tuesday, cutting power to tens of thousands of homes and causing Spread of the voracious some buildings to collapse. species is taking a hefty bite Japan’s Prime Minister Sanae Takaichi said on Wednesday that authorities are in a “race against out of waning fishing revenues time” to find survivors. Officials yesterday said 34 deaths had been confirmed. The last earthquake of ELENI VARVITSIOTI — ASTYPALAIA such severity in Japan was in 2024 on the Noto Penin- sula, resulting in hundreds of deaths. Kumamoto When Stathis Evangelou began fishing itself was hit by large earthquakes in 2016. aged nine, the Mediterranean still felt abundant. A fourth-generation fisher- man on the small island of Astypalaia, he saw the silver-cheeked puffer fish as Fauci refuses to answer questions on a curiosity: four or five a day, usually in Covid-19 pandemic in Senate hearing deeper waters. Two decades later, Evangelou says they are everywhere. Lagocephalus sceleratus, a toxic Red Sea species that migrated through the Suez Canal, has become a fixation on Greek beaches this summer, fuelled by social media videos of its teeth slicing through cans and fishing gear. Recorded bites remain rare, but anxiety about the fish has spread quickly. In June, the Greek Red Cross warned that its “beaklike jaws” could cause severe wounds and heavy bleeding.
ANTHONY FAUCI, M0 For Greece’s small-scale fishermen, the puffer fish invasion is the latest blow Marine marauders: accelerated as the sea has warmed and the canal has been repeatedly widened have records of observations, mainly from fishermen.” bounty scheme to target the species — though with modest results. to a trade already squeezed by rising a fisherman and deepened. Evangelou said: “Fishing is what I do. Environmental groups are more cau- costs, depleted stocks, warming seas holds up two Over the past three decades, Mediter- This is what I love. But I cannot work 18 tious. “The money is a very good help Anthony Fauci, the face of the US government's and decades of overfishing. silver-cheeked ranean surface waters have warmed by or 20 hours and make €30 or €40.” for fishermen,” said Michalis Margaritis response to the Covid-19 pandemic, invoked the Fifth O21 a recent trip on Evangelou’s boat, puffer fish about 1C, while recent marine heat- Seasonal work in tourism, by con- of WWF. “It helps that a population is Amendment and refused to answer a barrage of Kyriakos Chatzidakis, an 83-year-old caught in a net waves have pushed temperatures in trast, has become more predictable. removed from the sea, but we need to questions at a fiery Senate committee hearing. fisherman, pointed to large holes in at the port of some areas well above historical norms. “My friends all work in tourism. A see when targeted fishing should take their nets caused by puffer fish. “It looks lerapetra, Crete, Fishermen describe the puffer fish as waiter gets €70,” Evangelou said. “He place, in which period and at what age.” as ifit has been cut with scissors,” Chatz- last month a voracious predator that eats squid, goes inat four and leaves at eleven.” Mediterranean fish populations had idakis told the FT. “It can take us more Angelos Tzortzinis/ octopus, cuttlefish and young fish. Even his father, Dimitris, urged him to fallen sharply over the past 50 years AFP/Getty Images Beijing to step up public spending in than a day to fix these holes.” Evangelou, who is also a diver, said he choose another trade. “I told him to because of overfishing, pollution, response to weak growth figures Evangelou said the nets piled on his once watched three puffer fish strip a become a plumber,” he said. warming seas and the destruction of boat were worth about €15,000. The 4kg bonito. “In six minutes they had Margaritis Schinas, the minister seagrass meadows. “The contribution of arithmetic of the trade has become bru- destroyed the fish,” he said. responsible for rural development anc alien species is clearly anthropogenic Beijing signalled it will speed up public spending but tal. On a good day, he said, 20kg of fish “The puffer fish does 80 per cent of food, said the government still believec and is helped by climate change,” he stopped short of delivering sudden stimulus meas- can bring in about €500, leaving enough the damage in the sea,” he said. “The sea Greek fishing had a future. “Despite the said. ures for the economy, as China’s President Xi Jinping after roughly €200 in costs to make the is dead and dying.” pressures and alien species that are In Astypalaia, the science and policy acknowledged a need to “tap the potential of domes- work worthwhile. For small-scale fishermen, the dam- increasing, we believe that fishing has a feel distant from the daily labour of tic demand” during the rest of the year. “Before, the sea was rich,” he said. age is financial as well as ecological. Par- future in Greece,” he said. “We won't patching nets. Officials of the Chinese Communist Party’s polit- “Now you go and you might not catch askevi Karachle, a biologist and ichthy- stop supporting our fishermen in any “I hope that when the scheme starts buro on Thursday agreed to “accelerate the pace of anything — three or four pieces of red ologist at the Hellenic Centre for Marine way possible.” and we actively start fishing them we fiscal expenditure”, according to state media Xinhua. mullet, a few parrottish and some lion- Research, said each fisherman lost at For now, Greece is turning to removal. will see less and less puffer fish in our Xinhua also reported a speech by Xi made six days fish,” another exotic species that has least €8,500 a year to torn nets, dam- The government has launched a €1.5mn nets,” Evangelou said. “When I cannot ago when China’s president said the economy faced appeared in Greek waters. aged lines and days they cannot go to pilot project in Crete to pay professional do this, I close the door, put up a for-sale “some difficulties and challenges”. The meeting was The Suez Canal has long been a biolog- sea. fishermen up to €5.33 per kilogramme sign and leave.” closely watched for signs of how Beijing would react ical corridor as well as a trade route. Karachle said the species had spread of puffer fish. Regional authorities will For now, heis still fishing. “This raised after the world’s second-biggest economy this month Since it opened in 1869, Red Sea species beyond the Dodecanese and Crete to organise collection, weighing and me, this fed me, this is what I love, this is revealed below-target growth data. have entered the Mediterranean other parts of Greece, including Attica. disposal. what I want,” he said. “But I say with through a process known as Lessepsian But she cautioned that there was no sys- Greece is following the example o! great sadness that this thing will end migration. Scientists say the trend has tematic monitoring of its biomass. “We Cyprus, which has already used a very quickly.”
Climate change
Rhine's dwindling levels put pressure on factories
FT Weekend
SEBASTIEN ASH AND FLORIAN MULLER tenberg, an economist at Deutsche record on the fastest-warming conti- to supply from its plant in Ludwigshafen
FRANKFURT
Bank, said. “The volumes that would nent as a result of climate change. In if water levels continued to sink, though
Water levels on the Rhine have have to be shifted are so large that eastern Serbia, the Danube fell so low it had options to deploy specialised
dropped to near the lowest in eight replacing them by rail or road would be that sunken German ships from the sec- ships or switch cargo volumes to other
years owing to extreme heat and difficult, especially as some important ond world war could be seen. means of transport.
drought in Europe, disrupting the flow connections are currently undergoing Some economists warned that disrup- Chief executive Markus Kamieth told
of goods and causing manufacturers to construction work,” he said. tion because of low water levels could analysts this week that it would “not be
warn of production cuts. In Germany, temperatures reached shave as much as 0.2 percentage points wise to exclude that there will be force
towards 40°C again this week after a off German growth. German chemical majeure announcements or .. . prod-
The navigable depth level of Germany’s record-breaking June heatwave. The companies, such as BASF, Covestro and uct shortages in certain cases”.
most important inland trade corridor at low-water period started “unusually Evonik, have plants concentrated along He noted that acute supply shortages
Kaub, akey shipping chokepoint on the early” this year, according to the Federal the banks of the river and are particu- of individual raw materials could have
Rhine between Mainz and Koblenz, fell Waterways and Shipping Administra- larly exposed to further disruption. “ripple effects” in production at chemi-
MAKE A WISE INVESTMENT to 25cm yesterday. That matches the
record low recorded in 2018.
tion. Last month was the hottest June on BASF said there could be disruptions cal plants. Still, BASF said it was better
equipped than during a previous dry
When the Kaub gauge reads 25cm, the Dry land: the period in 2018 when it suffered a
actual water depth in the navigation drought means €250mn hit to its operating profit.
Choose the Financial Times subscription for you channel is approximately 1m deeper. It vessels can carry Covestro said it had built up raw
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the economic costs of extreme heat in country’s electricity to shut down
western Europe. within the next few days, the govern-
The longer shipping is restricted, the ment said on Thursday.
more the strain increases, Marc Schat- Additional reporting by Marton Dunai
1 August/2 August 2026
Europe braced & for wildfire wave asprospectof Ff ‘overload rises Successive bouts of hot Greece [and] Italy will face risk at the beginning of August,” Zuber said. weather, dry vegetation Officials at the ERCC, which delivers and winds pose threat firefighting resources, personnel and data to 27 member states and 10 other IAN JOHNSTON — BRUSSELS participating nations, expect a busy ATTRACTA MOONEY AND summer that could surpass the intensity JANA TAUSCHINSKI — LONDON of a record 2025. “We had 19 requests Greece, Italy and parts of central Europe [for assistance] last year during the are the most vulnerable to wildfires in wildfire season. We expect we could the coming weeks, EU officials said, as beat this record,” said Zuber. experts warned that simultaneous As the immediate threat waned in blazes could overwhelm firefighting France, about half of the 220,000 people efforts. who evacuated the Gironde region in the Maria Zuber, head of the EU’s Emer- south-west were allowed to return gency Response Coordination Centre, home. But French interior minister said there was a risk that “we will have Laurent Nufiez said “the situation all Europe on fire”, if prolonged heat- remains complicated” and “a small Damping down: resources to share, particularly aerial expected until 2028. The extent of this the coming decades in both temperate waves leave the continent vulnerable to improvement does not mean that we are a firefighter cover, he said. “The loss of this mutual year’s fire season, even in countries that forests and boreal or northern forests, more blazes while struggling to extin- letting our guard down”. tackles a blaze aid would significantly reduce Europe’s had heavily invested in firefighting, climate according to modelling by the European guish existing ones. In Spain, Prime Minister Pedro near Triopetra ability to suppress the largest wildfires.” showed the “limits of what can be Centre for Medium-Range Weather But Zuber said she believed the EU’s Sanchez lifted the national emergency beach on the Zuber said the scale of the threat was achieved” through measures to adapt to continues Forecasts. crisis hub could cope with the scenario. status in areas west of Madrid on Thurs- Greek island the reason for Europe’s desire to build climate change, said Thomas Smith, a to warm, While the global burnt area was pro- “Last year, we had so many fires but we day but also expressed caution. of an independent fleet of planes capable scientist at the London School of Eco- jected to decline because of less burning did respond to everything. I think we Human-induced climate change of tackling wildfires. The EU has nomics and Political Science. extreme fire of the savannah and land-use changes, will respond to every request, maybe made the extreme weather behind the ordered 12 Canadair water bombers but “As the climate continues to warm, weather is “this masks strong regional differences. not fulfil the request.” latest wildfires at least twice as likely in delivery of the first planes is not extreme fire weather is becoming more European forests are among the regions Following the intense fires in France France and at least 20 times more likely frequent and more severe, increasing becoming where we see increasing extreme fire and Spain, which continue to smoulder, in Spain, a study by the World Weather the likelihood of the large, intense more activity”, said scientist Joe McNorton. wildfires on the Greek island of Crete Attribution group of scientists said caused the deaths of two firefighters and yesterday. wildfires we have seen this summer,” he said. Spain and southern France had frequent This was partly because the northern and temperate forests, found across the evacuation of 8,000 people on Guillermo Rein, professor of fire sci- already invested heavily in wildfire pre- and more countries such as France, Germany and Thursday. ence at Imperial College London, said paredness and management, he noted, Poland, were expected to accumulate Strong winds fuelled fires on the Europe was “still in the peak of wildfire “but there are only so many options for severe’ more vegetation under warmer and Cycladic islands of Paros and Andros, season” and typically it would extend reducing fuels and modifying land- longer growing conditions — while also where evacuations were also ordered into early September or even later in scapes”. being exposed to more “fire-conducive across multiple villages. The conditions parts of southern Europe. European cities and towns are partic- weather”. made water bombing very difficult, a He flagged the potential for “Europe- ularly vulnerable to wildfire risk as 15 Even over the coming weeks, such Greek fire service spokesman said. wide overload”, as successive heat- per cent of their land is where populated areas were already at higher risk, said Some ferry routes from the main port in waves, dry vegetation and winds con- communities border vegetation, com- Imperial’s Rein. “It’s so, so dry, I worry Piraeus were disrupted and operators tinue to generate large wildfires across pared with a global average of 4.7 per about the UK and northern parts of advised passengers to check before several nations. cent, according to a report published in France. They are lacking any natural travel. Demands on national firefighting the journal Nature. resistance to fire right now.” “Now we see [wildfires] will go to forces could leave Europe without The risk was also set to increase over See FT View
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INTERNATIONAL
War zone US inflation
Trump casts doubt on Kyiv Patriot missiles Fed rate dissenters Interceptor sytem is vital “It’s a very extraordinary weapon, ballistic missiles that are targeting Kyiv willingness to broaden the war in the like very much. It could happen.” warn of and .. . we have to bea little bit careful and other cities. Persuading Trump to Middle East by striking targets across Trump complimented Andy Burnham, for Ukraine's defence against Russian attacks of who we license to. We don’t really license equipment.” consider allowing Kyiv to produce the missiles represents a significant the region in recent days, it would be only a matter of time until Tehran sub- the UK’s new prime minister, for signal- ling he would take a “pragmatic” challenges Trump’s comments on Thursday achievement for Zelenskyy. mitted. “We are beating the hell out of approach on North Sea oil exploration. EDWARD LUCE — WASHINGTON came just two days after he met Ukrain- Following the White House meeting them,” he said. “The one thing that seems to be loud ian President Volodymyr Zelenskyy at on Tuesday, Zelenskyy said Trump Trump also expressed optimism that and clear is that he [Burnham] wants to CLAIRE JONES AND MYLES MCCORMICK WASHINGTON Donald Trump has said he has not the White House. Zelenskyy had “accepted that he will give us licences”. the US would finalise the landmark civil make his country rich, and he knows decided whether he will allow Ukraine described the meeting as “good” and ‘Lrump told the FI that his attention nuclear deal with Saudi Arabia that was that he can do that by opening up the The Federal Reserve will face a bigger to produce Patriot surface-to-air inter- said the two leaders had discussed was focused on ending Russia’s war in unveiled last week. He had said after the North Sea oil,” said Trump of his first challenge in taming inflation unless the ceptor missiles, raising doubts on “Patriot interceptor production and Ukraine, adding that his two envoys, pact was initially announced that it call with Burnham last week. central bank quickly raises interest whether Washington will agree to one of several other ideas”. Jared Kushner and Steve Witkoff, would would be contingent on Riyadh normal- “I think that he’s going to do it. If rates, according to the three dissenting Kyiv’s top priorities. The US president had said in early visit Ukraine for the first time in the ising diplomatic relations with Israel. [Burnham’s predecessor Sir Keir. officials who this week voted to raise The US president said in a phone July at the Nato summit in Turkey that coming days. “Very simply put, we want The president said he had spoken to Starmer had done it, he wouldn’t be borrowing costs. interview with the FT that he was “not Washington would grant Kyiv a licence the war in Ukraine with Russia ended,” Saudi Crown Prince Mohammed bin right now sitting at home watching tele- sure” if Washington would grant to produce Patriot missiles. he said. “I’m not looking for missiles. Salman and Israeli premier Benjamin vision.” Beth Hammack, president of the Cleve- Ukraine a licence to produce Patriot The Patriot air-defence system is vital We're looking for peace.” Netanyahu about normalising ties, and Additional reporting by Steff Chdvez in land Fed, and Neel Kashkari of the Min- missiles, adding “we're looking at it”. for Ukraine’s ability to intercept Russian Trump insisted that despite Iran’s that it is “something that both countries Washington neapolis Fed said in statements yester- day that they had rebelled against the majority decision to hold rates steady because of concerns that inflation had been too high for too long. Education. Career choices “The longer that high inflation per- sists, the more challenging and costly it
China's top students set sights on police and military
can be to bring it back down,” Hammack
said.
Kashkari said: “I increasingly believe
that monetary policy does have an
important role to play in addressing a
whether it will help you get into the pub- series of successive supply shocks that
High-achieving young people lic sector,” said a high school graduate might lead to entrenched higher infla- from Shanghai who applied for a place tion. Ifinflation remains elevated, in my opt for academies that boost job ata police academy this year. view, a potential series of small policy chances in sluggish economy Applicants to the most competitive moves would be better than waiting and programmes at the People’s Public Secu- eventually concluding that even bolder rity University of China needed 652 actions were necessary.” SUN YU — NEW YORK points out of 750 in this year’s gaokao in Athird dissenter, Dallas Fed president Chinese high school graduates are Jiangsu, one of China’s wealthiest Lorie Logan, echoed their remarks later increasingly shifting their sights provinces. That was just three points in the day, saying: “Modest action in the towards police and military academies below the minimum score for early near term would reduce the likelihood and other institutions that offer a clear admissions to the least competitive of needing to take sharper action later.” path to public sector jobs, as a prolonged course at Beijing’s Tsinghua University, “Every month of above-target infla- economic slowdown reshapes young the most prestigious university. tion compounds the strain on the budg- people's career aspirations. At Shanghai Customs College entry to ets of American families and busi- Admission scores needed for some of the most coveted admission group nesses,” Logan added. these institutions have jumped — with required a higher gaokao score of 662 in The trio of dissenters — who were all some undergraduate courses requiring Jiangsu. That was above the minimum in favour of a quarter-point rise versus more than 650 points out ofa maximum needed to get into Shanghai Jiao Tong nine officials who favoured a hold — of 750 — reflecting strong demand from University, a top university. failed to quell markets’ fears that US high-achieving students. Some of their China’s defence ministry said on rate-setters will struggle to contain the courses are now as tough to enter as the Thursday that students admitted to mil- inflationary shock from President Don- least competitive subjects at top-tier itary academies this year ranked on ald Trump’s Iran war. universities. average among the top 6 per cent o° The Fed has kept its benchmark rate The growing popularity of institutions gaokao candidates in their provinces. within a range of 3.5-3.75 per cent since such as police and military academies “The academic calibre of our incom- December, despite inflation rising to reflects a broader shift among young ing students has reached a record high,” levels well in excess of its 2 per cent goal. Chinese, who are increasingly willing to spokesperson Jiang Bin told a press con- The Personal Consumption Expendi- trade academic prestige for career cer- ference. tures measure it targets rose 3.7 per cent tainty as the economic downturn leaves Graduating: students conclude their military training at Xiamen Nanyang University — Liu taofeature China/Future Publishing/Getty images The specialised institutions do have in the year to June, according to official an edge in securing employment. figures published on Thursday. It has Graduates from China’s tuition-free been above the Fed’s goal for five years. graduate unemployment persistently by Peking University at the end of last military academies are commissioned Along with soaring oil prices, the US Italgas S.p.A. high. year found more than a third of as military officers upon graduation. economy is exposed to price pressures Registered Offices at Via Carlo Bo no. 11, Mian Share capital: 1,258,392, 125.96 euros, Fully paid-up “The fact that young people in China respondents from well-regarded but Those from police academies have more through Trump’s latest tariffs on G Italgas Milan Company Register Number - Tax Code 09540420966 REA. Milan no, 2097057 Company belonging to the “Italgas VAT Group” are willing to lock themselves into careers so early reflects how insecure non-elite universities had yet to secure full-time employment after graduation. than a 90 per cent chance of joining the police force, according to public records imports and the AI boom. The 30-year Treasury yield, seen asa VAT No. 10538260968 they feel about their economic futures The figure rose to two-fifths among and interviews with people familiar measure of the Fed’s inflation credibil- and is an indicator of how weak the graduates from ordinary universities. with the system. ity, shot up to its highest level since 2007 NOTICE —- PUBLICATION OF DOCUMENTS economy remains,” said Neil Thomas, a China’s cfficial youth unemployment These public sector jobs are also rela- on Wednesday after new Fed chair senior fellow at the Asia Society Policy rate was 15 per cent in June and such tively well paid by local standards. Kevin Warsh failed to hint that the US Milan, 1st August 2026- The file “Report on the First Half as at 30 June 2026” of Italgas S.p.A. Institute. levels have made the public sector — There are risks, Attending these insti- central bank was seriously considering containing the interim report on operations, the abbreviated half-year consolidated financial Millions of Chinese students take the known for its job security and decent tutions means committing to a career raising borrowing costs at its next meet- statements, the declaration pursuant to article 154-bis, subsection 5 of the Legislative Decree gaokao, the national college entrance pay — attractive to university graduates path with little flexibility to change ing in September. 58/98, as well as the Report on the abbreviated half-year financial statements drawn up by the independent auditing firm, has been filed at the registered office of the Company in Milano examination, every June, and admission even though few can succeed in compet- course later. While Warsh vowed not to “waver” in (MI), Via Carlo Bo, 11. scores were made public last month. itive civil service examinations. “Once you choose a police academy, the battle to cool US price growth, his For decades, a degree from a leading Against this backdrop, many high- you're in effect choosing a career in reluctance to match his rhetoric with Said document is also available on the Company website (www.italgas.it) and at the authorised university was seen as the surest route achieving students are choosing univer- policing,” said a professor at PPSUC who action has left markets concerned that storage mechanism “eMarket STORAGE" managed by Teleborsa S.r.. (www.emarketstorage.it) and can be requested to the e-mail address segreteriasocietaria@italgas.it. to a well-paid career. That assumption sities that offer the highest prospect of declined to be named. “If, after four policymakers are not willing to do what has been upended amid a weakening securing government jobs. years, you decide you don’t want to it takes to bring inflation in the world’s economy. A nationwide survey of 32,247 “The first thing you should consider become a police officer, switching into largest economy back down to pre- members of the class of 2025 conducted when choosing a university and major is another area is very difficult.” pandemic levels.
Gram
SnamS.p.A. Head Office: Via Vezza d’Oglio,No. 6, Milan Company share capital euro 2,735.670.475.56 Fully paid up Tax Code and Milan, Monza Brianza and Lodi Chamber of Commerce Business Register n. 13271390158 R.E.A. Milan No. 1633443 EY South America Red Sea HALF-YEAR FINANCIAL REPORT AS AT 30 JUNE 2026 The Snam S.p.A. "2026 half-year financial report” containing the interim report on operations, the Police launch investigation Saudi Arabia heads coalition into Brazilian president's son abbreviated half-year consolidated financial statements, the declaration pursuant to article 154-bis,
to counter Houthi threats
subsection 5 of the CLF, as well as the report on the abbreviated half-year Financial statenents drawn up by the independent auditing firm, has been filed at the registered offices of the Compary in Milan (MI), Via Vezza d’Oglio, 6. Said document is also available on the Company website (www.snam.it) and at the authorised storage mechanism “eMarket STORAGE” (www.emarketstorage.it) and can be requested by emailing segreteria. societaria@snam.it MICHAEL POOLER — SAO PAULO into the presidency, said one of the peo- AHMED AL OMRAN — JEDDAH not target any state”, its timing high- ple. Legal representatives for Lulinha lights Saudi Arabia’s growing concern Brazil’s Supreme Court has authorised Saudi Arabia has announced the for- Contracts & Tenders and Antunes did not immediately about the Houthis’ repeated attacks in a police investigation into the son of mation of a maritime coalition to pro- respond torequests for comment. the Red Sea after the Iran-aligned group President Luiz Inacio Lula da Silva, tect shipping and energy supplies in the MAHARASHTRA STATE POWER GENERATION COMPANY LIMITED “The Federal Police know there is earlier this month announced it would months before the country goes to the Red Sea as Yemen’s Houthi rebels Renewable Energy - Projects & Planning, nothing against Fabio. Perhaps they are impose a “maritime blockade” against HDIL Tower, A Wing, 4” Floor, Bandra (East), Mumbai-400 051. polls in October, over suspicions he threaten a vital route for the kingdom’s conductirg a fishing expedition,” the kingdom as a four-year truce (Tel: 91-22-26582424/2999/2965 Ext:353/352/331/357) Fax No: 91-22-26476518 wrongly aided a businessman to gain oil exports and global trade. Lulinha’s lawyer Marco Aurélio de Car- between the two sides collapsed. email: cespgd@mahagenco.in, dycespgd@mahagenco.in access to the government. valho told CNN Brasil. “We will show Riyadh on Thursday hosted a meeting Since the Iran war has in effect closed Notice Inviting Tender A judge on the country’s top tribunal that Fabio committed no irregularity.” of 43 countries and the EU to discuss the Strait of Hormuz, the Red Sea has Maharashtra State Power Generation Co. Ltd. (MAHAGENCO), Mumbai, India, invites online granted permission for a probe into President Lula said he believed in his plans to form a multinational maritime become a vital outlet for Saudi Arabia’s bids through the International Competitive Bidding (ICB) route. This two-bid system (separate Fabio Luis Lula da Silva, known as eldest son’s innocence, but that he defensive coalition. energy exports. Crude produced in the technical/commercial and price bids) is for the Design, Engineering, Manufacture, Supply, “Lulinha”, for alleged influence ped- would be investigated like “anyone After the meeting, 14 countries kingdom’s oil-rich Eastern Province is Erection, Testing, and Commissioning of a cumulative 240 MWAC Solar PV Power Plant dling and corruption, according to two else’s son” with “no special treatment”. affirmed their commitment to the coali- transported to the Red Sea port of capacity across Maharashtra. The scope includes associated power evacuation infrastructure and 5 years of operation and maintenance (O&M) services. people with knowledge of the matter. tion, including Pakistan, Turkey, Egypt, The decision landed on the eve of Lula Sudan and several other Arab and Afri- The 240 MWAC cumulative capacity consists of four solar power projects. Individual tenders for each project are available on the e-Bidding portal (https://eprocurement,mahagenco,in/) launching his re-election campaign fora President Luiz can countries, according to the king- The 14-nation alliance is Inacio Lula da Details of the projects and Tenders are as below: fourth non-consecutive term at the Silva, righ”, says dom’s defence ministry. ‘aimedat ... securing helm of Latin America’s largest nation. The United Arab Emirates and Oman Proposed Project Proposed Project Capar The 80-year-old leftist has a polling lead his son Fabio must receive no were notably absent, but the ministry international trade routes 40 MWAC PV Power project at Village: Kanzara, over his main challenger, rightwing Sen- ‘special treatment’ said the door remained open for coun- and energy supply routes’ Taluka: Mangrulpir, District Washim. ator Flavio Bolsonaro, the son of jailed tries that wanted to join the coalition. 30 MWAC Solar PV Power project at Village: Pardi- 30 MWAC 3000069486 ex-president Jair Bolsonaro. “He will have to prove his innocence. The alliance is “aimed at enhancing Yanbu before being loaded on tankers Takmore, Taluka & District- Washim. The younger Bolsonaro’s links with And if he is found guilty, he will pay maritime security, protecting freedom for global clients. 25 MWAC Solar PV Power project at 25 MWAC 3000069484 the suspected architect of a bank fraud what anyone does when they do some- of navigation, securing international After the Houthis attacked Saudi Ara- Village:Pimpari-Ijara, Taluka: Ner, District: Yavatmal. have also come under police scrutiny, thing wrong,” the leftwinger told a pod- trade routes and energy supply routes, bian oil tankers in the Red Sea, the king- 145MWAC Solar PV Power project at 145 MWAC though he denies any wrongdoing. cast on Thursday evening. and protecting shared maritime inter- dom responded by launching air strikes Village:- Kacharala, District: Chandrapur. The probe into Lulinha concerns sus- The development touches on a weak ests in the Bab al-Mandab Strait, the on whatit described as military facilities Brief Tender schedule: picions he acted on behalf of a lobbyist, spot for th2 president, whose Workers’ Red Sea and the Gulf of Aden”, the 14 in the port of Hodeidah, which it said 01 [Start date of download of tender document From 30.07.2026, 12:00 Hrs IST Antonio Carlos Camilo Antunes, in con- Party oversaw major graft scandals countries said ina joint statement. were being used to threaten commercial Pre-bid conference On 18.08.2026 nection with potential government while previously in government. Lula, The statement added the coalition shipping. The Houthis sought to disrupt deals involving medical cannabis. who led Brazil from 2003 to 2010, was would be led by Saudi Arabia with head- shipping in the Red Sea during Israel’s Last date for Submission of Online Bid Upto 15.09.2026, 15:0 Hrs IST Federal police investigators, who jailed once out of office on corruption quarters in Riyadh, with the participat- war in Gaza, which prompted the US to For more details of Notice for Invitation of Tender (NIT), please visit to made the request to the court last week, charges that were subsequently over- ing countries agreeing to share intelli- launch “Operation Prosperity Guard- https://eprocurement.mahagenco.in/ or https://www.mahagenco.in are looking into whether the 51-year-old turned. He returned to power in 2023 gence and engage in joint maritime ian” to deter these attacks. The EU also Sd/ - improperly acted as an intermediary after defeating Bolsonaro, who was later operations and exercises. launched its own effort to protect ship- Chief Engineer (RE-P&P) with health ministry officials. They are found guilty of plotting a military coup While it described the coalition as one ping in the Red Sea in 2024, known as Mahagenco , HO Mumbai. also examining if the activity extended and is nowserving a 27-year sentence. “of a purely defensive nature” and “does “Operation Aspides”. 1 August/2 August 2026 FT Weekend
FT BIG READ. SPORT
How Fifa’s proposal to open up the global game to investors unfolded — and sparked an
international backlash that could yet topple the governing body’s controversial president.
By Josh Noble, Samuel Agini and Arash Massoudi
nthe eve of the World Cup
final, the great and the
good of football assembled
in New York’s Waldorf
Astoria, Fifa’s base during
the five-week tournament. As torrential rain poured outside, rumours spread that Gianni Infantino, president of glo- bal football’s governing body, was going to announce something big. In the end, no announcement came, and focus soon switched to the match between Spain and Argentina, which Infantino would watch while seated next to US President Donald Trump. But 10 days later, the FT revealed what Infantino had been intending to share: a plan to set up a new company housing Fifa’s commercial interests and sell a stake in it to private investors. It was billed as a chance to bring billions of fresh dollars into the game, to be dis- tributed to countries across the globe to grow the sport. The delay in revealing the proposal had not come from Fifa, according to people familiar with the matter, but from Thrive Eternal, an investment fund controlled by Joshua Kushner, the tech investor and brother of Trump’s son-in-law Jared Kushner. As the lead investor, he was concerned that the materials needed more work. The response may have validated Kushner’s caution. The high-stakes gambit has prompted a furious back- lash within football and beyond, with political leaders in the US and Europe condemning the idea. The plan’s viabil- ity and Infantino’s future as president — which had looked assured just days earlier — are now in doubt.
The week that shook football
It has also pushed those working in football to confront a long-simmering question: at what point does the influ- ence of private capital in the world’s most popular sport become too much to bear? For many, a line in the sand has been drawn. “The World Cup cannot be treated as an investment product,” said Uefa, “The World The idea of hiving off a commercial would unlock “previously uncaptured A recent attempt to sell a stake in the Fifa president “Fifa already has access to extraordi- which runs the game in Europe. “It is Cup cannotbe arm and bringing in outside money has commercial value”, money that could German football league’s commercial Gianni Infantino nary financial resources. The organisa- one of football’s greatest sporting lega- long been toyed with. In 2018, two years then be used to improve pitches, arm resulted in widespread protests says his plan tion sits on billions of dollars in reserves cies. It has been built over generations treated as an after Infantino became president, Fifa strengthen national teams and get more by fans. And for many, the World Cup will unlock and no debt,” said Carlos Cordeiro in his by players, national teams and support- investment explored a plan backed by SoftBank to children playing football. If approved at is sacred. “previously letter resigning on Friday as a senior ers across every continent. No part of it product raise $25bn to create new global tourna- a vote on September 19, each member Yet much of the criticism aimed at uncaptured adviser to Infantino. “If member associ- should ever be surrendered to private es ments. That project ran aground due to association — which range in size from Fifa is about the process itself, with commercial ations believe additional investment investors.” No Pp part ofit the strength of opposition. the tiny Atlantic island of Montserrat to many unhappy about the short window value’ — FT montage is needed to develop the game, Fifa The plan that has sparked such fury should ever be But since then, football’s biggest India and China — that opted in would of just 53 days to consider the proposals. Getty Images already has the financial capacity to was hatched not in the halls of power at surrendered showcase has become far more lucra- receive $20mn immediately through Few outside Infantino’s close circle were provide that support from its existing Fifa HQ in Zurich, but at the Allen & Co é tive Infantino told members during the the investment plan, and have their aware of the plans until they were resources.” conference last year in Sun Valley. to private 2026 World Cup held in the US, Canada annual payments more than double revealed this week — Concacaf, which Many now believe the plan is doomed It was there — at the exclusive, invita- investors’ and Mexico that revenue would surpass from $2mn to$5mn. runs the game in North America, Cen- to failure, citing the fate of the European tion-only retreat — that Joshua Kush- $15bn in the four-year cycle capped off His allies believe there is support tral America and the Caribbean, was Super League, a project announced in ner and Greg Maffei began discussing by the event, up from projections of among the membership. The Indone- among those to say it first learnt of them 2021 to launch a new competition out- the idea. Maffei, the former boss of $13bn in the run-up and almost double sian football association told Sky News through the media. “It was a very small side the existing framework of club Formula 1 owner Liberty Media, has the amount brought in from the Qatar this week that it backed the plan. circle of people, a team of ninjas,” says football. That plan died in under 48 known Kushner for years. World Cup in 2022. “Too little of football’s growing one person who worked on the deal. hours after an outcry from fans and the “I think he [Kushner] approached me This tournament was also a testing commercial value reaches the parts of That secrecy has inflamed longstand- threat of legal action from regulators because he said, ‘Look, we’ve been ground and shop front for new revenue- the game that need it most,” said Infan- ing concerns about the way the Fifa and lawmakers. thinking about this with Fifa and we raising opportunities. Fifa introduced tino. “It is a golden opportunity to president has often pushed schemes Opponents say they are implacable. know of your experience with F1,” says three-minute hydration breaks during turbocharge the development of the without wider consultation. “This is not Uefa says that none of its 55 members Maffei, who had met Infantino when matches, which broadcasters then used game globally.” the first occasion where major stake- will participate in any Fifa competitions the Fifa chief attended a grand prix. “We to generate hundreds of millions of dol- holders have been confronted with sig- until the plan is dropped and it receives actually pulled off into a little corner larsin additional advertising. ootball is no stranger to nificant initiatives after the direction binding assurances that private invest- under some trees in the shade because The World Cup final included a half- private money. Many of the of travel appears to have already been ment is permanently off the table. it can get hot there. We talked for a time show, which stretched the mid- world’s biggest clus are determined,” said the Asian Football Members of Concacaf are rapidly losing while about a vision for what this could game interval from the traditional 15 owned by billionaires, private Confederation. faith in Infantino’s leadership, while the become.” minutes to half an hour, a nod to the equity firms or sovereign There has also been distaste at Infan- AFC has said this moment must be a Thrive Capital is focused on the tech NFL's Super Bowl performance and its wealth funds. Some of those that are tino’s efforts to cultivate ties with “catalyst for strengthening institutional sector but has a fund dedicated to lucrative TV ad slots. VIP seats on the still member-owned, including Real Trump. Last year, he invited the US reform” at Fifa. “Al-proof” assets. In April, Kushner touchline were sold for $1mn, while the Madrid and Barcelona, have investment president to personally hand the trophy Some now expect Infantino to face a announced the launch of Thrive Eter- price of general admission soared. deals tied to other revenue streams, to the winners of the Club World Cup, a serious challenge at next year’s presi- nal by buying a stake in the San Fran- To Infantino’s allies, all of these such as media rights, while the Spanish Fifa tournament. In December, Infan- dential election, while others are dis- cisco Giants baseball team, but was qui- changes offered proof that the World and French leagues both hived off tino awarded the US president a new cussing whether to call a vote of no etly planning a much bigger move. Cup has been under-commercialised their commercial operations and sold Fifa “peace prize”, and agreed a strategic ‘Infantino confidence. British Prime Minister For nearly a year, Kushner had and could bring in significantly more stakes to private equity — just as Fifa is partnership with Trump’s Board of Andy Burnham on Friday called for him been working in secret on the plan, money in future if football’s leaders attempting to do. Peace — a group to oversee the recon- understands to step down. which would see him lead a consortium embraced the opportunity. “Infantino However, many such deals were struction of Gaza. that money is But Infantino is pressing on. He of investors who would buy a 20 understands that money is what drives agreed at a time of financial distress. Critics of Fifa’s approach question what drives believes that Fifa’s members support per cent stake in a new vehicle at a everything,” one major sports investor Both the French and Spanish leagues why it sees the need to bring in outside him and his plan. One ally described the $20bn valuation. Thrive declined to says. “He is formidable.” sought outside capital during Covid-19, investors at all, especially so soon after a everything. He current stand-off as a “fight to the comment on this story. Infantino said this week that his plan when gate receipts dropped to zero. hugely successful World Cup. is formidable’ death”, adding: “He's not going to bend.”
Obituary Gunther von Hagens was quite clear about what should happen to his body the media such as Dr Death and Dr Frankenstein. He invariably wore a and Heidelberg. Following marriage to his first wife, Cornelia von Hagens, in first public autopsy for 170 years in front of 500 people in east London, defying after his death. All his fluids and fats black hat in tribute to Rembrandt’s 1632 1975, he changed his name to von warnings that the spectacle would be Nicknamed were to be replaced by hard plastic and the skin removed, revealing the internal painting of the anatomist Nicolaes Tulp. While he could engage in serious debate Hagens. His career-defining invention came in illegal. He escaped prosecution and the publicity fuelled demand for tickets.
‘Dr Death; his musculature and organs in great detail. The body would then be given a lifelike with critics, he also enjoyed provoca- tions — in 2003 he declared that he 1977 as a researcher at Heidelberg. “I was always baffled as to why specimens Besides moral objections to violating the sanctity of the human body, von pose, ready for public display. would give prostitutes free entry to a were kept in plastic blocks or in jars Hagens faced questions about the exhibitions Von Hagens, who died at the age of 81, wished to undergo the plastination Body Worlds show in Hamburg. But the controversies gradually behind glass,” he wrote in a memoir. “As a kinaesthetic learner, I knew the source of bodies. He always insisted that they came from willing donors, dismiss-
drew millions process that he invented and used to create the most extensive public exhibi- subsided. Today, Body Worlds is on show in 10 venues around the world value in being able to touch and handle a specimen. This led me to invent ing allegations published by Der Spiegel in 2004 that some of the corpses used at tions of human anatomy in history. without incident, while universities and plastination.” his plastination plant in Dalian, China, Since its debut in 1995, his Body Worlds medical schools routinely use plastina- Initially, he was only able to preserve had come from the local police and show has been seen by more than 58mn tion for anatomy teaching. specimens and body parts in plastic but included executed criminals. Gunther von Hagens people worldwide, according to the Born in January 1945 as Gunther these aroused great interest among Von Hagens was diagnosed with Par- Anatomist Institute for Plastination he founded in Liebchen in Alt-Skalden in German- academic colleagues and students. kinson’s disease in 2008. As his symp- 1945-2026 Heidelberg, Germany. occupied Poland, he grew up in Greiz, “This delighted me and made me deter- toms worsened, his wife, together with At first, Body Worlds was hugely con- East Germany. At just five days old, his mined to bring plastinates and anatomy his son Rurik, took on more responsibil- troversial, attacked as an exploitative father, who had worked for the SS, to the masses,” he said. Anatomy, he Von Hagens set out to bring anatomy ity for running the institute. “Digging freak show that undermined human uprooted the family to flee west from believed, “should be democratised and and plastinates ‘to the masses’ into my vast library of anatomical books dignity while enriching von Hagens. the advancing Soviet army. not locked up in an ivory tower”. is my favourite pastime,” he wrote. But many came to accept the view, After suffering from haemophilia in By the 1990s, von Hagens had suc- More than 20,000 people have regis- expressed in his family’s death notice childhood, the young Gunther devel- ceeded in scaling up the technique to this week, that von Hagens “made the oped a passionate interest in medicine. whole bodies. Following the success of A remarkable showman, tered as donors with the institute, which says preparation and plastination of an complexity, vulnerability and beauty of But his studies were interrupted by two his inaugural show in Tokyo, visited by he ‘made the complexity, entire body for display requires about the human body — previcusly reserved years in prison following protests 450,000 people, he worked with his sec- 1,500 working hours and takes about a for the dissection room and anatomical against the 1968 Soviet invasion of ond wife, Angelina Whalley, to put on vulnerability and beauty year. We'll have to wait to see von textbooks — directly accessible”. Aremarkable showman, von Hagens Czechoslovakia. In 1970 he moved to West Germany, completing medical Body Worlds exhibitions at willing ven- ues around the world. of the human body Hagens’s preserved body on show — probably crowned with a black hat. embraced sobriquets given to him by training at the universities of Liibeck In 2002 von Hagens staged Britain’s directly accessible’ Clive Cookson 8 FT Weekend 1 August/2 August 2026
The FT View
Europe's long hot summer
both temperate forests across France, fornia and others that have suffered The experiences offer drones that can quickly drop fire
Wildfires show need for Germany and Poland and boreal forests intense recent wildfires offer some les- of Australia, retardant on to small fires. In Europe,
of Scandinavia are likely to see increas- sons on what works and what to avoid — Greece in May became the first country
climate change adaptation ing extreme fire activity — with warmer and technologies that might help.
California and
in the world to deploy a constellation of
alongside mitigation growing conditions producing more One is to prevent fires from starting,
others that have four thermal satellites designed to
FINANCIAL TIMES vegetation that hot, dry summers make or spreading so fast. Australia is con- suffered intense detect ground hotspots in minutes.
“Dantesque” is how one French fire liable to ignite. Compared to North ducting more controlled burns to recent blazes There are better ways to prepare too.
“Without fear and without favour’ chief portrayed the wildfires sweeping America, Europe’s lack of vast, remote reduce dead wood and bark that can offer lessons Businesses and homeowners in fire-
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to burnt-out homes in mountains west from populated areas. Even if flames do forested nation, fragments its commer- gutters — where debris can be ignited by
and what to
of Madrid used a similar image. Not not reach the cities, toxic smoke can. cial tumberlands with borders, paths falling embers — fireproof perimeters
since 1949 have flames crept so close to The 2026 European heatwave is fur- and waterways to act as firebreaks. Por- avoid — and around buildings, and maintain hoses.
Bordeaux. In the UK, blazes have raged ther proof of how ill-advised it is for tugal is trying to shift from industrial technologies Fire crews, complemented by voluntary
in the Scottish Cairngorms and Suffolk’s some countries to be watering down cli- “monoculture” forests such as eucalyp- that might help or military reserve firefighters, need
coastal heathlands. And while some of mate change policies. Yet alongside mit- tus to more fire-resistant and water-re- proper training in tackling megafires.
those fires are dying down, EU officials igation efforts, this summer has shown tentive species such as oak and chest- Equipment for fighting very big fires,
warn that Greece, Italy and central that adapting to global warming’s nut. There are similar calls in France’s such as Canadair water-bombing
Europe are all seen as vulnerable in effects — too longa poor relation to miti- Gironde to diversify the pine forests first planes, is expensive. Pooling resources
coming weeks. gation — needs to rise up the agenda, to planted in the 19th century. between regions or countries can cut
Europe is not alone; parts of Canada deal not just with summer wildfires but Another step is to improve early costs. The EU’s Emergency Response
and the US have experienced record or winter flooding. warning systems. In California, Silicon Coordination Centre offers a model,
near-record wildfire activity so far in That poses tricky decisions for often Valley has spawned a fire tech sector with its shared fleetof firefighting planes
this northern summer. But Europe in cash-strapped authorities on how to whose start-ups are coming up with hill- and other supplies. But simultaneous
particular, the planet’s fastest-warming manage threats that, though more fre- top cameras that can spot heat or smoke blazes in coming weeks could still over-
continent, is having to confront the quent and severe, will remain irregular. plumes, and solar-powered ground sen- whelm firefighting efforts. Europe’s
ft.com/opinion speed of the change. Scientists warn The experiences of Australia and Cali- sors sniffing for ignition gases. Others long, hot summer is far from over.
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income world to A demographer’s personal take on China's one-child policy wealth world In his magazine piece “In one-child China, she thrived. The unravelling trees”. My parents wanted two children but had only me because of the policy. Without the one-child policy, China would almost certainly have a larger policy would not be much different from today. The challenge is to adapt came later” (Magazine, Life & Arts, The one-child policy caused serious population today and be ageing more society to low fertility: support people July 18), Edward White tells the story trauma through its coercive slowly. But young people like Anna and who want children, improve living
John Burn-Murdoch of how China’s state-imposed fertility controls shaped the life of a woman implementation. But it is often credited — or blamed — for more of China’s me would still be in families with less than two children and would have to conditions for a growing older population (that is expected to peak born under them. fertility decline than evidence move away from their parents to find around 2059 and then begin to shrink), I was born during the same era as supports. Fertility rates had already good jobs. China would still be and raise the productivity of a smaller Wealth has pulled away from income over recent years Anna, the woman featured. Growing been falling for more than a decade searching for ways to reverse falling workforce. Relative change in median disposable wealth and median wages (1995 = 100) up, I saw slogans such as “Later, Longer before the policy was introduced fertility, as Japan and South Korea Xueging (Zoey) Wang France Germany and Fewer”, “Family planning is a around 1980, driven by socio-economic are doing, without ever imposing a PhD in Demography and Social Policy fundamental national policy”, and development and changing ideas about one-child limit. from Princeton University, “Have fewer children and plant more marriage and family. The reality without the one-child Ann Arbor, MI, US
Nie, Spee NU 1a cp eye Ae vy tot
2000 2010 2020 2000 2010 2020 2000 2010 2020 2000 2010 2020
The Victorian devolution Hockney’s theory for why Tall task facing Tate's
It now takes many more years of earnings to climb playbook is hard to recreate Proust loved long sentences new director the wealth distribution Philip Stephens’ article on how we can I did enjoy Josh Spero’s piece on dealing In Jackie Wullschlager’s profile of Years of savings from wages* needed to climb from bottom quarter to top quarter learn from the Victorians in delegating with Proust in the age of TikTok (Life, Jessica Morgan, Tate’s new director of wealth distribution power from Westminster provides Life & Arts, July 25). The article (Life & Arts, July 25), your art critic
==
UK France useful context in light of the prime prompted a memory I have ofa recalls the comment Morgan made in
40 us minister's recent statements (“The conversation with David Hockney, 2024: “What a sorry place we are going
Victorians have some lessons for whom I met 50 years ago. We were to be in if we truly have to see yet
0a OZ Burnham on radical devolution”, talking about Proust. Readers might another Rothko show and another
20
Opinion, July 25). remember the French writer’s volumes Richter show and another Picasso
2000’ 2010’ 2020 '2000' 2010’ 2020 2000’ 2010 2020 2000'2010' 2020 Iam familiar with Glasgow, are famously visible on the lower shelf show. I mean, I just want to slit my
*Assumes saving 15% of median gross full-time wages Sources: World Inequality Database; OECD Liverpool and Birmingham, where I of a studio trolley in Hockney’s portrait wrist honestly.” worked in various jobs from the 1970s. of his parents. The writer was also There is a danger that Tate’s new oncerns about wealth ine- ter of the UK’s wealth distribution to During the late Victorian period these probably present in the artist’s mind boss is preaching to the choir rather quality have grown in the top quarter, it now takes 40. There cities became financially self- when he spent some of his last years than the congregation. Not all of us recent years, with calls for are similar or even larger upward sustaining and wealthy centres of painting in Proust's Normandy. have the privilege of close wealth taxes now recur- extensions to society’s economic lad- industry, innovation and trade. Hockney’s own theory about acquaintance with Rothko, Richter rent features of political der elsewhere. Much of this was dependent on Proustian prose was that the usually or Picasso. Tate risks losing even discourse on both sides of the Atlantic. This is all the more pernicious since colonial resources and markets. They Ase z = - = extended sentences came from the more public support if it fails to It is often pointed out in response the growing role of passive wealth had strong, entrepreneurial civic Derek Jacobi played the stammering writer’s asthma, encouraging him to broaden its appeal. that most measures of wealth inequal- gains (whether gifted by anasset price leaders who invested in city utilities, Roman emperor in BBC’s ‘I, Claudius’ express himself a longue haleine, to When I was recruited by Nicholas ity show little to no change over the boom or one’s parents) relative to schools, public health, police services match the rhythm of his breathing. It Serota to lead Tate’s fundraising in same period. Taken at face value, this income in determining someone’s eco- and magnificent city chambers. These was a theory that startled my tutor at 2005, the case for extending Tate argument is reasonable. The share of nomic status is mirrored by their city fathers were independently Cockroach volte-face Cambridge as a unfamiliar insight. A Modern never went beyond the need to wealth held by the top 10 per cent in growing importance for wellbeing. In minded, business savvy and ahead of glimpse into Hockney’s own theorising accommodate more visitors who in the the US, UK and Europe has been flat or the 1990s income rank mattered more Whitehall in many ways. Central Kunal Purohit’s account of India’s about optics, space and time can be event failed to materialise. Visiting falling for the past 15 years. Even if we than wealth rank for life satisfaction government was distant geographically “Cockroach” generation (“India’s found in one of the first books Hockney Tate Modern’s Blavatnik building today zoom in on the top 1 per cent, their or avoiding distress. Since then wealth and politically. ‘Cockroach’ Gen Z has had enough”, gave me — Roger Shattuck’s Proust’s is a dispiriting experience, feeling like share of wealth is no higher today than has become steadily more influential Early in the 1960s the empire finally Opinion, FT Weekend, July 25) Binoculars. | am now finalising a short an empty shell. Most if not all it was 15 years ago (although it had and is now the larger driver. disappeared and, due to this and other captures the mood on the streets, but study on the subject. exhibitions that charge an entry fee been climbing before this period in Much has been writter about the economic factors, swaths of industries the implication in the headline did not Your columnist Spero — what a are in the original Tate Modern some places). harmful side-effects of brutally closed. The cities and regions of survive the weekend. nicely optimistic name that is! — says building. Meanwhile Tate Britain, But I’m not sure this answer meritocratic societies, but the eleva- northern Britain suffered the worst Purohit argues that political he “will never stop” reading Proust. notwithstanding a few blockbuster addresses what lies behind the under- tion over the past generation of pas- economic decline. accountability has vanished and that For me, I have two rules of which shows like Turner and Constable or the lying concern. Standard measures of sively acquired wealth over earned Over the subsequent decades, Narendra Modi scoffs at every demand Hockney approved: only read Proust Whistler exhibition, seems stranded on wealth inequality tell us how evenly income in determining financial governments have tried with limited to remove a minister. But within hours, when on the move, be that by train or the banks of the Thames at Pimlico. wealth is distributed in relative terms. standing — even as wealth inequality success to reverse the decline. John the education minister Dharmendra plane or boat; and when finishing the Morgan is exceptionally well This is an important concept but just itself has barely budged — deserves Major's government in 1994 Pradhan had resigned, the movement’s novel, I simply start from the beginning qualified to lead Tate and I wish her as important, if not more so, is the equal discussion. It has surely played a established Government Offices for the founder had declared victory and again. well. However, if she is to reverse Tate’s extent to which one can move up or role in the build-up of resentment English Regions. Tony Blair tried protesters were being told to go home That way we best honour Proust's decline she must be clear what Tate is down that distribution. towards those at the top, whether Regional Development Agencies, in good faith. kaleidoscope of observation and for and who it serves; that Tate must If macroeconomic conditions lead billionaires or accidental property regional assemblies and set up That reversal matters because it moving perspectives. entertain as well as inform. She must everyone's wealth to double, relative millionaires. devolved governments in Wales and points to < more durable story than the Jonathon Brown be brave and dare to be popular. shares for the top and bottom are It would be remiss not to consider Scotland. one Purohit tells. This was not, in the Duranus, Alpes Maritimes, France John Nickson unchanged. But if that wealth boom is also the role of today’s billionaires in There remain basic questions over end, a modilisation the state could not Director, Tate Foundation 2005-2011, not matched by a corresponding rise shaping public views on wealth. the economic impact of these changes. quash. It was a grievance the state An entrenching of Britons’ London W9, UK in wages (the ability to earn one’s way Where the gilded class of the much Based on this inconclusive track record absorbed. The government conceded up that distribution), suddenly the more plutocratic early 20th century there is a high risk that attempts at the man, not the critique. attitudes to their politicians Supermac and the same-sized relative gaps matter much engaged in highly visible more devolution and the Number 10 Let us be precise about what Professor Tim Bale (Letters, July 25) is more, reshaping how the economy philanthropy, and often kept their North in Manchester may deliver very changed. A single resignation, an right to caution against assuming that perils of autocorrect both feels and functions. political involvement more financial little for northern England. assurance of examination reform and a every perceived crisis in politics is In the age of autocorrect, was Harold Ina society where the gap between than vocal, today’s cohort is the Roger Dunshea hunger strike broken on a promise of unprecedented. The British have Macmillan, the Conservative prime the comfortably off and the just-get- opposite. Whitchurch, Shropshire, UK accountability. What did not change is always been sceptical about the minister known for his slogan “You’ve ting-started can be crossed in a decade The most obvious case is Elon Musk, the labour market that sends engineers motives of their politicians and their never had it so good”, destined to see or two of hard work, success feels whose loud interventions in politics at Linking Claudius’ stammer to construction sites and postgraduates promises — quite sensibly, in my view. his name misspelt as MacMillan attainable and incentives are strong. home and abroad have angered mil- to data-entry desks. Yet the latest evidence suggests there (Letters, July 25)? Autocorrect may When those gaps are so wide that even lions and sent his popularity tumbling, to the Anthropic chatbot India’s system has learnt to is more at work here. The British Social have its uses but we've all been caught a lifetime of striving doesn’t offer the and whose sharp cuts to US overseas Carmody Grey in her thoughtful and metabolise dissent by surrendering a Attitudes study found that just 9 per out. And while on the subject of letter prospect of feeling you’ve “made it”, development spending could arguably learned Weekend Essay (“Al's quest for symbolic scalp while the underlying cent of people now believe writing, how interesting that the sales things start to break down. be described as “anti-philanthropy”. morality”, Life & Arts, July 25) fails to arithmetic holds firm. governments put the nation’s interests of fountain pens continue to rise, but This is essentially what has been Then there is the fact that the prod- mention the etymological meaning Rakesh K Chitkara before those of their party most or all where can you buy a stamp without playing out in many countries over ucts and services that generated the behind the name Claude, a meaning Dubai, UAE of the time, the lowest figure recorded planning a long journey? recent decades. While wealth wealth of some tech barons are a no doubt unintended by Anthropic for by the study. Meanwhile, a record 83 Susan Stevenson inequality has not changed much, the recurring source of angst for many its chatbot: Claudius meaning “lame”, The exquisite gardens that per cent believe Britain’s system of London SW13, UK relative importance of wealth com- people, in part because they dispro- “limping” or “crippled”. The Roman governing needs a great deal or quite a pared to income has. The median portionately highlight the lives of the emperor Claudius was so named Nolan left out of his film lot of improvement. This is Is PM behind productivity household’s disposable net worth (net most well-off. because he had a limp, a stammer and After reading “Thank the gods” (House substantially higher than when property and financial wealth exclud- With wealth increasingly outmus- a twitch. & Home, July 25), Robin Lane Fox’s comparable questions were asked by push at the FT crossword? ing pensions) in the UK, US, Germany cling income, earning one’s way up the While Anthropic’s Claude is of course skilful description of the exquisite the Royal Commission on the The average number of entries into and France has roughly doubled in ladder more and more unrealistic, and “a way of selling things”, as your gardens that were left out of Constitution during the political and which clues are entered in the daily FT real terms since the mid-1990s; frequent inflammatory interventions essayist remarks, perhaps also it could Christopher Nolan’s film adaptation of economic turbulence of the 1970s. crossword is pretty constant at 32. incomes have grown by only around into daily life from the world’s wealthi- be seen as “words without thought” Homer's Odyssey, I can see that, had Scepticism about Britain’s democracy Last Friday (July 24), however, there 30 per cent. est, it’s hardly surprising that con- that “never to heaven go” — in the they been included, they would have has reached levels that would have were a surprising 36. Is our new prime The result is that where a generation cerns about wealth are cn the rise, immortal words of Hamlet’s uncle, offered a welcome respite from all the been hard to imagine a generation ago minister behind this as part of a move ago it would have taken about 20 years even if inequality itself may not be. the ambitious arriviste Claudius. fighting. Mark Easton to increase the nation’s productivity? of savings from the average salary to Padraig Rooney David Otis Fuller Senior Fellow, National Centre for Social Nick Handley earn your way from the bottom quar- john.burn-murdoch@ft.com Cerbére, Pyrénées-Orientales, France Bronxville, NY, US Research, London EC1, UK Haywards Heath, West Sussex, UK 1 August/2 August 2026 * FT Weekend
Opinion
Markets are getting Al right
Situational Awareness, blew up. production industries, “knowledge flowed from just 46 public companies, possibility is what has rocked the shares shudder when low-cost Chinese com-
It is tempting to say that markets are industries” — we'd call them digital out of a total of almost 30,000. Looking of leading business software companies, petitors release competitive models or
going mad, as they occasionally do. industries now — enjoy increasing at his list of the greatest wealth creators, the so-called “SaaSpocalypse”. chips. And it is why the semiconductors
Robert Amid the excitement of the AI revolu- returns to scale. They have high product the knowledge companies dominate the The second, far more disruptive level were unable to assume market leader- development costs but near-zero unit top spots, and all the winners have high is that AI businesses may themselves ship when the Mag7 flagged: if Alphabet Armstrong tion, tech stocks have become creatures of hype and price momentum. Nowthey costs, high switching costs and powerful walls around them. have low barriers to entry — because the or Microsoft can’t make outsized profits are wobbling, and a panicked sell-off network effects (that is, adding custom- Few investors active today will recall a technology, while capital intensive, does sellingAI services, chipmakers’ margins seems possible. ers makes their products better). time before the increasing return era not generate differentiated or defensi- will have to fall, too. Markets, which for There is always plenty of irrationality Arthur’s paper proved prescient, pre- and the dominance of knowledge com- ble intellectual property. Frontier Al years have depended on the Mag 7 for espite what you may have in stock prices, and vzluations are dicting the ever-larger geysers of cash models will converge to near inter- leadership, will have to look elsewhere. heard about an inflating frighteningly high at the moment. But that would issue from the likes of Micro- changeability, switching costs will be The big US tech companies are — or market bubble, the US stock the recent changes in marxet leadership soft, Alphabet, Meta and Amazon. Investors already recognise low and network effects will be mini- possibly were — the best businesses in market isn’t rising. The do not reflect the madness of crowds. Knowledge businesses, in short, have mal. Hardware depreciation and energy history. What markets are weighing once-hot S&P 500 has been Instead, the market is struggling — as very high barriers to competition once that tech companies costs mean unit costs may not come now is the possibility that the era of cutting a herky-jerky path sideways for rationally as could be hoped — to answer they reach a certain size. In operating are riskier than they down as far as they have for software or increasing returns is over, and new months. What happened? Back in May, ahard question: what is the competitive system software, internet search or internet services. Unless model builders forms of competition are on the way. the Magnificent Seven big tech stocks structure of the Al industry, or indeed of social media, even the best-funded com- were a few years ago resort to collusion, intelligence will Investors already recognise that tech (Alphabet, Amazon, Apple, Meta, an economy where Al is everywhere? petitor cannot dislodge a scaled-up become a commodity, almost like elec- companies are riskier than they were a Microsoft, Nvidia, Tesla) surrendered For investors, the competitive struc- incumbent. And barriers to entry deter- panies. Microsoft was already one of the tricity — which would be a bonanza for few years ago, and are re-pricing them the market leadership they’ve held for ture of industries, and the competitive mine the pattern of stock market out- biggest companies in the US in 1995. The the economy, but a massive disappoint- accordingly. And they are recognising years. For a few weeks, a group of semi- position of companies within them, is by comes. Most of the excess returns gener- possibility that AI might change the ment for investors. There are no electric that pre-digital forms of competitive conductor stocks including Micron and far the most important consideration. ated by stock markets over the long rules is hard to conceptualise. But we'd utilities on Bessembinder’s list of big advantage, from brands to distribution Broadcom took up the baton, but Consider the current industrial term come froma small coterie of com- better try, because knowledge is exactly wealth creators. networks to manufacturing knowhow, recently they have faded, too. This moment. We might call it the “increas- panies with wide moats. Economic ana- what AI threatens to commoditise. Things might turn out differently. But may become relatively more valuable. week, tech stocks’ back-and-forth ing returns era”, after a paver the econo- lyst Hendrik Bessembinder has shown The threat operates at two levels. The the market takes the possibility of an Expect both patterns to continue. volatility has been especially mist W Brian Arthur wrote 30 years ago. that half of the net wealth creation in US first is that some knowledge businesses AI industry with low returns very intense, and a big Al-driven hedge fund, Arthur argued that unlike traditional stock markets over the last century will be made obsolete by AI tools. This seriously. That is why US tech stocks robert.armstrong@ft.com
_ China is smarter about
subsidies than anyone else
The campaign he started value added in non-strategic sectors like agriculture. online while completing a But in the US, subsidies were 2 per master’s degree brought Gillian cent of value added in non-strategic sec- tors, and just 0.5 per cent in strategic millions on to the streets, Tett ones. In the EU the ratio was 1 and 0.2 writes Michael Stott per cent. So China is backing strategic businesses, like green tech, while the west props up old sectors with political hat is driving the explo- clout, like agriculture. he man who humbled sion of Chinese exports, US techies might retort they do better India’s prime minister came which hit almost $4tn without state help. Maybe so. But there home to a hero’s welcome last year? That question is another key issue the IMF paper does this week. ; is creating deep angst not cover: policy integration. When Supporters and family : amongnon-Chinese policymakers amid countries like China (or Singapore) sub- members showered Abhijeet Dipke, the : fears ofasecond “China shock”. sidise strategic industries, as other IMF founder of the “Cockroach” youth : It is an issue I have been considering economists have noted, they often movement, with rose petals and painted : myself recently, having just crossed implement complementary measures, a red mark of blessing between his : China in an electric vehicle Silk Road such as worker training or the installa- eyebrows as he returned to Chhatrapati convoy, where I saw up close the star- tion of high-speed electricity transmis- Sambhajinagar, the city where he tling quality of its EVs, green tech and sion lines to support green tech. grew up. : artificial intelligence. Witnessing all But America is less holistic. It is now Dipke’s campaign against failings in : that, it is hard not to worry about how implementing tariffs and backing stra- India’s education system morphed from : others will compete. tegic groups like chipmakers. However, memes to a mass movement in a matter : Andnowarow about this has eruptec as the economists Marc Fasteau and Jan of weeks, forcing Prime Minister Naren- : between some Chinese economists and Fletcher have noted, this is piecemeal. dra Modiintoa rare retreat. : the OECD. Last month the Paris-based Worker training is limited, there are “It is a great pleasure to be home after : organisation reported that China’s sub- attacks on green energy (which is such a long struggle,” said the bearded : sidies were three to eight times higher insane), and failure to install transmis- 30-year-old student leader. “If the : than its rich-world rivals in 2024, sion lines. Hence China is leaping ahead media does not trouble me for the next : accounting for up to 60 per cent of its with power generation, which matters few days, then I can live a normal life, as : global market share gains between 2005 for Al. Idid before.” : and 2023. This echoes repeated Ameri- So how should governments respond? That wish is unlikely to be granted. : can and European complaints that In an ideal world, they would all imme- Instantly recognisable in his T-shirt and : China is using “unfair” tactics to under- diately stop this mercantilist meddling, jeans, the inventor of the Cockroach : cutrivals. which is undermining global growth. Janta Party is nowa household name. i But Chinese economists such as Kai Kristalina Georgieva, the head of the “I think he himself has been some- : Guo argue that “subsidies are no longer IMF, has begged China to slow its export what surprised by the turn of events,” : the most convincing explanation for flood by stimulating domestic demand. says Chietigj Bajpaee, a south Asia spe- : Chinese firms’ growing competitive- cialist at Chatham House. “In the very : ness”. They accuse the OECD of miscal- beginning, this was seen to bea satirical : culating how cheap loans work —a point Beijing is backing strategic online movement. Then it became a : echoed by a paper from the World Eco- lightning rod for the country’s disaf- : nomic Forum that finds little evidence businesses, while the fected youth.” In May, such a dramatic change in : of “broad, i finance”. systematic below-market west props up old sectors India’s political weather seemed Person in the News | Abhijeet Dipke : Nodoubt this debate will run and run. with political clout improbable. Modi was riding high after However, last week a thought-provok- his Bharatiya Janata Party had notched ; ing perspective emerged in a much “Ifit doesn’t happen it could ironically
The face of Indias
up the latest in a string of election victo- i delayed paper from the IMF. be China, not the US, that destroys the ries. Dipke was finishing a postgraduate : This notes, correctly, that measuring rules-based trading system because degree in public relations in Boston, : subsidy levels is very hard, since data is . .. countries will be left with no option Massachusetts, and applying for jobs. : poor and definitions vary. Thus, while but to put tariffs on Chinese goods,” she “None of this was intended,” Dipke OECD calculations include cheap loans, told mein Saudi Arabia earlier this year.
cockroach protests
told the FT in June. “It’s just that when I the IMF ones do not, instead “just” Emerging markets are suffering too. read a comment of the Honourable focusing on direct grants and aid. “China is one of the biggest risks to our Chief Justice of India comparing the The paper makes three crucial points. external imbalance [and] we are trying youth with cockroaches or parasites First, even on a narrow definition, Chi- to talk to our Chinese friends about how merely for expressing their opin- nese subsidies accounted for more than to fix this,” Mehmet Simsek, Turkish ions .. . Ifeltreally upset.” 2.5 per cent of value added in 2023, up finance minister, told me. Using his prior experience as a social from 1 per cent in 2015, or an average 0: But in the real world, Beijing is media volunteer for an opposition : around 1.8 per cent in this period. (This unlikely to change policy and the US party, Dipke put together a satirical small number matters enormously equally unlikely to drop its tariffs. After online campaign. Its website featured AI whenset against slim business margins. } all, the IMF calculates that if the 2015- images of giant black cockroaches. spokesperson. But, she adds, Dipke also will contribute towards blunting the CJP protests in their final week. Second, China is not alone in such 2023 Chinese subsidy trends continue, “What”, Dipke posted on X, “if all cock- knows his mind. “He will listen to every- the very limited agenda of the so- Ruchi Gupta, executive director of the government meddling. Far from it. In “China's electronics exports increase by roaches come together?” one, but he will do what he wants to do.” called CJP.” non-partisan Future of India Founda- the US, government subsidies were 1.3 around 20 per cent over the long term”. Millions of young people responded, On July 18, police intervened to “There will be other distractions tion, notesthat the CJP was the first pro- per cent of value added in this period, We are ina brutally mercantilist age. frustrated by the difficulty of finding a remove a veteran rights activist on now,” he adds. “Modi’s ability to come test movement to force out a minister in and 1 and 0.6 per cent respectively in So what EU governments, and others, well-paid job. Dipke’s new followers hunger strike in support of the CJP from up with a disruptive idea is way more Modi’s term. But she thinks Dipke has : Canada and the EU. Complaints from must do is not just contemplate tariffs, demanded that he convert the online Jantar Mantar. The protests suddenly than these kids could think of.” missed a golden opportunity to institu- Washington about “unfair” Chinese but the nature of their industrial poli- campaign into a real-life movement, so ignited. Dipke’s moment had come. Advaita Kala, a screenwriter and col- tionalise his movement. : state meddling thus look somewhat cies too. Supporting farmers while cut- he returned to India and started a sit-in Two days later, riot police fired tear “The fact that he did not tells you : hypocritical. ting funding for science, say, is mad. So at Jantar Mantar, a protest site in Delhi. gas at thousands of protesters marching something about what his broader : Third, not all subsidies are the same. is failing to invest in a joined-up electric- The government was confident the on parliament and beat them with ‘He will always go into the ambitions may be,” she says. “A political Chinese subsidies were 3 per cent of ity grid or training. Let us hope Donald movement would fizzle. But the CJP wooden sticks, sparking widespread leader would have immediately value added in strategic industries such Trump and his UK and EU counterparts leader is not one to shy away from chal- outrage. The following weekend, the crowd and very patiently converted this to an organisational as semiconductors and tech hardware, understand this. Sadly, I doubt they do. lenges. Born into a family of Dalits, a CJP’s main target, education minister listen to people . . . but he framework.” helping that export boom, the IMF says. historically marginalised caste, Dipke Dharmendra Pradhan, resigned and the For now, India’s “Cockroach” leader is However, they were just 1 per cent 07 gillian.tett@ft.com exhibits a quiet, steely determination. government conceded the movement’s will do what he wants to do still trading on his brand of irreverent Drawing inspiration from his two other demands. humour. When asked at his homecom- heroes, non-violent independence What comes next is less clear. CJP umnist, believes many young Indians ing about Modi’s belated attempts to movement leader Mahatma Gandhi and leaders say they plan to take a break and could still vote BJP at the next general win over the youth via Instagram, he Top reads at FT.com/opinion BR Ambedkar, a Dalit who shaped then conduct a nationwide tour to listen election in 2029 because they trust the replied: “He is doing an excellent job India’s post-independence constitution, tothe concerns of the youth. But Modi is government more than its adversaries. in that role. Perhaps he should step the CJP leader persisted. not standing still. “Remember, we're into the 13th down as prime minister and become an © ‘The Odyssey’ wins the casting debate Wildfires enter tipping-point territory “He will always go into the crowd “If the government can quickly get year of a Modi government and the influencer.’ Lessons from the visionary British director Scientists need to update their models to Peter Brook remain relevant for today's understand how these extreme events start and very patiently listen to people some visible things going, like the com- opposition has repeatedly not turned cinema, writes Tony Tassell and spread, writes Anjana Ahuja because that is something he genuinely mittee which has been set up [on exam up,” she says, noting that the main michael.stot com enjoys,” says Vaishnavi Gaur, a CJP reform],” says one senior official, “this opposition Congress party only joined Additional reporting by Jyotsna Singh 10 * FT Weekend 1 August/2 August 2026
Humbling times Investors are finally showing signs of growing weary of painfully obvious nonsense © THe Lonc view, PAGE 20
Companies & Markets
Universal Music shares plunge S Korea's Kospi rebounds as jitters about AI subside on fears over streaming growth SONG JUNG-A — SEOUL DAVID KEOHANE — TOKYO EMILY HERBERT — LONDON
South Korea’s stock market soared yes-
of 2026, before tumbling in July as
investors worried that the rally had run
too far. An index of the 80 biggest global
semiconductor stocks lost more than
@ Sales miss forecasts e Market cap sheds €9bn & Threat from AI-made songs terday, as chipmakers rebounded the end of a bruising month that has at $3tn in market value from the start of July to the depth of the sell-off this week. seen as much as $3tn wiped from global Marija Veitmane, head of equities
y
semiconductor companies. research at State Street, said the bank’s
custodial data had started to show insti-
The Kospi, which had tumbled 17 per tutional investors turning more positive
cent over the previous three sessions on onsemiconductor stocks this week.
concerns about the durability of the Al The South Korean gains were driven
boom, ended yesterday almost 18 per by chipmakers SK Hynix, which soared
cent higher. Despite the gains, the index
has still lost about 22 per cent in July.
