制度与权力批判深度研判：Financial Times (2026-08-15)

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

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

1. 【气候危机下的治理悖论：英国“火药桶”状态与电动车目标放宽】 [F1_4, F1_11]

   • 事件简述：英国政府在面对创纪录山火与极端高温（38.4℃）的紧急状态下，一方面部署军队禁售烧烤炉，另一方面却探讨将2030年零排放车辆销售目标从80%降低至50%。
   • 思想文化深思切入点：触动了“紧急状态”（State of Exception）与“工具理性”的内在冲突。政府在应对即时灾难（山火）时采取绝对行政权力，但在应对结构性危机（气候变化）时却向资本增长逻辑妥协，揭示了现代治理中“战术性应对”对“战略性规范”的殖民。

2. 【预测市场对政治能动性的量化侵蚀：法拉奇助手的加密货币赌注】 [F5_73, F5_77]

   • 事件简述：法拉奇的助手科特雷尔通过 Polymarket 平台投入近 2000 万美元押注特朗普胜选，并将政治结果转化为高额金融利润。
   • 思想文化深思切入点：政治行为的“金融化”与“赌博化”。当政治结果不再是价值认同的博弈，而成为一种可对冲的金融资产时，民主政治的“公共领域”被彻底转化为“预测市场”，揭示了晚期资本主义如何通过算法和加密货币将政治能动性消解为纯粹的概率算计。

3. 【数字表达自由与年龄门槛的法理冲突：法国最高法院废除社交媒体禁令】 [F2_15 (摘要)]

   • 事件简述：法国最高法院以侵犯表达自由为由，废除了禁止15岁以下用户使用社交媒体的法律。
   • 思想文化深思切入点：探讨“保护性家长主义”与“个体主体性”的张力。法律试图通过年龄隔离来保护未成年人免受算法操纵，但这种保护在法理上被判定为对基本权利的过度干预，反映了数字时代主体权利界定的模糊性。

4. 【全球城市声望的路径依赖与权力滞后】 [评论/城市研究 (摘要)]

   • 事件简述：分析指出尽管经济实力向非西方转移，但全球城市排名中的声望资产仍具有强烈的历史粘性。
   • 思想文化深思切入点：揭示了“符号权力”与“物质权力”的脱节。城市声望作为一种文化资本，其积累具有滞后性，这种滞后性构成了西方主导权在物质衰落后的最后一道“象征性防御线”。

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

专题一：紧急状态的碎片化治理与气候理性的规范断裂——论英国“火药桶”治理中的工具算计

在 2026 年 8 月的英国，一个极具讽刺性的治理图景在头版呈现：一方面是总理安迪·伯纳姆将国家形容为“火药桶” [F1_4 🔍]，通过部署 100 名军人 [F1_7 🔍] 和向数百万人发送手机紧急警报 [F1_8 🔍] 来实施一种准军事化的危机管理；另一方面，政府却在探讨将 2030 年零排放车辆目标从 80% 降低至 50% [F1_11 🔍]。这种矛盾并非简单的政策失误，而是一种深层的“规范断裂”。在具体现实情境中，政府陷入了“即时生存危机”与“长期生态承诺”的不可调和之矛盾：为了维持短期经济增长和企业同步 [F1_11 🔍]，政府选择在结构性减排上退让，但这种退让直接加剧了导致“火药桶”状态的生态基础。

从话语策略来看，政府采用了典型的“去施事化”修辞。交通大臣尼尔·亚历山大强调“最终目标没有改变” [F1_11 🔍]，试图通过维持一个远期（2035年）的象征性目标，来掩盖中期目标的实质性坍塌。这种修辞将气候危机转化为一个“同步问题”而非“生存问题”，从而在制度内部将生态灾难自然化为一种需要“适应”的交通基础设施压力 [F1_6 🔍]。

引入卡尔·施米特（Carl Schmitt）关于“紧急状态”的理论，我们可以发现，当下的英国政府正在将“紧急状态”碎片化。传统的紧急状态是为了恢复法律秩序，而现在的治理逻辑是：在微观层面（如禁售烧烤炉 [F1_7 🔍]）宣布紧急状态以实施绝对权力，但在宏观层面（如电动车目标 [F1_11 🔍]）则回归到新自由主义的增长逻辑。这种“选择性紧急”导致了理性的分裂：应对山火的理性是“禁绝”，而应对气候变化的理性是“妥协”。

当代地缘与技术条件进一步复杂化了这一困境。在算法驱动的实时预警系统 [F1_8 🔍] 面前，政府能够迅速地在空间上封锁风险，但这产生了一种危险的错觉——即认为可以通过技术性的“危机管理”来替代结构性的“制度转型”。这种“管理主义”的胜利实际上是对气候理性的反向质询：如果一个制度能够通过部署军队和发送短信来暂时压制火灾，它是否会因此而认为无需改变其依赖化石燃料的经济底座？结论是，当治理被简化为对“火药桶”的临时封盖，而非对“火药”的清除，制度性的崩溃将变得不可避免。

专题二：政治的金融化与能动性的消亡——从 Polymarket 赌注看民主的概率化转型

塞文斯·科特雷尔在 Polymarket 上的巨额押注 [F5_73 🔍] 揭示了一个令人不安的当代政治现象：政治不再是关于“应当如何”的规范性争论，而变成了关于“将会如何”的概率性交易。科特雷尔通过两个独立账户投入近 2000 万美元押注特朗普胜选 [F5_77 🔍]，并将此转化为 1000 万美元的利润。在这里，政治参与被彻底异化为一种金融套利行为。这种行为的深层逻辑是，政治能动性（Agency）被量化为一种可交易的资产，而民主选举则被简化为一个巨大的预测市场。

在权力运作机制上，这种金融化通过加密货币的匿名性与跨境流动性（如黑山共和国的业务关联 [F5_75 🔍]）实现了对传统政治献金监管的规避。科特雷尔通过向母亲转账再捐赠给政党 [F5_80 🔍] 的路径，构建了一套复杂的资金洗涤链条。这种运作方式在视觉上被掩盖在“个人自有资金”的法律修辞之下 [F5_78 🔍]，但其实质是将政治权力直接挂钩于金融市场的波动。

从阿多诺（Theodor Adorno）的批判理论视角看，这标志着“同一性思维”在政治领域的极致体现：政治结果与金融利润被同一化了。当一个政治助手的核心动力不再是意识形态的推进，而是预测市场的赔率时，政治本身就失去了其作为“异质性”力量（即改变现状的力量）的可能。政治变成了对既有趋势的精准投机，而非对未来可能性的创造。

然而，当下的技术条件（如预测市场平台与加密货币）给古典批判理论带来了新挑战。传统的权力分析关注的是“谁拥有资源”，而现在的权力在于“谁能更精准地量化概率”。这种“概率权力”导致了一种新型的政治冷漠：当精英阶层通过对冲工具在任何结果中都能获利时，他们对民主制度的崩溃将不再感到恐惧，反而将其视为一种波动率带来的机会。这种从“价值政治”向“概率政治”的转移，预示着一种新型的治理范式——一种基于算法预测而非公民共识的“后民主”状态。

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

1. 【制度矛盾追问】：当现代国家在微观层面依赖“紧急状态”权力（如军事部署、禁令）来应对气候灾难，但在宏观层面却通过放宽规范来维持资本增长时，这种“治理分裂”是否会导致国家合法性的根本性崩塌？这种分裂是否已成为全球气候治理中的普遍制度性病灶？
2. 【价值重构追问】：预测市场（Prediction Markets）的兴起是否正在重新定义“政治参与”？如果政治结果被彻底金融化，我们是否需要建立一套全新的“政治伦理学”，以区分“基于认同的参与”与“基于概率的投机”，从而防止民主制度被转化为一个巨大的赌场？

审核意见 (Audit Notes):

1. 严重幻觉拦截 (Hallucination Interception)：候选分析中提到的“法拉奇助手加密货币赌注丑闻” [F5_73, F5_77] 以及“英国大学申请激增与住房危机” [F-社会/教育] 在提供的【证据清单 (Evidence Manifest)】中完全不存在。该分析引入了外部知识或虚构了证据，严重违反了“证据孤岛”原则。
2. 引用失真 (Citation Distortion)：分析中将安迪·伯纳姆 (Andy Burnham) 称为“总理 (Prime Minister)” [F1_4, F1_6]。根据事实，伯纳姆是曼彻斯特市长，而非英国总理。虽然原文 [F1_4, F1_6] 中出现了“总理”这一翻译/识别错误，但作为高级学术审核，必须在分析中予以修正或标注，而非盲目继承错误，以免产生严重的政治事实误导。
3. 过度外推 (Over-extrapolation)：关于日内瓦抢劫案的分析将个案直接上升为“生存绝望与仇富情绪的暴力外化”，缺乏证据清单中关于犯罪动机的直接支撑，属于认识论上的过度推演。

以下为经过严格认识论修正后的版本，剔除了所有无证据支撑的幻觉内容，并修正了事实错误。

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理性与情感辩证深度研判：Financial Times (2026-08-15)

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

在系统通盘梳理本期报纸所涉及的报道后，以下 2 个具体事件在生活世界痛感、情感政治动员与制度理性冲突层面最值得学者进一步深思：

1. 【英国“火药桶”状态与气候政策回撤】 [F1_4, F1_11]

   • 事件简述：英国遭遇极端高温干旱，山火数量创纪录（1,081起）[F1_9 🔍]。在部署军队救灾并禁售一次性烧烤炉的同时 [F1_7 🔍]，政府探讨将2030年零排放车辆销售目标从80%下调至50% [F1_11 🔍]。
   • 情感政治与伦理深思切入点：一种极具讽刺性的“制度性精神分裂”——在肉身面对火灾威胁的极端恐惧（Pathos）与技术官僚试图通过放宽环保目标来维持企业同步增长的冷峻理性（Logos）之间，存在着深刻的伦理断层。

2. 【日内瓦富人区“入室劫持”危机】 [F3_23, F3_26]

   • 事件简述：日内瓦地区出现针对超富阶层的有组织暴力抢劫（Homejackings），受害者包括F1冠军阿兰·普罗斯特 [F3_25 🔍]，导致该地区安全神话破灭。
   • 情感政治与伦理深思切入点：安全感作为一种阶级特权在暴力面前的坍塌。制度理性试图通过视频监控和边境管控（技术治理）来修复 [F3_23 🔍]，但其背后折射出的是原本平静区域在面对组织化犯罪时的脆弱性。

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

专题一：生态危机的肉身痛感与增长理性的冷峻博弈——英国“火药桶”状态中的 Logos 与 Pathos 辩证

在当前的英国社会图景中，一种极具张力的撕裂正在发生：一方面是生活世界中触手可及的、带有焦灼气味的肉身痛感，另一方面则是技术官僚体系中基于增长指标的冷峻计算。当安迪·伯纳姆（Andy Burnham）将英国形容为“火药桶” [F1_4 🔍]，并部署军队以应对创纪录的1,081起山火 [F1_9 🔍] 时，这种修辞本身就标志着一种“危机状态”的进入。此时的 Pathos 是具象的：是斯通布里奇被摧毁的29栋房屋 [F1_14 🔍]，是伦敦38.4℃的高温 [F1_13 🔍]，以及数百万民众手机上突然弹出的紧急警报 [F1_8 🔍]。这种痛感将气候危机从抽象的科学数据转化为一种即时的、关于生存威胁的集体焦虑。

然而，在这种极端的生存压力之下，制度端的 Logos 却展现出一种令人不安的脱节。交通大臣尼尔·亚历山大试图将2030年零排放车辆目标从80%下调至50% [F1_11 🔍]，其逻辑基点在于“让企业在这一进程中同步前进”的经济增长理性。这是一种典型的技术官僚逻辑：将生态崩溃的风险量化为经济成本，并试图在“气候目标”与“企业竞争力”之间寻找一个平衡点。在这种逻辑中，未来的碳排放增加被视为一种可以接受的短期成本。

这种 Logos 与 Pathos 的摩擦揭示了当代治理的深层危机：制度理性在危机爆发时通过部署军队 [F1_7 🔍] 这种应急手段来应对，但在结构性政策上却出现退缩。民众的愤怒——如绿色电力协会所指出的“错误方向” [F1_12 🔍]——实际上是一种对制度保护能力长期韧性的质疑。这种话语温度的剧烈反差——一边是“火药桶”的灼热警示，一边是“调整比例”的冷色调行政术语——预示着社会心理韧性的进一步削弱。

专题二：安全特权的坍塌与技术治理的局限——日内瓦“入室劫持”事件中的 Logos 与 Pathos 辩证

在日内瓦富人区发生的“入室劫持”（Homejackings）事件中，我们观察到一种关于“安全感”的认知崩塌。对于日内瓦的富裕阶层而言，其生活世界原本建立在一种“绝对安全”的 Pathos 之上，而这种安全感不仅是地理上的，更是阶级特权在空间上的延伸。然而，针对阿兰·普罗斯特等名人的暴力抢劫 [F3_25 🔍]，以及日内瓦去年记录的18起此类案件（较前一年翻倍）[F3_26 🔍]，彻底撕裂了这种心理防御。

面对这种暴力外化，瑞士当局采取的响应方式是典型的 Logos 驱动：通过视频监控、车牌识别和加强边境管控 [F3_23 🔍] 来试图重建秩序。这是一种“技术治理”逻辑，认为安全感的缺失可以通过增加监控密度和物理屏障来修复。然而，这种理性方案与犯罪行为的“组织化、针对性” [F3_24 🔍] 之间存在着不对称性。

这种辩证摩擦揭示了：当暴力不再是随机的，而是具有高度组织性的针对性攻击时，传统的制度理性（如边境管控 [F3_27 🔍]）可能无法完全抵消受害者心中产生的深层不安。安全感从一种“自然状态”变成了需要通过高强度技术监控才能维持的“人工状态”，这种转变本身就标志着一个时代的心理转折。

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

1. 【关于“危机治理”中情感与理性的脱节研究】：探讨当政府在面对极端气候灾难（如“火药桶”状态）时，为何倾向于采取“应急性肉身救济（部署军队）”与“结构性理性退缩（放宽环保目标）”的矛盾组合？这种脱节如何影响公民对国家契约的心理认同？
2. 【关于阶级安全感坍塌与技术治理的局限研究】：以日内瓦“入室劫持”事件为切入点，研究在超高净值人群聚集区，当技术治理（监控、边境管控）面对组织化犯罪时，空间上的“安全隔离”如何转化为心理上的“脆弱性焦虑”？

FT Weekend

UK 45440: Republic of Ireland 45440

NATIONAL NEWSPAPER OF THE YEAR

SATURDAY 16 AUGUST / SUNDAY 16 AUGUST 2026

PM warns Britain is a 'tinderbox'

● Wildfire numbers top record ● Disposable barbecue ban ● EV targets fuel climate fears

GEORGE PARKER, PETER CAMPBELL AND ROBERT MOUNT

Andy Burnham yesterday warned that Britain is a "tinderbox" after a summer of intense heat and drought, as he faced criticism over his government watering down targets for electric vehicle sales.

On a visit to the scene of one of 37 fires across England and Wales, the prime minister told the UK had to "buy up" to the changing climate, an transport infrastructure for the strain.

He said 100 military personnel had been deployed to a blunt in South Wales to offer "critically needed" support to firefighters, while also announcing a temporary ban on the sale of disposable

barbecue. He told the BBC: "Britain is a tinderbox right now, letting a fire in any outdoor setting of any kind in a risk to other people's homes, it's a risk to other people's lives, don't he's."

Millions of people in England and Wales received an emergency government alert on their mobile at 1pm yesterday, warning them against fighting anything that could spark a wildfire, including campfires and fireworks.

The National Fire Chiefs Council yesterday said there had been 1,081 wildfires across the UK this year, already surpassing the record 1,057 set in 2025. WFC's their P60 Garrigas said the past 24 hours had been a "wake-up call".

Burnham has come into government with a promise to take growth into account when burying policies to tackle climate change, including over the mandate for EV sales. The government said it would look at watering down EV sales targets, in proposals that campaign groups warn could add millions of tonnes to the UK's EVs emissions.

Under current rules, some 80 per cent of new cars sold in 2030 have to be zero-emission vehicles. The government is exploring dropping this to as low as 50 per cent – though an outright ban on the sale of new petrol and diesel cars by 2035 will remain in place. Neill Alexander, transport secretary, said: "The end

Andy Burnham says the UK will have to 'buy up' to the climate of a changing climate

goal hasn't changed – but we need to take business with no on the journey."

And Bo Carthy, Greenpower UK's head of politics, said weaker roles would be "a wrong turn for drivers, energy security, our climate and the economy."

As the UK sweltered through its fifth hears over of the summer, a temperature of 38.4°C was recorded at low locations in London or Thursday, making it officially the hottest day of the year.

After 29 homes were destroyed by fires in Stonebridge, Burnham yesterday said he planned to commission firefighting plans to combat their spread. Fire pressure & toxic death case 3 Candle Camellet case 7

Travel strains Tourism turns to influencers

Holskymastere on Katz beach in Bali this week. The Indonesian Island's tourism boom has been led by social media influencers posting video clips on sites such as TikTok and Instagram.

Travel companies – and even tourism boards – are increasingly diverting their marketing spend to influencers to promote holiday destinations.

Hoping to capture what is often a consumer's largest single annual purchase, they are focusing on younger audiences who look to social media for inspiration. But while a viral post can quickly boost a region, it can also strain resources.

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Swiss police seek help from France as 'homejackings' target Geneva's wealthy

MERCEDES RIGOL AND ORTINCA ALIAJ CYRUS

The Lake Geneva region is fighting a growing number of violent home robberies of its wealthiest residents, which threatens the area's reputation as a haven for the ultra-rich and have inflamed suspicions across the border with France.

Swiss authorities are turning to video footage, number-plate recognition and tougher border policing to crack down on "homejackings" that have shocked the normally peaceful area.

The attacks typically involve intruders breaking into occupied homes and threatening residents – sometimes at gunpoint – before escaping with watches, jewellery and other valuables across the border to France.

Private bankers, commodities traders

and other wealthy executives are among those who have been targeted, battling concerns in a region that is home to some of the world's biggest banks and trading houses.

Companies including Pictet and Trafizers have raised concerns about the attacks with authorities, according to people familiar with the discussions.

The extreme evidence of the attacks has prompted some politicians to call for targeted checks at the French border and prompted many wealthy communist-technic private security.

"This trend has recently become much more organized, targeted and common," said Florence Bettschart-Nuibel, a member of the legislature in the Canton of Vaud, on the north side of Lake Geneva. "We are concerned about the impact on Switzerland's attractiveness to foreigners and companies."

Among the most prominent victims is Alain Prost, the four time Formula 1 world champion whose home on the west side of Lake Geneva was robbed in May. During the raid, one family member suffered a minor head injury while another was forced to open a safe with valuables, according to authorities.

One Geneva-based commodities trader, who asked for anonymity, said anudantowhe targeted a 'trend's family kidnapped one of their children in the getaway car, releasing the teenager shortly before crossing into France.

Geneva recorded 18 "homejackings" last year, up from 10 the year before – even as overall robberies fell by one-fifth. Police classify "homejackings" as violent robberies in occupied homes.

The French embassy in Switzerland said cross-border co-operation was "constant, extensive and agile."

World Markets

ETHICS ROBERTS

	Aug '25	Feb	July
IBP 500	7,718.21	7,748.99	0.00
Beamp. Corporate	6,619.31	6,662.32	0.00
Jamaica Ice	5,628.31	5,630.28	0.00
Euro Super 50	3,018.31	3,043.27	0.00
Frida online 500	3,018.31	3,044.30	0.00
FTSE 100	13,710.11	13,717.27	0.01
FTSE 40, 50mm	6,815.11	6,815.30	0.01
CE 40	8,018.30	8,012.26	0.15
Wine Day	10,440.11	10,396.75	0.00
Wines	6,971.31	6,939.18	0.00
Wing Song	10,116.31	10,266.31	0.00
MSO World	9,021.31	9,016.06	0.00
MSO FM	1,747.21	1,695.06	0.00
MSO AC300	1,748.30	1,724.70	0.00

COMMERCIAL

For	Aug '25	Feb	Mar	Aug '25	Feb
US	1,138	1,134	0.0	1,082	0.995
EU	1,245	1,228	0.0	1,238	0.975
UK	1,000	1,000	0.0	1,000	0.975
US	150,000	150,000	0.0	150,000	0.0
EU	215,000	215,000	0.0	215,000	0.0
EU 5	2,000	2,000	0.0	1,000	0.0
GRATIS
1	742	742	742	742	742
Bloom	32,052.10	32,049.00	0.00	32,050.00	0.0
Olympic	5,000.00	5,014.75	0.00	5,000.00	0.0
COMMUNITIES
1	742	742	742	742	742
EU 50%	20.25	20.25	0.00	20.25	0.0
EU 50mm 2	20.18	20.20	0.00	20.20	0.0
Euro 5	4,937.82	4,936.75	0.01	4,937.82	0.0

GOVERNMENT CODES

Fund (%)	Aug '25	Feb	Aug
US 1.5%	4.15	4.14	3.37
US 10.1%	4.68	4.65	3.95
US 20.7%	5.17	5.11	3.98
UK 2.5%	4.24	4.20	3.05
UK 10.1%	5.02	4.96	3.07
UK 20.7%	5.18	5.06	3.00
USA 2.5%	1.84	1.82	0.57
USA 10.1%	2.06	2.00	0.52
USA 20.7%	4.01	4.00	3.01
US 2.5%	2.78	2.76	0.52
USA 10.1%	3.18	3.15	0.98
USA 20.7%	3.72	3.68	0.98

Prices are based on edition from present by ETL www.ctv.com

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2

•

FT Weekend

15 August/15 August 2024

NATIONAL

Political donations

Bets by Farage aide draw fresh scrutiny

Size of Polymarket wagers on Trump win shows scale of Cottrell's risk appetite

ANNA GOTCH AND WALT J. JOHNSON

Angel Farage's long-term aide savings Cottrell had a secret Polymarket account that received nearly $20mm in cryptic currency to place the financial Trump winning the US presidential election, at a time where he was proud to get his own benefits to the Reform UK leader.

The account on the prediction market platform - under the name ghrangel - was opened on October 9 2024 using an

email address belonging to Cottrell, according to a document sent by the FT. A total of 10 times was given at him that Trump would win the election, setting a profit of $11,500. At the result, on the right of the number, 6 2024, the account paid out $20,000 on the 20-greater transfers to crypto exchange finance.

The vast size of the bets shows new light on the financial activities of one of Farage's closest confidants, who has been at the centre of recent scandals about unregistered gifts given to the Reform leader and the party.

They also show the extraordinary scale of cryptocurrencies being handled by Cottrell and the large financial risks

he was willing to take. The ghrangel account, which was registered with an email attached to Cottrell's business in Montenegro, was subjected to "know your client" checks after it started placing large bets in October 2024, according to a person briefed on the matter.

Here was heightened media scrutiny of Polymarket betting on the US general election at the time. Cottrell was then asked to make subsequent presidential election bets from a separate labelled account, they added.

The FT reported last month that a different Polymarket account registered in the name "Cottrell/BT" received about $8.4mm from two separate wallets between October 24 and October 30

2024, which were then used to bet on Trump winning the election.

These together, Cottrell's two separate placed nearly $20mm on Trump winning before transferring the majority of the funds, including $10mm in profits, to recipient wallets outside the platform.

A lawyer representing Cottrell and his Polymarket betting activity "has been a good opportunity on his own behalf, from his own funds, and in full compliance with the [know your client] requirement of that platform". Polymarket dealership comments.

Over the course of 2024, Cottrell financed some of Farage's staff, security, transport, accommodation and travel.

The Guardian reported that Cottrell transferred more than $2km to his mother, Fiona Cottrell, in 2024 before she made large donations to Reform and a business owned by its deputy leader Richard Ota.

Cottrell's lawyer stressed that his client's financial information was proven and could "only have been obtained by calendar January."

On December 16 2024, after the Trump bets, Cottrell paid for Farage to travel to New South for a three-day stay visit where he met tech billionaire Dan Bhat and discussed a potential draw from to Reform. The cost of the trip was valued at £15,300 (infringés 1997). Highter of financial interests.

By-election. Clacton

Reform wins but bigger tests set to follow

Party insiders nervous

about 'Burnham bounce' and

loss of political momentum

ANNA GOTCH

Nigel Farage yesterday declared victory in the Clacton by-election. But as he cancelled a major speech, many were already willing to try this one.

The "people versus the establishment" system, triggered by the Reform UK leader's resignation from parliament to July, was an effort to prove that voters in the form of elections in the future about undeclared gifts and benefits do kind that have put his and the party's finances under scrutiny.

That Farage was a slightly higher number of votes than at the 2024 general election - 32,278 up from 21,231 committee members.

But he also faced ridicule online, and in parts of the unionerism media, the spending weeks fighting a by-election against a novelty candidate dressed as a ten, after the big parties sat out what they described as a "best".

Farage refused to attend the count in Clacton, saying he would be "damned" if he was going to "stand on a stage and be degraded and humiliated by a hunch of unhooked" and claiming he faced a threat to his security. Count Notlavy, Farage's main challenge, was a stumble 27 per cent of the votes, higher than many panels had expected.

The result has undoubtedlynwould be seeds of an anti-establishment narrative for Reform and solidified Farage's support among the core fans. But there is anxiety inside the party, now behind Labour in polls, about the strength of the anti-Farage vote across Britain, as well as the loss of political momentum and eighs thank of wavering voters.

The Rats, professed of politics at Queen Mary University of London, said Farage was "partially when he started, and possibly even further back in the sense that the by-election makes him look like a toughly speech even though he's won". The allegations of "dodgy fineness" were cutting through to voters, he noted, leaving them with "the idea that Nigel Farage is someone with his most in the trough".

"Some months often regain momentum during the night's parliament, but that's how true of opposition parties. If

Sunny mood: Reform UK leader Nigel Farage leaves a polling station in Walton on the Year on Thursday

F1

they go off the ball, they tend not to get on to again," he added.

Reform - it enjoyed sustained momentum from the 2024 general election until late 2021 - has been steadily being support the year. By polling has dropped from 32 per cent in October last year to 21 per cent now, Labour has benefited from a bounce in support since Andy Burnham entered Number 16.

According to the FT's poll tracker, Farage has the lowest popularity rating of any opposition leader, leaving plunged from about minus 6 per cent

last year to minus 21 per cent this month. Now back in parliament, he also faces the outcome of an investigator by the standards commissioner into a £2mn undeclared gift he received from crypto billionaire Christopher Darborne ahead of the 2024 election.

The probe was put on hold when the by-election was ended. But the commissioner is expected to deliver a verdict when 90% return to Westminster in September. Farage denied wrongdoing and previously said the gift had no bearing on the decision to stand as an MP in 2024 and was considered to end.

Just if he is forced to vote, Robert Darbar, and is suspended from the House of Commons for 10 days in government, a second ballot could be triggered in his suit. Some Reform figures are bullish, however, that the 90% who will ultimately decide the scale of Farage's commitment will be able to call a second vote, given that it could be made to look like a stitch up by the main parties.

They will not call a second by-election from, that if he stupid to do so," Farage told 68 News yesterday.

"Farage is actually quite frequent. He thinks things will have around," said one senior Reform figure. A second senior

'Anger from politicians can work but only if it's on behalf of others, not yourself.'

party insider said while momentum had undoubtedly slowed its recent months. "I'm not going to say that," by the fact that support nationally had not slipped below 22 or 24 per cent. "There's a clear floor. A lot of people have decided to vote Reform on matter when," they said.

"You'll receive pack too will kick in," they added, blinding Reform to a rocket-related test the news. "More policies will be announced and Burnham will become less popular because he'll have very difficult decisions to make."

Others are less confident that Farage's star power will be enough to enable such a young political group get back on his own. "I'm not going to say that to about 30 per cent in opinion polls - roughly 30% more regionally even more than 250 Commons seats, rather than just smartly - the political landscape - will be a big ask, they say.

The Montgomery, founder of the 'Barnham, Exeter'—act without - is he dobered to Farage's party in 2024, said Reform's recent "aggressed race" was "not good" and criticised its leader for not appearing in Clacton yesterday.

'Anger from politicians can work but only if it's on behalf of others, not yourself.' he's distracting from his victory," he written it.

Anthony Wells, head of politics at polling company Yoelow, said he believed a significant reason before Reform's sliding popularity was the drop-lid in immigration, including the number of serious workers arriving by small-bias.

"I'll imagine, the issue that drove their support is heading off," he said, adding the four party was incrementally rebuilding its support base, undermining Farage's argument that Reform was the only viable option for voters of the 2024.

The campaign went to his power to turn around," Wells said.

Senior Reform figures said the biggest concern internally was the fragmentation of the right-wing by British politics, potentially allowing Labour to come through the middle of the next election, which came into the show by summer 2028.

Even though the UK has moved dead 20, to ensure years from a two-party system towards a multi-party paradigm, voters will need to vote to kick and tight blocs, and following parties have shown lowered recent cases that they are willing to receive a reward for the candidate with the best chance of beating Reform.

Higher education

Universities lower foreign students' fees in 'pricing war'

DEBROWN BUNCH

Universities are handling automatic tuition for discounts of up to £8,000 to overseas students, an lighter visa rules and former competition add to pressure on a sector increasingly reliant on foreign income.

At least 22 universities offer postgraduate students blanket tuition for discounts, which are applied automatically without a separate application, according to a review of the institutions by co-ordinary 5-Squared Insights.

The reduced sector for of the universities - whose scholarship with gaps were checked by the FT - is likely to lead concerns about the sector's approach to recruiting overseas students, or whose boost already depends.

Most foreign students come to the UK to study postgraduate courses. But class on bringing family members in 2024 and visa compliance reforms have hit postgraduate enrolment, which is down 17 per cent in the two years to March.

Scholarship for international students are common in the UK and rival study institutions such as Australia. But the number has often been capped, with applicants required to meet extra criteria beyond minimum entry and tariff requirements. Initial business, director of 5-Squared Insights, said first six providers had "diluted from smaller scholarship schemes to break, overly simple cohort discounts."

"The risk is that along with a decline in the number of international students, the fee for each is also reduced - a scenario that may be beyond the cross-testing of some (univocative) financial plans," he added.

Overseas students who owed on a insight master's course at the University of Nottingham in 2026 will automatically receive a £2,000 scholarship, with "no application needed", according to the Russell Group institutions' website.

This replaced a "postgraduate excellence" scholarship awarded on academic merit. The cost of a one year master's of Nottingham, which in May at one place is at more than 600 jobs, ranges from £8,500 to £20,600.

Last year the University of Aberdeen, where 100 jobs could go as part of a £10mn savings plan, began offering international postgraduate students an automatic £8,000 scholarship.

Zentral Fegna, founder of The Brand Education, which adds an universities on branding, said this "pricing war" could facilitate by spelling competition between institutions in the basis of a degree's cost rather than their own strengths. In England, postgraduate taught students generated about £10m in tuition for a 2024 UL down from £6.38m a year in 2023. It's according to the UK's new leader.

The sector forecasts a 19.9 per cent increase in UK students and a 22.2 per cent increase in international students by 2028-29. Even while great economic growth pay a new international student levy, The watchdog warned in May these figures will be "not applicable."

Successful entrants from US countries to master's courses at the University of Kent will receive an automatic £12,000 discount this September, from September 2027 The scholarship would be "automatically awarded" to any foreign applicant to make the process "simpler and future", Kent said.

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Development budget

Countries in Africa and Middle East left vulnerable by aid cuts

LUCY FISHER AND PETER FOSTER

Britain is cutting direct aid by more than 40 per cent to a number of English and conflict hit states including South Korea, Somalia and Afghanistan, after the foreign Office has been forced to over-eighth over-simplified by over 50 significantity more than its initial forecast.

Conquispers have raised the above that some of the lowest income countries in the world face despite bilateral US aid cuts. Britain's development budget is falling from 0.5 per cent to 0.5 per cent of gross national income following a sub-fast year by the system underlies the Kett Mariner to fund higher defence spending.

The US government acknowledged to March that Africa and the Middle East would face a significant boost of direct cuts in official development assistance (ODA) becoming years, but it published the figures detailing how specific countries would be affected only in recent weeks.

Bilateral ODA to Somalia will fall by 49 per cent, to South Sudan by 44 per cent, to Sierra Leone by 83 per cent, and

the Democratic Republic of Congo - which is battling the deadliest Ebola outbreak for a decade - by 29 per cent from per-cat 2024-23 levels in 2024-25.

Fragile states will also be hit beyond Africa, with bilateral aid to Afghanistan facing about 29 per cent and to 50 (as of 5 per cent over the same time) runs.

Overall the amount of UK aid spent on bilateral programmes will fall by 45 per cent from a 2.1,000s in 2024-25 to 42.7% in 2024-25.

In addition, while the Treasury's Spring Statement last year forecast total UK 9,000 cuts of £800ms in the financial year 2023-26, the actual cash reduction in ODA to the 2023 calendar year was 2023-28, which highest in more than £20m, government figures show.

Official cash ODA spending was not distributed evenly throughout the year and that it was therefore inappropriate to make a direct comparison between the calendar and financial year figures. The cash amounts, director of the cash advocacy at Bond, the UK networked all organizations, criticized the approved "stuckle cut" and warned it "worriedly unknowns the credibility of the UK government, who have failed to

upload their commitments to parliament and to the UK public."

The free campaign, uninterrupted, now practised by the state organisation focusing on Africa, has urged new Prime Minister Andy Burnham to reverse the "devastating" cuts and restore UK lead ending in the sector before بداية the 02th annual next year.

The figures, head of UK advocacy at

Fragile states will also be hit beyond Africa, with aid to Afghanistan and Syria also facing big cuts

Warsawful, warned last month that shading and hoarding is caused on behalf of Malawi, Zambia and Ghana, which were "already highly vulnerable to climate change and water insecurity" - would have "double consequence".

The Carnegie, Commonwealth and Development Office conceded in the foreword to its annual accounts last month that it had to make "difficult decisions" following the government's decision to cut the ODA budget.

It could was looking to see ODA "more strategically alongside investment, expertise and partnership" as many country based aid programmes, particularly in Africa, faced cost of about 50 per cent from one year to the next.

Payments to multilateral institutions such as the UN-treatment maternity pre-tested, with national aid programmes bearing the forum of the cuts, as they had already been taken under the UN budget cuts in 2020 under the Conservatives, according to the National Audit Office, the public spending watching.

Another British diplomats said the cuts reflected a shift of emphasis in UK foreign policy away from Africa and Latin America in the 2020s, and the foreign policy in the US. They noted that video (2) countries, including India, 15, France and Germany, were also shading aid budgets while not preparing the 2018-19 per cent this year compared to 2024 levels, according to media only by both USities. The UK government's decision to cut the ODA spending would, in turn, be used to check over its own demand of UK ODA spending, and cannot be used on their own to assess overall aid levels. The UK now directs a greater proportion of its ODA through multilateral organisations.

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4

FTWeekend

15 August/15 August 2024

INTERNATIONAL

Germans states lift Sunday truck bans as low Rhine levels hit trade

Many of Germany's powerful states suspended a Sunday driving ban for trucks to ease trade disruptions usually have some levels on the Rhine river.

Water levels in Kuehl, a shipping checkpoint between Mainz and Koblenz, have fallen to record lows. The river plays a critical role in moving coal, crude oil, minerals and sox.

Germany's association of inland shipping warred water levels could soak the so low that shipping along the full length of the Rhine becomes impossible. Several other countries across Europe including France, Italy and the Czech Republic ban heavy trucks from eating major roads on Sundays. The bans usually affect trucks over 7.5 tonnes but can vary by region.

US pays highest 50-year borrowing cost in 25 years as debt pile mounts

The US paid the highest borrowing costs to sell 30-year bonds in 25 years, as investors first over the country's mounting debt pile. A $2.9m Treasury auction of 30-year bonds on Thursday drew years as high as 2.2 per cent, according to the US Treasury. It was the highest yield since the 5.32 per cent paid in August 2005, after which 50-year auctions were suspended for almost five years.

The US debt pile ban swollen to almost $40m, including the debt to GDP rates towards an all-time high. The war with Europe's cash prices for consumers and businesses sharply higher, raising the bar for investors to accept up bonds that will provide consistent interest rates for the next three decades.

Solar eclipse has Europeans rushing to watch grand natural spectacle

Europeans witnessed the comments first total solar eclipse of this century. The eclipse cut a path 290km wide in which the Asian completely obscured the Sun for about two minutes. A large south of the northern hemisphere experienced a partial eclipse.

Leavitt says her exit as White House press secretary is 'bitterwreck'

White House press secretary Karolina Leavitt will leave her role at the end of August. President Donald Trump said she had done a 'pharmaceutical job' and that he understood her decision to spend more time with her young children.

Leavitt, who often queried with superiors from legacy media outlets that she described as 'fake news', has become one of Trump's most favoured advisers.

Leavitt is the youngest person to be White House press secretary, assuming the role in January 2021 at the age of 27. She was widely seen as an effective spokesperson for the president, remaining on average and articulate in her remarks. She described the decisions to leave as 'bitterwreck'.

GDP boost

Swiss rebound despite trade doubts

Economy grew 1.5% in the second quarter, its fastest quarterly face since 2021

HORIZONS KOENL - JUNIOR

Switzerland's economy grew 1.5 per cent in the second quarter, its fastest quarterly face since 2021, highlighting its resilience in the face of war and global trade uncertainty.

The flash estimate published by the State Secretariat for Economic Affairs (Seer) yesterday was a surprisingly strong acceleration from the 0.4 per cent growth recorded in the first three months of the year. It is the fastest-grossed growth rate in the past pandemic rebound in 2021.

Industry provided the biggest boost led by the chemicals and pharmaceuticals

calls sector, while services also expanded. The rebound comes after Swiss goods exports rose 8.8 per cent in nominal terms in the second quarter, ending four consecutive quarterly declines, although it real terms the increase was 0.6 per cent.

The performance underlines the resilience of one of many recent open economies at a difficult moment for global trade, but the figures provide the latest shift in US trade policy. Washington introduced a new tariff regime for Swiss goods in late July, with additional duties of up to 12.5 per cent, while pharmaceuticals – a crucial Swiss export industry – face separate US vertical conflict.

Swiss's continuing negotiations aimed at securing a lasting trade agreement. (Alene Burliger Article, Switzerland's top trade official, said last month there

was a 'good chance' the country could preserve the 11 per cent tariff rolling agreed with Washington last year.

The second-quarter figure stings out the impact of major sporting events, which can distant Swiss GDP because organisations including Fifa. Girls and the International Olympic committee are headquartered in this country.

At the same time, the conflict in the Middle East has pushed up energy prices and clouded the outlook for Switzerland's trading partners. The Swiss National Bank has warned that renewed escalation could disrupt supply chains, weaken global growth and intensify upward pressure on the home from.

Switzerland enters the turbulence with significant buffers, influence remains low, monetary policy is sup-

Growth remains driven by the chemicals and pharmaceuticals sector

peritive and the IMF has highlighted the country's strong institutions and fiscal framework as sources of stability.

Economists, however, cautioned against reading the range as evidence of a broader economic rebound. Arthur Juran, chief investment officer at OEKO BHP Switzerland, said growth remained 'overwhelmingly driven by the chemicals and pharmaceuticals sector', which accounted for more than half of Swiss exports due to a rise.

He said the figures therefore risked becoming less representative of the country's wider industrial economy.

Non-respects have average growth of just 0.9 per cent for 2026 as a whole, reflecting social demands demand and a wider global economy. Germany's figure is also an early estimate that could be revised when full GDP data is published on September 5.

Exports. Food specialities

Turkish beekeepers stir global honeypot

Quest is on to locate famously rare products and take the price of 'world's best' label

JOHN PAUL RAYMOND ARTON PICKERNE, TURKEY

Spocked with colourful wildflowers, the meadow landed like a pointillite painting. Each lozenge rebound another head across thorns, oregans, cloves, the green leaves of yarrow, the high notes of mint. The mountain air burned wild bass.

'It's their office,' said Mustafa Altun, a cheetahed grey worker, he will see a summer bloom. In kind legs bulging and yellow sacks up to his knees. Altun poked upon a small door at the base of a beehive. 'That will make their common home easier,' he joked.

Turkey is a honey superpower. After China, it is the second biggest honey producer in the world. And certain products is one of the regions that explains Turkey's prowess: a remote knot at wildly biodiversity mountains in north-eastern Turkey where the Caucasus meets the Black Sea. Arguably, it produces the best honey in the world. The quest is to find it.

Turkey created products the world's most expensive honey. The Summer Best of World Records awarded that accurate to Centenary honey in 2021 after market – critical but from caves 2,300 metres above sea level – and for £10,000 a kilogramme. So called British honey, produced in a secret Action valley nearby, created in Nairobi last year at £1,100 for a 20ng price.

In northern in Arizona famously intoxicating 'road honey,' which bows make from food-shocked on across. In 400 BCE, the Greek general honeybone documented how his millions 'lost their noses, vomited ... and were unable to stand upright' after they purged on all but. Three centuries later, King Michel dates laid out honeycombs to ambush invading Korean troops, slaughtering them after they set the honey and kill into chaffee-largeries stupor.

'Our honey is not intoxicating, but it is definitely among the best,' said Zeynep Elzaygha, an educated hunter and androther. With Altun, she aims to pro-

How mind: remote regions of Turkey's Artvin province are said to produce the most desirable honey globally

duce and market a love-to-table brand called 'Probands'.

'Its biomedical markers are off the chart,' Elzaygha said, 'it marketing a ideal of laboratory tests which show its antioxidant properties are comparable to New Zealand's animals choice.'

Bees and honey hold a revered position in Ottoman history and Turkish folklore. The Koran reveals honey as one of Gov's signs. 'a drink of varying amounts, which is leading for people.' During Ottoman rule, however, meddles were reserved for Indians while losses mortals made do with smokin' tallies.

Today, many urban cities return from summer holidays with jars of honey and fresh tomatoes from their families' villages in the country. President Essay Nayrip Erdogan has credited a spoonful of chertian honey, best produced in his family home province of Bint, as a boithins cure all.

Only last month, after hosting the Non-Sudest' summit, Erdogan enrolled new security campaigns insure 'our shepherds can now comfortably grant their foods in the highlands' and children can 'swim in rivers and streams'.

That vision of an earthly faloo seemed to lift the simple life of Osman Yılmaz, a nomadic beekeeper, whose livelihood began on Artvin School abundance out, the Caucasian honeybee. In probands, a strain-like mouthpart more than 'less long, allows it to reach sector behind deep inside flowers that is beyond the reach of other bees.

'I start to valley or situate at the beginning of summer, and then take the farm to higher age following the flowers,' Yılmaz said, standing in a field dotter with boithers. The clung drink clung of conifed mounded to the distance.

Yet this rural shift is being hallowed out. Decades of migration have swollen Turkey's cities and original reach of the country side of young people. Over the past 20 years, a construction house backed by cheap credit has gunked roads, dams and wines into remote valleys. Onstomach, almost half of Artvin's agricultural land is given over to mining licences, according to a 2021 study by TERIA, an investment from district.

'There are lots of problems here, but no obvious solutions,' said Osman Kaya, headman of living, a rural hamlet

reached by a grinding 1.8m drive from the nearest town.

At its sole inclosure, a chorus of elderly men lamented honey fate. There were no good roads, no interest, no jobs. The promised chlorine for drinking water never arrived and both schools had closed. There were almost no women and no children either. 'There's no reproduction' exclaimed one.

Elzaygha and Altun were to change all that. Altun grew up in Artvin, spent three decades working in Istanbul at its chamber of consumer, and returned to his village when 'I heard it calling save me'. Their place is simple, in theory. Produce exceptional honey, certify its biochemical properties, package it elegantly and then sell it for enough to give young people a reason to stop.

'If they could start sufficient money here from beekeeping, they could live in paradise.' Altun said. 'Instead, they earn minimum wage in Istanbul and live in hell.'

It's a honeypot of a dream. Migratory producers such as Yılmaz get about $40 per kilogramme of wild flower honey. With roughly 50 kites, each yielding 10kg, the annual sales would be about $22,500, almost triple Turkey's yearly minimum wage.

But perishable honey, such as Centenary or Greek, sell for multiple users. Inner honey, produced on a high plateau west of Artvin, can retail for over $200 per kilo.

Anter is also a favourite of the brown bean that roars Turkey's eastern mountains. When one beekeeper, curious about the heart kates, laid it out with three lesser varieties, they unfailingly went for the most expensive one first.

Identifying the 'early' new 'heaven' is, of course, entirely subjective. Further complicating matters, this year's action honey harvest was delayed. Altun said, due to a harsh action that had left more than 50 million headwives even in Jars.

When the harvest finally comes, female worker here with total industrial male dreams. The colony will lay down in winter stores, ending the 'current honey beneath wax, and the beekeeper will take his down.

If an ageing quests has to falling, her worker subjects may also underlive her to death in a climate that of their bodies is a display of insect regicide.

France

Court blocks Macron-backed social media ban for children

STEPHALA PALMA AND MARINE HELLY CHOCON ADRIENNE ELASA - PARIS

A top French court has struck down a law that was set to ban users under the age of 15 from social media, a major legal setback as several countries seek to restrict children's access to online platforms.

The move is a blow to President Emmanuel Macron, who had championed the ban and safety concerns for children online. He responded by asking Prime Minister Miroslav Lacamutov heretofore a new version of the scheme to create solutions by spring 2027.

The Constitution of council yesterday blocked a law the French parliament presed briefly that would have required all users to confirm their age to access social media from 2027, arguing it was a 'disproportionate infringement on benefits of expression'.

The decision is a setback for French efforts to protect children online, as countries across the world seek to implement new restrictions.

Brussels had previously said that it planned to propose a 'social media start

date for minors' after the summer. But some European countries, including France, were frustrated by what they felt was to move a pass to bring to new protection and moved to introduce their own. The court said to be incision that while he need to protect children's best interests could justify limiting access to social media, 'the common provisions ... failed to provide sufficient legal safeguards to ensure the right to respect for private life'.

The Elysee said following the ruling that Macron's objective 'regarding the protection of minors online remains unchanged ... given that the harmful effects of social media on them are scientifically documented'.

The government is set to work 'on a legally sound draft that takes into account the decision of the Constitution of council as well as the European Union'.

The rules, whose first phase was set to

come into force in September, aimed to restrict under the loan social media platforms including TikTok and Instagram.

They also sought to limit young people's ability to use certain features on popular platforms like YouTube and some online interagents.

Australia in December became the first country in the world to restrict social media access for children under the age of 16, leading to to develop companies developing or restricting access to 4.5mn accounts the following month.

Researchers at Imperial College concluded in a 2024 study that children who spent more than three hours per day on social media were more likely to develop anxiety and depression as teenagers, relating a growing body of research that links social media use in youngsters with mental health issues.

While most major social media companies already require users to be over 15 years old – the age at which children can connect to their data being processed under EU privacy rules – these restrictions are often circumvented.

www.time-the-court said proposed legislation behind religion do to ensure the right to respect for private life

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© August/16 August 2006

FT/Walczuk

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7

INTERNATIONAL

South-east Asia

Prabowo weakens Indonesia export agency

State-backed body will now oversee, not control, trades in key communities

DANA MARIUS AND A MARIUS LINDEN AKADEN

Indonesian President Prabowo Subianto has chastled down on some key policies that have worked between some a market and that also comes a quarter of the value from the country's stock market.

Prabowo told parliament yesterday the state-owned commodities export agency that he established in May to control exports of official resources

would just monitor transaction instead of making actual ratio.

The export commodity agency, if implemented or originally planned, would have overhauled trade in the world's largest exporter of nickel, thim and coal and gains oil and affected global commodities trading houses.

Our agency will be "the sole processing point for Indonesian commodity exports", said Prabowo. "I report, the processing, not one company controlling commodities and exporting. But now, we can monitor."

In a second speech on the government's 2027 budget plans, Prabowo said Indonesia would set up a commodities exchange by January, in original he still

wants higher control over its rich natural resources.

"We don't just want to be a global commodity producer, we must also determine global commodity prices," he said, but did not give details.

Indonesia's benchmark stock index gained about 1.6 per cent yesterday, mining companies, including rain interests, Alastri Resources and Aseka Trading, now some of the biggest gains.

The Jakarta Companies index has declined 24 per cent this year owing to concerns over Prabowo's policies and warnings of a potential downgrade from index provision. The regular currency became best 6 per cent.

Prabowo said the commodities

agency had identified potential savings of $10m arising from pricing discrepancies. He had sited alleged export fraud and under servicing as grounds for its establishment.

"We no longer want the Indonesian people to be cheated," he said. "The goods belong to us while others there must be price." the agency would soon expand oversight into all commodities, Prabowo added.

He also vowed improvements to a scheme to provide low meals to combat child malnutrition, which has been plagued by allegations of corruption and incidents of ineffectiveness.

Concerns about expensive welfare plans, policy unprofitability and state

interventions have hit investor sentiment. "I am determined to continue [the free meals] programme, but with improvements and efficiency," Prabowo said, adding that "those who commit corruption from children's meals are barbed."

Prabowo promised to boost growth to about 4 per cent this year and unit, about last year's 5.1 per cent but below the campaign pledge off per cent during business.

In the budget speech, Prabowo said the fiscal deficit would be 2.4 per cent next year, lower than the 2.85 per cent forecast by the year and a will improve. 5 per cent limit that investors and economists found Indonesia might breach.

Zhu Rongji. Tributes

Beijing keeps close eye on mourning for ex-PM

Police presence shows political sensitivity over public reaction to the death of former leaders

WILLIAM LANGLEY YADING

YADING YADING

Under the watchful eyes of scores of plainclothes police, murderers gathered this week at the ancestral home of Chinese bin former premier Zhu Rongji.

The government has hailed Zhu, who died this week ago 8th, as a local communist who led a "ghostan life" that the strict monitoring of the results of measures to display, tilings to the central province of青岛an highlighted the political sensitivity over commemoration of former Chinese leaders.

Previous deaths have sometimes sparked demonstrations of popular life control, while Zhu's promotion of superior liberalization and the private sector makes him a potential symbol for Chinese unhappy with President Xi Jinping's shift back to higher state control of the economy and society.

There were no public signs of ambiguous with Xi or his government at the ancestral villa in Heping, but insurers were balance in their praise of the Share spoken premier who spearheaded China's accession to the World Trade Organization and overhauled its bilateral state enterprise before 1998 to 2005.

"I was young at the time but 'commencer...he was now willed and selfless,' said Hu, an exportwear salesman paying off more with the family as the villa.

"The impression he left was quite deep," said Hu, with the other insurers, proffered to be identified only by his accusers.

China has not yet announced any plans for Zhu's launch of official court-martial action. It is a sign of the political sensitivities, official newspapers and websites behind commercials in a single obituary issued by the Communist Party and holding their institutions.

In 1996, gathering to commission off Zhou Enlai, Communist China's found-hat grower who served under Hou Zedong, became a powerful expression of public anger at the three ruling back left "clung of four."

In 1995, mourning for late party leader Hu Yudong每天都有 100 person-morrow premier control on Tianan International, who was most eventually crushed by the People's Liberation Army with heavy loss of life.

Paying respects: insurers lay flower at the ancestral home in Heping of former premier Zhu Rongji

Beijing's official obituary of Zhu was careful to portray him as a local worker for the party who "consistently supported" his current leader.

"We must not ever grab into strength, learn from his revolutionary spirit, suffer character and fear style, [and] unite more closely around the Party Central Committee with Comrade Xi Jinping in its core," it said.

While the obituary praised Zhu's efforts to relieve financial markets, the unit not in and the wider economy, it stressed that he worked under the party's "strong" leadership. It also availed details of the number of his personal economic agenda or controversial rights such as state enterprise job losses made by a partnership.

"The party is very keen to establish its strong members of what happened," said John Burns, emeritus professor at the University of Hong Kong. The death of well filled leaders was a "challenge" for current leaders, he said, but they were well-tested in monitoring and control. Ingephile discourses "They know who the most information was on and I know they have everything ready for getting ahead of the narrative."

Insurers in Heping, remembered Zhu's for his blunt and cobardial comment as press conferences. "He would not right to the heart of the matter with one remark," said Yang, 45, a firefinger laying flowers in the Zhu villa's forecourt. "His words were very strange."

The Zhu family were the pre-eminent clan in Heping, claiming ancestry back to a 14th-century emperor. The villa, which according to one account in official market, was reconstructed in the 2000s as a tribute to the premier, thus not how his name or acknowledge his connection to it. Zhu lived in Heping until moving to the provincial capital Changsha around the age of 10, according to the media account.

Zhu's referrals as private's additional longstanding problems in the same sector, but were limited for getting more millions of people out of work. Zong, 60, said the state-owned sugar refinery where he worked was shut down in 2006 that Zong opened his own money and this week, about for three hours to put his respective Zhu's money.

The premier's contribution to China was comparable to that of Zhou Enlai, Zong said. "I really revere him," he said.

'I was young at the time but I remember he was iron willed and selfless'

"At the time, we really criticized him," said Liu ZhengSu, an official and party historical who came from the neighboring city of Linyang to ensure Zhu. "But now we see that all he did was good, especially his efforts to reform and opening up and joining the WTC."

In Heping village, plainclothes police and local officials allowed insurers to place white chrysanthemums outside the villa. One buoyant beer the message "did not work, the people's good premier, your memory will be in terror."

Police combined all the front of Hu boidings and foresquels prevented insurers from approaching it. They also walked away any tiffness into a side building.

Chinese authorities are often keen to avoid any uncontrolled expression of public sentiment, but not local official said removing the flowers was in line with the wishes of the "low key" late premier's family.

A police officer suggested the flowers were being taken away to keep them safe. "Otherwise, they'll get them," he said, generating at the chickens milling about nearby.

Shinwei.com

Security

Trump puts 100% tariffs on drones and parts to cut China reliance

RENMIN DE RUSTOFIA - RASHWATON

President Donald Trump has imposed sweeping new tariffs on drones and their components in an effort to make US companies, law enforcement and state and local governments less reliant on Chinese drones technology.

The White House said it would be 500 per cent tariffs on drones that were "particularly sensitive" for national security, including systems that weigh more than 25 kg or have the most imaging capabilities. It will put a 20 per cent tariff on drones that have a maximum take off weight of 25kg.

The move to the latest effort by the Trump administration took each drone on Chinese drone technology. In December, the Federal Communist action Commission banned imports of Chinese drones by saying it would stop providing wireless communications approval for ones from attorney nations.

Cindy Singleton, an expert on US-China technology competitors, said Thursday's move by the White House was a "big deal" because it would outrage the commercial marketplace.

He said US commercial and government contracts would have to make an immediate "signed historic" proof that would involve them transitioning to supplies to the US in allied countries even if they are more expensive.

"It still primarily targets China, but it's designed to stop supply chain laundering," said Singleton, of the Foundation for Defense of Donors in 2016.

He said the tariffs close a "backdoor" left by the FTC action that allowed US companies to buy "millions of Chinese components - such as motors, rotors and drones - and assemble them here." The White House on Thursday, separately accused more than 40 countries of helping China to evade US tariffs by roasting products through other countries.

Drones from US allies (epos, Liechtraders, NorthKorea, Switzerland, Taiwan and the US will have lower tariff of 25 per cent, with a 10 per cent levy applied to technology from the US.

Trump said six investigators by the commerce department concluded that drones were "essential" to US national and economic security and a "key technology in modern armed conflict and are critical for present and future US military operations".

The importance of drones on the battlefield has dramatically increased as Ukraine has used announced aerial vehicles effectively in its ongoing efforts to export forces.

Thursday's order also authorises the commerce department to create an embracing group of people who are by-inexited are making new investments in drones or their components.

Trump's proclamation, which is stated at China without mentioning the country's own country as an "awake before President Xi Jinping is expected to visit Washington for a moment with Trump. China tightened controls this month on its own drone experts to the US in retaliation for Washington's restrictions on Chinese tests.

Beijing used experts to the US of drones and related technologies would be revived if it is "one-to-many basis." The Chinese embassy in Washington did not respond to a request for comment.

Critical minerals

Water scarcity complicates US lithium drive

ALEXANDRA WHEEL NEW YORK

Water scarcity has become a rising political, legal and financial obstacle as America seems to build a dramatic lithium industry, and has become a key, increasing the values on efforts to boost the lithium on China.

The US attempt to shift away from depression on either by lithium, still for batteries in electric vehicles and smartphones, has seen the Trump administration invest in Lithium America's $25m. This/our free noise in Nevada, The reason/donors in developing the social domestically has been the about 10 proposed mines paying up across the country.

But growing water scarcity in the western US as climate change takes effect could undercut lithium production, Northwestern University researchers said in a report. Production of the water scarcity is a major concern for developing- could increasingly encounter permitting, if they can't legal. And longer over water use or be forced to invest more low-selling technologies.

"Water is such a key issue around

mining and communities who are near mines are often most concerned about how mining operations will affect their water availability and water quality," said Jennifer Dunn, a chemical and biological engineering professor at Northwestern and an author of the study.

Thacker Pass has already run into commercial cigarettes, including also

Water management is becoming a strategic consideration much earlier in development

and from a Nevada ranch or over water usage it has since settled. Blackstone Minerals' Green River lithium project is 15x8.5m also from a range of litigation.

Kyle Everett, executive director of environmental group from Santa Water Network, which is under the law of the River project, was sceptical of lithium producer claims on water availability. "Companies need to be honest and forthright and regulators need to be the same way," he said.

Climate change is likely to intensify the displacement water usage and rights as an increasing number of droughts reduce supplies in the western US.

The Indian Federal Reserve developed one that many US lithium projects will require large upfront investment, with costs for certain schemes expected to record 85%. . . .

It also notes that water scarcity could not projects in affected regions face community opposition, increasing the risk that delayed ventures never reach completion.

Adriana Carvalho, an associate director at Half Global, said water scarcity and competition for water scarcity in the US were forcing developers to refrain from lithium projects are designed, permitted and operated. "Today, water management is becoming a strategic consideration much earlier in the development process," he said.

Industry executives also noted that it is agree that the US will probably remain reliant on imports of the critical mineral. Ryutad expects US-produced lithium to only meet 5 per cent of global demand by 2030.

Privatering

Washington enlists tech groups for cyber wars

OF MILAN - RASHWATON

The US is enlisting its help of corporate America to fight cyber crime, a potential standoff for US tech groups and the need for the preparation of private testing within Donald Trump's Mags outlines.

In a newsreelsized line on Wednesday, the White House directed federal agencies to insure crime "the ingenuity of the private sector" including global threats and establish a programme under which vested companies would be allowed to conduct cyber attacks against criminal organizations.

In the 2000 series, private companies would be given permission by the government to manipulate, disrupt or physically destroy cyber networks, the more states. Voted groups would be asked to put a firm bond that would be linked off the event organ. It adds:

"The US is a unfair private company in the Plippinistat cyber crime comes an unfair figure in the US president's Mags movement call for the revival of privateering. Unlicemative Nike Lee last year introduced legislation to reintroduce

the historic constitutional practice of testing. Where of storage and reprisal, the US and the US civilized ship-contract attack British merchant vessels during the American revolutionary war.

The initiative has been privately supported by some US tech groups, including some run by Trump donors, which would stand to benefit from barraton contracts. Others, including Longford and Microsoft, have tested their resilience to help in the fight against cyber crime.

The more also comes as the Trump administration has drastically reduced

Criminal organizations could face cyber attacks from vetted companies

the size of the Cybersecurity and Infrastructure Security agency, which lights the US's private sector. The cuts to the agency have led members of the US intelligence community to argue for enlisting more capacity from the private sector, including its companies, to fight foreign backing groups that are often state-sponsored or tacitly supported by national laboratories.

Previous administration had discussed enlisting the high-technical companies. But Aiden Rauteriti, president of the Gulf House Project, which has advocated for initiating the American private-see tradition in cyber wars, called the presidential name "science." So "the people who understand the risks these were to develop".

"The capabilities of non-state actors are rapidly expanding," he said, adding that private actors "often have more capabilities and have nothing both that the government does."

Some companies have nonetheless been reluctant to engage in proposed privateering schemes, fearing they lack legal protection and could face retaliation/incentration states.

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8

FTWired

15 August 2018, August 2020

The FT View

FINANCIAL TIMES

"Without fear and without terror"

Why Homer will outlast us all

Dispute over $10m-gransing movie reflects the enduring force of "The Odyssey"

The release of Choreceptor Nodans' Neelakumar, Most of The Odyssey has launched a thousand critics. Came into have weighed in from across the world's wire - dark man's darkest music against Hollywood. The director stands accused of steadily reimagining Odysseus as a troubled, guilt-rushed (too contrary metropolitan and intriguing back the complexity of the glory-seeking Bronze Age hero of the original. What is more, he removed the humour, the sex, the feasting, one of the poet's celebrated murderers, Smith Wilson, has written indignantly (in short, he took out the loot (She is right to this, as it happens, the film to quite do so.)

At times the poet launch battles over the meaning and worth of the film have taken on an epic grandson. Famous writers have delivered long (sponto-to-other) stories, and long (sponto-to-other) nearly three-hour (sponto-to-other) stories to the many previous reimagining of The Odyssey. The pace of the literary bustling recalls this intensity of the world's across - in Chinese's other great poems, the final dead there are the meadows (spotted) attacks on the film by the "said woke" warriors such as John Nnuk, who has the most lenient race where raining, saying it has "dissociated" themes.

On one he disheartened by the nit-picking. The demonstrated on a Bronze Star, he was under way for nearly 5,000 years. The Odyssey was not at the end of the Bronze Age and composed centuries before probably in the 1960s across BC. Since then it has inspired many of the finest writers in the western states. Virgil, Dante, John Milton and James Joyce all show on the stories record murderers, they also all reimagined the real portrayal. Two thousand years ago Virgil was presumably back-shell - to get one - by contemporary for pondering to

the then imperial, original, by inducing America, the Odysseus' character, the truth of an ideal Roman. To those disapproving of Waltz Instincts Odysseus, is Leopold Illinois, the much hero of love's Climes, any more "Horace's".

There is a common Roman's poem has analyzed from more than the final. At the story of humanity, it is a tale of being theorized bouncerizing, of a contralateral marriage, of an unnatural father-own relationship, of taking in strategies, of him. It is a gripping story of adversity on the high seas, nearly the poor traitor-cross-joined in the threat of the peace can identify with Odysseus, where he was stranded by ill-adult. It is a story of peace Odysseus had to start a course between the dictator of rival and sometimes bulky gods. Is that not the list of a trinity "healthy power" in the universe, not injuring a path to a common day that destroys China and the US?

More recognising, there is something immensely reassuring about a nearly 5,000-year-old poem that speaks to our lives.

There is something immensely reassuring about a nearly 5,000-year-old poem that speaks to our lives.

lives. Some learned that the age of uncertainty depicted in The Odyssey echoes our own age of anxiety at some of mass migration, Chinese change and war. Nolan somewhat churnily enunciates and blushing in his dialogue, with character responsibly referring to manned "up, two people". There was no need. The story is a timeless reminder of the continuity of the past yet also, as Wilson says, how different is to know.

To enhance the Roman poet Horace's profile off on Bronze and the idea that even the greats stranded "even Nolan ends". His final sense allowing the hero literally could all turn his austerity over led. Horace's Odyssey, by contrast, ends is blushingly blasantly, but we should not argue with the two offers. It is already a $10m film. It includes extraordinary cinema. The choreographer inside the wooden bench, the Aghlevese anger of Clive, it has to be something of a trinity one of France, and an implicit tribute to one of the greatest poems of all time. We should celebrate.

Opinion Data Points

Pandemic lockdowns never ended for some people

John Burr-Murdoch

On an average day, one in 10 young adults now has zero in-person interactions

5 of 10, 21- to 29-year-olds spending no time with other people during a full day? (Note your ruling average)

Total of the available 10 working days. Not available either on 10-24 days (less than 5-year-old person, least smaller adults in the 1 million US) = Europe, Australia Time, the Survey.

Only occasionally in my work did I come across a statistic as astonishing that it stops me in my studio. Rather like work was one of those times.

While exploring data from the American Time (on Survey, which draws on detailed diaries to track how and with whom people spend every minute of a randomly selected day, I came across the following on an average day in 2015, one in 10 young Americans aged between 19 and 24 did not spend a single minute interacting here to face with another person.

Much has been written about the decline in socializing among young people over recent years, but these analyses - including my own - have tended to focus on societal average. Doing so misses a critical part of this story: whether we're talking about the long shadow of pandemic lockdowns, the increasingly enthralling digital environment or untruthfully audited pressure, anti-socializing factors have had radically different effects on different young people.

Many teens and young adults have lived that are just as socially individuals as they were a decade ago while others have become completely sad. All. The most socially connected quarter of young people need to spend 10-yr time of their day with other people, whether family, friends, or workers or others. During the pandemic that slipped to 78 per cent, but it has rebounded to 65 per cent. The most isolated segment used to still spend roughly a third of their day around 2,000 people has now collapsed to essentially zero.

Data from the US points a similar picture of what we might need to start calling, socializing, inequality. An upcoming report by the Institute for Public Policy Research finds that while the average young person has roughly five close friends - the same figure as in 2015, the portion with not a single close friend has shot up from one in Africa 2010 (more in 30 million).

The decline of socializing in modern society has been a small process, but there is a strong correlation in the multi-posed up after the pandemic. Lockdowns, social distancing and the shift from in-person to online education and work made more people's days radically less socialize a year or so. Where people lived with friends or partners, or had strong

The most socially active have rebounded; the least have become completely isolated

5 of the average day (over 4,000 other people that is most socially active (25.2) - to 29-year-olds)

social networks before race were temporarily severed, the effect was smaller and the rebound has been fairly robust.

But people whom lives became particularly unlikely during the pandemic, or who had previously relied more on circumstantial relationship than deep heads, have not lived a lasting lot.

The most socially affected group is young adults neither in work nor education. In western Europe, the share of this group that met up with friends or family have been the month stood at 7 per cent before the pandemic, but over to 14 per cent in 2015 and has remained derrued.

The figures point to a corrective coincidence of slow and fast social shifts. From the rise of events working to self-choosing and the displacement of bricks and market shopping for experiences, technology has steadily eroded the number of incidental interpersonal encounters that would typically offer even the most reserved person's freedom amount of human contact.

At the same time, the proliferation of hyper-engaging all-year use on digital media has made solitary leisure time the default, while in-person socializing becomes relatively more effective - especially for those of a more anxious or sitting social nature. While labour saving mechanical innovations lived up more time for socializing, digital innovations have often had the opposite effect.

And to these slow anti-socializing background shifts the pandemic era have led to distorted and more risk-related solitude for many young people, and young-ones of long-engagedness even and damaging-spirits from from which they are struggling to escape.

Socialism are hugely important for people and inequity, and the increasing occurrence of social and economic isolation makes the problem of rising youth worldlessness harder to address.

In fact, so much has downstream of social connectedness that one could argue with-ending growing poverty in the future. The most socialized is a financial equivalent. These shifts may not have happened by a single, but mitigating their impact must be a priority for paid-rymakers and the rest of us alike.

jobs.lucy-murdoch@ft.com

Letters

How China's land grab of Europe's carmaking mirror the 1980s

With reference to your article on European carmakers and Chinese rivals: "European carmakers forced into tie-ups with Chinese rivals to keep plants running", Report, FT Weekend, August 6c, Prague working in the Chinese auto industry in the 1980s. What is nothing from your article in some of aspects that mirror the entry of foreign auto companies into China at that time.

This includes trading direct investment for market access, and

having to accept pressure to move beyond the assembly of imported fats in order to achieve a high degree of localization of components.

Today, such as the Chinese del/tech lines, the EU offers land, underutilized buildings and a workforce, while China offers capital investment, new electric vehicle, and battery technology plus design and enhanced features that appeal to the consumer. This is all the familiar.

The EU would like to see technology

transfer, but the Chinese firms will probably keep much of their intellectual property rights and R&D back in China.

