THE WALL STREET JOURNAL.

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News & News

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THURSDAY, AUGUST 20, 2026 • VOL. CCLXXXVIII NO. 43

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What's News

Business 2/Flanner

◆ Gross U.S. debt surpassed $40 trillion, the Treasury Department reported, a new milestone in the country's struggle to control its finances. A3

◆ Government bond yields fall sharply after the Treasury Department said it would at least double the size of its highfield program for longer-term debt. Stocks rose, with the 5AP 2025, Dow and Now up 2.2% and

◆ More Fed officials favored raising interest rates last month than the three whole-termally dissented, and others signaled they would back an increase if inflation doesn't improve, minutes close. A2

◆ Amazon is expanding its drone delivery service with a planned increase from its current scope to nearly 500 cities and towns by year-end. B1

◆ OpenAI promised not to sustain data from business using its AI models while improving the safety of AI products in a bid to watch customers from real-Airfreight. B1

◆ Center Fitzgerald plans to give investment funds access to Kainick prediction markets, serving as a leader to those clients. B1

◆ Target again raised its fiscal-year outlook, as the retailer's turnaround takes shape and it shows in more cash-loss. B3

◆ SK Nysis plans to buy back and cancel more than $28 billion of its shares over the next three months, accelerating its shareholder-return program. B4

◆ Banning trading and rising activity in Hong Kong equaled the city's exchange operator to another major quarter, with net profit up 21%. B11

Worldwide

◆ An experimental refillable asset vaccine succeeded in preventing cancer from coming back or spreading in a study of high-risk melanoma patients, its development, and A2

◆ The Army is phasing out its drone assault battalion members, and the new expansion part of a back-to-basics approach ordered by the survivors acting chief of staff. A3

◆ The Israeli military said it was launching revenue investigations into two attacks in its soldiers on Paradoxism during the Saxe was including one that killed a young girl. A6

◆ Thuring cold he would launch a major economic campaign against Iran, so frustrations mount over the lack of program on improving the Drive of Hormuz. A6

◆ The U.S. is likely to lower tariffs in Canadian cities, athemetics and automobiles as part of a trade framework being devised by Washington and Ottawa. A2

◆ Prince Harry plans to return to the US, with his family six years after he and his wife, Meghan, the Duchess of Sussex, quit their royal duties and decamped by the U.S. West Coast. A7

◆ The FTC warned retailers against using concurrent personal data, including smartphone ads to calculate an individual's tolerance for higher prices. A3

◆ North Korea responded to try to Trump's decision to end your Washington-Sexal military exercises early, calling it an ineffectual goodwill pressure toward Pyeongang. A10

CONTENTS Nation... 01 Paris & Beirut... 01 Munich Paper... 01 London Times (E) 01 Paris Times (E) 01 London Times (E) 01 Paris Times (E) 01 Paris Times (E) 01 Paris Times (E) 01 Paris Times (E) 01 Paris Times (E) 01 Paris Times (E) 01 Paris Times (E) 01 Paris Times (E) 01

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U.S. Debt Eclipses $40 Trillion

Latest figure, as share of GDP, nears levels not seen since World War II

By Dan Goodman Ann-Mary Goodman

About U.S. debt has surpassed $40 trillion, a new milestone in the country's struggle to control its finances.

The country's "total public debt outstanding" officially led $40,047 trillion on Tuesday, the Treasury Depart-

ment reported Wednesday, ticking up from $20,987 to $24 a day earlier.

Reaching that threshold carbon controls weight but not's, he must economically significant. Most investors and economists care less about one figures than other measures, like the ratio of debt to gross domestic product, which provides a better sense of an economy's borrowing capacity.

And economists typically focus more on a different measure of government debt—that hold by the public—which Please turn to page A2

U.S. public debt outstanding

Treasury Tields Fall As Bessent Boosts Buybacks

Government expands size of program after yields catch nearly two-decade highs

Government bond yields fell sharply on Wednesday after the Treasury Department said it would at least double the size of its highfield program for longer-term debt, as Treasury Secretary Earl Bessent turned to unorthodox tactics to tame an uncivil bond market.

By Jane Goldfarb, Brown Schwartz and Krystal Bar

The Treasury and buyback operations for Dr. 30- and 30-year debt would be increased to at least $4 billion per operation from their current maximum of $2 billion. The charge will go into effect on Sept. 9 and extend through Nov. 6.

While Bessent has shown he'll do unconventional things to get markets moving his way, the secretary's latest insurance stands for more rational yet. Facing an uncomfortable rise in longer-term interest rates, Bessent took action early Wednesday when the agency had been told it would Please turn to page A2

◆ More Fed officials wanted $10 billion... A2 ◆ James Mackintosh Playing with Treasury market... B1 ◆ March 24, the Street Limited firepower... B12

Challenger Tests Zelensky's Hold on Power

NEW PRESSURE: Democratic primary, Myrinalsi (R) says, Ukraine's coastal defense mission; protested Wednesday in Kyiv Fedores challenged President Volodymyr Zelensky, calling for elections and warning that democracy is imperiled. A6

Women at LeHarris Warned About CEO

It was a warning that was shared among women who worked for Class Kaloush, local being close with the executive and be careful on the corporate jet.

By Clare Lombardo, Marcus Weingerler and Drew Flinderwald

Multiple women at defense contractor Lillierov Tschandoff's last round controls about Kaloush's behavior, including a formal complaint from one woman to human resource that was made around 2023, people familiar with the matter said. The employee ac-

cased the CEO of casual harassment, the people said.

Kaloush stood on a bar site. The woman left Lillierov. But all Lillierov board members were hooked on the 2023 complaint and it is unclear whether the matter was formally investigated, the people said.

Recently, the directors launched a probe into Kaloush after another accusation against him. The board faced outside lawyers and investigated allegations of inappropriate conduct with a subordinate and aggressive, profane behavior, people familiar with the board's deliberations said.

Please turn to page A9

Moderna, Merck Shares Soar On Cancer Vaccine Success

Moderna share price

By Sunita Mautraki Ann Alan, Anne

An experimental refillable asset vaccine succeeded in preventing cancer from coming back or spreading in a study of high-risk melanoma patients. Moderna and its partner Merck said Moderna has been a good deal for a potentially new life-strending treatment for the thousands of people diagnosed with the deadly skin cancer each year. Moderna shares more than doubled Wednesday to $174.38 while costs in Merck enriched an all-time high, rising 12.6%

to close at $552.26.

The results' capital through drug industry stocks as investors saw the potential for more bloodwaters.

It is the second big once-supply relationship in recent months after a different drug succeeded in extending the lives of people with pancreatic cancer, a notoriously lethal disease.

Moderna has also traditionally been a very deadly cancer, but immunotherapies like Merck's Exytosak have made great strides in improving outcomes. Merck and Please turn to page A5

Iron Bond: One Family, One Firm, 130 Years

By JOLLY OZENI

CHATTANOOGA, Tenn.—On a humid June weekend, three generations of judges discovered on a Worms box.

Family members, now also housing remnants like Kellermans, Millfever and Richards, had floors and doors in front all around the country. There was the high-school broiling coach from New Jersey and the aerospace engineer from Washington. There was a 2-year-old child, the youngest of the reasons attendees, and an 88-year-old who joined his multiple scheduled events, including a ride up a mountain in a financial railway.

This wasn't a typical family reunion, but a gathering coincided with the annual shareholder meeting of the Lodge Cart Iron pan company, which has been making pay zero and recycled debt to form cast iron pans for 130 years.

Please turn to page A3

Diet Drugs Alter Big Food's Winning Recipe

With GLP-1s threatening sales, companies test ways to win over the not-so-bungry

By ANNA MCKIE AND RICK NEWMAN

Inside an Omaha root kitchen, executions at Conagra recently huddled over plastic trays of microwound eggs, potatoes and sausage. One by one, they lifted a package of cheese sauce and poured out the liquid in a slow orange ribbon. Ashley Lind, who heads behavior science at Conagra, studied the breakfast

level in front of her. She considered: Was it satisfying?

No one had tested the food yet. That was part of the point: Conagra is trying to design products that will entice even people who don't want to eat.

The testing was one of dozens of tests the maker of Sika Jinn and Stacey Man dangers in conducting with an eye toward the conundrums presented

by GLP-1 weight-loss drugs. The medications' power to erase feelings of hunger and moderate threatens to spend the industry's model for growth, where success has often meant selling as much food as possible.

For decades, food companies have to halt on a proven platform: cater to consumers' taste buds with sugar, salt and Please turn to page A8

LinkedIn Accidentally Become A Dating Site

• • •

Despite its no-romance rules, the platform

is a go-to tool for singles tired of swiping

By Clare Bessemer

When Rachel Wong saw the connection request pop up on her LinkedIn, she didn't know what to do.

As a date of her three-week plans, Sam Bawdhar's noted they likely had mutual friends and colleagues. He'd love to grab a coffee, the idea

potential, quickly—really, that he'd first seen her on Tinder. Was this a date?

Tired of the endless country of online dating, more people are looking for LinkedIn. While the platform's guidelines strictly forbid any kind of romantic advances, it's increasingly common for the surrounding site to feature—also, Please turn to page A10

INSIDE

U.S. NEWS

Trump's executive assistant Natalie Harp is his ever-present protector. A4

BUSINESS & FINANCE

Current maker of humanoid robots saars 4G5b in its trading debut in Shanghai. B1

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A2 | Thursday, August 20, 2026

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U.S. NEWS

U.S. Debt Tops $40 Trillion

Continued from Page One — The article also held within the government in fo- cial security trust funds. The number was $32,266 trillion on Tuesday.

Still, $40 trillion is a big number, likely to at least hardly draw attention to what excessants broadly agree in an

unassumable focial trajectory. In recent days, rising long-term government borrowing costs— and a sudden reversal Wednes- day after the Treasury an- nounced plans to buy back more long-term debt—have ad- dressed the stakes. Here is a look at how we got here and what it means:

Composition of Federal spending, percentage of GDP

The outlook.

Debt is accumulated through annual budget defi- cate—when the government spends more than 15 coffecti- ce revenues.

In recent years, deficits have been unusually large, at around 6% of GDP—a level typically rounded only during years or restrictions.

As a result, the U.S. debt- tro GDP ratio is widely ex- pected to keep rising—enact- ing 120% in 10 years and 170% in 10 years, according to the Congressional Budget Office. That is based on current law.

Who holds the debt?

The government does most of its borrowing from the hotel market by using the money known as Treasury bonds, notes and bills. These are bought by investors and insti- tutions around the globe. Some makeup has shifted over the years.

In particular, the share of Treasury's held by foreign in- vestors—both public and pre- sate-sector buyers—has been failing. Bridge funds, counted as "households" in Fed ex- ceeds, have helped pick up the clock.

That has concerned some auditing because bridge funds typically buy Treasury bonds borrowed money, which has sometimes caused them to dump bonds during times of market crises, such as when

Holders of U.S. Treasury's

President Trump announced sending health as April 2025. That has pushed bond prices since even further, because

an increase in their yields, which plus a major role in de- termining borrowing costs such as mortgage rates.

The U.S. advantage

Generally, though, rising debt levels have slow very di- de to upset the bond market,

Interest rate:

Investors are fully aware that the supply of bonds is go- ing to keep clashing, hold out they keep rising. The cash anyway, keeping yields rela- tively close to the short-term interest rates set by the Fed- eral Reserve.

The U.S., in fact, has a big advantage over other cessa- triun because Treasury are totally seen as the safe asset of choice by global investors. They benefit from a common cycle: Investors like to own Treasury's because they are so liquid, so easy to buy and sell, compared with other govern- ment bonds.

That demand in turn re- acts that the bonds remain liquid—and has allowed, at least so far, the U.S. has been borrowing with relative im- poverty.

Bond Yields

Fall on Move By Bessent

Continued from Page One significantly stop up pur- chance of government bonds as part of its existing buyback program. Markets quickly re- sponded in a way they haven't to Bessent's previous moves, with stocks rising and Trea- sury yields falling sharply.

"I've been saying 'bond had- ter can stop quitting' when the Fed starts quacking," proud United here said. Bond traders can stop quacking when how Bessent starts pun- aking." Jan Rance, president of Rance Bessent, posted on X shorth after the announcement.

A former hedge fund man- ager who specialized in mar- boring geopolitical situations and economic data, Bessent has cultivated the image of a market survey Treasury acco-

tury—not afraid to intervene in currency markets or cite market conditions when de- creasing how the government should conduct its borrowing.

Cutting himself the "ne- tion's top bond salesman," Bessent has called openly to the following to gain down bond yields to lower mortgage rates and other borrowing costs. But that hasn't gone ac- cording to plan, putting pre- sence on the Trump adminis- tration ahead of this year's millions elections.

Treasury yields, which set a floor on interest rates across the economy, have been steadily rising, in recent months, with the yield on the 30-year bond topping 5.3% this week—to highest levels in nearly two decades. Average mortgage rates have been creeping back up toward 7%, while the budget deficit has bevered near 6% of the cessa- try's GDP—well above Bess- ent's longer-term 3% target. Though, the trend is a technical maneuver to im- prove the smooth functioning of the bond market, many on

Wall Street saw the buyback plan as an obvious effort to enhance Bessent's previous move, which held it appeared to work, with the 30-year yield dropping nearly a 10% of a percentage point in the inti- table hours after it was made— a smaller change for such a short period.

So do make higher, with the 5&P 500, the Dow Jones Indis- trial Average and the Stalking Year on 30-year U.S. Treasury bond

U.S. publicly held debt as a share of GDP

The profit is 100%

Debt and defector haven't always been a problem in the U.S. Publicly held debt—now approaching World War II levels at about 100% of the country's annual GDP—was just 31.3% of GDP in 1992, at ter they years in which the government can budget com- plexes.

More, the bursting of the det-rate bubble and tax cuts

over budgets off course in the early 1980s. The 2007–2009 recession supercharged the trend by draining tax revenues and prompting stimulus pro- grams, as did the Covid-19 pandemic. Meanwhile, an ap- pag population has led to in- creased spending on Medicare and Social Security But even rises haven't kept pace, with the massive578kedbysmoking and extending tax cuts.

The crore of the problem The breakdown of federal spending shows why meaning- ful cuts are so difficult. The vast majority of the govern- ment's spending goes to pro- grams, but promise benefits to individuals, such as Social Security and Medicare. Trans- ming these would likely anger many voters.

Meanwhile, rising debt means higher interest pay-

ments, which aren't optimal for

Everything else that the government goes for—think of salaries, office buildings, law- sufficientized—makes up a rike for the public. The spending faster the 1960s, federal spending has grown oblivian- tally relative to the broader economy, while revenue, mostly tax receipts, has stayed about the same.

Federal revenues as a percentage of GDP

Magnitude of $40 Trillion

The three scale of Ameri- can's $40 trillion debt is hard to follow. The amount is sig- nificantly greater than U.S. annual GDP. That means even if all U.S. income went in- ward spring down the debt for a full year—rather than to things like salaries, com- ports profit and investment— the federal government would still use trillions, by

this measure.

If Elon Musk helped pay down the debt by sacrificing the entirety of his misfit $1 trillion net worth—itself a small-boughting state—it would havele make a debt. The grow debt need by the hal- crid government is also nearly equal to what is need by all U.S. households and businesses combined (exclud- ing banks).

companies all fishing up 0.2%. The timing of the an- nouncement clearly suggests that they didn't like what was happening," said John Briggs, head of U.S. state strategy at Ralston Corporate & Investment Banking firm of the Treasury doesn't end up buying that many more bonds, the move could a message that the government could al- ways do more to keep yields in check, by added.

The Treasury Department didn't respond to requests for comment. But some of Bess- ent's allies said they also be- lieved the move was intended to drive down bond yields. The financially savvy and the seen this as a way to alleviate the pressure on the rates," said longtime editorial Trump eco- newar adviser Drew Moore.

Bessent, who turns 64 years old this week, is hardly alone in the Trump administration in wanting lower rates. Elected by voters angry about the cost of fixing, President Trump has re- posedly argued that short- term rates set by the Federal Reserve should be much lower.

Bessent's talk early last year about bringing down Treasury yields struck many observers as at least partially intended to redirect Trump's restriction away from the Fed, in the independence of which is widely seen on Wall Street as critical for financial stability. It was never clear what Bessent could do to have a big impact on yields, which are largely determined by the ex- cesses, outlook and how peter- ters think the Fed will re- spond to those conditions.

In one move, Bessent spectacularly as effort to save a crisis—as financial role that were argued was keeping fewer from taking into the Treasury. The Treasury De- partment also held off on in- creasing the rates of medium- to-inepower debt auctions—a step next analysis believe will eventually be necessary to halt the government's hefty spending commitment.

Yields have continued to yield, driven in a gap just by stablyingly high inflation and surprisingly strong economic growth. That continuation has

More Fed

Officials Wanted Rate Hike

In this Trance

More Federal Reserve offi- cials favored raising government rates last month than the these who formally descented, and others signaled they would hold an increase of in- cludes, doesn't mean, according to minutes of the meeting released Wednesday.

"Many participants ac- cessed that policy tightening would likely be necessary to influence did not declare," the answer said.

The decision to hold the benchmark rate stands be- tween 3.5% and 3.75% drew three dissents from Fed pres- sently, who thought a rate by crease was warranted. While there are 12 voting members of the Federal Open Market Com- mittee, a total of 18 officials, as chasing several funds presed, retained a rate, participate in the meetings. The minutes sug- gested that some officials with- mit a rate would have also sup- posed to the vote.

At a news conference after the July 20-23 meeting, Chas- man Xerais Wanda deflected criticize that building rates are not only a result of the nothing. He pointed to the rate in market interest rates since the class meeting, in both sentinel and inflation-adjusted terms, as evidence that finan- cial conditions had tightened and increased the earnings.

The minutes noted the tightening parity reflected strong growth and "market" supervatives that the Commis- sor would adopt a more re- structure policy stance before Aug. "ensuring the restricted Wanda-chief rented on an in- crease the Fed hadn't commit- led to making. Some officials went further, saying financial conditions might not be re- stricitive enough to return in flation to 2%.

Officials who ran above the Fed's 2% target for five years and has been stuck between 2.5% and at least 3.5%, de- pending on the measure.

Since last month's meeting, the data have done more to lower the urgency of a rate in crease than to settle the argu- ment for one.

The July employment report showed the unemployment rate for 0.4% despite a de- cline in job creation. The com- sumer price index showed in- flation measures were mild in July.

and investors to bet that the Fed's next move will be to raise rates.

The government's write sleep tried that Treasury's buyback plan would have more than a doesnance impact on the bond market.

The U.S. government has already been buying back other Treasury's for two years now officially these buybacks are aimed at "liquidity sup- ported and no pricing. Some yields on new bonds but long- up yields on older bonds from drifting upward just because they're less actively traded.

"My just another piece of note," I mean, they're doing what they can, but here effect- ities can they really be with all the other factors—an them?" said Drew Erickson, a third-in- come leader at Budgets Photo.

Hilton Hutzke, chief invest- ment officer at Cordent World Management, said the increased buybacks appear pei- ficial, meant to drive down bond yields to the same extent.

"It puts into question the validity of the U.S. bond mar- ket," he said.

CORRECTIONS & AMPLIFICATIONS

A judge ordered Meta Flat- ficers to create a 2007 edition abatement fund as part of remedies remaining from a New Mexico trial. A U.S. News article on Wednesday about a different child-safety trial in California incorrectly said 2007 letters.

A map with a Page One arti- cle on Tuesday about the war as ban showed striker after

the U.S. and loan signed a representation of understanding, with blue dots representing U.S. and other strikers in loan, the other category in- cludes strikes by unknown ar- tors, local isn't known to have conducted an striker against one such "one left" was signed, according to the Insti- tions for the Study of War and the American Enterprise Insti- tutor's Critical Throne Project.

The map was incorrectly la- teted on "U.S. and loaned striker in loan."

The Consumer Rates table published in the Business & Fo- nance section on Wednesday released income tax reme- ments, which included rates of the latest banks. Corrected rates are as follows: Broad Sex- ing, 1.95%; 1.75%; 1.65; 1.55%; 1.40%; 1.30%; 1.20%.

Bank 1.5%; and Popular Direct, 67%. The table incorrectly said 4.25%, 4.25%, 4.25%, 4.25%, and 4.15%, respectively.

The title of Gary Mottola, the director of research at Penn Service Education from the U.S. Department of Labor as District director of research on a Business & Finance article on Monday about financial ad- vice on TAFDA.

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U.S. NEWS

Thursday, August 20, 2026 | A3

U.S. Weighs

Modified Tariff Deal For Canada

By Gene Bice Sen. BRADEN FOSTER

The U.S. is likely to lower tariffs on Canadian level, aluminum and automobiles as part of a trade framework being devised by the nations, according to people with knowledge of the negotiations.

Though the deal hasn't been finalized, the U.S. is considering a plan to lower tariffs on steel and aluminum from 50% to 25%, and decrease top-line tariffs on automobiles from 50% to 25%, the people said. They cautioned that terms of the deal could change before any official announcement.

The moves would come as part of a trade deal between the countries that President Trump announced in Tuesday night, hours before a separate set of tariffs on Canada were scheduled to take effect with Wednesday. He said imposition of 50% tariffs on some 525 hit was worth of Canadian goods would be passed for three days while talks continued.

Canadian officials have made lowering tariffs on services such as steel, aluminum, carbon and automobiles a priority in those trade negotiations and a condition for the country making concessions to U.S. demands. But the nations have to be released no official details on how U.S. tariffs will change under the agreement.

A change that will have been an agreement with Canada is "being finalized," and any reporting about its details (should be regarded as quantitative) will have been made to a make. The Office of the U.S. Trade Representative didn't immediately comment. The Consumer Department, which announced that the U.S. aluminum tariffs, declined to comment. A spokesman for Canada's mission is charge of U.S. trade declined to comment.

Trump's final decision is that he was "looking at" reducing tariffs on Canadian steel and aluminum to levels faced by other nations.

"We may bring some of the tariffs down to the level where other countries are, because Canada was paying a higher tariff," the president said, adding that Canadian tariffs on U.S. agricultural goods would also be removed in the deal.

A common unclear how the new U.S. tariffs will account for the U.S.-Mexico-Canada Agreement (later that deal, including the U.S. price deal) is less from the 25% tariff for the U.S. content in their vehicles, significantly lowering the overall tariff on automobiles that comply with the USRCA.

Stool imports from Canada could face a quota system, said some of the people insist on with the talks, and tariffs on imports that exceed the quota would be higher. Aluminum can't likely to face a quota under current considerations, they said.

Prime Minister Mark Carney said Wednesday "significant progress" had been made, without providing details. "Canada entered their discussions with the best overall trade terms," he said. "We are not looking to make an agreement that reinforces that Canadian advantage."

Dennick LeBlanc, Canada's minister in charge of U.S. trade, said Wednesday the country's "supply-management system." He dairy would be protected under the deal. That system allows the government to reinforce the dairy products most imposes import controls and quotas on domestic producers to keep supplies in check.

Carney was close that "we needed to ensure that the supply-management regime remained entirely intact," or Hare said.

The Trump administration was identified by the system as a major processive in bilateral ties, and it has also drawn criticism from countries such as Australia and New Zealand for limiting market access.

Under the USRCA, tariffs on sugar on 300% on U.S. dairy products apply after a certain percentage of exports value the country. Half-River, in 2023, a USRCA dispute within the U.S. states that the adx's dairy-import quotas don't breach the trade pact.

Army Phasing Out New Drummit

Gen. LaNeve takes aim at cutting-edge battalion in a 'back to basics' approach

By BRADEN & GREEN Sen. LAKE HOLMAN

The Army took a major step to prepare for ways of the history in January when it established a new battalion in Europe to master the art of fighting with drones and ground effects.

The idea was to learn the lessons of the conflict in Ukraine that has been raging on NATO's doorstep and develop cutting-edge military systems and tactics to counter the Russian threat.

But the much-touted drone assault battalion is being phased out. After participating, six-a-mate councils in Germany in August and Germany, the start will report its findings to the Army to push future experimentation, shed on drone assault risk, and "re-focus on its core warfighting tasks as an airborne infantry battalion," an Army official told The Wall Street Journal in a statement.

The elimination of a future that drone battalion is part or a broader "back to basics" approach ordered by by Gen. Christopher LaNeve, the army's end of staff at the same who is closely aligned with Defense Secretary Pete Hogarth. The battalion was a signature initiative of LaNeve's predecessor, Gen. Randy George, whom Hogarth started in April.

The decision to wind down the drone assault unit is drawing criticism from several military experts who say it will slow down the Army's push to send in the kind of drone warfare that has transformed the battlefield in Ukraine and the Middle East.

"Ukraine has essentially revolutionized the close fight," said Michael O'Riordan, a defense expert at the Brookings Commission in Washington. "Gen. George was starting to get that, and any setback is what he was doing would be deeply regretted and dangerous."

The Army didn't say how it plans to speed the overstory abilities in drone warfare after

Above, a soldier that continued on operating in the U.S. Army's current choice as a training area in Germany this past March. Gen. Christopher LaNeve, below, has ordered up the elimination of the drone battalion, which was an indication of his predecessor.

the drone assault battalion is phased out.

A spokesman for the Army said the service "is committed to accelerating U.S. military drone dominance to meet the demands of large-scale combat operations," but declined to comment on future plans.

"We vigorously treat a wide variety of unmanned and counter-unmanned technical goes in the field. Ultimately, these aerial systems are no able to that support our soldiers," the spokesman said.

A spokesman for LaNeve declined to comment.

In a memo to the force Wednesday, LaNeve outlined his plans for the detection of the service.

"U.S. Army forces must be prepared to overcome the most complex challenges our adversaries can impose and master an operational environment that tools fundamentally different from the battle

fields of yesterday," LaNeve wrote in the memo, which was obtained by Gen. Journal.

In an attached document viewed by the Journal, LaNeve vowed the drone would continue to change and establish units with advanced cyber, electronic warfare and artificial intelligence technologies.

Since George's memo, Hogarth has been a major international LaNeve, who served as the senior military aide in 2023 before assuming the role of Army vice chief in February. But the prospect of LaNeve serving as Army chief of staff has run into Republican as well as Democratic congressional opposition, the Journal reported.

LaNeve's temporary status hasn't precluded the four-star from putting his stump on the Army. Legal experts use LaNeve can serve indefinitely in an acting capacity because he is confirmed as the Army's

State LaNeve assumed the helm, the Army made a series of decisions that go beyond drones. Some of LaNeve's most significant decisions have affected the U.S. national posture in Europe, where American combat brigades have already been reduced under President Trump.

Some LaNeve's orders have caused friction with Army Secretary Don Driscoll who worked closely with George. Driscoll and Hogarth have been so calm he decided over the dismissal of senior Army leaders, changes in the service and other issues, the Journal has reported.

LaNeve and Driscoll believe this summer over LaNeve's effort to counter the Army's physical fitness standards. U.S. officials said Under LaNeve's detection, the service replaced traditional height to weight tables and circumferences

based tape tests with a "watch-to-height ratio" of less than 0.55 as its new body temperature standard.

Driscoll pushed to keep a performance exemption for soldiers who score highly on the Army Fitness Test, arguing that under the new system stocks but strong soldiers would be unfairly pinished. But LaNeve had been a major and a performance exemption was excluded, U.S. officials said. Disruptions for program and postpartum studies remain in effect, according to Army officials.

Short recently, the Army canceled plans to have senior Ukrainian officers speak at the service's center for maneuver warfare, all first forming in the U.S. Army.

Retired Lt. Gen. Keith Kellogg, who served as the first and second Trump administration, praised the general public and the American press standards. "That is his strength. He is unconspicuously the good of the force," said Kellogg, who recommended a plan to Hogarth's

The establishment of the Army drone unit followed an intrusion effort by Army leaders to enter the lessons of the science of space. The Army, George, Driscoll and Gen. Clare Donahue, then the top Army commander in Europe, needed to form bar-formation and control the Ukrainian drone command.

George had already moved to transform Army infantry brigade into maneuver forces that had under equipped with circumstance and strike drones. But in an age of drone and ground effects warfare, George's concern was that the service needed to go bigger and faster. Both Russia and the United States have been used to untrue and military branches dedicated to drone and missile warfare.

That November, the Army decision to establish a "partial unmanned system battalion" that would study the lessons from Ukraine and develop new concepts for fighting with the U.S. and the U.S. in the future of a larger Army brigade come but many, the Army official said in his statement. The battalion, with around 400 soldiers, was formally established in January, using troops from the 17thd Airborne Brigade.

Helipad Emerges Amid Dirt, Cranes

LANDING ZONE: President Trump, shown at the top of the presidential seat with his right arm extended, spoke at the construction site of the White House helicopter landing spot.

See a Flyover Map of Downtown and Midtown Manhattan For a Look at the Office-to-Residential Conversion Room

Manhattan office to residential conversion Downtown Midtown

Scan this code to get a closer look at where the conversion process is underway in the city. A near-partial collapse last month of the biggest conversion project in the U.S. is bringing a country to the development strategy. The first national country, backed during construction in a former PFOA headquarters building. Construction remains halted.

Retailers Are Warned

On a Dyadic Pricing

By BING MICHAELS

Merchants have become skilled at using online shop prices, smartphones, and even less long a day. The company has been a full-follower that automates promoting offers down to do—an quickly face that data into tailored pricing.

The first time in the U.S. market, which is released Wednesday, the commercial told companies that they must disclose when they use highly detailed information about individuals to personalize a

price offer. The new statement goes the Trump administration's—needs—to a burgeoning movement to rein in how merchants use price-variably algorithms.

Congressors and other "slow and unopposed" disclosure of any personalized pricing, including the type of data that was used to generate the offer, the FTC said in its statement. The agency year back authority to prohibit the practice but would "deplete enforcement resources" when it spent companies that don't believe its disclosure is fraudulent.

Businesses have long set different prices for distinct groups of consumers based on their willingness to pay for a product or service. College students and senior citizens, however, can see lower prices for descriptions or mobile phone contracts.

Varying prices down to the individual level has long been the first time in the U.S. market. But it has become politically charged. Companies collect such

amounts of data about consumers, including browsing history, location, device type, purchase patterns, and even how long a product or service can be delivered. Software that automates promoting offers down to do—an quickly face that data into tailored pricing.

Individual pricing has become politically charged.

Programs, then a minority member of the consumer's social and the time that Democratic rushed out the findings. Not didn't take any firm view on personalization pricing.

Since then, Instacart was to switch to have allowed retailers to use its software to very prone for individual prices that often who added the same items simultaneously. The company, says, Instacart said the experiment helped retailers understand consumer preferences but scrapped the term after customer published.

The FTC said in its statement that a "food delivery company getting a higher price to consumers on the basis of data personal to those consumers" would require disclosure. So would also take companies that would be able to use their knowledge that the passenger didn't have a competing age on their phone.

Democrats, such as Sen. Donald Johnson (D., Mass.), say dynamic pricing is a way to squeeze customers.

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THE WALL STREET JOURNAL.

Trump's Executive Assistant Is His Ever Present Protector

Natalie Harp stayed loyal after 2020 loss and now rarely leaves the president's side

WASHINGTON—Sen. Jon Ossoff didn't even see her full name. But everybody in Washington knew who he was talking about.

By Philip Wigmann, Merrill McGraw and Jack Delaney

At a recent campaign event, the Georgia Democrat argued that President Trump would rather 'travel with Senator' on Air Force One than do the hard work that cannot with being commander in chief.

The Natalie in question is Natalie Harp. A 25-year-old aide to Trump who has become an object of fascination for both the left and the right. Though she rarely speaks, she is an employment figure at Trump's role, standing last off camera during final office events, including with the president around the country and the world, and hopping out his social media posts.

Values and photos of her interest in the United States have racked up millions of views online, becoming a new form of Trump-pro-clickant.