On Wall Street, chip stocks edgec
‘[AIT] will outshine
higher after their best day in more than anything we have seen . . .
a year on Thursday, as the sector
rebounded froma month-long rout. The
it is quite dangerous to
Philadelphia Semiconductor Index rose be underweight’
0.5 per cent yesterday, adding to a more
than 8 per cent gain on Thursday. 30 per cent to end the week down just
Stellar earnings from Microsoft and 2.3 per cent, while rival Samsung Elec-
Amazon this week appear to have eased tronics rose almost 27 per cent to be 5.2
some investors’ fears that massive per cent higher for the week. Sentiment
spending on data centres and chips will towards SK Hynix improved after group
not translate into revenues and profits. chair Chey Tae-won bought about 3,600
Google, Amazon and Microsoft all shares in the company for $3.2mn,
reported rising growth in their clouc viewed as a vote of confidence.
units in the second quarter, which in Albert Yong, managing partner at
turn has boosted chipmaking stocks. Petra Capital Management, a Seoul-
“The volatility will be worth bearing based hedge fund, said: “Microsoft’s
with,” said Vera Fehling, chief invest- earnings have helped ease concerns
ment officer for western Europe at about huge AI spending, and investors
DWS. “This technical development [AI seem to think the market’s recent sell-
will outshine anything we have seen . .. off has been overdone — but it remains
itis quite dangerous to be underweight.’ to be seen whether this marks the begin-
Semiconductor stocks powered a his- ning of arebound in earnest.”
toric rally on Wall Street in the first hal? Th ng View
Technology
Anthropic’s models hack into
three groups during testing
Star power: Olivia Rodrigo’s songs were among the top sellers for Universal Music in the past quarter — kevin Mazuricetty images for Olivia Rodrigo CRISTINA CRIDDLE — SAN FRANCISCO misunderstanding between us and our evaluation partner [Irregular], this was Anthropic has disclosed that its Claude DANIEL THOMAS — LONDON from activist investor Bill Ackman’s Per- Ina note to clients, the bank added: The Weeknd, Drake and Billie Eilish. not the case, and internet access was AI models hacked into three organisa- shing Square Capital in May that would “UMG’s subscription growth was only He claimed that “no other company — available,” the company said in a blog tions while the start-up was testing Nearly €9bn was wiped off the market have shifted its listing from Amsterdam 6.7 per cent vs a 9.3 per cent consensus in music or any other sector of enter- post. The cyber evaluations were all so- cyber capabilities, a week after OpenA! value of Universal Music Group yester- to New York, arguing that the offer due to ongoing market share head- tainment — has ever achieved such a called “capture the flag” tasks, which reported a similar incident. day after signs of a slowdown in the undervalued the business. Ackman sold winds, a tough comp against one-time level of success”. Top sellers during the instruct the Al to reverse-engineer, ana- streaming market this year spooked his €1.4bn stake in June. benefits that had not been called out last past quarter included Olivia Rodrigo, The group said Claude gained unauthor- lyse or exploit a vulnerable system to investors. The Bolloré family has a stake of year anda smaller than expected contri- Noah Kahan and South Korea's BTS. ised access to outside companies during recover hidden information known as The world’s largest music group nearly 30 per cent. The Bollorés’ Viv- bution from pricing.” On Thursday night, Universal an evaluation of its cyber-offensive the flag. missed market expectations on growth endi Group, UMG’s largest shareholder Universal chief executive Sir Lucian reported second-quarter revenue of tasks. A “misunderstanding” gave In one example, Claude was given a in subscription revenues in the second with a 10 per cent stake, fell 17 per cent Grainge has tried to strike a more bull- €3.3bn, up 13.3 per cent year on year, in Claude access to the internet in its test- target of a fictional company that quarter, which will add to fears about in France in response. ish stance for the group, telling staff at part reflecting the acquisition of Down- ing environment, when it was meant to shared a name with an active website the slowdown in the once rapidly grow- JPMorgan, which is house broker to the start of the year that Universal was town Music as well as higher streaming be blocked, Anthropic said. domain. The agent — an AI program ing streaming market as well as the Universal, said there was “no sugar coat- home to four of Spotify’s top five most prices. Spotify and Apple have both The disclosure comes a week after that can operate on its own based on potential impact of rip-off Al-generated ingit . . . that was nota good quarter”. popular artists last year: Taylor Swift, raised prices this year. rival OpenAl admitted that two of its human instructions — exploited vulner- songs. Subscription revenue growth Net profit fell 85 per cent to €222mn, models hacked into AI start-up Hugging abilities in the digital infrastructure, slowed to 6.7 per cent from 7.9 per cent Music’s over: while free cash flow dropped to €24mn Face while the model developer was extracted information and obtained in the opening three months of the year. Bill Ackman’s from €163mn a year earlier. testing its technology this month. The access to a database containing several The group’s earnings margin also dis- Pershing Square Grainge said the company was “deliv- models broke out of their testing envi- hundred rows of production data. appointed investors, falling to 18.5 per sold its €1.4bn ering on our strategic plan, and working ronment through a software vulnerabil- Anthropic, which is gearing up for an cent from 20.5 per cent in the same Universal stake to further sharpen our execution, while ity to access the internet and carry out IPO as early as this year, said it halted its quarter last year. in June after its capitalising on the opportunities pre- the cyber attack. cyber evaluations as soon as it identified Shares in Universal, home to artists €55bn takeover sented by new technologies and the Anthropic said the incident promptec that Claude may have accessed the including Taylor Swift and Kendrick bid was rejected ever-evolving music ecosystem”. it to review its own cyber security evalu- internet. Lamar, were down 25 per cent in after- a month earlier Universal has unveiled plans to boost ations, which found three incidents out “Ultimately, many factors contrib- John Lamparski/Bloomberg noon trading in Amsterdam, giving the subscription revenues by moving super- of more than 141,000 investigated. uted to these incidents but, consistent group a stock market valuation of fans of its artists to paid subscription “In all cases, Anthropic’s evaluation with a blameless postmortem culture, €26.7bn. It was valued at €35.6bn at tiers and offering bundles of exclusive prompt specified to Claude that its we're approaching the fixes as if the Thursday’s close. merchandise, content and direct-to-fan environment was a simulation and that responsibility were ours alone,” the UMG rejected a €55bn takeover bid experiences. it had no internet access. Due to a company said.
Technology. Al race
Google, Amazon, Microsoft and Meta’s capital investment spree tops $1tn
promising the things that have made advertising, with total revenue up 28 asset management firm SLC Manage- tors still sold off shares as it reported its Several top executives acknowledged
Big four hyperscalers have them successful.” per cent year on year to $61bn in the ment, said the lack of a clear plan from first quarter burning cash since going that the outlay on AI would continue to The four groups combined plan to quarter. Chief executive Mark Zucker- Meta to rent out computing power was public more than two decades ago, post- sap free cash flow in coming quarters. been expanding their outlay ing negative $6bn of free cash flow for spend $745bn on capex, mainly data berg hinted at a leap into leasing out partly responsible for its 8 per cent The free cash flow metric is closely since 2023 with no end in sight centres, advanced chips and the power data centre space, telling investors Meta share price fall on Thursday. “They area the period. watched as a measure of the cash com- torun them this year. was fielding “a large number of offers” bit all over the place,” he said. Google also disclosed huge increases panies have left to service debt or return The success of this bet remains partly to rent out its compute “at a meaningful “For investors it’s no longer growth at in its future financial commitment to shareholders after covering their RYAN MCMORROW, RAFE ROSNER-UDDIN AND HANNAH MURPHY contingent on the ability of start-ups premium over what we paid”. any cost, they want to see the spending linked to AI investments, which bal- operating costs and capital spending. SAN FRANCISCO OpenAl and Anthropic to keep raising He added, however, that “there will flowing through to results, like at the big looned by about $500bn from three The four groups’ combined free cash The tour big hyperscalers have tunds to meet vast, multiyear commit- continue to be a significantly higher three,” he said, referring to Google, months before. The bulk of the new con- tlows fell to a decade low of $7bn during ploughed more than $1tn into capital ments to buy computing power, as both margin on selling intelligence rather Microsoft and Amazon. tracts involve long-term purchase com- the period, with only Microsoft and investments since their race to domi- Allabs plot their public listings. than selling compute directly”. Google’s cloud business added $11bn mitments for technical infrastructure, Meta bringing in more than they spent. nate Al began three anda half years ago, The rush of investment has strained Dec Mullarkey, managing director at of revenueon last year’s sales, but inves- as wellas energy for data centres. Amazon chief Andy Jassy told inves- as America’s largest tech groups bet supply chains and driven up costs, caus- Meta signed $233bn of new commit- tors that the group would have to absorb their future on the technology. ing a shortage of memory chips, which | Hyperscalers’ investments ; Al capex has eroded Big ments in the quarter. The additions free cash flow pressures for some time Combined capital spending by hurt Apple, even as the iPhone maker include $96bn in leases for data centres as it raced to build “many data centres have accelerated rapidly ech’s cash flow Google, Amazon, Microsoft and Meta sits out the AI race. Its warnings of lower and network infrastructure that will simultaneously” with a two-year lag Capital expenditure ($bn) ree cash flow ($bn) from the beginning of the AI boom in sales and margins due to cost increases move on to its balance sheet as they from commissioning a facility to install- 2023 to the end of June hit $1.1tn, sent the stock down 6.3 per cent on 200 80 — Ml Meta come into use, $112bn in purchase com- ing servers that enabled it to charge cus- according to earnings reports from the Thursday. Amazon Ml Microsoft mitments, mostly for third-party clouc tomers. “In the short term. .. we'll four companies in the past two weeks. But Big Tech’s financial results WB Microsoft 60 — Mill Google capacity servers, and other infrastruc- spend a lot of capex and encounter free The massive expenditure is a mark of showed these investments are begin- 150 — a Google Amazon ture, as well as $25bn in new debt. cash flow headwinds until these data both the scale of their Al ambitions and ning to translate into accelerating reve- Hl Meta 40 The group then added another $68bn centres come online,” he said. the speed with which the US tech giants nue growth, particularly in cloud com- 100 in data centre leases inJuly. The significant lag between Big Tech’s have turned from capital-light busi- puting. Google, Amazon and Microsoft 20 Microsoft signed more than $130bn o: massive upfront data centre investment nesses into huge investors in physical all reported rising growthin their cloud new data centre leases in the second and any associated revenue means that infrastructure. units, selling computing power to every- 50 quarter. Together the three companies investors will have to be prepared to e) “There is basically no end in sight for one from OpenAI and Anthropic to cor- agreed close to $900bn of new AI- wait years for meaningful returns on the growth in capex,” said Rishi Jaluria, porations embracing Al. The figures 20 Le related obligations in the three-month their investment. “Investors are being an RBC Capital analyst. “Investors need boosted Amazon and Microsoft stocks. period, binding their balance sheets to forced to rethink their own timelines,” 2023 2024 2025 2026 : 2015 2020 2026 these companies to toe the tight line Meta, which does not have a cloud the Al race for years to come. Amazon Jaluria at RBC added. Source: company filings } Sources: Visible Alpha; company filings between investing in AI and not com- business, said AI was helping it to target has yet to post these disclosures. Nostradamus of Al page 13 1 August/2 August 2026 FT Weekend
4:41pm Saturday
They only really came for the fashion.
Jon had spent weeks searching
for the perfect houndstooth jacket.
But when a Ford GT40 roaring by at 150mph
made him spill his drink all over himself,
he was surprised to find he didn’t mind at all.
- There’s nothing like
Goodwood Revival
18-20 SEPT 2026
Tickets available now
12 * FT Weekend 1 August/2 August 2026
COMPANIES & MARKETS
Oil & gas
BP to sell North Sea assets despite Burnham rethink Group operates five hubs “reflects its disciplined approach to cap- venture between TotalEnergies, choose to retain those fields to get a bet- be an indication that BP wants another need to help people, you can’t ignore the ital allocation”. HitecVision and Repsol, or Ithaca ter headline price for the productive competing party to come forward so resources that you've got. But we'll in basin, producing about BP is one of the last oil majors to have Energy, whose two biggest shareholders part of the business. they do not have a single-bidder situa- make further decisions in due course.” 100,000 barrels a day a significant business in the North Sea, are Israel’s Delek Group and Italy’s Eni. The sale comes after BP earlier this tion”. O’Neill’s decision to sell the North Sea with rivals having either merged their The company’s most valuable North year held advanced talks with Ithaca Prime Minister Andy Burnham, operations marks a change from her MALCOLM MOORE — LONDON assets or put them up for sale. The UK Sea assets are the Clair Ridge field, about a near £2bn deal for the business asked about the sale, said there was “a position shortly after she took the helm group operates five hubs in the North which started producing in 2018, and but failed toreach an agreement. BP has set of issues related to the North Sea that at BP, when she said that the region had BP has putits UK North Sea business up Sea, employing 1,100 people and pro- Schiehallion, which was redeveloped in a target to sell $20bn of assets by the end I’m looking at”, including the energy “untapped potential”. for sale, in a move that is set to end its ducing just under 100,0U0 barrels of oil 2017, both off the coast of the Shetland of 2027 and has guided that it wants profits levy, which subjects companies Following the announcement from six-decade history in a basin now at the and gas a day. Islands. $9bn to $10bn of sales this year. toa headline rate of tax of 78 per cent on BP, business lobby groups in Aberdeen, heart of a debate over the future of Brit- Rystad, an energy consultancy, esti- Of the 24 fields that BP operates in the The FT reported last week the oil profits, and granting permits to the new the Scottish city that serves as the main ain’s energy security. mates the value of BP’s North Sea busi- North Sea, half are producing and half major was close to a deal to sell its Light- Jackdaw and Rosebank fields. logistics hub for the offshore industry, The company, led by new chief execu- ness at $2.6bn. Matt Cooper, one of its have begun abandonment. Analysts source solar business but this is unlikely “T’ve indicated that I'll be pragmatic called on the government to take steps tive Meg O’Neill, said yesterday that the analysts, said the most likely candidates suggested that while decommissioning to include alarge cash component. about the North Sea,” he added. “When to ease the burdens facing operators. decision to launch a formal sales process to buy BP’s assets are Neo Next +, ajoint costs could run as high as $3bn, BP may Cooper said the announcement “may people are struggling, and when we Additional reporting by Jennifer Williams
Fast fashion chains unlock a vast opportunity in India
BUSINESS
WEEK IN REVIEW
Cool ideas: Zudio’s store in Rajouri
Garden, west Delhi. One of the Tata
Sons-owned chain’s big draws is that
its air-conditioned stores offer
Shein fades
shoppers a respite from the hot
streets — Mansi Midha/FT
e@ Shein,
the Chinese fast-fashion retailer, reported a
quarterly net loss of $99mn in a pre-IPO filing to
Hong Kong’s stock exchange late on Sunday. It said
Rajouri Garden in west Delhi looks their styles so it feels like l have come the net loss was “mainly attributable” to a $328mn
every bit the typical Indian middle- to anew store every time I visit . . . the drop in the fair value of its convertible redeemable
class shopping street, but one store clothes are trendy, new in fashion and I preference shares. Net profit fell to $2bn last year.
stands out: a large three-storey love it,” he said. Importantly, “the
building with plate-glass windows prices here suit my budget”. e@ Kering shares jumped more than 11 per cent after
and a modern logo in 4ft-high white Leena Saldanha, a 52-year-old office the luxury group reported like-for-like sales rose 2
letters. worker visiting a Reliance Trends store per cent annually to
The brash Zudio store is part of an in Mumbai, said she often shopped at €3.65bnin the second
ambitious effort by Tata Sons, one of value retailers: “They always have quarter.
India’s biggest conglomerates, to sales, which motivates me to buy more
change not just how young people in often.” e@ At rival Hermés,
the world’s most populous country Despite its bargain offerings, Tata shares fell 10 per
dress, but how they buy their clothes said gross margins at Trent, which cent, leading to atem-
as well. includes the more upmarket Westside porary suspension in
“Our market is one-sixth of the clothing stores, stood at 44-45 per trading, as weakness
world’s population,” Noel Tata, chair cent. “The playbook is you go end-to- inthe Chinese luxury
of Zudio’s parent company Trent, told end — you go from the source of the market outweighed a
the FT, noting that the populations of product to the customer and you do pick-up in sales overall in the second quarter.
greater Mumbai and greater Delhi everything yourself in between,” he
alone equalled that of the entire UK. said. “That’s why we do our own e@ US aerospace group Boeing’s defence division
“Over the last 25 years, purchasing transporting. We do our own posted an unexpected loss after $280mn in new costs
power has grown massively . . . and 4 is now gone for all practical purposes. “The consumer wants a better place warehousing. We have our own shops. incurred by the Air Force One refurbishment project
it’s still growing,” he said. “The ‘Our market You would need to pay these young to shop at, better ambience and with The manufacturing units we use are negotiated by Donald Trump during his first term in
bottom of the pyramid is massive.” is one-sixth | girls to wear saris — it’s not cool any increased disposable income . . . they more or less dedicated to us.” 2018 as z $3.9bn fixed-price contract. Zudio is one of several major more.” want to go to a better store rather than However, Trent’s share price has domestic and international retailers of the : ‘Tata said the clothing chain formed goto a mom-and-pop store,” said fallen 9 per cent over the past month e@ Ferrari hit this year’s sales target for its first electric vying to capture a large chunk of world’s par: of a broader effort to tap into the Adarsh Reddy, the agency’s associate after the company revealed year-on- vehicle on strong demand from China, despite a India’s vast, aspirational yet +n” Indian consumer market’s explosive director. “Everyone is trying to get a year revenue growth of 19 per cent for backlash from investors and enthusiasts. It had notoriously thrifty consumer market population growth as shoppers shift away from piece of this pie in value fashion, so the June quarter that fell below analyst aimed to sell just under 500 units of the car this year, in a bet that cheap, trend-driven Noel Tata, stalls and markets. “It’s a shift from competition has increased.” expectations, raising concerns that designed by Jony Ive and priced from €550,000. fashion can unlock demand among Trent chair unorganised to organised,” he said. Zudio is the market leader and sold growth was slowing amid its ambitious hundreds of millions of shoppers. “That's a big shift that’s happening 350mn items of clothing last year. The expansion. e@ Grant Thornton is buying rival CBIZ for $5bn in One of the big draws is price. across India in many, many sectors.” chain has opened 1,000 of its large Zudio eschews online retailing, cash in the largest takeover in the accounting sector Another is air conditioning. Hoping The size and scale of India’s retail stores in a decade and Tata believes believing that high return rates clog to lure bargain hunters away from shift is huge. The domestic apparel there is room for at least another the operation and generate too much the market stalls, Zudio offers its industry is expected to expand at an 4,000 Zudio shops in India. extra cost. Rapid turnover is key to its mainly young female customers annual pace of just above 10 per cent Although Indian consumers have appeal. New lines are launched every cotton T-shirts for as little as Rs199 to become a market worth up to become more prosperous in the past Thursday and a team of social media Ferrari hit this year’s sales target ($2.10) and trainers for Rs599. $150bn by 2030, according to Redseer decade, per capita income remains watchers monitors fashion trends and “Our stores are not in malls,” said Strategy Consultants. below $3,000, compared with nearly feeds them to a design team. for its first electric vehicle on P Venkatesalu, Trent’s managing That growth is being powered by the $15,000 in China. Anew brand called Burnt Toast was strong demand from China, director. “They are in busy streets expansion of mass-market fashion “Purchasing power still remains very launched this year to target the market because we are targeting customers braads, including Indian billionaire low,” said Arvind Singhal, chair of between Zudio and Westside. despite a backlash from investors who are used to shopping in the Mukesh Ambani’s Reliance Trends retail consultancy The Knowledge Venkatesalu said Zudio stores were a bazaars.” and Max Fashion, owned by Dubai- Company. However, value retailers “safe space” where female shoppers The designs lean heavily towards based Landmark Group. were in “no way close to saturation could buy underwear without being contemporary urban fashion. Value retailers recorded growth of ... the limiting factor is only harassed. “We have many aspirational Traditional Indian saris and kurtas almost twice the industry rate of availability of real estate, which is a shoppers . . . for them it is cool to in a generation. The deal will create a combined are out, while barrel jeans and T- about 9 per cent in the year to March, consistent problem in India”. come here. They feel a lot richer when group with more than $5bn in US revenue. shirts with logos such as “Cluelessly driven by shoppers in smaller cities, Ata Zudio outlet in Mumbai, Shoaib they see a decent-quality product at a Navigating Through Life” are in. according to estimates by India Ansari, an 18-year-old student, said he good price,” he said. Michael Stott in e@ Ebay and former executives will pay $55.7mn to “Twenty-five years ago, India was a Ratings & Research, a Mumbai-based had been a regular customer for the New Delhi, Chris Kay in Bengaluru and resolve a lawsuit alleging a campaign of harassment sari market,” Venkatesalu said. “That agency owned by Fitch Group. past two years. “They keep changing Andrea Rodrigues in Mumbai that included deliveries of live cockroaches, a bloody pig’s head mask and a funeral wreath. Ebay pleaded guilty in2023 and paid a$3mn penalty.
e@ China’ BYD is challenging Japanese carmakers
Pharmaceuticals with thelaunch of its mini electric kei car. The release comes after BYD announced a plan to topple Toyota
Novo shares fall 10% after heart drug trial failure hits growth ambitions as the largest carmaker by sales in five years.
e Asian private credit funds raised their lowest capi-
tal in more than a decade this year. Five funds closed
AANU ADEOYE — LONDON “major adverse cardiovascular events” for 2026 but would result in a ncn-cash Ziltivekimab to study its effects on car- in the first half of this year, raising $1.2bn, PitchBook The Danish such as heart attacks and strokes in impairment charge in the third quarter. diovascular events, for which results are shows, compared with 29 raising $9.5bn last year. A Novo Nordisk drug aimed at reduc- ing the risk of heart attacks has faileda patients with heart disease, chronic kid- drugmaker Martin Holst Lange, executive vice- expected in the first half of next year, ney disease and inflammation. president and head of R&D at Novo, said the company said. @CXMT shares surged 466 per cent on their trading late-stage trial, sending the Danish The failure of Ziltivekimab in the is trying to the result “does not change our strategic Barclays analysts had forecast peak debut in Shanghai on Monday, briefly making the drugmaker’s share price down as much as 10 per cent and dealing a blow to phase 3 trial represents a setback for the create new commitment to cardiovascular disease”. annual sales of about $1.5bn for the Wegovy and Ozempic maker as it tries He added: “The study provides drug. Novo added Ziltivekimab to its efforts to develop treatments beyond to create new medicines outside obesity medicines important scientific evidence that will portfolio after its $725mn acquisition of its blockbuster weight-loss drugs. and diabetes, which generated more outside inform our ongoing cardiovascular Corvidia Therapeutics in 2020. $280mn 466% Novo said yesterday that although than 90 per cent of its sales last year. research and the development cf treat- Novo shares fell by as much as 10 per Ziltivekimab reduced the protein in the Novo Nordisk said the cutcome of the obesity and ments for patients who continue to face cent — the steepest drop since Novo New costs arising from Boeing's First-day jump for shares in China body it was designed to target, the once- trial would not affect its previously diabetes substantial unmet need.” issued a profit warning in February — fixed-price Air Force One project chip group CXMT monthly injection did not cut the risk of stated adjusted operating profit outlook Novo has two other ongoing trials of betore paring losses to 7.3 per cent.
Airlines chipmaker China’s most valuable company. Its mar- ket value rose to as much as Rmb3.7tn ($547bn),
British Airways owner IAG abandons plans for expansion this year briefly eclipsing Hong Kong-listed Tencent.
e@ Amazon is to launch a constellation of more than
5,000 satellites to provide mobile phone serv-
: “J
PETER CAMPBELL — taking delivery of 16 newaircraft this of March, though still more than €1bn The group said services in parts of ices. The group has filed an application in the US for year and adding capacity to Latin Amer- higher than last year. Europe, particularly Spain, were permission to deploy the constellation by 2028. British Airways owner International ica, North America and Asia. Pre-tax profits for the first six months “highly competitive due to significant Airlines Group has abandoned growth “We expect demand for travel across of the year fell about 19 per cent from capacity growth”, which had hampered e The world’s largest defence companies, including plans for the rest of the year after the our network to remain strong, as it has €1.7bn to €1.4bn, while revenue its ability to claw back fuel costs through Lockheed Martin and BAE Systems, have partici- Iran war sent fuel prices soaring and done through the recent volatility and increased 1 per cent to €16bn. higher ticket prices. pated ina record $4.1bn in venture capital rounds so threw global travel into disarray. over asustained, multiyear period,” said 1AGshares fell 1.5 per cent yesterday. IAG chief Luis It forecast the long-haul market to be far this year, according to Dealroom data. The airline group’s capacity across the chief executive Luis Gallego. Before the Airlines have been cutting capacity Gallego expects “positive” this year but with greater year would be flat, IAG said yesterday, a Iran war, the group had expected to lift and raising prices after fuel costs soared ‘strong’ demand competition in short-haul operations. e Elon Musk’s X settled a legal dispute with the pullback from plans as recently as three capacity by 3 per cent across the year. following the US-Israeli strikes on Iran. despite a delay BA was boosted by corporate travel- World Federation of Advertisers, which it had months ago to continue expansion this IAG said it expected fuel costs for the IAG said it expected to recover about to growth plans lers, who previously changed flights in accused of organising an “illegal boycott” of the year. It comes despite the group — which year to be about €8.3bn to€8.6bn, lower 60 per cent of its increased fuel bill because of the the Gulf, now using it to fly directly to social media platform. An appeal continues in the includes Iberia, Aer Lingus and Vueling than the €9bn it had forecast at the end through higher prices and cost-cutting. Middle East war destinations in Asia, IAG said. case against several companies named in the lawsuit. 1 August/2 August 2026 * FT Weekend 13
COMPANIES & MARKETS
Tech sell-offlays low hedge fund Technology
Core Weave
sweetens debt
started by ‘Nostradamus of AP terms amid sector’s rout OpenAI alumnus Aschenbrenner’s wild $20bn ride ends with a sale of most its assets to Citadel MICHELLE CHAN — NEW YORK FT REPORTERS brenner’s portfolio had already been on CoreWeave has offered major conces- alert. Lending to hedge funds had sions to win over investors in its latest Leopold Aschenbrenner made his name become extraordinarily lucrative, mak- $2.6bn loan supported by its comput- on his ability to predict the future. But ing up an ever-bigger portion of banks’ ing deal with Anthropic, underscoring the trader dubbed the “Nostradamus of balance sheets. Wall Street’s waning enthusiasm to AI” would have been hard-pressed to Butat least one prime broker put Situ- fund the AIboom. foresee how quickly his high-flying ational Awareness on a “watch list” due hedge fund would run into trouble. to the highly volatile and concentrated The cloud computing company has The OpenAI alumnus, with no trading nature of its bets on Al stocks. raised yields on the debt to nearly 9.1 experience, had over two years become The prime broker called for addi- per cent and tightened lender protec- a Wall Street sensation, racking up gains tional margin to support its positions tions to get the deal across the finish line of more than 400 per cent for his $20bn- several times over the past year, accord- after a week of sluggish demand, people plus hedge fund Situational Awareness ing to an executive at the bank, includ- familiar with the matter said. in the first half of this year alone. ing this week. Key deal sweeteners include a But his debt-fuelled bets ona dazzling “People on our side were not comfort- bespoke “lockbox” feature that ensures future for AI put Aschenbrenner on the able with the exposure given the portfo- incoming cash from underlying con- wrong side of a brutal market sell-off in lio composition and credit profile [of the tracts is used for debt repayment before recent weeks. A drumbeat of pressure firm],” said the executive. other expenses. The lockbox would stay from the fund’s bankers, and efforts to By Wednesday, Situational Aware- in place until Core Weave pays down half rapidly sell chunks of its portfolio, cul- ness’s troubles came to a head. As tech of the debt, and can also be triggered if minated late on Wednesday night when stocks continued to fall further, inves- the lease rate drops below a certain Aschenbrenner got on the phone with tors complained that they could not get threshold, the people said. Citadel’s Ken Griffin. through to Aschenbrenner’s fund. The lacklustre demand for The 24-year-old wunderkind and one “Leopold just stopped taking calls,” CoreWeave’'s loan reflects cooling inves- of Wall Street’s most feared investors said one investor in the fund. tor appetite against the backdrop of a hammered out a deal to sell much of Sit- Instead, Aschenbrenner was talking recent rout in AI stocks. uational Awareness’s portfolio to Grif- to some of Wall Street’s most aggressive Orders on the deal soared to fin’s hedge fund. operators — Jane Street, Millennium nearly $9bn on Thursday after Citadel’s swoop for the bulk of Situa- and Citadel — seeking a swift deal to sell CoreWeave updated the borrowing tional Awareness’s public stock hold- all or large chunks of the portfolio, saic ings, which were once estimated at people briefed on the matter. $16bn, beat rivals Millennium Manage- Jane Street had earlier backed the ‘Investors now require ment and Jane Street and marks one of fund, ina rare move for the proprietary- higher yields and tighter the largest and most sudden stock trans- trading outfit, and is among investors actions in Wall Street history. facing losses. covenants to commit The firm’s rapid downward spiral is a Several other financial groups also capital to new-issue debt’ familiar tale, as Silicon Valley and Wall began circling Situational Awareness’s Street once again threw their weight assets on Wednesday evening, and were terms on Wednesday night, the people behind a bright-eyed but untested in discussions to potentially buy certain said. investor who promised this time would portions of its private stake holdings, It also lured investors with an be different. “Everybody always wants according to two people familiar with improved pricing of 5.5 percentage to find the next golden child,” said one the matter. points above the benchmark Secured longtime hedge fund executive. “It just Multiple investors said Aschenbren- Overnight Financing Rate at a dis- keeps happening.” ner was exploringa sale of some or all o° counted price of 96 to 97 cents on the Situational Awareness and Aschen- his coveted Anthropic stake, though ata dollar, according to a term sheet seen by brenner did not respond to requests for ‘He was liketask number one and two, or what- someone was aggressively selling into Golden child: premium toits last valuation of $900bn the FT. That represented a 1 to 1.25 per- comment. ever,” Aschenbrenner said during the the market. Leopold Citadel founder Griffin was “heavily centage point increase from initial price Aschenbrenner captivated his inves- trying to fourth hour of a popular tech podcast in That seller was Aschenbrenner, Aschenbrenner involved” in the swirl of negotiations, discussions. tors with bold ideas about AI drawn 2024, a few months before he officially according to multiple people familiar started the which lasted through the night. Shortly CoreWeave and Anthropic in April from his network of effective altruism recover his launched his fund. “Done right, Ithinka with the matter. “He was trying to _ Situational after dawn, Citadel emerged with a deal. announced an agreement for the latter adherents — the controversial “do good” losses. He lot of money could be made.” recover his losses,” one of the people | Awareness fund Situational Awareness was left with a to rent cloud-computing capacity from philosophy whose devotees populated Situational Awareness’s assets snow- said. “He had the illusion of still beingin —‘ to cash in on his small slice of unlevered public stock both the collapsed crypto exchange FTX had the balled to $24bn, as Aschenbrenner control... hedidn’thave controlatall.”_ insights as an holdings and its private stakes, accord- the former. Just two months company secured $3.1bn in a similar ago, the
and AI powerhouse Anthropic. illusion of poured money into bets on the winners Despite the Al rout, Aschenbrenner __ insider to Silicon ing to two people familiar with the mat- financing package supported by com- After graduating from Columbia Uni- ofthe Al trade. on July 24 sent his investorsaletterthat Valley’s AI boom ter. One person close to the firm said it puting contracts with OpenAl at just 4.5 versity at 19, he briefly worked for the still being in But by July some of the hedge fund’s rattled off the fund’s wild returns — 439 Josh Edelson/Situational “wasn’t over”. percentage points above benchmark. Awareness; Jason Henry/ FTX Future Fund, the philanthropic control... biggest stock positions, according to its per cent for the year to the end of June, Bloomberg Another person involved in the talks A CoreWeave spokesperson told the arm of Sam Bankman-Fried’s empire last regulatory filings, appeared to be 1,551 per cent since its founding — said the question was not how the deal FT that it is “pleased with the outcome he didn't before giving a hint that trouble was before it collapsed in late 2022 in a collapsing. was structured, or how much money of this financing . . . [which] reflects the multibillion-dollar fraud case. have The fund — run by seven investment already brewing. Citadel would make. “The real question continued maturation of Al infrastruc- Around this time Aschenbrenner met professionals and 20 employees — at “It’s more important than ever to rec- is how did anyone invest so much ture as a growing asset class”. his wife-to-be Avital Balwit, who now control one point held hundreds of millions of ognise the potential for volatility in the money, and then lend so much money, Changes to borrowing terms are works as chief of staff to the CEO of at all’ dollars in Bloom Energy and Sandisk, future,” he wrote. Aschenbrenner toa... kid withno personal experience “a normal part of bringing innovative Anthropic. He later joined OpenAl’s which had fallen about 40 per cent since acknowledged that his firm had not and no infrastructure?” financing structures to market, particu- “Superalignment” team before being the end of June to the start of this week. been “immune” to the recent tech In a letter to investors on larly against a more volatile backdrop”, fired over an alleged leak. When Intel reported strong earnings on sell-off but said the unwinding in Thursday, Aschenbrenner said the spokesperson said. Aschenbrenner’s career took a turn in July 23, its share price surprisingly fell the market was a “particularly _ that he took “full responsi- JPMorgan, which led the transaction, 2024 when he wrote a 165-page treatise and speculation began to mount that good time to add funds”. bility”. declined to comment. on how AI, and especially artificial gen- Two investors who spoke “These were very “Higher base interest rates, questions eral intelligence, would dramatically Chips stocks have fallen sharply with the FT atthe time said ~ _. expensive scars, but I about returns on AI capex, fears of over- reshape society in the coming years. they felt reassured by the » am dedicated to ensur- building, and the unwind of a crowded PHLX Semiconductor incex The essay, titled “Situational Aware- letter. ing they will be invalua- trade hit these names all at once,” said ness”, took off. Aschenbrenner capital- 3,000 But, shortly after, the sit- Grant Nachman, chief investment ised on his newfound popularity by rais- uation at the fund had dete- organisation and for officer at Shorecliff Asset Management. ing money for a hedge fund, with anchor riorated. Aschenbrenner iit 4 myself as we move for- “Investors now require higher yields investments from former GitHub chief 2.000 called a number of investors ® ward,” Aschenbrenner and tighter covenants to commit capital executive Nat Friedman and Patrick to solicit fresh capital or sell wrote. “My core promise to new-issue debt deals in the sector.” and John Collison, who founded Stripe. certain assets, according to to you is that we will not Investors briefed on the deal said they The Gen Z investor — who was people with knowledge of the waste the opportunity to learn were particularly concerned about the described as the “Nostradamus of AI” as 1,000 process. The calls were ad hoc, offer- ; from these events.” relatively short contract duration recently as last month — brushed off a ing direct investors different deals. Amelia Pollard, James Fontanella-Khan, underpinning the latest financing, question about whether he would suc- “He was offering mea deal andacom- Ortenca Aliaj, Kate Duguid and Jill R Shah which exposes lenders to renewal risks. cumb to the same fate as others, such as pletely different one to another inves- in New York, George Hammond in San “We have no clarity around how the tech billionaire Peter Thiel’s hedge fund, Olsen lela! tor,” said a person who was called by the Francisco and Costas Mourselas in London. Al landscape would look like even ina which collapsed during the 2008 finan- Aug 2025 Jan Jul hedge fund seeking help. Additional reporting by Rafe Rosner-Uddin few months,” said a loan investor who 2026 cial crisis. Some of the Wall Street banks that in San Francisco shunned the deal. Source: LSEG “Obviously not blowing up is sort of had extended financing against Aschen- See Lex and The Long View Additional reporting by Ryan McMorrow
Technology Energy
Google Earth tool raises fears over fakery US nuclear group Westinghouse files for IPO DAN CLARK AND JAMIE JOHN — LONDON and investigators check suspicious circulated on X purporting to show MALCOLM MOORE — LONDON US Energy Department said it would Adam Stein, director of nuclear JAMIE SMYTH — NEW YORK imagery against; building a generative damage to an American radar system in commit to $17.5bn in loans to rebuild the energy innovation at the Breakthrough Security researchers have attacked tool into that same benchmark corrupts Qatar following an Iranian drone strike. Westinghouse Electric, the US nuclear country’s nuclear supply chain. Institute, a think-tank, said that West- Google’s new Al-powered image editing the very measure used to debunk fakes,” Another apparently Al-generated reactor design and services firm, said One person familiar with the decision inghouse’s return from bankruptcy to tool, arguing it will hasten the spread of disinformation by making it easier to said Sam Stockwell, senior research post claimed to show the Islamic repub- yesterday it has confidentially filed for said Westinghouse wanted to have the public markets was a “symbolic associate at the Alan Turing Institute. lic’s late supreme leader being pulled an initial public offering as it seeks to access to a wider pool of capital to tund moment” and an indicator of the scale of fabricate convincing satellite imagery. “The fake is now being made inside out of rubble, while a further AI- benefit from a revival in interest in significant growth in the coming years. the US nuclear renaissance. The company on Thursday announced the thing people use to check whether enhanced post exaggerated the scale of nuclear power. Last month, Holtec International, one “If the US plans to build more large it had integrated its Nano Banana pictures are real,” said Henk van Ess, an damage toa US military base in Iraq. of America’s largest nuclear energy sup- reactors, Westinghouse’s AP1000 is the image-generation model into Google open-source intelligence expert and Brady Africk, a research analyst at the The Pennsylvania-based company, ply companies, filed for an IPO to raise most likely option. The nuclear energy Earth, allowing users to “type whatever American Enterprise Institute, said which is jointly owned by investment money to help fund a $10bn plan to market is seeing an unprecedented level you want to see” and “virtually reimag- Google's tool went further than previous firm Brookfield and uranium producer build small modular reactors. In April of investment that does not appear to be ine anywhere in the world”. ‘Building a generative tool image generators because it is inte- Cameco, made the filing nine years after X-energy, a developer of SMRs, raised a passing phase,” Stein said. The system lets users manipulate sat- into that same benchmark grated into Google Earth. calamitous cost overruns at nuclear $1bn in a Nasdaq flotation and last Confidential filings allow companies ellite imagery with Al-generated objects “These fakes are anchored to real sat- plants in Georgia pushed it into bank- month Standard Nuclear, a nuclear fuel to prepare for a listing away from public and scenes. Users on X quickly demon- corrupts the very measure ellite images, removing some of the tell- ruptcy. manufacturer, filed to go public. market scrutiny, and Westinghouse has strated the feature by sharing images used to debunk fakes’ tale signs of AI generation like mis- It is the latest in a string of US nuclear Last year, the US government not yet decided on the number of shares they said showed a fabricated bomb cra- matched terrain and scale,” he said. energy companies to announce a public announced a plan to build $80bn of new to offer or a price range. ter in Gaza, nuclear power plants in Iran author of the Digital Digging newsletter, Google did not respond to a request flotation, as they seek to cash in ona Westinghouse reactors in the US, using The company did not immediately and acar crashin Amsterdam. who shared the altered Google Earth for comment but has said every image wave of investor appetite for a technol- funding from Japan. respond toa request for comment. Open-source intelligence experts who images on X. created with the Nano Banana tool in ogy they hope will power the AI boom. If the orders are placed before 2029, Westinghouse built the world’s first use Google Earth to verify information Google’s announcement comes as Google Earth includes a watermark that Westingiouse is benefiting from US the Washington will have the right to commercial nuclear reactor in 1957 and from hard-to-access areas, including concerns grow over the spread of Al- can be identified by its Gemini AI government financial backing after take 20 per cent of the equity of West- six of its flagship AP1000 reactors are in war zones, warned the tool could under- generated images, making it far easier model. However, Africk warned this President Donald Trump’s pledge last inghouse. This is also conditional on operation today, with 14 more under mine one of the most widely used refer- for individuals and governments to fab- would not be sufficient to prevent peo- year to slash regulation and invest tens Westinghouse hitting a valuation of at construction. Poland, Ukraine and Bul- ence points for authenticating imagery. ricate evidence and distribute it. ple from being deceived. “Few people of billions of dollars to reopen and build least $30bn, and would be diluted down garia have all placed orders since Brook- “Google Earth has served for decades In March, as war raged across the check whether an image is Al-generated fleets of reactors to give power needed to about 8 per cent given the warrants field bought the company from Toshiba as the dated reference layer journalists Middle East, Al-altered satellite images as they scroll past or share it.” to “win” the global AI race. In June, the attached to the deal. in 2.018 for $4.6bn. 14 FT Weekend 1 August/2 August 2026
UK COMPANIES
Retail Banks
Sainsburys to sell Argos in £120mn deal NatWest chief resists calls Supermarket will offload the side of Sainsbury’s for many years as it has held back the performance of the Swift Partners is led by Richard Pen- nycook, a retail veteran who worked at shops. The 2020 decision to axe its printed catalogue — a fixture of British try where we potentially can open some new stores for Argos. We're ambitious”. for higher tax struggling chain to entity run by industry veterans group, which is pushing to focus on its core supermarket business. rival supermarkets Co-op and Morri- sons; Trevor Strain, former Morrisons households at one point only beaten in ubiquity by the Bible — triggered an out- Argos still has 201 standalone stores. Argos sales were up 0.7 per cent to despite 29% LAURA ONITA AND PHILIP STAFFORD LONDON Simon Roberts, Sainsbury chief exec- utive, said the group had “carefully con- sidered” options for Argos's future. operating chief; and Matt Truman, executive chair and co-founder of investment firm True Capital. pouring of nostalgia. Pennycook yester- day did notrule out its return. Sainsbury’s said it expected to take a £4.1bn at its preliminary results in April while Sainsbury’s sales rose 4.9 per cent to £25.9bn. profit increase The deal values Argos at a fraction of Roberts said on a media call the sale non-cash £350mn hit related to the But Argos recorded a pre-tax loss 07 Sainsbury’s has agreed to sell Argos for the £1.4bn it spent in 2U16to acquire the was a “win, win” for both companies. transaction but it would have a broadly 4£225.2mn for the 12 months to March LAITH AL-KHALAF — LONDON
at least £120mn, a decade after the chain, which has struggled for growth in Pennycook added they were “acquiring neutral impact on underlying operating 2025 compared with a profit of £37.3mn NatWest chief executive Paul Thwaite supermarket group bought the general amarket dominated by Amazon. a good business that has a great future profit. The Argos business and its the previous year, according to the most yesterday fended off calls for tax rises merchandise chain for £1.4bn. William Woods, an analyst at Bern- but under a different ownership”. 14,000 staff will transfer to Swift when recent Companies House filings. on UK banks after the lender reported The sale to Swift Partners, a newly stein, said the transaction marked “the Argos, which sells consumer goods the deal completes in February. “Having rebuilt the core strengths of a29 per cent surge in pre-tax profits to formed company fronted by seasoned end of the long and ultimately failed from furniture to toys and electronics, Pennycook described the 466 Argos our food business, this agreement £2.3bn in the second quarter. UK retail executives, comes after an saga of the acquisition of Argos” and started life in 1973 asa catalogue retailer stores within Sainsbury’s as a “unique allows us to focus all our resources and attempt last year to sell the chain to Chi- “the continued capital destruction of that grew into a high street chain with part of the model” and “a great investment on the significant opportu- The high street bank generated £4.5bn nese ecommerce group [D.com, food retail management teams who more than 800 stores at its peak. strength”. nities ahead,” Roberts said. in total income, up from £4bn in the Argos, one of the high street’s most dream that they are anything but ‘bor- Most of its sales now come from Hesaid that, as they develop the strat- Sainsbury’s shares closed up 1 per second quarter last year, buoyed by recognisable names, has been a thorn in ing’ supermarkets”. online orders after it shut hundreds of egy, “we can see some areas of the coun- cent at £3.59 yesterday. growth in its retail banking and wealth divisions. NatWest upgraded its full-year guid- ance for return on tangible equity, a key
Pubs profitability measure for banks, from 17
per cent to more than 19 per cent.
The group beat analysts’ forecasts,
Sobering cost rises weigh on Wetherspoons
which had expected profits of £2bn and
revenues of £4.4bn.
The bank’s retail division was among
the strongest performers, generating
£948mn in operating profit, up from
£735mn last time.
Fourth profit warning this year Like its rival Lloyds Banking Group — which on Thursday reported pre-tax threatens to call time on chain’s profits of £2.3bn in the second quarter ‘cheap and cheerful’ model — NatWest’s income has been boosted by a sustained period of high interest rates. STEPHANIE STACEY Bumper profits from the sector have Sir Tim Martin became one of the most fuelled calls for tax rises from members successful characters in UK hospitality of parliament and the Trades Union by building JD Wetherspoon into an Congress. omnipresent chain synonymous with In response to NatWest’s results, TUC cheap beer anda lackof frills. general secretary Paul Nowak said the Now, the model is under threat from case for increasing tax on bank profits rising costs that forced the company was overwhelming. into its fourth profit warning of 2026 “The big banks are coining it in from last week, raising questions about the higher interest rates while working peo- sustainability of a discounting strategy ple are struggling with mortgage misery that has driven its growth. and higher bills.” Drinks at Wetherspoons were about a However, Thwaite reiterated his posi- third cheaper than at competitors at the tion that tax increases would constrain start of 2026 as it raised prices by half as lending and harm the economy. much as other pubs over the previous “If you want strong economies, you six years, according to brokerage Peel want strong banks,” he said. “It’s really Hunt. While that solidified the chain’s important to have consistency and sta- cheap and cheerful reputation, it has bility of policies. That is important so come at a cost for a business with businesses can plan but it’s also in already tight profit margins. respect of the signals which it sends to Wetherspoons has been squeezed by investors.” higher prices for everything, from ‘They analyst, adding that the company’s pric- per cent after its latest profit warning. Wetherspoons ues. He focused on what he sees as a dis- The group’s impairment losses were maintaining the historic buildings that ing strategy had worked in the past Margins have shrunk even as growth drinks are about parity in taxation between supermar- £140mn for the latest quarter com- are central to its identity to energy, food should have _ because it had faced a “smaller scale of in Wetherspoons’ sales volumes has a third cheaper kets and hospitality businesses. pared with £193mn for the same quar- and wages. Martin said in 2025 that costincreases”. outpaced that of the wider industry, than at rivals Pubs and restaurants have to pay ter last year. increases in national insurance contri- matched Martin opened his first pub in Lon- reflecting the impact of its discounting under the model 20 per cent VAT on food and drinks, NatWest shares closed up 3.2 per cent butions and the minimum wage would their price don's Muswell Hill in 1979, growing the strategy as competitors raised prices of founder Tim while most food sold at supermarkets yesterday. The group said it would con- cost the company — which had an increases estate across the UK and Ireland. The more aggressively. Martin, pictured for home consumption is zero-rated sider share buybacks at its full-year operating profit of £146mn last year — company expanded into continental Investment bank Panmure Liberum _ below when Martin has argued that this enables results, earlier than initially planned. £60mn annually. and cost Europe this year, opening a bar in Spain expects Wetherspoons’ ebit margin,a business was retailers, which also pay lower business Thwaite welcomed Andy Burnham’s Modest price rises during the . primarily to cater to UK tourists. key metric that shows the costofrun- booming in 1995 rates, to in effect subsidise sales of government’s commitment to growth Em es/E company’s latest quarter had come “too eS JD Wetherspoon was listed on the ning the business, to drop to about alcoholic drinks. and engagement with the sector. late to save 2026”, said Peel Hunt ana- like London Stock Exchange in 1992, help- 5.5 per cent this year, from 6.9 per cent In February, he called on rival pub The bank’s private banking and lyst Douglas Jack. : ing to fund its rapid expansion. More in 2025. That would be less than half of bosses to endorse Reform UK’s promise wealth division, which includes Coutts, Martin said the industry as a whole hee recently, it has grappled with sluggish Marston’s, Fuller’s, Young’s and Mitch- to cut VAT on hospitality to 10 per cent. reported a 16 per cent rise in operating was facing “the secondary effects of else profit growth and is worth about half its ells & Butlers. Martin partially blamed the widen- profits in the second quarter. increases in energy and other costs” as pre-Covid high in 2019. The shares fell 9 Richard Taylor, Barclays ana- ing price difference between din- Thwaite has made the bank’s wealth he dismissed Prime Minister Andy lyst, said he had an “under- ing and drinking at home com- management capabilities a central part Burnham’s pledge to provide relief by Wetherspoons’ shares have never recovered | weight” rating on Wether- pared with going out for of his growth strategy, seeing it as a cutting business rates as “chicken feed”. spoons despite it being “one Wetherspoons’ recent sales source of sticky fee income that is less their pre-pandemic peak But analysts said competitors who of the best-run companies” being “marginally lower” vulnerable to the interest rate cycle Share price (pence) had responded by raising prices had because it was hard to see { than expected. than its core lending business. fared better. Pub companies including 2,000 how it can “maintain both The average cost of beer Last month, the group completed its Fuller’s and Shepherd Neame, which an attractive investment consumed in establish- £2.7bn acquisition of Evelyn Partners, enjoyed a boost from hot weather and case and a compelling ments such as bars and Britain’s third-largest wealth manager. 1,500 the World Cup, have issued more upbeat proposition for consumers”. restaurants rose 4.4 per Integrating the “mass affluent” wealth trading statements in recent weeks. Wetherspoons declined to ¥ cent in June from a year ear- manager will allow Coutts to focus on Wetherspoons said the average price 1,000 comment on its pricing deci- lier, while off-trade prices fell the ultra-rich. > ofa pint of beer across its more than 800 sions but said it was “deter- 2.2 per cent, according to the The deal was NatWest’s biggest acqui- pubs was £3.16, while Guinness costs mined to stay as competitive as Office for National Statistics. sition since it led a disastrous £49bn £3.97. That compares with about £5.91 500 possible”. Martin said consumers would takeover of ABN Amro before the finan- per pint of beer in the UK, according to Martin, an outspoken supporter of spend more at pubs if tax policy and cial crisis, contributing to the bank’s payment company Square. 0 Brexit who has also railed against what other measures rectified the “vast dis- £45.5bn bailout and forcing it into a “They should have matched their T T T T T T T T he called “baffling” Covid restrictions, parity in costs”. He dismissed concerns a mammoth restructuring. 2019 2020 2021 2022 2023 2024 2025 2026 price increases and their cost increases was dismissive of Burnham’s pledge to long-term decline in alcohol consump- The government sold the remainder Source: LSEG like everyone else,” said an investment support pubs, clubs and live music ven- tion would threaten Wetherspoons. ofits stake in NatWest in May last year.
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1 August/2 August 2026 * FT Weekend 15
COMPANIES & MARKETS
Currencies. Exchange rates Financials
America signals readiness to US regulators
warn on KKR
help Japan defend the yen and Apollo
‘circular’ risk
LEE HARRIS IN LONDON AND ERIC PLATT
NEW YORK
US regulators are sounding an alarm
over risks of “circular ownership” and
opaque holdings in fast-growing finan-
cial structures used by private capital
groups including Apollo and KKR.
The warning, set out in new docu-
ments from the standard-setting body
for US state insurance regulators, cuts to
a growing concern that the investments
filling insurance balance sheets could
harbour greater risks than policyhold-
ers or investors perceive, as the industry
invests vast proceeds from premiums in
private markets.
Greater disclosure or capital require-
ments could blunt so-called multi-asset
securitisations, investments that often
slice and dice stakes in a handful of
funds. They can own anything from
credit card debt and mortgages to pri-
vate equity fund stakes and direct loans
to middle-market companies.
Asset managers have pitched this fast-
growing corner of financial markets as
more lucrative than traditional struc-
tured debt while still winning pristine
ratings from the big credit agencies.
Life insurers have been studying and
investing in these securitised debt deals
as they look to bolster the returns they
market on annuities they sell to retirees.
The complexity, lack of transparency
in the products and their potential to
US Treasury warns banks of ticipants. Ueda said he would ensure the too accommodative, it is entirely possi- Warm words: to the dollar earlier in the week amid The assets could create central bank did not “fall behind the ble that it could accelerate the pace of Scott Bessent, investor fears about rising oil prices and potential intervention in latest curve” and could speed up rate rises, interest rate increases”. US Treasury howJapan’s Prime Minister Sanae Taka- ‘interconnectedness something being closely watched by FX Masayuki Nakajima, strategist at secretary, hailed ichi can afford her fiscal stimulus plans. combined effort with Tokyo traders. Mizuho, said this “was the headline the ‘strong Following Ueda’s press conference between and within’ “Given that underlying inflation is quote that markets were waiting for”. relationship yesterday, the yen strengthened sharply insurance group portfolios DAVID KEOHANE — TOKYO approaching our 2 per cent price stabil- Overall, Nakajima said the press con- and close to less than ¥159 against the US dollar, IAN SMITH — LONDON CLAIRE JONES — WASHINGTON ity target, we believe there is a greater ference had been “clearly hawkish” and co-ordination’ sparking speculation of further official create “interconnectedness” between need than before to pay attention to that Ueda “managed to meet market between his intervention. the balance sheets of separate insurers, The US Treasury warned banks that it upside risks to inflation,” Ueda said. expectations”, despite them becoming country and “It looks like [another intervention], have raised concerns for state regula- may intervene in yen exchange rates “With that assessment in mind, we heightened by the assumed FX inter- Japan in anX but smaller in scale,” said one FX tors, according to documents released yesterday, in what would be the latest intend to discuss these issues carefully vention. post yesterday banker. “As we have seen in past epi- ahead of the summer meetings of the stage of combined efforts between at future monetary policy meetings.” “Based on the price action . . . [think Jim Lo Scalzo/EPAY sodes, they intervene more than once.” National Association of Insurance Com- Bloomberg Tokyo and Washington to support the Traders are putting a roughly 40 per Japan must have intervened overnight,” Thursday’s apparent intervention missioners, a standard-setting body. beleaguered currency. cent chance of a quarter-point rise in the said Yujiro Goto, chief foreign exchange would be the first since a series of moves While the NAIC is not a regulator, “[The] Treasury has informed a BoJ’s policy rate in September, accord- strategist at Nomura. by the government in April and May state insurance regulators attend its number of banks through the Federal ing to derivatives markets, up from 30 A Mizuho analysis of official data and that involved ¥11.7tn being spent to meetings and organise working groups Reserve Bank of New York that it may per cent earlierin the week. broker estimates put the suspected prop up the currency. to co-ordinate industry standards. intervene today in the yen and that Ueda has faced criticism from inves- Thursday intervention by the Japanese This time, due in part to apparent co- Although multi-asset structures are banks should stand ready for future tors over his failure to raise rates more authorities at about ¥8.45tn ($52.8bn). ordination with the US, some analysts sometimes backed by collateral of action,” said a person familiar with the quickly, with some warning that the BoJ The New York Federal Reserve con- said the gains had a better chance of higher quality than other financial matter. risks losing credibility in financial mar- ducted a so-called rate check on dollar- being maintained, at least in the short products with similar credit ratings, reg- The yen strengthened as much as 3 kets ifit does not speed up. yen on behalf of the US Treasury on term. ulators were concerned the assets had per cent on Thursday, with traders and Identifying Al-related demand and Thursday, according to people familiar Osamu Takashima, foreign exchange “greater potential to create intercon- analysts saying they believed the Japa- currency fluctuations as risk factors, with the matter. strategist at Citigroup in Tokyo, said it nectedness between and within insur- nese government had moved to support Ueda said that, “depending on how Asking currency-dealing banks for was unlikely that the yen would weaken ance company portfolios”, the NAIC the currency amid a rise in trading vol- inflation develops, if the bank judges the exchange rate is typically seen as a “We are once more to ¥164 to the dollar “in the memo said. umes. that monetary conditions are becoming precursor to direct foreign exchange very near term” because it seemed the People familiar with an NAIC working Officials in Tokyo declined to com- purchases. The New York Fed made a receiving US was willing to help Japan defend its group leading the work said its focus on ment on whether they had acted. The Big swings in the yen similar move in January. support currency. these types of investments included currency was firm yesterday, trading Atsushi Mimura, Japan’s vice-minis- from the US He added that since the market would Apollo Multi-Asset Prime Securities, a ¥per$ close to the previous day’s intraday ter of finance for international affairs, be wary of further intervention, “dollar- structured credit product that Apollo highs. 158 said: “We understand that we are receiv- authorities yen upside is probably limited for now”. built for its insurer Athene, as well as Treasury secretary Scott Bessent ing support from the US authorities that But others have said that any inter- KKR securitised asset and private posted on X that he looked forward to 159 goes beyond mere moral support. We that goes vention by Japanese authorities will equity funds such as “Thunderbird” “seeing my longtime friend, Bank of 160 have been in constant contact with beyond struggle to provide lasting support to and “Lightning”, in which KKR’s insurer Japan governor Kazuo Ueda” at the G20 them.” the currency without assistance from Global Atlantic has invested. finance ministers’ meeting in North 161 The assumed intervention came after mere moral higher interest rate expectations, espe- Apollo said its multi-asset securities Carolina in August. 162 the US Federal Reserve held rates steady support. We cially at a time when the Fed is expected Our global have diverse holdings and highly rated He added that the two countries “con- on Thursday and before the BoJ’s deci- to raise rates in the coming months, lift- team gives you collateral with less leverage and have tinue to enjoy a strong relationship and 163 sion, which analysts said opened a win- have been ing the dollar. market-moving been reviewed by regulators. close co-ordination”. 1641 T T T T dow for action by the government by in constant One banker in Asia said clients were news and views, “Those who view AMAPS as adding The fresh moves came after the BoJ Jul27 Jul 28 Jul 29 Jul 30 Jul 31 easing the downward pressure on the already testing the government’s com- risk are, unfortunately, clearly unin- 2026 contact 24 hours a day held interest rates at 1 per cent yester- yen. mitment, putting on yen short positions ft.com/markets formed,” Apollo said in a statement. day as widely expected by market par- Source: LSEG « Inverted scale The currency had fallen close to ¥164 with then’ with targets around ¥162. KKR declined to comment.
Commodities Equities
Abu Dhabi abandons ambition to build Watchdog FCA launches fresh push to global crude benchmark rivalling Brent revive declining London share trading MALCOLM MOORE — LONDON as Dubai. Abu Dhabi instead made Mur- But yesterday, Adnoc said from MARTIN ARNOLD — LONDON this is to increase the use of data and sus the US”. However, he added: “There ban freely tradeable and sought to build November it would abandon Murban bring new users to the market”. will still be many instances where the Abu Dhabi is overhauling the way it The UK stepped up its efforts to reverse anew benchmark that it hoped would futures as the basis for its official selling A dearth of major London listings in US will be the right and natural home for sells its oil, retreating from an ambition the decline of London’s public stock eventually stand alongside Brent, which prices and return to the previous sys- recent years, coupled with a number o° companies to list.” to establish its own global crude bench- markets yesterday as the financial prices much of the world’s oil, and West tem, following what it described as a UK-listed firms being taken over or Walls said many investors did not mark to rival Brent after the Iran war regulator set out plans to create a single Texas Intermediate, the principal US “regular commercial review”. shifting to the US, has fuelled anxiety have access to complete data on UK exposed flaws in the fledgling market. stream of share-trading data and marker. The decision threatens the future of about Britain’s shrinking equity mar- share trading, meaning that they were publish figures showing the depth of Adnoc, the emirate’s national oil com- The ambition took on more weight the Abu Dhabi exchange, according to kets. likely to underestimate the depth of the market. pany, said yesterday that it would stop earlier this year when the UAE said it market participants. The value of takeover bids for compa- liquidity in London’s markets, which he selling its flagship grade of crude, Mur- would leave oil producers group Opec, a “Totally finished,” said one crude The Financial Conduct Authority plans nies listed on the LSE was 27 times said was three times bigger than the ban, on an open market and would move that could allow it to raise its oil trading specialist. “It takes a lot to kill to award atender next year to create a main XLON figure published by instead revert to a previous system of production to more than 5mn barrels a one’s own creation. You need to have a combined record of all equity transac- Bloomberg. quotas whose price is linked to bench- day by next year. lot of backbone.” tions, including the best pre-trade bid ‘The driving force of this The FCA plans to launch a tender marks assessed in Dubai. The extreme volatility in oil markets and offer prices and post-trade data is to increase the use process early next year to award a five- Five years ago, the capital of the caused by the Iran war exposed a funda- from the London Stock Exchange and year contract to a company to create a United Arab Emirates shook up the Gulf mental timing problem with the Mur- other venues such as dark pools, as it of data and bring new so-called UK equity consolidated tape, oil trade by announcing that Murban ban futures contract, which is settled seeks to attract more investors and users to the market’ which will centralise all share trading crude would be priced through a futures roughly two months before oil is loaded, company listings to the UK. data. It aims to launch the tape in the contract on a new exchange, ICE giving buyers time to arrange shipping, The regulator said that, from yester- greater than the market value of new next 18 months. Futures Abu Dhabi. financing and collection of cargoes. day, it would release data on its website entrants in the first half of this year. Meanwhile, the regulator yesterday Sultan al-Jaber, Adnoc chief execu- When Iranian pressure closed the showing the value of all trading in UK- By creating a new stream of consoli- started publishing on its website its own tive, called it a “historic moment” that Strait of Hormuz to commercial ship- listed shares to tackle what it considers dated data about all UK share trading, version of some of this data, known as would allow customers to “better price, ping, Murban surged because it is to be a major under-reporting of Lon- the FCA aims to increase market trans- the Market Activity Reporter for Shares, manage and trade their purchases of exported from Fujairah, outside the don market liquidity that drives compa- parency, encourage investor participa- giving the total value of trading in all Murban”. strait, giving it a substantial security-of- nies to list elsewhere. tion and boost the attractiveness of the UK-listed shares. Big producers in the Gulf, such as supply premium. Simon Walls, executive director of UK asa location for companies to list. This idea was opposed by most Saudi Arabia, sell most of their crude on Butthat premium was then embedded markets at the FCA, told the FT that its Bertie Whitehead, head of corporate respondents to the FCA’s initial propos- long-term contracts, setting monthly in the prices of cargoes loading weeks latest moves would “unambiguously be broking at Goldman Sachs, said the con- als last year. But the LSE called for it, prices at a premium or discount to The emirate is returning to pricing later after the situation had changed, onthe positive side of the scales” for UK solidated data would “improve the rela- warning that otherwise it would give established regional benchmarks such linked to the Dubai benchmark prompting complaints from buyers. markets bzcause “the driving force of tive attraction of the EU and the UK ver- banks an unfair “free-rider” advantage. 16 * FT Weekend 1 August/2 August 2026
COMPANIES & MARKETS
The day in the markets
On Wall Street [helped bring in stress tests hat you need to know
but itis time to ditch them @ Government bonds slide after fallout from this week’s Fed policy meeting e Oil prices fluctuate near recent highs, 10-year Treasury yield (%) |
adding to fears over rising inflation 4.8
Global equities oscillate with divergent
performances among Big Tech stocks
industry lobbying, the Feddropped the economy, Other risks — system-wide Global government bonds weakened 4.6
Sheila leverage ratio component. cyberattacks; Al-generated fraud; yesterday as the fallout trom the US
Requirements that banks beableto algorithmic herding; private credit Federal Reserve meeting on Wednesday
Bair expand lending capacity daringa turmoil; Treasury market disruptions — and rising cil prices weighed on markets. 4.4
recession, pre-fund shareholder arenotincluded in test scenarios. Yields on 10-year US Treasuries
distributions and make good on variable Thetestsalso dilute market discipline steepened 7 basis points to 4.73 per cent,
pay commitments have been and reinforce the notion of too-big-to the highest since January 2025.
4.2
significantly weakened. fail. They reduce incentives for investors The 30-year yield was up 6bp to 5.27
Thetests used toassumethatbanks’ and analyststo conducttheir own, per cent, the highest since 2007 as
n2009, inthe midstofthegreat private equity holdings would be subject rigorousanalysis of big banks. investors sold the debt.
financial crisis, US bankregulators tosudden losses duringglobal market JPMorgan chief executive Jamie US government borrowing costs rose 4.0
tookthe extraordinary step of shocks. Now theyassume losses in this Dimon hassaid they make it difficult for after the Fed kept interest rates
publicly stresstestingthenation’s sector would be gradual over time. bank boardsto challengeriskmanagers. unchanged on Wednesday. Although Fed
largest banks. Aschair ofthe Inresponsetoan industry lawsuit, the Ifthe Fedsays the banksare strong, why chair Kevin Warsh said the central bank
Federal Deposit Insurance Corporation Fedhasrecently started making detailed worry? Thetestsalso puttheFedinan would not “waver” in its efforts to combat aa T T T atthe time, Ico-ledand supported this public disclosures of the modelsit usesto awkward position ifabankit said was inflation, traders were unnerved by his Jan 2026 Feb Mar Apr May Jun Jul effort. calculate losses. Publicadvocacy groups resilient gets into trouble. This givesthe press conference comments and lack of Source: LSEG Thetests were successful in bolstering like Better Markets have justifiably said UScentral bankan incentive to find ways forward guidance. publicconfidenceand ensuringthat tobail out the bankto save face. “Learning from the reaction to banks had sufficient capital to continue While the Fed must, by law, conduct Wednesday's meeting, we don't think crude, the global benchmark, briefly fell index climbed as much as 5.1 per cent lendinginadeepening recession. They are a time-consuming annual stresstests, ithas broad authority markets will take it lightly if Fed chair as low as $86.79 per barrel before rising from the previous day's close before Unfortunately, such testshavenow ritual that risks misleading over howthey are designed and Kevin Warsn doesn’t show full dedication to $90, up 1.2 per cent on the day. paring gains to trade up 0.6 per cent. degraded intoan annual, time- disclosed. The Fed should scrapthe to fighting inflation,” said analysts at ING. US marker West Texas Intermediate Apple fell 9.5 per cent while Amazon consumingritual that doesmoreto the public over the health current frameworkand foldthetests “And with little to no forward guidance, gained 1.4 per cent to $84.75 per barrel. gained 15 per cent after it reported better mislead the publicabout banks’ true of the financial system intoadynamicsupervisory process, markets are left in the dark for many Global equities oscillated with than expected sales for the second financial health than informit. stressing multiple, diversescenarios weeks. That leaves longer US rates divergent performances among many of quarter in its cloud division. Significantreformisneeded. thatreflect current financial and exposed to another push higher.” the Big Tech stocks that have been Across the Atlantic, the Stoxx Europe The US Federal Reserve leadsthe thisis akin to giving the banksthe economicconditions. Yields on 10-year UK gilts climbed 6bp pummelled throughout a bruising month. 600 edged 011 per cent lower, London's current stresstest framework. It answers before they take the test. Stress testing should be divorced from to 5.05 per cent while those on German Wall Street’s blue-chip S&P 500 index FTSE 100 fell 0.3 per cent while the Cac hypothesisesan adverseeconomic Allthis mollification hascoincided setting bank capital requirements. All Bunds of the same maturity were up 4bp fell 0.2 per cent in morning trading before 4O in Paris gained 0.3 per cent. scenarioand then tests whether the withanoticeable decline inthe Fed’s systemic banks should besubjecttoa to 3.20 per zent. rising 0.3 per cent by early afternoon in Earlier in the day, Seoul’s Kospi index largest banks would have sufficient calculations of how much capital banks strong, uniform stress capital buffer. Oil prices continued to fluctuate New York while the tech-heavy Nasdaq gained 18 per cent, its best-ever single- capital to withstand losses and keep would lose underits stress scenarios. And the Fed should stop making one- around recent highs, contributing to 100 index was up 0.2 per cent. day showing that still left it down 22 per lending. Thetests should bea Thisyear’stest foundthata10 percent way changesinresponsetoindustry concerns over rising inflation. Brent The Philadelphia Semiconductor Sector cent in July. Ramsay Hodgson collaborative learning exercise for banks unemploymentrate, 39 percent dropin lobbying. Howareinvestorsand and theirregulators. commercial real estate prices and 30 per analyststoassess bank capital adequacy However, since 2020, results have cent decline in home prices would lead to iftheregulators keep changing their Markets update beendirectly tiedtoa bank’s capital onlya1.6 percentage pointdeclinein the mindsabout whatthatmeans? requirements, significantly increasing aggregate capital ratio forthe banks, the By diluting market disciplineand = Ba 6 a | eS theirimportancetoabank’sbottomline. lowesteverunderthecurrent encouraging complacency, the bank US Eurozone Japan UK China Brazil This, plus the public nature ofthe framework. As aveteran o: the financial stress tests are makingthe financial Stock SEP 500 Eurofirst 300 Nikkei 225 FTSEIOO iacnacone Base tests, have madeitan increasingly crisis, I find this tiny drop laughable. system less safe. As the new Fed chair adversarial process with the banking Thescenariosare also backward- Kevin Warsh looks for waystoreform Level P4102 2595.24 6436202 1086805 3832.26 1791588 industryrepeatedlylobbyingtheFedto —_ looking. They primarily assumea thecentralbank,stresstestsdeservehis % change on day O44 -0.09 4.03 -027 072 043 weaken the testsand the central bank deflationary, credit crunch-driven priority attention. Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ then all too often accommodatingit. recession like the financialcrisis when Level 100.06 1151 159.225 1346 675 5.081 Forinstance, banksoriginally hadto interest rates plummettonear zero. But Sheila Bair is a former chair of the US | xo ange on day 020 OO 70063 023 "0.06 0225 showresilience asmeasured by both today, thestressscenariobanksaremore _ Federal Deposit Insurance Corporation and Band und 5 ONE 5 70: Band risk-based capital measures and likely toconfrontis one of high rates, author of the book ‘How Not to Lose a ouniboucs PORES TAME SSL yao y Esse aes (EEL 10-year-bond YESISDON leverageratios. Butin2020, afterintense _ persistentinflation, andaweakening Million Dollars’ Yield 474, 3.20 2.80 5.05 172 481 Basis point change on day 0.08 0.05 0.00 0.06 -0.01 0.05 World /Commods _FTSE All-World Oil - Brent Oil- WTI Gold Silver Metals (LMEX) Level 734.29 89.94 8444 4044.63 5748 5678.90 % change on day O77 0.56 102 -151 258 1.37
FT FinanciaL | LDN Main equity markets Yesterday's close apart from: Currencies = 1400 GMT; S&P, Bovespa, All World, Oil = 1700 GMT; Gold, Silver = London pm fix.
TIMES C R U S&P 500 Eurofirst 300 FTSE 100
2600 10800
LOS. 10600
CELEBRATE ne = 10400
10200
SUMMER WITH 7000 Mey Jun Jul me May Jun Jul ome May Jun Jul
Biggest movers
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HSBC sells $25bn Australian home loan
receive a London Cru winery experience invitation.
Two dates available. T&Cs apply - scan QR code. book to Blackstone amid restructuring
NIC FILDES — SYDNEY Elhedery, who took over as chief exec- in the Australian market providing cor-
utive at Europe’s largest lender two porate and institutional banking serv-
HSBC has agreed to sell its A$36bn
years ago, has also shut key parts of its ices.
($25.3bn) Australian mortgage and
investment banking business in the UK, In June, the bank agreed to pay a
personal loan book to funds managed
Europe and the Americas as part of a A$35mn penalty over its tailure to pro-
by Blackstone as part of its global
strategy overhaul. tect Australians from scammers.
restructuring under chief executive
HSBC went into the Australian mar- HSBC’s decision to scale back its Aus-
Georges Elhedery.
ket in the 1960s and gained a full bank- tralian activities comes after Citigroup
The asset manager emerged as the ing licence in the 1980s. It put its retail sold its local operations to NAB for
preferred bidder for the Australian A$1.2bn in 2021.
business in recent days. Blackstone said Blackstone has partnered with local
yesterday that the deal represented the
“We strive to oversee this non-bank lender Pepper Money to serv-
largest home loan portfolio transaction portfolio thoughtfully and ice the loans.
ever agreed and was a “marquee invest- Pepper bought the A$21bn RAMS
ment” in the push to expand its private
with discipline and remain loan book from Australian bank West-
credit business globally. committed to Australia’ pac alongside KKR and Pimco and
The firm has a voracious appetite for acquired HSBC’s NZ$1.4bn ($820mn)
private credit transactions, having operations up for sale last year but failed New Zealand loan book in 2023.
struck a $35bn deal alongside Apollo to attract formal bids despite interest Mike Culhane of Blackstone said it
this monthto finance chipmaker Broad- from groups including National Aus- had acquired a “high quality” asset from
com’s expansion and a $1.3bn deal with tralia Bank and Macquarie Group. HSBC.
Apogee Therapeutics in May. In recent months, the bank has “We strive to oversee this portfolio
HSBC’s disposal of its Australian loan instead held talks over a break-up of the thoughtfully and with discipline and
book, which will result ina $100mn loss, asset. remain committed to Australia as a
is the bank’s second exit this month The loan book sale means that HSBC highly attractive market for long-term
after selling its Singapore insurance will wind down its residual retail busi- credit investment,” he said in a state-
business to Allianz for $2.1bn. ness at a cost of $300mn. It will remain ment.
