Virus Surges in Parts of U.S. As Global Cases Top 10 Million

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****** MONDAY,JUNE 29,2020~VOL. CCLXXV NO.151 WSJ.com HHHH $4.00

Last week: DJIA 25015.55 g 855.91 3.3% NASDAQ 9757.22 g 1.9% STOXX 600 358.32 g 2.0% 10-YR. TREASURY À 18/32 , yield 0.636% OIL $38.49 g $1.34 EURO $1.1221 YEN 107.22 Pioneer What’s In Shale News Industry Business&Finance Files for hesapeakefiled forbank- Cruptcy protection as an Chapter 11 oil- and gas-pricerout stoked by the coronavirus pandemic Chesapeake, once the proved to be the final blow forashale-drilling pioneer second-largest U.S. long hamstrung by debt. A1 gas producer, is latest  U.S. air-safety regulators to fall in energy rout areset to begin key flight testsofBoeing’s737 MAX, BY REBECCA ELLIOTT amid growing expectations the planes arelikely to return ChesapeakeEnergy Corp. to servicearound year-end. A1 said Sundaythat it had filed  The U.S. is targeting forbankruptcy protection as Nuctech, China’s largest an oil- and gas-pricerout maker of security-screen- stoked by the coronavirus pan- ing equipment, saying its demic proved to be the final expanding presence in Eu- blowfor ashale-drilling pio- /REUTERS rope is athreat to Western neer long hamstrung by debt. ORES

security and businesses. A1 FL Chesapeakeisthe latest debt-laden U.S. oil and gas  The FDIC is moving to GIO

SER producer to file forbank- boost the way it monitors A patient was checked before getting tested for Covid-19 on Sunday in Austin, Texas, where cases have climbed. ruptcy,asacoronavirus-in- forrisks at thousands of U.S. ducedeconomic slowdown banks,potentially scrapping saps demand forfossil fuels. quarterly reportsthat often Morethan 200 shale compa- contain stale data. B11 Virus Surges in PartsofU.S. nies might file forbankruptcy  Travel bans and social over the next two years if oil distancing are diminishing and gasprices stay around the appeal of premium re- current levels, analysts said. wards cards to the con- As Global CasesTop 10 Million Co-founded in 1989 by the sumers who use them. B1 latewildcatterAubrey Mc- Clendon, the companywas  Private-equity firms’ early to recognizethat hori- mountain of cash has done BY ARIAN CAMPO-FLORES piledbyJohns Hopkins Uni- tional steps to slowthe spread. Jenkins said. zontal drilling and hydraulic little to softenthe blow AND RUSSELL GOLD versity, lowerthan the record Dallas County JudgeClayJen- TheU.S.accountsfor more fracturing could unlock vast dealt by the coronavirus to 45,255 recorded on Friday,but kins, a Democrat, urged a than 25%ofthe cases world- troves of natural gas, a trend the companies they own. B1 Coronavirus cases world- the second straight daily total statewide mask order and clo- wide,according to datafrom that led to arebirth of U.S.  The U.S. Open and wide passed 10 million, with over 40,000. sureofrestaurants, in aletter Johns Hopkins,which many fossil-fuel output and eventu- other U.S. Golf Association more than 500,000 deaths,as Florida,Texas,California to the Republican governor on expertshavesaid likely under- ally made thecountrythe top programming is moving to partsofthe U.S. took steps to and Arizona have accounted Saturday. On Friday, Mr.Ab- states the toll of the pandemic. oil producer in the world. NBC from Fox Sports. B3 reversetheir reopenings in re- for much of the recent rise in bott ordered barstoclose but Morethan 500,000 people By the end of 2008,the sponse to surging case num- cases,prompting authorities to allowedrestaurantstoremain PleaseturntopageA4 Oklahoma City-based company  More than 40% of the bers,especially among young impose newrestrictions in open at 50% of capacity. had drilling rightstonearly 15 companies in the S&P 500 people. those states and retreat on re- A30- to 60-daypush could  Face masks fail to gain million acres,according to a have pulled their guidance TheU.S.recorded more opening plans. help Texas return to the rela- acceptance in the West...... A4 securities filing,anempire amid business uncertainty than 42,000 cases on Satur- Pressuremounted on Texas tively lowCovid-19 infection  Deadly outbreaks strike about the sizeofWest Vir- and falling share prices. B3 day, according to datacom- Gov.GregAbbotttotakeaddi- numbersithad in May, Mr. dementia patients...... A4 PleaseturntopageA8  Wirecard auditor Ernst & Young had questions about the fintech company’s Coronavirus Limits Gay Pride Events Globally cash-holding arrangements OfficesFind as long ago as 2016. B5 World-Wide Reopening Tough

 Coronavirus cases worldwide passed 10 million, and deaths approached 500,000, Companies brought back employees in as parts of the U.S. took Texas, only to send them home again steps to reverse reopenings in response to surging case numbers, especially BY COLLIN EATON cases more than doubled among young people. A1 AND CHIP CUTTER since the end of last month. The data has some big em-  Trump said neither he nor CK Texas got back to work ployers, including Lyondell- top members of his admin- TO faster than most states. It Basell Industries NV and istration had been briefed now serves as a warning to Shell Oil Co., sending work- on intelligence that Rus- the nation: reopening offices ers back home again to do SHUTTERS

sians had offered a bounty A/ and other businesses may be their jobs remotely.

to those who attacked U.S. /EP messier and more prone to Yet even before the recent

troops in Afghanistan. A8 NGO disruption than many imag- increases, there had been TO

 Defense chief Esper B. ined. clear signs all month that wasscheduled to present The state faces a rapid in- the patchwork reopening had CHIE crease of coronavirus cases problems. to the WhiteHouse options RIT to reducethe U.S. military Taipei held its annual LGBT pride parade on Sunday. Taiwan’s was one of the few pride events and hospitalizations. In Har- PleaseturntopageA6 presenceinGermanyby around the world not canceled because of social-distancing requirements during the pandemic. A16 ris County, home to Houston nearly 10,000 troops. A8 and the world’s biggest en-  Texas statecapital stayed ergy companies, confirmed cautious beforethe surge... A6  Thelegislature in Missis- sippi, the last statewith the Confederatebattleemblem Doctors Relax on itsflag,voted by awide FAA to Start Boeing 737 MAX Test Flights margin to changethe state’s flag after 126 years. A3 With Game BY ANDY PASZTOR naryvalidation and long- the agencywrote the effort months—some involving out-  The president removed awaited milestone forBoeing’s “will include an array of flight side experts, foreign authorities a tweet in which he shared ‘Pandemic’ U.S. air-safety regulatorsare technical fixesaimed at getting maneuversand emergencypro- and requestsfor public com- a video showing one of his set to begin key flight testsof the MAXfleet back in the air. cedures to enable the agencyto ment. supporters yelling “white iii Boeing Co.’s737 MAXasearly Theplanes have been grounded assess” whether aseries of Still, aftermorethan ayear power” at an opponent at a as Monday,amid growing ex- for15months following two ac- software and hardwarechanges of delays,persistent newengi- political rally in Florida. A3 Pastime offers pectations by industryand gov- cidentsthat killed 346 people, complies with safety certifica- neering challenges and friction ernment officials that the roiled the airline industrylong tion standards. between senior FAAofficials  Princeton trustees voted chance to save the planes arelikely to return to before the coronavirus pan- But as expected, the FAA and Boeing’smanagement, Sun- to removeWoodrow Wilson’s servicearound the end of the demic anddealt the biggest stressed agencyofficials ha- day’smessageoutlined the name from itspublic-policy world in an hour year. blowtothe plane maker’s repu- ven’t even tentatively com- clearest path yetfor resurrect- school amid asocietal reckon- Theairborne checks,slated tation in its103-year history. pleted those evaluations yet, ing the MAX. ing over racism in the U.S. A3 BY STU WOO to be conducted in conjunction In an email the Federal Avia- whilethe messagelaid out a Thecrashes,which occurred  Poland’s presidential AND DENISE ROLAND with Boeing and scheduled to tion Administration sent to handful of additional steps an- lessthan five months apart in election will go to asecond last three days,mark aprelimi- congressional staffersSunday, ticipated to take at least several PleaseturntopageA7 round afterincumbent Duda As associatemedical direc- failed to win a simple ma- torofthe DukeInfection Con- jority on the firstballot. A8 trol Outreach Network in North Carolina, Sonali Advani U.S. Presses Europe to Bar INSIDE  Macron’s party suffered assistsmorethan 50 hospitals a string of losses in French in the Southeast on dealing Chinese Security Company municipal elections. A8 with the coronavirus pan-  Died: John J. Mooney,90, demic.

catalytic-converter pioneer. B4 She relaxes on weekends by TheU.S.istargeting China’s tional Security Council and a CK GES playing her favoriteboard largest maker of security- handful of U.S. agencies is try- TO game. It’s called Pandemic. screening equipment, saying ing to rally European govern- IMA CONTENTS Opinion...... A13-15 Playerstry to stop diseases itsexpanding presenceinEu- mentstouproot Nuctech Co., a GETTY Business&Finance... B2 Outlook...... A2 SHUTTERS N/ BusinessNews... B3,5 Sports...... A12 from spreading acrossthe rope is athreat to Western se- well-connected Chinese state- A/ TO Crossword...... A12 Technology...... B4 world while racing forcures. controlled companywhose /EP

HeardonStreet... B12 U.S. News...... A2-7 “It’sstressrelief,” said Dr.Ad- By Kate O’Keeffe screening systems forcargo, LEY Life & Arts...... A9-11 Weather...... A12 FO vani, who plays over Zoom in Washington, luggage and passengersare be- PENNING

Markets...... B11 World News...... A8,16 M video calls with her friends— coming afixtureatports, bor- TO

Drew Hinshaw PETER other infectious-disease doc- in Warsaw der crossingsand airports > tors. and Daniel Michaels acrossEurope. LIFE &ARTS SPORTS The coronavirus pandemic in Brussels TheU.S.effort, which gath- Livestreamedauctions The virus is surging in is aglobal crisis without a ered steam last month, follows will test whether art severalstatesthatare clearend date. Theboard curity and businesses,accord- asimilar offensivetotry to ex- game Pandemic is confined to ing to documentsand people clude Chinese telecommunica- collectorswill bid crucial to sports’ s 2020 Dow Jones & Company, Inc. All Rights Reserved atabletop,takes about 45 familiar with thematter. tions-equipment giant Huawei millions online. A9 comeback. A12 PleaseturntopageA7 Acampaign led by the Na- PleaseturntopageA2 P2JW181000-0-A00200-1------XA

A2 | Monday, June 29, 2020 THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By James Glynn ECONOMIC Fed Looks Elsewhere for Rate Path CALENDAR Tuesday: China releases its official manufacturing purchas- Sydney Australia's centralbank has usedyield caps to help keep have held abit lowerinAus- Plank, Australia &New Zea- ing managers index forJune. With the funding costslow. tralia, which suggeststhe pol- land Banking Group Ltd.’s Economists expect factory ac- Fedconsider- icyisproviding some stimulus. head of Australian economics. tivitytogrow but at aslower Australia's three-year Weekly total federal and state ing anew But questions about the pacethan in April or Mayafter government bond yield bonds bought by the Reserve monetary-pol- strategyremain. To start, it he RBA’sinitial success fears of asecond wave of infec- Bank of Australia* icytool to isn’t clear whether capping with yield caps is being tions damped sentiment. help hold interest rateslow yields on short-term securi- T Eurozone consumer inflation 0.6% A$15.0 watched at the U.S. amid the severedownturn, ties provides much stimulus if central bank.For the Fed, forJune is expected to remain clues to the tactic’seffective- 0.5 12.5 interest ratesare near zero yield caps could be used to tepid amid weak demand as the nesscan be found in one ad- amid adeep downturn. reinforce averbal commit- bloc’seconomyslowly emerges vanced economyfar away. Australia’seconomyap- ment to hold short-term rates from virus-relatedlockdowns. 0.4 Yield-curve 10.0 TheFed is eyeing Austra- control pearsheaded forits firstre- very lowfor aset amount of Wednesday: The Bank of lia’sexperiencewith so-called announced cession in 29 yearsdue to the time or until specific condi- Japan’s tankan corporatesenti- yield caps,inwhich acentral 0.3 7.5 coronavirus pandemic.Acu- tions areachieved. mentsurvey forthe second bank buysenough govern- mulative835,000 jobs were Su-Lin Ong, head of market quarter is expected to show ment securities to prevent 0.2 5.0 lost in April and May. research at RBC Capital Mar- large manufacturers were the their yields from rising above “It’snot hardtoget the kets,said thereare limitsto most pessimistic since2009, re- acertain level or to pin yields 0.1 2.5 market to believerates are what the Fedmight learn. flecting the impact of the pan- at specific levels.This helps going nowherefor along U.S. fixed-ratemortgages are demic. to hold down private-sector time,” said Sally Auld, afor- funded at longer maturities in The Institutefor Supply interest rates, which areinflu- 0 0 0000000 mer chief economist forAus- the bond market. Australia’s Management’smanufacturing enced by government debt MJAM MJAM tralia at JPMorganChase. arefunded mostly at the purchasing managers index is yields. *Through June 24 Note:A$1 billion=$689million Yield caps maynot deliver short end, thus benefiting likely to showthat factory ac- While it is toosoon fora Sources: TullettPrebon (yield); Australia and NewZealand Banking Group (purchases) as much stimulus as buying from the RBA’syield cap. tivity firmed in June. Even a final verdict, the approach ap- large quantities of long-term Forthe Fedtodeliver simi- significantimprovement, how- pearstobeworking so far, economy. RBAGovernor of Goldman Sachs &Co. LLC. bonds to push their yields lar economic benefits, “lon- ever,won’tbenearly enough to though not without some po- Philip Lowe has said the cen- Another benefit of the RBA down, as the Feddid afterthe ger-dated yields would have recoup losses from prior tential costsand risks. tral bank won’t raise itspol- policyisthat it directly helps 2008 financial crisis. to be the target point forU.S. months. SinceMarch, the Reserve icyrateuntil it makes prog- lowerthe cost of funding Yield caps tend not to be yield curvecontrol, which is Thursday: The eurozone un- Bank of Australia has set a ress toward full employment mortgages. as forceful in driving bond in- moredifficult,” she said. employmentrate forMay is ex- target of 0.25% forthe yield and it is confident inflation “The RBAgetsalarge bang vestorsout of the market and One risk forFed officials if pected to remain well belowits on the government’sthree- will remain within its2%- forthe buck,sotospeak,” said intoother,riskier assets, said they trycapping yields is that U.S. equivalent, areflection of year bond. Theyield declined to-3% target. Together,this Shane Oliver, chief economist AMP’sMr. Oliver.That is be- the market could doubt their governmentsupport programs to around that level within verbal commitment and the at AMP Capital, based in Syd- cause if the central bank commitment, with unwelcome thatkeep workers on payrolls days of launching the policy yield capshould prevent in- ney.“Yield-curvecontrol may doesn’t have to buy more consequences. even if businesses areclosed or and has stabilized in atight vestorsfromanticipating cen- be away forthe Fedtoachieve bonds,asinAustralia cur- “Asisthe case with cur- operating at partial capacity. rangenear that point. tral-bank rate increases too the same in terms of keeping rently,itisn’t displacing pur- rencypegs, if marketsdonot U.S. employers probably Economistssay there’sa soon and pushing up interest bond yields low, and hencethe chases by privateinvestors find the target credible, added millions of jobs in June lot to likeabout Australia’s ratesset by markets. cost of funding down in the and thus prompting them to achieving the rate target as states and cities continued experience. To start, the RBA U.S.,but at the same time be buy other assets. might requireelevated pur- to ease lockdowns. But even has anchored the three-year he introduction of the buying lessbonds than is cur- One risk is that the RBA’s chases,” said Goldman Sachs’s with big gains, payrolls would yield without having to ex- T yield caphas proved rently the case.” yield capmight be contribut- Mr.Boak.The RBA’syield-cap still be well short of their pre- pand itsbalancesheet mas- “simple to implement TheGoldman economists ing to the Australian dollar’s policyhas been effective, pandemic peak, the unemploy- sively. and communicate, and poten- notethat while yields on resurgence, something that partly because officials mentratewould remain histori- Theyield cap, importantly, tially efficient from abalance three-year government securi- could stall the economic re- quickly made itstargetcredi- cally elevatedand the nascent also helps reinforce the RBA’s sheet perspective,” wroteAn- ties fell in Australia, the U.S. covery in anation that relies ble by aggressively purchas- jobs recovery could be endan- outlook forrates andthe drew Boak and Daan Struyven and Canada in March, they heavily on exports, said David ing assetsearly on, he said. gered by rising infection rates. U.S. WATCH

