Ship Wedged in Suez Canal Disrupts Trade
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P2JW084000-5-A00100-17FFFF5178F ***** THURSDAY,MARCH 25,2021~VOL. CCLXXVII NO.69 WSJ.com HHHH $4.00 DJIA 32420.06 g 3.09 0.0% NASDAQ 12961.89 g 2.0% STOXX 600 423.39 À 0.02% 10-YR. TREAS. À 7/32 , yield 1.613% OIL $61.18 À $3.42 GOLD $1,732.90 À $8.20 EURO $1.1815 YEN 108.73 What’s Ship Wedged News In Suez Canal Business&Finance GES IMA ETTY DisruptsTrade he prospect of summer /G FP Tdrivers crowding U.S. /A highwaysispowering steep BY COSTAS PARIS dredger worked most of LABS gains in the priceofgasoline, AND JARED MALSIN Wednesdaytodig out the ship, asign of economic recovery partially refloating it and PLANET and aboon forthe pandemic- S; Agiant cargoship that got dragging it along the bank by ravagedenergy industry. A1 stuckinthe Suez Canal blocked early afternoon local time. PRES all traffic on one of the world’s Theincident involving the Greensill’sfounder spoke TED busiest shipping arteries on Ever Given, which is one of the frequently about disrupting OCIA Wednesday, further compound- world’sbiggest ocean vessels, big banks,but beforethe fi- SS /A ing global supply-chain woes. hadimmediateconsequences. nancial startup collapsed it re- Egyptian authorities en- Ship trackersand brokers lied on the apparatus of Wall THORITY gagedinacomplicated effort to said morethan 100 ships were Street to fuel itsexpansion. A1 AU dislodgethe more-than-1,300- waiting to transit the 120-mile Fedchief Powell,injoint foot-long vessel, which was canal, which connectsthe Red testimonywith the Treasury’s CANAL trapped in the canal sidewaysa Sea with the Mediterranean. Yellen beforeaSenatepanel, dayearlier with itsbow Even if the blockageweretobe SUEZ indicated that he isn’t con- P: wedged in one bank and its cleared quickly,shipping execu- cerned about arecent rise TO stern nearly touching the other PleaseturntopageA7 in long-term bond yields. A2 OM during adust storm when wind FR speeds reached 40 knots. String of disruptions leads to Major U.S. stock indexes Morethan 100 ships entering Agroup of tugboatsand a shortages..................................... A7 ended lower, with the Nas- the Suez canal areidling as the daq and S&P 500 losing 2% EverGiven remains stuck and 0.5%, respectively. The Dowslipped 3.09 points. B11 Marine traffic for12hours ending at 5:30 p.m. Wednesday PriceofGas Climbs Xiaomi has emerged as the newChinese smartphone leader amid the decline in Huawei’sbusinessunder the Toward $3 aGallon weight of U.S. sanctions. B1 EGYPT Facebook’sZuckerberg, BY JOE WALLACE cluding ValeroEnergy Corp. in writtentestimonyahead of and Phillips 66 afterabruising aHouse hearing,said Congress Theprospect of summer year,helping to makeenergy should consider forcing digi- driverscrowding U.S. high- shares the top-performing sec- talplatforms to earn the legal Idling waysispowering steep gains torthis year in the S&P 500.A immunity they enjoy host- vessels Suez in the priceofgasoline,asign proxyfor profit margins at re- ing third-party content. A3 Canal of economic recovery and a finers, calculated from the gap Moncef Slaoui,who helped boon forthe pandemic-rav- between gasoline and crude- lead the U.S. Warp Speed vac- EverGiven aged energy industry. oil futures, recently neared its cine effort, wasfired as chair- Suez Liftedbyoil’srecoveryand highest level in three years at man of biotech startup Galvani growing consumer demand, morethan $24abarrel. afteraninquiryintoallega- gasoline prices at pumps in Driversare already paying tions of sexual harassment. B1 5miles the U.S. hit an averageof alot morethan $3 agallon in 5km $2.88 agallon over the past some states.InCalifornia, the Tencent’s CEO empha- week, according to AAA. That most expensivemarket, aver- sized his commitment to is up about one-thirdoverthis ageprices stand at $3.88, ac- working with regulators in RedSea time last year,when pandemic cording to AAA.MotoristsiN China, as the companyposted Note:Local time Source:MarineTraffic lockdowns cut fuel use. Mississippi, Texas and Ohio, itsmost profitable year yet. B4 Egyptian authorities were working to dislodge the Ever Given, a more than 1,300-foot-long Risingprices areanearly on the other hand, arepaying cargo ship, shown blocking traffic on the waterway Wednesday after it raN aground. season giftfor fuel makersin- PleaseturntopageA2 World-Wide Acargo ship that gotstuck Democrats INSIDE in the Suez Canal blocked all MenSeeking Work Drive traffic on one of the world’s busiest shipping arteries, further compounding global Consider supply-chain problems.Egyp- Migrant SurgeatBorder tian authorities engaged in an TaxHikes effort to free the vessel. A1, A7 Democratsare weighing avariety of possible taxin- In Next Bill Adults makeupmostofthose caughttrying to illegally