1 August/2 August 2026 FT Weekend 7
MARKE T DATA
WORLD MARKETS A GLANCE FT.COM/MARKETS
Change during previous day's trading (%) S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE EuroFirst Nikkei Hang Seng FTSE All World Sper£ ¥per$ £ per € Oil Brent $
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Jun 30 - Jul 31 —— Index —— All World Jun 30 - Jul 31 — Index. —— All World Jun 30 - Jul 31 —— Index —— All World Jun 30 - Jul 31 — Index —— All World Jun 30 - Jul 31 Index —— All World Il ssptsxcomp = Toronto. as 6436202 6595.45 Peers 747012 ae Te an 3533177 L--s aA i 1049712 Fe 1086805 —~/ 7062.32 / 8476.48 7499.36 3485699 2499581 Day 20.44% Month » -0.74% Year A 24.15% Day » -0.49% Month 2 146% Year A 29.74% Day ™-0.27% Montha 3.63% Year 4 19.12% Day 4 0.07% Month 2 269% Year 7 6.66% Day 4 4.03% Month » -8.14% Year A 56.71% Day 4 1791% Month » -2219% Year 4 103.22%
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Na 6748042 AY 2595.24 2288102 5628.50
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Day 4 0.02% Month » -3.91% Year 4 33.77% Day 4 0.28% Month 7 048% Year 4 17.23% Day ¥-0.09% = Month” 104% Year 4 20.18% Day 4 013% Month a 172% Year 4 3758% Day 010% © Montha 1313% Year 4.49% Day » -0.79% Montha 885% Year A 34.85%
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Day7044% Month» -0.08% Yeara 2136% Day 40.43% Month a 298% Year a 3313% Day 70.28% Montha 710% Year a 9.73% Day 2 013% Month a 109% Year 4 2747% Day 072% __Monthy-640% _ Year a 7.25% Day2021% Montha 21% Year ¥ -3.81% Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous ‘ustalia ‘Ai Ordinaries 9137.00 312270 © Caech Republic _Crech Republic PX TBS 70553 land ISEO Overall 15533 1365470 Norway Oslo All Share 738553 zm Sue (OMX Stocbcim 30 6 3734 (Veneta BC ‘S708? S102 Australia ‘SAP ASK 200 257680 86770 «Denmark COMXC Copenhagen 20 159875 104967 Israel Tel Aviv 125 ane anise Pakistan «SE 100 176084.11 7554798) Sweden (OMX Stockholm AS 112581 1172308 Vetram Viet Nam index 17578 1744.85 Australia S8P ASK 200 Res 749490 73620 Egypt Boe) 534220 saz20) aly FISE Italia Al Share 5476888 SHT0E9H | Philipines Manila Comp ez64 630575 Switeland SM index 1434614 TA32K9) Cross-Border Euro Stoxx 50 (Eu) 635801 corr) Asti AIK 645792 645479 Estonia OMX Talon 214786 74163 aly FISE tia Mid Cap en 14188 Poland Wg 1474000 14671978) Taiwan Weighted Sto Index 43975 3980330 Netherlands Euronert 10010 197573 1921.54 Bekgium 20 55582 566500 ‘Finland (OMX Helsinki General 1312326 1311548) aly FISE MB 9217253 5210138 Portugal Paizo 160 914595 Thailand Bangtok SET 167384 TSEATI | Cross-Border —~FISE AGond Global ($) m0 Belgium BEL Mid seas 56331 France French CACAD 50364 18584 Japan Niel 25 4362.02 6186743 Portugal PS General 6145.33 6043 Tutiye 81ST 100 13488.10 1308293 Cross-Border —FISEAll Word($) xy Bri Bovespa 17791588 17715886 France sar 120 6496.60 642359 Japan Topix 0830 3250 in oman BET Index 2615488 a5) (UK FISE 100 1868.05 1085727 Cross-Border FISE ESO cv] Canada SAP TSK 7038 78807 Germany MAX 3198082 3271888 Kuwait KSK Market index 758 O75 Russa Russia Traded Index in USD 988.10 810 UK FISE 4Good UK 904.97 948588 Cross-Border ———FISE Eurotop 100 5028.15 Conada S8PTSKComp 83177 3550584 Germany Tee Dax 3249 275 Latvia OMX iga 972.48 91573 SaiArabia —‘TADAWULAISharetndex 1058972 1058972) UK FISE AllStare 9896.47 585332 Cross-Border ——FISE Global 100/$) 5548.9 Chile SSSAPICLX IGPA GEN Exh 553757 Germany XETRADax 7epa24 71203 Lithia OMX Vinius 190355 190518) Singapore FISE Stats Times 562850 5B UK FISE tech MARK 100 9173.2 919835 Cross-Border —~FISE Gold Min) 78.1 China hina FISE A200 11967.18 T7514) Greece Athens 76975 BN — lwemboug LX 1997 35 1975 Slovaia sax Ec: wus (USA. Dow Jones Composite 1687627 1662239 Cross Border ——_FTSE Latex Ta (Eu) 655830 China China Shanghai A 401800 2887 Greece FISE/ASEA 55025 e609 Mai IPC Mexico City e7ae0.42 MM) Slovenia sa To? 32781 wiz USA. Dow Jones industrial saea.t2 Cross-Border —_FISE Word) 13728 China China Shanghai B mre 77346 HongKong «Hang Seng 7588483 75088) Matsa FISE Bursa KLOL 172490 172040 SouthAica ———FISEVISEAll are 11148310 11187270: USA Dow Jones Transport 21068 2108973 Cross-Border FTSEwrofrst 100 (Eur) 7192 China China Shanghai Comp 2228 380489 HongKong =H China Enterprises 1215 BAT] Movoto MASI 1788370 WET) © South Atrca-——_—FISE/ISE Res 50456.78 ems USA Daw Jones Utilities 406 O52 — Cross-Border FTSEwofrst 0 (Eu) 9682.01 China Shenthen A 754040 248269 HongKong —=«HSOC Red Chip 419312 45042 Netherlands «AEX 1088.18 110489 SouthAtica —_FISE/USE Top 40 10305788 wse7t = USA. Nasdaq 100 7805861 230635 China SterchenB 1185.18 110039 Hungary Bux 14688857 14645337 Netherlands. «AEX Share 148137 149153 SoithKoreaKosp 652645 a | «USA Nasdaq Composite aie B17218 Croatia ROBEX 4147 44409 ni BSE Sensex Takes TUBS «= NewZealond—NUXSO 1369928 Y37827B) —SouthKores ~——_Kospi00 1086.81 a2 USA NYSE Composite 213254 2413823 Ojpnis CSEMAP GEN 31431 31131) Indonesia Jakarta Comp 6236.13 818636 Nigeria SEAN Share 245362 26 2536225 ‘Spiil ‘Spain BEX35 1978290 195770 «USA. sep 500 7470.12 718753
STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS & LOSERS
AMERICA LONDON EURO MARKETS TOKYO %Chg Chg % nq %0hg %Chg — %0hg %0hg S6Chy ACTIVE STOCKS stock close Days ACTIVESTOCKS stock close Day's ACTIVE STOCKS. stock dose Days ACTIVESTOCKS ‘stock close Days FISE 100 pricelé) week ytd FISE250 priceté}) week ytd FISE Small Cap pricelf) week ytd Industry Sectors pricelf) week ytd twadedm's price __change_ traded m’sprice _change tradedm’s price _change traded m’s price change_ Winners Winners Winners Winners — 738 7% BS UoydsBighp 16707 15001 Steliantis 7249S. ‘Nig TL TL 6% (1S The Sage Grp 973 13.40 “10.14 Mond: 892 22 176 Pinewood Tech G 40 3651 20.11 Personal Goods 1914288 «849 470 6203 © 057-3285 Vodafone 6420 118 0.02 _Intesa Sanpaolo 6034 = 654.08 SaltBank Corp a7 6740880 Burberry 11.88 1.19 $42 Greggs 18.80 18.84 1190 Pharos Energy 0322 m2 4323 Consumer Digital Services 18310 G11 1.49 Intel 33 24131 Taylor Wimpey 403078 = 005 Nokia U5 1% = 08 Fira 7363 417200 «45200 Croda international 3205 931 1892 Ocado Group 212 1332 “1025 Macfarlane Gp 073 9.40 181 Chemicals 7865746 «595 7.04 Nvidia 5452 1983299 NatWest Group 4702 = 708 =O Eel an 980 0.04 Sumitomo Electic Ind 608 718007450 ‘Autotrader Group 524 799 ~10.68 WAG Payment Solutions 1.10 1000 476 Capita 28 930 -3%625 Health Care Providers 1028004 «450 2954 Micron Technology us Bus 4028 BP 3703 5530.10 Banco Santander 237 1232.07 Nissan Motor Co 5119 3620-1880 Marks & Spen 405 647 22.76 Hilton Food Group 599 921 1885 Essentra 1.08 B88 7.87 Beverages 1706543409973 Microsoft 2 431258 Barclays 3245 = 5090.02 Universal Music Group 336 1444-492 SoftBank Grp Corp 565 526000 63800 BAE SYSTEMS ns 624 22.17 Wethesspoan (JD) 178 851 5.49 TT Bectronics 1 146 1084 Personal Care Drug & Grocery 465881 409-177 esa 29-844 = SB AallsRoyce 26131488 = 005 Banco De Sabadell 194 33 Mitsubishi UFJ 10 357100 «4600 Reckitt Benckiser 5240 586 “16.19 Trainline 20 762 7.62 Marshalls 182 115 “10.41 Aerospace & Defense U5I955 = 405 22.13 Super Micro Compter MS 79 - Haleon Bl = 383005 RoyalPN 15034105 Tet BeticPoner so sm | 400 Metlen Energ&Mtls 3082 S15 239 Baltic ClassifiedsGroup 199 15 “197 Card Factory 07 mW 10.90 Consumer Services 3282 «376 0H ‘Aiphabet C1 A 8 34S 269 Gienoe 207 = 543.08 Sram 13394 589.11 Nippon Steel 69 688-100 Admiral Kays 513 18.77 Kaines Group 880 13 1200 STtwee 256 690 33.77 General industrials T4654 3611491 Advanced Micro Devices = 144549139600 Rentokil Initial 780 3450.07 Nowo-Narisk 1209 © 650 «= 24.40 Furukawa Electric BUM 316500 36750 Diageo 16s 461 ‘193 Pets AtHome au 690 63% AM 10 64 -10.96 Real Estate Investment & Sves 189647) 316-1145 BIGGEST MOVERS Close Days Day's _ BIGGEST MOVERS Close Days Day's BIGGEST MOVERS Close Days Days BIGGEST MOVERS Close Days Days ie price Cd ap es ene See ree price Ca eal price change change% Losers Losers Losers Losers ss 20% BS 1501 Hilton Food Group 59031 546 StGobsinCie De) 8178 «= 524 G89 Panasonic Holdings aso) = 700001953 Rentokil Initial 345 19.06 2H Vesuvius an 722 $50 Vanquis Banking Gp 078 US “UST Altemative Energy 3586 «963 63.08 Riphabet CTA 3A = 0698.20 Pacific Horizon iv Trust 1055 058 5.33. Engle mM 108-398 Sumeo 35100 «500501752 1G Group 1460 437 11.03 Oxford instruments 72 869 3327 Luceco 24 1478 6237 Techn Hardware & Equip 1261-720 11885 Alphabet C1C m5 (AST 8.17 _AEPPlantations 180 og 5.26 VerbundAG 5955 20 3.84 Taiyo Yuden tozso0 150200 712 Centrica 15 431 858 Keller Group 3024 831 8151 EnQuest O24 1308 12547 Finance & Credit Services 157663 408 45 Eaton 403 Bg 607 Hammerson 382 013 3.58 Infineon Technologies 6167 20 370 Advantest 3750000 456500 16.34 Lon Stock Ex 83.98 420 6.19 Energean 1 15 -13.88 Fevera 1B 982 -275 Leisure Goods 4065675 380 143 Weyerhaeuser us 14 6.00 NatWest Group 16 = 02 UB Cap 3 790 590 272 MurataManufacturingCo 741600 © 1000001559 Games Works 191.20 411 1.06 CMC Maret 667 15 123.08 ASA Intemational 245 426 2929 Electricity 1HHMIG 8-3 4B Downs Downs Downs Downs Computacenter 598 401 $6.93 Lancashire Holdings 603 186 601 Dialight 473 1B 3814 Utilities 61363 «2734.10 Nat! Grid 1190 384 425 Shawhrook Group 328 TH -3251 Ashtead Technology 409 14 3210 Gas Water & Multi-stilities 72700-2604 Conteva 724 = 9-11.08 Greggs 1880 = 152-748 Universal Music Group 1444-492 25.40 Nomura Research ins 452600 © 290001596 IMI 2336 374 18.01 Raspberry Pi Holdings 657 10 118.85 _ Fisher (James) & Sons 43 44 1813 Precious Metals & Mining 7388423260 1750 Apple M057 HBS Hays 05 = 008 = 847 Now-Natisk 3650 2440-737 Konica Minolta 59080 10000-1448 Melrose Ind 454 342 2273 Hunting 443 43 19.70 international Biotechnology Tst 10.20 599 581 Construction & Materials 1518621 «= -243 10.91 FMC Cop 108 = 093-837 Taylor Wimpey 078 © 005-807 Veolia Environnement Mal = 133-372 ich Sankyo BI SD 1113 Barclays 509 ae 6.88 Goodwin 173.20 488 -18.69 Fuller Smith & Tumer val 580 0.83 Electronic & Electrical Equip 1447012234 13.50 Styeer mao 77.17 CMC Market 667 = 033471 Orange 1657 051-298 Denso 196750 © 23000-1047 Linde 9B B31 78 PhsS00 310-190-483. Accor 40 135-22 Fujitsu 900-2300 823
RRENCIES
EURO POUND DOLLAR EURO EURO
Closing Weeks Closing Days Weeks Closing Days Weeks Closing Days Weeks Closing Days Weeks Closing Weeks Closing Day’ Weeks Closing Days Weeks Closing Days Weeks
ult Mid Change Mid Change Change Mid Change Change Jul31 Mid Change Change Mid Change Change Mid Change Jul31 Mid Change Change___Mid Change Change Mid Change Change ‘Agente Peso 148.7221 55160 17140113 206 125685 70048069 14108 179402 Indonesian Rupiah 179940000 860000 somo = ora -3300 7890700 24215.4780 304990 Saudi Riyal 3755 10006 aos = 43708 Doo 00483 50540 api2t 00508 Austaian Dolan = 14738 O01 181 0042 omg 19161 2.0008 (00090 Israeli Shekel 30421 00008 Oo 35231 10008 00866 41208 00505 Singapore Dollar 1.2808 none 1067 14770 10005 0008 © 17276 002 007 Batranin Diner = 0.3770 - - 0188 - aooe 05078 - ~ JepaneseYen 193750 = 0.1000 4500 188.1983 00832 am 714271 29623 South Afican Rand 16.5512 50 125 19081 aga 1883 2778 00833 1155 Bolivian Boliviano 12.1500 02600 ostoo 139792 0x16 1734 183509 03865 14102 Kenyan Shiling 1292000» -0.2000 03001486511 22012 1231 1738708 12734 SouthKoreanWon 14757000 11.8500 405500 160 133465 R106] 1918691155 5582 Brazilian Rea 50807 oom O07 5885 ania oes 68373 00306 00898 Kuwaiti Dinar a3 20005 ous 08 1005 amg a4tes 00032 © SwedshKrone 95400 209 1678 109783 10088 00703 128384 20008 10 Canadian Dollar = 1.4028 oor 00053 18140 00016 ony 1.379 0068 QOTIO Malaysian inggit 40885 1.0035 0005 47017 10032 O0MeG 5.4994 0869 Swiss Franc goat oot 0m 0808 00018 00008 1.0888 0003 2.0007 Chilean Peso RATS 4.1000 177200 1068 2589 400 7603 12494953 82907 J0SH0$ Mexican Peso 17504 2066 anit 19965 2002 og 733493 (0766 Taiwan Doli 270 11535 0100 37186 11701 07609 Gass 2.1081 02453 Chinese Yuan 6796 109 007776 0.081 00560 9.0806 o0et 0519 New Zealand Dolan 1.7017 20086 14 1519 20060 ee? 2290 00104 Thai Batt BRB 108 175) 3a418 02306 1085 44.9380 1787 10659 Colombian Peso 3145.5900 «1400 580 36203087 990% 2358 ADASIU 20378 320619 Nigerian Naira 13660014350 10600 15720428 19238 14903 18387523 191068 Tunisian Dinar 23m4 2005 10m 3377 - 0003 39K9 00082 210053 Costa Rican Colon 4526400 0.1400 o4g00 © S207856 027 6.2698 608.1412 15462 65151 Norwegian Kone 914842 Emad oo 109121 os oie 127634 0010 Turkish Lia as 1.1099 O17s7 546796 019 OB0S7 639564 02301 08550 Caech Koruna 2.0821 1035 01785 241985 - 00630 283040 0083 0345 Patistanifupee 77 B00 01580 010s 3197149 07340 36347 739572 37388 UAE Diham 36728 20001 - is 00006 00% ©4977 gio 0006 Danish Kone 64357 10 07374788 04 20010 8740 00176 0013 PewienNewSol 33972 00106 009 3987 09128 00 45717 0032 Pound Sting 0781 2007 1072085 0017 oor 1.9000 - - Egyption Pound §=——51.1500 00 0200 S8A506 01 0419s 3a361 02808 03669 Philippine Peso 61200 2300 0600 70.867 03788 N62 £23868 00602 United States Dollar 1.0000 - = 11505 fwd ogra 13458 030 00129 Hong Kong Dolar = 7.8816 102 204 gmat 0.0008 087 105578 0026 1010 Polish Zty 3708 200 1078 43070 gon 2070 5077 001S2 Vietnamese Dong» 753005000 19.0000 25500 = senost0 = 27.1170 02570 533900 1044150 305.2740 Hungarian Faint = 3188920 1.8817 07537 ASOD 19750 3700 4578 2180 37856 RomanianLeu 45st 10023 0083 52458 20016 0010 61358 00107 00068 Eun 08681 2002 107 = 1.0000 - = 11697 amn2e 2.0016 Indian Rupee 5410 1237 11505109798 02883 O10 128408 20678 23004 fussianfloble = 795000 1250 18500 91.4588 m7 31108 1069872 1072 3462
FTSE ACTUARIES SHARE INDICES FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
£Svlg Days fuo £Sulg £Stig Year Div PE XD Total pomenkage Henges
Ju31 cha Index Jul30Jul29_ago Yield Cover ratio. —_ad_——_—Retum Machado’ Seely Biss EES)
TSE 10 (10) 1086805 027 991269 1089777 1000841 999138 295 215 1572 19621 127475 Tet Hardware B Enuip [Lod center meron lewd : AG 5iGroup 2400 060 Int Cons Aiines 19 18 FISE 100 ex investment Trusts (5) 35945 029 320655 356989 367387 325179 298 204 1643 462 3479994 an ston = $7) Fess Cae ng & Gace; “127 Aberdeen Group mom 08 | G 188800 058 FISE 250 250) 2397502 -043 21857.48 24079.14 2309581 2247038 325 231 1329 46833 2257374 Fan aareaenl “mu7p, Consume Digital Seizes 143 Atmel 377200 021 —Intertek Group 584000 009 FISE 250 ex Im Co(164) 2479828 083 2261837 25006.44 2489159 2330614 331 157 1927 S091 2392039 2455 Closed End Investments.. “7.39 !ndustral Support Services. . 208 Aine Attica 333200 240 imester 4900 046 FISE 350 650) 590257 029 538370 591947 597272 540923 298 217 1842 10599 1368778 2451. Chemicals . iM Industrial Engineering 2% Aliance Witan 134500 1.13 JD Spots Fashion a4 414 FISE 350 ex Investment Trusts (259) 58459 033 530091 58424 586793 535190 301 200 1662 10707 701878 7351 Retales . B55, Health Care x 454 Anglo American 7300 0.19 —_Kinghisher mH 1% FISE 350 Higher Yield (136) §28191 O01 4817.60 528135 528207 462585 409 182 1342 12147 1454398 oe Ssepyrine “487 Pramaceuizal & Biotech “454 Antofagasta 365500 122 Land Securities 7650-215 FISE 350 Lower Yield (214) SB051 062 54534 509727 59378 564500 172 313 1860 7143 78506 7 breed = an Finance & Credit Senices.......-..-sccceccsesesseeeseeeveveeese--B25Assoe. Brit Foods 208100 019 Legal& General m0 013 FISE SnalCap (184) 04098 045 7534.13 807772 BOBRD7 753789 379 148 1782 17762 1550267 18.03 Personal Goods. ‘47g Medical Equipment & Sves. . . . . 076 AstraZeneca 1753200 068 Lon Finance 1161000 017 FISE SmaliCan ex iv Co (102) 63547 072 6062.17 86359 671018 675089 359 078 3673 172 132477 M481 Eleeticty... “435 Technology.. a 82 Autotrader Group SBM 057 — Uoyés Big Gp 1470-082 FISE SmaliCap Financials ex inv Co (13) 19676 -131 14957 15884 16313 15005 488 132 1558 40 206.79 1458 Itlities am Scare % Computer Sees 944 Aviva Aman JondanMetrie Prog 167 GT FISE Al-Share (534) 583647 029 537341 505332 585659 535033 300 216 1545 10610 1366046 ~- 13.85 Gas Water & Multutlties ..... - 402 eal Estate Investment & Sues. “1145 Babeock Intl 112100 040 Lon Stock Ex 39800 -242 FISE Al-Share ex lv Co (361) 573652 034 573225 S756 575962 SIS3H2 301 199 1668 10610 699232 «+1385 Consumer Staples... 265 Bistechnaogy. 1356 BAESystems mm 215 MAG 5150 042 FISE Reding (44) 1245596 082 1136101 1235466 1238237 1362603 491-1365 149 20831 3002181 ae ins ug 223 erous Metals & Mining eneteqeicomanie 5B 043 Mats &Spen 610 07 FISE Redging ex inv Co (23) 1640019 1.61 1495852 1614006 1608379 2433842 457 -607 361 61151 3392301 SSHAbSiStRSESnnta en) oman daca ieee cece 10. Hold Goods & Home Const - ’ 2B 061 Meose Ind 4-440 ASEM Seal 078) phd Us Ghd Eeahy Glee ey Sl Be) ake peal el ce cecvcececeseveeese MOST CONSUME SCNCES.....cccccseseosieeeseeieecseeeeeeceeeeees O34 Automobile & Pats. am ssi 120050 — —Metlen Energy s5181 200 FISE All-Small ex Inv Co (125) 497779 -067 454021 501135 503051 474549 361 059 4707 406 1257911 BP 259 «4177 Natl Grid 119000 (046 FISE AIM A Share (537) 76255 031 69552 76490 76185 76639 185 137 3308 79 eer fee Rel-7 NR) elles Brit. Amer. Tobacco 457000 0.08 NatWest Group 7B) 322 FISE Al-Share Technology (20) 197002 -188 179685 200784 712599 215429 245 184 210 B13 SOB jay Noo! US$ Daily Month YTD «US$ -YID% GrDiv Jul30 Noot US$ Daily Month» YID.=«US$ YTD% GrDiv_ BitishLand 4220 «04 Net 1484500 -259 FISE Al-Stare Telecommunicatios (8) 209273 -153 190877 212525 215842 1838.12 334 O81 37:19 7265 387370 Regions & countries stocks_indices%Chg —%Chg —%Cho __TotalRet TotalRet Yield Regions &countries stocks Indices %Chg —%Chg —%Chg_—TotalRlet Totalet Yield BT Group 2D 12 — Pearson 1700-275 Hae Seater, ‘Tessie ut) Moser) Wests laser al CD tad! WR yeep Developed ex Canada 5156 127499 (161 -132 956 216723 1066 152 ual 280200 0.21 Pershing Square Hidgs a 23) SEM Sas Fach 2) BESET OS SUSE SEAT PRL ACS SN 208 NU RE TLS Gla 10127 122123 145-140 904 210570 1020 1.63 DevelopedexEurope «4173 1478268155 176 995 733850 1079 131 Bubery NES 054 Fersinmen Ne) Se FISE Al Share Real Estate (40) 844 052 797.14 89978 BHOS4 77949 460 125 1731 2427 104822 Giohal Large Cap 1870 114041 160 -123 836 207383 949 155 DevelopedexEurozone 4789135788 «152 -131 976 22469 1074 1.43 Centica 1500 157 Polar Caplech 6650245 FISEAStare Consumes Diswetonary(69) -«GI0Z13. 135 556572 BIESM4 GSS4 ONT 252 193 2062 10181 706802 Global Mid Cap 7395 141370 1.01 -1.10 1181 2310.11 1313 1.90 Developed ex US 381378219 150-148 1087 156185 1285 2.48 CoceCola Euopac 819000 103 Prudential 111600 -187 FISE Al Share Consumer Staples (28) 2069196 092 1887302 206475 7137099 2015195 394 1.42 1792 40872 2214347 Global Small Cap 5862 140580 1.14 339 949 217748 1069 1.76 Developed ex UK 5138 135470 161-141 957 225236 1064 1.48 ora cola HBC AS S100) 099 _Reckin Benckiser 00-113 FISE Al-Share Industrials (73) 1232438 007 1124100 1253300 1213770 100283 150 213 31.24 12295 1536394 eG le Mere 3 12 Su ane ue 1s Hecernaarhsey onl oat Syz tee ae a teas ug Gal Compass DER 09 REX 70100 -254 ‘ex China I - Developed 7 een GueeTa Pele 7 Poovey aoa loose aaa saat bap Lome beg Global ex US 8572 79074 115 -198 914 157483 1103 247 DevelopedAsiaPacexJapan 961 100161 -032 -1441 2073 219097 2226 233 Computacenter 459200 238 Rentokil initial 4480-205 : Global ex UK 9895 129354 145-161 903 218285 10.16 158 Developed Europe 1195 72391 182 205 «752 158366 1006 278 Comatec 7400-210 ‘RioTnto 71740 053 FISE All Share Utes () 1094114 034 9979.36 1090355 10931.95 1050992 377 152 17.46 27656 1963378 —Giohalex Japan 8770 127668 139 -145 879 221879 994 1.61 DevelopedEuopeexUK 963 846.73 209 1.08 697 175452 963 271 Creda ntemational 320500 202 alls Royce 148780 033 FISEAl-Share Software & Computer Sies | 18) 213286 -189 194537 217384 790381 234156 248 184 2191 3727 351704 TSE Regional Indices Developed Eurozone 579 72821 239 035 733 158002 990 269 op Feway Sm — Sainsbury) me i FISEAl-Share Software & Computer Sies: FISE Al-Share Tech Hardware & Equip] 378249 189 344999 384762 365588 277641 000 000 136869 000 531302 Americas, 1987 1697.11 1.62 080 905 2637.60 982 122 Developed Europe AsiaPac 3513 75287 156 -203 1103 151489 1210 251 9 agen WAS OS | 18) 213286 -189 194537 217384 790381 234156 248 184 2191 3727 351704 TSE Regional Indices Developed Eurozone 579 72821 239 035 733 158002 990 269 op Feway Sm — Sainsbury) me i: Sehenies a. i ‘Al Sare \ edaie 5 ES AAD SUS SS EM OR 03531 pos eerie i ee ee i ot ae] en; ie aM ibe ing me teece® 4759103833 Te 335 «017 «453 «201223 «6.18 z 2.43 ‘Diploma 730.0a, 0.14 Scot Moat in Tst 139050118é eters ae Se ae pats Madigeacraeas sai es Ae ee fat eee Europe 1454 «70651 «1.80 «202 786 1517.19 10.20 277 Emercing Asia Pacific 4008 «115586 026 -447 442 210898 583 1.96 Endeavour Mining 35220008 ‘Sego 6500 017 lope : Europe ex UK 1222 81477 «208 «106 7.18 1691.28 © 982 271 _Emercing Europe 25939834 «(083 029 1591 81354 1857 273 Entain SH.40 18) Severn Tent 31am 033 FISE All-Share Phamaceuticals& Biotech (8) 2439.87 071 2225499 2457527 2536987 2556082 229 244 1791 3427 2252Eworone 615 73240 239 «4041 745 158912 10.03 270 Emercing Eurozone 36 4596.15 257 568 2024 622848 2290 288 Experian 7900 373 Shall 338350 194 FISE Al Share Banks (13) $69344 029 8750.13 9621.01 $34831 782031 327 243 1258 22175 1036857 Asean 388 «75709 010 594 728 166786 10.09 429 Emercing Plus Korea 5213 397310 003 936 899 729082 1051 225 Fer y tat ZIM 0% — Smith&Netew 1) 28 FISEAl-Shae Finance & Crest Sevices 8) ‘11721.11 -235 1069076 1200283 127960 1250351 204 197 2495 16167 1683329 FTSE Developed Indices EmercingPlus Korea@Poland 2723 465087 0.06 -1277 1806 857757 1768 226 ee a RES pare FISE Al-Shae iv Banking & Brokerage Sees (3) 1337721 -1.20 1220128 1353061 1367426 1320798 357 291 963 29557 7199900 Developed 5968 1277033 «159-118 956 218477 1087 1.54 Advarced Emerging 1232 135651 036 989 2450 294086 2648 275 fesllo ; - FISE Al-Share Closed End ivestments(173) 1509585 058 1376976 1500920 1499197 1407294 268 562 664 29813 1049234 DevelopedexNorth America 3601 751.14 156 -202 11.08 151048 13.12 251 Secondary Emerging 3627 101474 «001 300 821 179302 676 225 pene one iat =o pia mm FISE All-Share Life Insurance (5) 8698.11 070 793349 8759.64 SSER6S 8294.18 458 090 2435 26367 1296607 jui30 No of US$ Daily Month YTD USS YID% GrDiv Jul30 No of US$ Daily Month YTD USS YID% GrDV gy 193150 044 Standard Chartered 78800 128 FISE All-Share Nonlife Insurance (5) 6631.66 027 6048.70 8649.37 6667.83 517105 496 121 1666 19935 1611147 Sector stocks Indices %Chg %Chg —%Chg —TotalRet TotalRet Yield Secter stocks Indices %Chg %Chg %Chg —‘TotalRet TotalRet Yield leon 30-144 Sundatlife 30 016 FTSE Al-Share Real Estate iv & Shes (10) 182873 072 108R03 162484 1885.17 706018 216 225 7056 7869 583731 Digital information Services Hold Goods & Home Const 122 52661019 248-192 90299 072 228 tame Sa ATS ee anid FISEAL Share Real Estate lmestment Its 30) 2173.17 061 199553 213531 212808 197813 493 120 1695 G46 SETI Sofware & Compute Ses 538 390099 256 323 806 401479 772 061 Tobacco 15 140005 371 286 1247 442822 1614 428 tics 100300 03 ese 6950-951 FISE Al-Share Automobiles & Parts (1) 89035 -267 81209 91479 91123 143794 000 000 079 000 «(1018.11 163° «78055 -106 383 -1426 112155 -1374 1.00 HealthCare FTSE Al-Shre Consumer Series (2) SUZ 085 364275 391749 408877 36855 217 177 205 «AM SLAG Teckel Health Care 851 114803 -118 «207 «348 1813.15 469 1.65 HowdenJoinery 785): 005 —_TheSageGp 77320 060 FISEAl-Share Hold Goods & Hone Const(@) 657578 -167 608894 678947 673645 889871 468 185 1295 19081 699258 Semiconductors 283 «819.18 434 1398 3132 89806 31.73 061 HealthCare Providers 118 181308 062 238 1128 226356 1228 154 HSBC 157500 063 ‘Titan Big Box 17010 053 FISE Al- Share ese Goods (2) 4770842 -151 4351276 4842878 4949631 4796876 277 133 719 Gez02 Grange) TechHardware & Equip «633. «GAND95 364 -1205 3395 919326 3439 058 Pharmaceuticals &Biotech 573 1011.48 -155 079 806 175670 956 187 IGGou YWe00 1442 Unilever 479300221 ass Technology 1231 458650 324 689 1437 801778 1477 059 Medical Equipment &Sves 210 161545 033 597 -11.04 197912 -1045 103 IMI 7360 0% Und Uses 1300022 FISE Me hare econ Goods (9 tet Ce oss hee ee ee 2m M052 04 085 41811277440. 04 Agricultural Food & Beverages FISE Al-Share Media (10) 1227405 -238 1119.09 1257309 1274588 12026.17 325 181 1706 26025 $887.45 Telecommunications Equip 114 + 48358 «157 -1979 4465 55867 4557 0.89 Food Producers e002 001 309 481 118256 736 a1o meted Bands beige eC oe FISE Al Share Retailers (19) 276882 -172 252543 281732 BI7BA 250188 262 274 1393 4673 399175 _Telecommunications 21 49543 «044 11.44 1992 122019 2176 218 Beverages im 99226 021 567 1268 199865 1455 285 iloma 0 2 Wert 752600 -251 FISE All-Share Travel & Leisure (28) 1016453 -084 9271.01 1025095 1023171 969299 1.88 161 3303 12045 1109459 Telecomms SveProviders 147 43142 084 087 -1.61 96102 093 368 Energy IntesCont’t Hotels 1194130 038 Whitbread 251000 067 FISE All-Share Beverages (5) 1713485 -075 1962842 1726437 1744543 1561832 312 172 1866 18893 1525556 coco € cowed Ue M43 201536 «362-922 1808 290466 1897 1.03 peak a ae a ne ne ae ae 3 FISE Al-Share Food Producers (10) 8138.17 002 742278 813985 814381 755692 266 204 1842 11521 9867292 — & Creditre Services Finance 112. 90587 095 225 858 141558 -7.76 150 Altemativex Electricity 89 10070 220 fe237 89 12522# 1082 346 FISE Ab Share Taheco AQS751 004 SH353 4977755 SIBENO 4751558 58 131 M16 ING GIG Fie 1158 72451 «121 «550 964 1507.22 1184 268 Alemative Energy 67 38460 653 -1252 332 51845 361 041 (up@siaes) wey role @ les) g le) FISEAll-Share Construction & Materials (16) 1572446 0168 14342.19 1583225 1546328 1430058 275 232 1570 26759 2152843 | ife insurance 7 BM 139 77 1787 130339 1879 318 Mil Gas & Coal 30h «9AM «MAR «1N91 «7754 «(15A974 «7987 «373 FISE Al-Share Aerospace & Defense (8) 2566425 073 7340821 25479.11 2450475 2101413 1.03 266 3653 15668 3297789 Banks 490 53378 «(188 «(547 1442 123929 1705 315 Gas Water&Multi-Utiities 118 72434 004 029 657 182153 894 348 Close (p)%Chg Close (p)%Chg FISE All-Share Electronic & Electrical Equip (11) 1695497 -059 1546453 17056.38 1651232 1482105 093 302 3676 10427 1773485 MortgageRealEstateinvIsts 9 10095 085 028 234.13 259 12.63 Utilitizs 407) 711.12 002 095 551 169387 «7.35 «289 ATC Music Gp 18250 — Mendell Helium 380 - FISE All-Share General Industrials (6) 605933 040 S52668 6800534 991336 527572 237 163 2582 7222 996822 Nonlife Insurance 125 110069 083 626 198257 936-263 Transportation (hana Sob 1am 075 Meni an 20 FISEAl Shar Indust ineting 6) MO9558 144 1340875 gI049 1492901 1512960 240 154 2706 22531 7r4sagg MW Banking & Brokerage Sues 345 123859 107 528 "98824505 181 Adonis & Pas 2g 0027S 1st 1081 1 184672 1672 159 i Soutons jan Mining : nfetal Suga Ses (2) FISEAL-Stae 1028628 1.72 SGHZOG 1046663 1089721 1051210 225 158 7825 17as1 raam4ag —jransacton Processing Sees $6 14727 O87 B28 Ne ee meme ESE 2B ER) RE (ac eae moo) = - Pathos Comms Bm 6m FISE Al-Share Industrial Transpotation(7) «670826 -040 611857 673503 6688.15 599934 400 172 1452 1383 758553 eal Estate 680 97238 042 339 665 118556 900 360 Aerospace & Defense 102 112 143 «818 468401 831.07 ——Comish Metals 11250 088 Power Probe 7 - FISE Al-Shae Precious Metals & Mining(4) 26953.30 -1.59 2458.95 77389.87 2688429 3266913 281 265 1240 52932 2118186 Real Estate Inv & Svcs 330 35402 086 412 667 72820 -493 262 _Industial Engineering x0 208 1093 1724 362755 1826 140 paxchCop 41400143 itt Hela 700836 FISE Al Share Chemicals 7 827450 -1.15 7547.13 837087 824608 7671.18 374 075 3571 21065 945428 Real Estate InvestmentTsts 320 58139 082 3:16 11.64 188972 1421 390 Industrial Materials % 160-102 139 «55795 291 281 a FASE Al-Share Oi Gas & Cal (12) 1085158 188 $897.67 1065150 1056530 70565 368 239 1135 20109 1597543 Consumer Goods & Services IndustialMetals & Mining 376105044 194 002 1559 208511 1692 218 — FOXMedical Group a Cs FISEA-Share tena Ee) ml 4G ee OCSsC« LO SSS (a Consume Dig Sevens 98 31011 210 417 449 31439 423 0.35 Industrial Support Services. 235127069 047 959 1.13 186213 025 129 Generation Essentials 9860 023 Sintana Energy na HecAdshea Base td 1365259 011 1265245 1366RG LHERZ72 150BKB4 217 182 1750 ZAKS? wars ConsUMerDiscretinary 1514 118829087 039 5.14 172289 445 1.21 Industils 7081 156931 153 138 948 250497 1053 145 Me ee ap a Consumer Services 73 138820 078 285 -442 189207 -388 0.83 General industrials 204 «952939 316 030 1652 170643 1770 187 FISE All-Share Financia ex lv Co (4) 2076 055 21064 22199 21808 19033 342 271 1323 512 77991 Consumer Staples 622 101521 089 382 716 181461 926 297 Resources & Materials foun Faecal 12500 Tapitangs “un FISE All-Share Gas Water & Multi-utiities (6) 963052 050 878394 968229 964182 925832 398 143 1751 26072 1711742 Retailers 267 «191420 080 092 103 2632.44 152 0.82 Basic Materials 1001 98683 184 -057 764 182847 894 208 = FISE Al-Shave Industial Metals & Méning(11) 986833 036 S00085 983253 954570 800963 223 234 1870 13924 1772268 PersCareDrug&GrocerySts 196 57442 082 348 318 95995 491 249 Chemicals 494 105408 092 -286 1297 198895 1561 212 _ Maffiower Aquisition 681.06 022 The Smarter Web Co am ANT SeSaensey) ie SkBSPOZS, ss2028, Mes Mn ts ae Soe ee ee STB: “ESOUSE: DUELS SERBIAN 208: 108) REY NEI: TSS: sel A aime ure ES as ee 296 121263 071 265 026 178484 eg .63 eee, 1.15 155 Precious Metals & Mining See ee «96125108 322-193 -1195 221385 -1114 170 jices a5 4
UK RECENT RIGHTS ISSUES UK COMPANY RESULTS
Company Name Event Effective Company Turnover(é}) Pre - taxiE) EPSip) Divip) Pay Day xD Petra Diamonds Ltd Rights Issue: 10 for 17 at 16.5p ps, payable in full by Nov. 21 (xr 07.11.25). 07.11.2025 lance Witan int-() 463m (443m) 1090/9870) 7.330 (7.080) ‘Jun 30 May28 IMI Int 1.2bn (1.1bn) 190.1m (163.0m) 57.700 (45.700) 12.100 (11.000) Sep21 Aug 13 Int. Consolidated Airline € Int 16.tbn (15.96n) 1.4bn (1.7bn) 22.900 (27.300) v/a (3.888) : : Intertek Int 1.8bn (1.7bn) 242.7 (226.5m) 87.900 (98.900) 0.000 (57.300) : : iv Int 1.60n (1.60n) 78.0m (67.0m) 1.500 (1.200) 1.700 (1.700) Nov 24 Oct 15 Data provided by ICE. www.ice.com Melrose Industries Int 1.960 (1.7bn) 89.0m (379.0m) 6.000 (22.300) 2.70 (2.400) Sep 25 Aug 13 The prices listed are indicative and believed accurate at the time of publication. No offer is made by ICE or the FT. The FT does not warrant nor guarantee that the Natwest Group {Int 8.9bn (8.00n) 4.3bn (3.6bn) 38.100 (30.900) 12.000 (9.500) Sep 18 Aug 13 information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information. Pearson {nt 1.8bn (1-7bn) 205.0m (218.0m) 24.000 (24.800) 8.200 (7.800) Sep 14 Aug 13 Ice For further information contact mewspapers@ice.com Rightmove Int 225.8m (211.7m) 149.1m (146.5m) 14.800 (14.100) 4.170 (4.050) Oct 23 Sep 24 Taylor Wimpey Int 1.7bn (1.7on) 116.8m (-92.1m) 2.500 (-1.700) 1.200 (4.670) Nov 13 Oct 08 18 * FTWeekend 1 August/2 August 2026
MARKET DATA
FT GLOBA HE WORLD’S LARGEST COMPANIES
52Week 52Week 52Week 52Week 52Week
Stock Price +/Chg High Low Yd P/E MV) Stock Price +/Chg High Low Yd P/E MVib) Yid_ PY Stock Price +/Chg High Low Yd P/E MVib) Stock Price +/Chg High Low Yd P/E MVb) High Yd PE MV) ‘Australia (AUD) Finland (EUR) 0 7 7 2 IWS 6S 1932 009 2282 1289 362 1369 7814 CromCaste 7651 -258 11275 7382 555 3098 2289 Yan 157 2147 367.43 41.00 3003 580 1927 11313 3 O15 1752 1255 000 1252 s923 3683 005 416 274 201 20 0% 5019 055 5360 318) 112 2918 9798 10872 000 7848 7240 6598 3918 331 3327 30056 1576 0.11 1605 909 359 1753 27081 2693 7376 35468 139 3270 8734 9458 6816 245 2037 2729 18553 14698 278 2946 29829 026 18980 1548 198 3291 10960 115 001 118 074 350 1639 66.69 0.70 11068 61.00 253 4575 13425 16725 13762 302 2082 33523 77579 9000 333 2063 6127 59) 22130 15742 157 3808 16163 398 208 10290 6684 188 aot 022 2028 160% 082 13924 105 28.10 7041 2605) 18731 322 2554 931 O21 588 55 513 1260 SES 1190 006 1429 1000 407 5982 1148 67419 43000 1.08 2182 000 12735 28072 4945 3548 409 188 12953 192 10892 6512 474 1137 12155 706 02 723 500 495 618 3517 46347 11022 082 9688) 13957 000 77368 26543 917 7080 239 3458 10129 048 10275 6588 302 1135 3763 5240 060 6523 3664 413 2B 064 21451 1343) 220 72 100456 083 3506 12139 4232 3300 404 1899 13048 OM 1914 1529 6m Re? SER 2607 068 3976 1991 264 6A 501 20814 14623 253 50 14800 409 13 204 8014 6064 329 2539 4670 N14 038 9117 4345 482 mot 02 7299 a5 383 0m 792 097 4932 7468 4887 109 2783 13256 98) %% 1982 1% 7248 2712 ws 1488 (005 99 O75 2115 122 400 2550 1439) 000 30 118 422 1835 19136 010 2989 1720 395 1715 6628 085 3 1552 84 085 2554 447 1503 18815 163 1954 13175 124 04 275 Bi 69) 1873 14197 4780 3076 000 000 25471 150 32280 16060 244 3145 7595 z 43-107 3644 339 1281 10218 281 12449 11389 246 644 20778 142 306 2759 29925 4367 431 000 000 231.19 4200 735900 146550 1.16 3529 16269 2449 1879 245 0.00 136807 United Kingdom (USD) 201 ABI 3112 1.14 373 21608 11807 241 207 Aas 5614 3095 000 4303 1050 40835 30885 183 3100 20976 6397 4661 231 000 87563 —AmHolings 24154 1665 46270 10002 000 28417 25700 4% 302 2015 105 02 He 168 32 4K S024 569 2931 000 000 535 65470 44000 275 2185 23410 United States (USD) fl Ged ee ee eee S162 5237 000 8573 050 36080 26260 098 4478 14236 Aden #8520 420 160080 77240 000 4861 2805 wi 17607 -198 19934 177 3105 9080 0G iN 73 18) 002) TS WAM 293. DH al RM -15 YAS 2 SBR 923 BASS 7780 1741.00 5B7BU U4 7233 SSBS3 a 239 8197 239 3407 18275 4605 ms 623.78 0.60 O14 14s) 91.89 438 1257 4260 a4 16976 1.19 1981 78460 2780 29370 20880 148 3313 16467 102 024 6390 241 1695 4467 589 18782 269 12618 45479 291 18615 12264 149 19 35S EM 37 IG S80 9515 6830 095 3085 7557 028 8134 4924 463 1097 17242 167 25 1932 376 1526 8682 998 11815 3 Eta 43 15187 10159 280 408 2582 12199 243 TAT 158.18 75821 15106 273 2914 12385 555 14315 11240 404 1432 7270 039 639 3617 070 754 8720 1583 012 Bs 3951 112868 72062 197 ‘11 6794 5586 505 5281 6008 oo AS ae om 1674 1102 000 3aB8 989 ai oe Was 145 S085 4258 269 73834 4292 821.11 54100 051 1738 7607 10253 5204 087 11111 16125 2100 19640 12995 174 2182 2902 04 2501 1541 269 4500 3558 53 TAN 2 3183 GBR ee 2) 758 Ost Wea 127 OB ESOL 330 43370 30410 396 1508 16415 1% 11081 000 3691 6356 6 112 es BH 223 ra 3415086 6852 88.12 5809 419 4307 8) 146 1089 m8 17164 9781 258 2693 038 $505 4148 439 2815 4573 800 42230 20640 384 19768 91685 4065 19782 028 1655 1951.73 nS 006 G87 7168 138 18525 126.11 206 3135 42 9792 5640 731 506 37.06 2008 18870 025 1655 183033 Se eee Sa Ae ae 7099 4062 378 1948 059 3425 7382 314 1008 6087 £28 5470 624 1418 11345 ae eee BS ON 13189 9650 077 3915 660 77050 20010 159 4005 4916 85 19600 000 2774 252230 ae ‘ 9182 4 ge a ee oe eae atoe #827293 719600 0.19 06.14 04 94% 7353 369 13143 AMD 539 5 97 00 791.48 mae pasm5 a ace 2asa 57805 ieee ar s raatzi B06 6199 499 355 064 5788 3699 329 65.49 105.70 px Pospid 6301 4108 311 2486 499° 9883 3082 059 7723 7768 602 m2 jeskes ae eal 4831 el ea) Be12 90638 17550 239 2674 024 623 4262 743 462 4535 431 am 0 N 083 75310 12901 000 16652 2% 14865 10070 154 7236 1848 480 8129 i oa ae Be 9653 5295 257 2442 140 61180 43740 459 2497 6638 717 14Q79 Ameipise Franc an as call om vod? 1381 10018 6470 368 3680 953 02 5066 3562 230 1114 2004 1604 37530 AMETEXin 2001 476 01 oy be a ee 17533 9951 258 2031 2 1380 200800 90020 101 6902 5331 7258 22010 Am 764 7321 Ss ee oe ai 76458 20346 084 5615 587 612 75870 12750 180 2539 19155 13376408 15982 951 ery See fe 985 28465 19800 190 2670 21982 9725 14880 3667 1330 1788) ee st079 ; es 5 15435 Ags 579 a2 2 1098 19166 8332 048 73200 12586 9) 762 ‘6657 1059 a 39579 639 513 369 830 034 5000 3281 269 1948 4196 1453 21820 1025 048 a7] 6833 5 an = 10760 782 637 44 678 423 015 11020 7100 679 576 2260 fosie 3343-476 20150 032 40.17 4897.21 a” 1073 850 354 B44 2 076 10915 6920 691 573 1570 417 1949 21286 MpledMateias he Ssaed 5192 3232 215 729 34 131.39 Agplowin 13.8 3 37233 129 4573 3528 497711 010 12400 7952 000 4443 2248 a 7300 1% aca oe ait 443 380 011 5 ae res eat 51183724 440 1718 150 9215 6895 242 13477 82411 197 655 3771 A974 5B es na a me a8 an i 060 466.00 36000 307 2898 51626 SafSomeh ee 213 19830 7705 000 4009 5806 fee 30885 1053 49883 29738 0.00 26174 121982 ni pe ca ; : af qied ; : 7876 146 75458 46875 257.72 089 2490 177 95 110245 788.40 5543 657492 NagesN 85691 1.90 1311.44 78578 059 10158 65562 based 26538 301 2D 163 6231 293% 1722 050 2613 31 545 217470 174500 123 149411220395 Spain (EUR) =e 10433 014 10750 1BGF 181.44 8495 3029 182 3022 106 960 17 0 0 1090.00 09 367213 ms 00 159 1346 17991 4908 marie Pa ICZM ae 80 685 381 B15 75) 708630 70675 172. 1628164680 ne 114 an 9215 13373 . a 949 059 9092 240 2073 Zam 164 558852 a7 010 277970 201800 194 4820 495306 1288 02 325 3671 87.06 b ms 5186 201 7658 20 3845 04 4526 037 4592 9 149650 085 1494.10 118755 084 22731090639 52 003 268 30.17 13893 = 24484 095 37965 083 371 156800 115101 382 2074 4 1156.10 060 172785 93400 469097 5148-102 247Ds 13034 417915 6: pee 189 a aces 121 3063. 17594 Ge Bi78 3580 051 2548 78525 085 42650 27500 1026 357403 a 7031 078ae Gg 8008 0 8672 Ae15 isiapos483 te153 3895-135 1 8 BS 436.15 8SA A eae f 5 2020 610 14250 150 3687 - 28H aa 67219 tS 121994 ase 17024 ae ee 57677 031 aa 03 3156 pe in ay 38 30845 810 0 0 0885 aes ae 17560 330 183.45 12865 171 3234 27609 oa Boe 0. a 17334 818 26156 235 SSN Lh Ree Petia aed di pt 318.10 380 383.00 25900 157 51389 39018 ye se es s c 44028 852 50687 095 BORSA oS PIES me saree ot poppin epee 41) 090 41145 27870 137 793 74317 ial om mn f 124991 -1469 167383 112361 000 emne ie etal ace a as 12MA0 1840 1611.20 125055 ASISIGS? 36420 010 367.20 24490 357 2150 58006 a Gans 37599 -1302 39869 25226 133 7856 339 13185 7052 657 3406 1026.15 1235 123480 78655 1.69 11.81 947200 8064 57950050 5201 030a. $620 40787 400 3270 327 1908 245245 1677167 0555 4494 1903 2000755 1 11.00 a Sy 199240 43.8 1547.25 OB) 4388 4900.36 4900.35 = mn arin See 4m 185) 7037 083 10199 6541 000 a 76 6497 79.4 15 T=) sasiGicel ne 651 O18 0B 432835 ee Gp 1 Pas 2001 2431.90 -13.70 3336.70 197600 — 18.12 8798.83 102 7434p 4780 050 5396 28045 ae 789.46 31599 21084 196 ——— 275 19825 12720 173 4079 10281 ae 10527 O71 1224 8200 623 ttaGoptkdng 11180 180 18520 e865 O92 19470 216383 7500 897500 492000 0.00 1381 7951.24 a pan eG Oe a pie 106863 1352 117767 70159 072 ina 554 006 S61 411 461 749 46327 s0.00 1072500 730000 013 000 3480s 16 OH M28 ne 0 osH 767 010 783 633 479 7.10 26854 ses ae) 2h 147ss ‘ ma 220 460 591.00 45460 088 6385 4004 48c 6290 33 9480 120 12440 a7140 043 2648 .34919 ; 027 4399 3176 373 1810 6751 Ae OS EPS Se Bi ich 001 N10 1031 758a 498 2660 10006 eS oe ae 292 saat Ba mn ; 15 785 014 ORE GS 650 860 Ss544 654 3) 11682 Se 2% 13150 9156 4157 25797 ia 461 614 ates ws ar ape iinet 033° 2502 1448 480 16.95 sh 8) 36300 25640 273 2218 3828 as 35.89 418 230 0 090 36 530 215 385 44050 28900 087 6664 27.4) 2910 277 2184 2482 481.70 000 5120 080 5270 4334 444 898 23505 00 «6656 «481 577 11518 reek Solel CMT ea lane 30 E77 366.2 on 073 : femal 446 i006 570 Salta 398 506 1702 10607- 02 1049 459 000 680 1466 9895 12095 206 2787 28.86 1680 11405 468 1031 4018 te : : 14862 062 eq 4272 024 4962 3248 517 1602 14786 193 6388 5736 385 1600 12759 aes : 0.45 363.00 ii 10 A089 04 M212 04 329 2H 22 289 13941394 7158 2824 a 2825 201 2174 19970 ia 240 62500 52100 488 1922 9297 i aged -1 We 764 O16 7.49 556 458 784 66311 Cam 75 20633 187 12870 250 14380 9680 305 1868 32130 am 265 9ae 035 ee 13060 0 é 2413 51843 750 1686 321957 10 8 757.58 85.43 24: s ae cet te es 323500 8500 497 4890 5188.60 Gia 1 7% 23583 146 7660 BA 340 24800 A 229 1951 aS 16880 va acy 68518 a pa Mig 2206500 500 2535.00112500 1.0 332857180.88 13010 j S811 ae 0.00 ; 556 066 5625 3922 3229 72938 — 2 178 pened 112 15700 S70 508 8 17014 See 137331 335 003 5000 2 208 “28 1015Bae022 122 eee 6 Lg21415 1180 rite 1800 120 Sc ae 1a 7603 190 16048 7147 279 511 007 588 48 100 10147 et ) -1.89 RBH P 47180 540 68200 41100 1.12 1906 478985 Gop 2864 17 531 1m a7 ie 3104 084 5990 2130 000 1916 66416 Ast 12632 088 2576 097 v.01 sae 3252 018 4698 2085 283 1668 19476 794 044 30.44 561 20 964 ce 509a 002 55 353 226: 1181 12: 50M xia 237 2681 000 1825 rae au 75 955 008 1407 746 244 31867 17830 ® $53 010 609397 448 May a ee 185 1697 7548 ee 154 253 m8 247 99 7a Bitch AmerTobaxo 4570004 ©5325 3677 536 1302 117 ao 8 a pe Se 8744 088 13941 7194 000 3498 49654 ce 235 02 B81 2000 215 2880 19.86 4192 423 ost 2973 47997 1634 009 2142 1296 385 2077 098 16090 2634 5 a "nie Closing prices and highs & lows ae in traded curency. 141950 650 191250 123000 049 4138 34131 710 108 MO 203 186 282 i an 13 1893 64.15 tas 7se1 S565 Nattetcapitalsaton are inca curency coe ig ells aciel wey Se ote ae aaa 543 008 «707 (275 233 6374 CowdSuikeHoingsA 18522 584 78600 17414 000617400 18860 FAW Ast teas gry. 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INTEREST RATES: OFFICIAL COMMODITIES VOLATILITY INDICES GILTS: UK FTSE ACTUARIES INDICES Date Rate Current Since last Energy Price Change Agriculture Price Change Jul 31 Day Chg Prev S2wkhigh — S2wklow pice indices Days Total Month Year us Fed Funds 350-375 73-04-2026 350375 Brent Crude moos os | Com 140.25 550 VIX 1737 028 17.09 35.30 1338 Fixed Coupon Jul31chg% Return —-Retum Return Yield ius pee Discount ee 375 eee 79.04.2026 oa 375 Natural Gas 272 0.04 | Wheat 199.757 5 12WES ¥x0 aR 1431 ee 053 Hee 14.38 er 4271 ae 243 Re, Upto Woe 490-005 85252 0230.0 444 Euro Repo 1.925 01-09-2025 240 Light Crude Oil 84.46 0.87 | Rapeseed 490.00 3.25 5-10 Years M16 NG SS 072 489 UK Repo 3.75 30-04-2026 375 BONDS: BENCHMARK GOVERNMEN 10-15 Years 4245 «= «021 «372542 210-204 5.33 075 22-01-2026 oso 3.5 Fuel Oil 465.33 0.99 Sunflower Seed 1020.00 24.00 Japan night CalCall O'night 01-21 Red Bid Bid Daily Wkly = Mnthly Year 5-15 Years 142.01 0.17 3463.26 -1.60 “1.13 5.07 Switzerland Libor Target 025 21-03-2025 050 EuroNaphthail 741.43 22 | Soybeans 1177.75 0.50 Date Coupon Price Yield yield chg yield chg yield chg yield cha G2, 45 Vears OUR o6) Ge IR aN? = Base Metals Soybeans Meal 311.10 3.00 Australia ’ 06/54 4.75 8970 5.47 0.07 0.09 021 0.23 All stocks 12551 015 3131.70 152 “1.44 530 INTEREST RATES: MARKET a RRS 00 | Cocoa {ICE Ltfe) 3810.00 92.00 27 475° 100.12, 4.57 003 012 005 120 Over Change One Three Six One Austria 02/33 2.88 98.22 3.20 0.00 0.03 031 0.33 , z Jul31 night Day Week Month Month Month —-Year_—-Copper 1379350 9.59 | Cocoa{ICE US) 5396.00 284.00 1053 (3.13 6.89 394 003 «4005 «002502 z Days Month Years Total Retum — Return SOFR 3650 0.000 0010 = 3.655 «3.746 = 3.870 4.034 pag 1878.00 17.59 | Coffee (Robusta) 3698.00 12.00 Belgium 6/54 325 8081) 45305004 S025) 0.25 Index Linked S31 cig chy % chy %_Retum_1 Month _1 Year Canada 027 «—«1.00S'«9874 = 282 = 000 S000) 0030.18 Upto5 Years 3107 «010 O19 164 315060 013 245 EURIBOR : : - 220602472 2681 2558 Nickel 1720.00 =L00) | amon Osetia SE oy 1285 «275 °«= 780 «383000 003,S013«O.15 Over SYears 4349 037 «232-308 362770228 «288 EURIBOR : : - 220602472 2681 2558 Nickel 1720.00 =L00): ESTR 2185 0.000 0000 = 2189-2305 2432-2602 Tin 55310.00 332,00 | amon Osetia SE oy 1285 «275 °«= 780 «383000 003,S013«O.15 Over SYears 4349 037 «232-308 362770228 «288: White Sugar bool 170 Denmark 1733-225 95.73 2.87 a 001 030 0.23 5.15 Years 5495 «0230-101 046 381544 «0921.01 EURIBOR : : - 220602472 2681 2558 Nickel 1720.00 =L00): SARON ons oon ome 00-00 04S 0045 Zinc 9643.00 2109 | amon Osetia SE oy 1285 «275 °«= 780 «383000 003,S013«O.15 Over SYears 4349 037 «232-308 362770228 «288: Sugar#11 1473 0130 and 19945011398 ar «a Gn «319 oo 003s te om oo OB os Cale 460.18 O51 -364 645 347044 363 6.14 All stocks 46149 0.32 «-1.93 2.18 «368803 1.83 -1.68 SONIA 3731 0.000 0.000 3742 3814 «3958 4.185 precious Retals Gee pane ae os 3009822 3.28005 T3030 UK time. Rates are fied at 11am Gold 4044.63 -66.04 Orage hice ea ome nN 350035 6 0 4 oes ae ie Maple leat mia $8.23 Germany 0g/33=«260 «97.20 3.04 S232 O3A BONDS: TEN YEAR GOVT SPREADS = | Live Cattle 231.85 0.63 0/53 ««1.75=ti«iBAC(tiSsCisC(ié«iSSsCé2Ss«0.20. Viel Indices Jul 31 Jul 30 Yr Ago Platinum 1649.19 = = Greece 06/28 «= «388)=101.72,Ss«a291 Sh 0902947 es 460 457 426 Bid Spread Spread Bid Spread Spread poe gay | ae 1m 0633««425=Ss«10359s «365037037 14g 5.09 506 459 Vesid (wa Band: [us Bead Yield vsBund vs Bond Lean Hogs 99.20 0.78 Ireland 132035 360332024 037034089 eye ar eat 48 Austria 3.35 015 = -139 tly 3.88 068 = 0.86 -—‘ron Ore ser “145: | atm Oil (Malaysian) 1127.50 050 laly wa SOO avis 562 5.60 5.02 Australia 4.90 170 0.16 Japan 2.80 140-194 Bulk Commodities 03/34 4.13 103.08 376 006002 0380.45 Sources: Ener NYMEX. Base Metal: ME / London Netherlands 01/54 2.00 70.52 3.72 0.05 0.05 029° «0.15 45Yrs 5.55 5.53 431 Belgium 3.64 0.44 “1.10 Netherlands 3.23 0.03 1.51 BalticDry 2732.00 EY | paieia esos o33=« 250 9817-31205 3232 Brazil 14.81 1161 1007 Poland ~=—5.67 247 O93) eeraee) 1G i ate a eae ae Poland 08275 7.47 3007 009036). China 1.72 -1.48 -3.02 Portugal «3.45 0.25 1.29 a 10/33 6.00 102.84 5.51 0.01 0.01 ost = 0.57 Denmark 3.02 0.18 172 Spain 3.56 036 4.18 a: es/ Aes ae oe an ae oh oH Real Yield 0% Inflation Jul31 Dur Yrs Previous Yr Ago France 3.89 0.69 085 Sweden 291 0.29 Sa:cme BONDS: BAL INVESTMENT GRADE 10793 350 101.12 437 005 002 022 031 UptoS Years 0.89 224 0.93 073 Germany 3.20 0.00 154 UK 5.05 1.85 0.31 Red Date Coupon Bid Price _ Bid Yield Daily Weekly Sweden 1183 1.75 9630 250 000 ©6000 «000 0.14 5 Years Over 230 15.84 2.33 1.90 eland 3.23 0.03 151 US 474 154 000 USS Switzerland 03/36 «250 «11960 0.32000 002,022 0.49 gis Vea 190 285 1m 1a Morgan Stanley 30/01 4.00 98.79 451 007 0:29, United Kingdom ee - 2 = a ae .= ae oe ecto 247 2282 249 201 Data provided by ICE. www.ice.com Troist Fin! Corp BMS 412 9856 Ge on O12 United States 11/33 450 9932 461 0.08 006 031 0.64 All'stocks 226 13.49 228 1.88 te pie a nsesine od teed ae at the time of publica- National Rural 32/11 4.02 94.59 527 027 0.32 183475 01 531 006 012 039 «048 jon. No offer is made by ICE or the FT. The FT does not warrant nor guarantee Wstington Gaslight Co 36/09 «#578 9797 502 000 0.00 that the infomation is reliable or complete. TheFT does nt accept respon cee pae ae kha ai vam GILTS: UK CASH MARKET on or use the reliance icecom dol Gas ; Ice Page and sibility ig enwill not be fake Genes ees from any loss arising liable fortenis oe Oklahoma & Elec 28/04 650 102.80 458 0.00 ogg Jul3t Price Yield Red Yield Day Week High Low Real Yield 5% Inflation Jul31 Dur Yrs Previous Yr Ago snewapaners@ice com Euro Tr 25pe ‘27 723 123 425 0.00 0.07 9731 95.29 Upto Years 0.55 224 057 043 Germany 25/08 = 2.22 89.32 2.84 0.07 0.09 Tr0.875pc'29 89.41.98 444 0.13 0.09 91.00 87.88 Over 5 Years 227 15.84 229 1.88 www. See FTSE website for more details itse.com/oroducts/indices/ailts, Ss pain 46/10 2.88 83.30 4.13 0.56 0.43 “ 5-15 Years 1.83 8.85 1.85 1.54 FTSE Gilt Closing Prices © 2026 Tradeweb Markets LLC. All rights reserved. The Tradeweb ae Gc v ma me AS fe Tr oe _ aid 2 121 4. a O16 0.1 oe: Si: os1.01 ee ae ore ae an information contained herein is proprietary to Tradeweb; may not be copied or re-distributed; is a Tr 4.25pc ‘36 93.87 453 5.06 0.32 0.04 99.39 92.65 not warranted to be accurate, completeor timely; and does not constitute investment advice. ee 48/05 2.00 64.85 458 0.47 0.40 Tr4.5pc'42 88.90 5.08 554 037 on 96.45 8754 All stocks 222 13.49 2.24 1.82 Tradeweb is not responsible for any loss or damage that might result from the use of this £ Sterling : os information. * United Kingdom 46/12 4.25 82.74 5.69 0.63 0.63 13.75pc'S2 7316 8.13 575 037 0.40 81.50 72.00 Tradeweb United Kingdom 40) 150 48.58 5.75 01.48 0.46 Tr4pc 60 4.40 5.38 5.73 0.44 0.48 8352 73.44
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1 August/2 August 2026 * FT Weekend 19
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52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price _+/- Diy Chg High Low Yid P/E Of Price _+/- Diy Chg High Low Yid P/E 000s Price +/- D ig High Low Yid PIE 000s Pice _ +/- Diy Chg High Low Yid P/E 000s
lAerospace Defence & eis Fo Beverages 24300 24800 12380 370 1599 91905 BAE Systemsa 2094.00 4400 2360.00 1529.00 1.81 3044 614682 AEP RAantations 180.00 9.00 229.00 88.40 338 1047 47492 MEGroup 110.80 228.00 98.50 757 739 65952 Inchcape 83850 895.00 64050 401 11.57 517.66
a Chemring Group 590.50 4.00 62000 44652 1.37 3317 551.49 Assoc.BritFoods 2087.00 eam 2959.00 76s SM 268 88157 pagdery 1729.45 3.02 14.74 1244.47 _ | TPR aa wen el aa ae ~ a eee ee ne Glaeser 106.18 vee 134 10. a 13528.58 : ie ingfisher 30860 37230 24030 402 22.04 5020.27 Ford Motors 1083.04 131904 80531 412 -612 = a le L 2 iss Informa 885.80 1000.00 719.00 254 - 254I1 agg 67200 69500 17251 7 25157 Coca-Cola HBC 5010.00 5195.00 3270.00 205 2263 433.89 3 = P f ag sick Sain Sey es Se Ae ee 1425 87.35 65.70 6.73 12.58 1453557 Sainsbury J 3594 370 380.30 29120 381-2077 19360.17 ANZ Grou ; Banco Santander 1947.24 1050.00 712850 1080.00 147917 61300 1.58 583 1916 1350 565038 82754 — Greercore Diagrom 1634.50 260.40 0.60 © 307.50 214200 129550 191.10 385 1.00 2077 1973 3ag724 189984 Peahe ‘Pearson pai Ms ecb) 260700 TS 75a) 1931.00 367600 a 10. 1326428-106 SCR 20h 2 377237 ATS ps ppm Tosca 48950 51040 MES) 2968 178012014
Bank of Nova Scotia 6540.77 0.03 6698.34 4160.22 © 3.69 490.69 KerryGroup 7044.84 764635 556781 175 2059 27789 Rightmove ce cy ee a ee 5077 Bunl 280200 «6.00» 283200 198100 264 1987 510.19 Barclayse 508.70 554.10 35260 226 1161 3245428 Tate & Lyles 554.00 $8000 31940 357 25.18 494873 TY Group 104.00 13450 95.60 155 Capita 25850 416.00 215.00 - 1.79 600.56 Canadian imperial 8838.63 ©2865 «9110.65 6348.46 «2.57 332.16 Unileverm 4743.00 554211 3644.00 339 1281 397861 \Wpp pee on ew 50 sgsn13 DOC Energy 633000 — 6740.00 4188.00 3.42 — 1074.00 tinLion Finance Gp rs1000 11610.00 20.00 jae 12040.00 ee 319 690500 814 0101.69 . es Essentra ons 10420 11460 a7840 “as oe «202 — ee 763.05 Lloyds BnkgGpm == 114.70 11770 7440 350 1639 16707250 SN Store Nord W747 172 1461.23 984.75 14.39 603.50 Anglo American 3733.00 © 700-«4239.00 2042.00 078 -1519 326058 _Experiana 279000 4054.00 220300 186 2282 4449.13 NatWest Group 70580 22 72260 50020 496 1319 4701868 Smith&Neph 1158.50 1441.50 1050.00 251 21.62 4385.97 Antofagasta 3655.00 4475.00 1850.50 131 3649 83852 Hays 5640 6730 2868 0.78 -115.10 1160723 OSB Group 556.50 Sk Mey Tyme House Leisure &PersGoods 3134.00 3495.00 1873.50 326 2372 66886 HowdenJoinery 78850 981.00 279 16.03 Perm TSB Group 256.06 5.04 29166 17425 061 660 100466 BarrattRedrow 293.30 41029 23540 583 2157 1400281 — Ferrexpo# 28.58 87.23 27.20 - 452 — Intertek 564000 5.00 5850.00 351942 283 26.78 Royal BankofCAe 15666.50 2558 16187.03 9596.72 2.38 960.39 Bellway 1988.00 289000 171500 362 1497 286.13 Fresnillo 2475.00 4472.00 1371.00 384 17.74 632.09 Johnson Service 15040 «0.20 «1721012380 3.19 16.17 962.41 Stand Chart 2188.00 2278.00 128500 236 1507 5037.19 Berkeley 3500.00 4442.00 2796.00 — 1055 27762 Glencorem 543.00 400 «© 707.20 -275.20 2.33 2406831 MITIE Groupe 20700 21400 13480 217 «31.36. 12344.99 7.375%PF 112.00 12884 10950 6.58 Burberry Group ‘1187.50 137650 976.00 1957.05 Harmony 1169.80 1963.66 946.96 263 «1127 2104.19 —-RSGroup 70150 - 74274 53690 326 2027 902.93 8.25%Pf 130.00 ss 143.80 12500 6.35 = — CaimHomes 208.50 228.00 161.00 410 1145 26345 Rio Tintom 7174.00 38.00 117.00 4344.50 482 15.73 191423 Vp, 48500 5.00 620.00 42000 814 -35.14 13.92 Toronto-Dominions 894933 35.11 «9256.88 544142 256 — 841.48 + Games Workshops 19120.00 2364000 1407000 301 206 025 (i Ce Westpack 1976.46 227539 1609.17 407 1885 5186.87 Gleeson (MJ) oe 00 435, o 221.00 4.04 a 32m We 552.50 960 60940 397.15 448 ~ 3702634 Computacenter 4598.00 4962.00 222200 1.62 31.39 301.80 Chemicals 698 195 00464 0.07 868343 Caprica 36600 100 384.00 181.80 1758 10851 NCC Group 14100 16160 10720 330 25.18 3769.39 Elementis 177.20 184.00 136.00 1.88 -3057 1928.84 — ae ba He be 20 1848.36 58.52 ExxonMobil Hidgs 1141.20 — 1153480 11309-30268 = ~ The Sage Grp 97320 580 1234.00 771.66 «231 25.79 3947.66 Johnson Mattheye 1992.00 243400 173072 387 3483 47agq—Chilips 1944.17 Me TOR 84 “OR TI ‘Gopat 728.22 73639 711.13 094 11.95 Triad Groupe 37000 - 380.00 23000 243 «©3730 2:35 Victrex 7930030081900 515007612447 288 c= aa nay palo ‘ee 08 305Nagi$029 seas 6784 Helen faomy; 1114 DMNA - SGLGMM 'loconmunicatons Ts TT se—~ Engineering nergy Corpe | a6 5 — tomse 5085.15 17869 5 S23 z 5. gal Aca SH wozé 70080 158 408 e180 ase Galliford Try Hidgs 590.00 63200 40750 339 1751 19022 _ ; Pharmaceuticals & Biotech in vie 2208 1730) 413 18) eee? ere) aan cca es Ee 722.50 850.00 58500 322 2331 44350 Telecom Plus 85100 300 »«*1986.00 63800 588 «8.41 (196.94 Goodwin 17320.00 360.00 2850000 830642 162 5294 846 AstraZenecam — 12632.00 1573200 9892.00 189 2576 190454 Vodafone 11785 13110 80.68 3.36 -83.54 6479.15 Electronic & Electrical Equi Hill & Smith 7850.00 3145.00 1951.80 1.86 27.75 13349 Chemical Works (2831.62 7831.62 2744.61 543 14.46 0.01 LE discoverlE Grpe 7500 400 800.00 50500 1.68 2566 48068 Ml 2936.00 9076.00 213796 120 2362 1025.18 GlaxoSmKlinem 1931.50 7282.00 1288.60 362 1369 686423 pirpmertoheccone 457000 400 532600 367700 536 1202 21551 Halmae 3530.00 4902.00 3191.38 0.70 3581 1731.65 Melrse 454.30 685.00 40990 165 15.67 1012968 —Hikma Pharm 1585.00 2004.00 1187.00 394 1172 63924 imperial Brands 782500 pee, pele ee es eae Morgan Adv Mat 226.00 - 25150 167.00 540 30.13 108363 AHI 2825.00 3390.00 1920.00 545 1816 37.58 Tel nn] 3 Lak Oxford instrumentse 2732.00 3318.00 168200 0.85 3229 22195 —Severfeld 37.50 3865 21.30 — «31296756 [ann Renishaw 494800 98.00 5490.00 2860.00 158 4295 217.73 + WeirGroup 2636.00 3580.00 2254.00 1.60 27.54 154891 British Land 442.00 44640 318.60 523 _ _ easyJet 63000 «520 68380-33260 «210 «9.57 3436.38 TTXP Electronics 126.80 isso goo — as 501 EE Derwent London 2104.00 213600 1469.33 «387 _ _ FirstGroupe e440 0.50 2404015210 390 B62 952.30 Power 1616.00 206000 81432 = 2868 1200 Gantiow on Sn ooo CoS Ee 3700 27000 2% 0.99 ‘Flutter Entertainment 758800 23610.00 6722.00 4863 78.15 Macfarlane 7330 1.90 10050 5980 499 1837 30682 _Land Securities 708.50 722.00 522.50 584 - = kes 4 ae Bbanay Seapar ald Ves) A = res Smiths 2642.00 - ; 274627 2088.00 o ; 1.77 30.83 84683 = ‘LondonMetric ; i Frop 196.20a 2M 16530 635 : 6S _ IntContl Hotels Intl Cons Air 119414319030 1330506 49290 845800 33270 1.14 «1.57 32.74 198.78 7.09 22508.83 =Aberdeen ore Group Gpatspenl 240.60 alge 1.40 lbs 26500 | Maal 17752 et 6.07 11.14epe 3930.86SME Industrial Transportation Segro 965.00 eee 997.40 603.00 327 = = Whitbread pres 251000 v 330200 209800 386 2036 320.2 Bridgepoint Group 320.60 4.80 363.40 21200 296 6412 900.15 Braenare 228.00 260.00 203.11 ©6307 31.49 7.00 Shaftesbury Capit! 143.80 16290 124.10 2.99 7.69 4795.15 NN LXL.LL = City of London Inv 476.00 499.00 34600 693 1597 2245 Fisher(J) 443.00 554.00 320.00 ~ -5092 57.64 —Tritax Big Box 170.10 175.00 132.20 4.85 = - Drax Group 73750 937.50 61390 411 35.63 1291.57 Clase Bros ase 3ANSBRASN «tA AN em RealEstate Irsurance Inv&Services 119000 © 550 --1428.50 1000.00 407 1817 9178.90 ICG. 1888.00 7340.00 142487 461 1132 912.60 romp 3772.00 3816.00 2624.00 543 1531 48030 Grainger 17450 21300 149.44 «481-637 193861 Pennone 46300 606.00 439.40 633 23.87 1200.63 Investec 64900 300 «= 690.00 49936 «593 842 4036.73 693.400 70080 59060 567 2578 819098 jaws Harworth Group 130.40 - ares 19100 eee 116.80 136 A 4497 . 21531 Severn Trent 301800 be 3335.00 - 2381.00 418 24.44 827.03 Jupiter 158.00 21450 11340 380 823 100154 — Chesnara 344.00 360.00 261.00 654 -6812 40926 oticaly ree maiz “Meo 1a) eo ag ee 234600 276750 189700 293 2224 1910.70 Liontruste 284.00 = 385.00 223.00 6.69 1844 = 157.12 Ecclesiastical Insurance 142.00 155.00 135.00 6.07 - 337 antviow Ext 1 London Stock Exm — 8398.00 1029000 6684.00 1.88 3523 1637.78 — jranesrd Global 5 7 ‘ I nm 15 beedheatiee Tey ey Wee ae) Wes Ue Rathbones Group 1688.00 1200 2500.00 1580.00 600 2 1546 11776 ee ane Hiscox 51.00 1809.00 57.00 190400 320 124600 87339. 207 1247. 543° 1241.13 Savills 920.00 1126.00 791.46 5 367s 1769 324.92 oo aa of : a : Sirius Real Estate 98.95 113.00 86.80 553763473335 S&U 1945.00 5.00 2458.50 1620.00 591 9.96 2.34 Lancashire Hidgs 602.50 700.00 549.00 277 670 99859 gay 11250 — 14000 106.00 289 =a - Stoner’ ‘St James's Place cis) 1053.50 50 TEED 1075.71 155 zoe 1575.50 1038.75 171 10 2964.14 Lome Generel Old Mutual S000 60.40 Ga) 0.60 S0000, 2720712550701 78.80 50.60 672 6.83 99.48 pS TPICAP Group 342.60 355.00 23550 4.90 13.60 976.87 Prudential 1116.00 1238.00 910.20 1.76 974 7850.38 — Caffynse 400.00 - 550.00 350.00 250 -983 - Vanquis Banking Gp 77.30 132.00 71. — 2434 7830.03 Standard Life 923.00 1.50 932.00 615.00 600 -19597 1915.46 Qunelm Group 869.50 1249.00 707.00 805 1126 361.92
52 Week 52 Week Vol 52 Week Vol 52 Week Vol
Price _+/- Diy Chg High Low Yid P/E Price _+/- Diy Chg High Low Yid PIE 000s Price _+/- Dly Chg High Low Yid PIE 000s Price _ +/- Diy Chg High low Yid P/E 000s
HAerospace& Defence 676.00 - 7000 61300 537 510 «40.90 TE XE crisic 15600 «350 ~—16500 9000-224 «3071 «35.64 Cohort 1226.00 1538.00 881.10 1.48 2347 «63.50 ~—-~Burfod Capital 300.60 105400 27980 314 1395 14262 Mission Group 1800 2700 12.00 085 6818 —_LonSec 360000 — 375500 2100.00 269 1856 = Velocity Composites 14.00 2600 12.00 700 74.00 Premier Miton Groupe 37.50 6800 3453800 48.08 6275 | Vp NW 13950 250 © 187.50 110.00 624 «750 «154.64 Basic MiningResouces x overages Foe entral Asia Metals 7 ah 2 ) ae 125.27 ae ae oe ig = 5= Cropper J 380.00 2300 41450 230.00 - 1234 5142 Camellia 5450.00 6300.00 4800.00 4.77 -29.19 0.26 Crism Therapeutics 9.50 - 18.50 8.00 — 1.86 6.86 & a sO ULNA LEE lle Consicion&Materais Nichds CMOS 1060.00 20.00 142500 880.00 367 1807 89.77 coseOxford Metrics 3820 60.40 3750 851 -6945 157.84 sass Electronic i & Electrical Equi ‘ote tl SEEM ek House, Leisure & Pers Goods Pharmaceuticals & Biotech oul a BREUER Travel leisure Das : | Churchill 385.00 460.00 27100 545 970 1878 . — Gaming Realms 3080 = 55.00 29.00 - 1517 33621 eee te any 7128001 Frontier Dev 436.50 - 58856 30200 - 1029 7806 Sereum Holdings 25D OO a 154000 21.00 167600 98000 110 729 75815 DP s 81.00 9000 3400 = 8068838 pceririn sooo = 200=S«13800=«a7.14 1.10 79.18 A LLL ea ee 350.00 240,00 283 1166 28.65 Sanderson Design Grpe 77.50 «0.50 79.00 40.00 194 26.01 10997 —_Bochoo Group 22.40 2950 10.30 — 289 1558.07 [Financial General tcc CU 175200 1.00 +-«*1648.00 1062.00 068 1699 27737 Arbuthnot Banking 840.00 1130.00 799.00 6.55 7.70 4.92 me rao = rng ono 82562 52 Week Dist 52 Week Dis. 52 Week ) Price +/- Dy Chg High Low Yid NAV Prem Price +/- Diy Chg High Low Yid NAV Prem Price + High Low Yid NAV em
— Fidelity Euro 428.50 442.00 367.50 231 451.29 4.96 Polar Fin. 246.50 253.00 199.16 — 25470 079 H +
4 infra 30.00 30450 327500 254 40289 © -357_—‘“Fideliy Spec 463.50 46950 37200 223 46353 0.44 + PolarTech. 62650 1500 74350 384.00 — 67524 599 Guide to FT Share Service Abf GVIT 88.00 93.98 76.00 693 103.36 12.25 Fastany Gt edly sh nz zo) Bnet se see Sil pale m On Se Ve a All data is as of close of the »revious business day. Company classifications are based on the Abf Sm 1704.00 8.00 1758.00 1408.07 281 1908.33 Ss ose i a a ED HIRD eu Soe = sa A am) yes ese IcB — pany y FISE. FS E100 Reed aa in bold, Closing prices are an Aberdeen AsiaFoc 418.00 11.00 464.00 334.00 1.54 45591 © -8.17__GRIT{susp) 1.25 12 125 14.40 -91.32,Ruffer Inv Pr BBE OED S122 203. AAG 280s nence unless otherwise inlicatod. Highs & lows are hese on intra trading over a rolling Aberdeen Asian Inc Fund 304.00 7 357.00 22900 617 33219 674 Hanse 336.00 8.00 344.00 250.00 1.31 53395 —-37.85 + Schdr AsiaPac 791.00 11.00 892.00 585.00 1.64 901.13 3.65 52 week period. Price/earnings ratios (P/E) are based on latest annual reports and accounts Aberdeen Eq Inc 481.00 473.00 369.25 501 45696 1.94 Hanse A 313.00 330.00 24400 141 53395 -41.57 —Schdr AsiaTotal 690.00 23.00 = 738.00 488.70 1.67 71040 = -2.17 and are updated with interim figures. P/E is calculated using the company's diluted earnings Aberdeen UK Smil 508.00 53000 441.50 276 56134 -9@2 Henfats 25650 200 281.50 22450 «9.77 23860 ©—6.15.—Schroder Inc 370.00 376.00 310.00 3.97 39500 8.72 —from continuing operations. Yields are based on closing price and on dividends paid in the last Alliance Witan 1345.00 15.00 1356.00 1178.00 2.18 1406.26 -4.65 Hentigh Inc 205.00 21220 173.25 «543 217.29 5.01 Schdr Japan 373.00 1.00 401.00 258.00 325 402.88 7.10 financial year and updated with interim figures. Yields are shown in net terms; dividends on Allianz Tech 670.00 4.00 764.00 439.56 — 739.39 5.82 Hen Smir 953.00 966.00 769.00 3.04 1034.25 Al Schdr Orient 442.00 7.50 460.50 298.00 299 458.16 -3.96 UK companies are net of 10% tax, non-UK companies are gross of tax. Highs & lows, yields Artemis UK Future Lead 382.00 90600 271.00 404 49058 -1095 Herald 2950.00 — 379073 2785.00 — 304809 825 Schdr UK Mid 750.00 772.00 652.00 301 79454 494 and PER are adjusted to reflect capital changes where appropriate. Trading volumes are end of Aurora UK Alpha 253.00 100 27900 22209 186 28443 «-11.88 «= HICL fra 136.00 = 138.00 107.20 625 16088 -1547 Scat American 555.00 561.00 480.10 295 597.74 6.69 se ee et Oe he — 1 i = ~~ value per share (NAV) AVI Japan 164.00 194.00 154.50 1.34 171.46 -261 Impax Env 432.00 1.50 494.76 379.00 1.18 496.97 1291 Scot Mortgage 1330.50 15.50 1563.00 1015.74 ee 1458.49 955 a Decne ee a shia Seiad shang ps scouts, premka BG China Growth 306.00 331.04 260.00 0.82 34188 © 8.53 _IntBictech 1020.00 1235.00 624.20 307 1127.99 6.89 Scat Oriental 7a 305.00 240.00 1.33 283.40 9.31 redemption yield (GRY) and turdle rate (HR) to share price (SP) and HR to wipe out (WO) are BG Euro 11700 +«=150 »«-11800-=S«91.40.Ss62 12700 «Ss BA4Cnt PP 142.00 14320 11560 619 15233 665 _ StrategicEq 362.00 — 415.00 330.00 1.17 38721 8.42 disstaved asa percentage, NAV in pence BG Japan 1036.00 4.00 1044.00 811.10 0.97 1128.55 8.80 Inv Asia Dragon Tst 483.00 6.50 51900 366.00 398 51453 6.42 Temple Bar 419.50 428.00 329.00 372 415.96 0.46 BG Shin 161.40 220 168.40 123.05 0.43 178.73 -9.23 Inv Bond Inc 170.00 17850 150.11 7.21 167.55 1.88 Tetragon 1018.02 1406.64 892.96 3.43 BG US Growt 306.00 369.50 260.15 336.42 7.61 JPMAmer IT 1200.00 16.00 1238.00 1041.00 0.96 1231.12 203 TRIG 76.10 86.20 63.20 992 10472 -26.85 —« trading ex-dividend Baillie Gifford UK 220.00 — 2500 18012 282 24471 945 JPMAsiaG&l 56800 800 65200 38810 557 572.59 134 (UIL 196.00 — 188.00 188.00 4.08 256.68 © -2355 = trading ex-capital distribution Bankers IT 147.00 1.00 15340 «120.60 «1.92 160.69 7.15 JPM China G&l 268.50 100 313.00 28650 -5.05 300.55 -7.88-——tilico EmerMikts 78700 200 = 302.00 2398.88 «3.34 31502 8.02 _—# Priceat time of suspension from trading Biotech Growth 1602.00 1684.00 804.00 1756.95 5.80 JPM Clavr 974.00 4.00 980.00 782.50 3.75 991.19 1.44 VEIL 703.00 865.00 682.00 — 79456 -11.86 Bick Amer Sml 779.00 72400 197.00 501 2759 3.19 JPMCbiCore 80.00 8660 68.00 Weoriaane Hit S70) 396.00 306.48 0.64 A071 158 The prices listed are indicative and believed accurate at the time of publication. No offer is BickR Energy &Res 174.00 — 500 11650 333 18297 -410 JPM{imrgEMEA 250.50 — 31000 18165 024 6695 77338 «© CRIMP by ICE or the FT. TheFT does not warrant nor guarantee thatthe information is reliable BickR Front 187.00 208.00 15950 407 185.98 1.31 JPMEmrg 161.80 4.60 181.20 11840 465 177.86 7.41 CT Priveq son.nn _ sam = 439.-A4Ss*RA RDS ~—--7ANR__—or complete. TheFT does not accept responsibility and will not be liable for any loss arising BickR GtEur 588.00 62500 50695 122 63218 620 JPM{urDisc 625.00 3.00 666.00 548.00 256 677.12 7.17 HGCapital 390.00 150 «BAD SBA «28 (see -2eg7 | Sem reManceon or used! tho nisin BickR 186 27.00 73800 19800 339 26207 1013 JPM [urG&i 148.80 0.60 15300 121.50 371 147.92 098 iver pape — 34m00 26008 — 4502.00 -2525 _TREFT Share Service is a pati-or print isting service and may not be fully representative of al BlckR Smir 76900 050 28840 23080 295 30560 -11.45 JPM im Mk Div 1950 4.00» 221.00 145.00 3.01 21934 = 8.27 CG Ent 144000 18.00 1611.42 1288.31 +292 203383 © -2920 Pats nese Meee ee ae eae haere aes alan : BickR World Mining 883.00 1.00 107286 543.15 272 903.62 1.24 JPM 6bi G&l 609.00 5.00 61650 52960 407 61651 0.36 Pantheon Int 395.00 150 409.00 319.50 525.70 25.15 oe vee a ce ee eee ee Brunner 1538.00 1562.00 1336.00 1.76 172299 -1029 © JPMhdiaGwthinc ©~—882.00 1106.00 79900 502 95790 7.79 partners PEE 59847 734 94552 583.57 1000 11.84 -4088 Caledonia Inv 388.00 350 39500 31200 198 59411 -3520 JPMJapan 788.00 — 84900 633.00 1.10 846.21 = 6.10 CanGen C$ 2698.84 2057.59 216049 2.43 85.40 -39.87.« JPMUKSm 34250 050 360.00 28792 424 37625 © -9.49 City of Lon 593.00 1.00 89900 49600 374 56301 191 JPMUSSmi 43200 7.00 «= 463.00 «365.00 074 474g) -ag7 © AEWUKREIT mm lh UU lf COS NatRes 351.00 46700 20700 806 34992 263 LawDeb 1242.00 1270.00 977.40 2.98 1224.82 261 "RPrp 318.00 O50 36450 291.00 5.06 350.77 9.87 CT Healthcare 144.00 15240 11040 375 14991 0.04 _Lindsell Train 58400 800 98600 53600 479 «7.25 EAS «71.67 + «LEA CT Mgdl 131.50 — 13500 11400 608 131.13 0.24 ~—_Lowlend 182.50 18650 141.50 371 201.13 © 9.02 Bmd 2nd VT 47.60 = 5400 9950 840 4995 470 CT MgdG 320.00 330.00 270.00 324.47 1.07 Marwyn Val 139.00 — 139.25 138.00» 6.52 250.54 9-44.52 Nthn 2 VCT 54.00 200 57.00 47.00 556 54.60 476 CT Cpa 358.00 37300 320.00 372 37670 -431 Mercantile 276.50 282.00 23431 298 309.28 ©9893 Nthn 3VCT 8450-380 8650 79.50 533 8510 482 CTUKHITB 11250 — 12000 9200 530 12023 -7.00 Merch. Trst 666.00 673.00 536.00 445 707.18 571 —_Nthn Venture 5750 2.50 5950 53.00 539 5780 484 . CT UK HIT Ord 116.00 12600 9700 514 12013 1.89 Mid Wynd 770.00 904.00 682.00 1.08 793.86 1.76 Data provided by Dunedin Inc 314.00 = 318.00 275.00 642 342.98 974 — MonksIT 1578.00 12.00 1664.00 1322.00 0.06 1665.06 4.48 = 5 Edinburgh inv 844.00 860.00 73760 379 91831 809 MontanaroEur 174.00 18200 14200 089 19978 © -757 © Aberforth GV . 170 TTS et Edin Worldwide 232.50 79450 18580 — 25592 -7.81 Murrayinc 1020.00 — 103400 854.66 4.02 109890 -7.04 Markets and data Euro Opps{susp} 937.00 _ 957.00 782.00 — 979.05 507 Murray Intl 368.50 1.50 371.00 283.50 342 364.32 0.99 Crys Amber 89.50 _ 155.39 87.00 — 17559 -49.03 The Euro SmiCo 234.00 0.50 247.21 19380 540 253.74 7.98 New Star IT 139.50 = 144.00 «107.00 254 203.50 = -31.45 F&C Inv Trust 33120 1.20 © 133200 32580 «1.27 36625 «811 N.AtSmirIT 424.00 — 43300 32800 1.65 617.16 -31.95 Ice happen here. Fidelity Asian 588.00 67200 546.00 349 621.44 4.63 Pac. Horiz 1056.00 54.00 1262.00 638.00 0.14 1166.21 7.50 Fidelity China 7800 «3.00 «33900-24101 «3.36 278.11 5.15 Pers. Assets 54500 1.00 $55.00 507.00 103 54467 0.96 ; Fidelity EmerMkts 1370.00 © 28.00 -»«'157400-81000«1.45 141897 7.88 -—PolarHealth 438.00 460.00 32100 050 43438 307 ee
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20 * 1 August/2 August 2026
FT Weekend