CALIFORNIA wascaughtshoplifting. Investi- FLORIDA gators painstakingly built afam- Guilty Plea Expected ily tree by linking decades-old Recount Legislation By Golden StateKiller crime scene DNA to adistant Signed Into Law relativethrough apopular online Fortyyears after asadistic DNA database. Theyeventually Florida Gov. RonDeSantis suburban rapistterrorized Cali- narrowedinonDeAngelo with a signed abill into lawthis fornia in whatinvestigators later processthathas sincebeen weekend thatallows local elec- realized were aseries of linked used in other cases nationwide, tions officials acrossthe state assaults and slayings, a74-year- but said theyconfirmed the link to use asecondary systemto old former policeofficer is ex- only after surreptitiously collect- speed up recounts and verify pected to plead guiltyMonday ing his DNA from his car door the accuracy of results. to being the Golden StateKiller. and adiscarded tissue. The Republican governor ap- The deal will spareJoseph His defense attorneys have provedthe measuretoemploy James DeAngelo Jr.any chance publicly lobbied sincethen fora astatewide network used for of the death penaltyfor 13 mur- deal thatwould sparehim the recounts. It wasone of 15 bills ders and 13 kidnapping-related death penalty, though they S he signed into lawSaturday.

charges spanning six counties. didn’trespond to requests for PRES The lawgives the supervi-

Survivors of the assaults that commentbeforeMonday’shear- TED sors of elections in the state’s

spanned the 1970s and 1980s ing. OCIA 67 counties the option of em-

expect him to admit to up to 62 Prosecutors who had sought SS ploying auditing systems that /A rapes thathecouldn’tbecrimi- the death penaltycited the mas- areseparatefromthe ma- nally charged with because too sively complicatedcase and the chines and software used for REEVES much time has passed. advancing age of manyofthe the initial ballotcounts. TIN

The victims plan to confront victims and witnesses in agree- JUS Critics urged him to veto him at his sentencing in August, ing to consider the plea bargain. ABLAZE: A wildfire linked to fireworks burned near homes and led to evacuations Sunday in Lehi, Utah. the bill, saying theywerecon- wheretheyare expectedtotake —Associated Press cerned about the possibilityof severaldaystotell DeAngelo head by astray bullet thatcame boywas killed and his mother the funerals. Iamtired of bury- tampering because only one and Sacramento County Supe- CHICAGO through an apartmentwindow. injured when agunman opened ing our children.” vendor is currently eligible to rior Court Judge Michael Bow- The Saturdaynightdeath fireontheir vehicle. And a17- Her officedidn’thave further supply the machines and soft- man whattheyhave suffered. Three Children Die wasamong at least10shooting year-old died at ahospital after commentSunday. ware. The pioneering use of new In Spate of Gunfire fatalities sinceFridayevening, he gotintoanaltercation and Arecentspate of shootings Theyalso maintained the DNA techniques twoyears ago which followedadeadly Father’s someone fired shots. in Chicago and other cities has newsystemcan be risky beled investigators to DeAngelo, Shootings acrossChicago Dayweekend and fresh con- “The pain of losing achild had authorities on edge. Experts cause it relies on digital im- who wasfired from the Auburn overthe weekend left three chil- cerns about aviolentsummer nevergoes away,” MayorLori saynonsuicidal gun deaths are ages of the original paper bal- PoliceDepartmentnortheastof dren dead, including a10-year- ahead. Lightfootsaid SaturdayonTwit- on track to toplastyear’s. lots. Sacramento in 1979 after he old girl who wasstruck in the Earlier Saturday, a1-year-old ter. “Asamother,Iamtired of —Associated Press —Associated Press

The market forscreening nodes raises security concerns party chief Hu Jintao. belowmarket prices in “a de- 70%ofthe cargoscanning China Firm equipmentatairports, forcivilian and militarytrans- TheU.S.Transportation Se- cade-long aggressivecampaign businessand about 10% of the seaports,railway stations and port among NATO members. curity Administration effec- to grab significant market airport market. other places is steadily Nuctech said it wasunaware tively barred Nuctechfrom shareincritical infrastructure Nowthe U.S. is attempting DrawsU.S. expanding. of the U.S. effort and operates much of the U.S. airport mar- segmentsinEurope at the ex- to thwart Nuctech acrossEu- independently,receiving no ketin2014, afterareview pense of U.S. manufacturers.” rope,fromCroatiatoLithua- Global security screening stateaid or government in- whosefindingsare classified, Competitorshavesaid Nuctech nia, whereWashingtonislob- market size Pressure structions.The companysaid according to aTSA memo prices itsproductsatabout bying forU.S.firms to getthe $10 billion Nuctech productsdon’t pose a viewedbythe Journal. The 25% to 50% beneath their own. contractsinstead. 8 security risk,saying they con- TSAdidn’t respond to are- Nuctech said it doesn’t sell U.S. diplomatsare trying to ContinuedfromPageOne tain no secret access points quest forcomment. ACustoms goods belowcostsorsubsidize head off Nuctech tendersin Technologies Co.fromcommu- 6 and all dataare kept with the and Border Protection spokes- productstoundercut rivals. Greece, Hungary, Italy and Por- nications networks that has 4 customers. man said it doesn’t use any Nuctech has amassed a90% tugal as well as an effort “to yielded mixed results. As with 2 “All datagenerated by our Chinesesystems to screen shareofEurope’ssea-cargo supply the German Ministryof Huawei, the Nuctech campaign devices belong to our customer cargoatU.S.portsofentry. screening equipment market Defense with cargoX-ray scan- is atest of the U.S.’s ability to 0 only—neither to us,nor to the Nuctech has marched into and holds up to 50% of the nersand remotescreening ca- persuade itsallies to shun a 2018 '19 '20 '21 '22 EU member states and by no dozens of other countries ag- market forairport passenger pabilities” that officials believe more affordable equipment Note:Datafor 2019 and beyond areprojections meanstothe Chinese govern- gressively competing on price, baggageand cargoscreening, could be used in operations in- provider,based on U.S. secu- Source:InsightPartners ment or anyother entity,” said edging aside U.S.-based rivals according to the State Depart- cluding U.S. and other NATO rity concerns the companies RobertBos,deputy general OSISystems Inc.and Leidos ment. Nuctech disputes those troops,according to the May have said areunwarranted. research firm Insight Part- manager forNuctech’sNether- HoldingsInc., and the U.K.’s figures, saying it has about 26 memo. Nuctech is competing for ners—have raised questions lands unit. “Our clients—bor- Smiths Detection Group Ltd. businessinmorethan adozen over the risks of statesurveil- der control and customs au- TheState Department, in its European countries,according lanceacrossborders. Systems thorities,ports, airports—are May26memo,said Nuctech’s THE WALL STREET JOURNAL to aMay 8State Department that screen cargoatportsand the sole ownersofthe data.” gains came from selling goods (USPS 664-880) (Eastern Edition ISSN 0099-9660) internal memo viewedbyThe checked baggage at airports AState Department spokes- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Wall Street Journal. Finland, a and railway stations arein- man said the U.S. “continues to Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 North Atlantic Treaty Organi- creasingly linked up to data- urge itsallies and partnersto Published daily except Sundays and general legal holidays. CORRECTIONS  Periodicals postage paid at New York, N.Y., and other mailing offices. zation partner,selected bases with shipping manifests protect themselves against Postmaster: Send address changes to The Wall Street Journal, Nuctech this month to supply and passenger information, in- companies that areheavily AMPLIFICATIONS 200 Burnett Rd., Chicopee, MA 01020. cargoscannersalong itsbor- cludingpassports, fingerprints subsidized by authoritarian re- All Advertising published in The Wall Street Journal is subject to the applicable rate card, der with Russia, despitelobby- and other details. gimes.” He declined to com- Noticetoreaders copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., ing from U.S. diplomats. Those networked systems ment on the campaign’sspecif- 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to Wall Street Journal staff accept an advertiser’s order. Only publication of an advertisement shall constitute final Nuctech wasthe sole bidder could giveNuctech and compa- ics.Other participantsinthe membersare working re- acceptance of the advertiser’s order. forthe contract from the Finn- nies likeitaccesstopersonal campaign, including the NSC motely during the pandemic. Letters to the Editor: Fax: 212-416-2891; email: [email protected] ish customs office, which set a andcommercial information. andthe departmentsofCom- Forthe foreseeable future, Need assistance with your subscription? lowprice, according to people U.S. officials worryNuctech merce and Homeland Security, please send reader com- By web: customercenter.wsj.com; By email: [email protected] familiar with the matter. Finn- could turn over such datato didn’t comment. mentsonly by email or By phone: 1-800-JOURNAL (1-800-568-7625) ish customs found no security Chinese authorities,the State Nuctech is embedded in phone,using the contacts Reprints &licensing: grounds to reject Nuctech Department said in aseparate China’sCommunist Party-run By email: [email protected] below, not via U.S. Mail. By phone: 1-800-843-0008 equipment, these people said. memo,onMay 26,viewedby system. Originally an offshoot WSJback issues and framed pages: wsjshop.com Security scannersfor people the Journal. Thememo,which of prestigious engineering Readers can alert The Wall Street Journal to any errors in news Our newspapers are100% sourcedfromsustainably certified mills. and goods—a global market outlined the lobbying cam- school Tsinghua University, articles by emailing [email protected] or by calling worth an estimated $7.7 billion paign, warned Nuctech’shold Nuctechwas formuch of the 888-410-2667. GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS last year,according to market- on European infrastructure 2000srun by the son of then- P2JW181000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Monday, June 29, 2020 | A3 U.S. NEWS Suspect Charged With Murder in Louisville Shooting Mississippi Passes Bill ForNew Flag

BY SCOTT CALVERT about economic development,” AND TALAL ANSARI the current flag needs to go, said Sen. Briggs Hopson, aRe- ThelegislatureinMissis- publican. sippi, the last statewith the Thebill would requirethe Confederatebattleemblem on current flag to come down itsflag,voted by awide mar- within 15 days and would gin Sundaytochangethe charge astate agencywith de- state’sflag after126 years. vising aplan fora“prompt, Thebill nowheads to Re- dignifiedand respectful” republican Gov. Tate Reeves, moval. Themeasurewould who has pledged to sign it, also createanine-member saying the argument over the commission to design are- flag had become as divisiveas placement, which must in- the flag itself.The Republican- clude the words, “In God We dominated House of Represen- Trust.”

S tatives and Senatevoted 91 to Thefinal design, due by

PRES 23 and 37 to 14,respectively, Sept. 14,would have to be ap- on Sundaytoreplacethe flag. proved by voters in November, TED

CIA Momentum to scrap the or else the commission would

SO flag took shape rapidly over have to go back to the drawing AS the weekend, ending astale- board. Voters would getasec- AN/ mateinthe legislature. On ond chancetoweigh in on a LOV Saturday, large majorities in different design ayear later, LAN

DY theHouse and Senatebacked in November 2021. aresolution clearing the way If no design ever gotsup- Louisville police have arrested was taken to the hospital, and around 9 p.m. Saturday. Several ety’ssystems. This, combined forthe bill’sintroduction. port from amajority of voters, aKentucky man in connection his injury was listed as nonlife- shots can be heard in video re- with his passion of photogra- Sen. Derrick Simmons,a “under this bill we would with a fatal shooting Saturday threatening, police said. corded near the park. phyled to astrong need Democrat, said the bill repre- never have astate flag,” said night in a park where people Protesters have been occupy- Asecond shooting victim at within him to be there, docu- sentsavotefor the Missis- Rep.Jason White, aRepubli- have been gathering to protest ing Jefferson Square Park for the nearbyHall of Justicewas menting the movement, cap- sippi of tomorrow.“Istand for canwho described the bill for police violence. weeks, stepping up pressure on hospitalized with non-life- turing and communicating the my two sons who are1and 6 fellowlegislators. Steven Lopez allegedly shot authorities to bring criminal threatening injuries, policesaid. messages of peaceand jus- yearsold, who should be edu- In the Senate, Republican into a crowd, hitting a 27-year- charges against the three offi- The victim’sname is Tyler tice.” catedinschools,beable to Chris McDaniel said he wor- old photographer in the head cers involved in the killing of Gerth. The family issued a People are no longer allowed frequent businesses and ex- ries about what he sees as the and killing him. Mr. Lopez was Breonna Taylor, a 26-year-old statementsaying it washis to stay overnight in the park, presstheir black voices in danger of erasing or censoring charged with murder and wan- black woman, in her apartment “sense of justicethatdrove Ty- and the city was removing tents, public spaces that all flya anything some people find ob- ton endangerment, according to in March. Above, protesters on ler to be part of the peaceful police said, citing the shooting, symbol of love, not hate, a jectionable.“Wheredowe police. Sunday gathered in downtown demonstrations advocating for though daytime gatherings are symbol of unity,not division.” draw the line?” Mr.McDaniel Bystanders shot back at Mr. Louisville. the destruction of the sys- still permitted. Theflag causes pain for said. He said voters should de- Lopez, striking him in the leg. He The shooting was reported temic racism within our soci- —Douglas Belkin manypeople and has cost Mis- cide whether to keep or reject sissippi jobs.“If youcare the current flag. Biden Urged to PutBlack Woman on Ticket Princeton

BY KEN THOMAS sensitivenot to getthat this is Cuts Tieto AND SABRINA SIDDIQUI asingular moment in history,” said David Axelrod, aformer WASHINGTON—JoeBiden senior adviser to Mr.Obama. Woodrow has oftenspoken on the cam- “Biden hasasense of that his- paign trail about aJanuary tory.Heunderstands the mo- 2009 daywhen he waited on a ment.But he’salso been the Wilson train platform in Wilmington, vice president. He knows the Del., forBarack Obama, soon to job, he knows what he wants.” BY MELISSA KORN be the nation’sfirst black pres- Even beforethe renewedfo- ident, amoment that served cus on racial injustice, more Princeton University will no forMr. Biden as asign of than 200 black women leaders longer have Woodrow Wilson’s American progress. signed an open lettertoMr. name on itspublic-policy Nearly adozenyearslater, Biden in lateApril urging him school, the latest in astring of some Democraticwomen are to choose ablack woman as institutions reconsidering the urging Mr.Biden’scampaign hisrunning mate. Roughly a names of some buildings and during phone calls,atfundrais- dozenofthose women joined a programs at atime of public ersand in writing to be part of conferencecall with Mr.Biden reckoning over racism in the historyagain by selecting the and his senior staff in May, U.S. firstblack woman as avice- wherethey made the case that “Wehavetaken this extraor- presidential running mate. an African-American woman dinarystepbecause we believe Thepush forMr. Biden to would help Mr.Biden win the that Wilson’sracist thinking choose awoman of color has WhiteHouse,according to a and policies makehim an inap- increased in recent weeks as MAKELA/REUTERS participant. propriatenamesakefor a