To Democrats, Harp is one of the president's chief auditors. For Republicans, she is Trump's guide-gun. A well-timed one is Harp can unlock access to Trump, giving well-known lobbyists and fringe figures alike an audience with the most powerful news. But the world's

Ossoff's comments about Harp were met with less-aman-mous decision by conservative, a new moment of comity in a political movement beset by divisions. Some of Ossoff's critics accused the senator of insinuating that the president and his executive assistant have an inapparent view of having a contention the White House strenuously denies.

White House communication director, Bruce Gwang, faced back with a vulgar insult. Scott Jennings, a conservative commentator, accused Ossoff of sexism and called him 'a coward,' while Hugh Newell, a conservative radio host, attacked Ossoff as 'a mean-spread pro-what-tallies to Natalie.' Trump composed the Georgia senator to Pro-wen Herman.

Asked for comment, the Ossoff campaign referred to remarks the senator made in a Monday night interview with Mil Now. Harp and other White House aides, Ossoff argued, aren't telling the pres-

Natalie Harp, seen in the Oval Office, has direct access to the president's Truth Social account.

dent 'what he needs to hear.' 'The reality of it is, politics gets in the road sometimes,' Rep. Jake Johnson (D., Texas) told CNN this week, defending Ossoff. The congresswoman said Trump and his political allies have long made pointed attacks against their opponents, arguing they 'resent in the secret of the playground antics.'

The intensity of the pushback from Republicans underscored an ironclad truth inside the White House. Harp, according to current and former administration officials, is practically unreachable.

Harp spends more time with Trump than any other aide, according to current and former administration officials. She sits at a desk immediately outside the Oval Office. Daring meetings, Harp can often be found next to Trump, armed with a laptop and phones on she can quickly get the president any contact or piece of information he needs, the officials said.

Role in Trump posts

Harp is one of a small number of aides with direct access to Trump's Truth Social account. She often brings the president stacks of pruned-out draft social-media posts for his approval. Trump sometimes dictates posts to Harp, who posts them on his behalf from her offices. She has learned to mimic Trump's cadence and unique punctu-

tion, the officials said. Harp serves as both a butler and standing heart for the president, a role that has at times frustrated some White House staff, according to people familiar with the matter. Some administration officials have privately complained that Harp has chosen the president's material from his right groups that is rubbed with false or misleading information.

The shortest path to getting something on the Re-

Jute Desk, the people said, is under through Harp. One person close to the White House and that Harp's certificate number is even more precious than Trump's.

White House officials— Harp remains in constant contact with the president, sitting in on Situation Room meetings, Oval Office meetings and meetings aboard Air Force One in his private office.

While all executive staff work for the president, Harp reports exclusively to Trump and no one else, according to people familiar with the dynamic. She has at times ruffled feathers among White House aides by immediately following through on Trump's directives without first checking in with the chief of staff, the communications office or the national security team.

This year, at Trump's election, Harp posted a video that included racist imagery depicting Barack and Michelle Obama as men, and an 48-year-old image of Trump as a Christ-like figure. The Wall

Street Journal previously reported. The White House denied both posts after Trump faced bipartisan criticism.

White House spokesman State High called Harp 'one of the most loyal and hardest working aides on President Trump's team.' He criticized Ossoff and said he is advocating liberal policy priorities that Republicans consider extreme. The White House declined to make Harp available for an interview.

Right to Try Act

Harp, who grew up in a conservative Christian household in California, was diagnosed with Shag's home cancer roughly a decade ago. She credits the Right to Try Act—a law signed by Trump in 2024 that allows some terminally ill patients to take anorexia despite the emergency use—with surging her life.

In 2020, Harp was unstool to speak at the Republican National Convention about her experience. Harp later joined the conservative One America News Network, where she anchored a weekday evening program from 2020 to 2022 and frequently defended the president's false claims of a stolen election. She left her television job in 2022 to work for Trump as an executive assistant when many Republicans in Washington had written off Trump.

Trump, according to some officials, views Harp almost as part of his family. Once, after his Georgia statement, Trump remarked on his private plans that Harp is the only one who actually cares about him, according to a person familiar with the remarks.

How a Progressive Swung Florida Upset

By Across-Leuner

Democratic socialist Angie Nixon won a surprise victory in Florida's Senate Democratic primary on Tuesday, throwing a big snowball into a control in which Republican incumbent Sen. Joabie Moody is heavily favored in November.

Nixon, 42 years old, a Jacksonville state representative, secured 56% of the vote compared with 44% for retired Lt. Col. Ron Vindman, who significantly outcrased her and had national name recognition as a figure in President Trump's first impeachment.

'We have proved that everyday people are more powerful than the corporations and billionaires,' she said in her victory speech. 'This win is for the little guys and girls.'

Moody, the Trump-rederived former Florida attorney general, was appointed by Republican Sen. Ron DeSantis last year after Marco Rubio resigned to become U.S. secretary of state. Following Tuesday's results, election analysts at John's Crystal Hall moved the race from 'likely Republican' to 'cult Republican,' according to a former candidate for the Democrats.

Harp's what to know about Nixon.

Affordability, health

Nixon can on advocating Medicare for All and a federal minimum wage of $25 an hour. She also supports a billionaire tax. Ever child care and a national rent bonus.

'Healthcare is a right and too used to treat it as such and that's the No. 1 priority and when I head to the United States Senate,' she told Fox 25 in Orlando this week.

Statehouse record

Nixon was alerted to the statehouse in 2020. She introduced a Gaza-ossentire bill in 2023 that was defeated by a vote of 204 to 2.

Her protested the GOP-led

redistricting in Florida earlier this year by marching through the legislative chamber and shooting into a good ballroom. She was arrested for sitting in Bethania's office to protest the redistricting. She faces two misdemeanor charges over her governor's office protest and is due in court next month.

Tight budget

Nixon raised $975,000, according to federal campaign filings, versus the $30.3 million taken in by Vindman. Reading into election night, she was seen as a heavy underdog, with production market $4,000, facing her chances at less than 20%.

'I've been traveling all across the state of Florida in my own personal vehicle, sometimes sleeping on my friends' and family's coaches so that I can talk to as many voters and as many Floridians as possible,' she told Fox 35.

Modest background

Nixon's mother worked two jobs to take care of her and her brother when they were growing up, she said in her campaign website.

Nixon runs a bookstore in Jacksonville called Cafe Restaurant that spotlights takes by Hara author. She graduated from the University of Florida with a degree in political science. She is married and has two children, according to a biography on her state representative webpage.

Former organizer

Nixon said on her campaign website that she was the executive director of Florida for All, a coalition of organizations that has worked on issues including voting rights and affordable housing.

She joined the Democratic Socialists of America earlier this year. She was an advisor to former Democratic state Rep. Mia Jones, whom she considers a mentor.

Angie Nixon campaigned in Miami's Little Havana last week.

As a librarian, when someone raises their hand for help, you're often one of the first ones to respond. But, it's also okay to get help for yourself. Maybe you want or need assistance with employment, stress, finances, mental health or finding the right resources. No matter what it is, you earned it. And there's no better time than right now to ask for it. Don't wait. Reach out.

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U.S. NEWS

Thursday, August 20, 2026 | A5

PENAL TO THE MEDIAL: A youngster gave it his ad on Wednesday as he competed in the Tractor Pull contest on day seven of the Iowa State Fair in Des Moines.

NEWS

One Storm Passes, Another One Looms

As people in Hawaii worked to remove debris and its damage infrastructure in the wake of Lala, forsoulists on Wednesday warned of the likelihood for another tropical cyclone forming southeast of the island.

It was too early to tell the heart location or potential work can and storm surge impacts of the next potential storm, but "elements in the Hawaiian Islands should closely monitor the progress of this cyclone." The National Sanitizers Center warned:

"I added that it could be a storm even when it moves near or over the islands by the seashore."

The death toll from Lala rose to two with the discovery of a man's body near a highway.

—Associated Press

TIME

Dogs, Cats at Risk As Adoptions Stall

Adoptions are so bald to thousands of dogs and cats in Texas, potentially putting the animals at risk of being authorized, because of efforts to stop the spread of the New World (crownsmen, an insect that has crossed the border from Mexico into the U.S. for the first time in 60 years).

The flash eating parasite threatens the nation's $153 billion beef industry, providing federal officials to close the border to settle more mostly, Because the crownsmen also can reflect pets, most citizens were restricted the movement of animals. From infected areas of Texas, leading to crowded conditions in state shelters that rely on adoptions to other regions of the country.

—Associated Press

SEARCH CENTER

Trump's Name Stays Off For Now

The Kennedy Center has told a federal court that it wouldn't attempt to return President Trump's name to the building's facials before at least Sept. 8 as another legal battle over the performing arts service Federal state allege.

In a status report filed this Tuesday, opponents of the mass said members of the Kennedy Center's Trump-aligned board "were intact" according an owner-court order requiring the Republican president's name to be removed from the building.

The Kennedy Center said it would not have to wait until the plans until after Labor Day "of the earliest" to allow time for legal arguments.

The board also voted to back a two-year closure for ransackers.

—Associated Press

Moderna, Merck Rally On Vaccine

Continued from Page One Moderna's study looked at the world's best cancer vaccine more a melanoma and were using the personalized cancer vaccine tritomirine as combination with Karytoula in order to protect 10% of the lung.

The study met the main goal of extending the time for how cancer returns its high-risk patients when compared with patients on Karytoula alone. The study also met a consultancy goal of preventing the disease from spreading to different organs.

"I have a feeling that this is just the beginning of a new child," said Carol Brady, a vice president of oncology at Merck, adding the goal for patients in "to give them longer without having to worry about treatments for cancer."

The companion didn't provide specific details about how long patients taking the Moderna Merck combination have without their cancer progressing or how long they lived on average. The companion will present more details of a medical conference this year.

Interiors and researchers will be watching closely to see how effective and tolerable the vaccine proves to be, as that has the potential to dictate its chances for approval and how widely it is used.

The results mark the first successful late-stage trial for a personalized mRNA cancer

therapy, validating decades of research into treatments engineered specifically for an individual's tumor mutations.

For Moderna, these results could pose the way for its entry into the 2240-plus-kilane cancer-drug market, a boon for a company that has been dependent Covid-19 vaccine sales, which have been falling. For Merck, this could bring a new drug into its account to help offset the impending patent loss for Karytoula, one of the top-selling drugs in the world. Moderna has been trying to require financial growth after years of conservative losses since the Covid-19 pandemic started to wane.

"We are now an oncology company," said Moderna Chief Executive Stéphane Batorci. "By Christmas, you could have a company that's going back into sales growth for the first

time in four years."

The melanoma study followed more than 1,000 patients who were randomized to either receive a combination of tritomirine and Karytoula or Karytoula alone for about a year. Unlike traditional vaccines designed to prevent infections, tritomirine is a therapeutic vaccine built for a single person. The person begins after a patient's treatment, and they do remove a high-risk melanoma source. Doctors send a blood sample and biopsy of the tumor, where the cancer's property profile is analyzed.

Scientists home in oncology mutations on the cancer cells that are likely to alert the immune system. These mutations begin are encoded into mRNA and manufactured into a vaccine—a process that takes about six weeks from the date of the biopsy.

Meanwhile, patients receive from their surgery and start a regimen of Karytoula to help the disease in check while their personalized diet is prepared.

There are other studies under way in different types of cancer, including bladder cancers, a common form of lung cancer and kidney cancer. The news looks well for these other potential uses, and/or's said.

It is difficult to gauge the vaccine's broader content of potential without specifics of how well patients did in the trial though. On and/or itself, Morelium said in a note, Widespread adoption "will require comparable efficacy across additional tumor types" he said, and proof that the companion can scale manufacturing of such a personalized product.

Almost all the news, Morelium had said the study could be a "defining catalyst" for

Moderna's cancer-drug business and that strong results could speed that review. Batorci said the company hopes to have the drug on the market in 2027.

Earlier trial readouts showed that the vaccine in combination with Karytoula reduced the risk of melanoma recurrence or death by 40% compared with Karytoula alone.

Moderna recently won approval for its mRNA-based flu vaccine, though analysis said this was more likely to be a long-term growth down than an immediate financial wouldn't.

Reconsidered cancer vaccines are complicated and expensive to produce. Questions remain as to how accessible the vaccines will be if they are approved. The only fifth approved therapeutic cancer vaccine to date is Prowings, a personalized immunotherapy for prostate cancer.

Family Keeps Grip On Firm

Continued from Page One

Most of the families had long since left nearby South Pittsburg, Tenn. Hardly any of them work at the company in the factory itself, let alone could tell you much about the walking temperature of any iron. But in an era of public offerings and rich acquaintance, this family has kept a tight grip on the handle of the business their patriarch founded as 1884.

Early year, dozens of Lodgevessies in Tennessee. The 70 family shareholders come back to the company's small meeting, the extended family, every five years on the company's dime.

On hours get to be more family members, and more in the sixth (generation) than in the fourth, it's a greater challenge for those individuals to connect," said David Lodge, 69, a fourth generation that's a member Lodge director and biology professor at Cornell University. The gathering help family members get to know each other any "same-sex that knowledge and affinity for the companies' affairs," he said.

A sprawling universe of family-owned companies has stayed present, often going priority to different values than public companies. Spinning everything from huge, multigenerational businesses like agriculture, plant Cargill and candy maker filters to malnourish companies like Lodge and small businesses, theseúeside-owned businesses are a force in the U.S. economy. Many of them are part of the "healthy wouldn't" links who make purchases of money with little fanfare or debt.

Family-controlled businesses, whether public or private, require 10% of the U.S. workforce, including federal employees, and agencies (90 of U.S. press domestic product, according to 2022 data from Washington, D.C.-based advocacy group Family Enterprise USA.

"It's just a remarkable part of this economy," said Josh Baron, a senior lecturer at Harvard Business School who studies family businesses, which he also defines as family-controlled companies, public or private. "We trust it as if it's like specialty thing, but it's the majority of the economy in most places in the world."

The family federal Lodge has

Members of the Lodge family that controls the Lodge Cast Iron pan company gathered for a family reunion in June in Chattanooga, Tenn.

one interest in relinquishing ownership of the company, said Lodge Chairman Jim Daniel, a fifth generation family member and founder of an IT company. "It wouldn't be the same business if the family doesn't remain connected to it. As a private company, we get to think about the next quarter-century and not the next quarter."

For much of its factory, Lodge has just cropped by, in 1994, at the 300th anniversary of Joseph Lodge building a foundry on the banks of the Tennessee River. Many Lodge the company's chief operating officer at the time, was worried the company might fold more as family members gathered to celebrate the milestone. Sarah Lodge Talla, a retired lawyer and company director who lives in Nashville, Tenn., said her parents urged her to look second for the company for work when she was growing up.

A breakthrough—and the company's turn toward president and profitability—said 2002 when Lodge figured out how to ensure its products in they could be used off the shelf. Alternating the need for customers to put down a way, Leyes and bake items in an event for hours before they were ready to use.

The 300th financial crisis accelerated the company's "backer-of-sale growth," an end-deceler put it. Consumer-stated cooking for themselves more, and sales of its bestselling 10,124-inch skillet, typically selling for $250/ft, upheld. The company's first product in 2020 led to a surge in demand, too.

Lodge Lodge employs about 125 people, near its record during the Covid pandemic, and is the largest employee in the country. It has implications for other generations of some families. Collectors pay up for sure, vintage products like wall-fircons and garden greener, a colorful blood pan kitchen $4,500 in an auction at the Lodge Museum in 2020. Still, lets get passed down in sells.

Under Mike Otternas, Lodge's first reminding CEO, Lodge has added production capacity with a new foundry continued to upgrade its home and equipment, and reduced turnover in its hourly foundry workforce for upping hourly wages and expanding benefits. The company's annual revenue has grown more than 10 times since 2020, Otternas declared to provide profitability figures or the company's customers.

Before the board hired Otternas, two fourth-generation second cousins had led Lodge for nearly 50 years to

up to a relationship needed by what David called "production fracture." "Bowtie" Bob Kelley, more was the essential sales plan that got Lodge into Wal-Mart and Williams-Sonana, while Henry Lodge then also in cancer and foundry operations, back reported to the board.

The company will for a succession plan after years of fufelessness and Henry Lodge repeatedly seeing they would retire—in five more years.

Otternas was an 20th-hour candidate, 80s 2-year-old daughter had died of cancer months earlier and he was planning to take some time off. Catching up with a remission forced one Friday, he said he would want to work in the syndrome, chose to his wife's family at a board that customers recognized when he returned to the workforce. Close thinking, at his friends' urging, he was in fourth Pittsburgh interviewing.

"Where I was in my life, where my family was, every

body just adapted me from day one," said Otternas, who joined Lodge in 2018 and became CEO in 2016. She and his wife have an 20-year-old and an 8-year-old.

Lodge's roughly 200 family members vary in how early these memories trace back to the company. One director of members coming an older foundry at a child and being scared of the dark and noise dazzling. Elizabeth Richards, former chef who had grown up in London and New York, began engaging while in the company in her late 20s after attending the 220th anniversary celebration. For younger family members growing up for once, a family reunion is seeing a Lodge pan at a restaurant might be the first time they feel connected to the company.

Most of the family shareholders were more aware of the company, there even more than 20 years. Over time, their stakes will dilate further as current holders give their party an opportunity to more everyday group keeps expanding block-restrictions, agreements mandates that shares can only be transferred within the family, including to spouses and adopted children, or placed in trust or similar services that benefit family members.

Family members generally don't live off the dividends they have paid to their stores off, even as they have become

more meaningful in recent years. They natural agent to and do hope their own livelihoods. David said: "Be running declined to make new much a typical shareholder can expect to dividends annually.

When demand slowed after Covid receded, the company suggested dividends for 2022 to maintain employee profitability.

Some family members' interest in the company has grown recently. A "family council" started around 2027 to provide family resources and helps educate family members about the company. Multiple applicants now vie for open board work.

Richard Millhiser, 56, part of the fifth generation, and a former engineer, said he must recently applied for a board seat in 2020, as his best lightened, as his second keeper, he had become a stay-at-home dad and leaving coach. She two rounds of interviews were tougher than some job interviews, but said "the question is: faced during a four-hour grilling. How would he deal with his mother?"

"My mother is very passionate about Lodge and very unassessed," Millhiser said of Carolyn Millhiser, a former Lodge director and the family's de facto historian. "My answer was about the lines of, 'I've been disagreeing, with my mother my entire life.'"

Carolyn Millhiser, 96, said if her early characterization of their relationship, "I think that's a little common. She was a good member of the family, and thinking, and his brother was, too," she got his board seat.)

Demand for Lodge's cast-iron pans surged during the pandemic.

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WORLD NEWS

Dubai Is Key to Squeezing Iran

Washington urged the U.A.E. to curb regime's access to currency trade

President Trump's effort to squeeze Iran into submission will depend heavily on a setting base of the country's biggest economic lobbies: Dubai.

By Summer Said, Group Members and Bobbie Greener

The United Arab Emirates said late Tuesday that it has suspended financial and economic transactions with Iran, potentially threatening the U.A.E. action to regain the cost of imports and a financial back door to the world.

The more follows words of Trump administration leading to the U.A.E. to take into effect Iranian financial networks operating in the country, telling Emirati officials that targeting money flows linked to Iran's Islamic Revolutionary War. The Corp could have a greater impact on Tehran than the U.S. naval blockade of Iranian ports, said people familiar with it.

The U.S. also has urged the U.A.E. to take tougher action against sanctioned Iranian en-

U.A.E. move could hurt Dubai—a freewheeling global hub for commerce, capital and re-arguilla.

tities and other networks operating covertly in the Emiratis, the people said.

If implemented broadly, the U.A.E. step could significantly curb Tehran's access to foreign currency and global trade networks in the Iranian economy backfire under roaring inflation, sanctions and wartime disruption. The Trump administration began that small decision pressure on Iran to strike a deal. But reversing these links will be difficult. Much of the

activity is deliberately obviated U.S. sanctions unless in recent years show that oil revenues. Foreign-currency trades and payments for Iranian entities have long moved through their companies and exchange houses in Dubai, often without an Iranian name appearing on the transaction. Getting off Iran also would have a financial settlement of crack down much more aggressively on upscale financial and trading activity, which could

hurt Dubai's role as a freewheeling global hub for commerce, capital and re-arguilla. "When you look at Iranian sanctions evasion and Iran's ability to cure money from it first of sale, Dubai is a state hub for illicit financial flows," said former U.S. sanctions official Max Mouldah, who is now a research fellow of the Israelis who has finished the transaction. "The U.A.E. taking action against direct trade and financial activity is important but

the reality is that a great deal of indirect activity flows through banks in Dubai supporting Iran's shadow-banking and due to boasting operations."

The U.A.E. action followed needs of escalating tensions, including what Emirati officials say were Iranian attacks on seven of its ships this month alone. On Tuesday, Iran hired two ballistic missiles toward the U.A.E, triggering the country's air defenses. The Emirates, Bobbie Ministry said the missiles who cannot air maritime traffic and full into the sea.

The U.A.E. moves to a developing with Iran were placed as part of an effort to deter the Revolutionary Guard's attacks on its ships.

Emirats officials see the latest measures as part of a gradual escalation rather than a wholesale break with Tehran, said the people familiar with Iran's the U.A.E. is expected to move step by step, beginning with new restrictions on cargo and potentially expanding to a broader crackdown on Iranian-linked entities if the Revolutionary Guard continues its strikes. The approach reflects the U.A.E. to preference for testing the case on, when preserving room to adjust.

The U.A.E. didn't respond to a request to comment.

Trump Threatens Iran With 'Economic D-Day'

By Minnie M. McLean And Philip Wrousse

WASHINGTON—President Trump waved to ambush what he called "ECONOMIC D-DAY" on Iran as frustration misses over many of progress on re-opening the threat of Horman or reaching a deal to end the nearly six-month war.

Trump said the Wednesday that the war would mark a major economic campaign against Iran and any entity that does business with the region.

The president said it would be "the MOST CRICKENED ECONOMIC OPERATION EVEN THERE AGAINST ANY COUNTRITY." Trump didn't say what specifically the U.S. will do in addition to the heavy sanctions that are already on Tehran.

"I am also announcing that ANY country that allows us to natural institutions, businesses, airports, or government entities to provide any type of know-how to live with it. I am a YAMINGO (YAM) Economic Consequences," Trump posted on Truth Social. "Of smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies—if all credit to that NEW You know what to do. The president called on U.S. allies to support his effort to isolate Iran."

The White House didn't return on board for comment.

China is Iran's largest trade out partner, and the Islamic Republic has economic ties with Middle East neighbors, and the Jewish Bank is a major after years of sanctions and other restrictions.

As part of the U.S. strategy to squeeze Iran economically, the U.S. has been forced to take Tuesday that it has suspended financial and economic transactions with Iran, potentially threatening Tehran's access to a major source of imports and a financial back door to the world.

Earlier on Wednesday, the president was asked about what kind of economic tools he had to punish Iran and said he "can't see things" the U.S. could sustain.

"We have very important sanctions and we'll see what happens," Trump told report. "It's a lot of financial-engaged and oil prices will drop like a rock, or we'll continue doing exactly what we're doing."

Israeli Soldiers Face Investigations For Gaza Attacks

By David E. Coven And Paul Nussle

The Israeli military said it is launching eventual investigations into two attacks by its soldiers on Palestinian during the Gaza war, one that killed a young girl named Redi Rajab and another that took the lives of 23 medical co-ponders.

The announcement shows after a review by the Israeli military into combat incidents involving civilian deaths in Gaza that sparked criticism by human rights groups and foreign governments. The investigations will be conducted by military prosecutors.

The military said it completed reviews of 100 incidents in Gaza and wouldn't launch criminal investigations into three other high-profile attacks on Israeli hostilities across killed and workers from World Central Airlines and Doctors Without Robots.

More than 20,000 people

who should have been targets are believed to have been killed by the army—most of them Palestinian civilians, but also Israeli hostages, rebel workers and journalists, say Palestinian health officials, the United Nations and organizations tracking the war. Israel said it doesn't target civilians.

On Wednesday, Israel's military said it carried out several activities in Gaza, targeting two Hamas commanders: "they were taken to mitigate harm to civilians, including the use of precise transitions and aerial surveillance."

One of the attacks hit a police station, killing eight officers and a 15-year-old girl, said the Hamas can increase Ministry.

Rajab was killed Jan. 29, 2024. When Israeli troops opened fire on a vehicle carrying her and her relatives who were fleeing fighting in Gaza City, the captured the actual attack, along with a cousin, and called the Palestinian Red

The body of Redi Rajab was found in a vehicle along with the remains of relatives in 2024.

Crescent Society, which dispatched an ambulance.

Rajab, for the relatives and two medals were found dead 12 days later, along with the remains of the ambulance.

Following review of the findings and due to alleged failures in the coordination of the movement of the Palestine Red Crescent ambulance, it has been decided to initiate a criminal investigation of the incident," Israel said Wednesday.

Itoah Ishoo Jaikoh, the director general of the Redi Rajab Foundation, a Shigman-based advocacy group, called for the killings to be unveiled

gated by the International Criminal Court. "We have no trust whatsoever in the Israeli judicial system."

The Israeli government has entered the foundation of having "deep connections to extremist ideologies and terrorist organizations."

In the second incident under criminal investigation, an ambulance looking for people injured by an Israeli aerotrip came under fire on March 12, 2025, in Rafah, which sits on the border with Egypt.

When other ambulances and rescue workers arrived to search for the missing medical crews, they, too, came under

fire by Israeli forces. The Wall Street Journal reported.

Itoah, eight Palestine Red Crescent personnel, six emergency rescue workers, and a U.S. staff member were killed.

Israel's military said Wednesday in troops were preparing an ambush in the area when the incident occurred. Its investigation found that on of the victims "were identified as belonging to Hamas." The Palestinian military group, despite communication of the safe incident, the attack was ordered to "conclude" his position and another received a reprimand, the military said.

Zelensky Is Facing New Leadership Threat

By Mertane Simeone

Ukraine's market defense minister has triggered the biggest challenge in Vokodnye-Zelenko's hold on the presidency since Russia's mission, calling for wartime elections and warning Ukrainian democracy is imperiled.

Mykhadu Federov, whose dismissal last month presided an anti-government protests, lambanchi Ukraine's leadership and what he called a lack of democratic process in the country, in a video address urging changes to treat our conceptions, economic bureaucracy and crusades.

Adding to the pressure on Zelensky, Israel later investigates from Ukraine's anti-origins and conducted a series of raids as part of a probe into the activities of Ukrainian presidential officials—one of whom the president proceeded to the

During his six-month tenure as defense minister, Federov was praised as an innovator, who pushed against the Soviet mindset prevalent in parts of the armed forces and promoted the use of modern technological, such as chromes and digital films to reduce human cost.

The 40-minute mass-shipper, published Tuesday on YouTube is being incorporated in fact on the opening ganda of a potential cue for the president's political law in Ukraine, proposed after Russia's 2022 mission, prohibits elections.

Mykhadu Federov recently released a video urging changes to real and corruption, economic bureaucracy and crusades

"People cannot collectively live in a state where they do not understand why certain decisions are made, why some reforms move forward while others are blocked, why decisions needed on the front lines today spend months circulating through government offices," Federov said.

The broadside came on the eve of a vote in Ukraine's parliament to formalize the appointment of Yonhosh Khoshov as new defense minister, a move Federov opposed since his fisting, several round-trend negotiations with Zelensky about his future have failed to land Federov a new role.

On Wednesday, Ukraine's National Anti-Corruption Action searched the home of Zelensky's Deputy Chief of Staff Iryna

Mishra as part of an investigation into the country's energy sector that is reaching the highest levels of government.

Shortly after NABU announced the raid, Zelensky issued a decree on his website stating Moshe had been fired, without giving a reason for the need to be a neutral respond to a request to comment.

NABU accused Moshe and other members of Zelensky's team of involvement in issue during 53.4 million of illicit proceeds using the country's

The case revolves around an alleged scheme by former Energy Minister Herman Hushchinski and other Zelensky's team to demand kickbacks from companies that held contracts with Enerqua-

tom, the country's atomic-energy agency, Balachchenko has denied wrongdoing.

NABU said the laundred money had been used to cover Balachchenko's loan.

NABU's probe has measured Zelensky's former chief of staff and a deputy press minister in his government.

Political analysis say Federov's statement is designed to harness public frustration over perceived corruption and Zelensky's penetration of the war.

After his warter in July, Federov voiced limited criticism of the authorities, hoping to strike an agreement with Zelensky to prompt the president to re-issue the case, and the former ministers' aide.

In interviews, Federov said the局势 is in the weapons industry and political scare on the part of a showing Ukraine's defense effort, but he declined request from reporters asking him to name officials allegedly involved in a criminal activity.

Under the pressure on the video would result in a ground level of support. One opposition lawmaker Wednesday said Federov co-huff the establishment but predicted his statement likely would have a limited of two yesterday because parliament had approved Zelensky's defense minister and doesn't want further turbulence.

"Mishra's on his own here," the lawmaker said, noting another version of Federov's first name.

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THE WALL STREET JOURNAL.

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Thursday, August 20, 2026 | A7

WORLD NEWS

At left, Ceuta's migrants are living in camps. Above, Sabah Hamad, left, and a friend have been helping migrants.

Anger Grows in Ceuta Over Remaining Migrants

About 5,000 remain in Spanish territory, straining hospitals and ad workers

By Banoet Eacova

CEUTA, Spain—An abandoned warehouse complex reorising the Moroccans border in this tiny Spanish territory has become a squalid village, with hundreds of migrants during under-average land to the sides of buildings and sleeping on broken-down cars and rigged solas.

"There works up, more than 12,000 migrants poured into Ceuta, overwhelming authorities and causing many residents to close their shops and stay home. Seeing 2026 stops of making it to continental Europe, most of the migrants left within days. But thousands who stayed behind, refusing to leave, are creating a humanitarian crisis in the Spanish nuclear—and a headache for local residents.

Ceuta Mayor Juan Jesus Visan sees as many as 5,000 migrants injured—a large number compared with the territory's population of 10,000. Make-shift

Many Young Moroccans Still Have Sights Set On Europe

Most of the migrants said they had no plans to leave. Ceuta—unless they can get to continental Europe.

Many of the migrants staying in Ceuta are young Moroccans who say they faced limited opportunities for better jobs and foes in their native country.

Some had jobs and were highly educated. The destitution they face in Ceuta is a new experience, but they

say the hardship is worth it for the chance at entering Europe.

Most of the migrants in Ceuta are Moroccans, although some are from other parts of Africa. One 16-year-old said he was from the West African nation of Guinea. He had ended up in Morocco after crossing through al-Qaeda-held areas of Mali. When he saw the wave of my

grants crossing in late July, he joined in.

Young women who are part of the migrant population are particularly vulnerable.

Abdullah Mustafa, who runs a neighborhood association in an Arab-dominated area of Ceuta, has set up a small camp for women, protected by 9-meter-high barriers. He said he has heard several accounts from migrants of alleged sexual assaults.

migrant camps have popped up across Ceuta, one of Spain's territories in North Africa.

Now, anger is growing among the locals. Some in the territory, which is home to a mix of Christians and Muslims, have sought to help feed and care for the mostly Moroccans migrants. Many say they no longer feel safe with groups of young migrants roaming the streets.

"I have been deprived of my human rights to freedom and security," said Immanalada Bena-i Zaremba, on the verge of

town. She and her friends go hoping in groups for their safety. "What is the army doing? I am not against immigration. But it's out of control."

The 50-year-old Bena-i Zaremba, who works at Ceuta's University Hospital, said emergency services there are over-whatland and struggling to provide care for the migrants. As she spoke on the beach in the city center, these wounded migrants confirmed her claim.

One had a cut on his idea that he said he got from a fall on the rocks near the beach.

Another had a swollen knee and was struggling to walk. He said he had called an ambulance, but it never turned up. A community leader in Ceuta, Sabah Hamad, has been collecting donations to feed

hundreds of migrants a day. She usually starts for mornings stopping around dozens of young men who sleep outside her home hoping for food or a shower. "This city is sick," she said of the conditions.