Lex. Investors appear to be growing weary of obvious nonsense Fifa stake sale could work — but not at this price ivisive as Fifa president Katie Martin Gianni Infantino may be, the World Cup he oversaw was a success. Opinions Fifa revenue by World Cup ($bn) cycle The Long View 15 Projections may differ on the entertainment value of victorious iven the explosion in bulk of his portfolio to Ken Griffin, the Meanwhile, investors are turning an Spain’s boa constrictor-like tactics, excitement about ancient embodiment of the Wall Street estab- increasingly critical eye on the US Fed- but the tournament produced good Greek legends and myths, it lishment. eral Reserve under Kevin Warsh. This football and a revenue bump for its is fitting that this week sev- Aschenbrenner will no doubt fight week, the Fed kept interest rates on hold organisers, host cities and sponsors. eral key protagonists in another day. But this is precisely the risk as widely expected, and promised to But Infantino may have gone too financial markets have, Icarus-style, that staid institutions like the Bank of keep up the fight with inflation, but far. The global football body’s plans to flown too close to the sun. England have been warning about of long-term US government bonds fell create a $20bn commercial subsidiary Dazzled by ambition and hubris, and late. Soaraway speculative bets funded heavily in price nonetheless, with 30- vehicle, the Fifa Forward Enterprise, convincec of their invincibility, people with borrowed money have been all the year yields — a key input in to mortgage and sell a 21 per cent stake in the as diverse as South Korean day traders rage, and they simply never end well. rates — striking the highest levels since rights to the men’s and women’s le) and the world’s most powerful central The fizz has also come off Korean the financial crisis. Higher borrowing World Cups for $4.2bn, have raised 2010 14 18 22 26 30 banker have been singed from the fierce stocks, which have provided one of the costs were not part of the promised Source: Fifa opposition from fan groups, Europe’s heat of rezlity. None of this is a surprise, wilder rides of 2026, on the heels of package from this new Fed chair. footballing body Uefa and politicians. as such. Some of these reckonings were shares in semiconductor companies. This is the market’s way of saying it Those may yet kill the plan: Uefa monetising than Fifa can, while If Fifa really believes its plan is the heavily advertised in advance. (If you The Korean stocks index surged 150 per can’t wrap its head around the confident members have voted to boycott the preserving the laws of the game, ought key to football thriving, it has a have a working knowledge of markets cent higher from January to late June, message from Warsh. He is trying to next World Cup unless Fifa backs to strengthen football. chance to prove it by pushing for the and did not realise Korean stocks were with the latter phase of the ascent convey that the Fed is “on the case” on down. Should Infantino persist, it Selling a trophy asset at cut price best price. Members might be best overheating, then I have bad news for inflation, as he put it, but his distaste could usher in disruption as rival would be a different matter. The served by an auction, or even a public you about Santa Claus and the Easter for “spoon feeding” markets with sig- governance bodies go to war. men’s World Cup alone is expected to listing. The resulting scrutiny could be bunny.) Speculative bets fiinded nals of his intentions means investors The backlash conflates two make about $3.5bn of revenue a year helpful for an organisation that has But to me, it is an indication that with borrowed money are left to fill in the blanks for them- questions, however. The first is over the next four-year cycle. Soa had notable brushes with corruption. investors are finally showing signs of selves, leaving space to suspect political whether Fifa should be selling a stake $20bn valuation represents a multiple The proposal to sell a stake to growing weary of the painfully obvious have been all the rage, and considerations may creep in to the Fed in its football competitions in the first of just under six times — less, after Thrive Capital, a fund run by the nonsense. The masters of hype are still they simply never end well chair’s thinking. place. And the second is at what price. accounting for potential revenue from brother of President Donald Trump’s doing what they do best. The reality, “The political reaction function is There is nothing inherently wrong women’s football and other activities. son-in-law, does not obviously achieve though, isthat bond markets are caught fuelled by a proliferation of leveraged important,” said Salman Ahmed at with a stake sale. Commercialisation That is not far off where the market those goals. The World Cup’s ticket in a perilous dance, big stock market funds, but has now given up nearly haf Fidelity International. “The Fed does does not always mean corruption, and values Formula 1. Football is bigger by pricing showed Infantino can squeeze indices have been flatlining for weeks, of those gains. not operate in a vacuum.” Warsh has not investment is as fundamental to far. Revenue has jumped over the past fans. If he is determined a stake sale and froth is getting knocked off the top. Ordinary investors caught up in the crashed to earth here, but investors football as long socks. Bringing in two World Cups, and the game's would help the game, he could at least Frothiest among equals is hedge fund frenzy are feeling the pain, with one tel - have demonstrated they are willing to partners who can do a better job at expansive fan base is unrivalled. do the same to his new investors. Situational Awareness. Naming a hedge ing the FT this week that her life is show their teeth. Soothing words alone fund demands you convey confidence, a “screwed”. Korean authorities have now are not enough to turn this around. sense of resilience, but also just enough clamped down on the risky retail funds Investors of all stripes are rejigging stardust to indicate exclusivity. Gener- — too late, it seems, for hundreds cf their portfolios to avoid excesses and Lloyds’ techie boss talks a bot can search the whole market in leverage with volatility, definitely. It ally, the result is a hackneyed combina- thousands of investors. faulty assumptions. Retail investors are seconds, each product must compete ought not to be a shock if what went up tion of rocks, forests and seasons. Not so The forces behind the distress at Situ- selling individual stocks, chiefly in the up Al but new strategy on its own merits. Big banks may still like a rocket sometimes come down for Leopold Aschenbrenner, the 24- ational Awareness and the much sorrier tech sector, at the most rapid pace since offers a contrarian bet offer the best price thanks to cheaper like a stick. Of the 29 US-listed stocks year-old wunderkind who named his tale of Korea’s have-a-go investors were the Covid crisis, according to research funding and proprietary data, but can the fund reported holding at the end of fund after a 165-page essay he wrote on grimly predictable, and indeed widely from Vanda. “Tech is taking the hit, not no longer rely on a captive audience. March, the average share price is down the transformational power of Al. predicted: a dream of massive easy the broader market,” Vanda said. Mean- Charlie Nunn, chief executive of Lloyds Already almost a fifth of UK 21 per cent in the past month. This week it turned out his situational riches, perched on borrowed money while, the supposedly dreary UK stock Banking Group, loves talking about consumers use it to help with their Chipmaker Sandisk, one of its large awareness did not extend to under- and sitting atop a painfully narrow set of market, devoid of racy tech names, hit a technology. The former Accenture personal finances, accorcing to the holdings, is down 45 per cent. standing the destructive power of lever- stocks. record high this week. partner wants to put customer deposits Financial Conduct Authority. That That doesn’t mean Aschenbrenner age when bets go bad. It’s great on the Perhaps the stock market listing of Investors know the hubris has been on a blockchain and made his senior said, Britain isn’t likely to descend into wasn't directionally right. He claims way up, asevidenced by his 400 per cent Elon Musk’s SpaceX really did ring a bell mounting and they are looking for nice, staff take a course on “leading with AI’. an Al financial free-for-all: a regulatory the fund is still 80 per cent up this year. returns in the first half of this year. But at the top of this speculative market boring safety and stability. This is the But part of his new four-year strategy is review in July said rapid switching by Situational Awareness still holds when his favoured tech bets took a hitin cycle — its shares have now halved in best way to avoid getting singed. in effect a bet that AI won't conquer all. Al agents could hurt financial stability. unleveraged stocks, and a stake in the past few weeks, calls from his banks value since their intraday peak in mid- Lloyds wants to boost income with That should provide reassurance yet-to-go-public AI lab Anthropic. It demanding cash led to him selling the June and are below the starting price. katie.martin@ft.com initiatives that are, at heart, about about Lloyds’ position. Nunn might be can now weather valuation wobbles cross-selling products to customers. A the biggest tech evangelist in UK without having to dump those crown priority in its insurance division, for banking but as AI threatens to jewels, having learnt the hard way that example, is “realising cross-group undermine rather than assist his cross- debt and unpredictability don’t mix. synergies” — the classic bancassurance selling ideas, it’s a good job most people Who else still needs to learn that model of selling policies and don’t share his level of enthusiasm. lesson? Perhaps builders of AI data investments to bank customers. Then there’s an “integrated transport centres — which Lex reckons are on course to invest $9tn by 2030, and are KUSNACHT (R) PRACTICE ecosystem” — encouraging customers at risk of making similar mistakes. Just to search for a new car, arrange the Situational Awareness as Aschenbrenner’s long-term leveraged bet proved short-term financing and get it insured in one place. Even the bank’s new network of got the future right wrong, builders of tech infrastructure, rental properties becomes a conduit for but misread the past taking on boatloads of debt financing, selling home insurance and mortgages. are shoring up what Man Group warns This makes sense for an established is a “temporal mismatch”. group like Lloyds. Its retail division has Leopold Aschenbrenner was hailed as a Plenty can go wrong. Chips could a relationship with about half of UK great prognosticator, buthe did a poor wear out before the loans have been adults. That’s 28mn people who, job of interpreting history. The tech repaid. New AI model efficiencies could generally speaking, will opt for the wunderkind’s misfortune is a reminder make some data centres superfluous. convenience of buying via their bank that an investor can be right and still Chinese models like Kimi K3 that do app, even if better deals are elsewhere. come undone. more with less could gain traction. The Lloyds is hardly the only bank doing Situational Awareness, the fund the view that AI will gain mass adoption this. Every big lender in the UK is OpenAlI alumnus founded in 2024, sold could be right, but the returns, specific hoping new “targeted support” most of its publicly traded securities to winners and timeframes could vary, regulations will make it easier to sell rival Citadel after banks called in their bringing calamity for some with wealth management services to their loans. On the face of it, what happened lenders to appease. customers. Historically, the only real is simple: Aschenbrenner thought AI- While big lenders avoided betting risk was falling foul of mis-selling rules. related stocks would go one way; they their own balance sheets on the AI But now there's a new risk. What if went the other. Since he had funded his boom, they are happy to help others do consumers delegate financial tasks to trades with debt, this quickly turned so, for a fee. The lessons are there for agentic AI? The more that happens, the into a liquidity crunch. those who heed them, and leverage is more cross-selling loses its shine. When Was he wrong? To mixshort-term still available for those who don’t.
NIKKEI ASia The voice of the Asian century
France and Spain scorched by record wildfire activity More than half of the 224,000 France Spain people who were forced out of Cumulative burnt area e 115,000 Cumulative number of fires their homes by wildfires around (hectares) se Bordeaux since last week have now been authorised to return, a 100,000 - 500 sign that the firefighters may e have gained the upper hand against France's worst blazes in 80,000 decades.
115,000 hectares have burned
across France this fire season
60,000 according to the interior minister, shattering the previous record of 66,000ha set in 2022. 40,000 In Spain, wildfires around Madrid have also been brought largely under control, according to 20,000 authorities, with most of the roughly 63,000 evacuees allowed to return home. But separate fires have broken out in Valencia in the ’ south-east and in the western Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec provinces of Zamora and Leon. On the shores of Lake Zurich, Switzerland, Kusnacht Practice Dotted line represents the latest burnt area figure from the French government. *2026 data to July 29 delivers world-leading, highly personalised clinical care in mental Source: Effis Sign up for The Climate Graphic: Explained newsletter ft.com/climate health, addiction, and precision medicine, through an in-house team of doctors across three disciplines, enabling profound healing, lasting transformation, and a life fully reclaimed. KUSNACHTPRACTICE.COM Get the business insights you need to succeed in Asia Visit asia.nikkeil.com Saturday 1 August / Sunday 2 August 2026
STYLE | TRAVEL | BOOKS | ARTS
ifecoArts FT Weekend
Berlin blues Battle stations Alan Cumming
Give me my The events of 1066, ‘Gasp factor’ theatre is
Sundays back re-enacted in Hastings coming to Pitlochry
ANNE-SYLVAINE CHASSANY PAGE 18 “me «= TRAVEL PAGE7 ARTS INTERVIEW PAGE 12
A fractured thumb, a footballer’s letter, a narrow escape, a girl band in Suffolk, falling in love
at the Edinburgh Fringe — FT writers revisit the season that made them who they are 6:28 pm Sunday ed ing new. * They only really came to try someth ary in style. Illustrations by Sure, I loved meeting people. But although I had recently touched down Paul wanted to celebrateitheir annivers ‘The baby, the marriage and even before, Hannah Robinson there was also the self-contained bliss from one, and was making my way And though they saw much they'd never seen that internship still shape me’ shion, - of being alone: of the simplicity of me home. It was the summer of 2015. from the deafening engines to the dazzling fa Tim Harford Undercover Economist and my thoughts, augmented only As I was rushing to board the Tube, it was a song they hadn’theard sin V ( by a good book. I slipped and fell in the gap between the Sometimes everything happens in a I hadn’t set out to find myself like carriage and the platform. I was 20 and that set their hearts rush. In May 2003 I was growing tired this. The plan had instead been to my arm, instinctively thrown through of a corporate job in London, and so travel with someone. But my closest the closing doors, saved my life. There’s nothing like was my girlfriend, who worked in the friend wasn’t available and, I soon I’ve written elsewhere about the Goodwood Revival same department. By September, she realised, neither was anyone else. shockwave of this incident but it also was pregnant and both of us had quit Instead, declining to be sad, I bought had a different, less expected impact. and moved to Washington DC. an Interrail pass, planned a route, The experience was a sartorial lesson: In between? Marriage, a coast-to- hoicked my overstuffed backpack high since then, I wouldn’t be seen dead in coast walking honeymoon, and even on my shoulders and set off for Dover, plimsolls. (It’s hard not to hear the asummer job. I spent June, July and hoping for adventures. I found a few of near literalness of that expression.) August writing editorials at the those that summer, along with a lesson I was a student, wearing my friend’s Financial Times under the auspices that has stayed with me for life. cast-offs. Shoes then were the of the new Peter Martin fellowship, afterthought component of an outfit. set up in memory of the great FT ‘T fell in the gap between the That summer taught me their business commentator. Summer carriage and the platform’ importance. Ideally, that they have grip, fruits do not always endure, but the and do not send you sliding at speed Rebecca Watson FT writer and novelist baby, the marriage and even that into a gaping, perilous space. But safety internship continue to shape me. This isn’t a tale of an exhilarating concerns spun into surprise that I had romance or a profound encounter with ever not cared. Shoes, much like a good ‘Tmade an important discovery: a dolphin. I wasn’t even on holiday — pair of glasses, can elevate an outfit. I liked my own company’ I never wore those plimsolls again. Respect your feet, watch your step. Jay Rayner Restaurant critic
At a distance of four decades, it’s ‘What did young people do after tricky to identify the exact moment these horrors? They chose life’ of revelation. It may have been Martin Wolf Chief economics commentator while trundling by train through the brown toasted scrubland of southern My choice of life-changing summer is Italy en route to the ferry to Greece. that of 1946. I was born in August that Or perhaps it was while bobbing year. It is impossible, after all, to think across the Aegean Sea. Or maybe it of any event that meets this criterion was on one of those blissfully air- better than one’s birth. It is more than conditioned buses that snake along life-changing: it is its beginning. Turkey’s coast, the journey broken Moreover, 1946 was rather special: only by the driver squirting your it was the first full year after the end of hands with lemon-scented eau de the second world war. I was one of the cologne during rest stops. But first postwar “baby boomers”, a 18-20 SEPT 2026 whatever the exact occasion, generation that has had a profound somewhere during that hot travelling influence upon the western world. Tickets wailable now summer of 1985 I made an important My discovery: I liked my own company. Continued on Zz * FT Weekend 1 August/2 August 2026
Life
The free entry into essentially all the UK’s other theme parks — but not a provider of great food. A few years
summer after I left, the Soil Association (a food and farming charity) described it as “Deep Fried Crap Land”. This is unfair
that in that quite a lot of it was boil-in-the- bag, blast-in-the-industrial-oven or reconstruct-from-an-offsite-kitchen
changed me crap when I was there. Nonetheless, those summers did change me: they sharpened my time management, gave me a taste for financial freedom and taught me to always bring a packed lunch when Continued from page 1 visiting a theme park.
Yet even more interesting than ‘Urban Clique became the name the subsequent history of my own of our girl band. I was Posh Clique’ generation were the choices made by Jemima Kelly Columnist our parents. They were then young people, mostly in their twenties and I had just turned 16. My brother was thirties, who had been through a about to join my sister at Cambridge devastating war. In the UK alone, and my eldest sister was just starting some 454,000 had died. Worldwide, life as a doctor. But I wasn’t going to do the estimated total death toll was an things the same way as the rest of almost inconceivable 87mn. them. I, the youngest, the dissenter, What did young people do after was going to be a pop star. these horrors? They chose life. My mother hugely disapproved but 955,266 children (19.5 children per my father felt he should support my 1,000 inhabitants) were born in the dreams. So he allowed me and the two UK in 1946. This was the second- school friends I had started singing highest ratio in all the years between with to have his house for a week. 1945 and 1970, and only just behind We treated it as a kind of boot camp. the 20.7 in 1947. We practised harmonies, did hundreds My parents chose life, despite of sit-ups a day for the sake of our knowing that almost all members crop-top-and-low-rise-jean combos, of their wider families had been and studied videos of Destiny’s Child ca | Oly Ne 1"
SSS
murdered in the Holocaust. They and Britney Spears. NS. REGS chose life, despite having been forced into exile during the war. 4 ll Urban Clique became the name of our girl band, inspired by the most So many men and women in my urban of sources, my father’s Oxford parents’ generation chose life, because English Dictionary, formed in the most they trusted in a better future. They Two tips about Colombia: never spell ‘T discovered that you're only 21 accent in the US is never a bad thing. where I sat under a tree reading novels. urban of places, the upmarket seaside were right to do so: their children have it with a “u”, and never make a joke and on the edge of love once” That true family will allow you to catch But I also travelled and fell in love with town of Aldeburgh, Suffolk. (If you are lived in a golden age of peace and about cocaine. Because the country up on a year’s worth of sleep in one the Devon coast. My wife joined me at doubting my own credentials I was, for plenty. My life began with optimism. is a million more interesting things. Alice Fishburn Opinion and analysis editor weekend, put you back on the bus and the weekend and Devon became a all intents and purposes, Posh Clique.) We need such optimism again. After that summer, I went back 2003. New York City. Twenty-one not hold it against you. happy place, where we'd holiday year We bought fish and chips and sat to live in Colombia for three years. years old. Iam a camp counsellor Summer storms in totally after year, slowly dragging more of our by the beach writing our first song ‘My path split into two, rather Does living abroad change your in Manhattan to a gang of five-year- inappropriate footwear. A regular family along. Not a very exciting tale, together. “Baby I’m sitting here and I’m more neatly than my thumb had’ life? Or does it begin another life, olds by day, sofa-surfing and partying pay cheque. Art museums. 50 Cent. but come back in winter, have I got thinking of you / You're driving me unconstrained by previous loyalties my way from the Upper West Side to Cabs up the West Side Highway at some stories for you. crazy boy what’s a girl to do?” went Henry Mance UK news editor and expectations? I made friends, SoHo and back again by night. 2am. Kind friends. Even kinder the opening lines. It was a legit banger It was the summer of 2005, and I was plans and mistakes. I felt my path It is two months of discovery. parents of friends. The security ‘We finally snogged on the last day that would see us sitting, trembling, fielding on the boundary in a low-level splitting into two, rather more neatly Discovering that American parents tip of knowing you get to go back to of the festival. He then vanished’ opposite an A&R executive at Polydor cricket match. A high ball headed than my thumb had. big. That you can never go wrong with university at summer’s end and leave Records the following year. Jo Ellison HTS! editor towards me. I misjudged it. My thumb I was too British to live in Bogota for a dance routine to “Under the Sea” that looming adult world for just a I would stay at school until 18 but fractured like a Jacob’s cracker. The ever. But these days, when I reluctantly when confronted with a bored little bit longer. The excitement of August 1997. I had graduated from not go back into formal education for English summer was sending me a return to the cricket pitch, I can kindergarten class. That a scarf can be knowing it's out there waiting for you. Edinburgh University, against another six years as I tried to make it in hint: it was time to head elsewhere. remember the person I was there — repurposed as club wear in an the backdrop of a New Labour the music industry, earning money by A few weeks later, I went to do and be grateful that life hasn’t been emergency. That you're only 21 and on ‘The impending collapse of government (that I hadn’t actually working in bars, shops and a boutique university fieldwork in Colombia. entirely linear. the edge of love once. That an English Yugotours was an opportunity’ voted for) and a terrible nagging bowling alley, and partying pretty hard dread about my future prospects. in Camden and east London. I never did Bryce Elder City editor, Alphaville A final summer working the box office quite make it. But it made me who I am. The Yugoslav state lasted slightly at the Traverse Theatre, Edinburgh, longer than my parents’ marriage, offered a tantalising delay before the ‘Tt was my first and last fan letter. which was not to my benefit. Rising Astonishingly, “Sir Les” replied’ tensions between separatist factions Horatia Harrod Arts editor culminated in a package holiday to the Makarska Riviera. My father, As England exited this year’s World “iby always alive to a bargain, saw the Cup, I was taken back to my own impending collapse of Yugotours as an summer of footballing disappointment. LONDON opportunity. My mother, for reasons we In 1995, my passion was Queens Park GOLF CLUB didn’t acknowledge, stayed at home. Rangers FC, then a surprisingly great For me, it was a new type of holiday. Premier League side whose talismanic It was an introduction to breakfast striker was Les Ferdinand. I sat up in buffets of rubber cheese and UHT the Loft, a rare girl in the stronghold of milk. I'd not previously guessed that QPR supporters, and watched “Sir Les” people would fly to places that are a score goal after goal. bus excursion away from anything It was almost an inevitability that worth seeing. I'd never thought to when the season ended, he would be spend whole fortnights by the pool — sold to a bigger club. Unless, perhaps, although, in my case, not in the pool. I could persuade him to stay? It was the I'd grown my hair long to look like Iron first and last fan letter I ever wrote. Maiden, which instead made me look And, astonishingly, he replied: a like a girl; some bigger kids pointed handwritten note on blue paper, gently and laughed the first time I took off my equivocal about the chances of his T-shirt, so that was the end of that. moving on. A month later, in June, he Seeing my dad flirt with waitresses left. I cried and realised I could never was another new experience. He was bind myself to a football team — or crap at it, l understood later, but not at inevitable slide back to London and maybe this football team. I was 12 years the time. Having previously been postgraduate unemployment. old, and my tomboyhood was over. unaware of his style, it was easy to The 21-year-old actor Cillian Murphy imagine this being cramped by having was seducing the whole of Scotland “Well-struck home runs would as wingman a gawky misgendered kid with his debut role in Disco Pigs, an rain on to the city pavement in a Number of the Beast shirt. explosive two-hander about first love Oliver Roeder Commissioning editor, How exactly that summer changed performed in an extraordinary pidgin FT Weekend Magazine me is hard to know. The kind of language. I fell in love with the writing, psychiatrist who can untangle all the and its writer, to whom I would present I graduated from college in the early threads is one I could never afford. So, comp tickets while flirting beneath my summer of 2006 and moved from the rather than scrutinise the damage, I fall newly shorn Gwyneth Paltrow-tribute South Side of Chicago to the North back on the knowledge that nothing at haircut. We finally snogged on the last Side, and into a one-room apartment home will be fixed by going away, and day of the festival, at the after-party, by the lake. I lived a mile from Wrigley that no package holiday can ever be only to be interrupted by the news that Field, the jewel-box baseball stadium cheap enough. Princess Diana had been killed in a car and home of my beloved Chicago Cubs. accident. He then vanished. I walked there whenever there was a ‘Tsat under a tree reading novels, Three weeks, one theatre flyer, four game, dozens of times that summer. and fell ir love with Devon’ letters, one public library, five phone Wrigley nestles into its directories, two public payphone calls neighbourhood so snugly that you can Robert Shrimsley UK chief political and one garbled message left with my watch the games from the rooftops commentator mother “from a strange chap with an across the street. Outside the stadium, Summer has served me poorly for Irish accent” later, we reconnected. beyond left field, is leafy Waveland life-changing events. This is probably (These were analogue days, children.) Avenue. It is 355ft from home plate to lucky, since Speedos were never Disco Pigs is 30 years old this autumn. the brick outfield wall, and another MORE THAN JUST A my go-to look. All the big detining We're still together. 50ft over the bleachers to the street. moments in my life, meeting my wife, Well-struck home runs would rain on MEMBERSHIP becoming a parent, losing my father, ‘Always bring a packed lunch to the city pavement. AT LONDON GOLF CLUB came in winter or late autumn. But one when visiting a theme park’ And there each afternoon rose a lasting summer change came in my lawn-chair encampment. Its residents Stephen Bush Columnist At London Golf Club, r er hip goes be late twentizs. I had moved jobs and wore mitts and caps and listened to the access to our two champior hip cou suddenly liked the idea of two weeks Recollections may vary when it comes game on the radio. They were called EXPLORE without any employer having to explaining why I spent two summers the ballhawks, Moe, “Super” Dave, MEMBERSHIP acall on my time. working in food and beverage at Ken, Rich and, for that summer, me. My bank balance swiftly downgraded Legoland Windsor, the children’s The Cubs were the sunshine heroes it to one week. But I booked a small theme park just outside London. of my youth, unreal, distant ideas, B&B in Lynmouth on the Exmoor As I remember it, I decided that television characters on a stage of coast, took a stack of books and spent I wanted to earn my own money and carpet grass. But there on the most days walking (or driving) toa gain more experience in the world of pavement their great works landed, beauty spot to sit in the sunshine and work before going to university. manifest, dirt-rubbed and asphalt- read. (There was one walk on a boiling According to my mother, I was scuffed. I caught four baseballs on day, flies bizzing around my head, informed in no uncertain terms that Waveland Avenue that summer and LONDONGOLF.CO.UK where I learnt the great lesson that my plan to spend the summer holiday felt the world shrink. before you rejoice at walking down a loafing around and asking her for They’ve cantilevered more bleachers hill you should be sure there is not money was a non-starter, so I over that street now, and installed another tocome.) grudgingly applied for a job. fencing, an enormous video screen and My mair destination was a National At the time, Legoland was a great advertisements. Very few baseballs Trust property called Watersmeet, employer — we had good overtime, land there any more. 1 August/2 August 2026 FT Weekend
Life
The author of the Bridgerton books behind society that people think that reading decision to create a more diverse soci- has to be hard, or at the very least that it ety. “I thought it was absolutely bril- Netflix’s hit TV series has introduced new has to be improving in some way liant,” she says. “I never said my books audiences to romantic fiction. Over an . .. You go to the movies for fun. Read- are ahistory lesson.” ing can also be for fun.” Quinn may make her living by marry- Italian sandwich and gelato in Seattle, she I know what she means. Like many ing women off, but she herself is no talks to Brooke Masters about the big longtime fans of romantic fiction, I used conservative tradwife. Since the TV to downplay my love of the genre, buy- series supercharged her book sales, business of happily-ever-after novels, the ing mostly ebooks so that no one would she has used her global fame to advocate enduring appeal of Regency England know what I was reading. for progressive causes that matter to But attitudes have shifted in recent her, including gender equality and fight- —and why BookTok is a haven for fans years. People have become more com- ing censorship. fortable with acknowledging female She is particularly enraged by efforts desire and talking about sex. The to pull books by queer and non-white t is a perfect summer day, 25C, pandemic-era lockdowns also super- authors, and those that include refer- cloudless blue sky, and Puget Sound charged interest in escapism, whether ences to non-traditional families, from is gleaming in the distance. I am through reading or other hobbies. Now, library shelves. “Never in human his- in a buzzy seafood restaurant on when I confess to acquaintances my tory have the people banning the books the top floor of Pike Place Market, addiction to romance novels, men still turned out to be the good guys.” Seattle’s landmark fish and farmers’ tend to be surprised, but at least some She served as US national ambassador market, and it is packed. women nod in agreement. for the non-profit EveryLibrary in Across the table from me, Julia Quinn 2023-24 and gave talks around the is talking about sex scenes. The novelist echnological change has country. She still makes a point of whose books were behind the phenome- also played a role. Fan donating $5,000 from each library nally successful Netflix series Bridger- fiction websites and self- speaking fee to the organisation. “Basi- ton, about eight siblings from an aristo- publishing have helped cally, people would come for Bridgerton cratic British family seeking love in the new authors to grab atten- and it was kind of a bait-and-switch 19th century, has three decades of tion while showing conventional pub- because they would have to listen tome experience in manoeuvring her char- lishers just how broad and lucrative the talk about book bans for the first 10 acters from hello to happily-ever- market can be. minutes,” she says. after. She is also a clear-eyed realist For her part, Quinn highlights the rise She scrolls through her phone to find when it comes to the steamy of BookTok, a subsection of TikTok the text of HR 7661, a congressional bill encounters that keep her audi- where readers, writers and publish- that would make it easier to remove ence coming back for more. ers share reviews, recommend- books from public and school libraries: “For me, sex scenes have to ations and jokes. Being able te “The criteria are just insane. One of serve a purpose in the book, coalesce helps fans face down other than just being there,” she the condescension together. ‘thought [the diversity explains. “If you can take the “When I was in college, there scene out and the book holds up was nobody I had to discuss in “Bridgerton”] was just fine, then to me at least it’s not books with .. . Now you can absolutely brilliant. romance, it’s erotica.” go on Instagram or 'TikTok Once dismissed as trivial and trashy, and you have this commu- Inever said my books romance fiction has surged in popular- nity,” she says. are a history lesson’ ity in recent years, inspiring numerous She is more conflicted about sub-genres, including erotic romance the growing impact of Al, which and romantasy, each with their own fan some in the publishing industry fear them is lascivious dancing . . . Allofmy base and clear set of rules. will undermine the value of human books could get banned.” Itis also big business. Sales of romance writing and pose a particular threat to Quinn is also on the board of Landesa, novels — defined by their central love genre fiction that relies on distinct for- a global charity that advocates for land plot and happily-ever-after ending — mulas and tropes. “I honestly don’t rights for longtime residents. She sees started rising in 2008, in the wake of the know what will happen,” she says. this issue as a matter of gender equality. economic crisis, then soared during the “When [hear people who are so certain, “They say, if you give a woman a fish, Covid pandemic. They now far outsell one way or the other, I am both sceptical you feed her for a day. If you teach her “serious” literary fiction and other gen- and jealous, because I really don’t know how to fish, you feed her for life. res such as mysteries and thrillers. what’s coming.” Landesa wants the woman to own the In the UK, annual revenue tripled Over salted caramel gelato, we talk pond.” She adds that there is “a little bit from between £20mn-25mn before about Quinn’s regular trips to the UK to of a link [to her books] because in 2020 to £69mn in 2024 and has largely see Bridgerton being filmed at Shepper- Regency times it was very, very difficult held on to those gains. US romance sales, ton Studios in Surrey and on location for women to own property”. which are tracked by volume, reached around London and Bath. Her next visit The waiter clears the dessert dishes 51mn last year, having doubled over the will be later this month for season 5, and I pay the bill. Quinn needs to get previous four years. In 2025, five of the based on When He Was Wicked (2004), going because she has house guests top 10 US fiction authors including Emily Henry and Rebecca Yarros wrote Lunch with the FT Julia Quinn which Quinn describes as “my hottest book ever”. In it, a widowed Francesca touring Seattle and she wants to be home when they return. I squeeze in a romance, and one out of every 17 print Bridgerton learns to love again when few more questions. books sold was aromance title. her husband’s cousin tempts her into She tells me she wants to find differ- “We are why poets get paid,” Quinn having vividly described sex all over a ent ways to tell stories. She really says. “We're the reason that publishers enjoyed her work on Queen Charlotte, a
‘Sex scenes have
Scottish castle.
can afford to take risks.” The latest season, due for release in Bridgerton spin-off that aired in 2023. As the publishing industry grapples 2027, is shaping up to be the most con- Rhimes wrote the scripts first and with competition from self-publishing troversial yet. From the start, Rhimes’s Quinn turned them into a novel, rather and AI, as well as reports of a dramatic imaginary version of 19th-century Brit- than the other way round. decline in sustained reading, overall ain outraged some by including Black Finally, I have to ask: after a lifetime
to serve a purpose
book sales are down so far this year. But and Asian characters as well as gay and spent writing about the trials and tribu- analysts are hoping romance will ride to bisexual love scenes. This time, Rhimes lations of 1800s nobility, has she ever the rescue, with several potential block- has flipped the gender of Francesca’s wished she lived back then? busters due in the autumn. In March, lover and plans to centre the season ona “Not at all. [like my healthcare and Bloomsbutry’s shares shot up 17 per cent lesbian romance. vaccines too much to go live in the 19th when it announced two new romantasy When Quinn sold the rights to the century,” she says, adding: “And I'd like books by SarahJ Maas. books to Rhimes’s production company, to vote, too.” Hollywood has also hitched a ride on she gave up creative control, but the the romance bandwagon, thanks in and spent six months studying in All her books take place in and producers do consult her and she sup- Brooke Masters is the FT’s large part to Bridgerton. Star producer MATT’SIN Gloucestershire in the UK. Quinn’s around the UK’s Regency period during ports Rhimes’s choices, especially the US managing editor Shonda Rhimes stumbled on one of THE MARKET fascination with romance novels really the early 1800s when King George III Quinn’s books while on vacation and First and Pike, took hold while she was studying at was suffering from mental illness and 94 Pike Street, sold the idea to Netflix. The first Bridger- Harvard. But the books, sold as mass- his son, later George IV, ruled as prince Top Floor, Suite 32, ton series, which landed on Christmas Seattle WA 98101 market paperbacks and derided as regent. The interconnected sequence is Day 2020, pulled in 113mn views in “bodice rippers” for their busty sexual- addictive. Little sisters grow up and three months, making it one of Netflix’s Italian grinder sandwich ised cover illustrations, were considered minor characters from prior books blos- NIKKEI FINANCIAI TE all-time top 10 most-viewed shows, and with chicken chowder $3C so déclassé that the bookstores in som into love interests, while prequels TIMES other producers rushed to bottle the same lightning. Recent streaming hits Heated Rivalry, Off Campus and People We White sandwich prawn Side salad $27 $12 Harvard Square declined to stock them. She ended up riding the subway to another part of Cambridge to get her reach back to tell the love stories of par- ents and distant relatives. Quinn has never been tempted to try \ \ SS = Salted caramel gelato x2 $24 Meet on Vacation are all based on handsonthem. other periods. “It’s kind of this sweet romance novels, as was the blockbuster Blueberry lemonade $14 “You felt you had to hide it,” she says. spot in history whereit is far enough in BUSINESS OF LUXURY film It Ends with Us. “Romance novels are primarily written the past where we can really romanti- Quinn has profited hugely. Her 29 Small coffee Total inc tax and $é by women for women and they are about cise it and it allows for plots we couldn’t SUMMIT — ASIA EDITIO novels, which include the Smythe-Smith emotions. Society devalues the feminine have now,” she says. At the same time, service $124.94 Exploring cCxpioring tkthe consumer and d Culiural cult ral f forces and Bevelstoke series, as well as Bridger- . . We have been taught that great lit- people from the Regency period are redefining the industry ton prequels, are mostly set in Regency erature is the great white male quest.” modern enough that their thoughts on England, one of the most popular peri- religion and romantic love are close ods for romantic fiction. Collectively, s befits a romance author, enough to ours for her characters not to they have sold more than 20mn copies Quinn met her future hus- feel too anachronistic, 19-20 October 2026 | In-Person & Digital in the US alone and have been translated band during freshman year In 2001, her 11th book, An Offer froma Capella, Bangkok into 43 languages. Shortly after the in college. But her career Gentleman — a retelling of Cinderella launch of the Bridgerton TV show, all path was more twisted. with Benedict Bridgerton as Prince eight of those books — one for each After earning an art history degree, she Charming — became her first to hit the alphabetised sibling, from Anthony to decided to enter medical school. That bestseller list. A few years later, she Hyacinth — hit The New York Times meant she had to spend a couple of years bounced her publishers HarperCollins bestseller list simultaneously. taking the science prerequisites she had into releasing her work as one of their We are eating at Matt’s in the Market, missed. Part-time classes and a job as a first original ebooks, because they were a Seattle institution, because Quinn telephone fundraiser for charities, afraid she would make money without Rebecca Patrcia Danny Chung loves to show off the city that she fell in including Planned Parenthood, meant them if she was allowed to go it alone. “Becky” Armstrong love with in 2002 after multiple moves she had a lot of leftover mental energy This year Quinn capitalised on her around the US for her husband’s medi- that she channelled into writing. success by startingJO Editions, a pub-
3
cal training: “After about two weeks, we She sold her first two novels, Splendid lishing imprint and historical romance thought: this is home.” and Dancing at Midnight, in 1994, in the subscription box, to bring out special The restaurant is an unpretentious same month she got into medical decorative editions ofher favourite nov- place, and Quinn, a down-to-earth 56- school, so she deferred her entry to els by other authors, as well as a bonus year-old, wearing a simple black dress write and sell a third book in the same edition of one of her books. and slip-on sandals, fits right in. She series. Even then she had doubts: “All The waiter arrives with our food. tells me to call her Julie, because outside my friends were getting advanced Quinn’s sandwich is filled with Italian Chayapa "Pirk" Gaggan Anand Chutrakul and owner the pages of her novels, she uses her degrees and I thought, ‘I’m not qualified cold cuts, ham, salami and coppa. “My r& legal name of Julie Cotler Pottinger. to do anything. What do I do if this writ- mom is from eastern Connecticut and a We consider the cocktail menu and ing thing doesn’t work out?” So she grinder is what they call a club sand- Quinn notices that Matt’s offers a shrub, started Yale medical school after all, wich,” she says. “This tastes a lot like my a fruit-based non-alcoholic drink that only to drop out after two months. childhood.” My prawn sandwich is over- dates back several centuries. Today’s The waiter returns to take our order. flowing with fried seafood and too intim- version is blackberry and blueberry. I Quinn opts for the special sandwich, idating to pick up. tackle it witha fork. am almost tempted, until she explains described as an Italian grinder, anda side Conversation turns to the common that shrubs are also known as “drinking of chicken chowder. I choose the white criticisms of romancefiction as trite and vinegars” and warns that her husband prawn sandwich and aside salad. nutritionless, the written equivalent of thinks they are “disgusting”. I opt for Once committed to writing, she cotton candy. Gold sponsor Silver sponsor Bronze sponsor blueberry lemonade instead. became doggedly businesslike, publish- “It’s no more formulaic than a CLINIQUE Raised mostly on the East Coast, ing a book or two each year while also mystery novel,” she says, adding that A LA PRAIRIE MBAS Quinn attended boarding school in Con- raising her two children, building a the negativity around romantic fiction necticut and then took her first trip devoted following and tracking her sales points to a hang-up we have about read- abroad when she won a scholarship via spreadsheet. ing. “There’s something about our FT Weekend 1 August/2 August 2026
Style
How to be seen t’s August, and we're off to the beach, where we will wear very implying that your next trip will be to a fly-fishing cabin in the mountains. performance. Still, there are points to keep in mind. Most men, for reasons little. But we won't be shedding our An actual wicker beach hamper is unknown to science, like expensive at the seaside vanities along with our clothes. Fashion, as American economist way too on the nose. Avoid. Food and drink at the beach are an sunglasses, big diving watches and Panama hats. The beach is the only Thorstein Veblen taught, is the opportunity to combine high and low place these things don’t look absurd. performance of leisure: showing our with style. Mixing expensive European Have at it, boys. friends and rivals that material cares booze and cheap American snacks Swim trunks should be short. Even are behind us, and we can devote reads as casual but discriminating. if your legs are fat or ugly, the knee- ourselves to idle pleasure. And what White wine out of plastic cups, or those length ones make it worse by better theatre of ease than the seaside? cute conical bottles of Campari Soda, telegraphing your under-confidence. Start with that exposed flesh. The are ideal. Add a massive bag of Lay’s Never wear a Hawaiian shirt to the defining features of the modern leisure and a few sandwiches on white bread. beach, it’s a classicexample ofimporting class are time to work out and access to Ea) ine LN : Tuna or chicken salad provide the coals to Newcastle. Becoming injections of GLP-1 drugs. But some of id a O; Weds \ oa occasion to discuss if mayonnaise left sunburned, or even excessively tanned, us poor strivers will have gone a little Picnicking 195Us style at Campbell in the sun becomes poisonous (your is vulgar and speaks of inexperience light on the hyrox training over the Falls, Massachusetts — sim ty Images mother is wrong: it doesn’t). with vacation. A little discreet peeling winter, don’t have the right genetics, or Another area to slum it a bit: your across the bridge of the nose does play (like me) have committed the basic natural as rolling out of bed, tousling beach bag should look thrown together well back at the office, though. The error of being middle-aged and hungry. your sun-kissed hair and zipping off and casual. Those big blue ones from most stylish thing you can do at the Don’t worry. There are other ways to in your (vintage) convertible. Ikea work well. Distinguish yourself beach is to demonstrate indifference to show just how relaxed you are. If at all possible, both beach chair instead with the contents, first and The beach is the the whole exercise by falling asleep. Next, getting to the water. You will and beach umbrella should be made of foremost of reading material. This only place where Finally, and crucially, know that there need a beach car. It ought to be old, in canvas and wood rather than plastic should be highbrow, but not are stylish times to go to the beach: mild disrepair, and of recognisable but and aluminium. This makes them intellectual. Reading serious books or, big diving watches specifically, 10 in the morning and after eccentric make, ideally one no longer heavy and subject to mildew, but they worse, The New Yorker at the beach is and Panama hats three in the afternoon. Early and late in in production. A Volkswagen Thing? will, like your beach car, create a sense for try-hards. Classic genre novels the day are the most beautiful, and A1979 International Scout? The smell of antiquity and naturalness, and of the (Simenon? Eric Ambler?) in a battered don't look absurd. being on the sand in the heat of midday of sun on hot vinyl is the smell of many generations of your family who paperback create an impression of Have at it, boys suggests you don’t have a house nearby summer. And money. loafed before you, from Montauk to cleverness at rest. Fashion magazines where someone is serving gazpacho Beach gear: there should not be too Menton. It will also make a nice feel trashy and fun, and also suggest with a dab of créme fraiche. much of it and it can’t be too elaborate. contrast with your cooler, which will be that you are getting ready for big things If all this sounds like a lot of work, This would imply that for you a trip one of expensive, modern make such in September. you can always stay in the city and go Style to the beach isa big, exciting deal as Yeti, bringing an outdoorsy, Beach clothing is, oddly, the least to the movies, where it is nice and cool involving careful preparations, not as technical feel to your beach mélange, important part of the whole and everyone has their shirt on.
Why nightclubs want in on the wellness craze Trend | The industry is adapting to people shifting
from alcohol to fitness. By Kathleen Baird-Murray
o talk with Luca Maggiora, synonymous with wellness. He pauses
who acquired London pri- tor a second. “The people who say they
vate members’ club Tramp don’t go out to nightclubs any more,
in 2023 and has just opened they are nostalgic and live in a reality
Tramp Health in Mayfair, is that doesn’t exist,” he says.
like a workout in itself. With one eye His point is that the new generation of constantly on what is going on around nightclub-goers sees no contradiction us, he is a study in what modern hospi- between a late night at Tramp and an tality needs to look like: responsive and early-morning workout at Tramp demanding, possibly not that different Health. It’s the people who have stopped from the members at his clubs. going out who find the combination I put it to the Turin-born nightclub hard to imagine. leaf-painted murals. Design is led by the and now has 210,000 members across Clockwise from above left: the spa, entrepreneur that Tramp and Tramp London’s private members’ clubs Toméf studio, with the only possible nod 48 houses worldwide, has spent the past gym and Reformer Pilates studio at Health (which is attached to the Chan- are in the middle of a quiet revolution to its nightclub sister being a 1970s few years grappling with the conse- Tramp Health; below: British rock cery Rosewood luxury hotel) seem and Tramp Health is the latest and swirling black and white stair carpet. quences of that expansion — losses, band the Faces at Tramp in 1973 unlikely bedfellows. The original perhaps most unexpected expression of There’s a red-light wellness pod, a diluted cachet and an overcrowding Toméf Design: Michael Putiand/Getty Images club, which dates from 1969 and is it. Herringbone floors and pendant Reformer Pilates studio and a mindful- problem that culminated in a $2.7bn famous for its well-dressed but addled lights sit incongruously with heavy dark ness space (Maggiora’s personal passion deal, completed earlier this year, to take really about facilities — it’s about peo- late-night partygoers, is not exactly metal Eleiko gym equipment and brown since a burnout took him to India it private again after floating in 2021. Its ple, and no amount of square footage and Tibet a decade ago) covered in 22 gyms around the world offer a selec- buys you out of that.” white drapery with a vast gong and tion of precision diagnostics, IV therapy, Maggiora agrees that community is singing bowls. red-light treatments and cryotherapy. the real product and the hardest thing to The shift towards health and wellbe- But in this new world where health manufacture. “Tramp has always been ing has been growing rapidly since 2013, comes with the chance to socialise, what about connecting exceptional people,” the market reaching $6.8tn in 2024 and exactly are you paying for, and is it he says. “Tramp Health is simply on track for $10tn by 2029, according to worth it? “The definition of fitness anc an extension of that philosophy.” When the Global Wellness Institute, a non- wellness is becoming interchangea- he relaunched the original club, Mag- profit educational organisation. That ble . . . customers look at their health giora met 3,200 people, selecting 1,100 makes it almost four times the size of ‘One [camp] is paying for froma more holistic point of view. Their members in Tramp’s first year, 87 per the pharmaceutical industry, the GWI definition of a gym has shifted,” says cent of whom went on to renew. He is says. London’s private members’ clubs diagnostics, the other fora Katie Henderson, chief executive of The deliberate about the mix: finance want in on the gold rush. A 2024 report cocktail with a hyperbaric Method, an exercise studio which and tech alongside entrepreneurs, from estate agent Knight Frank said: “In opened wellness clubs in Paris and Lon- creatives, make-up artists. “I don’t the past four years alone, more clubs chamber to follow’ don’s Westbourne Grove this year. make it about money,” he says. “I need have opened than in the three decades At The Method the focus is on classes, the energy of different people to create following the launch of London’s iconic in-house RI machine for body compo- with three purpose-built fitness studios the right room.” Groucho Club in 1985.” sition analysis as part of its tailored for fast-paced workouts with names He learnt the limits of imposed well- “Gallup’s finding [last August] that training programme, alongside cardio- such as “Blast”, “Beat Dance” and “LSD” ness thinking the hard way when Tramp only 54 per cent of Americans now vascular screening and body metabo- (“lengthens, shapes and defines”) Health’s café opened with a scrupu- drink — the lowest since it started ask- lism analysis. Six Senses London at the There are contrast therapy suites for lously healthy menu devised by a nutri- ing in 1939 — isn’t a spa marketing former Whiteleys shopping centre in saunas and cold plunges, and the Master tionist. It lasted 35 days. “Super-healthy department’s invention, and neither Bayswater sits at the other end of the Therapist Residency Programme fea- single-ingredient food doesn’t work in is the [World Health Organization] spectrum, conceived as a wellness hotel tures the likes of renowned acupunctur- London,” he says. “We are not in Los naming loneliness as a public health first. Featuring a cryotherapy ice pod ist Renata Nunes and Makiko Imato o! Angeles.” His members wanted tuna concern,” says Chris Sanderson, co- and 40-biomarker health assessment Alignment Bodywork. tartare, salmon burgers, the occasional founder of trends intelligence and with HUM2N, the longevity clinic, Sanderson is direct about what sepa- American pancake. The collagen- consumer foresight platform The membership ranges from £3,000 to rates the models that should endure infused waffle, at £27 a serving, was Future Laboratory. £37,000 a year. from those that might not. “The lesson quietly dropped. Clubs pursuing wellness fall broadly Soho House, which began in 1995 as a isn’t that wellness saves clubs,” he says, Nico Eden, director of Six Senses into two camps: established members’ 500-member hideaway on Greek Street “it’s that creating a community is never Place, the hotel’s members’ club, draws clubs adding longevity clinics and cold a similar distinction. “We often talk plunges to their existing offer and new about social wellness,” he says. “Feeling entrants built around wellness from well is not only about physical health, the ground up, with membership bolted but also about feeling connected, on. “One is paying for diagnostics, inspired and engaged.” Crystal readings the other for a cocktail with the possibil- sell out alongside the diagnostics and ity of a hyperbaric chamber to follow,” fitness classes. says Sanderson. Which brings us back to Westbourne The idea is not entirely new: KX in Grove, and the café at The Method, Chelsea first integrated a gym, spa where a ubiquitous Notting Hill wellflu- and wellness-focused restaurant under encer, complete with shiny skin, glossy a private members’ roof as long ago as hair and co-ordinated fitness kit, orders 2002. But what has changed is the scale, a protein shake with a peptide sachet on the clinical ambition and the number the side. Near the entrance, a pink neon of players. Surrenne at the Emory in artwork glows on the wall, so perfectly Belgravia opened in 2024 with a 22- in keeping with the aesthetic that at first metre pool (plus underwater sound sys- I assumed it was a reproduction; it is, in at tem), fitness studios, a spa and longev- ity clinic across four floors at £10,000 fact, an original Tracey Emin. It takes me a while to figure out the artist’s * NEW YORK ICH * ZURICH per year, with an additional £5,000 handwriting until I read “Wanting You”. joining fee. In a growing industry built on the lucafaloni.com The Arts Club in Mayfair partnered human need to feel connected, well in 2019 with Lanserhof, the Austrian and part of something, it could not have medical wellness operator, to offer an said it better. 1 August/2 August 2026 * FT Weekend
Style
Vinted and the real problem of fakes
aggie Campbell was “It’s really disheartening. As soon as
scrolling through screens you shoot one, it comes back under
of listings on Vinted when another form the next day,” he says.
she found it: a cream “Counterfeit items are strictly prohib-
cable-knit cardigan she'd ited on Vinted and we're committed
been seeking. Not only was this listing to tackling them,” a representative
her size and preferred colour, it was also said in a written statement. “When
by French label Sézane, in coveted new- we have areason to doubt the authentic-
with-tags (or NWT) condition and rea- ity of an item, we may hide the
sonably priced at £45. listing and ask the seller to provide
“I felt like it was the algorithm additional proof.
answering my prayers,” the London- If an item is confirmed counterfeit,
based editor says. An experienced we remove it. Our measures may
Vinted shopper who had purchased also include the permanent suspension
items from Sézane, Ganni and Farm of their account in the event of
Rio on the resale platform, Campbell, repeated breaches.”
a pseudonym, thought nothing of “We're continuing to work closely
pressing “buy now” and completing the with partners, government and
purchase. law enforcement to help fight this
When the cardigan arrived, “it had issue, which we recognise is a challenge
this weird, soapy texture and felt more for much of the fashion industry,”
like shiny acrylic than lamb’s wool”. the statement read.
She tried to locate the garment on
Sézane’s website and couldn’t find a Sixty thousand listings of
comparable style.
Messaging the seller to request proof fake Longchamp products
of purchase led nowhere. Convinced she were removed from
had inadvertently bought a fake, she
reported the listing to Vinted. Two resale platforms last year
weeks later, following an investigation,
the company determined that the item
did not seem to be authentic and issued The representative declined to pro-
arefund. vide data about the prevalence of fake
In the past, counterfeiters focused on listings or the number of listings
luxury products. This year, they’ve and accounts removed due to counter-
adopted a more egalitarian approach, feit activity but added that buyer pro-
broadening the scope to premium mid- tection measures include a two-day
market and contemporary labels. Shop- window for shoppers to raise concerns
pers who would never intentionally after receiving an item.
acquire an ersatz Gucci bag froma street In addition, they noted that Vinted
vendor are unwittingly buying imita- has published guidance with the UK
tions of Sézane cardigans, Coach bags government to help users shop with
and DeMellier accessories on peer-to- confidence. Tips include evaluating
peer marketplaces, believing that they seller profiles and reviews, requesting
area bargain. additional proof of authenticity, looking
While some shoppers willingly seek Report | Shoppers warn that counterfeiters are plaguing the peer-to-peer digital marketplace as out for discrepancies in packaging and out replicas or dupes of more expensive labels, taking advantage of the “Item products, most only realise they have Verification” service when offered and bought fake items once their purchases they expand from luxury goods into mid-market items and contemporary labels. By Emily Cronin remaining wary of extreme bargains. arrive. Many avid Vinted shoppers have Users who have discovered that they stories about times they were burned. bought fakes advocate a forensic On Reddit, Mumsnet and Facebook, approach to assessing sellers: multiples shoppers describe receiving items they _ Illustration by fakes and the scams are getting more genuine in the listing, she wouldn’t the pervasive nature of counterfeit of the same item where everything is believe to be fakes then locating identi- | Mona Eing and sophisticated,” one Mumsnet com- accept a return. “Now I would never buy products online. The French brand’s Le listed as NWT are red flags, as are ano- believe to be fakes then locating identi-: cal-seeming listings on websites of | Mona Eing and sophisticated,” one Mumsnet com- accept a return. “Now I would never buy products online. The French brand’s Le listed as NWT are red flags, as are ano-: Michael Meissner menter warned. anything rzmotely label-ly without the Pliage bags have become a viral hit with nymised, numeral-heavy usernames China-based wholesalers known for The key criteria for counterfeiting authenticity check.” Gen Zand Alpha, creating demand that and a dearth of reviews. counterfeit products. seem to be brand heat — anything desir- The problem isn’t exclusive to Vinted fuels the trade in affordable copies. If you're searching for a specific prod- ‘They crowdsource confirmations on able is ripe tor copying, from Carhartt but complaints accrue to the platform Cassegrain faults the marketplaces, uct and find a number of listings whether “Birkenstocks” with plasticky T-shirts to Reformation dresses. For due to its scale — the platform hit an payment providers and carriers for with similar photos on Al-altered back- footbeds and incorrect style names people selling fakes, a lower price point €8bn valuation in late April — and the facilitating the selling of fakes. The plat- drops, steer clear. are fake (the verdict is always yes). may be more appealing than big-ticket ease of listing items. Those factors, com- forms “are not doing nothing, but they Some users avoid NWT listings alto- Users issue warnings about subtle items because it allows them to avoid bined with the constant arrival of could be doing more,” he says. “When gether. “I feel like something is more giveaways, such as typos on the story “Item Verification”, an opt-in £10 new users, create a shopping environ- we ask them to remove a listing because likely to be real if it’s been worn a few patches intended to prove the authen- authentication check for items listed ment where people who may not be the it’s counterfeit, they usually do it, times,” one woman says. “I'd rather that ticityof Coach bags. for more than £85 in the UK; most savviest come up against pro sellers and they do it quite swiftly. This is the and decent fabrics than unworn fakes.” Shoppers vent about “cashmere” that second-hand items coming from mid- with fakesto shill. positive side. The negative side is Compare labels and logos to those on melts near a flame, messy stitching, market labels are priced under this “It puts the onus on shoppers to that all the burden of controlling anc legitimate products, ask questions and badly sewn-on labels, glue smells where threshold, making it harder to spot be experts and detectives,” says patrolling relies on us.” listen to your gut. there should be none and nonsense whena listing is fake. one woman whose “Ralph Lauren” Last year, a dedicated team and con- So far, growing awareness of the need QR codes — then express anger and “If it’s a designer item listed under jumper came with a sticky, plasticky tractors succeeded in having 60,000 for more careful shopping doesn’t seem embarrassment once they realise £85, sadly it’s probably a fake,” says one decal rather than the expected listings of fake Longchamp products to have dissuaded many users from they’ve been duped (“felt like a bit of woman whose second-hand “Loewe” intarsia motif. Vinted refunded her and removed from resale platforms world- shopping on the app. “It was a wake-up a fool” and “furious with myself for shirt ended up being “very clearly fake”. blocked theseller. wide. The brand spends seven figures call,” Campbell says of the fake Sézane beingso gullible”). The seller told her that since she “It’s a plague, really,” Longchamp annually on its anti-counterfeiting cardigan. “But now I feel I know what to “[Vinted] is being flooded with hadn't explicitly said the shirt was chief executive Jean Cassegrain says of efforts — “a significant burden”. look for. I’ve not sworn Vinted off.”
The ugly watch that runners love Accessories | Garmin's GPS timepieces may be clunky — but they are a status symbol for fitness fans. By Grace Cook
hat watch are you Jessie Hyman, co-founder of running turning to fitness competitions and Sport, a creative agency and print maga-
wearing?” askedacom- label Pruzan, recently teamed her communities such as Hyrox means zine basedin Melbourne, suggested that
mercial real estateexec- | Garmin with a voluminous white cotton Garmins are increasingly showing up in to some, a Garmin tan line is “the utive I met while dining _ Bode dress with a delicate embroidered the gym, too. Out in the wild, these types wealthiest watch you can buy. It’s a sig- atacounter restaurant trim. Fashion buyer Feyisola Latunji like to recognise their own. nifier of exercising and being outside.” in Arizona recently. His wrist was fur- wore her Garmin to her hen do. “Acces- “IT met someone recently who was More refined takes on sports watches nished with a beautiful steel Rolex; on sories give a wink to the world about wearing a Garmin and I automatically are coming to market. Hong Kong mine, a thick black rubber GPS smart- who we are. My Garmin tells people that thought, ‘Oh, he must bea runner,” says upstart Amazfit recently tasked New watch called the Garmin Forerunner 55. T'mthe kind of person who prioritises an James Irlam, a six-time major marathon York jeweller David Perry with creating My dining mate said he’d noticed it athletic lifestyle,” says Strange. runner from Cheshire. Irlam also owns a custom diamond dial for British run- because it was “nerdy” and at odds with Riding the global running an Apple Watch and a Coros but ner Josh Kerr, who recently broke the the rest of my outfit. He had a point. boom, Garmin’s total sales for returned to the Garmin that world record for the one mile at the Dia- I got it while training for the Chicago the fitness line soared 42 per he first bought in 2021 because mond League in London. Marathon some years ago. Now, this cent to $547mn in the first he preferred its tracking Codex just launched the XBand on clunky £115 timepiece — aesthetically quarter of 2026. Founded and intuitive functionality. Kickstarter — it’s a Whoop-like weara- the humble BlackBerry of the watch in Kansas in 1989 by Heart rate monitors, ble band with a sensor, designed to world given you can’t browse the inter- electrical engineers popular with fitness sub in for the strap on your luxury net on it — is my most worn accessory. Gary Burrell and Min bros, can feel perfor- watch. The idea is uninterrupted Alongside my rose gold Oura ring, I Kao, Garmin ini- Week 3 mative (they’re gen- data without sacrificing luxury bling. never take it off. tially focused on erally paired with a Brands such as Tag Heuer, via its Con- I’'mnotalone. This black fitness watch marine and avia- ce Run-walk topless torso), as nected watch, offer elegant steel time- is something of an unlikely status sym- tion GPS. Its first “” ©38:00 can expensive lux- pieces with sports functionality. In the- bol. There’s a battle for bodily real estate running watch ury watches. ory, it’s the best of both worlds and happening and what wearable you wear was released in Now, Irlam wears you can easily switch between rubber to work out says something about you. 2003 but the com- his Garmin instead and steel straps, but it does cost more: Tech bros and finance types opt for pany’s sales of fit- of his Rolex even the cheapest model is £1,350, and extra minimalist Oura rings and Whoop ness watches have when he’s not exercis- straps cost £180. armbands, while upstarts such as Coros been steadily increasing ing. His idea of success For me, emotional attachment to my have fast become popular with those since the pandemic has also changed since he Garmin comes from its simplicity. I training for fitness performance. (Only between 2020 and 2021, took up running during the haven’t upgraded to a newer, slicker a watch can track and show your run- revenue of the segment went pandemic. “I’d be embar- style because my 2021 model does ning pace in real time — the Apple from $1bn to $1.5bn. Today, rassed to wear my Rolex now,” everything I need without the frills; it’s Watch is, in running circles at least, con- models span the still popular he says. “A Rolex feels flashy. not like an iPhone, where out-of-date sidered a bit lame.) Ina Runner’s World Forerunner 55 (£119.99 onsale, released Garmin shows a different sort of success software stops it working. My Oura “best watch” report for this year, in 2021) to the highest-spec Marq Ath- that has been earned.” would only log my heart rate and Iam Garmin came out top. lete (Gen 2) (£1,999 on sale, released in Most Garmin wearers like Irlam, not interested in text or email alerts on Yet even its biggest fans acknowledge 2022). Versions exist for hikers and Strange (and me) remove it only to an Apple Watch. I appreciate the fact it that Garmins are fairly ugly. Nicola cyclists but runners wear theirs daily. charge — and mine has a 14-day battery isn’t another smartphone on my wrist. It Strange, the co-founder of Studio Like most wearables, a Garmin tracks life. When I brandished my bare wrist at feels original and analogue in this era of BY APPOINTMENT TO HIS MAJESTY THE KING MANUFACTURERS OF ESTATE TWEEDS, BY APPOINTMENT TO HER MAJESTY. THE QUEEN MANUFACTURERS OF ESTATE TWEEDS, KNCTWEAR & WOVEN ACCESSORIES KNITWEAR & WOVEN ACCESSORIES. Beyond, an insights agency that works steps to calorie burn and sleep. But run- a wedding in May, there was a thick tan mass AI slickness and corporate polish. JOHNSTONS OF ELGIN, SCOTLAND JOHNSTONS OF ELGIN, SCOTLAND. with brands including On, Lululemon ners benefit from the fact that the watch line. Matt Willocks, co-founder of Good The silhouette reminds me of a ’90s and Nike, said her best friend calls her tracks pace and distance. You can also Baby G watch. It’s also a great conversa- JOHNSTONSOFELCIN.COM Garmin Fenix 6x Pro “the outfit ruiner”. sync it to Strava, the fitness social app. Above: the Garmin tion starter and, as I found, an easy way Like the rest of us, she doesn’t really care. The trajectory of marathon runners Forerunner 170 watch to find common ground with strangers. FT Weekend 1 August/2 August 2026
Travel
250km
US | How an Arkansas town, Kansas City ? y OSt Louis US best known as the home of Bentonville e
ARKANSAS
Walmart, became a mecca for © Little Rock
Dallas ©
cyclists both amateur and =, New Orleans. adventurous. By Siona Jenkins Ld ie} Houston io) CL) a.) ©Mapcreator ©OpenStreetMap
an a town in north-west pedals and leaning forward to descend
Arkansas lay claim to being and sitting back to climb. As I try to
one of the world’s premier get the hang of changing my seat height
cycling destinations? As I mid-ride, a black-clad four-year-old girl
look down on the admittedly dwarfed by her helmet puts my awk-
lush landscape during my descent into ward progress into perspective by
Northwest Arkansas National Airport, effortlessly executing a jump.