hissearch process has coin- MARK Participantsincluded Donna school whose scholars, stu- cided with the wave of protests The campaign is considering a number of candidates. Mr. Biden at an event in Lancaster, Pa., last week. Brazile, the former interim dents, and alumni must be over the killing of the African- chairofthe Democratic Na- firmly committedtocombat- American George Floyd by a Sen. TammyDuckworth of Illi- les MayorEric Garcetti, an- People,apolitical network of tional Committee, former Hil- ting the scourge of racism in all whitepoliceman in Minneapo- nois,the firstThai-American othermember of the search women of color. laryClinton aides Minyon itsforms,” Princeton’sboardof lislast month. woman elected to Congress, committee, has talked up the MinnesotaSen. AmyKlobu- Mooreand KarenFinney,and trustees wroteinastatement “We’retalking about a and NewMexicoGov.Michelle benefitsofMr. Biden selecting char,aformer 2020 rival to Mr. civil-rightsadvocates such as released Saturday, aday after transformational moment, and Lujan Grisham,the firstLatina ablack woman. “It would be Biden who endorsed his candi- Roslyn M. Brockofthe NAACP. voting to removeWilson’s African-American women have Democrat elected governor. energizing andexciting for dacyinMarch, withdrew from Mr.Biden has oftenused the name from the public-policy been transformational leaders Other potential running theretobeanAfrican-Ameri- thesearch earlier this month term “simpatico,” saying he school. forgenerations,for centuries,” mates include Massachusetts canwoman on the ticket,” she and called it “a moment to put wantstofind acandidatewho Theschool will nowbe said Rep.BarbaraLee (D., Ca- Sen. Elizabeth Warren,Michi- said in an interviewwith CBS’s awoman of color on that would servethe same kind of known as the Princeton School lif.), who has urgedthe Biden ganGov.Gretchen Whitmer “The Takeout” podcast earlier ticket.” close adviser role that he of Public and International Af- campaign to add ablack and Wisconsin Sen. Tammy Rep.James Clyburn (D., playedfor eight years—and be fairs. woman to the ticket. Baldwin. S.C.), atop Biden surrogate, ready to serveaspresident if Princeton has been grap- Mr.Biden’scampaign is con- Mr.Biden has emphasized Mr. Biden has said he had suggested Ms. necessary. pling foryearswith howto sidering at least six African- the importanceofgoverning Bass, Ms.Harris,Ms. Bottoms He has also frequently honor the former U.S. presi- American women forthe job, and compatibility during his stressed governing and Ms.DemingstoMr. Biden touched on history, recalling dent, who led the school in the according to people familiar search. In an interviewwith and compatibility months agofor consideration howthe civil-rightsmovement early 1900s. with the search, with some fur- CBS earlier this month, he as potential running mates.Mr. of the 1960s inspired him to Agroup of studentsunder ther along than the others. The said the recent protestsand during his search. Clyburn said that in his discus- pursue acareer in public ser- the banner Black Justice women include California Sen. unrest acrossthe nation sions with the campaign, he vice that led him to become League staged asit-in in fall Kamala Harris;Rep.Val Dem- hadn’t affected howhewould hasframed ablack running No.2tothe nation’sfirst black 2015 demanding that Princeton ingsofFlorida; former Obama makehis decision, but it had mateas“aplus,not amust.” president. removeWilson’sname because national security adviser Susan putan“urgency” on finding this month. “Ifthereisnot an AMonmouth University poll At campaign eventsbefore of his racist policies and state- Rice; AtlantaMayor Keisha someone who shared his over- African-American woman on released found that 59% of the coronavirus pandemic,Mr. ments. Wilson opposed the ad- LanceBottoms;and Stacey all philosophy. theticket, Ithink people will Democratic primaryvotersbe- Biden recounted the moment mission of black studentswhen Abrams,the former Demo- During arecent virtual fund- be disappointed.” lieved choosing a woman of beforeapre-inauguration rally he wasPrinceton’spresident cratic nominee forgovernor of raiser led by Rep.Lisa Blunt One of the argumentsthat color would help the ticket. when he waited forMr. Obama andformalized segregation Georgia. Rep.Karen Bass(D., Rochester (D., Del.), whois Democratic women have made Thepoll, which surveyed more at thetrain station, which was within the federal government Calif.), the chairwoman of the helping to lead Mr.Biden’s to the campaign is that black than 2,000 primaryvotersin near asiteofracial unrest in afterhebecame the 28th U.S. Congressional Black Caucus, search process, attendees ex- women areamong the party’s early June,found that Ms. his hometownin1968.He president. has recently begun undergoing pressed support forMs. Harris most loyalvoters. “Presidential Harris, at 28%, was the pre- called his children by phone. Theboarddecided in April vetting,according to two peo- and Ms.Demingstobeonthe cycles come and go where ferred choice as Mr. Biden’s “Don’t tell me thingscan’t 2016 that it would maintain the ple familiar with the search ticket, according to an at- black women arestill loyal, but running mate, followedbyMs. change,” Mr.Biden recalled name of itspublic-policy process. tendee. we arenow as avoting bloc Warren at 13% and Ms.Klobu- telling them. school, saying that instead of At least two other women of Ms.Bass, who is close to Ms. ready to govern,” said Aimee char at 12%. —Joshua Jamerson erasing Wilson’sname it would color arealso being considered: Blunt Rochester and LosAnge- Allison,founder of She the “You have to be deeply in- contributed to this article. find waysofexploring his leg- acy and would be transparent abouthis “failingsand shortcomings.” Trump Retweets, Deletes Video of Racist Supporters Theboardsaid the decision to reversecourse had been made moreurgent by the re- BY NICK TIMIRAOS power” is an expression used supporter in the video canbe the supporter’s words in the not have retweeted it, and he cent killings of Breonna Taylor, by whitesupremacistsand heardsaying “whitepower” video. should just take it down,” said Ahmaud Arbery, George Floyd President Trump removed a neo-Nazi groups. several times to the counter- Republican Sen. Tim Scott Mr.Scott.“It’sindefensible.” and RayshardBrooks,”which tweet Sundayinwhich he Mr.Trump posted the tweet protesters. earlierhad urgedPresident Earlier in the broadcast, the have served as tragic reminders shared avideo showing one of Sundaybeforeavisit to his “President Trump is a big Trump to removethe Twitter secretaryofthe Department of of the ongoing need forall of his supportersyelling “white Sterling,Va., golf club.Mr. fan of TheVillages.Hedid not posting, which Mr. Scott de- Health and Human Services, us to stand against racism and power” at an opponent at a Trump thanked the “great hear the one statement made scribedasindefensible. Alex Azar,said Mr.Trump’s forequality and justice.” politicalrally in Florida. people” showninthe video, on the video.What he did see Mr.Scott,ofSouth Caro- administration stands against Princeton had already set AWhiteHouse spokesman which wasuploaded Saturday was tremendous enthusiasm lina, is the only African-Ameri- anyactsofwhitesupremacy. out plans to rename one of its said Mr.Trump wasn’t aware from TheVillages,aretire- from hismanysupporters,” canRepublican in the U.S. Sen- Mr.Trump has drawnwide- residential colleges,now known of the commentsinthe video ment community in Florida, WhiteHouse spokesman Judd ate. In an interview on CNN, spread criticism during his as Wilson College, and will ac- when he retweeted it with ap- where supporters and oppo- Deeresaid in awrittenstate- Mr.Scott called on the presi- presidency formaking com- celeratethe retirement of the proving languagefor his sup- nentsofthe president held du- ment. TheWhiteHouse state- dent to take down the post. ments that were seen as em- name while anew building is porters. Theterm “white eling demonstrations.One ment didn’t take aposition on “There’snoquestion he should boldening white nationalists. underconstruction. P2JW181000-0-A00400-17FFFF5178F

A4 | Monday, June 29, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL. U.S. NEWS Mask-Wearing Still Meets Resistance In much of the West, confusing government advice and cultural misgivings limit use

As countries begin to reopen their economies,face masks, an essential tool for slowing the spread of coronavirus,are struggling to gain acceptanceinthe West. One culprit: Governmentsand their scientific advisers.

By Bojan Pancevski in Berlin and Jason Douglas in London

Researchersand politicians who advocate simple cloth or paper masks as cheap and effective protection against the spread of Covid-19 saythe S

early cacophonyinofficial ad- PRES

viceovertheir use—as well as TED deeper cultural factors—has CIA SO

hampered masks’ general AS

adoption. TTI/ There is widespread scientific and medical consensus MORENA that facemasks areakey part

of the public policyresponse EMILIO fortackling the pandemic. Mostly maskless patrons enjoyed a snack bar in Barcelona, Spain, a week ago. The use of face masks has struggled to gain acceptance in Western countries. While only medical-grade N95 masks canfilter tinyviral par- In the U.S., questions over they could induceafalse sense ticles and prevent catching the wearing facemasks have Rising Caseloads drastically from statetostate. continues to outstrip the grow- of security in wearers. virus,medical expertssay fueled heated political de- Manylocal officials have ing supply,theysaid. U.S. Surgeon General Je- even handmade or cheap sur- bates.The chief health officer Pressure Supplies made progressinstocking up The Federal Emergency Man- rome M. Adams tweeted on gical masks canblock the in OrangeCounty,Calif., re- sincethe early days of the pan- agementAgency estimatedthis Feb. 29: “Seriously people— droplets emitted by speaking, cently resigned afterreceiving demic and hospitals arealso month thatdemand forN95s in STOP BUYING MASKS!” He has coughing and sneezing, mak- death threats forordering The renewed surge in coro- building up stockpiles. the U.S. would outstrip produc- sinceapologized and nowsup- ingitharder foraninfected mask-wearing outside. navirus cases is undermining ef- Michigan said thatasof tion and imports through Au- ports wearing them. wearer to spread the virus. Male vanity also appearsto forts hospitals and manufactur- Thursday, 20% of its hospitals gust. Distributors continue to WhiteHouse adviser An- Although manyEuropean be apowerful factor in reject- ers made in recent months to had lessthan aseven-daysup- cap howmuch protectivegear thonyFauci said this month countries and U.S. states have ing masks.Astudy by Middle- provide enough N95 masksto ply forsome types of medical each customer can order and re- that he initially dismissed made masks mandatory in sexUniversity London, U.K., front-line workers. equipmentand 6% had lessthan port extensiveback-orders of masks because medical work- shops or on public transport, and the Mathematical Sciences Emergency responders and a15-daysupply of N95s. Vir- N95s and other equipment, ers were facing a shortage in studiesshowthat people are ResearchInstituteinBerkeley, health-careworkers from Califor- ginia’semergency management health-careexecutives said. supplies.He, too, is nowan reluctant to wear them unless Calif., found that moremen nia to Florida are using more departmentsaid in response to Nowhospitals treating fresh advocate. they have to. than women agreed that wear- protectiveequipmentand N95s arecords requestthatithad wavesofvirus patients face Karl Lauterbach, a German Surveyshavefound that the ing amask is “shameful, not as hospitalizations relatedto about 500,000 N95s and 3.5 newpressureontheir stockpiles. epidemiologist and legislator, willingnesstowear masks in cool, asign of weakness, and a Covid-19 climb. At the same million masksthatconform with Premier Inc., apurchasing said that in a culture of opti- theseregions has plateaued stigma.” time, as restrictions on business asimilar Chinese standard. group forhospitals, said half of mizing appearance,rejection and in some cases begun to In the U.K., with one of the have been lifted, factories and Hospital and health-caresup- morethan 1,000 hospitals sur- of masks is related to identity. decline,and adoption remains highestCovid-19 death rates construction sites aregetting ply executives said theyhave veyedthrough mid-June re- “The acceptanceofmasks is far from universal. globally, only a quarter of re- back to work, adding demand been able to get masksmore ported theycouldn’tget enough very low—even as everystu- Northern European coun- spondentstoaJune 14 YouGov from workers thatwear N95 readily sincemanufacturers in- N95 maskstoresume post- dent of medicine learns that tries’ residentsseem morere- survey said they regularly maskstoprotect againstnox- cluding 3M Co.and Prestige poned surgeries. masks prevent infection,” Dr. sistant to wearing them than wear a face mask. ious fumes and compounds. Ameritech have ramped up pro- —Austen Hufford Lauterbach said. their Mediterranean neigh- JezLloyd,a56-year-old The supply picturevaries duction.But demand broadly and Melanie Evans Alack of role models bors, who have been hit companydirector in London, among leadershas made harder by the pandemic.In said he would wear afacecov- things worse, he added. Denmark,Sweden, Norway ering if he were using public Bamberg in Germanypub- When Covid-19 spread to the U.S. Surgeon General ar- Chancellor Angela Merkel,a and Finland, fewerthan 10% of transportation, but said he lished on April 30 found that the West in February, key gued against widespread use scientist by training,doesn’t people said they wear a mask doubtedtheir effectiveness, “acceptancefor wearing masks health-care institutions, such of facemasks outside hospi- use amask in public.President regularly,according to surveys because “they probably let you is still lowinEurope—many as the World Health Organiza- tals.Some expertsdismissed Trump has recommended published between February have afalse sense of security.” people just feel strange when tion, the Centersfor Disease simple masks that don’t stop masks but said he won’t wear and late May by YouGov PLC. Astudy by the University of wearing masks.” Controland Prevention and viruses as dangerous,because one. Pandemic Led to a Sharp Rise in Alzheimer’s Deaths

BY JON KAMP by the coronavirus,that fatality from family membersand other Deaths attributed to demic were in addition to Covid-19 cases,but also people AND PAUL OVERBERG rate is 18% higher than average caregiversbut vulnerable to Alzheimer's and other forms of 85,400 deaths attributable to in poor health dying moreoften forthose disordersinrecent disruption. dementia surgedthis spring, a the neurological disorders, the because the pandemic caused At least 15,000 moreAmeri- years. “It’sone fall, and it setsev- trend thatexperts attributeto typicalnumber forthat period. disruptionsincare, Dr.Ander- cans have died in recent Thedeath toll began to climb erything off.It’sone dayofno directand indirecteffectsof “It’sgoing to take more son said. “That extrastresson months from Alzheimer’s dis- sharply in mid-March, and by fluids and they become dehy- Covid-19. completedataand some more afrail person cancause people ease and dementia than other- mid-April about 250 extrapeo- drated and it setsoff achain of time to estimatehow much of to die,” he said. wise would have,health offi- ple with some form of dementia events,” said Nicole Fowler, as- 7,000 deaths these aremissed Covid-19 Thepandemic’sfootprint is cials believe, pointing to how were dying each day, according sociatedirector at Indiana Uni- deaths and howmanyofthese likely to stretch far beyond only thecoronavirus pandemic has to CDC estimates. versity’s Center forAging Re- 6,000 areindirect,” the CDC’sDr. An- those people who died from a exacted ahigher fatality toll Some of the deaths were search. “It’samazing howlittle 5,000 derson said. Death-certificate coronavirus infection, said Lynn than official numbershave likely caused by Covid-19 but it actually takestoupset their dataroll intothe CDC from Goldman, dean of George shown. weren’t counted as such on environment.” 4,000 around the U.S. at achoppy WashingtonUniversity’s Milken As Covid-19 devastated older death certificates,according to An estimated 5.8million pace,and it cantakeseveral InstituteSchool of Public Americans this spring, oftenby the CDC.Health expertsbelieve people in the U.S. age65and 3,000 2020 months to getamostly com- Health. She took part in a2018 racing through nursing homes, lack of available testing, espe- olderare living with Alzhei- 2015-2019 pleteaccount of deaths forany study that estimated almost the deadly outbreaks com- cially early on, contributed to mer’sdisease,the most com- 2,000 one point in time. 3,000 excess deaths in Puerto poundedthe devastation of undercounting deaths attri- mon form of dementia, accord- Excess deaths due to Alzhei- Ricoduring the six months af- Alzheimer’s and other forms of buted to Covid-19. ing to the Alzheimer’s 1,000 mer’s and dementia exceeded terHurricane Maria hit in Sep- degenerativebrain disorders Butsome of the additional Association. Thedisease 1,000 in California, NewJersey, tember 2017—amarked in- 0 that arecommon among el- deaths this year likely repre- claimed about 120,000 U.S. NewYork and Texas,according crease from the original official derlyresidentsinlong-term sent collateral damage, accord- lives in 2018. 15 10 15 20 to the CDC.The agencyalso has PuertoRicogovernment tally of care facilities. ing to RobertAnderson, chief Alzheimer’s placed sixth WEEK OF YEAR compiled datafromrecent 64 deaths. Roughly 100,000 people died of the mortality-statistics among causes of death in that Source:National Center forHealth Statistics months showing excess deaths The hugegap found by the from Alzheimer’s and dementia branch at the CDC’sNational year,behind strokes and ahead caused by hypertension (8,000 George WashingtonUniversity from Februarythrough May, Center forHealth Statistics. of diabetes,according to the and other forms of dementia. excess deaths), diabetes study,which wascommis- the U.S. Centersfor Disease People with advanced Alzhei- National Center forHealth Sta- That meansthat the esti- (5,000), stroke(3,700) and cor- sioned by the island’sgovernor, Controland Prevention esti- mer’s and dementia areoften in tistics.Morebroadly,the mated 15,000 excess Alzheimer’s onaryarterydisease (2,900). partially reflected flawsfound mates.Although not all the ex- fragile health, dependent on agency attributes 266,000 and dementia deaths during the These excess deaths,too, in the island’sdeath-certifica- tradeaths were directly caused steady routines and close care deaths ayear to Alzheimer’s four months early in the pan- likely represent amix of missed tion process.