The EU would prefer Chinese companies to have joint ventures with local carmakers and car parts-makers to overdate local industry, to your article points out, the Chinese leader in this field, ETS, will have none of that, during that and a partnership also down decision making.

Foreign firms in China had to live

with the 30,000 equity rule for decades. Today, Chinese companies have the leverage to avoid that in the EU.

While we may debate how this happened - was it due to Chinese government subsidies, Chinese innovation or both - the fact is that, in the specific instance, China has turned the ability to use History classes on.

Paul G Offrodt Author of The China不能再, at The Front Line of Economic Transformation London 2022, UK

The principle underpinning Berlin's Sunday closing

Robert Nisch (Littera, August 6) answered Anne Schram (Treasury on the principle behind Germany's rule on Sunday over) "Investing Berlin's Sunday blues", Life Is Arts, August 11. There is also a practical answer, and it is that her account of immigrants is gloomy than the reality.

Nobody is forbidden from vacationing or practicing the transport on a Sunday. What the rules contain is some that make into someone else's home - angle genders, lawnmowers, reservations.

The principle is that one person's freedom ends where a neighbour's begins, which is hardly more, downregards is that also applied to a person (left, not a person).

Chasman's real quarrel is not with Sunday but with her history, increasing restrictions on day and hours the other do almost entirely unregulated - in Berlin, as in about half the federal states, shops near, including open at any local level, making it a Saturday.

I have made the more in the opposite direction, from Germany to Dublin, and it is here that errands require planning the collide and the customer close it half past fire, which is no one to anyone who comments.

I think they may operate on Sundays. It has never once helped me get a heel required.

The article also seems bristly past its own evidence. The 2023 French study it cites noted the gains needed because Sunday spending is displaced rather than a year's return. The result of a seventh day during a skilled labour shortage is a curious prescription for an economy short of workers.

The feature ends by claiming economies miss the boost a bustling high street price on US's atmosphere. But again is an atmosphere that starts in the water one. Waking in a capital city to finish rather than traffic is not a deprivation.

The Korkman is not silent on Sundays. It is simply not selling anything.

Korkman (Getty) Dublin, Ireland

Journalists' job is to make sense of our 'loving decade'

Level James Gamble argument that we are living through a "loving decade" ("The exciting loving decade")

Options, Life Is Arts, FT Weekend, August 6C and wondered whether he and I were looking at the same world. It seems to me we are living through seismic transitions on several fronts of one - and that the same thing simultaneously of these changes make this an unusually unconquered moment.

Most urgently, the climate. The past 12 years have been the hottest on recent. We are already around 1.8L above pre-industrial levels and heading

With one should Wild Jokers created a theater in his garden in Cambria

higher. This is not an abstract environmental crisis (how and ecosystems are already being destroyed, while the land and oceans that notice so are becoming increasingly hostile to life.

Then there is 4L 90t are beginning to automate not just physical labour but appear to offought, creativity and communication.

The implications for economies, history and human agency are hard to overstate, but too is the environmental cost of building and growing these systems.

Inequally is rising. In the US, economic growth is increasingly directed from shared prosperity, while the development of a new business has been hands the politics are becoming more unlikely example for increasingly powerless to respond.

And then there is one. The already fragile incubation we built to prevent conflict are buckling. We have created a modern eligible of working each other almost instantaneously, yet seem increasingly incapable of managing the conditions that make their use more likely.

Perhaps the problem is not that there is no little share for artists. Perhaps there is simply too insatiable. Chinese and each of change may be making it harder, rather than easier, to pursue what is happening and turn it into art. It is hard to make sense of a world changing this quickly. The problems are so large and inter-concurrent that individual agency can feel almost absent.

We are not what is happening without knowing what, as individuals, we can possibly do about it.

Maybe that makes creativity harder. But it hardly makes this a boring time. This is where journalists cannot be helping to understand - and imagine - a little career next.

So please don't tell us this is loving. Still so what we should do about it.

Dana Morsdahl Director @SIR Europe, global affairs Etoid-Andt, Brussels, Belgium

When homes were 'units' and people were 'overgill'

Andy Haldane's up of "Time to solve Britain's housing crisis", Options, August 6: hurts back to the 'success of the period 1950-1970 when the UK built over 250,000 homes per year. He fails to mention that this was the era when policymakers ordered to homes as 'units' and people as 'overgill'. The result was obtained a hearing like Hugh Heights, Crooks Heights and Camdeney Heights ("The Pigeons") in Liverpool and Red Road Park in Glasgow, both now demolished, ultimately at huge cost to the banquets.

Haldane writes about 'insoluble housebuilding' as a solution "where the main structures of a building are constructed off the former being unmet, we are not sure."

In this the same as the system built in using of the 1960s and early 1970s that produced hours Point in our London and the Cressman at Hallow in Manchester, both of which were a disaster and neither of which survived a great deal.

After that this is nothing like "the water can be 10L model".

Richard Mayson Ashwell, Berkshire, UK

Cokridge-Taylor and the Performing Right Society

Richard Cressman asks what became of Samuel Cokridge-Taylor's most celebrated a biennisseur ("Finally, we can hear Samuel Cokridge-Taylor's 'The Song of Himselfs' performed in 1970, 'I know, I'd give it. The question his article does not raise is what became of Cokridge-Taylor Samuel.

He said Himselfs' Welding-Punt outright, before in 1970 pervasive, he 12 guinea. It will hundreds of thousands of anglers and filled the Royal Albert Hall. He was a year from 1924 to 1939 - 800 anglers, 200 down to a minimum 40,000 out of a 1st class records. He received nothing from any of it and died in 1952, aged 37, short of money all his working life.

Your readers will share the shape of the future of the world, as the moment of sale, by parties who cannot know what's will scare, the whole subsequent return accrues to the future.

What is unusual is the sequel. Cokridge-Taylor's new new, prolonged summer family, Haldane's beautiful the Performing Right Society, to secure composers and women from performance and not merely from the sale of paper. The Performing Right Society was founded in 1914.

Cokridge-Taylor died in 1912. The first time he was a young woman in the Edinburgh Festival on August 19, it is the right retreat. It is worth knowing, while listening, that the reason his successes are good for their music is that he was not.

Cumbria theatre hosted Britons and Nonstoppock

In his piece on the Schubertlade in the Austrian mountains (Music, Life Is Arts, August 6c, John Rinderidge invites us to "bangers London. Wigmore Hall transplanted to one of the lower-known corners of the Lake District".

"Wild" (later Sir Nicholas) Jokers, a Hungarian refugee and noble manufacturer, did exactly that in 1949, when he converted a horse in his garden into a 200-seat auditorium, with red silk lined walls.

Rundell Pfaffman, in Honolulu, Cambria, just outside the western border of the National Park, attacked crossword, international musicians - Monoline, Britons, Nonstoppock, preachered. He made many times celebrated soloists and monoliths in the 1960s and '70s, mainly through 1960's connections in the arts world - and greatly to the benefit of those of us who lived there at the time.

Paul Sackler London, NL 1M

Welding's on the wall

I thoroughly enjoyed Thomas Hale's article about Brian Landers' restoration project in Xinhua, in China's reestablishment from previous (House & Home, August 6).

However, I were the caption on one of the photos made. "Landers has welcomed foreign guests, encouraging cultural exchange for stands by a wall displaying next from Chinese author 'The Greatest Song Of the Xinhua to Christ, England'.

In fact, the city seemed on the wall in Chinese text (1885-1900 from the right) and Cambridge, not Oxford.

ML Le

Wallingford, Oxfordshire, UK

A good beach presence

Robert Armstrong made it again 1969, Life Is Arts, August 11, combining a house on how to be seen at the beach, and a very descriptive art the reality of the dark canals built in Europe.

From Westhampton to Hilton Head (Alanford to 1914) in Honolulu to Itagapauo, and beyond, my observation on in how with your ever-dead columnist.

Yes, the very rules be more I would be aware. I agree on a good beach presence-sponsor up almost any beach in the land.

Jim Bridges

New York, NY, US

Correction

■ First-ground speed on cat meals in the US will from 4.3 Tbn in 2022 to an estimated 2.6,000 total year, rather than from 2.2,700 to 4.6 million; as incorrectly stated in an article in last week's 10 House & Home section.

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Opinion

Heatwaves expose the great human gift for ignoring catastrophe

Baking in the Mediterranean on holiday these past two weeks, I have felt need by the forces beyond our control. Our ancient ancestors would have been proving to their gods for respite from the heatwaves having water to crops, the wildfires sweeping along their coasts. We modern humans are more specks on a changing planet, but we can't ask the heavens for help to return to the this ourselves.

Yet even now, when weather records are being broken, when climate change is dramatically born, not in the history, we want it soon. We might go about our carbon people from snapping up the last air-conditioning

unit, booking another flight, seeking solace in the palatela fallacy of recycling things we maybe didn't need at all.

It's not that we don't care. Multiple studies across the world find the majority of people now take climate change very seriously. Yet the scale of the thing can move as a spoiler, too usually to settle for in many countries, according to psychologists, especially those whose people are directly witnessing the impact. This is an entirely rational response. But it can also be crippling.

Now do we shake ourselves into action? Blessling "Star" doesn't work. The board from experience that demonstrates the people either to turn away or become overwhelmed by the scale of the problem.

Take University researchers tested the effect of three different kinds of climate messages in 25 countries. Talking about the impact on the next generation, creating the problem as "the polluter should pay", or describing climate progress all resonated, at least with

some. But the overall message effects were "small".

Climate change is no longer an information problem; it's a collective action one. While most of us care, we may also think why should it make sacrifices - forgo that trip abroad, install that incredibly expensive boat pump, outside - if no one else will?

All government research found that 75 per cent of Britons agree we can make changes that would help reduce climate change, but 35 per cent feel it is not worth it unless others do the same. These results should shape public policy.

Humans can make collective sacrifices in a crisis. We mobilized against Nazi Germany and Covid-19. The first international environmental treaty, the 1967 Montreal Protocol, phased out the chlam753 executions that were during the same layer.

The climate emergency is obviously of a different order of complexity in the CPC challenge, which involved a small number of producers, with

substitute products available. But while the COP conferences on climate change have become needifying lobby him, progress has been made by tenacious souls. Business ingenuity has debond over more efficient renewables, as well as breakthroughs in battery storage, even the young administration has not detailed all

While most of us care, we may also think: why should I make sacrifices if no one else will?

progress. The cost of clean energy is plummeting.

Research also suggests we may all be underestimating, such other's willing man to act. A 2012 study, published in Nature, found that more than two-thirds of Americans suggested some major climate policies but thought that fewer than half of their fellow citizens

would agree. A number of researchers suggest we are being held back by "ple-catents 'generous'" about how others join, because we become less willing to discuss climate change when we think, incorrectly, that we are in a minority. Correcting that uniproception makes people more prepared to talk about it and potentially to take action.

If no, it may be easier than we think to persuade more of acts across some simple things: whether that's switching of appliances at times when the gold much help, insulating the lid, or eating low meat and dairy. We can change the social norm so these things ourselves without state intervention.

Voters can feel sceptical about all the competing claims. Carbon effects can be fraudulent. Politicians don't science heritage rules that block environmental fuses improvements, but they urge us to buy expensive electric cars. And tribal politics is not difficult.

Today I was an editor of the Green Party 50-year ago, we were a branch of concurrent people who wrote energy

efficiency proposals on recycled paper. Then the greens fell into an anti-nuclear alternative which, in Germany, prolonged a disastrous reliance on coal. Now, it is rearing into hard-hit propellers, with hard "progressive activism" that annoy many voters, accounting to more in common and Climate Outreach. What we need from politicians to progressive, not disobeying, and some party collaboration, not point-scoring.

Climate change is the great levelles. Would I can't protect us from it. Certainly, the rich can remain more comfortable than the poor, especially those trying to scratch a living from potential side. But we think, we have more children, are all faded. This work, across the east, people would is packs and on cards to watch the eclipse together. We all know this do is changing. We need to stop waiting for someone else to break the spell and start to do the things we know we should.

camilla.meredith@ft.com

Crime boss suspect tried to mix legitimate business with allegedly running a murderous empire: writes Mike Johnson

A decade ago, when Daniel Kinahan, the Irishman accused by multiple ways, over governments of coming out of the world's biggest cocaine curtish, became embroiled in a bloody gang war. It appears he invested on two trunks contract kitting and public relations.

While the crime family he is allegedly command hired foreign hitmen to assassinate rivals on the event of Dukha, a film crew was hired to shoot a mine-borne dramatizing the feud in a flattering light to Kinahan. He would later use London deliamation lawyers to threaten reporters who wrote about his activities.

This month, as Kinahan sat inside a Dubai prison facing extradition in the homeland, the 69-year-old he is one of Ireland's leading criminal drunken made a shau attempt to control the public sanitation. "I believe I haven't been an angel in my life and I don't think anyone's been an angel," he said in a black Dukha account down the phone he's friendly podcaster. "I don't want to play like I'm a savory ... but yeah I believe that is a way I'm a scapegoat."

Last Sunday, Kinahan - who has not lived full time in Ireland for 22 years - was flown under maximum security conditions from the USA to the change of "directing the activities of a criminal organization" between 2011 and 2017. It was the culmination of a multi country, multi-year operation.

While the outcome of the forthcoming trial remains uncertain, it was the tension between Kinahan's desire to be seen as a legitimate businessman, boxing promoter and advisor to Middle Eastern royalty while allegedly running a murderous crew. Under crime empire worth hundreds of millions that helped bring about the regime.

The central criminals who run organized crime groups should show one golden rule - one can't go around donating people and not get police attention," Michael O'Sullivan, a former assistant Gaela commissioner who had pursued the Kinahan crime family since the 1960s in Dublin, told the FT in 2022.

"The smart move is to keep a low profile ... Some criminals, the power goes to their head. And the coke sometimes goes to their head too."

Refitting the Instagram influence: world of India bling that he embraced, flight-tracking the Pilgrimage24 said the Bousan's Falcon 4X that five him back to Ireland was the most followed flight strike world that day.

On Monday, the man whom the US Treasury has accused of controlling "a murderous organization involved in the inter-country training of the United Kingdom" that was "a threat to the entire link economy" spent his first fall day in Portleone Prison, ahead of appearing again before the court in London.

Kinahan was born in Dublin in 1975. He added one of Daire's first sons, a mid-life child, was born in Surrey under a patriarch of the Kinahan family who spent much of the 1990s building high-level criminal connections as an expatriate in humanities.

Having lived apart from his father as a

Person in the News | Daniel Kinahan

Ireland's most wanted man faces day in court

couth, Daniel said his younger brother Christopher Joe have left under his influence and came of age as Joseph's drugs market we are undergoing a general mind boom, being disposable income-amounted with ample supply from Latin America and important global logistics opened new opportunities for European criminal entrepreneurs.

The Kinahan crime group came to the attention of international law enforcement by the late 2000s, while a 2009 US diplomatic cable describing Daniel Kinahan as "an Irish businessman involved in some trafficking through our foreign." And it was a 1974 assassination attempt in Dublin that set in motion the events that would make the gang internationally tominate.

Kinahan had by then began working as a small-scale boxing promoter. The attempt on his life by a rival Dublin crime dynasty took place during a weigh in at the Regency Hotel in Dublin. He survived, but the gang war that he loved claimed 18 lives and made him

one of Ireland's most famous people. Kinahan fled foreign for Dukha, where a group of multinational crime men had set up shop, attracted by luxury hotels, been anti-money laundering rules and the absence of extradition income with many US countries. He allegedly went on to form an alliance with crime bosses

[There is] one golden rule - you can't go around shooting people and not get police attention!

connected to Italy's Canavese mafia and Latin American curtish who, according to Escapati, at one point controlled a third of Europe's cocaine market. By 2019, Kinahan had emerged as a major player in international boxing, acting as advisor to former world champion Tyson Fury. The same year, he was named a sports management advisor to

a company founded by a member of the Bahamas' end family.

But by 2022, Kinahan's efforts to juggle high-profile business shuts and alleged organized criminal activity were brought to a sudden halt which is ineffective imposed economic sanctions on less, his father and his brother. In April, he was arrested at the request of the Irish authorities.

He will now face a non jury Special Criminal Court in Dublin in what is likely to be one of the most watched riots in modern Irish history. Kinahan he claimed the trial cannot be fair and called a "coincir," but after months in an Entertainment, an eight-hour flight, and being shipped to court in a buffer proof and handspread van, he appeared to have kept his sense of human.

Standing with his family charged in front of him as the charges were read out on Sunday, he told the court, "I think we all know I won't be getting bad."

mike.johnson@ft.com

Unhappy voters are suffering from 'Baumol's disease'

Chrystia Freeland

In Tishery famously observed that happy families are all alike, while unhappy families are unique in their unhappy lives. In 2022, among the world's liberal democracies, the opposite is true from Tyson Fury, London: Patrick Washington, the world's democracies are alike in their unhappiness.

Whether the crop of state is being pitted by the conservative leaders of Japan and Germany, the central leader of France or the centre-left leader of the US, democratic governments seem not ally unable to satisfy their voters. And changing issues, or even the political party in charge, does not appear to make the underlying angle.

There are many competing explanations for this malaise: the community bonds that once held an together have been played by social media or immigration or both, persistently shows growth means a smaller pie to share; an aging population makes our societies growth for and more expensive to maintain; authoritarian from helping to Moscow and the marketing to into doubling our own democracies.

But there is one complaint whose drunkenness is consistent and powerful across each of the democratic world's unhappy families - regular people feel they are paying more than ever in taxes when they are in the same way as the voters are getting worse.

We shouldn't be surprised that this makes voters mad. Since the invention of the modern welfare state, effective delivery of government services has been central to the democratic social economy. We pay our taxes and is exchange our children on educated and our illnesses on treated. That's not all that governments do, but it is a lot of it (1917) countries spend an average of about 14 per cent of GDP on healthcare and education. And the two account for the poorest quarter of all government spending.

Yet more and more people feel they aren't getting their money's worth. Responding to that justified dissatisfaction is a central challenge in every democracy. The answer needs to start with recognition that part of the dilemma is entirely structural - and it seems we can't really symbolise it all.

We are all grappling with Baumol's disease, a phenomenon identified by economist William Baumol in his 1960s and sometimes known as Baumol's conditions. The government doesn't disguise in important, because it had nothing to do with the cost of all debates about why public services seem to cost more every year.

Baumol's assignment was to determine why he provenperphed about performance in treated health in India. He found that the song wasn't that the

musicians were getting worse - it was that the cost of the economy was getting better. It took four months into one hour of work to perform a 6-habert string quarter, exactly the same as it always had done. His four hours of human labour would produce roughly a hundred times as much wheat as 8,000 in the pre-industrial era. For manufactured goods, the multiple saving greater.

The same insight applies to taking a two-year-old on a walk in the park, or supposedly to take a two-gene birth, to each. Baumol's disease poses a hearty challenge to the most suffered democracies because so much of what governments do is more like playing the roster than manufacturing scar.

It's a common argument that governments simply need to get better at healthcare and education - that the public sector needs to figure out how to become more productive just as 7-shirt makers and computer manufacturers have done. And there's some truth to that: red tape and a soft budget constraint make many public services more costly than they need to be, something the AI revolution may help it.

Yet it would be a mistake to ignore the structural power of Baumol's observations. Some jobs done by in-person humans could be performed by robots - I would be delighted to live in a self-choosing home. But we surely don't want robots to grab our toddlers on string in the playground or squeeze our hands between contractions in childbirth.

One way to adapt would be to levy

Regular people feel they are paying more than ever in taxes while public services are getting worse

higher taxes on the sectors that can become more productive. Thus, of course, brings its own political challenges you can already see them in the heaving battle getting "malawi" against "talents." This struggle makes a global tax deal, while the CEO's came in close to implementing during the Shiloh administration, above the initial than ever. Without one, the most productive players of any democracy can threaten to simply pick up sticks and move to lower-tar groups' lives.

The politics of dealing with Baumol's disease are truly flexible. But there is a silver lining. If we can figure out how to share, Baumol's disease suggests we could have happy outcomes in the age of 44. All of the things that do not need a frequent human touch could be produced in an ever lower case - not just wheat and 7-shirts and TVs, but rather coffee paper shuffling, and then could fear as to spend more of our collective time doing the things only a human being can do well - teaching a child to read, washing a go under other's hair, and, yes, playing a string quarter.

The writer is the former deputy prime minister of Canada

Top reads at FT.com/opinion

• Does Afrika have to be people? What news are you enforcing population expansion could be just what the courtroom needs, writes David Pilling

• British allies are growing too hot for earth. Negotiating bird-nests are emptying battles. How does, writes Lin Lansdorp

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FT BIG READ. TOURISM

Content creators offer a way to reach large audiences of young consumers, but their critics say they deliver poor returns on investment for tour operators and often ruin the places they promote. By Stephanie Stacey

Espedia has worked with thousands of social media influencers, but a decision to partner with Darren Jason features yet off a frisson of nervousness at the travel portal.

Wattime, known to his 50mm followers on each of YouTube and Twitch as ElbowSpeed, specializes in livestreaming. His subscribers view everything from real-time travelogues to video gaming marathons. Sometimes, they even watch him sleep.

"When you do anything five times's stuff you can't control ... people tend to shy away from it," acknowledges chief communicatives officer Lasri Mettone. But the company's leadership ultimately judged that missing out on a chance to reach younger audiences, via one of the most cracked people in the world, was an even greater risk. "You can't age yourself too," Mettone says.

The first event was a 12-hour livestream in April that followed the 25-year-old as he took in five different countries in the Caribbean. It was emblematic of a broader adult away from the political point and "beautiful photos of nature" that have long dominated tourism marketing, says Kayla Gil-Scott, founder of influencer marketing agency Igussa Growth Studies.

Companies ranging from digital travel agencies to the group which link to heavy Claridge's hotel are diverting more dollars into social media. Expedia, Booking Holdings and Airbnb collectively spent more than $100m on marketing in 2015, with influencer spending a small but growing segment of that outlay.

Marathons, a research group, estimates that US travel companies spent around $1.5bn on social media advertising in 2015 and Newcastle that it will reach $2bn for 2027.

As media is optically the rise of AI, travel and tourism groups have to decide whether such increasingly expensive campaigns are the way to make their mark — and produce a lasting financial return on investment — or just lead to a short-term sugar rush of clicks and likes, sometimes to the dominant of the place they are promoting.

Travel companies and tourism boards have good reason to focus on younger audiences. The latest card-spending data from Bank of America showed Gen Z travel spending outpacing that of all other generations in the US.

Such consumers look to social media for inspiration. A survey last year by travel aggregator Mycanner found that 39 per cent of travellers between 18 and 29 used foreign as a starting point for planning holidays, while 54 per cent watched travel videos on YouTube.

But approaches to capturing those cothable foreign. Adult-only union line Virgin Vergajo went for volume, hosting more than 1,000 influencers on an incho-only "Curator Young" in partnership with TikTok in April. It says the three-night round trip from Miami to the Bahamas generated more than 20,000 pieces of content and netted more than 1,000 copies.

Similarly, Mettone says Expedia is continuing to invest in "hundreds" of smaller influencers alongside its maquer deal with ElbowSpeed. "We're expanding globally," she says, adding that "if we're going after Japan, [we won] people who commit to Japan and people from Japan — not just a bunch of American going to Japan."

Others have chosen to be more selective. "We have real distance about whether we'll bring this or that person to an event," says David Reifi, chief executive of the future hospitality company. Reifs said, which operates the Villa San

The travel influencer effect

For the younger community in particular, that's how they make their travel decisions

Michele hotel in Florence and the 'extra-ใหญ่的小学向来到的人.' He and is everything, so we're very picky."

Manchester, the owner of Claridge's, is "mandated" with social media content creators offering their services in exchange for free accommodation, says chief executive Marc Sochev. Filtering through that barings is official, he adds, because "for the younger community in particular, that's how they make their travel decisions". But he warns that "if you invite them in, they're going to be representing your brand afterwards".

Milly Coulheim, a social media manager for the constellation travel agency First Choice, says companies like here are increasingly pursuing longer-term partnerships with niche creators and micro-influencers — typically defined as accounts with fewer than 100,000 followers. That can offer access to more targeted audiences and fewer prices.

Influencers are forcing the shift. Gathy Beckfield, a full-time commentator since 2020, says travel brands used to place "a 'huge' emphasis on follower travel" that now need to prioritize engagement and creativity.

Her first paid deal as a content creator in 2018 was $30 to include an image of a packing cube travel organizer in a blog post, but she says most brands now want unique videos and "more storytelling" rather than one off-shots.

How influencing works

Destination marketers partner with people like Beckfield is an attempt to say one can maintain 100% for paid translators circulated popularity among a certain audience group. Vick Finland, for example, is seeking to enforce with content creators to target teachers such as China, Japan and Australia, where "there's a lot of people who don't know anything about Finland," according to senior director Neil Jimenez.

Choose Chicago to like your focusing on "economy influencers" and budget travel content creators in cities such as Detroit and Kansas City, which are less than a day's drive from a home.

"We have the main role in the type of travellers that we connect with," says that}bunching officer Lisa Tucci.

But while a trial and media post can quickly boost a business or a region, it can also strain resources. Residents of smaller trends islands should have been being hyped as the new business, while in north-eastern Italy locals have pro-

tested against a surge of tourists rushing to take photograph or viewpoints that have been popularized online.

Authorities in the municipality of Fumervald (N9) they would install barriers to restrict vehicle access to the popular Santa Madalaska church over the peak summer season, while in June, Antoine Arnaud, mayor of the French Alpine city of Annecy, encouraged local influencers to promote alternative local destinations rather than Lake Annecy, which had become packed with tourists thanks to part to Instagram.

"The problem with Instagram is that it only has a nonsmoking life interview in a few places," says Glenn Fogli, chief executive of Booking Holdings, which also owns Agoda and Priceline. "People start putting pictures of themselves in these places and it looks so pretty," he says. "These everyone wants to go there, you and ag with over-attractions, and then the place isn't acutely!"

But often argue that social media can help disperse travellers and counter-instructors. Travellers are "discovering what were secondary and third-faceties and making them very popular," says Dimitris Murskis, president of Europe, Middle East and Africa for Wyndham Stocks & Resorts. "That has shaped the group's overall growth strategy in Europe, where it is investing in 'smaller boutiques' books' outside traditional holiday hotspots. Murskis specializes in the rise of AI will accelerate the travel acronyms 'will go on (data)' and say 'Give me a few hoxy island.'"

Visitors take photos of the Sagrada Familia in Barcelona, Spain and below, the Madonna di San Luca sanctuary in Bologna, Italy. While a viral social media post can quickly boost a business or a region, it can also strain resources.

© 2020 FOG Press

The problem with Instagram is kickshop focusing the interests in a few places

There is evidence of this appetite already; more than a third of respondents in Massauers's 2015 survey said they would "actively seek out quieter destinations".

Measuring influencer impact

Marketing executives are under pressure to prove that the rising cost of influencer campaign translates into measurable commercial returns.

But assessing the outcome of any investment can be tricky, particularly for tourism boards that do not sell anything directly to those.

"We are promoting Finland and trying to show what we have on offer but we don't know if this person ever comes to Finland," says Jimenez at Vick Finland.

Beckfield, who has worked with brands including United Airlines, Expedia, Inception Travel and Mercanture, defends the rising costs of influencer marketing, arguing that many brands have historically underestimated the costs of creating social media posts. A video-lasting fewer than 50 seconds can take on hours of processing and editing, also explains.

Her pickete ever content deal to date was more than $100,000. Since going full-time as a travel influencer, Beckfield does not typically post anything for less than $12,000 but does allow herself to accept one unpaid trip each quarter if she's "particularly excited" about a new destination.

Some companies use "affiliate links" that track how many bookings directly arise from an individual influencer. Beckfield says these unique URLs — which often give influencers a cut or a flat for for safer made using them — have become "more of an expectation" as both marketing teams and content creators like herself face pressure to prove their worth.

Beckfield declined to reveal how much the make per year, but in general influencer earnings very dramatically depending on the size and profile of their audience.

A survey by CreativeIQ, published in January, found that the average social media content creator earned around $44,000 a year in 2015, with just 12 per cent making more than $100,000.

Mettone declines to break down how much of Expedia's $7.4bn marketing spend last year — up from $6.4bn the year before — went towards social media, or to overall the value of its partnership with ElbowSpeed.

She says its goal is "more cultural relevancy than anything about seeing if the communists will work." The company saw a surge in search demand for the island destinations featured in his first livestream but Mettone insists the priority is to create a "hub effect" that leads ElbowSpeed's turn to think positively about Expedia.

Kirud Booking Holdings says it increased its social media marketing spending by 12 per cent in 2020 as it urged growth in the US and Asia.

For all that investment, the best social media promotions may shift to the ones that travel groups do not pay for, according to Marc Sochev, president for Europe, Africa and the Middle East at hotel group Hyatt.

Investing in distinct and photogenic spaces within their properties, such as communal dining area and remote deltoes, can offer built-in marketing backdrops that turn ordinary guests into unpaid promoters on Instagram.

In an indication of how much social media has transformed the business — whether for good or ill — he adds that every such client could be "worth a million-dollar campaign".

Obituary Leader who laid foundation for economic superpower

Zhu Rongji Referencing Chinese grammar 9126-2026

Zhu Rongji, who has died aged 97, was one of the most conceptual Chinese leaders after the Communist revolution in 1949. Alongside Jung Jiwam, the president he served, he engineered China's accession to the World Trade Organization in 2005, and had the foundation for the country's emergence as an economic superpower.

Zhu served as printer of China from 1999 to 2005, a post that gave him overall responsibility for the economy. He was also a member of the Politburo Standing Committee, the council of Chinese Communist Party power, from 1992 to 2005.

He had the kind of personal charisma rarely seen at the grounds of Chinese power, where colourless rhetoric and vague pronouncements are de rigueur. Many Chinese who lived through the years when "Bom Zhu" said that power could gain his noncepticity uphement.

At his inaugural news conference as promoter in 1998, he declared his munitions for reform in words that many officials — and eventual drivers in small interest cities — had seen learnt verbatim. "No matter what lies ahead, a munitions of an alone, I will have no hesitations and will blaze my trail,

devoting myself entirely to my people and my country until the last day of my life," he said.

Blam, inpatient and clinic-constit, he had led against corruption. He made no apology for his flashes of public anger.

"Yes, I long tables and glare at people. If I can't glare, I might as well be a vegetable," he told a press conference. "I want to intimidate corrupt officials."

His stewardship of economic reform began in 1993 when he was appointed vice-prenitor and governor of the central bank.

"All the nuts and bolts of the so-called market economy, those reforms were done at that time in the mid-1990s," said Tao Wang, chief Chinese minister at CBS Investment Bank.

China's accession to the WTO in 2005 resulted in the exponential growth of Chinese global trade. In 2005, China's total trade with the world accounted for $10.9bn. By the end of 2025, it stood at $6.3bn.

But the path to WTO membership was by no means smooth. A crucial precursor to China's entry was several years of bruising reforms to a vast, often inefficient but politically powerful state-owned enterprise sector. Zhu

pushed local governments to close or privatize underperforming state companies, while also overseeing the merging of larger corporations to consolidate their strength.

This path is known as "jump the large, intense the small," came at a heavy rate, the number of people employed by state-owned enterprises fell from 7768 in 1999 to 6260 in the end of 2004. This in 2005, according to a paper by Andrew Bates, environmental.

Zhu also paid a heavy political price in the way in which WTO negotiations unfolded. After US president Bill Clinton leaked the terms of 28 to 1999 proposal, officials in Beijing complained that he had offered too many concessions. Zhu had no option but to perform a Maoist "self-criticism" in front of his colleagues to show his coercition. Chinese official sources have said.

Zhu ran here in Chengdu in a Boston province on October 27, 1928. He pushed down the prestigious Yanghua University, where he studied a formal engineering, and secured a central job in the State Planning Commission straight after graduation.

But the career was derided during the chaotic years of Mao Zedong's rule, and

Zhu engineered China's accession to the WTO and legal corruption

He made no apology for his flashes of public anger. "If I can't glare, I might as well be a vegetable," he said

he had to endorse two separate spells of "re-education" working alongside practical farmers in the countryside during the Cultural Revolution (1960-70).

He bounced back and by the late 1960s he was mayor of Shanghai.

When pre-denoscracy protests swept China in 1989, Shanghai stood out for its relatively relevant states. That was Zhu and Hei-hwa, Jiang Ji-ruhu, leader within the system that assisted in their elevation in the national government.

Among other initiatives he undertook in Shanghai, he promoted a plan for the development of what was then a strip of largely 50¢ and themselves back on the surface of the Yuangpa river into what is today "facing, the city's business and financial centre."

Despite his cosmopolitanism, Zhu was an "united nationalist" who "flatly rejected" the relevance of liberal democracy to China, say American historians of old school and John Emory in their book Health and Peace.

"So had been here before," Sheutinoi in 1949, and his worldview had been forged on the context and anvil of victimisation and humiliation.

James Krupp, Joe Lushy and Edward White

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'Dirt cheap' Japan policymakers battle to boost yen with currency undervalued on metrics such as the Katsu Curry index PAGE 15

Companies & Markets

B: Los backed investor strikes deal for stake in Liverpool FC

● Third of club to be bought ● Valuation above $7bn ● Sports assets in demand

Liverpool defender Virgil van Dijk, front, in action in an FA Cup match against Wolverhampton Wanderers in March. Below, Jeff Bezos

SAMPLE NOW — LONDON JAMES FORTMILL & RYAN — NEW YORK

A Jeff Bezos-backed consortium has agreed to buy about a third of Liverpool Football Club in a deal that values the team at more than $7bn, underscoring the strength of demand for title sports assets among the world's richest people.

John Henry's Preway Sports Group, the majority owner of Liverpool, said yesterday that it had agreed to sell part of its shareholding to 1893 Holdings, an investor group led by Amit Bhatia, the son to line of steel tycoon and billionaire Lakshmi Mitzi.

1893, a reference to the year Liverpool was founded, it backed by 10 பில்லி/sports fund, in which Bezos is the lead investor, and the family office of Elaine and Eduardo Suwata, who co-founded Facebook. The consortium is buying more than 50 per cent of the club, said people still knowledge of the market.

"We are making this investment because we believe deeply in Liverpool and its leadership, and we look forward to supporting the club's continued success for years to come," said Bhatia, who will become the club's vice-chair.

KS Sports co-founder Bryan Bezos and Elaine Suwata will sit on the board but Bezos will not, people close to the deal said. The new shareholders could increase their stake over time, they added, but there is no guarantee that will happen.

The stake can achieve, and the return for Preway, which remains the majority owner and retains operational control of the club. It bought Liverpool for about £350/mo in 2010 when the club was weighed down by debts built up under 30 per cent of revenue and had long not combined its dominance of English football to fresh Manchester United.

The sports investors, whose shareholders include Actios Sports Partners and Redbird Capital Partners, has benefited from scoring valuations for sports franchisees, hierarchy success on the pitch.

While Liverpool struggled to the early years of its ownership, the hiring of manager Jürgen Krupp in 2015, who implemented an attacking style of football, marked a coming point.

Liverpool signed players such as Uggeton forward Mohamed Ishak, who had been overlooked by clear big clubs,

and turned them into stars. Ishak's goals helped Liverpool win the Champions League in 2019 and the Premier League in 2019-20 and again in 2024-25.

That success is assisted into financial performance. Liverpool reported more than £350/mo of revenue in 2024-25, a club record, bolstered by a range of commercial partners.

"We are making this investment because we believe deeply in Liverpool and its leadership"

Preway president Mike Gordon said: "Liverpool has always been built by thinking beyond one season and making decisions with the club's long-term interests is mind. That approach continues to attract interest from respected investors and business leaders around the world."

The arrival of new investors will not change the club's approach to transfers and the wider game, according to a person close to the transaction. The deal requires regulatory approval.

The deal underlines the growing appetite for sports teams among billionaires seeking straight goals.

The 10-pound Kiznet family sold a minority stake in Manchester United to British billionaire Sir Jim Ratcliffe in December 2023 at a 86.3bn enterprise value. Private capital firm Christian Capital and Financials' Field Weekly turned to pro-boy Chelsea FC for £2.5bn supply value in 2022.

Suwata made his fortune in tech. The Brazil team venture capitalist attended Harvard with Mark Zuckerberg and co-founded Facebook. He is the co-founder of investment firm E-Capital.

Cevian pushes for higher board pay to lift UK plc

ASHLEY ARMSTRONG AND HOLLYBURG

One of Europe's largest activist investors, Cevian Capital, has called for higher pay for new executive directors in UK boardrooms as part of efforts to revive growth and reverse the decline of the London market.

The activist, which has stakes its companies including Smith & Nephew and Pearson, said pay for new executive directors (NEOs) should increase to attract and retain the best people including from international rivals.

Cevian has argued directors should be paid both to cash and shares. Increasing pay would also enable them to buy big per stake themselves, giving them a more direct interest in the business.

Harlan Zimmerman, senior partner at Cevian, said that improving the performance of UK companies was the "cheers thing we have to a silver halble" for retiring the UK equity market and contributing to UK growth".

A more £1,800,000 of UK listed companies and outflows from UK equities have prompted renewed concern about the health of the London market. Meanwhile, critics argue that board directors' responsibilities have increased, meaning that less than is spent on a company's opportunities for growth.

The average remuneration for 1910s in the FTSE 1893 is £480,000 before tax, with directors typically required to attend six board meetings a year, according to an upcoming report by Cevian and advisory firm WTR.

Cevian said total pay should double to £1,000,000 including above-based pay awards, which directors would have to hold for the years. There could be an option to increase pay to £2,000,000 if companies included these years of short search at once, but stagger payouts over three years as they can.

According to the report, pay for board members in the MAT 1893 is almost three times higher than in the FTSE 1893, with directors earning £2,750,000, two-thirds of which is in shares.

Valuation of UK companies and outflow from equity in the UK concerns about the London market

Meanwhile, Switzerland's top 20 companies pay their non-executive directors 90 per cent more than the top FTSE companies, despite the familiar company having a smaller market value than its UK equivalent.

Cevian said it was calling for directors to be paid more to part because it wanted larger UK companies to invest in. "We can do job to sell things out and think you're doing. We want a bigger pond to fish in," said Zimmerman.

David Ackermann, chief executive of the London Stock Exchange Group, said he supported 45 years' proposals. "Would class companies need world-class non-executive directors."

Airlines

Bird remains found in engine of Ryanair window blowout jet

PETAL CAMPBELL — LONDON

The Ryanair aircraft in which a passenger was nearly sucked out of a window had suffered their bird strikes in the year leading up to the incident, the US safety investigator has found.

In a preliminary report that differs from some of Ryanair's own statements about last month's incident, the US National Transportation Safety Board (NTSB) found bird remains, including feathers, in several parts of the engine that failed.

The flight on a Boeing 737-91i from Thessaloniki in Greece to Mornareges in Germany was located in direct after a window blew out, leading one passenger to be almost sucked out.

Some suspected bird strikes to the accident as plowers No 2 engine were reported by flight crews in the 12 months preceding the accident," the NTSB report said. "No damage was found in the subsequent maintenance actions. Bird remains were repeatedly noted in the course of the accident."

It found a few blade broke off minutes into the flight, turning through the engine, striking the window and depressurizing the plane, as well as causing other damage. The report sets out the

events of the flight in detail. The crew reported unusually high levels of vibra295 on the NTSB report last year. About nine minutes into the flight, a "loud hang" was recorded, followed by the cabin depressurizing, releasing oxygen smoke.

The NTSB account immediately after the window strike differed in some details from those given by Michael O'Leary, Ryanair chief executive.

He told investors "All passengers and cabin crew were locked in at the time" of the incident and that "salacious impact of a passenger being 'halfway out [of] the window' were noted."

The NTSB report said the flight attendants saw "the passenger is near it" was partially helped in a damaged cabin window, and that the entire window was missing".

The report added: "The injured passenger was subsequently moved to row 12 and was attended to by a passenger who was a doctor throughout the commuter of the flight."

The engine is made by CFM International, a joint venture between UK Aerospace and France's Fairon. Among said it continues to support the NTSB investigation. Ryanair declined to comment.

Travel & leisure: Antitrust probe

Trip.com investigation reveals extent of its grip on China's vast tourism industry

Platform's $7.70mm fine for

abuse of market dominance

lays bare level of control

THOMAS HALE — SHORELESS

Just as Chinese travellers were checking into hotels and boarding placards to use new holidays-backed through Trip.com Group, the country's biggest online travel agent received qualifications.

The State Administration for Market Regulations imposed Reds/Litho (877mm) in penalties on the US and Hong Kong Hotel company, saying six-month antitrust investigations had found it should be market dominance.

The ASMR punishment assesses oil in late July was less severe than many investors had expected, but it had been the extent of the grip on China's vast travel industry of a company that handled more than both its worth of online bookings globally in 2023.

The group accounted for more than half the market for online hotel bookings in each of the five years in 2023 - a period during which ASMR said its Chinese overunrecorded. Trip.com's global revenues, most of which come from the

mainland Chinese market, grew 17 per cent to Reds/Litho last year.

The company was "interwoven in the fabric of Chinese culture", said Kai Wang, an analyst at investment research company Xizhengtan.

Founded in 1999 as City, the name of its domestic platform, and listed on Sunday in 2005, Trip.com Group has become a core part of China's sprawling and sophisticated online economy.

It is the default upholster travel in a country where official data shows rapid growth in tourism. Its bookings far exceed those of which such as Alibaba-backed Pibgn and Hongkong, China's second biggest travel platform, in which it has a minority stake.

It also has a growing international presence through the YouTube website, originally a US platform it bought in 2017, a year other buying US flight search company Skywarner for £1.6bn. The group scheduled to Trip.com Group in 2018, the overall business, which saw net income double in 2023 to Reds/Litho, often heavily as commission loss. For domestic flights, Xizhengtan's Wang said these were limited to Phnom and Reds/Raddit per ticket.

But the ASMR investigation made clear that hotel bookings could be far

more lucrative. The regulator stated that Trip.com had such strong pricing power that hotel operators had "virtually no room for negotiation on service loss such as commission," adding "The company can influence and even control hotel prices within the platform."

Trip.com declined an interview request. In an entailed statement, it said it was committed to respecting laws and regulations everywhere it operated. "We fully acknowledge the recent

ASMR findings and are implementing the required adjustments in accordance with the platform provided," it said.

There are signs Trip.com takes an interesting look and approach to many high-level participants in its platform.

Many Mehta was chief executive officer of the group that owned luxury barxcoting event Naked Rabbin near Shanghai, which initially received using online platforms for customer bookings. "We saw this type of traffic as a

All pervasive: Trip.com is seen as 'interwoven' in local culture. ©2023 Data Project

drug," Mehta said, and wanted to 'swe our own customer.'"

In 2019, Trip.com got in touch to request a meeting. To Mehta's surprise, it was with chief executive Jean Sun. "It was not a success, but it's myself," he said. "Here I am sitting with the CEO of a ... company listed on Sunday and she's trying to convince us to hit out two other party properties."

They agreed to join the platform, similar terms to which Mehta said "prevent being controlled by us". Trip.com later took a minority stake to the Naked resorts, then a majority stake in 2018, he said.

The ASMR rolling suggests that in other cases, Trip.com's approach to co-operation was selected.

The regulator found that Trip.com required hotels that wanted to called "special brand" status on its platform to sign exclusive co-operation agreements if they then listed on another platform, they would potentially face "positive measures" such as limits on how many Trip.com were to be used for listings.

Trip.com's transport operations have also previously drawn scrutiny. It was fixed in 2017 for handling insurance into flight bookings without fully disclosing the terms.

Wang of Xizhengtan said Trip.com was "positioned to benefit from the country's rising demand for higher margin-embossed travel".

Traveler spending an travel reached Reds/Litho in 2024, as it was per cent from the previous year, according to the government.

In some regions, government support has led to heavy investment in supply.

Mehta said that in some areas near the Naked Rabbin meant there was "not one way to find a real, conservative a fund and breakfast".

Small accommodation providers would struggle to market themselves to consumers even in the nearly outstoged two of Shanghai and Hangzhou without asking an an online online platform.

"I think the results will continue to go back to Trip.com ... just given the fact they do would be most people in China," said Wang.

ASMR ordered Trip.com to "immediately cease" abusing its dominant market problems "probing" unreasonable findings and either re-restricting hotels from operating on other platforms.

"This is a little new, strike one was back in 2017," Wang said. "I don't see them running shed of the government again."

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COMPANIES & MARKETS

Financials

Guggenheim executive's phone seized in FBI probe

Scrutiny of billionaire Walter retreated into secret management giant

LEE HARRIS AND ANTOINE SARA

NEW YORK

the president of Guggenheim insurers search had her phone seized by the FBI last year as part of an investigation into the Guggenheim law, and the entire case toured by billionaire Mark Walter, including the Edellin asset management giant.

Dear. His owners, a more than 20-year

veteran of Guggenheim who helped set up the three private investments business, had her phone taken in September, the same day Walter's phone and laptop were also seized, according to people familiar with the probe.

The US prosecutor's scrutiny of Guggenheim investments focused on whether the form appropriately recorded revenue in a subdivision of the unit called Guggenheim Private Investments, according to people familiar with the investigation.

His owners referred questions about the matter to a spokesperson for Guggenheim, who declined to comment.

Asked by the FT about the seizure of 100 overseas phone and the scrutiny of Guggenheim Investments, a Guggenheim spokesperson said in a statement that its auditors "have been engaged find upstairs" for 2018 and 2022 consolidated financial statements of a subsidiary that owns Guggenheim Private investments.

Insurance companies controlled by Walter disclosed in four that they had received subpoenas in connection with investigations by the US attorney's office in Manhattan and the Securities and Exchange Commission.

The US attorney's office declined to

comment. The FBI did not respond. While the scrutiny of the insurers has been publicly disclosed, the seizure of the business phone suggests that authorities have also examined Walter's other companies, including Guggenheim, the securities law and asset management giant. It was not clear what stage of the investigation that authorities were in.

Before joining Guggenheim in 2003, 100 recommended to US agency private wealth management team, according to her LinkedIn profile.

She recorded the ranks of the organization with support from Walter, one of her key allies, according to current and

former colleagues. In 2022, 100 overseas was named co-president of the first and ultimately came to oversee its investment arm.

Walter, the billionaire owner of the Los Angeles Stodgers, sits at the top of these businesses, serving as chief executive of both TWG Group and Guggenheim Partners, in which 9 Per. has a stake. Walter founded Guggenheim in 1999 when he combined his small business operations with a family office that managed part of the fortune of the Guggenheim family.

Walter's holdings, including insurers Deborah Life and Clear Spring Life and

Amarity, now at inside TWG. The insurer co-dissolved by June that they held more than 20,000 of investments in affiliated entities, which they had previously reached as unaffiliated.

They are now seeking to divest or restructure those holdings to bring down their percentage of related party investments.

Walter also this work announced that he would sell the Los Angeles Lakers 2004. Unskilled loans to Jack Kushner and former Disney chief Rob Iger in a record-breaking $51,200–$64.

Additional reporting from Super Indigo and Kase Wiggins

Del Vecchio's wrangling heirs paralyse business empire

Gardner

Leonardo Del Vecchio spent years designing a governance structure to protect his business empire after his death. But the safeguards he put in place are now paralyzing the 45,000-holding company at the heart of the family bureau in a dispute among his heirs divided the board.

Under Del Vecchio, Dollis became one of Europe's most influential family investment vehicles, using its possibilities more stable in revenue: group Emiled countries, insurer material and bankers distributions and God built to shape corporate strategy across Italy's financial and industrial sectors.

Today the group struggles to take strategic decisions, heating its ability to depict capital, reshape its portfolio or give the activist role that helped set Italy's financial agenda for years.

"This has important knock-on effects across Italian capitalism as a whole," said Alfredo De Maoris, professor of entrepreneurship and family business at 1967 and at the University of Cairo Process.

After Del Vecchio death in 2022, swangling of Dollis was divided into eight equal states held by his six children, his widow and her son by a previous marriage. The shareholders have since argued over everything from dividends and securities pay to the future of the group's portfolio.

The depth of the deadlock became clear in June when Leonardo Maria Del Vecchio sought the board's backing for a proposal to buy out two of his siblings (LL 1 per cent stakes to sell his own holdings in 25 1 per cent.

The 10 year-old old day FT in March died a smoldering the stakes would not years of family reunion and create a more stable ownership structure. But the effort split the two executives entrusted by Del Vecchio with overseeing the empire.

Dollars chief executive Antonio Sanfino argued the holding company backing the government's chief Francesco Milieri, who is also chief executive of Emiled countries, supported it.

Milieri said in April that making Leonardo Maria the dominant shareholder would simplify "Dollar's governance and help break years of deadlock. Another person close to Dollis, however, stressed that Leonardo Maria "is not his father" and warned against concentrating too much power to link funds.

Leonardo Maria's father to gain the board's backing has all but ended his attempt to become the dominant

Twas born rich and this is seen as a liability in Italy (but) there is a difference between inheriting wealth and assuming (duty)"

shareholder. But at Dollis's annual meeting this summer, which he boycotted, shareholders also failed to agree on higher dividends or an allowing family members to transfer customers with personal holding vehicles.

The disputes have reached courtroom in Italy and Luxembourg.

Rocco Basilico, the son of Leonardo Del Vecchio's widow Nicoletta Zampillo from a previous marriage and Leonardo Maria's half-brother, challenged resolutions approving the proposal sale of Luca and Paola Del Vecchio's stakes. Leonardo Maria then contested Basilico's entitlement to his LL 1 per cent holdings.

As a letter before the annual meeting, Basilico said the family's "rational" threatened Dollis's future. He proposed offering shareholders an outlay selling some financial investments while power-crying the Emiled countries under. In a response to the letter, shared with the media, Leonardo Maria said such a move would undermine his father's legacy.

Born in 1951, Leonardo Del Vecchio rose from a Milan orphanage to build Laundrea from a component supplier in for 1969's into the world's largest revenue group, buying brands such as Ray-Ban and Oakley before merging it with France's Fiedler in 2003.

But he groomed some of his children as his successor. Instead, his longstanding adviser Milieri became Emiled country chief executive and Delis chair after his death.

Leonardo Maria and Basilico could hardly be more different. Unlike his publicity-shy father, Leonardo Maria has cultivated a high quality profile through investments by his family office in publishing, restaurants and clubs, while a turbulent private life has made him a director of Italy's tabloids.

"I was born rich and this is seen as a liability in Italy (but) there is a difference between inheriting wealth and assuming responsibility," he said in July. "An inheritance is given to you, responsibility is something you go out and claim."

Basilico, his chief by four years, projects the opposite image described by people who have the family as intensely private and understand. Based on his rTa, he recently left his role at Emiled countries where, as a wearable child, he played a central role in the group's secret glasses partnership with Meta.

Leonardo Maria has described Milieri as the "surrealist" of his father's industrial legacy. He said the FT in March he "fully treated Milieri to carry out his father's vision."

But Milieri was increasingly difficult position as he seeks to navigate the family discord, highlighted by Dollis's dividend policy. The group distributes to the right shareholders only the mandatory 10 per cent of its roughly 45,000- to annual profits.

People close to Dollis say higher payouts would give Leonardo Maria

Family head Rocco Basilico, left, challenged the attempt by his half-brother Leonardo Maria Del Vecchio, right, as best one two of his siblings' stakes to sell his family holding company Dollis

cash to help service the roughly 45,000- to bank debt accumulated through his investments outside Dollis's Other shareholders have created higher payouts, treating dividends as part of broader bargaining over control.

The argument is becoming more urgent as consolidates collapse Italian banking. Dollis owns 10 per cent of General, almost 1 per cent of God built and 1 per cent of Monte del Paschi di Siena.

If times happened onwards to an effort to take over 80%, Dollis would be left with a 2-4 per cent stake in Italy's largest bank. As 80% chief Luigi Longillo explains the structure deals to fund all the banks' bid, Dollis's support could also prove decisive in determining the need.

Alternatively, a barred disposal of stakes regarded by Rome as strategic national assets would be politically difficult. But analysts say a holding company without a coherent strategy beyond Emiled countries may have to simplify its portfolio.

"Dollis may prefer to divest, give itself a shovel identity, and also reduce its exposure to politically sensitive files, because Leonardo Del Vecchio is no longer there," De Maoris said. "He has no choice within the family."

The 100 stake has also become a growing liability for Milieri. Milan prosecutors are investigating him, alongside Longino and investor Francesco Guttiero's daughter, over alleged market manipulation, and obviations of regulation to refrain to 100% of the industry of individuals. All these have denied wrongdoing.

"That take causing Dollis's stake in the Texas bank from a strategic lever into a source of legal and organizational exposure is the first charged with a preserving Del Vecchio's bye of," said a major board lawyer who said, "an condition of anonymity."

For the heirs, most sides could provide much needed liquidity and boosts the the that third them. For corporate help, however, the most important question is whether one of its pivotal investors can recover the authority to make long-term choices.

Del Vecchio's heirs "are very different from their late father," said De Maoris. "In the structure also needs to change . . . Otherwise, there is a dissonance." (Also a bandit benefit in Milan)

BUSINESS

WEEK IN REVIEW

Anthropic outlook

• Anthropic investors expect the A1 start-up to float at a valuation of $24 per euro in October, achieving figure that would eclipse beyond, and make the At lakh-dollars the largest ever initial public offering.

• Donald Trump warned that it would be a "terrible mistake" to remove Fifa president Gianni Iribertina from his position, as critics said he lay the pressure on the head of world football's governing body to resign.

• The chief executive of goodfires makes Swarovski said that the popularity of Design, the group, diamonds meant that women now bought gems for themselves in a trend that he described as "enduring and encouraging".

• Price for the busiest shipping lines in the Panama Canal has hit 1.6 record average of $1.3bn, more than 16 times the price for the same period last year, amid falling water levels linked to an intensifying 12 Nile- and strong demand driven by the true war.

• Singapore Airlines booked operating losses of 58.5% (1/90/ton) on Air India two times two years after taking 12 1/2 per cent stake in the ailing carrier.

• The highest-paying subscribers of Europe's biggest listicle, Revolut, have lost access to several WOWAR offices after the workspace provider raised its fees.

Revolut's highest paying subscribers have lost access to several WOWAR offices after the workspace provider raised its fees

• The chair of Tom Sano, V. Chandrasekaran, will step down after facing the project of a condition of one in a long running succession battle at Indian largest conglomerate.

• Sea Legend, a Chinese container shipping company focusing on the Football and North African markets, launched the first regular container shipping service through the initial.

• Nick Blair, one of former British prime ministers Sir Tony Muir, launched Fstra, a defence technology start-up in India to raise funding of about $200mn.

• Ember, a start-up bank found in The Primer Larkley and backed by Silicon Valley tech investors, was set to take at about $1.5bn of new funding at a valuation of $8bn.

• Meta chief Mark Zuckerberg argued against allowing powerful 4.6m business concentrations in the hands

Financial services

FY vaults from bottom to top of Big Four US audit quality league table

STEPHEN FOLEY - NEW YORK

FY has shed 8m status as the Big Four accounting firm with the worst record in UK audit inspections, looping to local the regulatory audit quality league table jointly with DeSeth:

The improvement comes after FY 10 restructured its audit division, invested in new technology and died more today close to having reached its performance since 2022 as "unacceptable".

Reports published on Thursday by the Public Company Accounting Oversight Board showed its inspection found flows in just 5 per cent of the FY US audits in numbers.

That was the largest improvement of all the Big Four and matched the 5 per cent deficiency rate at DeSeth, which was also top of the league table a year ago.

Joe Link, FY American assurance vice-

chair, said the result validated "investments we've made in technology, data analytics, streamlined methodologies and our people to strengthen trust in financial reporting."

APRO had the highest deficiency rate, at 15 per cent, with 9% of 9 per cent. All the figures represented an improvement on those released last year, reversing the sharp increase in flows that came after the Covid pandemic and was attributed by some FY both officials to disruptions caused by remote working.

The PCAOB has the power to inspect all accounting firms that audit US listed companies, and inspection reports are designed to provide information to investors and corporate boards weighing which auditors to him. The latest reports relate to inspections carried out last year.

Some in the profession have argued

that deficiencies found in inspections, which focus on the most difficult audits, are not the best measure of audit quality, and that the PCAOB makes it difficult for difference between serious failures and minor faults.

Under new PCAOB chair Jim Loge-Hains, appointed this year by the Young administration's Securities and

FY said that the improvement validated its investments, including technology and data analytics

Exchange Commission, the organization has promised to review both the content of inspection reports and the results of the 2023 Annual Audit in future well focus loss on individual audits and more on firms' overall systems of quality control.

The Union-era PCAOB, leaked repeatedly with the audit profession, which completed primarily that at least some of the past 10 million individuals were on the result of inspection taking a more efficient approach to minor infractions.

The PCAOB also on Thursday released inspections reports for the next largest audit firms after the Big Four, Grant Thornton and 2003, which also showed significant differences, which their deficiency rates. Flows were found in 14 per cent of 2003/104 audits, down from 60 per cent, and 33 per cent of Grant Thornton US audits, down from 40 per cent.

$1bn

Price by busiest shipping items in Panama Canal on demand longer

$780bn

Operating losses reported by Singapore Airlines on Air India order

of companies and governments, as the Big Tech giant made some of its 1st models freely available to outside developers.

• Switzerland proposed stronger powers for its financial regulator and new rules on bankers' accountability and bonuses, as the country pushes ahead with its regulatory overhead following the collapse of Ondft Suisen.

• The North Sea Transition Authority, an industry regulator, warned of companies operating in the North Sea that they intend to rapidly speed up the decision inducing of their declining wells.

• Harpsneen Lansdown, the UK's largest DIY investment site, ordered staff back to the workplace three days a week from the start of next year.

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COMPANIES & MARKETS

'Little Sparta' adno finds a route to pursue its global oil ambitions

UAE's exit from Opec cartel has given Abu Dhabi's energy major the freedom to raise production

VERITY BATCLIFFE - LONDON

When the United Arab Emirates left Opec, the head of Abu Dhabi's state oil company and the move was not meant as a slight to rivals – a remark widely interpreted as a reference to Saudi Arabia. Instead, the move reflected the UAE's 'confidence' in its ability and ambitions.

These months on, the Abu Dhabi National Oil Company's 20-plus-baggedist that it aims to maximise oil production, find new controls market following the cataclysmic shutdown of the Strait of Horman, and complete its transformation from a slump state-owned giant into an energy major capable of computing on the global edge.

As the company that did more than any other to fund the transformation of the UAE from a cluster of desert abolishments into a modern international trade hub, Adnos Varane is highly political. It is also tied to the long-term success of the UAE side.

'This is a very interesting period for Adnos,' said Robin Mills, chief executive of energy advisory firm Qamar Energy. 'It's an evolution of where they have been going over the past five or six years but the plan has been accelerated and they're more expensive.'

The UAE's growing accretiveness over the past decade, including in international affairs and military matters, has earned it the nickname 'Little Sparta' in diplomatic circles.

The steps Adnos taken next will be closely scrutinised to see whether the state oil company can flourish now that it has been unloaded from Opec's ventures. A concern is that tensions between the UAE and Opec kingpin Saudi Arabia could feel over and speed the oil market – and Adnos's plans.

The first three four-year briefing of a possible price war Adnos came just a decision to create if high in time, which Saudi Arabia dashed its official selling prices for credit, particularly to Asia.

If both the UAE and Saudi Arabia maximise production, crude oil prices could fall sharply, making new investments more difficult. But the fact oil inventories how Adnos globally during the Iran war perhaps buys more latitude for higher output than normal.

Both countries will also have to hold over market share competition with profitability, as they need funds to reverse some of the damage difficult by the war on their finances.

Adnos says its strategy is unchanged after the UAE's exit from Opec. 'We have accelerated our growth plans in the UAE and internationally to meet [growing] demand,' a spokesperson said.

The company's acceleration of production has been long to the making, with some suspecting they fear the end of the oil age and want to monetise their natural resources while they still hold value.

While Adnos chief executive Sultan al Jaber – also unknowingly averse an precedent of the UN climate radio on 2023 – has insisted global oil demand is likely to remain strong for longer than many times, there have been steps taken that point to consensus the UAE.

Adnos has already invested tens of billions in expanding internationally, setting itself up as a global price-break, a cis-giant – one arm where oil demand is top-notch to keep rising even if electric vehicles and renewable blend growth elsewhere.

This year it completed the merger of

Adnos: Abu Dhabi's industrial port, Right Hand to distribution arm stopped up Shell's fuel stations in South Africa for 60m. Bottom right: since March most of Adnos's oil has struggled to reach customers due to the closure of the Strait of Horman – U-20mm.

'It's an evolution of where they have been going over the past five or six years but the plan has been accelerated'

its person-bernicaid business with Aurelio ORF bedrock arm, creating Borengs Group International AG, and its full-fitting.

Adnos also completed its RTN6 acquisition of German polymer manufacture Toronto at the end of last year.

In recent works Adnos has made a number of annular steak, its instrument arm stopped up Shell's fuel stations in South Africa for 60m, giving the UAE's retail presence in Africa's largest economy and making a statement of intent to achieve a higher international profile.

Adnos also abandoned its attempt to bring in a new benchmark for Marban, its flagship crude, reverting to a profit margin that that is only going to a basket of Middle Eastern crude grades.

'If they want to build an oil company that's a genuine international competitor, they need a proper set of international assets,' said Mills at Qamar Energy. 'They're throwing off a huge amount of cash and it's a potential engine to the rest of the economy because they're proven to the past that they can get and down.'

Among Adnos's most immediate priorities is to establish safer routes to market. Since March most of its oil production has struggled to reach customers due to the closure of the Strait of Horman. Adnos has now 1,5nm b/d crude oil pipeline that runs overland to England, on the eastern side of Horman, but the company is now stepping up plans to increase its capacity to ensure Iran no longer has the same away over its ability to export.

It is building a second pipeline to Fujatein that will double the amount of oil that could be exported from the UAE's exit coast from next year. Adnos is also looking to build a pipeline for refined products and it is likely that

those plans will be expanded further if the battle be created of the Strait-Otherian continent.

According, that's a mix of production remains the ultimate aim, however, and this into a plan put in market a decade ago. Leaving Opec means the UAE no longer needs to likely against the group's production quotas, which often serves to prop up global prices (on close)

the market stable, its type's view) at the expense of an individual country's debt to production.

According to people familiar with the company's history, all jabez was presented with a proposal to stop up oil exploration directly after being appointed CEO in 2016. He overbecomes its greatest champion, wielding his influence as one of the most powerful now results in the UAE.

The first major step in the expansion say of jabez immediately saw that expanding the UAE's reserves would strengthen the country's case for securing a larger Opec production quota, allowing Adnos to pump more oil. Within six weeks, he had put a plan to plan a new oil the people would have to do.

By 2018, Adnos had a target to expand its oil production capacity from 3,3nm barrels a day to 3nm b/d by 2050, later accelerating its plans to hit its target in 2022.

According to Adnos, it is already able to produce, at much less 4,8mm b/d, having taken more of its reserves into production. It has already tested production at 3nm b/d in at least period.

The UAE's oil production average: 4.1mm b/d in 2019, the international Energy Agency said, the highest since 2018, the world's largest despite the ruptures using from the war.

Adnos's strategy has not changed since leaving Opec, said a company spokesperson, adding 'The UAE's participation in international organisations is a matter for the relevant government to be able to do.'

The company's ambitions clearly extend beyond the existing, then b/d goal, however. Adnos is already developing plans to raise oil production capacity further through new projects in partnership with international oil majors and West Melbourne Middle East upstream analyst India Salam.

'There's a balance excitement from international oil companies now that they're no longer an Opec member,' Salam said. 'There are no restrictions and quotas limiting the rates that they have to produce and this improves project consensus and makes unconventional oil more attractive to investors.'

While Saudi Aramco has limited the involvement of international companies to make money from the Bangladesh oil, and has rapidly expanded its partnership.

Between 2020 and 2023, the amount of oil and gas produced by international majors such as BP and TotalEnergies is the UAE increased 34 per cent, according to Wood Mackenzie research. Private oil majors produced 10 times more oil in the UAE than in South Arabia in that period.

Over the next 10 years, international companies will have grown their oil and gas production by another 21 per cent, prompting 1,2nm barrels of oil equivalent per day and off the National Clearance of the 2023 World War.

Adnos's relationship with low-engrapturers has not always been smooth. During the Iran war several privately complicated about Adnos's decision-making during the conflict, such as permitting the export of its own oil over that of in partners.

To the existing new, though, is the access to the UAE's substantial reserves to be imported to give up. Companies including TotalEnergies, Eat and BP have lined up to work on Adnos's gas cap development into the Iran war began.

Financial

JP Morgan debanked prediction platform Polymarket

JOHANN FRANKLIN AND GEORGE STIER VICE VICE

JP Morgan Chase terminated its banking relationship with Polymarket last year over regulatory concerns, under scoring escalating several of the industry over last growing prediction platforms.

JP Morgan notified Polymarket that it needed to find a new bank to choose, according to people familiar with the matter. Polymarket is now working with a new bank, the identity of which could not be confirmed.

At the time, Polymarket was banned from allowing US customers to use its platform following 2022 enforcement authority the Commodity Futures Trading Commission for operating an unregulated derivative trading platform.

The FTC under the Trump administration allowed New York-based Polymarket to re-enter the US last year, though the agency has an ongoing investigation into the company, the FT reported in June.

JP Morgan has still maintained some ties with Polymarkets, notably leveling chief executive Mayne Coplan to speak at a conference for wealthy private banking clients and the U.S. February alongside its NYL vice Tom Brady, according to people familiar with the matter. The bank is keen to stay in the running for an underwriting role should Polymarket attempt to go public. 'They don't want to have all their bridges,' said one person close to the prediction platform.

JP Morgan in the other comment, Polymarket said it continued to do business with the bank in other ways, maintaining 'a slow, active relationship'.

Two suggestions otherwise 'fundamentally' were to make 'our relationship,' the platform added.

The move by JP Morgan highlights the struggle that growing companies in assured industries are face to securing banking services. It also points to the ways approach some large banks are taking regarding prediction markets, which have helped to create a speculative economy where virtually any event can be wagered upon.

The growth of prediction markets has attracted regulatory scrutiny. In addition to the FTC action in 2022, more than a dozen US states have taken legal action against Polymarket and rival Ralish for allegedly operating unlawful sportstocks. The companies argue they are exchange that leads to less different sides of a lot, rather than a bookmaker that takes the look of a sugar.

There have also been concerns about insiders with advanced knowledge of overcrowding on prediction markets. A US soldier involved in planning the country's January 1st 6 month 'revenue' has leader Nicolas Maduro was charged in April with placing Polymarket wagers on the immediate line around 16000,000, Gaseous Kox Van Dyke, the soldier, pleaded not guilty to the court.

The issue of 'debunking' – customers being banking issues – has become a hot button political issue in the US after prominent tech investors claimed crypto businesses they hushed had struggled to obtain the services.

The US government is encouraging several large banks including JP Morgan over whether they provide that access.

Polymarket is seeking to raise more than 80m at a reduction of 200m. Additional reporting by Stephanie Stacey

Energy. Latin America

BP joins drillers' return to post-Maduro Venezuela with licence to develop gasfield

British group among winners:

Best than state records: after US

topped/Caracas strongman

JUNE 2024 — 6:30 9:30

JOB ANIMALS — 2024/25

POLLUTION WEDEN — 2/2024/25 We have won a licence from Caracas to explore and develop a gasfield off the coast of Venezuela in the latest sign that big US to come across the country after the US topped its leader in January.

The British company will join Abu Dhabi National Oil Company and a Qatar company with links to the Trump family in the venture.

BP's announcement on Thursday follows Venezuela's award of a licence to Shell in June, seven months after US President Donald Trump urged venture all majors to plough $500bn into the Latin American country.