I’m sceptical. I’m headed for Benton- Eventually I’m ready to go on the lift
ville, best known as the home of Wal- and down the green Fire Starter trail,
mart, the retail behemoth whose ware- which is designed to “start a fire” for
houselike department stores dominate mountain biking in novices. With Nash
suburban strip malls across America. at the rear reminding me of his instruc-
Mercifully, there are no strip malls to tions — essentially, I must unlearn all
be seen on my short drive to the town road biking technique — I stand on my
centre, but a series of well-maintained pedals, lean forward and cautiously
cycle lanes ina low-rise office parkon the head down through the trees. On my
outskirts gives me pause. In car-loving second run, I speed up and start to enjoy
America, this is something of a shock. myself, though I have a long way to go
As I arrive at Bentonville’s small before I can match the other riders hur-
downtown, the streets are criss-crossed tling at breakneck speed and soaring
with brick pathways shared by pedestri- over obstacles.
ans and parents doing the school run on
cargo e-bikes. I spot two bicycle shops I must unlearn road
on a single short city block and see
immaculate cycle racks with unlocked biking technique — I stand
bikes outside shops and restaurants. on my pedals and head
The surprises continue as I enter the
soaring atrium of the Compton hotel, down through the trees
where I’m directed to a cycle concierge
_Béntonville
who can advise on routes or set me up
with a group ride. There is also a cycle On my final morning I head to Ari
Q
valet so I can call down and have my bike Bikes, a sleek cycle shop beside Benton-
ready whenever I need it. I head up to ville’s water tower, to join a group of
my large, well-appointed room, which women for their monthly gravel ride.
comes complete with a yoga mat and There are about 20 of us and we're doing
foam roller for stretching out tired post- a 59km route that loops around Pea
ride legs. My scepticism is wavering. Ridge, site of an important 1862 Civil
There is a buzz about Bentonville. company partly owned by the Walton was born. “The beauty of that first trail War battle, and takes us along the Mis-
Walmart may have put the former farm- brothers (they also have shares in system was that it was downtown so you souri state line.
ing settlement in the Ozark Mountains cycling apparel brand Rapha). “It’s a didn’t have to get ina car to go and ride The sun is out and the temperature is
onthe map — the original five-and-dime very nice ride,” Andrew tells me, with it,” he tells me over the phone. The trail rising as we head out of town. To my dis-
store, now a museum, sits on the main uncharacteristic understatement. was also aimed at beginners, which may, | find myself back at J Street. This square — but the descendants of its All goes well as I pedal along the “opened the aperture” for local riders. time I know what to expect but fail to get founder, Sam Walton, have used philan- asphalt to the outskirts of town, then the Today, Slaughter Pen spans more than traction on the hill and cannot unclip thropy to transform the town into a paving peters out and I find myself ona 48km and can still be reached without a my cleats quickly enough to avoid a thriving modern community. steep descent which, to my unpractised car. It is one of six mountain bike trails humiliating tumble. Luckily, I’m at the Sam’s daughter, Alice Walton, eye, seems like a mountain bike trail, that now dot the area. back of the group so nobody notices founded Crystal Bridges, a stunning, with large oose stones. I brake gingerly until they spot my bleeding elbow. world-renowned modern art museum, and my back wheel slides alarmingly, so The next morning I head to Oz Trails Things improve after that. We settle and his grandsons, ‘Tom and Steuart I pump the brakes and judder my way Bike Park, which sits between Benton- in at a comfortable pace on fine gravel Walton, have invested in infrastructure down, only to face a steep incline that I ville and neighbouring Bella Vista, to try that takes us through rolling farmland that has embedded cycling culture in can’t quite manage as I mishandle gear my hand at mountain biking. redolent of rural France until the odd Bentonville and allowed the town to changes on the unfamiliar bike. This, I A week before I arrived, the region’s pick-up truck or wooden farmhouse host national and international events later learn, is “J Street”, which locals say first dedicated mountain bike lift brings us squarely back to America. along with activities for amateurs. Com- can be “a bit technical”. I unclip and opened here. As I get my pass in the Just over an hour in, the sun is beating plementing this is a host of restaurants, walk up theshort hill, glad there were no park’s glass-and-steel HQ, I meet gen- down and after several steep hills we microbreweries and cool coffee shops. witnesses to my humiliating start. eral manager Gary Vernon, who shows make a pit stop at Red Mule Barn, an This is one of the fastest-growing metro the best mountain biking and gravel Clockwise from main: Once the trail flattens out, I gradually me the trail map with colour-codec old-fashioned gas station with a cavern- areas in the US, with many newcomers cycling trails in the world. I’m an ama- the Femmes Gravel cycling get the hang of handling the new sur- descents like a ski hill. As I set off, he ous general store adorned with the head attracted by the abundance of outdoor teur road cyclist who is “gravel curious” group tackle one of the face. The bike’s large tyres absorb the calls out: “Remember: road cyclists are of a wild boar, a bear skin and what activities and beautiful scenery. —Ilike the idea of avoiding busy roads many trails out of uneven ground as the Compton’s route just future mountain bikers.” looks like a stuffed lynx. We recharge My own interest in Bentonville was and pedalling through the countryside Bentonville; Siona Jenkins takes me into beautiful farmland dotted He may be a tad optimistic. Outside! and cool off with deliciously cold water, piqued by a picture of an extraordinary on unpaved tracks even if I’m less enam- and instructor Nash Clark with wooden houses and the odd red get on a Specialized mountain bike with sold by the gallon, and baked snacks. glass building called the Ledger, with oured of the idea of scrambling through on the chairlift at Oz Trails barn. I even see what looks like a beaver unfamiliar wide handlebars and impres- Almost all the riders in our group have diagonal bike ramps running up the mud or forest trails. So I’m excited about Bike Park; back in ina small stream. By the time! roll back sive suspension to learn the basics. Nash moved to the area within the past five exterior. A bit more research told me giving it a go in North America’s self- Bentonville after a three- into Bentonville’s neat suburbs I’m feel- Clark, my instructor, patiently explains years. One, a fellow Brit, says she didn’t that the town claimed to have some of styled cycling mecca. hour ride; pit-stop at the ing a little smug about my self-taught how to handle the trails, standing on my cycle much before coming to Bentonville There are hundreds of kilometres of Red Mule Barn skills but also hot, dusty and ravenous. and is now an enthusiastic mountain gravel roads in the vicinity of Benton- I pedal to Wright’s BBQ, a local institu- biker as well as a fan of gravel. “I love it ville, and group rides set off from the Photographs for the FT tion, and devour a sandwich of smoked here,” she tells me as we head off. town most days. Ahead of one sched- by Melyssa St Michael chicken with burnt bacon ends (utterly Three hours later, tired but exhila- uled for the afternoon, I decide it might delicious). The restaurant sits on the rated after my morning’s exertion in the be an idea to acclimatise myself to my Razorback Greenway, a 64km-long saddle, I watch the green hills around bike, so I consult Andrew Evans, The north-south spine of paved track that Bentonville recede through my plane Compton’s bike concierge, to plot out a links seven communities in Northwest window and recall Tom Walton saying ride. On a wooden table into which the Arkansas znd allows cyclists to access a that he wants Northwest Arkansas to town’s cycle map has been carved, we host of mountain biking and hiking become a premier global cycling desti- pore over an iPad with lists of routes the trails, as well as restaurants and cultural nation. I think he may succeed. hotel has designed for guests. I opt for sites, withcut needing a car. the Compton Sugar Creek classic, a The Walton Family Foundation i / DETAILS 37km loop with 329 metres of climbing helped fund its construction. “We're all that is 57 per cent unpaved. in on bikes,” says Tom Walton, who Siona Jenkins was a guest of Arkansas tourism I download tie route to my bike com- became anavid cyclist after being given (adpht.arkansas.gov) and the Compton puter and follow Andrew outside into a a second-hand mountain bike when he Bentonville hotel (thecompton.com; doubles wall of humid heat. He presents me with was away at college and brought the from $409). Gravel-riding routes can be found on the Oz Trails website Coztrails.com), There are asleek black bike with chunky, knobbly sport back to his hometown. With his direct flights to North Arkansas Regional Airport tyres. This is a carbon-framed beauty backing in 2007, the area’s first 8km from most major US hubs from Allied Cycle Works, an Arkansas mountain-biking trail, Slaughter Pen,
in a greyish shroud. Surfiag is female-only lessons, starting at Dh250 nous nous, translated as half and half
POSTCARD Tamraght’s biggest attraction, thanks (about £20). Winter is best for in Arabic, consisting of half coffee and in part to pioneering operators such as intermediate and experienced surfers half milk, similar to a cappuccino. FROM... Surf Maroc, which started bringing due to the large, smooth waves with Each afternoon, the shoreline at international surfers to the coast in the little to no wind disruption. Beginners Imourane fills with the frenetic sound early 2000s. “The surfing and groms (surf slang for children) can of squealing children, parents demographic has changed massively enjoy reliably small, steady waves all conversing and teens bopping to music over the past 10 years,” szys co- year round. in Darija. Across the beach there are y tirst surting lesson founder Ben O’Hara. Female-only surt lam firmly in the beginner camp. a noticeable number of non-surting begins on dry ground. weeks have leapt in popularity thanks Waist-high waves (between 2ft and 3ft) tourists stretched out on recliners, here My instructor, Anass to enthusiastic solo travellers and are challenging enough, as I find out for the sun instead of sport. Something Idouatchich, guides me beginners who appreciate the more when I encounter the Atlantic Ocean unthinkable for the small fishing town forwards in a “push test”, relaxed atmosphere. with my board at Imourane beach. I just two decades ago. to find my dominant front foot. I then Iam staying at the Cove Surf House, quickly discover diving headfirst into My last day arrives all too quickly. launch myself up on to the board a hostel that opened in March last year. an oncoming wave is fairly painful, and A week’s worth of practice has enabled practising my pop-up, stretching my The owner, a 29-year-old Syrian- standing up isn’t as easy as I once me to stand upright on the board and arms out horizontally in an attempt to American who grew up in Oklahoma, thought. While struggling to remain whetted my surfing appetite. find my balance. Anass tells me to fell in love with Morocco after quitting upright, I glance at my fellow boarders Charlotte Guckian bend my knees and “just stand up” — his truck driving job to go travelling with a tinge of envy. But I remain technicalities can come later on. I do so and never left. It provides quality and we are without a chef. Medfouna, Female-only surf weeks undeterred thanks to Anass’ fervent pretty easily, and for a short moment experience at a level far beyond its known as Berber pizza, is a crisp encouragement. After a few hours my i / DETAILS I conclude that surfing may not be as price, much like the rest cf Tamraght. flatbread filled with mincemeat, have leapt in popularity arms ache from ferociously paddling Double rooms at the Cove Surf House hard as I initially imagined. The Cove’s interior boasts a seamless onions, and spices, and quickly and pushing myself up, and the (<thecovesurfhouse.com) start at about Dh540 In my mid-twenties, I am already wash of terracotta-coloured Tadelakt, a becomes a personal favourite. Each thanks to enthusiastic solo saltiness from the water lingers in my (£43) per night, with shared dormitories from learning to surf later in life by the traditional Moroccan material made night, guests gather on the rooftop to mouth. This quickly subsides when I Dh250 per person. A seven-night package for sport’s standards. Tamraght is a from lime plaster. watch the sunset, while the Adhan, the travellers and beginners clamber to my feet successfully, riding two people, with a double room and daily surf remote fishing village on the southern With no restaurant, group dinners Islamic call to prayer, echoes between my first wave jubilant that I’ve saved lessons costs from about Dh6,650. Tamraght is a coast of Morocco, 5km away from its are hosted every two days. A chef cooks the flat-roofed buildings. who appreciate the more myself from another aquatic faceplant. 30-minute drive from Agadir Al-Massira airport, buzzier, trendier sister, Taghazout. hearty portions of tagine, couscous and Surf camps and hostels like this now From a coffee vendor selling strong which has direct flights from cities including The unpaved, dusty roads assert pilaf rice. Restaurants nearby serve dot the village. I spot chalkboards Moroccan espressos out of the back of London, Paris and Zurich. For more information relaxed atmosphere about staying in the area see visitmorocco.com its rustic charm, covering my clothes traditional Berber dishes for the days scrawled with prices for group, solo or an old turquoise Fiat Uno, I order a 1 August/2 August 2026 FT Weekend
Travel
meet William the Conqueror sitting
Get your fix of 1066
ona picnic bench under a grove of
oaks. Beside him is his sworn
enemy, Harold Godwinson, visibly
more nervous, smoking roll-ups.
“You can read a book, watch a film,
play a computer game,” says Harold,
aka Kar] Moir, “but it doesn’t give you
the same feeling. Stand on that grass,
watch re-enactors fighting in front of
you — you're hands-on with history. You
can almost reach out and touchit.”
The Battle of Hastings, on October 14
1066, began the Norman Conquest of
England and, nearly a millennium on, is
still commemorated every year on the
closest weekend to that date. More than
500 re-enactors in full period dress re-
create the battle, watched by crowds
several thousand strong. Spectators boo
and cheer with the enthusiasm of a pan-
tomime: rather like wrestling, the out-
come is a foregone conclusion, but the
audience suspends its disbelief.
This year, there is likely to be more of
a buzz around the event than ever. The
Bayeux Tapestry — the 70-metre-long
embroidered cloth created afterwards
to tell the story of the battle — has
returned to the UK for the first time and
goes on show at the British Museum in
London next month. Tickets for 2026
UK Royal Tunbridge
Wells
°
High Weald
National Landscape
e
Bri quiet =
sold out within 24 hours (the exhibition Reschke — in real life a warrant officer preoccupies itself with people of noble
continues until July next year, with tick- England | Ifyou missed out on tickets to the Bayeux Tapestry in London, in the German army who, in his own stock. But in the massed ranks of actors ets for next year to be released at a later words, has come as “generic Norman you can catch an echo of unrecorded date). For those unable to get a ticket, nobleman”, “We Normans are actually fortunes on Senlac Hill. Normans who travelling to East Sussex to watch it live go one better and watch the Battle of Hastings play out. By Oliver Smith the good guys,” he says proudly, showing perished, Saxons who fought another seems a compelling prospect. off his silk sleeves. “We brought culture day, and an archer who, just possibly, Iarrive at the 2025 Battle of Hastings a and language to England!” felt the ash grow tense in their hand, day early. Shields are being unloaded Fewer visitors stop by the paramedic never knowing they loosed an arrow from vans. Blue Ikea bags heavy with rudeness of “Terminator” re-enactors tent, yet conversations here can also be that found a king’s eye. Even in a staged chain mail are tipped out on to the same who fight on long after they should have illuminating. “You've got a combination battle you see a story more complex turf that, a millennium ago, was sodden gone down). Nonetheless, there’s a of lots of people, plus horses, plus than scribe or seamster can record. with the blood of Saxon slain. I have broader choreography of advance and arrows, plus hawks,” explains para- The remaining Anglo-Saxon leaders come to see how the battle the tapestry retreat that is strictly adhered to, and medic Nick Powell. “This means the submitted to William soon after his vic- depicts is stitched into English identity. I indeed enforced by, supervisors hidden overall risk is heightened. Over the tory. The crowd, who booed Nigel start with the two leaders, sworn ene- in the ranks of the infantry. years people have realised it can hurt. throughout the battle, give a halfhearted mies who, in real life, are best friends. I notice one archer is yet to change out But nothing beats a good scrap.” cheer as the commentator pronounces William, aka Nigel Amos from Lin- of their Mickey Mouse pyjamas. This is a Eventually the scrap gets away — him the victor. The slain rise, paramed- coln, is a stay-at-home dad and semi- pattern that repeats throughout the day blades are unsheathed, horns blown, ics packup, everyone goes home. professional re-enactor with “many — the collision of the medieval and the camp chairs unfolded. Karlos rides on to But there is, as there would have been strings to his bow” (one of which, he modern that is comic and inevitable. a battlefield to resounding cheers; Nigel in 1066, a clean-up operation on the bat- says quite deadpan, is archery). It is his Norman infantry are spotted eating emerges soon after to boos. Metal meets tlefield. Tony is a project manager from second spell playing William: he is alsoa doughnuts in the Battle Abbey canteen, metal and a commentator offers expla- Medway who played a Saxon slinger, co-ordinator for the 21-strong cavalry. one Saxon shows me a woollen pouch nation over a tannoy. One re-enactor hurling stones at the Normans. He has “We're all fighting each other,” he says. in which they keep their vapes. All re- had explained to me that — the ground been fighting at the re-enactment since “These are real swords, real spears and enactors queue for the Portaloos (except being mostly dry this year — there might the early 1990s, and is combing the field real horses charging. Yet we still have a for noblewomen, who go to the disabled be a high fatality rate, with tired infan- to retrieve the stones which, up close, safety record that a primary school foot- ones so they have room for their robes). trymen fancying a lie down. Eventually turn out to be little bean bags. “I’m sure ball team would be proud of.” From main: re-enactors bosses, indifferent to the slaughter of Yet every so often — when your field of the Saxon shield wall crumbles. Some- we'll win one day,” he says. “I keep com- Harold Godwinson is Karl Moir — practise their archery their men. “People still feel powerfully vision crops out modern intrusions — where a Saxon housecar! discreetly ing in the hope we will.” known as Karlos — a blacksmith from before the battle begins; and emotionally about this battle,” he the intervening centuries collapse, and hands Karlos an arrow tostick in his eye. Frome in Somerset. As a child, he had two noblewomen pose for says. “In re-enactments past, I’ve had you get a glimpse of that fateful day: in Itisagrand day out, but within it lies a Oliver Smith was a guest of English Heritage wanted to be a member of the House- a picture against a replica red-faced men shout at me: ‘You Nor- the scent of campfire woodsmoke, in the lesson. Most sources for Hastings dwell (english-heritage.org.uk). This year’s hold Cavalry: the closest he could get to of part of the Bayeux man bastards, get out of England!’ Peo- heft of an iron blade. It happens too as onthe game of thrones played by Harold Battle of Hastings takes place on October10 being a real knight. Tomorrow will be Tapestry; Julius, aged ple get very angry at the Normans, but Maiken’s archers release a volley. Soon and William — the Bayeux Tapestry also and 11; tickets cost £24 or £8 for members his first time leading an army — his voice three, with his father Jan- come a royal wedding you know they'll the arrows are distant enough for rub- trembles with nervousness and excite- Philipp, from Duisburg in bethe same ones wavinga flag!” ber safety <ips to become invisible, and ment. “On a cavalry charge I just think: Germany, in the Norman there is a sight that, a millennium ago, this is my childhood dream come true,” camp; a Saxor warrior On the eve of the re-enactment I stay would have chilled the blood of a thou- he says. “The horses’ manes are flowing. with a round shield in Hastings, and eat fish and chips sand Englishmen: a salvo of metal and There is thunder in the ground. This is alongside a Norman beside the grey sea from which Norman feather in flight against an overcast sky. my moment of awesomeness.” fighter with his kite shield longships emerged. The next day, the The skillof Norman archers was a key Re-enacting battles is almost as old as railway to Battle (the town, six miles part of William’s war machine — picking warfare itself. The Romans communi- Photographs for the FT from Hastings, that grew up beside the holes in the Saxon shield wall for his cav- cated news of their victories by recreat- by Murray Ballard battlefield) is out of action: I catch a rail alry to exploit — though the Battle of ing them in amphitheatres. Today, pop- replacement bus along the route taken Hastings was likely to have been aclose- ular re-enactments often centre on by William’s army as they planned to moments of national triumph: across intercept Harold on the London road. ‘People still feel powerfully Spain, towns and villages evoke the Today, visualising the battlefield at Reconquista by staging battles of Chris- Hastings is hard. The ruins of an abbey, and emotionally about this tians versus Moors. Hastings is arguably commissioned by William to give battle. I've had men shout the great foundational battle of English thanks for victory and atone for the 7 history yet, peculiarly, it is popularly slaughter, partly overlay the spot where at me: “Get out of England regarded as a national tragedy. Norman steel met Saxon flesh. On the In the gift shop, toy flags depicting northern flank is Battle, busy with tea Harold’s banner outsell William’s by a rooms and gift shops. But this corner of run thing. Beginning at nine and lasting wide margin, and flowers are sometimes the Weald is densely wooded, as it was in until dusk, it was unusually long, the left at the spot where the Anglo-Saxon the 11th century. And so to visit in Octo- outcome probably becoming clear only kingis said to have been slain. Some con- ber is to see scenes familiar to both Nor- when Harold was killed. The re-enact- sider Harold Godwinson to have been man archers and Saxon infantry: the ment, by contrast, is compressed into a this country’s last true king — a repre- yellowing of the oak and ash, the bliz- single hour mid-afternoon. For most of sentative of a nobler, more heroic age zard of falling foliage, the scrunch of leaf the day, visitors pootle about Battle when England was ruled by the English. litter under marching feet. Abbey, listening to medieval minstrels, William, meanwhile, is cast as foreign At Battle Abbey, final preparations watching falconry displays and parad- interloper and villain, massacring civil- are taking place ahead of opening. A ing between Saxon and Norman camps. ians as soon as he landed. Nigel and Kar- replica Norman ship has appeared, Norman accounts insist the Saxons los both admit to having once been arriving not from the English Channel spent the eve of battle singing and get- seduced by this Saxon romance. In time but trom Birmingham via the M40. The ting riotously drunk. True or not, the they came to see both sides as equally Battle of Tastings mead tent is pitched. tents of today’s Saxon camp are pitched brutal and inglorious: Nigel equates The archers are the first on the field, beside the beer marquee. Here iron- William and Harold to rival mafia testing their range to ensure they don’t overshoot into the spectators later. smiths, infantrymen immersed in and nobles are their characters, some fol- The best fractional ownership Their leader is Maiken Bagley, an exams officer from Lewes. Her archers lowing a medieval diet, one or two even speaking Old English, all game for a club in the world are being assigned to shoot for Norman chat. Chickens are roasted on spits, hel- Why have one holiday home when you can have or Saxon armies, though most want to mets are placed on curious children. access to luxury homes across Europe, Asia and play for the home side. “I have to admit,” The Bayeux Tapestry shows Harold she says, “every time I play a Norman I Godwinson with a handlebar mous- Africa within one structured co-ownership model? need to take a long bath afterwards.” tache and flowing hair — many Saxon Historical accuracy is taken seriously. re-enactors emulate this look, giving S— The archers ponder the virtues of ash them the air of Led Zeppelin roadies. versus yew bows — some weapons are The mood in the Norman camp — THE HIDEAWAYS CLUB homemade, others bought from Etsy. pitched near the car park — is less classic thehideawaysclub.com But there are also limits to their lethality rock, more metropolitan hipster. The — arrows are tipped with rubber, just as tapestry shows the invaders with closely Investment in this scheme is restrictedto certified high net worth Individuals or sophisticated investors. Evidenceof certification wil be required be- {fore detailed information is provided. The value of this investment car fall as well as rise, so it carriesa risk to your capital and investors may receive swords and other blades are blunted. cropped hair at the back — some infan- Jess than the amount invested. ft may also be difficult to sell the Investnent and sometimes, It may be Impossibleto sell at any price. Do not Invest un- Jess you have carefully considered whether you can afford the risks aed whether the investment is suitable for you, This financial promotion has been One-on-one fighting is left to the discre- trymen look like they might have wan- Issued by Velay Financial Services Limited, 204 Neptune House, Marira Bay, Gibraltar, authorised as an External Alternative Investment Fund Manager ‘under the Financial Services Act 2079 by the Gibrattar Financial Services Commission (Licence No. 6961). This investment is not offered to persons in tion of individuals, with one person dered in from Dalston or Kreuzberg. the United States oF fo US citizens, including those serving abroad in the US armed forces, diplomatic corps, or other government agencies. politely yielding at the touch of their The Norman re-enactors are also more opponent’s blade (some bemoan the international. Among them is Julian FT Weekend 1 August/2 August 2026
Books Life&oArts
he news of Marjane Satrapi’s fiction readers who are suspicious of (or
death in June prompted an simply unacquainted with) the genre.
outpouring of praise for her How better to make readers aware of the
award-winning, two-volume true artistry of a graphic novel than by
graphic novel Persepolis; a means of a work that breathes new life
reminder of just how influential and intoa story that’s already familiar?
important a comic book can be. Inspired In a forthcoming adaptation of
by its author’s experiences of growing up Mariana Enriquez’s short-story collect-
in Iran, Persepolis (published in French ion Things We Lost in the Fire, translated
in 2000-03) was credited with bringing by Megan McDowell — due in October
western readers a more nuanced under- from Granta in the UK, Hogarth in the
standing of the Iranian revolution and life US — Lucas Nine’s nightmarish pictorial
under the Islamic republic. renditions of a brutal, violence-steeped
Like Art Spiegelman’s Maus — the contemporary Argentina bring some-
American cartoonist’s history of the thing terrifyingly visceral to the original
Holocaust as told through his own fam- text, while still leaving space for
ily’s story, which was awarded a Pulitzer the reader’s imagination to spin unseen
Prize special citation in 1992 — before it, further horrors.
the reach of Persepolis turned out to be By comparison, I found less ingenuity
much wider than that of many a tome of in Sarah Maxwell’s take on André
political history. Aciman’s bestselling love story Call Me by
Satrapi’s adopted homeland (the
author and film director became a What better way to open
French national in 2006) has long been
ahead of both the US and the UK in readers’ eyes to the artistry
taking comic artists and their work of graphic novels than by
seriously, with one in every four books
sold in France belonging to the bande breathing new life into
dessinée genre. Now the British and already familiar stories?
American markets are catching up.
Both publishers and readers have real-
ised that graphic novels can, and should,
have mainstream appeal. Your Name, which Faber publishes this
The past 25 years have seen the steady month. Although the illustrations work
ascent of the anglophone graphic novel well — the sepia, sun-drenched tones
and its integration with more tradi- evoking the languor of lazy summer
tional literary fiction. It’s a genre that days; and lots of close-ups of sweat-
has become both a popular entry point sheened, sculpted beautiful young bod-
to books in general for younger readers ies, the classically handsome lovers rem-
and is increasingly attracting new adult iniscent of the heroes of American
audiences — in particular via adapt- romance comic books of the mid-20th
ations of well-known classic texts. century —I’m not sure they conjured up
In 2001, Chris Ware’s Jimmy Corri- anything that wasn’t already apparent in
gan: The Smartest Kid on Earth became the original novel. But it may well find
the first graphic novel to attain a gener- its ideal audience with fans of the
Moving images
alist British literary prize when it won phenomenally successful queer teen
the Guardian First Book Award. Ware's romance webcomic-turned-graphic
UK publisher is Jonathan Cape, the novel-turned-Netflix show Heartstopper.
imprint that two decades previously In the same way that some of the best
had brought us what many consider to screen adaptations of literary texts play
have been Britain’s first graphic novel: fast and loose with their source mate-
True Love (1981), Posy Simmonds’ slyly rial, the best graphic novel adaptations
hilarious parody of the romance comics do more than just transpose the original
of her youth. “What is it?” Simmonds prose into edited text bubbles on the
recalled her editor asking when he first Essay | Graphic novels have been reaching beyond the comic book store to win greater recognition in page. Posy Simmonds — the first British read it: “A cartoon story?” author (and only the fourth woman) to When, in 2007, Cape launched a dedi- win the Grand Prix at France’s cated graphic novels list, the imprint’s literary circles. Lucy Scholes traces this clever and creative format’s long journey to the mainstream Angouléme International Comics Festi- literary pedigree helped to legitimise val, the world’s most prestigious prize that of the genre. One of its early pay- for a lifetime achievement in comics — offs was another first when the 2012 paved the way here with Gemma Bovery. US and Canada were about $1.94bn in still reluctant to pick up a graphic novel, into graphic novels, from visions of dys- Above: Sarah Maxwell’s First published as a 100-episode daily The UK’s comics laureate 2024, up 4 per cent trom 2023. assuming that it’s a medium made up of topia in Animal Farm, Brave New World graphic novel version of serial in The Guardian in the 1990s, then Nevertheless, the challenge remains glorified picture books meant for and The Handmaid's Tale, to stalwarts of André Aciman’s love story in book form, this contemporary spin argues that graphic novels for publishers who hope to see greater younger or less able readers. the school curriculum such as The Diary ‘Call Me by Your Name’, on Flaubert’s classic 19th-century novel can encourage reluctant integration of the genre among adult For those younger readers, though — of Anne Frank, Lord of the Flies and To Kill published by Faber later revolutionised ideas of what a comic readers. Emma Hayley, founder of Self- and their future enjoyment of books — a Mockingbird. this month strip-turned-graphic novel could be. child readers and bea MadeHero, a London-based publisher let’s not dismiss the significance of The cynic in me has been sceptical. Both in terms of format — the vertical gateway into other reading of graphic novels and non-fiction, has graphic novels and comics. Children’s Renée Nault’s take on The Handmaid's Below left: Renée Nault’s layout, three columns wide, upended pointed out in The Bookseller that these comic-strip fiction and graphic novels Tale arrived in 2019, the year when Mar- graphic novel version of (quite literally!) the traditional horizon- UK sales aren’t a patch on what the accounted for £25.9mn of the 2025 UK garet Atwood’s Booker Prize-winning “The Handmaid’s Tale’, tal comic strip blueprint — and the genre makes in France, where the bande sales figures quoted above, up from sequel The Testaments returned readers published in 2019 by scope of her storytelling. Costa Biography Prize was awarded to dessinée market sold 68mn copies in £20.3mn in 2024. to Gilead and while the TV adaptation of Jonathan Cape Here, as in other standout titles, we Mary M Talbot and Bryan Talbot’s 2024, worth €837mn. And although The numbers might bode well for the the original was racking up high viewing might think of the adaptation process as Dotterof her Father's Eyes. adult graphic novel sales in the US in wider industry. Bobby Joseph, comics figures. And Aimée de Jongh’s retelling being more akin to literary translation, Today, graphic novels and memoirs 2025 grew by 9.2 per cent on the previ- laureate of the UK and a former English of a group of schoolboys’ descent into the symbiosis between illustration and can be found on almost all literary ous year, there are plenty of otherwise teacher, has argued that graphic novels savagery was published to celebrate the text allowing for particularly innovative publishers’ lists, specialist or otherwise. prolific British and American readers and comics are “the perfect vehicles” to 70th anniversary of the original text at ways of subverting and updating the Their assimilation was further consoli- encourage reluctant child readers and a the behest of both William Golding’s source material. Paul Karasik, David dated in 2018 when Nick Drnaso’s Sab- gateway into other reading. At this publisher and his literary estate. Mazzucchelli and Lorenzo Mattotti’s rina was the first graphic novel to be year’s London Book Fair, meanwhile, Two examples, then, of canny incredible reworkings of Paul nominated for the Man Booker Prize. As Pan Macmillan chief executive Joanna publishers cashing in on the success of Auster’s New York Trilogy are another if anticipating purists who might argue Prior counselled publishers to use the an already bestselling book, dumbing case in point — the illustrations evoca- that a novel in pictures can’t be consid- recent growth in sales of graphic novels down the source texts by pandering tively, noirishly cinematic, with the text ered the equal of a work written in to attract readers more broadly. to those who prefer their culture in itself often inventively rendered visu- words alone, Zadie Smith declared it SelfMadeHero tapped into this idea bite-sized chunks? ally. So too Gareth Brookes’ inspired “the best book — in any medium — I nearly two decades ago. When the Not at all. Nault takes clever inspir- reworking of a 17th-century pastoral have read about our current moment.” publishing company was launched in ation trom the regimented colour codes classic, Izaak Walton’s The Compleat Since that critical success, the genre 2007, Manga Shakespeare was its of Gilead, while using the power of Angler, with its linocut prints and water- has been increasingly visible. This year, founding series: 14 of the Bard’s plays, image and colour to showcase the pau- dappled inky drawings, was one of last the British Book Awards introduced a adapted by Richard Appignanesi and city of Offred’s life as a Handmaid com- year’s most unexpected offerings. Graphic Novel category, and the Hay illustrated by a variety of artists. Given pared with the richness of her previous I’m reminded of President Emmanuel Festival held its first Graphic Novels the success of modernised film adapt- existence. And de Jongh uses subtle vis- Macron’s tribute to Satrapi’s Persepolis Day. Both developments were sup- ations during the previous decade, from ual techniques to draw out much that as being without doubt the work of “a ported by recent growth in sales: the Baz Luhrmann’s Romeo + Juliet (1996) to lurked between the lines in Golding’s great artist”. Readers might initially be UK’s graphic novel book sales in 2025 10 Things I Hate About You (1999), such novel, from religious iconography to the drawn to these graphic novels because were worth £78.7mn, up 13.9 per centon retellings made commercial sense. boys’ changing physical prowess. they’re adaptations but, if done well, by the previous year (and £46mn more In the years since, this corner of the Rather than simply being lazy spin- the time they finish reading them they'll than the sector earned in 2019); while market has expanded as a growing offs, adaptations might be one of the have discovered a valuable work of art sales of comics and graphic novels in the number of classics have been adapted best introductions to graphic novels for inits own right.
Forensic anthropologist Sue intricacies of forensic science and its whether certain bone fragments were An Expert John Saunders in 2000? Or that (pubic) he was relegated to second. We discover crucial role in the courtroom. those of a dead child. Black does not Witness: hair analysis featured heavily in the trial that Alphonse Bertillon, the creator of Black unlocks the mysteries Black is perhaps the UK’s leading name the defendant, but it was the trial Forensic of serial murderer John Christie? an entire system of human identifica- of often harrowing criminal forensic anthropologist, a tield that ot Mark Bridger, whose abduction and Science on Trial Many of the heroes and villains o: tion, eventually came a cropper when he (putting it simply) involves the identifi- murder of five-year-old April Jones in by Sue Black forensic science make vivid cameo set himself up as a handwriting expert in cases. By Thomas Grant cation of deceased persons. She is the Wales in 2012 was one of the more Doubleday £22 appearances. Among them are the the Dreyfus affair, the 1890s French author of armfuls of textbooks, includ- appalling cases of the past 50 years. 400 pages dubious early 20th-century pathologist political and military scandal. One of ing (with Louise Scheuer) the leading Unlike many non-lawyers who come Bernard Spilsbury, whose evidence sent Black’s hobby horses is the expert who aving spent a good deal of work on the juvenile skeleton. She has into contact with the criminal justice many to the gallows, and who achieved steps outside their field of knowledge. my professional life read- also written two bestselling popular system, Black has a precise understand- such pre-eminence that his testimony Black writes in an easy, conversa- ing expert reports and books on her work, whichhas taken her ing of its dynamics and procedures. It is was accorded the status of near-papal tional style, which is just as well given cross-examining their to Iraq, Kosovo and Thailand (after the in her accounts of her courtroom expe- infallibility, even when it was lacking in the subject matter. “I once assisted with authors, I will confess that 2004 tsunami) on assignments of the riences that the book really comes alive. stage, particularly in the murder trial, foundation. His confident identification the case of a relatively fresh human the idea of a book about the work of the most harrowing nature. We can feel the tension of the cross- detecting through newfangled processes of Mrs Crippen’s body in the basement head recovered from a cow pasture,” she expert witness directed at the general An Expert Witness is a blend of expla- examinations she has had to endure. the presence of arsenic in those Victo- of the house she shared with her hus- explains breezily. There is the odd lapse reader seemed a tall order. The most nations of scientific forensic processes, Black gives the reader a whistle-stop rian poisoning cases that continue to band is now the subject of fierce debate. into the pat phrase. The fiancé of the recent edition of the leading legal text- such as fingerprint analysis and ballis- ride through the history of English crim- capture the public imagination. I was pleased to see reference to poisoner Mary Blandy is described as book on expert evidence runs to 800 tics, scintillating case studies showing inal procedure, going back to trial by Black’s integrity and purpose shine Robert Churchill, the ballistics expert “no great shakes in the looks depart- pages of tightly set text and will appeal their application, or misapplication, in ordeal in the Middle Ages, and traces the through. She is on a mission to chase out who appeared in many of the great ment”. The absence of footnotes was to only the hardiest of lawyers. court, and engaging accounts of Black’s development of criminal investigation. bad practice and skewer bad science. She murder trials of the early 20th century, disappointing: there is so much rich Yet Professor Dame Sue Black, presi- own work in criminal investigations. The concept of the expert witness covers all manner of sciences and and whose biography, The Other Mr material in this book that I wanted to dent of St John’s College, Oxford and the Black has a deep well ofexperience to emerges in the 18th century, with “men pseudo-sciznces that have been expoun- Churchill, is a minor classic of crime writ- chase down many of the sources. bearer of amonumental string of letters draw upon, having appeared as a wit- of science” permitted to testify based on ded, for good or ill, in the courts. Who ing. I also learnt about the man Arthur But these are minor cavils. Black has after her name, has written a compel- ness in the criminal courts on countless their abstract learning rather than knew of the extraordinary history of ear Conan Doyle described as the most written a book that will be read by many ling book that performs a signal service occasions. We read of a case in which she direct knowledge of the relevant facts. In identification? Or gait analysis, which eminent forensic scientist in Europe — and both informs and entertains in in bringing to life the mysteries and was involved where the issue was the 19th century the expert takes centre identified bow-legged armed robber to Sherlock Holmes’s disgust, because equal measure. 1 August/2 August 2026 * FTWeekend
Books
Manuscripts that maketh the man A palaeographer explores the wandering widely and resulting The Migrants: where he looked after one of the most This is the most personal of de tangible authenticity”, he says, “is in chance encounters and looped A Memoir With significant collections of such texts in Hamel’s books. The coming-of-age essential to the experience”. journeys and provenance of coincidences. Dense scholarship, rich Manuscripts Europe, de Hamel has handled many of insights and forays into New Zealand's Similarly, the cultural critic Walter medieval texts that shaped context, the satisfaction of new by Christopher the world’s finest. colonial context are illuminating in the Benjamin would tell you to go stand in his life. By Jonathan McAloon discoveries and elementsof a travelogue de Hamel The unique conditions of his child- manuscript sense: adding richness to front of a masterpiece in its gallery set- are combined. Allen Lane £25 hood allowed him to begin early, being something already fine. But The ting rather than look at a reproduction. 320 pages His latest book The Migrants takes the free to take leaves of manuscripts home Migrants is at its best when it does what But it’s far trickier to enter a climate- meeting of the Old Worldand New as its with him to hang on his bedroom wall, the author’s other books do: describe controlled room and turn the pages of s the Bayeux Tapestry was core subject. Framed as a blend of including one by the legendary English the story of a manuscript, its makers, priceless, fragile books under the terri- conveyed from Normandy “inquiry and personal memory of child- printer William Caxton. and its journey to the present day, with fied supervision of their conservators. to London under police hood”, it tells the winding stories of De Hamel acknowledges that it would de Hamel often physically travelling De Hamel himself admitted in Meetings guard in July, a characteris- those illuminated manuscripts that he have beer “inconceivable” for a young this route. with Remarkable Manuscripts that many tic chapter of Christopher first came upon improbably as a boy and children were discouraged from fully teenager in England, even in the 1960s, There’s a first-hand sleuthing thrill, are “as out of bounds to the general de Hamel’s 2016 book Meetings with which fostered his sense cf wonder. acclimatising, with the result that Chris- to have had this type of sentimental working backwards from the New public as the tomb of the Prophet in Remarkable Manuscripts came to mind. These manuscripts too have gone topher was an isolated boy. But in Dune- education with manuscripts. World to a manuscript’s often formerly Medina would be to me”. Arguing that one of the earliest everywhere, travelling “further than din Public Library, stocked with leaves A lack of institutional oversight, or unknown provenance. One book in Asa work of evangelism, The Migrants known illuminators of English medieval any have ever done or could do, without of medieval manuscripts by one of competition in his own archives, gave Auckland yields fragments of a ninth- preaches from the doorstep of a closed manuscripts might have also designed venturing into space,” beginning in many eccentric Antipodean collectors him room to attribute prayer books to century Bible made by Bavarian nuns, shop. Asa story ofa life as lucky, fantas- the tapestry, the palaeographer trav- Europe and ending up in New Zealand, that populate this book, encountering Yorkist gentlewomen in Derbyshire which have been stitched into its bind- tical and singular as the journeys the elled to Durham Cathedral Library. as the author’s own family did. And he such artefacts felt like “crossing a magic outside school hours. ings. “This unexpected relic of a Caro - manuscripts have undertaken, it’s a There, he was greeted by two librarians: views their histories as all the richer for portal in time and distance”. During a holiday job in Wellington he ingian Bible now takes the prize as the delight. There’s a beautiful moment one from Australia, one from his taking place outside of the shelter of Illuminated manuscripts are, strictly traced a 12th-century Boethius back to oldest European manuscript so far where the author describes being the native New Zealand, which shaped European libraries. speaking, handwritten texts, richly Canterbury Cathedral, while Thomas recorded in Australasia.” first person in hundreds of years to open his appreciation of the historic artefacts The de Hamels migrated from Eng- decorated with gold leaf to catch the Becket was archbishop. Decades later, Throughout his books, de Hamel has a book, and to smell the trapped he handles. land in 1955 when the author’s father light. At Sotheby’s, where he was even- de Hamel] makes what he admits is a argued passionately for “encountering medieval incense for amoment before it This is typical of de Hamel’s writing, accepted a medical post in New Zealand. tually responsible for all sales of illumi- “breathtaking” argument that it was and touching illuminated manuscripts” escapes forever. Some things, for a which tends to go everywhere, Expected to move home shortly, the nated manuscripts, and at Cambridge, commissioned by the saint himself. as time travel. Their “absolute and reader, are sufficient in reproduction.
Laughs from the
n 1994, Emily Eakin, then a gradu-
ate student in English and compar-
ative literature at Columbia Univer-
sity, was considering her options. In
her captivating new book The
Frenchmen, an elegant combination of literary memoir and intellectual his- tory, Eakin, who is now an editor at the scraps of life New York Times, revisits her decision to In David Sedaris’s latest collection of essays, moving moments abandon her doctorate. She’d read a study which showed that too many liter- of candour cut through the comedy, writes Constance Ayrton ature PhDs were competing for too few academic jobs. But there was another, deeper reason for her disenchantment. The Land and Some of the most affecting passages “The clincher,” she writes, “was theory. Its People are those on grief, which Sedaris Thad had enough of it.” by David Sedaris approaches with his usual cool compo- “Theory”, the name given in the Abacus £20/ sure and flashes of humour. In one US to an intellectual movement that Little, Brown $30 essay, he lists the friends he has lost emerged in France in the 1960s, would 272 pages whose names he still keeps in his digital change the face of the humanities in address book: his first agent Don American universities and in the proc- Congdon, or Harry Rowohlt, a transla- ess become a casus belli during the tor he had worked with, for example. early skirmishes in what were later What could easily have been a melan- dubbed the “culture wars”. choly catalogue of the departed instead Eakin, who first fell “under the becomes a series of affectionate por- Frenchmen’s spell” as an undergraduate nmy mind, I’m like a friendly junk- traits, each entry accompanied by a at Harvard, traces theory’s origins to the man, building things from the little small memory of the person. structuralist revolution in the human pieces of scrap I find here and The piece culminates with the news sciences, which, she asserts, was “really there,” David Sedaris wrote in 2002. that his sister Gretchen has been two revolutions in one”. First, the struc- Two decades later, the description diagnosed with cancer and Sedaris’s turalists replaced Jean-Paul Sartre’s still fits. The best-selling American instinctive decision to buy her a warm existentialist notion of a self imbued humourist has made a literary practice cape for chemotherapy: “It was as if this with agency and the capacity to choose of collecting the overlooked fragments cape — and only this cape — could keep with the idea of the impersonal system. of everyday life — family quarrels, my sister alive,” he recalls. But as soon And second, they anointed language the chance encounters, social irritations, as she is cured, he cannot resist the master system above all others. They overheard remarks — and refashioning thought: “I want that cape back.” took from the Swiss linguist Ferdinand them into essays that are widely loved A reason so many gravitate towards de Saussure the view that language is a for their bone-dry, funny and occasior- Sedaris — his books have sold 16mn system without positive terms, in which ally shocking takes. copies — is that they can hear his the meaning of words derives entirely In The Land and Its People, his latest
The French wave
from their relation to one another. essay collection, Sedaris, now 69, cor- What could have been The increasingly rancorous battles tinues to mine his own life for material. over the significance and implications of Longtime readers will find little here amelancholy catalogue of theory in the 1980s weren’t confined to that feels unfamiliar. There is his signz- the departed is a series the academy. In 1987, for example, the ture blend of self-deprecation — “I’m of affectionate portraits
that swept America
conservative philosopher Allan Bloom intellectually lazy ...I’m an idiot, topped the bestseller lists with The basically” — and exasperation with the Closing of the American Mind, a book that world around him. In “Little America’, railed against the corrupting effects of he rails against the decline of public unmistakable voice on every page. It is “jargon derived from the despair of etiquette, citing passengers ignoring the voice that draws thousands to his European thinkers”. Today, Bloom’s jer- assigned seats on trains or playing book tours, where he trials his essays by emiad continues to influence many of music without headphones. “I’m in the reading them out loud, takes questions those who criticise the state of American hard part of getting old,” he says, “the and spends time meeting his audience. universities from the political right. But Jonathan Derbyshire on the roots, heady rise and enduring influence of part where everything irritates you”. Another reason is his emotional can- for students like Eakin, “deconstruct- Ageing, bodily decline and mortality dour. Revisiting his fractured relation- ing” the fundamental assumptions of loom large over the 28 essays, some of ship with his late father, he writes: western metaphysics was heady stuff, the philosophers who sparked the early skirmishes in the culture wars which were originally published in The “T don’t ever have to call or write to him even if you had only a “glancing famili- New Yorker. The cover alone, which again. I’m free!” If his repertoire of arity” with the great works of the philo- shows a couple mostly buried in sand on irritations, bodily ailments and humor- sophical tradition. So why, having fallen a beach, signals as much. Readers cf ous asides can sometimes feel well so comprehensively for theory, did she Jacques Derrida, and Deleuze’s sometime co-author, and it in for the so-called Yale school of Sedaris’s 2018 Calypso will remember his worn, moments like these cut through come to regard it as a “dangerous sub- photographed in the literary theorists Roland Barthes deconstruction, which he claimed account of contracting a gastrointestinal the comedy, revealing pain and stance” to be renounced or forsworn? 2000 — camera Press/Gérard Rondewu/ and Paul de Man. The latter was in facta encouraged a “perverse embarrassment virus while on a book tour, as well as his humanity beneath. Agence VU The Frenchmen attempts to answer francophone Belgian who'd emigrated . . about the achievements of our civili- mother’s alcoholism and cancer. Many essays here begin with encoun- this question. And in doing so invites us to the US after the second world war. But zation”. No matter that, as Eakin points Here, he opens with an essay about ters on the road; a new worldwide tour, to see Eakin’s own story as somehow his close friendship with Derrida is cen- out, Derrida’s interest was in “reading, caring for his boyfriend Hugh after a hip starting this week and running until symptomatic of the experience of what tral to the story of theory in America, not trashing, the cancn”. replacement. It is a familiar Sedaris May, will no doubt provide more scraps the critic Nicholas Dames has called the and therefore to the story Eakin wants Worse was to come. In 1987, a Belgian set-up: domestic discomfort turned into to collect. The question is whether his “Theory Generation”. (It is ironic that to tell here — as is Derrida’s sometimes researcher discovered more than a hun- comic material, with a swipe of compet - stories will tire before he does. “Thank this cohort should have seen its college fraught relationship with Foucault. dred articles that de Man, who died in tiveness. “I know all about kidney God Ill be dead in 20 years, because I years frequently depicted in a form — By the mid-1970s, French theory had 1983, had written for a collaborationist stones and gum surgery. I know about don’t know how much more of this Ican the realist novel — that theory did so set up outposts on both American newspaper during the Nazi occupation broken ribs and urinary tract infections. take,” he quipped in a recent NPR inter- much to “denaturalise and demystify”, coasts: Derrida at Yale, where de Man, of Belgium. At least one of the pieces was When it came to hip pain, though, he view. For readers, that still leaves time as Dames puts it. Think of books such as who chaired the department of compar- explicitly antisemitic. The discovery was had me,” he writes. to hear what he finds next. Jonathan Franzen’s The Corrections or ative literature there, had arranged a particularly traumatic for Derrida, who Lorrie Moore’sA Gate at the Stairs.) visiting post for him; and Foucault at attempted a tortured but ultimately At the same time as tracing her own Berkeley in California, where he became unconvincing reckoning with what his journey through theory, Eakin seeks to an enthusiastic patron of San Fran- friend had written as a young man. For “re-embody” its master thinkers, “to cisco’s gay bathhouses. theory’s enemies, the revelations con- From: Date: 7 May at 10:16 recover the hidden human element” Eakin argues that Derrida and firmed everything they'd thought all Subject Re: Your Vitsoe order beneath their often austere and imper- Foucault represented two divergent along about the pathologies of decon- To: email@vitsoe.com sonal theorising. Onur Erdur tries to do paths for theory in America: “Along one struction. “The timing of the de Man rev- much the same in his more convention- path stretched rhetorical analysis, elations,” Eakin writes, “could not have ally scholarly book, School of the South, obsession with paradox, and the scru- been . . . better orchestrated by Amer- Hi Andrew onthe “colonial roots” of French theory. pulous close readings proposed by Derr- ica’s newly ascendant political right”. For both Erdur and Eakin, it is of ida; along the other, investigations of It must have been tempting, in the decisive significance, for example, that political and social power in the form of face of all that, to write a repentant lat- the philosopher Jacques Derrida should ‘discourse’, championed by Foucault.” ter-day version of the cold war commu- Your installers (Jody and Darren) were here yesterday installing my shelves, have been raised a Jew in what was then they did a great job - everything looks perfect! The latter, in particular, seemed to nist apostasy memoir. But it is to Eakin’s French Algeria and that he was expelled carry with them a borrowed “whiff of credit that she doesn’t really go in for All that planning (and all those revisions!) paid off. Your drawings made the from school in 1942 after the collabora- rebellion”, lingering traces of the “insur- what Erdur calls “theory bashing”. Her whole process so easy to visualise ard gave me the confidence that everything tionist regime in Vichy introduced a rectionary mood” that had reigned on book ends not with an obituary for a would be just right. I will send you some photos when I've unpacked everything quota for Jewish pupils. Derrida himself The Frenchmen: the Paris barricades in May 1968. But, in “god that failed” but with a provocation and dressed the shelves. said that the episode caused a “disorder Or, My Life in Theory truth, this was surrogate politics, a kind —that, for all its excesses and its broken of identity” that he never quite got over. by Emily Eakin of revolutionary cosplay that had little political promises, theory’s legacy of Thank you again for your time and thoughtfulness! He, like several of his contemporaries, Penguin Press $35, 496 pages actual political effect. “vigilant questioning, of scrupulous was forever a kind of outsider. As for Derrida and de Man, what attentiveness to language’s complexities Best wishes, Eakin’s “Frenchmen” are a varied looked like an obsessive preoccupation and contradictions’ might not be as lan School of the South: bunch. Alongside Derrida are the The Colonial Roots with arcane linguistic subtleties began to “antithetical to the common good” as philosophers Michel Foucault and Gilles of French Theory attract the charge of nihilism or worse. many ofits critics have charged. Deleuze, Lacan, the the psychoanalyst Jacques Marxist thinker Louis by Onur Erdur, translated by Andrew Brown William Bennett, secretary of education in the second Reagan administration Jonathan Derbyshire isthe FT’s US VITSG@ Althusser, Félix Guattari, a psychiatrist Polity £25, 288 pages and a doughty culture warrior, also had opinion editor 10 * FT Weekend 1 August/2 August 2026
Books
Lessons from the
he unnamed narrator in
Amit Chaudhuri’s ninth
novel, Chdteau Rouge, likes
the sound of the Parisian
locale where he has rented
an apartment — “Chateau Rouge: beau- tiful name. I know it means red castle” — but is uneasy when it is described as skies — and the squid “vibrant”: “‘Vibrant’ is not a word you use anymore of a Western city — ‘exqui- to improve their financial footing witha site’, ‘beautiful’, even ‘exciting’, yes. It private equity deal went awry. At one made me think something was wrong.” point they feared they would lose control Another expression that unnerves him: of their home as well as their business. “There will be music in the air.” Eventually, they found a way to right the A writer on a fellowship in Paris, he ship and pursue their goal of a business is dismayed by the apartment he has that brings the voices of nature and sublet from a German and American future generations into the boardroom. couple. He likens it to “standing in an In Up: A Scientist’s Guide to the emptied-out abattoir. The futon on the Magic Above Us (Doubleday £22), engi- floor was a casualty. I walked around it.” ENVIRONMENT neer and inventor Lucy Rogers reminds Chaudhuri’s 2022 novel Sojourn, which us that the skies overhead are not just a is set in Berlin, employs a similar open- ing, with a writer disappointed by his By Pilita Clark backdrop to our lives but an ever- changing world of creatures and natural accommodation. phenomena that few really understand. His wife persuades him to think veryone knows about Charles Her book explains why condors often differently: “You know, if Hemingway Darwin and survival of the only need to flap their wings every few were living in Paris now, this is where fittest in a natural world hours (they hitch free lifts on thermals) he'd be,” she says, encouraging him to that’s red in tooth and claw. and how monarch butterflies survive Or do they? Probably not, their epic migrations from the northern His prose has an immediacy, says biologist and journalist Rowan US and southern Canada to central Mex- Hooper in this important new book, ico, a distance of up to 3,000 miles. They as if we are there with the Togetherness: Symbiosis and the Hid- also ride thermals when they can, boost- narrator, experiencing these den Story of Life’s Greatest Collabora- ing their normal daily flight range from tions (Fern Press £25/Knopf $35). 25-30 miles to hundreds of miles a day. oddities and mundanities Hooper, a senior editor at New Scien- In the jungles of Borneo, Rogers gets a tist magazine, says Darwin was right to glimpse of a huge heaving “cauldron” of Nicolas Ogonosky emphasise the importance of competi- bats darkening the sky as they pour out
Paris, piece by piece
discover the real city, rather than “the tion in On the Origin of Species. But he of their caves. In Rome she rents a flat to Paris of Proust’s house and Baldwin’s makes a powerful case against those try to see starling murmurations that digs” that he secretly craves. who deployed the book’s ideas to justify scientists are still seeking to fully under- In an interview, Chaudhuri says his capitalism or social Darwinism, since stand, and reveals that one of the most own wife made the same remark after evolution has also been driven not by impressive collections of meteorites is he had moved to Paris, which inspired competition but by co-operation among held by the Vatican. She makes a persua- this short novel — the narrator, like species, or symbiosis — Greek for “living sive case for getting our noses out of our Chaudhuri, is an Indian writer of together”. Orchids are a case in point. phones and raising our eyes to the skies. Bengali heritage. Ernest Hemingway is Amit Chaudhuri’s ninth novel is ripe with writerly ambition, smuggling One of the most successful types of flow- Climate scientist Bill McGuire offers referenced several times: early in their ering plants, their 28,000 species is less cheering thoughts in his latest book, relationship, his wife had given him a almost triple the number of bird species. The Fate of the World: A History and copy of A Moveable Feast, Hemingway’s philosophical insights into observations of the prosaic, says Lucy Popescu But as Hooper writes, much of their Future of the Climate Crisis (Harper- posthumously published memoir achievement is due to a powerful alli- North £20). McGuire, a volcanologist (1964) about Paris in the 1920s, its cafés ance with fungi that lets the plants grow and professor emeritus of geophysical and Left Bank bohemia, which had without soil, ride out water loss and gain and climate hazards at University Col- accompanied him unread. Chateau Rouge recalls Deborah Levy’s experiencing the same oddities and access to food and nutrients stored lege London, has long warned of the Chdteau Rouge is written as a series of 0 Paris chapters in Real Estate, the final mundanities. underground. Hawaiian bobtail squid encroaching threat of a warming cli- vignettes. In the opening pages, the book in her Living Autobiography trilogy. Writing on his style in a 2017 essay for likewise harbour a species of bacteria mate. This time he looks back in geolog- narrator describes his attempts to settle in while his wife and daughter visit — CHATEAU Levy, too, stayed in the 18th arrondisse- ment, in Montmartre, and had a similar Granta, Chaudhuri says he wants his paragraphs to stand alone, “available, at that emit light and help shield the squid’s presence from hungry predators ical time to argue that the greenhouse gases we have pumped into the atmos- he shops for bed linen in Tati and notes interest in ordinary details, preferring any point, for rereading; to give individ- in moonlit waters. Corals, lichen, ants phere since the industrial revolution the difference between three different to stare at the display of shellfish at the ual paragraphs primacy over the super- and endless more life forms have been may have put us on track for a hotter, Paris supermarkets: Carrefour, Fran- fishmongers rather than art at the Lou- structure of narrative itself; to view the shaped by co-operative relationships. more unruly climate such as that of the prix and Monoprix. At times, this focus vre. Both she and Chaudhuri’s narra- novel as an assemblage of paragraphs Yet the study of symbiosis has, says Pliocene epoch, which existed between on the domestic feels banal, but Chaud- tor are visiting fellows, drawn to other and, ina sense, quotations.” Hooper, been “siloed and neglected”, about 5.3mn and 2.6mn years ago. This huri delights in writing about the writers who lived in the city, and sharea Chaudhuri subtly reveals more about dismissed as unimportant, potentially was a time of warmer seas and far more quotidian and discovering unexpected Chateau Rouge fascination with food. Both are outsid- his protagonist’s neighbourhood in a communist and possibly feminine. His savage weather, when wilder storms associations between people and things: by Amit Chaudhuri ers in Paris, though he is at one further paragraph dedicated to nearby Mont- bookisa welcome corrective. than those we are familiar with made wandering down Rue Poulet, he Faber £14.99/ remove, being Indian rather than a martre: “Not much trace here of Rue Frieda Gormley tells a different story the oceans more treacherous. describes how “Nomadic trades New York Review Books $1795 white South African. Poulet or Chateau Rouge. Or abstracted about the natural world in her book, In Other consequences of a Pliocene-like 208 pages Chaudhuri’s fragments of prose, some prostitutes and their half-hearted vigil; abounded; skewers on flames. Women the Company of Nature: Regenerating world — or worse — would be dire, says were drawn to the smoke.” He’s inter- as short as a line, encourage the reader or butchers’ shops.” Business, Community and the Living McGuire. Big ice sheets could eventually ested in the insignificant; what others to piece together the connections he He is also adept at blurring time. We World (Chelsea Green £22/$29.95). be lost. The release of vast plumes of may not notice. makes. After visiting an M&S food hall know weare in 2019 because two signifi- Gormley left a job at Topshop working warming methane and other responses As well as a novelist, Chaudhuri is a in Gare de l’Est, he follows a pedestrian cant events are mentioned in passing: with model Kate Moss to co-found what could push the planet’s temperature up poet, essayist and musician. He is astute list of food items with a vivid evocation the fire that ravaged Notre-Dame cathe- would become a cultish interior design even more. Sea levels could rise somuch when conveying the layering of cultures of a neighbourhood in just a few sen- dral and the gilets jaunes protests. The company, House of Hackney, with her that the university town of Cambridge — born in Kolkata (then Calcutta), he tences: “The area was a waste land. narrator returns to the city five years husband Javvy M Royle. could have water lapping at its edges and studied in London and Oxford. In Paris, Expressionless commuters were picked later, and the middle section of the book From the moment the business Miami could be engulfed, along with 40 the narrator buys a microwave and up by buses in front of the station. They details this second fleeting visit, adding launched in 2011, the couple were deter- per cent of Bangladesh. stocks up on ready meals from Marks & seemed about to cross a border.” an extra layer of memory. Early on, he mined to make it environmentally as “Lexpect society and economy to be at Spencer, classic British middle-class Elsewhere he moves from a reference mentions being pickpocketed, but only well as financially sustainable and at first the very least severely dysfunctional by comfort food, much to the disgust of his to Haussmann and Gabriel Davioud, towards the end of the novel does he they appeared to succeed. Their nature- mid-century,” writes McGuire, who says daughter, who tries to get him to eat “between them they created a Paris of describe the incident. infused wallpapers and fabrics were a he does not want to fuel panic or inertia more healthily. He gravitates towards monuments”, to musing on Carte D’Or His approach may frustrate some hit. Bergdorf Goodman and Harrods but galvanise action to cut emissions as other outsiders, like Zakir and Liton, vanilla ice cream: “[It’s] British. It readers, but for those who like space to placed wholesale orders. But tight mar- fast as possible. It is a very old message two Bangladeshi migrants who sell pea- melts; it could be a variety of frozen fat.” consider things, this unconventional, gins, brutal payment terms and a but ifit is ever heeded it will help anatu- nuts in the area, operating under the The effect isa freshness and immediacy, non-linear work offers an intriguing “scarily high” fixed-cost base of a flag- ral world that, as these books show, hasa radar of the authorities. as if we are there with the narrator, mosaic of the prosaic and the profound. ship store were crushing them. An effort value we are still learningto appreciate.
The heavy baggage of migration Intrigue on the Bosphorus In an award-winning debut, Elmy was born in Sofia in 1995 into her J-1 visa, she struggles to find housing Modern terror meets old- Children of the theory that a handful of comrades what she describes in the novel as “a and is relegated to under-the-table Wolves could alter the axis of the world through moving from post-communist world of deficits”. Her writing captures work. She wonders if “how nice it is here school noir in Lawrence by Lawrence asingle but striking act of violence.” Bulgaria to the US fails to the ambience of the post-Communist in the West” wasn’t “just a mirage [our Osborne’s Turkey-set thriller, Osborne Chatto & Windus Osborne, who is an accomplished era Eastern bloc. In its bumpy transition parents] glimpsed from behind their writer of travelogue and memoir as well ease hardship. By Mia Levitin to a market economy, Bulgaria faced iron curtains.” In the communities to writes Christian House £18.99/Summit Books as a novelist, is well versed in setting $27, 272 pages economic collapse, a banking crisis and which she is dispatched to clean, the res- morally opaque characters adrift in sul- ays before embarking on a hyperinflation. Though Yana’s parents idents “are protected from all the places stanbul is the perfect city for liter- try climes. His 2014 bestseller The Bal- new life in the US, 20-year- are doctors, they struggle to get by — where the others are, where the Ameri- ary mysteries of a psychological lad of a Small Player centred on a gambler old Yana dreams that as unable to afford nappies and constantly can dream writhes in agony”. hue. The metropolis by the Bospho- on a losing streak in the casinos of she’s checking in for her hungry, eating popara, bread dipped in But it’s not just immigrants who are rus has featured in enigmatic tales China’s Macau (a 2025 Netflix adapta- flight from Sofia, the lug- tea. “Both of them wonder why every- losing faith in the illusion. Yana strikes by Graham Greene, John le Carré tion starred Colin Farrell). In this Turk- gage scale jumps from 30kg to 5,000kg. thing wasn’t fixed after 1989, like they up a friendship with an older waiter — and Ian Fleming, authors attracted to its had hoped”. He only gets the Turkish gig ish tale, he once again swings between When the ticketing agent opens the suit- believed it would. Why is tomorrow’s the only American working at the res- orange-lit alleyways, crumbling palaces because he went to school with David the grandeur and security of immense case for inspection, she starts to pull out world as empty as yesterday’s . . . ?” taurant — who lost a daughter to the opi- and convoluted politics. Its confusing Meltzer, the newly appointed American wealth and the gutter existence of lifeon Yana’s family members, one by one. It’s Yana’s father battles with alcohol oid crisis. He is racked with guilt for not hubbub lends itself to shifting narra- consul to Istanbul. He does, however, the lam. His rebels with a nebulous an evocative image to represent the addiction, becoming violent when he’s listening to the doctors who suggested tives. In his 1932 novel Stamboul Train, successfully trace Chana — now Aylin cause revel in their privately funded weight of all we carry. drunk. He and Lily eventually divorce, treatment, mistrustful since they had Greene described the “yapping of cars” and sporting coloured contact lenses — “global vagabondage”. In Joanna Elmy’s debut, inspired in and he disappears from Yana’s life. Eva’s created the problem to begin with. heard through open windows and how toa luxury hotel on the coast, where she Tyler is a familiar figure, the affable part by her own experience in the US husband was also brutally abusive. One Nor has Europe resolved its issues of the “lights of fishing boats in the Golden has holed up with a trio of like-minded but floundering sleuth. More interesting Summer Work and Travel programme, harrowing scene from Lily’s childhood immigration and labour. After emigrat- Horn flashed like pocket torches”. rich-but-bitter | twenty-something are the well-detailed peripheral charac- Yana lands in a Delaware resort whose shows the police attending after a com- ing to Germany alone when Yana is 16, The latest writer to succumb to the friends. There’s Adam, a handsome, ters, such as Meltzer, the gay, sweet con- economy relies heavily on seasonal plaint from the neighbours and Lily Lily treats a young seasonal agricultural city’s messy charms is Lawrence fraudulent art dealer; nervy Diana, with sul who smells of Acqua di Parma and workers. She cobbles together “shit- pleading with them to help, but their worker for sunstroke and dehydration. Osborne, whose new novel Children of her ponytail and mercurial manner- has a quiet crush on Tyler; and Seyhmus work” jobs in food service and shares only aim is to tell them to keep the noise Due to the bureaucracy involved, a Wolves offers a cryptic tangle of sexual isms; and finally Marco, a chubby, Yavuz, an impeccably polite yet ruthless cheap accommodation on the outskirts down, not to protect the woman and nurse advises her not to report it to the scheming, familial tensions and inter- dishevelled heir to an Italian fortune. Turkish intelligence officer. of town. One night, Yana witnesses a child. Elmy has said that the book is police; the girl disappears through a national terrorism, all played out in the Following them back to Istanbul, Osborne’s story echoes the fiction of young Moldovan woman fatally struck largely built on true stories, including window after receiving treatment. sweaty cafés, grand hotels and low-rent Tyler wheedles his way into the quar- the great maestro of Istanbul noir, Eric by acar while biking home on the high- from her family. Elmy’s interrogation of capitalism is apartments situated at the crossroads of tet’s company and pursues an unlikely Ambler. Like Ambler, he captures the way late at night. If communism was a failed experi- refreshingly embodied in the characters’ Europe and Asia. romance with Chana. At this point, funk, hustle and thrill of the city, with its The novel opens as Donald Trump ment, capitalism doesn’t come up roses, stories, rather than merely their mus- Osborne’s protagonist, Tyler Sedge- Osborne switches the perspective to comfort dishes — muhallebi milk pud- campaigns in the 2016 presidential either. When Yana decides to overstay ings. In this reappraisal, she joins other wick, is straight out of the Raymond that of the young Americans and we ding, winter drinks made from crushed election. Yana’s first-person account is Balkan voices, including the Albanian Chandler playbook: a weary, middle- sense there is something darker at hand orchids — and perpetual motion. “It’s a woven together with third-person flash- Born of Guilt political philosopher Lea Ypi, as well as aged American private eye hired to find than just disaffected youth: “For years lonely person’s city,” notes Tyler. He backs to her childhood, as well as the by Joanna Elmy German authors such as Jenny Erpen- a spoiled brat. His employer, James they had discussed among themselves means it asacompliment. stories of her mother, Lily, and grand- translated by beck, querying the narrative of good vs Arthur KnightJr — “a businessman who Children of Wolves might not be hugely mother, Eva. The winner of the 2022 Angela Rodel and evil spun after the fall of the Berlin Wall. had taken on the weight of a dynastic original — either in setting or theme — Joanna Elmy National Debut Award in Bulgaria, Born Laudable among millennial novelists, petrochemical enterprise” — tasks him and there are some barely credible plot of Guilt appears in English in a seamless Faber £14.99 many of whom have been accused of with tracking down his 27-year-old half- Osborne captures the leaps. But it is an atmospheric and translation by the author and Angela 368 pages relying too heavily on vibes, Elmy Turkish daughter Chana, a wilful, left- funk and hustle of Istanbul entertaining page-turner that allows Rodel, who won the International conveys a genuine hunger for “the large leaning anarchist last seen in Bodrum. lovers of erudite, old-fashioned thrillers Booker Prize in 2023 for her translation and small history from which every- Tyler is “in the middle stretch of a with its comfort dishes to get lost in streets steeped in a “rich of Georgi Gospodinov’s Time Shelter. thing is made”. career which had not panned out as he and perpetual motion compost of intrigues”. 1 August/2 August 2026 FT Weekend 1
Books
present, is given a glowing chapter in
which, having courted Prince Andrew
with
student
anonymous
of royal
valentines,
history
a keen
(“Tudors
Diverging destinies
and Stuarts, I adored them”), a posh
girl with a troubled history bags a Oonagh Devitt Tremblay on a perceptive novel that traces
future king. “Too modern” for the the lives of two female friends from childhood to adulthood
Windsors, in Mayer’s view, young Diana
was tortured into extreme diets by
media attention: “she began, literally, ow to Make a Woman by is an immediacy to Darrieussecq’s writ-
to disappear”. Marie Darrieussecq starts ing, coupled with a high level of detail.