In Florida, Gov.Ron DeSan- the stateisbetterequipped to Gimenezsaid he would sign an Cases Top tis warned on Sundayofyoung deal with rising case numbers emergencyorder closing all people spreading the disease because of largerstockpiles of beachesand banning gather- to the state’solder residents personal protectiveequipment ings of morethan 50 people 10 Million who,sofar,havebeen stricter and moretreatmentoptions, forthe July Fourth weekend. about taking precautions such Mr.DeSantis said. “I have decided that the as staying at home and wear- As newcases surge,demand only prudentthing to do to

Globally S ing masks. fortesting is climbing.InJack- tamp down this recent uptick “For these younger groups, sonville,Fla., on Sundaymorn- is to crack down on recre- PRES they need to be thinking about ing,morethan 600 vehicles ational activities that putour ContinuedfromPageOne TED who they’recoming intocon- sat in line at atesting siteout- overallcommunity at higher

have died globally from OCIA tact with who maybeinthe side astadium, according to risk,” Mr.Gimenez, aRepubli- SS

Covid-19,about 125,000 of /A more vulnerable groups,” the the Florida Association of Pub- can, said. them in the U.S. Republicangovernor said. “Ifit lic Information Officers. In Mi- In California, Gov.Gavin

By comparison, the 1918 flu PHILLIP spreads to the folks who are ami Beach, Fla., cars snaked Newsom said on Sundaythe pandemic infected about 500 J. moreelderly,that’sgoing to around the convention center, statewas ordering barsto VID

millionpeople and killed at DA result in negativeoutcomes.” whereatesting facility is set close in seven counties,includ- least 50 million, including People waited to be tested for Covid-19 in Houston on Sunday. Florida reported 8,577cases up. ing LosAngeles,tocurb the vi- around 675,000 in the U.S.,ac- forSaturday,downfromare- Atesting siteatastadium rus’stransmission. “Weare cording to the federal Centers the University of Minnesota. President Trump is coming cord 9,564 on Friday, accord- in Houston hit capacity on Sat- seeing toomanypeople with forDisease Control and Pre- “Wehavemonths and months under growing pressurefrom ing to the stateDepartment of urday, according to the city’s faces uncovered,” the Demo- vention. The2009 flupan- to go with this virus yet.” fellowRepublicans as well as Health. Therateofpositive health department. In Austin, crat tweeted. demic resulted in morethan In the absence of strict Democratstoset an example cases has also jumped. On Texas,demand forappoint- Texas reported 5,747new 60 millioncases and around lockdowns,the virus will con- forthe countrybywearing a June 14,the rate of positive mentsatthe city’s Covid-19 cases forSaturday,the fifth 12,500 deaths in the U.S. tinue itsmarch, he said. He la- face mask. testswas at 6.68% and has testing sites wasleading to straight daythat tallies topped “This is one big forest fire mented that the U.S. hasn’t Vice President MikePence steadily climbed over the past several-daydelays.Austin 5,000,the Department of State that keeps burning and looking reached aconsensus on where said in an interviewonCBS on twoweeks,registering aposi- MayorSteve Adler,aDemo- Health Services said. Harris forwood to burn, and that to strikeabalancebetween Sundaythat the administration tivity rate of near or above crat, said the city would no County JudgeLina Hidalgoin happens to be humans,” said mitigating the virus’sspread supported the wearing of 14%inthe past three days. longer provide testsfor anyone Houston raised the threat level Michael Osterholm, director of and maintaining afunctioning masks wherever stateand local Much of the case growth is who wanted one. in the county to severe, the the Center forInfectious Dis- economy, providing guidance authorities deem the practice driven by young people. In hard-hit Miami-Dade highest designation, and urged ease Research and Policyat to stateand local governments. is needed. UnlikeinMarch and April, County,Fla., MayorCarlos residentstostayhome. P2JW181000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, June 29, 2020 | A5

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A6 | Monday, June 29, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Austin Stayed Cautious, Even Before theSurge

BY KIM MACKRAEL the newcoronavirus,prompt- gerfor areturn to normalcyas which arestill allowedtooper- “It’shorrible to have to close the other three arestrong.” AND ELIZABETH FINDELL ingsome to reconsider plans the stateliftedrestrictions on ateathalf of their capacity. down apart of the economy, Many businesses said they to ease economic restrictions. restaurantsand in-person re- Themoveshocked many and it resultsinreal suffering,” intend to remain cautious.Ash- Formonths,Nelly Garcia On Friday, Texas did just tail during Mayand June.But Austin barowners. “There Mr.Adler said. “But ultimately ley Fric said her Southern-food has operated her family’s cus- that.Gov.GregAbbott, aRe- manybusinessowners, likeMs. have been alot of tearsthis Ithink we need to err on the restaurant, Colleen’sKitchen, tombakeryout of her third- publican, ordered barstoclose Garcia, have moved more morning,” said Bengie Beshear, side of saving lives.” hasoperated at 25% of itsca- floor apartment, working 13- and gaverestaurantsthree slowly to reopen than legally co-owner of the Iron Bear.Mr. Austin is betterpositioned pacity or less sinceresuming hour days to keep up with an days to reducetheir dining- allowed. Some have chosen to Beshear said the bar had vol- than manycities to weather dine-inservices on June 12. increase in demand. room capacity to 50%. remain closed temporarily. untarily capped itscapacity at thecurrent downturn and re- Dinersare required to wear ButasTexas eased restric- In Austin,wherethe num- Othershavereopened with 25%, which wasenough to pay cover, economistssaid. Unlike maskswhen they enter and tions on businesses during ber of people hospitalized with stronger precautions than the itsbills but not much more. some of the cities hit hardest movearound the restaurant, Mayand June,Ms. Garcia said Covid-19 has roughly doubled statehas mandated. “Wemade it through the first by the shutdown, Austin has a andtoput their names on a she had started to think about during the past nine days,Ms. Nowsome businesses that [shutdown]. Nowwe’vegot to morediverse economythat is health declaration affirming, returning to the bakery’sstore- Garcia, 33 yearsold, said she were previouslyallowedto trytomakeitthrough this driven largely by four indus- amongother things, that they front in East Austin, which ultimately decided not to reopen arebeing forced to shut one,” he said. tries: government, universities, haven’t experienced Covid-19 would allowher to rehiresome turn to her bakeryout of con- down or reducetheir capacity Austin MayorSteve Adler,a technology, and leisureand symptoms during the past 14 part-time employees.Those cern forher employees and again. Democrat who has pressed Mr. hospitality. days. plans arenow on hold until at customers, and the potential Before Friday’sorder,bars Abbotttoallowcities to en- “One of thoselegsiswob- “Wehad to find asuccessful least the fall, she said. that just onecase could force had been allowedtooperateat forcemask-wearing,said he bly,” said Jason Schenker, way to be able to safely oper- Statesacrossthe Southern her to shut down her business 50% of their capacity,while believes thegovernor’s order president of Austin-based ate,” Ms.Fric said. “I think and Western U.S.are reporting entirely.“That’sarisk we don’t restaurant dining rooms could wasnecessary, but might not PrestigeEconomics,afinancial that we’vefound it. Ijust don’t record hospitalizations for want to take,” she said. go up to 75%. Theorder didn’t be enough to prevent hospitals market-research firm, referring knowifit’sprofitable or not Covid-19,the disease caused by Residents in Austin were ea- affect offices and retail stores, from becoming overwhelmed. to leisureand hospitality.“But yet.”

work.” Reopening With so few people in the office, parking is no longer a hassle,and she says her few Offices Is co-workers are cheerful. “Ev- erybody’s happy to be herebe- cause I think they all are like, Tough ‘Thank God, something normal in this crazy world,’” she says. Still, office life is changed. ContinuedfromPageOne The few corporate employees Some companies brought of Dallas-based RemingtonHo- back officeworkersinMay or tels,which operates properties early June only to facecorona- forbrands such as Marriott, virus outbreaks within days or Hilton and Hyatt, who re- weeks.Othersstill can’t figure turned to the officeearlier out howtosend people up a this month can no longer get 50-story skyscraper. Chevron food delivered to their floor says limiting ridersonsome and meetings with more than elevatorswould createdanger- three people are still held via ous crowding in lobbies,sothe Zoom, says Sloan Dean, the company is telling its masked company’s chief executive. At workerstorefrain from speak- AcademySports+Outdoors, in ing on the ride up. Katy, Tex., corporate employ- Refilling Chevron Corp.’s eesmust take their trash cans two high-rise office towers in to a common bin to empty so downtownHouston is adaunt- that cleaning crewsdon’t have ing task.Of7,000 workers, to go around to everycubicle, roughly 350 areback,says to protect both employees and Dave Payne,the company’s custodians. vicepresident of health, envi- Beforeworkerscan leave ronment and safety.The com- their buildingsatthe end of panyhas parking spaces for the day, chemical companyLy- lessthan athirdofits employ- ondellBasell Industries NV re- ees.Previously,thousands had NewCOVID-19cases in Texas quires them to take asurvey counted on vanpools and pub- 6,000 cases aday on an app of people with lic buses, which are currently whom they have come into deemed toorisky. When arriv- close contact, says Kim Foley, ing, employees must undergo 5,000 the company’s vice president athermal imaging scan before of health, safety and environ- entering the building. ment. Mr.Payne acknowledged 4,000 Roughly athirdofworkers, thesituation could drag on fewerthan 500 people,have into2021. “We’retrying to be been back in Lyondell’smain as flexible as possible,” he 3,000 offices this month, in separate, said. alternating groups,and the Manyworkers—even un- end-of-day polls would have likely ones—arefinding they 2,000 helped with contract tracing if canperform their jobs from the companyhad acase.But home. starting Mondaymanyof As Americashut down in 1,000 those workerswill begin March, Aniket Sanyal packed working from home again due up four computer monitors to the spiking coronavirus from hisofficeinHouston. 0 cases, she said. Sincethen, he has helped drill March April May June In Texas,148,728 cases of a dozen oil wells in the North Covid-19 have been reported, Note:Dataare through June 27;datanot Sea, theMiddle East and be- available forMarch 7, 8, and 14 with 2,393deaths acrossthe yond—all while working in his Source:Texas DepartmentofState Health state, according to the Texas home office. It is afeat the 30- Services Department of State Health year-old petroleum engineer Services. Gov.GregAbbotthas forHalliburton Co.says he and mid-June, when an employee Houston employees at home called the rate of spread unac- his bosses didn’t see coming contracted the virus,said fornow.But the penthouse of ceptable,saying “itmust be at the start of 2020,nor did Frank Grese,senior vicepresi- itsdowntownbuilding houses corralled.” Last week,hehit

he consider it possible years dent of human resources. (3) the Petroleum Club of Hous- pause on the next phase of the ago when he was working on Most of Group 1’scorporate ton, which remains open. The state’sreopening,and ordered drilling rigs. employees have privateof- club recently notified mem- bars to close and restaurants “I just needed agood inter- fices, making it easier to dis- JOURNAL bersthat aCovid case wasde- to reduce seating capacity.

net connection,” says Mr.San- tance, and with hand sanitizer REET tected in the tower. Theclub’s “Closing down Texas again

yal, adding that his home- stations spread around its ST storied BayouBengal Bar will always be the last option,” brewedespresso roast has floors, “the placelooked likea LL closes several times a day for Gov. Abbott said. kept him going on 12-hour pharmacy,” says PeterDeLong- WA cleaning. PeterHotez,dean forthe THE

shifts operating automated champs,asenior vicepresi- R Those who have returned National School of Tropical

technologies,monitoring data dent at the company. Outside FO saythe transition canbeawk- Medicine at Baylor College of

and supervising on-site drill- theofficeisthe tougher envi- GER ward.Shale driller Parsley En- Medicine in Houston, said ers. ronment, he said, because ergy Inc.inAustin recalled 60 companies and civic leaders He expectstowork from many people in Texas grew of the roughly 250 people who should delayreopeningsand UTENBER

home part time even onceHal- complacent in their personal LA work at its headquarters. But keep workersathome until liburton fully reopens itsof- time,eschewing masks and ig- afterthree months of isolation cases trend down. “Ifthese JEFF fices. So far,roughly 700of noring social distancing guide- Top: When arriving at Chevron’s corporate headquarters in and video chats, in-house numbers continue to acceler- 3,000 Halliburton corporate lines,which raises the risks Houston, employees must undergo a thermal imaging scan before meetings—which require face ateatthis rate,then we could employees areback in the forco-workersduring 9-to-5 entering the building. Throughout are efforts to keep employees masks—can be unnerving,CEO basically be looking at Hous- Houstonheadquarters. All life. safe, including closed seating in a café area, smaller elevator Matt Gallagher says. tonbecoming the worst-af- plans forbringing in more “Everyone gotrestless, and capacity, mask requirements and signs encouraging distancing. “No one has perfected the fected city in the U.S.,” he people areonhold until at Ithink we’velet our guard firsthello yet. We don’t know says. least mid-July amid the recent down,” Mr.DeLongchamps itsregional headquarters, and says spokesman Todd Spitler. if youbow or elbowbump,” he Most companies are acting surge. says.“That’sthe one thing I doesn’t see anyreason it can’t “We will make adjustments if said. Some have gone back to more conservatively than the Halliburton said some em- would tell youabout Texas’s keep workersathome until and when they areneeded,” he video chatsevenwith others government. ployees based at one of its reopening: There’s a little bit sometime next year,says said. in the office, simply because Dell Technologies Inc., Houston campuses have too lax of an attitude.” Starlee Sykes, BP’sHouston- ShellOil Co., the U.S. sub- they prefer to see the other based outside of Austin with tested positive for Covid-19. Afterthe positiveCovid basedregional president of sidiaryofRoyal Dutch Shell person’sunmasked face, which 165,000 global employees, es- Even as the state’s govern- test, Group 1shut itshead- Gulf of Mexicoand Canada. In PLC, last week suspended the they can’t do in a conference timates only 50% of its work- ment rapidly reopened offices, quartersfor two weeks as a 2017, when Hurricane Harvey firstphase of itsreturn to room, he added. erswill ever go back to an of- bars, restaurants, salons and precaution. It reopens Monday flooded BP’soffices,many Houston offices, with most of In SanAntonio,Margaret fice,evenwhen the crisis gyms, many companies chose on arestricted basis,with em- workershad to do their jobs itsstaff reverting back to Malone,a54-year-old man- passes. The company built its not to rush their workersback ployees only coming in when from home forsix to nine working from their homes. ager in claims operationsat owndigital tool to analyze intoskyscrapersand sprawling absolutely necessaryand re- months as the companyre- Only critical staffrunning USAA,afinancial-services morethan adozendata suburban officecampuses. turning to remotework as built. operations will still work from company, volunteered to be points, such as local cases and They arereluctant to do so quickly as possible, Mr. Grese “We’vehad adry runfor the office. Thecompanyhad amongthe firsttopilot are- hospitalizations,toguide its when manyworkersremain says.Wearing amask will be this,” Ms. Sykes said of work- allowedabout 11% of itsap- turn of fewer than 10% of the decision. anxious about catching the vi- required and the building ing from home. “The technol- proximately 7,000 Houston workforce to USAA’s offices. “When the datatells us it’s rusand areproductiveenough won’t have morethan 15% of ogydid work then but it works area employees to come back She said she missed colleagues safetoreturn, we’ll return,” at home. the employees who usually a lot better now.” to work earlier this month, but and the separation between says John Scimone,asenior Coronavirus-related hospi- work there. Exxon Mobil Corp.isatless reversed course as local case herjob and her personal life vicepresident and chief secu- talizations,which have been Back-to-work plans vary than half capacity at its giant numbers climbed. that going in to work provides. rity officer at Dell. on the rise for days, hit a re- widely,eveninthe same in- campus north of town. Theen- Othershavereopened She has her temperature That appears to be far off. cord on Saturdayof5,523 peo- dustry and the same city, col- ergy giant initially reopened quicker.Most of the 2,300 em- takenupon entry, and wearsa “Weare telling people that ple currently hospitalized ored by executives’ views of some facilities to employees ployees at oil refiner Phillips mask while away from her they need to settle in,” says statewide.Hospitalizations fell the virus,their methods of who had privateoffices with 66 have returned to the office, desk,which has been relocated Jennifer “JJ” Davis,senior vice to 5,497 people as of Sunday. tracking whether it is safe to doors. moving back in phases since to another spot in the officeto president of global communi- Group 1AutomotiveInc., return and their political lean- Nowabout 40% of itswork- early May, with some working allowfor greater distancing. cations.“We arepredicting oneofthe nation’slargest ings. ersatthe campus,which staggeredshifts to reduce Anysemblanceofanormal within our companyand, publicly traded cardealership British oil companyBPPLC, houses more than 10,000, are overalloccupancylevels, routine is welcome, she says. frankly,morebroadly,that the chains,kept itsHouston head- with 4,000 workersinHous- able to return because build- spokesman Dennis Nuss says. “It gives me moreofasense future of work looks different quartersopen forasmall ton, hasn’t yet begun its first inglayoutswerealtered and French oil companyTotal of purpose: Hey, get up in the and that morepeople will stay number of employees until phaseofreturning workersto cleaning procedures enhanced, SA is keeping most of its1,000 morning,get dressed, go to home permanently.” P2JW181000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, June 29, 2020 | A7 U.S. NEWS