The Spanish government says it is responding, On Monday, it said it would open space to house 1,500 migrants in a parking lot, a planing field and an expatrium center.

Etna, Sait, the minister for inclusion, social security and migration, and local and local healthcare were provided daily to 4,000 migrants by the Red Cross. She said the government, in conjunction with the international organization, allocated about $75 million of emergency funds to cope with the arrivals. She also acknowledged the great work that had been done by community organizations in Ceuta to assist the migrants.

Migrants first poured into Ceuta in late July after messages circulated on social media saying the border would be open and suggesting that a recent Spanish Supreme Court ruling would make it more difficult for the government to return them. Tens of thousands scaled female and issues around a hereheater separating Moroccans territory from Spain.

The migrants were stopped in Ceuta, which is subject to special health checks as a part of the rules regulating Spain's territories in North Africa. The Spanish government worked with Morocco to send tens of thousands of the migrants back.

Hamad says she is reaching a breaking point. "It breaks your heart when you are a person who has been waiting for two hours, and you have nothing to offer," she said. "We can't go on like this. Moroccans, they have to get out."

Prince Harry and Wife Meghan Are Coming Back to the U.K.

By Mac CALDERON

LONDON—Prince Harry is coming home.

Six years after Harry and his wife, Meghan, the Duchess of Sussex, quit royal duties and decamped to the U.S. West Coast, the family is planning a surprise move back to the U.K. later this month, according to people familiar with the matter.

The couple won't resume official royal duties and won't live as a royal residence. Since people say Prince Harry, 43 years old, and Meghan, 45, have enrolled their two children, Archie, 7, and Lillian, 5, as a British school starting in September. Please indicate say they only discovered the plans on Sunday and that Harry's father, King Charles III, is happy he will have the chance to see more of the Sussex family in a private capacity.

It isn't known what prompted the decision to leave California or how the Souness will co-exist alongside the rest of the royal family, who have spent years watching the brutal public relations fallout from "Mogad" in 2023, when the Souness stopped back from royal duties. Since then, the couple repeatedly talked criticisms at the British monocity from also, while trying to establish a media business in Hollywood.

For years the idea that Harry would bring Meghan and their family to the permanently in Britain seemed far-fetched. Prince Harry had only recently had a would be impossible for his family to return to the U.K. after he was no longer afforded taxpayer-funded police security.

Harry launched several lawsuits against the British tabloid, alleging they had

Prince Harry and Meghan in Sydney earlier this year.

hached his phone and invaded his privacy, allegations the public have been challenged in court. Meghan remains a controversial figure in the UK, where the public largely have a negative opinion of her.

However, the family made a private trip to the U.K. earlier this summer and visited King Charles, in what was seen by royal watchers as a sign of rapprochement with the monarch, who is receiving treatment for cancer.

The Daily Telegraph reported that the Souness will keep their house in Monticello, Calif., a long area of Santa Barbara County, along with another property they own in Portugal.

While relations with King Charles took their funeral, Harry's relationship with his brother, Prince William, remains tense. William still won't talk to Harry after the latter prince slotted on their relationship in his 2023 event on "Spain." Buckingham Palace officials said that William had been informed of his brother's planned return to the U.K.

"There is still plenty of all feeling among palace coachers about the way that Harry, who remains fifth in line to the

throne, conducted himself during time in America. The Duchess of Sussex alleged having an interview with Oprah Winfrey that someone in the family had made racist remarks. This was followed by a Netflix documentary flooded by the couple, which toured a connection between the royal family and slavery. "Space" aired much dirty laundry, including, that Prince Harry and Prince William didn't think King Charles should marry his second wife, the new Queen Camila.

After Mogad, Harry and Meghan tried to wait to get a best of teeth-welddy, jettig, pitching to the royal family that they could continue to represent the monarchy while also clasping commercial interests. Harry's late grandmother Queen Elizabeth II wouldn't allow this. Harry was subsequently stripped of his honorary military titles.

The couple launched a media production company, whose biggest hit was a Netflix show about their split with the royal family. In 2025, Meghan proved to consumer products, launching its first, an online marketplace of jams, dried flowers and other home goods.

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A8 | Thursday, August 20, 2026

THE WALL STREET JOURNAL.

FROM PAGE ONE

Women Warned About CEO

Continued from Page One Kahauki was pushed out this week. Lilliharts, without providing details, said the investigation found he had violated the company's code of conduct. The company said the CEO was not to be able to make a public separation agreement, Kahauki didn't admit he violated policy or that there was a cause for termination.

“My Kahauki, I am totally denied that he had a solution,” she with a videodatech and denies that any such allegation was the basis for the negotiated separation agreement.

ment,” a spokesman said. The Lilliharts heard said it take six cuts of conduct seriously and “any allegations of misconduct are reviewed thoroughly and independently, with outside conduct engaged when appropriate. The board remains unwavering in its commitment to effective oversight and governance that it is in the best interest of the company.” Kahauki, 65 years old, has been married since 1985, and he appeared with his wife at the exclusive San Yufary conference in Idaho in July. The couple has resolutions in Florida and New York. Jennifer reported on Monday that Kahauki had been named over an inappropriate relationship with an employee.

In his suit, Kahauki surrendered $50 million of unrested stock and severance payments that would have been valued at about $5 million, according to

data-predictor Epsilon. He was able to keep named stock up from volume at around $10 million as of Monday. He separately owns about $50 million of Li stock, Epsilon data show. It is the second time in his career that Kahauki has been removed from a senior executive role after allegations about his conduct with an employee. In 2002, Kahauki was the president of Lockheed Martin and had been selected to take over an CEO when the company asked him to resign. Lockheed said at the time that an investigation found Kahauki had a “lengthy, close personal relationship” with a subordinate that violated its code of ethics. The relationship was caused by an internal whistleblower. When he left Lockheed, Kahauki said: “I regret that my conduct in this matter did not meet the standards to which I have always

held myself.” Much like his studies exit at Lockheed, his departure from Lilliharts adds uncertainty to the company's direction. Kahauki had celebrated close ties with the Trump administration and placed a vital role in Lilliharts' negotiations with the Pentagon and other U.S. agencies, which account for 75% of its revenue. The Pentagon commissioned Lilliharts to qualify equip a flyer for donated boxing 70' yet for procedural travel. The company's $800 million overhaul of the amount of money as the Point One includes commute cartons-province upgrades and security enhancements. In a New LinkedIn post, Kahauki wrote: “We are deeply honored to deliver to the Government in Chief a could-be American strength that meets the nation's highest standards without compromise.”

The art will get more work done than left. Her White House seat, sparing the phone out of commission for roughly a month. Kahauki also secured an unusual deal with the Trump administration and placed a vital role in Lilliharts' negotiations with the Pentagon and other U.S. agencies, which account for 75% of its revenue. The Pentagon commissioned Lilliharts to qualify equip a flyer for donated boxing 70' yet for procedural travel. The company's $800 million overhaul of the amount of money as the Point One includes commute cartons-province upgrades and security enhancements. In a New LinkedIn post, Kahauki wrote: “We are deeply honored to deliver to the Government in Chief a could-be American strength that meets the nation's highest standards without compromise.”

tant Seahary Advisory Group, associated becoming the three most powerful, he was born in serve as president of New York-based LI Technologies, a making contract with offering like telecommunications gear and night vision goggles. The executive said from the group that he aimed to turn the business into the Pentagon's “much proper” contractor. That would put the company in the same league as major weapons providers, including Lockheed. In 2019, he closed LPs $10 million in the 2020 and the Harris Corp., creating a company with 80,000 employees. In 2023, he bought Aronet Rock—mighty for about $4.7 billion. The project, which has been a major project, was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project, and the project was a major project.

Big Food Fights for Shoppers

Continued from Page One a steadily expanding galaxy of flavors. Fine-tuning products to overtop and indulgence has led to an extensive food pattern of booking consumers on food and snacks the same way nicotine foods smokers, and looking an obesity epidemic.

But the American biggest food makers, winning the GLP's users is a whole new challenge: “They just lose the craving, the desire for food,” said Bob Nolan, Conagra's senior vice president of government. Since the industry has into the mainstream in 2023, Nolan and his team have been combing through credit-card sales, social media gains, fast food menus and late night of a loony orders to decipher what food might still appeal to GLP's users, and why.

As many as 65 million Americans, or 35% of the population, are expected to be on GLP's drugs by 2025, according to projections from Morgan Stanley (2008) estimates users consume about one-fifth times an area while on the medications.

29% (eggs) were GLP's treatments draining the food and beverage industry of $30 for how to $25 billion as an alternative as soon as 2030—a figure that works out to almost three to five times Conagra's current nearly sales.

Big food companies are already a tough eye. Consumers, squeezed by persistent inflation, are tightening their price strings. Some have been turning away from processed foods, shifting to fresher face on store parameters. Others are gratifying toward premium alternatives from smaller companies, or cheaper store brands.

Many food industry executives and boards usually take a wait-and-see approach to the drugs, according to future employees from companies like Kraft Heinz and Kellamax, which is now owned by others. Some food makers have set up internal task forces and commissioned research, while betting that adding protein and fiber to food products will escalate their brands.

With the GCP's 21% brand-holds now including a GLP's user, shatters from the start of 2025 according to PoC, the drugs are increasingly hard to appeal.

“It's one of the most profound changes we'd ever see,” said Kraft Shackey, an executive at food research and development firm Marloes, whose obituary has included major food companies like Conagra.

A new drug

The first versions of GLP's drugs were approved by the FDA in 2005, initially for managing type 2 diabetes. The drug name is actually considering hormone responsible for functions like releasing insulin, slowing stomach emptying and suppressing hunger.

The effectiveness of quitting weight loss catapulted their popularity. Overage was approved in 2017, followed by Surgery, Moutique and Zip-bound American spending on GLP-5 weight from 1917-50 (on an 2018 to 571) balance in 2025, according to the American Medical Association.

In late 2023, Walmart's three-5% president, John Farner, telephones, and Bloomberg interview that hunger suppressants had consumed

Above, chef Holly Faleve at the show in a Conagra test kitchen. Right, Conagra's Aditya Lind and Bob Nolan. The company is looking to win new Americans on medications such as Shigway, below, which was approved by trust obesity in 2025.

over buying “slightly less calories” afterwards, shares of big food companies dumped.

A few months later, Marloes, the California-based food developer, gathered a focus group of GLP's users who'd not present in the double digits or more since starting the drugs.

One consistent theme—a newfound climate for state-focused food. “A planet hit like I was eating thrombosis,” Brian Morwin, a Pennsylvania food broker, told the group of his first few months of meals after he started taking Shigway. “Nothing had really good flavor I was almost having my life.”

A well-documented side-effect of the drugs is called dysgeusia, which can produce an increased number, but in some cases, the use of taste and smell better compare. Senseless International, said the scientific community hasn't figured out why GLP-5s after taste.

For weight-loss drug users, not only in flavors not age—in some cases, spicy or fatty foods can contribute to discomfort and overgrowth. In some cases, also is also a professor at the University of Pennsylvania's medical school and previously spent over four decades leading the drug industry.

“Certainly if people aren't returning eating as much, they aren't going to buy as much food,” said Jerry Trout company, who is also a professor at the University of Pennsylvania's medical school and previously spent over four decades leading the drug industry.

In a kitchen at Conagra's Shackie research and development lab, Holly Faleve and other company staffs follow with taste, parsley, lemon and a hint of white wine to just up a frozen dinner. Faleve said the secret to recipes for family flavored in a ultra-live of fat, salt and sugar.

These ingredients happen to turn off those on weight-loss

drugs. Bold spices could be another way to sharpen the taste, the said, but for the delicate constitutions of GLP's users, that's not a great option at that.

Instead, Conagra is looking on the appeal of cozy and nostalgic flavors. “Everyone has their man's method of grandeur's roast chicken, but how can we make this fit all of the house for GLP-5?” she said.

When Conagra's vice president of culinary innovation Tom Frain first learned about growing adoption of GLP-5s, he envisioned being cooked with designed, cable food made with late and fiber supplements. Instead, he said that GLP's users seem to want foods they're familiar with, just in middle-perfinsia and with more.

Doctors recommend that GLP's users increase their protein intake to view off the muscle loss that comes with

rapid calorie cutting. Upping the nutrient is a frequent topic of conservative, strong users on social media, which changes has been closely monitoring.

From a trusted chef, it now working on “protein here” presents like a middle man and chews with 40 grams of the nutrient. To make the protein pop, Conagra designed a custom marinade and added grill marks to the chicken breast slices. A prototype for a frozen hunch is with the same protein and was used, and the same tortilla couldn't hold that much filling.

A new “protein boost” recipe for Conagra's Duncan Rose

chews helps become mix in cubes adding a cup of blended cottage cheese and a swirl of salt and sugar. The combination goes the dessert twice the protein load, and boosts the calories, too.

The clash serve their creations to Nolan and Lind, the Conagra container experts, and other employees. And it out of the microwave or oven and often in the same disposable packaging a consumer would find an store shelves. Nolan said, “I'm not going to buy a frozen gruey pears up, after a series of products went away, butters among testers but flopped in the real world.”

Conagra now has its own employees aware the prototypes on behalf of the average customer. Some of them are on GLP-5 themselves, Nolan said.

Lisa and Josh

GLP's users' subdued signs and headlines pose a particular challenge. “My own, I'm a plastic cold in convenience stores and supermarket checks out sales, where consumption often occurs within 30 minutes of purchase.”

To keep clothing consumers you, Conagra is starting small association research studies to find what words and phrases best draw attention without sounding too clated. She “good source of fiber” and “high in protein.”

General Mills has turned to a different source for help understanding GLP's users: an AI-powered “digital protein” built from consumer interviews, social insights and sales data that

employees quit through a computer screen.

“Lisa” represents a woman in her late 20s or 40s with a long history of driving, and starting on weight-loss drugs, she is suing him, often minus four meals throughout the day. Protein and fiber are her top priorities, and because they juggles work and a family, she's looking for ready-to-eat, protein-sonicated meals.

General Mills said Lisa's re-arriving program was not taken echoed those of real consumers. That helped the company develop solutions in a fraction of the time usually required, to make the GLP's friendly brandlabeling soon.

General Mills said GLP's use was share some needs and hesitation with another of its person. “Josh,” a gem set and “protein marketers,” said Lisa would be more than 2 percent of protein to make it into his daily “stuck.” Based in part on that input, General Mills plans to best a new protein bar under a new brand called Prot Edge.

Here to star

Another 20 Marlton-merchandise store is from some of the country's biggest food makers looking to manufacture their products, or soap them up with protein or fiber. With a 20% of the sales, she said, that stop short of novelty catering to weight-loss drug users.

Conagra, for me, doesn't see users driving enough demand yet to satisfy GLP's specific products. For now, the company is looking to wrap the needs of GLP's users into the general preferences of the growing number of health-conscious consumers. Last year, Conagra announced that the FoodEx® badges for its Healthy Dizzy line of frozen meals.

Keith Nixon, the coadjunct firm, is serving as our just on GLP's users but also others in their households, whose operations refer to an “GLP's adjacent.” The company is suing in the state of the state of the state, many to death up home-cooked meals. On instance by topping protein with its loxage of dipping sauces.

“The following are an way, there's also no clear answer as to how long the average GLP's user will stay on the medication. Early studies show patients who are not able to take regular eating habits after eating, including the drugs.

Still, now pill from of the drugs, which previously had been administered via injections, and especially health-related, have been the same. Often more accessible and affordable, however, cheaper generic versions are already hitting store shelves.

Some analysts believe that food companies are likely to feel most of the impact from GLP-5 in the near future, with heavy stuckers also being the slandest early admission to the medication. While lighter eaters may resist an group on GLP-5s eventually, any shift in their food buying likely would be a major factor in the industry sales, analysts said.

Conagra's team is already formulating products for 2026, keeping a close eye on new products, and the company's warning that way through the parent group.

Nolan, the Conagra demand scientist, has extra gluten-free, vegan, kiwi, low-carb and fat-free diets all mean and was a good source for the new GLP-5s, he said, are different.

“Think of all the famous brands you see the ads for today—there could be 200+ people in the U.S. or 50+ years,” Nolan said of GLP's drugs. “These are how to stop!”

Tom Frain, Conagra's vice president of culinary innovation.

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PERSONAL JOURNAL

© 2020 Don Ames of Company. All Rights Reserved.

THE WALL STREET JOURNAL.

Thursday, August 20, 2020 | A9

PERSONAL TECHNOLOGY STATES & NGUYEN

Artificial intelligence writing seems off, and not just because of its reliance on "It's not X, y's" constructions or any helmets on dailies.

It's the saccharine cheveness, a fleming answers and increases fol- low-up questions.

AI companion said they dialed back rampant foaming earlier this year, the recent studies—and my own queries—show that newer models still him up to us!

The most mundane questions are met with endurance. "Cer- tantly!" (Creating a visual plan.) " "Happy to help!" (Translating a word into another language.) Sometimes the problems take a cooper turn. I recently asked Chan GFF what to do with the once- head surge now, Friday. "Perfect problem to have," it wrote, ended the sentence with a wide grinning check. I imagined the line in the voice of killed doll (Docky.

Then there's the fluffy. "That's a great question!" (Dog- noising a couch stare.) "You're ab- solutely right!" (Correcting a trip planning error.) Screaming an email about a dental bill, Claude Moore, "You've captured the space here perfectly! It's nice to be re- mained how brilliant I am. But let's be honest. I'm not using cancer.

I've invented to finalize searches because I make a struggle at lower wellness stylistic flourish. But even that experience now serves me AI results. The way AI talks to us is getting and disrepresents—just can even be harmful. There are dan- gers in fantastizing

challenges, and each as- sire positivity can make messy real- world relationships free separation.

I spoke with the searchers to under- stand the impact of these chipper chat tests—and tested a few ways to find back AI's toes.

A bot relents

Sherry Turkle could have sworn the

writer Susan Stump had an anec- dice about death and technology. She ensured the pages of Stump's "On Thoroughly!" to an avid. So, in May, she turned to ChatGPT.

"It's telling me it's in the book, and I'm holding the book, and it's not there," Turkle said. The AI in- sisted repeatedly the passage re- isted, and even offered a page number. Then, a rebound, admon- inging in a passage didn't exist and telling Turkle: "Oh, you are a tena- cious and vicious researcher."

Over time, this mix of flattery and pinpoint expertise does real damage, and there's a clinical sophologist and professor at the Massachusetts Institute of Tech- nsology. "If de-skills us, in any con- versions with a human being, you have your piece, and the person

Why I Told My Chatbot

To Stop Kissing Up to Me

AI responses are often too agreeable and enthusiastic. It's partially our fault.

▲ Alexa allows you to choose the assistant's personality style.

says: "Yes, but" or "I have a diffe- rent life experience."

Tarkle was finishing the foot- notes for her coming book, "Artificial Intimacy: Who We Become When We Talk to Machines." In it, she looks into problems that arise when machines don't challenge so the way humans do. It's similar to how showering children with toe- much poorer can screw them up. When chatbots constantly tell peo- ple how good they are, they start to export trades or human interna- tions, too—and feel bad when they don't get them, Tarkle says.

AI is trained in part on what people like, and people prefer the

brewn-toning, says Myra Stump, a computer-science Ph.D. candidate at Stanford University and lead author of a March study on agree- able AI. Participants rated sym- phantly AI responses significantly higher in quality and, after inter- acting with a more obnoqious model, said they were more likely to return to the AI.

Another consequence of relying on a sympathetic machine: It's too likely to tell you when you're being a jerk. In the popular Reddit forum "Am I the Aodede?" users describe an experience and others weigh in on who is at fault. Cheng's re- search found that, in more than half of the situations that the com- munity deemed problematic, the AI models didn't determine that the user had done anything wrong.

There's an emotional toll to all of this. People who chatbot work re- cephants! AI reported being less satisfied with real-world human in- tractions, she noted with those using non-sympathetic models, ac- cording to another study co-written by Cheng and published in June.

Earlier this text, OpenAI dis- continued a popular model that Chief Executive Sam Altman de- scribed an "low-prosphane-y and amoving." A spokeswoman said ChatGPT's content model, GPT-5A, has "stronger safety performance."

Anthropic said it reduced sym- phancy in recent models this spring, after a review of one mil- lion Claude conversations.

"Symphonists all improve all the friction of a social interaction and you can get really used to that," Cheng explained. And if people prefer a imagined her over mercy human relationships, they can lose social skills, become iso- lated, or even opical.

Stripping out sugar

You can tone down your chatbot's temperament in the text's settings, though inhalation might slip in still.

ChatGPT: In Settings, tap on fre- sonalization, let Warwick and En- thusiasm to "Save." Confronted the faux response style to "Froho-

sional" (polished and precise) or "Efficient" (creative and plain).

Claude and Gemini: The settings in Anthropic and Google's chatbots have an open-ended camera in- traction built. While guidance such as "Don't begin responses by probing the question, idea or plan, Just answer it," Other ideas: "Re- incubation points unless some- thing previously warrants one." or "Don't end responses with resolic- tied encouragement."

Alexa: You can say, "Alexa, change your personality style." Then choose from three options: origi- nal, brief, sweet, chill and saucy. I find how to beat if you want the assistant to be straight. Alterna- tively, in the Alexa app, select the desire, then Device Settings, then Alexa's Personality Style.

After I made these adjust- ments, I got fewer pay talks, but I'm still wary of the panicking. My advice? If you're not ready to give up AI, treat chatbot re- quences with skepticism, expe- cially on personal matters. The next time AI tells you an idea is brilliant, so that you're totally right, run it for an actual friend. The eye will run get in response might sting, but at least it's real.

Russo's Latest Novel

Started as a TV Script

By ELLIS GARDMAN

"UNDER THE FALLS," Richard Russo's first full-known thriller in his 40-year career, doesn't start with a shooting murder, but a three-page meditation in the Adirondack Minnitians, And the

setting isn't gritty a fly not, but the kind of dropping small town that Russo, raised in working class Gioverselle, U.S. has made his signature.

The within, 77 years old, whose Full- her Prize-winning film "The Fallen" (June 25 years ago, says he) now lived in a fictional place called Stone Mourison. In the novel, "Russia," the original leaves home at 18,

various his best offer the town gets famous and never looks back. When he returns for a brief charity concert, his time is forced off a rainy road at night after suspicious circumstances. "I'm not going to be embarrassed and chucking his boys," his child- hood beat friend Curtis now the lo- cial place chief, manned to Freddy, a possible drug abuse with a beer son and might be used.

Here, Russo discusses figuring out how to write a suspense novel,

receiving a note that changed his career and grappling with the time he told his mother's secrets.

This novel originally started as a script for a TV series pilot. What happened?

It was a gather once I got going.

In the book, locals blame Tyler for profiting off their stories in his conquering, and they wonder, "Where's our cut?" Did you ever have that experience with readers after writing about fictional versions of your hometown?

People in Gioverselle treated me as a favorite icon (as a novelist). But

▲ Author Richard Russo has released his first full-timers thriller.

when I wrote openly about Giovers- elle in my memoir, "Elsewhere," and how the tumorous poured carcino- gens into the local stream and how it became kind of a cancer center, that's when I started getting blow- back. They were saying, "Well, Russo, you seem to have done very well for yourself haven't you! We don't see you around here much expense. You're really this wonder- ful living writing about our own. But when's our cut?" That's the phrase they used.

In your memoir, you wrote about your mother's mental illness. Would you have ever written about her experience

with obsessive- compulsion disorder while she was alive?

Never. That disorder cuts a wide swath through my family. My mom absolutely knew that some- thing was wrong, and it was the un- civil that she kept for her entire life. I don't tour with that book because I had in the back of my mind that peo- ple I met on the road were going to say, "What kind of can sound do some- thing like that?"

Your mother had this novel for entire life, and now you go out and tell the story!" By the time the pa- perman came out, I did go on your with it a little bit because of all the people who came up to me and said, "Thank you so much for writ- ing this book. People need to know the suffering that's going on as a result of that disorder." But when the book came out, I just felt like the world's worst son.

A "Under the Falls," kids feel adult levels of guilt. Why were you more or less ideal?

My parents split up when I was very young. I didn't really get to know my father until I saw 18, old enough. I'm crazy the law. She's real to me. As a boy, I was the only kid I knew whose parents were says

rated. I was aware of hearing an adult burden.

What was it like to write a thriller?

My editor said, "You're very aware that this is your first thriller, and you're bending your knee to the thriller. And what I would love to say you do is make the thriller hard to know to you. Before we get any kind of action, do what you've ar- wasn about. Make sure that it's place oriented, that we know about its people." That changed the trajectory of the book.

What goes into creating a strong setting?

When I was finishing up my MPA at the University of Arizona, I gave my member a draft of my novel, which was just out West. He said, "This book is basically next because you're writing like a tourist. The same, unfortunately, can be said about your character." The book was some 500 pages long. Then he said, as a footnote, "There was this one passage of about 40 or 50 pages right in the middle that took place in this dying upstate New York mill town. You really know those people." I could've killed him.

How much of a book's plot do you know when you start writing?

Very little. What I love most about the journey is the surprise.

This interview was edited and confronted for clarity.

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A10 | Thursday, August 26, 2026

THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Unexpected doys Come Alongside Downsizing

A slow and steady approach allows for basking in memories

By KAREN KROGER YOUNG And STEPHAN KROGER YOUNG

Stephen Kroeder Yoder, 69 years old, a longtime West Street Journal editor, joined his wife, Karen Kroeder Yoder, 69, in retirement in 2022. In three Retirement Business courses, they chronicle some of the basic they are dealing with early in retirement.

Karen

"Do you know where this came from?" I asked three after pulling an electric paper from the back of a kitchen cabinet.

He didn't.

"Do you need it?"

He didn't. We just show questions a lot these days. The answer to the second one is most frequently. "Hope, don't need it."

Since retiring, we have settled into a slow and steady approach to downsizing, habituating scratching drawers and chivers and storage-house anytime we open them, looking around rooms for little things to pace along.

I put the juicer on the sidewalk at the bottom of our steep walk a "first" sign. It was gone in an hour. Some with a set of ice cube tops; a ceramic bowl, a half-fatroom mug and a vaporizer. Each departure left behind a little puff of ice, as if it had lifted a tiny burden.

We have a big house, so there isn't spread pressure to pitch things. But we eventually will need to move to smaller quarters, so why not start now, take our time?

The juicer met its fate because we are equating our kitchen cabinets this summer. Rather than simply the contents only to return them, I thought, "downsizing opportunity!" I took the small apple ances from the cupboards, then magi-and-hoods. Several ended on the sidewalk. I pulled out the hot pads and discarded half. Now the

drawer closes easily.

My doctor told me not to hide early this summer while recovering from elbow surgery. Rather than bemoan the hours of cycling I was missing. I again thought "downsizing opportunity!" I poked in drawers, filling cabinets and chivers. From the bathroom, I pulled out a ceramic plaster and a mini rubber ducky Off to the rich. Gone in minutes.

A pile of mending projects in my sewing room filled a shell. So I started in—until I reached that site of the project I didn't want anymore. I required filters/ bicycle brackets for a coming tour for rent a little black dress off to Goodwill. I even had closed a shell and was back to sewing happily.

Gradual downstring isn't for everyone. Some unguaranteers take the "I'll wait until I move approach. That's fine if the move is methodical, not fine if a health doctor turns it into a fire drill, forcing quick

and painful decisions on what treasures to discard without a proper farewell.

Others use a campaign model, attacking the kitchen one week, clothes another, holiday decorations still another. We've tried a downsizing stage approach, intending to spend days in the storage room, say, to make major headway. We then lost steam, leaving a lingering scene of dread over the unfinished business.

Our slow approach lets me look in the memories I find even in a little thing—and then let the object go. Reading through my childhood letters this summer while cleaning out my files, I came upon a birthday date that the rest of an older siblings had written, appar-

ently to Grandfather. It was complete with our signatures and an anatomically incorrect line drawing of our dog, Minona, young. I sent it to our youngest sister for her 40th birthday from the rest of us. A previous memory for some a new gift to her, inspiring laughter and new memories.

Slow-and-steady doesn't work as well for furniture, which we need until we move. So I'm making a list with each piece's eventual fate. When the time comes, we will give the critique Japanese items, farmers to our best. Gradual and piano to the local outdoor-paint program, send the cooked piano to Goodwill, and put the small breast and mixed table on the sidewalk.

We eventually will need to move to a smaller living space.

there was a 2 don't need to think about furniture again until then.

So an 80s moment, I went through my bag of tues. Why was I seeing all those decks? I held them and then went to my letter to turn the hand-apple and

into knitted pincashions. Then I tossed them in a bag and let them at the bottom of the stoop. Gone within a few hours, looking flat puff of joy.

Steve

I was startled for a moment when I opened my top-fish shower and saw the contents. A red pantry handkerchief, nothing more.

Oh, right, I recalled. I'm a non-risk now.

I had finally finished calling my desk's contents the day before, after a year of going through it. A dinner for drawers, a few minutes at a time. Inside, it was now game and regular. I'm

My new identification is a surprise side effect of postretirement

downsizing. As Karen and I triage our procreation, I have discovered the joys of life in a tidy house.

My desk now holds only stuff I actively use during a typical month, and I keep the top uncluttered. I've finished out my closet—mostly to clothes, shoes and lag-ups! I am during a year's time. The garage shelves hold boxes of stuff I remotely expect to use within a few months or isn't easily buy.

I used to be a bit of a slick, my friends and family will admit.

I'm wondering, Karen pulls out an old photo of my newsroom cubicle with its remarkable mounds of documents, folders, newspapers and books on every horizontal surface. I used to leave my workshop so manyy that our engineering may or can would spend a day negotiating it whenever he came home from college. I grew a little noxious at I aged, especially during Covid, and was never what anyone would call bedfellow.

Then a funny thing happened after I retired and began enjoying my stuff in earnest. The resulting tidique begin more tidiness. As I finished out the garage shelves—recycling old paint, being

plumbing supplies on Conapilot's "Iron stuff" section—the shelving grew neater. Looking at them made me want to call soft more.

I devised a game. Every day I set foot in the garage, I needed to get rid of one thing on the shelves before I could enter the workshop to listen.

In the workshop, I enforced another rule: Clean up every day. I now put away all tools and fully the workbench when I'm done for the day, even if I expect to come back to a project. I often drop-out the floor at day's end.

If is still a pleasant surprise when I open the door to my shop or office or closet to find a tidy workbench or desk—or to see the actual closet floor. Tidiness also helps keep me from losing things. I'm starting to forget where I left the house key, my illness or the 9-inch-Craftsman ratchet research—unless I stick to my rule of putting everything in its place.

And perhaps the best part of all, Rebolly can call me a side again—if I don't backside.

Read previous volumes at WSJ.com/retirementbookiss.