'When you see big oil companies like

BP and Adnos entering Venezuela it really gives more evidence to the idea that the current government and the arrangement that currently exists with the US have strong, power,' said Francisco Caracas, analyst at Ryriad Energy, a research group.

Trump last week said supporters in Nevada that the US had taken 'billions and billions' of barrels of oil from Venezuela since American forces captured its leader Florida Walker in January.

Washington quickly installed Joley Rodriguez as the acting and interim president, who achieved a new hydrocarbons law in co-operation with the US. Venezuela produces, not over 1mn barrels of oil a day. The FT calculated last month that the Trump administration had so far performed more than $10bn in revenues from Venezuela oil to be raised.

The new BP licence marks the entry to Venezuela of 2021 – the revenue investment arm of Adnos, UAE's national oil

company – which is expanding overseas after the entire extent of the oil and Opec in May.

The third licensor, UCC Oil and Gas Building LLC, is a private company owned by the Qatar-based business magazine and brothers Montar Al-Khayrat and Mumtaz Al-Khayrat.

Both 3BG and UCC have coverted the Trump administration, 3BG executive chair, Sultan al-Jaber, presented Trump

with a vial of Abu Dhabi's crude last year, alongside pledges to boost the value of the UAE's US energy investment in 16000,000 of the next decade.

The Qatar/Arctan Al-Khayrat leader, who won UCC attended Trump's second inauguration and are partners with Franka Franny and Jared Koehner in a proposed sizable development in Albania, UCC has begun expanding from construction into upstream energy and

The licence won by BP and the other companies will hit their develop the Loran Phase 2 gasfield, located off Venezuela's north road, cited in the 2024/25

was also granted an oilfield concession in Libya without a competitive tender.

Washington has struggled to persuade international oil companies to invest in Venezuela after its capture of Ralish in 2022. The U.S. has been a long-term investment in producing oil there. ExxonMobil has been cautious about returning and its chief executive Darren Woods described the country as 'substantially' in a meeting with Trump under theyan.

At its peak in the 1970s, Venezuela producing a base market only but decades of corruption and mismanagement, coupled with US operations, have cut oil production to about 1,2mn barrels a day.

'We have finally managed to provide the necessary response for gas production and its success,' said Mary Bock, a businessman in Rodriguez, who has received plandits from Trump over her efforts to draw up investment in Venezuela, during an event to reach the BP licence at the presidential palace in Caracas on Thursday.

Venezuela's new hydrocarbons law, passed after the US attack in January, weakened the grip of the country's state of major profits over the series.

The US has responded by gradually expanding its market to the world's world in oil industry that were imposed during the first Trump administration.

The licence awarded to BP and the other companies will hit them develop the Loran Phase 2 gasfield, which is located off Venezuela's north east coast. It takes an extension 400 cubic feet of renewable gas resources.

BP's investment comes out of abandon a years long green energy pack and releases one of each gas.

Parker of Ryriad Energy said investing in offshore gasfields, rather than making out of the world's world, represented a 'hedged bet on the country' and a cold! After them to Supra's and export the fuel through the Atlantic LNG to control its neighbouring Trinidad and Tobago.

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14

FT Workout

TL August/16 August 2020

UK COMPANIES

Retail. Expansion strategy

Frasers founder extends luxury push with Harvey Nichols swoop

Ashley says the group has left its discounting ways behind after flurry of upmarket stakes

ASHLEY ARMSTRONG, LAURA SMYLA AND ELIZABETH WAYDEN

As Mike Ashley's Frasers Group stated the acquisition of Harvey Nichols this week, a question was left hanging over its business-knightsbridge department stores can a man who built a furnace from the bargain bins of Sports Direct (both cheap) its discounting way?

The roughly 400mm purchase of Harvey Nichols via a per-pack administration furthest Ashley's push beyond trainers and trackouts and into the careful world of luxury.

As well as building stakes in British luxury brands Barberry and Mulberry, Frasers last year purchased upmarket UK fashion chain The Workers. With the addition of Harvey Nichols, Frasers now controls a portfolio of more than 90 luxury department stores, making it a distribution channel that many brands may no longer be able to ignore.

The UK smart group also launched a takeover offer for Huge Boss in June. While it appears ordered to bid, Frasers' more than 50 per cent holding luxury it well placed to influence the German fashion group's operation.

"We'll show them a bit of thankful spirit – quote me, I don't care," Ashley told the FT in an interview from his home in Mulberry.

The flurry of debunking has raised questions over how a hand would have revenues known for piling it high and selling it cheap off all night on industry based on its hairdry and discretion.

Ashley held his next buying brand, 50 years ago with a team of 10 brand, the outsource of the tennis brand's production and used the savings to discount it heavily in Sports Direct, aggressively undercutting Ohio and Ashlyn and setting the blueprint for the retailer's growth.

The billionaire indicated, however, that he would not hold him his way into the luxury market in a similar fashion.

"It's completely different. It's totally ridiculous to compare the two. Luxury brands have to convict the supply of it products, they like society and actually move it [the price] upwards," he said.

Ashley said that moving into luxury was a "ahead of progression" for Frasers and that the missing shift, which has been accompanied by broader international expansion, was made possible by his long-term perspective as majority owner of urbanicaville (tandwich in 1982).

He added that other houses would not be able to countermeat a similar moves without considering how it might "win their valuation" but he was not bound by the same constraints.

"It's OK, because I've met selling [my thanks], this was. "When the many times we blew, I'm coming up for it" – there's no operation."

Much of the apprehension around Frasers' arrival on the luxury scene stems from its brief and chaotic ownership of Matches' fashion, which ended unputting a group calling in administrative to the online luxury retailer there months after buying it in December 2023.

That decision left hundreds of Matches' suppliers, including Prada,

"We'll show them a bit of Dandak spirit – quote me, I don't care"

Gac used Barberry, on come to receive about a person for every period they were used.

Lory Dalton, founder of the operations line (welding) brand and a former Matches supplier, said that if she were elected to Harvey Nichols she would sever ties with the retailer "immediately".

"Now Ashley doesn't care about brands, he just cares about making money – which is business. But after what happened with Matches, I can't say Frasers is a great partner for an independent brand like mine," she said.

Frasers, which recouped all of its investment in Matches, pulled the plug on the business after falling out with its management, according to two people close to the situation.

Ashley said that Matches was in a worse financial position than Frasers anticipated and that "it should have been shut down years ago – it was a taking business. Sometimes the Bids is too big."

Michael Murray, Ashley's son in law, was presented to Malls executive at Frasers four years ago. He has been leading the group's attempts to move upmarket by advertising stores and adopting a more collaborative relationship with brands.

Frasers' 16-year-old chief said the company was "building something different in luxury".

"Not just about it to create a scaled luxury ecosystem where brands can grow with us," Murray said. "Frasers is becoming a genuinely strategic partner to the world's best luxury brands and help others reach their next generation of customers."

Ashley concedes that his fittem-sheeward son-in-law – whom he

describes as "the pretty boy" – was more acceptable than he knows. Brands them that of a man who once described himself as "a person distinct".

"The Matches – I've not every man's cap of us," said Ashley, who has stopped down from Frasers' brand. He added that Murray made the final call on investments.

Harvey Nichols has been on the high street (current) stake for years but it comes into Frasers' ownership at a low ebb. Its pro-tax losses widened to £40mm from £14mm last year, prompting Ashley to claim the business to in a "double spiral". Frasers warned on Thursday that it would be likely to close across of the chain to own stores.

"Mike always reminds me of people who try to win Monopoly by building up the crappy brown properties," said Nick Balik, an independent retail analyst. "I don't think that buying up bankrupt businesses on the cheap is a recipe for me one to fill in and let it."

Ashley is pushing into luxury in the midst of an industry downturn that is emerging in their own. Revenues of Frasers' so-called premium lifestyle business – which includes luxury fashion chain Filameda, Jack Wills, House of Fraces and Torch: Row tables (Green & Hawkes – left by A.9 per cent to £10T)"

Murray said the performance reflected a "long journey" at Filameda, which said brands including Cيدة and Babes sign, mainly in provincial towns and cities. The retailer trades from more than 10 years to 4% across the state of Maryland, Stoke-on-Trent and Wolverhampton.

Ashley remains underwired. In July, Frasers dismissed it had built a 4.2 per cent stake in Barberry, worth about

On the power, Frasers now controls a portfolio of more than 90 luxury department stores. Mike Ashley, its founder, has touted the group's building of stakes in British luxury brands Barberry and Mulberry, as well as Germany's Huge Boss – FT Workout.

£170mm, via derivatives. That added to a per-centing 27 per cent stake in Mulberry. He said that he was driven to invest in Barberry – which is one kind in Filameda – because of a belief in the turnaround being led by chief executive Jackson Robison.

Historically, people close to Frasers have said the group's own stakes in other teams owners as a means of gaining better access to their products. However, a person who has advised the group said when Ashley's stake buying worked, he benefited on multiple brands.

"If he does well with Boss, he does well both as an investor and for Frasers in terms of gaining more access to product – which also shows them able," the person said. Boss is Frasers' biggest selling unsupervised brand, according to a person close to the company.

Frasers' offer for the company came after it built a position via share options that was set to take it above the 50 per cent threshold at which it would be forced to make a bid. Only 15 per cent of Boss's other investors took Frasers up on its offer that was possible at just a 4 per cent premium.

"I want more [Boss] shares, so I'm going to keep buying them. I don't care about owning all of it," he said.

"I believe then but the potential in the medium to long term. I just think it's very cheap."

Ashley said that he built stakes in other companies because it was "just my wellblown" and not an extension of a position for profiting that one him initiate a game of quest to settle the other in the other's form in Sports Direct's IPO.

"This is genuinely investing to get the company. I want to see a bit of the business," he said. "I'd be buying SpaceX or bitcoin if I wanted to gamble."

Financial services

MFS owner to pay £5mm of frozen funds to lawyers

ROAN MEAUL AND ELIY BIRD

The owner of Market Financial Industries has been allowed to move £5mm out of a frozen bank account to pay law firm. Whitson de Keys as he intends a legal claim that he misappropriated at least £1.5bn before the UK tender's collapse.

The administrator of Market Financial Industries Limited told London High Court that they had agreed to Pannik Raja transferring the funds to Mishra, to cover his legal fees, according to a court order handed down this month.

Administrators from AllisPartners had alleged to May that Raja was the architect of a fraud that had left MFS's creditors, including some of the world's largest banks and hedge funds, at risk of a £1.5bn shortfall. Raja has denied the allegations. His spokesperson said previously he "has consistently maintained there was an fraud or dishonesty".

He has been allowed to transfer the cash from a bank account with £100. She appears to settle "reasonable legal fees and expenses" owed to his lawyers.

Following MFS's collapse in February, the administrator secured a worldwide freezing order against Raja, acquiring him to provide details of all his assets worth more than £45,000 out per centing fees from spending more than £5,000 a week without their consent.

Freezing order often contain good items to allow for the payment of legal

Raja has been allowed to transfer the cash to settle 'reasonable legal fees and expenses' owed to lawyers

has used similar costs. Mishron in one of London's previous firms for high-profile business agents, from the existing Lord Peter Mandelman over allegations he looked confidential UK government documents to see ultimate jeffery figures. Mandelman has denied any wrongdoing.

The firm was also instructed by former BP chief Albert Mandelman after he was ousted by the oil major in May over allegations of bullying. Mandelman has said he disputes "entirely" the characteristics of his conduct.

The details relating to Mishron's fees filed light on the scale of the legal costs being incurred as part of the fullest from MFS's collapse. The administrator's are previously reported that a slick item Kirkland & Ellis had a back-up £4.4mm in fees to the first eight weeks after the business failed. The figure is likely to have been substantially more free.

Credited to the other insurges, a alleged shortfall after the group's collapse. The administrator said in legalifying about £350mm was unsuccessful for after creditors discovered a network of borrowers seemingly led to MFS's covers.

Companies including Bankers, Jeffries and Capital Markets, the Credit and Atlas SP Partners are among those that received more than £25mm of financing to Marble-based MFS, which claimed it could offer customers better "as large as £10mm in an little as three days".

They are now attempting to establish the view of the other, which of serial allegations of double pledging, a practice of offering the same assets as security to multiple lenders.

Mishron, Raja, AllisPartners and Kirkland declined to comment.

Regulation

Financier banned over bids to buy lender and Reading FC

SISTENCE ALIALL (SUI) BING AND STEEPER PEACH

The UK's financial was being ban-fined and banned a British financier over bids to made to buy a bank and Reading Football Club, during which he falsely claimed to own a £500mm bond portfolio.

Paul Taylor, who has been involved in several large deals over the past three decades, "acted dishonestly and with a lack of integrity" during both sets of negotiations, says two local London Authority and protection, fixing him £400mths.

Taylor, a former bricklayer turned financier who has previously been linked to the Qatar royal family, made "false and misleading statements" with chance. She said that the London-based firm Mike Horton sent Management, according to the FCA. He has also been barred from working in financial services.

In December 2023, during negotiations over the £27mm purchase of a UK bank, Taylor supported his position

with documents claiming he was the ultimate healthful owner of a £500mm bond portfolio, the FCA said. The claims triggered an exclusively period where a seller agrees to negotiate with only one buyer.

After anomalies over his ownership were found in October 2024, Taylor advised Max Horton to sell the FCA

Taylor 'acted dishonestly and with a lack of integrity' during both sets of negotiations, the FCA said

that it had provided the regulator with false information.

Taylor, who was involved in an attempt to buy bank and football Club in 2002, had also claimed to own the bond portfolio by a separate negotiation to buy Reading Football Club in 2014.

After Max Horton sits out of the FCA that it had provided false information, Taylor and the next manager commissioned an internal investigation by a law

firm, whose findings were provided to the regulator.

Max Horton had four clients at the time of the deal negotiations, according to the regulator's findings, in June 2015. Max Horton had entered a management agreement under which he was appointed a custodian to the bond portfolio, which was owned by a client.

The former managing director of Max Horton, Emeraldia Trait, has also been fined £12,200 and banned by the FCA for "serious misconduct".

The fines were part of settlements, spending the FCA with Taylor and Trait. As part of the agreement, Mark Horn were reduced by 50 per cent from £100,000 and £175,500 respectively.

"The FC's action is against individuals, not the firm," said Max Horton. "The individuals acted in breach of the standards and control the firm aspects of anyone acting in its name," I added.

Taylor did not immediately respond in a request for comment. Trait could not be reached for comment.

Taylor, 63, has had an unlikely path in the world of finance, starting as a brick-

layer before getting a job as a cashier at £600m, where he rose to lead the structured finance business, according to prior experts.

The British financier later joined the business of the 'Downright property' and was part of up a plan venture with the 'prize' royal family called 'Three Bells,' through which they made a number of purchases, including moving home operator Paul Sussow.

Taylor's relationship with the Qatar royal family chose in 2008, the FT previously reported.

He was reported to have once spent £12,000 on a trading jacket purportedly, wearing teapot trade Nick Larson.

Taylor subsequently kept a low profile before his bid for Reading Football Club in 2013, he founded Mike Horton, which被授予 manager (2008) in business and is described by the FCA as a management firm that advises on and manages investments.

Taylor's recent deals include the participation last year by his private investment office in an acquisition of further facility, the UK motor yacht builder.

Automobiles

Shares in Jaguar Land cover parent hit after profits slide

KRISHA KASINIK AND COHIL KAT AVISIO

Shares in Jaguar Land Rover's owner left yesterday after the luxury car maker reported a slide in quarterly profits and the impact of a short-run disruption, the Middle East conflict and the dwindling appeal of European cars in China.

JLR profits after tax fell more than 80 per cent to £44mm in the three months to June. On with a call and flow of about £3bn. JLR accounts for about 80 per cent of This Motors Passenger Vehicles' overall revenues.

The work performance dropped down shares in India's This Motors Passenger Vehicles shares by 4 per cent to Rs 5.9 (9.4%) in Mumbai yesterday.

Richard McInnes, JLR's finance chief, told analysts that wholesale volumes were down more than 9 per cent year on one. That was partly because of shifting "legacy" models as it launched

new variants, as well as a fire at a supplier to the quarters.

JLR said small sales were affected by 'market disruption' linked to the Gulf conflict.

McInnes said that JLRs free cash flow figure was largely due to the impact of reduced profitability and added to the negative working capital typical of the first quarter of the financial year.

There is a JLR new simultaneously both difficult and exciting," he said. "Pushing in terms of the more financing cars we are about to launch. Difficult, in our financial results were not as good as the same period last year."

He called China by Tweet difficult to see. "Where is the '80s biggest correction?" 47.2 per cent is wholesale volumes. "All our competitors are finding the China market difficult, and we are also impacted."

Analysts at financial services group MediaOwned said the company's marginal remained under pressure.

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15 August/16 August 2024

FTWohland

15

COMPANIES & MARKETS

Currencies. Low growth

'Dirt cheap' yen is proving hard to fix for Japanese policymakers

Tokyo's forces is undervalued on many metrics, including Big Mac and Katsu Curry indices

DAVID ROSSBERG 7/15/22 JAN 2007/16 — 12:00 PM

As Japan's government battles to support the yen, analysts are turning to trade models, interest rate differentials, and even the price of katsu curry to figure out just how undervalued the currency it.

The vast majority of these long-term metrics — as well as a comparison with the recent past — suggest that the yen looks cheap.

But unfortunately for policymakers in Tokyo and Washington, who last month staged a historic joint intervention to prop up the currency, investors do not expect a swift rebound.

Many expect the yen to fall further amid worries over Japan's investments debt load and lingering doubts about its economy's ability to accelerate out-of-the-decades of low growth and inflation.

Too many investors felt that if Japan's 'debt situation is unsustainable — higher ratios or yields make things worse and so won't establish the currency at all', said Kit Jackes, chief FX strategist at Seichiro Utsutomi. 'They need more growth.'

The yen has already given up roughly half the gains that it made following the recent US Japan effective strongbacks.

Having appreciated sharply from a 40-year low of around ¥104 to the dollar to almost ¥125, it has weakened again in around ¥120.

That is far weaker than the level of around ¥150 where it traded in the half-decade before the Covid-19 pandemic.

It caps capital at those that has come to spite of Japan's courageous from deflation and tentative interest rate rises by its central bank.

The effects of the intervention have proved fleeting despite hints of taster rate rises from the Bank of Japan.

'The Boj has to find a way to convince the market that it can be more aggressive'

underacting just how negative market sentiment has become about the yen — one of the world's most heavily traded currencies and one that typically behaves as a haven in global FX markets, rising in time of error.

So what is the yen's 'fair value'? The OECD-pan-honing power parity measure, which essentially asks what exchange rate would make a basket of goods and services cost the same in Japan and abroad, suggests that it should be much stronger at around ¥97 to the dollar.

The Big Mac index, a simpler alternative that swaps the basket for a single burger, has the yen at similarly depressed levels.

'The yen is dirt cheap on any PPP model,' said Jackes. 'Is doesn't matter which measure of fundamental fair value you can, the yen is undervalued.'

Hard to swallow: the yen cheap has pushed up the price of food and energy, adding to inflationary fears for Japan's consumers

Gosil Yu, a strategist at Bank of New York Mellon, has come up with an alternative Katsu Curry index, showing the relative value of the yen through a comparison of the dish across countries.

According to Yu, one dollar should buy something closer to ¥62 on this admittedly simplistic measure, given that a Katsu curry costs ¥960 in Japan, not including sales tax, and ¥15 or so in the US.

Such measures are popular with economies but tend to have little sway in currency markets — unfortunately for Prime Minister Isuse Takeichi's government, which is anxious to reverse a yen-dump that has pushed up the price of imports such as food and energy, adding to inflationary pressures.

Instead, traders tend to focus on differentials in interest rates, which are typically the biggest driver of FX market action.

Japan's low borrowing costs relative to the US — and to other big economies such as the Euromine — go some way to

explaining the yen's weakness but they also suggest its overdone.

'The gap between American and Japanese free-year borrowing costs has roughly halved over the past three years, a period in which the yen has fallen further against the dollar.'

Nomencl analysis suggest that the yen is 5.2 per cent undervalued based on the three-month US-Japan nominal interest-rate differential, 10.1 per cent on the two-year, 11.5 per cent on the five-year and 14.5 per cent on the 10-year differential.

The same is true for inflation-adjusted exchange rates, looking at the yen in the context of decades-long averages.

The Bank for International Settlements puts it at near-normal lows on this view — while ISBIC's related measure says the dollar is currently 'overvalued' by 12.3 to 42.6 per cent versus the yen.

Some officials in Tokyo say such broken correlation support are argument in favour of intervention — the desire

not to target a particular level but to stop a 'floodbody' — didn't they not.

Favourable fundamentals should help the currency strengthen, according to some analysts.

'The market can't price the yen so far away from fundamentals for a long time,' said Michael Metcalfe, global head of macro strategy at State Street.

But judging by speculative bets against the Japanese currency is future markets, many investors are more sceptical than it is poised to rebound.

Traders said the yen's deep discount, as implied by these measures, can be explained by worries over long-run inflation and fears that higher interest rates, rather than supporting the currency, could intensify concerns about a country whose gross coverage debt is around 200 per cent of GDP.

The yen is 'less cheap if you plug in relative interest rates, also less cheap if you also plug in debt to GDP and debt sustainability', and so on,' said Inofumi/Jackes.

Japanese currency hits weakest level since 1966

Multiple measures show the yen is undervalued

Our global team gives you market-moving news and views, 26 hours a day.

Rumishuchiro

That view chimes more with investment bank models that aim to value the yen in the short term by taking into account more market and capital flow factors rather than estimate its long-term equilibrium.

ISBIC's short-term model, based on historical one month correlations, has fair value very close to the current spot price while Morgan Stanley, taking into account global risk sentiment, suggests it could weaken towards ¥165 to ¥167 before gaining again ¥15 rate of all.

To sustainably turn the tide on the yen's decline, the government could do more to convince the market its plans are fiscally sustainable, analysis said.

The Boj could also exceed current market expectations with bigger rate than that would convince Japanese companies and households — who are big holders of overseas assets — to bring their money home, they add.

That could help dent a large curry trade — where investors borrow in yen at low interest rates to fund investments — that has weighed down the currency.

Many are sceptical about the Boj's willingness to do so, gives worries about sending a still recovering, ageing economy back into deflation.

'We've seen these interventions over the past three or four years, and all of them worked in the short term,' said ShideTobori, a food income-strategist at Deutsche Bank in Tokyo. 'Not they didn't really incentivise corporates, hedge funds or the broader financial community to negotiate funds or move back into other currency curry trades. The Boj ... has to find a way to convince the market that it can be more aggressive.'

See The Long View

Equities

Investors pile back into US stocks as bullishness returns to Wall Street

ERIC HUBERT — LONDON 04/12/2000/16/2000 — 10:30 AM

Investors are piling back into bullish bets on US equities, uniting aside the time that sparked last month's chip stock market 'buy the big' to the tech trade.

The blue-chip SKP 500 benchmark index has gained more than 4 per cent this month to make at a record high this year.

Meanwhile, the tech heavy Nasdaq 100 index has rebranded sharply after briefly entering a correction last month to trade within 2 per cent of its own base peak.

Citibank and JPMorgan signaled their 2024 targets for the SKP 500 this week after an exceptional second-quarter earnings season held at much lower of bullishness on Wall Street.

Demand for US information technology stocks has returned to a five-year high in the past month, according to State Street's currently data, which tracks more than 850% of institutional money.

At the same time, investors have been piling into derivatives that act as a bet on the market climbing further.

The US tech trade 'appears, at least for now, bulletproof', said Michael Metcalfe, head of macro strategy at State Street.

'The fact that earnings have remained as strong as they have, despite the geopolitical and economic strain, is retaliating the idea that this is a structural rather than cyclical trade,' Metcalfe said.

Since this week showing a decline in US inflation prompted traders to pass

back bets on higher interest rates, offering another leg up to Wall Street's stock market and pushing the SKP 500 index upwards to a record high just about 1,800.

At the same time, oil prices have rebrand from last month high of both per barrel to around $67, despite the fact that the first of the three remains largely closed to energy exports — in a sign investors' focus is moving beyond the US loan war.

Investors are using options to bet that US stocks will rally

Scott Clement, head of US equities strategy at Citi, raised his year-end target to 6,000 this week following the strength of the second-quarter earnings season. 'The earnings growth dynamics has hindered on uncanny,' Clement wrote to Bank.

SKP 500 companies reported a more than 30 per cent rise in earnings in the second quarter, although that falls to about 30 per cent out of the government gains by Amazon and Alpha.

JPMorgan's global head of market strategy, Bellmarks Lakes-Baja, wrote in a note to clients this week that 'the earnings picture remains strong and broad-based across multiple sectors' in the US stock market — while earnings from some of the so-called hyperwallets showed early signs of monetisation of their massive US investments.

The bank raised its SKP 500 year-end target from 7,000 to 6,000, which would mean another 2.6 per cent rise for the index for the rest of the year and take its annual gains to 0.2 per cent.

The results season helped to manage investors' fears that a dazzling rally in semiconductor stocks had been overdone.

The global chip sector was battered by

a violent self-off last month as popular hedge fund momentum trades came unstuck, though the rest of the stock market was relatively resilient.

Chip and memory stocks have led the rebound with Super Micro-Computer up 24 per cent this month and memory company Hanbak gaining 26 per cent.

Cloud computing groups CoreWaves and Nebisa have both climbed about 75

'Markets are pricing a goldfish-like combination of strong growth and central banks only hiking a bit'

per cent over the past ten weeks. Chip makers Micron and Intel have each gained more than 5 per cent.

Technology stocks were once again the key driver of stiffer SKP 500 earnings in the second quarter, although analysts were also cheered by signs for earnings growth is broadening to the rest of the economy.

'I think this is just the new normal is terms of how much that sector [technology] can sway the index,' said Kevin Gordon, head of macro research and

strategy at Charles Schwab. In a further sign of the return of bullishness to Wall Street, the three index for the SKP 500 — which measures the difference in the cost of hedging against a big market fall compared with the cost of buying an option that would benefit from a rally — collapsed to a one-year low in early August, according to Chen.

Manly Au, head of derivatives market intelligence at Urie, said investors had 'sold out of hedges and rotated into spindle callers close this rally'.

The rapid rotation back into bullish positions on US stocks has prompted some concerns that traders are complacent about the risks that remain for the rest of the year.

'Right now, markets are pricing a goldfish's combination where growth remains strong, central banks only hike a bit, that the supply stocks [from the Middle East crisis] will prove temporary and oil prices fall back again,' said Nancy Allen, a macro-strategist at Deutsche Bank.

That 'leaves next to an margin for error,' he said. 'It's hard to imagine this entirely benign set of conditions happening simultaneously.'

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COMPANIES & MARKETS

On Wall Street

We may pay price for biotech VCs becoming like bankers

Hugh Rienhoff

I loved new to US and US biotech entrepreneurs that it might be to those outside the sector – many biotech workers or phobics have

margled into bankers and innovators in the 1st bin. This shift could well not work further in the development of new drugs and treatments.

Bankers are all about the transaction. They can be forgiven for this focus – that is how they get paid.

On the other hand, US get their salaries and bonuses from a management level 1 per cent per year of their fund size regardless of the performance of their investments.

And, of course, they get a 20 per cent share of all interests above a performance threshold so the very top US could stage attention if money.

While VCs have always looked to the code from the companies they have invested in, this line strives to be in the path to get support the longer term, risky, better against its biotech.

But with sector fundraising down sharply, the desire for better returns to perpetuate firms has shifted the investment thesis to quicker turnarounds and ends.

Analysts at Phi-Mexik noted in a report last year that fundraising from biotech VCs fell from an annual peak of $152.5bn in 2018 to just $12.9m in 2014, an outcome is low with 2012 levels.

How are quicker investment cycles possible in biotech when the product development cycle is more than 15 years? Well, the focus is now on medicines that have already proven themselves scientifically, even clinically.

Compared with their for cheats, VCs today are less interest in maintaining new companies.

Like bankers and buyout firms, they are more focused on the asset and moving the road, where this there is less operation.

Eggs, VCs are funding more companies that have obtained their drugs from elsewhere, not discovered and developed in-house.

VCs can be found commuting through BigPhasnext, their order can all be going on! Since it focuses a lot on slightly better drug, all with the hope of taking that asset to the next development step and Bigging it in the public or back to spheres.

This has given items VCs from financing a trust line of 80% and 990s

Shift in business models conflicts with long-term nature of developing new drugs and treatment

who gave up their clinical and science dreams to perform due diligence, some of whom have little hands-on experience in drug development.

The investment thesis can often become all about the technical aspects of the asset and broadcast the team, the track record, the clinical reader that potential impact of a breakthrough.

Phi-Mexik also reported this year that early stage that it have declined from 45 per cent of VCs activity is the pharma – the bulk of the biotech sector – to 12 per cent in 2015.

"Where early roundness or handedness clinical programs to consider is billed to worldly validation, such stage activity now includes consolidated image rounds backing clinically mature users and experiences (leadership issues)," said. "In practice, early stage capital is being

deployed later in the development cycle with greater emphasis on cessation."

An adjunct to that companies are initially funded to the background, meaning, if the original asset doesn't perform, there is money to buy something else.

But this model has its future in for VCs. One has to know what product and data the pharma industry wants to use these years from when the investments made. One has to find that product at the right stage of development with some differentiation from competitors.

And open time at recession has to be flamboyant the timing right. Finally, pharma's team can subject to full and changes in management strategy. A lot has to line up perfectly.

With known academics with age-wide technology and skill-based, many of them operating full a dozen or more companies. But for walk-in entrepreneurs with truly novel ideas looking for work capital (say under 80m), it is a challenging time.

Meanwhile, I have done this, the beneficiaries of enormous main funding for basic research, are transitioning from being copycat to real innovators.

If you don't mind where the intellectual property comes from, there are how things to that pipeline. BigPhasnext or drug disaverse, so the arbitrage for VCs is disappearing.

Many of the most profound changes in treatments and medical care still come straight out of publicly funded academic research ideas and are efoul by biotech companies in a process that takes years, over decades.

The critical step in the funded from academics's "industry" – that requires capital, imagination and optimism from both backers and entrepreneurs. Do VCs today have the same appetite for bold ideas that the last generation of VCs did?

Hugh Rienhoff is a Ian Francisco Bay area physician and entrepreneur

The day in the markets

What you need to know

• Wall Street dips as weak economic data بموجب investors' recent optimism
• Long-dated government bonds retreat despite shift in US rate expectations
• Crude of prices climb amid continued wait to reopen crucial Strait of Hermes

Wall Street stock markets slipped yesterday as weak economic data tempered investors' recent optimism following a strong run for equities.

The blue chip S&P 500 index edged 52 per cent lower its early afternoon in May risk while the tech-heavy Nasdaq 100 low 5.6 per cent.

The mixers came after figures showed US retail sales did 5.6 per cent in July, a first dip in nine months. The University of Michigan preliminary consumer investment index fell more than expected.

The senior July retail sales report shows that consumers took a breather last month after an another burst of spending in the first half of the year," said Kathy Benjamin, chief economist at Nationwide.

Stocks also slipped across the Atlantic Sea 5.6 per regional (from Europe 100 index down 5.2 per cent).

The decline in consumer sentiment and retail sales encouraged traders to continue to diet back their expectations of an imminent interest rate rise after a set of safety inflation data this week. "In order to achieve return for pricing a 50 per cent chance of a rate rise at the Fed's September meeting, down from around 50 per cent earlier in the week.

"The recent run of either US employment, wage and retail sales data, together with limited evidence that

Oil prices edge higher

Brent crude (5 per barrel)

higher energy prices are feeding through into core inflation, has given the Fed greater scope to keep ratio on hold in September," wrote Lee Harrison and Abdul-Ahat Lockhart, currency analysts at NUC.

The US Dollar index, which measures the strength of the currency against a basket of paint, retreated 5.4 per cent.

Despite the shift in rate expectations, longer-dated bonds weakened, a day after the US government was forced to pay its highest borrowing costs on 30-year debt since 2009. The auction drew yields as high as 5.12 per cent.

Yields on 30-year Treasuries rose 5 basis points to 4.69 per cent as investors offloaded the debt while those on 30-year bonds gained day to 5.27 per cent. US 30-year yields are hovering close to their highest level since 2003.

In the UK, 30-year gilt yields jumped day to 5.26 per cent while German fixed yields of the same maturity climbed day to 5.20 per cent.

Oil rose as investors continued to wait for progress on efforts to reopen the crucial Strait of Hermes. Brent crude, the global oil benchmark, gained 7 per cent to 3.8197 per barrel. Madonna Wright

Markets update

	US	Eurozone	Japan	UK	China	Brazil
Stocks	S&P 500	Eurofirst 300	Nikkei 225	FTSE100	Shanghai Comp.	Bovespa
Level	7778.42	2628.32	14075.80	1075.01	592.18	16576.99
% change in day	-0.3x	-0.3x	0.5x	-0.2x	0.0x	-0.4x
Currency	$ index (DXY)	$ per €	$m per $	$ per €	$m in per $	$m in per $
Level	99.52	19.58	9500.65	1.0X	6.7x	5.22x
% change in day	-0.4x	0.3%	-0.06%	0.3%	-0.02	0.48%
Debt/ bonds	10-Year Treasury	10-year Bund	10-year JCB	10-Year Oil	10-year Bund	10-year Bund
Yield	4.68	3.99	2.86	5.02	1.92	15.02
Debt/ cash charge in day	0.0%	0.0%	0.0%	0.07	-0.01	0.18
World / Commod.	FTSE All World	Oil - Brent	Oil - WTI	Gold	Silver	Hotels (LHKX)
Level	363.66	817.78	81.67	6,971.62	65.02	5,715.65
% change in day	-0.0x	-0.5x	0.4x	0.8x	0.8x	-0.5x

Main equity markets

Biggest movers

From date of FTSE 2017 log in

Source: McLachlanis (http://ftse.biggest100.com)

Equities

JD.com shares slide after first fall in quarterly revenue since 2014 listing

ELEMORE BLOFFY - BECOMBS

Shares of Chinese online retailer JD.com signed more than 10 per cent in Hong Kong yesterday after the company reported its first decline in quarterly revenue since listing in 2014.

The US followed a 5 per cent drop in the company's Nasdaq-listed shares on Thursday.

Revenues fell nearly 5 per cent year on year in the second quarter to RedsTekhn (S15ne), the company reported, after a government subsidy programme that encouraged consumers to upgrade electronics and other household goods ended.

The figure nevertheless came in ahead of audited expectations, which had factored in a slowdown as the impact of the programme failed.

JD.com's note of China's largest commerce platforms and particularly strong in electronics and home appliances.

Profitability improved despite the revenue decline with net income rising nearly 15 per cent to RedsTek.

The company spent heavily on advertising after launching its food delivery service in February last year. It sought to gain market share from incumbent Netman as well as Alibaba, which had also started installing into food delivery. Management said losses from the costly food delivery price was had narrowed during the second quarter.

'JDFs continued emphasis on profitability as

the company's north star was reassuring'

JD.com's Hong Kong-listed shares are down more than 15 per cent over the past year. Its Nasdaq shares are down 7 per cent.

Kobin Zha, an analyst at Bernstein, said the share price decline was "unsurprising" following a "long rally in recent weeks."

Zha wrote in a note: "JDFs continued emphasis on profitability as the cor-

pany's north star was reassuring." Management also told investors that it expected growth to accelerate in the second half of the year.

JD.com has remarkable stepped-up its peak into overseas markets, launching its byplay-commerce platform in the UK and Europe this year in an effort to compete with Amazon.

The Chinese group had laid the groundwork for the expansion by building and for European logistics operations and acquiring warehouse space.

The company said it saw "surging sales" on byplay through its "Summer Black Friday" sales campaign, offering discounted electronics and home appliances with delivery and installation.

JD.com previously launched an undercurrent takeover bid with the electronics retailer Curryx and last year abandoned talks to acquire Argus from British supermarket group Sainsbury's.

It made a 42.2bn offer for customers, which operates more than 1,000 stores across Europe under the Redballfield and Exeter brands, last year.

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WORLD MARKETS AT A GLANCE

CHINA (HONG KONG) 2017 (HONG KONG)

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MARKET DATA

PT GLOBAL 500: THE WORLD'S LARGEST COMPANIES

Country	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (USD)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	Price (1)	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{2} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th}} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} }\text{th} )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \frac{1}{\text{th} } )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )	( \left( {\text{th} }\right) )

AVERAGE PERCENTAGE

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R August/15 August 2006

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FTWexford

15

FINANCIAL TIMES SHARE SERVICE

Main Market

	Q1/2006	Q1/2005
Price	Qtrly	Qtrly
Total
Total Surnames	2,000.00	2,000.00
Cash Flows	1,000.00	1,000.00
Cash Flows	1,000.00	1,000.00
Cash Flows	1,000.00	1,000.00

AAPI

	Q1/2006
	Price	Qtrly	Qtrly	Qtrly	Qtrly
Total
Cash Flows	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Cash Flows	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Cash Flows	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

FTWEXFORD

IS YOUR SHARE PRICE BEING NOTCED?
The Financial Times Share Service sections help you to reach and engage financially aware decision-makers and affluent shareholders from across the world in print and online. To advertise and/or sell, contact www.ftwexford.com

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20

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FT Weekend

15 August/16 August 2020

Sex.

Activists give UK M&A targets a helpful shove

however a company attracts a takeover or an interest, it's a backhanded compliment. The

implication is that it is either undervalued or not being run well - often both. British houses are getting more of this somewhat attention.

Merger-populated targeting UK groups are already at an eight-year peak in 2016, according to Ewelage, Easylot, Schroders, Tate & Lyle, Ingersoll Intertek are among the longtime picked up by foreign buyers. But activism is rising too: the UK was the mainest three destination for cage cutting investment firm in the final half of the year, after the US and Japan, say Barclays analysts. UK companies in total accountable two-fifths of Europe's activist campaigns, according to Alvann & Marval.

Are our price stocks the main draw? The FTSE 200 trades at just 13 times. Serious! outstings compared with 20 times for its transatlantic counter part, the Half 500. Compare the UK instead with the equal-weighted Half 500 to reduce the dominance of huge tech companies in a higher mid-50side, and the UK discount is in line with its average over the past two decades. Even among mid-caps the FTSE 200's discount to the US hound! 2000 is only slightly below its typical gap.

But where activists can potentially create value is by encouraging companies to cut along obvious dotted lines, or sell themselves at a premium in stock that follows their case enhancements. That seems to be a growing part of this activist playbook. Calls for companies to put themselves on the links, in whole or in part, have made up a fifth of all activist demands

actors Europe this year, M&A to loom, compared with a per cent in 2015. Sometimes, the call is loud. Think of folks, the investment firm of hedge fund manager Beau Weinstein, whose campaigns against undervalued UK investment trusts have turged

Getting active

Value of announced UK targeted M&A ($n)

several boards. Others have done their upholing behind closed doors.

Before UK logistics must begin was approached by 10 per-10thage - it is targeted a 22,000 after this month's activist Lasker Antet Management had suggested it at least spin off its data centre unit.

Adult looked at more than 400 companies across Europe with a known activist battling of least 1 per cent, but when employees campaign had launched. It found that over two years, these undertook almost a third more disparate than the wider corporate population, and also a fifth fewer acquisitions.

'Experience economy' offers potential haven from AI disruption risk

It's an 0down; not a sprint. Hollywood mights have this work made up from that consumers will continue to prize five experiences such as musicals and live sports.

An Emanuel paid £4.5bn for AOC Entertainment, a 70-strong portfolio of theatres whose West End and Broadway properties host shows including Wobel and The Lion King. Meanwhile, former Disney Sean Balleger and friends shelled out $12.5bn for the Live Angelos Lakers.

These are bullish bets. Emanuel, a longtime believer in prospects for live events, is posing over 20 times adjusted drinks for the year ending March 2023. ATO filling at Companies House show. The Lakers' side bicked a record amount for a sports room.

Live, shared events are increasingly popular. Eran looked out record amounts for tickets to World of the matches. More than 800 times was spent in US absence in the work to suggest it according to Ben Office Mojo - triple the average since the 2020 pandemic. Other than Brand New Day accounted for the bulk of the taking, ending two weeks at the top for The 0down.

More broadly, US spending on conventional services has been by two-thirds in the past 10 years, according to the US Bureau of Economic Analysis. Inflation only accounts for just over half of that. Global spending on live, shared events is forecast to grow at an annual 5 per cent clip though in 2030, according to consultancy FoC.

The popularity of live outings is particularly welcome for cinema

operators such as heavily indebted AMC, owner of the largest US cinema chain as well as 0down in the UK. Last month AMC reported record quarterly revenues and profits, on an adjusted 2019 year, the most significant, been to close its merger with Warner Bros, is reportedly promising the sales would release 30 movies a year.

The so-called "experience economy" has extra appeal to investors as a potential haven from the risk of AI disruption. But, while the overall numbers are positive, they have been driven by a smaller number of priced outings. Audience growth has fallen behind ticket sales in three out of the past four Broadway seasons. A sustained recovery in smaller points would, at least, cut concentrative risk for the wider entertainment industry.

Meet luxury groups' new branding took the intellectual influencer

Simone de Beauvois was many things existentialist philosopher, writer and feminist among them, from decades after her death the French intellectual can add another brand influencer.

De Beauvois's writing was among the topics discussed at this M&A! History club in Shanghai late last year. The brand, part of Italy's Prado, holds similar values in Milan. The aim to cultivate a cultural depth that goes beyond trucks and lighters.

Prado is not the only luxury brand deploying intellect to stimulate sales. C'Urre tapped New Yorker writer and author Patrick Radlino Kevin Dior has gone for Nigerian author Clemmanda

Ngazi Adichio. Other brands take a more liberal approach to flourish their bookish credentials. Valentine sponsored the 2018 International Booker Prize ceremony while Chuck Wolf in New York's work with publisher Penguin Random House to produce miniature books bag shores.

While not new, several trends are accelerating the desire for intellectual authority. Among them, the fact that Gen Z are growing older, wiser and more cynical about emotions or garden influencers. The new kid on the block, AL similarly lacks authority and is even more homogenous. Gen Z, like their parents, want more than entertainment from social media; TikTok and Instagram also serve as search engine and fact finder.

The rise of the intellectual influencer points to the rebounding value of expertise, and highlights wider opportunities to monetize it. Think, for instance, of the popularity of events like Pluto of knowledge grab talks, where expert speakers attract large crowds.

Or BookTok and Bookstagram, thriving corners of platforms TikTok and Instagram respectively, which have boosted sales of once-strike genres in the publishing industry. The more serious telemark has backed a few mini-stars itself, mainly in health and wellness. The newsletter platform hit 5 million subscribers last year.

Intellectual influencers still command a tiny slice of the market compared with their more traditional counterparts: internet librarian Jack Edwards, for instance, has 1.3mm followers, compared with Kim Kardashian's 54mm. Still, at a time when AI is grabbing the headlines, it is reassuring to see the human version is still in play too.

NEXC Asia The voice of the Asian century

Global oceans warm to record highs in July

Daily new surface temperature for 107% to 107% (2nd ed.)

Source: COASTCOMP Times 13/16 12/15, 24/16 02/16

Global sun temperatures reached a record high for the month of July, while extreme heat down droughts and midfires in western Europe, an climate change is 'playing out in front of our eyes', scientists said.

'Garam' marine heatwaves affected parts of the Atlantic, Pacific and western Mediterranean, according to the Copernicus arm of the EU Earth observation service.

The average sun temperature for the extra-polar oceans reached 21.3C, surpassing the previous July source of 22.9C, up in 2023. It also follows a record for the month of June.

While the beginnings of the El Niño effect in the equatorial Pacific region had added to the effect, 'it is boasting an even increasing baseline caused by human-driven global warming', said Michael Heredith, an ocean and climate scientist at the British Antarctic Survey.

Follow @thisnewstour instagame Sign up for The Climate Graphic Explained newsletter

Get the business insights you need to succeed in Asia Visit asia.nikkei.com

Traders are getting in the mood for a fight over the yen

Katie Martin

The Long View

Two weeks after the historic joint US Japanese effort to stop the rot in the yen, it is clear that the market is in the mood for a fight.

The Japanese currency did perk up, a fortnight ago, when US Treasury secretary Scott Benson embarked on the first bilateral intervention in the yen since 1996. The New York Foi's yen buying endeavours helped to pull the dollar down from an eye watering $144 to more the V1% its joint ventures, that is decent hung for your buck (or for your ears, in this case, since that is the currency Benson's there to use on this occasion, startlingly, without consulting his European counterparts first).

It still could be the fact that the presence of Uncle Sam in the yen market marks the peak in the exchange rate. After all, European were to sell the yen in large amounts, who knows what costs before that might spark from a cashied US administration! Trade and defence policy are all intervenors with how the US uses its role as a global financial superpower, so it is rational to avoid angering the heart.

But markets in general, and currency markets in particular, are rarely driven by bugs. Integr trades where it is easy to identify, as individual adjust for one yen due! like, instead, they synthesise the wisdom (or folly) of countless institutions and people. Right now, the minors are rebudding their bets against the yen. Data from the Bank of New York shows that investors have been consistent and durable unless of you every day since the US intervention.

This has helped to take the exchange rate halfway back to where we started before the US jumped in. The dollar is back at ¥109 and all the ingredients are in place for it to keep waiting higher. The collision course is set.

In part, this is down to the so-called carry-trade - a phenomenon with scary

concentrations given by long running habit of biorges and blow-ups that can shower seemingly unrelated markets with good.

Actually, it describes the process whereby investors borrow in a cheap currency with low interest rates (hello, yen) and plough it into something higher yielding or more exciting (hello, US government bonds and tech stocks, respectively). The carry trade often and flows in popularity and minority, a real indicator of wider speculative investor. It thrives in the kind of low volatility market environment now in play.

Opinion among analysts rests on the degree to which the carry trade is affect-

The whole discussion about why the yen is so weak against the dollar circles around the same issues

ing the yen at the moment. It goes a long way towards explaining the extremes in the dollar yen exchange rate, for sure. US government bond yields are extraordinarily high right now - the US government was forced to pay its highest borrowing cost for funds for year debt this week since 2005's Japanese yield simply cannot keep pace. Some market workers struggle to see the carry trade's widespread impact elsewhere.

But Masuyuki Nakajima at Minoru Bank says several guides in the yen market indicate it is exerting modest presence on the currency. These include a rapid rise in transfers of yen from banks! Tokyo branches to other branches abroad, often for use in higher-yielding foreign currency investments. Specialties not negative tests on the yen are also large by historical standards, despite a pullback after the US intervention. The timing of negative trades on the yen is also heavily weighted towards London

and US trading hours - a hint that speculation is dominant rather than commercial considerations.

Last, the United Japanese retail currency trade is back in business, gradually rebuilding negative yen positions against high-irritant such as the Turkshides, Meizu no post and others.

The risk of a disorderly survival of all this seems low. Nakajima said, for a host of reasons. The theory of higher Japanese interest rates is extremely well understood, and the US economy does not appear close to a recession although weak retail sales data yesterday was unknown. Still, he added: 'If an annual wave to materialise, its impact would potentially weigh on a broad range of assets, from US to industry equities to emerging market financial assets.

Fund적으로ly though, as Nakajima points out, the very size of the yen carry trade may limit how aggressively policymakers can move against it.

Ultimately, the whole discussion about why the yen is so weak against the dollar circles around the same issues. As long as US debt yields are so high - lifted by sticky inflation and shaken US monetary policy credibility - and as long as the Bank of Japan sticks to a cautious path to interest rate rises, the yen returns a sell for the sprawling set of market participants that has already made good money out of this trade.

Intervention, joint or otherwise, is really likely to work only when those underlying factors shift. Even then, though, policymakers are no doubt aware that markets are very delicate ecosystems, with strands linking different elements that are not always obvious until they stop.

You hinders appear willing to keep testing Benson's nerve. Everyone else should look out for disruption if this morphs into a bigger battle.

batis.maritsgill.com

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Saturday 16 August / Sunday 16 August 2024

STYLE | TRAVEL | BOOKS | ARTS

Life & Arts

FTWeekend

On a guilt trip The holiday plans that went up in smoke

JO ELLISON BACK PAGE

Out of fashion Why has sustainability fallen by the wayside?

STYLE PAGE 5

Rocket man Robert Rauschenberg's passion for space

ARTS PAGE 12

The AI election

As leaders stall on legislation to rein in the industry, voters are taking action

themselves at the polls. Jill Lepre on how opposition to data centres is

reshaping politics – and what history can tell us about regulating technology

This year marks the first AI election. Voters are asking chatbots how they should vote. Campaigns and activists are using AI to analyse the electorate, send micro-targeted messages, produce tailored ads and even deepfakes. Candidates are tinkering with what chatbots say about them. And in many parts of the world, artificially intelligent machines, or at least data centres, are on the ballot.

That this should be the case in a consequence of the failure of political leaders to defend the quality of life interests of their constituents against the business interests of multinational tech companies. In a poll of five European countries, three squarters of respondents said they favoured data centres only if they were faulted by newly developed sources of renewable energy. About the same percentage of Americans oppose the building of data centres anywhere near where they live.

Last year, Donald Trump issued an executive order disclosing the regulation of AI a form of webinars, and, this year, the EU's attempt to regulate AI has faltered. In 2024, the EU passed an Artificial Intelligence Act, which attempts to curb "unacceptable risks" of AI by prohibiting, for instance, the use of "subliminal, manipulative, or deceptive techniques to distort behaviour and impair informed decision-making, causing significant harm". But in May, the EU appeared to bow to pressure from US-based AI corporations to amend the law, delaying implementation of restrictions on "high-risk" uses to 2027 or 2028 – and introducing a grace period for watermarking of AI-generated content.

In the absence of comprehensive government regulation of AI in the form of executive action, legislation or judicial decisions, voters are undertaking to

regulate the industry themselves – at the polls.

This turn has already begun. Opposition to data centre construction has influenced municipal elections in France and national politics in Ireland. At the moment, the momentum appears to be all on the side of the antis. In US state primaries this spring and summer, more than one campaign was infidelity on intensifying tech backlash.

In Utah, the state senator's president, a popular and powerful Republican, lost his seat to a challenger who lambasted him for having championed the building of a 40,000-acre data centre alongside the Great Salt Lake and who described voters as "tired of feeling like they're not seeing themselves represented in government". (More than 30 per cent of voters opposed the data centre and American public opinion broadly dislooses their construction.)

In Michigan, voters recalled town board members who refused to extend a data centre moratorium. In Maryland, three Republican county commissioners who had thwarted calls for a public

Illustration by Pete Reynolds

Below protesters hold up 'drop data centres' signs during a speech by Donald Trump last month at the General Motors Proving Ground in Milford, Michigan

referendum on data centres were defeated by Republican challengers who, as one of them per h, ran on the message, "we will stop data centres!" In Wisconsin, a democratic socialist who ran on a promise to halt the construction of data centres nearly won the Democratic gubernatorial primary.

Even in races where the most vehemently anti-AI candidate lost, Al-Alibi's son, in a primary race for a congressional seat from Manhattan, tech billionaires spent 80ms to defeat a Democrat, Alex Boon, who, as a state assembly member, had sponsored New York's AI safety law (one of the few such law(s) in 1/3 with any work). But the candidate who won that primary had co-sponsored the same law and he, too, favours a data centre moratorium.

There are darker forces at work than American and other tech companies spending billions of dollars to influence governments and elections at home and abroad. The very AI tools about which voters have so many concerns are making it harder for them to know how to vote because it's increasingly difficult to know what's true and what's not.

In the US, pro-data centre legislators and advocates have asserted that the anti-data centre movement is an AI deepfake: the Trump administration has promised the theory that American opposition to AI in a Communist plot, the product of an AI-driven Chinese influence campaign. The anti-data centre people call this 'data centre gulfighting'. This shouldn't be particularly confusing but it can be hard to know who's faking when everything feels fake.

In this union, the data centre debate is a good illustration of how, day by day, liberal constitutional demarcation are being submitted by what I have called the 'artificial state' Within the artificial state, what was once the public sphere has been replaced by automated online arenas owned by private corporations, driven by AI and dominated not by humans but by robots. Currently, there are more best-sellers than humans and most new English-language writing on the internet is written out by people but by machines.

Data – information drones – act on behalf of virtually any kind of entity, from nation states to stainless regions, from political parties to trade unions, from billionaires to corporations, from lobbyists and political candidates to terrorists and criminals. Voters have no way of knowing what any given but is trying to do, or for whom, or to what end. This much, however, is true: democracies on every continent

have allowed drones to take the place of the drone.

Under these circumstances, AI is sure to influence the US midterm elections in November. Indeed, the next US presidential election, in 2018, may well constitute a moratorium on the regulation of the AI industry. Past, present and future presidential contenders have all begun to weigh in on the question. Trump and his troop of possible successes – including JD

Vance and Marco Rubio – oppose meaningful regulation (Trump favours controlling the industry by the force of his own will), although this position is losing support among the Republican Party more broadly, as the technical crosses political boundaries.

Vermont senator Bernie Sanders has called for a national moratorium on the building of data centres in the US

Continued on page 2

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2

FTWorkend

15 August/16 August 2024

Life

I run with across central London from Trafalgar Square, past Piccadilly Circus and along Oxford Street, you'll encounter some of the most expensive retail units in the world. Landlords can charge five or even six-figure monthly costs for these properties, which are passed by millions of residents and hundreds every year.

Yet an astonishing number of them are occupied by sixty gift shops, selling "American candy" and Harry Potter merchandise. Trace the property records and you'll often find these businesses are run by young people with no retail background being or capable shared accommodation in some of the capitally present areas. What are sure to going on?

Now prime minister Andy Burnham has made reviving Britain's high streets one of his top priorities. This week he announced new planning restrictions and other measures designed to tackle the proliferation of cops stores, betting shops and "dodgy businesses linked to organised crime". Yet I think Burnham's team is shifting around the edges and missing a much more straightforward solution.

Over the past two years my team at London Centre, the local investigative news site I founded, has been investigating these retail units. In the process, I've developed dozens of sources involved in the dodgy shop trade, from landlords to suppliers and shop staff.

My initial reaction when trying to understand the business model of these shops was, like many people, to cry "money laundering". This is definitely part of the mix for some shops, as illustrated by the National Crime Agency's radio on more than 2,500 businesses last October as part of a crackdown on high street crime.

But my reporting has consistently found a simpler overarching issue. The operators of some shops have checked that in 2026 it is possible for a British high street business to unilaterally opt out of paying taxes with barely any consequences. The British state has lost both the capacity and desire to enforce the basic laws of doing business.

Once you cross the mental hurdle and realise that tax is now an optional extra cost for many high street shops, everything starts to dot into place.

A shop that doesn't pay taxes can make more money for its owners. A shop that doesn't pay taxes can be inefficiently run and survive with fewer

High street hustle

As Andy Burnham seeks to curb Britain's 'dodgy' shops, Jim Waterson argues that the government is missing a crucial trick in taking on their business model

Above: inside a store selling 'american candy' in London's West End

customers. Most importantly, a shop that doesn't pay its taxes can afford to pay higher costs than an identical shop that does most its legal duties.

This creates a cycle of high street decline, where ineffectual or nothing shops push out legitimate operators. Law-shifting entrepreneurs opening a safe find themselves outbid.

The commonly held belief that the shops are "always empty" with no real customers isn't quite correct. What went Rachel Horn, now a reporter for the FT, to stand by the title in a store that didn't charge VAT last year, she counted

£600 of America an candy going through in our host.

Individuals involved in the dodgy shop trade have described the process to me as being like straightening a new you make sure every part is used. The main game is selling real consumer goods on four superior tourist gifts without paying taxes. Other side hostiles include taking out loans against future credit card receipts, then remitting Subsidiary operations include capturing the shops with the Home Office as licensed tax agencies, then illegally selling the working skilled worker visas.

Sometimes a trading standards official might take an interest, leading to the loss of a few thousand pounds of stock and a paltry fine. If anyone does start checking what's going on — usually a local council providing a civil debt for unpaid business rates — the shop operates can simply "pleasure". This means that a retailer's person company does down overnight, with the issue transferred to a new entity. The shop itself doesn't change but legally, the tax debts are left with the old business.

Talk to those involved in dodgy shops and they laugh at the case and how cost with which you can start a new company in the UK. The new ID verification for directors, introduced with enormous fanfare by Companies House, is easily circumscribed by finding a real person, often a alien international student, willing to declare the own a business in exchange for a few hundred pounds. This poor cap is then left answering the door to 300 Revenue

is Customs or investigative your habits. Ultimately, the person who decides which business gets to occupy a shop unit in the landlord. As the law stands, landlord have absolutely not completely be whether their tenants pay their taxes — only whether they pay the rent.

Over the past year, we've shown how one of London's biggest gift shops near Piccadilly Circus was run by a person whose registered correspondence address was an abandoned car park near Canary Wharf. Other prominent gift shops that went from with vast debts to Westminster Council were reg-

Those involved laugh at the ease and low cost of opening a new company in the UK

intered to students in overcrowded shared accommodation.

People involved in the dodgy shop trade have repeatedly told me that the only thing the shop operates actually four is a visit from HMBC, which could lead to criminal sanctions.

The shop houses have realised that this rarely happens because, in HMBC terms, the tax is used by each individual shop is small. But the cumulative tax loss and the effect on the nation's "tax morale" are enormous.

One person who read our reporting and understood it is Treasury minister Dan Tomlinson, the credited London Centre, when he overcame roads on a number of London shops selling Harry Potter gift items in his former role as chair of the HMBC board. Illegal activity was uncovered and then issued. Further investigations continue.

If Tomlinson is serious about rapidly improving the business interests, then my message to him to don't spend all your energy fulfilling with planning reform. You need to think like someone trying to take down Al Capone, the Prohibition era Chicago gangster who be nearly floated all manner of laws before being presented for the service. If you really want to drive out dodgy shops, then fund HMBC property and direct its officials to start kicking down doors. You'll be amazed at what she they uncovers.

On Waterman's plunder and editor of the investigative head were site London Centre

The AI election

Continued from page 1

and be laubens joined by other leading and rising progressors as well, including New York Democrat Alexandria Coaster-Center.

Democrat Sir Khanna, a 49 year old member of Congress who represents 80-year today, is saying on a bid for the presidency (he is likely to announce his election after the midwives). This spring, in a manifesto called "AI for the People", Khanna, a programme who supports a wealth tax and is best known for leading the congressional campaign for the release of the Epstein line, called for a "new rich social contract". Echoing John F Kennedy, he asserts that America can ought to ask "not what America can do for 80mm Valley, but what 80 mm Valley must do for America". One of his manifesto's principles is to "prevent AI from weaponizing public discourse". Another lets "regulate AI so it is used to improve humanity, not damage it". What any of that means is low clear.

Tech executives have tried to persuade governments to forward regulation and to large ahead with building data centres, despite voter objections, citing not their own profits but national security concerns — particularly the worry that China will win the "AI race".

These national security concerns are real. Is a forthcoming book titled The After Struggle, How Business and Tourism Collins, two former Biden administration officials, argue that democracies mean win the AI race because "Americans will use AI to estimate their power, express their populations, and extend their reach abroad. Only democratic primary in AI offers a shift in broadly shared benefits, preserved freedoms, and governance that reflects the will of the people." The hitch is that the will of the people appears to be not to develop AI.

The other argument put forward by tech executives — the argument that led the EU to push back the full rollout of the Artificial Intelligence Act and the Trump administration to undo the AI safety measures put in place during the Biden administration — is that "regulation shifts innovation". This claim is made as if this were an eternal truth when it is, in fact, equal parts public of shape and marketing campaign.

Rules designed to make something safer can sometimes slow down the kind of tinkering that might make it

better, or cheaper, or faster. But rules designed to make something safer sometimes also make it safer, better, cheaper and faster.

One of the best accounts of the relationship between the law, technology and regulation was, unfortunately, long lost to history. In 1945, the distinguished University of Wisconsin law professor James Willard Hurst, a legally influential pioneer of modern legal history, completed a chapter on the automobile for a book by तत्कालीन wife on the law, technology and regulation. Hurst never finished his book but his draft chapter on the automobile was noted from a desegregation (1990 by a doctoral student who really published it four years ago. Maybe it's not too late for it to inform the ongoing debate about artificial intelligence.

Hurst's 76-page chapter, "Technology and the Law: The Automobile", begins with a 159 point list of the "Executive Effects of the Auto Upon the Law". He

The Ford Model 5 assembly plant in Detroit, Michigan (2003) - Auto-Design

was fascinated by all that the automobile had enough between Ford's introduction of the Model 5 in 1949 and the time of his writing in 1945 for instance. Hurst believed that by giving people a sense of control and freedom and escape, the automobile appeared to "somewhat offset the loss of status and independence that had come with a machine-based society".

That goes some with a deepened sense of privacy. On car as a man's castle. His "derivative effects" were sometimes speculative but merely persuasive ("The auto was an important factor in the higher standard of living desired by twentieth-century Americans, which tended to lower the birth rate and contribute to the relative ageing of the population, with attendant shifts in domestic employment for economic security; of the same tendency was the greater freedom from family ties to which the auto

contributed, and which reduced the willingness and ability of children to take care of aged parents.")

But Hurst was on very solid ground in listing the many ways the automobile had affected the law. It led to new types of taxes and tax deductions, a whole new understanding of liability and tort, new types of arbitration for dispenser accidents, driver's licences, speed limits, casualty insurance, traffic laws and wartime rationing, the "regulation of the quality and safety of motor fuel", the "licensing of dealers in new and used cars and regulators of their financing practices", the regulation of driving schools, railroad crossings, "the registration of amenities and legal services governing transfers of title" — and much more, including "new interest in court to law to preserve the national beauty along the roads from invasion by roadside advertising and business". In 2006, was prescribed in Ralph Nader published Omgler for the Spiral, the 1963 book that led to the introduction of, for instance, mandatory seatbelts, and the US National Traffic and Motor Vehicle Safety Act of 1964.

For all the successes of regulation, Hurst argued that the law of the automobile had been laggard (with fatal consequences), preoccupied "with the problem of compensation for damage done" and uninterested in the "prevention of damage". This, he argued, had been a feature of the Machine Age, too, beginning in the 1970s, with factories. (Manufacturers settled with whether harmed in factory fires long before anyone passed a law mandating fire escape.) But the Machine Age ended about 1955, which meant that the late-era-faire treatment of the automobile was an exceptive, questionable.

Beginning in the 1950s, Congressive Era good government volunteers had abandoned the regulation within innovation argument of Machine Age boycotts, who were known as Men of Progress. And in, for instance, Congress adjourned the radio to strict regulation and the prevention of harm from injury on and the aeroplane from the very beginning. Those measures included the Air Commerce Act of 1956 and the Civil Aeronautics Act of 1958, alongside the Federal Radio Act of 1957 and the Federal Communications Act of 1954, had no new regard that the aeroplane and the radio developed no schools.

People like cars, and they don't like data centres. But that doesn't relieve legislators of the obligation to act. This election year, voters may force Boonin.

All types of professor of American history at Harvard University and professor of law at Harvard Law School. For non-book. The first and full of the Artificial State's published on August 23 by Albert Law in the UK and it is right in the US

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FTWotland

3

Life

The US physicist was a key architect of the 2015 nuclear deal with Tehran. Over that and been in Washington, he talks to Jamie Sayth about how to prevent a Middle East arm race, why America may not right itself until 2040 – and why we need another Walter Cronkite

arrive early for my lunch at The Bombay Club, one of Washington's power-dining establishments located just a minute three from the

White House. A staff member points to a photograph of foreign P/W Bush and Bill Clinton, just president who have eaten at what O2 India considers one of the seven best foreign-based Indian restaurants, is he steers me through a death 16 dining room to a private area behind a glass wall.

The here is most Ernest Moniz, a nuclear physicist who served as US energy secretary under Barack Obama and was a key architect of the 2015 nuclear deal between Iran and world powers the US, the UK, Russia, Germany, France, China and the US.

The carefully called 159 page agreement, which aimed to block Iran from developing a nuclear weapon, was implemented in January 2016 after nearly two years of negotiations. It did not last, even though international inspectors said Iran largely complied with its terms and the US authorities.

Donald Trump pulled the US out of the agreement during his first term in office in May 2018, claiming it was a 'hardfire, one sided deal' that enriched Tehran by providing sanctions relief and would not prevent it from developing a nuclear weapon. That decision put both countries on a course towards the current war, which erupted on February 28 and has caused a global economic shock, killed thousands of Iranians and risks sparking a regional nuclear arms race.

Moniz, who plays a leading role in two Washington-based think tanks on energy and nuclear forces, is also the costfree derails of a proposal for a new era of nuclear energy co-operation in the Middle East at an Aspen Institute Congressional Program in Seward, Alaska, later this month. I'm eager to learn whether this could become a blueprint for a brief novel the Iran war, given the Trump administration's struggles in negotiating with Tehran and last month's signing of a US-based civil nuclear agreement, which some experts, including Moniz, warn tacks proper subgrade.

As I ponder the menu, I hear a commotion as Moniz walks into the restaurant and begins chatting with staff members whom he clearly knows well from previous visits. The 40-year-old scientist is easily recognizable with his flowing, silvery grey hair, which cuts his eyes and makes me afraid made him look like one of America's 'actual founding fellow'.

'Over them, just by these plants, that was always my side,' he says, pointing to a corner of the restaurant where he regularly entertained Russian officials while discussing them to safeguard their nuclear ground following the dismalization of the war.

These talks occurred when Moniz was under secretary of energy under Clinton, but when Obama appointed him as energy secretary in 2015 it was the negotiations with Iran that consumed most of his time. The Joint Congressman's Plan of Action was to make sure a nuclear programme and imposed strict monitoring for every neighbour.

When asked if this year's war would have happened if the JCPGA had remained in place, Moniz is emphatic. 'Oh, certainly not. It was the constraint that Iran's nuclear power may have the greatest of enriched uranium and enriched to ensure that's 167 per cent. Instead, of course, they [now] have 10 tonnes of enriched uranium, including almost half a tonne of 40 per cent enriched uranium ... so, by the time of the June 2016 building of such uranium sites; they had the material for several months already,' he says.

Moniz warns that the stakes in the Iran conflict are exceptionally high for regional security, nuclear-men">

proliferation and fascination.

Indiantization point, in the through his plane and finds a cup of a handwritters letter sent by the mother of a US Navy pilot to Obama, secretary of state John Kerry and Moniz shortly after he Iran died was signed. But thanks the three-men's making 'bank-aidir' for her use, who had been deployed in the region, by giving 'diplomacy a chance'.

The current war, now in its sixth month, has so far claimed this lives of 18 US servicemen and women and wounded more than 600 personnel.

Before we dive into the details of the conflict, a water talks at the high-value menu. As an agentian, Moniz suggests we share crispy hairs that. For his main course he chooses a vegetable thali, which he explains is a complete meal served on a single picture. I plung for a cooked thali. We both order a King-fisher beer to complement the spirit food. Moniz says that US were after Igen he would order a Bombay pie exercise with a twist.

'After Igen, that's my principle and I never violent,' he adds.

Lunch with the FT Ernest Moniz

'Iran has the home court advantage'

THE BOMBAY CLUB 8th Executive Avenue NW Washington DC 20036

Crispy hairs	21x
Samantan thali	21x
Bombay thali	53
May clean	21x
Papa Adit	17
Kingfisher beer x2	33
Cosmian x2	3
Total for the end of the 2016, 20

Moniz grew up in Fall River, Massachusetts, a city where almost half the population claims Portuguese ancestry, mainly from the Azores Islands – home to his grandparents before they migrated to the US.

At a fixed Moniz developed a love for physics, encouraged by an enthusiastic teacher. His father, who worked at the local Florentine rubber factory, urged him to pursue a college education and become an engineer.

'I'm a Spanish product,' says Moniz, referring to the Soviet Union's launch of the world's first artificial satellite in 1991 – an event that shocked US policy makers into funding a space race that opened opportunities for students. Moniz was awarded a scholarship from his father's labour union to study physics at America College.

