Trump, Biden Trade Insults in Debate Full of Crosstalk
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P2JW274000-6-A00100-17FFFF5178F ****** WEDNESDAY,SEPTEMBER 30,2020~VOL. CCLXXVI NO.77 WSJ.com HHHH $4.00 DJIA 27452.66 g 131.40 0.5% NASDAQ 11085.25 g 0.3% STOXX 600 361.49 g 0.5% 10-YR. TREAS. À 5/32 , yield 0.644% OIL $39.29 g $1.31 GOLD $1,894.30 À $21.50 EURO $1.1744 YEN 105.67 Biggest What’s News Utility In U.S. Business&Finance Pursues extEra Energy re- Ncently made a take- over approach to Duke En- Duke ergy, testing the waters for what would be a$60 bil- lion-plus combination of NextEra’s$60 billion two Southern utilities. A1 takeoverproposal was Disney said it would lay rebuffed, but it still off about 28,000 employees at itsdomestic theme parks, has interest in deal as California signaled that Disneyland likely would NextEraEnergy Inc.recently have to remain closed for made atakeover approach to the foreseeable future. A1 (2) DukeEnergy Corp., according JPMorgaN agreed to GES to people familiar with the pay $920 million and ad- IMA matter, testing the waters for mit misconduct tied to what would be a$60 billion- manipulation of precious- GETTY plus combination of two South- metals and Treasury mar- ON/ ern utilities. OLS kets, regulators said. A1 T OT Abu Dhabi sovereign- SC By Cara Lombardo, President Trump and Democratic candidate Joe Biden face off at the first presidential debate Tuesday in Cleveland. wealth fund Mubadala is Maureen Farrell investing in Silver Lake and Dana Cimilluca and contributing $2 billion Dukerebuffed the approach to help the firm launch a Trump, Biden Trade Insults butNextEraisstill interested in new long-term strategy. B1 pursuing adeal, some of the Boeing will set plans people said. Thereisnoguaran- this week to consolidate teeNextErawill do so and if it 787 Dreamliner assembly In Debate Full of Crosstalk does,that adeal would result. in South Carolina, ending Duke, based in Charlotte,N.C., production of that jetliner has amarket value of about $61 in WashingtoN state. B1 billion following a14% decline in BY KEN THOMAS stantly spokeovereach other hall in Cleveland, the candi- dent criticized his militarydis- itssharepricethis year,and an Retail storeclosings in AND CATHERINE lUCEY in anumber of contentious ex- dates during the firstofthree charge.While Mr.Trump acquisition of the companycould the U.S. reached arecordiN changes in the 90-minutede- scheduled debates were vying sought to put Mr.Biden on the be the largest utility deal ever the firsthalf of 2020 and the President Trump and JoeBi- bate, morenotable forrancor foranarrow sliceofpersuad- defensive, he wasrepeatedly andthe biggest mergersofar year is on pacefor record den clashed over the Supreme than anypolicynuance. Mr. able voters in aracethat polls pushed to defend himself on ra- this year. bankruptcies and liquida- Court, the coronavirus and the Trump,who wasrepeatedly showhas been remarkably sta- cial issues,his record on the Pulling one off won’t be easy. tions amid the pandemic. B1 economyinadebatemarked by chided by moderator Chris Wal- ble during aturbulent year, pandemic and his taxpay- First, NextErawould have to U.S. stocks pulled back af- interruptions and insultsTues- laceofFox News forinterrupt- with Mr.Biden enjoying asolid ments. overcome anyresistancefrom tertwo sessions of solid gains, day, with the Republican in- ing,questioned Mr.Biden’sac- lead nationallyand in several Mr.Wallace, who steered the Dukeand itsexecutives and hos- with the Dow and S&P 500 cumbenttelling his rival that complishments. key states. debateamong anumber of pre- tile deals in the utility industry both closing down 0.5% and for“47 yearsyou’vedone noth- Mr.Biden, who at one point Mr.Trump at one point de- announced topics,often strug- arerare. Anyagreed deal would the Nasdaq falling 0.3%. B13 ing” and the Democratic chal- told the president to “shut up,” flected aquestion about gled to control the bickering, have to passmuster with an ar- lenger calling Mr.Trump the found fault in the Republican’s whether he would denounce repeatedly calling on the candi- rayofgovernment officials in a Goldman shuffled exec- “worst presidentthat America stewardship of the economy whitesupremacist groups.Mr. dates to stop speaking over highly regulated industry. utive ranks and units, as has ever had.” andhis coronavirus response. Biden’svoicerose as he de- each other and his questions. With amarket value of about CEO Solomon continues to Thetwo candidates con- From asocially distanced fended his son afterthe presi- PleaseturntopageA4 PleaseturntopageA9 put his mark on the firm. B12 World-Wide TheConferenceBoardConsumer ConfidenceIndex(1985=100) Signs of China Expands Its 160 RECESSION Trump and Biden clashed Recovery over the Supreme Court, the 140 Spark coronavirus and the economy U.N. Clout, One in adebatemarked by inter- 120 March 2002 Optimism ruptions and insults, with the +15.7 points Republican incumbent telling Vo te at aTime 100 Consumer his rival that for“47 years confidence surged you’vedone nothing” and the 80 in September, its Democratic challenger calling biggest increase