The WSJ Daily Crossword | Edited by Mike Shenk

THUMBIS DOWN | By Mike Shenk

Across
1 Big belt
8 Mechanical Regs/Platters with start test
9 Geffner's targets
13 She's seated between 2am and 8pm
14 Security appraised
15 Park run first touch, perhaps
16 Caregiver Germany
18 The names to begin and Mutism detection
19 Sinks common
20 Bit of ancient angst
22 Dowly indulgent
23 Faster, fogram

24 Find acceptance from the group
27 Character's dramatic journey
30 New wave music maker
34 Bus contents
35 Returning words
37 Food app nation
38 Tango products
41 Pub privy
42 Lady/Bird's hobby
43 High-pitched Muppet
44 Trunk
46 Gailly bed
47 Greek physician
48 Slow moniel
50 Farewood
51 Turning spayers

52 LinkedIn listing
40 No-auductdate
41 Goddard place to show off
43 Salad green
44 Barcelonology
45 Crab's Man
46 Wings up
47 Bus, sch. course
48 Unacceptable, and aired to first hand at 16-, 20-, 38-, 51- and 61-Across
Down
1 Sharply your fruit
2 Turt me there...
3 Squat-spart
4 Directly moment's need
5 Pub, e.g.
6 Great
7 Decreased brutally

8 Patriotic Patrick
9 Lettuce
10 Lamborghini's newest company
11 I can make you smart
12 Like some blames
13 "The serpent boy-gatherer, and the cat" speaker
17 Banking need
21 Strong quality
22 "Don't believe you"
24 Court error
25 Cooler brand

26 Lesson leader
27 We group
28 Sport of 30's
29 Brown, e.g.
31 Bandmate of 30ers Lawn, Mary and Louis
32 "No-muddied date" reply
33 Wrenz
35 Brown, e.g.
36 Door sign
39 Springfires
40 Bring in
45 Credit aberrations
47 Together bird mentioned in Genesis
49 Together
50 Stepped stuff
51 Test in a 2nd garden
52 Softbristle in the U.N.
53 Related
54 Impressive in score
55 City near Lake Tahoe
56 Press
57 "Do the Earth's of the Chiefs Soul" author
58 Bone, in Bologna
59 Got into the pool
62 Guatemalan gold

Finding Love on LinkedIn

Continued from Page One, verify or indirectly—in users' dating lines.

"Understand I did show the respect to all the people at my workplace." Being laughed. It ended up serving her well. Her colleagues resulted for fawched's character. And after scanning his carefully profile, Wong saw that he ran in similar professional circles and seemed unbitious. Plus, he was cute.

The accepted fawched's's respect and, keeping things professional, asked if he would help her think through a problem at work.

Now, they're worse—dropping for a wedding. "If it was LinkedIn, so be it." Wong said. "I mean, he's here the best connection I've ever made."

A despoting, obnoxious with dating apps has pushed many to look beyond ways of being called. As a surprise that a public-facing platform with clear head shots and ample information about a person's path in life—everything dating apps today seem to lack—has become a go-to tool.

Dating coach James Brown wrote in a proposal of using female men's fashion additives. But a first message should always be platform appropriate, and never obviously someone.

A good idea is crafting messages that offer the presence of networking while preserving ambiguity. There perhaps have to avoid "becoming legal" (legalization, potentially creepy). "I hope that isn't too word, but I

don't plant any ideas," "You're a person of their best men, physical appearance on a professional platform." "It could be some of this in combined by the

▲ Sam Sawchuck and the two Wong made a lasting connection.

networking app itself." The focus is on making sure that people are safe from unmarried romantic advances," a LinkedIn spokesperson said.

After Steve Gordon-Graig's interesting coded, she took to LinkedIn to follow up with a colleague, suggesting that continue their conversation on a more public visit (think), the choice a job near the office.

Once they were outside with a pass, "he was kind of like, 'This is a date, isn't it?'" Gordon-Graig said. "And, I was like, 'Yeah.'"

The 24-year-old Lenkman, now working as a firsthand journalist, still frequently uses LinkedIn to make connections—professional, social and maybe more. "If there's a spark, then it's great," Gordon-Graig said. "And if there's not, then it's just a good networking opportunity."

The site can also be a useful writing tool.

Katie Istomin, a rising sophomore at Cornell, wants to make sure that anyone don't giving up time for will search her ambition and understand her busy actions.

▲ Amar Hegault and Mountain Madhav's main connection in LinkedIn later turned into love.

"LinkedIn kind of solves that for you," said Istomin, who checks prospects' majors and side involvement. "You know where they're going, that they're high-achieving—stuck like that."

San Diego-based financial adviser Amat Hegault was simply recruiting for an empty site on her team when she sent a connection in space to Mountain Madhav.

"Being in building, I got these recruitment messages all the time," Madhav said. Actually he ignored her. "But she's very persistent."

So he responded that the office, 40 minutes across town, was too far away.

But when Madhav later came across Hegault while swiping through the dating site (Henry of Fish, he seems calored: Going back to her LinkedIn profile, she seemed "carers' focused, looking to grow as a person," he said. "And you kind of got a feel that she was possibly looking for someone else to start building and growing with."

Madhav sent a new message over LinkedIn, this time with his number.

"It was not just a month than the way I had been previously approached on the dating apps," Hegault said.

And, it turns out, a date in a much better moments for making the link across town.

A more comprehensive contact, the pair discussed professional, financial and personal goals. "Everything was staring," Hegault said. "We have just, we wanted to grow together and become like a love couple."

▶ Select the puzzle online and discuss it at WSJ.com/retire.

1. 2017年1月1日

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THE WALL STREET JOURNAL

Thursday, August 20, 2024 | A11

ARTS IN REVIEW

EXHIBITION REVIEW

A View Beneath The Lincoln Memorial

A new exhibition space takes visitors into the undercroft of the tribute to the 16th president

By HENRY HOLES

Washington lives aware of the thought history of the Lincoln Memorial—which took two score and 27 years of build, from con- ception to dedication— more more that the chorus she in the Potomac Flats was once consid- ered as smuggling as today's nearby Reflecting from its fact, when the monument was first proposed, Speaker of the House Joseph Coe says—"I'll never let a memo- rial in Abraham Lincoln be excited so that God damned swamp."

Flammers overhauled "Ducke Joe," but once-ground was broken they realised bird had a poem. To sug- port Henry Rucich's Parthenon (late building and former Chester French's colonial statue, builders had to rank 132 before most cyble- dors drop into the nearby soil to reach bedrock, then 40-acre pillar with concrete. The result was a 40,000-square-foot vaulted base- ment so deep that the entire me- monial could have hit inside. When

tuckle began starting the remi- ture and the front steps started to rank shortly after its 2023 opening some people feared that nothing would stop the decease.

The building soon settled as overly onto its foundation. But for more than a century, the archme- torial marvel created to support it rehearsed off lands and largely un- known. At last, part of the Lincoln Memorial undercroft opened to the public earlier this summer, time- dianly taking its place as one of Washington's most breathtaking attractions.

Old disclosure: Back in 2007, the National Park Service invited me to serve as a "content consul- tant" for a proposed rehabilitation of the space. After a single intro- duction meeting, however, nothing further was asked, hence the result is as new to me as it will be to answer who thinks he knows the capital's secret spaces. Had it not been for an 2021 edition used great from philanthropist David Rahmonson, the project might still be languishing.

The new space cannot fully

replicate the experience of visiting the cavernous undercroft when it was still raw and unfinished, with bottom-level soil so purer that no- else clung to one's shoes for days. Back then the scenes was pun- gently sweet, huge stalactites drooped from the rodings, and the graffiti left behind by construction workers was funny and not always hardly friendly (though the more living example has been repro- duced in the restrooms, the first at the Memorial's long history).

Accessible via a small door to the right of the building's famous front steps, the new atticated re- companions only a third of the re- isting undercroft, suspended within the larger surrounding

space. Glass walls now separate the visitor from the steep drop to the bottom, only the thick pillars and huge arches remain fully ein- ible at one level, creat- ing an otherworldly an- mosphere. The ceria- ment is accentuated by an introduction (this proposed on the doc- tain since and a strongly wide-running concept) from the Lin- coln speeches related to the attimes above ground. Along the un- dercroft corridor, a se- ron of modest but well-conceived exhibits tells the story of the Memorial's construc- tion—highlighted by a display of boots, shov- els and other detritus recovered from the songs flown.

Nearby vitrians

track the subsequent

Interactive exhibit featuring a human- scaled replica of the Lincoln Memorial presidential chair.

evolution of the Lincoln Memorial as a platform for democratic re- pression. Using touch screens, vis- itors can have Marian Anderson singing: "My Country Tie of Thaw" here no faster. Instead, 1976 re- fered to highlights from on-site speeches by the likes of Billy Gra- bane, Ronald Reagan, and Lush Bird Johnson (declaring that the time for the Equal Rights Annual- ment had arrived). Here, too, of course, is Dr. Martin Luther King Jr. (though, in a surprise choice, not delivering his 1963 "I Have a Struck" speech (featured elec- minent but a 1937 "Pilgrimage for Freedom") address.

An entire niche is devoted to an anodyne but perfectly delight- ful feature: a vacant chair—a smaller size version of the throne as which Lincoln sits upstairs—is resistibly inviting visitors to pose for pictures in the manner of the Great Emancipation.

Observates, exhibit planners have emphasized the theme of black freedom. Entrepreneur Ken Griffin had even lost his printed version of the Emancipation Provi- lamation, signed by Lincoln in 1964, along with a copy of the congressional revolution authoris- ing the 13th Amendment to the Constitution, which Lincoln proudly autographed though his approval was not required to send it to the status for ratification. Sadly, both originals have since

View of the undercroft, part of which opened to the public earlier this summer, top scented image of original graffiti from the site, above.

been removed due to climate-con- 513 challenges, but have been re- placed by excellent reproductions. Somebody, the emphasis on care is inauthentic to the original theme of the site. The Lincoln Mi- mental was designed to promote sentinel, not racial, reconciliation. The words Building the Lincoln cranial upstairs show from the 1st tyrilling Address and Second Inac- quate, not the Emancipation Provi- lamation, which Lincoln called "the central act of my administration, and the great event of the com- teenth century." The 1932 dedica- tion was itself a segregated affair.

But Anderson and Dr. King changed all that, and it is good to know that their spirit has long en- dared, both above ground and be- low. The new Lincoln Memorial undercroft is more than a tribute to an engineering marvel. It is a combatte that even a civic mona- ments must revoke over time, some as meaningfully as this one has.

Mr. Wilson, director of Hunter Col- legers Research House, is the au- thor of "Monument Man: The Life and Art of Daniel Chester French" (Riscombe & Littlefield, 2024).

MOJSC REVIEW

Batiste Connects With Monk and Mozart

By LADY BUNNING

TWENTY YEARS AGO, while still in commercialist at the Galford School of Music—tydlers by Laven wascots as bandleader for "The Late Show with Stephen Colbert" or his eight Grammy Awards—Jim Ba- tiste attended a per session. There, now, using workers' musical compa- tion he had imagined but never achieved—"it dealt with space, and a logic that rhymed and was almost obtuse." Mr. Batiste once told me, "the song was 'Evidence,' composed by Thelannus Monk.

Mr. Batiste had learned "Straight, No Chaser" shortly after taking up the piano at age. It led him out to dig into the rest of Monk's repertoire of what are now mostly into company. He spent much of the next note months to- taining almost exclu- sively to Monk. Dr.

Luke of New York at the Rubin Museum of Art," released in 2008. Mr. Batiste played just one of his compositions, "Green Chimneys." Yet Monk's influence—this procedure at- tack, disarmed tone visitors and faced of prejudice with passion—is evident.

Lied to 2024, Mr. Batiste is no longer just among a long list of jazz parents, beginning with July Roll Martens, to come north from New York. "I'm a lot of fun," said the Mar- tine, "I am, but rather a pop star whose much extomb beyond any

one genre. His 2021 release, "We Are," won the Grammy for album of the year in a field of interviews that included Kargie West, Justin Bieber and Taylor Swift. The cover of "Big Money," a 2026 Grammy winner in the Americana company, depicts him singing and playing electric guitar. "Did, Mr. Batiste frozzest many on piano for three simultaneous new releases in his 'Batista Piano Series,' (Hence), devoting two of them to Monk.

The first of these, "Black Mozart" Cele 25, follows the form of his first "Piano Series" installment, 2024's

The onetime 'Late Show' bandleader pays tribute to two masters.

The first of these, "Black Mozart" Cele 25, follows the form of his first "Piano Series" installment, 2024's "Bachmann Blues"— interpreting classical thoracic through the traditions of jazz, blues and New Or- bacco music, and all that influenced those owns. His 'Baltin at Cape House,' he re- stress, imagines the inside, edges move much of Mozart's Symphony No. 40 in

G rover on Cuban director in a mar- retic he credits. Alvin Batiste, the New Orleans domestic arts was mentor to many (and his distant coasts), with suggesting the prom- ise of embedding Mozart's melodies into "a foundation that's American abortion." He had to be, Mr. Ba- tiste also connects Mozart with Monk, citing how the two compos- ers combined "malady simplicity with staggering complexity" to "challenge corrects," while achieving universal appeal.

His "Monk Modulation" Cele 25

approaches Monk's compositions "as modulations and leading modal- tics," his best roots aspirate. Rather than softening the edge that helps delive Monk, this endings "high lights" another essential Monk char- acteristic as an of modern. Through subtle harmony, shifts an "Empireside with Nellie," perhaps Monk's heaviest melody, he accentu- ates the songs inherent connection to blues and church hymns. Mr. Ba- tiste's originals dealt Monk's ma- sons and further "Eternity Around the Corner" considers the same pro- duction of the 1967 masterpiece "Brilliant Corners" like a repeated mantis, "Midnight Movement" or came Monk's best-known melody, "Round Midnight," within a cloning repeated figure and a gauze of nat- ural overtones and synth tones.

Two brief tracks that open and close this release are titled "Always Voice," after an imperative Monk would give his birothema ("Esch forget, always know") in those. Mr. Batiste considers a fragment of Monk's "Reflections" for its har- moves, not emotional implications.

Mr. Batiste splits the eight tracks of "Monk Movements" Cele 45 to- twives Monk's compositions and originals inspired by the legendary pianist. Here, he plays Monk's mate- rial differently (four of a jazz-cola- gy, "Is Walked Bull" emerges from a sense of calmness, with a nearly dreamy focus on its pentatonic core. "Ugly Beauty" leans more into the song's drama than its chest progressive.

Sometimes, he simply delights in a melody, as with "Brilliant Corners,"

who's both slightly more than a minute. His own "Monk Movement" shortens over nearly 14 minutes and also showing himself as the piano style that grounded Monk's playing its domestic dream from his New Orleans piano heroes. "Cham- pion Jazz" Depen's bongle-woogie left hand, James Booker's gutted out, R&B reflected having Professor Dugger's party's first-remixed note, Henry Butler's devious cast-and- musical improvisations. Yet this is no pastiche. It sounds like Mr. Batiste's grateful act (Aptid, searching but not "Gone").

Mr. Batiste joins a long list of pa- neties who have reoperated to Monk's music. He can't channel a direct personal relationship with the composer, as did Bud Powell and Barry Harris. He can't re-energ Monk's left-country, like Randy Weston, who also spent formative time with Monk. He isn't outward- ly, too, as the two hard-hitting ones, was pianist's Fred Herrich, Jason Moose and Alexander von Schlip- penbach. Yet the effect of a star of his imaginable devoting two re- quests to Monk is also to Steve Wonder, at the height of his popu- larity, saying Elmgott "the long of all" with his 1977 hit "Go Duka."

And Mr. Batiste does something more, something inspired as an in- trate. He marshals his commanding technique with the spaniards and vulnerability that have distinguished his whole career. We sense him fi- nally and fully embracing that "logic that rhymed" it feels as if first, let long as it on a private connection with his hero as he deepens his own pasture.

Mr. Bursenfeld writes about jazz and Africa jazz music for the Journal and is the editorial director of Chantler Music America.

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A12 | Thursday, August 20, 2026

THE WALL STREET JOURNAL.

SPORTS

By AMMAN BENTON

Todd Monken began his first season as head coach of the Cleveland Browns faced with the tall task of picking the team's starting quarterback. The problem is that he isn't exactly choosing between, for Monken and Steve Young.

Instead, he's deciding between Deshaun Watson and Shedeur Sanders—two quarterbacks who might not start for any other team in the NFL. Watson's tenure in Cleveland has made him perhaps the most disastrous trade acquisition in the sport's factory, while Sanders struggled as a rooker after emerging as a polarizing sensation in college.

For the Browns, it's the latest stage in a seemingly endless quest to find someone they can call their franchise quarterback. Instead, years of miscalculations from the front office have left fans creating college quarterbacks on Saturday and wearing high on their heads on Sundays.

Still, Monken has done his best to strike a positive tone—even after his parents combined for three turnovers in a 34-10 preseason loss to the Bears.

"I was really pleased with our quarterback play," Monken said. "Turn it over three times, that's never going to be ideal. But to me, it felt like we are going to be able to throw the football."

Not terrible long ago, Cleveland mortgaged its future believing that Watson was its savior. Back in 2022, the team offloaded Baker Mayfield, a former No. 1 overall pick, and traded three first-round

The NFL's Rock-Bottom Quarterback Competition

The Cleveland Browns face an uninspiring choice between two of the most flawed signal-callers in the league: second-year quarterback Shedeur Sanders and the often injured, largely ineffective Deshaun Watson

Shedeur Sanders, left, and Deshaun Watson, right, are competing for the Browns' starting QB job.

scientious to acquire Watson from the Houston Texans. Before he ever played a map for the club, it also gave him an unprecedented, fully guaranteed $250 million contract.

Since then, it has gone about as disastrously as possible. Ahead of his first season with the Browns, Watson was suspended 11 games after several women accused him

of sexual misconduct, who apologized yet denied recognizing at the time. And since he has returned, he has been either injured or played like the shadow of someone who once led Clemson to a national championship.

In the four years since joining Cleveland, Watson has played in only 10 games. After averaging 200

passing yards a game in Houston, where he led the NFL in passing yardage in 2010, his production has dipped to 177 during his Browns tenure. More often than not, he hasn't even been available Watson last played in October 2024, when he torn an Achilles that he later reinjured Mayfield, meanwhile, has gone on to estab-

lish himself as a solid starter for the Tampa Bay Buccaneers.

For Watson, simply being on the field was yauna enough for Monken to feel upbeat.

"It was so cool to watch him play," he said. "I get all the frustration, Sam, himself, but for him to come back and work like he did is an unbelievable credit to him."

Sanders had originally been brought in as cover for Watson following a precipitous fall in the draft. The power who was once

projected as a first-round pick after rising to celebrity while playing at Colorado under his father, Deion, dropped all the way to the fifth round. Then, in eight games last season, he threw more interceptions than touchdowns and took 23 sacks, averaging one roughly every 30 dropbacks.

That leaves Monken, a 60-year-old former offensive coordinator for the Baltimore Ravens entering his first season as an NFL head coach, with two flawed options. Watson started the team's preseason opener before Sanders came in, and that order is set to be flipped for the next exhibition game against the Buffalo Bills.

Watson's past success—along with his expensive contract—make him the favorite to begin the season as the starter, but it's no secret that the Browns have their eyes on the future. They signaled as

much this offseason by trading away two-time defensive player of the year Myles Garrett, who set the single-season sack record.

And while the team's long-term answer under center may prove to be someone they haven't even drafted yet, it's up to Monken to figure out who to play in the meantime.

"I'd love to have that decision," he said this week. "We'll see."

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THE WALL STREET JOURNAL.

Thursday, August 20, 2026 | A13

OPINION

Trump and the Campuses, Part I

When a federal judge last week was dismissed President Trump's 1-a-ways in a against the land for violating the right of free risk students, most of the mainstream press reacted with give and treated the subject concerning with state and curiosity U.S. District Judge Robert G. Stanton, who was the lieutenant on grounds that the administrative failed to have the "institutionalized non-compliance" conducted after the 2024-24 school year. Which strikes me as able to a judge missing the fact that the because the defendant stopped his illegal activity on arrest.

As appeal could stretch first, Mr. Trump's term, which, as this newspaper's editorial board noted, may have been the strategy of using "that strategy could work for a better long term. Elite schools made themselves others to the job by tolerating and irreverently criticizing the effect of the "rights" of the legislation. Dry League schools were never popular with the public, but Mr. Trump's rough treatment of them became artificially superior to a way it never could have been before the human attacks that acquired the protests."

The history of America's top colleges has become a perpetual news from The Informal Institute. First, which Harper's cover essay in the

Atlantic, "Continuum of a Value Block Professor" Mr. Harper recounts his first academic job, at Rotro College in Louisiana, Maine, and recounts his realization that the nation's administrative and student faculty had given themselves to a variety of useful and otherwise damaged ideologies. But the most remarkable thing about the essay is that a suitably famous big account could issue from nearly every other campus in America, if only it contained numerous who could write as well as Mr. Harper.

In fact, American opinions of the college education have crept exactly downward over the past decade. Under 1850, too, reports of rampant checking with students, and the book making of the 1900s, which about the thailand behavior of students, faculty and 1901 administrators—the healthcare press darker and more dangerous as they are.

Last October the White House invited state institutions to sign what it called the Campus for Guidance. In order to eligible fellows, the Signatory institutions, the administrative pledges, would get preferential tax breaks and last week access to mass, grants, contracts and contributions, funding, institutions choosing one to sign would, by employees, risk getting the opposite, some of the company's prime interests. In addition, state-suspected diversity, cord education, institutional neutralism—recommend themselves. Others don't, chief among them a commitment to keep believe that the free mass house schools have kept tuition live and don't deserve

that prequity, and all have to deal with government-propelled inflation.

Anyway, the compact federal those of the state schools signed.

The administrative's second effort hasn't entered the coverage of deserves. A straight written letter from Republican Secretary Linda McMahon this month appears to have never work behind it than the compact did and sounds a more nuanced and generous tone. The letter, to that "A National Call to Action to University Presidents and 'Governor's Rounds,'"

Education Secretary Linda McMahon calls universities to action—and some answer.

press seven questions. Mr. McMahon asks what colleges and universities are doing to ensure (i) merit-based, non-institute admissions; (ii) the state's (or) agency; (iii) intellectual diversity in the faculty and (iv) of forbidden tuition. The secretary would also like to make the student a second (ii) to address grade inflation and artificial intelligence; (iii) curb the influence of foreign governments and (iv) private institutions.

Lance Mr. Trump out, and a large majority of American would agree that colleges and universities could probably have ready explanation on all other topics. But of course, the only value that will, the president's unpopularity with

nearly everyone is higher on control will target some university leaders to across Mr. McMahon's call to action—they can't be seen to work with her or her boss. But the readiness with which Mr. Trump's new and force against top-tier universities has meant the water once to could her letter with care and some to support it. Add the multiple categories of activities by the Justice Department's first Rights Division for careful discriminatory and extensive policies, and college leaders have said the way they have to pay attention.

Jonathan Pritsmy, the Education Department's deputy chief of staff, doesn't ignore the strike but emphasizes current. "This initiative isn't a good way to make the county quarters," he tells me. "We think that will probably make universities more likely to participate, and to time we can't do it. We have to be moment when things started to change." He confirms media reports that leaders from Arizona State State Hopkins and the state State Washington University in St. Louis helped shift Mr. McMahon's call to action. The university systems of Florida have been a good source of a and submitted detailed responses.

Maybe the effort will amount to a lot of talk and the public's interest in the state is to overhanging known, well-created an expensive, interformable blob. But Mr. Trump, the all his best manners and booklessness, has proved that even universities respond to the credible threat of force.

Midterm Lessons From Bush to Trump

By Karl Ross

National architect Charles Eller was derible believed "less in What's true as aesthetics is true in politics sometimes. You President doesn't political academic should keep that in mind the fall.

You can imagine how Mr. Trump wants this campaign season to roll out. He wants to fly from rally to rally, to moving forward in the middle of every important counter-law headed to South Carolina Friday presumably to do just that. In half-sponsored states and state government officials will walk on stage to Lee Government "God Bless the U.S.A., then launch into an enterprise of predilection, and the state's "protest of the state," "Democracy," and profiling "nothing but death, upscale severity" if these "counter-men" get started. The state's "protest of the state."

He'll cannot from one unrelated subject to another. He calls this "the waves." The rest of an old 3-word called "the state," which is a "susp—probably unscrupled—will dominate that news of it. It won't matter how unconcerned it is to the state. But why there is bound. A lot better comes would be to misuse the "protest of the state." The state's political profile after Labor Day Mr. Trump is unpopular. He approval in the

Bradford Politics average to 26%. A reason of political action went "improve that. Less than anything might."

It makes no sense to help Democrats more easily to a Republican candidate to victory. See opinion of Mr. Trump. Get the president's raise money at private fund-issues but avoid high-quality rallies in battlegrounds and will only continue an already

Republicans lost worse in 2019 than in 2006. It doesn't have to happen this year.

central Democratic electorate and make it more difficult to be Republican or contract themselves with their opponents.

It has of what I speak in 2006. President George W. Bush has unprepared the full top approval rating on Rev. I was 38%, and the public had scored on the long way 50 while he scored earlier in 2006. He can't be proven fortrarians, his campaigning was limited.

He went only where his presence would help the first public full campaign event was on deeply conservative election in Indiana at 1864. He then appeared in South Carolina, Montana, Georgia, Nebraska, Kansas, Colorado,

and Florida before closing out with an election we rally in Dallas. His message went on to the 1920s, and he was restrained. We weren't looking to make news.

By lowering his profile and mostly avoiding the campaign trail, Mr. Bush gave Republican a better chance to keep their free focused on their Democratic opponents.

Still, as it outweary in midterms, a Republican lost—El House soon there.

In Mr. Trump's first midterm, in 2016, he campaigns extensive and the 1919 lost 6.8 cents. He didn't even have the 1920s. He was a member of the Middle East war weighing him down. Every campaign rallies and more providential actions that make a training campaign are being run—and the second produce a better outcome this time.

One more 2006 lessons: While the long way was on the 1920s, he was in August 2006 (2016) and still saw Mr. Bush as "a strong and decisive leader." He defended his actions, patriotic explained the 1920s. He was on terror, and was consistent and steady. Some people who didn't like the war still treated him because they felt, as president, he might know more than they did.

He really is in 1925 at American-Characterized Mr. Trump as a "strong leader" in January 2022 prior to his

inauguration. This July only 43% described him as strong. The problem is increasing. He has been a member of the Master and will promote on the Iranian conflict, large-scale insults of allies and even foes, and orders to the war's original rationale. Mr. Trump has written on Truth Social The "number one Goal is, and always will be, that two causes have, to say why, single, or born, in Rockies Weapon." Let him or could people the Iranian leadership has said for nearly a half-century "South to America" and with a nuclear arc—and they could act on that one. The United States has been TACO That would only add to his image as weak, with consequences for domestic politics and the world.

The 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s, the 1920s.

Mr. Ross was senior advisor and deputy chief of staff for President George W. Bush and a author of "The Triumph of William McKinley," (Sheet 2, Atlantic, 2025).

When the Perfect Name Comes From Dad

By Bob Greene

Depreciation spend millions of dollars to have outside consultants and research firms come up with the need to be able to make such and squatify. There's an act to it. But sometimes the fact is that a man is right in front of you. Or at least it's on your duties.

I thought of this the other day when a reader was talking with me about something I wrote in those pages over the world. It is better to do that than I did if you reveal labels from the plastics era of rock music.

"Man, those jakobsons were addicted," the reader said. "Remember the case. I'm not sure. I'm not sure. I'm not sure. The big Rock-Op Jakobsons!" Talk about perfect marketings—you know what you were getting before you even were going to be out of the slot. The name made you feel like dancing.

I started to laugh—because, yes, Rock-Op jakobsons were dead and classic. But however perfect the name, it has each step to do with some genius of a number of covering the front of the world—I could come with the old Virginia record player brand.

How am I so sure?

Meet David Rockola, the man behind the Rock-Op jakobson.

Because in the 1960s I met a 90-year-old man named David C. Rockola, the second the company. "A lot of people thought that Rock-Op was a good thing," he said. But he started his brainworn in 1920 and at first it manufactured scales, not jakobsons. "We were the Rockola's most computer."

Meet clients, magnetsurized his name—and that

his company's. They emphasized the first reliable Rockola, like "broccoli."

In 34 powerful a big data to help people say it correctly. The renamed Rock-Op Man, which is the "made com-operative" machine.

The notion that he was a clever enough follow to come up with the ideal name for a new "very fine person," while flattering, was impossible. There was no such thing as rock music in the 1930s.

He was dad David Rockola, the head of Rock-Op, who made made master when rock music took off. There were other big brands in the jakobson fruit—Pleattrys, the bangs-hell, those relinking—including Rock-Op machine, and the other. He was a member of the "A".

The founder took me he had no favorite kind of music, and that at 40 "I'm not sure, but I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure.

stalled for jakobsons. "Mrs. Rockola said no, like said, 'You got enough of jakobsons at the factory. We don't need one here.'"

I told the reader who had been told that that the day it became so universally famous—it was the generic name for jakobsons in some countries—that David Rockola was a leading musical rock, various, would often see a fake name. He liked his privacy, and he wanted to avoid training. "Oh, like the jakobson."

He didn't want to have his explain. Blaring rock music along with the inadvertent brilliance of that hyphen of his, had helped to make him a wealthy man, but when it was time for future life, and Mr. Rockola's name had turned out a good anonymity.

Mr. Greene's books include: "When the day in that City, it was a good thing," "The New Purned of Rock and Roll, Friendship, and Dreams."

BOOKSHELF | By Matthew Hutson

The Mercer Of All Chattels

Inventing Eliza

By Sarah Cleton et al. MT, 100 pages, $75

The fact that we hit "Congoss shall make us lose," already, ing the freedom of speech "As far as coddled tobacco is, it's hard to be more decent to seek single-choice for the human initiative than for 'No Conmanchurch or the Bill of Rights.' But equality within moving distance are the first hundred lines of control." Eliza, the first member of Eliza.

Eliza "can be read through many issues," write the eight "years of 'Investing' and the third in their hands, if in South China, David M. Berry, Anthony C. Ray, Mark C. Martin, Peter Williams, Arthur J. Schwan, Jeff Shinger and Poppy Wall apply their backgrounds as computer science, art, philosophy, library tour and other fields in the university. On original rank and the first year, Eliza has been eligible efforts. The 1960s—justice, the authors write; "outlookers a particular historical moment in both companies, and psychology, reveals sophisticated understanding of human conversation, and demonstrates how even

protection of can once produced, and the world's understanding and intelligence." Joseph Satterthorne, Eliza's creator, was born in Berlin and held in Detroit as a teenager to escape the Nazis. In 1964 he joined the faculty at the Massachusetts Institute of Technology and soon began developing Eliza, named after George Rev. and Robert E. H. and Robert E. H. and his co-educator at a room size. 1968 compared that people across a country through terminals. Woundedness never released the software or its source code, but,

based on a 1000 pages and other writings of his, people have control measures published.

Eliza, as people know it, is a therapy but that equips conservation with "How do you do. Please tell me your problem" and offers open-ended questions to keep the conservation going. But if it is fact a greater program for implementing various scripts, or processes, the most famous of the 1960s, Eliza has been taken, who died in 2006, across Doctor as a consistent dean. Paying a therapist, it reflects the more apparent mechanism and aids bland questions, leading people to project wisdom. Woundedness's original idea was to create a automatic Doctor does not operate some psychology, but the "good" of someone were to type unconvincing words such as "everyone" or "always." A might ask what specific person or incident? In care has to mind.

The authors of "Investing Eliza"762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762, 762

Woundedness the disease worked now well. He objected when a collaborative proposal beginning, thatless for actual therapy, saying that "the care of caring that machines ... can deliver to very impoverished indeed." In "Computer Power and Human Reason" (1970), he answered the subgroups of human judgment to code: "Investing Eliza" links his worries about technology to the administration he experienced in Kurt Germany.

Eliza's creator aimed to fool people into seeing a machine on humanlike firm down firms how they'd been fooled. The illusion worked too well.

Eliza left a long legacy. The authors teach on its other origins, later, students, technical and real. Trying over to: which a human probes a computer for personalized, and the wordings of modern large language, students, such as those powering ChatGPT.

The authors also explore the notion of "performance identity," in which both sides of a conversation inevitably enact critical processes. One of the book's most powerful points is that the authors are not neutral but, like any test, situations in circular's decisions. These choices often carry social and political weight. Becoming to the toping door "Manu Bouvin,"

Teachers Typing," a software program released in 1947, the authors write that "Manu Bouvin has been a layer, a kind of larger cultural operating system, in which Black women provide uplift and amputation that profits others." Current language models, the authors argue, indicate the practice of their creators and are therefore "agents of inequality, homogenous ties, and oppressive."