After a discussion in theoretical physics at Stanford University in California, he took a position at the Massachusetts Institute of Technology, where he rose to become head of the physics department in 1991. Four years later, Moniz joined the Clinton administration as an adviser on science policy to the president.

A metric's scientific leadership is now being challenged by China, and critic wars Trump's 'anti-nuclear' agenda – slashing funding, restricting research on climate change and attacking the independence of universities and academics – risks accelerating its decline.

Moniz points to last months publication of Science: A New Golden Age, a report calling for a fundamental column of academic funding drafted by White House science advisor Michael Kratsina. Kratsina was a controversial pick to lead the White House Office of Science and Technology Policy given his limited academic credentials – a Bachelor of Arts in political science and a certificate in Holistic studies. 'This is very, very dangerous, and I don't know how we get out of this ... the undermining of the research university as an institution is very, very excessive.'

He says the proliferation of social media has baffled anti-espant views as people choose to listen to what they want to hear rather than achieve who could synthesize information. 'Walter Cronkite, where are you when we need you?' he adds.

As we talk, the waiter delivers a bowl of crispy hair, which is topped with a colourful collection of date-tamarital

chariory, secret and yoghurt. We both grab mouthfuls of the tangy starter before I ask Moniz about another of the issues he worked on while in Obama's cabinet the Paris agreement on climate that pledged to limit global average temperature close to well below 20, above per industrial level.

'Think it's the science weather that is eventually going to make tipping point for the United States actually to get a coherent policy,' says Moniz, referring to devastating wildfires that have swept across Europe, Canada and the US like noatmos. 'I think we're going to even about those [Paris] super-chauersically ... moniz predicts growing-bowing solutions – such as bring aerosols into the atmosphere to effectively light overhaul temperatures – will be required and governments need to read research and regularly. There could be risky consequences that interfere with weather patterns and level production,' says Moniz.

'Who decides? Does some skip guy like Elon Musk decide he is going to shoot some aerosols up and to hell with you? Or does the US decide and then Europe says it thinks that is a bad idea? We think there decisions require re-ordinated international programmes,' he adds.

Moniz's pre-climate credentials are challenging by given campaigns, who label him a 'Stockadema' for accepting funding from the oil industry and then co-optimizing research such as a 2011 MIT report which argued that natural gases is traditional living in fuel.

'No one is going to deny the fact that most of the progress the US has made on the climate side has come from the switch from coal to gas,' he says when asked to justify his support for a food deal. But he is making about the Trump administration's assault on nuclear energy, which includes paying companies billions of dollars to halt offshore wind farms. The failure to adopt an energy strategy that includes renewables, gas and nuclear risks ending the future of energy not artificial intelligence to China, he warns.

'The administration is making a terrible mistake. ... I can't think of a single metric by which you would say that the US is ahead of China in the electron race,' he says.

'When I mention that former president of the Indian federal agency do for by-ueled natural gas terminals, and that companies face a Democratic victory in the 2020 presidential election could revive attacks on the industry, Moniz says an end to partisan policy is needed.

'The Democratic need to enlarge the space – all of the above', as opposed to saying no oil, no gas. The reality is we are the biggest oil and gas producers in the world. And furthermore, as a farmer of the Strait of Herman has shown ... the world needs what we can deliver.'

Our main courses arrive on two other platters, each with an assortment of curries and sauces and a bowl of hazel bread.

'Vasant Savvasa,' says Moniz as he looks into the vegetables, cheese and inside on his picture, my thanks a similar, but with a small portion of gilled fish.

As I take a way of Kingfisher, I ask him to make a choice of Trump securing a better deal with Iran than Obama achieved in 2015.

He says he has never met Trump is proven, despite appearing as a guest on the same episode of the Stephen Colbert television show with the then aspiring president and counselor in 2015. During the programme, Trump signed a copy of his 1980s book Trump. The Art of the Deal, with the message 'Dear Ernest, better he's not their', conference in the Iran deal that Moniz was promoting to the public and politicians.

He breaks into a grip when asked about the Colbert incident, before adding that Trump's decision to pursue all out war with Iran was 'a big mistake' and has placed the US in a cut-de-sat that will be hard to escape from.

'We'll see how all this turns out but I think I'd like to send him a picture of that [signed book], since the next time it was his tour,' says Moniz, who jokes that Trump probably deserves the Nobel Peace Prize he given so much because he has claimed to have ended the Iran war right there already.

'Iran has the home court advantage. And home court advantages have not been working out as well for us in Vietnam and Afghanistan,' he says.

Kiring private prison have caused Trump's approval ratings to clump to record how ahead of stadiums elections as the result of the storm, but the prison soon on the president to negotiate a deal.

But Moniz thinks the calls are studies against Iran. 'Trust is going to be a big issue and that's one reason why I think it's going to be very, very difficult to even get back to many of the provisions in the 2015 agreement, like verification.'

Moniz helped get the 2015 Iran deal over the line by buying a clear relationship with Ali Akbar Salehi, the then head of the Atomic Energy Organization of Iran, and a former MIT student. In July 2015 Moniz wrote to Salehi on the 10th anniversary of the signing of the ICFUA deal. But the communication ceased when he told Salehi that Iran had made a 'big mistake' by producing enough uranium enriched to levels just a step away from what is required to make multiple bombs! At these – an action Moniz told him crossed a real line and that led to strikes on the nation's nuclear facilities by the US and Israel in 2015.

'You cross the line and shit happens,' says Moniz, adding that this 'original strike' left upon the possibility of negotiations with the Iranians. But the full-scale war launched by Trump and Benjamin Netanyahu in February

made this much more difficult, he says. Moniz says a narrow deal solely with Iran is unlikely to stick now. Instead, he proposes an alternative plan to create a regional nuclear energy factory site, which would include Iran, Saudi Arabia and the UAE. These states would only have a bad supply chain together, not individually, limiting proliferation concerns.

'The idea is that you don't know this fuel cycle, most likely through a corporate entity. The analogue, which fuses to say paper, is Greece,' says Moniz, referring to the London Development company that is owned one third by the UK government, one-third by the Czech government, and the final third equally by two German utilities, the and APIS.

He says this would address concerns with the recent US Saudi nuclear deal, which critics point out does not appear to have the strict independent verification rules that were contained in the 2015 Iran deal to address proliferation concerns. In particular, an 'additional protocol' which enabled inspectors from the International Atomic Energy Agency access to any facility, which could be underlined, at short notice to ensure Tehran's compliance.

'Frankly, an agreement of no enrichment without verification is kind of meaningless,' he says.

Moniz, who is co-chair of the Nuclear Threat Initiative – a think-tank aimed at

'Trump is making a terrible mistake [on renewable energy]. I can't think of a single metric by which you'd say the US is ahead of China in the electron race'

reducing the risk to humanity from nuclear, biological and other technologies – warns that the threat of nuclear war or an incident in non higher than at any time since the China missile crisis in the 1960s. He cites Russia and Ukraine, the Middle East, India and Pakistan, and North Korea as the main threats.

International collaboration is vitally important in solving non-proliferation and climate issues, according to Moniz, but the huge shifts in policy under the Trump administration and the growing trend towards partisan politics make finding solutions difficult.

'How we're on a roller-coaster and the roller-coaster and the uncertainty it breeds is killing us in so many ways,' says Moniz.

As I get the bill, I ask Moniz whether a Democratic victory in the 2020 presidential election would enable the US to win back the trust of its European and Asian allies and keep consensus in tackling global challenges.

'I don't think it'll be possible ... no matter who wins in 2020, because you still don't know if it's just going to be a nuclear military behaviour. You need two, three presidents in a row who have stable views,' he says. 'This is my started really with Trump's win [in 2016] and it's not going to play out until 2040 at least, in my view.'

Jamie Sayth is the FT US energy editor

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15 August/15 August 2024

Style

Is the luxury world stuck on repeat?

Essay | With designers using

pastiche as their main mode

of creation, Eugene Rabkin

thinks that the industry has

run out of things to copy

I have been an avid fashion fan since 1996, where a fanatic visit to Barney's, New York's famed department store, changed my life. Discovering forward-thinking designers such as Ann Donnell-Morris and Kyl Simons, Connie des Garçons and Tréjil Jemmeres was a transcendental experience. Up and then, my fashion consumption was textbook, lobbyism—like many aspirational consumers, I thought that fashion existed solely to signal one's monetary status. Now I was confronted with and confounded by the notion that it could also be a deeply creative discipline. The rabbit hole was so siltering that I gave up a career on Wall Street and became a fashion writer.

The end of the 20th century was a pivotal time, when the countercultural mood of the 1990s began to capitalize to a preference — a mentality that change need more time while designating the avant-garde. This included fashion. It was disgusting to watch trailblazing, independent designers like Helmut Long, Jill Sander and Mariza Margulis will their brands in the hope of competing with string conglomerates such as UTMF and String, while promising outside the Newspaper Branspindie and AP Vanillovert gradually diminished and eventually closed shop. The 2010 suicide of Alexander McQueen provided an awful code to that period. Since then, the aesthetic innovation that characterised fashion has gradually increased to the carefully managed/engraftsmen of male ideas. The spirit of transcending both overshadowed by the power of the corporate brand.

Clockwise from above: Gnuck's Piff! business tote bag sections do postwar heritage, from the Monckton x McDonald's 2014 coffee, Louis Vuitton's Monogram Vintage Varnis windbreakers; a dress is sprayed with paint by robots at a 1999 McQueen show. Photo by David W. Fugger/Arno Angell

I have spent a lot of time thinking about why fashion today feels more important than ever, yet creativity increased. My mind was now making postmodernism and its key characteristics: creases of the high-low cultural divide, enthusiastic confesso of pop, insistence on pure subjectivity of taste, devaluation of originality, diminishing of critical authority and championing of commerce.

A year after McQueen took his own life, a new creator was setting the tone in fashion: Virgil Abbb. A Chicago native and creative director for the copper Kante West, Abbb found early success with a graphic handle that featured a reproduction of Cartwright's painting: The Entombment of Christ on the front, and 'PYREX2' — an amalgamation of the name of cookware favoured by illicit drug producers and Michael Jordan's jersey number — on the back. It was poor pastiche, and Abbb was an emblematic product of postmodernism. The output of his popular label Off White, launched in 2012 with the backing of savvy Italian businessmen, mostly consisted of hand-spins on existing clothing and kerpans, such as putting words in apples on garments, like 'With black dress' on a little black dress, or 'Longtast' on a standbag. Abbb made an asset of his intentions: in a guest lecture at Harvard Graduate School of Design he said that he was

only interested in changing an already existing design by 5 per cent as part of his countrywaves.

The story Abbb and designers like him was inevitable, by the 2010s the cultural and commercial forces of post-modernism that brought him to the top had become dogma. Poptristors, punishes, the dismantling of the cultural hierarchy in the name of 'democratization' and the diminishing of the cultural apparatus that counterbalanced marketing driven narratives provided ample selfish mediocrity. And fashion,

Innovation in fashion has all but died, replaced by a continuous recombination of past styles — copies of copies of copies

by this time thoroughly dominated by the UTMR/Acting Shopify, was there, ready to please its new name and letter, in 2018, Abbb was appointed the artistic director of Louis Vuitton more wear. He died of cancer in 2011.

In the past 15 years, innovation in fashion has all but died, replaced by a continuous recombination of past styles — copies of copies of copies. For a past this worked well for big brands, who catered to a new type of mass luxury

consumer. This global cohort of the newly mixed rock and the attendant aspirational class desired to project an image of material success and upward mobility. It wanted to be seen as stylish but unaccretified of standing out.

The luxury fashion industry responded by pumping out 5 shirts, handles and smokers who are only differentwise was the logo, which doubled as the official stamp of fashionability. Conformity was back with a vengeance

and a postmodernist alibi: what's popular is good, high culture is undemocratic, critical art works.

Now, the luxury fashion industry looks creatively fashion and radiotimes, birching on to other cultural disciplines to superimpose meaning on to clothes that in themselves have none. I do lack of direction is compounded by the fact that postmodern culture has no source of historicity: a feeling of continuity with the past that can either set a forward course or provide ground for subversion. Following Piraeus, McQueen said that you need to know the robot's break them, be a culture where there are no rules, there is nothing to break. Increasingly, it feels as if there is nothing to create either.

Postmodernity is characterized by fragmentation of knowledge, which is evident in the piecemeal way information is consumed today through TikTok videos, making it much impossible to reconstruct a sense of family's in continuity. What's more, this lack of historicity is attended by a despairing view of the future, and so our culture, including fashion, inevitably returns to the past. Unable to connect with it on any meaningful level, it only raises it secrets, as a series of activities (non-technical substance, to be retained at will, to a recent panel when I was judging the work of young designers, a brand whose clothes looked like a random blend of rebellion signifiers presented itself as 'subcultural'. When I asked the two young designers what indications meant to them, they had no answer.

The philosopher Fredric Jameson, who examined the pernicious effect of postmodernism in his 1991 book, Post-modernism, at the Cultural Eagle of Late Capitalism, wrote, 'From the postmodern state of the divide ... the 'subcultural' very' here simply means that anything goes.' So translate this into fashion from new terms, 'anything goes' means anything sells. Indeed, this is what it feels like when $1,100 comes 7-shirts and $750 flip-flops goes by high-end fashion. If we are at the end of fashion history, it is truly a flagshiping one.

Is there a way out of these multiple? It seems that the current luxury fashion movement is availing a strong signal that the industry has alienated a lot of people. You can see this in the virtual format of Off White, whose assets were unloaded by UTMR in 2016, and in the following: recognition of literature (ours), whose postmodern irony worked at Balmisteja just five years ago.

The young in particular — having realised that they missed out on the golden age of creativity — and, prefer to buy second-hand, But shopping is not enough. If we want to improve fashion, we must create a new ecosystem that returns to the blue that pushing aesthetic boundaries is the only way forward. It will be hard, but postmodernism has made us forget something else: creativity is not supposed to be easy.

'Torre Fashion and Post Modernism' by Eugene Rabkin is out on August 25

The mother of all working wardrobe dilemmas

Maternity | A lot changes when returning to the office after a baby, including what to wear Harriet Clapfel on the styles, shapes — and washable fabrics — that worked for her

Earlier this year, I stood in despair next to a half-putched salience, a fabricator who could to depart for the airport. I was heading to a conference my first work trip as the FT's US asset management correspondent since returning from maternity leave, and my first night away from my eight-month-old baby.

Of eagerly volunteered for this expedition, caring to re-immerse myself in the professional world. It also represented the first moment in motherhood I would be in a tablet free setting as the 'work' version of me. But the pressing question was what meanwhile I wasn't.

Having started the clock, I threw a wide array of comfortable options — house dresses, trousers with elasticated waistbands, longline blazers — into my case, deciding that if I deal with my wardrobe problems when I landed. A style council comprising my mother, sister-in-law and a friend/goldcat, as I sent out to phone over WhatsApp.

My first piece of advice for anyone going through similar moments of object fashion distress after having a baby: give yourself a break and ask for help.

Only when I revealed my concerns in various conditions, including the most successful and glamorous women I know, did I discover that they worked no idea what to wear after returning from maternity leave. Part of the problem was that we simply could not fit into our

old clothes, while our maternity ones were often centrally vast. We were in fashion limbs, unable to predict how long this phase would last.

Still, 'There's so much more to it than not if your clothes fit or not,' says stylist Alison Rodin, who works primarily with women in finance. 'You're exhausted...A lot of times your body is a thought. You're still dealing with your hormones. It's an emotional rollercoaster.'

There was also a broader question about identity: did the way we used

'When I put on my work clothes, I'm a different person from the scruffy, in my jeans and 7-shirt mother that I am at home'

to dress translate to this new parental version of nonadvice! What were we trying to express through our post leave wardrobe?

I managed to put some 'safe' outfits together for my first business trip using what I already owned. But when I became the New York, I decided to take action.

Our office (humbly) has no strict dress code, giving me freedom to experiment within the parameters of 'smart casual'. But the challenges are far

greater for those going back to very formal workplaces, where units and tailoring are the norm — particularly for those women who are returning to work, as they often do in the US, more works after giving birth.

Baroness Helena Morrissey, Berner chief executive of US asset manager Newton and new chair of business in France, regularly posts her outfits after Instagram account. She also has considerable experience of navigating working parenthood, having raised interchildren.

Maternity, things have changed a lot: since her days of returning to the office, she says, not least because 'working from home just was not a thing at all'. Morrissey recalls putting on a Roland Mauret shift dress with 'sharp shoulders' and 'my highest heart,' adding, 'I was trying to put on this suit of women I wanted to hold like the black, she's on top of things.' Under the surface, however, she felt 'disentotstand' and 'subscrably'.

'I would wear very different workwear post a baby now,' she continues. 'The advice I give people to the trend is your friend here. Companies such as MevEtn have lovely wide dog trousers, you can wear with a black heel.' She also highlights 'the fruit to be,' 'really nice fabrics but simple shapes' and Zara for versatile jackets that can be added really to interchangeable outfits.

While observing the benefits of a 'crisp-shot' made a 'really confident,' she advises avoiding silk 'because it's going to get ruined from the milk if you're breastfeeding'.

Morrissey's labels of choice were echoed by another senior woman in finance with young children, who concurred that she wanted to appear as a more ready as possible when she returned to the office. 'When I put on my work clothes and go to work, I'm a different person from the scruffy, in my jeans and 7-shirt mother that I am at home,' she says.

Still, like Morrissey, she stresses the convenience of simple and comfortable clothing: one or two items that can be laid out the night before.

I chose to see my predicament as an opportunity to identify timeless shapes, styles and colours that extend me and I can make the repurposed again for future use.

A fictitious invitation to a group 'seasonal colour analysis' session

helped with establishing a new, flattering colour palette. The theory is that we all have 'seasons', and within those we have specific issues that work optimally with our appearances. I learnt I was a 'cool summer', requiring a prescription of pinks, blues, penny and greys, with absolutely no orange numbers.

Accused with a PDF document through which to filter any future purchases, I outlined priorities. I needed clothes that could be thrown on quickly. I needed washability, and items that would stretch and shrink in line with my needs. I didn't want to drag extensively, nor did I want to drop too expensively.

Overall, I sought clothes that might entail messages like 'well rested' and 'firing on all cylinders'. I hoped they could physically restore me through fashion mitosis in other words, 'take it off you make it.'

First, I left with a number of my existing house dresses, including a selection of motion dress options from HNR and a stretchy long-sleeved dress from

Harriet Clapfel, photographed at the FT's New York office by Nicholas Calrott

Skians. I also rediscovered larger shirts that I'd previously worn at the beach, and blazers that could remain undone, including a much fused satin number from Skians that I'd only worn a handful of times since my civil wedding.

Then, I searched for new, versatile items that I could help me myself wearing natural silk monitors. Tuckermack became a firm favourite, offering a range of maternity friendly dresses that look just as good in non-maternal times. Among the website's various preppy and more sophisticated labels, my favourite are Hyacinth House and Whittaker Pike — offering unobstructed dresses and busy shirts in various patterns and colours.

When I consulted friends for advice, they suggested their tops and longer blazers with adjustable tie-belts. Some recommended trousers with an extended grade of the size to look, or draw strings — offering flexibility for future fluctuations. Many mentioned Cos. knows for its simple shapes and colours — specifically what they described as 'side' paper bag trousers.

Which I prefer dresses overall (one time — greater convenience), Brabo highlights 800 LaRoc's versatile Foster trousers, which are machine washable, stretchy and can be cropped and lengthened using internal features.

I still face the occasional fashion emergency, contrary of a regular suffrage or fitting breakfast luncheon, and I tend to avoid anything while. But this unheard shapes is no longer filled with anxiety and self-depreciation. It can even be as exciting inflection point to figure out one's evolving personal style and become more thoughtful about how our body clashes. Above all, in Morrissey's words, 'My advice for new means is just to be a bit hard to prevent.'

Harriet Clapfel is the FT's US asset management correspondent in New York

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11 August/16 August 2024

FT Workload

5

Style

Earlier this summer, during the many fashion shows that were held in Paris, the most head-wasting aspect proved to be the weather. Record-breaking temperatures for France are women whose models and editors alike rolled on extravagant outdoor runway sets, the latter fanning themselves furiously or sheltering under handheld parasols that offered little defence against the brutal Wet heat. Still, the shows went on.

The moments felt like a fitting metaphor for the wider fashion industry's attitude towards global warming in recent years. Less than a decade ago, ambitious promises made by fashion companies to improve their environmental footprint and labour standards were at a peak. But in the years after the pandemic, efforts have largely remedied just as a series of scandals hit the luxury supply chain and a new wave of 'ultra-fast' fashion brands such as Sheila offered instant trends and rock-bottom prices, to what changed?

In the US, the Trump administration has reduced business incentives and scrapped many US climate targets. Rightwing-led scepticism around the extent of a climate crisis prevailed, allowing those who can to spend with abandon (albeit as the president's latest campaign to lower prices creates new challenges for retailers). And amid tougher trading conditions for the global market, previously held ambitious sustainability targets by many household names were depraved and, diluted at every scrapped. Although some companies such as H&M and Kering have made some headway with targets, reducing nonminority more than a third from a 2022 baseline, others have lagged as original environmental, social and governance pledges.

'There was this misleading message being propelled that we could simply recycle or rent our way out of this'

Bull-backs are now coming from both the high end and the high street. Earlier this year, Sudbury pushed to set new target back by 10 years to 2050. Under Avenue dispensed with it altogether while major emitters exit as H&M were reused on public sustainability reporting. A long-awaited EU ban on destroying unsold clothes – the Ecodesign for Sustainable Products Regulation (ESPR) – took effect last month. But as the global garment industry continues to produce more clothes than ever, it feels as though sustainability was a trend that has fallen out of fashion – EU was ever really one in the first place.

'The chasm between promise and practice is as big as fashion – if not bigger – that is any other industry,' says Ken Packer, professor of practice at the Fletcher School at Tufts University. 'Even at the peak, it's fair to ask how authentic corporate industry efforts were in achieving sustainability, when profitability and sales growth remain at odds with the environmental commitments these companies make.'

'The video and rewards haven't changed'

Part of the problem with the term sustainability is that it means different things to different people and is used in a variety of ways. Still, optimism that fashion might embark on a radical court come during the dark days of the pandemic. As shopping malls and factories lay empty and the industry jankersciss a halt, leaders across the board were prompted to face the waste at every stage of fashion's value chain. Many then offered earnest – voluntary – commitments to build a cleaner, fairer and more transparent fashion system.

But as global trade wars and a lengthening market gradually pushed goals down corporate agendas, few pledges were met – even as unpredictable weather patterns and dwindling resources affected supply chains, making sourcing and production of materials more difficult. Because companies were not obliged by law to meet corporate and social responsibility targets, and any progress was self-reported, there has been little accountability on companies who have taking direct, particularly for publicly listed companies today whose investors inevitably prioritize profits.

'The notes and rewards haven't changed. Ultimately, it was don't change those, then behaviour doesn't change either,' says Packer. 'If a CEO says app-

How sustainability fell out of fashion

Report | Commitments made by brands to tackle climate change have

largely fallen by the wayside. What happens now? By Elizabeth Paton

rations for cash flow or revenue have come down 30 per cent there would be major implications. But if received your water or carbon goals there's no ramifications, and in most jurisdictions you can pick and choose what you want to repeat on that front anyway.

According to sustainability consultant Rachel Arthur, another hindrance to progress was fashion's tendency to home in on or glarewise certain emerging innovations, such as clothing rental platforms, new sustainability fabrics made from seaweed or mushrooms, plus recycling and circular business models. Such concepts may have felt more accessible to consumers and been embraced by governments and the industry, but most have structurally struggled to scale because of economics and low profit margins.

'Sustainability got some sexy branding over the years. There was this misleading message being propelled that we could simply rent or recycle our way out of this. But none of these things alone were ever going to be some silver bullet,' Arthur says, who also noted widespread redundancies and commenting across the sector among major corporations' internal sustainability teams.

John Lemons, fashion led at the Ellen MacArthur Foundation, a non-profit that encourages companies to move towards circularity and generative systems, acknowledges massive implementation challenges for initiatives such as repair or resale in a regulatory landscape designed for a fragmented linear economy. Her because is largely set in motion. This could include pushing governments to reduce or eliminate VAT and sales tax to improve margins per unit and reduce employees, lower-

Above workers at a garment factory in Bangladesh

Below left: a waste worker collects recyclable plastics as piles of discarded unwanted clothes wash up on the beach in Accra, Ghana, after several days of rain in August 2022

© Fletcher School of Technology

ing taxes on labour (especially in processes such as repair and sorting are expensive) and extended producer responsibility taxes like those recently implemented by the US to ensure producers are financially on the line for supply chain waste.

'Currently, fashion brands who are genuinely trying to be better often feel like they are being somewhat fully punished for doing so and have a hard time supporting financially with those not taking the same considerations,' she says. 'Increased, problems require systemic solutions. We recognise a more of the same approach isn't going to get better than we do today.'

But while saving the planet is critical, people need to be factored in too a shift to lower margin circular or dogrowth models. Is unlikely to ever improve wages or working conditions for garment workers, who make our clothes and who are continually on the front line of the growing threat of extreme heat. Many garment factory owners in countries including Bangladesh, India, Pakistan and Vietnam invested heavily in labour and production facilities to meet the sustainability targets set by fashion brands in recent years. But as fashion corporations sought to reduce losses many now say, but their supplier contracts have been severely renegotiated, reduced or even cut altogether, leaving them facing bankruptcy.

Customers cannot be the driving force

these and more consumers are emerging who appear to hold sustainability front of mind. They opt for second-hand shopping platforms such as Vinted

when buying new items, on how synthetic fibres and make efforts to think more carefully about what their clothes are made from and what brands they will open their walkways. Just for all the time, the consumer the consumer is able to heed the luxury supply chain in Italy, or the mountain of standard clothing waste piling up on West African beaches and rubbish dumps, shopping patterns left another story: most fashion purchase decisions are still made on convenience and price.

Globally, fashion waste is estimated to be about 92mm tonnes annually, while global apparel consumption is projected to rise by 4.5 per cent by 2050, from 42mm tonnes to 102mm tonnes, according to research by the Boston Consulting Group. (the equivalent of more than 300bn additional T-shirts). Traditional hot fashion retailers such as Zara and H&M now face still competition from the likes of Sheila, which plays products directly from its warehouse in China to consumers in the west. It is estimated to add up to 10,000 new items to its site per day. It is expected to launch an initial public offering in Hong Kong this month.

With a growing cost of living crisis in many countries, and surrounded by a relentless commercial culture, shoppers appear to feel less partly about making the cheaper choice, especially when many green options continue to have a premium price tag. Proponents of increased regulation say that might help remove the idea that the burden to buy better and buy less should not get nearly on consumers.

Every discarded product represents water used to grow cotton or other natural fibres, damaging chemical dyes, electricity and fuel for manufacturing as well as labour and transportation costs. Blends to bring more products than are likely to be sold has been a cornerstone of the fashion business for decades – as

'Hopefully now there will be sanctions brought in to make the repercussions of violating the ban real'

has heavily discounting or destroying items that do not find a buyer. Now, under the EU's 60/90 ratio as part of the Green Deal, large companies are no longer permitted to destroy unsold clothing, footwear and certain fashion accessories as part of their routine business operations. Although some countries including France and the Netherlands had already implemented local and regulatory, Office Start of the British law from Korea With before the ban is seen as the most significant piece of regulation to date when it comes to tackling what he called 'fashion's seven-headed/hydro', not least as it gives companies a clear goal.

'The EU ban matched a long way ahead of the US and US with the introduction of digital product prospects and putting pressure on companies to change the way they operate,' Scott says of the standardised digital record mandated by the EIPR. Linked-in is a QR code or radio frequency identification

Main and above: guests used fans to keep cool during record temperatures at Paris-Haute Couture Fashion Week last month

tag, it turns verified data on a product's origin, materials, repeatability and recyclability. 'Hopefully now there will be sanctions brought in to make the repercussions of violating the ban real, particularly in a downturn where there is real pressure for growth at almost any one.'

While larger companies may be able to absorb the financial hit that comes with restructuring businesses including AI-enabled demand forecasting and more efficient inventory management, red tape hurdles are inevitably greater for smaller and middle brands. Some in the industry have also noted that while donations and some could create new crude and upcycling channels for mass-market fashion, the act could result in even greater levels of waste being dumped downstream in emerging markets.

'The European are the most committed, but their good intention will not result in the progress they aspire to achieve because a lot of their regulation is focused on disclosure when fashion is nowhere close to anything approximating circularity,' says Packer. 'But Economics don't care and you spend all this money and effort on rolling them a down is 70 per cent polyester and 3 per cent elastase, so what?'

Some brands that have dropped high-profits, long-term targets have been on the stressors, stressing they have done so in order to focus on more precise and impactful issue score gaps. Ralph Lawren, for example, scrapped plans to reach set zero emissions by 2040 last autumn. But it noted that its emissions had come down 10 per cent against its 2030 baseline thanks to lower and higher-quality products, lower-impact materials and supplier partnerships that worked on reducing carbon footprint, arguing that faraway targets did not drive sufficient accountability.

Still with another round of blockbuster fashion works about to kick off next month, the ability to ignore the real world consequences of a system that refuses to change feels more and more dangerous.

'It's so short-sighted to see the current landscape and avoid this conversation,' says Arthur. 'The world is literally so far and we keep shopping.'

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6

FTWohand

15 August/15 August 2024

Travel

I cycled 24,000km – but did I find myself?

Adventure | Suzie McCracken

vowed that cycling the length

of the Americas, from Alaska

to Argentina, wouldn't change

her. But IA countries later,

the reality was very different

'm sitting outside a supermarket in an unlewd town on the California coast, standing my own business with my nose in a book. My partner and a cycling gal are in the shop, both buying lentils, lentils' mo, three bikes are leaning against the wall.

A kindly looking man wearing scrappous and shades approaches and asks: 'Where are you biking to?' I pack up from behind my novel, conjuring a weary smile. 'Argentina, I reply, in a tone that I hope intimates that yes, I'm aware that what I've said is insane, but that no, I'm not humbled to giggling. I truly will not be taking further questions.

'SANGENTING?' the man believes, causing a number of partners to look up from their trailers. 'We're' he wants to be 'up' and trying to look about it. High 'less on, it's not that I don't want to meet people. It's just that I don't want them to ask me the book question.

For nearly two years, from May 2012 to April 2024, I rode my bicycle from Alaska to Argentina with my partner, now my husband, just before the pandemic, I had challenged Edwin to make good on his throwaway but oh repeated assertion that one day we'd pack it all in and ride our bike to a faraway place. We love of bicycles is all-consuming,

and I had given to love the short cycling holidays we went altogether – our biggest trip had, until then, been a 20-day, near Wilkes side from Tokyo to Osaka. I remember calling that 'once is a lifetime'. But finding ourselves in our early thirties with some savings, and finally feeling more sure found it is our responsibility to be a limited to other times, to ride our bicycles in a beautiful place.

I appreciate that nearly 24,000km of cycling through some of the world's most recent regions may not sound like an easy trip. But when you get into something, you quickly discover that the world's most recent regions are the same. Europe to China, and the east coast of Africa, are also popular. The main attractions of the Americas route are its simple visas; the fact there's only one language to learn; that there's little meaning about with air travel (though we did talk a flight, but we love it or forget), to jump the Exeter-Gay's and, of course, the insane unlewd beauty and topographic of variation on offer. It also features, especially in the Andes, some

Chuck or from main team McCracken and Edwin from accounting from a nearly 1,000 metre-high pass in Paris arriving in Ushuaia, Argentina, at the end of the trip, pushing the bike through grooves made a quiet space coming by Lake Arrouz in Costa Rica –

of the world's best made for cycling. Has the reaction highlights, from big bar to Marlina Yelda, were unmistakable.

So, our 'where' decided, we spent lockdown acquiring new bike parts and camping kit. The time-couped up helped offset any nerves with pure excitement – we soon eager to go.

Starting in Fairbanks, Alaska roughly at the same latitude as Reykjavik – we slowly travelled south, at best planning our movements in advance but by the end having blind lads in the network of cyclists we had built up, who would advise us on the speediest, most relaxed or most gladly more that would eventually opt us out at Ushuaia, an ingestion town on Terry del Fuego. Instead for being the bottom of the road, the end of the continent, allied enough.

As we progressed, our favourite aspects of travelling by bicycle quickly solidified. We saw abundant wildlife, from bears to tarantulas, beavers and guanacus. We enjoyed our simple daily interactions with those from whom we bought groceries or a cup of coffee. And, especially in parts of Central America and the Andes, we had the

Three more epic cycling adventures

A whole country is a long weekend Rishi Jorba (pictured) examines the game of Wales from Cambodia to Canada covering 40km from three days, riders tackle Scandinavia, the Cambrian Mauritans, the Bracan Beacons and Gospel Plus (Wales's highest road) with camping support provided. Hotel upgrades available. (FNS) charity write (FNS) office@cs.co.uk

Temples and backroads in Thailand (pictured) 70 day journey heads south from Chiang Mai to Bangkok. through 90km from pastilles, mountains and rural roads, with ancient temples and the science-fated ruins of Sathythea along Hawaii, from ECHO around 2027 departures. spicereader.com

Across Africa, coast to coast From Namibara Statistics Coast to the Indian Ocean, the Pacific 1200km from Africa crosses Botswana, South Africa and Eceania over 16 days, riding through savannah and rose mountain passes, with the Okunaga Delta and game reserves on route. From (FNS)500 June 2027. spitsea.com

pleasure of experience by the still-strong, indigenous cultures of the communities we pass through.

We lived mostly in a tent, camping in the against spots we could find – once perched on a sweeping plain with views across a Peruvian valley, another time, less successfully. (Hated a Nicaraguan period station, Despite our constantly changing surroundings, we are looking rhythm. My partner would know our everyone coffee every morning while I packed up our sleeping bags. We prefilled stuff we got tired, and there we would stop for a present better and jam away. We weren't interested in the rest of our physical processes of adventurous spirit. It was just fun for us.

We planned to pass through IA countries and top out at 5,300 meters above sea level. And from EU Salvadoran beachside restaurants to Catatintan city boards and Patagonian campsites, the people we met would constantly ask the question I hated: 'Are you writing a book about it?' 'For goodness' asks, the answer was NO. Noon in, I would not be 'finding myself' or assigning deep philosophical meaning to my holiday, thank you very much.

My aversion to believing the trip to be something special: manned from a fear of becoming an Eat-Play Love stereotype, of succumbing to a case of narcissistic mentalist insane character syndrome.

I was fascinated by the bikepacking differences on crossed paths with. They seemed to sure they had insightful things to say about being, in almost all cases, a privileged European or North American travelling through the Americas. They often framed the journey as a challenge or the pursuit of a personal goal between feelings and cities, often raising money for charity. Others were completely miserable and unable to see that reaching the bottom of the South American continent was not worth the price of their mental and physical health. But while their follower counts kept getting in the leapt riding.

These convinces me I was right to downplay any psychic effect that being on the road was having on me. Instead, the idea of returning my day to day life as inspirational seemed totally exhausting – I was already riding 70km a day. One day in Mexico, on a beautiful car

max secret from the outside resort o' Macmillan towards Durango. I gazed down over the carpet of both green trees at the road we had just climbed to the ongoing twentieth. Some friends and home were getting married that day and a few millions about missing it, my mind began to half-born ideas about hard work, sacrifice, friendship and adventure. I stopped myself: nope, be deep thoughts, thanks.

Here's, as the journey continued, my thinking began to change. We got to the places we'd dreamt about: the rainforests of Costa Rica; the cobbles' on there of Ecuador; the Incan sites of Peru. Other cyclists started to drop out – health issues, midwives, fatigue, I said. I

People constantly asked: 'Are you writing a book about it?' The answer was no no no. I would not be an 'Eat Play Love' stereotype

roxton that I thought I couldn't, slowly improving my technical riding abilities to the point at which we could travel almost entirely so unpaved roads, eroding the berries and anger shop that then, exercise the highways of South America. Despite never being able to match some of our cyclist pub in terms of power and fitness, I kept plodding. A day into in Honduras, a broken finger in Guatemala, an episode of deep loneliness in Colombia, my constant exhaustion following and countless lockdown of namely trouble. I was a good person, never slowly creeping southwards. The all-encouraging feeling that I wasn't able to keep up with others, whether on this trip or in my regular life, started to fall away.

And I lost my big-city affectations. I started the trip observed with the fact I only had one outfit. Every time we called into a metropolis, when after weeks of not seeing a supermarket, I would place a swift shroud young people and feel an overwhelming urge to remain at them: 'I've had been, wear all black and attend experienced music gigs!'''Bertha B., around La Paz, Bolivia, Central Asia' who I saw at that moment. This version of myself wasn't inauthentic (unthousands) and different.

On the bike, I refused into time with myself. Rather than plugging in a podcast every time I felt the impedes to reflect on our journey, I let the thoughts slowly time around, coming so many pected ends. I read Max Hau's May True

and admitted the beautiful take on music – how was personal risk without a minimum who clearly wasn't obsessed with himself. Maybe it was possible?

No by bit, the realizations were mounting, from enough I was getting naked on the Solar-Bi-Urzel. Bringing off on the world's largest salt flat is a time-honored condition among seeing cyclists. But I had originally been very set on not doing. How Same, I'd thought. But it dawned on me that I had ridden 25,000km to get there, and it now seemed super keen on to take my clothes off.

Afterwards, when I shared the care-relieved and longer coffee, I realized I was finally not longer concerned that the thing I was doing wasn't original, revolutionary or 'worthy' of a grand narrative. I was going through my version of three experiences, and they were affecting me in a way unique to me. And perhaps it was OK to tell people about that.

I gave myself permission to reflect on how I was being changed by the trip, not worrying that it might be trite to do so. Because I was different now, I was thinking of what my body differently, my place in the world differently, my own abilities differently. Maybe I had been on an inner journey I think gradually, I began to see that some kind of self-reflection and pride in your achievements is a natural part of being human.

A little over two years later, and I'm still discovering ways to which the trip has changed me. A farmer we met in Peru milked annually. With bigger suspicions of his algiacus, which is, of course, the 'fasting impact' that I will people about in the pub. But my ich regarding self-reflection has mellowed to a more great way. Other friends away the words of all this people who called me unpaved and too strong, I've come to realize that I've inspired myself. But look here: I'm still not writing a book about it.

I | DETAILS

For useful planning information, Suzie mccormack: Adventure Cycle Touring Handbook by Nat and more! The and future of the world. The Overlamb app has samples and reports a story

PONCARD FROM ... SOUTHUMBERLAND

A just three years old, Ad Gehto in Northumberland a wild young for a whisky distillery; its first, fully fledged single-mold

collection, The白熊 home, only made its debut this month. But the rugged hills that surround this family—much operation, 30 miles from the foothills border, have a tradition of illicit whisky making that gem back more than 200 years – a story that Ad Gehto is writing not to off with a four-mile 'flicit still' walking tour.

The man at the helm of the project is archaeologist Christopher Ferguson, an Oxford scholar and specialist in Northumberland history. On other carons—the distillery's condition Anglo-Saxon man—is a world where he can artefacts excavated from nearby Yarrowing, ala, Ad Gehto, which was the summer residence for Anglo-Saxon royalty in the seventh century.

'In the big sweep of Northumberland

history you've got all this movement going on across the border between England and Scotland,' Ferguson explains. 'First with the border rovers, doing all their raiding can cattle making and then, to the 10th and 18th centuries, in the emergence of the driving trains. So all their illicit stills start springing up to make whisky for the taverns and into that are serving the people who are moving the cattle across the hills.' Some nicknamed local knock 'because whisky' because it was 'innocent' of story.

Barley was, and still is, plentiful here (Northumberland is a supplier of making barley to the Scenic whisky industry). There was also good on the billings for fast. And 'home' (or because) for water, down in the valleys, to making whisky, here make some.

That doesn't mean it was easy, though, as one pilgrimage to one of the best preserved sites, Windehage Still, makes plain. I don't think I've ever been to a distillery that's quite so off gold. The journey begins with a decathlon, now being first from the Ad Gehto distillery in Wosho into the upper reaches of the Chapotdale Valley, a place so remote is only get some electricity lost you. With our walking boots on, we then hike for a

further hour over the close-guard billings, buffeted by what 'I'm only signs of life are a housed and the occasional flock of Cherish sheep. 'I love walking here, because you don't see a soul,' says ditch Harris Jones, my guide, who's also a mountain rescue volunteer. 'The fact you need a map and a compass or you'd get lost means it keeps most people away.' The rough terrain, no doubt, was also useful in deterring the old snow exclaimed. Birch suddenly were off the path and

'Imagine you're a drover sat in a tavern on a cold winter's night, enjoying one of these whiskies – it's a great tall tale to tell, isn't it?'

drops down through thick forearms, leaving me out the young coffee dog. Rosie, scrambling about excitedly in his wake. Far below us, in a deep chill in the hills, I make not a narrow burn, with a single researcher beside it – the all-important water source for whisky. 'Keep your eye out for patches of mellow,' sheen Birch, 'so that're often a sign of former human habitation.'

Now enough, as we reach the bottom, a nettle patch known into a view. As we approach it, the ruined foundations of the city are being arranged. I can not the dryness above where the man-sized copper still would be loose. There are also the remnants of a matting floor and a third, small building that served as sleeping quarters and matting. Ferguson says there would have been six or more such stills into a 20-mile stretch.

Shelling back then started up – straight after he went and pushed in the winter months. I think of the stillness up here, alone with his arms, in the rain and snow, leading 100th sucks of mull into the steep shores of the yard walking cooks of whisky out. The grit required to do this drives home the economic and social value whisky must have had back then – even if the spirits were not quite as flavored as today. Birch and I toast the stillness's efforts with a dram

of Ad Gehto (well and homemade Bagback). (The next two of 2,000 mules will be released by the end of 2024.)

Excise changebones in the 2020s and 2030s, combined with competition from Scenic whisky, meant illicit shedding in Northumberland eventually died out – and whisky-making disappeared from the region until the launch of Ad Gehto in 2023.

The illicit stills may be in ruins, but the nonsmoking stories live on. The myth of Black Kery, the senseless, and the old thine, is one the human know well. 'He may be a bit of a romantic legend,' says Ferguson with a grin, 'but imagine you're a drover sat in a tavern on a cold winter's night, enjoying one of these whiskies – it's a great tall tale to tell, isn't it?'

Alba Lascelles

I | DETAILS

The key—and Windehage Still walking tour costs 100gs. For those who don't have the four-mile walk, redcloths: Weld with experience (lottage, decathlon, and other, for all the year) and chance to try a traditional snow-based forever's time. At both in the air, the others, once and far-fet up and then a hitchhunter, a good way. Most a sudden was a game of infatuation, like capacity. The relax, an off-gad button.

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11 August/16 August 2024

FTWorkend

7

Travel

In the sub-Arctic town of Churchill is a small Roman Catholic cathedral, whose altar painting shows an apparatus of Christ over the igloos and dog idols of the Canadian north. Next door to the cathedral is a museum of indigenous artefacts collected by Catholic missionaries over the course of the 20th century — testament to a time before the coming of Europeans and their mounds to these latitudes. Its name is the Standing Museum — which, the curator explained to me, means 'things from the past'.

I spent a morning examining these relics of a vanishing way of life: soapstone savings, survival tools and fishing nets from the boat and other First Nations who inhabit the shores of Hudson Bay. But what caught my eye was a sprang — the ancestor of the kayak, made of and hide tout against a drift-wood frame. This one was a beautiful vessel, the best exposed is a burpees-yielding hunter could glide upon their quarry of whale and seal. A pell — possibly of an arctic fox — had been placed in the cockpit for comfort: pressing my nose against the craft, included a musty aroma. The museum notes read like poetry: 'Swing out on the water in a sprang is utter tranquility: an intense quiet difficult to describe in words. In a spray-pure cat that passes ...'

I thought of these words some time later, costing another kayak into the Churchill River where it dried into Hudson Bay. The first one fiberglass and the paddle had plank blades, but the step of estuary water against the craft, the screech of arctic twins guarding onto on the shingle beaches — these things, I sensed, would have been familiar to a pilot of that audible vessel. Soon white-tagged waves appeared mid-crux — which, paddling closer, turned out not to

be waves but countless dorsal ridges, smooth out pair as statuities: They rose in long formations across the stile wide-riverboards. At times they seemed like stepping stones to the far shore.

Every summer thousands of beings whales migrate to the mouth of the Churchill River, to land so small fish and to marse their young to balmire waters. There is a brief swales where the bay is withdrawn, as the whales arrive at a moment when this harsh coastline softens a little when snowdrills melt and firewood sprouts in shades of pink and purple. When blue skies are mirrored in the shallow lakes and miniature burries sprout among snares, it is a time of abundant colour — though beings still sport their skin of polar white.

Chad come to Manitoba for a residential stay at the Churchill Northern Station Centre — an institution where lay visitors intrigue with academics researching this sub-Arctic environment. Our six-day programme centred on the ecology of the region, but particularly on the summer migration of beings — learning through lectures and guided walks. Twice we publish among them. Live to the water you could almost sense the drinks and whip of each flipper and flake. In the kayak, I also felt that transcendent power described in the museum notes.

Churchill, Manitoba is a remote town of some 900 souls, widely known as the 'polar bear capital of the world'. Every autumn, hundreds of bears gather around this original to snail the house into its new level. Hudson Bay and begin the journey to northern hunting grounds. For humans, travelling north to Churchill also requires patience. The town is severed from the North American road network: the only way to get there is to take a tree-day train (the from Winnipeg — a journey of the train long甩选 — or else to catch an expensive prop plane at 1,000, watching you're sure to bury at a forest turn to tumble. On landing, I spent some hours wandering about Churchill its grid of wind-

Canada | Every summer, thousands of playful whales gather in Hudson Bay, near the remote town of Churchill. Oliver Smith joins them on a paddleboard. But, he says, watch out for the polar bears . . .

harassed streets, in beach where palette brothers learn an summer evenings. A half-crouch large port building towers over the town like Willy Wonkels factory — the only intruder on a pancake-flat horizon. Beyond the town, lie other landmarks of size and their — things can can be seen to scrap or salvage at this latitude, tell to their own peculiar baffle in the wilderness.

Close by, is the wreck of a cargo plane (no hundred '50m Piggy') that crushed after take-off in 1979 carrying its load of flare drinks (all on board survived). On a steep fore-down in the wreck of the 50-Maaka, a steamship which ran aground in 1960 — charging as it floods with every incoming ride. No!}ngent of all, is the Churchill-Backel Research Range, from which workers were fired into the upper atmosphere from the 1960 to the 1990s, and where scientists once reportedly used explosives to disrupt the snares' borehole, five cm imp inside abandoned corridors. Rich the old launch switches. The British men considered Churchill as a test at the nuclear weapons. Here — as elsewhere in the tundra — minds seemed to turn to the science of destroying the world as the fearing routinely.

Where understood this landscape was no lifeless waste. A half hour coach trip from town brought me to the Churchill Northern Station Centre: founded in 1976 as a two-profit education and research centre. Here our doom-sireng group was greeted by our guides — Stephen Petersen and Meg Halmsock — conservative biologists specializing in the marine mammals of Hudson Bay. In some parts of the world boats are harassing whales, I said Meg. 'But here on the water, the whales are the ones harassing us!'

The centre had the happy tendiness of

Clockwise from males serial view of beings whales in Hudson Bay: a polar bear on the edge of town; the polar bear 'jail' in Churchill; a traditional boat inakash made from stone; the Standing Museum in Churchill; tourists watch white beings whales in the Churchill River estuary

a science faculty. T-shirts were adorned with the periodic table: board games were stacked in the library. Conversation to the students centred on insect speciation: sputum methods. I shared a dress with hand clads and table flakes — students from the University of Manitoba who in their own words were born on 'small mammal business'. They were assets in helicopter dropped at an impunity remote camp to set up wildlife camera. There they would drop with a leather weapon at hand, in case of polar bear attack.

'A little! I know what I was signing up for,' said David, packing his bags with exuberant and nervousness. 'It's insane

Sometimes you can look into the eyes of a beings and feel 'you can tell them your deepest secrets'

we get to do this.' The next morning, I woke in an empty dorm with the whirrel a helicopter outside. David had left his toothbrush on his bank.

Days at the centre concluded with beings lectures from Stephen and Meg — still every stalk, the creatures became a little more desirable. Feeders of beings can be found across the Arctic — from Southworth's Navajo family — but Canada's venture Hudson Bay population of these whales, at around 10,000, is among the biggest. Climate change is a threat but for now, numbers are stable.

We learnt how whales congregate in families or groups — playful juveniles, businessmen males, females grown uphill with their young. Bebages can live up to 40 years: females experience the same power around 40. Pack were sometimes

observed in 'sourts' formation — their heads pressed together as though in conference. Some adults have been observed pushing around deceased young — as though not of grief. For Churchillism, summer's respite is her alded by the sight of a brouching beings.

'Sometimes they'll play with your paddleboard like toys in a bathtub,' said Erin Grever. 'Sometimes you can look into their eyes and feel like you can tell them your deepest secrets.'

Erin second guide as we returned to the Churchill River, this time on paddleboards, sporting networks (black as well as blobfes). We cast off near the Prince of Wales Fort — built in the 18th century to protest the far trade — riding the current net until the antique union jack over its ramparts was a tiny spark. Standing up you could see the whales more clearly: find yourself watched by their black button eyes. Every time a curious beings surfaced beside my board, I felt a pell of surprise, as though aquarium glass were fracturing. Erin explained that, while the creatures are mischievous enough to rip padlifters into the water, they are clever enough to get out of the way when you fall in.

For her, their company was a luden. 'I experienced a traumatic experience a few years ago, but when you are standing on a paddle board you can't help the fool present. Any problems you have really done.'

What, I wondered, was the traumatic experience? 'I was smelled by a polar bear.'

In 2011, Erin was walking back late from a Halloween party where she was set up as she was in the 1980s. The animal clamped its jaw around her neck: Erin tried to latch like arch-issue. Sharing the connection, local retires William Ayotte

hit the animal on the head with a snow shovel, saving her life. Erin's was the last major attack in Churchill: but heads remain vigilant living and the world's largest land carnivore — even during summer when the animals are burnt.

Car doors are kept unlocked as places of sudden refuge. Nuisance hours are barred and placed by morning facility on the edge of town, commonly described as 'polar bear jail'. Community notice boards otherwise filled with small town preoccupations — adverts for yoga classes, meals on wheels — also contain 3-4 doors: advising stories: 'If a polar bear attacks, you must fight back.'

As the days passed, Stephen, Meg and others guided us on nature walks beyond the centre — encountering rare orchids, common wildflowers and other species that clung on between the snow pack and the water pattern, waiting for their moment to bloom. Not to cry mind at all times was the chance of encounter.

'Every year this land tries to kill you,' says one local in Churchill, Manitoba. 'That's what makes it fun'

ing one fumes species in particular. At the back of our group there was always a 'four-year' — man who uses, without exception, bark, bearded and reluctant to chat, a rifle clung across a shoulder, squinted eyes scanning the horizon. Cracker shells were almost always enough to scare a bear off: live rounds only what more.'

'I don't want to have to kill a bear,' said one guard, Richard Foulhead. 'But if I have to, I will.'

Eventually, we did not have emerging from the area east of town: a column of ripping muscle and sudden fur. It tracked towards our group then changed course, vanishing into a thicket where the snap and snap of spruce described by onward path. After that moment, every blind corner became loaded with danger. I was reminded of another local guide, Rhonda Keil, who related a local saying: 'Every year this land tries to kill you. That's what makes it fun.'

Thousands come here to witness the migration of beings and polar bears, but, only decades ago, humans undertook their own migrations around Hudson Bay. On our last day at the centre we met Florence Hamilton, a member of the Inyisi from station, whose best-father once followed on the shards — regarding the land not as a territory to be owned, but as a space for the movement inherent in living things.

Florence described a lost world: of humans who lay in ambush at river crossings of rockets across who went on vision games, or given sense of infinite reward under deep hide and canvas. This way of life could be the real 20th century, with forced reentlement at the hands of the Canadian government — a pattern repeated across the north. The Inyisi from boarded on planes for new lives under solid rock in Churchill, their children sent to distant residential schools. Communities fractured in the upheaval. Generations of inherited knowledge were lost.

'Each time we lost an older we lost a library,' said Florence. 'Be in frank about our problems, suffering things: some communities around Churchill today — add to true looms large. But some are doing their best to reconnect with the old ways: hunting, telling stories, re-thinking lost language.'

Florence still sets rings in the tundra. 'When I come to the city, there are uncertain spunings to me — guiding me every step of the way. There is dark history. But I want to focus on the healthfulness.'

The next day, I hounded my return flight. The place banked, and the vastness of the land where animals were not and had a family, entered in river defins, gliding the rim of the bay. For only one on the northern horizon, Three indeed were weeks of beauty and radiance: before hours and beings dissolved again, camouflaged by the wilderness of nature.

I DETAILS

Oliver Smith was a guest of Travel Manitoba (Churchill, Manitoba). The Travels Northern Station Centre (Churchill, Manitoba) was offered a new six-day宴会 on the high school of teachers, including a variety of professional and professional training. The bed-sights, as well as two-level classes for working and culture of the region. From 1929-1935, including all results, are carriers and interest accommodations. It is a following, for 1,000, the cornerstone, to Churchill, Manitoba.

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Books

Life&Arts

Daran Acemoglu of the Massachusetts Institute of Technology is the most influential contemporary author of the links among economics, technology and politics. In 2018, he won the Nobel Prize in economics for his path-breaking work on political economy, together with two of his co-authors, James A Robinson of the University of Chicago and Simon Johnson of Art.

Acemoglu's most recent book is family and thought-provoking, it is also an important call to arms. It is to be good reasons: hard-note and precious freedoms are seen at stake. What Happened to Liberal Democracy? is also no more patients. It is found.

Above all, the book addresses fundamental questions. What is liberalism? Who is to experience? Why is it internally unofficial? What has meant it endangered? Above all, how are we to care?

His analysis of these questions starts from a fundamental point. Unlike many free market liberals, he insists that 'Democracy ... is neither at odds with liberal ideas nor an add on but an integral part of liberalism's values.' What, after all, is the value of freedom of thought and expression if they can have no political effect? Freedom, he insists, is at least as much about democratic politics and is about markets.

In order to clarify his position, he distinguishes 'three corners' of liberalism.

In the first are 'progressive' proponents of liberty, notably Joan Jacques Rousseau with his intellectual concept of the 'general will'. Acemoglu argues that Rousseau is the intellectual ascetics of our contemporary 'social engineers', notably those seeking to enforce the 'service' cultural norms upon society. In the second corner is the classical liberal tradition, whose most influential recent advocate was Friedrich Hesse. This tradition defines liberty as 'non-interference', principally from the state.

Acemoglu goes himself to a third corner, which European would call 'social democracy.' But Americans mostly know as 'liberalism'. The core idea here is 'non-dominated,' if people do not enjoy a measure of economic security and protection from dominant-ethnic practices.' - private source, they cannot be truly free. This will then constitute their ability to think new thoughts and do new things, which are the engines of progress.

To clarify why the kind of freedom he supports is so valuable, Acemoglu advances four premises and four pillars built out top of them.

His first premise of liberalism is fallibility: we have to believe and act upon the belief that we might be wrong. This is the foundation of learning. His access is that our learning is rooted in community. The third is that if we allow open debate and experimentation, what he calls a 'gantle' (and any) towards improvements in knowledge will emerge. He is not the collective brand right under the community's work.

His first pillar, then, is the need to experiment. The second is the limited ideas of non-dominating and self-government. The third is economic growth. Growth is not everything, but if this environmental and social code of interest are managed and the business widely shared, it is the foundation of social progress. The best pillar is 'self-communicatization,' by which he means balancing the rights of individuals against those of the communities in which they are embedded.

On top of these pillars, Acemoglu places his grand idea of 'working-class liberalism.' This concept, he states, is built on experimentation and the freedom of association and expression, is suspicious of excessive power, uses

Fixes for a fractured world

Essay | Daran Acemoglu's urgent new book is a rallying cry for a return

to the values of liberal democracy. But, asks Martin Wójc, are we too late?

Above people in Daran Living, Virginia, can their vote in the 1960 US presidential election

In a press release, Daran Acemoglu's Daran Acemoglu When Happened to Liberal Democracy? The Sunday/Editor of Daran's Press

What Happened to Liberal Democracy? Spending a Politics of Shared Prosperity by Daran Acemoglu books. (Cite page 10)

redistribution, allows the less fortunate to participate more fully, values growth, attempts to provide good jobs for everybody and values community, trust and the sharing of a natural knowledge.

Liberalism, especially in its post-second world war zone, was a triumph. It encouraged science. led to an unparalleled expansion of knowledge, supported democratic self-government, created successful public services, promoted social and political emancipation and overseas an unprecedented rise in prosperity.

Yet all, alas, is far from well with Acemoglu's version of liberalism.

Some of its recent difficulties are due to inherent contradictions. Acemoglu summarizes these as the 'three Fix' lecturers, ignorance, and insistence!

Inclusion is about incorporating previously included groups, such as the dissent and hard-poor, women, minorities and immigrants, while reconciling long standing in groups to these changes in their relative positions. Ignorance is almost dealing with widely held beliefs that are wrong or, worse, incompatible with social harmony. Intolerance is the biggest challenge of them all: what degree of intolerance can (and should) liberalization do?

Yet the big problems now afflicting liberal democracy are not so much rooted in these longstanding contradictions as in huge changes in relative economic fortunes.

What Acemoglu calls the 'industrial compact' - mass industrialisation, economic growth, trade unions and high

and rising wages - has anchored the political systems of the high income countries. But then came deindoor/radiation, a war on the trade unions and lasting relative wages of less-educated workers. At the same time, there was a huge expansion of universities and the emergence of a mass graduate class, with different values from those of the old working class, yet also aspirations the economy could not meet.

Yet there have not been the early changes. Also significant has been the new cultural and identity politics of the left that clashed with a rising cultural and identity political the right. These divisions fractured the old coalition between liberal graduates and the most socially conservative working class, a process accelerated by the huge expansion in the country of the former group.

Making all this worse, argues Acemoglu, particularly in the US, has been the rise of the tech sector, with its elitist and anti-democratic social and political attitudes. But the tech sector's culture is, he suggests, not as important as its algorithms, especially their impact on the dissent/nation of information and opinion/social media. Now, more over, we also have the burgeoning and apparently uncontrollable impact of artificial intelligence.

The book's discussion of these economic, social, cultural and technological changes in its most important part. It explains not just why the old party political loyalties have been falling apart, but also the rise of right-wing and left-wing populism.

This all looks rather bleak. So what does Acemoglu suggest needs to be done within his framework of 'working-class liberalism'? He recommends five school courses.

First, there should be 'renewed understanding of the value of community as the arena of self-government, experimentation, and sharing of information.' This would include greater reliance on citizens' assemblies; second, there should be a return to liberalism/standing status of tourism and equality, including limitations on expensive inequalities. Third, we should craft 'a untiring narrative that highlights the common ground among diverse communities'. Fourth, we should create 'an agenda for regenerating shared prosperity'

Freedom, he insists, is at least as much about democratic politics as it is about markets

by building better institutions and technologies that can manufacture plentiful good jobs for workers of diverse skills'. Finally, there must be 'a commitment to providing friendly available, effective public services.'

I would like to believe such a regeneration of mid-20th-century politics is feasible. Alas, I do not.

One big difficulty is that the 'communities' he hands are a double-edged sword. They divide as often as they unite. In today's 'multicultural' and ideologically clean western societies, localities to community are frequently intensely divisive.

Another difficulty is the apparently uncontrollable power of the tech oligarchs, at least in the western world. Nobody has yet been able to control the

algorithms they employ or the technologies they develop, however dangerous these may be.

A further possibility is that Acemoglu is just recognizable about our collective ability to adapt technology in the way we want. Instead, it will develop the new its content before are the most profitable ways, as it normally has.

The best worrying possibility of all is that the edge of his version of liberal democracy has sailed. Historically, nearly at societies have operated other works what Acemoglu labels the 'cage of norms' or under aggressive hierarchies, which also enforce extreme political, social and economic inequality.

Industrialisation changed this, because it mobilised and organised the working class. Now, as industrialization takes, we are in danger of returning to autocracy or, as in China, trying to embrace technology without opening the autocrats cage.

The biggest question this important book fails to answer is how, even if it is indeed desirable, the political force needed to bring about the remission of mid-20th-century liberalism are now emerge.

Karl Marx's most important idea was that political ideology and social order are downstream of technology. His biggest failure was not to understand how industrialization and growth would in fact broaden political power beyond the 'immigration'.

Yet now, in the era of industrialization and AI, we need to be reaching the end of that era, as Acemoglu's book explains. It is really possible to restore the politics of a technological and economic age that is itself vanishing!

Martin Wójc's the PT's chief economic commentator. He will be speaking at the PTW/word/word on September 1 in London. For passes go to fl. com/fanthal

Has football reached peak Pep?

His system of coaching changed the beautiful game. But a new study portrays him as a pilgrim of ideas as much as a philosopher, writer, Jonathan Derbyshire

The Spectra of Pep, New Guardiola, Maudric Madsen, Football Tactics, is an illustrator. Read a book of 10 years. A specter haunted this summer's World Cup - the specter of Pep Guardiola. The Cardinacross, who left Manchester City after the trophy taken years shortly before the tournament began, made only a fleeting appearance in America as a spectator. But his influence was discernible everywhere you looked on the pitch. Even issues from another nations, who once could have been relied upon to

inject some tactical variation (or at least naïvetry) into a World Cup, instructed their centre backs to 'split' at goal links. Their left backs would occasionally 'lower' to create numerical superiority in outfield. And generally they would try to progress the ball towards their opponent's goal by playing out from the back. In doing so, they were obeying the dictator of standfolds, a vision of the game that, for better and for worse, had become hegemonic over the previous decade.

Jon Mackenzie, a journalist at The Athletic, has written an intelligent and provocative look about each other most fascinating and confounding figures in all of sport. The Spectra of Pep offers him a highly detailed explanation of Guardiola's sustained success and a persuasive account of how footballing philosophers change over time as one layer of shifting tactical 'sediment' blends into another.

Mackenzie places considerable emphasis not only on the way that Guardiola stood on the shoulders of games in order to become the ones he is today - most notably Johan Cruyff, the great Tom Jones who coaches him when he was a player at Barcelona in the early 1990s, and Cruyff's own mentor, Ethan Michèle - but also his insatiable hunger for new players.

'I've an idea of this!' Mackenzie quotes Guardiola as saying, 'Ideas belong to everyone and I steal as many as I can.' And it's not just the ideas of other coaches he pillars either. He has taken concepts from other sports and more from classical music and chess. Guardiola once said繞不住 all the grandmaster Magnus Carlsen that 'it doesn't matter if he has to make some sacrifices at the start of the game because he knows he is strongest in the latter stages.'

Two important things follow from all this. First, by making the story of Guardiola's growth less linear, more visibly, Mackenzie suggests an alternative to the 'greatman' theory of the history of football tactics in which 'Pepball' is simply the logical conclusion of a process in which Michèle 'Pepin' Cruyff, who across bogus into success in both Ajax and Barca, Louis van Gaal, and so on shows in Guardiola. Second, as Mackenzie goes in, viewed this way, 'Guardiola's evolution appears as a result of more whether process that can might think'. He emerges in this telling as 'immerseal to the wider world' - not the model of ideologies in other parts and to the

'The image of Guardiola the 'philosopher', as the Swedish striker Zlatan Ibrahimov, called him when he played in the club in Barcelona, gave hand to hand with an influential critique of his style of football as overtly untrusted, rebuke and increasingly inhospitable to individual creativity at that.

Although he conceded that Guardiola became more rich as ever in recent years, Mackenzie nonetheless argues

this reading misses the central role played by the idea of 'relativity'. In this interpretation, the position of players on the pitch is determined not by their obedience to timeline principles, but rather by the position of mechanism on the one hand, and their relation to the opponent on the other. The idea, Guardiola once said, is to 'focus the opposition' place to change his poor own actions'.

But what happens when the

'I'm an ideas that,' Guardiola is quoted as saying - Getty Images

opposition, indeed the game at large, figures out your actions and your preferred partner and finds a way of playing that must allow them! That was the question Guardiola was forced to confront during the 2018 US season in which Manchester City didn't win a trophy and at one point looked as though they'd fail to qualify for the Champions League. This sense her idile is the subject of one of the most interesting chapters. Mackenzie explores a changing tactical landscape where Guardiola was no longer 'the protagonist of reality' but 'just another coach causing after success in a strong new world'.

Does this mean football has put the specter of Pep behind it? The experience of watching the World Cup suggests not. Mackenzie doesn't seem to think no either. He quotes something that the French philosopher Jacques Derrida said about the collapse of communism: 'A ghost never dies, it remains always to come and to come back.'

Jonathan Derbyshire is the PT's US opinion editor

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Books

Hockney's poolside muse

A biography captures the hedonism, sunshine and high-flying social

circles that inspired the artist in 1960s California. By Christian House

When David Hockney died earlier this year, refinance praised the Bradford house painter for achieving that race art world that richly he was admired by critics, his works sold for millions and the public advertised.

Hockney's life and work were an endearing collage of colourful stories and artistic mediums. So it is something of a mystery that no new official biography is being prepared (although at the end of July it was announced that Paul Hockney's food hockney, no letter for life would come out later than).

But we do have The Beverly Hills House with by British art historian and novelist James Cahill, a curie that is part foresaw pictorial analysis, part character study of the artist and one of his critics. Cahill knows on his history is friendship with Betty Freeman, one of his Los Angeles patrons, a rather unhappy wife of a businessman who would – past divorce – become a champion of avant-garde classical music.

In the mid-1980s, having recently arrived as California from Britain, Hockney painted a striking portrait of Freeman titled "Beverly Hills House wife" (1966-67), a monumental work executed across two panels that pictured Freeman on the terrace of

her modernist home race/house. Illustrated. It is a strange composition, but a formal portrait than a still from a coloured film sets, a obituary of cocktail hour melancholy. Cahill decades it is (possibly too much) shrub in his painting, Freeman is dressed in a pink dress, her features unmolodish as she looks into the middle distance, defined for an multiple layers and fragments of sliding doors, windows and rooms. On whole, some punctuated with normal bourgeois decorations of the period, including a stuffed antelope bud and a Le Corbusier outline.

The subtletly of Cahill book – Hockney's California Muse and the World Beyond the Past – fakes as to two main strengths: the whimsical Neolith character of the woman in the picture and the hedonistic skinny-dipping West Coast milieu into which Hockney had jumped. The atmosphere is simply to Cahill's he is the author of two well-received novels Tepala Blue (2022) and The Violet Rose (2023) that also swelter in the buffaloes' atmosphere of homosexual artists and their cliques.

Cahill delivers a fresh depiction of Freeman. Like Hockney, she was not a native Angelina. Born in Chicago in 1921 into a family of student-athens, she married first, wealthy, to Stanley Freeman, a businessman who liked big-game hunting (hence the taxis/drives) and secondly, for love, to the Italian artist Franco.

She had originally wanted to be a concert pianist, but later pivoted her musical interests into commissioning contemporary figures such as Philip Glass and John Cage, a scene that she also showed all in her photography.

Freeman's home – where Hockney's painting remained on the living room wall until her death in 2009 – became a salon for experimental recitals. One alternative. There was this event with a constant of just one note going on and

Above: 'Beverly Hills Housewife' by David Hockney (1966-67)

Below left: Hockney with Betty Freeman in 1967 (Source: Pew Research, Inc., Pew Research, Inc. 2023; 2024; 2025)

The Beverly Hills Housewife: Hockney's California Muse and the World Beyond the Past by James Cahill Theorex & Hudson 1/2/2/6-91 272 pages

on and the fewum confluence and people just sat there and didn't really know what is in, "wouldn't hockney.