effort to develop initial soft- FAAto ware revisions to an automated flight-control system called MCAS,which misfired, over- Start MAX poweredpilot commands and put both MAXjetsintonose- dives. Test Flights Under prodding from the FAAand international regulators,Boeing sincethen has re- ContinuedfromPageOne vised several other featuresof late2018 and early 2019,kicked the MAX’sflight-control com- off debates in Congressand putersand associated hard- throughout the industryabout ware,including agreeing to re- FAAprocedures and safeguards locatecertain electrical wiring forapproving the safety of new underthe cabin to avoid haz- jetliner designs.The deaths ardous shortcircuits. also touched off afederal crimi- Thetest flights, once nal investigation and prompted planned forthe summer of substantial changes in decades- 2019,continued to be post- old assumptions about how poned as FAAand Boeing ex- typicalpilotsinteract with pertsexpanded their work to complexcockpit automation. coveranarray of newsafety is- ABoeing spokesman said: sues and previouslyunexam- “Wecontinue to work diligently ined computer shortcomings. S

on safely returning the MAXto Even if the flight testsgo NEW service.” well, the MAXfaces moretest- G FAAofficials have consis- ing of the plane’shandling by a tently said they wouldn’t move group of international pilots, OOMBER toward authorizing such test further analyses by pilot-train-

flightsortaking other actions ing officials,verification by MOON/BL to recertifythe MAXuntil all teams of outside safety experts

the agency’squestions and con- and extensivemaintenance JEENAH cerns were answeredsatisfac- work beforethe jetlinerscan be Morning rush hour on the New York City subway last week. Trains and buses are being disinfected more during the coronavirus pandemic. torily.Leading up to test deemed ready to flypassen- flights, Boeing has conducted gers. morethan 2,000 hoursof Some of those reviews could flightstovalidatenew soft- pose unexpected obstacles,ac- Virus Deaths Linked to Transit ware. cording to industryand govern- Theworld-wide slump in ment officials,potentially re- passengersresulting from the sulting in repeated schedule BY DAVID HARRISON African-Americans work in es- cific about public transit—prox- cases,the authorsleftout New Covid-19 pandemic,though, has slips similar to those Boeing sential occupations,such as imity to strangersoncrowded York City and reached similar sharply reduced the airline in- confronted in the past. As the African-Americans maybe health care,which have re- railcarsorbuses on adaily ba- results. Thetransportation data dustry’s appetitefor flying the companyand the FAAex- dying at higher ratesthan quired employees to stay on sis forextendedperiods,for in- used in both cases measure troubled planes,and Boeing has panded scrutinyofdifferent el- whitepeople from Covid-19,the the job through the pandemic. stance—that makes people par- people’scommuting patterns dramatically scaled back its ementsofthe MAX, sometimes disease caused by the novel Black people are morethan ticularly vulnerable to getting beforethe start of the epi- ownproduction ratesfrompre- it required moretime and ef- coronavirus,inpart because of 3.5times as likely to die of sick,wrote Mr.Knitteland Mr. demic.Itispossible the epi- vious levels. fort than wasinitially devoted black people’sheavier reliance Covid-19 than whitepeople, Ozaltun. demic altered those habits. Beforemaking the decision to those specific featureswhen on public transportation for andLatino people arenearly Counties with higher shares Theresultscould complicate Fridaytoschedule test pilotsto the plane wascertified in 2017. commuting,two newstudies by twiceaslikely to die of the of people who droveorwalked cities’ effortstoreopen their vetvarious software fixesand In addition, Canadian and economistssuggest. disease as whitepeople,ac- to work versus telecommuting economies.With manyurban changes to the jet’sflight-con- European regulatorsare push- Oneofthe studies,byUni- cording to researchersatYale also sawhigher death rates, a workersand residentsreliant trol systems,the FAAformally ing forother software changes versity of Virginia economist University and the University sign that perhaps some of the on transit, thestudies suggest signed off on aseries of Boeing that could be phased in over a John McLaren,indicated the ra- of Pittsburgh. Both new stud- that reviving businessactivity technical analyses and risk as- year or more, oncethe planes cial discrepancyremained even ies look at deaths from the will depend on authorities’ abil- sessmentsthat had taken return to service. aftercontrolling forincome or disease as ashareofthe over- Useofbuses, trains ity to ensurethat buses and months.Within days of the sec- —Andrew Tangel insurancerates.Mr. McLaren all black population rather trains aresafetouse. ond crash, Boeing launched an contributed to this article. found the gapwas due in part than as ashareofthose in- cited as factor in Earlyindications from tran- to the fact that black workers fected with the disease. higher fatalityrate sitsystems abroad offer hope- aremorelikely to gettowork Theother study,byChristo- fulsigns.InParis,transit users via public transit, including pher Knitteland BoraOzaltun, among black people. must wear facemasks and au- subways and buses. both of theMassachusetts In- thorities requirethat every About 10.4%ofblack com- stituteofTechnology, found other seat on trains and sub- muterstakepublic transit, ver- that a10% increase in the share waysbekept open. SinceMay sus 3.4% of whitecommuters, of acounty’s residentswho use greater risk simply comes from 9, only 1% of the newdisease according to the Census.After public transitversus those who leaving the house,they found. clusters—defined as three cases controlling forthe use of public telecommuteraised Covid-19 But transit use isn’t the of common origin recorded transit, Mr.McLaren finds the death ratesby1.21 per 1,000 whole story, both paperssay. over sevendays—have come racial disparity in Covid-19 people when lookingatcoun- Mr.Knitteland Mr.Ozaltun find from transit, according to the deaths is lesspronounced. ties around the U.S.—or by 0.48 thereisstill aracial disparity French health agency. Both studies raise the possi- per 1,000 people when focusing in death ratesincounties Already,New York’ssubway bility that other causes could only on counties within individ- acrossthe countrywhen con- system has stepped up itsdis- ON/REUTERS

SS contributetothe discrepancyin ual states.Intheir analysis,the trolling fortransit use. infecting of trains and buses,

WA deaths,such as gaps in access researcherscontrolled forrace, Both papersalso notethat andlaunched an app that tells

SEY to paid sick leave,residential income,age,climateand other NewYork City accountsfor a ridersonsome lines how

LIND segregation and discrimination characteristics. very large shareofthe coun- crowded railcarsare.The sys- Boeing 737 MAXaircraft in Seattle earlier this month. The companyhas in health services.They also In part, that could be be- try’stransit ridership as well as temisalso considering check- conducted morethan 2,000 hours of flights to validate newsoftware. cited the higher likelihood that cause thereissomething spe- itsvirus-related deaths.Inboth ing riders’ temperatures.

she helps diagnose coronavi- breaks andcausing aglobal as Tigris &Euphrates.They al- publisher,Minnesota-based Z- Some hobby stores have Doctors rus patients. panic; allowing disease to waysseemed to end aftera Man Games.But it also pre- been sold out of the game for With the tagline “Can You overtakeamajor region; or playerdeceived his or her way sented aproblem: howtosen- weeks and don’t knowwhen Save Humanity?” on the box running out of cards to play. to victory. “I wanted to create sitively sell agame based on a they’ll restock because their Play Board cover, Pandemic has had a Manyhealth-careprofes- something Icould playwith phenomenon currently sicken- distributor is sold out, too. Mr. loyal following among board- sionals saythey enjoythe gen- my wife,” he said. ing people around the world. Kimball said manufacturing game fans formorethan ade- erally accurate, if simplified, Instead of competing Z-Man Games had planned shutdowns, aimed at curbing Game cade. Two to four players be- representation of howdiseases against each other,hethought, to announceaspinoff,Pan- the real virus’sspread, may gin the game by choosing a spread. In Pandemic, a player what if players teamed up to demic: Hot Zone—North delay reprinting of the game. role,including jobs likescien- flips acardtorandomly deter- defeat acardboardenemy? He America, in February. Then it Anna Gilman snatched up ContinuedfromPageOne tist, researcher or medic,each mine the next city to facean took inspiration from the 2003 sawwhat the coronavirus was Pandemic during the early minutes to playand ends in with unique abilities.The outbreak. severe acute respiratory syn- doing in China and some days of lockdown in March, af- victory or defeat. Players col- boardisaworld map,with “Just as youdon’t know drome,orSARS,epidemic and hotspots in the U.S. terits title intrigued her from laborate, instead of compete, playersstarting in Atlanta, what card you’regoing to flip consulted a friend of a friend Thepublisher ultimately the shelf of her local Target in to contain outbreaks around home of theCentersfor Dis- over next in the game, you’re who wasanepidemiologist, postponed the launch to May, NewJersey.She and her fi- the world. All this has made ease Control and Prevention. notgoing to knowwhat hap- someone who studies the saying in a blog post that the ancehaveplayedmorethan Pandemic therapeutic for Players traverse the world pens next in the real world,” spread of diseases. game had been two yearsin 30 times since. some health-careworkers to treat outbreaks and re- said Dr. Wick, who was intro- Pandemic wasreleased in the making. “I likethat it’snot too fighting the pandemic. search cures forfour diseases. duced to the game by afellow 2008 and became popular “Wewaited to announcebe- easy,” said Ms.Gilman, anurse “It’sagood boost to mo- They win if they can work to- doctor in late May. enough to spawn several ex- cause we were not trying to at NewYork City’s Memorial rale,” said Neda Wick,apa- gether to develop cures before MattLeacock,the former pansion setsand spinoffs.The take advantageofanything,” Sloan Kettering Cancer Center thologist who plays an iPhone the diseases overwhelm them, Silicon Valley designer who coronavirus pandemic said SteveKimball, head of who treated cancer patients version of Pandemic while tak- by collecting enough cards to created Pandemic,said he prompted people to dust off studio at Z-ManGames.He who also contracted the coro- ing the campus shuttle around treat the diseases. came up with the idea after theircopies or to buy it for said Z-Man Games hasn’t ac- navirus.“We playitmultiple the University of Texas South- Thereare three waysto getting fedupwith negotia- the firsttime,resulting in a tively promoted Pandemic times in arow,because some- western Medical Center,where lose: allowing toomanyout- tion-based board games such spikeofsales forPandemic’s during the global crisis. times you can’t win.” Reimagine Public Safety

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A8 | Monday, June 29, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS White House Polish President Faces a Runoff To Review Duda wins first round, published by independent with head-to-head polls cur- opponent, the incumbent, was job losses.Opinion surveys broadcaster TVN,inanelection rently showing astatistical tie. free to makepublic appear- showmost Poles don’t believe Germany but falls short of simple in which authorities weren’t “This advantageisimmense, ances in his capacity as the authorities were truthful about majority in EU’s first surehow manyvoterswould and Iamverygrateful,” said country’shead of state. the pandemic,asinstructions Troops Plan braveCovid-19 to cast ballots. Mr.Duda, speaking intoa Facing afrustrated elector- shiftedovermonths of chaotic vote during pandemic Some 63% of eligible voters ul- crowd that drowned him out in ate, Mr.Duda isn’t guaranteed lockdowns.Beyondcoronavi- BY NANCY A. YOUSSEF timately showedup. In lines chantsof“This is Poland!” asecond five-year term. Po- rus, Poland has been increas- BY DREW HINSHAW that stretched around schools Thesurreal scene of voters land’sgovernment has regis- ingly polarizedoverthe past Defense SecretaryMark Es- AND NATALIA OJEWSKA and churches,face-masked vot- donning surgical gloves to teredjust 1,438 deaths from five years, with Mr. per on Mondaywill present to ersstood yardsapart, obeying check ballot papersoffered a Covid-19. Like its Central and Trzaskowski’sCivic Platform the WhiteHouse options to re- WARSAW—Polish President precautionarymeasures,and previewofwhat other Western EasternEuropean neighbors, party shifting to the leftonso- ducethe U.S. militarypresence AndrzejDuda wonthe first bringing their ownpens to democracies could experience Poland was quick to mandate cial issues likeLGBTrights, in Germanybynearly 10,000 round of an election on Sun- avoid anyhand-to-hand contact. in their ownelections. masks and imposed atwo- while Mr.Duda’sallies pursued troops in what would be adra- day, but without the simple Warsaw MayorRafał Throughout the campaign, the month lockdown in March. aCatholic-conservative vision. matic reshaping of the U.S. majority he needed to avoid a Trzaskowski of the centrist- pandemic instilledasense of Thecountryhas averaged Given the polarization, Mr. presence in Europe. runoff,asturnout in the Euro- liberalCivic Platform party, danger intothe essential rituals fewerthan 300 infections a Duda will face a considerable “Secretary Esper met with pean Union’sfirst national won 30% of the vote, accord- of electioneering: handshakes, day during the past week. Its challengefinding the swing President Trump on Wednes- election sincethe coronavirus ing to exit polls.Mr. Duda— cheering crowdsand constant economy, while expected to votesheneeds to secureasec- daytodiscussour presencein pandemic swept the continent backed by the country’sruling travel. Presidential candidates shrink this year, is one of Eu- ond term, said Anna Materska- Europe.OnMondaythe Secre- was the highest since 1995. party, the nationalist-conser- who were confined to their rope’s least affected. Sosnowska,apolitical scien- tary will brief the President at Mr.Duda won42% of the vativeLaw and Justice—will apartmentslive-streamed vid- Still, voters areemerging tist at the University of the WhiteHouse on options vote,according to exit polls facehim in aJuly 12 runoff, eos and complained that their from several painful months of Warsaw. forour forcepostureinGer- many,” Pentagon spokesman Jonathan Hoffman said. ThePentagon proposal LocalVotes Deal aBlowtoFrance’sMacron would offer scenarios to bring some of those troops back to the U.S.,rotatesome around BY NOEMIE BISSERBE Europe and have othersper- AND STACY MEICHTRY manently stationed in other parts of Europe, defense offi- PARIS—President Emman- cials said. uel Macron’s party suffered a President Trump directed string of losses in municipal the Pentagon to reducethe elections acrossFranceon U.S. troop presenceinGer- Sunday, raising doubts about manyby9,500 from the the long-term survival of apo- 34,500 service members who litical movement built around arepermanently assigned the French leader. there. As many52,000 U.S. Thecontestsmarked the troops arestationed in Ger- firsttime Mr.Macron’sparty, many at any given time. Republic on the Move, fielded Theproposal has been met candidates forlocal offices, with disagreement within the which playamajor role in se- Pentagon, as some fear such a curing apolitical party’s future shiftwould weaken adecades- in France. Localoffices are long allianceand embolden U.S. used to groom political talent adversaries,including Russia. forthe national stage, and they AU.S.troop withdrawal provideafallback forpresiden- from Europe could be seen as a tial candidates and ministers. S softening of the U.S. stanceto-

Mayors oftengiveashareof PRES ward Russiaatatime when it

their salarytopolitical parties. UMA appearstohavebecome more In Paris, Socialist Anne Hi- /Z adversarial toward the U.S.

dalgo, the incumbent, finished XPPP WhiteHouse deliberations firstwith aprojected 49% of come amid reportsthat aRus- Z/MA

the votesahead of Rachida OU sian spy unit has been offering

Dati from the conservative AZZ bounties to Taliban forces in party LesRépublicains,who Afghanistan to kill U.S. soldiers. BEN garnered aprojected 33%. Mr. On Wednesday, during a