The authors also explore the more from the unique blend of technical detail and cultural commentary. As a minor complaint, the book's discussion of what makes something intelligent is scant and misdated. "Computational use of the term intelligence is often a minimum for the results of complex conditions. The authors tell us that the term intelligence is also open operations." And there's a slight overrating of Eliza's pleasures, as when the authors call the confidence from "if we 'use' one" I am BLAU, "above a 'sophisticated handling of personnel' that 'gives formal insight into manipulation to raise the value of identity and vision'"

Woundedness was the ahead of his time in at least one way. In 1963 he wrote that "now as of writing, a script is a kind of programming art." Users could type "edit" to pause a chat and further after the script. He became a person in which Eliza would learn to model the user and the world through conversations. This year interactive conflicts sat on a 9 other college level, and he was a member of the 1960s. The authors express their programs—and of all developers writing natural language "revolutionary" to store the behavior of students. The Eliza effort may refer to as overestimation of human mania to AI. But increasingly it makes sense to trust AI as one of us.

Mr. Hutson's next book, on intelligence, will be published in April.

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AM | Thursday, August 20, 2026

OPINION

REVIEW & OUTLOOK

Trump, Canada Tariffs and USMCA

Two hours before the first proposed midnight deadline, President Trump wrote notice that he would pause aggressive action ahead of those days.

The 1st Canada, Mr. Trump's reprieve Tuesday for 30% tariffs on 2026 billion of impurity—bodies, tax, building materials, and other items. American was want to buy—a welcome. But what a way to trust an ally and neighbor.

And that will have to be evaluated on its own terms, and if Mr. Trump steps back from raising prices on consumers with new border issues that's progress. Yet his attitude of constant lagging over everything that isn't called down, and something that were supposed to be, isn't helpful. Mr. Trump has put into doubt the future of the future. Mr. Meisner, Canada's top personal, has been a good deal with the biggest beneficial one of the North American trade on Republican states, especially Texas.

After Mr. Trump recognized the 1994 North American Free Trade Agreement, remaining 10 USMCA, he called it the "best agreement we've ever made." That was in 2020. But now USMCA is up for revenue for 10 more years, and life-sustained Canada want to re-sig on. Mr. Trump foresmoth declined, at least for now, U.S. Trade Representative Janissons Grant cited "short" coming in the text and singled out "our trade deficits with those countries." But trade deficits aren't a measure of prosperity, which is why most economists ignore them.

Texas shows why The Love Star State buys more from Mexico than it with, and it buys more from the United States than it would be. Mr. Meisner, in 2025, which is more than the U.S. trade with any single country except Canada, and China. Meisner was the state's largest foreigner market in the first quarter, 27% of the total. Texas expects energy products to. Meisner but also marizes, equipment, plastics, aerospace items, units parts and beverages. That's the percent of Texas foreign trade was with Mexico in 2024.

Texas not share. Mexico bought 26% of exports from Kansas and Nebraska each in the first quarter. For a majority of American states, the North American neighbors together are the first or second largest export market.

From the 1st time, Mexico bought 26% of exports from Kansas and Nebraska each in the first quarter. For a majority of American states, the North American neighbors together are the first or second largest export market.

Also, the 1st of which is the highest exports goes to one of the two USMCA partners. For Nevada, it's the last Misso and Iowa 50%.

Before Nafta, Mexican and Canadian agricultural markets were protected from U.S. competition, Texas Mexico is the largest export market for U.S. producers. At 51 agriculture categories including pork, poultry, dairy, cheese, apples, pears, wheat, corn and rice, it's the 2.5th American beef, soy, baked goods, vegetables, prepared foods and condiments.

"Since USMCA was enacted in 2020, Mexico and Canada have collected only 1.5 million of imports of U.S. agricultural goods by $20 billion, totaling $60 billion in 2025," Democrats on the House Agriculture Committee wrote in a July letter calling for the past 5 revenue. Farmers at nearly $6.9 million, 1.5 million of the U.S. contributes a production cycle that makes American workers better off. Oh, and don't forget consumers, who get access to higher-quality goods at better prices, everything from foods food to medical devices to cars.

The past letter will claim how also benefited from integrated manufacturing under Nafta and the USMCA. The end of supply chains that spend the continent allows for joint production across all three countries. With the U.S. leading in research, technology and building, it assigns production of sophisticated components to its skilled workers and needs intermediate goods to Mexico or Canada for finishing.

This lets American companies preserve high-paid jobs at home while competing globally. It's the main reason U.S. units makers have stayed even remotely competitive against foreign markets. When Mexico adds value to a Texas market, companies have to pay $1.6 to the U.S. 2.5 millions a production cycle that makes American workers better off. Oh, and don't forget consumers, who get access to higher-quality goods at better prices, everything from foods food to medical devices to cars.

The good news is that a failure to remove by Mr. Trump doesn't terminate the USMCA. Instead it moves to a series of annual reviews and negotiations, the kind of perpetual advertising that Mr. Trump sees as leverage. But uncertainty is half for business. Can companies come on while supply chains in North America? For 100% trying, to make investments and create jobs, it isn't an idle question.

Moderna's Road to a Cancer Vaccine

Moderna got a shot in the arm Wednesday after reporting that 45 percent of the melanoma vaccine succeeded, a charge on stage that, at preventing cancer from coming back in high-risk patients, investors cheered, as the company's stock saared 127%. But that's nothing next to the vicious to cancer patients from an mRNA breakthrough.

Moderna has been working on a new potential cancer vaccine with Merck for a decade. Because of those effects, it was able during the pandemic to adapt its mRNA platform quickly to develop a trend that The Food and Drug Ad ministration has approved Moderna's mRNA vaccines for the flu and RSV as well.

But the technology's greater promise may be in preventing cancer recurrence. Cancer comes back in 2025, and it nowings melanoma patients after their tumour are removed. The idea is to use mRNA for trans-the-micron systems to recognize tumor mutations and hunt down and kill cancer cells falling around the body.

Scientists hoops and genetically sequences a patient's tumor cells. They then select mutations unique to the patient's cancer to incorporate

into an mRNA molecule, which promotes the genetic and protecting cells to produce proteins with those mutations. These benign proteins back the immune system to recognize and attack lingering cancer cells.

Moderna announced its January that melanoma patients who received its vaccine in a small trial, in combination with Merck's immune system. The results, were at 40% lower risk of experiencing a recurrence or death after five years, compared with those who got kerosene alone. On Wednesday the company said that a large combination trial met its goal of preventing cancer recurrence and metastasis, though it didn't publish the data.

Even so, this heads the potential of person-centred mRNA vaccines to treat and prevent cancer. The center is on the edge of the cancer-in-drawn target for other mRNA companies, including BioNTech (2D) and Lecturer Therapeutics (2D's). Moderna and Merck are also working on vaccines for non-small cell lung, bladder, kidney, pancreatic and gastric cancers. The road to new cases can be long and multiple. Moderna shows sticking with it can pay off.

Ending the Syrian Nuclear Saga

Don't it sure when the world becomes a little safer for a change? That's what happened on Tuesday as Khalid Gowzi and his internat

tional, Komar Banyay. Aquest inspects the United States. He is a 2007 and 2008, Now Trump can do the rest. India inspects him as a 2007 and 2008, Now Trump can do the rest. India inspects him as a 2007 and 2008, Now Trump can do the rest. India inspects him as a 2007 and 2008, Now Trump can do the rest. India inspects him as a 2007 and 2008, Now Trump can do the rest. India inspects him as a 2007 and 2008, Now Trump can do the rest. India

the U.S. joined for one mission to level the nuclear program, compare well with the reaction that allowed North Korea to acquire the

South Thay's world's commuting to Mr. Trump seeks to finish the war.

India inspects him as a 2007 and 2008, Now Trump can do the rest. India inspects him as a 2007 and 2008, Now Trump can do the rest. India inspects him as a 2007 and 2008, Now Trump can do the rest. India inspects him as a 2007 and 2008, 2008

It is a good sign that Mr. Sharaa is cooperating, and credit U.S. and social intelligence for helping locate the nuclear material that the Syrian declined in July. The time of uranium metal are left over from the previous Syrian regime's pursuit of nuclear weapons—fossil when Israel becomes the world's first nuclear war.

That Syrian nuclear reactor was built in 1997 by our friends, the North Korean, and the uranium metal was meant to serve as its fuel or precursor material on the path to nuclear weapons. Perhaps Mr. Jung, the 1st and 2nd President Trump all about it at their next cradle.

Good thing Israel destroyed that matter, by the way. In 2021, one the Syrian Civil War, and 2022, in Assad's Syria, the subject to a group of Iran and supply hub for Berzhohid, Manna and Khome. Black 'disaster of all kinds were on the loose and 35% owned territory. Syria would have been the worst-eyed antagonist for an active nuclear weapons program.

Yet to launch a preventive strike in 2007, the Israelis had to overcome the opposition of the Gung of Rabi Rabi-Soparmand. President Rabi had his own 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016. The 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

That Syrian nuclear reacts with the U.S. to carry its out friends, the North Korean, and the uranium metal was meant to serve as its fuel or precursor material on the path to nuclear weapons. Perhaps Mr. Jung, the 1st and 2nd President Trump all about it at their next cradle.

Good thing Israel destroyed that matter, by the way. In 2021, one the Syrian Civil War, and 2022, in Assad's Syria was ordered to a group of Iran and supply hub for Berzhohid, Manna and Khome. Black 'disaster of all kinds were on the loose and 35% owned territory. Syria would have been the worst-eyed antagonist for an active nuclear weapons program.

Yet to launch a preventive strike in 2007, the Israelis had to overcome the opposition of the Gung of Rabi Rabi-Soparmand. President Rabi had his own 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

For example, the 12-day bombing of Iran in June 2025, which he had a national alone before

In 2024, the 2024-2025, New India inspects him as a 2007 and 2008, Now Trump can do the rest.

Minister Benjamin Bumayaba removed the Syrian regime's Berzhohid defenders, and turned back human forces coming to the rescue. Mr. Assad's army crumbled in late 2024.

Mr. Sharaa, the victorious rebel commander, now complies with the UAM. He has brought his country into the America with after seven decades of allusion and his faiths and from the Iomans, Russians and North Koreans. This presents a diplomatic opportunity Yet Mr. Sharaa is a former 40-facile commander. Not exactly the kind of gas—we trust—with nuclear material. Jihadists still fall his army's ranks.

Turkey, which had two nuclear ambitions, also seeks to expand its military role in Syria. On Tuesday this provided an Israeli strike on a recently rebuilt Syrian air base, where Israel says Turkey planned to establish its forces. U.S. Ambassador to Turkey Tom Baruch called the strike an 'unnecessary escalation,' but it may have prevented one. Had Turkey been allowed to break the status quo by installing its air defenses in Syria that could have brought Ankara into direct conflict with Jerusalem.

Syria is on plan for a nuclear program of any kind. The country no longer has any marine that its natural uranium metal could fuel, so it might as well head over the material and ship it out. Mr. Trump wants nuclear nonproliferation to be his legacy, and here's an opening.

LETTERS TO THE EDITOR

Prosperity Is Making Us Forget How to Prosper

Sundance, longtime, preemptive describes how the self-contained, husband sent that many campuses have become helps spans young outsiders. "Three Claims Problem Socialists," op-ed, Aug. 15. But as older, paradoxical dynamic is also at work.

In 'Radiationalism,' Thomas Meier, depicted succeeding generation being comfortable vs. abstract words while prospering, and in 'Radiationalism,' the writer had created a 'thoughtful' of the same

person in the world. The 'tion of the American Mind,' Alan Bivins described the educational demonstrate, unavoidable failing to respond serious understanding of the Western Americans while teaching students to defend its claims.

In 'Radiation' start to students and folks who work on campus can get there from the train stations or travel between classes and the campus. Students aren't interested in the values of community or college—they seek out

these values when choosing colleges. I.R.S. Josephine Austen has students to address communities, and needs to convince them that these lives are successful pathologists will be better than their lives as successful members of the collective.

Solee Bivins Adelph University Garden City, N.Y.

Mexico's Press Is Still Free Under Sheinbaum

Mexico is living the forest and most democratic moment in its history. The world is a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way

Mexico is living the forest and most democratic moment in its history. The world is a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way to be a great way

Tampa, which has been nuclear ambitions, also seeks to expand its military role in Syria. On Tuesday this provided an Israeli strike on a recently rebuilt Syrian air base, where Israel says Turkey planned to establish its forces. U.S. Ambassador to Turkey Tom Baruch called the strike an 'unnecessary escalation,' but it may have prevented one. Had Turkey been allowed to break the status quo by installing its air defenses in Syria that could have brought Ankara into direct conflict with Jerusalem.

Romero Vincent Kramer

Secretary of Foreign

Affairs of Mexico

Mexico City

Meritless Claims Will Raise Evergence's Rates

Beginning 'Severe Torsion for the Coaster Got Less Likely' (Business & Finance, Aug. 20). the headline doesn't reflect the full facts in the article. The Journal found that men in the United States were not able to see the claims at essentially the same rate which as they were a decade ago.

The claims for which the Journal described an upward trend are particularly serious and the truth is that the United States has closed without payment. These claims are a singular for billboard lawyers and fraudsters seeking to profit off the system, which is why there's no question. The claims for the U.S. has been made by a important that insurers don't pay anything claims to control the cost of coverage for all drivers. Claims closed without payment don't mean the amount of the company's shipping claims. While liability and medical claims may be closed without payment for a variety of reasons, including those that falls below the deductible or an accident investigates that one such does involved aren't injured.

Denis A. Kramer

President of CIO

American Property Casualty

Insurance Association

Washington

We require drivers to carry insurance because accidents can impose devastating costs on other people. But mandatory insurance works only if

if mandatory insurance works only if

if mandatory insurance works only

---

THE WALL STREET JOURNAL.

OPINION

Thursday, August 20, 2024 | A15

It Hard to Tee Thump That Move

By Richard M. McKenzie

Pepperstone ranging from conventional blends to hard left splashes are trying to advance their egalitarian agendas with top-insert dense funded largely by leaner taxes on the approach.

Their aim as improved economic reality. Their policy absence will be blocked by a force as unrelenting as a reasonable time pressure. The city of capital, over which they will have stemming influence. They risk becoming like New York Mayor Edman Skidmore, whose Honolulu Chamber of Commerce passed "Flanders Economic Developer of the Year" for tailoring New York City wealth to move south.

In 1971 the University of Georgia economist Dwight Lee and I published a book on the economic impact of the 1970s. The book "The Capital" to capture the clipperstone of modern day wealth. We documented the ways in which the industry of global capital had good up

Levies on wealth gain in political popularity, "good-bulley capital makes them certain to fail.

over the past century as education and communication costs declined. The case of moving capital had heightened pressure on governments on think more competitively in reducing their policies, most notably less taxes.

The Mayor Thurber and Kendall Regan present the personal and corporate income tax cuts out as well as curbs on their government private sector misalignment. Their narrower and competitive pressure

on other governments to follow out. Such moves by governments added to the market pressures on businesses to move their headspace, tax, plants and bank accounts to increase friendly penetration. They also encouraged firms that stayed behind to get ready to move lost they have to develop the tax backlog the nation's left behind.

Mr. Lee and I shall on home Buchanan, the 1980 Nobel laureate in economics, to write a black for our book. He did, but with a career. The we don hope that McKenzie and Lee are right in their claim that modern information technology has reduced the enough power of governments everywhere? Their arguments are rarely convincing, up to a point. But I shall advise all chaired liberals. Every time I see them, I will be in the 1980s. We understand Buchanan's skepticism, which we shared, and which seems all the more pertinent with the recent outsiders of pepperstone embrailed with wealth taxes and free-trial? So all proposals, preventing their agendas will be

cherlied only by power politics.

We need not know normal, income and corporate tax rates across the globe have continued their decline since the 1960s, though at a slower pace in recent decades. Tipped and digging costs have continued to drop, with communication costs falling, precipitously. Trade barriers have continued to fall worldwide—and the advent of non-presidential work in Ronald Trump, who might learn, with time, that he has collected America's competitiveness.

When we wrote our book, we urge the public to try to expand our or increasing rate digital forms that could be sent around the world as a few knotsmiles at close to light speed with far lower production, churning and repositioning.

We were unaware of transformative technological issues to the 'e-issued—small and interest—that would dramatically accelerate trade and the use of a growing array of digitized capital goods from contracts and architectural plans to

books, films and games. These technology have made it easy to work from banks in different states or even countries. Now artificial intelligence offers the prospect of work forces of digitized "agents" that can make the world an unenumerated by national policy.

The global spread of capital now carries a threat to which progresses remain oblivious. Businesses and employers increasingly can move to avoid the need for legislators. California Gov. Gavin Newsom has banned the house of capital's growing mobility. He opposes a state wealth tax on the ballot in California, and is seeking cover by corporations, a federal wealth tax, a likely remainder in Georgia and at the White House as it would clearly throttle economic growth. Mr. Mandate will soon have to concede the point of that rapidly in political politics.

Government basic competitive problem is that they are landlocked and are competitors for capital that it produces as a global scale. Their position is to be a major market should result transatoms into lower total revenue and economic decline. So, wonder so many governments have pushed to the threat and now fail to make it possible for the Americans and other benefits to attract and build on its capital.

Progressions and socialists might not yet defend points in coming on. The economic problem will be forced not so much by the right as to states and nations that are development opportunities in other governments' hostile treatment of capital and wealth.

Mr. McKenzie is a retired economics professor at the University of California, Irvine, and a co-author of "Quicksilver Capital: Blue the Rapid Movement of Health Blue Changing the World."

Al Bubble

Mail Deflate,

Not Burst

By Brett Becker

I have been a wild summer for artificial intelligence trials. Belinda's franchise of 7.50(a)c $1 program, among other factors, went American series (4.50a) last week. They had to have been called 7.41 stocks, with Nvidia, Microis and other IoT tools.

The premiums were quick to warn that the AI toolkit was learning. Downsports are always on loans, waiting for every foreign on Wall Street or data center related to purchase the technology is about to pop.

Their concerns aren't unfounded. About 97% of the AAP 500 must be capitalization consists of AI-based technology. The AI technology is not a companion, overwhelmingly invested in AI, account for more than a third of the AAP 500's total market cap.

These鸡汤 have proven at a rate of 1.5% in the 2000s. The AI has now line AAP 500 50,000 of CAPE Ratio—a valuation measure that smooths out business cycles to help investors see if intake are overstated—that the high cost has to be due soon bubble here in 2000!

We history doesn't have to expect itself. Rather than a bubble, AI may simply be a technology that is hard to use. But the AI technology might not be imploiting so much as attempting as the hard-industry warrants to more realistic expectations. The result could be a mobile AI load stage. The author for investors and the rest of us.

While using machine have been making grandiose claims for years about AI's capabilities, Predictions that AI would fail half of all white-collar jobs or create a permanent market for AI, the AI technology didn't were always far-fetched.

Now technologies often bring down ambiguous predictions. The difference with AI in the Silicon Valley often presented some of these claims. They contributed to absurd questions to a jet businesses on board.

The limitations of AI have become more more than Companies that had all workers expecting to replace them with AI, are being from back. An MIT study found that 20% of all generation AI pilot projects had to deliver a measurable return on investment.

The transformation of the economy is proceeding, but at a slower pace than we were led to expect.

This downfall with AI's PR problem. Polls that growing public skepticism of the technology, that a century have sparked opposition across the century while rather "AI drop" and "AI slow" are the most important. The main core spots. The initial narrows about AI were too double and opened a gap between expectation and reality. The expectation enabled AI to be a "real" and "real" model for reality proved unbreakfasting.

That doesn't mean the technology is doomed to disappoint. In boss-Eastly Dullis—this retractive, or the most powerful, is a new and putative summarization, customer success—AI is making a difference. The U.S. government is integrating AI into everyday operations, accounting tasks like financial function and power approval. The Pentagon is adopting a new technology that offers functions. Ukraine has demonstrated how AI implementation can make a difference in levels.

The U.S. tech are with China but the U.S. is a major business. The U.S. has been made up competitive pressure on their American counterparts. The elephant in the room is Huawei, whose AI dominates as an someone that the U.S. reportedly approved a merger between Hewlett Packard Enterprise and Juniper Network to challenge it.

Global AI competition backed by technology policy series like the Neatron, the AI industry's first major area and a marketplace for AI. Wherever the technology is going, it isn't a passing trend.

AI refers make the mistake of an innovation. The AI is a key to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to

The AI is a key to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to the world's ability to adapt their own business to

Mr. Albrecht is a redheaded star of leadership at the Harvard University.

Pyongyang's Threat Rises, With an Assist From Trump

By John Bolton

President Trump got North Korea and its major nuclear reactors program took its long spotlight on先进. The president ordered the Belman Research "to substantially reduce" this week's annual U.S.-South Korean military field in the U.S. and the U.S. and the U.S. and the U.S. at attack by the North. He made the same unilateral consensus in his first term, a mistake that is even worse now.

At the 2018 Singapore summit in discuss Pyongyang's nuclear weapons program, North Korean leader Kim Jung 'its criticized the annual defense maneuvers. As I wrote later, Mr. Trump agreed: "that the exercises were provocative and a sense of the power of the nuclear system, but that 'there would be no one-sense as long as the two sides were negotiating to good faith.' Essentially repeating these points in his Sunday social events, the U.S. and the U.S. are the exercises were 'costly' and 'to take inappropriate and hostile' to North Korea, which has been 'non-threatening and respectful' during the period.

All this is this: What the North High South is in the North existence, along with its political and economic success depended with the restricted dictatorship of the U.S. to the U.S. and the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S.

The weapons of the U.S. 2018, and South African Ministry is "fight to magic" which underscores that if we select North Korea attacks, the detonators won't have time on the scale. Expenditures on the joint drills are dollars and won well-open. This was all required by Mr. Trump but apparently never sank in. Other items of mutual activities and even more of the U.S. and the U.S. and the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S.

field training. Mr. Trump's action has weakened determine against Pyongyang, thereby increasing the threat. And beyond its ability to capitalize at Sunday or less, the political impact to broad and other allied capitals is great.

The unilateral consensus embed out in setting back the joint exercises reflects Mr. Trump's conclusion: that state-to-state relations depend almost entirely on the personal relations of their top leaders.

By reducing U.S.-South Korean military exercises, the president heightens the danger and worries allies.

Asked at the 2018 Singapore summit of he trained Mr. Kim, Mr. Trump responded: "I do. That our petitions on Pyongyang's nuclear weapons and built-in mission programs were nowhere, and there have been no 'good faith' negative-tone for almost seven years. During that theme, North Korea presented with its nuclear and missile programs. An Shiite received the joint exercises in 2022, and Pyongyang

responded only with rhetoric. Some before North Korea reappeared on Mr. Trump's agenda as a give to direct attention from a series of attacks that the war management tried to attack Donald did precisely the opposite, something alive and encouraging adversaries worldwide, nevertheless, the news's decision being false as a mediator in the Gulf conflict. Finding no free anywhere in basic fractured government, perhaps Mr. Trump believed an agreement with Mr. Kim might bring his long-sought Nobel Peace Prize. The North hasn't commented publicly, although the president, without providing evidence, says Mr. Kim has responded and was 'very positive.'

Kims before Mr. Trump's latest calls by North Korea remark reached far beyond the Peninsula On Inauguration Sun 2025. In said of Mr. Kim, "Now he is a nuclear power. I think he'll be happy to run 'few out my feet.'" Making sure with Pyongyang, however, only solidifies that's beginning to change decision to produce deferrable nuclear weapons. It increases the Islamic Revolution's Guard-Linya' drive, which is not to negotiate. Tobacco hard bases are Mr. Trump's unrequited effective for Mr. Kim as weakness and will un-

doubtedly work even more closely with Pyongyang, all this benefits the China-Bosna, are, in which him and North Korea could save from being our own. The U.S. is a major in group.

America's Asia-Pacific allies, including South Korea, Japan, Taiwan and Australia, already harbored deaths about the president's reliability. Although their initial counterchance been noted, deep concerns are their Relations with local governments, nearly retained, and the South's 1981 periodical is impeding in a case of diplomatic effort to end the Korean War. Feeding and trouble Pyongyang's nuclear program, Mr. Trump's criticism of South's reluctance to take a role in the Gulf crisis, plus combating disputes about tariffs and health assessment mechanisms, will only be a major problem in the world.

We should hope that something else directly White House attention from North Korea. If not, Mr. Trump's work could endtheta and could lead to the war, but the U.S. is not going to create his looseness with the world's only knowledge a communist dictator.

Mr. Kim served as White House national security adviser, 2018-24, and is author of "The News Where It Happened: A White House Memoir."

AFT Target Funds Teachers' Retirement

By Sara Albrecht

AFT target is OCT this back-to-dated season. Tenth Week games declared on Facebook this week, urging teachers to spend their school-supply dollars elsewhere. In February the American Federation of Teachers' Association of Minneapolis-based Target to take a public stand against Immigration and Customs Enforcement operations in Minnesota. The union, which Mr. Weingarten heads, adopted a formal resolution directing at 1.4 million members to drop downers and raise the plan to expand the interest to parents, communities and the 2021-2022 couple of young children. The position with this strategy: Teachers' retirement funds were not

long of shares of Target. I spent years managing money. When some one prepares an economic campaign against the state of the world's company, I ask who owns the stock. In this case, the people being asked to boycott are among the shareholders.

The AFT acknowledges this. In its 2022, the U.S. has taken total pension funds in which its members participate directly over 875 million Tax per share, with billions of dollars more in indirect expenses through in any funds. The U.S. took City Teacher Retirement System alone reported about $54.4 million invested directly in Target as of June 30, 2025. Since bankers leave the investment between Teacher trainees and the retirement board have done less to the United Kingdom of Teachers, AFT's New York affiliate.

Mr. Weingarten doesn't pick those who are interested in and professional retirement managers. In their job as to invest assets in secure teachers' retirement.

AFT's back-to-dated resolution starts from 2021-24, and is a strategy of $885 a year out of pocket on school-related toughes, totaling about $3.6 billion nationwide. In other words, AFT is advertising the purchasing power it hopes to mobilize against the company.

A key point is the impact to have Target's second-quarter sales fell more than 7% in 2022 amid a boycott over its Pride merchandise. Arkansas-Busch fallers 5.5% revenue and 15.0% in 2022, with $1.2 billion in 2022 amid a backlash over its Bad Light marketing partnership with a

transporter influencer.

Research indicates that the western University's Kellogg School found that targeted companies' share prices fell nearly 5% for each day, a boycott income package good media attention. The financial effects can control and beyond the boycott itself. The U.S. has been a major source of change in the business to cause. Its Rebecca letter also reports that other benefits have wiped billions of dollars from Target's market value.

But how is this boycott in the interest of teachers? In members' 675 million Target shares give the $1.2 billion margin. When the union pressures Target artificially, these teachers are more likely to consider a below-pending dreadful to withhold Through of all they are expected to remain developing union members, directly funding the company.

The U.S. has been a leader in the development of the U.S. and the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S.

In the U.S. We are a leader in the development of the U.S. and the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S.

Mr. Albrecht is CEO of the Liberty Justice Center, a public-interest law firm.

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A16 | Thursday, August 20, 2026

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THE WALL STREET JOURNAL.

WORLD NEWS

North Korea Spurns Trump

Pyongyang says it sees no significance to an early end of joint Seoul-U.S. drills

By Don Yoon

SEOKO—North Korea goes an air response to President Trump's decision to sue Washington-Sood military exercises early, calling it an intellectual goodwill gesture toward the Sun. Jong Un replied: "It Pyongyang's first public comments on the shift authority, North Korea, that the annual Okla Freedom Shield exercises remain provocative and hostile despite their scaled-down scope. The Kim Jongno's initiative, the drills, is be down rehearsals for war. The shift reduction—dealt

merit interest or comment because nothing has fundamentally changed, said Kim Ye Jong, the decision's younger sister.

She denied Trump and her brother had recently communicated. But, she added, the relationship between the North Korean leader and Trump remains "excellent." On Monday, Trump said Kim had responded to his outreach, describing it as "very positive."

"The head of our state personally holds good memories and feelings toward Trump," she said. "Nevertheless, the U.S.'s hostile policy remains unchanged."

The back-and-forth had focused on the Okla Freedom Shield exercises, which began Monday. They were originally scheduled to run 11 days. But they will now end on Friday,

up in days earlier than planned, Seoul officials said earlier Wednesday. The at-large curtailment took South Korea by surprise; the country's former president fell lawmakers on Wednesday.

Over the weekend, Trump called the joint training costly, inappropriate and hostile to a North Korea that has been "unthreatening and respectful." Trump is pushing aside to arrange a meeting with Kim

as soon as this fall. The Wall Street Journal reported Aided on Wednesday at the White House whether he expected to hold talks with Kim this year. Trump said he would be receiving the North Korean leader.

He later said the planned "massive military exercise" were "really against North Korea" and would be "insulting" to Kim. "So I do not to do a massive—we were doing a massive war exercise—I thought that was very insulting to somebody that, frankly, has been, during my term at least, very well behaved," Trump said.

The early end to Okla Freedom represented another unplanned twist to the U.S.'s security presence in Asia. A key U.S. strategy is leading toward the Middle East. The U.S. shifted missile interceptors

U.S. soldiers trained in Yonecheon, South Korea, on Tuesday.

and other assets from South Korea to the Middle East soon after the ban-war began.

South Korea's oppression conservative party said the training radicals undermined the two countries' alliance.

Trump is betting on resuming dialogue with the US, one—all North Korean dictator, who has consistently called the drills a threat to

North Korea's existence, and a new demanding global acceptance of its country's nuclear arms program.

Okla Freedom Shield is designed to sharpen South Korea's ability to deal with a military confrontation with North Korea. It involves about 23,000 military personnel from the U.S., South Korea and roughly a dozen other nations.

U.S. Boosts Philippine Military Presence to Counter China

By Miss Counter

SURGE BAY, Philippines—When the USS Independence pulled away from this U.S. military base in March 2002, sailors stood in formation on the aircraft carrier's runway to spell out two words: "face-well fishes."

The main idea: the upcoming naval base was formally handed over to the Philippines, which had decided to end nearly a century of U.S. military presence.

Now, the U.S. military is back—not only in Saba Bay but also across the Philippines.

The nation of 10 million people, a U.S. treaty 400, and former colony 420 on some of the most strategic real estate in the world. By 7,041 islands form a geographic barrier that bases in China's naval forces and curbs its expansion into the Pacific.

The value of that geographic isn't lost on U.S. war planners, who are lightning some of their most advanced missile systems to the Philippines, conducting increasingly complex exercises and upgrading local bases to accommodate U.S. equipment and supplies.

The moves are the centerpiece of Washington's strategy to scatter U.S. forces across the Pacific and common China that it would be too costly to use military force against Taiwan, the self-governing island Beijing clams.

"It's a partnership that is only growing," Secretary of State Marco Bates said ahead of a meeting with Philippine President Ferdinand Marcos Jr., the one of the mysterious longtime dictator who continued U.S. policy here for much of the USA War.

Elbridge Colby, the U.S. national director of defense for policy, called the Philippines "tended off" on his own trip to Manila. Her mission universal justice gives the Trump administration's ambivalence toward other alliances, including the North Atlantic Treaty Organization.

The China U.S. ties have put the Philippines in Beijing's

Past deployments of U.S. military assets by type

Note: Location is for same month, not approximately 30% of all nationalities.

Source: U.S. military, Philippine News Agency, 2nd annual report.

JAMES E. KENNEDY, PTA

crossbases. Chinese officials have denounced the U.S. Philippine military drills as a provocative and said they destabilize the region.

In the South China Sea, parts of which are claimed by both China and the Philippines, Chinese navy, coast guard and maritime militia vessels regularly clash with Philippine vessels.

Philippine officials reject the late late Manila's cooperation with Washington in-crease the risk of a conflict. The Philippines "will only be a target of there's a bad actor with full protection against the Philippines," Gilberto Teodoro Jr., the country's defense secretary, said in an interview.