Only, as the reader knows, she didn’t. in the future. Rose is look- Ata concert, Rose is transported in the
Following the marriage of what Mayer ing at news about Solange, way that only a teenage girl can be: “Oh,
calls “two damaged innocents”, and “the village ugly duckling” this song! Living it here and now, noth-
learning about her husband’s ongoing who transformed into a “Hollywood ing will ever be the same again, the
relationship with an invincible rival babe”. ‘he reader is then pulled back- bogus normality of their parents, the
(Camilla, then married to Andrew ward to the 1980s until, over the course boring village, everything is far away
Parker Bowles), Diana became a savvy of the novel, the past catches up to now. The curtain has been lifted on the
manipulator of the media. It’s true the where the book begins. world’s dark-velvet reality.”
media also hounded her, contributing to Darrieussecq — who, like her prota- While Rose chooses a path of stability,
the circumstances of her death. gonists, is from the Basque region — going on to study psychology, marry
“Fragile people often get hooked on revisits the same village and cast of Christian (despite his alcoholic tenden-
the attention that ‘s killing them,” characters in several of her novels. cies) and have two children, Solange
Mayer writes, comparing Diana to her Readers of her work will recognise yearns to leave their suffocating town, to
own good friend, the late Paula Yates, Solange from previous books, including escape her adolescent mistakes. She
before yoking her, less plausibly, to All the Way (published in English in tries to make it as an actress and moves
Anne Boleyn. 2013) and Men (published in English in from city to city (Darrieussecq’s descrip-
Press and onlookers crowd around Diana, Princess of wales, in i Rome in 1996 — Shutterstock Camilla shines as the woman who tri- 2016), for which she had won the 2013 tions of London are outstanding) and umphed over all that the press threw Prix Médicis. eventually settles in Los Angeles. “She
Unfit for a queen at her. Glamorous, aspirational Meghan, How to Make a Woman charts Rose and in Mayer’s view, offered inadvertent Solange’s evolutions from girlhood into assistance. Trolling works best when womanhood, following their early lives How to Make there’s only one target and, Mayer sug- in the Basque region, their subsequent a Woman A WOMAN gests, ambitious women are always the moves to Bordeaux and Paris and later, by Marie first at risk. for Solange, London and Los Angeles. In Darrieussecq, Readers will be all too familiar with elegant, lucid prose, artfully translatec translated by Penny Hueston parallel to the eighth woman, Meghan, media attempts in recent years to by Penny Hueston, Darrieussecq traces Fitzcarraldo £14.99 The media's habit of targeting royal women Duchess of Sussex. Both women were, present Meghan in opposition to her the path of foibles, wrong turns and 256 pages in Mayer’s view, targeted by their ene- sister-in-law, Catherine, Princess of occasional triumphs that make up alife. mies for being “too dark, too ambitious, Wales. Mayer has, as she admits, Solange and Rose grow up across the comes under fire. By Miranda Seymour too difficult”. attacked the Princess of Wales in the dis- street from each other ina small village. Women aren’t the only victims, of tant past; here, she credits Catherine Rose is serious and precocious: “Rose’s course. Think of Gillray’s outrageous with walking the diff.cult line between life is like any other, a life that, com- cartoons of a stomach-popping Prince maintaining privacy about her health pared to Solange’s, is without incident, a won't remember the nineties, and she'll istory is filled with Regent or the press’s tireless interest in while providing a royal role model and life that meets expectations”. Whereas have that in common with Kate Moss. invisible women. So the Prince Harry’s court battles. But men offering calmness to a husband who — Solange “is interesting, she knows it, she It’s weird being showered with cham- media, ever since printing are not Mayer's theme. like Harry — was traumatised by their feels it” but she also questions when her pagne but having to steal food.” The began, has taken care to Mayer is not a professional historian, mother’s cruelly public death. life will “begin”. Rose is deeply in love reader knows, thanks to that glimpse at focus public attention on but she’s a jaunty storyteller. She relies Mayer is one of the few journalists to with her boyfriend Christian and her the start of the novel, that Solange does the queens, princesses, consorts and on well-placed sources to provide the evince respect for the Duke of Sussex’s parents have money. Solange falls preg- eventually, in some way, make it. royal mistresses whose visibility wealth of gossipy detail that makes her ghosted memoir. She quotes from Spare nant at 15, lives with her mother, who is Every success in this book has claw makes them a prized, and often work so readable. She also mentions her to demonstrate the grief wrought by prone to bouts of depression, and has a marks around it. Reunited for a film pre- undeserving, target. extensive use of primary sources and media attention. It's all so painful, meandering father who occasionally miere in LA — where, without giving Such is the idea behind Divide and published material. “You may well Meghan tells her husband. “What is?” supports her. much away, the reader’s heart will break Rule, Catherine Mayer’s latest foray into find . . . the more you read about these “To be hated like this — for what?” The accident of the pregnancy is a for Solange — one of the women says to the world of courtly intrigue. A former Divide & Rule: women and their times, the more you At her weakest, Mayer appears to mistake that Solange will spend her life the other, “We should see each other editor at Time magazine, Mayer is best Royal Women want to read,” she writes encouragingly. accept Spare at face value. At her best, trying to forget and outrun. The child, more often, I’ve always got so many known for her 2015 biography of the and Their Battles Chapters on Elizabeth I and Queen she points to a power see-saw that Thierry (though Solange rarely refers to things to say to you, and I only remem- then Prince Charles. Here, she offers a by Catherine Mayer Victoria offer a brisk canter through ensures the constant exaltation or him by his name or even as her son), has ber them when you're no longer there”. wide-ranging survey of eight women HQ £22, 448 pages familiar scenes (Elizabeth, armour- demotion of one royal female compared an unspecified developmental disorder How to Make a Woman is a fascinating under fire from the press. clad, addresses the troops at Tilbury; with her perceived rival. Meghan and and is raised by her mother. Solange’s exploration of a friendship that is con- Some were born royal. Some got Victoria goes to her grave clasping the Kate fit the bill. It isn’: fair, but whoever inability and outright refusal to bond stantly in limbo. The two women never lucky, if you want to see it that way. portrait, not of Albert, but of her manly suggested that joining an institution as with the child is one of the most harrow- do manage to meet at the same level. Yet Anne Boleyn, executed just 19 weeks gillie, John Brown). archaic as the Windsor family would ing aspects of the book. what the book accomplishes so beauti- after the death of her Catholic You can almost feel Mayer relaxing entitle a new member to fair play? Fans of Annie Ernaux’s books and fully is its portrayal of the ways in which predecessor, Catherine of Aragon, as the book enters her own lifetime. Royalty, as the almost unmentioned Eric Rohmer’s films will enjoy Darr- two childhood triends remain in dia- stands awkwardly at the book’s open- This is what she’s good at. Diana, roy- former Duchess of York learnt, offers a ieussecq’s ability to sketch a micro- logue with each other, even worlds apart ing. She’s there to offer an overstretched alty’s most famous victim of the near _ cruel spectator sport. scopic view of a macroscopic life. There | andinwordsunspoken.
Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON The forthcoming election term but will now not do so. & a | WR Group Holding and Before most sports, one 46432 Dealer: North Love All and this leaves him with no The forthcoming election term but will now not do so. & a: for president of Fide, His substitute will be Timur | WR Group Holding and Before most sports, one 46432 Dealer: North Love All and this leaves him with no: OR Riad) =™ active chess sponsor. warms-up to get the body in 4 s 5 87 North East South west entry to the table. When a the International Chess Turlov, billionaire founder Rosenstein’s running mate the mood. The same should 2052 NB NB 2NT NB low club was tried from Federation, will be unusually —_ of Freedom Holding and i i i is Gordon Tang, a Chinese apply to the brain before a N sc NB 3S” NB hand, East’s K# beat B : c > py . ;. : a9 41087 4S ., interesting. Its arrangements _ president of the Kazakhstan 2) R Rg businessman. bridge event: here is yet 4KQJ104 ¥A62 dummy’s Q&, and the were recently thrown into Chess Federation. Turlov’s “ Puzzle 2685 another first hand that #106 2 "TF @9543 requiredisfortrumpsnotto contract is down. disarray when the EU candidate for deputy will be | : R Peter Leko vs Magnus caused consternation not #51073 : $k 76 divide 4-0. At trick 3, West Since South requires a disarray when the EU candidate for deputy will be: announced travel and asset Viswanathan Anand, India’s Carlsen, Monaco rapid 2007. | : R Peter Leko vs Magnus caused consternation not #51073 : $k 76 divide 4-0. At trick 3, West Since South requires a: only to hispartner, but to @AKQI5 continued hearts, South trump entry to enjoy his sanctions on Arkady first world champion and AR es BR Black, who is a rook and the perpetrator as well . . . 9973 ruffed in dummy. He drew QJ, he must refuse the Dvorkovich, who has held one of the most revered ‘ia & Ye & z J { | knight down, to move and It is the first hand of a 24- : A i. ny two rounds of trumps—and _heart ruff, and instead Dvorkovich, who has held one of the most revered ‘ia & Ye & z J {: the post for the past eight names in chess. win. Carlsen chose1...Qe4 | knight down, to move and It is the first hand of a 24- : A i. ny two rounds of trumps—and _heart ruff, and instead: board match. South opted froze. Having ruffed in throw a club. East probably years, in response to his The opposition is strong. international director of the threatening 2 . . . Qc2 mate, for a 2NT opener; North With five spade tricks, dummy, even a 3-1 trump switches to J#; South wins, alleged promotion of chess German multimillionaire Jan English Chess Federation,as but White escaped witha fortunately used Stayman, four diamonds, and a club, break now has a disastrous cashes #AKQ, then ¢AK, and in Russian-occupied Henric Buettner has created _ his running mate. Wadim draw by 2 Ke2! Can you find | so 4S was found. West led all seems easy. Declarer can effect: declarer must use a plays 54 to 64. In dummy, Ukraine. Dvorkovich had an empire in Freestyle Chess, _ Rosenstein is alsoa German Black’s correct winning KY, overtaken by East’s AY. _ discard his two club losers high trump from hand to QJ are cashed, and his two planned to stand for a third and has Malcolm Pein, multimillionaire, the headof move Solution, back page | What is South’s plan? on dummy’s #QJ. All that is draw East’s final trump — club losers are pitched.
POLYMATH 1,398 by AARDVARK CROSSWORD 18,441 by NEO
ACROSS DOWN ACROSS DOWN
1 In Greek mythology, a river 2. Bright red mineral called
in Hades across which the vermilion when used as a 1 Cool little drink Neo had in 1 Have effect on something
souls of the dead were ferried pigment (8) flat (7) little devil does (6)
a” 3. African country, capital city 5 Way in which Queen's 2/20/5D Poet in gloom led
5 Member of an east Mbabane (8)
Germanic people who 4 Writer of the 1973 musical used? (7) astray with literary cause
established a kingdom in Italy stage show The Rocky Horror 9 Little doggies eating (6,6,9)
in 493 (9) Show (6) minute shoes (5) 3 Spurs teams restructured
10 City which hosted the 1920 6 Former royal residence
10 One teking snaps at meet standard (4,6)
Olympic Games (7) where Mary, Queen of Scots
11 Somerset town twinned was crowned (8,6) redesigned gorilla cages (9) 4 Grumpy following callow
with Ankh-Morpork, fictional 7 US Secretary of State 11 County town plants trees in daughter round? (5)
city-state in Terry Pratchett's 2005-09 (4) church for duke (10) 5 See2
Discworld fantasy novels (9) 8 1890 poem by Rudyard
13 Scottish term for a Kipling published in the
12 Tango needs short dress 6 Knight leaves Friendly
scarecrow (6-5) collection Barrack-Room worn and hot body (4) Islands in robe (4)
14 In Indian music, a pair of Ballads (5,3) 14 Fast start when a Sheffield 7 Chestnut not the first in
small hand drums (5) 9 Genus of ranunculaceous
team hos's Hearts 3,9) toom (8)
16 Actor who played Richard plants having pale yellow,
Barrett in the 1960s TV series white, or orange globe-shaped 18 New items here confused 8 Describes beams to
The Champions (5) flowers (8) 12 witnesses (5,4,3) larboard? (8)
17 Latin term meaning 12 US actor who played 21 Small parrot’s caught in 13 Miscreant rising Greek
‘forever’ or ‘seemingly forever’ Mickey Knox in the 1994 film
domed recess (4) character renounced (10)
@Q9) Natural Born Killers (5.9)
19 1977 debut album by The 15 Brand of soft drink first 22 Accessory put out before a 15 With a bite: queer fish (9)
Jam (2,3,4) produced in Manchester as a hat (7,3) 16 Way suitable for holding a
24 Person who worships health tonic in 1908 (5) 25 An Emerald Isle an hand (8)
one god without denying the 18 Especially in baking, to
existence of other gods (11) work and press together Orangeman covets? (9) 17 True love consumes society
25 Of or relating to the cheek manually into a mass (5) 26 Bard's spirit one in live magician (8)
©) 20 Japan's second largest city opening in Lyceum (5) 19 Over fifty in substantial
27 Soft leather used for by population (8) Solution 1,397 Solution 18,435
gloves, made from sheepskin or 21 Lancashire town, birthplace
27 Fish sandwiches to produce English force (6)
goatskin (5) of ornithologist Bill Oddie (8) without thought (4,3) 20 See2
28 British Indian-born actress 22 Dadaist pioneer, 1891-1976, 28 Eggs with grass repelled 23 Welsh house brings defeat
who played Cathy in the 1939 who married art collector forest creatures (3,4) about, seizing day (5)
film Wuthering Heights (5,6) Peggy Guggenheim (3,5)
30 Member of the Spanish 23 Four-act opera by Puccini,
24 Scot's fearsome Charlie
fascist movement, founded in premiered in 1896 (2,6) Spanish one jails (4)
1933, the only legal party under 26 Border town in northeast
Franco's regime (9) France, site of the 1643 Thirty
lo]
31 Austro-italian Alpine Years’ War battle (6)
a | m | al> | r- | r}oO
pass between Innsbruck and 29 Architectural moulding,
Bolzano (7) S-shaped in cross section (4) iO} Scan the QR code for the FT’s
monthly World puzzle, published
32 Small sponge cake,
on Sunday August 2, and to access
originally French, often shaped
FT crosswords over the last 30 days
into a scallop shell (9)
— cryptic, Polymath, Weekend and
33. English darts player, born in
Sunday puzzless — or go to
2007, nicknamed ‘The Nuke’ (7)
ft.com/crosswordapp
12 * FT Weekend 1 August/2 August 2026
Arts CG
"This aint He and his husband, American illus- trator Grant Shaffer, have been renovat- ing a house near Inverness, a “sanctu- ary” within workable distance of where The Traitors is filmed at Ardross Castle in
your grannys the Highlands. (A commitment that takes up a guaranteed two months of his year.) Cumming also has a smaller place in Perthshire. “I was talking to Ewan McGregor about it — he lives quite near — this idea that as you get older you are
Pitlochry drawn more back home.” The Scottish shift is also his way of tip- ping his hat to the arts scene where he trained (he graduated from the Royal Scottish Academy of Music and Drama, now the Royal Conservatoire, in Glas- gow). “The decision to do this job was insane, left field, all those things, but again a very emotional thing about my giving back to the system that had pro- Alan Cumming | The actor is on a mission to shake duced me.” Behind the stage, Pitlochry has held on to its craft workshops, meaning that off the festival theatre's once-genteel reputation. He it can train and attract production tal- ent. “One of the points of having a work- tells Natalie Whittle about balancing ‘the gasp factor’ shop is you can make everything here, that makes the bubble of it more excit- ing. We have wardrobe here. All the sets with ‘bums on seats’ — and bringing in big money are built here. We’re one of the very few theatres in the country that still has that end-to-end production facility.” Before his marriage to Shaffer, Cum- ming had a US green card as an “alien of lan Cumming can some- agreat escape, with commutes that are times be seen around absurdly short and scenic. “I say, ‘come ‘We're able to get people the campus of Pitlochry fora little spurt of Brigadoon-y magic’.” Festival Theatre wearing Thus far, his sign-ups include Simon and get access that we a T-shirt with the words Russell Beale for a run in the autumn as wouldn't have before, so I'm “Cult Leader” emblazoned across Liberace in I'll Be Seeing You, written by his chest. Bent playwright Martin Sherman. Next very useful in that respect’ “[ think in some ways I am starting a season will amp up the star wattage with cult,” he says cheerfully, swishing a fork Cumming alongside Ewan McGregor in through a giant tub of vegetable stew a stage adaptation of the 2020 film extraordinary ability”, and New York in the writing room at Pitlochry’s Supernova, a story of love and dementia became an adopted, beloved home. rehearsal studio. “The nice bit of a cult, that he promises will be “ah-may- Cumming talks of his dismay at artists before everyone starts having sex and zzzing. We've already done some work- in the US who haven't yet spoken out going crazy.” shops on it.” against Donald Trump’s administra- In this once genteel enclave of Scottish And continuing Cumming’s mission tion, when their politics in private are theatre, occupying a quiet, pretty perch to bring Shakespeare back to Pitlochry, clear. “Theatre is always a political by the River Tummel, Cumming is now after Maureen Beattie’s recent Lear, a arena but I’m more disappointed in the mischievous homecoming star in newer-generation star Scot, yet to be major pop artists for not speaking out or charge, an apostle of not-boringness who formally announced, will take up the making art that everyone could come is trying to recruit, persuade and charm mantle of Hamlet. Cumming also around,” he says. “There’s powerful Pitlochry audiences into more daring played the “Gloomy Dane” back in the people in mainstream culture who territory as its new artistic director. 1990s, winning acclaim but prompting could be doing more.” (These are arguably good problems to some critics to somehow sniff at his Meanwhile, in Pitlochry, rehearsals have given the theatre's scrappy postwar Scottish accent. beckon again. He and Shirley Hender- beginnings: its founder, John Stewart, While promising to up the “gasp fac- son are taking on the “beautiful” two- hosted Pitlochry’s first season in 1951, tor” for audiences who had become handed romantic musical A History of with the players and audience crowded accustomed to pleasant, if perhaps Paper by the late playwright Oliver into makeshift canvas tents.) unchallenging, musical theatre, Cum- Emanuel, with a score by Gareth Wil- Since taking up his post in January ming knows that there must be safely liams. It’s a tender piece with a concept- 2025, Cumming has made some big bankable titles in the programme. “I’ve Alan Cumming, “I’m also a business person. I’m a big the Pitlochry gig by Elizabeth Newman, ual thread, following the bits of paper swings for his first season, which began got to think, ‘OK, not so many people are photographed for boy, I’ve been around the block,” he the previous incumbent, who asked if that form a fragile archive of a relation- in May with the Scottish premiere of going to come and see that’, so you go, the FT by Antony Sojka says, fishing in the Tupperware for a he had ever thought about running a ship bound up in love's mysteries. the hit Broadway production of the “OK, we're going to have todo something slice of raw carrot. Establishing a link theatre. “I said no.” On the face of it, he “T’m trying to do a radical thing, but musical Once. else a bit more bums-on-seats-y.” from Pitlochry to New York fits into already had ample commitments to fire also not scare away people who have Before his theatre programming had To that end, Cumming will close this Cumming’s bigger vision of making this through in a given year: film roles, TV been coming here for years,” he says. even kicked in, he hosted a queer winter season as Henry Higgins in My Fair Lady couthy town an international destina- such as Russell T Davies’ recent thriller “It’s what every theatre director does I festival, Out in the Hills, a way of —atitle he first played in as a teenager in tion, one to be mentioned in the same mini-series Tip Toe, podcasts, concerts, guess. You're always trying to get new sending a message that “this ain’t your the Carnoustie Musical Society, albeit in breath as the RSC at Stratford-upon- presenting — this year’s rocky Baftas for audiences. But trying to change a cul- granny’s Pitlochry”. Perhaps more radi- the lesser role of Colonel Pickering. Avon, or Chichester and Williamstown one, and two seasons of the US Traitors. ture is quite a big thing. I know it’s a lot cally, he then culled the theatre’s sum- Yet conversely, it’s the newer, bolder festival theatres. In the Scots parlance for hard work, he’s I’'masking of people.” mer repertory model, breaking with works that he’s hoping will also get fund- Though Cumming has spoken before been “knocking his pan in”. With that, in his non-celeb mufti of tradition for its 75th anniversary year. ing cheques inked. “Sometimes you go about how he decided to forgo his artis- But eventually, Cumming said yes, waffle top, grey joggers and puffer slip- Cumming gamely lined up starry names to the theatre and by the time you go to tic director salary in favour of the thea- taking a big chance on the unknown. pers, he slips back into the rehearsal front stage and back stage, using a Rolo- the bar, you forget what’s happened,” he tre’s balance sheet, he adds that “I And it seems to have paid off. “I’ve just room. The melee of people (and an dex that can spin all the way from Holly- says. “It’s like watching a movie on a decided to do that for a variety of rea- really loved being a cultural mover and actress’s dog) standing around the wood to Broadway and breeze right plane. I want people to dream about it sons and not all altruistic.” Magnifi- shaker,” he says. The Pitlochry job is atrium’s piano all follow him. He is through British theatre’s A-list. and think about it. That’s why you cently, he seems to be using his volun- partly a matter of the heart for Cum- ready to resume the “absolute, in-the- “T’m aware that people call back when should give us the money.” teer status as a means to have more lee- ming, who was born in Perthshire and moment focus” of his first love, acting. Iask them, and we’re able to get to peo- One sign of his shrewdness is a first- way in the organisational layers off- grew up further east on the Panmure The cult is a work in progress. ple and get access that we wouldn’t have look deal with Sonia Friedman Product- stage. “I can be more open and don’t get Estate in Angus. His childhood, as before,” he says. “So I’m very useful in ions, with a New York transfer of one into a row for saying things in meetings narrated in his memoirs, was damaged ‘A History of Paper’, that respect.” The Pitlochry pitch he Pitlochry production pencilled for next youre not supposed to say.” by his abusive father, who was head August 9-September 12, makes to industry contacts is a vision of year, plus some development money. Cumming was first approached for forester. pitlochryfestivaltheatre.com
The Glasgow School of Art at £100mn. The GSA’s most recent esti- mate is £265mn, a sum that has incurred huge inflation as costs of con- struction have ballooned. One proposed
deserves to be fully restored scenario is facade retention: a bland box built inside this once most complete and all-encompassing building. “They are saying all they can dois sta- bilise the building,” says Gordon Gibb, a Architecture | Years after two devastating fires, Charles Rennie Mackintosh’s masterpiece former senior lecturer at GSA’s school of architecture, who has spoken out about faces an uncertain future. It’s time the government stepped up, writes Edwin Heathcote what he sees as the school’s incompe- tence in managing the Mackintosh building. Gibb argues that the GSA he Glasgow School of Art away from the promise made by director (“Mockintosh”), while his brilliant should be trying to fundraise for a more was one of the most charis- Penny Macbeth two years ago that there buildings have been left to rot. extensive rebuild — but, he says, “there matic buildings in the UK. A would bea “faithful reinstatement”. The saga of the Glasgow School of Art isn’t any goodwill anymore, that was rare art nouveau master- Mackintosh has already had his leg- is the worst of all. Mackintosh’s master- squandered after the second fire”. piece in a country where acy maltreated by his home city. Glas- piece was built in two phases between Notre-Dame in Paris burnt in a terri- that style never really took root, it was gow University demolished the Hillhead 1897 and 1909. It offered radically dif- ble fire in 2019, the year after the art also a precursor of modernism widely house he shared with his wife and col- ferent characters to each street. To Ren- school’s second fire. It reopened to wide admired around the world. Charles Ren- laborator Margaret in 1963; of the city’s frew Street, it was a series of art studios ernism and creating its own folky fairy- From left: the Glasgow School of acclaim in 2024 after a vast and complex nie Mackintosh’s eccentric, intense four Miss Cranston’s Tearooms, with huge north-facing windows, almost tale language. It was one of the spaces Art seen from Scott Street before the restoration, aided by donations from building had the power to take your designed for businesswoman Catherine industrial in character but with delicate, that turned me on to architecture. I was fires; and the school’s library — aiamy billionaires and the general public of breath away. Cranston, only one survives. His Mar- attenuated ironwork. To Scott Street, it seduced by it as a19-year-old student. €846mn. There, the state owned the Itis nowasorry mess, a tangle of scaf- tyrs” Public School, built on the road on was a proto-modernist tower, with tall I visited the school again in 2015. The rehouse the School of Fine Art rather building and seized the opportunity to folding and bracing holding up the which he was born, had a motorway leaded windows and an entrance that library was a burnt-out shell with than going towards the restoration. use the project to train a new generation remaining walls and a burnt centre of access road built right up against it and foreshadowed the stepped designs of art charred pages still carpeting the floor. The hope that burgeoned during the of masons, carpenters and craftspeople. blackened ruins. A fire in May 2014 is currently empty — although there is a deco; to Dalhousie Street it was a forti- Work was under way to stabilise and, first restoration was crushed by the next No result other than a complete ripped through the building, destroying sliver of hope in its recent sale to the fied baronial tower house, a castle with eventually, restore the building. There fire. After this far more extensive blaze, rebuilding will be enough here. There is its greatest space: the dense, complex Bishops’ Conference of Scotland. slit windows and a turret. was a consensus that this almost sacred the school was involved ina lengthy arbi- no doubt that the UK and Scottish gov- Arts and Crafts forest of a library. It had Poor Mackintosh has been ruthlessly Its solid stone exterior gave way to an Scottish building must be brought back tration process with its insurers, which ernments will need to be involved. been nearly completely rebuilt and exploited in other ways; versions of his interior of dark timber. Some lofty to life as it was. ended in July. The terms of the settle- There are instances, some very success- restored when a second fire tore designs appear on everything from tea spaces evoked medieval halls, others That first fire led to a slew of fundrais- ment remain confidential but whatever ful, of houses being stabilised and recon- through the building in June 2018, towels to T-shirts, jewellery to cheap were more like Viennese bourgeois par- ing. Even if it seemed insurance might they are, they are clearly inadequate. ceptualised as ruins. But those houses destroying virtually the entire interior. mugs, his square motifs and etiolated lours. But it was the library that most cover the costs, then estimated at Meanwhile, Scottish ministers have were examples of types that could be Since then there has been a grim his- lettering debased into a cliché of kitsch mesmerised visitors. There was nothing between £20mn and £35mn, there was been broadly supportive of proposals to seen elsewhere. Mackintosh’s school is tory of mismanagement, deflection, else even vaguely like it. An intimate profound love for the building from save the building, but have fallen short unique and it is fortuitously one of the opacity and now, it seems, capitulation. It was the library that construction of stained-timber posts, around the world. Brad Pitt helped raise of any financial commitment. They world’s best-documented buildings. Last week it was announced that there is galleries and furnishings, the library money alongside GSA alumnus Peter have rejected calls for a judge-led public Like Theseus’s ship, even if every col- not enough money for a complete most mesmerised visitors. was a true gesamtkunstwerk, a total work Capaldi. Their efforts raised some enquiry into the fires, as recommended umn and sliver of timber is replaced, a rebuilding. The scaffolding will be There was nothing else of art. Its lamps, decorative touches and £20mn while insurance paid out about by the Scottish Parliament’s culture reconstruction inside the shell of this removed, ruins consolidated. It is an desks made it appear both prophetic £50mn; a chunk of that money was used committee in 2019. remarkable building would still remain almost unimaginable surrender, a world even vaguely like it and nostalgic, both foreshadowing mod- to acquire and fit out a new building to In 2018, the rebuilding was estimated Mackintosh’s masterpiece. 1 August/2 August 2026 * FT Weekend 13
Arts
At the table of a culinary legend
uring his career, first as a Anthony Bourdain
restaurant cook, then as a photographed
writer about being a restau- in 2008
rant cook, and finally as a Jake Chessum
broadcaster, the late
Anthony Bourdain made many things:
a beef pot-au-feu bobbing with short rib
and oxtail, say, or T-bone steaks fin-
ished in the deep fat fryer. Mostly, how- While Bourdain himself has generally
ever, he made myths, both about him- been described as an ally to women in
self and the grease-slicked underbelly of the #MeToo movement, repeated
the American restaurant business allegations of abusive behaviour in
where he began. restaurant kitchens by chefs such as
Now, in what would have been his Mario Batali and John Besh forced him
70th birthday year, the Bourdain myth to consider the impact of Kitchen Confi-
has been given a helping hand courtesy dential, and the licentious, often aggres-
ofa biopic called simply Tony. It tells an sive kitchen culture it celebrated. In
embroidered version of his origin story 2017 he gave an interview to Slate,
as a young man, inculcated into the in which he asked: “To what extent in
chaotic, dope-fuelled world of the res- that book did I provide validation to
taurant kitchen one 1970s summer on meatheads?” Likewise, he felt he had
Cape Cod, banging out fried clams, not created a space where women on his
boiled lobsters and the occasional line. staff could confide in him. “I see this as
apersonal failing.”
It’s hard to overstate the But there was also a change in the way
the TV travelogues were being proc-
impact of Bourdain’s voice. essed by their audience. Early on, before
His prose was more kinetic, social media made broadcasting a con-
versation with its viewers, Bourdain’s
bolshie and immediate various food-based shows portrayed the
life of aman going where they could not.
Series like No Reservations, The Layover
The movie must be judged on its own and Parts Unknown were anti-lifestyle
terms, but it can’t be isolated from the journalism. In 2006, he hunkered down
actual redemption arc or otherwise of with his crew in Beirut as a conflict
the subject’s life: the way a self-pro- broke out between Israel and Hizbollah.
fessed stove jockey became the voice for In Hanoi in 2016, he took President
a cooking underclass through his best- Barack Obama to a humble, white-
selling memoir Kitchen Confidential, tiled tea house for bun cha. He ate his
published in 2000 and promoted with way across remote areas of India and
lines like “Sex, drugs, bad behaviour Ethiopia. In time, however, enterprising
and haute cuisine”. Equally, it can’t be bloggers started tracing his routes and
separated from the fact that a man who documenting his itineraries. Travel
appeared to be living the dream died by companies offered bespoke eating holi-
suicide in 2018. days in the footsteps of Bourdain. It had
And yet there will always be that best- all become the very thing it had set out
selling book. It began life as a 1999 piece not to be: alifestyle.
in The New Yorker, which opened with Anthony Bourdain | Ahead ofa new biopic, Jay Rayner recalls the myth and melancholy of the man His fans would doubtless insist that the words “Good food, good eating, is all Bourdain’s work was the polar opposite about blood and organs, cruelty and of other culinary travelogues, such as decay.” Suddenly, we were a long way whose dispatches from the messier side of the kitchen door became a voice for a cooking underclass Phil Rosenthal’s Somebody Feed Phil, on from the cosy world of Martha Stewart Netflix. In truth, the only real difference and the notion of dinner forever being is that Rosenthal always genuinely cooked with love. Kitchen Confidential seems utterly delighted with the gig he did not end the touchy-feely approach Below, from left: Dominic been dispatches before from the more kinetic, more bolshie and immedi- London episode of his CNN series Parts has landed. Meanwhile, Bourdain to dinner. There was just as much emo- Sessa as a young Bourdain, messier side of the kitchen door, most ate. Strikingly, while diners clearly Unknown. It was a Sunday and the offal- seemed more like Colonel Kurtz in Apoc- tional incontinence around food after its with Leo Woodall in notably George Orwell’s Down and Out in adored the insight, that first cloudburst forward restaurant, which famously he alypse Now, forever heading upriver publication as before, and “cooking with “Tony’; Bourdain at Les Paris and London, published in 1933. of words displayed an overt disdain regarded as an almost holy site, had where he could lose himself in the jun- lust”, Bourdain style, could be just as Halles on Park Avenue in There had also been writers, such as Jim towards them. They were rubes who opened just for us. We ate pig head and gle, were it not for the fact that he was much of a cliché as “cooking with love”. 2000 — trunk Archive: Newsday/Getty Harrison, who had a taste for the vis- clearly didn’t know that if they ordered potato pie, served to us by his friend the always attended by adamn TV crew. But he did show us another way. Images ceral and enjoyed meditating on mortal- fish on a Monday it had been hanging chef Fergus Henderson, while he Eventually, it all took its toll. The final It really is hard to overstate the ity through the medium of their dinner. around for five days, or that if they quizzed me on the nuances of the UK’s entry in The Anthony Bourdain Reader, a impact of Bourdain’s voice. There had But Bourdain’s prose was altogether asked for their steak well done they messy politics with impressive insight. collection of his work published posthu- were getting the lousiest piece of cow. But his attention cooled the moment the mously in 2025, is said to be the last And yet, in person, having long thing he wrote before he took his own ago given up being the drug- ‘Cooking with lust’, life in Alsace in 2018 aged 61. It is a addled piratical cook he described in gloomy, David Mamet-esque film script the book, Bourdain’s manners were Bourdain style, could be about an estranged husband and wife verging on the courtly. We knew each just as much of a cliché as meeting in a bar. Angry words are other a little, occasionally correspond- exchanged. Whisky is drunk. The bar- ing on a food bulletin board. Even ‘cooking with love’. But he manis accidentally shot dead. “My life is though I criticised his second non- did show us another way over,” the man says. “Our lives were over fiction book, A Cook’s Tour, as a clumsy a long time ago, my love,” the woman volume designed to fulfil a contractual replies. “We don’t exist. We weren't even obligation, he coughed up a sweet and cameras were off. He very much gave here.” Inevitably, the new Bourdain funny quote for a novel of mine. We the sense that he was just passing biopic is about the promise of a young later did a book event together in south through; given that he spent upwards of man embarking on what would, to most London to which 200 people showed 200 days a year away from his daughter, observers, become a life of drama and up, of whom 199 were for him. Even onthe road filming, he literally was. excitement. The problem is, we all know though I felt like a spare part, he was By this point his broadcasting work exactly how that life ended. solicitous throughout. had come to replace writing as his pri- In 2016, the weekend after the Brexit mary output. That may simply have ‘Tony’ isin US cinemas from August 7 vote, we ate together at St John fora proved more comfortable for him. and UK cinemas from August 14
Why our complicated digital when you tap your screen, it leaves a bloody thumbprint behind. The use of tech interfaces in gameplay
lives make for great games is not limited to horror, either. One of the most popular invocations of the technique is in deduction games, where the challenge is not to explore a physical puzzle beyond crime scene, but instead to dig through files and databases. Gaming | As we spend more time online, our devices are filled with drama and secrets, T atuck (Source Cudel Seeuily Question What rial is bathing Bye tare grat? The superb games of Sam Barlow such Fle E6t Fommat View Help becoming compelling settings for mystery, horror and romance, writes Tom Faber as Her Story, Telling Lies and Immortality the only exit From this cavera to U turn this concept into gripping, non- PucteD.be Sastre — maalin Your senses tell you there onethii yond og linear storytellingas you search through hat coulda stranger find probably because it’s considered hard which a recent academic paper coined 2- You've seen stalagnites before ~- police interrogation clips and movie out about you if they to dramatise. the — unexciting but accurate — term ahaip 08-16» pstnn reels, while Hypnospace Outlaw simu- 1380: had access to your com- Video games don’t have the same “interface games”. lates the garish internet of the late 1990s puter or phone? For problem. In fact, they are proving Take new release Desktop Explorer. fora sharp dose of nostalgia. starters, they'd see your themselves to be the perfect format This game casts you as a girl nicknamed Other titles use the desktop as a friends, family and lovers in your pho- to explore all the drama that can Guppy who inherits an old PC from Stant | taser if ERY i] no.cvcope 1@ Colorbens 1B meal [188 etek [6 tock (SourceCo. I< site for relationship drama. The Emily tos. They might discover your docu- take place on a laptop or phone, by her uncle. Your perspective shows ‘Desktop Explorer’ leads you down a rabbit hole of nested folders Is Away trilogy centres on adolescent mented thoughts, to-do lists, dreams, turning the screen into a stage, and only her computer screen, so your real love stories full of yearning that play maybe even that unfinished novel that our familiar world of apps and icons desktop becomes a simulation of her relationship of form to content. A click are Ava, voiced by Zoé Kravitz, who out through the chat windows of was never meant to see the light of day. into a fertile space for experimentation fictional operating system, replete with of your mouse doesn’t translate to your finds herself chased by a murderer an early 2000s staple, AOL Instant Add in your search history, WhatsApp and play. Indeed, there’s a whole pixelated screensaver, working menus game character swinging a sword, but through her apartment block during a Messenger, while Nina Freeman’s Cibele exchanges, financial records and burgeoning micro-genre of games and folders that you can move, rename instead to them clicking their own blackout caused by a hurricane. tells the story of a 19-year-old girl chat log with ChatGPT, and your that present themselves across simu- and delete. mouse. This has the effect of immersing The game’s smart gimmick is that it is through the poems, diary entries and entire life — dirty secrets and all — is laid lated computer or phone screens, for The intrigue begins when you find a you more deeply in the game’s story — played not with a game controller but photos on her desktop, narrating her bare for whoever has your device mysterious program, the eponymous making it all the more unsettling when with your mobile phone, which controls romance with a boy she meets in an and passwords. Desktop Explorer, which leads you things start going wrong. where Ava is looking by pointing it at online game. Upcoming game Limerence We think of our technological devices down a rabbit hole of puzzles within It doesn’t always have to be a compu- the screen, but also functions as her brings relationship dramas to your as simple tools, but they are also vessels nested folders, each leading to a pass- ter. Netflix’s latest foray into gaming is own phone, with a familiar interface phone screen to explore the troubling that store all our messiness, contradic- word that unlocks the next challenge. Unhinged, an experiment halfway allowing you to answer or reject calls, rise in romantic relationships with tions and secrets. I know I’ve shared Soon it becomes apparent that some- between a game and a 40-minute TV read her text messages, and turn on and Alchatbots. things with Google (in Incognito mode, thing is wrong with this computer. episode. In this first-person horror you offher torch. These games understand that the naturally) about which I’ve never told Icons appear in strange places, files All of Unhinged’s best bits come from technologies we use daily are not just another living soul. become corrupted, ghostly faces swim how this phone interface is used. As you tools: they’re complex spaces where we Given how much time we spend in the background of the screen. You When youre hiding from talk to your friend Claire, who's trying to work, build identities, get into relation- on tech platforms, and how much of unlock troubling journal entries your the killer behind a sofa in guide you towards escape, her voice ships and leave a rich residue from our our inner lives we divulge there, it’s uncle left behind, curious scraps comes out of your phone rather than the complicated lives. It makes sense for notable how reluctant contemporary of medical records, and untangle a ‘Unhinged’, a call makes TV. When you're hiding from the killer modern culture to address that, and so culture is to tell stories about our digital story of family trauma buried in this your phone physically behind a sofa, a call makes your phone far, games are doingit best. lives. Even though it’s a huge part of unassuming desktop. physically vibrate, creating the biggest our existence, it tends to take a Netflix’s ‘Unhinged’, part game, part The striking aesthetic quality of inter- vibrate, creating the biggest jump scare of the game. After a particu- ‘Desktop Explorer’ is out now on PC and smaller role in films, TV and books, TV episode face games is that they produce a 1:1 jump scare of the game larly gory scene involving a nail gun, Mac. ‘Unhinged’ is on Netflix now FT Weekend 1 August/2 August 2026
Arts
The many
ives of
Film | Long defined by her collaborations with
Antonioni, the Italian actress was far more thana
muse, as a new BFI season shows. By David Thomson
n the early 1960s, London’s wasa turning point, in careers and in the
National Film Theatre held many culture. It premiered at Cannes in May
unofficial tributes to Monica Vitti 1960 where it was greeted with laughter
just by showing and reshowing an and boos. Yet by 1962, in the Sight &
illustrious “trilogy” of films by Sound critics’ poll on the best films ever
Michelangelo Antonioni: LAvventura, La made, it came in at number two, sur-
Notte and L’Eclisse. It was known that the passed only by Citizen Kane.
actress and the director were a couple, Antonioni had made several good
but the films left audiences wondering films in the 1950s — Cronaca diun Amore,
what their bond was like. How could it La Signora Senza Camilie, Le Amiche and II
be felt when the trilogy locked Vitti ina Grido — without establishing himself on
state of anguished wandering and emo- the international art-house circuit. But
tional uncertainty? She had no equal at the presence of Vitti in LAvventura made
eloquent hesitation; her laugh could be a difference. It’s a film about indolent
cut off by a sigh or a groan; her energy wealthy Italians who make a listless tour
seemed drawn to alienation. of Mediterranean islands in the course
Antonioni could hardly see a small- of which Anna (Lea Massari) disap-
town square or a society party at dawn pears, leaving her lover Sandro (Gabri-
without reckoning to place Vitti in the ele Ferzetti) ata loose end. So he starts a
void. She was an image of the time, the love affair with Anna’s friend Claudia
one movie actress of that moment who (Vitti). That ‘asts only until Sandro
let it show — without ever spelling it out picks up another woman.
— that she wasn’t getting it (let’s call it Why did people boo? The film was
satisfaction) and consequently drifted long and slow. It felt hopeless as well as
on in existential dismay. Antonioni did elegant. And Anna truly vanishes. The
search for her isabandoned and her state
‘She was so captured by the of being is never explained. The plot
seems to turn abstract. But Vitti offered
Antonioni image that she anew kind of beauty: ravishing but dis-
traught, caught up in feelings of solitude
was never able to permit from which nothing could rescue her.
herself to be herself’ Garbo had famously wanted to be alone,
as a measure of romantic elevation.
Vitti’s Claudia dreaded being alone, love
not like talking about her, as if shy of the slipping through her hands like water.
possibility that they knew pleasure The film became an unexpected suc- Clockwise from main: The three films were an unquestioned
together. But he did admit that the real cess; it prompted raptures and launched Monica Vitti in event — and as good as things would
Vitti was not like the phantom he had Antonioni on a fashionable career. ‘L’Avventura’ (1960); ever get for Vitti. Some automatically
created for the screen. Straight away, he made La Notte (1961), in ‘La Notte’ (1961); wondered if she could act in English. She
And so, even then, in her haunted about a triangle composed of Marcello in ‘Modesty Blaise’ (1966); was nervous about it, feeling that her
heyday, the question began to arise: was Mastroianni, Jeanne Moreau and Vitti. and in “Tosca’ (1973) insecure grasp of the language hindered
she an exquisite model of disenchant- If it is a more lasting film than LAvven- Shutterstock; Alamy; BFI her natural comic talents. Gloomy
ment, or an actress who stayed patient tura, much of that is due to Moreau’s through most of the trilogy, she was
with her director’s sadness? And now honest greed to be filmed and alive. Her known for her sense of humourin life.
the British Film Institute comes to us character is sad too, but she eats up the That’s why Joseph Losey cast her in
with a season of Vitti, and proper recog- camera and leaves Vitti looking wistful his spy comedy Modesty Blaise (1966),
nition that she did have a life after Anto- and estranged. which became one of the most notorious
nioni. Indeed, she worked until 1989, This was followed by L’Eclisse, which career-blockers in movie history. Based
winning countless awards (mostly in may be the best of the three, in part ona popular comic strip, it was meant as
Italy) and was better known for comic because Vitti is working with Alain a parody of James Bond, but seemed to
roles. She retired then, became ill with Delon, and there is a real erotic chemis- believe that in 1966 it was sufficient to
Alzheimer’s, and died, aged 90, in 2022. try between them. There is even a ques- be “swinging”. Vitti didn’t help, disobey-
The season wants us to understand tionable scene where Vitti puts on dark ing her director over clothes, hair and
that there is more to Monica Vitti than make-up and does an African dance. where to cast her mordant gaze.
the trilogy. Still, | wonderif there would L’Eclisse sums up the trilogy but seems “I went ahead with Modesty Blaise be a season without those three enig- nervous of or ashamed of the way Vitti largely because of Vitti,” Losey would well endowed with a flair for comedy, her final years. Not included are the matic films, or without LAvventura. That and Delon are excited. say. “I liked her very much and I found Modesty Blaise was a frantic disaster. funny, touching The Pizza Triangle her very funny. Even well into the pic- Vitti would have to be an Italian star. (1970), with Mastroianni, directed by ture, with ll the problems that she and I She made another film with Antonioni, Ettore Scola, and her last English- had with each other, often, at dinner, or 1964's II Deserto Rosso (Red Desert), but language film, 1979’s An Almost Perfect having a drink, she would be immensely the combination of abstract colour Affair, directed by Michael Ritchie. funny. But she was somehow so cap- changes and her character’s debilitating Monica Vitti seems an obvious and tured by the Antonioni image that she mental distress did not impress audi- deserving case for a series. She may also was never able to permit herself to be ences. And so she settled for Rome anda emerge now as a curiosity, a screen god- herself.” And, despite promises to keep domestic following. dess held back by concerns about her his distance, Antonioni was often in her The BFI’s season is an opportunity to nose, and someone who could keep a dressing room, giving her notes during see lesser-known films that never made dinner table in fits of laughter but who the making of Modesty Blaise. it into the English language. Among often turned solemn when the camera Losey had thought it was a joke that them are Teresa la Ladra (1973), directed started to roll. Maybe one day soon the she hated to be filmed in profile. But no, by Carlo Di Palma, with whom she had a BFI might turn to other careers of she told him, she would not do it — her relationship, Luigi Magni’s ironic version enduring value but which are too easily nose was too big. She was paired with of Tosca (1973), and 1989's Scandalo Seg- taken for granted, such as those of Mary Terence Stamp — two beauties without reto (Secret Scandal), co-starring Elliott Astor, Tuesday Weld or Julia Roberts. enough vitality on screen. The script (by Gould and directed by Vitti herself. She Evan Jones and an uncredited Harold was assisted by Robert Russo, whom she ‘Monica Vitti: Creative Force’, to August 31, Pinter) wzs awful, and Losey was not married in 2000 and who nursed her in BFI Southbank, London, bfi.org.uk
producers Wycliffe “Steely” Johnson the basis for around four-fifths of all that the rhythms are substantially financial firepower for legal backup You Were Here” and Van Morrison’s
THE LIFE and Cleveland Browne — Steely & reggaeton tracks (as part of a motion similar: for example, “the kick, snare, and sufficiently exposed to need it, “Almost Independence Day”? Clevie — released “Fish Market”, filed by the defendants in 2025, and bass are prominent in the mix of objects that reggaeton rhythms Rhythms are way down the pecking OF ASONG a three-minute instrumental based Marshall testified that the rhythms in ‘Despacito, as in ‘Fish Market’. combine elements from “Fish Market”, order. Gregory Coleman’s seven-second around a skittering syncopated beat “Fish Market”, “Dem Bow” and ‘Despacito’ also emulates the texture of “Pounder” and “Dem Bow” — meaning drum break on The Winstons’ “Amen, FISH MARKET on synthesised snare drums, and “Pounder” are neither original nor ‘Fish Market’.” Similarity of texture is, no one track could have been explicitly Brother” was sampled on thousands of keyboard stabs that sound like a copyrightable.) of course, commonplace in music. plagiarised. More than 100 of the other RB and hip-hop tracks without any harpsichordist limbering up. The But where there’s a hit, says As it stands, the lawsuit is heading defendants are represented by law firm compensation. Jamaica, for many song’s parent album, Poco In The East, Hollywood, there's a writ. There are for a jury trial. Bad Bunny, with enough Pryor Cashman, which has echoed years, took a relaxed attitude to hen Bad Bunny is made up of nine other songs that use many hits: a lawsuit filed by Steely these arguments. If the case musical intellectual property. But the performed at this the same basic rhythmic bed (in & Clevie Productions (Johnson succeeds, though, it will exact riddim culture is central to the island: year’s Super Bowl, his Jamaican usage, riddim), notably died in 2009) claims damages in a tariff on nearly every product Althea and Donna’s “Uptown Top performance was an Gregory Peck’s “Poco Man Jam”. respect of approaching 1,800 of a billion-dollar industry. Ranking”, built on the chassis of Alton advertisement for It came into its own on Shabba reggaeton songs; the list of Copyright cases are Ellis’s “I’m Still in Love with You” or reggaeton. The genre, charged with Ranks’s 1990 single “Dem Bow”, which defendants alone stretches to notoriously unpredictable. Willi Williams’ “Armagideon Time”, subversive attacks on corruption and conflates all forms of oral sex with seven pages. Among them are Echoing the class system of ticking over the “Real Rock” riddim. gentrification and set to a mix of rap, colonial subjugation and threatens the Justin Bieber (for the remix of popular music, they tend to Their producers may not always dance hall and Spanish reggae, has death penalty. Shabba was later Luis Fonsi’s “Despacito”); Pitbull privilege lyrics and topline have received royalties directly, but the become a powerhouse: revenues from shunned in Europe for homophobic (for 21 songs) and Bad Bunny melodies over rhythmic elements. island ecosystem paid them in respect Latin music, of which reggaeton is a remarks made in a television interview, (37 in total). But even there, chance plays a and career longevity. Seen one way, substantial and growing portion, broke but “Dem Bow” was so influential in In some cases, the plaintiffs say, part. George Harrison’s “My Sweet reggaeton’s wholesale appropriation $1bn in the US alone last year. Its Latin America that it initially gave its the riddim has been directly Lord” “subconsciously” broke that bargain. Viewed differently, biggest stars — Puerto Rican artists Bad name, dembow, to what would become sampled — they claim Bad plagiarised the Chiffons’ “He’s So overzealous copyright protection may Bunny, Ozuna and Daddy Yankee and reggaeton. The key was an instrumental Bunny’s “Bellacoso”, for example, Fine”. Mike Oldfield sued harm general innovation by rewarding the ColombianJ Balvin — sell out arena version, “Pounder (Dub Mix II)”. From has sampled “Pounder”. In successfully for credit on Paul the specific. It is arguable all culture is tours and dominate the Spotify charts. Panama to Puerto Rico, p:oducers others, it has allegedly been recreated Steely & Clevie, aka Hardcastle’s “19” for mirroring the built on remixes of previous culture — But a load-bearing element of looped and copied the beat: according to using the same instruments — “Odisea” Wycliffe Johnson climax of “Tubular Bells”. But who bats so any victory here may be Pyrrhic. reggaeton’s supporting infrastructure Wayne Marshall, an ethnomusicologist by Karol G, among others. In yet and Cleveland Browne an eyelid at the similarities between, David Honigmann Simon ‘Maverick’ Buckland/Steely & Clevie Productions say, the opening of Pink Floyd’s “Wish stems from Jamaica. In 1989, the at Berklee College of Music, it became others, the more tenuous allegation is More at ft.com/lifeofasong 1 August/2 August 2026 * FT Weekend 15
Arts
n 1985, the German investigative
reporter Ginter Wallraff published
Ganz Unten, an account of the
roughly two years he had spent
disguised as a Turkish migrant
worker named Ali Sinirlioglu. With a
black wig, brown contact lenses and
darkened skin, Wallraff entered a
labour market that depended on men
such as Ali while treating them as
disposable. He cleaned toilets at
McDonald’s, became a human guinea
pig for the pharmaceutical industry and
inhaled toxic dust as a subcontracted
worker at the Thyssen steelworks.
Ganz Unten, translated into English as
Lowest of the Low, sold more than 5mn
copies in Germany and exposed the ille-
gal, immoral and dangerous working
conditions under which the Gastarbeiter,
the workers imported to West Germany
in the postwar period to help rebuild the
country, toiled. For many Turkish fami-
lies, the book became an indelible and
outraged record of what their relatives
had endured — though recently Wall-
raff’s method of disguising himself for
this and other investigations has drawn
accusations of cultural insensitivity.
Four decades after it was published,
Wallraff’s landmark exposé has become
an unlikely opera: Lowest of the Low,
composed by Tulug Tirpan, which
comes to London’s Arcola Theatre this
month. Mehmet Ergen, Arcola’s founder
and artistic director, wrote the libretto
and directs the hour-long production.
To bring Lowest of the Low to theatrical
life, Ergen separates Wallraff from his
alias. Onstage, the actor Ryan Wichert
Undercover in West Germany
plays Gunter, while the Turkish bass-
baritone Burak Bilgili sings Ali. The two By his own admission, Wallraff is no
men begin by facing one another, like habitué of the opera house, although
reflections in a mirror, as the German musical modernism served him well in
journalist’s disguise takes an independ- his youth. At 18, living with his widowed
ent life onstage. mother in a cramped Cologne flat, he
Lowest of the Low had its world played tapes of Berg’s Wozzeck or
premiere last August at the Kunstfest beneath Giinter’s factual narration, Stravinsky’s The Soldier’s Tale to prevent
Weimar, a performing arts festival held while the physical separation of the two her from hearing him and an older girl-
each summer in the German state of
Opera | A landmark 1980s exposé of the exploitation of Turkish migrant performers prevents the disguise from friend on the sofa. Now, approachingthe Thuringia. Like many states in the ever becoming seamless. opera made from his life, he professes former East, Thuringia has proven fer- workers has been given an unlikely new life on stage. By AJ Goldmann The opera is scored for piano, violin himself unqualified to judge the form. tile ground for the far-right Alternative and cello. Tirpan draws on the music 07 (He was unable to travel to Weimar for for Germany (AfD) party. In the 2024 the early 20th-century composer Kurt the premiere.) state election, the AfD came in first Weill, one of his heroes, while combin- He nevertheless gave Ergen and place with 32.8 per cent of the vote. It In the opera, Giinter speaks; Ali sings. ing modern techniques with Turkish Tirpan, both of whom are Turkish, a was the first victory by a far-right party The identi-y Wallraff devised as a jour- rhythms and harmonies. The small free hand. “They have every right to in a German state ballot since 1945. In nalistic instrument acquires a separate ensemble was partly a concession to interpret something like this and to February 2025’s federal election, the body as well as an interior life. “He’s so cost and touring, he explains, but it realise it artistically in their own way. I party won 20.8 per cent of the vote. under pressure, and that’s the only way imposed a useful discipline. “If you have cannot interfere. That would already be Rolf Hemke, the Kunstfest’s artistic to open up, actually, to sing,” Tirpan only three instruments and four singers, akind of censorship.” director between 2019 and 2025, says says, explaining the musical choice. Ali’s anything you write, anything you com- that premiering this opera in an AfD voice conveys the fear and humiliation pose has to be on point,” he says. August 12-15, arcolatheatre.com stronghold where hostility to migration has become a dominant political force sent a clear signal. Theatre that addresses urgent political and social issues was a constant during his tenure. “I was always trying to somehow tell the story of the equality of men, the need for integration and to respect each other, and obviously Ganz Unten has to be read SOAS-Alphawood
Asian Art
in that context,” he says.
Hemke commissioned the opera after
years of conversations with Ergen about
possible projects. For him, Lowest of the
Low offered a way to chart Germany’s
Programme
changing relationship with immigration want brown contact lenses. In a later
and foreigners in their midst, as well as scene, Ali enters a funeral home and
the power of the media and the rise of claims he has only a few months to
reactionary politics. “In this one book, live. With remarkable sangfroid and
you can somehow explain the last 45 lack of any sense of sympathy for the
years of German historic societal deve- impending demise of an able-bodied
lopment,” he says. In the wake of its young man, the undertaker calmly
release, “there was such a shift in con- calculates the cost of transporting Ali’s
sciousness, but nowadays so much of coffin to Turkey. “It’s quite horrific,”
Object-based study of the arts of Asia,
that is being rolled back”. Ergen says, “but it’s also very funny in available in person and online.
Wallraff, now 83, is more explicit the wrong way.”
about the danger facing today’s Ger- Tirpan says he first encountered Ganz
many. “Whether we can stop the AfD, or Unten as a teenager in Turkey. His Featuring exceptional access to the
at least prevent its participation in gov- grandfather had left a copy ona table at British Museum and Victoria and Albert
ernment, will put the country to the the family’s summer house; relatives
test,” he says. “I am watching that with had studied and worked in Germany. “I Museum reserve collections.
great concern.” From main image: was blown away with this courageous
Putting Lowest of the Low onstage in Turkish miners in the act,” he recalls. What astonished him
2025 didn’t require straining for con- Ruhr region, c1982; was not simply Wallraff’s willingness to Now Offering:
temporary parallels. The system that ‘Ganz Unten’ at Weimar assume another identity but his endur-
Wallraff exposed survives wherever an last year; Giinter Wallraff, ance: why would a secure, middle-class m MA in Asian Art
insecure migrant workforce performs c1985; an apartment German expose himself to such condi-
jobs nobody else is willing to do. He building in Duisburg, tions for so long? = Postgraduate Diploma in
points to Syrian refugees who work on Germany, in 1983, with Tirpan nevertheless distinguished Asian Art
construction sites in Turkey and, before mostly Turkish residents between defending Wallraff’s investi-
Romania joined the EU, Romanians gation and prescribing the same method
picking fruit in Britain. Governments today. “I think today it would be
Postgraduate Certificate in
can condemn irregular migration even unnecessary,” he says. The internet has Asian Art
as their economies profit from the cheap made it easier to trace companies, sub-
labour it provides. contractors and employment practices; Specialist short courses
Yet Ergen says he was also drawn to however, “back then, I think that was
the book’s darkly comic parts, where
‘In this one book, the only way to get the truth”.
absurdity coexisted with horror. This you can somehow Wallraff has little patience for objec-
mix struck him as inherently theatrical. tions to his modus operandi, calling the
In one of the book’s episodes, which
explain the last 45 discourse around cultural appropria-
becomes an early scene in the opera, an years of German tion “a very abstract, sometimes even
optician that Giinter goes to while far-fetched debate”. “It does not con-
assembling his disguise cannot fathom
historic societal cern me, and it does not concern what I
why a blond, blue-eyed German would development was trying to do,” he says.
Becoming Ali was never solely a
professional technique for him. “My
work is not only journalistic,” he says. “I
have a need to become someone else.”
Contact Us:
Asa child, he was sent to an orphanage
during a period of financial hardship, an asianart@soas.ac.uk
experience he describes as horrifying.
“Perhaps it was my luck that I later
assumed other identities and other roles Find out more:
in order to develop a sense of belong-
ing.” Living among Turkish workers www.AsianArtProgramme.com
supplied a community he had lacked,
and he remained in contact with many
of the men after the book appeared.
That personal identification also
Ve\
explains his conception of journalism. “I ation The Briti sh
am always suspicious of whoever holds
power,” Wallraff says. “I do not want to University
of Museum
assume the role of the completely
impartial journalist. I feel I belong with
those who do not belong, those who suf-
fer injustice and have no voice.”
16 * FT Weekend 1 August/2 August 2026
Critics’ choice
Life&oArts
Television Rebecca Nicholson
Gomorrah: The Origins whom we meet as he is to as a god. They steal tyres On Now and Sky Atlantic now hanging out with his from cars outside a private totbokss friends in a local joint called club while staring longingly Outside of its native Italy, Bar America. at the patrons, hoping that the crime series Gomorrah, A news report on the bar’s one day they, too, will have created by the investigative television establishes that their lifestyle. journalist Roberto Saviano this is an impoverished, Attimes, Gomorrah: The and based on his own struggling Naples. The Origins is reminiscent of the reporting on the mafia, has Secondigliano district, excellent and criminally been an “if you know, you where Pietro and his under-watched TV know” sort of series. It first friends live, is overrun with adaptation of Elena aired in Italy in 2014, and rats. The apartments are Ferrante’s Neapolitan over five seasons slowly crowded, and the children quartet. This is a portrait found its way towards a who live in them are sick. of irnocence lost, as Pietro devoted international To this group of teenagers, makes a choice to pass on audience, hungry for the the news means nothing. crucial, damning next show that might They turn it off, turn up the information to Angelo. successfully take on the music, and disco-dance From there, the rise of his mantle as the new Sopranos. across the bar with glee. criminal ambitions, and the Set in modern-day Naples, Their youthful exuberance compromising of his moral Gomorrah told a fictional gives the early scenes the feel compass, is set. version of the real-life of a film like Stand By Me or There are moments of Camorra crime syndicate. The Goonies. cliché: in one scene, Pietro It was bloody, it was gritty, We know that Pietro will tilts his head towards the and it was very, very bleak. become Don Pietro rain, Shawshank Redemption- This distinctive prequel eventually, but the show style. But in its better almost allows you to believe explores how a poor boy moments, the show is playful that it is not going to be quite with floppy hair comes to andatmospheric. The scenes as grim as its predecessor. be one of the most feared with Don Antonio, the big Set in 1977, the show tells mob bosses in Naples. The boss of the Secondigliano, the origin story of Pietro boys are petty criminals, are eerily surreal and all the Savastano who, by the time pulling off small-time scams more menacing in their Gomorrah begins, has become for a mid-level mobster strangeness. This does not head of the Savastano family. called Angelo (Francesco reinvent the mob drama, The Rapture Uneasy bond: might expect from Kimmings’ but only so it can greenwash its push to Here, he is a 16-year-old boy, Pellegrino) — “Angelo the then, but it does put a solid Sundays & Mondays, BBC1, 9pm; India Amarteifio _ involvement. Ruth Madeley leads the drill for oil and gas in the North Sea. played by Luca Lubrano, Siren” — whom they look up new spin on it. all episodes on BBC iPlayer now and Ruth cast as psychologist Dr Gabs Fox, who Over the past couple of years, “cosy wok Madeley in steps in to cover Bethany’s treatment crime” has been a television staple. A young girl is imprisoned in a secure ‘The Rapture’ after the previous psychologist quits Audiences have been presented with BBC/Mammoth Screen psychiatric hospital, convicted of killing under mysterious circumstances. shows where solving murders can be a her own mother with a screwdriver two Bethany is rude and confrontational, quirky and wholesome activity, carried years earlier. The girl, Bethany (India mocking Gabs for being a wheelchair out by a chipper eccentric who likes to Amarteifio), is prone to visions, user, yet through her bluntness, the pair do things their own, very particular expressed in frantic biro drawings that end up forging an uneasy bond. Gabs way. But recently, the brief has shifted. emerge when she falls into a state of soon begins to suspect that her patient Cosy crime has given way to something semi-possession. They depict cracks in may not be lying when she says that she much more macabre and far-fetched, the Earth, people that the girl has never can see events before they happen, and in which no death is too gruesome, no met before, an eerily degraded statue of sets off to understand what Bethany twist is too much. Understated is out, Christ. She says they are prophecies, means when she says that “terrible, and overstated is very much in. warnings of disasters to come, but the terrible things” are coming. Like Paramount's The Crow Girl, which criminal justice system has declared Gabs investigates Bethany’s visions, recently returned for a second series, that she is insane and dangerous. But but the screws are turned by a stifling The Rapture indulges in its grandiosities. what if, asks The Rapture, she is not mad heatwave, holding the show’s fictional There is a religious cult, an impending at all, and this teenager’s visions of the Welsh town in its grip. As the narrative doomsday, corporate cover-ups and end times are slowly coming true? of Bethany’s crime begins to unravel, conspiracy theories galore. This is a lot This ripe psychological thriller, temperatures are in the high 30s. People to dramatise convincingly, and some of adapted from Liz Jensen’s novel by the are irritable and paranoid, and nobody the fanciful flourishes land as a flourish writer and performance artist Bryony can trust what they are seeing online. too far. The ambitions are high but in Kimmings, is intriguing enough, though An energy company is trying to get the end The Rapture remains serviceable perhaps not as experimental as one planning permission for a wind tarm, Sunday evening stutt.
President Curtis president. Over the past before the general public gets Rick and Morty appear in cartons are triangular) to the figures from the past, but by Mondays, HBO Max/Now decade, he has picked up a to hear about them. Curtis is the first episode, but only in hyper-speed of the plot, the existence of secret space kkk surname, popped up with aided in his adventures by order to give the president a which pinballs around programmes, underground Though this spirited spin-off more regularity, and won the two weird sidekicks: his head rocket so that he can travel Earth and space, leaping labs, monsters, demons and of the long-running and honour of President Curtis co- of security, a superstrong to space. “Wow. They spin off from Ronald Reagan to the the relentless involvement much-loved animation Rick creators Dan Harmon and half-leprechaun called so fast,” says Morty, as Curtis Loch Ness Monster to of the CIA. This fondness for and Morty arrives with plenty James Siciliano calling him O’Doyle (Jim Rash), and his takes flight. Otherwise, they Abraham Lincoln. history is supplemented by of nods to its predecessor, it one of their favourite chief of staff, an intelligent leave the series to it, which is Like Larry David's recent another clear love: a does insist on its own characters to write. human-robot hybrid called indicative of a confidence sketch odyssey Life, Larry devotion to television itself. autonomy. Viewers familiar Curtis is the straight man Banks (Stephanie Beatriz). that is apparent from the and the Pursuit of The show is filled with with Rick and Morty should — in so muchas anything to Turning Rick and Morty’s start. This is a zippy comedy Unhappiness, President Curtis mockery of TV tropes and be familiar with Andre Curtis do with Rick and Morty’s central double act into a with many layers, from the takes a sideways look at meta references to its own (Keith David), president of hallucinogenic sci-fi can be triple act works well here, intricate details of the world- American history. In this existence. While unlikely to the United States, who first considered straight. As because it spreads the building (in a Bermuda case, however, the US is not convert newcomers, appeared on that show in president, his job is to put responsibility of holding Triangle-based prison for altered by a man screaming President Curtis is silly, 2015 as an unnamed out fires and avert disasters the show up. Spirited spin-off: ‘President Curtis’ offers silly fun monsters, even the drink cantankerously at famous competent and all very fun.
Pop Ludovic Hunter-Tilney and disruptive percussion. Characteristically, it’s now album, one moment There’s the smeary sound of followed by a set of a looser, murmuring, the next a high-tech vehicle zooming more jam-like set of songs. humming, then essaying a past us, like the human- They react agains: the classic near falsetto, and so on. machine apparatus on the Strokes sound, while also His urge to shake things up cover. “Enraptured”, with a casting a sneaky glance in can be infuriatingly glib. But hint of Kraftwerkian irony, the direction of Geese, the here his mannerisms suit the sets babyish pitch-shifted new princes of NYC rock, jumpy quality of his lyrics, Arca vocals to swooshy New Age The Strokes who have nailed tais kind of from the boastful character XXXXX beats. “Heart” is based Reality Awaits freethinking groove. of “Lonely in the Future”, XL Recordings around a wonderfully RCA Records and Cult Records The most provocative drawling about being leader kkk textured computer-music toot: innovation is the liberal use of the pack, to the abject Earlier in the summer I saw mimicry of blood being Like seahorses, The Strokes of Auto-Tune on Julian figure who tells us repeatedly Kraftwerk at London's Royal pumped around a body. arrived fully formed. The Casablancas’ vocals, giving he’s “a leech” in “The Fruits Albert Hall. The gig looked There’s nothing as catchy New Yorkers’ debut Is This It, a fluting artificiality to his of Conquest”. and sounded fantastic, but as the reggaeton-inspired released in 2001, showed wildman-crooner tones. His bandmates match him I was struck by how dated direction of the set of albums complete mastery of its style. The effect, much used in pop note for note, with fluently it all was: the pixelated released in 2021. But Arca Just as a newly born seahorse and hip-hop, has caused interlocking guitar parts and computer graphics, the doesn’t allow the dense is a miniature version of the consternation among the compelling shifts in bleepy music, the grey- mesh of Aphex Twin-style adult, the five-piece had band’s following, but actually intensity. The result is the haired audience. Wearing abstraction that we find here everything in place all at works rather well. It fits with best of the albums in which acyber suit, Ralf Hiitter, the to get too abstruse. once, a perfect distillation Casablancas’ changeable The Strokes try not to sound last original member, looked Underlying ideas are of the clamour and un- singing throughout the like The Strokes. like a retirement-age version imaginatively express2d, as flappability of NYC rock. of Buzz Lightyear. An with the electronic body But this state of tinished- unfathomable air of irony music of “Taconeando”, ness proved dissatisfying surrounded him, as if named after stamping feet in for them. privately amused that his flamenco and tango. Reality Awaits is only the band’s hymns to technology The album’s tone is less seventh album they've were now fit for the certain. Optimism is offset made. The quality became museum, a place for making by gothic darkness. The erratic after their debut sense of the past. screamed vocals in clesing and its repeat-action follow- Kraftwerk’s visions of track “Suefio”, Spanish for up, Room on Fire. The technologised society find a “dream”, suggest the dream impeccable mechanics of contemporary expression in might actually bea earlier songs were replaced Arca’s work. The Venezuelan nightmare. At a time when by amore convoluted artist, aka Alejandra Ghersi Big Tech runs amok and engine. Their music acquired Rodriguez, is a cult figure Elon Musk has seized the a twisty character, apt to who works at the fringes most mysterious letter terminate in dead-ends. of mainstream music, Electric dreams: releases at once back in 2021. philosophy of progress that in the alphabet as a The New Abnormal resolved producing songs for the likes Arca veers Its cover, by artist Kaan treats humanity’s merger plaything, XXXXX can’t the identity crisis in 2020 by of FKA Twigs and Bjork. between Ulgener, depicts her merging with technology as a form help being troubled by a the simple expedient of Based in Barcelona, she also playfulness and into a system of machinery, of liberation. sense of its own potential turning the clock back. This makes experimental gothic darkness observed by two owls, XXXXX’s “Willow” datedness, as though was their return-to-form electronic music. XXXXX on ‘XXXXX’ symbols of wisdom. A trans welcomes the dawning of faith in technological album, snapping back to is her first album since a woman, Arca is drawn to the this new age with ritualistic liberation might itself something approaching their data-dump of four new topic of transhumanism, a bells, computerised chimes become unsustainable. original shape. Different Strokes: their new album essays a new sound 1 August/2 August 2026 FT Weekend 17
Critics choice
Films on release Danny Leigh Spider-Man: Brand New Day Yet the meta is still baked in — a gift Destin Daniel Cretton to the film, as with every recent 145 mins (12A) Kaew Spider-Man. Back in 2017, a casting If the Spider-Man brand were less masterstroke matched Holland with incessantly nice, you might suspect Zendaya, then unproven in movies. Her trolling in the title Brand New Day. dry cool was the perfect counterweight The movie is the fourth episode of an to his artless pluck. Their chemistry was iteration launched in 2017, making nine also real enough that they became a Spidey films since 2002. Still, his latest couple off-camera. adventure can afford to be brash. So MJ’s amnesia is a smart move for Recent years have been a comedown the film. As she stares blankly at a for the Marvel Cinematic Universe, lovelorn Peter, it is hard for the brain from whose ranks our hero springs. not to flash to the stars’ actual But the era of star Tom Holland has relationship and feel a small pang of delivered nonstop commercial bangers. wistful energy. The movie makes If you’re Marvel, you don’t care what celebrity saps of us all. the next Spider-Man calls itself — as Of course, fans can also see the pair in long as it calls. The Odyssey. The contrast is interesting, In fact, the title has story logic. At the given that they are so vital here and end of last instalment No Way Home, such weak links there — Holland Holland’s Peter Parker had to erase because he can’t stop being Peter himself from the memory of anyone Parker, Zendaya because Christopher who knew his real identity — including Nolan gives her nothing to do. sweetheart MJ, played by Zendaya. Still, Nolan’s dislike of CGI is made to The new movie duly opens in a fug of look good by comparison. In 2026, are loneliness, if one soon offset by japey we really still pausing every half-hour humour. (Florence Pugh has a cameo as for extended scenes of bland, digital Russian exile assassin Yelena Belova; a Hanging by a thread: borrow other people's bodies. (Scenes Holland’s Spider-Man collided Cretton flips the tone. With Peter’s dual destruction in a green-screen mishap finds Holland — now very hench Tom Holland is the of quick-fire possessions through New with big-screen ancestors Andrew identity unknown to anyone, the Manhattan? And then the movie goes — wearing Juicy Couture athleisure.) webspinning superhero York streets are nicely done, like a Garfield and Tobey Maguire. It was authentic self is much discussed. The on, and on. Marvel is still Marvel, And of course, there is a villain. For in ‘Spider-Man: Brand frantic game of It.) quite the moment of postmodern vibe is therapeutic. The script talks a lot it turns out — and some new days are much of the film, they are anonymous New Day’ If the thematics haven't grabbed peekaboo — movie artifice, self- of the dangers of masks and the import- just the same old. —a faceless bad guy, able to psychically you yet, they will. In No Way Home, celebrating. Now director Destin Daniel ance of what truly makes you you. In cinemas now
Ish Personal Problems And Personal Problems, tousled — a collage of carves out time for character Imran Perretta Bill Gunn presenting scenes of frank conversations and thumbnails at the departure 87 mitts 15) AAA AK 165 mints (IZA) A A A RK Black American life, furious memorials. gate — the better to acquaint In the first moments of Ish, Bill Gunn died in April 1989, has been rediscovered. Johnnie Mae speaks of her us with the people whose akid’s bike lies like a body in a month before Spike Lee’s Shot on consumer-grade own family’s loaded past in possible survival will later the road. Where is the rider? Do the Right Thing premiered video, you might mistake the South Carolina. But Personal make a cheerfully macabre This quietly spectacular in Cannes. That crackling film for documentary. We Problems is proudly guessing game. (Now take British film is fluent in the New York story sealed Lee’s open with nurse Johnnie Mae modernist. The video format note of the obnoxious language of cinema. status as celebrated auteur. Brown (played by poet will now look retro (and, passenger angling for an (Director Imran Perretta will Gunn too had reached Vertamae Smart-Grosvenor). truthfully, rough), At the upgrade after stashing know that two wheels mean Cannes — 16 years before, Speaking to an off-camera time, though, it was a radical his power bank in a liberated childhood — the festival screened his interviewer, she details her route to let Gunn shoot checked luggage.) think ET.) That troubling wild-ride Black vampire working life — and more. cheaply and his cast In the cockpit, Kingsley image duly casts a shadow movie Ganja & Hess. But his “Everyone has their personal improvise — the way real is lightly kooky. He also across the movie to come. career went differently. problems,” she smiles. people do every moment. dutifully recites the Shot in vivid black-and- Gunn finished just one more And really, the movie is an In cinemas now back-story of Eckhart’s white, in time we see the project, Personal Problems, experimental melodrama, maverick ex-air force man. whole sad shape of the world a film from 1980 that — made bracing with broken Deep Water “You can’t afford to break in the faces of a pair of 12- i i a few scattered showings conventions. Johnnie Mae, Renny Harlin any more rules,” Kingsley year-old boys. aside — went unreleased. we learn, is married but 107 mins (15) kw HH reminds him. The specific world Perretta Buddy movie: Farhan Hasnat (left) as Ish and Yahya Kitana as Maram in ‘Ish’ — khuram mirzal Now Gunn has finally having an affair with a There is good junk and bad Cue power bank. In the puts us in is Luton, the received at least some of musician (played by Sam junk, and Deep Water — while hold, we see a fire turn into unloved satellite town north fairgrounds and video games making them mouthpieces. Pather Panchali. The cast of his due attention. Lee has ‘Waymon — Nina Simone’s assuredly junk — is the fun an explosion. “The fire of London. Also a visual feels unbreakable. Here, the raw shock of the young first-time actors is all had a role in that — a public brother). Complications kind. The movie stars Aaron turned into an explosion!” artist, he frames the place as Idylls never last. But how episode feels real precisely but compulsory in UK social champion of Gunn’s work, arise when her husband’s Eckhart and Ben Kingsley, Eckhart cries straight one that people experience and why matters. Here, out because the childhoods realism. (The movie would his 2014 Da Sweet Blood of family come to stay. But no less, as airline pilots en afterwards, at the behest of on their way elsewhere. of nowhere, the police snatch surrounding it do too — make a fascinating split Jesus remade Ganja & Hess. the structure is wilfully route from LA to Shanghai. four credited screenwriters. Planes depart trom the up Maram. (“Routine” heady evocations ot screen with Shane Meadows’ Their director is Renny Around now I'll flag a spoiler nearby airport; the M1 checks are being made on firework skies and lairy This Is England.) Harlin, spiritually forever in warning, though given the throngs. But best friends Ish young Muslim men, against outdoor swims. These are films that transit from the 1990s. Then title, the director’s CV, and and Maram (Farhan Hasnat the background of Gaza And a real 12-year-old would dwarf a mere copyist. he was the big-shot maker the position of the doomed and Yahya Kitana, both new protests; the film was shot would try to shrug off the Yet Ish is not that. It helps of action blockbusters, plane over the Pacific, it may to the screen) have nowhere in 2024.) But Ish? He runs trauma, exactly the way that Hasnat and Kitana are including — tellingly — Deep be superfluous. Sharks! else they'd rather be. and hides. Maram does. Really though, such unaffected bright Blue Sea, in which Samuel L And so to an archipelago of We might notice the Among many things the of course, it changes sparks. But working with co- Jackson came off badly with debris and survivors, circled differences between them film does brilliantly is doing everything — not least writer Enda Walsh, Perretta super-smart sharks. by fins. Evidently, it is the first. Ish comes from a two things at once. Maram shattering his friendship has made a debut that sings Even now, the name worst day ever for the crew Bengali family, and still and Ish are characters ina with Ish. with empathy, insight and signifies a certain quality of and passengers. Harlin, looks like he belongs in film about racial profiling Asa film about the images that fix in your head pulp. See those exotic fish though, is clearly in his primary school. Maram is and the inescapability of complex, freighted lives of — the celestial glow of a tanks? Let no onesay Renny happy place — playing God Palestinian — taller, cheekier, politics. They are also children, Ish follows an fairground ride, a knowing Harlin does not foreshadow. in a water tank with this with mates among older children. That, of course, august tradition. That nod, and yes, a bicycle, torn But Deep Water “irst giddy, bloody bunkum, and boys. Yet their bond here is the point — but one a lustrous black-and-white from a kid. sa a inhabits dry land, and then inviting us to share his joy. in a summer Shangri-La of lesser movie might fumble, recalls The 400 Blows and In cinemas now Retro realism: Mizan Kirby in ‘Personal Problems’ clear skies. A spry first act In cinemas now
Theatre Sarah Hemming Cleansed Malory Towers handful of new students are troubled in some way — Almeida Theatre, London Alexandra Palace Theatre, London thrown together and battle insecure, lonely or damaged tot tok lines are drawn across class by the war. It ever there was a show that School's out across the UK, and character. In common In Rice’s hands, the story really did need a content except for the pupils of with many Blyton works — becomes, too, a love letter to warning, Cleansed is it. The Malory Towers, who are and much classic children’s Cornwall, where she found late Sarah Kane’s 1998 play currently opening their literature, from Tie Lion, her own alternative family in is so stuffed with violence desks and exercise books at the Witch and the Wardrobe Kneehigh Theatre, and to the that it makes all those Alexandra Palace. Emma to the Harry Potter series — transformative qualities of Jacobean revenge thrillers Rice’s adaptation of Enid it’s a rite-of-passage drama. The girls put ona look like kindergarten fare. Blyton’s children’s classic narrative, setting a group makeshift version of A Mutilation, rape and incest (first staged in 2019) arrives of young people adrift Midsummer Night’s Dream, for starters — yet the in London in time to delight from their usual and their discoveries about playwright said the work was young audiences with a backgrounds and forcing imagination, improvisation about love. In like-minded deliciously old-school them to work out their and teamwork are woven director Rebecca Frecknall’s version of education. priorities and principles. into the staging, as the cast staging, whose multiple hits This is learning, 1947- So, we meet brave but spring in and out of have often explored the style, with maroon gymslips, impetuous Darrell (Robyn character to play drums or tango between devotion and pork pie hats, iron bedsteads Sinclair), cripplingly shy piano, move furniture or pain, moments of tenderness and stiff upper lips. Malory Mary Lou (Emily Panes), hand key props around. push defiantly through the ‘Towers is the sort of place super-organised Sally Lez Brotherston’s set has gruesome litany of suffering. where an aristocratic pupil (Bethany Wooding), class something of the storybook It’s still an incredibly tough turns up with their favourite joker Alicia (Molly Cheesley) or toybox about it, with beds watch, with the brutality horse in tow. But coursing and tomboy Bill (Zoe West). and desks popping up from stacked so thick that it through a slightly cheesy tale Rich girl Gwendoline (Anna nowhere, while puppetry becomes an ordeal. But that’s Tormented: idea of putting yourself (Pearl Chanda) issohaunted _ torture chamber writhe of high jinks in the dorm and Soden) bleats and bullies; (Lyndie Wright) and droll partly Kane’s point. She was Pearl Chanda through something to by her dead brother (Jack around one another. The derring-do on the cliffs of arty French Irene (Stephanie projections (Simon Baker) tormented by the human and Jack achieve release or clarity. Riddiford) that she tries to violence feels real butis Cornwall is a deeper Hockley) is lost in music fill in the outdoor scenes. capacity tor both compassion Riddiford in In Cleansed, that process become him; Robin (Stuart clearly staged and soaked in message about courage the whole time. They're And there is plenty of and cruelty, by the atrocities ‘Cleansed’ unfolds in a ghastly Thompson), childlike and symbolism, and the superb and compassion. certainly archetypes, if not trademark Rice mischief: a of war and our ability to Nene eer institution (brilliantly sweet-natured, falls for performances are It’s a simple story, with stereotypes, but, as time rolls “cliffhanger” here becomes become desensitised to evoked in Madeleine Grace; Carl (Luke Cinque- harrowingly physical. elements drawn from several on, their social masks slip to literally just that. horror. Plays such as Cleansed Girling’s grim clinical set and — White) declares undying Cinque-White twists into of Blyton’s six novels. A reveal how each of them is As family shows go, it’s not and Blasted confront how the nightmarish soundscape _ loyalty to Rod (Parth spirals of pain; Chanda burns as deep or complex as the theatre, tasked with from Angus MzcRae and Thakerar), who can’t return out to a dead-eyed stillness; National Theatre’s recent representing truth through George Dennis), where a the romantic gestures. Thompson is nearly Ballet Shoes, and the modern artifice, might tackle this. vicious overseer called The torture is grim, and unbearable to watch as he scenes bookending it — You can see the imprint Tinker attempts to crush the impulse behind it equally _ stuffs chocolates into his designed to make the of other boundary-testing any sign of love, hope or distressing. Carl declares his mouth. Leo Bill’s miserable connection between then pieces by George Orwell, humanity in the inmates. love, so Tinker cuts out his Tinker is sadism personified. and now — feel a little John Ford and Georg It could be a facility where tongue; he writes a message, Yet in the end, the piece is awkward and unnecessary. Biichner in Cleansed. There’s war crimes are committed, so his hands are severed; so extreme that it doesn’t But the young audience also a challenge implicit in a hellish corridor of the he dances, so his feet are land with the same force as, members were buzzing the the torture it depicts — if we afterlife, or the miserable amputated. Robin buys say, the blinding of Lear. We night I saw it, and, at heart, can’t or won't watch this, prison of an anguished mind. chocolates for Grace, so miss narrative and crzve this is a joyous piece, why are we tolerating other Whatever it is, Tinker prowls Tinker force-feeds them catharsis. That’s part of celebrating the potential violent acts? — and all her the corridors, torturing his to him. Kane's provocation, for of education to expand works pitch us into some charges, testing to the limit Frecknall’s staging is sure, but it’s also a limiting horizons and the necessity level of extremis. The title has their capacity to care. adroitly pitched so that the factor, even in a production of kindness in any society. sinister associations but also Everyone here is multiple readings of this this thoughtful. To August 2, a suggestion of ritual: the tormented by love: Grace metaphorically charged To August 29, almeida.co.uk Old school: ‘Malory Towers’ is a joyous piece — ake taseldine alexandrapalace.com 18 1 August/2 August 2026
LifegoArts FT Weekend
The war dividend
Janan Ganesh
Citizen of nowhere
fter seeing off the Soviet the Chinese end of the Eurasian The debt to war goes deeper than
Union — our Troy — the landmass to fret about. Talk of that. Even the founding stories of the
free world started to conflict makes the stomach sink. civilisation involve an external
behave oddly. A US I notice that even finance audiences, menace, whether Trojan or Persian.