Macron’scandidate, Agnès JOHAN White House visit with Polish Buzyn, came in thirdwith a French President Emmanuel Macron, right, cast his ballot in Le Touquet on Sunday. His party suffered a string of losses. President AndrzejDuda at the projected 14% of the votes. WhiteHouse,Mr. Trump of- “This evening we feel a is backed by the Green Party But likemanyother coun- postponed as the virus spread. Rally took control of itsfirst feredsome details of where sense of disappointment,” in Paris. She pledged to fight tries, France faced a shortage Theestimated turnout was city with morethan 100,000 the troops could go, saying government spokeswoman Si- inequality,pollution and dis- of masksatthe beginning of 40%, according to pollster inhabitants, Perpignan, in the some would movefromGer- beth Ndiaye said. crimination. the crisis and French officials Elabe,compared with 62%in southofFrance. Thevictory many intoPoland. He didn’t Ms.Hidalgo’swin resur- Sunday’selection shows vot- discouraged people from the second round of municipal could be an asset to party specifywhether they would be rects the political fortunes of ersaren’t rewarding Mr.Macron wearing them. That acceler- elections in 2014. leader Marine Le Penahead of rotatedthrough Poland or per- the Socialist Party, which had forhis handling of the coronavi- ated the spread of the virus in TheGreen Party appeared presidential elections in 2022. manently deployed there. been leftfor dead in the wake ruspandemic.France’shospitals nursing homes,wherethe to captureseveral bigcities, She and other membersofNa- Germanyisahub forU.S. of the 2017presidential and were mostly able to cope with death toll was high. including Lyon and Stras- tional Rally,formerly known as militarytraining in Europe, parliamentary elections. theflowofpatients,and the Sundaywas the final round bourg, according to prelimi- the National Front, have never supports militaryoperations “You chose hope,you chose two-month lockdown helped of elections that were initially nary election results. held asenior government job around the world and serves as unity,” said Ms. Hidalgo, who contain the virus’sspread. planned on March 22 and Far-right party National or runalarge French city. headquartersfor the U.S. Air Forceand ArmyforcesinEu- rope.The U.S. AfricaCommand also is located in Germany. Trump Says He WasUnaware of Russia Bounty President Trump has re- peatedly expressed frustration with Germany’slevel of mili- BY NANCY A. YOUSSEF on Twitter. seriousnessofthe allegation. ported through an ‘anonymous their ’source’?” tary spending. Germany’s de- According to aclassified Speaker of the House Nancy source’bythe Fake News @ny- In asecond tweet Sunday, fense minister promised last President Trump said late American intelligenceassess- Pelosi (D., Calif.) expressed times,” Mr.Trump tweeted on Mr.Trump wrotethat the New year to meet the NATO goal of Sundaythat intelligenceofficials ment,aRussian spy unit paid skepticism about the adminis- Sunday. “Everybody is denying York Times,which firstre- spending 2% of itsGDP on de- told him they didn’t find infor- membersofAfghanistan’sTali- tration’sresponse to reportsof it &therehavenot been many ported on the intelligenceas- fense—a U.S. demand—but not mation about Russians offering ban movement to conduct lethal the alleged bounties,saying she attacks on us.Nobody’s been sessment, should reveal itsun- until 2031. abounty to Afghan militants attacks on U.S. and other North wasoutraged to learn about the tougher on Russia than the namedsources. “Bet they can’t On avisit to Brussels on who attacked U.S. troops suffi- Atlantic Treaty Organization assessment and called forthe Trump Administration. With do it, this ‘person’ probably Friday, Mr.Esper said he ciently credible to brief him or troops in Afghanistan, people fa- Trump administration to hold Corrupt JoeBiden &Obama, does not even exist!” the presi- urgedallies to meet their tar- Vice President MikePence. miliar with the assessment said. Russiaaccountable. Russia had afield day, taking dent wroteonTwitter. get goal of 2% of GDP. “We’ve “Intel just reported to me Mr.Trump said earlier Sun- “Nobody briefedortold me, over important partsof TheRussian Foreign Minis- moved agood distanceherein that they did not find this info daythat neither he nor top @VP Pence, or Chief of Staff Ukraine -Where’sHunter? try, cited by statenewsagency the last few years, but there’s credible,and thereforedid not membersofhis administration @MarkMeadows about the so- Probably just another phony TASS, has called the reports much, much more we need to report it to me” or Mr.Pence, had been briefed on the intelli- called attacks on our troops in Timeshit job,just liketheir “information fakes” and pro- do to ensureour collectivese- he wroteinalate-nightpost gence, and he playeddownthe Afghanistan by Russians,asre- failed Russia Hoax.Who is paganda. curity,” Mr. Esper said. FROM PAGE ONE

performance. U.S. producers has happened in the industry Pioneer in raised about $23 billion in will teach the next generation debt and equity financing last of leadersand managersand year,lessthan half of the equity holdersthat debt is Shale Seeks roughly $57 billion they re- something that youavoid to ceived in 2016,according to the extent that you can.” Dealogic. Mr. McClendon spent most Bankruptcy With lessaccesstoexternal of hisearly days in the indus- capital, dozens of smaller tryasalandman, or specialist shale players are likely facing tasked with leasing land foroil ContinuedfromPageOne bankruptcy in the coming and gasexploration. Under his ginia. That vast footprint once JOURNAL months. leadership,Chesapeakewas

helped Chesapeakeearn the ti- REET U.S. benchmark natural gas incessant in scooping up

tle of second-largest U.S. gas ST and oil prices areboth down promising drilling prospects. producer. LL morethan 30% year to date, “It wasaraceinthose days But Chesapeake’sbreakneck WA settling Fridayaround $1.50 to amassthe biggest lease THE

growth leftithighly leveraged, R per million British thermal portfolio that youcould. He

and it wasfar slowerthan FO units and about $38 a barrel, wanted to be Exxon,” said Har- manyofits peerstopivot to respectively. rison Williams,who advised tapping shale formations for NHOFE At $35 a barrel, about 30% on acreagesales to Chesa- VO oil, which turned out to be of large public U.S. shale oper- peakeinthe early 2000s.

much morelucrativethan gas. JENNA atorsare technically insolvent, “Therejust wasn’t enough U.S. natural-gas prices are at Chesapeake’s vast footprint once helped earn it the title of the second-largest U.S. gas producer. meaning their net liabilities money on God’sgreen earth to their lowest levels in years. exceed their discounted future drill it all.” Theresult wasapainful fall debt. He was referring trans- eliminatesome $7 billion in companyHertz Global Hold- value,according to consulting Chesapeake became one of in recent yearsasChesapeake ferring to oil from gas. debt. ings Inc., department store firm Deloitte. the first stars of the fracking shrank, selling assets to pare Chesapeake, which filed for “We are fundamentally re- chain J.C. Penney &Co. and U.S. shale, like so many oil boom.Mr. McClendon wasa debt beforewinding up in chapter 11 protection with setting Chesapeake’scapital pizza chain Chuck E. Cheese— and gas discoveries before it, charismatic pitchman, talking bankruptcy court. more than three dozen affili- structure and business to ad- as government-mandated clo- is poised to become the prov- up the promise of U.S. natural “They were at theforefront, ated companies, listed assets dressour legacyfinancial sures and social-distancing or- ince of bigger, better-capital- gastoWall Street investors and they were the most ag- of $16.2 billion and liabilities weaknesses and capitalize on dersplayhavoc with ized companies. and politicians. gressive.But because of how of $11.8billion in itspetition our substantial operational companies’ business models. “Ifthey didn’t go intothis In 2016,Mr. McClendon aggressive they were,itleft with the U.S. Bankruptcy strengths,” Chief Executive Wall Street aided U.S. shale with astrong balancesheet or died in acar crash at age56, a them unable to pivot to what Court in Houston. Doug Lawler said. companies after the oil-price at least astrong line of credit, dayafter being indicted by a ended up being the real mon- Thecompanyreached are- Fallout from the pandemic downturn of about five years I think they will not survive,” federal grand jury on accusa- eymaker,” said ChrisDuncan,a structuring agreement with has already triggered a num- ago, helping many companies said Archie Dunham,aformer tions of conspiring to rig the Brandes Investment Partners many of its lenders that is in- ber of multibillion-dollar stay afloat. But capital infu- chairman of Chesapeake’s price of oil and gas leases. director with a say in mutual tended to guide the bank- bankruptcies in other indus- sionsare harder to come by board, referring to the indus- Mr. McClendon denied the funds that ownChesapeake ruptcy processand seeks to tries—among them rental car afteryearsofpoor financial trybroadly.“Hopefully what charge. P2JW181000-0-A00900-1------XA

THE WALL STREET JOURNAL. Monday, June 29, 2020 | A9 LIFE&ARTS Will Collectors Bid Millions Online?

The coming livestreamed auctions, including a Francis Bacon starting at $60 million, will reveal the art market’s health

BY KELLY CROW

o one has ever gone online to buy a $60 million work of art, Nbut that is precisely what Sotheby’s hopes happens when the New York auction house conducts its biggest sales of the season in an experi- mental, telethon-like format. This year, the pandemic pre- vented Sotheby’s from inviting several hundred bidders into its Upper East Side saleroom as it does every spring. Instead, the house postponed and then con- verted its May series into a trio of back-to-back online evening sales that will be held in real time beginning at 6:30 p.m. June 29 in New York, with collectors calling in to bid or placing bids digitally. The star of the sale, which car- ries that $60 million low estimate, is Francis Bacon’s  “Triptych Inspired by the Oresteia of Ae- schylus,” a 1981 work that depicts 1944 with “Three Stud- Sotheby’s is offering Francis Bacon’s 1981 ‘Triptych Inspired by the a figure writhing in agony. It is be- ies at the Base of aCru- Oresteia of Aeschylus,’ above, and Wifredo Lam’s ‘Omi Obini,’ a ing sold by a foundation tied to cifixion,” nowatTate 1943 work with a title that translates into ‘flood water’ in Yoruba. Norwegian shipping billionaire Britain. Hans Rasmus Astrup. For sale: “Triptych Wifredo Lam theby’s $110.5 million three years The market will be watching Inspired by the Oresteia (1902-1982) ago for an untitled 1982 painting these sales closely because de- of Aeschylus” 1981 (ask- of a head, but the artist’s record mand for blue-chip paintings ing price: $60 million- Known for: Consid- for a work on paper was set five hasn’t been publicly tested since $80 million) ered Cuba’s Picasso, years ago when another untitled the pandemic hit, even though Auction record: Lam spent decades in head sold at Christie’s for $13.6 auction houses quickly shifted Seven years ago, Chris- Europe absorbing the million. many smaller sales online. Rival tie’s sold a 1969 trip- lessons of cubism and Basquiatmade at least 1,500 houses Phillips and Christie’s will tych, “Three Studies of surrealism, which he re- drawingsduring his short but pro- hold their own major sales online Lucian Freud (in 3 interpreted with ele- lific career,but this head ranks on July 2 and July 10, respectively. parts),” for $142.4 mil- ments of Afro-Cuban among the top100,Mr. Woodham “Weneed alegitimatetest of the lion. imagery. said. Theanonymous seller of this market, so this is an incredibly im- During the course of For sale:  “Omi work paid Phillips $398,500 forit portant moment forthe art world,” his career, Bacon cre- Obini” 1943 (asking in 2000.Mr. Woodham said itsask- said Doug Woodham, managing ated 28 large-format price $8 million-$12 ing pricenow “seems expensive,” partner of Art FiduciaryAdvisors,a triptychs and half now million) but he said some biddersmay see NewYork-based firm that advises belong to museums, Auction record: alink between the bright turquoise collectorsand museums.“People said Mr. Billault, which Three years ago, So- palette of this skull drawing and areverycurious to see what’savail- makes collectors covet theby’s sold Lam’s 1962 the blue painting Mr.Maezawa able,but will they actually bid?” the rare examples still painting, “Three Centi- owns.“It’sabet on the drawings Sotheby’s spring series in 2019 in private hands. Since meters from the Earth,” market forBasquiat,” he said.

brought in $842 million. Thecom- 2008, three of these for $5.2 million. RIS PA

ing series,which includes fewer triptychs that have After mainly being Matthew Wong (1984-2019) , lotsthan last year,representsa come to auction have offered in sales of Latin Knownfor: This self-taught GP DA

major pullback.The June 29 sale all sold for more than American art, Lam’s painter born in Torontowas hailed /A consistsmainly of pieces consigned $80 million. Sotheby’s works have begun filter- as arising star when Karma gallery RK YO by estates beforethe pandemic. felt so confident in the ing into the higher- in NewYork held his firstsolo show Such offeringstypically perform demand for this work, stakes impressionist two yearsago. At the time,Art in NEW ), well in good marketsand bad be- it gave the seller, Mr. and modern sales Americacritic Eric Sutphin com- cause they appear fresh afterhav- Astrup, a guarantee: If “where they belong,” pared Wong to painterslikeEd- (ARS

ing been tucked away foryears. But this triptych doesn’t said Sotheby’s expert ouardVuillard, writing,“His works, CIETY

Sotheby’s expert GrégoireBillault surpass a secret, prear- Julian Dawes. The title despitetheir ebullient palette,are SO S said he and his team had to per- ranged sum during the sale, the Auction record: Two years ago, of this example translates to frequently tinged with amelan-

suade consignorsnot to pull pieces house itself will buy it. Sotheby’s sold her 1978 abstract, “flood water” in Yoruba, and cholic yearning.” Theartist commit- RIGHT from the postponed sale.“It’sbeen “Blue Reach,” for $3 million, dou- comes from the estate of Domini- tedsuicide in October at age35. TS Helen Frankenthaler TIS abig battle,” Mr.Billault said. “We ble its estimate. can Republic collector Isaac Lif, For sale: “The Realm of Appear- AR

had to convincepeople that the (1928-2011) Art adviser Anthony Grant said who died in November. ances” 2018 (asking price $60,000- M/ market would still be there.” Known for: Frankenthaler spent Frankenthaler is enjoying a market $80,000) LA Here are several artists whose six decades painting organic, fluid reappraisal, spurred by collectors Jean-Michel Basquiat Auction record: In mid-May, works could serve as key tests of forms as a leading member of both who see her abstracts as underval- (1960-1988) Sotheby’s sold an untitled water- WILFREDO

the market. the abstract expressionists and ued compared with peers like Mor- Known for: This Brooklyn-born color from 2018 for $62,500, four OF Color Field painters—often stain- ris Louis whose works have sold street artist turned market darling times its high estimate. E TAT

Francis Bacon (1909-1992) ing her unprimed canvases with for up to $5.7 million. Adding to was known for frenetic portraits of Theartist has agrowing cult fol- ES

Knownfor: Born in Dublin, Ba- turpentine-soaked paints to create this painting’s appeal, Mr. Grant kings, boxers, skulls and policemen lowing among collectors, but most S; Y’ conisconsidered one of London’s subtle, watercolor-like shapes. In said, is that its Color Field ab- often surrounded by texts. of his works arebeing claimed by topfigurativepaintersofthe 20th the 1970s, she switched to thicker straction can double as a sunset. It Forsale: “Untitled (Head)” 1982 museums,according to Mr.Billault. THEB SO

century. He is known forgrouping acrylics and brighter hues. comes from the estate of Denver (asking price$9million-$12 million) Phillips’sJuly 2sale has aWong, P: his works in series—typically,trip- Forsale: “RoyalFireworks” 1975 collector Ginny Williams, who died Auction record: Tokyo e-re- 2018’s“Mood Room,” estimated to TO OM

tychs—and had his breakout hit in (asking price$2million-$3 million) in September. tailer Yusaku Maezawa paid So- sell foratleast $60,000. FR

Turning a Bad Fit Into a Career Stepping-Stone

How to maximize the potential municate clearly and concisely. of a less-than-perfect first job— and make the pivot to the next n Network, internally and exter- role easier: nally. Consistent networking is essential, n Identify the source of your frus- both for succeeding in your first job tration. and finding your next one. There can be value in using a first Ms. Hendler-Gruntsaysshe askscli- job to identify your own skills and ents who tell her theyaren’thappyin talents, says Allison McLean, career their firstjob, “Who’ssitting around services manager at online coding you? Asksomeone forlunch or cof- school Springboard, as well as what fee. See if theyneed help. Think of it you like and don’t like in a work en- as, ‘Howcan Ilearn something and vironment. If a job feels like a bad makeuse of this time while I’m OOD fit, it’s worth taking a moment to here?’”

GLENW determine why that is before plot- ting your exit. “ n Don’t immediately assume a job isn’t the right one. MICHAEL n Focus on gaining skills. It can take a few months to adjust, BY Most jobs provide learning opportu- says Ms. McLean, so patience is key ION

AT nities, even if they aren’t the ones a to determining whether a job is

TR recent grad might be expecting. wrong for you. US

ILL “I encourage them to see every job “You’re not going to love every as: ‘What can I learn here?’” says single thing, but you want an overall Beth Hendler-Grunt, president of satisfaction level,” she says. “As long When ThatFirst Job Isn’t aGood Fit Next Great Step. as it’s not a toxic environment, it’s It is important to be able to worth staying for nine to 12 demonstrate to your next employer months. It’s really easy to not like BY KATHRYN DILL a 13.3% unemployment rate, job- you can parlay them into better what you learned in a first job, she the first couple of weeks, or first seekers of all ages don’t necessar- opportunities down the road, she says, especially skills such as excel- month, but give yourself some time LIBBYOTTO had a plan. Graduate ily have the luxury of holding out says. “It’s your first job. It doesn’t lent writing and the ability to com- to assess the situation.” from Bryn Mawr College. Move to for a position that matches their have to be your forever job.” Washington. skills—or dreams. Hiring in many Ms. Otto,21, had been applying The sociology major hoped to sectors—and cities—remains on for data- and policy-research open- has resisted pursuing these roles. begin work during arecession find a job in policy work in the na- pause, while summer internships ings in Washington. She has ex- The effects of graduating during facelimited opportunities,accord- tion’s capital. But when Bryn have been scrapped amid the pan- panded her search to include ad- a recession can be lasting. Lisa ing to Ms.Kahn’sstudy.Asare- Mawr closed its Pennsylvania cam- demic and its economic fallout. ministrative support roles, in Kahn, an economics professor at sult, they aremorelikely to end pus in March as coronavirus But those just beginning their hopes of getting a foot in the door the University of Rochester, found up in ajob that is abad fit, either spread, Ms. Otto found herself careers shouldn’t make perfect the of a Congressional office, think that grads who entered the job because the role doesn’t use their back at her parents’ home in Seat- enemy of good, says Beth Hendler- tank or nonprofit. She says she has market during the recession of the skills or isn’t something they tle, finishing classes online and re- Grunt, president of Next Great experience doing tech support, and early 1980s had, 15 years after fin- want to pursue in the long term, vamping her job search. Step, a Livingston, N.J., firm that that companies both in D.C. and ishing college, wages that were the study says.Oncethey land in Layoffs and furloughs have put coaches college students and grad- places such as Madison, Wis., have 2.5% lower than graduates who ajob that is abettermatch,sev- as many as 40 million people out uates on their careers. By learning reached out about interviewing didn’t start out in a downturn. eral yearsofprofessional and of work in the past 90 days. With and honing skills in imperfect jobs, her for IT jobs. So far, Ms. Otto One factor is that grads who wage growth maybelost. P2JW181000-0-A009A0-17FFFF5178F

A9A | Monday, June 29, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, June 29, 2020 | A9B

Let’s rethink howthe world works.