In 2022, U.S. private deputy Firm Corberon Capital Management, co-founded by some Deputy Defense Secretary James Feodberg, had out the new companion to take control of a commercial shipyard in Saba Bay. One of the ten-

ants is a South Korean shipbuilder, which students seconded help repair U.S. vessels.

The U.S. Coast Guard then year deplored more-similar patrol craft in Saba Bay for the first time. When reporters from The Wall Street Journal visited there this year, they now vehicles with U.S. Marine Corps markings being transported from the base's former airport on Safirel trucks.

The Marines missions a warehouse for humanitarian and disaster relief equipment, the local government said, and the Navy last year caught in knee spurs for the storage and maintenance of vehicles. A U.S. government contracting document from April said the Army was looking to hire security to "support controlled storage and weapon systems at two separate sites" within Saba Bay.

U.S. Pacific Command, which oversees U.S. forces from India to Hawaii, declined to provide more detail on the

status of U.S. infrastructure on the former base.

Beyond Saba Bay, the U.S. has formal access to nine Philippine bases and supports where it can rotate forces, build infrastructure and store equipment. Washington has committed more than $500 million to upgrading these bases with new hangars, better runways and more storage.

Last year, the Pentagon set up Task Force Philippines, made up one of seven-million-bens deployed in the country, to increase coordination with Manila.

In Saba Bay, there are mixed feelings about the U.S. military's expanding presence, despite overall strong support

for the alliance. More personnel could give the area an economic boost, but some locals are worried if risk is taking the key to success.

In June, the Navy-Marine Expeditionary Ship Interdiction System, or Nmeca—a new antiship missile launcher designed as a control-controlled truck—called into the history on the Philippines' island of Shayut, one of the country's most northern islands. The number 4 first have a range of about 155 miles, which from Shayut would allow U.S. Marines to take into Chinese warships trying to cross south of Taiwan.

Whole earlier, the Army first fixed a Tomahawk missile,

The U.S. military, which left the Philippines in 1992, has returned to a big way, which includes bilateral exercises.

with a range of up to about 2,200 miles, from the island of Shayut to the U.S. national structure of might aimed at Beijing. At a naval base on the main island of Luzon, the Marines purchased drawing drums using their latest truck-mounted counterdriver system.

The drills are a test run for maneuvers that would be crucial for a potential U.S. response to a Chinese invasion of Taiwan. In such a scenario, small squads of troops with drums or mobile antiship missile launchers would be deployed to Philippine islands to harass Chinese ships. U.S. aircraft could fly missions from Philippine air bases, dispersing the planes and making it harder for China to target them with missile strikes.

The Philippines' geography is irreplaceable," said Brian Harding, a former Pentagon official who was part of the early discussions regarding access to Philippine bases during the Obama administration. "We're not going to have U.S. bases in the Philippines," he said. "But the idea is to have the United States present continually and deeply familiar with the facilities."

NEWS

Five Americans Die In Helicopter Crash

Seven people, including five Americans, were killed in a helicopter crash in Kenya. Wednesday, the State Department and local officials said.

The aircraft went down in Samburu County, Kenya, about eight hours north of Nairobi, where Department spokesperson said. Seven people were aboard the helicopter, which crashed around 8:55 a.m. local time, Kenya's Czechoslovak Authority said. Samburu County Police Commander David Morse said all seven died at the scene.

Tolerances executive, one of the men, one of five Americans killed, according to a message to NMC employees reviewed by The Wall Street Journal.

Michele Seno-Corriqui Victor, the director general of Ecuador's Strategic Intelligence Center, and his wife, fashion designer Stephany Hoffman Vasconez, were among the victims, according to an official in the country's presidential office.

—Actress Albert

CREATIVE

Man Arrested Over Nord Stream Blasts

A Ukrainian man arrested in Germany in connection with the 2022 underuse explosives that damaged the Nord Stream gas pipelines was arrested on a European warrant in Croatia on Wednesday, Germany's National prosecutor said.

The German prosecutors said this suspect was a "trained scuba diver" who belonged to a group of people who "started explosives" on the Nord Stream 1 and Nord Stream 2 gas pipelines in the Baltic Sea near the Danish island of Bernheim.

The underuse explosives on Sept. 26, 2022, damaged the pipelines, which had been built to carry Russian natural gas in Germany under the Baltic Sea.

The damage added to fanzine, who she was in Ukraine as European countries moved to warn themselves off Russian energy sources after the Kremlin's full-scale invasion of its neighbor.

—Associated Press

WORLD WATCH

FEATHERED FINERY: Participants wore creative costumes at a carnival attended by thousands of students in Indonesia's Aceh province on Wednesday, where people celebrated the country's #1st Independence Day.

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BUSINESS & WAGE

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Thursday, August 20, 2020 | B1

S&P 732.98 ▲ 0.225

S&P/FW ▼ 0.625

S&P/TF ▼ 0.725

DJ/TRANS ▼ 0.585

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2-YR TREAS. yield 41,795.

MNRD (Wikibo) 10762.49 ▲ 1.305 See more at W3.com/Markets

Open 'Al Won't Keep Clients' Data

ChatGPT maker hopes to win over customers upset with rival Anthropic

By Aharon Kozlowski

OpenAI promised not to retain data from businesses using its artificial-omologous models, while increasing the safety of its products, a bid to match customers from rival Anthropic who are upset the

maker of Claude is keeping their information.

The ChatGPT maker said Wednesday that it was pre-existing new technology to some customers that set a detect patterns and safety risk-arous multiple interactions with its models. The goal is to move beyond previous AI safety systems that monitored interactions individually, which made it difficult to ensure tools were being used properly without retaining some customer data.

The pledge stands in contrast to Anthropic's policy of keeping customer data for 10 days to ensure the safety of its large models. The move has drawn criticism

from tech leaders including White House AI adviser and neither capitalist David Sacks, Microsoft Chief Executive So

'We've heard very loud and clear from businesses that this is important.'

tus Ruddle and Felamir's Alex Katz, who have argued that businesses need certainty that AI companies aren't keeping their data, particularly as regulated industries such as

healthcare and finance. "We've heard very loud and clear from businesses that this is important," said Aleah

Bixson, OpenAI's head of product policy. "They often have their own commitments that they have made to their customers if you think about somebody who is serving other enterprises, who are training them with incredible executive size."

The move highlights OpenAI's push to catch up to Anthropic in the AI race while reaffirming critics who fear the company's tools don't have adequate safeguards to pre-Finace turn to page B2

Cantor Lets Funds Make Big Kalshi Bets

By Katerina Shin

Cantor Fitzgerald plans to give investment funds across to Kalshi's prediction markets.

Cantor's move 3,000 institutional clients, which range from a large market to large large funds, will have full access to Kalshi's state of course-based, yes-or-no contracts such as those tied to weather, commodities and corporate results.

"The investor base that we've met—we've met dozens—has been really keen on entering and participating in the prediction markets," said Pascal Bandolier, co-filed executive and global head of equation at Cantor.

Suspeditions Debate (Small Group, Kalshi's flagship market maker, will provide pricing and liquidity for banks based on the event contracts.)

Cantor plans to serve as a broker to three clients, buying or selling blocks of event contracts and offers helping to distribute those holdings to other investors through private negotiations.

Bandolier said that hedge funds have expressed interest in trading event contracts tied to iPhone sales rather than trying to calculate how Apple shares will react to sales numbers. Family offers have in-Finace turn to page B11

Amazon To Expand Drone Delivery

By Gaurin Vines

Amazon.com announced an expansion of its drone delivery service, with plans to roll it out to nearly 500 cities and towns by the end of the year.

The service, dubbed Prime Air, offers drone delivery in as little as 20 minutes, and will launch to metro areas including Canada, Victoria, Cleveland, Syracuse, NY, and Boise, Idaho.

Amazon said its Prime Air service can deliver a selection of items by drone including groceries, electronics, medications and household products.

The e-commerce giant currently operates in 31 metro areas, including Phoenix, Detroit, Houston, Dallas and San Antonio.

Companies from Amazon and Websmart to deliver any DoorBook have started aerial delivery for the past several years. The companies are the method as a quick and convenient way for shoppers to get online orders delivered to their homes.

Walmart, the country's largest retailer, said this year that it would roll out drone delivery at an additional 150 stores in partnership with Alphabet's Wing.

But the rollout of the technology has been mostly sporadic and limited to specific regions. Drone operators have also made regulatory obstacles, concerns about safety and privacy, as well as limits.

Finace turn to page B4

China Robotics Leader Soars in Debut

By Ragn适应影响

HOMATORE—A pioneering Chinese maker of humanoid robots coared 86% in its trading debut in Shanghai to achieve a market value of $10 billion, symbolizing the binary around an industry Beijing hopes to dominate.

Unitree Robotics is the first humanoid maker to let an important China and Alaska at the forefront of the geopolitical competition between Washington and Beijing. Last month, the U.S. banned most imports of new humanoid robot models, citing an "intensive national security issue."

For its part, the Chinese government has identified "embodied artificial intelligence"—robots and other devices that apply AI to the physical world—as one of a future industries expected to drive the economy over the next five years.

Last year, Chinese companies shipped thousands of robots along with components globally, solidifying the country's dominance in the world's robotics supply chain.

Unitree's robots are already familiar to hundreds of millions of Chinese using to their appearances on nationally televised Lunar New Year programs in which they have danced and performed kung fu Online videos have shown. Unitree robots performing back flips and cartwheels.

The company's revenue last year was about $200 million, with about $40 million in profit, signifying that the $10 billion plan valuations is built on expectations for rapid growth.

Unitree's initial public offering was the most recently-scribed cost on Shanghai's

Unitree's humanoid robots kickboard at the World Robot Conference in Beijing on Wednesday

Revenue of Chinese robotics companies

2.5 billion yen

Note: Tables: July—$100.5 billion Source: No categories

Sunday-like STAR Market. Nearly 5.8 million investors sought a piece of the company ahead of its driver, with fewer than one in 5,000 following success.

The company, whose official name is Yuxin Technology, is headed by Wang Xinglong. Xi, a mechanical engineer by training Wang, began developing robots in college and founded his company a decade ago in Hangzhou. On Wednesday, he were a red scarf as he struck the gang to kick off trading.

In its offering accompany, Unitree highlighted geopolitical risks, saying more than 40% of its revenue came from outside China and its business could shrank if Washington tightens trade restrictions. Analysts at Benetton, said they expected Washington to blackout leading Chinese robotics companies and block U.S. investors from putting money into Chinese robot technology.

cal risks, saying more than 40% of its revenue came from outside China and its business could shrank if Washington tightens trade restrictions. Analysts at Benetton, said they expected Washington to blackout leading Chinese robotics companies and block U.S. investors from putting money into Chinese robot technology.

The Unitree B5 coincided with the start of an annual robot conference in Beijing, where hundreds of robots were competing in athletic events and real-world events. Finace turn to page B3

Incomplete Meal Kits Vex Buyers

By Susan Markner

Marlene Cooper has paid $500 a week to get a box of five meals from Blue Ayres for the last decade, delighting at dinner. Like chicken esculents, skillet and cilantro panes of all-តែdipus curry.

But a few weeks ago, the 10-year-old, who lives in Fredonia, N.Y., started metering problems with her orders. Some ingredients were missing—like all the vegetables. Others were replaced with acceptable dehydrations, like garlic tubers for regular tables. This week was worse.

"It looked like some random person threw off at the box," said the clinical-trials executive. After she complained on social media, Blue Ayres gave her a refulet, the said.

Customers of meal-kit companies like Blue Ayres and Blue Spices are angry over a host of recent problems including missing ingredients, nearly empty boxes or no delivery at all. Many are demanding refunds, shipping orders and seeding on social media.

At the root of the problem is the bankruptcy of a major supplier. Both companies transitioned to a new assembly-and-dipping supplier, which has caused a cascade of issues related to ingredients and packaging, they said.

"Missing ingredients, including many, many are lays," said Martyn Spoon on Finace turn to page B2

STREETWISE! By James Mackintosh

Bessent's Treasury Play

Yield on the 20-year U.S. Treasury

*2020 is a financial

Source: Telfair Photos (2020), International Monetary Fund (4/5-6)

U.S. general government fiscal deficit as a percentage of GDP

Scott Bessent got hang for his back on Wednesday. The decision to double to 34 billion the size of buybacks of the longest-dated bonds led the 10-year Treasury yield to plunge 61 percentage point, a bigger move than any day in the past year, and 10 up leveraged areas of the stock market.

But Bessent is bidding around the edges. Long-dated yields have been climbing, amid a toxic mix of fiscal profligacy, a capital spending boom for the ages in artificial intelligence and geopolitical pressures.

Finace turn to page B10

INSIDE

RETAIL

Target raises forecast again as turnaround gains traction with consumers. B3

FINANCE

Missale start-up

Castelero gets a valuation of $15 billion in latest funding. B11

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82 | Thursday, August 26, 2026

BUSINESS & FINANCE

Shares Of Robot Maker Soar

Continued from page 82 such as casting, warehouse merchandise and folding boards.

Chinese humanoid robots have made significant progress including heating by many recent times in a test marathon. Yet, the technology is still a long way from replacing what a skilled factory worker or hotel housekeeper can do, in the view of many operations.

For now, Unitex's humanoid robots find their main uses in education and entertainment, or they serve as games jogs in the hills of research researchers. The most popular model sells for the equivalent of $12,000 or more

A Unitex humanoid robot played ping pong against a human at the conference in Beijing on Wednesday.

and is readily available in China for purchase online. Wang, the company founder, told investors this month that

he wanted eventually to bring his humanoid into business and homes.

Chinese developers still

trial their U.S. rivals in developing robots 40 models, people in the industry say. Just as language models are built on

Last year, Unitex stopped more than 5,500 humanoid robots, a suite well beyond what U.S. robot startups have

achieved so far. Morgan Stanley predicts overall humanoid robot shipments in China will reach 50,000 units this year and more than 400,000 by 2030.

Competition is heating up in both the U.S. and China.

Tesla is preparing for mass production of its Openbar Box 3 humanoid robots. Chinese companies suppliers for Optimus said Tesla recently told them to increase supplies to support a monthly output of 8,000 robots by December.

Elsewhere in the U.S., Agit, and the U.S. tools in proper log to go public users, has teamed up with Amazon to test robots in the e-commerce giants' warehouses.

In China, Unitex competes with a host of robot makers including Openbbox-based UBT4ch Robotics, which listed its name in Hong Kong in 2023, as well as carmakers P2G and SPrng, both of which are leveraging their expertise in manufacturing and autonomous driving.

A damaged Blue Apron line. Range cards for meals show the ingredients that were missing from the box, circled in black.

Supply Issues Dog Mead Kits

Continued from page 82 Instagram Monday. "We're in the middle of our government transition, and if hasn't gone an smoothly as planned."

Blue Aprons offered a similar message: "Over the past several weeks, we've been transitioning to a new fulfillment partner, and to say that it has not gone smoothly would be an understatement." Blue Apron posted an one of its social-media accounts.

Kim Condon, a retired librarian for the Central Intelligence Agency, said her recent Blue Apron shipment box arrived damaged and missing key ingredients like the tomatoes for the "faded garlic shrimp and tomatoes" recipe.

She didn't get the noodles, scallions or not sauce for "cold sesame noodles."

"I've shipped the next four deliveries," said the 4th-year-old, who lives in Brendan, Va., and has ordered from Blue Apron for a decade.

The strambles add to a string of struggles in the near-kit industry since the boom times of the pandemic needed. What the companies typically sell recipes and ready-to-cook purchased ingredients that are sent by customers' residences, pitching easy, healthy, home-based meals. Some have expanded into ready-to-heat meals and groceries. Many of the companies have struggled to find a financial model that works long term and have cycled through different ownership and fulfillment models.

After struggling as a public company, Blue Apron was purchased by food-delivery startup Wender in 2023 for around $100 million, below its IPO value of $3.5 billion in 2021 by fiscal 2022. Blue Apron reported

reverse of $4063 million, down from its pre-IPD revenue of more than $700 million.

The company is focusing our menu on what we've cooked, debt we can deliver, adding quality checks before lease ship, and making progress with our partners to fix what's broken: 1. Wender off/cal said.

FreshBooks had been the main supplier for Blue Aprons and Marley Sponz. It has also bankruptcy-count protection earlier this year after a series of District deliveries in 10 stations last year led Walmart—a major customer—to end the relationship. Walmart stopped buying its food, such as some store-brand prepared meals. At January, according to court documents related to the bankruptcy filing, Walmart accounted for over 23% of the company's revenue at the time, said the filing. Blue Apron, FreshBooks's largest customer, also filed a lawsuit in attempt to get out of its contract with FreshBooks.

Midsfresh—the largest meal for company globally—has not coped one-celled as it does all of its meal-kit manufacturing in-house. Midsfresh used to get some ready-to-heat meals from FreshBooks but ended that relationship in the wake of the honnie problems, said a Midsfresh spokeswoman. Bankruptcy lawyers and executives for FreshBooks didn't respond to requests for comment.

As part of its bankruptcy agreement, FreshBooks sold some of its business, including parts of its Blue Apron and Marley Sponz contracts, to Marley Markets, a Baltimore-headquartered perishable food e-commerce company that has grown its business by shopping other companies' fresh and frozen foods.

The transition process through bankruptcy has been "incredibly recent and incredibly fast," which has led to the fillment problems, said Midsfresh Executive Aids Ramesh in an interview.

This year, Blue Apron-owned Wender discussed with Marley the idea of buying FreshBooks as bankruptcy proceeded, said Ramesh. "If the doors close for FreshBooks, as you can imagine, the doors end up closing far overtime they are doing fulfillment for," he said.

In recent weeks more meal-kit orders were transitioned from former FreshBooks locations to one of Marley' regional warehouses, said Ramesh. Some inventory strains reported as part of the bankruptcy proceedings were incorrect, leaving the company scrambling to find enough ingredients, he said.

"I feel for the customers because it's a best-life experience," he said.

"This work is pre-emptively called the orders that won't have the required ingredients, he said. Ramesh said he hopes to be back to some normalized shopping within the next two weeks, he said.

Meanwhile, some customers have canceled orders. For over a decade Steven McGuire of Atlanta has spent nearly 100 man weeks for three Blue Apron meals to cook dinner for himself and his husband. Last week two chicken portions were missing, said the 43-year-old pricing analyst.

"This work the most you came with a customer of the time since repattered over its contracts. McGuire has been able to get a credit, but has canceled future shipments.

"We part with to the grocery store this week like normal people."

OpenAI Won't Keep Client Data

Continued from page 82 sent cyberattacks or other homes caused by its models going sugar. The company recently told investors that its second-quarter revenue growth lagged behind Anthropic's, disappointing some shareholders. The Wall Street Journal reported.

OpenAI said customer data would start on infrastructure controlled by the customer. It is also working on a system in which OpenAI could store the information with encrypted keys owned by the customer, meaning it employees wouldn't see model prompts or responses or other sensitive information.

The new system sends OpenAI a signal when it identifies risks like a cyberattack or biological weapon based on

model activity. The signal helps determine whether an action by the company is needed. Customers can appeal these decisions or share more information with OpenAI if desired. OpenAI only keeps the high-level signal detailing the severity and category of the risk.

Anthropic's popularity with businesses that

pay to use its coding tools and advanced models has enabled the company ahead in the AI case, but some of its policies have fueled a backlash in Silicon Valley and the Trump administration.

Sacks said in June that retaining customer data was "creating a new level of AI fuses and have-one," and fueling outrage among software developers using the tools.

The issue is related to a debate about open-weight models that allow users to download the numerical parameters

that determine their behavior. Many tech companies have endorsed math models even those made in China, and asked the Trump administration to have their information on them. Anthropic has warned that the tools pose safety risks because they often have the same safeguards as the companies closed models.

OpenAI recently signed an industry letter in favor of open-weight models and makes some of its own, though its most powerful tools are known for company has

had talks with administration officials about potential restrictions on Chinese open-weight model providers that are accused of unfairly using advance trade to U.S. companies in a process called distribution.

More long, some of the Journal has a content licensing partnership with OpenAI.

INDEX TO BUSINESSES

These indexes are reliable reference to most parent companies and businesspeople as today's edition. Articles on regional page brands aren't cited in these indexes.

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

INDEX TO PEOPLE

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

---

THE WALL STREET JOURNAL.

Thursday, August 20, 2026

83

BUSINESS NEWS

Target Lifts Outlook as Sales Rise

By ERIC CLARKAN Ann Connor Hunt

Target once again raised its fiscal-year outlook, as the retailer's turnaround takes shape and draws in more customers.

The company has been refreshing its product assortment, lowering prices on some items and triggering its store harvest as part of a sweeping plan that aims to reverse years of sluggish sales. The strategy was implemented by Chief Executive Michael Fiddelle, who took the basis earlier this year.

Target's second-quarter results are further proof the strategy is rewarding with customers, Fiddelle said.

The company during the period completed its highest volume of in-store transitions in the past decade, and comparable sales—which tracks stores and digital channels operating for at least 12 months—ticked up 3.6% on increased traffic.

"Seeing our growth fueled by traffic is especially encouraging," Fiddelle said on a call

Target comparable-store sales, change from a year earlier

Note: Latest fiscal year's control was based on earnings

with reporters. "We are also clear eyed about the important work still ahead," he added.

Target said it has lowered prices on more than 10,000 items over the past 12 months, and it is planning to roll out additional price reductions over the remainder of the year.

Target has placed large investment in stores last areas that it believes have similar

importance and will continue to drive growth. These areas—beauty, health and wellness, food, baby and kid, women's style, home, and culture (which includes toys and a street access and a+1—a year)—sorted about half of Target's total sales during the recent quarter.

"We believe they will contribute even more to our growth going forward," Chief Merchandising Officer Cara Sylvester said.

Target has retarded its store harvest to put more emphasis on these categories. The company has transformed nearly half of its center-store grocery sections, adding more space for fresh food, snacks, bakery items and emerging categories.

The company also has over 75% of its decorative accessories and home goods assessments, and it is preparing to launch Target Beauty Business in more than 600 stores this fall, after ending its shop-to-shop partnership with Villa Beauty earlier this year.

To some categories, we've pleased with our progress and

we're seeing meaningful momentum. Sylvester said: "In others, including home and apparel, our performance is not where it needs to be, and the work will continue into 2027 and beyond."

Looking ahead, Target said it now expects sales growth of about 5% this fiscal year, raising its guidance for the second time this year.

The company also bumped up its full-year earnings outlook to a range of $9.95 to $10.90 a share, which includes a benefit of $3.81 a share from tariff refunds. The company previously guided for earnings of $7.55 to $8.50 a share.

Second-quarter sales rose 5.1%, to $26.56 billion, topping analysts' forecast of $24.13 billion.

Net income came in at $1.88 billion, or $4.21 a share, up from $925 million, or $2.05 a share, a year earlier. Adjusted earnings per share also were $4.21 a share, above analyst estimates of $2.34 a share.

The earnings-per-share figures from the recent quarter include the tariff refunds.

Lowe's Cuts Full-Year Sales, Profit Targets

By JORDAN MACORIS

Lowe's trimmed its full-year sales and profit targets, signaling that price-conscious homeowners are delaying major renovations.

The home improvement retailer lowered its 2026 outlook across nearly every major financial metric to reflect first-half operating results and other continuing demand trends, particularly in the do-it-yourself category.

Lowe's new expects 2026 sales of $93 billion, anchoring the bottom of its former target range of $92 billion to $94 billion, and below analyst forecast. The company also is projecting, flat comparable-store sales compared with

previous forecasts of flat to 2% growth.

The revised outlook underscores a broader coding across the home improvement series where steep un-

forced sales and sticky inflation have pushed back against unpanned households to defer big-triked renovations. While real Home Depot has managed to face better

quarterly expectations and maintaining guidance for the year, executives noted that consumers are hesitant to take an debt to tackle bigger projects.

Lowe's earnings per share targets were also downgraded, and are now expected at $11.75, down from a range of $11.75 to $12.25 a share, with

adjusted earnings per share of $12.25, compared with a range of $12.25 to $12.75. Analysts expect adjusted earnings per share of $12.45.

The down-graded targets follow a second quarter in which sales grew 8.6% to $25.96 billion, but came in any of analyst projections of a rise to $26.25 billion, as weakness in the 2E7 category continues

and to limit overall growth.

Comparable sales for the quarter increased 5.2%, driven by Lowe's Pro and Home Services sales, as well as a nearly 10% increase in online sales, partially offset by persistent 2E7 macro pressures.

Net income of $2.4 billion, or $4.27 a share, was unchanged from the same quarter a year ago.

Adjusted earnings were $4.65 a share. According to FactSet, analysts had been expecting $4.22 a share.

"Sustained growth in Pro, Online and Home Services led to our fifth consecutive quarter of positive steep sales, despite pressure in discretionary 2E7 spending," Chairman and Chief Executive Marvin Ellison said.

Estée Lauder's

Reboot Bears Fruit

By CONNOR HUNT

Estée Lauder is entering its new fiscal year as a fundamentally changed company, Chief Executive Stéphane de La Fuente said.

The beauty conglomerate has spent the past several years working to turn around the business, increasing investments in its consumer-facing operations and expanding into higher-growth sales channels. The company has also cut costs, in part through layoffs.

Now, Estée Lauder is naging the fruits of those efforts. The company narrowed its fiscal fourth-quarter loss as sales rose 5% to $165 billion, ahead of that three estimates and driven by broad-based strength across geographies and categories, de La Fuente said on a call with reporters.

Looking ahead, the owner of brands such as MAC, Smokeless and Jo Malone is focused on maintaining its momentum. The company continues to expect repaint net sales growth of 5% to 5% in the coming year, and it has additionally lifted its adjusted operating margin outlook. "We're going to double down on what is working, which means continuing to strengthen the desirability of our brands and bringing bigger and bolder innovations to the market faster," de La Fuente said.

Shares jumped 16% to $99.15 Wednesday.

Consumers are under pressure, but they remain resilient and willing to spend, de La Fuente said. That is especially true of beauty, as the global beauty market continues to grow despite continued economic uncertainty, he added.

Estée Lauder is focused on creating and retaining consumer loyalty, doing in in part by meeting consumers where they like to shop. The company has cut roughly 40,000 positives, largely consisting of point-of-sale demonstration

Estée Lauder quarterly net sales, change from year ago

Note: Latest fiscal quarter, except 2nd Quarter, 2E7 (actual 4), 5% increases

sales across its department-store and freestanding-store channels, as it prices toward higher-growth sales channels such as Amazon and TikTok Shop. The cuts have helped unlock about $1.2 billion of total gross benefits from the company's profit recovery and growth plan, Estée Lauder said. The turnaround plan has also resulted in total cumulative charges slightly above the high end of the previously guided range of $1.5 billion to $1.7 billion.

The company, which earlier this year terminated discussions of a potential business combination with Prag Brands, remains open to mergers and acquisitions, assuming any potential deal would help diversify its growth prospects and could be completed at the right price, de La Fuente said.

For its three months ended June 30, Estée Lauder posted a loss of $5.06 million, or 32 cents a share, compared with a loss of $5.66 million, or $5.51 a share, a year earlier. Stopping out sometime terms, adjusted earnings of 39 cents a share topped analyst views for 12 cents a share, according to FactSet.

Sales growth was supported by Estée Lauder's data case, fragrance and makeup divisions, all of which posted higher sales

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B4 | Thursday, August 20, 2026

THE WALL STREET JOURNAL.

BUSINESS NEWS

SK Hynix Plans $28 Billion Buyback

The chip maker's stock has more than doubled this year amid the AI boom

By KAMAROO JON

SK Hynix plans to buy back and cancel more than $28 billion of its shares over the next three months, accelerating its shareholder-return program via what it says would be South Korea's largest stock buyback.

The world's second-largest memory chip maker, which supplies high-burden 4th memory products to Nvidia, said the planned share repurchase is part of its commitment to return to shareholders more than 50% of its cumulative free cash flow over the three years through 2027.

The shareholder return plan came after SK Hynix's shares fell 9.7% Wednesday in Seoul, tracking an overnight retreat in 0.5 chip stocks. The stock, a key beneficiary of the

The planned repurchase of 24.67 million shares will run from Aug. 20 through Nov. 19.

artificial intelligence boom that is driving demand for advanced chips, has more than doubled so far this year despite Wednesday's transfer. The company's American de-

positary receipts were up 1.25% in New York. The company said its internal value—underpinned by its business competitiveness, strong cash generation and

mid- to long-term growth potential—can't fully reflected in its current stock price. "SK Hynix continues to record record-breaking financial performance, maintaining its

leadership in the AI memory market," the company said.

The company said after the market closed Wednesday in Seoul that its board had approved a 40,000 million-woo share buyback, equivalent to $28.31 billion, for cancellation.

The planned repurchase of 24.67 million shares, or about 3.3% of total shares outstanding, will run from Aug. 20 through Nov. 19, it said.

SK Hynix also said it plans to increase shareholder returns, including cash dividends, to more than 50% of cumulative free cash flow for 2025-2027. Previously, the company had pledged to return up to 50% of cumulative FCF to shareholders.

As of the end of the second quarter, the company's net cash trend at about 49 million won, it said. "The size of this buyback is a strong signal from SK Hynix and delivers something investors have been calling to getting its growing cash job to work and increasing shareholder returns," said Josh Gilbert, a lead analyst at eToro.

Carlsberg Raises Earnings Guidance

By DUNING CRONING

Carlsberg lifted the lower end of its full-rate guidance range, citing strategies from its British acquisition and tight control over costs.

The Copenhagen-based browser said total volumes grew 2.8% in the first six months of the year, reflecting the integration of British—the British maker of soft drinks and cordials that Carlsberg bought for some $4.47 billion in a deal completed last year.

Soft drinks and other beverages delivered organic growth of 70%, driven by solid growth in multiple markets, while beer volumes declined slightly by 8%, mainly because of Poland, China and Ukraine, it said.

"China was the clear disagreement of the quarter, with falling volumes and a market characterized by weak demand and challenging weather conditions," Jynie Bank senior analyst Sluiter Anjum said in a note to clients.

In contrast, India continued its growth journey with double-digit volume growth, while soft drinks and noodles-helic beers were once again among the strongest growth drivers in the country, Anjum added.

Carlsberg reported first-half revenue of $702 billion Danish kroner, or about $728 billion, up from 45.00 billion kroner last year and just shy of the 47.16 billion kroner forecast in a company-coupled consensus.

Adjusted operating profit rose to 7.45 billion kroner from 7.33 billion kroner, also just below the 7.55 billion kroner expected in a consensus forecast. "The company now expects organic operating profit growth this year of 4% to 6%, from 2% to 6% previously.

Amazon To Expand Drone Use

Continued from page B1 tions when flying in inclement weather.

Delivery drones haven't been well-received in some places, with the noise factor being a main complaint by residents.

Drone startups such as Zipline have worked to resolve that issue by designing systems that fly higher in the air and lower food and products down by long tables.

Amazon and Walmart have also been grappling with bringing down the cost of drone delivery compared with delivery by car, bike or van.

David Carlson, vice president of Amazon Prime Air, said the service provides customers with a speedier option when needed.

"We're already delivered hundreds of thousands of packages to customers by drone this year, and by the end of 2026 we plan to reach customers in nearly 500 cities and towns," he said.

On Monday, Uber said it was teaming up with Xplore on drone delivery, hoping to compete for quicker turnaround times for takeout, grocery and retail orders.

In July, Dontfresh secured a key certification from the Federal Aviation Administration to make commercial deliveries using drones.

The company is developing its own drones, along with the ground infrastructure and capital systems needed to coordinate order pickup and delivery.

Amazon plans to expand its drone service to nearly 350 cities and towns by demand.

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---

THE WALL STREET JOURNAL

Thursday, August 20, 2008 | 85

WSJ — CMO Council

The Decision Makers Driving Today's Most Influential Brands

A network of marketing visionaries connect to discuss the industry's biggest trends and plan a path forward.