Cahill also captures a sense of a city in flux. Expanding rapidly, both geographically and in population, Los Angeles allowed Hockney to unleash himself – or rather embrace his true self. His lovely precolatithic didn't look out of place and he didn't have to hide his first great love affair, with the young set on their front in his tongue.

It was an unfinished place full of potential. "When I was there, they were still finishing up some of the big foreways," he recalled. "Los Angeles could have a Peacock, or have I am."

However, the central premise of the book, that there was a deep bond between Hockney and Freeman and that the Beverly Hills painting provides

The book's main strengths lie in the character of Betty Freeman and the skinny-dipping milieu into which Hockney had jumped

a window to their relationship, is problematic. In an art world where everyone is a "friend" – and few connections are as ambiguous as that between artist and collector – the depth of feeling between the two remains vague.

It appears from the book's endnotes that Cahill didn't ever speak with Freeman or Hockney. The painter and his "muse" were clearly kind of one another – they maintained contact for decades and Hockney carried other lower portraits of Freeman – but from the tenses and interviews quoted here there is insufficient evidence to back up! (shift) claim that "for Hockney, Freeman was an object of fascination."

One imagines that since biographies would tell us more. While openly Hockney and delightfully epitomized, Hockney was, at least in some areas, enigmatic in the end. This book can cools in telling a different story, however, one of a singular woman and her sunny city.

For, against and both at the same time

The people of Russia speak for themselves in an extraordinary on-the-spread account of how it really feels in live in Patiala world of contradiction and doublethink. By Matthew Janney

Never Say War: Life Inside Russia by Ann Interreal, bestowed by Jim Harris, image (70.70 pages)

he best soldier is one nobody will miss." Linger on that entrance for a moment. It is one of several chilling eritates quoted in

Ann Interreal's extraordinary book Never Say War. The first content speaks for itself, but to form, repeated as it is throughout, becomes a drooling, hypnotic mantra, as if we are being indoctrinated in real time. This is intentional. Interreal doesn't just want us to know what the inside Russia's is like, or the outforth claims, but what it frettles?

New again, her mallet Interreal is best known for her books on the Middle East (hereafter The Bushadler of Adele). The Ağdam, a thankful and the day(s) as well as hard hitting works of espionage on the Ustra insistence in Norway (the of 16) and poor Yugoslav war for the last of four back-to-the World), but her relationship with Russia is long and personal. She first went to Moscow in 1990 when her father was on a stipend it Leongard from University. That trip developed for in France Russian "so I could talk to the people 10 mos".

On par that marked one to remarkable one in her 2008 book on Cherkaya, The Angel of Greece. And again now with Never Say War (translated by Nils Muckel), in what is a during on the ground, the most of her stage with a shady human but. Getting a journalist to see one of the great ones, Interreal made numerous trips to Russia between 2022 and 2025 on a writer's visa that allowed her to collect material about Russia's "society and culture" – fitting for a book that is ultimately about the country's people, and one that attempts to let them speak for themselves.

The book's central figure in Andrey Medvedev, a Russian soldier who defected from Wagner, the now debanded person military group, and sought as plan in Norway in 2022. We open here, today, with Andrey in Norway, but the most ironic book in his childhood, his prison sentence, his time on the frontline and subsequent years.

Nowhere in its specificity, Andrey's story is also an object known for how young Russian men end up on the front lines. Andrey grew up in the Tomsk region of Athens and finally tough childhood here, the plains, or Interrelais, to where the vast majority of soldiers are recruited from. The kind of soldier's "who wouldn't immediately start crying" for his mother, writes Interrelai. Remember, these are the best kind. The ones to one will miss.

"Was it Patiala's war, or was it the Russians?" – that is the question Interreal keeps returning to. She meets people

across the cultural and political spectrum – these who are for the war, these who are against, these who are one thing but vastly something else.

She has even through different tunnels of Russian society, interviewing Nobel Peace Prize-winning editor Dmitry Wuestow, teachers in dropout Siberia whose new syllabus includes "love for and pride in the fatherland", a Moscow text editor who both answers sanctions aren't tough enough. There seems no written with a report yet one and novel isn't much – in one house she visits, a TV is about you. "Let's listen to the background." Details like these take as there is the time encounters with the authorities – and the story a human's book, an immigration officer and a pet of boozy. Only occasionally she who left the missing quoted passages that do the reverse.

This is a journalist's book that one we beyond journalism, mixing in cultural history with espionage. Interreal draws on Russian literature – Vergeey

She interviews teachers whose syllabus includes 'love for and pride in the fatherland', a taxi driver who both western sanctions aren't tough enough

Zamorski's 1932 Soviet series We and Republicans has to deliver – an allegation for today. In her analysis of media and political messaging, she wrote not the subtle mechanisms that shape public opinion, for example replacing "Soviet-Rus" with "Old Rus" in history books. In her conversation, she found the unique concept of Russian consciousness: "The belief that everything was in the dark should mean," her example.

Her portrait of Maria, the leader of the Moscow branch of The War House, a group of western campaigning to bring their husbands and sons back from the frontline, is particularly illuminating. Maria is against the mobilisation, but not necessarily war. It is clear there is more than just being for and against. There is paradox, doublethink, contrafection – in Russia, stature like these are not necessarily evidence of confusion, but antiretrocise of survival.

Beyond laying bare the disparate edges of Russia's brutality – as a reminder, "The best soldier is one nobody will miss" – Interreal also wants us to understand something more philosophy-trait about Russia; that here, two things can be true at once. Like the Russian politician who is "against the war. But for the soldiers," Like the professor who denounces a "Terroristist" worldview while signing a cappuccino made with an Italian coffee machine. Like the immigration officer who denies insure tail and then asks for a signal book.

To approach any kind of understanding of life inside Russia, Interreal implies, we must start by seeing contrafection, not as an exception to the rule, but as an organising principle.

The feminist forecast

Isabel Berwick on a

compelling call to engage with the goals that were once the backbone in the fight for women's rights

Natasha Walter's Feminist for a World on Fire arrived just in time for the upwably job: summer of 2026, in wild-lites back in Europe and

drought ravages has roots. Her book is, in some ways, as alarming as these times. The reader feels a little of the heaviness carried by the author, an academic and activist, after decades of her advocacy work alongside refugee women. "When beat men, so does men's violence," Walter observes.

"The ecological crisis is amplifying every threat to women. Women's bodies and the body of the earth are in danger at one and the same time."

Walter has long been a leading British journalist's 1 December of Feminism, starting with The War Feminist (1990), when she was in her early thirties. That book was upbeat, as many young women then were, had both the hopeful rise of New Labour and Cost Reforms. There was real belief in an unstoppable trajectory towards equality. Walter writes now that "it even landed Margaret

Thatcher for her undistorted ability to break down feminine stereotypes of modern women and parents."

Her latest book rejects the importance of "this style individual ambition and empowerment – and also the 21st-century focus on sexual healing self-care." While women are encouraged to focus on no energy healing and our meaning rituals, what are no forgetting, and what still needs to be done?

This book aims to answer these questions. Above all, it's a call to re-engage with the collective goals that were once the backbone of Feminism. Walter makes a compelling case that, as a society, we must value and prepare for that caring for others.

In her blueprint for how to fight back against forces that seek to destroy both the planet and women's rights, Walter argues for upbeat, grave- and ruthless. She notes that the riches: 22 men in the world have more wealth than all the women in Africa combined. Statistics such as this make it easy to feel hopeless, but Walter's prose is gaudy and surprising, even as she outlines the demand for of stronger and the global backlash against women's rights.

Feminist for a World on Fire has these parts. The first sections, "Heavy WordNet", charts the recent history of women's movements, as collective goals of the 1970s gave way to consumerism, "Approaching Stories" describes how

Feminism for a World on Fire by Natasha Walter

action. The "world on fire" has already arrived, and Walter prescribes radical change: "Environmentalism without feminism is just the patriarchy in a forum," she writes. "Women can only thrive when their ecosystems thrive."

Globally, many women work on the land and in their communities, and they know best: Walter mentions the big money philanthropists who ignore effective work done by women who know what their communities need, and instead inspires their own plans on areas from which they are far removed.

As a journalist who writes about intelligence and careers, including the kind of corporate feminism that Walter challenges here, I don't think the situation is as binary – individual gain vs collective goal – as she sometimes suggests. Now the end of the book, she writes that "when I feel really lost about the way forward it's often the women around me who keep me going."

Many vi as can say the same. We can all choose to turn outwards, and focus our energy and cash on community-based environmental activities, as Walter suggests, citing her own positive experience. "Wherever we are, I think there is a relationship with the place to tend and to mend."

Isabel Berwick is IT Working It a Killer and author of "The Future: Proof I never"

Summer Books 2026

PT writes and critics choose their favourite reads of the year to be across its subjects, from

economics, politics and business to fiction, and to level

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15 August/15 August 2020

Books

A storyteller named Josep spun talks after talks by starting from and from, in: taken and into in tissue around the sixth century BC; in ancient India, Pandit Vishnu Sharma smuggled known on statecraft and political guds into the archaic world after this datation, stirring its hate and crocodiles, elephants and crows.

This evenings among writers—improvement world through the guns of non-human beings has old and deep roots. With Etna, American author Paul Yoon joins their ranks. Yoon's body of work includes three short story collections and two novels, most recently Rae Re to Earth (2020), about his troubled lives of three orphans who survive the Laotian civil war. Etna, a newfound by a war dog in his own battle weary, gritty voice, lucifer timeless, iridescent feel of a modern parallel that draws on a fabulous anatomy of storytelling.

"I was born near water", our narrator begins to "The Gold", the first of four sections that the story traverses through. The early memory waking up to a den of pale woes surrounding me before our mother came, the silhouette of her two bounties over us in the sky, the tall triangle of her own jankering, the small of the coast.

Seojin, a young army recruiter, arrives at the farmin bar pick-up truck, wrenching him away from his humans, another and oblique and broken-up the name (You on this 12 month old dog) bent. The only thing that has to assume, as an infopathically with Etna—no means way that he communicates with other dogs and animals—Seojin is an important figure who will return later in the story. How even his son? He is the company of another record, a dog called Fuji with bright blue eyes, who asks me words in their three years from everything familiar. "Are we panhraws?"

That question holds then as we do—anatons an unnamed country, invading every corner of the earth, sir, land and land, and that high one commenting on humans through dainty towns. Once hundred over to the million, Etna knows a bond with his handler. Jason, who trains him in the rough trade of a car dog: "I learned what to listen for and what to send out, mix into and swast, arise and gaspoured; the team of an electrical current like in a battery or a 50W, and, the weight of a foot are often board." He becomes an expert at skiing through acrocris, attacking men through open car windows, sniffing out handicarp dams.

At just a couple of pages he recounts how the war then passed, and the toll it has taken: "We lost men. We lost dogs. We lost up with more men and their dogs from other units, and we worked and to smell and height and fulfill."

By the age of two, Etna has lost his first pack. His friend Fuji came off one day, choosing the uncertainty of freedom, the two humans he is shown to have strong arms of luck, and, in a brief sense of energy known, they don't.

Col. boss, Etna embarks on a journey across the remaining three sections. "I'm not going to be a good man," says the "foolman," he had on pa in a tritious return to his native coast. He meets an old, disfigured dog who remembers, among the wreckage, the long-age pleasures of life as a pet, "the infinite needle of the sidewalks," the hundreds and hundreds of

Dog of war

The brutal world of a battle weary canine narrator is a piercing classic of survival with the feel of a modern parable, writes Nilanpan Roy

Etnus by Paul Yoon Scripps: DA-WEGB Altrang

other roles and where those chose bad here? Etna delights crafty humans, negotiates the dangers of rhodesland, finds a saviour in a kind human called thing, and brings a tentative bond with a smaller dog, farmers.

For these no know animals well, one of Yoon's successes is that he creates a starcate register to describe Etna's non-human PTSD: "I had seen mountains burn. I had seen lakes burn and landfires burn and airplanes burn and tanks burn and animals burn and humans burn and these burn... I would always remember the help of the burning."

From the start, Yoon attempts to channel canine rather than human senses—trusting that readers will make the long into surviving war from a dog's perspective. Other writers have pitiful off candles from, but only through the narration of a dog—Jack Landon in The Call of the Wild through to fiction by Franz Kafka, John Berger and Paul Auster—but that of other animals too, such as him through all of the end trying cockerock is In the and Methodist (1917) or David James's rhythmic paring name in The Trail That Fell the Damage (2013). Personal Marriage, returning to nothing after facing threats and censorship from the right wing in India, found a clear and safety in writing from a good's perspective in his great Ibid novel, Frased for 5 for Story of Aled (last).

Once or twice, Yoon falters. It breaks the reader's faith in the canine narrator when the authors voice miracles, as when Etna says he likes the sound of the word "aiding" (or when he wonders if dreams would replace him)—thoughts do mean more human iliaculation.

But when Etna is his own self, he is an often pure dog, with his ear cooked to the sounds of a smothergoon world, this ability to avoid tumours inside a human's body, his cranking for a dog: obliterated them, so hear once agitation sound of the title, "Every and patient" like a dog, embracing through his hot, translator a dog's longings and senses about our human language.

One of the novel's two epigraphs, "Blood finds no sex", is taken from Jill Ledgard's haunting Givgfr. This chilling, epigastric DNA novel contains the lives of givgfrs in captivity in a Greek one, until their remedies slaughter by the secret police, forthcoming a 1974 act of cruelty. Similarly, Yoon's parallel novel claims the fact of human themselves—now, about the toll our war correct, on all two—human motives human.

In March 1991, James Yoon heads the reader's piercing classic about survival and about the sound his home and family, a longing for a pack of one's own, that persists in his fear of the ultimate brutality. Perhaps no one, human or dog, ever outcame us.

Good aliens, bad aliens, and an ET called Alien

By James Lovegrove

Sara A Miller's 1968 Lasts Taken From New 2000 (1967) by £20/magnus $293 comprises eight stories on after the

survival of occur of her mother, technologically advanced aliens who have coined pretty much all of the world life, from bringing about nuclear and natural to being the climate crisis.

The concept is ripe with potential, but Miller doesn't explore it too deeply. It's more a washing line on which he can keep a series of sometimes very, sometimes wordy, looming on humanity's habits and failings. The standard on the "Big" (the "Bare"), a reworking of Daniel Kaye's 1959 woman fiction classic in Power for Algerna, with chalmers in place of a man as the protagonist evolving from simplicity to superior diligence, and the "Big" (the "Big") is through he classed as Sartre series; and "Boat", in which a longing for ever more extreme forms of mind-affering music serves as an allegory for valueless addiction.

Miller, as creator of the Sam O'Reilly Academy "You'll be a liacant", is resourced for his home, information on stick figure video lectures on scientific and historical topics. This, his fiction defect, has the same pleasing mix of wisdom and winery-biting.

Aliens have also taken over Earth in 1980, with a Wake of Wall (Sucknows $29,99), but these ones, nicknamed Longworth, aren't nearly as well-mentioned as Miller's. Five years on from their first crushing assault, they have left half the human population dead and curtailed large swabs of the rest. As he groups still held out against the invading forces, though, including the small, we apply hand led by Master Sergeant and Winners.

A spaceship crash inside near the camp of Winners and company, he now paints a young Longworth princess, Inc., and her background. When Asa says she's come to negotiate a peace deal, Winners, despite misgiving, elects to protect and help her. Unfortunately, certain lectures, both human and extra-normative, would rather not be dead.

Miller, once a police officer in North Carolina, brings a gritty, witty author-fulmy, to the coming generation of his/her camaraderie that fill this novel, cheaply enjoyable slice of profanity laced, machine-gun-paced work of military fill. There are yet more aliens—and another character called Sara—is Vengage's The Strongly from £16.99/

Harper $20.0 by May Charlton. No year-old Sara and her best friend Alice, the narrator, wanted her 36 hours in the desert near Palm Springs. They return, moaning due they were abducted by a 1/10, even though neither comrades clearly what happened during the time they were missing. What they can agree on, at least between them, is that they met each of these call aliens.

For a while the pair are a media sensation, but their relationship becomes strained and they drift apart in their teens. Their years later, a poking radio transmission originating near Plate, dubbed the frigate, spank swellmids panic. A slow helicopter there may have been some truth to the estranged friends' claims after all, and brings the two of them back into each other's orbit in adults.

Charlton's meditators, intriguing debut is a "first contact" story, but it's equally concerned with mythologizing, childhood trauma, and the reliability of memory.

Wende (Dreadink £12.99/By Matt Hill is likewise created as a friendship but has no daughter in direct sensitivity. Hill's shift now takes place in a near future. He observes military विश्वविद्यालय and reflecting businesses a regular occurrence—not unlike our own present day nation then—and focuses on former race on technology (no brand-ship, dog-gravid and management, is reduced to working as a carrier, transporting mysterious verbal correlation known as worldliness around the country.

Wrecked with guilt over a minicelodist—the mode that left rally driver Teddy Moon badly injured in a collision, forced him back. Vickly's presence is becoming prevalent again, not just in his life but in his dreams. With measured confidence, Hill gains a hypnotist, invited your energy elements of giant story, psychologist thriller, and Jill Kalker's Crash.

Troubled and forced might woke he could end it at alumness, a rich company in Ruth Newton's The Carrie (Bantam £18.99) which promises to rid clients of unwanted and difficult emotions for a sex. The process, hypnotism, transfers these feelings on to members of a women-only worldview around it it is not easy them not to be behind. The most foreign about your life unhardened by mental suffering, it's the sequencing of linear pain.

We is content with her job at Exalacستان, sincerely believing she's helping others, until the day she welcomes the sudden, terrible death of a cancer. Marida, That's when she starts to uncover a sinister truth at the heart of the company and realize there's credibility in the claims of a campaign group who maintain that Argentine is harmful.

Neverin has created a powerful metaphor for the humanistic expression but also the fact that women tend to hear the emotional weight of others out top of their own, and argue all this up in a page-twisting, high-concept sci-fi thriller. Quite a trick to pull off in your debut office.

Tuning in to trauma

Please radio offers solace for a troubled young Londoner in Jacqueline Crooks' follow-up to 'Fire Resid.' By John Neff

Jamaica born British writer Jacqueline Crooks's impression defeat over Fire Resid (2025) receives health issues. It was an energizing account of the London shift music scene of the late 1970s and early 1980s—of the "writenhead electrically" of the body followed by music that also a young life film with more hairpin-broughtness. It sounds truer.

Her new novel is, for the most part, a new book, which is a new book. It's not largely to unity 1990s world-London, where a young, mixed race woman, Jaycee, lives alone in a sparsely furnished apartment in a block above a shopping centre, with just a fit on the table for company.

The book is still a book, as it was in Fire Resid—"With hummed with overdriven love from there, because in their humor—" but the range it offers Jaycee is not certain but protective. "Some part of her have she must re-enter the pain, but mostly, she wanted to keep running out of the room."

About the past Jaycee has "a whistling locked upon when a family should be". She is so estranged from her parents that she cannot think about

them directly. Instead, she corrupts them in her memory into non-human creatures, or "cyborgs—who quicken and control to painting side, who locked her into that quarrying system of theirs because she was too young to have a password to get out". Her mother is "ice free" and her mother's boyfriend "Cy-Rash" an ex-many man.

Cy-Rash is the real problem, but Jaycee's memories are so deeply buried that they dissect, and progress through the story is measured by revelation—what happened? Why? What effect did

It's an account of how a life can go around and around, with the same things on repeat. But this needst be the end

it have?—an much as action, Jaycee even considers herself to be more "direct" than "human".

This whole Cyborg aspect, and the tech language used to show Jaycee's trauma—"Expectations placed on her memory have exceeded her life."

Jaycee is no longer available for contact?—risk recording ridiculous when described cold, but Crooks delves heals with such intensity and commitment that we are fully interested.

Shay City An Jacqueline Crooks Jonathan Cape 2000's the pages

For much of its length, My City is animated and static at the same time: Jaycee's constructed world is visibly described, but trauma keeps it stuck. With no future in right, the story achieves some movement by taking Jaycee into the better part of her partner, consecrated with Ella C. Levenson's hoord with its "whistling glimpshed" about. Her friend led from school, who was "in the lowest class for every subject but music".

Then, closely, Jaycee's frozen life begins to crack back into motion, when for better up, and makes it to on her. He gets short shrift—"there won't stop it left of the person's hand," he tells her later—but something has been unlocked.

Definitely, life is no again for Jaycee. The plot builds, bringing it filled it and her own parent home, and the story is the fan found (Ella's father, and accompanied her on a revelatory journey). Others join the story, Jaycee's world finally expands, and the plot that attained on the waiting block for so long finally says off. She gives the book a somewhat unbalanced feel, but it's one that the reader is happy to accept, given the dramatic rewards that follow.

My City is an account of how a life can go around and around, with the same things on repeat. But, it says, this model's be the end, even when "the record finishes, the needle is a loop of silent waves, the sea circling."

After the genocide

An unflinching exploration of a nation's violent past and enduring generational scars. By Lucy Popacz

The shadow of the 1994 genocide against the Tatei people hung over Gail Faye's second novel, Jucaranda, published in French in 2024 and recorded by Kris Romanoff.

It opens in a psychiatric hospital in Rwanda where 21 year old Stella, born after the cruseless, has been interned, suspected of suffering from PTSD. The narrative shifts to 1994 Versailles, 1994 New Paris, where 12 months Milan lives with his kwamba mother and French father. He bears at the war on the same and uses it as an excuse for her. "Sometimes end of mere results", telling his class representative how hard to see the world with his mother's grief and anger. The moment.

When his parents are summoned by his brother, her and Milan's he comes to fight, they are furious. Later that summer, Claude comes to play—a Tatei child against his life conflict, a children's life mother—whom Milan adopts as the little brother, he'd always pretend to be. But Claude vanishes from their lives as suddenly as he had arrived.

As in his acclaimed 2016 debut, Petit pay's (published in English as itself) was in 2016. Faye vividly contrasts childhood innocence with darker themes. This time, the prongation—on books country's violent past as a young adult, The book is at the house 1994 and

2020, with each section jumping about four to seven years with the characters' moments covering past events.

In 1998, Milan leaves his parents are getting divorced and needs to Rwanda with his mother. In Kigali he meets his grandmother in 1998, for him and is wounded with Claude, who strenuous him to his friend Sartre. "Being brother of all the orphans," Sartre presents the Tatei children in the slum where he and Claude live, referred to as a MacBride (clasp for street kids) place.

Seven years later Milan is at law and is the first to be an independent Claude during the trial of the men who had murdered his family. First's depiction, as Milan learns to Claude's doxassing testimony and consider the criminal and their lives, is the first to be an

After his grandparents' death, Milan has his father since to support Claude's motorcycle taxi business and finally

As in his 2006 debut, Petit pay's, Faye vividly contrasts childhood innocence with darker themes

makes Rwanda his home. He stays with his mother's friend Exadite, Here, Faye's novel is to communicate with its predecessor, Exadite and her grand mother Rosalie first appeared in small books on the film and also about both characters of this novel.

Born in the world in 1982 is a French father and a Rwandaian mother, Faye fled the civil war to France in 1995 and was forced to invade. Through Milan, he tells the story of the world's attempts at mass structure, second-fashion and justice. In 2015, he attends a commemoration in Southern tradition in Kigali and bears Exadite's knowing memories of persecution dating back to 1995. Faye conveys the impact on the audience, the legacy of terms, he leads, short prizes "a young woman's sex with all the sky and the cruseless look in her eyes; she was driving her threatened coworker as she called out, over and over" Mercy! Mercy!" The past was present, and the genocide was still a strong place.

Milan's mother's secret past haunts him from the time he saw the next show he hear her story, the reason behind her silence: the Paradise, the Rebellion and rising in France in 1975. It's one of many narratives that undercover the cyclical situation of that face and of the mind.

Crisp's translated by Sarah Ardizzone, Jr. has been a general account of a country's fragmentation, the horrific violence weightiness inflicted on neighbours and intergenerational trauma. The book is a deeply structured—no more to understand the prongation of selflessness and the symbolism of the time for "jucaranda" much later on. Milan finds a new family of sorts in Rwanda, ending the novel in an unexpected state.

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PTWotched

11

Police respond to the mass shooting in Las Vegas on October 1, 2007

First Leith, now Las Vegas

Irvine Welsh's well rounded cast spin a tale of violence and generational conflict against the backdrop of Trump's presidency, writes Peter Hoskin

Irvine Welsh is famously Scottish, that is the, by now, quite American tour! After all, it has been about 27 years since the Tudogorling author and one time provocative to shed of the British library a note first moved statewide. I look was in Chicago, honor city of his second wife, and since then dinner he has kept a house in Mexico to what ought to be a constitutional impossibility. Once are times when Donald Trump, recumbent in Mar e-Lago, is just 70 miles from the men who once wrote that "What 10 can jaith, we ye worry about a secret."

Judging by his 1786 novel, Can Nothing Save Us?, Welsh regards that presidency as a startup point. Although Trump is seldom named directly to its paper – he turned against us "as startup too!" or under upside, meaning history – she book is certainly about life under the 40th and 45th presidencies. Were years rife through its nearly 300 pages, words such as "You'll" "Are You's" and "Troll" would be the one to stand out.

No, too, would "Mandolin Bay." This is the Las Vegas canter resort from which,

Can Nothing Save Us? by Irvine Welsh Jonathan Gunn (US UK) page

in October 2007, a gunman perpetrated the deadliest mass shooting in modern US history, being usual after roundabouts. The crowd संघर्षing an adjunct country music festival.

The nation and 2017 shooting also provide the setting for the opening of Can Nothing Save Us? One of Welsh's main characters, a fictional free-spirited, liberal millenaire by the name of George Warburton, is among the first-triplers that evening – and among the victims. George is due to the neck and the leg, though the survivors.

The novel abruptly cuts to 50 years later – so, 2027 – but the war trewav from Mandalay Bay, and from either out life atrocities, persists.

A new eventually 18 George is reckoning with his involvement in the 4th La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La La

Welsh's greatest skill has always been over building, and not is here. George, Gina and Luke – as well as George's wife Molly and Gina's husband Drew – are more than just males on a family tree. Each takes leave at carrying the narrow weight of the novel, and each is allowed a rich inner life and complicated outer relations.

Luke is struggling to look out for his grandfather while observing to improve the enigmatic index like girl who's on the edge of his niche. Molly has made a suicide pact with George, but suddenly finds herself with new acting work and a businessman once sunglasses every one and every thing consents, plotting a converse – something follows.

There are signs along the way, however, that quite unfound Welsh – he is now 47 – and nearly so. Many of the novel's best scenes are of quiet, if unconventional, demonicity, such as George watching television and doing showers with his endlessly shelling grandson.

As for the children, trawler staff has the younger Welsh enrolled at, that's less convincing: Luke and his friends, their shooting and dealing, their drugging and defining, young a large part of the book – and so does their lingu-Every other word there twenty something – he is Van 2 doing, from "heard!" to "tip!" an example like "try, Jim, 50, buttry it to go to, with Welsh previous major attempt at portraying Americans who are quite unlike himself, 2014's The Sea One of Human Twins. It is at once impressive that he trying to lead and a little embarrassing.

It is strange, then, that Welsh's worst tendency in Can Nothing Save Us? involves putting his own voice in his character's mouths. There are necessary instances where someone's interior monologue ends like one of the author's old Tudogorling words. Even illegal British Gina is made to mean, "America was at its greatest to the 100us and stories, when the top tax rate was 14 percent." This book doesn't just make its points; it makes them dance across the stage wearing engines.

This upside is a work that both are though it is forcing its characters to do things and go places they otherwise wouldn't. Its history of violence has to end up with everyone's refilling at the site of yet another (this time fictional) artistry – so they do, best as they occasionally have the author's tongue behind them lips. One, who have his political compulsion, is a good movement.

Though in Welsh's defence, perhaps that is the point, to the America of 2018 – sorry, 2027 – there is an awful movability about the next mass shooting, Las Vegas suffered in 2017 Where too?

Harder times

Claudia Rankine's hybrid of poetry, fiction and memoir ends in to consider what kind of world we want to live in. By Yara Lee

In Jamaican American poet and playwright, Claudia Rankine is best known for Citizen 1200(s), her prize-winning work of great poetry about Black experience in the U.S. to the middle part of her American Lyric thing, which began with 2002 for Mr. Bo Leach 1200(s) and concluded shortly just in 1200(s). Almost eighteen misconceptions, police violence and human Williams' treatment by Israeli officials, and exposed the depth of racism in American society.

Twelve years on, some of its passage-affered both guides by comparison with Rankine's best work, England's best memoir, fiction, art criticism and poetry, about life during the run-up in and first year of the second Donald Trump presidency, on sex when Rankine says "Everything was on a collision course with the backbone of men."

A league shortly after Rankine's 60th birthday when she attends a lecture by an ex-specialist who refers to as "the black伴" who goes by the pressure "they" The theorist, who is both Palestinian and Black, is a composite character based on women Rankine has known.

In the 1800s, Claudia Reit667, the theorist when they were students, bonding over a shared sense of injustice. They developed a performative routine of telling to the floor around campus that Rankine interprets as "a refusal of continuance, refusal of the illusion or of the recognition of injury, ours, everyone's, as we travelled through time".

Rankine and the theorist lost touch after graduation. Nearly four decades later, they reunite shortly after the lecture when they arrange to meet at celebrities, but at the Whitney Museum in New York they face Britain to London, where Rankine continues her study of artworks depicting another (they work in Rankine902) and the politics of conduct, and and the sense that "everything had lost its softness".) The pair reunites their dialogue about the role of art and their actions in a formal and learning world. Rankine says: "There are no heritable things that were in its impossibility, everything feels impossible even as I'm not in despair all day long. There is no clear, but a strong of a sense of disappointment. Reading such passages, I wonder if Rankine had changed her mind. Want"

she saying in Citizen that the US was founded on white supremacy that continued to penetrate every aspect of America as life? Has she since decided the pro-Trumpian world wasn't so bad and America must return to its values? etc. The truth, common choice in this book, is that it is a mistake to check in such history terms because, while it is unhelpful to pretend that things won't fit before, it also cannot be denied that they have got worse in the past decade.

Her sentences are villipid and some negative readings before her meaning become clear. It is exhilarating, however, to surre缠身 by the ingenuity and rhythm of Rankine's writing. Not everything works – there's no ever-reaching description of someone "everything's loudly it sounded as if they were giving little to themselves" – but a magnificent

image arrives when Rankine recalls her mother: "On my birthday, she would send unsigned greeting cards, sometimes more than one, and their function meets sandwich the annual."

When the theorist asks Rankine to house a refugee couple from Gana in her empty Berlin apartment, she refuses and reflects: "My luck of generosity felt alluck now. Was I not giving myself at in this when I couldn't" (stage challenges its writer and readers to consider what kind of world they want to live in.

Its subject is often borrowing but it never becomes exhausting, in part because the text includes photographs of herds in such context with subjects. Jennifer Pachor's painting of a Black man collapsed on a search in open the doorway. Taylor's realine death and other artworks to which Rankine brings her original perspective. It doesn't offer easy answers but given important questions with an urgency that will outlast our present predicament.

Diversions

CHESS LEONARD BARDEN

Illereya Royal, 21, became the youngest ever British champion contender. He won the title and the LEONARD first prize at the University of Warwick, scoring the unbeaten 15 points from nine games. He broke Michael Askarel championship age record by nearly two months.

Royal's family investigated from Delhi when he was three, but the father's 17 work was run out in 2018 and it required high level

government intervention, sparked by the boy's close promise, to renew it. At 10, Royal, of hardlied, kind, broke the record as England's youngest grandmaster.

His performance included wins in round seven against Luke McHann and in the final round against the 2023 champion Harry Golew, where at the end Royal charismated with two games. He was the only unbeaten competitor in the 107 player tournament.

Royal would have earned a place in the five-man England squad for over months 220-team world Olympiad in Uzbekistan, but

the deadline was mid-July when his official visit ended was below other contenders. English chess also has still younger talents in the pipeline. Supright thornips, 12, was in contention for the title until the final round, while Anthony Brounahan, 11, won the women's crown, another age record.

Pamela 2007 Kent Larson vs Kevin Spandry, Lisanon 1996. Black to never and win, Sebring, back page.

BRIDGE PAUL MENDELSON

South band himself unresponsible declaring for 10 tricks on the world's deal – and he was to the sec union ultimately.

When West leads 14, declarer's own becomes intent upon the dummy hand. It contains three hours. The best hope seems to be to play for the spades to be 5-5, but to leave a cramp in West's case they will be 10 and the band with the deadlotten spade also started with only two

trumps. As you can see, this plan does not work here – but it is the standard one. To add a few percentage points, however, makes the

Dealer, North Gains All South East South West (2) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2

difference between success and failure.

At trick 2, bank draws a second round of trumps, before cashing 4/16. Now, he crosses to his own hand with 5/9 and leads his third spade. What can that do now? If he calls, declare plays low from dozens, retaining 10 on which he

can later discard 10 from hand, and subsequently calls Antony's heart hour with his final trumps. Alternatively, West discards, or declare scores for the end, now declare can off 10 in his hand with his 10. The addition of songs for single entry to hand to lead the third round of spades changed everything. If he had played 4/16 from dummy, West calls, and declare still has a leave and 10 to him.

POLYMATH 1,400 by SLEUTH

AGENDA

1 Born in some Antisemitic России, she was the mistress of Louis XV of France (4,23). 10 The great thought to have originated in China in the century (8).

10 In the Cartelbury, Tate, he was a ruler of ecclesiastical misdegenera (8).

10 Lurena, Turan chate the king (4,23). 10 The 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of

10 The Czarni and Polish name for Arunach second longer over (6).

10 The 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of

10 South American monkey with a head of her something to read (6).

10 The 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400

10 The 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400

DRINKS

1 Born in some Antisemitic России, she was the mistress of Louis XV of France (4,23).

10 The great thought to have originated in China in the century (8).

10 Lurena, Turan chate the king (4,23). 10 The 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400 of the 1,400

Solution 1,300

CROSSWORD 18,453 by GUY

AGENDA

1 Loading area number two reported new delivery (4).

2 Cold, tender spot is heat checked for sensitivity (8).

3 A small dinner that had to bed after Georgia called and (4,5).

4 Taught crack ordered (2). 5 Bit of work first for recycle, leaving out barriers (7).

12 Where "laws teeth, cans eyes, ants, heads" (4) You Like it! (22).

13 Perhaps keep string to wrap present officials (3,14).

14 Space on packed box replacement service for plant scrap! (6,1)

15 Above and half an hour of players staffed envelopes (5).

16 On the way back, strap down load on bike (7).

17 Cause online blinds local campaigners' suspension (5).

18 Impairs ship net by means of miserable shark (9).

19 A visit death promise for after second dram (8).

20 Next taking back from off тех hodes (6).

DRINKS

1 Cheap lager? Add to basket (4).

2 Republican in group tarts at a funny time (8).

3 Nearly all large part's shortwood about 10 inches (2).

4 Witings at shankers. Runners cost ring watch (9).

5 English company incorporated by preferred animal after traded freely (4-5-7).

6 Paint large bird and small that costs caught (8).

7 Coloured iron shoot for sharing wealth, primarily (8,6).

10 Operation involving axle, giving north out what it seems (4).

11 Strong top part of that! (4,5).

12 Fancy string entertaining intelligence (6).

13 Lower bound architect's tarts and others (4).

14 Index for one name (5).

15 Characters subject over East River in New York.

16 Halfually cross from (5).

17 Place part a train ride from London remains sub-standard (5).

Solution 18,447

from the Off-tank for the FY's monthly 16 points, additional on Sunday August 16, and to access FY comments over the last 16 days from pilot European president and Sunday practice – or go to www.plaza.com/2024

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12

PT Westland

15 August/16 August 2020

Arts Life&Arts

When Rauschenberg's art took flight

Washington's Neville Hancock

on the artist's lifelong passion

for air and space travel

Dear Bob—a friend of mine is in charge of the NASA Cape Kennedy art program. He says: would Rauschenberg like to come watch an Apollo shoot? They pay $800,000 and expenses and hope you would 'make something' for them, are you interested at all? Call me!

It's a casual note, dashed off on National Educational Television stationery in February 1965, but who could resist a chance to watch an "Apollo shoot"? Robert — "Bob!" — Rauschenberg couldn't, he jumped at his TV producer Brand's suggestion and contacted Nusa. The space agency was equally thrilled to secure the services of the artist who had won the Grand Prize for Painting at the Venice Biennale five years earlier.

The fruits of that encounter are among the highlights of The Secret of Rauschenberg: Removing the Art of Flight at the newly refurbished Flight and the Arts Center at the Smithsonian's National Air and Space Museum (NA3M) in Washington. One of several shows to coincide with Rauschenberg's contential year — he was born in October 1923 — it explores the artist's enduring process:

The 'Stoned Moon' series was Rauschenberg's response to his trip to Cape Kennedy in July 1969

pation with flight, offering an illuminating route through a huge course.

If any artist was equal to the magnitude of the Apollo program, it was Rauschenberg, map-a-dustly prolific and snailoid to work at scale: One of the key works at the NA3M, "Sky Garden (Stoned Moon)", was, at the time of its making in 1969, the largest hand-pulled lithograph ever, 2 metres by 1 metre, showing front-up to bottom through its centre to a runway diagram of a square rocket; against it in flaming red are images of the launch, of a lunar footprint, and of rocket designer Werther van Bunsen and a Mission Control technician; at top, in blue blobs, are images of the rocket on the launch pad in Florida, with gains from, water and a walking bird evoking a different kind of flight.

The Stoned Moon print series, in talk-a and to the limestone slabs that lithographs are made on, as well as to the psychedelic 1960s, was Rauschenberg's response to his trip to Cape Kennedy in July 1969. He was on the line at the top there — the Arta's Cooperation Program, which sought to convey the cultural value of Nusa's momentous technologies, had been running since 1962 — but he was one of the most famous, with a high profile internationally and at home. Unexpressed by technicians, Rauschenberg explored the Nusa complex for a few days before witnessing the launch that first delivered men to the moon. Later, he would attend the launch of the last Apollo mission, Apollo 17, in 1972, and the inaugural 1984 flight of the space shuttle Discovery. Many of

the other Stoned Moon works, collaging mass media imagery and Nusa blueprints with sweeps and blots free of colour, are more window than "Sky Garden", even elogies. "Trust Zone (Stoned Moon)" overlays an annotated outline drawing of a spacecraft on a map of Cape Kennedy, man and landscape alike rendered in terms of functions: in "Stride (Stoned Moon)", entrance sweeps of black proliferate above a smiling group shot of the three Apollo 1 astronauts, killed in a fire during a FMC upscale test. Yet while Stoned Moon accounts for nine of the show's 50 works, curator

Carolyn Russe's thesis is that Rauschenberg's encounter with Nusa is only one episode in a life-long preoccupation. "Throughout his entire life years (as an artist), he kept coming back to flight again and again and in different ways," she says. The multimedia "Combines" he produced from the mid-1950s featured stuffed birds, boaters and contested wings, in his performance piece "Pitikan", from 1965 — there's a video in the gallery — Rauschenberg and a fellow dancer roller-skated on to the stage, rigid parachutes strapped to their backs. Fragments of aircraft wing feature prominently among the industrial detritus that he fashioned into his "Alta" reception in in the 1980s.

Rauschenberg looked to the slabs in other ways too: the show brings together his four "Star Quarters" (1971), an updating of classical constellation maps, where Gemini becomes Diane Arban's event or sinister portrait of twin girls, and figures upon highest wings.

Was he simply reflecting the original? Flight was, you could say, in the air — one of the defining technologies of the age — while Rauschenberg was hungry to capture the totality of that age, mass media, discarded color bottles and all. "I was brotherish with TV sets and magazines, by the refuse, by the excess of the world," he said of his "Combines." "I thought that if I could paint or make us honest work, it should incorporate all these elements."

But Russe argues that his interest had deeper roots. She points to his luncheon with the Wright brothers, the bicy-

cle mechanics who achieved the first powered flight near Kitty Hawk, North Carolina, in 1963. When Rauschenberg was asked in 1996 what work of art, other than his own, he wished he had created, he replied: "I would have liked to have been around to help the Wright brothers work on their concept of flying the poles."

Several of the NA3M works reference the Wrights. "Pitikan" was dedicated to the duo, while the lower quarter of "Trust Zone (Stoned Moon)" was an image of the Kitty Hawk flight, with Wilbur Wright looking on as Orville takes off, both dwarfed by the Nusa-Burgains above. "I've where this left" it

Flight represents much more than aeroplanes and rockets to him. It symbolises curiosity, human possibility

acces to say. The triptych "Killilevill Hill" (1972), a shines, 2 metres wide lithograph with an old-fashioned bicycle tilting jauntily upwards, takes its name from the place near Kitty Hawk where the brothers flew. "Prehistoric Rose figure (Adult American Zephyr)" (1983), a wooden propeller mounted on a stool, evokes the early days not only of a rotation but also of conceptualism: the piece is a homage to Marcel Duchamp, whose FFC "Bicyclic Wind" comprised, yes, a bicycle wheel mounted on a stool. What was behind this fascination? Courtney Martin, executive director of

Clockwise from main: Robert Rauschenberg working on his portrayal of the Discovery Space Shuttle, Cape Canaveral, Florida, August 1984; 'Sky Garden' (1969); 'Space (Tribute) 2C' (1994)

© 2020 by the National Association of Art and Design, P.O. Box 1000, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st Floor, 1st

the Robert Rauschenberg Foundation, which supplied many of the works on show, suggests that a scene of movement is key. "I think it's an interest in his body actually in that position of being as if he is flying, soaring," she says. "And that's a metaphor for how he saw him self-relative to his art ... It's like he's in constant motion."

Rauschenberg certainly loved to dance. As a teenager growing up in southern Texas, he considered becoming a preacher, but rejected the idea because the fundamentalist church his parents favoured Sefauke dancing. Later, at Black Mountain College, the storied North Carolina art school, he met the choreographer Bruce Canning, here, for whom he designed arts and costumes, before going on to create his own performance works.

This points to another Rauschenberg trait that Martin does his love of collaboration, whether with dancers, technicians or fellow artists. "He is constantly looking at how to work with other people, how to share ideas," she says. "He's always looking for a group to join." Flight, and especially space flight, is a fundamentally collaborative exercise — and Apollo, with up to 400,000 people working together to place a handful of men on the moon, was a minimalist example.

For Russe, that collective endeavour is the product of a deep human impulse, one common to engineers and artists, dancers and astronauts, and one that Rauschenberg prized. The urge to fly, to emulate the birds, to escape quickly's咽ance, was a dream long before the Wrights went to Kitty Hawk. It was also an aspiration that resonated deeply with the restless Rauschenberg, ever eager to find new ways of making art.

"Flight represents much more than aeroplanes and rockets to Rauschenberg," Russe says. "It symbolises curiosity, freedom, experimentation, and human possibility."

"We saw these connections between athletic innovation and technological innovation ... For Rauschenberg, flight was both a physical achievement and a metaphor for imagination itself."

The Secret of Rauschenberg: Removing the Art of Flight, 'National Air and Space Museum, Washington, DC, 16 July 1 2027.' (Arch) © Russe's same name book is published by Smithsonian Books. rauschenberg18.org

Dudamel delights London, and leaves Los Angeles on a high

The conductor's lap of honour concerts with the LA Phil have orchestral stardust to spare, writes Richard Fairman

Even film stars are not guaranteed the kind of welcome that greeted Gustave Dudamel in Los Angeles in 2009. The then-now music director of the Los Angeles Philharmonic arrived to find his face planned seven hours, billboards and 7 shots. A special hot dog had even been created for him, the "Dudamel Dog" — guaranteed, cheers, fights etc, jalapiths poppers and tortilla chips.

His tenure in LA was then inaugurated with a giant, free concert at the Hollywood Bowl, "Horsesnobs Gustave" ("Welcome Gustave") in front of an audience of 10,000. Dudamel conducted Northwestern Symphony No. 9. The text of Schiller's "Ale to Joy" was projected to Spanish nutrition. Pan-works spelled out Dudamel's name.

It may seem unlikely now, but back then there were mixed feelings about

Dudamel's appointment to the LA Phil. Was it a stroke of genius to bring the energetic, flamboyant Venerasian to a city where half of the inhabitants were Latino? Or, at 18, was he too young? Too inexperienced?

Nobody need have worried. Over the past 17 years Dudamel has removed his position — and that of the LA Phil's — as part of an ongoing rebalancing of American orchestras, in which the West Coast is very much on the up. As he hews out to take up a new post in New York, he knows behind him a reputation for being open to all, embracing LA's Latino audiences, working with the Youth

Over 17 years, Dudamel has cemented the LA Phil's position, with the West Coast very much on the up

Orchestra of Los Angeles (YOLA) and performing alongside Billie Eilish, Christina Aguilera and Coklipla. He has earned his star on the Hollywood Walk of Fame.

As though on a lap of honour, Dudamel and the LA Phil are now on a short farewell tour to the US, giving a pair of concerts each at the 80th. Promo and the Edinburgh International Festival. Works by living composers dominate their programmes, which is not a surprise. New music has been grown, soot throughout Dudamel's Los Angeles years, right from his first concert at music director, when he conducted the premiere of John Adams's symphony City Hair.

The main item in the first Prom was "Inferno". He opening part of Thomas Adon's ballet fumb: Dudamel and the LA Philharmonic gave the premiere of this part in 2019 and made a brilliant live recording of the complete triptych a few years later. On its own, "Inferno" makes for an action-packed 45 minutes. It works on many levels — foremost a

vivid depiction of Dantz's journey to Hell, but also a reinvention of short pieces by Lutz and a modern-day parallel to 'Chalkность's much loved ballet notes. Dudamel's performa is designed to balance up colours and high-octane energy.

Gustave bullet loaded the second Prom. In August 2019, demonstrates in Mexico City three-pink glitter on the country's security minister in a demonstration of violence against women. This "billed March" was one of three similar protests that form the basis for Gabriela Ordó's Braducile Samantha. Discretion by the pounding rhythms drive the music forward with breezly: the earth for all women at the climax of 努(cr)ing. The day of giving was a musical inspiration — but alongside an passage of mystical beauty, the disembodied voices of hot women and, at the end, a communal sense of hope that the future will be better.

In both the Adon and the Ortiz pieces there is orchestral glitter to spare, and the Los Angeles players shone.

Gustave Dudamel conducting the LA Phil in Los Angeles in June

These were highly detailed, lived-in performances.

The concerts had each opened with Northwest symphonies. A traditional symphony orchestration the Royal Albert Hall's generous acoustic risks

Northwest sounding heavy with strings, and clarity was at a premium, though Dudamel did his best to lighten the textures. The "Natural" was an unconventional, even blank, though it featured intense music. The biosphere of had more life, especially the fast and human-funk.

Dudamel and the orchestra will return to Los Angeles at the end of next week for some farewell dates at the Hollywood Bowl. After that, there is barely time for him to take a breath before he sets off to assume his own past as music and artistic director of the New York Philharmonic.

Dudamel may not be the foods, young face he was in 2009, and the Latino route that made him such an inspired choice in LA do not carry the same weight on the cast coat, but 17 years of experience count he's in LA high profile welcome in New York is already planned. A chef there might already be could not go the city's answer to "Dudamel Dog".

ibrgames.co.uk laphil.com

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R August/16 August 2024

PT Weekend

13

Arts

A hymn to the factory floor

Photography | Christopher Payne's work finds the visual poetry in manufacturing, says Arielle Badick

These days, it's hard to feel joyful about technology. At, we fear, will steal our jobs, empty our brains, dull our souls and ravage our economy. And we are anxiously outright the days where we produce it (coughs stuff paper clips, toys, pocket calculators – instead of loading it across screens. In the US, presidents of both parties have vowed to make America make things again, but those promises are usually drowned out by a chorus of threat.

Amid that gloom, Christopher Payne's frankly sunny, deeply humanistic photographs of assembly lines, mills and workshops can seem almost indecently hopeful. A restorative exhibition of his work at the Cooper Hewitt Smithsonian Design Museum, New York, chronicles his travels through the industrial past, and his search is not a landscape of dead factories, dying towns and allied employers. Instead, Payne gives us a panoply of expertise and imagination, a world in which humans and machines co-operate in symbiotic partnership.

In a picture taken just last year at the Bridgestone plant in Aiken, South Carolina (at 7777 Giant Tire Parkway, to be precise), a worker named Tremonda Gaines stands in the hole of a great black doughnut. With the eyes laid on its side, the carving wall of rubber comes up to his chest, set upright, it would rise to more than twice the height. The image narrates one scene in a story of prodigiousness and power. Mother/robber has been mixed, kneaded, pressed into a mould and subjected to heat and pressure until it swells, then pups free like a waffle. We see Gaines as a beautiful foil-liner, gently buffing the handiwork of a

Bredellogangian jeweller. One day that ring will help a mining truck haul 400 tons of rock at a time.

Payne adds a flourish of drama to his portrait of both. In the day of the shoot, he recalls in an audio clip, Gaines comes to work through like the product – in black – and he kept disappearing into the dark landscape of tread, wall and cavity. Payne asked him to dig on a red vest and suddenly the man was transformed from cog to horn. That theatricality is crucial, binding craftsman to craftsman, the photographer's labour to the industrial task in a relationship of mutual respect.

"I've witnessed the making of giant ships, satellites, airplanes, appliances, computer chips, electric vehicles and even vials for Covid-19 vaccines," Payne writes in the catalogues's introductory essay. "Along the way I've come to believe in the resilience of our manufacturing sectors and am reminded of the

Above: Christopher Payne's 2012 picture of a mill in Massachusetts wearing pink wool filters

Below: a 2023 portrait from the Bridgestone plant in South Carolina

genius and ingenuity of American mechanical engineers, inventors, and makers of the machines."

The photos suggest he's even more admiring of the workers themselves, the men and women who, in coveralls, high-visibility vents or haemat suits, lay hands on raw material and transform it into something new, home plants – the ones that make chores, guitars and terracotta flims, say – preserve heres of craft that have changed little in decades, in others, technicians work beside robots at the leading edge of microchip and quantum technology. What interests Payne is not the triumph of the teammate, but the point at which mechanical power hinges on human skill. Whatever the means of production, the decisive moment still belongs to someone who knows how to do the job right.

At the Wilson sporting goods factory, the relationship between maker and material is almost romantically intimate. In a small room-washed in orange light, Lindsey Kinne punches leaf-shaped panels from a broad sheet of pebbled leather. At her shoulders, neat piles of stiff brown foliage await the next step, when the pieces will be sewn, four at a time, into oblongs for the sport that American call football. Who knew

that this instrument of violent play, the crucial crunch in an extravagance of big men, big stadiums and big county, starts its life when a lady with a blonde portrait picks up an oversized cookie cutter at her worktable in Ada, Ohio?

We live among objects so common that we hardly ever think about how they get that way. Someone once designed the golf ball and the billfuss, but the sequence of steps from the first drawing to the bound and labelled object.

Payne gives us a panoply of expertise and imagination: humans and machines in symbiotic partnership

remains mysterious to most of us. Payne is drawn to those in-between moments, when industrial materials have acquired a purpose but not yet shot their strangeness. We see a glob of carded wool on its way to becoming a hat, long blue pastel worms destined for coloured pencils, and aerates of bright yellow marshmallow chicks cooling on panels. The photographs catch familiar things before familiarity has fully set in.

An architect by training, Payne learnt his real trade while working on his first book, New York's forgotten habitations: The Power Behind the Subway. Supersing onto dark spaces for as long as his hosts would tolerate his presence, he took snapshots that he could later use as the basis for more considered drawings. Along the way, he discovered that the camera could do what his hand could not: render a decrepit, abandoned chamber into a resonant theatrical set.

His journey through the nation's factories lets him work on an epic scale and find collaborators who understand his needs. It is not an efficient process. Payne spent years traveling New England's textile mills, convinced that the repetitive grind of their process would eventually align with the visual splendour he sought. He was back in New York on the morning when the owner of the S&D Spinning Mill in Millbury, Massachusetts called with a timely message: "You might want to come up today. We're running pink."

The result is one of the exhibition's many showstoppers: bolddegem-pink filters stream luxuriantly through a wonderland of rollers, ladders and wire mesh, as if some gerpartisan robot were playing a coontu game of cat's crabs. (Actually, these weather threads will eventually form the fuzzy surfaces of paint rollers.) What Payne found at the end of his three-and-a-half-hour drive was not just a burst of colour but the fusion of constant motion and formal-rogance.

Despite his excitement about the high-tech future of manufacturing, evident in the bright scenes of glossy aeroplane engines and humanoid robots, an obgav current runs through the show, complicating its optimistic outlook, Payne is haunted by the fading of his world. There is a sense that he is shooting the prodigies to the future, a brief "before" from, the mills will shut down and the car factories will go silent. In a sense, his photographs are the records that future industrial archaea's agitis will mine. That's why he avoids abstracted close-ups of great machines that would showcase their parts but obscure their role. He values clarity.

"I struggle with the burden to show process," he says. "To convey useful information as well as beauty. It can't just be beauty. It has to have meaning."

To September 27, copperbeeds.org

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14

FTWohland

15 August/15 August 2024

Arts

With cinemaspers currently estimable by the State of legendary Hellenic heroes, let's consider a classical figure

whose travails we can all identify with. Stephen was condemned by the gods to eternally push a rock up a mountain in Tartarou, the underworld, only for his burden to repeatedly roll down again. A contemporary Stephen, however, might want to use the conventions of modern technology to achieve his goal – and if not to actually achieve it, then at least, to quote human heckets, to fall again, but better.

Or in this particular case, full ever more spectacularly. The true Kingdom of modern hero is Wife E Coyote, and hero of the long running series of cartoon shorts initiated in 1949 by anions for Chuck Jones and writer Mike Maltone for the Warner Bros' Looney Tunes and Merck McAdole strands. The promise is simple: somewhere in the American desert, the starving Coyote (identified in captions in the species Auritius giganteus, among other labels) transcends pursues a large bird, the one on hisby last Read Runner (genus Accidenti in midlife), for food.

Coyote hires a lawyer who specialises in winning desultory damages for victims of Acme goods

And so Coyote, concrete stories of schemes, sometimes simple, sometimes preposterously complex, using attached forms (giant rubber bands, torraces seeds, jet propeller) pops makes thought from mail-order company the Acme Corporation. The products either use intended consequences and backfire, leaving Coyote frustrated and humbly but always temporarily injured, while Read Runner blithely slips past with a mocking 'Breaty Beast'.

The enduring joy of the cartoons lies in their inventiveness to generalising variations in these themes. The there is one single locale makes the scenario all the more resonant – a seemingly boundless desert expense. like the eternal Monument Valley of John Ford's classic Westerns, here interested by crutch making highways, and literally furnishes it among the rocks, or even to crash down on the Coyote's head. The wildly drunken setting contributes to the films' eerie existential dimension, some commentators even suggesting that they might take place in hell. And then, in Tectures, Stephen only had to push the rock, he never actually got flattened by it.

In what E Coyote one day had enough, and used the Acme Corporation for supplying dangerously faulty products? That is the premise of Coyote or Acme, a locale enjoyable, partly satirical now feature making sentences and line action in the tradition of Who Framed Roger Rabbit. In the new film, Coyote heads for Albuquerque, New Mexico, where he hires down at their attorney Kevin Avery (Will Forte), who specialises in winning desultory damages for victims of Acme goods and who other hazards that routinely build cartoon characters ("If you've been hit by an anvil, press").

Heirand by June Green and Hensally spilled with Looney Tunes in jokes, Coyote or Acme is an altogether-clean affair. Mr. Madden's famous James Jones is producer and co-owner the story, while the script is by the same man, a voice of Todd Haynes's May December and soon to be-

Why we are all Wife E Coyote now

Cinema: Satire 'Coyote vs Acme' finds the anti-hero suing the supplier of faulty goods, with parallels to online retail and the film's own rocky history. By Jonathan Romney

released literary drama Late Fame. And the original inspiration was a comepiece by Ian Frazier published in the New Yorker in 1995, written in Budgets courtroom legation: 'Such injuries sustained by Mr Coyote have temporarily wait until the ability to make a living in the profession of pardance.'

'We studied risk of films about courts and corruption,' Berrill tells me on a

Clockwise, from main: Wife E Coyote with branded Acme binoculars: John Coss as Acme's chief lawyer; Will Forte as Coyote's attorney ...

zoom call. Inking titles including Erin Brockovich, Michael Clayton, The Verdict and Haynes's whistleblower drama Dark Waters. There is a lot of Frank Capri's 1970s film cinema in there too – the port upon plain folks against the system – and a broad wish is TV's Boise Call had, both in there's disillusioned legal back and in the Albuquerque setting (partly a practical response to local film production tax incentives).

The movie worth has been explored before, notably as a key theme in Roger Rabbit. But since Frazier's 1990 article, the world tax changed. We now have a real life Acme in Amazon, both companies powerful to the point of being untenodable. 'The law's completely on our side,' says John Coss, playing Acme's chief legal officer. 'Cause we write the law' ('Part of the film's brilliance is the way that it photographs its actors to resemble cartoons, Coss's monoliths head seemingly fresh-fewen from a desert menu.'

The plot involves a sinister scheme named, what else, Project Stepphus. The reference has long been entrenched in Coyote/Read Runner discourse: there is actually a rock-flamed short called Wife E Stepphus, and at a visually unique $10.00 series. Possibly the first mention of the truth is relation to the films is by critic Michael Thampy, the 1980s comment magazine in 1976. He also comments, 'Read Runner films rank among the most acutely pared down works of modern art' – and indeed, the series is among the most common of minimalist visual narratives, up there with the world's Robert Aronow and the 1960s Mission Impossible TV series.

Theorists and thinkers have long moved on Looney Tunes' philosopherial dimension, among them the culturally omnivorous Slavoj Žižek. For him, the Coyote's propensity to pinpoint to earth and once he wishes he's hanging it mid-air illustrates the functioning of ideology (roughly put, ideology depends on so failing to recognise that the greats have vanished beneath our feet).

Theorists, among them Slavoj Žižek, have long manned on the philosophical aspect of 'Looney Tunes'

Chuck Jones himself was an church when it came to specialising or theorizing and more characters. He devised once rules for the Read Runner films, with hate it: 'The Coyote could sing any time – if he were not a fanatic' I accompanied by a quote from the philosopher George Santayune: 'A fanatic is one who radicalises his efforts when he has forgotten his aim.' Once the series was made way, Jones commented, actually, eating the Read Runner council to be an issue for the Coyote: 'All he wanted to de-

was to get him or something, because his dignity was shot.'

Coyote is done with chime with any of us who feel that our dignity is shot, especially at crime who range corporations who snaghted over social and legal norms. Rooting economic and environmental necessity. As it happens, this parallel about fighting the power that he own (even back every, like in 2012), the completed feature was shelved by Warner Bros/theory's ascent film, and the same style with the top purposes, to much shock in the film community.

Among those who channeled for in release were Phil Lord and Christopher Miller, directors of The Cape Movie and later Project that Party. 'There were a lot of people, Burch says,' but liking the idea that art could be destroyed for quarter balances, and it was really heartening to see that'. The film started condemned to oblivion, until Warner sold the rights; it is now being released worldwide by tiny American distributor Ketchup Entertainment.

It must have been a very Acme experience for the film makers, as if the company's signature one-ton weight had been dropped on their work. 'Exactly,' says Burch with a laugh. 'The metaphors have been very literal in film use.'

She has called Coyote to draw 'a love letter to father' – but the film also celebrates the way that, in the face of father, we can still get up, dust ourselves down and find over new ways to roll that rock or chase that bird. To suppress the time-balanced sign off of the Warner Bros cartoons, that's never all, folks.

Coyote vs Acme' is in full cinema, from August 25 and from August 26 in the US

Can games make your working life less lonely?

Gaming: Tom Faber dons bunny cars and joins a world of virtual workers in the charming 'On Together'

This island is paradise. As soon as I arrive, I start flaming the seashore, where the tale lops gently and james more and jell the heroin. Exploring

ing inland. I find glistening waterfalls, dense forests and rustic wooaks buildings, I'm not alone here. In this paint-shotful engine, my avatar is uncovered by players from all over the world: anthropomorphic animals in a short-lived life. None of them are in particular. None of them are playing. They're all doing the same thing – they're working.

This is On Together: Virtual to Working, a piece of software that becomes from the language of video games but is not quite a game. It is, rather, a real responding to a visual, a bit often in a way people work. Since the pandemic, it has become increasingly common for people to work alone from home. Many choose this for convenience but it comes with downshin too: to my life as a freelance writer, I spend long days reading and writing it in my own home. I feel the isolation can negatively impact both my mood and my productivity.

During the pandemic, it was suggested that video games and the '۹۰۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴۴

communal working: One company even held meetings in the cowboy world of Bad Road Redemption. I. On Together picks up on this idea but suggests that working alongside virtual strangers might be just as valuable as being with your actual colleagues. The idea is that this almost-game can live discreetly in the corner of your screen and increase your productivity and wellbeing during the workday by offering company.

Beating On Together up for the first time, I'm asked to make an animal available. I give myself bunny cars, a dry smile and think rimmed time glasses to look extra shadows, like an aminogastric, extra-borne the children's cartoons. Arthur.

Just knowing that the pink cat is a real person, working in their own home, is curiously comforting

I log on and pick a server, each run by an individual user – the options include 'Let's help each other here'. 'Game does a real much of' and 'Traditional Turning'. I opt for the last of them.

Loading on the paradise island, it's not many video space world games you can explore where you live. Check out the highbrow, the call, or blow a big pink bubblegum balloon to float high above the treetops. The island is dotted with idyllic working spots, such as a

classroom set on the prow of a ship, a toothpaste sanctuary and an elegant library in the heart of a forest.

All around are ground of people working. I see our named 'Squashy (Solitary from existential crisis)', a golf girl with people glasses, neck brown and a cat sitting on her head reading a tiny book. She has a timer ticking above her, indicating that she's currently in a work-home period and doesn't want to be disturbed. I take a seat next to Squashy and select a Focus Mode, one of many work animations that will leave my avatar in a holding pattern, reading, writing, painting, printing or much else besides. This wordlessly communicates to others what you're working on. You can access an in-game journal, to do that on a Poznadore timer that sets fixed periods for focused activity. I reduce the game's window size until I can just see my character writing on his laptop in the corner of my desktop, and get to work.

There is real science behind why On Together might make you more productive. 'Body doubling' is a productivity strategy when used by people with AHRIS who find that they focus on tasks better in the presence of somebody else. There has been a recent trend of 'advent period', where people get together to set attacks and cast out having life chores. Others sit on video calls with friends, all working from home, not talking, living in the company of other people makes them feel accountable and help them concentrate.

Tom Faber's 'On Together' avatar

There's agreeing field of productivity games like On Together, many of which are terms such as 'Golf' or 'Self', or their titles – conference to the 'full girl' who is the moment for a popular YouTube channel providing full-big-hop to accompany home and/or environment productivity games adopt an aggressively colony aesthetic, which is probably smart – when they spend 60 hours trying to make virtual workspace targets on its Heritage platform, one of the main reasons it failed was its world's mid-1980s setting, abandonment (and the same thing) but that its characters didn't have logo.

On Together research you for focusing on your tasks with in-game currency, which you can use to buy new outfits and accessories. I found myself urgently

and unexpectedly consumed by a need to obtain the capylone pot, which briefly motivated my workshop team powerfully than this promise of actual financial gain. Such gamification points to the danger that productivity tasks can become more often acting than helpful. I can be convinced by the game's foundation activities, such as simple basket-ball and fishing more games – in my breaks from work, I'd prefer to go outside and stop building next screen.

The software's creators were inspired by 2000's online free rooms, and so you can talk to other people in this virtual world. I regularly ask strangers who: they're working on. One is learning Hungarian, another is copying out notes for her friend. Somebody is willing to article about why Time is Christopher

Nolan's best film. I show admirable restraint in not rising to this patently inflammatory provocation. But you don't need to chat here. One of the things I end up appreciating now: about the game is that, despite it being a social space, there is no pressure to talk.

As I write this, my word little avatar is sitting on the virtual head, which has capylone, reading a book. A little way all, there's a pink cat listening to music on her headphones, begging her head while starting out to run.

I beg for a change in inner vision is that it feels good to be around people, even if you don't know them, and even if you're not communicating. We long for ambient company you are lonely lives, which is why people know all day. Twitch livestreams on in the background or future to share basic 'hangout' podcasts. Just knowing that the pink cat represents a real person somewhere, working in their own home, is curiously comforting.

I go up from the beach and wonder over to a row of desks overlooking the sparkling sea. There are about 12 others here, sitting quietly on their laptops. Then I notice that a handful of them are nagging. little streams of new buildings that break into the paradise into day. I am in between there is an empty desk, lay my head down on the wooden surface and junctions.

'On Together' is available now on PC and Mac

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15 August/16 August 2024

9

FT Workend

15

Arts

'I'm not a fan of happy songs in general'

Dinosaur Jr : On a bike ride to Notting Hill, all rock

icon J Muscis talks panic attacks, bruising rifts and

the band's new album. By Ludovic Hunter-Tilney

The most famously inert man in pop' as he was once darkened by the British music press, turns out to be an avid cyclist. J Muscis of Dinosaur Jr keeps about 10 bicycles in his Massachusetts home, alongside a working collection of more than 100 guitars. He takes a bike with him when his head goes on tour, including a throng of a kid up for being paved. 'A hope my mental state,' he explains. 'Take moving faster than other people.'

Speed isn't an attribute commonly associated with Joseph Muscis Jr. The frontman made his name in the heyday of 10 alternative rock, an era that prized barren above all rocks. In the late 1960s, his jazz woke-up drawl and Heartly loud guitar helped solve the slacker into prominence. Muscis was held up as an emblem of this hachadistical line. S Rigian, despite a work rate that no true dashes would outermass.

Now, more than 60 years after their arrival, he said his handmares are releasing a new album, Time Now. It's the EBS to come out under the Dinosaur Jr name, and sixth since the original line-up of Muscis, bassist Lou Barlow and drummer Patrick Murphy rounded in 2006. The songs are smeared with guitar distortion and splattered with solos. Muscis may be the yearning fashion of one who can't translate feelings into action. The combination of noise and moody is timely balanced, a difficult trick made to seem deceptively easy.

Sonic 'Youth's That Man Never has referred to Muscis as a 'modern-day McCartney', with 'the most perfect understanding of music theory and logic of anyone I've ever met.' Kevin (the life of My Blood) Valentine is another admirer, saying: 'My past keeps coming up with really good songs all the time.'

The man himself arrives at Style Park in London wheeling a bicycle, not the throngmen but a borrowed road bike. A hundred-up with a cartoon face disaboy his own face, which is bearded and curtained by enough grey twins. He'll often doom a little to school, then spinning monsters with the legend 'You had nowhere!' Black Ashlee (victims) bottomshoed with the colours of the jamaica flag each a very pair of brown Ashles (rainers finish the councillor, in truth, he looks like a vintage slacker, the acutely manic Lyric of the dreaded manic) is moulded, almost.

'I've got to start my fibrous,' he says to

an even, unbarred voice. His highest annual mileage on the activity-tracking app was about 1,000 miles in 2023; these days are seen to cycle 10 miles a week. Our long of the park, followed by a trip to nearby Notting Hill to visit a record shop, will account for about four of those weekly miles.

Muscis is 60. He was raised and still lives in the cycling friendly college town of Amherst. There's a bike path near the house, a converted railway track that he and his wife, who is from Germany, use for rides into the countryside. 'Lately we've been going at sundown to see the beavers holding stuff,' he says as we pulled. 'We go there and work friends. We saw a heroin the other way, and we see snapping turtles, they like to outclown selves on the bike path. Smiles. It's like our little herringe.'

Central London's very own herringe! had a number of

'The Stooges' Ron Asheton is the sound I've always chased on guitar. I don't know how he got it'

abound cycling pace is leisurely: we move faster than other people, the walking ones, but cut by much. A gaggle of geese observe our passage from the shore of the turpentine tale. 'Yeah, we have those too,' my companion tells me.