Congress that had at least who are paid to price risk, squirm at Last week, I went to see the latest
aimed for bipartisanship over the the subject when I raise it. So let me telling of them. The exposition in the
decades polarised under Newt sweeten things with one thought. early scenes of Christopher Nolan’s
Gingrich, that charmer. No president We should expect our own societies The Odyssey is so inelegant that I still
could attract broad national support to become less polarised in the wonder — days later — if it is meant
In 1864, Shimla was declared the barely changed — an egalitarian anymore. (The last time someone won coming years. The external threat, as a dry joke. The King of Sparta
SNAPSHOT summer capital of the British Raj. sanctuary where students, artists and 400 electoral college votes was in as it registers on people, should have looks as though he mans the door
Today, its colonial past and post- pensioners still gather. That stillness 1988.) Fox News started broadcasting. a binding effect on them. Call it the at a South Beach nightclub. The
independence civic life converge at and sense of peace permeates the Jérg Haider broke through in war dividend. It is a civic rather than moralising at the end, when the film
‘Shimla’ by Yask the Indian Coffee House, a colonial- image. The photographer’s presence Austria, Pauline Hanson in Australia. economic boost, though with good tries to deplore the violence that it
era café chain that its workers doesn’t appear to disturb the various Jean-Marie Le Pen made the judgment there will be some of both: has inadvertently glamorised for
Desai (2025) transformed into a co-operative in people or happenings in the room; like presidential run-off in France. The almost three hours, grates. (Francois
1957 and continue to own. The everyone else, he’s welcome. Shot in British right, without Moscow to If ‘The Odyssey’ is useful, it Truffaut was right. “There is no such
establishment is the subject of black and white but timestamped by oppose, came to see Brussels in the thing as an anti-war film.”) The
Australian-Indian artist Yask Desai’s present-day details, memory and same terms. Almost all of this took is as areminder of how our scenes are more grandiose than
photo zine Shimla, which will soon be endurance are held in the same frame. place amid a Goldilocks economy. society — perhaps any grand. As ever with Nolan, the
exhibited with five other zines by Yazzi Gokcemen The lesson? A nation benefits from, impression is of someone burning
emerging Australian photographers if not war itself, then being on a war society — sticks together through cash to puff up too small an
at ArtSpace at Realm, Melbourne. ‘Unbound: New Photo Zines, ArtSpace footing. There is nothing like a intellectual concept.
Desai took this photograph in 2025 at Realm, August 3-September 13. common external threat to bring If The Odyssey is useful despite these
on his return to Shimla’s Coffee House ‘Shimla’ is published by the Centre for citizens together. With ethnic some incidental re-industrialisation and other faults, it is as a reminder
after 40 years, having visited as a Contemporary Photography (CCP) and homogene'ty a thing of the distant as the defence cash percolates. of how our society — perhaps any
child with his father. He found it Perimeter Editions past, this might be even more true “Should”, I keep saying. Of course, society — sticks together. We do so by
now than then. As much as the west the enemy might just become another making extensive use of the Other.
rues the “peace dividend” — the post- issue to fall out over. A skilled Sometimes the opponent is real,
cold war defence cuts, which paid for demagogue can dismiss the idea of sometimes made up. Sometimes it is
consumption and welfare — the true war preparedness as an elite-class vilified, sometimes treated with
Beating Berlin's disaster of beating the Red Menace was cultural. People were free to turn obsession. But that works only until the threat is unmistakable, until the Homeric nuance. Either way, the west went a long time, almost all my life,
Sunday blues on each other. Al-Qaeda rallied them “grey zone” strikes on infrastructure without one. Compared with the for one autumn but was much too start to impinge on normal life. There increase in immigration and the diffuse an enemy to do so for long. is such a thing as the optimal enemy: financial crash, it is the under- Well, much of Europe is tooling threatening enough to unite a society, discussed cause of what has happened up again. Some governments are but not so malign as to frontally to our public life. History is in the contemplating conscription to meet attack it. The west had one from 1945 process of fixing the problem.
Anne-Sylvaine Chassany the Russian threat. Even if the US could recuse itself from all this, it has to 1991, and owes some of the social cohesion of that era to it. janan.ganesh@ft.com
Trending ere’s a survival tip for lives. Sonntagsruhe translates as that it was enacted via decree, a French anyone moving to Berlin “Sunday quiet”. It is, therefore, not constitutional trick that allows from London, Paris or the day to drill into a wall, practise the government to bypass parliamentary any other major trumpet or mow the lawn. Even opposition. Finally, in 2016, retail cosmopolitan city: avoid vacuuming, while not actually outlets were allowed to open on the Kurfiirstendamm on Sundays. illegal, may invite complaints from Sundays in 30 tourist zones. I offer this recommendation not the neighbours. True, the economic gains turned out because Berlin’s answer to Oxford A German acquaintance recently to be modest. A 2025 study found only Street is overcrowded but because, on complained that the Swiss were a limited positive impact on retail the contrary, it is usually closed for excessively rule-bound. His evidence? employment and on the total number business. The effect is melancholy, The landlord of his Zurich-based of hours worked in the targeted areas even at the height of summer tourist boyfriend had threatened to terminate such as the Champs-Elysées in Paris. season. The plane trees are in full leaf, the lease because of showering after French households’ budgets are finite: but KaDeWe — the department store 10pm. Another tenant, apparently, much of the additional Sunday that came to symbolise West Berlin’s had picked up the sound of the water spending tends to be displaced capitalist defiance of the communist running through the pipes. When I purchases that would have been made East — cuts a forlorn figure, its giant asked him whether he vacuumed on on other days. “SALE” signs rendered meaningless Sundays in Berlin, he paused before The measure also offers real by Germany’s constitutionally replying: “I try to avoid it.” convenience benefits for consumers. protected day “of rest from work and After years of stagnation, Germany is I notice the difference when I of spiritual uplift”. once again debating whether Sunday return home to Berlin from Paris or If you happen to work full-time and London — the UK having liberalised have children to feed and clothe, KaDeWe cuts a forlorn Sunday trading three decades ago. my second piece of advice is to shop Only then do I notice the added early on Saturday. By early to mid- figure, its giant ‘SALE’ signs mental burden of having to fit afternoon, Berlin shopkeepers start rendered meaningless by shopping into my schedule. winding down — a sign of the city’s I sometimes wonder whether limited enthusiasm for commerce. Germany’s day of rest Sunday trading would cost Berlin its Weekends require military-grade instinctive disdain for greed (which planning. While my local Bio Company translates into €1.50 espressos). But it supermarket shuts at 9pm, the nearest trading rules should be relaxed. needn't. I would simply, and happily, bike repair shop is open only from Pro-business Chancellor Friedrich be doing my bit for Germany’s stagnant 10am to 12pm that day. Thérner, which Merz has suggested extending opening economy if only I could wander around sells school supplies, closes at 4pm. hours for those enjoying exemptions Manufactum on a Sunday. When my I make a habit of bursting through my (including restaurants, as well as Saturday shopping sprint allows it, dry cleaner’s door five minutes before supermarkets when they are located I often squeeze in a last-minute visit she finishes, at 2pm. The reward is in travel hubs). Cries for more radical to the retailer that sells high-end usually an exasperated glance at the measures are growing louder from German goods, invariably emerging clock on the wall. retail lobbies. But I do not expect much with cashmere tights, orange blossom Germany remains one of Europe's from Merz, a Christian Democrat and soap or marzipan. strongest defenders of the sacrosanct practising Catholic. What economists fail to grasp and tule of Sunday rest, or Sonntagsruhe, The debate echoes the one that I the general debate omits is the boost to thanks to an unlikely alliance of witnessed in France a decade ago, a city’s atmosphere. Few places in the Enjoy HTSI magazine, inside FT Weekend on the following dates: trade unions and churches. In 2024, when a young, bold economy minister world are better at beating the Sunday Verdi, one of Germany’s largest named Emmanuel Macron sought to blues than a bustling high street. Few unions, even invoked it against a supermarket chain to prevent it from running self-service shops on liberalise Sunday trading. The political taultlines were similar: powertul unions and a still influential Catholic Church are more depressing than a lifeless grand boulevard. It is lovely to hear the bells of Berlin’s UPCOMING 2026 ISSUES Sundays. Meanwhile, the Protestant against consumers and businesses many churches calling the faithful for and Catholic churches continue to arguing that greater flexibility would mass. But there is no reason the FT.COM/HTSI argue that the day should be dedicated revive a sluggish economy. Ku’damm needs to fall silent with them. to family and worship. The so-called Macron Law, a range of More surprisingly, perhaps, is how measures designed to jolt the country Anne-Sylvaine Chassany is deeply the concept permeates private out of stagnation, was so controversial the FT’s Berlin bureau chief AUGUST SEPTEMBER OCTOBER
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Chess solution 2685 1...Qd8! threatens both 2...Bb4+ winning the queen (White's d5 knight is pinned) and 2...Qxd5+ and 3...Qxh1 when Black is two pawns up. If White meets 1...Qd8 by 2 Ke2 then 2...Bg4+ 3 Kf2 Qh4+! 4 K moves Qxel wins White’s queen. ( End of anera The age of ‘The Magnificent 7’ is over 2 | Money FINANCIAL TIMES Saturday 1 August 2026
NEWS
This week... Nathan Brooker, Editor, FT Money Higher earners warned over he Nifty Fifty, The Four Horsemen, The Faangs, The Mangos — the history of investing is taper tax trap on pensions littered with stock nicknames, but none was more powerful than “The Magnificent Seven’. PENSIONS This group of Al-led megacaps has dominated global income is more than stock market returns in recent years. And yet, its era of Savers hit by charges £260,000. For every £2 of supremacy is looking shaky — the seven companies due to complex rules, adjusted income above (Microsoft, Apple, Meta, Tesla, Amazon, Alphabet and £260,000, the annual allow- say wealth managers Nvidia) shed more than $2.2tn of value in June, and their ance is reduced by £1, falling to fortunes have started to diverge. The problem is that their aminimum of £10,000. JOSEPHINE CUMBO dominance has promoted incredible market concentration David Little, chartered — so what should investors do now the empire is ending? Higher earners are warned to financial planner at wealth Cover story by John Plender, pages 6 & 7 avoid the taper tax trap as HM manager Evelyn Partners, said Revenue & Customs reports a the taper remained a “particu- surge in savers hit with pen- lar trap” because the headline Do Brits pay a lot of tax? sion tax charges after breach- £60,000 allowance can give It certainly feels like we're ing their annual allowance. higher earners a false sense of squeezed to within an inch New figures from HMRC security. of our lives — but is our show a 22 per cent rise in peo- HMRC reports a 22 per cent rise in the number of people Little noted the complexity squealing justified? ple declaring pension contri- exceeding their annual pension allowance — charie sibby+ of the adjusted income calcu- Financial Thinking, page 4 butions above their annual lation. “Adjusted income allowance through self-assess- commission at work. There are Savers who breach their includes employer pension ment, despite the standard complexities associated with annual allowance must pay tax funding, so somebody may be limit increasing from £40,000 defined benefit schemes, or on the excess at their marginal caught even where their per- to £60,000 in April 2023. the carry-forward rules may income tax rate, with the sonal contributions appear rel- Wealth managers said the be misinterpreted. But, in all charge either paid directly or atively modest. Bonuses paid ‘Can I get back money that I increase was driven largely by likelihood, it’s the tapered through their pension scheme. at the end of the tax year, vari- lent to a family member?’ high earners falling foul of the annual allowance that contin- In 2024-25, 30,440 people able earnings and contribu- A reader writes in with a tapered annual allowance, one ues to catch them out.” reported pension contribu- tions across several schemes delicate request of the pension tax system’s The annual allowance is the tions above their personalised make the final position diffi- Your Questions, page 5 most complex rules. maximum most people can annual allowance through self- cult to predict until late in the “There is a range of ways contribute to their pension assessment, up from 24,950 a tax year, by which time it’s high earners can unexpectedly each tax year while benefiting year earlier, according to very difficult to unwind pen- trigger an annual allowance from tax relief. However, HMRC statistics released this sion contributions made dur- charge,” said Adrian Murphy, lower limits apply to some sav- week. The value of excess con- ing the tax year.” chief executive of Murphy ers, including high earners, tributions climbed by a third Experts say the key is to plan Wealth, a financial planner. people who have flexibly to £672mn from £505mn. before the tax year has ended Sorry you're late. Here’s “Their incomes may rise accessed a defined-contribu- The taper applies when rather than waiting for a pen- my invoice unexpectedly through one-off tion pension and those with threshold income exceeds sion statement or tax return to We never acknowledge how payments like bonuses or lowrelevant UK earnings. £200,000 and adjusted reveal a problem. expensive lateness is. Don’t worry, I’ve come up with a solution James Max, page 9 READERS WRITE
How did summer childcare | work four days a week. corporation tax, pretty soon get so expensive in the UK? Working five days a week with you'd have big companies I’m all for the rise of couples Brexit boomers: “We demand the marginal tax rate and moving to Truro and Exeter. saying ‘I do’ to a prenup our triple lock.” Also Brexit childcare costs for two children The local economy would If this is how we normalise boomers: “Why is there no would currently leave me become less seasonal and the talking about money within money for children? A £1,700 a month net worse off. | housing problem would ease relationships, then so be it mystery that cannot be worked out that to receive a — PinkRemoanyClub, via Claer Barrett, back page solved” — jfkfc, via FT.com pound more a year, | would FT.com need to increase my salary by Our school and childcare Stacking around £55,000. — Many homes are listed at systems were designed to up JamiePCon, via FT.com unrealistic prices, both for the have one parent, usually the market and for many locals. man, working, with the wife at The point at which the rational Vendors often don’t lower to
Best buys home. Only the wealthiest and poorest families can When will Andy Burnham decision becomes not to work Gtempting if you want lots of prices at which there's actually a buyer. But eventually people afford large families. It's not a tackle the ‘cost of working’ children) is getting closer by will come to understand the Mortgages Savings surprise that the birth rate is crisis? the day. At which point the inevitability of demographics Two-year fixed, 60% LTV One-year fixed — coming down when the cost Being a Londoner with a whole country collapses — and the end of the baby boom First Direct — 4.32% — £490 £10,000 AER — of having children is so mortgage, two children at AllatSea, via FT.com generation’s purchasing power, fee — free valuation GB Bank — 492% expensive — JMO872, via nursery and above the and the prices will come down FT.com £100,000 tax threshold, it’s How the West Country — Tim Gough London, via frustrating how others can became the UK’s most FT.com Provided by Moneyfacts. For more information, see Databank, Page 11 & 12 Since we cannot turn back game the system. dysfunctional property the clock to when mummy My wife and | work full time market You can comment on was at home all the time, it’s and it’s still a struggle. When Giving regions the power to FT Money articles
Email alerts time to stop this structure of the school year and have did we start discriminating against children because their set corporation tax and offer incentives to businesses to via email at money@ft.com or on Twitter terms with only two to three parents decided to make relocate is the answer. at @ftmoney. Comments may Sign up for free alerts to all week breaks in the year — careers? — Botomous, via If the south-west were allowed be edited for length and FT Money stories by scanning 1968camper, via FT.com FT.com to undercut London on clarity. the QR code > FINANCIAL TIMES Saturday 1 August 2026 Money | 3
NEWS
Property summer slowdown ‘sharper than usual’ PROPERTY Mortgage rates were broadly weck period to July 19. Data Higher mortgage rates stable last year, staying in a UK agreed property sales are in decline but buyers have more choice published on Wednesday from range between 4.1and 4.3 per Four weeks to Jul 19 2026 vs same period a year ago (%) the Bank of England showed have led toa buyers’ cent for a five-year fix at a mortgage approvals rising Hl Total homes for sale market, data suggests loan-to-value ratio of 75 per I) Sales agreed 45 to 58,200 in June from 56,600 =10 =5 cent. But the Iran war brought in May. JAMES PICKFORD asharpreaction from markets, North East — However, the average rate in The pace of sales in the UK leading rates to jump to Scotland — the decade to 2023 was much Yorkshire and the Humber — property market has slack- around 5 per cent in April. higher, at around 65,000 to South West ened over the summer, under- They have since fallen back to 68,000 a month. “The data London + lining the impact of higher around 4.75 per cent in July, shows there’s been a general North West + mortgage rates and broader Zoopla said. weakening,” Donnell said. Eastern + economic uncertainty on buy- “As a rule of thumb, the The number of homes avail- South East 4 ers’ appetite. closer these mortgage rates are able for sale rose in all but West Midlands 4 The number of sales agreed to 5 per cent, the bigger the East Midlands — three regions in the four-week over the four weeks to July 19 impact on the housing mar- Wales 4 period. Along with the drop in fell by 9 per cent compared ket,” said Donnell. UK = sales agreed, this showed all with the same period last year, Big lenders including HSBC, the hallmarks of a buyers’ Source: Zoopla Research said property site Zoopla. Barclays, Santander and Hali- market. “Buyers have more The site’s house price index fax (via brokers) raised their room to negotiate than — covering the calendar fixed mortgage rates this variation in Zoopla’s measures and Dundee were at the top of same rises in mortgage rates they’ve had in some time,” month of June — showed price week. of sales and house price infla- the rank. At the other end were translated into a much smaller Donnell said. growth had also slowed to 1.3 Aaron Strutt, product direc- tion. North-east England was Bath, Oxford and Harrow, with monthly repayment increase He warned that these condi- per cent, from 1.7 per cent at tor at broker Trinity Financial, the only region to buck the fewer sales than last year. for northern buyers than for tions meant aspiring sellers thesame point last year. said: “Mortgage rates have trend of lower sales agreed, House prices in these areas those elsewhere. who put their home on the Richard Donnell, executive been going up for a while now, with a4 per centrise. were also flat or down. Zoopla collects data on the market to benefit from the tra- director at Zoopla, said: “This pretty much since the war in Over three-quarters of The north-south divide sug- number of inquiries from ditional “September bounce” summer has seen a sharper Iran started again. Some of the smaller local markets (76 per gested by Zoopla’s evidence is buyers, tallying up those in seasonal sales would need to slowdown than usual, with biggest lenders have raised cent) registered fewer sales mainly explained by cost, it registering an interest ina settle on realistic and competi- higher mortgage rates and their fixed and tracker rates thana year ago. said. Prices were so much particular property. These tive prices, and to do so soon if political uncertainty weighing twice in the space of a week.” But among those with more lower on average in the north- were down by 23 per cent they had an urgent need to on buyer confidence.” There was some regional sales agreed, Warrington, [Tull east than in the south that the year on year for the four- move.
Surging UK stocks prompt flurry x
of trades on investment platforms SCOTTISH MORTGAGE INVESTMENT TRUST STEVE JOHNSON The FTSE 100 has signifi- this month after they agreed cantly underperformed the to be bought by rivals OCS The UK stock market's rise to S&P 500 since 2010 as the lat- Group and ABB, respectively. arecord high has prompted a INVEST IN PROGRESS ter’s giant technology stocks, Fellow mid-cap easyJet has flurry of retail trading at some led by the “Magnificent also seen a strong rally after its large investment platforms. Seven”, powered ahead. board recommended a £5.7bn Average daily trades of TSE However, in recent weeks, offer from US financial firm 100 stocks on IG’s platform the FTSE’s near absence of Apollo. soared by 41 per cent in July, direct exposure to the artificial Some UK retail investors compared with the same intelligence build-out has now appear to be riding the month last year, as the UK’s given it the status of an “anti- momentum. “The old market blue-chip index rose 3.8 per tech index”. adage is that a record high cent during the month, sur- Rising takeover interest in often begets further new highs, passing its previous peak, set UK companies is also adding to and that drives interest from The future of healthcare. in February. The London-based index, speculation in the London market, with shares in two investors,” Beauchamp said. “If activity continues at its Putting technology which has gained 19.1 per cent in the past year, has continued FTSE 250 companies — out- sourcer Mitie and engineering current pace, the number UK and Ireland clients trading of at the heart of biology. to power ahead even as Wall group Rotork — surging the FTSE 100 is on course to The Scottish Mortgage Investment We explore a number of exciting Street’s S&P 500 benchmark rise by around 34 per cent Trust seeks out the world’s most themes on our mission to find has wobbled amid a sell-off in week-on-week, highlighting exciting growth companies and these world-changing businesses. semiconductor stocks. 2026’s top 10 most- the growing appeal of UK equi- invests in them for the long term. Healthcare is just one of them. “As high-flying US and ties as the index pushes to bought* UK stocks We believe this is the best way for Why not discover them all? global tech stocks falter on fresh record highs.” you to enjoy strong returns for concerns about spending UK investors have not given decades to come. Capital is at risk. A Key Information levels and Chinese competi- 1 Legal and General up entirely on chip stocks, Document is available. tion, UK equities have come 2 Rolls-Royce however. IG’s data also show Managed by Explore the future at into the limelight for their 3 Taylor Wimpey an increase in trading of stocks combination of lower valua- 4 BAE Systems such as Nvidia, Micron and Baillie Gifford’ scottishmortgage.com tions, solid dividends and lack 5 Aviva Intel, with buy orders margin- of exposure to AI,” said Chris 6 Primary Health Properties ally outweighing sell ones. Issued and approved by Baillie Gifford & Co Limited, whose registered address is at 3 Haymarket Beauchamp, chief market 7 Diageo InvestEngine said it had Square, Edinburgh, EHS SRY, United Kingdom. Baillie Gifford & Co Limited is the authorised analyst at IG. 8 RELX seen a more modest pick-up in Alternative Investment Fund Manager and Company Secretary cf the Trust. Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA). The investment trusts “Rather than viewing record 9 NatWest demand for London-focused managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated highs as a reason to take 10 Barclays exchange traded funds this by the Financial Conduct Authority. profits, many investors appear * Net buys since the start of 2026, not including investment trusts. year, though this reversed in to believe the rally still has Source: Hargreaves Lansdown July as the FTSE 100 neared its further to run,” he added. record high, 4 | Money FINANCIAL TIMES Saturday 1 August 2026
OPINION / NEWS
Do Britons tis one thing to volunteer fora spanking. Itis another to volunteer your peers as well.
really pay That has been the gambit of the Patriotic Millionaires, featuring football pundit Gary Lineker and alot of tax? Gary Stevenson, a former City trader. The group is calling for higher taxes on the better off ata time when incoming premier Andy Burnham is considering imposing them. Talk about turkeys pinging the farmer a diary reminder for a trip to the abattoir just before Christmas. Many Britons believe they are already My theory is that heavily taxed, regardless of whether the UK is a cultural their net worth extends into seven figures or not. piggy-in-the-middle Is this belief correct? If tax is too high, taxpayers can justifiably vote between the main against politicians who impose it. EU economies and Meanwhile, they will find ways to reduce the burden. Many Britons are convinced they are already heavily taxed — bom mcenzie the Anglosphere You may respond that I am over- engineering a statement of the in Germany and France. The UK, someone else should pay at steeper decile shows up in an analysis of bleeding obvious in seeking to answer true to my billing of it, sits plumb levels. As a result, council tax came fiscal policies by the IFS. But the the question. After all, the average in the middle between its bottom in a 2024 ranking of the real shocker here is the pressure put worker now pays £700 a year in continental cousins and other public’s preferred tax increases. on lower-income households by additional income tax, simply Anglosphere nations. Additional and higher- rate income benefit cuts, primarily in 2010 to because of the personal allowance tax, incurred by minorities, were 2019. In relative, curtain-twitching freeze since April 2021. ou may complain that the close to the top. terms, middle-income families Individuals are acutely conscious of real issue remains the UK tax revenues are already have done OK. This provides a income tax because it is imposed immediate cost of tax to the hugely dependent on the better off. useful reality check on the directly on them. But individuals worker, excluding social “The amount raised in income tax narrative of the “squeezed middle” ultimately pay all the other state levies on employers. I would disagree. has gone up a lot,” says Delestre. spun by some commentators. levies: corporation tax, business The availability of work also matters “But most of that has fallen on rates, whatever. to people, and this is constrained by upper-income groups.” The top1 y conclusion is that there Such taxes may primarily fall on high employment costs, notably per cent now contributes around are several answers to the specific groups, such as investors employers’ national insurance in the one-third of income tax and capital question: “Are Britons and employees. But they also reach UK. But more of this later. gains revenue compared witha heavily taxed?” The reply consumers via the cost of goods Most people think they should pay quarter in the noughties. is yes if historical precedent is the and services. only modest direct taxes and Anincreased take from the top benchmark. It is also yes if you are A broader way to measure the scale rich. The response is no when of all UK taxis therefore as a historic comparing the UK with foreign peers, percentage of GDP. This figure has UK tax is at the top of its : Tax and benefit changes particularly continental ones. bounced around at 28 to 35 per cent No might also be the answer if you historic range : helped middling folk most since 1965. The taxes of some compare the level of UK tax with Tax revenues as a share of GDP (%) : % change in annual household comparable nations have busted that public expectations of spending on 40 : disposable income, by income decile band and headed ever upwards. the NHS and defence. : (2024 prices) The UK isnowset to follow. “We are Iam left with nagging unease. It close to and willsoon surpass the — Total, 2010-19 concerns the cost of employment in 2010-24 [2019-24 maximum historic amount of taxasa the UK, particularly employers’ : 10 percentage of GDP,” says Isaac 35 national insurance. Erstwhile Delestre, a senior research economist chancellor Rachel Reeves increased at the Institute for Fiscal Studies. this to 15 per cent while dropping the It is easy enough to dissect how threshold from £9,100 to £5,000 of much tax Britons pay compared to 30 : -10- annual earnings. foreigners. The real problem is m= EU14 UK youth unemploymentisa deciding who to leave out of the Other G7 lamentable 16.4 per cent. Employers’ analysis. Personally, I ignore small average 2=20 T T T T T T T T T T Nlonly cuts in at age 21. Even so, it 12345 67 8 9 10 European countries with all- appears obvious that high taxes on +Poorer « Income deciles « Richer+ encompassing welfare systems, Income changes shown before behavioural employmentare an added incentive fond though some pundits are of 1965 1980 2000 responses for employers to replace entry-level Source: OECD via OBR * Source: IFS citing them. recruits with artificial intelligence. My theory is that the UK isa The UK has lower employment taxes than EU peers, As for me, I dutifully pay all the cultural piggy-in-the-middle tax Lowe but automatically appeal but has the highest in the Anglosphere between the main EU economies, any overbilling. My experience is Employment taxes and employment costs, couple with single earner with their strong community and two children (%) that the tax authorities may orientation, and the more overcharge on transactions as @ Net,less cash transfers [ll EmployeeS! [ll Benefits libertarian “Anglosphere” Income tax I) Income tax simple as pensions drawdown. (developed nations where English is Anglosphere EU countries The Patriotic Millionaires could the principal mother tongue). The increase their own contributions by difference is manifested in the “tax 40 5 ——_ e e@ = - 40 uncomplainingly paying whatever is ‘ ® wedge”. This handy measure is the asked of them. In contrast to that
iLid #
20 — n - 20
difference between the total cost to approach, Lineker himself appealed
the employer of employing a worker against a £4.9mn tax demand in
and the amount of money the worker 2023. He won.
actually takes home, often shown as Ca ;
a percentage. NZ US _Canada UK Italy Germany Spain France Jonathan Guthrie is a journalist,
Australia
Work is a relatively affordable Comparison is via OECD ‘average tax wedge’ calculation (personal income tax plus employee and adviser and author of “The Truth
activity in Australia and the US, employer social insurance contributions minus family benefits divided by gross wages plus employer SICs) About Investing”.
Source: OECD 2026, author's research
according to the OECD. It is pricier jonathanbuchananguthrie@gmail.com
FINANCIAL TIMES Saturday 1 August 2026 Money | 5
Your Questions Can | get back money lent to a family member? Lucy est, and whether anything was various ways. If the borrower recorded in text messages, still does not pay or enforce- Warwick- emails or other written com- ment steps are unsuccessful, Ching | munications. The clearer the you could then consider mak- evidence of what was agreed, ing the borrower bankrupt. the stronger your position. Before taking formal action, If no interest rate was dis- it is usually sensible to negoti- Ilent money to a family mem- cussed, interest is unlikely to ate, particularly where family ber to help them through a dif- be payable. If no repayment dynamics are at play. This can ficult time, but we did not signa date was agreed, the loan will help preserve relationships, written agreement because I usually be repayable “on reduce costs and stress. The trusted them to repay me. demand”, meaning it court generally expects parties They've now made it clear they becomes due as soon as you to have attempted settlement do not intend to pay me back. ask for it back. before starting proceedings. What are my rights and is there Consider also whether the anything I can do to recover the borrower may argue that the The opinions in this column are money? money was a gift rather than a intended for general information loan. Under English law there purposes only and should not be Joshua Swift, partner in the is a presumption that transfers Even informal loan discussions can be legally binding — - Montage/tatana Golmer/D-eamstime used as a substitute for profes- litigation and arbitration team between certain family mem- sional advice. The Financial at law firm Withers, says the bers may be gifts, but this pre- ship, you generally have two applying to set it aside if, for the borrower has and the Times Ltd and the authors are first step to rectifying a situa- sumption is weak and can usu- legal options. example, there is a genuine costs of the bankruptcy. not responsible for any direct or tion like this is to establish ally be rebutted by the sur- If you are owed £5,000 or dispute about the debt, so it Alternatively, you can issue indirect result arising from any what you agreed with them rounding circumstances. Evi- more, you may be able to should only be used where the a court claim to recover the reliance placed on replies, includ- about the loan terms. Even dence showing an expectation serve a statutory demand. terms of the loan are clear. debt. Lower-value claims can ing any loss, and exclude liability without a formal written con- of repayment will be helpful. This is a formal written Although a statutory be brought through the court’s tothe full extent. tract, oral loan agreements can If the money was a loan, demand for payment which, if demand will often encourage Money Claims Online service, still be legally binding. repayment has been refused or not challenged or satisfied a borrower to repay, note that while higher-value claims may Think carefully about what a valid demand has not been within 21 days, enables you to you may not get your money be issued in the County Court >] Find answers to more was discussed at the time, met, and you are prepared to petition for the borrower’s back if they are made bank- or High Court. If successful, reader questions at however informally, including escalate matters, notwith- bankruptcy. The borrower rupt. This will depend on you will obtain a judgment FT.com/your-questions any repayment date or inter- standing the familial relation- can challenge the demand by what assets and other debts that can then be enforced in
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6 | Money FINANCIAL TIMES Saturday 1 August 2026
COVER STORY
Cynics would say market nicknames are made up by
professionals to excite investors — but John Plender thinks
‘The Mag 7’ is much more dangerous than that
The age of
he Magnificent Seven
tech stocks are no longer
magnificent. The once
all-conquering compa-
nics that dominated US
markets — Nvidia, Meta, Apple,
‘The Mag 7’
Microsoft, Alphabet, Amazon and Tesla — lost their lustre in June, shed- ding more than $2tn of market value. Investors were spooked by fears that huge expenditure on Al infra- structure might fail to generate ade-
is ending
quate profits, especially in the case of so-called hyperscalers, such as Meta, Amazon and Microsoft. These com- panies are set to spend more than a trillion dollars on Al-related capital expenditure in 2025 and 2026, acom- mitment that outpaces their earnings and cash flow and leaves them increasingly dependent on spiralling debt. The market also worries about the cost of memory chips. This is quite a fall from grace. In 2024 and 2025 these stocks, whose moniker derives from the 1960s clas- sic western, accounted for about a third of the S&P 500’s total market capitalisation and generated an out- size proportion of gains on the index. And while Mag 7 stocks recouped some ground in July they no longer command headlines, which have lat- terly been hogged by chipmakers busy reaping profits from the Mag 7’s capital spending largesse. There is nothing new about such nicknames. A dozen or so years ago it invariably reflect a shift in invest- capital. They are, in effect, forced mentdebt. Yet it was also granted a was all about Faangs, the same ment style from value to momentum. buyers when stocks surge. Index monopoly trading franchise with the line-up with Netflix substituting for The Magnificent Seven phenome- tracking has been a big contributor to Spanish Indies, which caught the Nvidia and with Meta and Alphabet non and its nicknamed predecessors, stock market concentration. public’s febrile imagination. Such going by their old names of Facebook was in effect an inducement to So, too, has the practice of euphoria can be compounded by psy- and Google. In the 1960s we had the momentum investing. Investors who benchmarking fund managers’ chology and the fear of missing out. Nifty Fifty, a group of 50 large-cap, bought the Mag 7 story turned a blind performance against indices subject With Al, it is important to recog- high-quality stocks where once you eye to the strikingly different com- to limits on annual divergence from nise that the technology is likely to be bought you could own them forever pany fundamentals in this very dispa- those indices. Paul Woolley and transformational and an inspira- in the knowledge that they would rate group. Dimitri Vayanos of the London tional] market narrative. In its annual grow and grow, and never go bust. But since Junc’s fallout, the Mag 7 School of Economics have shown economic report the Bank for Inter- But therein lies a warning that stocks no longer move asa pack. Ana- how benchmarking distorts prices, national Settlements points out that today’s tech enthusiasts should heed. lysts at Citigroup say the Mag 7 is dead notably where fund managers have AI could differ fundamentally from From the 1970s, Nifty Fifty compa- as a construct for assessing growth underweight positions in securities earlier technological progress. nies such as Avon, Polaroid, Eastman dynamics of large-cap stocks. with large weights in indices. They AI, says the BIS, could augment the Kodak and Xerox ceased being nifty Momentum works in both direc- then have to purchase shares they production of knowledge itself. If, one and went to the wall. tions. Many hedge funds and mutual regard as overpriced to satisfy their day, Al systems “create” technologies funds have long positions in semicon- tracking constraints. and iceas, the macroeconomic conse- cynic would say that nick- ductors while going short on hyper- Many funds found themselves quences could be profoundly differ- names are devised by scalers. And when a big trend changes underweight in the Magnificent ent from past innovations. financial _ professionals direction, extreme volatility and Seven. The resulting price distor- Some economists argue that if AI keen to ratchet market financial instability can result. tions, Woolley and Vayanos argue, capital becomes a close substitute for euphoria. That is good for market Momentum is uuw structurally have 1lacrueCONOMic COLISEGUELICES labour, the ability of machines to turnover and thus for market mak- dominant in the US equity market because of capital misallocation aris- improve themselves autonomously ers’ revenues. Yet itis symptomatic of partly because the flow of money into ing from market prices parting com- will permit the economy to acquire a bull markets and market bubbles. passive index-tracking funds, includ- pany with economic fundamentals. self-reinforcing engine of super-ex- There are two basic investment ing exchange traded funds, is greater So are we in a Mag 7-induced tech ponential growth. The snag is how we strategies: value, where investors than the flow into value funds. bubble? There is no definition of a get from here to there. assess shares on the basis of future Passive investing amounts to insti- market bubble, but there are some corporate cash flows, and momen- tutionalised momentum trading, and basic components. Consider the istory tells us that the inno- tum, where they buy shares showing this was important in the growth of South Sea Bubble. vation benefits tend to current strength, which appear to the Mag7 stocks. Because index funds The main business of the South Sea matcrialise only after long promise short-term capital gains. Bull are market-cap weighted, larger Company was owning the equivalent periods of disappointment markets and bubbles, as they pick up, stocks attract proportionally more of annuities and managing govern- durirg which the initial bubble FINANCIAL TIMES Saturday 1 August 2026 Money | 7
COVER STORY
of $225, only to fall back during
mid-July to below the IPO price.
The SpaceX phenomenon is a
reminder that bubbles often spawn
new, high-risk investment vehicles.
In the period before the 1929 Wall
Street Crash, there was a proliferation
of investment trusts. In his book The
Great Crash 1929, John Kenneth Gal-
braith remarked: “The most notable
piece of speculative architecture of
the late twenties, and the one by
which, more than any other device,
the public demand for common
stocks was satisfied, was the invest-
ment trust or company. The invest-
ment trust did not promote new
enterprises or enlarge old ones. It
merely arranged that people could
own stock in old companies through
the medium of new ones.”
Even in the US, in the twenties, Gal-
braith added, there were limits to the
amount of real capital which existing
enterprises could use or new ones
could be created to employ. The vir-
tue of the investment trust, he point-
edly declared, was that it brought
about an almost complete divorce of
the volume of corporate securities
outstanding from the volume of cor-
porate assets in existence.
Today’s equivalent is the single-
stock exchange traded fund.
This phenomenon has become con-
tagious across the world — most spec-
tacularly in South Korea, where sin-
gle-stock ETFs tied to memory chip
giants Samsung Electronics and SK
Hynix have proved wildly volatile.
The impact on the Korean market has
been exceptionally destabilising,
because the two companies account
for half the Kospi index.
ow can investors hedge
against market concentra-
amie Portch
tion brought about by the
Magnificent Seven and
Years of outsized gains made the The Magnificent Seven no longer its exploitation. Yet he highlights a other tech companies? string of currently unanswerable The traditional answer is diversifi- Magnificent Seven impossible rises together questions that investors confront. cation. But since correlations to ignore Annual stock price returns (%) What will be the useful life of AI between risk assets tend to converge Indices rebased (000) 2023 2024 200 O 100 200 assets? What is the lifespan of AI in a crisis, there also needs to be 2 ChatGPT released: Mag 7 ie) 100 chips? How many years of earnings diversification across countries and S&P 500 Apple 1 Alphabet growth should be counted on in asset classes, such as property and a) Other 493 T T T stocks* Amazon assigning price/earnings ratios for Al- infrastructure, though investors 2016 18 20 22 24 26 related stocks? Will a machine capa- should bear in mind that gold, a tradi- Meta Source: Bloomberg « * Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla via Bloomberg Magnificent 7 index Microsoft ble of doing anything the human tional haven asset, is already at heady ** Bloomberg 500 ex Magnificent 7 index Nvidia brain can do be achieved? Will that be levels. With a relatively generous Investors in US stocks remain heavily Tesla the end of progress or might there be yield on cash, holding more cash than exposed to a handful of companies 2025 2026 YTD further revolutions? If so, which firms usual makes sense. ie) 100 200 fe) 100 200 will benefit? Will companies reach a Concentration risk is particularly Combined weight of the 10 largest companies in the S&P 500 (%) Apple position where technology is stable acute in defined contribution pension Alphabet and they can extract economic value? plans, not least in the UK where most 40 Amazon Is it prudent, Marks asks, to accept members take a default option with 20 Meta 30 years of technological uncertainty substantial exposure to passive equi- Microsoft to make a fixed-income investment ties. Most DC schemes track indices ie) Nvidia 1965 80 90 2000 10 20 26 Tesla in the debt of hyperscalers? And will such as the MSCI World Index, with Source: ‘In the Shadows of Giants’ research paper by Tim the investments funded with debt in heavy exposure to the US. Edwards and Nick Didio (S&P Dow Jones Indices) Source: LSEG chips and data centres maintain pro- As for where we are in the bubble, ductivity long enough for these 30- do not forget the famous remark of bursts. Jeremy Grantham, a founder In other words, while some bubbles year obligations to be repaid? John Maynard Keynes that markets of fund manager GMO, says, in a new are unproductive, others are catalysts These questions did not seem to can remain irrational longer than you book co-authored with financial his- for techno-scientific progress. Al is trouble investors in SpaceX, which can remain solvent. torian Edward Chancellor, that dur- clearly in the latter category. was valued on flotation at 95 And the markets’ obsession with ing Britain’s railway bubble of the Howard Marks, founder of Oaktree times sales, while generating negative wordplay has not died. There is now 1840s, six routes were planned Capital Management, argues that cash flow and promising to monetise talk of Mangos: AI players Meta, between Leeds and Manchester, bubbles based on technological outer space. Anthropic, Nvidia, Google, OpenAI when only one or two were needed. progress excite investors into pouring From its $135 IPO price on June and SpaceX — a further reformula- Yet out of the wreckage, railways in money to carpet-bomb a new area 12 this year, at which it was valued tion of the concentration risk inves- ended up changing the world. of opportunity and thus jump-start at $1.75tn, it quickly rose to a high tors have to contend with. FT Weekend 45222 Experience the FT Weekend paper come to life with sessions including:
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FINANCIAL TIMES Saturday 1 August 2026 Money | 9
OPINION
Sorry you ertain things in life irritate me far more than is reasonable.
were late. Food being served on anything thatisn’ta plate,
Here’s my for example; people who lack spatial awareness, particularly on the pavement; people who don’t hold
invoice their cutlery properly — actually, I once got into trouble for complaining about that on TV. I thought it was a perfectly reasonable observation. Others suggested I was paying rather too much attention to how people eat. They might have had a point. Being late is a You may think it harmless to waste of time and HKLP — “hold knife like pen” — or that serving chips in a flowerpot is money — but I a triumph of modern dining. We can disagree. have a solution Being late is different; it’s never a good look. It’s shoddy behaviour and Time’s money, so woe betide if you're late for a meeting with James Max — ciara San millan it’s spreading — the summer seems to compound thenumber of empty missing time has been stored when they keep you waiting for two receive no suchindulgence. Keep me seats and apologies I encounter. somewhere and can be returned later. hours, it’s an “operational issue”. waiting, delay my flight or make me But what’s more — and what’s It cannot. Those minutes have gone. queue, while repeatedly assuring me almost never remarked upon — is Tonce worked with someone who erhaps my relationship with my call is “important”, and your how expensive itis. was late for every meeting. Not time isn’t entirely normal. WaitPay balance starts accruing. There’s no skill involved in being on occasionally late. Exactly 15 minutes For me, arriving on time is They understand the value of time. time. You don’tneed money ora late. Every single time. already being late. Ifa They charge us to save it. It’s only fair special talent. You simply need to It became so predictable that you meeting starts at 10am, I want to be they should pay when they waste it. understand that another person’s could set your watch by it. A meeting there at 9.50. If I’m late, even by five WaitPay would quietly keep score. time matters as much as your own. would be scheduled for 10am. minutes, you should assume the Two late lunches, 43 minutes on hold T don’t havea heart of stone; 1 Everyone would arrive. Papers would world has ended. to your broadband provider, a recognise that some lateness is be opened, coffee poured. This probably comes from delayed flight and a meeting 20 justified. Children, I’m told, are Conversation would slowly run out. spending 20 years presenting live minutes behind schedule. Ping. particularly talented at this. They can Then, at 10.15, he would appear. radio. It teaches you that time isn’t “Your WaitPay account has been be ready to leave the house until the No panic. No apology. No sense that negotiable. If you’re on air at10am, it credited with £138.40.” Punctuality exact moment you put your hand on everyone else had been waiting. can’the pushed to 10.03 because the across Britain would improve with the door handle. Then somebody Punctually late. Almost impressive. coffee queue was longer than remarkable speed. needs the loo or, inexplicably, they’ve The strange thing is we understand expected. The microphone doesn’t The point, though, isn’t the money. lostashoe. the value of time when someone else care. Nor does the audience. Dead air Punctuality is simply good manners Dealing with such situations isn’t is charging us. Miss a payment? isan unforgiving companion. because it says: “Your time matters as bad manners. It’s life. There’s a penalty. Overstay in acar Time is the only currency we're all muchas mine.” Money can be earned I'm talking about casual and park? There’s a fine. Submit given the exactsame amount of each back. A poor meal can be forgotten. persistent lateness. People who think something late to the tax authorities? day. Some people, however, seem Even abad decision can often be ameeting time is a suggestion. Those Theyre suddenly very interested in remarkably keen on spending mine. corrected. But half an hour carelessly who send the message “five minutes the importance of deadlines. This is why I'dlike to invent wasted? That’s gone forever. away” when they’re still deciding Airlines are the masters of this. “WaitPay”. We all sign up, and it So if you’re late meeting me, don’t which jacket to wear. They'll happily charge you because quietly removes the awkwardness. worry. I won't be offended. I'll just I’ve sat waiting for lunches for 15, your bag is 300 grammes overweight. Friends get five minutes grace. send you an invoice. 20, sometimes 30 minutes while the Theyll charge you to choose a seat Fifteen minutes late? Coffee is on you. James Max other person eventually arrives looking relaxed, as though the because you'd like to sit near the person you are travelling with. Yet Thirty minutes? You'll pay for lunch. Companies, however, would James Max is a broadcaster on radio and TV. Socials @thejamesmax
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10 | Money FINANCIAL TIMES Saturday 1 August 2026
The Stockpickers Our experts discuss which companies to buy, sell or hold this week
[Mining
Restore (RST) Unite Group Rio Tinto (RIO) 0")
(UTG)
Change at the top as Skinner quits Student landlord seeks to restructure Al boosts metal prices
Alongside its half-year results, Selling assets in a buyers’ market is First there was the commodity
document handling specialist Restore rarely a pleasant experience. That is the supercycle; now we have the Al and
announced that Charles Skinner is challenge facing Unite Group as the electrification transition.
stepping back from his second stint as student landlord looks to sell between The former was driven to a large
chief executive. He was brought back 15,000 and 20,000 of the 72,000 extent by Chinese demand for iron ore,
three years ago to turn around a student beds in its portfolio. whereas the latter is pumping up
struggling business. Unite said it is on track for £300mn to markets for copper, aluminium and a
Restore is on the comeback trail after losing two-fifths of its share Much of the intervening period has £400mn of disposals in 2026, having host of lesser-known metals. value — FT monrage/Pat Stockley involved restructuring, including the completed £130mn so far, and that it Rio Tinto posted a steep rise in disposal of underperforming businesses was being “pragmatic” about pricing. interim earnings and surging free cash
Restore chief steps down after and the improvement of processes. In the technology business, its The company plans to use the proceeds to strengthen its balance flows at the half-year mark, but of greater significance is that copper,
three-year turnaround operating profit doubled year on year . Although some of these gains have sheet, add to its development pipeline and, all being well, buy back more aluminium and lithium accounted for more than half of underlying cash been driven by higher selling prices, it shares. The value of its portfolio profits at the half-year mark. Underlying shares rise 175 per cent over the past has also been more selective in the declined by 6 per cent in the first half of earnings came in at $6.85bn for the six half decade, aided by a pivot to data business it does, Skinner said. the year to £6.73bn. This was the key months to June, up from $4.81bn at the centre leasing, Restore shares have Overall, the improvements are driver of its £417mn loss before tax. 2025 half-year mark. lost two-fifths of their value. reflected in half-year numbers which Unite has downgraded its rental FactSet consensus gives earnings per But this tale of rampant success on show a 19 per cent increase in adjusted growth guidance range for the 2026/27 share of $612, rising to $6.25 in 2027. one side of the Atlantic and ignoble operating profit, with the underlying academic year by 1 percentage point to Beyond the productivity savings in failure on the other is too simplistic. margin just above 20 per cent. between 1 and 2 per cent. It has been train, investments in copper and lithium
\"A For one thing, International Paper is
now splitting in two, an implicit
Restore’s shares are up 74 per cent
over the past three years but
cutting prices to fill beds in its weaker-
performing cities.
are being prioritised. And investors can
take comfort from the 3 percentage
Dan Jones acknowledgment that its big acquisition has not worked out. And momentum has stalled more recently, with a gain of just 5 per cent over the Unite’s 7 per cent dividend yield, plus yield from buybacks, will soothe some point increase in return on capital to 17 per cent. The shares trade at 11 times hat more appropri- while Restore has struggled, its shares past 12 months. We think the underlying investor impatience but there are more forecast earnings, which isn't ate material than have now almost doubled from their improvements are not reflected in the attractive risk-reward profiles elsewhere unreasonable given an implied dividend paper to tell the lows of three years ago. company’s valuation. Michael Fahy in the sector. Hugh Moorhead yield of 4.5 per cent. Mark Robinson story of diverging The UK company’s recovery has attitudes to US and been overseen by chief executive UK stock markets? Charles Skinner, who this week UK-listed companies have been announced he will hand over the DIRECTORS’ DEALS reins to chief financial officer Dan acquired in their droves this year, but the underlying trend has been in Baker at the end of 2026. Who's buying or selling shares in their own company this week? place for some time. International Restore remains a tenth of the size Director/PDMR Date es jest ais Paper's 2024 deal to buy UK packag- _ of Iron Mountain with no exposure to BUY ing rival DS Smith is just one recent the AI boom, two reasons why its Fevara Tim Jones (ch) 17 Jul 26 138.0 55,200 instance ofa FTSE 100 business being _ price/earnings ratio is barely a quar- Greencore Leslie Van de Walle 22 Jul 26 238 833,000 boughtby an overseas peer. ter that ofits US rival. Guardian Metal Resources Oliver Friesen 17 Jul 26 148.7 29,750 Those who remain on the domestic The success of its turnaround Hercules Martin Tedham 17-22 Jul 26 31-34.8 133,193 market can look like they’ve been left — plan, which has involved combining MHP. Serhii Dobrohorskyi (PDMR) 20 Jul 26 607.4 37,033 behind. Take the contrasting fortunes _ its digital and physical storage arms, One Health Zak McMurray 21 Jul 26 251 99,998 of US information management giant divesting a less reliable office reloca- Steppe Cement Javier del Ser Pérez (ch) 17 Jul 26 21.5 26,210 Iron Mountain and Aim-listed tion business and identifying new Supreme Sandy Chadha (ce) 10 Jul 26 131.8 659,055 Restore, both of which began life as growth areas, suggests it should Telecom Plus Carla Stent 17 Jul 26 880.0 24,930 document storage businesses. be able to win over more investors SELL While Iron Mountain has seen its _ in future. Eagle Eye Solutions Cédric Chereau (PDMR) 20 Jul 26 502.26 502,260 Marks and Spencer Alex Freudmann (PDMR) 22 Jul 26 397.633 1,073,609 Marks and Spencer Sacha Berendji (PDMR) 22 Jul 26 397.576 1,192,728 ° Marks and Spencer Mark Lemming 23 Jul 26 378.255 313,940 Investors Roadside Real Estate Charles Dickson (ce) 16 Jul 26 56.8 662,666 Chronicle SSE Stephen Wheeler (PDMR) 17 Jul26 2,478.89 99,156 WAG payment solutions Morgan Seigler 21 Jul 26 100 30,000,000 “ Deal conducted by spouse/family/close associate * Acting on behalf of TA Associates LP %* Global Depositary Receipts (GDRs)
Get 12 weeks for just £12 PDMR = person discharging managerial responsibility; ce = chief executive; ch = chair
Saurre: Invactare’ Chranicla
Investors’ Chronicle provides the latest investment news More than a year after Marks and sentiment after sales rose 7 per cent. M&S's food unit, sold a stake worth
and insights to help you make informed decisions. Spencer's cyber incident rocked Although M&S declined to provide £1.07mn last week, while Mark
operations and depressed shares in the forward guidance for the current Lemming, managing director of M&S’s
A trial includes digital access online and via the app, international business, discharged
retailer, the company appears to have financial year, the shares enjoyed a
plus the magazine delivered to your door every week. found the light at the end of the tunnel. post-results bounce. The shares have £313,940 worth of stock. Operations
Pre-tax profit was down 29 per cent climbed 174 per cent since January. director Sacha Berendji also sold
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year-on-year for the 12 months to That might explain the recent bout shares worth £119mn, ahead of his
“After your 12-week trial you will pay £68 every 13 weeks by direct debit. You can cancel 5 working days March 28, but a strong showing from of selling from a trio of executives. Alex retirement from M&S in April.
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M&S’s food business helped lift Freudmann, managing director of Erin Withey
A service from the Financial Times Information from Investors’ Chronicle in this section is not intended to be relied on by any reader for making investment decisions. Independent investment advice should be obtained. ‘Lhe
Financial Timest.imited does not accept liability for any loss suffered asa resultany such decisions.