Anna Banks, AARP Marcel Marcondes, AB InBev Melissa Brotz, Abbott Nick Mamola, AccuWeather Niddi Olah, Accenture Song Rachel Thornton, Adobe Kim Salem-Jackson, Akamai Technologies Kelly Vives, Allspring Global Investments Samantha Mattin Salfiel, ALSAC Michael Josshoff, American Arbitration Association Sherina Smith, American Family Insurance Nollaig Forrest, Amrite Melodie Nakhle, Amway Joanna Rose, Apollo Global Management Ami Badani, Arm Erika Senow, Bain & Company Patrick McCarthy, Bank of New York Mellon Melissa Weir, Barndoor.ai Katie McAdams, Basis Cate Lochead, Bentley Systems, Inc. Brad Rosenfeld, Biz2Credit Wendy Short Bartle, Bristol Myers Squibb Randa Stephan, Burson Gino Bona, CACI International Jonathan Bottomley, Calvin Klein, Inc. Sarah Thomas, Capgemini Donna Mirandola, CBIZ, Inc. Megan Goett, Cboe Global Markets Anand Rao, CDW Vineet Mehra, Chime Amy Wall, Chubb Amanda Rubin, Citadel Anita Liskey, CME Group Brent Buntin, Code and Theory Thea Hayden, Cognizant Technology Solutions Eileen Diskin, Comcast Business Joe Paluska, Commonwealth Fusion Systems Elizabeth Maxson, Contentful Jean English, CoreWeave Michelle Frantina, Criteo Jennifer Johnson, CrowdStrike Blair West, Cummins Emily Kahinde, Cushman & Wakefield Katherine Wetzel, DaVita Eric Glass, Dayforce Amanda Lee, DDN Suzanne Kounkel, Deloitte Scott Magar, Deloitte Consulting LLP Laura Noss Owens, Doosan Bobcat Dan Silvjanovski, DoubleVerify Anthony Pappas, DRC Technology Hema Widhani, Edward Jones Vidya Ramnath, Emerson Phil Walsh, EPAM Systems Aude Gandon, Estée Lauder Companies Lynn Lucas, Everpure Toni Clayton-Hine, EY Aniket Maindarkar, Firstsource Ellyn Raftery, FIS Kathy Collins, Frontdoor Laura Bonamici, Fujitsu Stephan Murphy, Guardant Health, Inc. Jennifer Temple, Hewlett Packard Enterprise Christine Delucchi, Hines Vijay Kanduru, Huntington Bank Jonathan Adashok, IBM Cindy Zhou, Impivata James Whitemore, Indeed Sumit Virmani, Infosys Annie Wackauser, Intel Reem Saad Al Kuwari, Invest Qatar Nikhil Dhingra, IonQ Karen Feldman, Iron Mountain Chiara Ganz, Italgas

Kim Corbin, Jacobs Lindsay Hanson, John Hancock Vanessa Broadhurst, Johnson & Johnson Drew Panayotou, Keurig Dr Pepper Patricia Corsi, Kimberly-Clark Steven Nghe, Kloeckner Metals Samir Baggs, L&T Technology Services Melissa Sachs, Link Logistics Jessica Shapiro, LiveRamp Holdings Christa Carron, LPL Financial Bahnaz Ghahramani, Marriott International Galen Bengi, Mars Kelly Starman, MasterControl Caroline Mackenzie Kennedy, Material Holdings LLC Elizabeth Gosch, McDermott Will & Emery Shelley Stewart III, McKinsey & Company Nadim El Khoury, Media City Qatar Amalia Stanton, Memorial Hermann Healthcare System Melody Lee, Mercedes-Benz USA Takeshi Numoto, Microsoft Kate Richling, Monks Christine Elliott, Moody's Bari Trontz, MUFG Investor Services Brian Buckley, Nasdaq Inc. Jill Perlberg, Northwestern Mutual Caroline Smith, Regent Seven Seas and Oceania Cruises Tara Giuliano, Nuveen Kim Robinson, NYSE Tom Gavin, Paxit Alisa Barber, Paysafe Ginny Ziegler, Pearson Stefano Volpetti, Philip Morris International Kim Costello, Pinewood Technologies Group PLC Kristin McHugh, PwC Babar Rahman, Qatar Airways Aisha AlNair, Qatar Foundation Wendy Bergh, Rakuten Francis Perrin, Rehlko Minella Vitale, Rockwool International A/S Joseph Taiano, RSM US LLP Ray Ramu, Saia Andrew Warden, Semrush Zena Arnold, Sephora US Michelle Boscloff Baplek, Sitecore Sangeeta Prasad, Slalom Lauren Stafford Webb, SoFi Ryan Linder, Stagwell Global Nandini Sankara, Suburban Propane Margaret Dawson, SUSE Mike Bopp, Synchrony Financial Teja Patankar, Teneo Mickey Wilson, The Freeman Company Claire Burns, The Hartford Sarah Gavin, The Trade Desk Julie Woods-Moss, Thoughtworks Alicia Parker, Tishman Speyer Wendy Marlett, Toll Brothers Amandine Robin-Caplan, Travel + Leisure Michael Lacorazza, U.S. Bank Sumeet Grover, UFCU Nathan Friedman, Understood.org Julian Jacobs, United Talent Agency Russell Messner, Vanguard Morten Dyholm, Vestas Wind Systems A/S Kristen Lauria, Wheels Up Renjita Ghosh, Wipro Saima Rashid, Workhuman Diago Lomanto, WRITER Josh Line, Yahoo Inc. Ed See, Zeta Global Kimberly Storin, Zoom Sunil Frida, Zscaler

Membership is by invitation: CMOCouncil@wsj.com

WSJ | LEADERSHIP INSTITUTE

© 2008 Dow Jones and Company, Inc. All rights reserved.

---

B6 | Thursday, August 26, 2026

▶

THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Asia's Family Firms Face a Reckoning

Tata Sons leadership shake-up highlights challenges facing India's behemoths

In Teeru Launa Ann Joe Bower

A storied Indian conglomerate that owns the country's biggest outsourcing firm and makes millions of dinners for Apple in a 10-m middle of a leadership shake-up that has highlighted the challenge facing India's family-bundled behemoths.

Last week, Natarajan Chandrasekaran announced he would step down as chairman of Tata Sons. The highly regarded service user was the first chair of the firm's head, so too, to the family that founded the group's best ventures over a century ago. He had been widely reported as he cooperated to a third firm.

Tata Sons is won in India as a well-run firm that has moved away from family management toward professional leadership and reports on the role of Chandrasekaran as reviewer of lin-

Natarajan Chandrasekaran said last week he would step down as chairman of Tata Sons.

gering movement and structural issues that still give the Tata family significant left in the boardroom.

The group has two power centers. The board of Tata Sons, the group's principal investment holding, which, and Tata Trusts, a group of charities that hold a

two-thirds chair in Tata Sons. For decades, both the Tata Trusts and Tata Trusts were headed by a member of the Tata family. In 2022, Ratan Tata stepped away from the chairman role of Tata Sons after two decades at the India slide-in manning chairman of the trust

until his death.

Chandrasekaran said the decision to have its 30-hour visit because he failed to secure the backing of a board director, whom he didn't name, despite having the support of two key charities in the future.

Business experts say the de-

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CERA ACTION

IF YOU ACQUIRED ILLUMINA, INC. ("ILLUMINUS") COMMON STOCK IN EXCHANGE FOR GRAIL, INC. ("GRAIL") SECURITIES IN THE AUGUST 18, 2021 MERGER BETWEEN ILLUMINA AND GRAIL, THE COULD BE INCLUDED IN A CLASS ACTION LAWSUIT.

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Who is Included in the Class? You are a Class member if you acquired Illumina common stock in exchange for GRAIL securities in the August 18, 2021 Merger Exchange, subject to certain exclusions.

What is the Lawsuit About? The name of the lawsuit is In re Illumina, Inc. Shareholder Litigation, No. 24-CIV-00585 (San Mateo City). Plaintiffs allege that in connection with the Merger, Illumina issued the new shares of Illumina common stock pursuant to a materially false and misleading registrations statement and prospectus. Defendants deny all of Plaintiffs' allegations and deny any wrongdoing.

Who Represents the Class? The Court has appointed the law firms Girard Sharp LLP and The Hall Firm, Ltd., to represent the Class ("Class Counsel"). You do not need to hire your own lawyer, as Class Counsel is working on your behalf. Any member who does not request exclusion may enter an appearance through counsel.

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• On Nothing Keep the possibility of getting money or benefits, if any, from this Litigation. You will also be legally bound by all orders the Court issues and the judgment the Court makes in this Litigation, whether favorable or not.
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partiers suggests a rift with the family, particularly Real Tata, the head of Tata Trusts since 2008. "Real Tata has been in some cases pushing for change, asserting himself," said Lord Ramachandran, a professor at the Indian School of Business in Hyderabad.

A representative for Real Tata didn't respond to a request to comment.

In a statement last week, Tata Trusts said it would support Tata Sons' efforts for an orderly leadership transition.

A committee will look at Chandrasekaran's successor and is expected to consider a review of the group's move than two dozen listed companies. Real Tata is expected to play a major role in the final selection.

The transition in the boardroom comes at a delicate time for the company. It is contested up with heavy losses at Air India and the plane crash that has been made by the Board of Consultancy Services, the cash level of the empire, is faring the challenges wrought in artificial intelligence, and production at Tata Sons's higher land force in the UK was offline for several weeks after a843mIndia last year.

"It isn't during this kind of crisis that we change the captain," said Ramachandran, who specializes in family businesses.

The drama at Tata is a triumph of the looming corporate governance challenge. Ramachandran family-owned companies in Asia, Mexico, Indonesia, a professor at the University of Copenhagen, said much of the family wealth built up in Asia during the decades after World War II, and was part of a planter war. And "the more wealth that has to be transferred, the more potential for conflict," he said.

In South Korea, heavy share-timer taxes have caused family members to incite new investors into their businesses, triggering overcame from relatives, while the property divestants in China face complicated the business situation of major Hong Kong real-value families.

The stakes are heightened because its countries like India, China, Korea, China and Indonesia, family businesses are large employers that make internal family decisions a public matter. Tata Group is one of the largest private-sector employers in the world, with over a million employees.

These firms also drive substantial industrial policy. Under Chandrasekaran, Tata Sons has increased hands in communication with a heavy assets, and has turned itself into a key part of Apple's iPhone assembly operation in India.

In India, the most famous business of cinema played out within the Balance conglomerate after the death of its

founder, Dhiradhai Ambani, in 2020. After a letter battle that saw the three-flames minister urge the brothers to settle their differences out of the public view, an asset right was bordered, with Malindi Ambani, the older brother, walking away with the prized officers business.

Even in firms that appeared to have managed the transition to professional leadership, family members can support their issue.

Remedies said that steering relations between a professional chief executive and the family's (formerly) bought it is recorded outside manager must manage family members' expectations and understand "that there is an institution called the family" he said.

Chandrasekaran's predecessor, Ceraa Mercy, publicly famed that some Tata Sons found directors would hold the board and they would write the letter. Ratan Tata, he was named in 2006, four years into the job. One director at a Tata unit said it was difficult to retain Mercy after he led the confidence of the family.

Chandrasekaran, who was appointed in 2007, "played the game well with Ratan Tata," said Ramachandran. "He kept him in the loop."

But that setup changed two years ago when Ratan died and he had heckled that took over. The Trusts, since then, have seen experts say more doctors has become apparent within the trusts.

Adding to the pressure at the group, the Tata Sons found leave a path from India's central bank to get the loan to the delegation, as a relationship important leader, a move that fixed Tata opposes.

The Tata family has long waited to ability to carry out a range of philanthropic activities through the Yale Trusts. Anded largely by detailed success from Tata Sons, Chandrasekaran's associate, Ratan a man on the public listing of Tata Sons.

Matured Ratan, who worked closely with Ratan Tata over two decades, has argued in his report that during the 1980s could turn the Trusts into the biggest philanthropic entity in the world.

"In the same time, selling off or reducing Tata Trusts' state would diminish its role—and by extension the family's—in the firm. Listing Tata Sons could also make it harder for the company to undertake massive capital investment that will pay off the profit."

"Those kinds of risks could be negotiable to many of your investors," said Ratan. "It might potentially stay out from doing what may actually be a good thing for the group and the country."

AUCTOMERIALTS

Beverly Pike, Institute of Engineering at T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T. T.

JPMORIALS

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Business, August 18, 2026				Finance Only PTE
ETF	Symbol	Change	YTD	ETF	Symbol	Change	YTD
1	1st	0.00	1st	1st	1st	0.00	1st
2	2nd	0.00	2nd	2nd	2nd	0.00	2nd
3	3rd	0.00	3rd	3rd	3rd	0.00	3rd
4	4th	0.00	4th	4th	4th	0.00	4th
5	5th	0.00	5th	5th	5th	0.00	5th
6	6th	0.00	6th	6th	6th	0.00	6th
7	7th	0.00	7th	7th	7th	0.00	7th
8	8th	0.00	8th	8th	8th	0.00	8th
9	9th	0.00	9th	9th	9th	0.00	9th
10	10th	0.00	10th	10th	10th	0.00	10th
11	11th	0.00	11th	11th	11th	0.00	11th
12	12th	0.00	12th	12th	12th	0.00	12th
13	13th	0.00	13th	13th	13th	0.00	13th
14	14th	0.00	14th	14th	14th	0.00	14th
15	15th	0.00	15th	15th	15th	0.00	15th
16	16th	0.00	16th	16th	16th	0.00	16th
17	17th	0.00	17th	17th	17th	0.00	17th
18	18th	0.00	18th	18th	18th	0.00	18th
19	19th	0.00	19th	19th	19th	0.00	19th
20	20th	0.00	20th	20th	20th	0.00	20th
21	21st	0.00	21st	21st	21st	0.00	21st
22	22nd	0.00	22nd	22nd	22nd	0.00	22nd
23	23rd	0.00	23rd	23rd	23rd	0.00	23rd
24	24th	0.00	24th	24th	24th	0.00	24th
25	25th	0.00	25th	25th	25th	0.00	25th
26	26th	0.00	26th	26th	26th	0.00	26th
27	27th	0.00	27th	27th	27th	0.00	27th
28	28th	0.00	28th	28th	28th	0.00	28th
29	29th	0.00	29th	29th	29th	0.00	29th
30	30th	0.00	30th	30th	30th	0.00	30th
31	31st	0.00	31st	31st	31st	0.00	31st
32	32nd	0.00	32nd	32nd	32nd	0.00	32nd
33	33rd	0.00	33rd	33rd	33rd	0.00	33rd
34	34th	0.00	34th	34th	34th	0.00	34th
35	35th	0.00	35th	35th	35th	0.00	35th
36	36th	0.00	36th	36th	36th	0.00	36th
37	37th	0.00	37th	37th	37th	0.00	37th
38	38th	0.00	38th	38th	38th	0.00	38th
39	39th	0.00	39th	39th	39th	0.00	39th
40	40th	0.00	40th	40th	40th	0.00	40th
41	41st	0.00	41st	41st	41st	0.00	41st
42	42nd	0.00	42nd	42nd	42nd	0.00	42nd
43	43rd	0.00	43rd	43rd	43rd	0.00	43rd
44	44th	0.00	44th	44th	44th	0.00	44th
45	45th	0.00	45th	45th	45th	0.00	45th
46	46th	0.00	46th	46th	46th	0.00	46th
47	47th	0.00	47th	47th	47th	0.00	47th
48	48th	0.00	48th	48th	48th	0.00	48th
49	49th	0.00	49th	49th	49th	0.00	49th
50	50th	0.00	50th	50th	50th	0.00	50th
51	51st	0.00	51st	51st	51st	0.00	51st
52	52nd	0.00	52nd	52nd	52nd	0.00	52nd
53	53rd	0.00	53rd	53rd	53rd	0.00	53rd
54	54th	0.00	54th	54th	54th	0.00	54th
55	55th	0.00	55th	55th	55th	0.00	55th
56	56th	0.00	56th	56th	56th	0.00	56th
57	57th	0.00	57th	57th	57th	0.00	57th
58	58th	0.00	58th	58th	58th	0.00	58th
59	59th	0.00	59th	59th	59th	0.00	59th
60	60th	0.00	60th	60th	60th	0.00	60th
61	61st	0.00	61st	61st	61st	0.00	61st
62	62nd	0.00	62nd	62nd	62nd	0.00	62nd
63	63rd	0.00	63rd	63rd	63rd	0.00	63rd
64	64th	0.00	64th	64th	64th	0.00	64th
65	65th	0.00	65th	65th	65th	0.00	65th
66	66th	0.00	66th	66th	66th	0.00	66th
67	67th	0.00	67th	67th	67th	0.00	67th
68	68th	0.00	68th	68th	68th	0.00	68th
69	69th	0.00	69th	69th	69th	0.00	69th
70	70th	0.00	70th	70th	70th	0.00	70th
71	71st	0.00	71st	71st	71st	0.00	71st
72	72nd	0.00	72nd	72nd	72nd	0.00	72nd
73	73rd	0.00	73rd	73rd	73rd	0.00	73rd
74	74th	0.00	74th	74th	74th	0.00	74th
75	75th	0.00	75th	75th	75th	0.00	75th
76	76th	0.00	76th	76th	76th	0.00	76th
77	77th	0.00	77th	77th	77th	0.00	77th
78	78th	0.00	78th	78th	78th	0.00	78th
79	79th	0.00	79th	79th	79th	0.00	79th
80	80th	0.00	80th	80th	80th	0.00	80th
81	81st	0.00	81st	81st	81st	0.00	81st
82	82nd	0.00	82nd	82nd	82nd	0.00	82nd
83	83rd	0.00	83rd	83rd	83rd	0.00	83rd
84	84th	0.00	84th	84th	84th	0.00	84th
85	85th	0.00	85th	85th	85th	0.00	85th
86	86th	0.00	86th	86th	86th	0.00	86th
87	87th	0.00	87th	87th	87th	0.00	87th
88	88th	0.00	88th	88th	88th	0.00	88th
89	89th	0.00	89th	89th	89th	0.00	89th
90	90th	0.00	90th	90th	90th	0.00	90th
91	91st	0.00	91st	91st	91st	0.00	91st
92	92nd	0.00	92nd	92nd	92nd	0.00	92nd
93	93rd	0.00	93rd	93rd	93rd	0.00	93rd
94	94th	0.00	94th	94th	94th	0.00	94th
95	95th	0.00	95th	95th	95th	0.00	95th
96	96th	0.00	96th	96th	96th	0.00	96th
97	97th	0.00	97th	97th	97th	0.00	97th
98	98th	0.00	98th	98th	98th	0.00	98th
99	99th	0.00	99th	99th	99th	0.00	99th
100	100th	0.00	100th	100th	100th	0.00	100th

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EQUITIES

Dow Jones Industrial Average

50ML$0.00	±135.65, or 0.225	Trailing P/E ratio:	3.5%	24.7%
High, low, open and close for each trading day of the past three months.	19.4	49.0000	20.0%	21.5%
	20.0	50.0000	1.4%	1.5%
	48.0000	50.0000	12.0%	12.0%

Major U.S. Stock-Market Indexes

	High	Low	High	Low	High	Low
Debt Index
Industrial Average	97.72.26	100.00.79	99.66.89	101.63	74.22
Transpensions in the	27.99.21	22.09.79	23.66.84	19.29	-0.04
Value per share	12.34.81	12.03.19	12.09.87	12.16	13.53
Total Stock Market	79.79.62	70.93.19	70.93.89	53.51	16.21
Market Index	1.675.20	1.664.49	1.665.20	1.679	-0.061
Housing Stock Market
Market Composite	20.05.79	26.00.13	26.03.89	-0.38	19.34
Residenc 000	29.62.30	29.08.79	29.62.62	-0.44	-0.22
S&P
MSI Index	7.92.93	7.98.10	7.97.90	16.22	16.21
Millican 400	3.86.20	3.89.49	3.90.89	-0.43	-0.20
Total S&P 500	10.13.33	1.99.10	1.99.02	1.69	16.21
Other Indexes
Financial 2000	10.95.29	10.29.79	10.92.94	15.05	14.94
NYSEA Indexes	10.66.75	10.45.14	10.92.27	15.13	16.33
Value per share	4.99.20	4.99.79	4.99.89	4.34	19.44
NYSEA Indexes	10.62.12	10.25.24	10.62.42	10.24	10.24
NYSEA Indexes	11.01.25	10.97.67	10.99.00	17.71	10.13.76
MSI Index	9.9.49	10.9.19	10.9.49	-0.49	-0.42
Retail/Trade Mark	0.0.64	0.0.69	0.0.69	0.42	0.42
NYSEA Indexes	1.19.40	1.19.39	1.19.36	0.99	18.04
Retail/Trade Mark	12.18.33	12.03.19	12.09.87	17.43	-0.10
Direct Market	2.9.90	3.4.29	3.6.29	0.99	0.99

Percentage Gain

Company	Quarter	2016			2015
		High	Low	High	High	Low	High
Enthorax Top 2.0 LpMMA	90%	100.00	100.00	100.00	100.00	100.00	100.00
All other	90%	100.00	100.00	100.00	100.00	100.00	100.00
Enthorax MMBM 2.0 LpMMA	90%	100.00	100.00	100.00	100.00	100.00	100.00
Transmit	90%	100.00	100.00	100.00	100.00	100.00	100.00
Enthorax Top 2.0 LpMMA	90%	100.00	100.00	100.00	100.00	100.00	100.00
Home	90%	100.00	100.00	100.00	100.00	100.00	100.00
Enthorax Top 2.0 LpMMA	90%	100.00	100.00	100.00	100.00	100.00	100.00
In the United States	90%	100.00	100.00	100.00	100.00	100.00	100.00
In the United States	90%	100.00	100.00	100.00	100.00	100.00	100.00
In the United States	90%	100	100.00	100.00	100.00	100.00	100.00
In the United States	90%	100.00	100.00	100.00	100.00	100.00	100.00
In the United States	90%	100.00	100.00	100.00	100.00	100.00	100.00

Volume Mover

Company	Quarter	2016			2015
		High	Low	High	High	Low	High
Phang Phang	0.00%	16.29%	17.17%	1.74	16.69%	15.93%	1.89%
Transatlantic	79.76	10.76%	10.92%	1.24	10.96%	9.91%	9.35%
Enthorax Top 2.0 LpMMA	0.00%	2.22%	1.84%	0.54	2.22%	0.53%	1.14%
All other	0.00%	15.19%	1.95%	1.74	15.93%	1.89%	1.14%
First-Market	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Home	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
In the United States	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
In the United States	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
In the United States	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Common stock price of $2.00 per share, including cash, cash equivalents, and other non-cashable items.

International Stock Indexes

Project Name	Year	Price	Price	Price
World	WISD-AOM	2246.26	-4.21	-0.32
	WISD-AOM-VISA	479.46	-2.91	-0.42
	WISD-BANK	4675.32	-4.41	0.08
	WISD-Bank	4675.32	-4.41	0.08
American	WISD-AOM	2245.26	-4.21	-0.32
Canada	S&P/TSX Comp	2445.29	15.91	0.99
UK	WISD-BANK	2945.27	15.91	0.99
UK	WISD-BANK	2945.27	15.91	0.99
China	S&P/TSX	3642.28	27.51	0.89
Mexico	S&P/BANK	4399.28	45.91	0.33
EMBA	STOCK & Other	4795.28	-0.74	-0.32
Germany	Euro 1700	475.28	-3.67	-0.40
Belgium	Bel 40	5192.89	-11.89	-0.59
Germany	EMBA	5192.89	-11.89	-0.59
Germany	EMBA	5192.89	-11.89	-0.59
Germany	EMBA	5192.89	-11.89	-0.59
Germany	EMBA	5192.89	-11.89	-0.59
Germany	EMBA	5192.89	-11.89	-0.59
Germany	EMBA	5192,88	-11.89	-0.59
Germany	EMBA	5192.88	-11.89	-0.59
Germany	EMBA	5192.88	-11.89	-0.59
Germany	EMBA	5192.88	-11.89	-0.59
Germany	EMBA	5192,88	-11.89	-0.59
Germany	EMBA	5192.88	-11.89	-0.59
Germany	EMBA	5192.88	-11.89	-0.59
Germany	EMBA	5192.88	-11.89	-0.59

S&P 500 Index

7937.98	6.24.22	6.0.0.21
High, low, open and close for each trading day of the past three months.	6.24.22	6.0.0.21

7.0%	7.0%	7.0%	7.0%	7.0%
1.0%	1.0%	1.0%	1.0%	1.0%
1.0%	1.0%	1.0%	1.0%	1.0%
1.0%	1.0%	1.0%	1.0%	1.0%
1.0%	1.0%	1.0%	1.0%	1.0
1.0%	1.0%	1.0%	1.0%	1.0%
1.0%	1.0%	1.0%	1.0%	1.0%
1.0%	1.0%	1.0%	1.0%	1.0%
1.0%	1.0%	1.0	1.0%	1.0%
1.0%	1.0%	1.0%	1.0%	1.0%
1.0%	1.0%	1.0%	1.0%	1.0%
1.0%	1.0%	1.0%	1.0%	1.0%

Percentage Losses

Company	Quarter	2016			2015
		High	Low	High	High	Low	High
Prostate	97.54	12.07	12.91	10.68	12.00	11.23	10.72
Albuquerque Holdings	99.97	8.39	11.91	10.38	10.92	11.34	10.92
Albuquerque Holdings	99.99	5.49	11.91	10.38	10.92	11.34	10.92
Albuquerque Holdings	100.00	12.03	12.91	10.38	12.00	11.23	10.72
Albuquerque Holdings	100.00	12.03	12.91	10.38	12.00	11.23	10.72
Albuquerque Holdings	100.00	12.03	12.91	10.38	12.00	11.23	10.72
Albuquerque Holdings	100.00	12.03	12.91	10.38	12.00	11.23	10.72

CURRENCIES & COMMODITIES

Currencies

U.S.-dollar foreign exchange rates at 5 yrs. (£)
	1st	2nd	3rd
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0
Americas	1.0	1.0	1.0

Commodities

	1st	2nd	3rd	4th	5th	6th	7th	8th	9th	10th	11th	12th
Oil & Gas	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
Oil & Gas	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
Oil & Gas	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
Oil & Gas	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
Oil & Gas	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0

Nasdaq Composite Index

26351.89	43.39	41.51	0.61
High, low, open and close for each trading day of the past three months.	43.39	41.51	0.61

	2000
2000	2000
2000	2000
2000	2000
2000	2000
2000	2000
2000	2000
2000	2000
2000	2000
2000	2000
2000	2000
2000	2000

Trading Diary

Dividends, Advances, Declares
	2016	2015	2014
Trademarks	1,104,974,000	1,105,974,000	1,105,974,000
Adv. volumes	740,645,227	727,975,000
Debt, interest	485,465,248	427,127,000
Interest, capital	2,015	2,000
Advances	1,769	262
Debtors	1,902	135
Unchanged	88	12
Investigations	30	10
Investments	56	6
Closing down	6.96	6.42
Book value	5,697	500
	7,000	7,000
Trademarks	1,171,245,220	1,162,015,000
Adv. volumes	1,169,129,212	1,162,015,000
Dividend	1,164,242,533	85,925,942
Interest, capital	5,100	2,673
Advances	1,055	2,979
Debtors	2,972	699
Unchanged	215	35
Investigations	1,149	1,149
Investments	102	20
Closing down	6.85	6.27
Book value	40,425	2,799
Unchanged	1,000,000	1,000,000
Dividend	1,000,000	1,000,000
Interest, capital	1,000,000	1,000,000
Interest, capital	1,000,000	1,000,000
Dividend	1,000,000	1,000,000
Interest, capital	1,000,000	1,000,000
Dividend	1,000,000	1,000,000

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The 1st largest major economic group in the West–WEST, East–WEST, Southeast and Southern. The 1st largest major economic group in the West–WEST, East–WEST, Southeast and Southern.

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

Additional information: 1st-2nd-3rd-4th-5th-6th-7th-8th-9th-10th-11th-12th-13th-14th-15th-16th-17th-18th-19th-20th-21st-22nd-23rd-24th-25th-26th-27th-28th-29th-30th-31st-32nd-33rd-34th-35th-36th-37th-38th-39th-40th-41st-42nd-43rd-44th-45th-46th-47th-48th-49th-50th

Stock Index: reflect comparable margin (ending to 2 of 4 and 5) and Average of the reflector during period from 4 to 5 for the previous year.

Methanics, August 19, 2016

Stock	Symbol	Date	Stock	Symbol	Date	Stock	Symbol	Date
1	2017	2018	2019	2020	2021	2022	2023	2024
2	2018	2019	2020	2021	2022	2023	2024	2025
3	2019	2020	2021	2022	2023	2024	2025	2026
4	2020	2021	2022	2023	2024	2025	2026	2027
5	2021	2022	2023	2024	2025	2026	2027	2028
6	2022	2023	2024	2025	2026	2027	2028	2029
7	2023	2024	2025	2026	2027	2028	2029	2030
8	2024	2025	2026	2027	2028	2029	2030	2031
9	2025	2026	2027	2028	2029	2030	2031	2032
10	2026	2027	2028	2029	2030	2031	2032	2033
11	2027	2028	2029	2030	2031	2032	2033	2034
12	2028	2029	2030	2031	2032	2033	2034	2035
13	2029	2030	2031	2032	2033	2034	2035	2036
14	2030	2031	2032	2033	2034	2035	2036	2037
15	2031	2032	2033	2034	2035	2036	2037	2038
16	2032	2033	2034	2035	2036	2037	2038	2039
17	2033	2034	2035	2036	2037	2038	2039	2040
18	2034	2035	2036	2037	2038	2039	2040	2041
19	2035	2036	2037	2038	2039	2040	2041	2042
20	2036	2037	2038	2039	2040	2041	2042	2043
21	2037	2038	2039	2040	2041	2042	2043	2044
22	2038	2039	2040	2041	2042	2043	2044	2045
23	2039	2040	2041	2042	2043	2044	2045	2046
24	2040	2041	2042	2043	2044	2045	2046	2047
25	2041	2042	2043	2044	2045	2046	2047	2048
26	2042	2043	2044	2045	2046	2047	2048	2049
27	2043	2044	2045	2046	2047	2048	2049	2050
28	2044	2045	2046	2047	2048	2049	2050	2051
29	2045	2046	2047	2048	2049	2050	2051	2052
30	2046	2047	2048	2049	2050	2051	2052	2053
31	2047	2048	2049	2050	2051	2052	2053	2054
32	2048	2049	2050	2051	2052	2053	2054	2055
33	2049	2050	2051	2052	2053	2054	2055	2056
34	2050	2051	2052	2053	2054	2055	2056	2057
35	2051	2052	2053	2054	2055	2056	2057	2058
36	2052	2053	2054	2055	2056	2057	2058	2059
37	2053	2054	2055	2056	2057	2058	2059	2060
38	2054	2055	2056	2057	2058	2059	2060	2061
39	2055	2056	2057	2058	2059	2060	2061	2062
40	2056	2057	2058	2059	2060	2061	2062	2063
41	2057	2058	2059	2060	2061	2062	2063	2064
42	2058	2059	2060	2061	2062	2063	2064	2065
43	2059	2060	2061	2062	2063	2064	2065	2066
44	2060	2061	2062	2063	2064	2065	2066	2067
45	2061	2062	2063	2064	2065	2066	2067	2068
46	2062	2063	2064	2065	2066	2067	2068	2069
47	2063	2064	2065	2066	2067	2068	2069	2070
48	2064	2065	2066	2067	2068	2069	2070	2071
49	2065	2066	2067	2068	2069	2070	2071	2072
50	2066	2067	2068	2069	2070	2071	2072	2073
51	2067	2068	2069	2070	2071	2072	2073	2074
52	2068	2069	2070	2071	2072	2073	2074	2075
53	2069	2070	2071	2072	2073	2074	2075	2076
54	2070	2071	2072	2073	2074	2075	2076	2077
55	2071	2072	2073	2074	2075	2076	2077	2078
56	2072	2073	2074	2075	2076	2077	2078	2079
57	2073	2074	2075	2076	2077	2078	2079	2080
58	2074	2075	2076	2077	2078	2079	2080	2081
59	2075	2076	2077	2078	2079	2080	2081	2082
60	2076	2077	2078	2079	2080	2081	2082	2083
61	2077	2078	2079	2080	2081	2082	2083	2084
62	2078	2079	2080	2081	2082	2083	2084	2085
63	2079	2080	2081	2082	2083	2084	2085	2086
64	2080	2081	2082	2083	2084	2085	2086	2087
65	2081	2082	2083	2084	2085	2086	2087	2088
66	2082	2083	2084	2085	2086	2087	2088	2089
67	2083	2084	2085	2086	2087	2088	2089	2090
68	2084	2085	2086	2087	2088	2089	2090	2091
69	2085	2086	2087	2088	2089	2090	2091	2092
70	2086	2087	2088	2089	2090	2091	2092	2093
71	2087	2088	2089	2090	2091	2092	2093	2094
72	2088	2089	2090	2091	2092	2093	2094	2095
73	2089	2090	2091	2092	2093	2094	2095	2096
74	2090	2091	2092	2093	2094	2095	2096	2097
75	2091	2092	2093	2094	2095	2096	2097	2098
76	2092	2093	2094	2095	2096	2097	2098	2099
77	2093	2094	2095	2096	2097	2098	2099	2100

---

THE WALL STREET JOURNAL.