crossintoU.S. creases,including boosting the corporatetax rate and the top marginal income-tax rate on BY ANDREW DUEHREN BY JUAN MONTESAND ALICIA A. CALDWELL prehensions so far this fiscal year,according individuals,toraise revenue. A1 AND RICHARD RUBIN to U.S. Customs and Border Protection data. Senators squared off The surge in illegal immigration across Some 60% of all single adultsapprehended over nationwide voting rules, WASHINGTON—Demo- the southern U.S. border is shaping up to be were Mexicans.Border patrol agentssay the with Democratsproposing an cratsare weighing avariety of the biggest in 20 years. Unlike migrant majority of single adultsthey catchare overhaul to ease voting access, taxincreases,including boost- surges in 2019 and 2014, which were pre- men, entering to look forwork such as pick- BUSINESS&FINANCE and Republicans calling it a ing the corporatetax rate and dominantly made up of Central American ing fruitsand vegetables,roofing and dish- Amazon faces powergraband saying states the topmarginal income-tax families and unaccompanied children, so far washing. pressurefrom should retain flexibility. A6 rate on individuals,toraise this one is being driven by individual adults. The influx of children arriving alone at revenue as President Biden fi- Most of the migrants are Mexicans, ofteN the border has captured broad attention. employees to change AstraZenecareleased nalizes his infrastructure, cli- men in search of work with the pandemic While apprehensions of mostly Central working conditions. B1 morepivotal-trial datafor its mate and education proposal. easing and the U.S. economy set to boom. American families and unaccompanied mi- Covid-19 vaccine,saying the Following the recently Apprehensions at the southern border to- nors have growN in the past few months, shot was76% effectiveinpre- signed $1.9trillion coronavirus taled 382,000 from the beginning of the fis- their numbers overall are still much smaller WORLD venting Covid-19 with symp- relief package, WhiteHouse of- cal year in October through February, up than those of adults. toms,inafuller analysis of Netanyahu’selection ficials have craftedaprelimi- 42% compared to the same period of 2019—a Thenumber of families caught trying to impasse threatens study resultsthan the com- nary plan forthe next legisla- year that saw the highest number of appre- crossthe border rose to 39,000 during the panyhad earlier provided. A3 tivepush, a roughly $3 trillion hensions since 2007. In 2020, the influx of PleaseturntopageA10 Covid-19 recovery in Biden asked the vicepres- proposal split intotwo parts. migrants plummeted due to the pandemic. Israel. A9 ident to lead diplomatic ef- One would be aimed at infra- Single adultsaccount for82% of the ap- Harris to lead effort to ease border influx... A10 fortswith Mexico, El Salva- structureprojectssuch as dor,Guatemala and Honduras roads,bridges and watersys- to stem the surge of migrants tems,while asecond would fo- Move Over, ‘Charlotte’s Web’— at thesouthern border. A10 cus on education and antipov- Before Greensill Failed, erty measures. Kids’ Books Look to Algorithm Colorado lawmakersare Theplan also breaks the tax calling fortougher guncurbs increases intotwo pieces,pro- iii It Relied on Wall Street as investigatorscontinue to posing to raise taxes on busi- search for clues about why nesses as part of the infra- Digital publisher uses children’s online agunman killed 10 people at structurebill and reserving BY DUNCAN MAVIN forGreensill’sborrowers,for- aBoulder supermarket. A3 tax increases on high-income searches to determine hits; Hoot the owl AND JULIE STEINBERG warding money on to investors North Korea launched households forthe second in theCredit Suisse funds.Citi- two ballistic missiles off its package, according to people BY ELLEN GAMERMAN ation of newtitles in-house. LONDON—Thefounder of group also worked on afailed east coast, the U.S. and Jap- familiar with the discussions. Epic’steam knows that chil- GreensillCapital spokefre- last-ditch attempt to raise anese governmentssaid. A9 TheWhiteHouse said Achaotic time-traveling owl dren prefer owls to chickens quently about disrupting big fresh capital forthe startup. Wednesdaythat Mr.Biden and named Hoot is at the center of andchickens to hedgehogs. banks.But beforethe financial Greensill wasfounded in Died: W. Kent Taylor,65, his economic team arefinaliz- the newchildren’sbook “Time Kids hunt forunicorns almost startup collapsed this month, it 2011 by former MorganStanley Texas Roadhouse CEO. B2 ing the plan over the next sev- Buddies,” which is nowbreak- twiceasoften as they look for relied on the apparatus of Wall and Citigroup banker Lex eral days,ahead of aspeech Mr. ing recordsonthe online read- mermaids.Volcanoes aremore Street to fuel itsexpansion. Greensill.The firm specialized