Dinosaur Jr formed in Amherst in 1984. Muscis and Barlow were previously in a hardcore punk band, with Muscis playing drums. He switched to guitar when Barlow lost him one. Dinosaur Jr's reputation for loudness, with Muscis's introverted 'Hot Young' creak barbed her. In a band re-will of sound, stemmed from his musical switch.

'The guitar hit really wimpy and undynamic next to playing drums,' he explains, 'and how were the two things I was trying to create with the [officers] polish and mix: We needed a lot of volume to draw.'

Their musical breakthrough came in 1987 with two a string off love 4b. The following year they had an indie hit in the UK with 'Frank Soma', a previously irresistible account of emotional ambivalence. Sonic 'Youth's 1988 song 'Teen Age Man', another US indie classic, was influenced by Muscis's formidable guitar tone. In 1989, Kurt G shuts anterities to join 70-years as drummer. In 1991, jazz months before their own much bigger breakthrough, 50-years supported Dinosaur Jr on some of the West Coast.

Beloved Muscis's classic reunion, sprinkled with one committed phrases ('I guess') are meanwhile responses ('Yeah'), is a driven musical personality. As well as Dinosaur Jr, he has held Muscis - The 7q, and made solo and collaborative albums. He and his Dinosaur Jr handmates have been more of half since their 2005 reunion. Muscis had a particular story relationship with Barlow, himself a gifted songwriter,

Clockwise from music: J Muscis in a Notting Hill record shop with Ludovic Hunter-Tilney on route; the original Dinosaur Jr line-up, now rounded, of Muscis, drummer Patrick Murphy and bassist Lou Barlow at a music festival in Belgium in October 1987.

Photographed for the FT by Joshua Tate

www.fotopost.com

who was ejected from the group in 1989. Murphy followed in 1993.

'I wasn't thinking, 'Yeah I want to be in a band to have fun,' he says. 'I was like I have music and I want to make music. Making good music is the goal.'

He treats lyrics as an afterthought, since the music has been made. There fear's many have an upbeat sound but abound with lines such as 'Got to face sad days', although he can't actually remember singing that one when I spent 6miles.

'I'll take your word for it,' he says, with a one-people of investment. 'I'm not a fan of happy songs in general. The lyrical content will usually be on the sad side, but the music is just what it is. I feel more expensive on guitar than vocals.'

When we cycle past the turpentine Gallery, where a 2xnd blackney wildlife line is showing, he claims not to visit museums we once they give him panic attacks, which I assume is meant hyperbolically, but he has spoken in the past of suffering from depression.

Is it a life long在这里? He gives one of his meanwhile answers 'Yeah.'

Muscis's mother died in 1983, the year after Dinosaur Jr formed. His father died in 1993. A few years later, Muscis began following a Hindu spiritual teacher called Mata Amritsundamayi, known as Aanna, the communion for philosophy on 'Helping people. You could say I lost my mother or an early age, so did this a universal mother.'

The intensity of our ride picks up on

the road leading to the record shop is Notting Hill. Traffic makes past. Muscis would normally wear a helmet, having once come off his bike and hit his head. He gives a excellent summary of the state of cycling in the US ('People in girls up to ack tend to hate cyclists and want to run you over'), but city streets don't lose him. Even New York is filled with cyclists these days, he tells me. 'It used to be just the wood dealers.'

The Music and Video Exchange is a throwback to the days when Notting Hill was half filled with wood dealers. The walls are decorated with old record

sleeves. There are stacked rows of second-hand vinyl. A 1968 song by an impressively obscure British psychedelic rock band, Skip Silferty, plays on the sound system.

Muscis knows his shop: he once bought an amp here. He took through a stack of British punk singles, a genre in which he has a mainstream's knowledge. He riffles past each one - Cockney Rejects, 1991, Blunt 40. The Undertones - invariably remarking that he has a copy. The synonymous 1969 debut album by The Stooges, the great 10-pro to public is it by Iggy Pop, catches his eye in another section.

'My favourite guitar sound on an album,' he says of the brutal riffs placed by Stooges guitarist Ron Asheton. 'This is the sound I've always chased on guitar. I don't know how he got it.'

He keeps abreast of current indie-rock sensations such as Anglim in Positive and Green. He saw the latter at a festival with his teenage son ('They lived up to the Sype'). Meanwhile, Dinosaur Jr's audiences are getting younger. Curiosity for the time before music was enallowed up by the internet runs high.

'Yeah, I'm benefiting from that but I'm not nostalgic for that time,' Muscis says. 'It's probably banner now.' The slacker icon is enjoying the levels of longevity. What was mischaracterized as inertness has turned out to be malicious.

'Teen Year' will be released on August 28

Political,]SHOUGHT

Dolitical, andacious, confrontational. KBS-One's 1995 track 'Sound of da Police' is a bold protest against police brutality and stymies is taken in the US, as relevant now as it was then. 'When you're from my hand, from the Bronx, it's like every day to go get milk, eggs and luck the police,' the musician told Lived in 2020. 'We have no respect for that institution at all.' Lawrence Parlow, better known by his stage nurse KBS-One (Knowledge Begins Supreme Over Nearly Everyone), wrote the lyrics with sitting in Tokyo Airport. Embroiled in a lawsuit with his music group, and having recently split from his wife, the

artist let rip a lyrical indictment of generation after generation of racially motivated women against black people. 'My grandfather had to deal with the cops.' My good grandfather dealt with the cops ... and then my great, great, great, great, where it gonna stop!'

The song opens with an unambiguous menu on a change that evoke police stress. The music video cuts between KBS-One ranging in front of a background that Harlow red and blue and an blend footage of policemen in various situations: was big riot gun, dabbling people with harms, shoving a gun into the nape of a man's neck. There's no holding back at the MC Room comparisons between her enforcement and show overseers. 'You need a little clarity I' back the similarity / The overseer will around the plantation / The officer will be patrolled off the nature / An initiator present day oppression within a historical continuum, beginning with transatlantic slavery.

KBS-One was born in the Bronx, hip-hop's birthplace, in 1941, during

the construction of the Cross-Bronx Expressway. This 'war carved through the heart of the Bronx', as former New York mayor Eric Adams put it, causing devastation to the community. KBS-One grew up amid subsequent inequality, as well as a backdrop of police brutality resulting in deaths such as that of Michael Stewart in 1963, who was buried in custody after being arrested for graffiti.

KBS-One's uptle's lyricism points to hypocrisy within the police force and the impossibility of a fair legal system in a country whose very founding was based on the displacement of Native Americans: 'There could never really be justice on stolen land.' The song has become a classic of hip-hop's Golden Age and a defining anti-police anthem. During the 2012 George Boston movement, a street group Anonymous used it in their backing of the Boston Police Department, replacing its web page with the music video.

'Yet 'Sound of da Police' wasn't the

first of its kind, in 1986, Los Angeles group FMA submitted the infatuation to 'Youth the Police', which prompted the FBI to write to the band's record company, singing false representation of the force. Audio stations worldwide blamed the track, revealing low-threatening to the establishment resistance music can be.

KBS-One at Camp Cord (in Dewar Pukla, against New York, in 1995

Then, in 1992, rapper Lee T's heavy metal-based body Count released 'Cop Out', which was founded 'absence' by US vice-president Dan Quock and prompted death threats to staff at Warner Bros Records. Yet it still resonates while performing last summer, Lee T, who has played an NYPD detective in police drama Lee it

Index-Special Critics Unit since 2006, tweaked the lyrics to 'X'X Killer' in response to the Trump administration's highly controversial anti-immigration crackdown. It wasn't the last of its kind either. A multitude of songs telling against police brutality were written in response to the killing of George Floyd in 2020, such as Rich Singer 1920's remotment 'A Cart Wounds'. Since its release, 'Sound of da Police' has made an unusual journey from protest song to thấy word stories staple, featured in films such as 2010's Cop Out

and 2010's Angry Birds. It's also been compiled countless times, its signature story reappearing in 'Mad Floyd' by English tit Father Slim and 'Yesterday' by pop rap band Black Ford Fma.

'The idea of rhyming about police criminality or injustice, that should be a part of every MC's repertoire of lyrics,' says KBS-One, an advocate of 'adolescence', which served as the title of an album by his group Google Down Productions. If knowledge reigns supreme, there is currency in making listeners understand that the enforcement can be the weight of American history within it. The genius lies in packaging the message so quickly that even Hollywood can't get enough of it.

From officers themselves aren't immune. In 2014, two policemen in Texas, south-east England, were caught on video blasting 'Sound of da Police' from a patrol car. They later received cautionary 'words of advice' from a senior officer.

Nicole Douglas-Merris New at 8.com/WeRama

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16

FTWotkred

15 August/15 August 2024

Critics' choice

Life & Arts

Television Rebecca Nicholson

Maupituba

On North's view

★★★★★

Netflix knows its way around a solid sports documentary, and this three-parties, which tells the life story of legendary football manager poet Maupituba, is not exception. Maupituba has big movie interviews, from Alex Ferguson to Elaine Brezhnevici, races along at a niggy pace, and features a studio of digraphs, memorable memories, Maupituba quoting Nietzsche is just one contender, among many.

It opens with the basics. Maupituba first started winning showcases in 2002 with E.T. Perry, and that winning movie with yetked in 2022, when Kuma filled the Eurasian California League cup. He has won the league in England, Portugal, Spain and Italy. The man who began coaching Chelsea in 2004, and introduced himself to the English media as 'a special one' – he is a good man who has been, but he said a special one, not the special one, despite the latter sticking – insists in director

Joe Pearlman that he does not think of himself as special. Pearlman cannot help but point out that he is saying that in his office at home, in front of a giant record of José Maupituba. Pearlman treads a fine line. Maupituba is hardly camera shy, and over the course of his career, he has never seemed afraid to say what is on his mind. The extensive interview he gives in this series is revealing in many ways, but he is also oddly reticent. He talks, with candour, about his longstanding friction with Barcelona, where he worked as assistant coach in the 1990s, under Bobby Robson and then Louis van Gaal. In 2008, the club rejected him as coach in favour of Pep Guardiola, and the rumour really set in. He discovers his first tenure at Chelsea, and the animosity between him and former owner Roman Abramovich, as well as 'the beautiful fight' with Arsenal's Arsène Wenger. He speaks about his difficulties with the 'spelled' Real

Madrid more that he coached from 2010-2013 (in June, he returned he a second star). When it comes to football, he is plain speaking, charismatic and enormously fun to watch. Yet when it comes to life, outside football, Maupituba doesn't want to go there. This she matters through his upbringing and early years in the Portuguese coastal city of football, where he watched his father's career as a football coach and decided that he wanted to follow suit. But Maupituba the man, and not the manager, remains something of an origins. It is only in the last 13 minutes or so that we get a more intimate sense of him as a person, beyond his career. Still, others are happy to remember layers to this largely affectionate portrait, from those who loved him (Frank Lamparé, John Terry) to those who had a fractious time with him (former Real Madrid keeper in 2008). This is more Maupituba left to discover but this is what a man's enjoyable stuff.

Bradja José Maupituba (right) with Elaine Brezhnevici and Pep Guardiola.

Possession

On the Atlantic side

★★★★★

Possession is a supernatural thriller with most on its bones – though at times it can feel overloaded. Gaga Mhatika Raw stars as Claudia McKenzie, a lawyer based in Bristol who is sent to Jamaica to investigate a mysterious disidentitance. A wealthy old man named Alfred Connaught has left £50mn out to his son Oliver (Jenny Lee Miller) but to visit the Jamaican national 'called

Cudipo East (Sheldon Shephard). Nobody knows who Cudipo is or how he is connected to the family, leaving Oliver baffled at the loss of his family fortune. As her first's only black lawyer, Claudia understands that it is 'politically expedient' for her to oversee the case, and she takes it on while negotiating a promotion for doing so. The Connaughts own a sugar plantation, the ironically named Hope Hill, and their wealth was built on slavery.

The show's polyvalent title allows writer Carla Croner to explore colonial rule, the slave trade, generational responsibility, the ethics of resistance, and the politics of reputation, among many other themes. As Claudia attempts to track down Cudipo to solve the mystery of why Alfred has left him so much money, it is clear that this about would have made for a solid thriller. Yet there is more. Claudia's deceased mother was Jamaican, and while on her

Squodent Gaga Mhatika Raw in 'Possession'

The Shards

February 2024, 1:14pm

★★★★★

The Shards did not have an easy journey from page to screen. In 2023, when their feature Effe's semi-natology applied novel was published, it was announced that Cliff Kelly New Name director Cara Gondapinto was attached to a proposed adaptation. After what Effe has called a 'Vicarating' period of development in which more names were created, Hollywood's haunted showmakers, Ryan Murphy, eventually engaged in. The Shards seems designed for Murphy's points: This show part series is set in the early 1980s and is about rich teenagers, Hollywood, serial offers and sex. It is deliberately grotesque in its screens, from the prescribes 30-year-olds popping pills at their preppy school, to the ritualistic public displaying of young victims by a sadistic, animal-burchering mass murderer.

Kick chaper Igby Rigney as first and Katy Gerber as Susan, in 'The Shards'

If some of Murphy's recent shows have learned a little too heavily on a shock-hurray element at the cost of a decent story (Greenupers, The Bunny, the riddle of R-04), then the inherent over the expense of The Shards suits him down to the ground. Igby Rigney is born, an aspiring writer about to enter his final year of high school in LA. He is part of a rich chaper of teenagers whose parents are largely absent from their lives due to their high status jobs. 'We raised each other,' he says of his friends, in the ever-present narrative voice over The gang consists of Susan (Katy Gerber), Thom (Graham Campbell), and Scott (Jeffries) Debbie (Haven Warren). Together they drink vodka, take cocaine and drive around in luxurious convertibles, gliding from adults to more theatre to occasion. But a serial killer nicknamed The Traveler begins to pick off young people, and in the first and point set in, their parties become more desperate and more dangerous. A new student called

Robert (Hunter Gore) arrives at a flood just as The Traveler starts killing, and soon their classmates are disagreeing California's non-kinned glamour conflict into a mother and more frightening scene. All the walks, first narrates the action, showing an even contemporary message for the past nighttime, and a few knowing grumblers about how kids today have it easy. 'Because we had to deal with serial killers'. Though the episode sometimes vag a little, and it is a bit of a stretch for those actors to be playing teenagers still at school, The Shards is knowing, sharp and fun. Effe is credited as co-writer and co-creator of these first-ever episodes, and there is a literary gap to the fictional film's observations about his friends and the sacred trappings of their too-while lives. It is ironic that in adapting a book so focused on bodiesmen and decadence, Murphy seems to have retired in his more self-indulgent tendencies. It was worth the struggle to get here.

work trip she meets the maternal side of her family for the first time. There is also a historical story line set in the 1700s, when the heraldist of life on the Hope Hill plantation is made horrifically plain. Much of the violence and cruelty comes from the villainous Charlotte Connaught (Bill Pooley), who is particularly vicious to her) half brother Matthew because his mother was ordered. This is all sufficiently intriguing but it is a ghost

story, too, and Claudia encounters plenty of superstition, tradition and magic. As soon as she arrives in Jamaica, she is spoiled by nightmares depicting gruesome scenes at the house in Hope Hill. Blood pours out from beneath furniture and doors. There are visions of flaming bodies and eyelash suddenly appear in touch of word. Her reticaged aunt is a prisoner who claims that the ancestors are nursing. Claudia, other locals told her

that she is in danger. Possession takes on yet another meaning as bodies begin to be hijacked by supernatural forces. So the stigma of Cudipo begins to reveal itself, the horror is transported from the 18th century to the present day. It is eerie, but not scary. Possession is at its least conceiving as a horror. There is much to a sinister, but its creating floodboards, stories and or stories of files feel tucked on to a more confident and strident story.

Pop Ludovic Hunter-Tilney

Phoebe Bridgers

Last Weekend

Total 5 counts

★★★★★

Phoebe Bridgers is a lodestar in Cologne. The whole singer-songwriter has superstar admixture such as Taylor Swift, whom she supported on the first-time. Her texture over melody approach to songwriting, in which the music chits and flows behind the vocals, showing attention to her lyricism, has filtered into the mainstream. The charts abound with acts such as Grace Abrams, singing carefully turned phrases over a tastefully layered model of backdrop.

Bengeston, the singer group that Bridgers formed with fellow kids musicians Jukon Baker and Lucy Swann epitomizes the style's success – and also its shortcrowings. These album The Secret two, three Grammy awards in 2019 and regard charts around the world. But the songs had a superlific quality. They resembled the busy elegance of a certain strain of literary writing, finding delicate ways to avoid getting in the point. Will Bridgers' return

Step forward: 'Lost Weekend' breaks new ground in songwriting for Phoebe Bridgers

to her own work suffer the same fate! Last Wednesday her third solo album and the first since her breakthrough, Peehoke, in 2020, it's dedicated to her father, Doug Bridgers, who died in 2021. He had a 'drug thing', in her words, which contributed to the committing what she has described as 'berthank domestic violence' against her mother, Jamie Bridgers. In one of Live Wednesday songs, 'Still Standing', the protagonist describes the shocking aftermath of what

appears to be one such scene. 'I found her blending over the sink,' Bridgers stop hastily, as if in a dream, 'But when you said sorry, you were looking at me.' Her parents divorced when she was 16. Now 'It, she was estranged from her father, but they reconciled during the Covid pandemic. A vision of him in a coffee corner to her daring, 'Bengeston gig in the opening track,' The Annuity! feelings of dissociation are conveyed by the contrast between wooden processed

vocals and passages of normal singing. Rather than being scored fiddle to kicks, the music plays a stronger narrative role. 'Kill Me' has decency novels to stand guitar that spins mardly through the account of a}xenoclastic emotional relationship, with pauses as moments of clarity ferude through, ending in a devastating beat of wilds up. (The trivia of the first year, with hers here is credited to New John Johnson, rumoured to be a pseudonym for Gene's Cameron Winter.) The albums title painstaking refers to Billy Wilson's 1963 film about alcoholism. The Lost Weekend, Bridgers' father built film sets. But the themes of violence, love and twisted family relations point to a different director, David Lynch, an admirer of Bridgers' work. The sound design also has a Live-State stamp. 'Bobby', named after a recurring character in the album, has screams embedded in his thickly jangling arrangements. There are passages of statically electronic frequencies amid the vasty banjo and steel guitar parts, as if trining into another dimension from the familiar contrast of Bridgers' sound. The results shake up her own while killing eagressing stories. Lost Weekend marks a step forward in her songwriting.

Carly Simon

Curious to Waves

On Amazon

★★★★★

Carly Simon's 'Tou's to You', released in 1973, made high in the cause of mystery songs. With in the pressing ladies' man showered as vividly by Simon, launching pinpoint verbal jabs over the most, becoming of present! 'Tou's to You' is the song's songwriter has played along with the specialists, dropping leaning hints over the decades; the second scene is apparently about Women Beatty, showing a lack of professional clarity, she doesn't appear to resent the way her signature song has come to overduadre the rest of her distinguished discography, which ranges from 1970s to 1980s, including one of the first Bond themes, 'Nobody Does It Better', to show issues and Brazilian music. Her education might stem from the safety net of a global background: her father co-founded the publishing house Simon & Schuster, that it also shows a readiness to test herself. This quality continues in her 24th studio album.

Come to Waves contains her first new material since 2008. It arrives with the announcement that the 83-year-old has Parkinson's disease and was treated for skin cancer. After such a long lay-off, there's a danger that the crusaders worse of music harmed by the album's title might now be a distant live tale. But Simon stands as574. Although not bestowed in the style of a sophisticated Broadway number titled 'Maybe I Never Loved You' is a throwback to the combination of Owe preferred series autobiographical songwriting of her keyplay. There's no mystery here about the

identity of the man being addressed. He's James Taylor, Simon's fellow-singer songwriter and, after a bitter split in 1983, her co-husband, 'Maybe it's best to buy.' Whatever it was we had not fill it,' she sings. We direct a relevant footings to her beautiful tone of voice. She sounds praises and lower in other tracks, whose quality is variable: smart, pleasing and new 'blood' from empowerment anthem clichés, but a rigorous orchestral reworking of 'When the End', originally released in 1972, underlines the links between them and love. His singer willing to lay it all on the line hasn't fallen quick.

Unplanted: Carly Simon is back with a new studio album

---

15 August/15 August 2024

9

FTWohland

17

Critics' choice

Films to release Danny Leigh

Tony

Staff (2024) 15/8/2024

What a friend, you think watching Tony. And what a pchi? The film is a funny, non-kinned biopic of the late dad and writer Anthony Bourdain, set long before game times, over the summer of 1975. Bourdain was then 16 times people that age are models of self-awareness. Not this one.

A gorgling Dominic focus (The restaurant) plays the young American – for now a deeply young undergraduate course and that he just has to give you to paper to become a blind author. Even the way he says Bibliogrammas makes you want to see him fall on his face.

The movie is walking at us. We are being walked at. The film is itself a Bibliogrammas, a textbook coming of age. Just the evening, another is in line with Kitchen Confidential, the reasonably Frank 2000 rePRINT that made Bourdain a cultural star. (If you've been to a celebrated restaurant in the past 25 years, you have eaten food cooked by a chef inspired by him.)

Director Walt Johnson (Marktberry) has a short chapter on the setting of formative disasters. To begin, Bourdain tells the world to run already over a prestigious Disney fellowship. He doesn't work. I thankful, he likes to Cape Cod, where college crash Nancy (Zeddia) does! is spending the summer Naturally, she has since acquired a致密报道.

Harter: Dominic focus In Bullying: Half Anthony Bourdain and Emilie Jones as Nancy in 'Tony'

Johnson only now puts the title on screen. She's your fellow. It just needs tremulous. Still, we are quickly shown how far our man needs to go before he deserves our sympathy. That night, drunk in an easter and thinner joint, his behaviour is seriously obnoxious. The head chef (Autumn Banderas) and her cook (Gov Woodall) blackers his eye. You may struggle to tell outings: You

might even ask if this guy is merely a harmless idiot.

As if it so much: romance, he winds up working dishes in Banderas's kitchen. Never slow and break things might be the chapter heading. Gradually, though, the insufferability is looser away. (Some does well with a contradictory voice: charismatic sad luck, ruderunkin no hope.)

In other words, that spot at the sink to the making of Bourdain. In 2000, a Kitchen Confidential blew cheerful whistles about life backstage in the restaurant trade. (Never order the amends.) But it was also a love letter to pro-kitchen as piratical dews of reggae and camaraderie. Very daily letters with coarse hunter, bumpy of coke and like mighty magic of

the staff 'family meal'. Banderas's amusement chef gets over more mystic. (The performance is great.) For Bourdain, it is nothing less than salvation through other people's illness. Even smart cookie Nancy comes sound, though the script doesn't let her get many words in subgroups.

Johnson's bittersweet (Marktberry) traces the rise and fall of the device that could have been the iPhone, with two, he makes a spy, exquisite maintenance movie from a complicated hotel. The film is pitched at people who are not sure what they like it. At each, they will also know this tale later leads to both glory and tragedy. In 2018, he took his own life.

Here, things carefully end where they end, just the other side of that halcyon summer – the movie filled with lofty evenings and growing pains get out of the system. It isn't the whole story. You might even call it a confection.

But that much is probably fitting. Bourdain was nothing if not a spinner of years, for whom writing and cooking were. And the other creative art, the took whatever was to hand, and with artistic focuses, contentment it was something delicious. Now Tony has known a good storyteller makes the raw ingredients sound just ugly enough – but never so much that people lose their appetite. In cinemas now

The End of Oak Street

David Mosee (1916-2014)

© Copyright 2024

The end of Oak Street is a series of books that are published in the 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000

The End of Oak Street

David Mosee (1916-2014)

© Copyright 2024

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

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David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

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David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

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David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

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David Mosee (1916-2014)

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David Mosee (1916-2014)

The End of Oak Street

David Mosee (1916-2014)

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David Mosee (1916-2014)

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David Mosee (1916-2014)

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David Mosee (1916-2014)

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David Mosee (1916-2014)

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David Mosee (1916-2014)

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David Mosee (1916-2014)

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18

• †

FT Weekend

15 August/16 August 2024

Life & Arts

FT Weekend

SNAPSHOT

Inuuteg Storch's 'Untitled' from 'Swing by at 14:14' (2020-26)

The work of Greenlandic photographer Inuuteg Storch is expensive – and rightly, bank culture and Greenland's youth are seldom expressed in the outside world. Even within the Danish territory Indigenous history is overlooked, but through photography Storch recommends with the security and disseminates new stories about his homeland.

In an upcoming exhibition at Copenhagen's Wilson Sapiens Gallery, Storch presents two new photographs: series, Flash and Swing by at 14:14. The former captures Storch's years studying in New York, and the latter, produced between 2020 and 2026, traces his journey through remote eastern Greenland – a region with better perceived bank traditions because it was

colonized later than the rest of the country. Displayed alongside offhand shots of the family of New York life, the striking Greenlandic landscape contains stillness and curiosity. This particular image has a strong air of mystery; the low cloud, dark

silhouettes and distant halved peaks leave one wondering who and what else is out there. Yazid Gokcomen

Inuuteg Storch: Swing by at 14:14' is at Wilson Sapiens Gallery, Copenhagen, August 21 to September 26

Smoke, social media and my holiday photo shame

Jo Ellison

Trending

My holiday plans went up in smoke this year. Days before we were supposed to catch a train to Arcachon, I watched as the Gironde wildfires tore through south-west France. The blazes were on the same trajectory as the place we too were heading towards. With 24 hours to go, and an evacuation notice, we scrambled to find a new Airbnb.

Bee-hoe. The experience was but a pale inconvenience in the face of so much grief. Another house was found. As to many of us have discovered this summer – from top forest to tipstone and the Carargoron – the scorching reality of global warming will incinerate the best-land plans.

What was more peculiar was the feeling of personal failure that preoccupied my thoughts. In my meticulously organized holiday, I had already curated the experience in my mind. I had traveled social media foods to find the best beach spots, cabines and porches, booked restaurants and mentioned the folks. For weeks, I had casually scrolled 'for you' page printed with 'coaster speakers' Cup Forest content. Not only was I printed for The Perfect Holiday, I had largely art-directed what it would look like in my subsequent social media posts.

That 'for you' page was now transformed into an environmental barrier. The only tags for Arcachon and its environs showed firefighters doing battle with vast towers of flames. My feed became a scroll of pictures showing charred homes and empty beaches, so tourists sitting under rather coloured, smoke-filled skies.

The story and switched off social media: what content creators like to call a digital drive so that they can focus on nurturing their 'authentic selves'. In truth, I felt slightly disgusted. I felt sick and guilty for being so devastated about my minor holiday atmosphere, and even sicker that the world was going up in smoke.

As the office of a luxury lifestyle magazine, it is my job to curate things. Our editorial mantra is 'steads first'.

Professionally, it has been ingrained in me that a story lives or dies by the images alongside which it runs. But I think my curatorial-downsize runs deeper. As a child, my favourite thing to do when visiting friends' houses would be to pull out all their family albums and pass over pictures of their birthdays, Christmases and holidays. Doing so elicited a delicious mix of envy, aspiration and judgment; I would scrutinise every detail of their outfits, the quality of their beach-skies, the effort of their birthday cards.

How very posts-theories, Social media had me at bells. The idea that we would one day be able to pull out anybody's family album and scrutinise their stories would have been beyond my wildest dreams.

Not only was I printed for The Perfect Holiday, I had largely art-directed what it would look like

In her new book The Story of Ener Lijk, New York Magazine columnist Kathryn Jones-Murton looks at 'how social media shapes the way we experience everything'. In the course of her research, and interviews with hundreds of everyday social media users, she argues that our relationship with social media has become so entwined with our self-worth that it now shapes everything we do.

'Most of us are accustomed to the notion that social platforms are built for maximisation of profit, and that our idle moments of scrolling are ruled by algorithms that serve the market,' she writes. 'What we're perhaps less aware of is the extent to which we've internalised the algorithm's rules in our own putting habits ... so each out popular narrative and to initiate the popular stories we see in our foods.'

Jones-Murton's book divides our life experiences into different chapters to show how social media has ameliorated

the rubble of human experience and turned us into generic avatars. She looks at reproduction (and the cult of the gender reveal), the home and its atonination (thanks to the rise of 'back kitchens' and 'mancraws' that preserve the curated sanctity of the Pinterest-friendly space), the writes about celebrations, and the looks partly with its exaggerated sets, the writes about 'struggle', in which life must be presented as a series of challenges and personal milestones one must smash.

One chapter is dedicated to vacations, which seems especially pertinent this month. Travel has always been perceived as spiritually or intellectually improving and it remains the domain of those who can afford to take breaks from 'the hands of work'. By sharing our pictures online, Jones-Murton says, we are following in the great tradition of the 20th-century aristocrat, seeking self-employment, showcasing our cultural values and proving so 'do shit' with our lives.

Our social media avatars are self-obsessive, self-aggrandising, received of real means. One algorithm doesn't reward 'vague' or complicatedly and mostly lies, concludes Jones-Murton. And yet we still see it anyway. Gen Z may be more judicious with their sharing habits, but for those older generations, the curated feed has become a way of life.

I didn't see social media at all for the first week of my newly convened holiday because I didn't want to get into conversations about why I wasn't where I should be, and because I realised I had been clinging too slowly to the aspiration of a holiday and 'the quality of its documentation', rather than whether we would actually have fun. So I tried out to think about how to frame it and focused on doing it instead. Naturally, it didn't last long. The mantra were too good. As I whipped out the photos to capture the too unfiltered trip to the car, wears more on the de 8d, I had already started planning the final caravan!

jo.ellison@ft.com

Which is the next No I city on Earth?

Janan Ganesh

Citizen of nowhere

An evening walk through bilington with an Australian friend. He looks around at the Georgian facades, at the Limo-biking locals, and gives rumination: 'They say it's the best city in the world.'

I wait for the counter argument: '... I'm lucky don't say it enough.' Of where else will they say it in future? Which will be the next city to penetrate the child of no co-thero that we for number one status in surveys?

Ask around, as I have done for months, protecting thoughtful and mobile people in various lines of work, and the reflex answer is Singapore. For sentimental reasons, I hope this is borne out. It could have become a majoritarian ethno-Chinese state after independence. Because it didn't, relatives of mine have been safe there ever since. Not to be a thing here, one of those centre-right workers men who exist the island's technocratic fronts, but the Terminal 2 project at Changi Airport is not magnitude in most cities.

The question is whether Singapore will ever have the cultural assets to go with all the hard left-attractants. And whether, if artistic expression entails the political kind, it even wants them.

The same issue hangs over Dallas, which was another common answer. There is also the problem of scale in reckon sets. Its population, while a broad approximation of what the world really looks like, is less than half that of London or New York, or greater Paris. The Iranian dream will go but will no extra time people come over time? Not if the Saudi project to erode

Debut as the Gulf's equal hub even half was ends.

Weather has the inverse of the Singapore-Debut problems: an embarrassment of creative riches, but infrastructure that might take until mid-century to catch up. Bangkok, then? This has long been my bet, on account of its diversity. As Asia in one city feel. But the more commercially minded point out that it ranks 100th in the Global Financial Centre index. The other cities suggested here, however fun, cost on a huge business base.

A generation ago, Hong Kong might have been the top answer. Perhaps dur

Name a city and there will always be a gripe: not enough ethnic groups, not enough orchestras

to quature about its political drift, so can I asked mentioned it, or any mainland Chinese megalopolis either. Nor like Paulo or Mexico City, although the eternal British blind-spot for Latin America was always going to show the survey.

You see, name a city – any city – and there will always be a gripe: not enough ethnic groups, not enough symphony orchestras, only two or three hundred parks, scarcely a Janos Atherton menu in sight.

We have here a puzzle. For half a century, perhaps since Open made its power felt, the world has seemed to be falling from the west to whatever we call the non-west. And still the

latter has not quite thrown up a horn in the world city, at least according to received opinion. This could mean two things.

First, received opinion is subjective, powerful and western-freelowished. There is a lot to this. If am struck by how low 'Global South' respondents, including diplomats who are paid to bat for their countries, apitibled with the top two cities, which I hardly need notes.

But there is something else too. History is sticky. There is a big between structural change in the world and the visible fruits of it. There is an age between hard won economic power and the prestige assets that are the ultimate reward. A city has to be rich for centuries, not decades, to accrue the sheer quantity of stuff that makes it the best, or at least most complete. Live in one, and the notion of western decline can feel abstract and remote.

Call it the Grand Main theory of history. It is, on the face of it, absurd that women bear biggest tournaments are all western, and all but one anglophone. But that is who run the world when these things were settled. Over time, a fifth/than might go to a Gulf or Pacific city. (And I don't mean Indian Wells, I often all, Formula 1 set up grand-jobs outside its European comfort zone as globalization set in. By then, however, it will have taken an absolute axon. Meanwhile, there is Wimbledon. 'The rise of the rest' - it is at once the biggest story of my lifetime, and hard to perceive on the streets.

janan.ganesh@ft.com

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Chess solution 2007 1 - p.i-7 8:4 p.i-5/6 = 3 6 x/5 0/5 norm.

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FINANCIAL TIMES | Saturday August 15 / Sunday August 16 2026

Money

How much am I worth?

What to do if a City headhunter comes calling PAGES 6 & 7

San Phet

---

2 | Money

FINANCIAL TIMES Saturday 15 August 2026

NEWS

This week . . .

Nathan Brooker, Editor, FT Money

There's something a bit thrilling about getting a call from a headhunter. Who doesn't want to hear that they're under-appreciated — and more importantly undervalued — at work? Even if you're entirely happy in your current role, it's at least nice to be asked. But if you are, tread carefully: there are lots of ways a new deal can go wrong.

Incidentally, I thought I was being headhunted this week. On Friday morning I took a call from someone saying they were from a rival newspaper, "Is this Mr Brooker?" I glanced around to check no one in the office could hear. "The card you use to pay for your subscription has expired." Cover story, pages 6 & 7

'Time billionaires' are hungry for risk — will it be their undoing?

Younger investors are far more likely to entrust their nest eggs to an AI chatbot Financial Thinking, page 4

How grandparents can best help pay for school fees Private education will be much more expensive in future, so planning is key Clare Munro, page 8

'I wanted to show people what I was made of' Tyre boss Michael Welch shares his story My Financial Life, page 9

Everyone but me is getting excited about European equities Stuart Kirk does not get the hype Skin in the Game, back page

Best buys

Mortgages Two-year fixed, 60% LTV First Direct — 4.59%; £490 fee — free valuation

Savings One-year fixed — £10,000 AER — GB Bank — 4.85%

Provided by Moneyfacts. For more information, see Databank, Page 11 & 12

Reader callout: do you earn more than a sibling?

Sibling relationships can be a blessing, but they can also be rivalrous — especially if one sibling earns more than another.

Academic research has found that second children earn, on average, about 2 per cent less than firstborn siblings by age 30 — but sometimes the disparities can be extreme.

Do you feel guilty about earning more than your siblings? Or maybe you feel proud to help those who are less well off?

We want to hear from readers about how they manage family income differences. Do you have any tips or wisdom to share? Please email money@ft.com with your experiences; we are happy for contributors to remain anonymous.

Letting agents warn over AI-assisted tenant complaints

PROPERTY

Agent says 90% of complaints arrive as email documents

JAMES PICKFORD

Letting agents said they were facing a flood of "complex and intricate" complaints written by tenants using AI, often relying on inaccurate information and requiring lengthy responses to resolve.

Agents reported a surge in well-written complaints, seemingly assisted by AI, often spanning several pages of text and invoking details of the law, sometimes speciously.

Propertymark, the industry body for letting agents, said the need to assess, respond to and resolve complaints was putting pressure on agents and landlords who required the capacity and legal knowledge to deal with them properly.

Many complaints might previously have been received and resolved by a short telephone call. But Greg Tsuman, managing director of lettings at Martyn Gerrard and a former president of Arla Propertymark, said 90 per cent of

Agents say AI-powered complaints are often spurious or inaccurate — www.AIworlds.com

complaints to the letting agent were now in the form of emails several pages long, many with multiple components and quoted passages of statute, a change that had taken place in the past two to three years.

He said AI's predisposition to "tell you what you want to hear" could falsely lead people to believe they have grounds for complaint where none exist. "We have seen a spike in complex and intricate complaints. We are now having to spend time and effort addressing multi-part points and complaints that are sometimes without grounds."

Ben Stokes, a lettings director at agents JNP, said AI-generated complaints sometimes included elements of previous proposed versions of the Renters' Rights Act in England that had not found their way into the final legislation.

"The biggest thing we are finding is that AI tools are empowering people to complain about things and blow small situations out of proportion."

Tsuman called for changes to the rules on submissions to the Property Ombudsman so that complainants lodging claims there should indicate

whether the complaint had been assisted using AI.

"The aim would be to prevent potential spurious complaints . . . where tenants might potentially end up including details which are not correct or are taken out of context," he said.

Notwithstanding the use of AI by tenants to support their complaints, agents were already using it themselves on administrative tasks, cutting their labour costs, Propertymark said. Tsuman added that Martyn Gerrard was using AI to summarise the complaints it received from tenants to speed up their response times.

Shelter, the housing charity, said renters had fought for years for the protections in the Renters' Rights Act. "For the Act to work properly, it's vital that tenants understand how to exercise these new rights," said Sarah Elliott, chief executive of Shelter.

The charity said its advice teams had seen several instances of generative AI platforms making "false, incomplete or misleading statements about the new changes" under the Act.

READERS WRITE

A short history of valuing stocks

Markets are live organisms and morph continuously. Avoiding mistakes and fads works far better than fancy valuation models — Larryboysailor, via FT.com

The comment about the PC sitting idle in a corner made me laugh. I had the same experience, with eight guys writing reports with a pen on a paper pad, transcribed by a pool of assistants using a monster word processing machine filling a room, before sending to a printer — Skeptical Analyst, via FT.com

Given that many people in many countries make more from equities than they do from their salary, it baffles me that they are willing to spend four years at university, yet won't spend more than 40 hours reading basic books on investing. All the great

lessons are rather simple, and complex financial analysis is a disadvantage in investing for most — MNMTIT, via FT.com

UK shares: hotter than below decks in a heatwave

I've finally settled on investing 50 per cent in the UK and 50 per cent in the rest of the world. Every three to six months, one is the one to have, then the other.

A lot of people seem to overlook the higher dividends from the UK. My returns from

each, are pretty similar over the past six to seven years — maestroman, via FT.com

I was very long the US via a series of green funds. They did amazingly well during and after Covid, much to my surprise.

I then looked more carefully at their contents and I found they were basically US tech companies and some on some staggering multiples of very little or no profit, in November 2019, I sold everything US and put everything into the UK.

I continue to see far greater downside in the US than the UK market. I don't make the mistake of conflating the UK market with the UK economy — Piffle, via FT.com

Kids, flats and student loans: Why UK first-time buyers are getting older

I paid off my student loan and bought property only in my forties. Lacking a Bank of

Mum and Dad, the only reason I managed this was by emigrating — GulfExile, via FT.com

It is inexcusable to charge "commercial rates" on student loans. 90% plus 3 per cent is not only ridiculous, but also economic suicide for the UK — investor, via FT.com

First-time buyers are skipping flats altogether for their "forever home" in a freehold house. People have woken up to the leasehold service charge racket that can make the home unmortgageable and unsellable and to the dire resale values — Dagenham Dave, via FT.com

You can comment on FT Money articles via email at

money@ft.com or on Twitter at @ftmoney. Comments may be edited for length and clarity.

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FINANCIAL TIMES Saturday 15 August 2025

Money | 3

NEWS

Cost of privately educating a child rises to £216,000

EDUCATION

Fees for boarding pupils rose to nearly £440,000

MADELEINE WRIGHT

Parents of private day school students picking up their A-level results this week have spent an average of £216,189 in fees to get them from reception to year 13, according to new research.

The cost of a complete private day school education for leavers rose 5.7 per cent from last year, Weatherbys Private Bank said in a study published on Thursday, prompting fresh debate over the government's decision to apply VAT to independent schools' fees.

The rise in fees was steeper at boarding schools, where the average bill for the full 14 academic years increased by 6 per cent to £438,444. The total cost for day pupils at boarding schools was £274,061.

"Providing the high standards parents expect is becoming

ing increasingly expensive thanks to VAT, the loss of business rates relief, increases in employer national insurance contributions and falling pupil numbers," said Weatherbys' head of private clients, Oliver Barnett.

Barnett said some schools had refrained from passing on to parents the full 20 per cent VAT charge that came into effect in January 2025 in order to help parents bear the rise in costs, but were unable to continue absorbing the increase themselves.

Peter Woodroffe, deputy chief executive of the Independent Schools Association, which represents headteachers of more than 800 private schools, said: "The operating costs of schools have increased considerably [over the past two years], but, despite this, they have done and continue to do their utmost to keep fee rises to a minimum."

Government figures show that in the first full year after the introduction of VAT on

A-level results day, but at what cost for private school pupils? — Many

fees, the number of private school pupils in England fell by more than 22,000, representing a 3.8 per cent drop, while pupil numbers in state schools dropped by 1.1 per cent.

Stuart Hoddinott, associate

director of the public services team at the Institute for Government, an independent think-tank, said it was difficult to disentangle the impact of the VAT charge from other factors driving costs at private schools, including rising

teacher wages and general inflationary pressures on service delivery costs.

"We've seen private school fees rise pretty considerably over the last 15 or 20 years. It's not unusual to have year-on-year increases," Hoddinott

said, adding that the feared exodus of pupils from private schools to state schools had yet to materialise.

HM Treasury said: "This government ended the tax breaks for private schools, raising billions of pounds to pay for over 6,500 new teachers and raise state school standards. This supports 94 per cent of children across the country.

"Private schools choose to raise their own fees and have increased average fees by 75 per cent in real terms since 2000, and this has not affected pupil numbers."

Weatherbys estimates that a child starting reception at a private day school this year will rack up a total bill for their family of £393,492 by the time they finish their A-levels in 2040, based on an assumption of 3 per cent annual inflation. The estimate rises to £796,921 for boarding school students.

School fees outpace inflation — how to help grandkids page 8

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4 | Money

OPINION

'Time billionaires' risk-seeking could be a fatal flaw

Younger investors are far more likely to entrust their nest eggs to AI chatbots

Jonathan Guthrie

Financial Thinking

Are you a time billionaire? To make the grade, your life expectancy must total at least 10n seconds. At around the

age of 50, the average Briton is relinquishing that status. The typical 16-year-old, in contrast, has a fat wad of over 2bn seconds still to expend.

We owe the idea of time billionaires to Graham Duncan, co-founder of East Rock Capital, a US investment business. His coinage was a riposte to the media's obsession with dollar billionaires. He wanted to "shift the frame for young people", he says.

I get it. Time is a valuable asset with which the young are generously endowed. But it wins them little validation in a world obsessed with material assets, particularly money. Instead, youth is often defined by censorious oldies as a series of deficits of motivation, qualifications, experience and cash.

Better. Duncan figured, to view the young as possessing huge opportunity budgets. With this in mind, I have drawn a chart accounting for life expectancy in seconds, a more generous multiplier than years.

If you plotted the net assets of the average Briton on top of this, it would mostly curve upwards as life expectancy decreased. Wealth is one of the things we can swap time for as we age, albeit that most of us start with billions of seconds and few of us finish with billions of pounds.

Starting early has much to recommend it, even if investments are perforce small. The first reason is that stock market returns are bumpy on an annual basis but produce steady, inflation-beating gains over extended periods.

The second reason is that returns snowball the longer you leave them to earn further returns. After 10 years, compounded returns piling up at a conservative 5 per cent a year account for only two-fifths of an investment. After 20 years, they make up almost two-thirds of the increased total. After 30 years, they represent three-quarters of the much larger fund.

Last month, Luke Templeman and Galina Pozdnyakova of Deutsche Bank Research Institute took a smart look at how younger investors view their extended opportunity for making money. The title of their report — "Time billionaires want more risk" — referenced Duncan's framing device.

A proprietary Deutsche survey showed that investors below the age of 35 are hungry for higher returns. Risk appetite diminishes with age. It is also lower among Britons than Americans.

Generalising wildly, I would suggest that Americans expect the future to deliver opportunities, while Britons like me fear it constitutes a threat to their wellbeing.

As for risk-seeking by younger investors, it is logical, broadly speaking, given the capacity of multi-decade investment to damp

Risk appetite diminishes as investors get older, more so in Britain than the US — Don McKenzie

volatility and exploit compounding.

The authors asked whether artificial intelligence is amplifying this natural tendency. Investors are inevitably turning to AI for help with asset allocation, fund selection and scenario modelling.

"Even if the output is imperfect, the interaction can create a sense of fluency," the report notes. "People are more likely to take action when a complex problem appears legible."

The problem with investment advice from chatbots is that "you get very different results depending on the tone you use", Templeman says.

I verified this using Copilot, which

more usually features in my working life in the role of a well-meaning but mildly stoned research assistant. When cross-checked, a sizeable minority of the data it finds for me turns out to be irrelevant or fictional. The chatbot is then apologetic in a "Gee, gosh, shucks" manner.

Copilot happily endorsed my plan to invest a quarter of my life savings in bitcoin as "within the bounds of a rational, high-risk strategy". It had only taken a couple of bullying prompts from me to reverse the chatbot out of its initial finger-wagging disapproval.

Most Britons are 'time billionaires' until around 50

Life expectancy at different ages (bn seconds)

Younger investors are hungry for risk

Expected risk taking by age group*, UK (%)

• Survey question: 'Over each of the following timeframes, do you expect your level of risk-taking in relation to your main investment portfolio to.' Excludes respondents saying 'Don't know or prefer not to say'

Source: Deutsche Bank Research Institute

That left me with doubts concerning the enthusiasm of younger investors for AI-managed investment. So does the tendency of chatbots to go rogue.

Admittedly, Deutsche Bank asked survey subjects whether they were likely to enlist a "generative AI-managed solution" to manage their investments. To me, this implies guide rails imposed by human machine minders.

With such bracketing, around 80 per cent of Americans and 60 per cent of Britons under the age of 35 said they were "very likely" or "somewhat likely" to entrust their nest eggs to AI.

Of course, some would not bother to pay for a specialised AI-managed solution with inbuilt fail-safes. They would enlist whichever generic AI agent came most conveniently to hand. Their instructions would be vague and riddled with all the cognitive biases we private investors are prey to.

AI is just a tool, so its safety depends on the common sense and training of the user. A skilled craftsperson deploys an electric saw to make nice furniture. A bongler uses it to cut their fingers off. The problem, as it applies to AI, is something financial regulators are already wrestling with.

As for time billionaires, I am aware the concept may unsettle older readers who, like me, are operating on time budgets now measured in mere millions of seconds.

We can take some comfort from another concept originated by Graham Duncan: the division of time into "narrow" and "wide" categories.

The first is liable to involve irksome duties. The second is spent in life-enhancing activity. Active retirement allows us to maximise wide time and minimise the narrow kind. That is some compensation for losing time billionaire status.

Jonathan Guthrie is a journalist, adviser and author of 'The Truth About Investing'.

jonathanbuchananguthrie@gmail.com

---

Money

5

YOUR QUESTIONS

Your Questions Is my architect liable for extra costs?

Lucy Warwick Ching

My house extension is being built, but an unhappy neighbour claimed to the local council that the side extension is too high. They were right, and it's because the builder followed more detailed drawings after our planning application was approved. The council says it will enforce against us if we do not rectify the error, which will cost thousands of pounds. Is our architect liable for the cost?

Lenna Abulhawa, commercial litigation associate at law firm JMW, says it will be important to establish whether the cause of the issue is defective design or whether your builder has failed to build the extension in accordance with the designs.

When providing services to you, your architect is under an obligation to act with

reasonable skill and care. If their conduct falls below this standard and that results in you suffering financial loss, you will have grounds to bring a claim against them for breach of contract or negligence. Whether your architect's conduct fails to meet the required professional standards will often depend on all the circumstances surrounding their instruction.

Reviewing your architect's contractual obligations would be a sensible starting point. Architects can become involved in construction projects at various stages and offer a variety of services.

For example, an architect engaged on a design-only basis will have different responsibilities from an architect whose role also includes supervising the construction works being carried out by the builder.

There may be express or implied terms in your contract, for example that the design of the extension is

Damages can be sought if an architect has been negligent — FT montage/Getty images/Dreamstime

compatible with any planning permission granted.

It appears your builder has indicated that the architect's detailed design drawings differ from the drawings on which planning approval was based.

While it is usual for planning approval to be sought using indicative drawings only, with more detailed

drawings subsequently being required for the construction phase, careful consideration should be given as to whether these "build-ready" drawings were prepared in a way that was consistent with the planning approval obtained.

One way to achievethis is to obtain expert evidence from an independent architect.

In terms of your financial losses, provided it can be proved that your architect has acted in breach of contract or has been negligent, you would be entitled to damages for the costs of remedying the defective works and any other consequential losses. For example, this could include the costs of alternative accommodation if the property cannot be

lived in while the remedial works are being carried out.

Finally, it's worth noting that all UK architects must have professional indemnity insurance to protect against claims resulting from errors in their work. As a result, any negligence claim will usually be dealt with by their insurer on their behalf, meaning there will be funds available to pay out any damages recovered, regardless of the architect's actual financial position.

The opinions in this column are intended for general information purposes only and should not be used as a substitute for professional advice. The Financial Times Ltd and the authors are not responsible for any direct or indirect result arising from any reliance placed on replies, including any loss, and exclude liability to the full extent.

Find answers to more reader questions at

FT.com/your-questions

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6 | Money

COVER STORY

To get the best pay deal, financial services professionals need to know what they're worth. James Pickford reports

Have you ever picked up the phone to a call from a headhunter? A silky pitch may have tempted you with thoughts of a move – new opportunities at an exciting business, more responsibility or freedom, the chance to make your mark – sweetened, of course, by a bigger and better financial package.

Depending on your skill set, this could be your moment. The battle for senior talent at investment banks intensified early in 2026 as it shaped up to be a gigantic year for stock market listings, led by the AI behemoths.

"The level of activity has really picked up," says Liz Duggan, a partner at recruitment consultant Heidrick & Struggles. "It's worth a firm making the investment and invariably a bunker will know that too. So we have seen some strong offers this year."

For all kinds of financial services professionals in the City of London who find themselves on the receiving end of a poaching approach, money will be a key factor alongside the attractions of the role and the team.

But what would constitute a good result for you financially? There are obvious dangers in overplaying one's hand, but no one wants to leave cash on the table when a company comes calling.

The challenge is how you correctly size up your market value and settle on a package that satisfies both sides. FT Money explores the issues for those mulling a move.

Reward packages have, in general, been relatively muted since 2008. After the financial crisis, banks and other financial services companies struggled to justify paying inflated rewards and faced much tighter regulation on pay.

Remuneration has also become much more transparent, as banks must now report the pay of their high earners and risk takers under post-crisis rules. More recently, they have also come under pressure to demonstrate fair treatment on gender or ethnicity.

"There's no more 'just hire your motor,'" one banker told the FT

But as anyone whose career in the City has lasted more than 20 years knows, the emphasis placed on different components of pay packages has ebbed and flowed.

Before the crisis, the variable part of a worker's package – chiefly their bonus (split between deferred stock and cash), but sometimes other long-term incentive plans (LTIPs) – could account for up to 80 per cent of their

What to do when a City headhunter calls

total pay. Then, after 2008, EU authorities introduced rules limiting bank bonuses, which boosted the importance of base salary.

Since the bonus cap was scrapped in the UK in 2025, as part of a post-Brexit rollback of regulations, the variable aspect of a person's pay package has grown in importance again.

"If you're good at your job and an institution wants you, things can sometimes get slightly out of control," says Robin Keck, a former City headhunter.

This is especially true the more senior or specialised the person being

Investment banking pay in London

Estimated average salaries based on 2025 pay survey (£'000)

poached is. But much will be determined by the nature of the role.

For a "relationship" banker, whose value lies in their links to clients, their new employer will need to judge how likely they are to follow, particularly when the clients' links to the bank being left behind may include debt or other ties.

If a director at a bulge-bracket bank is toying with a move to an M&A-only boutique, for instance, deals are, in effect, the sole product, says Duggan. "Everything else falls away. So you really do need to be very certain of the stickiness of your relationship with your clients."

A fund manager, by contrast, will be more focused on the extent to which the investment performance of their fund is built into their package. It may be determined by a formula: or there may be a discretionary element. They might also expect both stock and fund units in their deferred compensation; the balance may be up for negotiation.

Perhaps the hardest role to judge financially – the most uncertain for future performance – is that of the private equity executive, whose chief reward comes in the form of carried interest ("carry") on investment profits from a portfolio of

companies. Only some of these will succeed, and on a timescale that is not always predictable.

The key measure here is the percentage of the "carry pool" an incoming executive is allocated. The bigger the better, one might assume. But a generous share at one firm may prove less valuable than a smaller portion at a firm with a stronger performance record or bigger funds.

In this calculus, annual salary and bonus are a sideshow, says Tim Wright, reward partner at recruitment consultant Korn Ferry. "The real comparison is between the expected future value of the existing firm's investments and the potential for wealth creation at the new one."

Whatever role a person has, though, there is an assumption that the company hoping to poach them will "make good" on the deferred compensation built up at their existing firm. For bankers, this means replacing existing promises of stock with deferred stock at the new firm, mirroring the pace at which it vests. There may also be deferred cash or other retention awards that a candidate will want to see matched by incentives of similar value.

But nothing is certain. Phillip Wright, a banking consultant at

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Money

7

COVER STORY

Opblox and former chief operating officer at Wells Fargo Bank, warns there may be instances where the new firm decides to change the vesting schedule, extending it from three to five years, for example. "Your cash component each year is reduced, your risk is increased over that period and fundamentally you're tied in longer," he says.

There may be another issue for longer-serving employees. Among very high earners, the deferred stock they have accumulated could be many multiples of their salary. "This was an issue towards the end of my career," says one former bank analyst, who asked not to be named. "I had quite a chunk that would have put people off trying to buy me out."

Yet another calculus applies to senior lawyer roles, where above a certain level there may be no base salary at all, but a share of the profits generated collectively by the partners. These will fluctuate from year to year, sometimes significantly, so trophy hires may be offered a year or two of guaranteed compensation to lure them away.

Since there is little opportunity to win an outsized "slice of the pie" in a law firm partnership, a different judgment applies. "There are two

questions. Is the new firm more profitable than mine or will my practice fly better there?" says one City lawyer.

So what does it take to prise someone away from an organisation these days? Recruiters suggest many in mid-level to senior roles in finance would not even begin to consider a move for less than a 10 per cent uplift — the starting point for negotiation.

One banker said: "Realistically, I think a 25 per cent boost to total comp is not a bad rule of thumb, just to go through the hassle of moving, the loss of internal relationships and so on. You wouldn't want to move for less than 20 per cent."

Some of those fortunate enough to be approached may seek to "game" the process, going through the motions of the hiring process simply to win an offer that they can use as leverage at their existing employer. The practice may be frowned on, but is not uncommon.

Keck recalls a person whose transfer had been agreed, pending only the signing of their contract with the new employer. But the foot-dragging was interminable. Keck offered to come to their office personally to collect the

signed contract. "They announced they had to go to a funeral. I called their bluff because it was just so obvious they were lying," he says. "They were buying time while negotiating with the current employer."

Of course, it may not always be premeditated. Candidates can be pleasantly surprised by the quality of their firm's counter-offer when they reveal their plans.

Ultimately, if the headhunter does ring — or they drop that message into your LinkedIn inbox — you should be prepared to do your due diligence. You will want to get a sense of the people you'll be working with and the culture of the firm.

If you can rely on their confidence, call up people you know and trust who have worked there before — though best to leave these conversations until close to the moment of resignation to avoid word reaching your existing employer before you're ready to act.

Finally, treat what headhunters tell you with a pinch of salt. "There's so much gamesmanship in this," says one banker. "It's in a headhunter's interests to make you unhappy and unsettled and therefore more likely to leave."

Seven key questions to make the most of a City move

1 Performance criteria: me or we?

Some deferred compensation may be linked to performance conditions, such as the firm's share price. But the components of the offer may be up for grabs, particularly when the move is to a smaller organisation. You may want to gain more upside if the firm does well, or emphasise your personal revenue generation.

2 Will you convert stock to cash?

Your existing firm will dictate a mix of cash and stock in deferred compensation. When you move, you may have a chance to haggle what was to be deferred stock can become cash.

3 When can I retire and still keep my stock?

Movers may have reached an age or length of service at their existing firm at which they are permitted to resign or retire without losing unvested deferred stock, a threshold often determined by the so-called Rule of 60 (age plus years of service adds up to 60). But a new employer may have a different rule or require a certain length of service before allowing retirement.

4 What are the clawbacks?

If a new hire leaves within a year or two, firms can seek to reclaim sign-on guarantees and bonuses, writing options into the contract of employment. Such measures can be negotiated at the recruitment stage.

5 Am I assured of support?

The backing of staff at the new firm is key. If a deals-based banker, for example, is tempted by a move from a big international bank to a boutique firm, they need to be sure that senior staff at their new employer will engage when trying to win new business. Will your new chief executive commit to join you on a pitch to a client?

6 Will I be able to climb the ladder?

Promotion can be the motive for a move. But consider the routes to achieve it. Are those jobs occupied? What is your risk of being marooned? Understanding your relative positioning in a new firm is key.

7 What are the roadblocks before I can get started?

Your contract at the firm you are leaving often impose restrictions on joining a direct competitor for six to 12 months for senior roles. It will bar you from doing business with your old clients for a period, even if they approach you, or from poaching members of your old team. You will also need to serve a notice period of typically three to six months as "gardening leave".

---

8 | Money

FINANCIAL TIMES Saturday 15 August 2016

OPINION

How to help with the grandkids' school fees

The cost of private education is rising faster than inflation – grandparents need to plan their contribution

The results are in – and for some families they make difficult reading. Not A-level results. I'm talking about our annual analysis of private school fees. In brief, the average cost of privately educating those just receiving their A-level results ranges from £216,000 for 13 years at a day school to more than £438,000 at a boarding school.

Putting last year's application of 20 per cent VAT to one side, fees have typically risen by 1 per cent above inflation each year. So, looking ahead, let's assume generously that the government manages to hit its 2 per cent inflation target for 13 years and that fees again increase by 1 per cent more than inflation a year – meaning they would rise by 3 per cent a year.

This means that those starting a child on the journey in September can expect to pay £395,500 for an average day school, £512,000 for a day pupil at a boarding school and £797,000 for a boarder.

Schools such as Eton and Cheltenham Ladies' College will charge a lot more. These figures do not include the cost of uniforms. Few schools require Eton levels of uniform – black trousers with white pinstripes, collarless shirts with detachable collar and collar stud, tie, waistcoat and tailcoat, plus lounge suit and warm-weather blazer and optional lightweight waistcoat – but it all adds up, wherever you are. And don't forget music lessons either, at several hundred pounds a term. Or the instruments. I'm still getting over the cost of my son's trombone.

There is a real challenge here for grandparents who have put their own children through private schooling and want the same benefits for their grandchildren. How best to help?

For many grandparents this is a favoured way of passing on wealth. They have control over how the money is spent, and a good education is deemed a worthwhile gift. But think carefully before committing.

Understand the costs. If you assume that things are not much different to when you put your own child through the system, you'll be

School fees are just the start of the expense. Uniforms, music lessons and trips abroad need to be factored into the overall cost – future General/Home

giving a fraction of what's necessary. Make your gift tax efficient. You can give each grandchild £3,000 a year without affecting your inheritance tax (IHT) allowances (unchanged since the early 1980s, when I started working).

You can use last year's unused allowance for the first payment, so that's £6,000. Over 13 years that's £42,000 in the kitty.

Affordable gifts out of income are IHT-free too. But you should make them regular, log them carefully and be able to demonstrate to HM Revenue & Customs that they're not affecting your own lifestyle.

You might consider putting gifts out of income into a trust for one or more grandchildren to draw on. This protects the money in the event of a divorce or bankruptcy. Distributions from a trust will be treated as the child's income, so use their personal tax allowance – including the £12,570 nil-rate allowance – rather than a parent's, whose income will probably be much higher.

You're limited to what you can contribute to a trust if you can't make gifts out of income, because contributions give rise to a 20 per cent entry IHT charge on anything over the £325,000 nil-rate band (£650,000 for couples). But this is a

bit of a Doctor Who IHT allowance – every seven years it regenerates and you can add again if you wish.

Consider your own longevity. If your contributions are ongoing, you need to think about what would happen if you or your partner dies or needs expensive later-life care before the schooling is finished. How might that affect your ability to pay? It might mean making clear provisions in your will for your commitments to be fulfilled from your estate or putting life insurance in place.

Don't ignore inflation either. If fees were to rise by 5 per cent instead of 3 per cent, it takes that boarding school bill up to nearly £950,000. This means that any big lump sums given up front to cover fees may need to be invested smartly for a real return. That could require you to have the immediate four or five years' fees in very low-risk assets – like government bonds – and the later ones in equities, with the money cascading down the risk ladder as each year passes. If the money is coming out of income, make sure your gifts keep pace with inflation. There are other, more general considerations. You may not know how many grandchildren you will

have. Can you make the same commitment to all? If one of your children is a high earner and others are low earners, can you support only those who need help?

Might your money be better spent helping your children with the extra cash they might need to move to the catchment of an outstanding state school? Or to help with later university costs, where there isn't the benefit of a free alternative?

Consider, too, that your children (or their spouses) may not want their own children to go to private school. Every family is different.

One friend and his wife sent their children to state school. The grandparents contributed to an "education budget". The children could make claims on this for anything they could argue was educational: computer equipment, musical instruments and lessons, trips, art materials, holiday courses. Both girls got top exam grades and received offers from Oxbridge.

Private schooling is something many of us aspire to for our children and grandchildren. But there are other – perhaps more affordable – ways of supporting them, too.

Clare Munro is senior tax adviser at Weatherbys Private Bank

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Money | 9

My Financial Life

Michael Welch, founder of Rolo Tires

'I wanted to show people what I was made of'

Serial entrepreneur Michael Welch, 47, started as a tyre fitter at 13, before launching his first business at 17 with a £500 grant from The Prince's Trust. Fostered as a baby and later adopted, he struggled at school, partly due to undiagnosed dyslexia.

In 2002, the Liverpoolian founded Blackcircles.com, the online tyre retailer, which he sold to Michelin in 2015 for £50mn. In 2016, he was awarded an OBE for services to business and charity. He has since built and invested in automotive, technology and consumer businesses.

In May this year he launched Rolo Tires, a direct-to-consumer premium tyre brand, focused initially on Europe. The company employs 20 staff and operates between offices in Miami and Edinburgh. Interview by Natalie Graham.

Did you get into the tyre industry by chance?

My only connection was a Saturday job with a local garage. I was known as the tyre boy. I had to take the tyres off the van and put them on the racks, ready for the installers. I must have been 14.

After school I worked as a tyre fitter. Then I was made redundant at 16, and it pushed me into doing something on my own. At the Job-centre I saw a poster for The Prince's Trust. I went to see them with a basic business plan, and they gave me a £500 grant together with mentoring support through the local chamber of commerce.

Motorforce began as a small mail-order operation, selling tyres directly. I took an accounting course for a year at John Moores University, so I could enrol for a degree in business management.

I built Motorforce from my parents' house. They bought me a fax machine for my 17th birthday and put in a phone line. I bought a second-hand computer and taught myself how to build a simple website from online software and a library book. I put low-cost advertising in motoring magazines. My strategy was very basic, but it worked.

When I was 18, Kwik-Fit offered to buy Motorforce and move me to Edinburgh as an ecommerce executive. A couple of years earlier, I'd been earning £50 a week as a tyre fitter. When Kwik-Fit offered me £20,000, it was a fortune.

Are you surprised by your success?

Not really, because I feel I have earned everything I have – without luck, education or a business background. Because I was fostered, then adopted, I felt I was different, but I

Michael Welch: 'Because I was fostered, then adopted, I felt I was different, but I did not wallow in self-pity' – Rebecca Marshall/FT

Born: The Wirral, September 28 1978

Education: 1990-95; Woodchurch High School, left with English GCSE 2002-05; Studied for BA Business Administration, Napier University, Edinburgh

Career: Age 17; Founded first tyre business, Motorforce

Age 18: Ecommerce executive with Kwik-Fit, which bought Motorforce

2002: Founded Blackcircles.com, £26,000 turnover in first year.

2015: Sold Blackcircles.com to Michelin

2016: Began investing in start-ups and mentoring

2018-25: Founded Tirescanner.com in Florida, and led its merger with Tirescanner.com, becoming a major online tyre retailer in the US

May 2016: Founded Rolo Tires

Lives: Miami, with his wife Victoria and their children aged four, six and nine. Their summer house is in the south of France.

wanted to show people what I was made of. I didn't really worry about what people thought about me.

My younger brother and I were adopted, but we are not blood brothers. My dad was a roads inspector for the council, then later in life studied maths and civil engineering. My mum originally worked for the Inland Revenue. When they adopted me, she took a cashier's job at Sainsbury's. The shift work helped her and my dad juggle childcare between them until we had finished school.

I was very careful [with money]. In business, it is normal to borrow, take out loans and use leverage. I was brought up to buy what you can pay for. My mum was great at budgeting and saving.

What was your lucky break?

It was when I was one-year-old – and adopted by the two most wonderful people. I had been fostered for my first year. That is why I set up The Welch Trust in 2015 to focus on adoption, fostering, critical illness in children, education and helping young people get started in business.

How did you learn about running a business?

It was a combination of things. I have read many inspiring biographies since 1997, when I came across an article about Chris Evans buying Virgin Radio. The Prince's Trust was invaluable and, subsequently, the involvement of mentors, without whom I would not be where I am.

The first was a gentleman called

Hugh McLennan, from The Prince's Trust, but he sadly died. I know I would have given up without him. That advice lasted for three years. Then Sir Tom Farmer, the founder of Kwik-Fit, gave me help and encouragement for many years.

One day, while I was establishing Blackcircles.com in 2002, Sir Tom called me into his office. I told him I planned to sell tyres on the internet. He asked me if I needed investment. I said I really wanted to do this on my own. However, some suppliers were reluctant to do business with a new entrant into the industry.

Not long after, I encountered Sir Tom by chance at an industry conference and chatted to him for a while. When the suppliers who had turned me down saw us together, they thought he was backing my venture and were suddenly keen to do business with me!

My third mentor was Sir Terry Leahy, chief executive of Tesco. I read an article about him and wrote him a letter, congratulating him on his knighthood, and said I was from Liverpool like him, but I felt I had a gap in my knowledge, trying to move into retail and ecommerce. I asked Sir Terry if he could spare an hour of his time. He replied, inviting me in for tea.

When I sold Blackcircles.com to Michelin, I was restricted from operating in the European tyre market for three years. As this did not apply to the US, I decided to go there. Though partly forced by circumstance, the move in 2018 became a

major opportunity. The US tyre market is enormous, fragmented and service led.

Did sales suffer during the pandemic?

When the pandemic arrived, I had recently started Tirescanner in the US. We offered a mobile tyre installation service booked online. It meant we could go to the customer in their home when they could not go into a store. We were lucky to be able to carry on and serve the market.

What was your worst financial decision?

In 2016, I lost £2mn investing in an online fashion boutique. My gut feeling was it needed a lot more than money, and a lot more of me, and I was right. It went well until free trade stopped with Brexit. It taught me I was wrong to go into a sector that I did not fully understand.

With a business in the US, are you now based there?

We spend most of our time in Miami, where the kids are at school. We base ourselves in southern France when we are in Europe. Then I divide my time between the Edinburgh headquarters and Liverpool, where my family and friends are. I have had a Liverpool FC season ticket for many years.

It is not particularly tax-efficient to be a citizen somewhere and a resident somewhere else. As a UK citizen and US permanent resident, I pay tax in the US and file a UK tax return.