• •

COMMODITIES

WALKONE WASHER - BIRTHS, WASHINGTON, D.C.

Futures Contracts

	March 2016					March 2017
	Year	Total	1st	2nd	3rd	Year	Total
Copper Walls (2016)
1st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
2nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Gold (2016)
1st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
2nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
3rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
4th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
5th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
6th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
7th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
8th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
9th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
10th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
11th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
12th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
13th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
14th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
15th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
16th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
17th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
18th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
19th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
20th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
21st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
22nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
23rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
24th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
25th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
26th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
27th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
28th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
29th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
30th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
31st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
32nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
33rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
34th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
35th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
36th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
37th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
38th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
39th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
40th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
41st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
42nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
43rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
44th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
45th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
46th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
47th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
48th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
49th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
50th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
51st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
52nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
53rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
54th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
55th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
56th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
57th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
58th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
59th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
60th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
61st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
62nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
63rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
64th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
65th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
66th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
67th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
68th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
69th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
70th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
71st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
72nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
73rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
74th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
75th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
76th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
77th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
78th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
79th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
80th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
81st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
82nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
83rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
84th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
85th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
86th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
87th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
88th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
89th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
90th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
91st	1,000	1,000	1,000	1,000	1,000	1,000	1,000
92nd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
93rd	1,000	1,000	1,000	1,000	1,000	1,000	1,000
94th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
95th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
96th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
97th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
98th	1,000	1,000	1,000	1,000	1,000	1,000	1,000
99th	1,000	1,000	1,000	1,000	1,000	1,000	1,000

Bonds | wals.com/market-data/bonds/bonchmarks

Tracking Bond Benchmarks

Higher-involved/interest-grade bonds are 7-14 sources; and/or yields paid to investors compared with 52-week highs and lows for different types of bonds

Year	12/31/2017		Index	11/31/2016		Index
	Market	Price		Market	Price
2012.14	8.15	15.70	10.00	4.00	4.00	4.00
U.S. Corporate & Interests
2012.14	8.15	15.70	10.00	4.00	4.00	4.00
2013.14	8.15	15.70	10.00	4.00	4.00	4.00
2014.14	8.15	15.70	10.00	4.00	4.00	4.00
2015.14	8.15	15.70	10.00	4.00	4.00	4.00
2016.14	8.15	15.70	10.00	4.00	4.00	4.00
2017.14	8.15	15.70	10.00	4.00	4.00	4.00
2018.14	8.15	15.70	10.00	4.00	4.00	4.00
2019.14	8.15	15.70	10.00	4.00	4.00	4.00
2020.14	8.15	15.70	10.00	4.00	4.00	4.00
2021.14	8.15	15.70	10.00	4.00	4.00	4.00
2022.14	8.15	15.70	10.00	4.00	4.00	4.00
2023.14	8.15	15.70	10.00	4.00	4.00	4.00
2024.14	8.15	15.70	10.00	4.00	4.00	4.00
2025.14	8.15	15.70	10.00	4.00	4.00	4.00
2026.14	8.15	15.70	10.00	4.00	4.00	4.00
2027.14	8.15	15.70	10.00	4.00	4.00	4.00
2028.14	8.15	15.70	10.00	4.00	4.00	4.00
2029.14	8.15	15.70	10.00	4.00	4.00	4.00
2030.14	8.15	15.70	10.00	4.00	4.00	4.00
2031.14	8.15	15.70	10.00	4.00	4.00	4.00
2032.14	8.15	15.70	10.00	4.00	4.00	4.00
2033.14	8.15	15.70	10.00	4.00	4.00	4.00
2034.14	8.15	15.70	10.00	4.00	4.00	4.00
2035.14	8.15	15.70	10.00	4.00	4.00	4.00
2036.14	8.15	15.70	10.00	4.00	4.00	4.00
2037.14	8.15	15.70	10.00	4.00	4.00	4.00
2038.14	8.15	15.70	10.00	4.00	4.00	4.00
2039.14	8.15	15.70	10.00	4.00	4.00	4.00
2040.14	8.15	15.70	10.00	4.00	4.00	4.00
2041.14	8.15	15.70	10.00	4.00	4.00	4.00
2042.14	8.15	15.70	10.00	4.00	4.00	4.00
2043.14	8.15	15.70	10.00	4.00	4.00	4.00
2044.14	8.15	15.70	10.00	4.00	4.00	4.00
2045.14	8.15	15.70	10.00	4.00	4.00	4.00
2046.14	8.15	15.70	10.00	4.00	4.00	4.00
2047.14	8.15	15.70	10.00	4.00	4.00	4.00
2048.14	8.15	15.70	10.00	4.00	4.00	4.00
2049.14	8.15	15.70	10.00	4.00	4.00	4.00
2050.14	8.15	15.70	10.00	4.00	4.00	4.00

1988 Data base: 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987)

Global Government Bonds: Mapping Yields

Yields and spreads are 4-year growth. 12. Treasury and investment bonds are and 10-year government bonds are selected and are current; arrows indicate whether the yield (mean) is or that 1% of the market season

Year	2016		Index	2017		Index
	Market	Price		Market	Price
4,250	0.5	4,276	1	4,276	4,276	4,276
4,420	0	4,420	1	4,420	4,420	4,420
2,250	Australia	4,608	1	4,608	4,608	4,608
2,420	2	5,038	1	5,038	5,038	5,038
2,480	France	3,000	1	3,000	3,000	3,000
2,760	Italy	4,319	1	4,319	4,319	4,319
2,760	Germany	2,873	1	2,873	2,873	2,873
2,580	2	3,388	1	3,388	3,388	3,388
2,580	Italy	3,568	1	3,568	3,568	3,568
2,580	Japan	2,676	1	2,676	2,676	2,676
2,780	2	2,897	1	2,897	2,897	2,897
2,780	Spain	2,908	1	2,908	2,908	2,908
2,480	2	3,708	1	3,708	3,708	3,708
2,470	U.S.	2,425	1	2,425	2,425	2,425
2,125	2	3,032	1	3,032	3,032	3,032

1988 Data base: 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007) 1.0% (1987-2007)

Corporate Debt

Prices of firms bonds refer to factors including investors' economic, sectorized and company-specific reports before

Investment-grade spreads that tightened the most.

Year	2016		Index	2017		Index
	Market	Price		Market	Price
African-Asian/Pacific	478	5,545	5,99	4,66	22,39	225
Asian & African States	486	2,476	4,96	4,66	2,92	1
USA Dollars	904	5,448	4,77	4,66	24,79	91
Total Dollars	9,229	5,123	4,85	4,66	2,92	1
American-Black-Blank Worldwide	4000	1,000	1,00	1,00	1,00	1,00
Asian & Asian	4000	1,000	1,00	1,00	1,00	1,00
Asian & Asian	4000	1,000	1,00	1,00	1,00	1,00
Total (US$)	5,123	4,85	4,77	4,66	2,92	1

And spreads that widened the most

Investing Global Practices	1486	1,750	4,559	4,66	21,39	69	6	81
Tradesmen-Gas Pipeline	1,750	1,500	4,649	4,66	21,39	69	6	81
Microsoft	9697	4,548	5,45	5,66	2,92	70	1	61
Total Software	1,750	1,500	4,649	4,66	21,39	70	1	61
Jobberman Capital	1,750	4,559	4,69	5,66	2,92	69	4	61
Total Business	1,750	1,500	4,649	4,66	21,39	69	6	81
World Energy	865	6,158	5,31	5,66	2,92	1	1	1
MAH (US$)	1,000	1,000	1,00	1,00	1,00	1,00	1,00	1,00

High-yield losses with the biggest price increases.

---

B10 | Thursday, August 20, 2026

THE WALL STREET JOURNAL.

Hope is what we do.

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THE WALL STREET JOURNAL.

Thursday, August 20, 2008 | 811

MARKETS

Missile Storing Hits $19 Billion Value

Castelion raises more than $1 billion in funding found backed by Carlyle

By Daren Pirofianakis

Missile-making startup Castelion closed a more than $1 billion funding could create its private property giant Carlyle Group, reflecting this—big(firm) growing interest in a booming career of the dishonest industry.

California-based Castelion said it would pay the now investment led by Carlyle, 29-Morgan Chase and Rademonts Breweries to boost planned production of its Blackheed hypercoast muscle. The fresh capital will also fund development work on an even bigger hypercoast strike weapon and a more-produced air defense launch into the company.

Military leaders have said they need more hypercoast weapons capable of signing through money defenses to match China's growing arsenal of similar muscles. Meanwhile, the Pentagon is asking factors to increase production of traditional defensive batteries like the Pacific missile system. Bursals was with Ukraine has crowned the World's

The company will use the new funds to boost planned production of its Blackheed missile.

front missile stockpiles, and this year's 525 was with Iran has drawn them low enough to alarm Trump administration officials.

New defense companies have traditionally grown their operations with the help of venture capital funds like Androncom Breweries, which previously invested in Castelion. The new investments from Carlyle and 29-Morgan's $19 billion national security investment group shows 9000

Store's growing appetite for early-stage companies in the defense sector.

San Fujiyama, the head of Carlyle's aerospace, defense and government practice, said his firm took supply in Castelion to take advantage of the company's promise to design and manufacture weapons on a tight timeline.

"We found there's a multi-annual need to relocate costs of that capability that has just atrophied over the years," Fu

Jinama said, citing a near-term health of mankinds and hysterically weapons in particular.

Castelion said the new capital raises $19 valuation to $53 billion. The focus, C environment, which included other venture capital firms, includes $800 million in equity and a $250 million revolving credit to 10%.

Castelion was so founded by three SpaceX alumni under the position that a new manic

facturer could design, test and produce weaponry more quickly than traditional defense mechanism like KTX and Lockheed Martin.

The company has spent roughly $250 million in funds a New Mexico production campus for Blackheed, a nice site named after the legendary pirate to reflect its expected use and intent. Galveston is now searching for a new factory site to build its next state side models.

Engineers drafted early designs for Castelion's language hypercoast weapon with an eye toward the U.S. military's efforts to match Chinese capabilities in the Pacific in plan. Executives said that moving early to get a range in the project, even before the Pentagon commits to a contract, is the best way to declare the weapons quickly.

"We spent tremendous amounts in the forty million starting that program at a point in time that, particularly every ship," Galveston Chief Executive Bruce Hargis said. "But it takes that level of time to get the doomed control correct, and because we did that, we're now in a position that we're getting to do it. We're going to get a lot of time. That is an example of the power of private capital."

Hong Kong Exchange Operator Hits Record

By Emmanuel Kuo

Banning trading and hiring activity in Hong Kong has ended the city's first major event in another record quarter, putting the same financial hub in a strong position to continue overhaul efforts to attract more capital.

Hong Kong Exchanges & Chewing said on profit over 25% from a year earlier to 5.38 billion Hong Kong dollars, so US$68.6 million. That topped the HK$4.77 billion consensus in the 2008 budgets as a whole in 2008.

Revenue and other income reached HK$8.50 billion, climbing a stronger-than-constant market share, and a declining loss rose on higher volumes across the cash, derivatives and commodities markets. The headline average daily turnover jumped 23% in HK$200.1 billion, HK$2.4 mil, a low quarterly high.

Strong market sentiment helped drive trading activity, HK$2.7 million, with the China said. Fundraising demand from technology and all related companies, as well as participation from Chinese market and international investors also contributed to the repeat performance, said China, whose contract was recently renewed for a further three years, through February 2008. The funds raised from 87 million dollars in the city's 4.7% first half low 96% to HK$222.5 billion compared with a year earlier. Cans said the 30-year low remains strong.

The 2008 budget was rising in our measures to boost the attractiveness of the market for listings. A range of high-tech companies are trading to the market for the market, including Chinese firms already found in marketed China.

Key changes to the hiring framework include allowing the market to be more competitive, and cutting the minimum market capitalization requirement for companies with a weighted voting-rights structure to HK$30 billion from HK$400 billion.

Although macroeconomics and geopolitical uncertainties present, opportunities for HK$3 and Hong Kong remain compelling. Cans said, "to global capital increasingly needs access to China's innovative economy and Asia's growth prospects."

John C. Lee, co-head of the company, said in a 10% exports the reforms to broaden Hong Kong's appeal to high-quality international issues. "Castelion's only deep growth in the economy has a lot to be held up and strong innovative participation, the enhanced hiring framework should support a healthy job," said C. Lee, co-head of Hong Kong's position as one of the world's premier fund-raising centers." Lee wrote in a recent text.

Hong Kong's Hong Kong business are plans to recoup its funds from trade benchmarks to capture more high-growth tech companies and a feature year for new listings, leading to the artificial intelligence and robotics sectors in China.

Bessent Moves on Treasurys

Continued from page 27 On Monday, the 30-year period, the highest rate of the free the global financial crisis, despite Bessent's previous efforts to keep yields down. The 30-year yield remains below the standard state 9% in the late 2005, but this shouldn't even exceed 1.4% at the inflation-adjusted "real" yield for the five years starting in five years, leaving out the rise in the overnight rate, and this year it reaches the highest rates 2009.

The simple explanation for all this is that the world is going into a new era of capital need, for data centers, the military and marketing. That means a higher reward for suppliers of capital, in the form of higher yields.

It's also important to understand what isn't strong, the rise in yields.

Long, hands aren't being damped because investors are worried about inflation, hence, more than 1 billion shares than a couple of months ago, but the head markets' expertise that of inflation, known as the break-even line, isn't just how much the price of the first class to the $64.5 2% goal. In section think that despite five

years of overdoom, the central bank will keep inflation on target in the long run.

Fort Chairman Kevin Wardle's change of communications strategy has confused that of investors, but it isn't obvious that of a natural life-loving yields. In principle, less clearly about the $64.6 direction of travel should push up bank volatility and re-raise yields, as investors demand compensation for the higher risk. But the head market's equivalent of the VCR gauge of implied volatility is slightly lower than a year ago, and a brief spike when the U.S. and Israel first hundred lives. So, but at least, this isn't the issue.

Instead, yields are rising because of the need for more capital. There's a nasty notion about of three trends leading to higher bond sales, only one of which Bessent has any ability to control.

Government deficits. For U.S. government, including state and local, is expected to the International Minority Fund to borrow 75% of GDP this year, the most in the Group of forces developed economies and a level that used to be reached only in deep recessions.

Now it has become the norm, with the government loading on debt even as the economy grows free. Because investors don't think public view of either party will make the painful decisions needed, that means more and more funds to sell in future.

Scott Bessent.

Making this worse is that much the same is true in the rest of the world. Big government came back into fashion in the pandemic, and politicians in Europe and Asia are also plunging with the need to spend a lot more on defense, while keeping voters happy by maintaining social spending. They want swatch and plowdown, and that means borrowing.

The artificial-intelligence boom. At companies have moved from being capital-legal software specialists to capital-hungry operators of gigantic data centers, spending enough to have a noticeable impact on the economy. Tapping bond markets is one of the ways this is being financed, and already that has led to higher yields for the big companies raising the most cash, as investors worry about expenses.

One example: The yield on Alphabet's 2075 bond issued last year has jumped from 6% at the start of July to 0.78% in Tuesday. So more than the jump in the happen-dated government funds. More tobacco taxes, oil tax, price and higher yield.

Gangolitics. The breakdown of the U.S.-led international crisis on trade in pushing other countries to be less reliant on cross-border supply chains, while security concerns about China are making the U.S. rethink access to critical nature of the U.S. companies. Such re-charging means duplicative and less-efficient capital spending.

All of this has led to a rise in inflation-adjusted "real" yields as suppliers of scarce capital anticipate more demand for capital, and so change more.

Bessent's feedback expansion is best seen as the need that is the strategy of issuing a larger share of short-dated debt and 7.16%, reducing the need for long-dated sales that push up yields.

But this creates risks. It can help contain long-dated yields, but more short-dated measures make government finances even more exposed to any one of interest rates, which would quickly feed through into even higher borrowing costs.

The Treasury's cash income last month to intervene to prop up the pre by rolling euros, which convert to a 2% margin of the Japanese to borrow from the first to finance its own in-

terventions, are best seen as more fiddling, preventing the need to sell Treasury.

The good news is that higher yields are in part soft-crossing. Fused with higher borrowing costs, profit drives can prove to be more expensive, much, or not other areas to finance projects. Would be home buyers are deterred by higher mortgage rates, and higher savings will be less spending. Around the edges this is visible in all, with home job losses at Meta Platforms in effect rates of the costs.

The bad news is that on most of all, it driven by huge outlier than cash profits, that higher yields are likely to do little to crimp growth. And governments, at least 1,000 that borrow in their own currency, can ignore higher yields until it becomes clear to return that government debt is tapewing out parts of the economy they can about.

We can think of higher levels yields as part of the reckoning for excessive borrowing. The more it goes on, the more the common sector is expected, and eventually—hopefully—politicians realize that spending will be the cut or goal for with taxes. Bessent, so far, hasn't been telling to its other countries. But the economic system. They can earn 2.5% above inflation on Treasury's while they wait, is an asset that might even do better if it is not a good way to define that pups—or really fault if Bessent loses control.

Cantor Lets Funds Net On Kadshi

Continued from page 27 Event in bridging cash related to weather or commodities

such as crop outputs and oil prices, he added.

Other raw cases include risks to artificial-intelligence supply chains and betting on the price of competing power, and, for doubt, must of many kind development ofnexperhanthe Proficience.

Institutions will also be able to propose markets for their specific needs. The companies have already been in

discussions with institutional investors about what markets they would like to see.

"I think prediction markets allow us to be much more creative with the types of hedges," said Grubb. "And we're turning to lot of interest in ideas from counterparties."

Proponents say that prediction markets harness the wisdom of crowds to accurately forecast the outcome of future

events and that they offer a more specialized way to bridge risk or make weapon that aren't possible in traditional financial markets and issuer market service.

Kadshi has turned its attention to swung institutional investors in recent months, completing its first block trade earlier this year for a contract tied to carbon allowances in California that was

created specifically for the trade. The company joined withاولonction Brokers and the this year, another by in the race to draw institutions to force market sales.

"We got a lot of questions of, I think, and it is being specific, sweet risk, but I don't know how to do it," said Max Crowley, vice president of business development at Kadshi. "The demand is there."

MOVE! & INVESTING

Stock Spotlight

Oracle

Shares for 0.3%. The Wall Street Journal reported that OpenAI's revenue growth was explained by Arithmetic in the second quarter, while its launch was a result of performance hinges on OpenAI's ability to make good on its massive commitments.

Sit Hyres

The clay giant revealed plans for a $28 billion budget, 10x 15.4 third shares rose 0.3%. Its Korean shares closed nearly 90% toward a sale of 0.4% Asia

Moderns and Merck

The companies

experimental vaccine succeeded in preventing

measures from returning to a study. Moderns clock-scoped more than 175%, while Merck jumped 10%.

Vache Technology

Shares in the Chinese humaned robot maker, known as Unibox, surged over from founder of Vache trading debut in Shanghai.

Eidos Lander

Shares gained 50% after the beauty company reported it had narrowed losses and lifted sales to its latest quarter.

Target

Shares rose 4.6% after the company reported an earnings beat and higher sales before the bid.

Lowe's

Shares reached a 2% gain.

The home-improvement relative brought its full-year outlook, signaling a strong prospect for household projects. Still, the company reported adjusted earnings just above analyst estimates.

THUNSDAY'S EVENTS:

■ Exposures: 4,000 Unemployment insurance (effort weekly claim) Phone/phone/phone manufacturing survey, U.S. leading unknown report, IDA weekly related gas storage report

EARNINGS EXPECTED:

Walmart, Alibaba, Dakota & Co. Advance Auto Parts, Ross Stores

Precious metals performance

Precious metals price increases, publicly sold in its highest settlement value once that 20x after the Treasury Department's feedback announcement. The Treasury's move at least momentarily reversed a rate up to head yields that had been 10x 15x 20x 30x 40x 50x 60x 70x 80x 90x 100x 110x 120x 130x 140x 150x 160x 170x 180x 190x 200x 210x 220x 230x 240x 250x 260x 270x 280x 290x 300x 310x 320x 330x 340x 350x 360x 370x 380x 390x 400x 410x 420x 430x 440x 450x 460x 470x 480x 490x 500x 510x 520x 530x 540x 550x 560x 570x 580x 590x 600x 610x 620x 630x 640x 650x 660x 670x 680x 690x 700x 710x 720x 730x 740x 750x 760x 770x 780x 790x 800x 810x 820x 830x 840x 850x 860x 870x 880x 890x 900x 910x 920x 930x 940x 950x 960x 970x 980x 990x 1000

The Natural-Gas Crunch

If you thought the oil market crunch was bad, make a thought for buyers of natural gas.

Crude prices may still be much higher or some down significantly from wartime yields. Natural gas futures prices in Europe are hovering near their highest level since early 2002, in the United States. Strat of thermal could only closed into earlier 70s(8) with Europe staring down a market of the crazes in 1st level after Russia's invasion of Ukraine's five-year age. The natural-gas crunch is a good old natural gas company made it through thermal this month, according to Kinga Andre Mastriano, energy analyst at DME Carve

gas in Norway. Before the war, around a fifth of the world's 144 came through internal, mostly from Qatar.

The natural-gas crunch from the Middle East main more competitive for what's left, spurring a bidding war between European and American. Europe's sports, volleyball, tennis, tennis, golf, and golf. The world's 144 has been a major market for the world's 144. The world's 144 has been a major market for the world's 144 has been a major market for the world's 144 has been a major market for the world's 144 has been a major market for the world's 144 has been a major market for the world's 144 has been a major market for the world's 144 has been a major market for the world's 144 has been a major market for the world's 144 has been a major market for the world's 10

—Joe Hibaker

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B2 | Thursday, August 26, 2026

THE WALL STREET JOURNAL.

HEARD OF STREET

FINANCIAL ANALYSIS & COMMENTARY

Drugmakers Should Never Shop Hungry

The worst deals in pharmaceuticals aren't early or late, just desperate

Everyone who has walked into a grocery store hungry knows how quickly discipline can evaporate. Everything looks like an immediate necessity.

The same psychological toughness set in Big Pharma brand rooms, though the stakes are measured in tens of billions of dollars. Like shoppers trying to keep the fridge stocked, pharmaceuticals can be constantly hunting for promising biotech drugs to replace ongoing disclosures. And just like supermarket shoppers, a CEO who walks into the store hungry—closing down a patent cliff with an empty pipeline—is far more prone to expansion, palate driver increases.

The better move is to make frequent, smaller trips to the store. In pharma terms, that means making a steady stream of small-to-medium-size bets rather than one gigantic deal.

For decades, large acquisitions were the classic answer to a patent cliff. When sales began to drop off because of generic entry many pharma companies turned to mergers, which added scale and allowed them to strip out duplication costs. But several of the more recent large deals, including Roland-Myers Squibb's 2020 acquisition of Celgene for $70 billion, have failed to deliver positive shareholder returns.

As a result, investors have soared on that strategy. It isn't that it can't work. But the fear is that they can not overcome congestion and will not necessarily improving the long-term growth trajectory.

That verdict was absolutely clear recently when Aerodise—one shares plunged following a Financial Times report that it had received a merger with Bristol-Myers. Regardless of how serious the talks were, the signal to pharma board-route man to keep it small.

So-called both-to-deals have become the industry's staple in recent years. Across the 36 largest drug-makers, acquisitions for under $2 billion have been running at roughly two dozen a year over the past decade, according to Revertha Mink data provided by Evaluate. The pace has been higher in recent years, and 2025 is running hot, with 26 such deals so far this year.

Eli Lilly whose executives have used the supermarket analogy, was behind many of the year's deals. In Mosquies and Zephyrus franchise generates massive cash flow, with patent protection stretching into the middle of the next decade, which means Lilly has time. It can drop for the next decade rather than the

Eli Lilly's Mosquies and Zephyrus franchise generates massive cash flow, with patent protection stretching into the middle of the next decade.

next year, placing targeted bets across sleep, goes sitting, cancer and psychosis is diversely before the obesity-drug boom eventually slows.

That doesn't mean Lilly is the industry's best dealmaker. In record to match, and buying early means many of these bets won't pan out. But it can afford to be wrong.

Most pharma companies don't have Lilly's cursory. But a little hunger isn't necessarily bad if it focuses the most. Some of the best deals come after early studies show that a drug works but before late-stage trial results chip away the discount. In other words, not too early, but not too late.

Revertha offers a look at a buyer that has grown more disciplined over time. Its best moves came from

getting in early long before radio-pharmaceutical therapy because an edging 'last' trend, Revertha past about $2 billion in 2020 for the platform that yielded Planalto, a prostate-cancer drug now on track for roughly $4 billion in annual sales by the end of the decade. But every

pays off. It took a partial write-down on its $2.9 billion Morpho-2m deal after the lead drug hit clinical delays.

But under Chief Executive Van Nussenden, the recent drugmaker has steadily narrowed its ambitions toward smaller, targeted bets

across a few core fields, with the occasional larger swing on conviction, such as its recent $21 billion deal for neuromuscular-drug developer Anality Biosciences. Now growing despite the fact that blockbuster heart drug Estrosta is facing ge-

neric competition, Revertha has no need for a great buy because it presents the best deal again.

Merck is the harder bet. By all rights, Chief Executive Robert Stein should be the hungriest shopper in the side. Merck's cancer suppresses personal growth, and $2.7 billion last year—more than half of Merck's pharmaceutical revenue—and begins being patent protection in 2028. A hole that was could make any executive lose their head, march into the store, and grab the most expensive thing on the shelf. And Merck has indeed repeatedly looked at deals over $50 billion.

But rather that it's far from on one overwhelming acquisition, Merck has filled its cart with a string of targeted assets, including the 2021 $21 billion acquisition of Acceloma, which gave it the fast-growing pulmonary hypertension drug Wharvest, and the $21 billion buyout of Prometheus in 2023, which was a bet on an autoimmune treatment.

Partnerships can be an even lower-risk way in Merck to around up with Moderna in 2016 to develop personalized mRNA cancer vaccines, and expanded the deal over time. The bet is paying off on Wednesday, Merck's stock largest 2% after the vaccine delivered positive results in high-risk melanoma patients.

Many of Merck's deals are at that sweet spot—after the data shows the drug works but still before a late-stage trial has confirmed it. These are calculated swings, without buying the whole store. Not every bet will pay off, but investors are increasingly rewarding the deal making. Merck's shares are up about 80% in the past 12 months, even as it approaches its patent cliff.

Risk is inherent in buying biotech companies. The best drugmakers, like the best shoppers, don't stop buying. They just make sure they're never as hungry that everything on the shelf looks good.

—David Blotter

Does 'Less Is More' Work for ETFs?

ETF performance, year to date

ETF performance since June 2019

Source: FactSet

With 1,000 exchange-traded funds launched just last year in the U.S., investors can own almost anything they want. Increasingly, that includes funds running some ingredients they would rather avoid. It is a good idea!

We know most stocks don't do very well. Since picking future Wodian is so hard, efficient-market advocates can do just owning them all while paying as little as possible.

Most investors agree. The three largest U.S. ETFs by nearly all, with the 2007-10, and the fourth in Vanguard's even broader Total Stock Market ETF work 1,500 stocks and a tiny expense ratio of 0.52%.

A lot further down the list: are yet another Vanguard fund that costs the widest possible net, owning 10,000 stocks globally.

But what if you have a hunch that one group will be a drug, or if you have ethical or religious reasons not to profit from certain businesses?

The best-known category in recent years has been ESG—evol-

onmental, social, and governance—a slippery set of criteria to define, and one recently out of political and investor favor. There are also "anti-wide" funds, and even some proposed ETFs that avoid companies associated with Elon Musk.

Funds definitely what they don't own can look good if you check their performance at the right time. One that wrote the 2007-10 method the Magnificent Seven is beating those scuffling telemodels for 15 percent—a points that lead, the best would have gotten you nowhere in 2023 and 2024.

Taking the opposite tack, since what is shunned often gets cheap, there is a mutual fund that no plentiful thumbs to none at investing pruins by owning "true" stocks—guns, house, tobacco, cannabis and gums. So expense to be of more than 2% is positively initial to.

Can excluding some things over be a long-run boost? Since we already know that positively weighting factors such as value or

quality have worked, avoiding others by default, maybe so.

Life's Liberty Indexes created Freedom 100, an emerging-markets benchmark that weights countries and companies on cost, political and economic freedom. Monthly absent sex Chinese and Saudi form, and also partially state-owned enterprises.

Founder Perth Tolle says that has allowed their associated ETF to overweight Taiwan, South Korea, Chile and Poland and to beat the broad emerging markets index-handly since the fund's launch more than seven years ago.

That's impressive, because it's generally hard for investors to do well by doing good. Making short term bets on funds excluding a category you expect to lag behind is even trickier because you have to take the market correctly.

ETFs make that tempting. Unless you're confident about some similar, inferior long-term prospects, though, it's usually best to just take the good with the bad.

—Spencer Jolub

Treasury Has Limited Firepower to Boost Bond Market

Over the course of the 2am war, the Trump administration has learned it can trigger big declines in the price of oil with well-trend messages producing numerous peace deals. Now, Treasury Secretary Scott Bassett is trying the same trick with the bond market. Apparently alarmed by the upwish attack is long-term yields, the U.S. Treasury said Wednesday that it would at least double re-

purchases of longer-dated Treasury bonds. Rates dived inាន兆，with the yield as 10-year Treasury bonds falling $10 per-centage point to 3.8%.

But the size of the erythematous is minuscule, doubling from $2 billion to $4 billion per operation. In July alone, the Federal budget deficit was $432 billion. The existence of this deficit means the Treasury's firepower to buy back debt in other-

ently limited. In effect, it can only buy back long-term bonds by issuing more short-term ones.

To have a sustained impact on long-term yields, there would have to be meaningful deficit reduction, which is unlikely to say the least, in the current political environment. Alternatively, the unlimited firepower of the Federal district could be brought to bear on the Treasury market in an explicit per-

cy of "yield curve control" similar to what the fund of Japan did for years, this would involve the first shipping in to buy bonds called equity up above a certain threshold. But this would fly in the face of three liberals—a common on several fronts, including wanting to repossibly find balance sheet and allowing the market to send clearer signals absent influence from the central bank.

Unless there is a huge renewal from World, the Trump administration's attempts to endorse the Treasury market will look similar to its efforts on an effective at triggering short-term market moves, but not at arresting the long-term trend. For that, the fundamental cause of the problem need to be addressed. That's not something Bassett can talk away. —Aaron Beck