KOBE BRYANT, What Trump’s Foreign VENTURE CAPITALIST Policy Gets Right JOHN BOLTON MONEY & INVESTING | C1 OPINION | A13 LUCY NICHOLSON/REUTERS ****** MONDAY, AUGUST 22, 2016 ~ VOL. CCLXVIII NO. 44 WSJ.com HHHH $3.00 Last week: DJIA 18552.57 g 23.90 0.1% NASDAQ 5238.38 À 0.1% STOXX 600 340.14 g 1.7% 10-YR. TREASURY g 19/32 , yield 1.580% OIL $48.52 À $4.03 EURO $1.1326 YEN 100.21 What’s Rio Closes the Summer Games With a Stirring Celebration U.S. Faces News Reversal In Asia if Business&Finance Pact Fails he ECB’s corporate- Tbond-buying program has so stirred the credit mar- BY JOHN LYONS kets that some firms are cre- ating new debt especially for President Barack Obama’s the central bank to buy. A1 troubled Pacific-region trade deal is threatening to become Pfizer is nearing agree- a foreign policy failure in Asia, ment to buy biotech Medi- where the U.S. loaded the ac- vation in a $14 billion deal cord with strategic signifi- that would expand its lineup cance as a counterweight to of cancer treatments. B1 the rise of China. Investor Wilbur Ross U.S. officials have billed the has been buying troubled 12-nation Trans-Pacific Part- energy debt in a bid to nership for years as central to take control of distressed a shift of U.S. military and oil-and-gas companies. C1 other resources to Asia. Now, Several big shale drillers with opposition toward the are tiptoeing back into the pact mounting on both the oil patch as the price of U.S. right and left in Washington, crude rises toward $50. B3 the likelihood of its ratification in Congress appears bleak. The Fed’s Fischer Failure at this point, experts raised concerns about the RICARDO MORAES/REUTERS say, would dent U.S. credibility U.S. economy’s longer-term SPARKLING FINISH: Fireworks explode at the closing ceremony for the 2016 Olympics at Rio de Janeiro’s Maracanã Stadium. After two challenging on everything from trade to its prospects, calling for efforts weeks, capping two years of mainly bad news, Brazil passed the torch with both relief and a little self-congratulation. Olympics coverage, B9-10 commitment to a region where to boost productivity. A2 U.S. might has underpinned se- Some pension funds curity since World War II. are plying an arcane op- “For the simple reason that tions strategy that seeks to the U.S. invested so much in it, profit from others’ fear. C1 the deal acquired a kind of to- Stimulus Efforts Get Weirder talistic value that goes way be- Valeant is expected to yond its economic merits,” announce it has hired Paul said Euan Graham, a former Herendeen from Zoetis to As central banks run companies are creating new tremes of monetary policy in inviting private actors to con- U.K. foreign officer who stud- be its new finance chief. B3 out of bonds to buy, debt especially for the central what is an already unconven- coct specific things for them ies regional security at the U.S. investment in home bank to buy. tional age. In the past decade, to buy so they can continue Lowy Institute for Interna- remodeling and repairs they flood corporations In two instances, the ECB wide-scale purchases of gov- pumping money into the fi- tional Policy in Sydney. “To this year will top records, with cheap money has bought bonds directly ernment bonds—a bid to lower nancial system. leave Asian partners hanging new forecasts project. A3 from European companies the cost of borrowing in the The ECB doesn’t directly in- now would be disastrous for through so-called private economy and persuade inves- struct companies to create spe- U.S. leadership in the region.” A group led by China BY CHRISTOPHER WHITTALL placements, in which debt is tors to take more risk—have cific bonds. But it makes plain The administration contin- Everbright and PCP Capital sold to a tight circle of buyers become commonplace. Central that it is an eager purchaser, ues to hold out hope for the is pursuing a major stake in The European Central without the formality of a banks more recently have and it lays out the specifics of TPP’s passage. “We’re a vote Liverpool Football Club. B7 Bank’s corporate-bond-buying wider auction. moved to negative interest Please see BONDS page A2 away from either cementing Focus Financial confiden- program has stirred so much It is a startling example of rates, flipping on their head our leadership in the region or tially filed for an IPO that action in credit markets that how banks and companies are the ancient customs of money Jon Hilsenrath: The Fed and handing the keys of the castle could value it at $1 billion. C2 some investment banks and quickly adapting to the ex- lending. Now, they are all but the new normal........................ A2 Please see PACT page A7 World-Wide NOWHERE TO HIDE FOR Funerals Follow Terror Attack Obama’s troubled Pa- cific-region trade deal is threatening to become a ‘DEAD WOOD’ WORKERS foreign-policy failure for the U.S. in Asia. A1 Many Republican donors in Silicon Valley are turning a cold shoulder to Trump, Kimberly-Clark throws out paternalism to focus on employee performance devoting their money and efforts elsewhere. A1 BY LAUREN WEBER with Kimberly-Clark. Clinton has amassed far That’s over. One of the more financial firepower Steady Ascent Not long ago, when Kim- Kimberly-Clark stock price company’s goals now is than her Republican rival berly-Clark Corp. employees “managing out dead wood,” heading into the final $150 gathered for interdepartmen- Friday: aided by performance-man- months of the campaign. A4 $126.78 tal meetings, they prefaced agement software that helps Trump’s campaign sug- their comments with their 125 track and evaluate salaried gested that the candidate is names and years of service at workers’ progress and ILYAS AKENGIN/AGENCE FRANCE-PRESSE/GETTY IMAGES prepared to soften his stance the company. quickly expose laggards. BURDENED: Men carried a coffin on Sunday at a funeral for the on immigration, though the 100 These days, “no one cares,” Turnover is now about twice victims of a young suicide bomber who attacked a crowded signal was ambiguous. A5 said Scott Boston, vice presi- as high it was a decade ago, wedding party in southeast Turkey’s largest city, killing at least 51 Turkey’s president dent of human resources. The 75 with approximately 10% of people and wounding nearly 100. Turkish President Recep Tayyip blamed Islamic State for a attitude in meetings is “ ‘let’s U.S. employees leaving annu- Erdogan blamed Islamic State for the attack. A6 youth’s suicide-bomb at- get moving,’ ” he said. ally, voluntarily or not, the 50 tack that killed at least 51 For generations, having a company said. at a wedding party. A6 job at Kimberly-Clark meant Armed with personalized having a job for life. The 25 goals for employees and large Iraq executed 36 men maker of household prod- quantities of data, Kimberly- Silicon Valley Gives convicted of taking part in ucts such as Huggies and Clark said it expects employ- Islamic State’s massacre of 0 Weekly Kleenex paid its employees ees to keep improving—or soldiers in 2014. A6 above-market salaries and 2000 ’10 else. “People can’t duck and Trump Cold Shoulder India’s choice ofanew avoided layoffs. Source: FactSet hide in the same way they central-bank chief reflects Even low performers THE WALL STREET JOURNAL. could in the past,” said Mr. BY REBECCA BALLHAUS Mr. Trump. He spoke at the Re- the government’s desire rarely felt pressure. “A lot of Boston, who oversees talent publican convention last month for policy continuity. A8 people could and would hide in the weeds,” management globally for the firm. SAN FRANCISCO—Republi- in prime time, just before Mr. said Rick Herbert, a sales director who re- It has been a steep climb for a company cans have been trying to Trump formally accepted his Brazil will turn its at- tired in 2014 after more than three decades Please see WORK page A10 strengthen their ties to Silicon party’s nomination. tention to Rousseff’s im- Valley, in part to boost support Yet Mr. Thiel, who donated peachment trial now that from its wealthy executives. $2 million to a super PAC back- the Olympics are over. A7 Donald Trump, the party’s ing one of Mr. Trump’s former Zambia’s opposition leader To Be a Star College Athlete, Try Fishing or Frisbee presidential nominee, hasn’t presidential primary rivals, ex- asked a court to overturn the iii followed suit. Hewlett-Packard chief execu- presidential-vote result. A8 While other GOP presiden- tive Carly Fiorina, has no plans Millennials flourish on fields outside of football; lumberjack champ tial candidates earlier this elec- to donate to or raise money for Chileans rallied to de- tion cycle held meetings and Mr. Trump, a spokesman said. mand the dismantling of a fundraisers in the region, Mr. The frosty relations mean private pension system. A7 BY KELSEY GEE draw huge “Somehow I Trump has done little to form Mr. Trump’s fundraising opera- AND PATRICK MCGROARTY crowds to inter- can get up on a relationships here. Though the tion potentially is leaving mil- CONTENTS Moving the Market..... C2 collegiate com- block of wood executives largely lean Demo- lions of dollars on the table, Business News B2-3,8 Opinion.............