Trump the “worst president since April 2003 60 Largest Change from that Americahas ever had.” A1 A decadelong campaign is now helping monthly Aug. to Sept. and reversing two Biden released 2019 tax increase +15.5points months of shield Beijing from international scrutiny 40 returns showing that he paid since2000 declines. It was nearly $300,000 in federal +19.6 the index’s highest taxes, seeking to draw a WhenChina curtailed po- and partners, to the helm of 20 points level since March, contrast with Trump in the litical freedoms in Hong U.N. institutions that set when the Covid-19 hoursbeforetheir debate. A4 Kong this summer,two rival global standards forair 0 pandemic thrust declarations circulated at the travel, telecommunications the nation’s 2001 '05'10 '15'20 Alawyer forFlyNN told United Nations Human and agriculture. Gaining in- economy into a ajudgethat she had recently RightsCouncil. One,drafted fluenceatthe U.N. permits Source:The ConferenceBoard recession. A2 spoken with Trump about the by Cuba and commending China to stifle international case and asked the president Beijing’smove, wonthe scrutinyofits behavior at not to pardon the former home and abroad. In March, national security adviser. A4 By Yaroslav Trofimov, Beijing wonaseat on afive- Pelosi and Mnuchin are Drew Hinshaw member panel that selects Disney Lays Off 28,000 Staff making alatepush to tryto and Kate O’Keeffe U.N. rapporteursonhuman- reach acoronavirus-relief rightsabuses—officials who deal beforethe election, backing of 53 nations.An- used to target Beijing forim- At Parks in Latest Virus Blow despiteskepticism on Cap- other,issued by the U.K. and prisoning morethan amil- itol Hill that an agreement expressing concern,secured lion Uighursatso-called re- is possible at this stage. A6 27 supporters. education camps in Xinjiang. BY R.T. WATSON restrictions on the way they lowDisneyland to reopen.” China’sshowofstrength Washingtonhas recently canoperate. Through the weekend, Cali- TheTreasurysaid it has wasjust the latest diplo- attempted to counter this ef- Walt Disney Co.said it would Thelaid-off workershave fornia had detected 805,263 to- closed loans to seven airlines matic triumph in Beijing’s fort at the U.N.,cajoling and layoff about 28,000 employees been on furlough sinceApril, talcases,including 2,955 new and joined with the industry drivetosway the system of wooing countries around the at itsdomestic theme parks, thecompanysaid, collecting cases recorded on Sunday. to call on Congresstoextend international organizations world. Those efforts, ham- making the announcement health benefits but not pay. Atop statehealth official said more aid to prevent massive in itsdirection. As the strung by damaged relation- shortly afterthe stateofCali- About two-thirds of them are Tuesdaythat OrangeCounty, job cutslater this week. A2 Trump administration ships with partnersand al- fornia signaled that Disneyland part-timeemployees,Disney home to Disney’s flagship theme Thepresident of the stepped back from many lies,havehad alimited would likely have to remain said, adding it would soon enter park,failed to meet guidelines largest U.S. firefighters partsofthe multilateral or- impact so far. closed forthe foreseeable fu- discussions with unions about that would have allowedeasing union has decided not to seek der established afterWorld China’ssuccess raises a turedue to Covid-19 concerns. “next steps” fortheir members. restrictions on businesses.The re-election amid aprobe into WarII, China has emergeda conundrum forthe U.S. and Thelayoffs arethe latest ex- In announcing the layoffs county is currently in the second pension paymentstohimself chief beneficiary, intensifying itsallies.After the Soviet ample of ongoing tension be- Tuesdayafternoon, Disney said of four tiersthat measurethe and aformer union official. A3 amethodical, decadelong Union fell, these nations ex- tween governmentstrying to the impact of the pandemic has risk of contagion, indicating the campaign. pected the U.N. to become a keep the newcoronavirus in been “exacerbated in California stateconsidersthe spread of the Died: Sheikh Sabah al- Beijing is pushing itscivil mechanism to promotede- check and businesses strug- by the State’s unwillingnessto coronavirus “substantial.” Local Ahmad al-Sabah, 91, ruled servants, or those of clients PleaseturntopageA12 gling to makeends meet amid liftrestrictions that would al- PleaseturntopageA6 Kuwait since 2006. A8 South Korea Excuses Everyone INSIDE JOURNAL REPORT U.S. SmacksJPMorgan Women in the From Stressful Family Gatherings Workplace: ASetback iii With $920 Million Fine in the Pandemic R1-10 Residents welcome official advice to BY DAVE MICHAELS spoofing,atype of market ma- CONTENTS Personal Journal A13-14 skip holiday trips home amid pandemic nipulation,the agencysaid. Arts in Review... A15 Property Report... B6 BusinessNews..B3,5 Sports........................ A16 JPMorganChase &Co. “Spoofing is illegal—pure Crossword.............. A16 Technology............... B4 agreed to pay$920 million and and simple,” CFTC Chairman HeardonStreet... B14 U.S. News......... A2-4,6 BY TIMOTHY W.