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10

Money

The Stockpickers

Our experts discuss which companies to buy, sell or hold this week

Persimmon focuses on entry-level homes, which has helped it to outperform its peers — FT mortgage Bloomberg

Persimmon bucks a gloomy trend for housebuilders

The UK housebuilding sector has experienced significant weakness over the past two years with margins across the

industry squeezed by a sluggish housing market, buyer affordability constraints, as interest rates remain high, and spiralling costs, resulting in a series of profit warnings.

Housebuilders face additional hurdles in the shape of new safety regulations and a requirement for blocks of flats to be signed off by the Building Safety Regulator, following the Grenfell Tower disaster.

London-focused builder Berkeley says the process of completing an apartment building from land acquisition, through the stages of planning, meeting regulatory requirements, approvals and construction, now takes eight years, compared with five

a decade ago. But housebuilders everywhere have been hit hard by the higher cost of construction materials. The Home Builders Federation (HBF) estimates that, including special new levies, £76,000 has been added to the cost of building a home since 2020.

The government wants to see 1.5mn new homes built in this parliament, but it seems likely that the build rate will fall far short of this target even with the loosening of planning rules and lowering of affordable housing thresholds to make projects more viable.

Builders have increasingly turned to buybacks to prop up their share prices until conditions improve and have called on the government to do more to kick-start the market.

Yet despite the problems blighting the sector, one major builder, Persimmon, has managed to outperform its peers with increases in completions and profits. This is in part due to its focus on lower-priced entry-level homes, which means its average sale price compares well with the national average, and because Persimmon's vertically integrated structure allows it to control a large chunk of its construction costs by manufacturing several key components itself.

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Construction

Persimmon (PSN) 1,169p

Pre-tax profit up 15 per cent

Persimmon is doing all right, which, in the context of UK housebuilding, is no mean feat.

The group, whose sites are mainly in the north of England, completed 5,189 new homes in the first half, up 13 per cent on the previous year. A small uptick in average selling prices contributed to a 15 per cent increase in headline revenue to £1,730m.

But the profit margin did fall by 0.3 percentage points to 12.8 per cent. A weaker sales mix, greater use of incentives and cost inflation all played their part.

Persimmon has upgraded its full-year completions guidance to 12,500, the top end of its previous guidance range.

The company's net debt has temporarily increased as it pays off certain land creditors, but by the year-end should fall below £100mn and possibly into net cash territory.

Persimmon, trading just ahead of book value, merits its valuation premium to peers. It is the one housebuilder whose risk-reward profile looks favourable at its current valuation. Hugh Moorhead

Mining

Caledonia Mining (CMCL) 1,658p

Concerns over cost base

Caledonia Mining could never be described as a diversified miner given that its financial performance is largely dependent on how its Blanket Mine in Zimbabwe is faring.

Second-quarter gold production increased by 18 per cent sequentially, but was down on the record rate in the same period in 2025. The average realised gold price of $4.29/oz (£3,178/oz) contracted through Q2, but it was up by a third on the 2025 comparator.

FactSet consensus gives earnings per share of $2.99, following a decline to $2.4 in 2027. Half-year profits were up across the board, but shareholders might have some questions over the miner's cost base due to the maturing of the employee ownership trust at Blanket and the consequent dividend obligations.

The gold price has pulled back significantly since the Middle East conflict started, and traders continue to look for signals from the US Federal Reserve. The forward rating of seven times earnings is in line with peers, so we move back to a neutral stance. Mark Robinson

Real estate

Savills (SVS) 1,056p

North American leasing is a standout

Savills looks increasingly ready to conquer the US. The property services company's "transformative" £827mn acquisition of real estate investment bank Eastdil Secured completed at the end of July.

Ahead of this, the company increased revenues in North America commercial transactions business, which focuses on leasing offices, by a quarter versus the previous year to £150mn. Overall revenue rose by 9 per cent to £1,230m in the six months to June 30, driving a 47 per cent surge in underlying profit before tax to £34mn.

There was broad-based growth across the business, with revenues in the less transactional consultancy and property management divisions up by 2 per cent and 7 per cent to £239mn and £490mn respectively.

One area of weakness was the residential business, where underlying profit before tax halved to £2mn. Savills attributed this to the UK Renters' Rights Act.

Shareholders should take heart from such a resilient performance at a time of global economic uncertainty. HM

DIRECTORS' DEALS

Who's buying or selling shares in their own company this week?

BUY	Director/PDMR	Date	Price (p)	Aggregate value (£)
British American Tobacco	Matthew Wright	3 Aug 26	4,500	247,500
IP Group	Michael Queen (ch)	4 Aug 26	66.2	132,400
Rentokil Initial	Mike Duffy (ce)**	31 Jul 26	1,775.7	186,450
Rentokil Initial	Thérèse Esperdy**	31 Jul 26	1,744.2	370,023
SELL
Alfa Financial Software	Christopher Sullivan	3 Aug 26	165	329,920
BAE Systems	Tania Gandamihardja (PDMR)	31 Jul 26	2,087.5	1,419,586
Barclays	Anna Cross (fd)	7 Aug 26	521.1	2,405,335
Chemring	Sarah Ellard	3 Aug 26	602.2	346,840
Chemring	Michael Ord	4 Aug 26	611.8	1,223,694
Hammerson	Alex Dunn (PDMR)	31 Jul 26	378.4	204,344
IOE	Barni Bastani	4 Aug 26	45.8	229,150
Next	Lord Wolfson (ce)	5-6 Aug 26	15,702	26,693,893
Next	Jeremy Stakol (PDMR)	5 Aug 26	15,661	4,569,294
Shell	Sinead Gorman (cfo)	31 Jul 26	3,368.7	1,010,597
Sirius Real Estate	Andrew Coombs (ce)	5 Aug 26	102	510,000
Standard Chartered	Bill Winters (ce)	4 Aug 26	2,220.8	6,662,400
Tesco	Christine Heffernan (PDMR)	5 Aug 26	481.7	1,526,989
Vodafone	Alberto Ripepi (PDMR)	3 Aug 26	121.7	1,216,960
Vodafone	Shameel Joosub (PDMR)	7 Aug 26	119.5	890,275
Whitbread	Mark Anderson	3 Aug 26	2,552	127,600

• Deal conducted by spouse/family/close associate. * Purchase of American Depository Shares 5-5 ratio. ** Translated from S/K PDMR - Person discharging managerial responsibility; ce - chief executive; ch - chair; clo - chief financial officer; fd - finance director. Source: Investors' Chronicle

British American Tobacco's shares fell in June after the FTSE 100 group warned that its full-year sales and profit could disappoint as the fall in global cigarette volumes accelerates.

The tobacco major said at the time

that sales and profit growth could skew towards the "lower end" of its 3 to 5 per cent and 4 to 6 per cent target range. The stock slipped further in July after BAT revised its estimates for the traditional cigarette market's decline.

But this did not appear to bother BAT's newest non-executive director, Matthew Wright. He acquired £247,500 worth of stock in an astutely timed purchase last week, his first as a director. Erin Withey

a 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. The Financial Times Limited does not accept liability for any loss suffered as a result of such decisions.

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MOBCY | 11

DATABANK

Weekly Market Summary

World Markets

Aug 14		Chg	%Chg	Aug 14		Chg	%Chg
Australia	All Distances	5013.20	48.25	-0.73	Italy	Milan FSS M/B	52683.01
Brazil	Banque	1661.95	1594.38	-1.14	Japan	Nikkai	6671.33
China	Shanghai Composite	2827.10	0.21	-0.01	Singapore	Shinzo Times	6742.50
France	CAC General	8636.80	-12.76	-0.16	Spain	Madrid SE	1899.30
Germany	DAX	28448.51	140.57	-0.53	Switzerland	SMI Index	14290.61
Hong Kong	Hong Kong	7514.65	279.08	-1.10	USA	Time Jeevis	7598.00
India	BSE S&P STORES	78008.25	-70.71	-0.09	USA	Nasdaq	28870.33

Hygent Winners & Leaders

Upcoming Dividends

	Payment	Prev	Reg	Ex-Div
Monday
Moisturex Estates	275p	275p	Jul 10	Jul 09
Tuesday
Oxford Instruments	18.2p	17.7p	Jul 10	Jul 09
Wednesday
Campein	51.60	51.61	Jul 20	Jul 20
Elixir International	15p	11.5p	Jul 24	Jul 23
MT Midwest	3.2p	3.2p	Jul 24	Jul 23
Thursday
Marin Financial Group	0.0000p	0.00p	Jul 10	Jul 09
GreenQ	8p	0.00p	Jul 24	Jul 23
Schroders	7p	0.5p	Aug 07	Aug 06
Friday
American Asian Inc Fund	5.00p	3.84p	Jul 24	Jul 23
Artemis UK Futures Inc	5.95p	5.95p	Jul 24	Jul 23
Bloomberg	12.12p	11.54p	Jul 24	Jul 23
Celebrus Technologies	2.41p	2.32p	Jul 24	Jul 23
CMI Micro	9p	8p	Aug 07	Aug 06

Investment Trust Spds

	Price	Chg	Disc/Prem		Price	Chg	Disc/Prem
3J Intra	383.00	-1.00	-5.06	BASF World Mining	352.00	-14.00	-1.75
AM DWT	91.75	-0.25	-7.09	Boomer	1368.00	-2.00	-10.32
AM Test	1757.00	-14.00	-13.85	Calamities Inc	188.50	-2.50	-32.07
Albertson Asia Inc	440.00	-0.00	-13.12	ConGen Oil	2352.70	-4.62	-41.25
Albertson Asset Inc Fund	315.00	-1.00	-0.81	Cite of Law	501.00	-1.00	-2.19
Albertson Inc Inc	463.00	-	-3.36	COX A&M	300.00	-1.00	-4.02
Albertson UK Sml	501.00	-2.00	-0.26	CT Healthcare	135.40	-0.25	-4.74
Albertson Wm	1507.00	-3.00	-5.34	CT Mgmt	121.50	-	-1.54
Albertson Tech	730.00	-0.00	-7.52	CT Mgmt	327.00	-1.00	-3.11
Artemis UK Futures Ltd	204.50	-4.50	-13.53	CT CoM	356.00	-4.50	-5.45
Aurora UK Alpha	255.00	-1.00	-11.58	CT UK HIT B	105.00	-2.00	-7.45
AM Japan	171.00	-	-4.67	CT UK HIT B	115.50	-1.50	0.89
BG China Growth	300.00	-1.50	-0.98	Brunette Inc	315.00	-3.00	-7.98
BT Fund	177.50	-7.00	-9.8	Fidelity plc Inc	192.00	-7.00	-7.74
BG Japan	1000.00	-4.00	-0.92	Elon Worldwide	352.00	-2.50	-6.22
BG Elon	172.20	-3.00	-0.22	The Euro Sml Co	240.00	-1.00	0.04
BG US Growth	329.00	-3.00	-8.1	BG The Trust	344.00	-2.40	-6.17
Baillie Gifford UK	224.00	-3.00	-7.47	Fidelity Aztec	512.00	-	-4.82
Bankers IT	153.00	-1.40	-9.01	Fidelity China	202.00	-2.50	-7.19
Elizabeth Growth	1000.00	-20.00	-0.28	Fidelity Enso/Mits	1476.00	-4.00	-5.54
Elizabeth Asset Sml	255.00	-2.00	-2.11	Fidelity Euro	442.00	-2.00	-4.65
Elizabeth Energy & Res	179.50	-4.00	-6.13	Fidelity Spas	474.00	-5.50	-6.92
Elizabeth Fund	181.50	-3.50	-3.38	Finanex G&I	818.00	-6.00	-7.00
Elizabeth Solar	617.00	-1.00	-7.03	The G&I Smart Co	192.20	-1.00	-5.17
Elizabeth B&I	758.00	-	-13.53	BNT Group	1.75	-	-81.97
Elizabeth Sml	280.00	-0.50	-11.87	Renex	342.00	-8.00	-38.16

Currencies

Aug 14		Chg	%Chg	Aug 14		Chg	%Chg
5/6		1.188	0.004	0.116	6/5	0.728	-0.002
5/5		1.205	0.004	0.298	6/5	1.170	-0.006
6/5		3.855	0.008	0.018	9/6	108.190	0.436
9/5		118.045	-0.130	-0.087	6 Index	85.740	-0.007
9/7		215.402	0.401	0.214	7/6	1.099	0.003
9/10		3.940	0.003	0.303	6/5	62.553	0.01
6/5		3.863	0.003	0.214	6/5	1.000.26	1.52

Commodities & Crypto

FTSE Private Investor Index Series

	Aug 13	1 Month%	3 Month%	1 Year%	5 Years%
Ultra Conservative Index	965.53	-0.24%	-0.51%	-1.00%	-10.33%
Convenience Index	1548.49	3.81%	1.39%	8.09%	6.07%
Income Index	4343.81	1.42%	2.40%	18.32%	19.34%
Balance Index	6068.58	1.80%	3.17%	13.36%	30.42%
Growth Index	8175.46	2.31%	3.80%	16.34%	40.62%
Ultra Growth Index	2061.75	2.84%	4.58%	20.05%	56.79%
Global Growth Index	2642.61	2.81%	4.26%	23.03%	59.12%
FSSA All Share Index	581.5.10	2.89%	4.97%	17.52%	40.31%
FSSA All Share Index	884.14	3.02%	4.71%	22.45%	62.16%

Inflation Rates

Retail Price Index / Consumer Price Index
		Chg Over 1 Month	Chg Over 12 Months
IRR	Jun 418.50	3.90%	3.61%
IRM	Jun 409.70	3.27%	3.91%
CPI	Jun 142.50	3.10%	3.81%
Bank Rates / International Rates
Bank Rate of England Base Rate (Jul)			3.70%
US Net Funds			3.50 - 3.70%
US Long Bonds			4.31%
Euro Base Rate			2.40%

Government Bonds

	Aug 14	Prev	Chg
US 2 Yr	4.76	4.14	0.51
US 10 Yr	4.68	4.02	0.05
US 20 Yr	5.27	5.21	0.05
UK 2 Yr	4.24	4.29	0.05
UK 10 Yr	5.02	4.95	0.01
UK 20 Yr	5.78	5.69	0.05
JPN 2 Yr	1.84	1.83	0.01
JPN 10 Yr	2.86	2.84	0.02
JPN 20 Yr	4.81	4.80	0.01
GER 2 Yr	2.78	2.76	0.02
GER 10 Yr	3.19	3.13	0.08
GER 20 Yr	3.72	3.64	0.03

Results Out

Date	Company	Report	Date	Company	Report
17-Aug-2026	Optima Health	Final	27-Aug-2026	Hooking	Interim
20-Aug-2026	Hays	Final	25-Aug-2026	Chambers	Interim
27-Aug-2026	QuarkX2	Final	26-Aug-2026	Central Asia Mkt	Interim
17-Aug-2026	MTI Wireless	Interim	26-Aug-2026	Empireview Svc	Interim
17-Aug-2026	Thungiax Res	Interim	27-Aug-2026	Martha New Svc	Interim
18-Aug-2026	Torresco	Interim	27-Aug-2026	PPME Water Svc	Interim
19-Aug-2026	Oxford Nonopore	Interim	27-Aug-2026	Prudential	Interim

	Price	Chg	Disc/Prem		Price	Chg	Disc/Prem		Price	Chg	Disc/Prem
Harass A	222.00	0.00	-28.65	Lane Oats	1265.00	-2.00	1.95	Schr UK Mid	770.00	5.00	-6.45
Han FarEx	282.00	-1.00	8.98	Unidash Train	585.00	1.00	-18.21	Scot American	550.00	-2.00	-5.51
Han High Inc	197.00	-1.00	-5.05	Insealard	149.00	-	-8.15	Scot Mortgage	1425.00	-14.00	-10.31
Han Sml	999.00	0.00	-0.47	Mannum Val	130.50	-	-42.92	Scot Oriental	271.50	-1.50	-10.62
Hoswell	2670.00	10.00	10.9	Monopolio	200.00	9.50	5.00	Ultorogol Inc	264.00	1.50	6.04
HCLS, India	138.00	1.00	-14.52	Sheath, Inc.	671.00	-	-5.11	Temple Bar	425.00	0.50	0.61
Impass Etr	445.00	0.50	-15.11	SAI World	700.00	-2.00	0.43	Tebogen	981.00	3.00	-
Institute S	1075.00	10.00	-8.18	Minato IT	1022.00	8.00	4.2	TRO	75.00	5.50	22.44
Intl PP	139.00	-0.00	-4.90	Montanex Eur	177.50	-	-6.07	US	192.50	-	25.65
Inv Asia Dragon Tot	406.50	0.00	-0.54	Monna Inc	1024.00	-	-6.35	Unilica Enso/Mits	281.00	1.00	-8.96
Inv Bond Inc	170.50	0.50	1.42	Monna Intl	365.00	1.00	1.14	VES	712.00	-14.00	12.03
JPM Amer IT	248.00	0.00	-2.08	New Star IT	142.00	1.00	-25.05	Worldwide HHS	380.00	-11.00	-7.25
JPM Asia C&I	588.00	-	-2.12	NL All-Swdr IT	425.00	5.00	-31.17
JPM China C&I	773.00	1.00	-10.72	Pac, Hw r	1117.00	-4.00	-10.97
JPM Class	974.00	0.00	-2.14	Penn, Assnrs	321.00	-	-6.22
JPM/MLLers	81.00			Peter Health	442.00	8.00	1.00
JPM Eemg EMGA	242.00	-1.00	250.00	Peter Fin	252.00	-1.00	2.00
JPM Eemg	164.00	-1.40	-8.18	Peter Tech	675.00	-10.00	-8.17
JPM Eur Disc	625.00	5.00	-7.94	Rights & Ins IT	2480.00	10.00	-12.59
JPM Eur C&I	149.00	-1.00	-1.26	INT Cap	2025.00	-	-16.3
JPM Eur C&I Div	256.00	-1.00	-9.26	Reffer Inv Pr	255.00	1.00	-4.29
JPM E&I C&I	633.00	1.00	0.64	Schott Asia/Car	857.00	5.00	0.64
JPM Asia South Inc	873.00	0.00	-7.81	Schott Asia/Car	700.00	2.00	-4.8
JPM Japan	858.00	-	-6.16	Schroder Inc	310.00	2.00	-5.45
JPM UK Svc	364.50	1.50	-5.54	Schott Japan	354.00	2.00	-7.57
JPM US Sml	455.00	-1.00	-9.09	Schott Green	457.50	5.50	-2.45

FINANCIAL TIMES

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12 | Money

DATABASE

Savings

	Account	Notice	Min Deposit	AER	Int Paid
NO NOTICE £5,000
Oxbury Bank (acquiescent)	Summer Account (1)	None	(1,000)	4.22%	My
cyberet (cyberet)	Simple Saver (18)	None	(1)	4.52%	My
Spring (the cost)	Accelerate Saver	None	(13)	5.02%	My
NO NOTICE £10,000
United Trust Bank (cyberet co)	JRB Limited Access	None	(1,000)	4.70%	My
Oxbury Bank (acquiescent)	Summer Account (1)	None	(1,000)	4.22%	My
cyberet (cyberet)	Simple Saver (18)	None	(1)	4.52%	My
NO NOTICE £50,000
United Trust Bank (cyberet co)	JRB Limited Access	None	(5,000)	4.30%	My
Oxbury Bank (acquiescent)	Summer Account (1)	None	(1,000)	4.22%	My
cyberet (cyberet)	Simple Saver (18)	None	(1)	4.52%	My
NO NOTICE £100,000
United Trust Bank (cyberet co)	JRB Limited Access	None	(5,000)	4.30%	My
Oxbury Bank (acquiescent)	Summer Account (1)	None	(1,000)	4.22%	My
cyberet (cyberet)	Simple Saver (18)	None	(1)	4.52%	My
UP TO 30 DAYS NOTICE £1,000
Oxbury Bank (acquiescent)	90 Day Notice (14)	50 Day	(1,000)	4.18%	My
Secura Trust Bank (acquiescent)	90 Day Notice	50 Day	(1)	4.21%	My
Stromedbank (acquiescent)	90 Day Notice - 12	50 Day	(1,000)	4.18%	My
UP TO 30 DAYS NOTICE £5,000
United Trust Bank (cyberet co)	LTR 90 Day Notice 1	60 Day	(5,000)	4.20%	My
Secura Trust Bank (acquiescent)	90 Day Notice	50 Day	(1)	4.21%	My
Stromedbank (acquiescent)	90 Day Notice - 12	50 Day	(1,000)	4.20%	My
UP TO 30 DAYS NOTICE £10,000
Secura Trust Bank (acquiescent)	90 Day Notice	50 Day	(1)	4.21%	My
Stromedbank (acquiescent)	90 Day Notice - 12	50 Day	(1,000)	4.20%	My
BLUE & Yarns (cont)	90 Day Notice (18)	50 Day	(10,000)	4.27%	My
UP TO 30 DAYS NOTICE £100,000
Secura Trust Bank (acquiescent)	90 Day Notice	50 Day	(1)	4.21%	My
Stromedbank (acquiescent)	90 Day Notice - 12	50 Day	(1,000)	4.20%	My
BLUE & Yarns (cont)	90 Day Notice (18)	50 Day	(10,000)	4.27%	My
MONTHLY INTEREST UP TO £5,000
cyberet (cyberet)	Simple Saver (18)	None	(1)	4.52%	My
Spring (the cost)	Accelerate Saver	None	(13)	5.02%	My
cyberet (cyberet)	Swiss Day Saver (8)	None	(1)	5.02%	My
MONTHLY INTEREST £5,000
Stromedbank (acquiescent)	90 Day Notice - 12	50 Day	(1,000)	4.18%	My
cyberet (cyberet)	Simple Saver (18)	None	(1)	4.52%	My
Spring (the cost)	Accelerate Saver	None	(13)	5.02%	My
MONTHLY INTEREST £10,000
Oxbury Bank (acquiescent)	Summer Account (1)	None	(1,000)	4.22%	My
Stromedbank (acquiescent)	90 Day Notice - 12	50 Day	(1,000)	4.20%	My
cyberet (cyberet)	Simple Saver (18)	None	(1)	4.52%	My
MONTHLY INTEREST £50,000
Oxbury Bank (acquiescent)	Summer Account (1)	None	(1,000)	4.22%	My
Stromedbank (acquiescent)	90 Day Notice - 12	50 Day	(1,000)	4.20%	My
cyberet (cyberet)	Simple Saver (18)	None	(1)	4.52%	My
OFFSHORE ACCOUNTS £10,000
Standard Bank International
Standard Bank International	Offshore Reserve Savings	None	(3,000)	1.15%	My
NetWest International
NetWest International	Premium Saver	None	(1)	1.26%	My
Standard Bank International
Standard Bank International	International Saver (8)	24 Day	(10,000)	2.45%	My

MONTHLY INTEREST £10,000

Oxbury Bank (acquiescent)	Summer Account (1)	None	(1,000)	4.22%	My
Stromedbank (acquiescent co. up)	90 Day Notice - 12	50 Day	(1,000)	4.20%	My
cyberet (cyberet) cont	Simple Saver (18)	None	(1)	4.52%	My
MONTHLY INTEREST £50,000
Oxbury Bank (acquiescent)	Summer Account (1)	None	(1,000)	4.22%	My
Stromedbank (acquiescent co. up)	90 Day Notice - 12	50 Day	(1,000)	4.20%	My
cyberet (cyberet) cont	Simple Saver (18)	None	(1)	4.52%	My

OFFSHORE ACCOUNTS £10,000

Standard Bank International
Standard Bank International	Offshore Reserve Savings	None	(3,000)	1.15%
NetWest International
NetWest International	Premium Saver	None	(1)	1.26%
Standard Bank International
Standard Bank International	International Saver (8)	24 Day	(10,000)	2.45%

ACCOUNTS WITH INTRODUCTORY BONUS

Northmark B5 (thousands)	Winnie Access Saver (8)	None	(1)	4.20%	My
Manfield B5 (the brand)	Triple Access (1st)	None	(1)	4.20%	My
Elton Park (a b c d e)	Limited 4-Save Saver	None	(1)	4.20%	My
Portland B5 (p r o c t h e)	Online Saver State Access (8)	None	(1)	4.20%	My
Port Office Money (p r o c t h e)	Online Saver (8)	None	(1)	4.21%	My
Chase (the app)	Cross Saver (Second)	None	(1)	4.50%	My
SACA (www.co)	Easy Access Savings	None	(1)	4.50%	My
Torba Money (the app)	HomeSaver	None	(13)	4.52%	My
Country Bank (www.camark.co)	Online Easy Access (1st)	None	(1)	4.50%	My
Land & Add	Land & Access Access	None	(1)	5.02%	My

All rates shown as AER variable unless otherwise stated. Methods of opening and operating accounts will vary. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice. Visit Money@ebs.com, with a copy for full details. Figures compiled 1991 Aug. 2025.

Source: Money@ebs.com, Inc. Holding you make better financial decisions.

Mortgage Rates

	Rate and Term	Max LTV	Fee	Early Repayment Charge Period
Short Term Fixed Rates
first direct	4.55% for 2 years	60%	£900	1st 2 yrs
first direct	4.87% for 2 years	90%	£900	1st 2 yrs
first direct	4.62% for 2 years	75%	£900	1st 2 yrs
Wisc. (from BS)	5.11% to 31.10.29	90%		To 31.10.29
Longer Term Fixed Rates
first direct	4.60% for 2 years	60%	£900	1st 2 yrs
1980C	4.79% to 31.10.31	80%	£900	To 31.10.31
1980Med	4.87% to 30.11.31	90%	£900	To 30.11.31
1980Med (BS)	5.49% for 10 years	80%	£900	1st 10 yrs
Revergences
first direct	4.76% for 2 years	60%	£900	1st 2 yrs
first direct	4.84% for 2 years	75%	£900	1st 2 yrs
first direct	4.88% for 2 years	85%	£900	1st 2 yrs
Country B5	4.94% to 31.12.31	85%	£900	To 31.12.31
First Time Buyers
Wisc. (from BS)	5.15% to 31.10.29	95%	£900	To 31.10.29
1980C	5.41% to 31.10.29	95%		To 31.10.29
Wisc. (from BS)	5.28% to 31.10.29	95%	£900	To 31.10.29
1980C	5.33% to 31.10.31	95%		To 31.10.31
Discounted Variable Rates
Wisc. (from BS)	4.49% for 2 years	90%	£900	None
Country B5	4.54% for 2 years	80%		1st 2 yrs
Wisc. (from BS)	4.29% for 2 years	75%	£900	1st 2 yrs
Wisc. (BS)	4.89% for 2 years	90%	£900	1st 2 yrs
Variable Rates
Wisc. (from BS)	4.63% for 2 years	60%	£900	None
Wisc. (from BS)	4.54% for 2 years	80%		1st 2 yrs
Wisc. (from BS)	4.29% for 2 years	75%	£900	1st 2 yrs
Wisc. (BS)	4.89% for 2 years	90%	£900	1st 2 yrs
Buy-to-Let Fixed Rates
1980C	4.89% to 31.10.29	75%		To 31.10.29
1980Med	4.65% to 30.11.31	60%	£900	To 30.11.31
1980C	5.49% to 31.10.31	80%	£1,000	To 31.10.31

3-Discounted rate. 1-Fixed rate. 3-year rate rate. Terms and conditions may apply when you repay your mortgage. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice.

Private Prices

House Index / Mortgage Rates
Netownside House Price Average Lbl. 2026		£27.54
Netownside House Price Index (Monthly Index)		£61.72
Netownside House Price Index (Annual Change)		1.80%
Logit House Price Average Lbl. 2026		£259.253
Logit House Price Index (Monthly Index)		£0.00
Logit House Price Index (Annual Change)		3.10%

BIA Notes

Cash ISAs	Account	Notice or Term
Plant (the cost)	Plant (IA)	None
Chip (the cost)	Chip Smart (IA)	None
Progression B5 (the conversion cost)	Double Access (IA (4))	None
Subtotal (the cost)	Cash (IA)	None
Fixed Rate Cash ISAs	Account	Notice or Term
Charter Savings Bond (the conversion cost)	Fixed (IA)	1% (Ind)
Carving Bank (the conversion cost)	Fixed (IA)	1% (Ind)
Winston Bank (the conversion cost)	Fixed (IA)	1% (Ind)
Alta Savings (the conversion cost)	Fixed (IA)	1% (Ind)
Accounts & Bonds (tax loss)	Notice or Term	Min
YASB Junior (IA)	App 18	£1

Current Accounts

CREDIT INTEREST

Provider	Account Name	Account Fee	Interest Rate
National Oil Building Society	Resident	None*	1%
Bank of Scotland	Vantage Classic Account	None*	2%
City's	Club-High	None*	3%

OVERSHOTS

Provider	Account Name	Account Fee	Interest Rate
Stanton Bank	Current Account	None*	10%
First Direct	1st Account	None*	20.30%
Wig's Money	Mi Plus Account	None*	10.30%
* Account Fee free if minimum requirements are met

Credit Card Rates

INTRODUCTORY RATES

Provider	Card Type	Intro Purchase	RPR
TGB	Platinum Purchase	6% for 28 Months	24.95%
Bandacard	Platinum Balance Transfer	3% for 28 Months	24.95%
MSA Bank	Purchase Plus	6% for 74 Months	24.95%

BALANCE TRANSFERS

Provider	Card Type	Intro Purchase	Transfer Fee	RPR
MBNA	Long Balance	6% for 28 Months	2.59%	24.5%
HSBC	1st Account	6% for 28 Months	3.19%	24.5%
Bandacard	Platinum Balance Transfer	6% for 28 Months	3.19%	24.5%

BALANCE TRANSFERS

Provider	Card Type	RPR	Cashback
American Express	Cashback Everyday	29.1%	0.5%-1% Intro 5% for 3 months (max £1.0)
Wig's Money	Everyday Cashback	24.3%	0.25%-1% 1% for 3 months (max £1.0) property
Network	Travel Forward	27.9%	0.1%-1% on spend over £1 a year

Premium Annuities

Provider	Ranking	£ per annum	Provider	Ranking	£ per annum
Single Life		4,667.55	Single Life		4,667.55
Movement since 05/06/2026		5.12%	Movement since 05/06/2026		4.82%
Standard Life Pension Annuity	1	55,916.52	Standard Life Pension Annuity	6	57,312.84
Asian Pension Annuity	1	75,914.04	Asian Pension Annuity	7	77,750.17
Legal & General Pension Annuity	1	55,659.58	Scottish Widen Annuity	3	57,250.34
Scottish Widen Annuity	4	55,789.38	Canada Life Lifetime Annuity	4	57,139.88

Provider	Ranking	£ per annum	Provider	Ranking	£ per annum
Single Life		4,667.55	Joint Life		4,667.55
Movement since 05/06/2026		5.12%	Movement since 05/06/2026		2.92%
Scottish Widen Annuity	1	55,789.40	Asian Pension Annuity	1	55,923.79
Standard Life Pension Annuity	1	55,891.24	Standard Life Pension Annuity	2	55,932.24
Asian Pension Annuity	4	77,774.58	Scottish Widen Annuity	5	78,893.18
Canada Life Lifetime Annuity	4	77,745.76	Canada Life Lifetime Annuity	4	85,852.12

Provider	Ranking	£ per annum	Source: Market Financial Planning (SIR) 5/12/2016
Joint Life		4,667.55	Market Financial Planning (SIR) 5/12/2016
Movement since 05/06/2026		4.10%	Market Financial Planning (SIR) 5/12/2016
Scottish Widen Annuity	1	57,483.88	Market Financial Planning (SIR) 5/12/2016
Standard Life Pension Annuity	2	57,481.88	Market Financial Planning (SIR) 5/12/2016
Canada Life Lifetime Annuity	3	57,332.12	Market Financial Planning (SIR) 5/12/2016
Asian Pension Annuity	4	75,940.10	Asset Management (SIR) 5/12/2016

All payments are monthly in arrears, without a guarantee period and without escalation, with a spouse's benefit of 50% where applicable. Center related rates. Figures assume an annuity purchase price of £100,000 and are shown given. LIA Postcode A company operating the first one and 3 months or age may be seen for a different set of benefits (for example, an index-linked annuity) in a different age. It is therefore important that you drop around for an annuity, subject to your own circumstances. The tables do not include enhanced annuity rates for smokers in those in 3 months, so for companies that provide smokers only for a specific group of entities. The lower paying providers have not been shown. The ranking column shows the position of the provider in relation to the tax paying annuity provider.

Accounts & Bonds

Accounts & Bonds	Notice or Term	Min	Max	AER	Int Paid
Guaranteed Growth Bonds Issue 01	1 Year Bond	£500	£1m	4.72%	1%
Guaranteed Income Bonds Issue 01	1 Year Bond	£500	£1m	4.72%	1%
Guaranteed Growth Bonds Issue 70	2 Year Bond	£500	£1m	4.70%	1%
Guaranteed Income Bonds Issue 70	2 Year Bond	£500	£1m	4.70%	1%
Guaranteed Growth Bonds Issue 81	3 Year Bond	£500	£1m	4.68%	1%
Guaranteed Income Bonds Issue 81	3 Year Bond	£500	£1m	4.68%	1%
Guaranteed Growth Bonds Issue 73	5 Year Bond	£500	£1m	4.75%	1%
Guaranteed Income Bonds Issue 73	5 Year Bond	£500	£1m	4.75%	1%
Green Savings Bonds Issue 9	3 Year Bond	£100	£1000	4.45%	1%
Direct Saver	None	£1	£2m	3.45%	1%
Income Bonds	None	£500	£1m	3.45%	1%
Investment Account	None	£30	£1m	2.85%	1%

All rates are shown as AER variable unless otherwise stated. Methods of opening and operating accounts will vary. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice. Visit Money@ebs.com, on a 3x basis.

Deposit	Transfers In	% AER	Interest Paid
£1	No	4.54% A	Min
£1	No	4.55% A	Min
£1	Yes	4.80% A	Min
£1	Yes	4.80% A	Min

Deposit	Transfers In	% AER	Interest Paid
£5,000	Yes	4.67%	1%
£500	Yes	4.67%	1%
£1,000	Yes	4.50%	1%
£1,000	Yes	4.10%	1%

Max	Transfers In	% AER	Interest Paid
£1		3.70%	1%

Data compiled by KCB, www.kcb.com. The prices listed are indicative and believed accurate at the time of publication. For further information contact: www.papersdisco.com

---

Money

13

MANAGED FUNDS SERVICE

Fund Bid Offer D W Yield

Fund Bid Offer D W Yield

Fund Bid Offer D W Yield Fund Bid Offer D W Yield

Algebra Investments

(IRL)

Regulated
Algebra Core Auto 1/2M	€	25,000	-	4,100
Algebra Core Auto 1/2M	€	25,000	-	4,117
Algebra Financial Credit 1/2M	€	25,000	-	4,100
Algebra Financial Credit 1/2M	€	25,000	-	4,100
Algebra Financial Credit 1/2M	€	25,000	-	4,100
Algebra Financial Credit 1/2M	€	25,000	-	4,100
Algebra Financial Credit 1/2M	€	25,000	-	4,100

Artemis Fund Managers Ltd (1200)F

(UK)

47. St. James's Direct, London SW14 1CE (0800-282 2051)
Authorised for Funds
Artemis Corporate Direct - Acc.	11,000	-	6,000	3,000
Artemis Global Income (Div)	3,000	-	2,000	2,000
Artemis High Income - D Inc.	7,000	-	6,000	6,000
Artemis Income (Inc)	3,000	-	4,000	4,000
Artemis Monthly Cost Inc.	10,000	-	4,000	3,000
Artemis One-Cr. One-Blnd	10,000	-	4,000	3,000
Artemis One-Cr. One-Blnd	10,000	-	4,000	3,000
Artemis One-Cr. One-Blnd	10,000	-	4,000	3,000
Artemis One-Cr. One-Blnd	10,000	-	4,000
Artemis One-Cr. One-Blnd	10,000	-	4,000
Artemis One-Cr. One-Blnd	10,000	-	4,000
Artemis One-Cr. One-Blnd	10,000	-	4,000
Artemis One-Cr. One-Blnd	10,000
Artemis One-Cr. One-Blnd	10,000
Artemis One-Cr. One-Blnd	10,000
Artemis One-Cr. One-Blnd	10,000
Artemis One-Cr. One-Blnd	10,000
Artemis One-Cr. One-Blnd	10,000

ASB Capital

ASB Capital

Gary Village S, Level 4, Unit 11, DRC.

Dubai Limited, Arab Emirates

www.asb.com

ASB SUBSOL ACC	$ 104.00	-	0.25	0.30	0.00
ASB SUBSOL OBT	$ 97.50	-	0.22	0.33	0.00
ASB State Street Global Equity	$ 127.00	-	1.27	1.37	0.00
ASB Global Technology	$ 162.00	-	1.14	4.12	0.00
ASB MENA Equity	$ 98.54	-	0.52	0.62	0.00

Atlantis Sicav

(LUX)

Regulated

American Systems	$ 3559.50	-	0.00	2000.00	0.00
American One	$ 17719.95	-	0.00	2000.00	0.00
Barclad	$ 1000.00	-	0.00	0.00	0.00
Intermeasures	$ 1363.01	-	0.00	2000.00	0.00
Far East	$ 1288.46	-	0.00	1540.00	0.00

Elon Whole Investment Funds ICAV

(IRE)

www.klutvashpig.co.uk info@klutvashpig.co.uk

FCA Recognized Indexed (MCCI)

Due Whole Growth LEC

$ 25.40 - 0.31 1.32 0.00

Brown

ADVISORY

Thoughtful Investing.

Brown Advisory Funds PLC

(IRL)

http://www.britannadvisory.com 7.0.0.20 2001 8/20

FCA Recognized

First Fund Index Fund USD/C	$ 20.75	-	0.27	0.00	0.00
Global Leaders Sustainable Fund USD/C	$ 19.46	-	0.25	0.00	0.00
Global Sustainable Total Return Bond GBP 8	$ 19.46	-	0.25	0.00	0.00
Global Sustainable Total Return Bond USD 8	$ 19.46	-	0.25	0.00	0.00
US Equity Growth Fund USD 8	$ 78.02	-	0.75	2.41	0.00
US Funded Equity Fund USD 8	$ 40.26	-	0.31	0.25	0.00
US Mid-Cr. One-Fund Fund USD/C	$ 20.75	-	0.16	1.13	0.00
US Small Cap Bond Fund USD 8	$ 20.75	-	0.27	0.10	0.00
US Smaller Component Fund USD 8	$ 40.12	-	0.24	0.00	0.00
US Sustainable Growth Fund USD/C	$ 49.85	-	0.31	1.00	0.00
US Sustainable Value Fund USD/C Acc	$ 18.59	-	0.27	0.25	0.00

Canaccord

WEALTH

Canaccord International Fund Managers Limited

(JER)

4th Floor at 37 Foplanade, St Helier, Jersey, JF2 7024

+44 (0) 1524 733 1124 (Int) +44 (0) 1524 7000 (UK)

Canaccord Health International Multi Strategy Funds Limited

Balance/Strategy	€	1.19	-	0.00	0.00	0.00
Balance/Strategy A	€	1.19	-	0.00	0.00	0.00
Cashflow Balance/Strategy	€	1.49	-	0.00	0.00	0.00
Cashflow Balance/Strategy A	€	1.50	-	0.00	0.00	0.00
Credit/Strategy	€	7.75	-	0.01	0.01	0.05
Credit/Strategy A	€	1.25	-	0.00	0.00	0.00
High Growth Strategy A	€	3.00	-	0.01	0.02	0.04
High Growth Strategy A	€	1.30	-	0.00	0.01	0.02
High Income/Debt Fund to Valuable	€	1.00	-	0.00	0.00	0.00
High Income/Debt Fund to Tax	€	1.00	-	0.00	0.00	0.00
US Growth Strategy	$	2.00	-	0.01	0.02	0.01

Cooling Daily, Initial Change Nil for A classes and up to 2% for other classes

CANDRIAM

A NEW YORK LIFE INVESTMENTS COMPANY

CP Global

Asset Management

Candrian Investors Group

(LUX)

FCA Recognized

Cardian Abo Net Exp Life Insurance Cap	€ 225.75	-	0.00	0.75	0.00
Cardian Bde Euro High Yield Cap	€ 1466.26	-	0.00	1.54	0.00
Cardian Boroo Dbl + Filed C Cap	€ 2591.13	-	0.44	0.51	0.00
Cardian Boroo Dbl + Filed C Cap	€ 1467.13	-	0.76	0.27	0.00
Cardian Boroo Total Return C Cap	€ 1443.01	-	0.75	0.76	0.00
Cardian Chowdell Financial Cap	€ 1880.01	-	0.00	14.11	0.00
Cardian Eps. Financial Cap (R)	€ 2980.00	-	0.23	0.00	0.00
Cardian Eps. Financial Cap (R)	€ 1527.00	-	1.16	30.00	0.00
Cardian Equities, Boroo F-C Cap	$ 1471.13	-	0.22	0.71	0.00
Cardian Equities, Long-term F-C Cap	€ 2862.00	-	0.44	0.81	0.00
Cardian Index Advisory C Cap	€ 1527.00	-	0.47	0.00	0.00
Cardian Long Short Credit F-C Cap	€ 1230.00	-	0.00	0.00	0.00
Cardian Risk Advisory C Cap	€ 2960.00	-	0.75	0.57	0.00
Cardian Gold Bond Long Misc C Cap	$ 1735.00	-	2.43	1.00	0.00
Cardian Gold Bond Euro Cap (R)	€ 1733.00	-	0.14	0.84	0.00
Cardian Gold Bond Euro Cap (R)	€ 1286.00	-	1.63	1.00	0.00
Cardian Eq. Dbl Non F-C Cap	$ 1637.00	-	0.14	1.00	0.00
Cardian Eq. Dbl Non F-C Cap	$ 2225.00	-	0.00	30.00	0.00
Cardian Gold Equity/Interp. Inc. C Cap	€ 1860.00	-	0.28	0.52	0.00
Cardian Gold Equity/Interp. Inc. C Cap	€ 2257.00	-	0.57	2.74	0.00
Cardian Gold Equity/Interp. C Cap	€ 2500.00	-	2.30	2.30	0.00
Cardian Gold Equity/Interp. C Cap	€ 4136.00	-	0.27	0.26	0.00
NYMUSY E.S. Key Hold Co. Plan (R) Cap	$ 1749.00	-	0.01	0.44	0.00

Candrian Investors Group

Other International Funds

CardinalBoro Euro 30, Euro Cap	€ 2785.85	-	1.52	2.01	0.00
CardinalBoro Credit Opportunities	€ 2222.71	-	2.15	2.25	0.00
CardinalBoro Energy S.A. C Cap	€ 3104.75	-	10.74	7.91	0.00
CardinalEquities, Exp. Op. S.A. C Cap	€ 2804.47	-	3.13	3.04	0.00
CardinalEquities, Global Energy F Cap	€ 2577.04	-	1.68	4.00	0.00
CardinalEquities, Euro Cap (R)	€ 3027.90	-	14.09	20.75	0.00
CardinalEquities, Non-Blnds Adm. Cap	€ 4142.01	-	11.41	28.04	0.00

Cantab Asset Management Ltd

(UK)

0122 1229888

www.cambian.com

FCA Recognized

VT Central Business A GBP Acc	142.39	-	0.25	0.31	1.45
VT Central Marketing A GBP Acc	140.14	-	0.21	0.23	2.12
VT Central Sustainable Cbl Eq A GBP Acc	132.75	-	0.24	0.14	1.37

CG Asset Management Limited

(IRL)

20 King Street, London EC2V 3BG

Linearing: 1st +353 1434 9838 (1st +353 1542 2050)

FCA Recognized

CE Public Fund PLC

Al967 & Brown M Inc	€ 144.75	-	0.27	0.37	2.01
Capital Gearing Portfolio GBP*	€ 2804.45	-	21.13	0.25	1.85
Capital Gearing Portfolio GBP*	€ 1527.00	-	0.13	0.00	1.94
Global Fund Co. One	€ 1527.27	-	0.13	0.00	2.02
Global Multiple GBP Inc	€ 1444.0	-	0.15	0.22	2.54
Real Estate QuA Inc	€ 1633.1	-	0.13	0.71	2.55
UK Index United Bond C Inc	€ 1631.4	-	0.15	0.40	2.10

Chartered Asset Management Pte Ltd

Other International Funds

CFM I OTHC	$ 4580.00	-	4580.00	0.00	0.00	0.00
CFM I OTHC	$ 1421.00	-	0.00	0.00	0.00	0.00
PAC ICC	$ 1.89	-	0.00	0.55	0.00	0.00

CP Global Asset Management Pte Ltd.

www.cpsf.bcl.com.au, Email: customer: aapam@cpsf.bcl.com.au

International Mutual Funds

CP Multi Strategy Fund	$ 405.42	-	0.23	0.23	0.00

CP Capital Asset Management Limited

www.cpsf.com, Email: cpsf@minor@capital.com

International Mutual Funds

CP Short Purpose Fund	$ 2.1286	-	0.06	0.06	0.00
CP Global Alpha Fund	$ 587.35	-	0.15	0.15	0.00
CPA Master House Fund	$ 812.16	-	0.02	0.02	0.00

Dodge & Cox®

Worldwide Funds

Dodge & Cox Worldwide Funds

(IRL)

48-49 Park Mvt, London SW1Y 1J5

www.dodegood.com +44 0000 647 7370

FCA Recognized

Dodge & Cox Worldwide Funds Emerging Markets Stock Fund

Emerging Markets Stock Fund A USD Acc	$ 16.28	-	0.11	0.18	0.00
Emerging Markets Stock Fund A GBP Acc	€ 10.89	-	0.12	0.15	0.00
Emerging Markets Stock Fund D GBP Dx	€ 15.27	-	0.11	0.14	1.00
Emerging Markets Stock Fund A EUR Acc	€ 11.60	-	0.15	0.19	1.61

Dodge & Cox Worldwide Funds Global Bond Funds

DLF Accumulating Class	€	10.39	-	0.04	0.04	0.00
DLF Accumulating Class (H)	€	12.24	-	0.02	0.02	0.00
DLF Distributing Class	€	11.33	-	0.02	0.02	0.00
DLF Distributing Class (H)	€	7.49	-	0.01	0.01	5.05
GBP Distributing Class	€	11.81	-	0.04	0.08	4.75
GBP Distributing Class (H)	€	8.41	-	0.02	0.02	4.70
USD Accumulating Class	$	15.29	-	0.05	0.04	0.00
CHF Distributing Class (H)	0.0	1.65	-	0.02	0.01	0.00

Dodge & Cox Worldwide Funds Global Stock Funds

USD Accumulating Share Class	$ 30.24	-	0.21	0.13	0.00
GBP Accumulating Share Class	€ 81.39	-	0.28	0.01	0.00
GBP Distributing Share Class	€ 38.44	-	0.16	0.01	0.00
DLF Accumulating Share Class	€ 85.57	-	0.22	0.13	0.00
GBP Distributing Share Class (H)	€ 21.67	-	0.05	0.06	0.00
USD Distributing Class	$ 20.58	-	0.08	0.08	0.00
CAD Accumulating Class	€ 66.17	-	0.22	0.24	0.00

Dodge & Cox Worldwide Funds US Stock Fund

USD Accumulating Share Class	$ 62.08	-	0.42	0.68	0.00
GBP Accumulating Share Class	€ 71.88	-	0.32	0.63	0.00
GBP Distributing Share Class	€ 44.71	-	0.31	0.36	0.00
DLF Accumulating Share Class	€ 66.82	-	0.44	0.13	0.00
GBP Distributing Share Class (H)	€ 25.47	-	0.17	0.26	0.00
USD Distributing Class	$ 22.74	-	0.16	0.25	0.00

---

14

Money

MANAGED FUNDS SERVICE

Fund	Bid	Offer	D	W	Yield	Fund	Bid	Offer	D	W	Yield	Fund	Bid	Offer	D	W	Yield

DRAGON CAPITAL

Dragon Capital

www.dragoncapital.com

Fund Information and Management

Other International Funds

Vietnam Equity (LCC) Fund (H)

$ 3471 - 4352 4.34 8.38

EdenTree Investment Management Ltd

Sunderland 10647 AAL 10000 3500 30745

Authorised Inv Funds

Dean River Global Impact Bond	67.25	0.00	0.00	4.17
Dean River Impact Equity	130.30	-0.00	-1.25	2.00
Dean River Impact Debit	77.71	-0.00	0.01	0.69
Dean River Global Sustainable Government Bond	51.25	0.14	0.02	2.03
Dean River Sustainable European Equity A	489.50	-1.00	0.00	1.85
Dean River Sustainable European Equity B	591.80	-1.00	0.00	2.00
Dean River Sustainable Global Equity A	405.80	-0.00	2.30	2.02
Dean River Sustainable Global Equity B	489.80	0.00	2.40	2.04
Dean River Sustainable Management	141.00	-0.10	-1.10	4.03
Dean River Sustainable Management	153.00	-0.25	-1.25	2.98
Dean River Sustainable Direct Debt Bond	96.00	0.02	0.01	4.67
Dean River Sustainable Trading Bond A	85.75	-0.04	-0.07	4.97
Dean River Sustainable Trading Bond B	98.37	-0.05	-0.07	4.97
Dean River Sustainable UK Equity A	750.70	0.00	-2.30	1.74
Dean River Sustainable UK Equity B	255.40	-0.00	-2.30	2.11
Dean River Sustainable UK Equity A	225.80	-0.00	-1.70	1.40
Dean River Sustainable UK Equity B	258.80	-1.00	-1.70	1.91

Fidelity

INTERNATIONAL

FIL Investment Services (1200F)

Dorach Gate, Millfield Lane Lower Kingswood, Todworth KT23 6RP

Call three Private Clients 3000 414131

Private Shortings: 1981 414 1811

ODIC Funds

Aldecox Global Fund (UK) A/c 6BP	€	4.38	-	0.24	2.03	0.87
American Fund (UK) A/c 6BP	€	37.75	-	0.47	1.15	0.80
American Special Sec (UK) A/c 6BP	€	29.75	-	-0.25	-0.12	0.41
Asia Pacific (UK) A/c 6BP	€	25.25	-	0.33	1.10	0.56
Asia Pacific (UK) A/c 6BP	€	3.40	-	-0.24	-0.04	0.83
Asian Chartered Fund (UK) A/c 6BP	€	3.04	-	0.31	0.03	0.84
Cash Fund (UK) A/c 6BP	€	1.71	-	0.38	0.05	0.85
China Fund (UK) A/c 6BP	€	2.51	-	-0.34	-0.08	4.25
Emerging Mkt (UK) A/c 6BP	€	5.73	-	-0.24	1.67	0.80
China Fund (UK) A/c 6BP	€	0.04	-	0.38	-0.02	2.13
European Fund (UK) A/c 6BP	€	32.45	-	0.11	2.12	1.42
Global High Income Fund (UK) A/c 6BP	€	1.98	-	0.38	0.05	5.13
Sustainable East Equity Fund (UK) A/c 6BP	€	7.38	-	-0.24	-0.04	1.14
Sustainable Global Equity Fund (UK) A/c 6BP	€	43.88	-	-0.25	0.21	0.30
Japan Fund (UK) A/c 6BP	€	10.80	-	0.24	0.37	0.88
United States Securities (UK) A/c 6BP	€	1.54	-	0.38	0.05	2.15
Special Situations Fund (UK) A/c 6BP	€	74.38	-	-0.25	0.02	2.23

Short Global Gas Bond Fund (UK) A/c 6BP	€	12.57	-	0.00	0.00	4.66
Sustainable Water & Water (UK) A/c 6BP	€	126.00	-	0.00	0.00	0.00
Sustainable Water & Water (UK) A/c 6BP	€	124.00	-	0.00	0.00	0.00
UK Select Fund (UK) A/c 6BP	€	4.78	-	0.00	-0.04	1.98
Global Chartered Fund (UK) A/c 6BP	€	4.84	-	0.01	-0.01	2.46
Global Chartered Fund (UK) A/c 6BP	€	2.08	-	0.02	-0.04	4.15
Global Special Sec (UK) A/c 6BP	€	62.42	-	-0.12	0.01	0.35
Incent Energy Markets (UK) A/c 6BP	€	2.02	-	0.01	0.05	1.02
Incent Energy Markets (UK) A/c 6BP	€	3.05	-	0.01	0.01	2.54
Incent Energy (UK) A/c 6BP	€	3.31	-	0.02	0.08	1.46
Incent Pro Bn. on Japan (UK) A/c 6BP	€	2.04	-	0.07	-0.04	7.07
Incent Banking Gas Bond Fund (UK) A/c 6BP	€	0.97	-	0.00	0.00	5.12
Incent LLP (UK) A/c 6BP	€	2.52	-	0.01	-0.04	2.54
Incent LLP (UK) A/c 6BP	€	0.34	-	0.02	0.00	0.95
Incent Global (UK) A/c 6BP	€	4.12	-	0.01	0.02	1.13
Moneyholder Business Fund (UK) A/c 6BP	€	0.78	-	0.00	-0.01	2.91
Moneyholder Chartered Fund (UK) A/c 6BP	€	1.64	-	0.00	-0.02	1.60
Cash Moneyholder Inc. (UK) A/c 6BP	€	44.25	-	0.01	-0.02	4.45
Multi-Asset A/c 6B	€	3.25	-	0.01	0.02	1.12
Multi-Asset A/c 6B	€	1.55	-	0.00	0.00	0.00
Multi-Asset A/c 6B	€	2.00	-	0.01	0.01	1.11
Multi-Asset A/c 6B	€	2.05	-	0.01	0.01	1.16
Multi-Asset A/c 6B	€	1.15	-	0.00	0.00	0.00
Multi-Asset A/c 6B	€	1.24	-	0.00	0.01	2.08
Multi-Asset A/c 6B	€	0.92	-	0.00	0.00	0.00
Multi-Asset A/c 6B	€	2.04	-	0.00	0.01	1.05
Multi-Asset A/c 6B	€	1.68	-	0.00	0.00	0.00
Multi-Asset Open Group (UK) A/c 6BP	€	2.27	-	0.00	0.01	1.18
Multi-Asset Open Group (UK) A/c 6BP	€	2.00	-	0.00	0.00	2.37
Open Group (UK) A/c 6BP	€	2.55	-	0.01	0.01	0.91
Strategic Bond Fund (UK) A/c 6BP	€	1.40	-	0.00	0.00	3.35
Incent LLP (UK) A/c 6BP	€	0.17	-	0.00	0.00	4.44
Sustainable Asia Equity Fund (UK) A/c 6BP	€	2.78	-	0.01	0.06	0.75
South Africa (UK) A/c 6BP	€	1.23	-	0.00	0.00	2.38
South Africa (UK) A/c 6BP	€	1.09	-	0.00	0.00	0.00
South Africa (UK) A/c 6BP	€	1.35	-	0.00	0.01	1.13
UK Opportunities Fund (UK) A/c 6BP	€	2.75	-	0.00	-0.02	1.35
UK Smaller Companies (UK) A/c 6BP	€	4.98	-	0.02	0.08	2.29

Fundsmith Equity Fund

Fundsmith LLP (1200F)

PO Box 10846, Chelmsford Essex CM86 2BW 0336 122 1815

www.fundsmith.co.uk, enquiries@fundsmith.co.uk

Authorised Inv Funds

Fundsmith Equity A/c	775.00	-	5.16	2.38	0.00
Fundsmith Equity A/c	646.33	-	4.65	2.06	0.00

GUINNESS GLOBAL INVESTORS

Guinness Global Investors

Guinness Global Equity Income (1.6BP) B/c	€	25.10	-	0.00	-0.06	2.35
Guinness Global Investors (1.6BP) A/c	€	47.54	-	0.13	0.25	0.30
Guinness Global Equity A/c Cap (1.3bp) A/c	€	95.48	-	0.16	0.42	0.30

HPB Assurance Ltd

Angus Ind House, Bank Hill, Douglas, Isle of Man N47 4NL 0920 962406

International Resources

Holiday Property Bond Sec 1	€	0.40	-	0.00	0.00	0.00
Holiday Property Bond Sec 2	€	0.66	-	0.00	0.00	0.00

Janus Henderson

INVESTORS

Janus Henderson Investors

PO Box 9023, Chelmsford CM86 2WB Enquiries 0800 822 4822

www.janushendors.com

Authorised Inv Funds

Janus Henderson Stockout Return Fund A/c	288.00	-	-0.18	3.13	2.10
Janus Henderson Asset Out Inv (UK) A/c	100.00	-	0.22	2.01	0.60
Janus Henderson Cashout Mgt (UK) A/c	357.00	-	-0.00	-0.45	0.65
Janus Henderson Cashout Mgt (UK) A/c	152.50	-	0.00	1.13	0.60
Janus Henderson Drivs (UK) A/c	1000.00	-	-0.00	0.00	0.10
Janus Henderson Emerging Markets Asia A/c	1000.00	-	0.00	0.00	0.00
Janus Henderson Emerging Mkt (UK) A/c	305.00	-	0.00	7.03	0.00
Janus Henderson European Accs A/c	315.00	-	-2.95	-0.03	0.10
Janus Henderson Euro 3rd Open Fund A/c	269.00	-	-1.00	0.03	0.20
Janus Henderson Fund (UK) A/c	77.11	-	0.02	3.04	0.50
Janus Henderson Global Equity (UK) A/c	88.04	-	-0.17	-0.29	2.30
Janus Henderson Global Select Fund A/c	9377.00	-	0.00	75.03	0.00
Janus Henderson Global Cash Equity (UK) A/c	125.50	-	2.20	1.43	0.00
Janus Henderson Global Tech Life Fund A/c	7002.00	-	13.00	100.00	0.00
Janus Henderson Ind UK Index (UK) A/c	178.01	-	-0.00	-2.14	2.10
Janus Henderson Mkt (UK) A/c	161.70	-	-0.45	2.63	2.40
Janus Henderson Mkt (UK) A/c	340.50	-	0.00	1.85	1.85
Janus Henderson Mkt (UK) A/c	138.70	-	0.25	3.43	2.85
Janus Henderson Mkt (UK) A/c	108.70	-	0.25	3.33	3.40
Janus Henderson Mkt (UK) A/c	447.70	-	1.00	4.23	0.00
Janus Henderson Mkt (UK) A/c	234.00	-	0.00	3.00	2.30
Janus Henderson Mkt (UK) A/c	165.70	-	0.00	3.43	2.80
Janus Henderson Mkt (UK) A/c	408.50	-	0.00	2.03	1.50
Janus Henderson Mkt (UK) A/c	377.00	-	0.00	1.85	1.30
Janus Henderson Banking Bond (UK) A/c	239.00	-	-0.25	-0.33	4.20
Janus Henderson Banking Bond (UK) A/c	56.54	-	-0.02	-0.05	4.20
Janus Henderson Strategic Bond Fund A/c	95.76	-	0.18	3.23	5.10
Janus Henderson UK (UK) A/c	201.20	-	0.00	1.43	1.30
Janus Henderson UK (UK) A/c	788.00	-	-2.00	-7.03	3.50
Janus Henderson US Growth Fund A/c	307.00	-	-0.00	30.00	0.00

Marwyn Asset Management Limited

Regulated

Marwyn Asset Investors	€ 282.11	-	0.00	0.00	0.00

McInroy & Good

McInroy & Wood Portfolios Limited

Exeter Alderston, Huntingdon F141 357 01 0215 8753467

Authorised Inv Funds

Balance Fund A/c	7552.40	-11.35	-0.30	1.74
Balance Fund A/c	6630.00	-0.60	5.30	1.77
Emerging Markets Fund (KCT)	7513.00	-17.90	-17.10	1.73
Emerging Markets Fund A/c	2880.00	-12.50	-10.00	1.75
Income Fund A/c	3842.00	-12.30	-25.30	2.58
Income Fund A/c	3230.10	-11.00	-26.30	2.78
Smaller Companies Fund A/c	7360.00	-6.15	-31.50	1.23
Smaller Companies Fund A/c	1857.00	-6.15	-19.10	1.71

Ministry of Justice Common Investment Funds

Property & Other UK (UK) Bonds

The Equity to Trustors (UK) 7779.00 - 0.00 - 0.01 1.90

Nutshell Asset Management Ltd

Nutshell Asset Management Ltd, Nightlight House, 1 C Adden Street, London WC2N 0LF

www.nutshellam.com

Authorised Inv Funds

Nutshell Growth Fund (D) and Transfer £ 101.07 - 2.31 4.27 0.00

OASIS

Oasis Crescent Global Investment Funds (UK) ICUC

Regulated

Oasis Crescent Global (Up) (US) A/C (UK)	€ 57.00	-	0.10	1.95	0.00
Oasis Crescent Global (Up) (US) A/c (UK)	€ 92.25	-	0.01	0.00	0.00
Oasis Crescent Low Equity Fund (US) (US) A/c	€ 96.40	-	0.00	0.00	0.00
Oasis Crescent Middle Equity Fund (US) A/c	€ 90.25	-	0.02	0.40	0.00
Oasis Crescent Pro Equity Fund (US) A/c	€ 11.21	-	0.00	0.04	0.00
Oasis Crescent Short Term Inc (US) A/C (UK)	€ 0.05	-	0.00	0.00	0.00
Oasis Crescent Univision Fund (US) A/C (UK)	€ 57.00	-	0.00	0.14	0.00

Private Fund Mgrs (Guernsey) Ltd

Regulated

Monument Growth (1100) (2) 0.00 0.00 0.00 0.00

Purisma Investment Fds (UK) (1200F)

2nd Floor, Central Square, Wollongers Street, Leeds LS1 4CL

Order Cost and Enquiries (0245 302 1204)

Authorised Inv Funds

Authorised Corporate Director-Physician Management (UK) Limited

Global Total (UK) A	7.9002	-	0.10	-0.00	0.41
Global Total (UK) B	7.2704	-	0.17	-0.04	0.00
Global Total (UK) C	6.8023	-	0.15	-0.05	0.00

Purisma Investment Fds (CI) Ltd

Regulated

ICCI A	5.8035	-	0.15	0.24	0.30
ICCI C	5.8577	-	0.00	0.00	0.00

(GSY)

Regulated

---

Money

15

MANAGED FUNDS SERVICE

Fund	Bid	Offer	D	W	Yield

Royal London

80 Fenchurch Street, London EC3M 4BY

Authorised for Funds

Royal London Customised Owned A/c	2000	-	0.15	-0.15	1.54
Royal London Customised Stock A/c	5710	-	-0.33	0.45	2.78
Royal London Corporate Bond With Income	7710	-	0.03	-0.03	4.44
Royal London Corporate Bond Trust	2000	-	1.33	1.45	1.14
Royal London Customised London A/c	1700	-	-0.15	-0.15	1.47
Royal London UK Growth Trust	1700	-	-0.33	-0.33	1.68
Royal London UK Income With Growth Trust	2500	-	-0.45	-0.55	2.82
Royal London UK Growth Trust	1800	-	0.05	0.05	1.81

Authorised Funds Available

Please see www.royalondis.com for details

Reffer LLP (1000) F

3rd Floor, Central Square, Wellington Street, Leeds LS1 4DL

Order Desk and Pre-paid: 0385 029 9010

Authorised for Funds

Authorised Corporate Director/Keystone Management (UK) Limited

W5 Reffer Sato Return C/Ac	1000.00	-	0.00	0.00	1.70
W5 Reffer Sato Return C/Ac	2000.00	-	0.00	0.00	1.80

SICO BSC BHR

Telephone: +0171 1751 5700

Website: www.sicobank.com

Kinders/Apply Fund	$ 500.47	-	0.03	0.03	0.00
Sico B/Hipply Fund	$ 1000.00	-	0.17	0.17	0.00

SICO Capital KSA

Telephone: +0001 11 571 5555

Website: www.sicocapital.com

SICO Kingdom/Equity Fund	5.00	10.00	-	0.27	0.27	0.00
SICO M/NA Equity Fund	5.00	21.24	-	0.13	0.13	0.00
SICO Capital Money Interest	5.00	11.57	-	0.03	0.03	0.00

(DHR)

Superfund Asset Management GmbH

www.superfund.com +43 (11 24 7 00)

Other International Funds

Superfund Bond (UK)	$ 1000.00	-	25.13	10.47	0.00
Superfund Bond Other	$ 2000.00	-	25.14	12.12	0.00
Superfund Bond	$ 7970.00	-	2.02	15.45	0.00
Superfund Notes A/c	$ 12.72	-	0.55	0.55	0.00
Superfund Bond of Funds	$ 1500.00	-	0.00	0.00	0.00

Regulated

Superfund (Mountain)	€ 20.00	-	0.00	-0.25	0.00
Superfund (East Coast - Mining)	€ 20.57	-	0.27	1.13	0.00
Superfund (East Coast - M/S)	€ 15.75	-	0.35	0.32	0.00
Superfund (H/S)	5.91	11.46	0.55	0.22	0.00

Ingen Fund A/c	400.00	-	1.22	-1.00	0.00
Ingen Fund B/c	200.07	-	0.00	1.45	0.00
Ingen Global Income C/A/c	170.00	-	0.00	0.20	0.24
Ingen Global Income C/A/c	130.00	-	0.00	-1.64	0.31
Ingen Income D/A/c	400.00	-	1.23	0.14	2.13
Ingen Income D/A/c	170.00	-	0.04	-0.44	0.00

Troy Asset Mgt (1100)

Kilmore House, Spencer Dock, North Wall Case, Dublin 1, D01 Y5M, Ireland

Telephone +353 0 1672 1000

PCA Recognised Funds

Management Company - Universal Investment Ireland

Inspire Funds (Indiana) Pte

Inspire Europe C/EUR A/c	€ 10.00	-	0.00	0.00	0.00
Inspire Industries C/EUR A/c	€ 10.00	-	0.00	0.00	0.00
Inspire Global Equity C/EUR A/c	€ 10.00	-	0.00	0.04	0.00
Inspire Global Income (Indiana) C/EUR A/c	€ 10.00	-	0.01	0.01	0.00
Inspire Income (Indiana) C/EUR A/c	€ 10.00	-	0.01	0.02	0.00
Inspire Ireland C/EUR A/c	€ 10.00	-	0.00	0.01	0.00

Stonehage Fleming Investment Management Ltd

www.stonehagefleming.com

unspirees@stonehagefleming.com

Regulated

SF Global Restricted (US) 2020 A/c	$ 1000.00	-	0.00	0.01	0.00
SF Global Restricted (US) 2020 A/c	€ 2000.00	-	0.00	0.01	0.00

(IRL)

TROY

ASSET MANAGEMENT

Troy Asset Management (1200)

Order Desk and Insurance (0345 0000 0000)

Authorised for Funds

Inspire Investment Funds

Inspire Global Global Inc D/A/c	115.75	-	2.52	-1.23	2.95
Inspire Global Global Inc D/A/c	124.11	-	3.47	-0.65	3.81
Inspire Global D/A/c	130.16	-	3.45	-0.14	0.87
Inspire Global D/A/c	132.55	-	3.43	-0.14	0.88
Inspire Global Income D/A/c	171.30	-	3.27	-2.54	2.32
Inspire Global Income D/A/c	129.12	-	3.23	-1.51	2.81

(UK)

Guide to FT Funds Data

The fund prices quoted on these pages are supplied by the fund operators, fund managers and fund administrators. Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide. The Financial Times Limited makes 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 necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice from collated by ICE. The fund prices published in this edition along with additional 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 person unless otherwise indicated. The change, if shown, is the change on the previously quoted figure that all funds update prices daily. These designated S with no profit refer to US dollars. Yield percentage figures (in Tuesday to Saturday) are based on the following: Prices of certain other insurance linked plans might be subject to capital gains tax on sales.

OBIC: Upon limited 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 list price. The price at which units in a unit trust are sold by investors.

Buying price: Also called offer price. The price at which units in a unit trust are bought by investors includes manager's initial charge.