FINANCIAL TIMES Saturday 1 August 2026 Money | 11
S&P 500 (Weekly) A FTSE 100 (Weekly) A Euronext 100 (Weekly) A $ per € (Weekly) A = Sper £ (Weekly) A £per € (Weekly) A
7470.12 58.14 0.78% 10868,05 131.82 1.23% 1925.79 447 0.23% 1.151 0.013 112% 1.345 0.013 0.972% 0.855 0.001 0.135%
12 Months 2 17.54% 12 Months 4 19.13% 12Months ~ 22% 12 Months 2 0.75% 12 Months 4 198% 12 Months » -119%
Jul 31 Chg %Chg Jul 31 Chg %Chg Jul 31 Chg %Chg Jul 31 Chg %&Chg
A Australia All Ordinaries 9137.00 14.30 0.16 A Italy Milan FTSE MIB 52172.53 68.15 0.13 A ge 1.151 +0.000 £/$ 0.743 0.002 0.22
A Brazil Bovespa 177915.88 757.02 0.43 A Japan Nikkei 64362.02 2494.59 4.03 A SIE 1.346 +0.003 A ef 1.170 +0.002 = +0.206
A” Chine Shanghai Composite 3832.26 27.57 0.72 Singapore Straits Times 5628.50 -45.08 -0.79 E/E 0.855 0.002 0.204 We 183.196 0.083 0.045
7” France CAC General 8509.64 24.00 0.28 A Spain Madrid SE 1960.50 3.80 0.19 ¥/$ 159.225 0.100 -0.063 > £ Index 85.153 - -
”~ Germany DAX 25629.24 7.21 0.07 Switzerland SM Index 14346.14 -46.35 -0.32 A WE 214.977 40343 = +0.161 A Sfr/t 1.089 +0004 = +397
7” HongKong —- Hang Seng 25884.43 25.55 0.10 ~~ USA Dow Junes 52440.12 232.06 0.44 A Sfr/€ 0.931 +0.002 +0.188 Ritcoir 62633.40 +00.22 3.12
A India BSF S&P SFNSFK 78094 64 166.49 071 7” USA Nasdaq 25177.97 +79.94 +007 e/$ 0.869 0.000 0.017 Ethereum 1860.39 -25.78 2.95
US UK Eurozone oil Precious Metals Crypto Currency
6.89% 0.56%
Amazon.com Corteva aes Greggs = Sa «ce salah iene Oil WTI Oil Brent Gold Silver Bitcoin Ethereum
Payment _Prev Reg Ex-Div Payment _ Prev Reg Ex-Div Jul 30 1Month% 3Month% 1Year% 5 Years% dul 31 Prev Chg
Monday Safestore Holdings 7.65p Jul03 Jul 02 Ultra Conservative Index 985.61 -1.59% 0.21% -2.02% -19.19% US2 Yr 429 421 0.08 European Opportunities Tst 14.5p O.00p Juil0 Jul09 — Safestore Holdings PID 2.55p Jul03 Jul 02 Conservative Index 1533.01 -1.28% 1.40% 4.76% 6.31% US 10 Yr 474 4.56 0.08 F&C Inv Trust 099p 0.00p = Jul03 Jul02 Friday Income Index 4773.65 — -1.19% 7.30% 836% 18.67% US 30 Yr 5.26 6.21 0.05 Helical PID 1p 0.00p = Jun 25 Jun25 —Blackfinch Spring VCT 22p = -27p — Jul03 JulC2_——Ralanced Index 8517.71 1.70% 7.98% 11.71% 79.38% UK2¥r 4.39 4.32 0.07 Helical Ip 35p Jun 28 Jun25 CT UKHighincTst 14p = 1.37p = Jul03.- JulG2_——Grgwth Index 8549.33. -1.19% 3.51% 13.68% 39.25% UK 10 Yr 5.05 4.99 0.06 a oe y Ist i , id be ie be i eau ; a rH “4 x ‘ a Ultra Growth Index 3388.38 -1.37% 17.01% 54.86% ae Yr 5.78 5.72 0.06 lercantile InvTs' p 9p jun 12 Jun ucustite p 21p ul 7 jul OS Global Growth Ind 3495.83 -2.42% 16.98% 55.69% JPN 2 Yr 1.49 1.48 0.01 Next ae 181pi 1758p in Jul03.ns Jul02.—= Games Workshop Group [pS ul hl? = ree E a A'l-ShareShare Index Ind 25853.32 a 3.87% et 18.15% 45.23% °- JPN 10 ¥1 2€0 2 0.00 Norcros (2007 Uo.) 7.6p 6.9p Jun 26 Jun25 —Liontrust 12p S0p — Jul03 Jul02 ee a WorldEx UK Index 84527-2699 16.955 58.104 JPN 30 Yr 3.99 3.98 001 PayPoint 10p 0.00p Juid3 Juld2 Living REIT 1.4475p 1.4055p Juli0 Julcs 2 — ee =e : GFR? Yr 267 276 0.06 Utd Utilities 3578p 34.57p Jun26 Jun25 Montanaro UK SmI Ces II ‘.68p 1.74p = Juli7 Jul 16 GFR 10 Yr 3.70 3.15 1.05 Workspace Group 16.Jp 19p Jul 03 Jul0Z — NewRiver REIT 3.6p 35p Juni9 Jun 18 il Price Inde 77 Price Ind GER 30 Yr 3.70 3.65 0.05 Tuesday Next 15 Group OG) Ops ul03 .uic2 | ) neeallestce inten Consumer Erice latex CC Japan Inc& Gwth Tst 175p 1.65p Jul03 Jul? Polar Capital Holdings 32p 32p = Juli0. Julcg Chg Over 1 Month Chg Over 12 Months Johnson Mat 5p 55p Jun05 Jun04 Premier MViton 1 5p 3p Julio. Julcg. API Jun 416.50 > 0.30% : 3.0% arr Dat Co Report | Dat Ci Wednesday Sanderson Nesign Group 1p ip ul10 ul RPIX Jun 403.70 0.27% 2.9% ves 7 mia " ' os om Smith & Nike Peas Uberon AIM VUI 1359 1.3p — Jul10. Jul09—-Schroder Ociental Inc Fund 250 2p Jul24 Jul2g CPI Jun 142.50 0.10% 2.6% fe oe belay Ales dese SL a et aac Tatton Asset Management TSp 9.5p Jun26 Jun25 Schroder UX Mid Cap Fund 65p 63p Jul’0 Jul 09 Bank Rates / International Rates 06 Aug 2028 7Z roe BaalE Ibstock Lateran ‘ x s Cussons Me a ne Bank Rate of England Base Rate (Ju!) 3.75% 03-Aug-2026 FDM Group Interim | 06-Aug-2026 Admiral — Interim Me a ne Bank Rate of England Base Rate (Ju!) 3.75% 03-Aug-2026 FDM Group Interim: US Fed Funds 3.50 - 3.75% 03-Aug-2026 Senior Interim | 06-Aug-2026 Admiral — Interim: 06-Aug-2026 Harbour Energy _— Interim Ca ae 4.004 0.00; Jul 03 Jul 02 hnety One ae as jul 17 BF I 18 US Long Bonds 471% 04-Aug-2026 BP Interim | 06-Aug-2026 Mears Interim hnety One ae as jul 17 BF I 18 US Long Bonds 471% 04-Aug-2026 BP Interim: re P ‘= i Euro Base Rate 2.40% 04-Aug-2026 Keller Interim | 06-Aug-2026 Mears Interim: 06-Aug-2026 WPP Interim
Price Diy _Disc/Prem Price Dly Disc/Prem Price Dly_Disc/Prem Price Diy _Disc/Prem Price Diy _Disc/Prem
3i Infra 380.00 3.57 BickH World Mining 883.00 1.00 124 Hansa 336.00 8.00 3785 JPMUS Sm 432.00 7.00 8.97 Schdr Orient. 442.00 7.50 3.96 Abf GVIT 88.00 -12.25 — Brunner 1538.00 -10.29 Hansa A 313.00 -ALST Law Deb 1242.00 2.61 Schdr UK Mid 780.00 A494 Abf Sml 1704.00 8.00 -9.68 Caledonia Inv 383.00 3.50 -35.2 Hen FarEs 256.50 2.00 615 — Lindsell Train 584.00 8.00 -21.67 Scot Americen 555.00 6.69 Asia For 416.00 11.00 R17 CanGen C$ ?f98.84 -39.87 Hen High Inc 705.00 5M lowland 187.50 9.07 Scot Mortgage 1330.50 16.50 9.55 Asian Inc Fund 304.00 7.00 6.74 — City of Lon 593.00 1.00 1.91 Hen Smir 953.00 — 771 Marwyn Val 139.00 — -44.52 Scot Oriental 256.00 9.31 Aberdeen Eq Inc 461.00 1.94 CUS NatKes 351.00 263 Herald 2980.00 6.25 — Mercartile 276.50 9.93 Strategic Ea 362.09 6.42 Aberdeen UK Smil 508.00 -9.82 CT Healthcare 144.00 -0.04 HICL Infra 136.00 — -15.47 Merch. Trst 666.00 6.71 Temple Bar 418.50 0.46 Alliance Witan 1348.00 18.00 -4.65 CT Mgdl 131.50 0.24 Impax Env 432.00 1.50 -12.91 Mid Wynd 770.00 1.76 Tetragor 1018.02 Allianz Tech 670.00 400 82 CT MgdG 370.00 _ -107 IntBiotech 1070.00 -A.89 Monks IT 1578.00 17.00 448 TRIG 76.10 -76.85 Artemis UK Future Lead 382.00 -10.95 CT Cp&l 353.00 -431 Inti PP 142.00 -6.65 Montanaro Eur 174.00 7.57 IL 196.00 — -23.55 Aurora UK Alpha 253.00 1.00 11.88 CIUKHIT8 112.50 7 Inv Asia Dragon Ist 483.00 6.50 6.42 Murray Inc 1020.00 7.04 Utilico EmerMkts 287.00 2.00 9.02 AVI Jepan 164.00 -2.61 CT UK HIT Ord 116.00 -1.89 Inv Bond Inc 170.00 _ 1.88 Murray Int! 368.50 1.50 0.99 VEIL 703.09 -11.86 BG China Growth 306.00 -8.53 Dunedin Inc 314.00 — -974 JPM Amer IT 1200.00 16.00 -2.03 New Star IT 139.50 _ “31.45 BG Fura 117.00 150 -B44 — Fdinburgh Inv 844.00 B09 PM Asia GRI 558.00 8.00 -134 N. Atl Smit IT 474.00 — -31.95 BG Japan 1036.00 4.00 88 Edin Worldwide 232.50 -7.81 JPM China G&l 268.50 1.00 -7.88 Pac. Horiz. 1056.00 54.00 75 BG Shin 161.40 2.20 9.23 Euro Opps{susp} 937.00 oa 5.07 JPM Clavr 974.00 4.00 1.44 Pers. Assets 545.00 1.00 0.96 BG US Growth 306.00 -7.61 The Euro SmiCo 234.00 0.50 -798 JPMGbICore 80.00 Polar Health 438.00 3.07 Baillie Gifford UK 220.00 9.45 F&C Inv Trust 331.20 1.20 8.11 JPM Emrg EMEA 250.50 _ 273.38 Poler Fin. 246.50 0.79 BankersIT 147.00 1.00 -7.15 Fidelity Asian 88.00 -463 JPM Frrg 161.80 460 74) Polar Tech 676.50 15.00 $99 Biotech Growth 1602.00 5.8 — Fidelity China 263.00 3.00 -5.15 JPM Eur Disc 25.00 3.00 7.17 Rights & Iss IT 2310.00 10.00 -20.29 BickH Amer Sml 279.00 3.19 Fidelity EmerMkts 1370.00 24.00 786 JPM Eur G&l 146.80 0.60 0.96 — RII Lap 2565.00 20.54 Bais compel by ICE wawicenomn BickR Energy & Res 174.00 4.1 Fidelity Euro 423.50 496 = JPM Em Mk Div 199.50 4.00 8.27 Ruffer Inv Pr 296.50 0.50 2.8 The prices listed are indicative and BickR Front 187.00 1.31 Fidelity Spec 463.50 0.44 JPM GbIG&I 609.00 5.00 0.36 — Schdr AsiaPac 791.00 11.00 9.65 believed accurate at the time of publication BickR GtFur 588.00 i? ~~ Finsbury G&l 804.00 806 JPM India Gwth Inc 887.00 779 Schdr AsiaTotal 690.00 73.00 2AT Ice For further information contact Bick 1&G 227.00 10.13 The Gibl Small Co 191.80 1.40 -3.51 JPM Japan 789.00 - -6.1 Schroder Inc 370.00 6.72 newspapers@ice.com Bickk Smir 269.00 0.50 11.45 — GHI | {susp} 1.25 9132 JPMUKSm 342.50 0.50 9.49 Schdr Japan 373.00 1.00 77
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12 | Money FINANCIAL TIMES Saturday 1 August 2026
DATABANK
Mortgage Rates Current Accounts
Min Early Repayment CREDIT INTEREST
Account Notice Deposit AER Int Paid Rate and Term Max LTV Fee Charge Period
Provider Account Name Account Fee Interest Rate
Rate: Nationwide Building9 Society FlexDirect None* 5%
ShortTerm Fixed
a0 uu: £5,000 - Mess > Bank of Scotland Vantage Classic Account None 3% thisbank (thisbank.co.uk] Triple Access None £1,000 4.28% Mly first direct 4.32% for 2 years 60% £490 Ist2yrs Lloyds Club Lloyes None 3% United Trust Bank (utbank.co.uk) UTB Limited Access None £5,000 4.30% Yly fist direct 4.81% for 2 years 90% £490 Ist2yts cahoot (cahoot.com) Simple Saver (17) __None £1 4.32% Vly OVERDRAFTS first direct 463% for 3 years 75% #490, ls-3yts Provider Account Name Account Fee Interest Rate 7 7 Starling Bank Currant Account None 15% NO NOTICE £10,000 West Brom BS 5.11% to 31.10.29 90% To 31.10.29 PIED Wet et Recount None” 39.90% thisbank (thisbank.co.uk} Iriple Access None. 4.28% Mly Virgin Money M Plus Account None 19.90% United Trust Bank (utbank.co.uk) UTB Limited Access None 4.30% Yly Longer Term Fixed Rates “Account Fee free if minimum requirements are met cehuot (cahoot.cu Si Saver (17) No 4.32% Yl eteey (eae ine Seves 7) Nove Yast direct 4.38% for 5 years 0% 490 EG Credit Card Rates NO NOTICE £50,000 first direct 4.58% for 5 years 85% £490 IstSytS | NTRODUCTORY RATES thisbank (thisbank.cu.uk} Triple Access None £1,000 4.28% Mly first direct 4.73% for 5 years 90% £490 Ist b yrs United Trust Bank {utbank.co.ukl UTB Limited Access None £5,000 4.30% Yly Nationwide ES 5.49% for 10 years 20% £999 Aeoowe Provider Card Type Intro Purchase APR cahoot (cahoot.com) Simple Saver (17) None £1 4.32% Yly t YS 188 Platinum Purchase 0% for 25 Months 24.95% Barclaycard Platinum Balance Transfer 0% for 24 Months 24.90% NO NOTICE £100,000 Remortgages M&S Bank Purchase Plus 0% for 24 Months 24.90%
thisbank (tnisbank.co.uk) Iriple Access None £1,000 4.28% Mly _ first direct AA4T%F for 2 years 60% £490 Ist 2 yrs = - = = - BALANCE TRANSFERS United Trust Bank (utbank.co.uk) UTB Limited Access None £5,000 Se Yi first direct 4.57%F for 2 years 75% £490 Ist2yts Provider Card Type fatro Purchase’ ‘Transfer Foe APR cehoot {cahoot.com) Simple Sever(17)None £l_ 4.52% YY Set dineat 4.99%F for 3 years 85% 490 Is-3ys MBNA Long Balance 0% for 36 Months 2.99% 24.9% fatdi AgO%E for 5% 7490 ine HSBC 1st Account 0% for 36 Months 3.19% 24.9% UP TO 90 DAYS’ NOTICE £1,000 Estunees Or: Years. - SOYIS Barclaycard Platinum Balance Transfer 0% fur 36 Months 315% 248% Oxbury Bank (oxbury.com) 90 Day Notice (14) S90Day £1,000 4.18% Mly Secure Trust Bank (securetrustbenk.com, 90Day Notice 90 Day £1 4.21% Qly First Time Buyers BALANCE TRANSFERS StreamBank (streambank.co.uk) 90DayNotice-12 90Day £1,000 4.35% Mly West Bram BS 5 15%F to.91.10.98 95% 7499 To31 10.78 Provider Card Type APR Cashback American Express Cashback Everyday 23.1% 0.5%-1%. Intro 5% for 5 months (max £125) UP TO 90 DAYS’ NOTICE £5,000 West Brom BS 5.27%F to 31.10.28 95% : To31.10.28 Virgin Woney Evaryday Cashback 24.9% 0.25% Intro 1% for 3 months (max £15 a month) United Trust Bank (utbank.co.uk) UIBS0Day Notice 1 G0 Day $5,000 4.20% Vly Barclays Mortgaye 5 14%F to 30.929 95% £899 To309.29 Natwest Travel Hewore ZES Hi eel ceeponovee Ele yore StreamBan« | streambank.co.uk) 90 Day Notice- 12 90Day £1,000 4.35% Mly Provider Ranking f£perannum Provider Ranking £ per annum UP TO 90 DAYS’ NOTICE £10,000 Di:iscoul inted Variable fariable Rate: Ss Sing’e i Life i : Aged 55 i Single i Life _ Aged 50 7” : West Brom BS 4.49% for 2 years 90% £999 Nore Movement since 71/97/7076 5.98% Movement since 71/07/7078 4.75% Secure Trust Bank {securetrustbenk.com) 90DayNotice 90 Day £1 4.21% ly Aviva Pension Annuity 1 £6,914.04 Aviva Pension Annuity 1 £7,266.12 StreamBan& | streambank co.uk) $0 Nay Notice-1? 90 Nay 71,000 4.35% Mly Beverley BS 4.54% for 2 years 80% Isi2yts Standard Life Pension Annuity 2 £6,848.64 Standard Life Pension Annuity 2 £7,238.28 BLME A (bime.com) 90 Day Notice (10) S0Day £10,000 4.37% Oly Newbury BS 4.29% for 3 years 75% £850 Is 3yts Legal & General Pension Annuity 3 £6.778.68 Scottish Wi dows Annuity 3 £7,183.32 Scottish Widaws Annuity 4 £6,768.24 Just Pension Annuity 4 £7,103.28 UP TO 90 DAYS’ NOTICE £50,000 Newbury BS 359% for dyeats NS £85) ItOyS Provider Ranking €perannum Provider Ranking £ per annum Secure Trust Bank {securetrustbenk.com | 90 Day Notice 90 Day £1 4.21% Qly Single Life Aged 65 Joint Life Male Aged 60 & Female Aged 57 StreamBank (streambank.co.uk! 90 Day Notice-12 90Day £1,000 4.35% Miy Variable Rates Movement since 21/07/2026 4.00% Movement since 21/07/2026 2.92% m Scottish Widows Annuity 1 £8,094.00 Aviva Pension Annuity 1 £6,923.76 BLE A (bime.com) 90 Day Notice (10) 90 £10,000 4.37% ah f ) Morice (10) ey Y HSBC 4.05% for 2 years 60% £999 None Standard Life Pension Annuily 2 £7,923.72 Scottish Widows Annuily 2 £6,874.32 Yorkshire Building Society 4.13% to 30.11.28 75% £995 None Aviva Pension Annuity 3 £7,774.56 Standard Life Pension Annuity 3 £6,831.84 UPTO 90 DAYS NOTICE £100,000 a tae = = None ust Pension Annuity 4 £7,682.04 Canadalife Lifetime Annuity 4 £6,775.20 paceiesiUze Ean seeuretrustbenk.comy a payits pee = al ake a — Provider Ranking = perannum Source: Mercer Financial Planning 0345 077 8774 StreamBanc (streambank.co.uk 90 DayNotice-12? SDay 1,000 435% Mly Nationwide BS 4.29% for 2 years 85% £999 None Joint Life Male Aged 65 & Female Aged 62 Mercer Privete Wealth is a trading name of Mercer BLME A (bime.com) 90 Day Notice (10) 90 Day £10,000 4.37% dly Movament since 21/07/2026 3.90% Pala Mere ane Hh pclae aller ah 3 a 7 9 Financial jut thority. Registered in Englan Buy-to-Let Variable Rates Scottish Widows Annuity : 1 £7,467.96 and Wales No. 984275 9 9 MONTHLY INTEREST UPTO £5,000 fon 1.39% for2 years ee F198 None Staten | ife Beriston Annual 2 7.3885? Pegistered Office: 1 Tower Place West, Tower Place, cahoot (cahoot.cam) Simple Saver (17) None £1 4.32% Mly - : Canada Life Lifetime Annuity 3 £7,257.36 London ECSR SEU StreamBank (streambank.co.uk) 90 Day Notice-12 G0Day £1,000 4.35% _Mly Hinckley & Rugby BS 4.75%D for 2 years 75% £1,249 se 2 yrs ova Renston Ariiy s £6,940.20 _ wwwmerver.com/private-wealta/ cahoot (cahoot.com} Sunny Day Saver (6) _None £1 5.00% Mly — Bath BS 5.09%D for 2 years 80% £999 1st2yrs All payments are monthly in arrears, without a guarentee paricd and without escalation, with ¢ spouse's benefitof 50% where applicable. Gender neutral rates. Figures assume an annuity purchase price of £100,000 and are shown gross. LS1 Pustcode.A company appearing top for une set of benefits or age may be poor for a ome UE eset F Buy-to-Let Fixed Rates different set of benefits (for exemple, an index-linxed annuity) or a different age. tis therefore imperative that thisbank (thisbank.co.uk) TripleAccess None £1,000 4.28% Mly you shop around for an annuity suited to your own circumstances. The tables do not include enhanced annuity cehoot (cahoot.com} Simple Saver (17) None £1 4.32% Miy HSBC 4.99% to 31.10.28 75% : Tw31.10.28 rates for smokers or those in ill-health, nor for companies that provide annuities only for a specific group of ay 5 a StreamBank (streambank.co.uk] 90 DayNotice-12__90Day £1,000 4.35% 5 _Mly; NatWest 4.65% to 20.11.31 G% £995 G0 ST retirees. The lower-paying providers have not deen showr. The ranking column shows the position of the eee wr neato tis sea Rea TO : u 188 5.49% to 31.10.31 80% £1,995 Jo 31.10.31 MONTHLY INTEREST £10,000 Accounts & Bonds thisbank (thisbank.co.uk Triple Access None £1,000 4.28% Mly A are oad Noti 7 Mi M AER Int Paid cahoot (cahoot.cam) Simple Saver (17) None £1 4.32% Mly — D=Uiscounted rate. Fixed rate. V=Variable rate. Terms and conditiors may apply when you repay your paves ssa pea la = a = StreamBank (streambank.co.uk) 90DayNotica-12 90 £1,000 4.35% Mly mortgage.Alll " rates end terms subject to change without notice and should be checked before finalising any ar- is Ei Uarantoad arante Bia h Bonds ssi ssi 0 Neat Bond a0 lu cies My - ay sai fangement. No liability can be accepted for ary director consequential loss arising from tne use of, or reliance Guaranteed Income Bonds Issue 90 Mears! #500 iar Aa Mi upon, this information. Readers who are not financial professionals should seek expert advice. Guaranteed Growth Bonds Issue 78 2 Year 3ond £509 Elm 467% Yly MONTHLY INTEREST £50,000 Guaranteed Income Bonds Issue 78 2 Year Bond £500 £1m 4.67% Mly
cahoot (cahoot.com) Simple Saver (17) None £1 4.32% Mly Guaranteed Income Bonds Issue 80 3 Year Bond £500 Eim 4.65% Mly Sieanank lsveambank on ok 90 Day Notice-12 90D 71000 4.35% My House Index / Mortgage Rates Guaranteed Growth Bonds Issue 7? 5 Year Bond #500 Fim 455% Yly eel = y = ell 8 ae ! Guaranteed Income Bonds Issue 72 5 Year Bund £500 fim 4.55% Mly Nationwide House Price Average (Jun 2026) £277.48 Green Savings Bonds Issue 9 3YearBond £100 100K_——4. 45% Yly OFFSHORE ACCOUNTS £10,000 5 é Direct Saver None £1 £2m 3.45% Yly Nat ideHouse Price Index (Monthly Ind 650.70 ~ Standard Bank international tice Hous ice bas (Monty Ae) = Income Bonds None £500 £im 3.45% Miy {standardbank.com} Offshore Reserve Savings None £3,000 1.15% %Yly _ Nationwide House Price Index (Annual Change) 2.20% Investment Account None £20 fim 2.05% Yly
NatWest International Halifax Hi Price Av Nr £2! , . . aa leax Helse Eee WI UE EEE All rates : are shawn as AER Veriable unless othenvise stated. Methods of opening end operating accounts {natwestinternational.com) Premium Saver None fl 1.36% Mly = : Halifax House Price Index (Monthly Index) 516.20 will vary. All rates and terms subject to change without notice and should be checked before finalising any Standard Bank international. ; ; arrangement. No iadility can be accapted for any direct or consequential loss arising from the use of, or (standardbank.com) International Saver 36 36 Vay £10,000 2.70% vly Halifax House Price Index (Annual Change) 0.60% reliance upon, this information. Readers who are not financial professionals shculd seek expert advice. Visit Moneyfactscumpare.co.uk for detai
ACCOUNTS WITH INTRODUCTORY BONUS ISA Rates Cynergy Bank (cynergybank.co.uk) Online Easy Access (99) None £1 4.23% Yly Aeconal Notice Deposit Transiors. % AER interest Sidekick (via app) Multi Shield None £1 4.23% Miy Cash ISAs or Term In Paid Mansfield BS [via branch) Triple Access (Ist) None f1 4.25% Yly jronumert ene {via app) poe ISA Boosted None ELON 38 oe 4 vn ae ae = ern= = ; lum (via app) um lone lo . ly Ulster Rank (ulsternank co.uk) limited Fdition Sever-3 None. 5,000 4.30% Mly Chip (via app) Chip Smart ISA None fi No 241% A My Post Office Money® (postoffice.co.uk! Online Saver 89 None f1 4.31% Yly Sidekick (via app) Cash ISA None fi Yes 4AA% A Mly Chase (via epp) Chase Saver Boosted None £1 4.50% Mly A or Noti Deposit Transf % AER htcrest — z ; ccou ice lepo ransfers SAGA (saga.co.uk) Easy Access Savings None fl 4.50% Mly Fixed Rate Cash ISAs er Term In Paid Temdo Money (via app) HomeSaver None f10 4.55% Mly Castle Trust Bank (castletrust.co.uk} Fixed Rate e-Cash ISA 1YrBnd £1,000 Yes 4.83% OM Revolut (via app) Instant Access None f1 5.00% Diy _ Gharter Savings Rank (chartersavingsbank co.uk) Fixed Rate ISA TYr Bnd 5,000 Yes 457% Yly emit ) ienelinciant Ace N £1 5.00% My nergy Bank Fixed Rate ISA 1¥rBnd £500 Yes 257% Yly Say see : Y Tandem Bank (via app) Foxed Rate ISA Ty¥rBnd i Yes 257% My All rates shown as AFR variable unless otherwise stated. Methods of opening and operating accounts will Accounts & bonds (tax free) Notice or Term Min Max Trenstors: % AER Gat very. All rates and terms subject to change without natice and should be checked before finalising any arrange- NS&l Junior ISA Age 18 ft £0 a 3.70% ‘ty ment. No ‘iability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, A=Introductory rate for a limited period. OM = Interest paid on maturity. All rates shown as AER variable unless otherwise stated. this information. Readers who are not financial professionals should seek expert advice. Visit Moneyfectscom- Data compiled by ICE. www.ice.com. The prices listed are Methods of opening and operating accourts will vary. All retes and terms subject to change without notice and should be checked before pare.co.uk for full details. Figures compiled 77th May 7076 finalising any arrangement. No liability can be accepted for any director consequential loss arising from the use of, or reliance upon, this indicative and believed accurate at the time of publication. Source: Mcneyfactscompare.co.uk - Heloing you make better financial desicisons. information. Readers woo are not financial professionals should seek expert advice. Visit Moneyfactscompare.co.uk for full details For further information contact newspapers@ice.com FINANCIAL TIMES Saturday 1 August 2026 Money | 13
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MANAGED FUNDS SERVICE
Fund Bid Offer D W_ Yield fund Bid Offer D W_ Yield Fund Bid Otter UO W_ Yield Fund Bid Offer D W_ Yield
Short Dated Corp Bone Fund W+ACC-G3P £ 1262 00) 0M 48 HPB Assurance
Ltd Ministry of Justice Common Investment Funds (UK)
Sustanable Water & Waste WAUL-S3? 1258) O00 OD COU Agr Huse, Een Hil Douglas, le of Man MI 4NL 01638583400 Property
& Other UK Unit Trusts
Sustarable Wate & Waste WANC-GBP 12400 000 O00 000 —etemnelionel Insurances Telly iiiader hike Tn TOT
UK Select Furd W-ACC-GEP £ 47 02 012 WM Holiday Propotty Bond Sor 1 ag 00 00 ow
DRAGON CAPITAL Lb Global Dividend Fund W-ACC-GEP f£ 464 on 808 24 Holic Propesty Bond Ser? Om am om om
lobed Enkanned WW-AOC-GEP £ 353 02 06 416
Glctal Speci Sits WHADE-GOP £ soo 2% 08 On
rca rrercing Mates P-ACD-GBP f£ 2% 015 608 166
rex urope ex UX Markets PACL-SEP £ 301 0B 06 20 ‘ee
Dragon Capital dex Japen PADCGEP £317 O10 04 182 pity
voww.de ital.com ride Pacific ex apan P-ACL-GP £ 263 ol OM 26
Fund Information:info@draqoncapital.com dex Sering Cop Bond Fund F-ACC-GEP £ 056 00 OM &1g Janus Henderson N U T S H E L L
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Vetnam Equity (UOT Fund AUSD) $ 4B To 1M O00) | reek USRAUCGEP £ 58 0 «04 Of
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Sust MoneBuiberincFoRdWACCGIP E415 Oe 072 re anesteedereonca Nusshell Asoox Management Lax, Wybricgs House, 1-5 Adam Stes, Lordon WCIN GLE
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Fund Bid Offer DW _ Yield Fund Bid Offer D W _ Yield Fund Bid Offer D W _ Yield Fund Bid Offer D W _ Yield
Royal London (UK) Trojan “und Acc 80 - 219 609 Of 80 Fenchurch Street, London EC3M 4BY Trojan “und Ine 3068 2-7] 455 OD Authorised Inv Funds Trojan Gicba heome D Acc 7900 - «28 370 321 Royal London Susizineble Diversified Ine m0 - «210 «10 18 S/( O SUPERFUND Tojan Gicta heome Dine 43-8827 3B RoyalLondon Suszincbe World he BD - 9 10 076 mac toos gu VII Tojan rome0 Ace B23 1 742 218 RoyalLondon Coprate Bond Mth Ince mM - (019 0M 425 Ton toomeO he TB - 8 I 28 RoyalLLondon European Grows Trust m2 - 30 Gi 14 —= Troy Asset Mgt (1100) (IRL) Royal London Susizineble Leaders A ho 50 - «30 130 18 Kilmore House, Spencer Dock, North Wall Quay, Dublin 1, D01 YE64, Ireland Royal London UK Growth Tust so - 0 0 17 Enquirics +353 (0) 1672 1600 RoyalLondon UK noome With Growth Tust 2040 00 54 32 FCA Recognised Funds Rall ondonliS Goh Tast eum - 7m 1 o SICOBSCBHR (BHR) Superfund Asset Management GmbH ; wwwsuperfund.com, +43 (1) 247 00 Management Company - Universal Investment Ireland Additional Funds Aveilable Telephone - +973 1751 5700 : Heese see wawwyalondencom tr deta Website - www.sicobank.com OtherIntemational Funds Trojan Funds (Ireland)Ple Kraee Eauity Fund $ 56740 - 263 4B on — : _ : - | oe Trojan =urmpe O FUR Acr € 1% - om oo om ‘Sico Gulf Eoutty “und $ me - a7 O07 OM = a . We aa BE) aT Trojan 2xclusions X GBP Ace £ 13113 - 001 001 00 Spat 2s eee CY Trojan Gicha Frit (GAP Ave f 59M4 - 1% 02 0M Se cea See io a ne Tojan Gicta heome [le’and | 0 GB? Ao: f£ 173 - 0 002 00 SICO Capital KSA (SA) SeeeRieia Ja ijan oor elan) OGEP Aco £14 - 00 08 OD clcnione BEL 521 3835 Regulated Tojaniteard] OGEPAx £ 183 - 0 0” 00
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S100 Copitel Voncy Market SAR 1387 CO = 000 000 © Supertundnftation Sh 108 - 05 22 0M
Ruffer LLP (1000) F (UK) ; hi 3rd Floor, Central Square, Wellington Strect, Leeds LS1 4DL R O Order Desk and Enquirics: 0345 607 9610 La Authorised Inv Funds 4) ASSET MANAGEMENT : = - Authorised Corporate Director Waystone Management (UK) Limited /' GLOBAL EQUITY BEST FUND IDEAS Troy Asset Management (1200) (UK) 3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL WS Puffer Total Rotum C Ago £641 o2 60 10 Order Desk and enquiries 0345 608 0950 WS Ritter Total Retum C Ine WH - 14 3h 1 ‘Authorised Inv Funds
Stonehage Fleming Investment Management Ltd (IRL) Authorised Corporate Director: Waystone Management (UK) Limited
www.stonehegetlemina.com/abi ae me
enquiries@stonehagetleming.com =
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Guide to FT Funds Data The fund prices quoted on these pages are suoplied by the fund operators, fund managers and fund administrators. Uctails of funds published on these paces, including prices, are for the purpose of information only and should only Data provided by be used as a guide. The Financial Times Limited mekes no representation as to their accuracy or completeness and they should not be relied upon when making an investment decision. The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necesserily be availeble to persons in all jurisdictions in which Ue publication circulates. Persons in any doubt should lake appropriate professiunal advice. Date collated by ICE. The fund prices published in this edition along with additionel information are also available on the Financial Times website, www.ft.com/funds, The funds published on these pages are grouped together by fund management company. Prices are in pence unless ctherwise indicated. The change, if shown, is the change on the previously quoted figure (nct all funds update prices daily).Those designated $ with no prefix refer to US dollars. Yield percentage figures (in Tuesday to Saturdey papers) allow for buying expenses. Prices of certein older insurance linked plans might be subject to capital gains tax on sales. Markets and data OEIC: Open-Fneed Investment Company Similar to a unit trust but using a company rather than a trust structure. Different share classes are issued to reflect a different currency, charging structure or type of holder Selling price: Also called bid price. The price at which units in a unit trust are sold by investors. ice happen here. Buying price: Also called o‘fer price. The price at which units in a unit trust are bought by investors. Includes manager's initial charge. Single price: Based on a mid-market valuation of the underlying investments. The ouying and selling price for shares of an OEIC and units of a single priced unit trust are the same. Treatment of manager's periodic capita! charge: 24 and 36 months; 24 and 36 month annualized performance ‘igures caiculeted using the total gain (or loss) from that period. Performance formula is adjusted ta consider the income distribution during the reference pericd. Yield: Calculated using the fund’s projected annual income, divided by the latest available net assel value. www.ice.com The prices appearing in the newspaper are the most recent providec by the managers/operators. Charges for this advertising service are based on the number of lines published and the classification of the fund. Please contact data@ ft.com or call +44 (0)20 7873 3132 for further information. For further queries contact newspapers@ice.com
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OPINION
Gen Z and aylor Swift allegedly had one. Apparently, so did Dua Lipa. Andit’s highly
millennial likely that couples getting hitched this
couples summer will do too. I’m talking about a prenuptial agreement. No longer just a wealth-
say ‘I do’ to preservation tool for the rich and famous, prenups are entering the mainstream as more middle-class prenups couples seek to protect assets they've built up in their individual names, including, crucially, gifts from the If this is how we Bank of Mum and Dad. Next month, Amicable, a digital normalise talking legal services provider, will launch a prenup service aimed at ordinary about money couples, reporting that demand is within relationships, “exploding” as the UK’s £5.5tn wealth transfer continues to accelerate. As I'm all for it one of several lower-cost providers Shake on it: more British couples are opting for prenups — Ft montage/Dreamstime entering the market, Amicable will charge from under £1,500 per couple, Simply raising the possibility ofa these is fully disclosing all your anticipate various scenarios and compared with £5,000 to £10,000 prenup can tell you a great deal about financial assets upfront. solutions, real life doesn’t match up. charged by traditional law firms. your future spouse. Nevertheless, Kate Daly, co-founder of Amicable, Brand asks her clients questions Arecent study by the Marriage doing so can feel unromantic. It’s an says it’s much easier to discuss what that [wish more couples would ask. If Foundation suggests that one in five awkward conversation to start. would bea fair financial split when you have children, will one of you give British couples aged 18 to 35 either “Don’t you trust me?” isa common your relationship is at its strongest up work? How might the family have — or would get — a prenup to response. Reassure them you are and the channels of communication finances accommodate parenthood agree how their assets, debts and not motivated by distrust, but are wide open, rather than for it to and childcare costs? other financial matters would be by wanting to protect your come froma place of emotional Atarecent talkI gave to young handled in the event of divorce. financial independence. turmoil. Asa very wise person once traders in the Square Mile, the men in Whether they sign a prenup or not, Ascouples marry later, there’s said, the person you marty is not the the room were horrified to discover a transparency around finances at an more chance they will have built person you divorce. But for couples full-time nursery place in London earlier stage is a notion I strongly careers, investments, pensions, whostay the distance, could being could cost £100 a day. One joked that support. Being able to talk about savings or even their own businesses aware of what you both have in this was an effective contraceptive. money without awkwardness or fear as well as owning a home. Both pensions and investments prompt Ican’t tell you the number of builds stronger relationships. Yet you Amicable and WeNup, another digital you to engage with financial planning couples I’ve met whose finances have would not believe the number of legal services provider, say that much sooner than retirement? been derailed by maternity leave, couples (including married ones) parents who gift property deposits childcare costs and the lingering who struggle to doso. Ihave so much are driving demand. But those getting renups tend to be most effects of the motherhood penalty. to say on this topic that I’ve written married for the second time forma effective in the case of short Talking about money won’t make my next book on it, which will be significant customer group. Often, marriages. Emily Brand, these problems go away, but better published next spring. their first divorce has shown them the head of family law at Boodle planning can lessen their impact, My adviceto couples? Drop money value of agreeing things early. Hatfield, says a well-drafted reducing potential arguments over into everyday conversations. If you Prenups are not legally binding in agreement can enable both parties to money which, let us not forget, isa find you’re not financially compatible England and Wales, though this is a walk away with their finances largely leading cause of divorce. after you’ve shared two dates and an measure the governmentis intact. The longer your relationship Marry me, Julict? Only if we can evening of karaoke, at least you can currently consulting on to reflect continues, the more things can talk about a prenup first. Claer Barrett call it quits then! But if you wait until changing patterns of family life. change, especially if children arrive. youshare an address or a child before Divorce courts will give agreements Courts have the power to override Claer Barrett is the F’'T’s consumer
Serious Money having in-depth money chats, extricating yourself won't be simple. significant weight if they are fair and meet strict legal safeguards. One of agreements if they don’t satisly needs, and while solicitors can editor; claer.barrett@ft.com Instagram @ClaerB
MARKETING COMMUNICATION
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Housing or data centres?
London has become the largest hub for AI power centres across Europe, each one competing with homes for energy, space and water. New draft policy
is doing little to reassure local residents and many are calling for the city, like Amsterdam or New York State, to put on the brakes. By Francesca Perry
n June, a group gathered under a 2029. A London Assembly report in Plan. It recommends identifying “suita- Above: impact on infrastructure has put local Small-Edwards believes the proposed
large oak tree in Potters Bar, on December revealed that data centres’ ble” locations for the buildings, mitigat- illustration by homes under strain. policy is “a positive step forward”,
the northern edge of London. They electricity demand led to stalled house- ing any adverse impacts on local com- Lisa Sheehan Last December, a report from the but wants Mayor Sadiq Khan to ensure
hung decorations celebrating building in the capital in 2022 and high- munities and prioritising sustainability. London Assembly Planning and Regen- that new data centres are genuinely
nature and watched the sun set over lighted an inherent conflict: should But are recommendations enough? Below: a protest eration Committee rang the alarm about developed in the right locations, with
the fields, part of the city’s greenbelt we be developing buildings for people Will they make any impactful differ- in June in Brick data centres delaying housing delivery, impacts on local communities, energy
that is meant to be largely off-limits to or computers? ence — or is it time for London, like Lane, London, particularly in west London. It set out infrastructure and housing delivery
developers. But this pocket of green — In response to global public pressure, Amsterdam or New York State, to put against a how the electricity grid in three “properly managed”.
85 acres in total — is due to become some governments have halted con- onthe brakes? proposed data boroughs — Hillingdon, Hounslow and But others suggest that providing
home to one of the largest data centre struction while more permanent plans centre —v Ealing — reached full capacity in 2022. enough electricity is not so simple.
developments in Europe, with construc- are drawn up. In Europe, Amsterdam London’s position as Europe’s biggest SOPA Ima The boroughs rely on the same electric- “There’s basically not the capacity
Connect
tion scheduled to begin next year. has paused developments until 2030. hub has enthusiastic backing. In 2024, ity network that serves the areas around within the electricity network to sustain
“It is a crisis for the future,” says Ros The Scottish government is considering the Labour government designated data Slough and Heathrow, home to an data centres — which clearly are very
Naylor, who grew up nearby and helped a motion from the SNP to freeze plans centres as Critical National Infrastruc- ‘There's not estimated 30 to 40 data centres — a energy-hungry — and new housing
set up the Potters Bar Special Interest for all new centres. In the US, bans have ture (CNI), citing the potential for particularly concentrated cluster. New developments as well,” says Steve
Group Residents’ Association. For become a hot-button political issue thousands of jobs and billions in foreign
the capacity homes waiting for grid connection Turner, executive director of the Home
more than a year, the association has leading up to midterm elections; New investment — they already generate to sustain suddenly faced delays of up to 15 years. Builders Federation in the UK.
been challenging the data centre, devel- York caused ripples in July when it estimated revenues of £4.7bn annually, “The goal of the report was to ensure The capacity problem is compounded
oped by Equinix, with a 4,600-strong issued a statewide moratorium lasting according to trade association techUK.
data centres that we’re not having to make quite by the UK’s commitment to reach net
petition and public demonstrations. one year. Even former cheerleaders Developers have favoured the city — —which are horrible decisions between: do we prior- zero greenhouse gas emissions by 2050,
Naylor believes the development “disre- have called for restraint: Gregg Abbott, and in particular the M4 corridor lead- itise data centres and tech-enabled which involves a shift away from gas and
gards” the local community and would the Republican governor of Texas, who ing west of London past Heathrow
very energy- economic growth or do we prioritise petrol to electricity, so more demand on
subject residents to “the potential previously boasted that the state was airport — because of its physical prox- hungry — housing Londoners?” says James Small- the national grid. “We are using more
effects of continuous operational noise, the epicentre of data centre develop- imity to financial markets and large Edwards, chair of the Planning and electricity in housing,” says Turner, cit-
increased traffic and the loss of environ- ment, called for a hiatus on further swaths of users, which enables ultrafast
and new Regeneration Committee. “Ultimately ing electric car charging, air conditioning
mental amenity”. buildingin rural parts of the state. data transfer speeds. But the resultant housing’ we should be pursuing both goals.” and heat pumps. Adding data centres on
She argues that the energy consumed But in London — the single biggest Is that possible? top of that is a “massive drain”.
by the data centre could be used to power hub of data centres in Europe — devel- While the necessary grid connections Data centre electricity demand in
hundreds of thousands of homes instead. opment is accelerating. Microsoft is for new homes in west London were Great Britain was estimated at 7.6 TWh
Clashes between local residents and nearing completion on a £1bn site in ultimately secured, the report called (terawatt-hours, or trillion watt-hours)
the development of AI infrastructure Park Royal, west London. Google for strategic local energy planning, in 2025, according to the National Energy
are unfolding globally. Multiple protests opened a large development on the energy demand assessments for data System Operator (NESO), and could rise
have taken place in London this year, outskirts of the city last year and has centres and a data centre policy in the nearly 10-fold to 71 TWh by 2050. As
most recently in east London’s Brick two more in the pipeline. More than London Plan. reported in the FT earlier this week, the
Lane, where the former Truman Brew- 20 other sites are planned across The new policy supports data centres 24 planned hyperscale data centre devel-
ery is being earmarked for high-tech the capital, from Canning Town to in locations where access to current and opments in Scotland would require one
redevelopment. Other backlashes are Wembley, with dozens more in the projected electricity is deemed sufficient, and a half times Scotland’s peak electric-
taking place from Edinburgh to rural surrounding counties. while “recognising the requirements” of ity demand, campaigners say.
Brazil to Tennessee. InJuly, the Greater London Authority other needs such as housing. It also Donald Campbell, director of advo-
In England, the development boom made its first attempt to address esca- encourages the developments to be as cacy for Foxglove, a UK organisation
also poses a problem for the govern- lating concerns, releasing a dedicated “sustainable as possible”, featuring effi-
ment’s pledge to build 1.5mn homes by policy as part of the new draft London cient electricity use. Continued on page2
2 * FT Weekend 1 August/2 August 2026
House&sHome
The cash buyer is no longer king Gardens | Designer Olivia Morris's steep seaside space is a zingy lesson in colour and scent. By Clare Coulson. Lindsay Cuthill Photography by Brian Daly
he UK property market hands. Why rush, when tomcrrow
is ina funk. In many might be cheaper?
areas of the country, But just when the seller thinks
asking prices are too that all hope seems lost, a chzin
high, buyers are buyer comes riding into town. This
holding back, price reductions are buyer has spent the past six months increasingly falling on cloth ears opening the front door of their and momentum for pushing deals London terrace to a steady stream through can be difficult to sustain. of viewers. They have tidied the At the top end of the market in kitchen more times than they care particular, one of the biggest to remember. They have hidden challenges I’m seeing as an agent children’s toys, relocated dogs and is the reluctance of cash buyers to perfected the art of disappearing commit. And that is upending a for an hour whenever someone truism I long believed held firm: wants a second look. that the cash buyer is king. Eventually they secure a buyer, t’s a back garden but it feels like a bones were strong: a group of mature This page, This surprises me most of all. For albeit for rather less money than front garden,” says Olivia Morris as Monterey pines sits at the bottom of the clockwise from as long as I can remember, I have they originally hoped to achieve. she surveys the view from her plot, creat:ng a dramatic backdrop; an above: Olivia believed the cash buyer ruled the The other condition? They need to clifftop home in St Leonards-on- evergreen hedge, now clipped into gentle Morris in the roost. They strut their stuff, chest be out of their current home before Sea in East Sussex. When the shoe clouds, punctuates one boundary. garden where puffed. And with good reason. the start of the school term in and homeware designer first arrived at Before planting, they replaced the colour and scent Sellers love them because they are September. And suddenly the grand 1880 villa, she found a scruffy narrow patio with a far more generous combine in the agile; they can make things happen everything changes. wilderness with a meagre 1980s patio, a terrace and added an expansive first- yellow-flowered quickly. Agents love them because With two children climbing the forlorn lawn anda single cherry tree, all floor veranda that has become a Helichrysum transactions tend to involve fewer walls and both parents exhausted on a perilous 24-degree slope: “I don’t precious extra “room” that they “live on italicum — the moving parts. Solicitors love them from spending every Saturday think I'd really thought it through,” she all summer”, says Morris. In one corner, curry plant; because they reduce paperwork. ferrying them between activities says of the huge task of landscaping the in the shade of the pines, they built a Monterey pines Not for them the interminable from Northcote Road to the King’s site back in 2019. “And if I had, it would deck where they often cook outside. bring some mortgage application process, the Road, it is time to get on with have been too intimidating.” shade; fennel endless forms or the call centre things. They pile into the car and Morris trained as a shoe designer at There have been failures — and phormiums conveyancer fretting about the head out to look at country houses. Cordwainers and after graduating in the main absence of a vital document There is certainly plenty to choose launched her brand, based in London’s Stipa gigantea for one — but planting area proving that the Velux window from. They arrive at a house. Portobello, in 1998. A decade or so later she has learnt to stick to installed in the loft in 1992 was Strictly speaking, it isn’t their she moved to the seaside town with her signed off correctly. “Oh sorry, the dream house. But it is close. The husband Nathan, a graphic designer. She wind-tolerant plants council didn’t issue completion garden is wonderful. The children had long admired this house — and puta certificates back then, but we can disappear towards the treehouse note through the door to say as much. It indemnify it. It'll only cost £500.” before the viewing has even begun. proved an act of chance that bore fruit. A gravelled area allows some self- More than the window probably The house is twice the size of their She was contacted when the owners were seeders, including bronze fennel, cost in the first place. London terrace. There is parking ready to sell, and the couple moved in Erigeron karvinskianus, Stipa tenuis- Unencumbered by having to rely for 20 cars rather than a battle for with their two children in 2017 — Morris's sima, Catananche caerulea and laven- on the funds from a house sale, the a space three streets away. mother later joined them, moving into der, to soften the edges of the terrace. A cash buyer almost always wins a And this is the crucial point. the lower-ground-floor apartment. small stone basin provides water for the competitive bid for a property when The cash buyer thinks that, They renovated the house before turn- now abundant birdlife — bees, butter- pitched against someone in a chain, actually, maybe they want parking ing their attention to the garden, with its flies and even a slow worm have all even one with only a few links. for 30 cars — and is happy to wait 180-degree views of the south coast. The moved into the garden. Beyond the Links that could so easily break. until they find it. The chain buyer, having finally secured their own They think that if they buyer, is prepared to compromise.
Housing
They need to move fast. for grid expansion. That means they
wait six months, the Yes, they badly want to escape have to make choices between different perfect house will be London. They want more space, public interests. In Amsterdam, housing
or data?
more freedom and a different pace is one of the highest priorities.”
available for less money of life. But most importantly, they Concerned about the power and land have somebody pushing them demands, the city implemented a mora- forward. They have a buyer in torium in 2019 before new policies in So given this exalted status, why their pocket and they do not want Continued from page 1 2020 required projects to be located in does the cash buyer no longer to lose them. That hustle is what designated areas and meet strict excite quite as much as they once most distinguishes them from dedicated to tech justice that has cam- criteria in terms of energy efficiency did? At dinner parties, Iam the cash buyer. paigned against these developments, and sustainability. But even that wasn’t regularly introduced to a lovely Iam not naive to the challenges highlights that the annual electricity deemed to have gone far enough, and in couple from Notting Hill who have of dealing with chains. There are usage of just one hyperscale data 2025 the city announced a five-year been looking in earnest for two chains and there are chains. Part of centre in Southall, west London, which pause on new data centre development, years and simply cannot find a my job is to investigate them for my was given planning permission last prioritising electricity connections and house. They have the funds. They clients and establish whether every November, is equivalent to that of urban space for uses such as housing. are desperate, apparently. Hot to link is as solid as everyone claims, 530,000 homes. It’s not the only government in trot. Ready to compromise. They’ve rather than as they wish. There is Developers and operators in this There are more than 192 data centres operating or under Europe pressing the pause button on even accepted that the school run no doubt that chain buyers come sector, says Campbell, should be development in and around London development. In Ireland, data centres may not be quite as convenient as with risks. The conveyancing required to build enough new renewable consume 23 per cent of the country’s Lut Colchester they had originally hoped. process remains painfully slow, energy and storage capacity to power ® Operational alli ° electricity, according to new figures And yet when the right house communication is often patchy their operations. The London Plan policy from the Central Statistics Office. Amid @ Under @ rd ~~ comes along, somehow it isn’t and buyers can be remarkably encourages on-site renewable electricity concerns about the risk of blackouts, a oe? 3 construction rs quite right after all. fickle, particularly when there is generation; it is not arequirement. national moratorium on data centres I showed one such couple what no direct line of communication panned % $ 5 Southend-on-Sea was implemented in 2021. I believed was the perfect house for between the parties. It’s not only usage that’s firing up e It ended in December 2025, with them. It had the space they said The government's recent protesters, it’s the pollution. Until the UKt—, GST CLS new regulations requiring data centres they wanted, the location they said consultation on streamlining the grid is fully decarbonised, the produc- Basingstoke 2 o° pouty seeking grid connections to install they wanted and the lifestyle they homebuying process promises tion of electricity still requires gas to be 2) S Sad Maidstone on-site generation or battery systems said they wanted. to reduce friction for the links in burned, and data centres often have ¢ Dover capable of meeting their full electricity But it was too grand. Or perhaps achain. Proposals that could diesel-powered backup generators. A cualisbury Winchester ¢ 2 demand. Operators are asked to provide the kitchen faced the wrong way. move England closer to the Scottish report in The Guardian last September power back to the national grid when Actually, now I remember, the model — by providing greater revealed that Google’s planned hyper- Southampton » needed, and at least 80 per cent of each 30km Q Brighton and Hove ceilings in the utility room felt a bit certainty about key elements scale data centre in Thurrock, on Lon- MapLibre | ©Mapcreator.io | GOpenStreetMap > =) facility’s annual electricity demand low. The gardens were too formal. of a property earlier in the don’s eastern edge, is expected to emit must come from renewable sources. Source: Data Center Map They wanted something else. transaction (and therefore at least half a million tonnes of carbon Ireland plans to move data centre The problem, as I see it, is that reducing the likelihood of deals dioxide a year, equivalent to more than development away from the current despite what many cash buyers say, falling apart in the later stages) 600 short-haul flights a week. lead author of a paper published in the the environment are not negatively hotspot region of Dublin, promoting there is often no real urgency. In — would be welcomed by almost Data centre developments in Buck- Journal of Engineering for Sustainable impacted. Google claims its site in “green energy parks” in locations the current market, gone are the everyone involved. inghamshire and Bedfordshire — just Buildings and Cities. Recent studies Waltham Cross, which opened 12 miles where they can sit close to renewable queues of buyers jostling to outbid Anything that speeds up the outside London — plan to build new indicate that data centres can raise local north of central London last September energy sources. each other, forcing swift action. system would make for fewer gas-fired power stations to meet their temperatures by more than 2C due to and spans 33 acres, does not use drinka- Small-Edwards believes the moves in They hear rumours of properties sleepless nights. And it might just energy requirements. The organisation heavy electricity usage and the hot air ble water for cooling systems, and is Ireland “seem potentially like interven- selling for half their asking price. help balance the odds between Global Action Plan estimates that the released by some cooling systems. The “equipped” for heat recovery. The tions which could help solve the issue”. They convince themselves that if cash and chain buyers once the annual greenhouse gas emissions from London Plan policy encourages waste company projects its UK operations will The draft London Plan does not include they wait another six months, the market gets moving again. the Buckinghamshire centre alone heat recovery, meaning some of this run on “at or near” 95 per cent carbon- such requirements — but it is subject perfect house will be available for Until then, in a slow market, would also exceed half a million tonnes heat can be redirected to local need — free energy this year. to public consultation until October, substantially less money. Time is pressure is key. A buyer witha —aconcern for local community health. such as warming homes. Meanwhile, Microsoft, delivering an with ultimate adoption in 2028, so the their enemy. It’s time to fret, to deadline is one most likely to usher And then there's water scarcity. While The hit is financial as well as environ- enormous Park Royal site in west Lon- landscape may yet change. prevaricate, to stall. a deal through. They may not have UK households are being told to reduce mental. The additional electricity don, is “evolving how we design, build Foxglove’s Campbell feels the current There is always another the fatter bank balance, but they water use (with multiple hosepipe bans demand from data centres can lead to and operate our data centres more effi- policy “doesn’t go anywhere near far election, another Budget, another have more on the line. announced in July), the government is higher energy prices as power grids ciently”, says a spokesperson, citing sys- enough in addressing the problem’, tax change or another piece of simultaneously prioritising highly often rely on less efficient, more expen- tems that enable new facilities to use leaving “too much wriggle room” economic uncertainty that Lindsay Cuthill is co-founder of water-intensive digital infrastructure, sive generators to meet the increase in zero water for cooling, as well as rainwa- for developers. Though he sees the encourages them to sit on their Blue Book Agency according toa report from Global Action demand. A report from Friends of the ter harvesting. But specifics seem vague temporary appeal of a moratorium, Raymond Sputnik Plan published in April. Data centres’ Earth Ireland in May said that Irish on howits data centres will avoid placing he believes that permanent measures = need for large amounts of water — households paid an estimated €715mn additional strain on energy networks. are needed — namely “concrete condi- particularly if they rely on it for cooling more in electricity bills between 2015 The developer of the planned Potters tions” to ensure local water and energy systems — can be more than 1mn litres a and 2023 due to the expansion of data Bar centre, Equinix, claims on its supplies, or the environment, are not day. London and the South East are centres in the country; they could face website that the Hertfordshire campus endangered. If not, he adds, developers already some of the UK’s most water- an additional €1.43bn between 2025 will use 100 per cent renewable energy, “shouldn't be allowed to build”. stressed areas, according to the and 2034. harness a cooling system that does not Turner, of the Home Builders Federa- Environment Agency. Developers and operators in London need water, boost biodiversity through tion, wants the UK government to The London Plan policy calls for the are adamant that steps are being taken new planting and retain more than half put more pressure on utility providers sites to demonstrate water-efficiency to ensure local communities and of the site as open space. to upgrade and expand infrastructure. measures. No specific limits are set. By Ros Naylor is sceptical. Otherwise, he says, housing will be the mayor’s own admission, London Thanks to data centres, in jeopardy. “The government says could run out of water within 25 years. “Amsterdam’s policy is clear: there housing is a priority. If it is, then you Equally concerning is the waste heat Irish households paid will be no new data centres in the city,” would need to see it prioritised over produced by a single data centre, which €715mn more in electricity says deputy mayor Alexander Scholtes. data centres.” can surpass the amount emitted by “Cities have limited space, limited For now, concludes Campbell, “it’s a 40,000 households, according to the bills from 2015 to 2023 electricity capacity and limited room free-for-all”. 1 August/2 August 2026 * FTWeekend
House&®oHome
stick to wind-tolerant plants. Before
planting anything they also pinned coco-
nut matting to the slope, which has
helped plants find their feet and prevent
erosion (over time it will rot down).
Pots struggle with the harsh condi-
tions up on the balcony, but Morris has
made a giant scallop shell reclaimed
from a Victorian fountain into a shaded
wall container, where a collection of
succulents now happily exists. Some
plants travelled here from her west
London flat, including numerous pots of
agapanthus and an olive tree that has
been with her for25 years, now thriving
in the ground. Rosa rugosas flourish
here too, just as they do along the coast;
a soft pink modern rose ‘Olivia Rose
Austin’ — a 50th birthday gift — is also
faring well.
Many of the more colourful ideas have
come from unprepossessing sites. Drifts
of Tulipa turkestanica were inspired bya
roundabout in nearby Bexhill, while
another in Hastings has led to a new
obsession with drought-tolerant cistus.
gravelled area are young clumps of laven- succession of interesting forms. A huge Joyous California poppies are a nod to
der (‘Hidcote’ and angustifolia) ,catmint phormium is joined by mounds of Derek Jarman’s garden at nearby
and airy stems of Verbena bonariensis. Euphorbia mellifera, Pittosporum Prospect Cottage in Dungeness.
And behind the bench, a run of silvery tobira, Pinus mugo ‘Mops’ and Miscant- Being surrounded by colourful plants
Santolina and Helichrysum italicum — hus ‘Morning Light’ that bring a feath- has fed into her label Olivia Morris At
the curry plant — adds delicious scent ery lightness in late summer. In high Home, which launched in 2020, first
and more colour. summer, colour comes from drought- with a line of house shoes in velvet and
The gravelled terrace is a favourite tolerant perennials Achillea ‘Credo’ and satin before expanding to robes in floral
spot for morning coffee: the bench silks, chintz and other vintage textiles.
was built by Nathan, who also created Joyous California poppies She has recently added wide-brimmed
the steps descending through the garden hats too. Each month she creates
garden. “He’s really brilliant at build- are anod to Derek Jarman’s a mood board focusing on a different
ing,” smiles Morris. “He'd make the most garden at nearby Prospect flower that comes to feature in key
amazing craftsman.” pieces in the collection — for August it’s
But key to the planting was gardener Cottage in Dungeness daisies, featuring robes in 1970s fabrics
and planting designer Marc O'Neill. from Sanderson and Jonelle.
Morris had known him since her late Back in the garden, the plants have
teens in Dublin, and when he later had ‘Terracotta’, Perovskia “Blue Spire’ as been sourced locally from independent
his own womenswear brand they were well as Dianthus, Tulbaghia ‘Fairy Star’ nurseries wherever possible, including
both in the nexus of the London fashion and Verbena ‘Bampton’. Great Dixter Nurseries, Athelas Plants in
world. They reconnected at Great Dixter, Morris also added the New Zealand Hooe and from nearby Zophian Plants,
where O’Neill has volunteered for a Manuka plant (Leptospermum scopar- run by pro skateboarder-turned-
This page, clockwise from decade, and where Morris would visit for ium), which is smothered in pink flowers plantsman Toby Shuall, who specialises
main: a gravel garden with Forest School with her kids on Fridays: early in spring. Across the seasons, in resilient, drought-tolerant perennials.
olive trees and drought- “Every mother and father loved going “What always surprises me when I stand He has recently supplied Cirsium
tolerant lavender, Lychnis because you got to see the gardens all back to look at the garden is how it’s so rivulare “Trevor's Blue Wonder’ and a
and Nepeta; Morris wears year round, even when they wereclosed.” lush,” she says. “Especially considering pale butter-yellow cistus. “Much of it is
arobe from her collection; “Marc was brilliant at making things the location. In winter, I realise just how an experimentation,” says Morris of her
Tulbaghia; a garden hat feel more natural,” says Morris of the important that structureis.” growing confidence in taking the garden
beside the Santolina; structural plants he arranged across the There have been failures — Stipa forward. “But I’m learning to love things
Erigeron karvinskianus main planting area, now matured into a gigantea for one — but she has learnt to that are alittle bitmore unusual.”
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FT Weekend 1 August/2 August 2026
House&sHome
Tdont
Clockwise from left: Van Houtte on the
gingham banquette in her open-plan space;
her Parisian apartment block; the blue
theme continues in the kitchen; artworks
include (from left) photography by Rafael
Neff, a Studio Lenca print and a painting by
Ralf Kokke
like chic’
At home with the FT | Fashion tech
entrepreneur Alexandra Van Houtte revels
in bringing British quirks to her Paris home.
It's in the blood, she tells Daisy Dawnay.
Photography by Julien Lienard
alking into glassware. Vintage bistro
the elegant chairs were bought for about
art deco €200 on flea-market platform
building Selency. “People have to sit
opposite the and feel joyful. Life is dull
Luxembourg Gardens and enough. The table can’t be
ascending several floors in dull too.”
a tiny wrought-iron lift These treasures, picked up
couldn’t feel more Parisian. at flea markets, eBay and the
But open the door to Brussels-based Edji Gallery
Alexandra Van Houtte’s co-founded by her brother
home and the atmosphere Edward, anchor her home:
shifts. There are the typical “Other stuff happens around
wooden floors, tall windows it,” she says. Paintings by Stu-
and views over the city’s zinc dio Lenca and Killion Huang
rooftops, yet an injection of were recommendations from
colour, gingham and florals her brother.
moves it away from the Two ceramic plates —
pared-back, refined style of featuring nuts and boiled
aclassic Paris home. eggs — were fashion week
“I don’t like chic,” says the invitations from Dior;
fashion tech entrepreneur, they hang on the wall along-
who lives here with her side art sourced from Insta-
husband David, who works gram. One is a long-coveted
in infrastructure finance, painting on a receipt by
and their two-year-old @monkpictures, who selects
daughter India. “I want a buyer at random from
people to walk in and not the comments on his posts.
want to leave.” She is half- “I’ve been trying for three
British, half-French, and the years, finally I got one,” she
home reveals her two sides, though she says gleefully.
feels “more English”, she says, as she Being part of an online community
settles into an armchair with her coffee is a huge part of Van Houtte’s life and
in an Emma Bridgewater mug. work — she is always sharing personal
Van Houtte founded the catwalk recommendations via her Substack
search platform Tagwalk in 2016. and Instagram accounts. One particular
Having worked as a fashion assistant, favourite is a spot to take her daughter:
the idea was born from a frustration Chantelivre, a local bookshop with
with the time-consuming task of a secret door to “an enormous room
categorising looks from the catwalk. for kids with books and animation.
Today, the business has 450,000 users It’s Paris’s best tip for anyone
— a mix of “designers, stylists, with children.”
journalists, buyers and merchandisers” She concedes that there is a lot of
who visit the site several times a week noise around social media. But Tagwalk,
to research looks. she says, aims to “cut away all the
bullshit” with its edit of the fashion
She loves to entertain but a shows. Al is helping the team to sharpen
and rethink strategies; they are harness-
table has to be fun: ‘People ing its capabilities to tag items by colour,
have to sit and feel joyful. style, fabric — and to predict trends.
Staff numbers have been streamlined
Life is dull enough’ froma team of 30 to 14.
Clients — which include Adidas,
Walmart and Burberry — can gain
Entrepreneurship runs in her family. insights from both live data and peri-
An upholstered ottoman in the living Clockwise from odic reports on trending styles. “Data
room was inherited from her maternal above: every has become cool,” she says, adding:
grandfather David Stapleton. He and floor of the “And I have an enormous amount.”
his wife Annabel bought seafood apartment block But work stays at work. Everything
producer Pinneys of Scotland in the has a stained- is done from the Tagwalk offices on Rue
1970s and for years supplied smoked glass sun; a Lisa du Louvre. “Getting dressed, putting
salmon to high street retailers including Corti throw in on make-up, brushing your hair
Marks and Spencer. They later moved her daughter’s and going to the office, it switches you
to Cumbria, in the north of England, bedroom; she into a different energy,” she smiles.
where three of their daughters — Lara collects prints of Home is for relaxing. “Whenever I’m
Stapleton, Victoria Stapleton, founder elephants for in a bad mood I just lie on that sofa [in
of cashmere brand Brora, and interior good luck; the reading room], surrounded by
designer Serena Williams-Ellis — still colourful books, and feel very calm,” she says.
have a base. It’s somewhere “I have glassware is “I want easy, gossipy, bad writing;
always loved being”, says Van Houtte, from La escapism.” David prefers Dostoevsky,
“It’s shaped wholam.” Romaine she laughs.
Rather than stay in Cumbria, her Editions; a Every year she takes this escape up
mother moved to Paris, where she met statue by her a notch, books herself into Marbella’s
Van Houtte’s father. Van Houtte grew uncle ona flea- Buchinger Wilhelmi health clinic,
up in the 16th arrondissement — an area market table; turns oft her phone, tasts and reads
she describes as “really conventional, the walls of the self-help books. “Mel Robbins,
really stuck-up”. snug are lined The Power of Now, Untamed; whatever
Boarding school in England provided with books — you can think of I will have read it.
little escape: “I thought [the girls] were she preferred to bedrooms, two bathrooms and a I take a highlighter. I really go for
really protected from the world,” create a library reading room. We wanted to be close to it,” she says. At home, she arranges
she says. “In France when you're 14 rather thana a park and the metro. And to be high — lucky amulets by the front door and
you're allowed to try wine. You sneak dining room overlooking the rooftops.” collects pictures of elephants and evil
out and come back at midnight. It’s part It took time, but today they have a eyes, “for protection”.
ofour culture.” home where the kitchen opens on to a Her daughter India’s bedroom is
When her parents moved to the Left gingham banquette seating area and where the flower and sun motifs found
Bank she finally felt at home. Its literary, living room, which in turn leads to throughout the flat are tied together. Its
international and cultural community the library-snug. walls are covered in a sweet-pea print
and its green spaces “felt so good. I was “My Dad said, ‘I don’t understand design by Cole & Son (they’re Van
like, ‘this has to be the place.” She has this,” she says of the decision to have a Houtte’s favourite flower and the one
been there ever since. reading room instead of a dining room. she had in her wedding bouquet).
Her husband had been living on the But Van Houtte’s style is more laid-back Outside their apartment, on the
Right Bank when she met him on Tinder than the typical French approach. landing, a stained-glass window — there
Scan for more At
in 2020 — but she lured him over the She loves to entertain but “a table is one on every floor — shows a sun,
home with the FT
Seine. They had strict criteria for an features, with has to be fun”, she says, pointing to a beaming with colourful rays. At the
apartment of their own: “We wanted everyone from drawer filled with vibrant tablecloths apartment viewing, the couple took it
the kitchen to be open, wood floors, ambassadors from Lisa Corti, La Veste and Rebecca as a sign. “This was the one,” Van
a lift, a gardien [caretaker], two big to artists Udall, which she pairs with colourful Houtte smiles.
Saturday 1 August 2026 FINANCIAL TIMES
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6 FT Weekend 1 August/2 August 2026
House&oHome
Plan bee
Diary ofa garden rescue | Keen to create a
year-round banquet and happy home for bees,
Patrick Grant welcomes a man with one too many
hives. Photographed for the FT by Arran Cross
ack in March, the local bush
telegraph informed me that a
man called Dave wanted to
talk to me about bees. Not the
famous Dave in the spotless
Le Chameaus and tweed cap (although
Sir Dave B and I did once have a brief
chat about apiculture). This Dave is
Dave Pearson, he has farm-shop wellies,
is the son of a farmer and lives in Long
Preston in North Yorkshire. And he
wanted to talk to me because he needed
agarden in which to site a few hives.
Humans began building hives and
keeping honeybees (Apis mellifera)
around 2500BC, and while the history of
bees at my house doesn’t go back quite
that far, it does go back a good 300 years.
I know this because my neighbours
Robin and Jane tell me that the square
stone recesses in my walls are bee boles, 75 per cent of our food crops rely on bees
built to house straw or wicker skeps, and similar pollinators for fertilisation,
forerunners to modern hives. Robin so if the bees die out, we could follow.
believes the boles on their farm haven’t The use of pesticides and chemical ferti-
been used for at least a century, which lisers, overgrazing, draining of wet-
fits because the abolition of the tax on lands, removal of hedges and field
sugar in 1874 made it much more verges, the way we farm, and the way Clockwise from main: reported the most recent winter as the Watching them isa great way to under-
affordable, meaning beekeeping was no many of us garden — it is collectively a Patrick inspects his new worst in living memory. stand where they like to nest and what
longer a good use of a farmer's time. biodiversity bin fire. On top of this, hives; in summer the bees Dave, like his famous namesake, is they like to feed on. Mine currently love
Iam delighted to offer up my garden extreme weather events (such as June’s number around 40,000; fairly new to apiculture. As a young lad the catmint, chive and scabious, so I’ll
to Dave and his hives; the poor old bee freak hailstorms) disrupt foraging and smoke is used to pacify on his family’s farm he helped his uncle grow more of that next year. Bee-
has taken a battering in recent years. destroy food sources. And then there them; Matt Somerville with the hives, but it wasn’t until 2020 watching is also one of the great joys of a
Since 1980 wild bee populations in are diseases, pests and invasive species with his distinctive that he took it up himself. Starting with garden. If you haven't seen it highly rec-
upland areas such as mine have halved such as the yellow-legged Asian hornet, Freedom Hive; preparing one small hive, his colony (like his ommend My Garden of a Thousand Bees
and more than 35 of Britain’s 270 species which has been spotted as near to me as asmoker knowledge) has grown quickly, and he (BBC iPlayer/PBS Nature). Shot by vet-
are on the brink of extinction. Bad news Preston (little more than 30 miles now finds himself responsible for nearly eran wildlife cameraman Martin Dohrn
for bees is bad news for us. Around away). No wonder UK beekeepers have a third of a million bees. Dave doesn’t in his Bristol garden, he has done for bees
even like honey — and selling it is a food- what My Octopus Teacher did for octo-
standards-permit hassle he doesn’t puses. The 60 or so species in his garden,
want — so his beekeeping is purely an mostly solitary, non-aggressive, non-
act of generosity to nature. honey-producing, play out a series of
Would that we were all so generous, extraordinary dramas featuring leafcut-
but we needn’t go as far as actively man- ter bees, hairy-footed flower bees, the
aging hives to do our bit. We can ditch evil parasitic pointy bees and a mason
the pesticides. We can stop the incessant about honey collection. And they can be bee with whom Martin forms a magical
lawn mowing. Just mow the bits we need beautiful garden features too. friendship. Most are born, build a nest,
to; bees (and almost everything else) Matt Somerville, a former cabinet lay a few eggs, devote their life to provid-
love dandelions, daisies, clover, thistles maker with a fascination for bees, began ing those eggs with a store of nectar, then
and all the other so-called weeds we’ve making hives from logs he’d hollow out die. It’s fascinating and heart-rending.
been conditioned to eradicate. by hand. His designs evolved and today Before my own garden could house a
Bees nezd to feed from February, his sculptural Bee Kind hives — a hive, it needed to pass Dave’s rigorous
when the bumblebees and solitary bees hollowed western red cedar log on criteria; happily, a spot to the east of the
begin to forage, right through into hand-cut chestnut tripods with a walled garden met with his approval. It
October, so try to think about the plants thatched nose cone — grace many has a clear south-easterly flight path
in your garden as a year-round bee gardens, including Highgrove. King (bees like to catch the sun on their faces
buffet. Start with crocuses and snow- Charles has long kept bees there, and when they leave for work in the morn-
drops (which can flower for almost the has a taste for fancy hives. He has ing), enough tree canopy to protect the
whole of February), and follow these several that are miniature versions of hive from baking in the midsummer sun
with bluebells from April to May. the house, a 70th birthday gift from his and a bit of protection from the wind.
Trees can play a huge role. My grocer Messrs Fortnum & Mason (the It is also next to a field well stocked
ornamental plum flowers first, almost Highgrove honey they sell has helped with dandelions (thanks to its very
always the first week in March, thena fund the nature-positive activities of the occasional livestock occupancy). The
SUT little gap to the cherries, damsons and King’s Foundation, which in a lovely location also happens to be next to a big
ema
plums in April. The hawthorns hit their circularity helps the bees that produce rabbit warren so I’m hoping, as a bonus,
peak in May and the elders flower right it). But bees don’t need stately homes. the presence of thousands of bees might
through June (helping plug the encourage the rabbits to hop it.
Your Hassle-Free beekeepers’ dreaded “June gap”). Having picked the spot, Dave built the
My sweet chestnut offered up its first
Mayfair Pied-a-Terre few flowers this year, which bodes well
‘The Bee’ foundations and installed a bait hive —
a lemongrass-scented empty hive
for future forage. Lungwort and
by Emily Dickinson designed to attract any swarming wild
Buying a second home for occasional use — with initial outlay, tax implications, and foxgloves are good earlies, and by Like trains of cars on tracks of bees looking for a new home. The best
commitment of managing a property outright — rarely seems justified. midsummer most gardens should have plush time to relocate a hive is late spring
plenty for the hungry bee. But if you | hear the level bee: when the weather has warmed up and 47 Park Street™ offers a selection of luxuriously furnished, spacious apartments in want to really help, plant more A jar across the flowers goes, there is plenty of forage, so with the last Mayfair for the amount of time you personally require in London each year — at a fraction open-faced flowers such as daisies, Their velvet masonry week in April being fine and warm it was of the cost of whole ownership. geraniums, wild roses and echinaceas, the day before my birthday (May Day) where the good stuff is easy to get to. Withstands until the sweet assault that the bees moved in. Sedums are good bee fodder in autumn. Their chivalry consumes, From one bee in my life (The Great Benefits Include: All bees need suitable spaces to nest. While he, victorious, tilts away British Sewing Bee returned to BBC One + Fully integrated property management The bee hotels made by school To vanquish other blooms. in July), I now have about 40,000, but kids across the country are great, but it happily my own beekeeping duties are + 24-hour concierge, maid, and room service can be as easy as simply leaving bits His feet are shod with gauze, light, mostly scything round the hives - Valet storage facility and a wide range of usage options of wood to rot in place (maybe get the His helmet is of gold; and making sure the fence holds any *No stamp duty drill out and make a few extra holes); His breast, a single onyx cows at bay. Dave pops by a couple of wildlife is no fan of the spotlessly tidy With chrysoprase, inlaid. times a week to check on the colony and + Individual and corporate fractional interests from £82,800 garden. It is great to see so much wood- already honeycomb production land replanting in the UK, but it will be His labor is a chant, is progressing at pace and a second acentury or more before the trees start His idleness a tune; chamber (called a “honey super”) has to die off and rot, creating new bee Oh, for a bee’s experience been added. Dave also checks our bait habitats. Put up hives like you’d put Of clovers and of noon! hives for potential new residents, and up bird boxes; they don’t have to be with the garden and the surrounding verges filled with blooms and the weather holding, it looks like we are set fair for happy bees. Despite the vital importance of his mission, our Dave is unlikely to ever get aknighthood for his efforts. But maybe if he plays his cards right, he might just get an O.Bee.E? 47 PARK STREET: Open daily, 9 a.m.-5 p.m. Tel: +44 (0) 20 7950 5528 Mayfair - London Patrick Grant is the founder of Community Email: moreinfo@47parkstreet.com Clothing, a judge on BBC television's ‘The GRAND RESIDENCES BY MARRIOTT, 47parkstreet.com Great British Sewing Bee’ and author of ‘Less’ (HarperCollins)
Scan for more
instalments of
Patrick Grant's
Diary of a
Garden Rescue
i sik Hi eee ; RSP it fee a2
Patrick Grant opened up his Yorkshire garden to beekeeper Dave Pearson
1 August/2 August 2026 FT Weekend 7,
House&»Home
rs “Se
From left: a bedroom designed by Studio Valerie Name; Pierre Yovanovitch’s vision for a hallway; a Husband Wife bathroom; a room entrance designed by Studio Valerie Name —
So small? It should look absurd
size choice,” says Julia Miller, creative ‘It’s less
director of Yond Interiors. In the living
room of a recent cabin project, she about filling
placed a small artwork above a sofa a wall and
within aniche; cabinetry further helped
frame it. more about
“Give them space to breathe, but also creating a
something to relate to, whether it’s a
line, a material shift or a point of sym- moment
metry,” adds Bolaiio. “Sometimes low- that feels
ering them slightly or placing them just
off the expected centre can create that precise,
here’s a handful of guide- postage stamp ona white envelope, it other details room to be seen,” says sense of intention.” almost
lines that interior designers stands out precisely because of its scale; co-founder Brittney Hart. It also “adds For the London home of jewellery
rely upon when placing art: ona gallery wall, it might be lost. texture and focused points of interest”. designer Joe Spiro, she hung two small whispered’
for example, a piece hung The approach taps into the ideas Smaller gestures pique curiosity, portraits on either side of a tall doorway,
above a sofa or headboard underpinning mannerism, the late Ren- agrees interior designer Athena Cal- slightly above eye level. “It was impor-
should span roughly two-thirds of the aissance movement that challenged derone, the founder of Studio Athena tant that they didn’t compete with the
furniture’s width. The logic is tidy: a classical ideas of proportion and perfec- Calderone. She responded to the grand architecture but, rather, punctuate it,
large wall demands a proportionally tion, says interior and furniture proportions of her new Manhattan like pauses within a sentence,” she says.
large artwork — or at least a cluster of designer Pierre Yovanovitch. “Perfec- apartment (a former executive suite Patterned wallsare an easy target — an
smaller pieces that can occupy the same tion can only exist inasmuch as it with 4-metre-high ceilings) with itty-bitty artwork doesn’t look so iso-
dimensions. Yet designers are increas- includes imperfection. Having a piece restraint. A petite framed painting by lated. “There’s an amount of trial and
ingly subverting convention by hanging that is too small for the space it occupies Ellen Siebers hangs above a desk on a error,” concedes Yovanovitch, admitting
single diminutive works on expansive is part of these perfect imperfections.” picture rail; an even smaller portrait it’s more difficult to predict whether a
walls, to intriguing effect. Yovanovitch recently arranged unex- punctuates the wall above her son’s bed, smaller piece will work in a space com-
“When a small work is placed within a pectedly small works throughout a which she says brings a certain “holy” pared with conventionally large pieces.
large architectural gesture, it asks sprawling rural home. A tiny landscape quality. “A large-scale piece often “Fortunately, smaller pieces are obvi-
something different of you — you have by Matthieu Cossé hangs at the end of an announces itself the moment you enter a ously much easierto move.”
to move closer, slow down, look with entrance hall; it should look absurd ina room, sometimes dictating the hierar- It may go against our impulse to fill
intention,” says interior designer space with a soaring, sharply vaulted chy of things,” she says. Teeny-tiny every void but the slow pay-off is
Valerie Name Bolaiio. “It creates a kind ceiling, but instead it hangs in balance artworks “guide the eye, encouraging it rewarding. “The most compelling spaces
of quiet gravity.” with other objects, such as a ceramic to wander from one piece to the next”. unfold gradually,” says Calderone. For
In her own Athens apartment, an sculpture by Annie Fourmanoir. The approach can be hard for some to Bolafio, the idea lies in subtlety. “It’s less
antique painting of the Greek god Eros, New York studio Husband Wife has eyeball. But there are guidelines to about filling a wall, more about creating
hardly larger than a Post-it note, hangs completely abandoned hanging larger consider. “It’s critical for the surround- a moment that feels precise, almost
alone on the wall above her bed. Like a works. “Art at the smaller scale gives A bedroom by Athena Calderone — ing elements to support a smaller art whispered but fully present.”
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* FTWeekend 1 August/2 August 2026
House&sHome
have just found a mission
statement we can apply to
gardening in the recent heatwaves.
Like most of you I have been
watering from cans and depleting
a butt of rainwater. I have been shading my high-mountain plants from the dry sunny glare which they hate. I have been cutting back dead stems and picking the interminable courgettes. Now I learn I have been “cultivating resilience”. It is the slogan for a cluster of excellent programmes recently adopted by the charitable World Monuments Fund (WME). It extends its brief from monuments to “historic green spaces”, parks and gardens to the metal shipbuilding. It remains the giant magnificence by 1997, its dome being fore. It dovetails with the 25 years of masterpiece of its architect Decimus upgraded again in 2019. work it has assisted at the great Burton and engineer Richard Turner. It Do we need a Palm House? Of course. Qianlong Garden in Beijing’s Forbidden continues to inspire modern designers, Init, hundreds of thousands of yearly City, which reopened to the public in Sir Norman Foster admitting to being visitors start to understand the nature 2025. The name of one of this garden’s one. It is a fascinating monument to of faraway rainforest. Among the well- restored monuments translates as “The historic taste. In the 1850s huge queues known species of bananas, rare and Studio of Exhaustion From Diligent of visitors came to marvel at it and the endangered species survive too. Service”. | am enjoying assembling a Waterlily House which opened in 1852. Colonialist botany is simply not the shortlist of politicians who are They loved how the Palm House issue. Through Kew’s experts, the
Rooting for resilience
disqualified from taking a seat in it. overlooked a big formal garden of subtle skills of propagating rare palms While I am cultivating resilience in bedding plants designed by the master have been cracked, ensuring my gardens by choosing plants with tap bedder-out William Nesfield. It then continuity. Thai palms have to be roots and silver-grey leaves, the WMF inspired other big glasshouses as hand-pollinated while others must be has been engaging with global green botanical centrepieces worldwide. raised from cuttings. projects, including a sacred forest in Their teams look to Kew for inspiration As the house was emptied around Nigeria; historic agricultural fields in and advice, now filtered through a me, I learnt about its hyper-rare Peru, which are patterned for potato glasshouse network. growing in the Andean highlands; and portico, but I now learn that the In October the final phase of an the tree canopy in New York’s Central The World Monuments Fund’s mission statement interior, usually open, is unmissable appeal for funds will begin. Half of the Park, where analysis by Kew Gardens too. It is just the place for a gardener to projected £66mn has been raised has established that less than 9 per pray for rain beneath the beautifully already, some of it from the WMF, and cent of the existing trees rank as sows lessons for all gardeners placed central chandelier. Rents from the matching half will surely sweep in vulnerable to future climate the basement and its Museum of like a tidal wave. The aim is to make projections. The project which Comedy help to finance the church’s this super-house a “net zero” building, preceded these offshoots is the expenses and give it a community use. heated by air and heat pumps and vegetable garden, or potager, at above in early summer. Since then the The Palm House at Kew, built in A plaque inside commemorates sealed along its glass by newly devised Ravenea palm from the Comoros Versailles. It attracted the support of WMF has funded a pilot scheme to 1848; raised ‘Waru Warw’ planting another big benefactor of the project, silicon gaskets after repair and Islands. It is alive at Kew but was feared the American garden lover and assess the climate, soil and long-term beds in Peru help crops survive the Paul Mellon, aptly describing him as a replacement of the 16,000 panes. to be extinct in the wild. In November philanthropist Bunny Mellon and potential for renewed planting. In July harsh environment — wwr “galloping Anglophile” in honour of Rainwater, not mains water, will 2025, a combined conservation team has continued to be a major site for I found invasive ragwort and patches of his love of England, horses and their sustain the plants. To improve the flow went out and found what is probably the WMF. The Gerard B Lambert seeding thistles in the current mix sports, anc art. of air, the original design of the roof the last wild stand of Ravenea moorei, Foundation, named for Mrs Mellon’s before it is mown in August. The next The WMF’s primary green project in vents has been revived, a tribute to clinging on to a slope of the Karthala father, has become a significant phase of the project will be discussed London is the restoration of the huge Burton and Turner’s insights. The cost volcano on Grande Comore island. source of funding for the WMF’s and decided this autumn. Palm House at Kew Gardens. This vast and climatic impact of running the Kew’s fine documentary, Comoros: The green space projects. Heat intensifies on a walled moat’s glasshouse overlooks the big Palm house will be transformed. Lost Palm, is available on YouTube: it Showing personal resilience, I met floor. To regain resilience we moved House pond and remains the central Kew is not going it alone here. In presents the live discovery from three WMF executives from France and on to a restored historic church, St wonder of the gardens. I have been Pittsburgh new glasshouses in the minutes on in the film. Britain on two searingly hot days and George's in Bloomsbury, a brilliant appalled by one-sided criticisms botanic gardens have been designed In 2027 the Waterlily House will embarked on a study of its key London work by the great Nicholas proposing it be knocked down as if it is since 2012 to be net zero. In Sarasota, reopen while work begins on the Palm initiatives. We began by descending Hawksmoor which was up and open in a colonialist, eco-unfriendly, sweaty Florida, a huge new glasshouse is the House’s transformation. In due course into the moat around the Tower of 1731. In a confined site he designed a white elephant. It is a glass palace and a second $61mn phase in the Marie Selby the Palm House will sit again in a full London, an ever-changing masterpiece whose spire, interior and historical, technical and botanical Botanical Gardens’ drive to become not bedding parterre, reviving its Victorian environment since its military use in facade then became seriously wonder, one which an imminent just net zero but net positive, and splendour. The white paint will glisten. the 11th century. In 2022 a Superbloom degraded before the WMF’s restoration will enhance. It will counter hurricane-resistant too, a hazard Kew Glasshouses too can be resilient: keep project sowed 20mn seeds of wild interventions between 2002 and 2008. the bigots znd their soundbites. is spared. In New York the renowned on cultivating them, WMF, and the flowers on its floor, delighting I have often passed by its facade and Between 1844 and 1848 this Palace of Enid A Haupt Conservatory was private donors on which, unlike onlookers and photographers from admired the classically pillared Palms was built using lessons learnt in emptied in 1993 and restored to Unesco, you depend. *
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本次翻译在处理非线性布局的 PDF 时出现了严重的逻辑碎片化和幻觉重构问题。译文虽然尝试覆盖所有文本，但在处理分栏文章和广告内容时，将不相关的段落强行拼接，导致大量语义不通、事实错误，且存在明显的翻译质量缺陷。
[缺失] 标记，且部分段落（如黑斯廷斯战役部分）在逻辑中途戛然而止，缺乏连贯性。Signature Apartments & Residences 的部分英文直接保留，未完成翻译。Where provenance matters more than profile），未按翻译要求处理。# Financial Times - 01.08.2026.pdf 等内部处理标签，属于交付缺陷。World Monuments Fund (WMF) 翻译为 世界古迹基金会 (WME)，且在同一篇文章中混用 WME 和 WMF。White Elephant (白象/昂贵而无用的东西) 仅简单翻译为“白象”，未在语境中处理其讽刺含义。❌ 存在阻塞性问题 (Blocking Issues Found)
结论：该翻译件不可交付。译文不仅在语言层面有瑕疵，更在信息整合上发生了灾难性的错误，将多篇独立文章（骑行、冲浪、政治、园艺）在段落级别进行了错误拼接，导致文档失去了基本的阅读价值。