Businesses and communities around the Let’s work Let’s make Let’s protect Let’s work Let’s build Let’s engage world are in various stages of reopening. saferand businessmore againstnew with greater smarter customers smarter. resilient. cyber risks. agility. supply chains. anywhere. As they do,changing howthey work isn’t aconsideration fortomorrow—it’s an The waywe Data needs to Sensitivedata Formany Changing People want imperativefor today. work is being be protected. can be vulnerable businesses,cloud customer needs answers sooner. reimagined Business to attack.IBM has transformation can makeitdifficult With Watson Perhaps this isn’t arestart. at everylevel— operations need provensecurity has gone from a to predictbuyer Assistant, It’s arethink. not justwhere to stay up and solutions to two-year plan to behavior.AI businesses Atime to reimagine howbusiness and we do it,but what running.IBM is help businesses athis-month plan. solutionsfrom IBM canquickly societywork.Atime to reinforcethe we do.And,most helping businesses uncoverhidden With experienced canallow formore- provide services viabilityofour companies and the health importantly,how. quickly adapttheir threatsand teams and open- accurate demand to customers, of our workforces.Atime to reconsider With data, insights IT infrastructure make informed sourcesolutions, forecasting and employees and and the industry so they can risk-based businesses are greater inventory citizens— howwecan solvetoday’s problems— expertise of IBM, efficientlyrespond decisions,so modernizingapps visibilityso reducing wait and actually thriveinthe years to come. we can create to cyber threats operations run andmakingdata businesses can timesand At IBM, we believethatwhen people workplaces where and maintain as usual while AI-ready on respond faster increasing and technologywork together,our world people feel safe, business vital records theIBM Cloud.® to an ever- customer canemerge in away that’smore resilient. confident and continuity. stay protected. Securely. changing world. satisfaction on Stronger.Smarter than ever before. secure. anychannel. So let’sget to it.

Together,let’s emerge smarter and stronger than ever before. Let’s put smarttowork. ibm.com/smart

IBM, the IBM logo, ibm.com,Watson,IBM Cloud and Let’s put smarttowork are trademarks of International BusinessMachines Corp., registeredinmanyjurisdictions worldwide. See current listatibm.com/trademark.Other product and servicenames might be trademarks of IBM or other companies.©International BusinessMachines Corp.2020. P2JW181000-0-A01000-1------XA

A10 | Monday, June 29, 2020 THE WALL STREET JOURNAL. LIFE & ARTS

tion in morepolitical terms.He supportsadult recreational use and criminal-justicereform. And since the drug canrelievepain, he argues that legalization is an act of com- passion and mercy—one that follows the example of Jesus Christ. “The only thing that made Jesus really angrywerethe Pharisees that were hypocrites,” he says. “And thereare pharisaical attitudes in those who oppose drug use.” Rev. Sharp hopes to witness an end to the war on drugs. He believes regulation and education are the best responses to human vices, but also says the most compelling argument is for social justice. “You can pick your numbers according to your state, but African- Americans and Latinos are three times more likely to be arrested for marijuana offenses,” he says. It would take morethan numbers to influenceSohaib Sultan, Muslim lifecoordinator and chaplain at Princeton University.The imam calls for“serious” regulation afterhis ownrecent experiencewith THC. Mr. Sultan submitted an application to receive medical marijuana in New Jersey after receiving a terminal diagnosis in April. He said in an interview that month that he looked forward to using cannabis: Treatment was now ON more about comfort than cure for

WILS his bile duct cancer. He had never B

RO previously consumed cannabis, or even alcohol. His doctor pre- scribed the FDA-approved oral cannabinoid Marinol to assist with The Word of God in the AgeofWeed his appetite and nausea issues. Mr. Sultan ended his encounter with it feeling scared. His doctor told him he would feel no effect, Religious leadersfind themselves in the middle of adebate overhealth, race and lawenforcement but after taking it he experienced an intense, uncomfortable high. BY MIKE JORDAN nities. A September survey by the people with various addictions,in- Pastor Bryant wants to sell “As my wife was trying to take Pew Research Center found that cluding marijuana. He says he sees Canna Blessed in church book- me from the sofa to the bed, I SUE TAYLOR never would have let 67% of the 2,480 Americans asked religious leadersonthe front lines stores. If THC products became le- thought she was throwing me off one of her students slide 20 years spoke in favor of legalizing canna- of fighting marijuana and the harm gal in Georgia, he would be open of a building,” he recalls. “It was ago if she had caught one with bis, up from 31% in 2000. The sur- it does to families,children and to selling them, too. just a crazy, crazy experience.” marijuana. vey found a majority in favor young adults. “Most of the young “I’m not telling you God said for Though it didn’t quite make him But the former Catholic school among several religious denomina- evangelicals Iknowseek to minister you to take it,” he says. But if it a hard-liner, Mr. Sultan’s view sig- principal has found anew mission tions. Even evangelicals polled to friends who have been harmed by helps someone in the choir man- nificantly changed. He now be- with senior citizens: providing them slightly in favor, with 50% saying marijuana culture,” he says.“This age a health condition, he says the lieves marijuana could cause phys- with information and access to can- yes and 49% no. isn’t theoretical to them at all.” church should provide it. ical, moral and spiritual harm nabis through her California dispen- Marijuana remains in alegal gray But other religious leaders find without proper testing and regula- sary, FarmacyBerkeley.Itopened in zone.Federal lawprohibitsit, but themselves in a position that tory oversight. the BayAreainFebruary. 33 states and the District of Colum- would have seemed unthinkable in A poll shows more “Ifpeople react to marijuana, or Like many of her former col- bia have legalized it formedical decades past. aresensitivetomarijuana in the leagues at the top of religious in- use,and 11 have legalized it for Like Dr. Moore, Pastor Jamal believers tolerating way that Ihavebeen so far,Ican stitutions, she once saw marijuana adult recreational use.And the rise Bryant is a clergyman with a large marijuana legalization nowmoreclearly see the argument as a plague on her African-Ameri- of coronavirus mayhavecaused a following and a share of critics forhow it canbeadistraction can community. “I was just like surge in cannabis demand, accord- that comes with that kind of pro- in the U.S. from God, rather than help deepen them until I saw the healing, and I ing to aMarch report from Bank of file.He leads New Birth Mission- arelationship with God,” he says. could not turn my back on that, AmericaGlobal Research. ary Baptist Church, an Atlanta- In Berkeley, Ms. Taylor is still spiritually,” Ms. Taylor, 72, says. Plenty of absolutistsremain area African-American megachurch working on changing minds. Three Believersnationwide look to cur- among American clergy.Dr. Russell with 10,000 parishioners and an He insistshewon’t be “getting African-American churches within rent and former leadersofreligious Mooreisanevangelical theologian online viewership of more than zooted on the roof of the church” blocks of Farmacy refused to rent institutions likeMs. Taylor forguid- and president of the Southern Bap- 90,000. It hosted the funeral of or giving out cannabis as commu- their lots to her for customer anceonbasic ethical questions. tist Convention’sEthics &Religious Coretta Scott King. nion. Instead he says he wantsto parking because of what she When it comes to marijuana legal- Liberty Commission, the denomina- The pastor has created a line of raise awarenessabout holistic med- wanted to sell. “You know most ization, amajor changehas oc- tion’spublic-policyarm. He’salso a cannabidiol (also known as CBD) icine and entrepreneurial opportu- churches need money, but we were curred under their watch. And it has prominent marijuana critic. oil-based products called Canna nities he intends to model forhis turned down,” she says. A church sparked intense introspection for He stands against legalization Blessed, organized as an LLC in church community.“That would re- two blocks south of Farmacy even- some faith leaders. They areweigh- or decriminalization because he Georgia. Selling small amounts of ally begin alargerconversation tually gave its blessing for her cusing the damagethe drug cando says marijuana is neither medicine the substance can be legal—it con- that we really need to have,” he tomers to park in its lot. against the number of people,espe- nor a harmless recreational drug, tains no THC, an ingredient in says.“And Idon’t think it canhap- Ms. Taylor says she hopes cially people of color,sent to prison and pro-legalization forces are marijuana that provides a high. pen until it’sinour faces.” clergy will become more support- because of it, and the benefitsit backed by a profit-driven industry. CBD has been shown to be helpful Rev. Alexander Sharp, an or- ive, so those wanting to consume canprovide those in physical pain. He calls marijuana legalization in treating some conditions, in- dained minister in the United cannabis, especially adults closer Polls suggest that public toler- “unwise and even disastrous.” cluding certain types of epilepsy, Church of Christ and executivedi- to her age, don’t feel spiritually ance of the drug has gone main- Dr.Moore, who lives in Brent- according to a 2018 report by the rector of Clergy foraNew Drug conflicted about it. “It’s the godly stream, even in religious commu- wood, Tenn., says he has counseled World Health Organization. PolicyinChicago, views the ques- thing to do,” she says.

LEURENE HILDENBRAND credits Leurene Hildenbrand organized a the coronavirus pandemic for her pickleball league at her retirement improved pickleball stamina. “If community and plays every day. we rally longer, we touch the ball less,” she says. At 88, Ms. Hilden- utes are devoted to strength. She brand uses pickleball—a cross be- uses 1-, 2-, 3- and 5-pound dumb- tween tennis and ping pong—to bells to perform exercises such as keep fit and stay social. biceps curls and variations of A snowbird, she splits her time lunges. “The front lunge is great between Pinellas Park, Fla., and for balance,” she says. Hartville, Ohio, but has extended She walks, bikes or rollerblades her Florida stay due to the pan- on the Fred Marquis Pinellas Trail demic. She typically plays pickup for up to two hours every day. games of pickleball at a nearby indoor tennis court, but when it The Diet closed on April 15, she wasn’t Breakfast is a bowl of oatmeal about to let herself fall out of topped with sunflower, flax, hemp shape. She started going on daily, and chia seeds, and a sprinkle of two-hour bike rides, and encour- cinnamon. Lunch is grilled salmon, aged members of her retirement chicken or steak with a vegetable, community to join. and she makes enough to have When an outdoor tennis court leftovers. Dinner might be chicken reopened in her community in May or scallops with mashed cauli- she recruited her neighbors for a flower paired with a glass of pickleball league that plays so- Gewürztraminer. She considers ice cially-distanced games every day. cream a snack, not a splurge. “I A sign-up sheet allows the 16 par- have it every day,” she says. She ticipants to schedule game times. typically keeps pints of mint choc- Players must bring hand sani- olate chip, chocolate, almond pis- tizer and disinfectant wipes, and tachio and Moose Tracks—vanilla balls are dunked in a bucket of with fudge swirls and peanut but- bleach solution between matches. WHAT’SYOUR WORKOUT? |JEN MURPHY ter cups—in her freezer. The group plays singles or doubles matches on the ends of the tennis The Gear and Cost courts to ensure people stay so- Cycling, Rollerblading and Pickleball Ms. Hildenbrand owns a River- cially distanced. Joseph Kuhn, 70, Styks Rubicon 2.0 paddle ($199) says he was nervous at first about and a Selkirk AMPED S2 X5 Fiber- playing, but he wears a golf glove Keep This 88-Year-Old Fit Flex paddle ($149) for pickleball. on his non-hitting hand so he She buys balls from RiverStyks never touches the ball. “Some peo- ($100 per 100 pack) or Onix Fuse ple have to be reminded to keep a G2 balls ($250 per 100 pack), safe distance, but I am not afraid running, table tennis and pickle- for up to two hours a session. A up with the best of us.” which she says are more durable. to tell them,” he says. ball. Since 2013, she’s competed typical game lasts anywhere from One day a week she plays table She plays in apparel from Nike, Friends call Ms. Hildenbrand annually in state and national Se- 10 to 30 minutes, depending on tennis with a friend. “The table is Under Armour or Adidas, and “Wonder Woman” because she’s nior Games. The National Senior the level of play. A smaller court, 9 feet long, and we wash our wears Asics Gel-Court Speed ten- always on the move. “I try to go Games have been rescheduled for about one-third the size of a ten- hands before and after play,” she nis shoes ($110) or Fila Double JOURNAL

out to exercise three times a day,” November 2021, and Ms. Hilden- nis court, and slower balls make says. She normally teaches an Bounce pickleball court shoes REET she says. “My neighbors comment brand says she’s already training the sport a low-impact alternative hour-long aerobics class three ($65). Her Zetrablade rollerblades ST LL

how I’m never home, and I say, for 15 sports including pickleball, to tennis. Points are scored only days a week at a local RV resort. cost $130. She wears a helmet and WA ‘maybe you should try getting out- bocce, horseshoes and several on the serve, which must be un- Public classes haven’t resumed, elbow and knee pads when she THE

doors to do things, too.’” When track-and-field events. derhand. Games are typically but she keeps up her routine at rollerblades. R she retired from her job as a re- played to 11 points and won by home. She spends 30 minutes get- FO search scientist at age 55, Ms. The Workout two. “Leurene has an amazing ting her heart rate up by marching The Playlist

Hildenbrand embraced athletics, Ms. Hildenbrand plays pickleball serve and short game,” says David in place and doing step-ups on an “When I do aerobics, I like any- EDELHEIT

including cycling, rollerblading, every day, sometimes twice a day, Tregaskis, age 64. “She can keep aerobic step. The second 30 min- thing with a Latin beat,” she says. EVE P2JW181000-0-A01100-1------XA

THE WALL STREET JOURNAL. Monday, June 29, 2020 | A11 LIFE & ARTS

THE STAYING INSIDE GUIDE—ART Engaging Portraits of Some Masters of Illusion

Histories of art forgery and its wily practitioners

BY MARY TOMPKINS LEWIS Master” drawings. Likemanyofhis anyone who considershimself an ilk,Hebborn wasdriven not so expert in Hebborn’schosen field. FAKES AND FORGERIES have been much by potential monetarygains As Thomas Hoving,former direc- an inescapable part of the art world as the chancetoprove his ownar- torofthe Metropolitan Museum of sinceatleast the Renaissance, when tistic gifts and exact revengeon Art and the author of “False Im- the young Michelangelo,inaneffort unforgiving critics and connois- pressions: TheHunt forBig-Time to boost his fledgling career,passed seurswho had dismissed his own Art Fakes,” describes in revealing off his marble “Sleeping Cupid” as a efforts. His cunning strategies conversations with Charlie Rose, rediscovered Roman sculpture. The playedtothe egos of scholars, and forgeries of everyepoch and me- dealer involved wasimprisoned, but his unerring draftsmanship (Mr. dium arerecurring nightmares for the artist wasproclaimed amaster. dealers, curatorsand museums. Art forgersmoretypically oper- Several institutions have admirably ate, however, on the margins of soci- Spite, greed and tackled the subject head-on: On ety: They give the lie to officious ex- April Fools’ Day2017, the British perts, upend the notion of inimitable loneliness are just a few Museum posted on itsblog an in- creativegenius,and cast doubt on a of the motivations ventoryofactual fakes and forger- seemingly elitist world wheremany ies in itscollection, completewith fear to tread. Their unscrupulous behind the fakers an embedded bogus hyperlink to an ambitions,shrewd tactics and, some- exhibition of them that never hap- times,disarmingly convincing works pened (and which Rickrolls visitors offer acompelling look intothe rar- who click on it). Included on the efied realm of art collecting,where Charney considershim equal to the checklist were such fabricated curi- separating fact from fiction canbe artistsheforged) fooled countless osities as the “merman” from the anything but simple. experts, landing manyofhis draw- museum’sEnglish Enlightenment On an episode of NPR’s“Hidden ingsinmajor museums and galler- gallery, and the bejeweled but coun- Brain” podcast, “Howthe Brain ies.Bravo Profiles’ related docu- terfeit “Hippocamp Pendant,” a Tells Real From Fake:FromFine mentary(available on YouTube) 19th-centuryknockoff of aRenais- Art to Fine Wine,” Noah Charney, “Portrait of aMaster Forger,” a sancenecklace, given to the mu- author of “The Art of Forgery,” in- morein-depth scrutinyofHeb- seum in 1898 by the esteemed Brit- vestigates such conmen as the born’scriminal career and circle, ish Lord Ferdinand de Rothschild. British Eric Hebborn (1934-1996), shows him plying the tricks of his As profiled in the BBC’s “Van whose fortewas fraudulent “Old trade,and should givepause to Meegeren: TheForgerWho Fooled the Nazis,” which is available on YouTube,the Dutchman Han van Meegeren captured the imagination of post-World WarIIEurope when his fraudulent paintingsafter the 17th-centuryDelftpainter Jo- hannes Vermeer were uncovered. Morearrogant and audacious char- latan than giftedartist, Van Meegeren had atalent forpersuad- ing gullible art historians,curators and othersthat his clumsy daubs were lost canvases from an alleged, undocumented period in Vermeer’s Clockwise from top: Eric Hebborn with his original drawing in the manner of career.Heduped Dutch museums Fra Bartolomeo; Tim Jenison in ‘Tim’s Vermeer’; John Drewe; Wolfgang and collectors, including the Nazi Beltracchi with one of his paintings in 2017 leader Hermann Göring,intobuy- S ing them. When later accused of and master criminal John Drewe, ownsignaturenow covetedbycol- PRES being awartime collaborator and who pulled off what some consid- lectors. of selling national treasures,Van ered the art conofthe century, is An intriguing recent twist to the ZUMA Meegeren confessed to being a captured in “King of All Art Forger- historyofart forgeries is poi- CK;