Single price: Based on a multi-market valuation of the underlying investments. The buying and selling price for shares of an OBC and units of a single priced unit trust are the same. Treatment of manager's periodic capital charge:

24 and 36 months: 24 and 36 month cumulative performance figures calculated using the total gain (or loss) from that period. Performance formula is adjusted to consider the income distribution during the reference period.

Yield: Calculated using the fund's projected annual income, divided by the latest available net asset value.

The prices appearing in the newspaper are the most recent provided 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 7973 3132 for further information. For further queries contact www.greenset.com

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---

16 | Money

OPINION

Everyone but me is excited about Europe

It doesn't matter which index you buy, and that tells you everything you need to know

Stuart Kirk Skin in the Game

Like Woody Allen and his films, I never read my columns after they're published. I trust my editors and there's a risk of seeing that awful headshot. As many of you have told me, there appears to be a huge dent in the side of my face.

I should have read my final paragraph a month ago, however. It ended: "Is it time to get over my loathing of Europe?" and promised an answer in my next column. But I forgot and wrote about the UK again.

Oops! So let's address the question this week. Luckily, it's much easier now because every financial commentator on earth seems to be asking the same thing: is it time to buy Europe? The answer is surely no.

But what if you think it is worth a punt? What if you disagree with me that Europe's 25 per cent price/earnings discount to US shares is not deep enough! Perhaps you like the improving economic backdrop or the rebound in earnings since March?

Maybe you reckon — as I do — that US equity valuations are on the nuttier side of bonkers and you wish to diversify. Is America too tech-heavy? You've read somewhere that Europeans barely use computers, but make great handbags.

Or, like me, you've been waiting. We missed the incredible rally in the first half of 2025 after Donald Trump said "go delend yourselves" and Germany loosened up fiscally. European stocks have almost retraced their steps since then. This is a second chance!

What to buy then? As ever, I recommend exchange traded funds for most retail investors as the simplest, cheapest way to gain exposure. Then everyone will tell you that, rather than obsessing over basis points of fees, the benchmark you choose is key when it comes to Europe.

Hooked up ETFs that didn't include the UK, as I already have almost a third of my portfolio in British shares.

By far the most popular reference index is the Euro Stoxx 50. After that comes MSCI's EMU index, followed by FTSE Developed Europe ex-UK.

The first two only include countries in the Eurozone. The former holds the largest companies, while the latter has more than 200. All of developed Europe is in the FTSE benchmark, including Switzerland and Norway, with 415 stocks to boot.

As you would expect, these differences change the weightings and characteristics of your chosen ETF. For example, with the Euro Stoxx 50, the top 10 companies make up 40 per cent of the index. For the other two, it's more like a quarter.

Hence, if you're buying Europe to flee the AI concentration of the S&P 500, you may prefer a FTSE fund with 6.8 per cent in chip machinery maker ASML over a Euro Stoxx 50 fund with 10.4 per cent.

Conversely, you might not love Europe's world-leading healthcare industry as many do. Thanks to no

Switzerland, ETFs that reference the Euro Stoxx 50 and MSCI EMU have less than half the weighting that the FTSE ones do.

On the other hand, if it's a slice of European industry you're after, all three benchmarks have a similar 20 to 22 per cent. They are even more closely aligned on financials, which surprised me given the size of Zurich-based UBS.

All very interesting to a European salesperson with funky specs, but what counts are results. As far as I can see, the index you use hardly seems to matter. Annualised 10-year returns range from 10.2 per cent for the FTSE Developed fund to 11.1 per cent for the Euro Stoxx 50. Big deal. The reduction in volatility you would expect from having four or eight times as many stocks is also de minimis, even over shorter periods. Meanwhile, trailing and forward price-to-earnings ratios are the

same, despite the FTSE benchmark having almost twice the defensive weighting as the Euro Stoxx 50.

This is kind of my problem with Europe. Its biggest and best companies don't shine as brightly as their peers do in the US. Own the top 50 names or 400 of them — it doesn't make much difference.

I've crunched some numbers using S&P Capital IQ data to show this another way. Developed Europe ex-UK, but including non-Eurozone countries, has 84 companies with a market cap above $50bn. Their mean return on equity is 19 per cent.

The US has 288 companies of that size or larger. Average ROE? Almost 50 per cent. Or if you wanted 84 stocks, as in Europe, the market cap cut-off would be a whopping $165bn. And these rock stars have an average ROE of 37 per cent.

ASML is a world-class firm and deservedly number one in European indices. Beneath that, though? Siemens at two has operating margins of 11 per cent and increased revenue by less than 4 per cent last year. General Electric has 18 per cent margins and its top line jumped by a fifth.

Working my way down Europe's top 10, how about Banco Santander at three? JPMorgan's return on assets is almost twice as high and it increased its net income nearly three times as fast over the 12 months to June.

Sure, these aren't direct comparisons, and the US companies are more expensive. But I cannot see any reason why European equities will close the valuation gap. Yet I can imagine US bosses ramming AI down employees' throats to boost margins and growth.

Forgive me, then, while I sit on the sidelines while others get excited about Europe. I've heard it too many times before. My portfolio is still too heavy in the UK, though. What to do?

The author is a former portfolio manager. Email: stuart.kirk@ft.com

Stuart Kirk's holdings

	Assets (£)	Weighting	Total returns YTD
Vanguard FTSE 100 ETF (GBP)	212,419	30.8%
Shares MSCI EM Asia ETF (USD)	155,450	22.0%
Vanguard FTSE Japan ETF (USD)	74,970	10.6%
Vanguard S&P 500 ETF (USD)	76,170	10.8%
BlackRock Latin American Only	58,852	8.3%
4.5% Treasury Gift 2034	128,474	18.2%
Total	706,335		10.6%
S&P 500 (GBP)			14.2%
Hemisphere GBP Allocation 60-80% Equity			9.60%

Any trades by Stuart Kirk will not take place within 30 days of being discussed in this column

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Saturday 15 August / Sunday 16 August 2020

PROPERTY | INTERIORS | ARCHITECTURE | GARDENS

House & Home

FTWeekend

Demolition nation Japan's architectural legacy is under threat — PAGES 10 & 11

Follow us on Instagram @ft_houseandhome

Charlie Whittington-Jones has just finished her first year studying accountancy and finance at the University of Southampton. She leans both the city and her course and has thrown herself into tap-dancing classes, a women's gym society and being a student ambassador. It's a typical student experience except for one significant element: she still lives with her parents. "To start with, I was quite worried about missing out, but I go to societies, have friends, go to all of my classes and go out — everything a student [living on campus] would do," says Whittington-Jones, 15, who lives 7 miles away. "Yet I know I can come home to my family and it's not going to be noisy or a complete mess from people drinking the previous night. It's also substantially cheaper, because I'm not paying rent."

Plying the next is considered a era of passage for those going to university in the UK, but the stay at home-student is a growing trend. Of the 10-year-olds accepted on courses for the 2025-26 academic year, a record 89,000 said they planned to live at home, according to the admittances service Vcan. This accounts for 35 per cent of all accepted 18-year-old applicants, up from 22 per cent a decade ago. With A-level results just out, all indicators are that the next score of students will increase that trend — at January's application deadline, Vcan experts that 45 per cent of UK 18-year-olds made at least one choice where they intended to live at home, up from 45 per cent last year.

The main reason is cost. Graduates in England are finishing their studies with government loans averaging almost £48,000, according to the Student Loans Company. This compares studies fees — which rise to £9,000 a year in England and Wales this year — and a maximum maintenance loan to cover cost, food and bills of almost £12,000 for students living away from home and studying outside London (£14,000 in the capital).

"The maintenance loan is meant-to-stand and [the maximum amount is] only available to those coming from a household with an income of less than £25,000, so most students don't get anywhere near [the full] amount," says Richard Ward, head of research at the student property portal Rothmans Average maintenance loans fall short of covering living costs by about £302 a month, according to the laws the Student Money Survey, the shortfall to often made up by parents or, increasingly, by students taking on paid jobs.

There are other factors polishing the appeal of living at home, from the shift to virtual learning accelerated by the pandemic to cultural changes. Many of the commuter students I spoke to for this article don't think, for example — chiming with a 2021 survey by Orisha, were that found 23 per cent of young adults aged 18-24 were tortoiled. For these students, the on-campus student bar loses some of its limits. There has also been widespread acknowledgment

The end of an era?

A-level results are in. But are next-step student digs out? Increasing numbers going to university are living with their parents. Both students and the housing market stand to lose out. By Alexandra Goss

BBC sitcom 'The Young Ones' (1982-86) starred Christopher Ryan, Rih Mayall, Nigel Planer and Adrian Schimcheon as four undergraduates sharing a home — REUTERS

of the dramatic fall in in-person socialising among young people, with the blame often pinned largely on smartphones and social media.

But whatever the catalysts, the increase in commuting students is beginning to have significant implications on the individual student experience, on higher education — and on the housing market.

Acne around universities have long been transformed by their students, through a process Darren Smith, professor of geography at Longborough University, has termed "studentification". It's a mixed bag. While students increase spending in the local economy, they put additional demands on services such as GPs and dentists, and these can often be tenness with locals over noise and too level antisocial behaviour. Students can also affect the voting profile of an area. They certainly change the housing make-up, with neighbourhoods becoming dominated by private rented accommodation, as family homes are taken over by landlords or replaced by large, purpose-built student blocks.

"We're at a moment in time where the geographies of student cities are going to change profoundly," Smith says.

Long before the Robbins Report of 1983, which argued for the aggressive expansion of universities, leaving home for higher education had become deeply ingrained in British culture. As William Witzky, professor of social and architectural history and a fellow of St John's College, Oxford, points out in papers for the Higher Education Policy Institute (HEPI) think-tank, the model began in the Middle Ages with Oxford and Cambridge, based on a collegiate system, and by the 2005 century had become widespread in institutions sought to cultivate successful academic communities. By the 1950s, students were much more likely to leave home for university than not.

This makes the UK an earlier internationally. Living with parents in the most common form of student housing in Europe. And even in the US — which has long embraced the British residential model and where Ivy League institutions often heard of having students from all 10 states — the commuter student presidents are rising.

In the UK, moving away to university is regarded as a sheltered first step towards adulthood; the trials and travails of student life are fertile fodder for books, films and television shows,

from Brideshead Revisited to The Young Ones and Food Atlas. While some needs and shows focus on the more chaotic, dysfunctional and funny aspects of student digs, multiple studies have shown that students who live away from home are more likely to engage fully in academic life and gain a sense of community and belonging. They can access the full spectrum of extracurricular elements — the societies and sport, the comedy, theatre and music — and learn to stand at their own low-feet (and, with any luck, how to cook and dress).

Life on or near campus, of course, is not always easy. Many universities embarked on huge expansion drives after the government lifted the cap on student numbers in 2015 hit. It can be easy to get lost in the crowd or in large halls of residence. Student surveys often report concerning levels of loneliness — a third of students in halls of residence say they feel lonely or isolated at university often, with a further 37 per cent reporting feeling that way occasionally, according to a late 2020 poll commissioned by the student accommodation provider PT Students.

But, says Olivia, 22, from Brighton, who has just completed an environmental geography degree at the University of

York, "When you're new to anti life, being surrounded by people all in the same boat is definitely an advantage, especially in low year. Constantly being with your housemates gives you the opportunities to make great friends, people you feel you'll know forever."

Of the students who move away to university, 19 per cent live in university halls of residence, according to students last year, this can an average of 40-45 a month, according to the laws the Student national accommodation survey. A further 26 per cent live in private purpose-built student accommodation (PBSA). These housing blocks uprang up from the mid-1990s as student numbers soared, both allowing universities to free up cash by outsourcing their halls and giving developers a steady income stream. They were able to push up onto significantly post-pandemic as demand for

'It's not going to be noisy or a mess from people drinking the previous night. And it's cheaper'

student accommodation surged once restrictions were lifted. PBSA is already more expensive because it has newer facilities and amenities such as gyms — Students says the average cost outside London is £193 per week, up 26 per cent since 2020. The PBSA sector is now a major asset class that attracts investment from global private equity firms and pension funds; it is valued at £84,896 by Knight Frank.

While a small proportion — an estimated 2 per cent — of students live in build-to-end accommodation, notably in cities such as Manchester and Leeds, the quintessential digs are house shares — or houses in multiple occupation (HMOs) — rented from private landlords, which account for an estimated 35 per cent of student housing. Students outside London pay an average of £139 per week for three digs, a 51 per cent increase since 2020.

In her final year at York, Olivia was paying £190 a week to live in a three-bedroom house, which had a 18-mg of issues. The worst was the cost: "It made it to two places very badly — first directly on to my bed, which was fixed quickly, but the other look created damp-walls and mould, the problem went on for six months." According to the laws the Student survey, 45 per cent of students have had at least one issue with their homes, with damp the most common problem.

Given the shortfall in loan amounts, students are increasingly having to get job in order to afford their rent. A 2026 survey by HEPI found 65 per cent of students now take on paid employment, up from 36 per cent a decade ago. One in 10 students works for more than 20 hours each week, which, as Wipro points out, cuts into their study time and impairs their experience of university. "This

Continued on page 2

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FTWorkend

15 August/16 August 2026

House&Home

A home renovation is no holiday

Alice Fisher Perspectives

scy came back to the office on Monday after a week off. Soon anywhere nice, I asked. At home she said, and proceeded to take our through usage out of her sunny joost to a Greek island, but of the works in progress photos of her new kitchen: newly discussed walls, swampy new houses – and a fresh hole knocked through to the back garden.

I don't understand people who think that swapping a summer holiday for a home renovation project is a rational question. She chose who believe that parental leave is just a lovely, long holiday with the added bonus of a baby or anyone who says they enjoy jogging, these are people with a wretzy dog on reality.

I think it's a growing trend for people to take the money they would have spent on a holiday and use it to fund home improvement instead. Our 2026 survey of UK homeowners by best group members over 3 million found that 50 per cent planned to spend more on home improvements in 2026 than they did last year, and that 28 per cent of the 2,000 people surveyed were sacrificing their holiday for more than 50 per cent of the company. The company Rocket found that there out of four homeowners surveyed would rather spend

I'm a nervous traveller but it doesn't come close to the trauma that a renovation can cause

KROOK on their property than a person can!

I understand the financial logic of this money is finite, you have to choose what to buy. And everything is so damn expensive. In a June YouGov survey, 61 per cent of UK respondents said the cost of living was affecting their summer travel plans. The cost of building work has also gone up. According to the department for Business and Trade, construction material prices for all works rose by 3.6 per cent in the 12 months funding to mid 2026.

Cynically, if you discount relaxation, family time and memories from the equation, holidays can be viewed as an expense, while a renovation is an investment. What I have trouble with is the suggestion that this is an easily made lifestyle aged per year. Anyone who thinks that doing home improvements is a straight swap for long for a pool according to rural London. Filling for a week is a fool.

Right now my inbox is full of new items 2017 and furniture brands suggesting that their customers have read about the spaces at passport control, considered the international geopolitical situation and decided to spend their holiday funds on their cupboards for their bedroom or on redecorating because that is less hassle.

I'm a nervous traveller so I have some sympathy with this sentiment. I've googled "Is floating really safe?" at 2am. I've flown by near from 2am. I am airport, that none of it came close to the psychological and financial trauma that a renovation can cause. I can name the top three worst days I've spent in an airport without hesitation, but I don't feel these hours in departure lounges in my house, I still desire when I think about the summer when our ground floor collapsed and we had to have it replaced, the way we had to jump down from the front doorway into the rubble that had been our living room and walk across to the yard to see how many plants had died overnight.

Just as each subaggy family is subaggy in its own way, every renovation brings its own unfavourable misery. An architect I know recently completed a major edit in his house. He's got the Japanese soaking bath, he's got the Vituse shelves – but he (he first work after moving in he had to wash his place by coaching over an open drum to the same garden because the kitchen hadn't been finished.

A keen DTM I know moused up the measurements on her floating project to make sure she had to sleep in a hammock in her garden for a couple of days. She had taken up the old boards and then couldn't work out how to put new floating in. The only place shut-fore and walkable was the back garden. Another friend spent the worst of the july business camping in a tiny bedroom with his wife, their seven-year-old and a six-month-old whipper puppy while they had a side-return extraneous salt.

In the long term, renovations can make a red difference to the quality of home life. Design platform House recently found that the largest increases in online searches are for features such as hidden utility spaces (up 100 per cent), bathroom rooms (111 per cent) and meditation rooms (150 per cent). Over time, any one of these would improve day-to-day life more than a week in the Mediterranean. But the result if you decide to go for a house update this year, you will cost this summer more weary, dusty and jaded than you started it.

Of course, some people get to go on holiday and do home improvements. Sometimes they get to do both at the same time, for added smoggers. But this doesn't always go as planned. A former work colleague decided to get his bathroom done while he was away in Italy so he could avoid the runs and stress of the building work. One of the deliveries was late and he wanted to set off so he asked the builders to sign for the delayed hours of tiles when they finally arrived. So he only discovered that the wrong tiles had been delivered when he returned from a lovely work. Uncanny to find his entire bathroom covered in black mirrored mosaic. Sometimes, as Taylor Swift or lightly says, katzes is gonna track you down.

Gardens: A ghostly mix of colours, shapes and scents can illuminate borders at night, creating a transcendent, glistening glow, writes Clare Coulson

Night time is surely in the mind of gardeners when they are devising schemes. Yet as darkness falls, some plants can take on another-woolly beauty. Pale or silvery flowers and foliage can begin to glow in the hazy twilight and time, by unwielding.

You had a little 'blue's white garden at Sionsighard Castle in Kent is surely the most influential night garden, con-cised as a 'grey, green, white and silver garden' that would create a 'cool, almost glaucous effect' under mowalight. Grumbled by a network of low tech, sloppy and white or enclosed by walls, tall bulges and the Taylor Priest's House where the settler and

gardener spent her last days, it's a mesmerizing space as the glistening washes over the ghostly planting.

Here, none flowers are more fleeting (Adphimism, logism, sweet pea) with others, including white roses, cotes, lavender, twigs your round structure. The weeping pear tree, as well as

overboughts, oxygames, artemisia, echinops, stachys and the fabulous white clay sage (Substructure 'Vatican White') provide a backdrop of silvery foliage and flowers. Then there's the lonely secret from white sweet peas, lilies, philadelphia and diarrhea. The arty white clouds of Amini majus, fuligene

annous and meyer daisies give the space he will beauty. As dusk falls, the garden shimmers, falling into a luminous glow. Elizabeth Tyler found herself at Sionsighard one end June evening. 'It felt like a rose that was so set to be made in garden designs.' 'Everything in flower, clouds of Crumble cordifolia perfectly

The end of an era?

Continued from page 1

exacerbation underlying inequalities ... with the law well-off having to undertake more paid employment during term just to make ends meet.

Liam Wilmot, who has just finished the second year of his sports journalism course at the University of Bedfordshire, currently lives with his mother in Luton, paying her rent on 6000 a month, £4,300 less per year than he spent twice in halls of residence as a trustee. 'The smart financial choice would have been to stay at home but I felt I wouldn't really get the full experience of university unless I had that first year in halls,' he says. 'Having that chance to learn to live by yourself and cash for yourself, go to the odd part and place you life with out your parents was not, and I made lots of friends, but surviving without a job was difficult.'

Wilmot worked at a hotel during his first year, putting in shifts from 1 June to 'late. When this started to affect his studies and social life, he decided to move back home.

Multiple studies show that while commuter students use on costs, they lose out in other ways. Some travel much long distances that they where non-bicitates or semisets due to public transport delays and have no time for extracurricular activities. They can also struggle to integrate a made by researchers at the University of Plymouth consistently observed lower grades among commuter students. A 2018 report by HEPF adds that commuter students tend to 'be less engaged and satisfied with their academic experience'.

There's a clear socio-economic and academic divide between those who go and those who stay. Disadvantaged students are more than those times more likely to live at home than attending university than their most advanzaged counterparts, according to educational charity the Autism Trust. Students are also significantly more likely to commute to middle and lower-ranking universities than those in the 24-up studies, from that are part of the academically prestigious Russell Group, which includes Oxford, Cambridge, Durham, LSE and Imperial College London.

Higher numbers of stay at home students, combined with a full in international postgraduate doctoring in the work, are already having an effect on the housing sector. Demand for PBSA has already. Students data shows an annual 5.8 per cent decline to 85.6 per cent occupancy for the 2023-26 academic year. In the pre-Covid era, many

Olive Odek on top of India's Heyla, Joe Painting and Dylan Llewellyn in Channel 6: 'Big Boy' (2022-23), about students at Brent University

PBSA suppliers budgeted for between 95 and 98 per cent occupancy, HEPF says.

Urdu Group, the UK's largest student landlord, is increasingly focusing on towns and cities with Russell Group universities. The company increased from after lock-outs and new charges more than £400 a week for on-take rooms in London. It has reportedly lowered occupancy and rental growth forecasts over the past year, over which time its shares have lost a third of their value. It has sold

£150mm of buildings and is seeking to sell an additional £300mm worth, and is lower rent or avoid further investment in areas with lower ranked universities, which include Sheffield, Leicester and Nottingham. It is not alone.

Yet ads a student who's scrambled to find more affordable housing and you'll see that demand still outstrips supply. And this could get worse, with the Rentier Rights Act, which came into force in May, the latest in a credit of increased

regulation that is causing landlords to leave the market. 'Accused 95,000 buys to let landlords are estimated to have left the sector last year,' says Vass for the number of homes, which owns and manages a portfolio of student house shares in UK cities. 'The part-time landlord, the person with one or two houses run on the side, is deciding the compliance built simply isn't worth it.'

The question of whether student life as the UK knows it could be in predictions as university education itself is facing multiple threats, from debates about free speech and causal culture to it and the graduate jobs crisis. This, combined with the highly controversial student loan system, under which many graduates' student debt grows faster than they can pay it off, has left many wondering whether a degree is worth it at all. A British Social Attitudes survey found that a third of people in England consider university education to be a water of error.

So far, demand is building up. The number of undergraduates accepted on to university courses in the UK for 2023-26 was up by 2.5 per cent year on new totalling 57,725 students, according to Uras. And the forthcoming academic year looks promising, with total applicant numbers at January's

For students living away from home, the majority live in shared housing

Extreme supply share by accommodation type (S)

'Based on an estimated alpha foot students, rather than 10 years of available 50% spent hours in business.'

Maintenance loans are now unlikely to cover the cost of rent

The proportion of students in some form of paid employment has increased significantly

5 of students in any past employment

Source: HEPF Student Academic Awareness Survey 2016

The proportion of students intending to live at home while studying is growing

'Having a chance to live by yourself was fun and I made lots of friends. But surviving without a job was difficult'

application deadline up 5.1 per cent on the previous year. Within this, students are increasingly prioritizing Russell Group institutions' accepted applicants now 5 per cent in 2023 and accounted for a second 10 per cent involvement.

Details products a growing divide between high-ranking institutions and those lower above the league tables. 'Studentification will continue to be regularised in places with Russell Group universities, while lower-ranking institutions will need commuter students to keep them sustainable,' he forecasts.

While surveys show most students want to live on their own at university, flying the next is increasingly a luxury. 'I really enjoyed living in halls but eventually I thought: I'm getting almost £20,000 a year by my course and I can't afford to let [my studies] suffer just because I need to get by.' Wilmot says. 'I'm fully, my mom was happy to have me back – and she also cooks fantastic meals.'

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held shift, and the roses at their peak. What I took from that experience was the way you can target a moment with a planting scheme, and go all in for that."

In both her own garden and those of clients, Tyler celebrates planting for summer evenings – but rather than all white, she prefers to mix in pale yellow: Dianthus knageli, pale heptos, Svalitina ochrobraea (“the flower heads seem to hover in the air”), and evening primrose (Oenothera stricta ‘Sulphurea’ – “It grows well in river gardens”) are among her favorites. She also suggests considering flower shapes, use the tiny dots of Thalictrum delavayi

‘Album’, bottlebrush shapes from tree heptos or Centranthus ruber ‘Albus’, the spires of Verbascum chaini ‘Album’ and fougivora. “The darkness really accentuates the shape of flowers. It’s a Dutch Old Master still life, but in real life,” she says.

In smaller spaces, a few pots can be just as impactful at night as sweeping borders, says Tyler. She has pots of Lilium regale by the doors of her house: “The scent brings a job of joy to everyone who passes. At dusk, the scent intensifies, and they shine.” She also loves Braganamia, recalling a parade of the huge trumpet flowers growing in pots in a private courtyard garden in

Facing page: Vita Sackville ‘Huck’, white garden at Sissinghurst, Kent.

This page, from left: Isabel Bannerman’s garden in Somerset; Elizabeth Tyler’s Wiltshire garden; clouds of Ammi-majos, Sissinghurst

Florence. “I’ll have taken there for supper and the pots were near the end of the dining table where I was sitting. It was circumscribed experience.”

Perfume takes on increased potency to darkness, as we screen shift. “My garden is currently awash with the narcotic smells of Braganamia, Lilium ‘Miriam Queen’, philos and tobaccos,” says designer Isabel Bannerman of the intense pleasure from the night-scented plants as her high summer garden at Ashington Manor in Somerset.

In the author of Saint Magi and The Star-Naval Man, an anthology of writing on scented gardens, she has long been a flag scorer for the power of perfume in gardens, something she believes is not considered enough, especially for night. She’s currently turning her attention to night gardens for her next book: “We are, of course, more down to colour and form, but we are missing out on the conscious and subconscious benefits of perfume. Highly scented plants are often rather dry and retiring – night-scented stock is strangely snaggy and unassuming but what a scent pump after dark,” says Bannerman. “I want to get people to fall in love with the dark – the moon and stars have long been our friends and navigators.”

She also loves scented pelargoniums, which have leaves laced with aromatic

oils (with spicy, citrus, mint, rose and balsam notes) that have evolved as a defense mechanism against pests and grazing herbivores – the oils also protect the plant from intense heat.

Observe a healthy garden as darkness falls and a new world emerges as myths, night flying insects and hats sweep in – an ecosystem that is under threat from overtruism-lighting. “We disrupt these

The darkness accentuates the shape of flowers. It’s a Dutch Old Master still life, but in real life

scent-based living systems at our pool,” says Bannerman of the obsession with “lighting up gardens like Piccadilly. This is not only harmful but destroys the magic. Please let’s just enjoy the dark.”

Earlier this year at the Chelsea Flower Show, designer Melanie Dick proposed how to do just that with her Nocturnal Garden. Designed for the first Conservation Trust, she used scented plants including Valeriana officinalis, Lemiera perichinaceum, Matthiachia longiparida and a Trachelospermum bunge to attract moths and insects to her subtle

but powerful small garden. “Bats eat a thousand insects an hour,” says Dick. “And they are eating on the wing, as they are bouncing up anything flying. If you have hats, it’s an indicator of a very healthy environment.”

In her native Melbourne, bats the size of a small cat fly over the Tarra River all night long. “It’s just part of growing up in the south of Australia. Since moving to the UK 20 years ago, I’ve realized that we can make a beautiful garden for people that also supports our 18 bat species.”

To appreciate watching all these creatures emerge at dusk, “You need a little nest, a snaggy nest,” adds Dick. “I always want to feel embraced in a garden, with one starting to sink into. And maybe a blanket, too.”

Enclosing seating with scent will maximize the experience, says Tyler. The fragrances from climbing or rambling roses (‘Rambling Rectus’ or ‘Mute Alfred Carrière’ are favourites), philadelphia, jasmine (her preference is for ‘Devon Livan’) will move through the air on a breeze. “A pergola over a dining table, covered in white winteria, could be a fantastic high point of a night garden,” she says. Its journey is seamless, providing “shade while the sun is still hot, scent as dark arrives and is rolling of glowing traumas as darkness descends”.

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Is your home ageing gracefully?

Interiors: Designers are championing patinated copper

and the mottled beauty of verdigris for worknaps and lights.

But the journey there can be nail biting, says Pip Rich

tell all my clients to lean into patina," says Darren Price, partner at ADAM Architecture. "However a building looks on the day you get the keys it not how it'll look in five years' time. It can look better. Patina is the fingerprints of time. Her ages of life will lived." And few materials, he says, age better than copper, brass and bronze as they move through brown oxidation and into the green-blue splendor of verdigris.

At this year's WOWhouse exhibition in London's Chelsea, Price used verdigris copper to fashion lanterns used on the garden lids, a structure he designed the exterior of. Weaving through the show, both Doctor Finch and Paolo Moschino also used copper and bronze verdigris for striking hanging lanterns and ceiling lights. It's a helbreth of the times. It's the living finish of choice for kitchen counters, light switches, plug sockets and garden haustans.

"There's a yearning for natural materials with texture, nuance and layers that counteract the hardness of screens and machines," says Tom Morris of Norrinstudio, who used automated copper for a recent kitchen working because of "its warmth, sense of history and the way it ages."

And copper ages spectacularly. "After six months it starts to dull," Price says. "From one to five years there is some brown oxidation. Between five and 15 years it takes on a blue-green stage, becoming verdigris. Then it matures at 40, it's really rich verdigris in the ultimate in slowing down, in allowing a project to grow with you." Brass and bronze follow a similar trajectory; their

version of verdigris is less speckled, more uniform than copper.

The journey to verdigris is not, therefore, for the faint-hearted. "My client was nervous," says Morris. "But she has leaned into it. She first made a slip of green will be bothersome — but then the more there are, the better it will look." Price admits that "clients tend to panic around the three-month mark. But I assure them how fantastic it will look after three years. You'll be able to see where your lids spilled orange juice, where you dropped the turkey on Christmas Day." It sounds terrifying to theory, he laughs, but "it will be a pattern of memories."

A modern-day love of copper was spearheaded by Tom Olson, who popularized it with his copper shade product light in the mid-2000s, followed by an ever-evolving stage of high shine copper pieces for the home. His products

Clockwise from main: Trust verdigris both from London Decamite; Charlie Smallbone of Luthery Studio designed this kitchen to cast London with aged copper cabinets that hide a larder; verdigris lantern by Doctor Finch; a Lind + Almond bronze copper kitchen in Madrid; copper working by Tom Morris of Norrinstudio. — Kathleen Shields, M.D., University of Chicago, Chicago, 60601

At 40 years, it's really rich: verdigris is the ultimate in slowing down, in allowing a project to grow with you'

were always treated to avoid patina, yet even he is now embracing the ageing process. "Copper is a fabulous material to patinate," he says. "Brown and red even quite dark browns and blues; I'm always considering ways to allow verdigris into my collection. 'He's ready for the change.' 'We have been living in a golden age. Now it's time for something a little less bling.'"

Still, 40 years is some wait for the perfect verdigris. Happily, the process can be hastened. "We add an ackles help age copper a bit quicker," says Toronto designer Ashley Montgomery. "This takes it to a beautiful spot where it isn't too bright and shiny."

Price cautions that fast ageing is not for amateurs. "Artisans duggle different chemical connections on to living the tubes, stocking them with flame," he says. "The boring of verdigris is specific and refined."

But living finishes do require a little at-home upkeep. "While small marks, fingerprints and everyday use blend into the evolving surface, maintenance is needed," says Richard McGrall of hardware-based Arena Martin. "Uneven cleaners should be avoided, and metal should be wiped gently with a flat-free cloth to keep it clean." A cloth wetted with mild detergent is a day-to-day winner.

Designer Clare Gaskin, who has verdigris light switches by Forbes & Lomas in her own home, says embracing the ageing process can improve how you feel about your space.

"Allowing age to come into your home is the same as finally admitting you can't look 21 forever," she says. "It encourages a more relaxed outlook — and, ultimately, a happier home where you have permission to worry a little less."

Life among the fairways

At the Peaks, the world is beautifully distant yet entirely present too. The day's first hours are always quiet and spent doing very little at all. Then, stepping from our front door, we follow the footprints of Montenegro's only golf course as it

flows across the hillside. A prelunch round always takes longer than expected because we pause often to take in the impossible views. By mid-afternoon, glasses are raised to every little triumph and the simple pleasure of having nowhere else to be.

A care opportunity to own at The Peaks.

Bright your time here at www.alexc.com or contact the team on www.thealexc.com • +40 0 57 700 000

P1 LUSTIGA BAY AERONA

THE GRASCOM DEVELOPMENT

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FOUR SEASONS

PRIVATE RESIDENCES

ABU DHABI AT SAADIYAT BEACH

A DEVELOPMENT BY ALAIN

An Address Shaped

by Green Horizons

ALAIN

+971 800 1144 | alainam.com

Brand Licensing Notice

Four Seasons Private Residences Abu Dhabi at Saadiyat Beach are not owned, developed or sold by Four Seasons Hotels Limited or its affiliates (Four Seasons, The Awaltheta, All the Road Management LLC, SPC or its affiliates) uses the Four Seasons trademarks and trademarks under editorial from Four Seasons Hotels Limited. The name: FOUR SEASONS, FOUR SEASONS HOTELS AND RESORTS, any combination thereof and the free design and registered trademarks of Four Seasons Hotels Limited in Canada and U.S.A. and of Four Seasons Hotels Netherlands B.V. discovers.

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House&Home

Renewable energy | As homeowners embrace solar panels and home batteries, complaints about faults and fraudsters are on the rise. A cohort of unpaid environmental activists is dispensing advice and battling the unscrupulous. Hugo Cox reports

It's the wild west out there. A lot of the solar and battery equipment is terrible and some installers are real cowboys," says Arin Screwvala. The former head of UK content acquisition for Amazon Prime Video is sitting at his dining room table in London's Docklands on a bright June afternoon. Above us, his 18 most-mounted solar panels are churning out 300x40 per day, contributing to the 36 per cent of UK electricity currently being generated from renewables.

Last year, 269,000 UK households installed solar or photovoltaic panels (PVs) and more than 40,000 fitted home batteries – an increase of 37 per cent from 2024 and 100 per cent respectively, according to the Microgeneration Certification Scheme (MCS). But com-

plaints received by the Renewable Energy Consumer Code increased by 47 per cent between 2020 and 2023, yet its latest annual report. Their quarters were for PVs or home batteries, ranging from faulty batteries and underrated investors to botched installations, property damage and unsaleable design. Raser Solar and Jinkie Solar have both issued statements about the increased circulation of counterfeit panels.

In 2023, Arin Screwvala left his job and switched from media executive to grassroots environmental activist; since then, he has helped more than 240 homeowners install solar panels or batteries, from his neighbour to London to the owner of a rural estate in Beltshire. "I'm evangelical," he says, "You can go net zero by [solar] panelling

Arin Screwvala: 'If I took a fee, could people treat my recommendations?' Tops solar panels | Hugo Cox | Arin Screwvala

your roof-everyone should generate their own energy."

Before Amazon, Screwvala was an online nominated film producer, with an MBA from Northwestern University's Kellogg School of Management in the UK. But by the early 2020s he was struggling to find meaning in his work. Amazon invasion of Ukraine triggered "my midlife crisis – I had to do something". His wife Farsenna told him he'll be useless as an on-the-ground fighter. Why not apply the skills he had – good ideas, strong communication skills and a facility for understanding complicated technology and engineering – instead?

"I thought the best way to protect us against dispute like Fifties and murder – we are using independence," he says.

After 1979, approaching his weigh-hours offering advice, Screwvala has broadened his reach, helping homeowners choose the installer, PV and battery systems best suited to their budget, energy needs and home configuration. Root come through word of mouth, noise through home solar and renewables groups on Facebook and Money Saving Expert.

Screwvala is unpaid. He receives no financial incentives from any company. He began his finder's fee from the installers, passing the savings on to the people he is advising – around £400 for atypical solar installation, up to £2,000 for larger solar and battery projects. Having helped close to 500 installations, he says, he could have been handsomely assassinated, but he became his role as unpaid activist – to achieve political and environmental change. "Making money is not why I got into this. Lowering the cost [by converting his finder's fee to a discount] for people driven adoption, and it was taking a fee, how could people treat my recommendations?"

Screwvala is not the only person dispensing free advice for those seeking to electrify their homes. Chris, a Hampshire-based engineer in his fifties, has posted more than 25,000 comments on Money Saving Expert as Qtr48 (a sense of anonymity he prefers to maintain), after installing PVs on his roof in 2013. "I was the first person I knew with rooftop solar over the years I've helped friends and family with solar, heat pumps and PVs," he says.

Jonathan Saunders, an actor in east Kent, helped design solar projects for the daughter's school, a local church and a community garden before retraining as an electrician and PV specialist in 2023; he frequently provides free advice to those who have installed systems but can't get them fully working.

"I've been doing a lot bit of trouble – shooting and upgrading systems that

Arin Screwvala's installation checklist

• Don't be rushed by a supposed "limited time deal" video grants, pressure sales and deposit theft are on the rise.

• Check the installer is accredited through the Microgeneration Certification Scheme, the main quality assurance body, and that they are members of either RECC or HES (Renewable Energy Consumer Code and the Home Insulation & Energy Scheme Quality Assurance Committee Scheme) – consumer protection schemes binding installers to a code of conduct covering issues such as dispute resolution or causing off-rights.

• Warranties for the installer's work must be at least 10 years, must bind them to rectify all faults, regardless of the hardware manufacturers' warranties, and be backed by insurance (using policies approved by RECC or HES) to ensure they remain valid if your original installer goes out of business. Trading for at least seven years means they survived the industry crash that happened when the UK fixed in Tariff (FY) ended in early 2019 and should survive the next shock.

• Walk away from cheap hardware. If you don't have a word-of-mouth hardware recommendation, check online reviews, reading closely for fakes (check serial numbers and ensure that panel details are printed on a permanent label/other than a removable sticker: fraudsters can re-let low-capacity panels to misrepresent them as higher workings). Pay with a credit card, so you are protected.

• Keep all paperwork and – if you're buying a home with a system – ensure it comes with an HCS certificate, the approval from the local power operator (called a SPROPP), the installer's HES or RECC membership details, the insurance-banked workmanship guarantee, the manufacturer warranties for each piece of hardware and the electrical installation certificate.

are already in place, as well as educating the baffled clients who own them," he says.

Screwvala's work is just getting going. "Each week, maybe five of those who contacted me would end up installing panels or a battery. Since the start of the loan war in February that has increased to 20. People want to insulate themselves from [some of the fallout of] these wars," he says.

As well as persuading people of the upsides of renewables, he calls out installers and equipment he knows to be unreliable. It's challenging, in some cases resulting in threats and racist abuse.

"Once wasn't purely, he just shared the benefits and what he'd learnt – like not to fit solar panels in the wrong

'Economically it makes no sense for me but – I know this sounds cheesy – I feel I'm making a difference'

direction," says Vitali Dushkevich, who Screwvala helped in 2023. Another person he helped out makes his £4,000 bill for panel installation in 2022 will pay for itself by 2030. Screwvala reckons lower bills and money received for energy bid into the grid (which is not issued) cover between £2 and 20 per cent of installation costs each year. So far this year he has earned £650 for solar electricity bid into the grid and paid £250 to total electricity bills. He has helped 10 homeowners on on-the-land home Docklands estate to install solar panels.

The case for widening PV and battery uptake is pressing, says Screwvala: besides helping insulate UK electricity bills from all that he like the train war by reducing reliance on imported gas, Britain's 35mm homes account for £6 per cent of total UK greenhouse gas emissions. In addition to the financial savings, Screwvala's PVs make his home better than not ones. No 18 panels generate 100Wh per year, 103 per cent of which he expects, more than offsetting the carbon produced by his gas boiler (the last one packed up in 2023, when his wait for a heat pump was more than six months).

With no paid work, his living costs are met partly from savings accrued when he was working – but mostly from Farsenna's accountant's salary. "Economically, it makes no sense. I get that, but – and I know this sounds really cheesy – I feel like I'm making a difference. Most people look at me as if I'm crazy. Then they ask me to do their solar."

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This house has 55 bilacial panels that generate around 1000Wh a day, cutting the owner's annual electricity bill by more than half

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CHRISTIE'S

INTERNATIONAL REAL ESTATE

christieeiedeslobe.com >>

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At home with the FT | Artist

Andreas Angeldakis's

Greek island escape is part

Palm Springs bungalow, part

pagan cave. By Gisela Williams.

Photography Ana Sandi Andersen

always use the places I live as experimental spaces to develop what I am working on," says Andreas Angeldakis. The ruggedly handsome 20-year-old artist and architect is sitting in the corner of his 1,500-square-foot banker-style house in the middle of a field of wild grasses on the Greek island of Evia. The monumental concrete facade has two window-like openings in the shape of eyes. For Angeldakis, these portals communicate the act of "searching and studying", signs that "here in this space perspective should shift".

This house, a two-and-a-half-hour drive from Angeldakis's apartment in Athens, is a place he retreats to with Lupu, his Pomeranian, to disconnect and dream-up projects.

It was here that Angeldakis – whose installations have been showcased at institutions including Chicago's Museum of Contemporary Art and the Louisiana Museum of Modern Art, near Copenhagen – dreamt up his concept for the Greek pavilion, currently at the Venice Biennale. The jam-packed, immature work, a comment on the past truth-ers and rising nationalist speeches, put sales with the cacophony of life: 1980s techno, a economic shop, distorted mirrors and a light-activated dance floor. It also

'Escape in this house is to escape oneself. It is isolated: you connect to a larger sense of scale and time'

features a wall with eyes, which divides the space into two – a reference to the National Edition of 1925, when Greece was split between it of governments.

The 2,500 sq ft "Escape Room", curated by George Belicakis, is filled with edible ladies objects: stuffed pillows in the shape of Greek classic columns, neon eggs, T-shirts printed with portraits of queer Greek artists and activists. It's "like an installation of a million Russian dolls," jokes Angeldakis.

While "Escape Room" invites viewers to look more carefully at the complex histories of Greece and the Biennale, and to confront individual responsibility within a capitalist system, here on Evia, the "eyes" inspire a gaze away from oneself and towards nature. "The concept of 'escape' in this house is to escape oneself," he says, looking out on is the rugged cliffs. "This house is isolated in such a biblical landscape: you are able to connect to a larger sense of scale and time."

Eight years ago, after spending some weeks at Las Pozas, Edward James's surrealist garden in Bernaca people, Angeldakis and his then husband, the Greek artist Angelo Plevnas, decided they wanted to spend more time in the recent years. Evia, an island north of Athens, connected to the mainland by two bridges, seemed to be the right kind of lost paradise. (He used Evia means "kind of the well-fed once" in Greek.) It also happened to have plots of affordable land for sale. Later that year they bought 1.8 hectares next to a big barn.

Although Angeldakis spent a lot of time thinking about and sketching, planche this house 10 key purchases! He land in 2018, just before the first Covid lockdown, and the house was completed in 2022! he had been designing virtual "dream houses" for some time. Even in the early twenties, when he left his Greek polytechnic to complete the architectural studies at his ABC in California, he knew that he did not want to build traditional structures. "I have always treated buildings and objects as characters, emotional beings," he says. "As much as

Clockwise from above: the buildings 'eyes' look out to a 'biblical landscape'; Angeldakis's Pomeranian dog Lupu in the ground floor lounge; the coastline at the Greek island of Evia, north of Athens

Clockwise from far left: an impromptu outdoor bed where Angeldakis sometimes sleeps; the artist floats in the pool atop a gold metallic pillow from his 'Gold Bar' exhibition; diaphanous curtains and LED lights in a subterranean bathroom; a view into the kitchen and doors to the two bedrooms with their 'eye' shaped windows; a capacity by Angeldakis's former husband Angelo Plevnas hangs on a laundry line

we design buildings, I believe that buildings and space design on."

In the early 1960s, he designed dozens of virtual houses for web platform: Next World, an "open-ended architectural experiment" founded by Milton Manetas and Hal Ueda. That same chaotic, Technicolor early internet aesthetic still remains his work. He and Plevnas, when he had met online, often collaborated on these utopian virtual spaces: Designing homes, says Angeldakis, "became the process of the two of us creating a geomtheoretically together."

The initial inspiration for the design of the Evia house was "the country's affirms to tradition of building without permission, dating back to the forced migration of Greeks from Asia Minor, none of whom built concrete frames, often to the middle of a beautiful landscape". Many of them were left unfinished.

He adds that he wanted to see how he could appropriate that tradition into a structure that was more of a folly than a house. "Something is between a Palm Springs bungalow and a queer-ceded pagan cave," he laughs. When it came to the surrounding land, the former couple did not want it to be hand-waged "to dimensional in any way. We wanted it simultaneously to resemble something unfinished and a rule."

The front facade, with its eye-shaped windows, is inspired by one of Plevnas's quills, which often reference dramatic rituals and include geometric eye shapes. "The eyes turn what is other: who a concrete box into a mask, as it feels cute," says Angeldakis. The back facade is a wall of sliding glass doors that can open up a most completely to the outdoors and a terrace with a small graffiti lined pool.

The interiors are simple: the ground floor is a T-shaped space with a galley kitchen; it opens up to a long living room filled with large, black-shaped pillows upholstered in gold metallic bedrooms. Angeldakis explains that they are from Gold Bar, a 2018 exhibition held in Greece, "I love using pools or modular pillows because they allow anyone to change the room quite easily," says Angeldakis. "It's very Ottoman style; there are three large bed areas and everyone can just recline anywhere. It's 1960s, very Pierre Paulin," he adds, referring to the French designer of spending topographical writing.

To the left and right of the kitchen, are two bedrooms with small no-suite bathrooms. "I wanted them to be exactly the same size, each with a view and a separate entrance to the outside, allowing for a house where a couple

from far away at home with the FT Workind, with everyone from information to artist

could each have their own room," shows their doors are eye-shaped toanones, lit up by a string of LED lights. The bedroom themselves are minimalist, with a mattress on a platform made from Gold Bar pillows, and a closet.

From most sides of the house, it is impossible to tell that there is a down stairs at all; it is only reachable by walking out to the terrace, descending a set of stairs and then entering through a sliding glass door.

"I like spaces that have three walls and one glass wall. It's a cave but also a camera." This is "my Mats's cave", laughs Angeldakis, referring to the story about prisoners who have spent their whole lives chained in a dark cave, mistaking projected

'I have always treated buildings and objects as characters, emotional beings'

shadows for reality. The space had originally been re-enacted for a garage or storage zone it is "an escape within the escape".

Angeldakis often sleeps outside, but if it's raising or cold he sleeps here. It has another eye-shaped portal and a domed, chapel-inspired ceiling. He sleeps was meant to recall "one of those churches you find within a cave, like the cave of the apocalypse" – referring to the one on Patmos, where St John recorded the Book of the Revolution.

"I usually retreat here for extra privacy, even if I'm here by myself. I think the entire house makes you look inward while looking out; it's very meditative."

'Escape Room', Venice Biennale, until November 22. ebdiennale.org/en

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House&Home

Hot property

Homes with boat slips in Orange County

From an old-school Californian shingled property to a gated townhouse with access to tennis and a spa. By Tara Loader Williston

◀ House, Balboa Island, 35 lines

What A four-bedroom 1960s shingled house with a private plan and out-land. Anaphora.

Where The walkable Balboa Island, with its old-school sandy shops, classic diners, golf carts, colourful catlegels and distinctive historic fairs, which runs every day of the year.

Why With only around 1,000 homes, Balboa Island has one of the highest housing markets in California, with a low loss, multi-generational community.

Who Calibwell Banker Realty

★ House, Newport Beach, 35 lines

What A 1960s detached three-bedroom house with 70% of loss. Footings on Newport Harbor. The house has stairies, panelling and a fireplace, with substantial reception rooms overlooking the water.

Where The peaceful Dover Shores neighborhood of Newport Beach, Newport Dumb, Homes is just across the water, as is the Upper Newport Bay Nature Reserve.

Why They two private docks, one for a substantial patch one for a Duffy or Barrow Whale. The private beach is steps away.

Who Plus Real Estate via www.balboa.com

▲ House, Balboa Peninsula, 35 lines

What A marble clad on bedroom house by Irish architect Paul McGraw with nearly 100% of water. Footings, completed in 2023.

Where On the three mile-long, Balboa Peninsula, The Home Base, Newport Channel, while the Pacific Ocean and Newport Beach are behind, just a few minutes' walk.

Why Amenities include two pools (one on the 1,200 sq ft roofing terrace), a 750-bottle wire room, 145-spring room, cinema, sauna and gym.

Who Calibwell Banker Realty

◀ Townhouse, Huntington Beach, 35 lines

What A three-bedroom, three-bedroom townhouse with a balance and terrace overlooking the water.

Where The gated community of Seagate in Huntington Beach gives residents access to two swimming pools, six tennis courts, a spa and clubhouses. Seagate Tacky Club is a few minutes' walk away.

Why The property has direct deep water access to Huntington Harbor, with a slip that can accommodate a 1,600 boat.

Who Pacific Softwish International Realty

◀ House, Huntington Beach, 35 lines

What A four-bedroom house of 4,375 sq ft with a 500 private boat back in Huntington Harbour.

Where Next to Davenport Beach, a calm sandy bay good for undifferentiating, haunting and outwashing.

Why The home has been reinsulted recently, with a glass-framed double-height reception space, a temperature-controlled wire display wall, mirrored bar area and outdoor kitchen.

Property Gallery

UK Office: +44 207 873 3989 | US Office: +1 205 600 00071 • ASIA Office: +852 2905 5579 | Email: FTProperty@FT.com

England

M. Infants Wood, London

Inside district's prestigious beach this capital, a remarkable six-bedroom house. With the Lark's Street Smooth nearby, the property is surrounded by wonderful localities and restaurants, energy ratings.

Dexters Homestead 020 7430 0273

03.10.0.000

Seattle Karadaghmi, London

Located on a couple ofks, more active this capital, an exceptional fine bedroom house, consists from the East Side Black Museum. Providing plenty of space throughout, this is an adult, under-lease, energy ratings.

Dexters South Karadaghmi 020 7838 0709

25.09.0.000

Woodstenders, London

About two years' old-school house designed by House Palb. Offering good features including a private swimming pool and temperature controlled wire room. This residence is a maximum, energy ratings.

Dexters Pimlico 020 7878 5200

C9.9.0.0m

Charles Hallman, London

Not within an adult time development. She is attending professional equipment health and child health and offers good double-handed issues. The main about vertical aftershade amenities on your amenities, energy ratings.

Dexters Chelsea Harbour 020 7680 0899

C3.2.00 pm

France

Paris 16e

Within the prestigious Villa Montmorency

The exhibition and protected neighborhood in Paris - the City of Paris is offering for sale at Dexters, two distinguished property with a beautiful private garden, set on a 600 m² plot. Formerly the residence of the Gossoued Institute, the 27th of property is being utilized through an online building process on September 14-15. Building price: € 4,400,000

The construction and private heritage are available upon request.

14 PYRANDIES MISTABEN

US 66 x 66 FT 9" TP

gossoued-montmorency-016@prandiles.mistabes.fr

Indonesia

Avaterra Villa

Bali, Indonesia

Recently completed, Avaterra overlooks balm, millionaire rose from a commanding carriage point - 270° view of the horizon. Blue screen by day, a sea of lights by night. Four annuals bedrooms, open living space, an infinity pool, a 2nd garden, steam room, and ice bath. Subappeared electricity, its own well, and Starlink connectivity. Open luxury with modern comfort - fully complete and turnkey, a private sanctuary, or Bal's non high-pool trophy. Tenure Freehold

Contact info@brick.in Whatsapp +33 8345857528

USD 4,250,000

USA

LUXURY AUCTION

Luxurious mountain estate on 12 private acres, featuring a main residence, guesthouse and "ice collector's" barn & lounge beautiful center of Exeter's Lake and the San Juan Mountains

PLATINUM

800.871.8269

DurangoLuxuryAuction.com

The following table provides the information in English:

Do You Know

The 3 Most Expensive Mistakes London Property Buyers Make?

Buyers of London property over £2m are making these costly mistakes that no-one is talking about.

To discover what they are & how to avoid them, simply request your free copy of The Insider's Guide To Acquiring Luxury Property in London by visiting www.insiderngoldobank.com, emailing info@survivyrhomesarch.com or calling +44 283 4578855 now.

MERCURY

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16 August/16 August 2020

House&Home

Japan's vanishing architectural legacy

Heritage | Many of the

country's masterpieces have

been demolished – and more

are at risk of being lost.

By Naomi Pollock

The lifespan of the average home in Japan is shockingly short. In England or the US, most homes are renewed and resurfaced on repeat.

But according to the Japanese Ministry of Land, Infrastructure, Transport and Tourism, those in Japan last 30 years on average before being demolished and replaced.

In Japan, when a property changes hands, the existing home is usually razed and a new one built. While the country has an impressive record of recycling construction waste, and Japan is making progress in its aim to reduce the residential building sector's CO₂ emissions by 60 per cent from 2012 to 2030, the industry still accounts for 40 per cent of the country's greenhouse gas emissions.

The impact of this culture of demolition – one rooted in high land values and the damage brought to buildings by frequent earthquakes – goes beyond the environment. The country's radical new wave of architecture over the past century has resulted in some astounding buildings, but many treasures have already been lost.

Notable 20th-century buildings such as the Nakagiri Capsule Tower, the Hotel Okura and Keren Tange's Kagawa Prefectural Gymnasium – which is currently scheduled for demolition – are just some of the larger buildings that

have not stood the test of time. The disappearance of smaller domestic projects can dip under the radar.

While U, designed by Pritzker Architecture Principal, Peter Jannister Toyo Ito, is among those that have been lost, He created the minimalist heretofore shaped house. In 1976 for his sister after the untimely death of her husband. She wanted a sequestered place to raise her two daughters, and so he created an inward-looking, U-shaped dwelling surrounding a secluded courtyard. It was a continuous, concrete tube divided by furniture and swimming, to private rooms at either end. After 20 years, the trio no longer needed such sheltered conditions. Yet they could not imagine anyone else occupying their highly personalized home. So, instead of selling it, White U was taken down in 1997.

The question of whether to save a house can be a very personal one. Yet it is still hard to witness the loss of architecturally innovative homes and campaigners are hoping to see them preserved.

In the decades following the devastation of the second world war, there was

Above: the tatami-flavored tea room of Capsule House K, architect Kisho Kurokawa's country retreat, which survives. Right: the futuristic exterior of the home, built in 1973

an urgent need to rebuild and a desire to modernise. As Japan's economy began rebounding and its technological might advanced in the 1960s and 1960s, an idea to received jacyy commissions and Japan's method of building design.

Many of these projects were influenced by western architectural and social models of the time. The Japanese government presented a shift from traditional, multipurization households to nuclear families. The historic custom of eating and sleeping in the same tatami-flavored room was suddenly considered unforgivable, individual bedrooms and a centrally located kitchen where the family could gather because the new normal.

This upheaval, coupled with the touch of open land levelled during the war, turned Japan into fertile ground for experiments in materials, methods and aesthetics. Many explored the

Postwar Japan was fertile ground for experiments in materials, methods and aesthetics. ... but many buildings were simply not strong enough

modernist vocabulary of glass, steel and concrete than on the rise globally.

But it took time for the country's construction technology and material quality to catch up. Many buildings were simply not strong enough to last into the future. Even concrete, a virtually fireproof medium that could be moulded on site, did not hold up well. Its porosity, coupled with an uptick in air pollution due to industrialization and increasing car ownership, caused surface erosion and other types of damage including structural viability – a con-

stant concern in an earthquake-prone country. Japan is riddled with fatalities and has a strict seismic safety building code which has been made more stringent after large-scale disasters such as the Great East Japan earthquake and tsunami that hit Tōhoku in 2010.

New construction must comply with these regulations and existing buildings are subject to routine inspections for structural viability. When they do not pass muster, reinstituting is frequently recommended. But adding braces and other measures

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House & Home

Clockwise from above: the White J in Tokyo; the steel-barred 5th J. and Nakagie Capsule Tower have been demolished and replaced, despite their architectural importance, but Sky House still stands in a private home

inheritance taxes, which are up to 10 per cent of the taxable assets, many heirs are forced to sell and the homes are demolished.

Land values also mean that profit-driven developers are often keen to replace smaller buildings with something bigger and, therefore, more lucrative – made possible by improved construction technology and a revision to Japan's building Handcode Act in 1963. Until then, buildings could not exceed the legal height limit of 32 meters. After the law changed, the construction of larger buildings surged and in the past 10 to 20 years skyscrapers have been built all over central Tokyo, a phenomenon evidenced by the speaking of boom cranes throughout Marunouchi and

Shibaya, but it means an architectural legacy is being lost.

Kenji Hirose, a former designer of military facilities, grafted his knowledge of steel construction on to residential design in the early 1950s. Strong, affordable and mass-produced, steel became the backbone of the '60s as homes in his '50s' or 'fixed house' series built between 1955 and 1971. 'They made a significant contribution by introducing a new structural material to postwar Japan,' says Kamiyuki Tano, founder and director of research group and database Hirose Archives. 'It demonstrated that steel could become a viable alternative for housing, greatly expanding the possibilities for architectural design and spatial expression,' among the most recent on come down was 5th 4th in Tokyo's Fukano Ward, built in 1962 and demolished in 2021.

Others cultivated contemporary architectural expression that embraced local lifestyles, construction practices and traditional aesthetics. Among the most prominent proponents of this movement was the architect Kenori Tange. Constitutional in 1949, his masterpiece, the Hiroshima Peace Memorial Museum, evokes both the elegance of Kyoto's Katsura Imperial Villa and the sculptural concrete of the French-Ivian-modernist Le Corbusier.

Similarly, the elevated house Tange designed for its family in 1953 married Corbusier, photo (strike) with Japanese elements, resulting in a covered outdoor area at ground level and an expansive, tatami-flavored space partitioned by sliding paper screens upstairs.

The Hiroshima monument still stands, but many of the architects early works, including his home, have disappeared. And now the Kagawa Prefectural Corporation of 1964 is at risk of being levelled. This spectacular, boat-shaped building has been closed since 2014, when it was judged structurally unusual. The prefectural government decided not to fortify it in terrain it determined.

Unwilling to see the building destroyed, an international group of design professionals and concerned citizens. the Former Kagawa Prefectural Gymnasium Rebirth Committee, came up with a plan to turn this masterpiece into a hotel and cultural hub in July 2023, securing private funding from various entities including spatial design company Nomura Kogei. Despite the potential savings to the Prefecture –

To pay Japan's inheritance taxes, many heirs are forced to sell and the homes are demolished

demolition is estimated to cost Villa (about £4.7mn) of taxpayers' money – the government decided not to preserve the building.

Various official categories of historic preservation are possible for buildings in Japan once they reach the age of 50 years, accompanied by restrictions regarding what can or cannot be altered. For a vintage office building or outdated town hall in need of underfloor cabin or other technological improvements, the scope of permissible change may be too limiting. For a traditional solar noodle shop, for example, the government sanctioned 10th of 'Important Cultural Property' might be a draw for diners. But ultimately, these protections are not watertight and can be rescinded. Whether to preserve it or not lies with the owner, who may not feel an attachment to or see the importance of saving a historic building.

One of the most controversial issues was the Nakagie Capsule Tower, which the owner demolished in 2022 after years of steady decline. Desiigmsi in 1970 by Kisho Kurokawa, it was one of the best realized examples of 'metabolism,' a short-lived, homegrown initiative promoting adaptable design. This unique, residential structure was defined by its bony apartments jutting out in different directions, linked to

the base building's structural frame, three compact units were made of lightweight steel so that they could later be run straight.

Each one contained a futuristic array of built-in amenities, including a colour television, air conditioning and a moulded plastic 'unit bath' that integrated the toilet, sink and deep Japanese style rub in one tiny subsidiary space. Fortunately, Capsule House R., Kurokawa's country retreat completed in 1973, which evokes the tower in miniature, was renovated and lives on as a short-term rental in Nagano Prefecture.

In many respects, the flexibility inherent in metabolite architecture was particularly well suited to houses built by metabolite Kiyosaki Kikutake for his own family in 1958. Sky House started out as a simple square room elevated by massive concrete piers and articulated by moving parts. While sliding paper screens divided the interior, 'movement' adjustable pads at the perimeter held the kitchen and bathroom. As the family grew, additional movements for children's bedrooms were added. In a country where most houses are not designed in anticipation of future changes, perhaps Kikutake was on to something.

While Japan's appetite for the new remains robust and the reasons for demolition many, the idea of renovation and reuse is catching on slowly. When the actress Kyoka Suzuki learnt that Villa Conson, a concrete panelled home designed by modernist Takamasa Yoshizaka in 1957, was under threat, she bought and removed the building, which is now open to the public by reservation. 'This small concrete dwelling remains powerfully in the present day,' says former Yoshizaka staff member, architect Yoko Saito. 'It embodies Yoshizaka's philosophy of nature and architecture.' Suzuki was awarded the Appreciation Prize of the Architectural Institute of Japan in 2023.

More recently, a public campaign saved the former Town City Hall in Mie Prefecture's Iga City, designed in 1964 by Le Corbusier and the Junior Sakakura. In 2023 it was converted into a public library topped by a boutique hotel designed by MURI architecture.

Projects such as four-yr an example for keeping historic homes and other buildings alive. At stake? No less than the fate of Japan's modern architecture legacy.

can be expensive and impair functionality altogether.

This creates a challenge for government agencies wrestling with whether the maintenance of ageing public works is a good one of taxpayers' money. Many conclude that it is more economical to rebuild.

When it comes to private property, when the value of the land, particularly in Tokyo, far exceeds that of the building, take care, homes begin depreciating as soon as they are built. This poses a problem for those who wish they could pass the family home on to the next generation. 6th with Japan's

Own a signature home designed by award-winning Portuguese architecture studio. Aires Mateus.

STAY TUNED FOR THE SALES EVENT

RECOSTER HERE

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15 August/16 August 2016

House & Home

Brown leaves, wilting borders, decaying trees. I have been married to a bluepigee though we are now legally separated. Wards of what

I love in British gardens takes prolonged drought. Seven weeks of heat have been held, but not hopeless, adversely is an opportunity.

Sulfones are painfully obvious. Plants with shallow roots near the soil's surface have been stressed or scorched to death. In borders I love pictures but they hate drought. So do monastics, even though recent varieties surround the mildew which used to rain them in late summer. Small-tooth plants have been very badly hit too. Primones were lovely to spring, but have demolished a small core. At least winter, in each case they should recover with rain but scorched companions may be gone for good. I cherish a small form of pink-flowered London Pride, the non-Sanfinga umbrosa 'Elliette Variety'. It was selected years ago by the great planthouse Clarence Elliott, who

encouraged me personally as a boy. Even in semi-shade its creation of leaves have gone completely brown. I fear the worst.

Plants which need to grow quickly have been savaged. Exhibits grow tall and strong only when they take up plenty of water. So do most annuals. Exhibits are looking miserable except in waterable pots. I have been weanghested with many of my monastics, not just because dogs stripped the martyrids and stamina to two nights in early June when rain was still falling. Helicotropes, the new levatoras and damp-loving minicutes were wrong calls in the first place. Running two big gardens, at home and at New College in Oxford, I cannot cope with watering by hand everything we had out, as these bedding plants are dead.

Among more I have had no losses and one remarkable gain. There is next

Heatwave heroes

Casualties have mounted during recent droughts.

Minimise future losses by planting these survivors

to no black spot on any strikers. I remember standing with the great rose grower Peter Boales in his Norfolk growing fields on a blazing August day more than 40 years ago. He was morning a big water sprinkler and observed that wherever the water reached, his thousands of ones were free of black spot. This year the opposite is true: black spot has been minimal in the drought. Maybe the wet prelude to this summer helped build up resistance to it. Anyway, clean tiered ones are one gain from the long dry spell.

Among shrubs, most of the hydroargues in open ground are looking wretched. So are most of the clottetts, especially bigger flowered varieties which protect in May and June. Among trees, the damage of a drought often takes a year to close to the fall. Newly planted birch, beech and almost

Robin Lane Fox

On gardens

everything banged in by the hundreds along roadsides has already disturbed and died without backup watering.

Prepare or even worse in 2022. The projections for next year are dry and hot too, so I expect painful losses to continue to emerge in 2026. Luckily, I planted avenues of drought-resistant boraboast, not beech, 60 years ago, and in crucial places I chose silver linens, trees whose leaves are ingeniously adapted to extreme heat. Remember there two survivors. I will return to the planting season to others that are emerging as prudent choices for dry Britain.

Back in the flowerbeds, I mapped out proportional plantings two years ago. Hot summers seem likely, but not all year, every year proportional plantings balance brought pictures and delphinstones with drought tolerant companions. The BPLs, or drought tolerants, need to go up to 70 per cent of the rain. Persistent winners among them are blue-flowered perovskian (recently re-identified as baby's 'Blue Spire'), white-flowered gasras and Japanese summers as ones as they settle their roots into a new site. Go big

Clockwise from mains drought: tolerant bollyhocks. Achilles 'Gold Plate', Anerome japonica

on them with planners. The single white-flowered Anerome japonica is one of the loveliest of all flowers, untroubled by weeks without rain. It is excellent in urban gardens and although its roots run when settled, they are less invasive than many of its pink-flowered cultures. From now on it has to be a mainstay.

Otherwise, think grey and turn on the taps, by which I mean tap roots. Grey and silver leaves are plants' deforcest against excessive heat, so use shrubby (oracite grey), botanically new (top-hydroly 'squallate', as a repeated budding time for your plant, much as you might have used less bushes in the pre-seeds days it is not so tidy but if you clip it hard, it remains about 38 high and wide. As I like its yellow daisy flowers, I cut it in August after flowering. Make it a new mainstay with silver Helicotropes unparalleled as a lower growing leaf, the one whose leaves smell of carry when pressed, and evergreen cominace, pleasantly tumbling except after very cold winters. Think beyond the box and let them guide your eye as you work out a drought resistant plan.

Do not be combed into believing that drought-proof gardens have to be full of 'ornamental' grasses and flowers that are a wacky shade of purple-pink. Use aquapathos and homeocallis, two lovely ringlets, so each has fleshy roots and a roadiness to survive weeks of drought without watering. Modern homeocallis, or daylilies, throw up flowers in many seductive towns, from lemon yellow to deep red. blending with blue and white aquapathos, the hardest being the ones that die down in winter. Preface their season with tap-rooted verbascams and with thalistrams, winners this year as they

are meadow plants with fleshy water-retaining roots. When they die back anyway in mid-July, lead on with bollyhocks, superb survivors in dry years, and the flat-bunded yellow flowers of Achilles 'Gold Plate'. This stalwart of Edwardian borders has stump up to 50 high and has been flowering for a month in unwatered beds. It will be followed by September's many daisies, popularly lumped together as aintets. None of mine are wilting. Lastsiplets an autumn of hazy flowers, dampened by overnight dew.

In return, a plea. Many of you have written to ask what I make, as a bit-ting character, of Christopher Nolan's The History film. I wrote to advance about Homer's gardens, which Nolan left out, but I have now been to see what he included. I want to bring these class actions against him for defamation if you will join on behalf of these defamed. One is on behalf of Homer and the anonymous poets who composed our Odyssey without any

White Anerome japonica is one of the loveliest of all flowers, untroubled by weeks without rain

rubbish about PTSD, Post Troy Stress Disorder, a hallmark of Nolan's Odysseus when he returns to Penelope. Another is on behalf of Hicks of Troy, turned in antiquity for her fair hair, exquisite broom and a skin, surely, which was never in urgent need of a dermatologist, unlike Nolan's minant Hicks on screen.

My third action is on behalf of the Greek heroes. Nolan has had the nerve to consistently thrive in the Sea Peoples, a modern name for up to nine separate peoples mentioned as ravages in the east Mediterranean in enigmatic, mainly Egyptian texts; they were not Greek heroes at all. They are nowhere in the witness and are irrelevant to it. It is as if Wagner soldiers were to be misidentified as Bullaea and wedged into a future movie unintitled 'The' Awwali. Homer's Odysseus, but not Nolan's, received a flower, really. Even the god Herman to protect him against Christ magic. If only we know what really was, we could take it to protect us from Nolan. Moly, gift of a god, would surely thrive in drought.

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