TO forger instead, and became ahero ies” (on YouTube). Thefilm, filled gnantly captured in the documen- in his nativeHolland. with dusty archives and dimly tary,now on Amazon Prime, “Art Not everyone who attemptsto lighted libraries,highlightsDrewe’s and Craft.” Mark Landis,aneccen- SHUTTERS paint aVermeer intends to deceive, depraved genius forcreating false tric,isolated figure in real life, ICS; alesson gleaned from “Tim’sVer- provenance (or historyofowner- posed fordecades as agenerous SS

CLA meer,” adocumentaryonAmazon ship) documentsfor hundreds of er- philanthropist, an heir to acollec- Prime that presentsthe flip side of satzmodern artworks he commis- tion, or even apriest in order to the forger’s coin in the storyofTim sioned from the painter John Myatt. giveaway to unsuspecting libraries

PICTURES Jenison, an inventor and engineer. Such fakes,sporting Drewe’s fabri- and museums works he had faked. NY Mr.Jenison proved the widely held catedpedigrees,raked in afortune; Mr.Landis craved the attention SO contention that Vermeer had em- scores of them still hang in public and human interaction that re- GES; ployedoptical devices to createhis and privatecollections. sulted from his deceptions,sug- IMA highly naturalistic canvases by us- Drewe’s contemporary, the Ger- gesting that sometimes it is not ing them himself to paint astagger- man painter Wolfgang Beltracchi greed or revengebut loneliness GETTY : ingly faithful copy of the Delft likewise made millions knocking that shapes aforger’sunscrupu- painter’s seemingly inimitable “The off modern masters. As profiled on lous career. RIGHT

P Music Lesson.” CBS’s“60 Minutes,” Mr.Beltracchi TO As modern and contemporaryart could effortlessly feign almost any Ms. Lewis, who taught art history OM

FR have come to seem bona fide in- artist’sstyle.After ashort prison for many years at Trinity College, vestments, the market forforgeries stay,heisoncemorepainting imi- Hartford, Conn., writes about art WISE has exploded. Thedarkly riveting tations of 20th-centuryworks but for the Journal and other OCK

CL historyofthe English counterfeiter marketing them as “tributes,” his publications.

MUSIC REVIEW Jazz Artists Speak Transnational Truths

BY LARRY BLUMENFELD through 12 tracks that arespare liant trumpet soliloquy that opens sirehas worked. “Blues (WeMea- with seeming ease by this quartet. and elegant, tender and tough. the firsttrack,“Tide of Hyacinth,” surethe Heart With aFist)” builds Still, the best momentsare the IN LATE MAY, during afestival Thereare no overt references to and in the cohesivenessofMr. Ak- gradually,idiosyncratically,intoa sparest, most oftenowing to the that, likeall else,had been moved African or European musical tradi- inmusire’squartet (including bass- satisfyingly bluesy release,inmuch sound of Mr.Akinmusire’shorn: the online,vocalist and composer Sara tions but rather ateasing out of ist Harish Raghavan, drummer Jus- the way the Art Ensemble of Chi- lovely,expectant long tones and Serpa explained the genesis of her universal emotions.Ms. Serpa’sun- tin Brownand pianist SamHarris). cago, which Mr.Mitchell co- throaty curls of “Yessss”;the rever- multimedia project, “Recognition” conventional quartet includes three As both aplayerand abandleader, founded morethan 50 yearsago, ent phrases of “Roy” (dedicated to (Biophilia Records). distinctiveinstrumentalists. Like he is by nowanessential voicein oftenends itsconcerts. the latetrumpeter RoyHargrove); Firstcame an invitation from her singing,Mark Turner’s tenor jazz’scontinuing story. Jesus Diaz’s percussion and the ringing notes on “Reset (Quiet John Zorn, foraseries about music saxophone playing is remarkable Another track,“Mr.Roscoe chantsadd forcetoone track and Victories &Celebrated Defeats)” and film. Ms.Serpa decided to cre- forits transparent tones,its sure (Consider the Simultaneous),” ex- Genevieve Artadi’svocal lends ten- that glimmer brightly but dissolve ateanoriginal documentary, about pitch, and foranimprovisational plores the multi-layeredapproach dernesstoanother.Yet this music intowhispersand pained moans. Portuguese colonialism in Africa style that balances lyricism with of reedist and composer Roscoe relies mostly on the complexwebs That pain is notabstract. On and legacies of oppression and rac- logic.Pianist David Virelles and Mitchell, with whom Mr.Akinmu- of harmonyand rhythm woven “My Name Is Oscar,” from his 2011 ism throughout the Western world. harpist Zeena Parkins playwith Blue Notedebut release,overa Her film would be silent, she de- rare blends of earthyintensity and drum solo,Mr. Akinmusireread cided, itsnarrativecarried by im- unearthly grace. Thepainful history aloud accountsofthe shooting of a ages and an original score. Her re- Ms.Serpa confrontswas,she said, young black man, Oscar Grant III, search led her to the writingsof unspoken in her home and her by atransit officer in his home- Amílcar Cabral, akey figure of Afri- schools.Perhaps,then, it makes town, Oakland, Calif.On“Rollcall cananti-colonial activism, whose sense that she considersitmostly forThose Absent,” from alater al- harsh yetelegant wordsyielded through wordlessvocals. bum, achild recited the names of Ms.Serpa’sonscreen text andthe Her album begins with simple those killed in similar circum- lyrics to one song.And therewas descending figures. It ends with stances—Amadou Diallo and Tray- an unexpected discovery: Super 8 “Unity and Struggle,” featuring lyr- vonMartin, and on—with accom- footagefromthe 1960s,shot by her icsdrawn from Cabral’swritings, paniment on Mellotron, an electro- grandfather,aPortuguese settler sounding somewherebetween a mechanical keyboard. In January, who had moved to Angola. (Ms. protest anthem and alullaby about when Mr.Akinmusirerecorded the Serpa wasborn in Portugal, and justice; the song soothes but newalbum’sfinal track,“Hooded moved to the U.S. in 2005.) hauntsasitwinds down moreso Procession (Read the Names Out- In Ms.Serpa’sfilm, created in than ends. loud),” he had not yetheardthe collaboration with Portuguese di- With his latest release,“On the name George Floyd.But he knew rector Bruno Soares,images linger Tender Spot of EveryCalloused that list would grow,and he and repeat. Trains arrive, planes Moment” (Blue Note), trumpeter sensed activeparticipation (his in- depart. Asalt harvest, the product Ambrose Akinmusirewrestles with struction to read the names out of forced labor,accumulates in tall those same troubling transnational loud) might be in order.Here, mounds.Nationalistfervor grips a truths,fromthe perspectiveofhis alone,playing glistening chords on stadium during acelebration of Dia lifeasanAfrican-American. He, aFender Rhodes electric piano,Mr. da Raça(Dayofthe Portuguese too, mines inheritances,froman Akinmusiretakes his time,asina Race). Quotes from Cabral address extended musical family.Inaliner church processional, moving nearly “the destruction of African soci- note, saxophonist Archie Shepp Vocalist and imperceptibly from minor key to ety” and “the multi-racialism (who worked notably alongside composer Sara major,finding fleeting resolution.

EN myth.” Theeffect is hypnotic and John Coltrane) likens Mr.Akinmu- Serpa’s recent ST disorienting,intimidating. sire’scommitment to Coltrane’s multimedia project Mr. Blumenfeld writes about jazz

THER Those same qualities come legendarydiscipline.The fruitsof is ‘Recognition’ and Afro-Latin music for the

HEA acrossthrough the music itself, such rigor areevident in the bril- Journal. P2JW181000-0-A01200-1------XA

A12 | Monday, June 29, 2020 THE WALL STREET JOURNAL. SPORTS Athletes to Olympics: LetUs Protest

BY RACHEL BACHMAN

U.S. Olympic and Paralympicath- letes and 1968 Olympian John Car- los joined agrowing chorus in sportstolet competitorsprotest at events, calling on the International Olympic Committeetoabolish its rule prohibiting such demonstrations. Membersofthe Athletes’ Advi- soryCouncil, the representative athletes’ body of the U.S. Olympic & ParalympicCommittee, wroteinthe letter Saturdaythat the IOC should end itsno-protest rule and develop anew policywith athleterepresen- tatives that protectsathletes’ freedom of expression at the Olympic and ParalympicGames.

“Athletes will no longer be si- GES

lenced,” the lettersaid. IMA It wassigned by six athleterep- ETTY

resentatives and Carlos,the 200- /G

meter bronzemedalist who,with RNER

teammateand gold medalist Tom- WA

mie Smith, raised black-gloved fists TIM on the medal stand at the 1968 Houston Astros owner Jim Crane said last week that it’s important for his team’s financial health that fans are in the stands when baseball games resume. Olympics to protest racial inequities in the U.S. Carlos and Smith were suspended and sent home. TheIOC didn’t immediately respond to arequest forcomment, Virus Hot Spots AreSports Hubs but earlier this month formed an athletes’ commission to re-examine the protest rule.Ithas said in ear- Florida, Texas and Arizona are central to a comeback. They’re also where Covid-19 is surging. lier guidanceabout the rule that “sport is neutral and must be separate from political, religious or any BY BEN COHEN AND ANDREW BEATON getting ready to playfor the first league prepares to restart on acon- Thereare few places in the world other type of interference.” time in nearly four months,how- trolled Walt Disney World campus. wheredefying the rules of social Rule50ofthe Olympic Charter It feels likeMarch again. ever,cases arenow surging and “My ultimateconclusion is that we distancing seems moredangerous. says,“No kind of demonstration or Thefirst week of March is when positivity ratesare soaring in those can’t outrun the virus and that this TheNBA tried to solvethis prob- political, religious or racial propa- it dawned on American sportsthat partsofthe South and West. is what we’regoing to be living lem by moving the whole league ganda is permittedinany Olympic lifewas about to be very different. Arizona, Florida, Nevada, Texas with forthe foreseeable future.” intoahighly restricted campus with sites,venues or other areas.” As they watched leagues around the and Utah areamong the states That wasalso the decision of ev- stringent precautions that include “The IOC and (International Par- world shut down, they began to wheremorethan 10% of testscame erymajor sportsleague.The eco- daily testing,mandatoryfacemasks alympic Committee) cannot con- preparefor anovel strain of coro- back positiveoverthe past week. nomic consequences of remaining and 113 pages of exhaustiveproto- tinue on the path of punishing or navirus that wasquietly spreading Thesummer calendar in those five sidelined aresodirethat the NBA, cols.Now the league has another removing athletes who speak up for at disturbing rates. But sportskept states could include: NFL,MLB,NHL and othersappear problem: It picked Florida. what they believein, especially playing—until they couldn’t. •NBA,MLS and WNBAseasons willing to accept the risks. Theleague approved the format when those beliefs exemplifythe Now, with close to 40,000 re- •NWSLtournament of itsrestart plan when Florida’s goals of Olympism,” the U.S. ath- ported cases per dayacrossthe •NHL playoffs seven-daypositivity rate wasbelow letes’ lettersaid. “Instead, sports U.S.,manyofthe states on the •Workoutsfor eight NBAteams The consequences of not 5%. It’snow 14.5%statewide and administratorsmust begin the re- wrong side of the epidemic curve •Home games of five MLB teams 16.2% in OrangeCounty.Silver said sponsible task of transparent col- have one morething in common: •Training camps forseven NFL playing are so dire that Fridaythat “no options arerisk- laboration with athletes and athlete sports. Most of the places where teams leagues appear willing free” and that he believed players groups (including independent ath- professional sportsare trying to re- Theconcentration of sportsin and coaches would be safer on cam- letegroups) to reshape the future start arecurrently struggling to these states is not acoincidence. to accept the risks. pus than off.But he confessed in- of athleteexpression at the Olympic contain the virus.The growth in Thesportsleagues considered creasing concerns as he monitored and ParalympicGames.” cases per dayisaccelerating in places likeOrlando,Las Vegas, the dataand acknowledged the re- nearly 80% of the counties that Houston, Salt Lake City and Phoenix start could stop if the epidemic in- would host games,workoutsand as potential sites forso-called bub- But each league is taking adiffer- tensifies or the NBA’scampus has training camps as sportsattempt to ble environmentsinJune and July ent approach. As the NBAcon- an outbreak. return this summer,according to a because they suppressed the virus structsabubble and braces for That’sapossibility in part be- Wall Street Journal analysis of data in April and May. empty arenas,MLB executives want cause Disney employees will be compiled by Johns Hopkins Univer- Then local governmentseased fans in their stadiums.Houston As- coming from aregion teeming with sity and TheCovid Tracking Project. their lockdowns—and the virus tros owner Jim Crane said last the virus.Saturday wasthe worst Theimmediatefutureofsports— roared back to life. Nowsportsfind week that it’simportant forhis dayyet with morethan 9,500 new and whether or not the leagues can themselves bound to cities that team’sfinancial health that people cases in Florida—a staggering total S pull off their plans with billions of have become hot spots. areinthe bleachersdrinking beer and thousands morethan Italy at

PRES dollarsatstake—is linked directly “It’safair question whether if when baseball games resume.Hous- the peak of itsepidemic in March.

TED to the public health of the country. we were making this decision at tonhospitals cleared spacefor MLS matches begin and NBA

CIA Thestatesthat reopened because this moment, we’d still playinOr- Covid-19 patientsonThursday, and players arrivenextweek. SO

AS they were spared arecentral to the lando,Florida,” NBAcommissioner Texas Gov.GregAbbottclosed the —Anthony DeBarros A protest during the 1968 Olympics. sportscomeback.Asthe leagues are Adam Silver said on Friday, as the state’sbarsonFriday. contributed to this article.

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THE WALL STREET JOURNAL. ** NY Monday, June 29, 2020 | A12A GREATER NEW YORK Top Black Policeman Sees Path Forward

Second in command Mr.Tucker said 95% of NYPD eral agencies,including apost officerswerewhitemen. Today, in President Obama’sadminis- at NYPD says more about 53% of the NYPD’suni- tration as deputy director for overhauls in training, formed forceisnonwhite, bet- state, local and tribal affairsat terreflecting the demographics the OfficeofNational Drug disciplining are needed of NewYork City,according to Control Policy. department statistics,and a NewYork City MayorBill BY BEN CHAPMAN largerpercentageare women. de Blasio,who in 2013 cam- Mr.Tucker said growing up paignedfor officeonaplat- When Benjamin Tucker in Bedford-Stuyvesant, Brook- form to reform the NYPD by joined the NewYork PoliceDe- lyn, he wasfrequently ques- reducing arrestsand address- partment in 1969, he was one tioned by officers. “Weused to ing racial imbalances, drew of only a few black officers. getstopped, and put up against Mr.Tucker back to the force in Racism waspart of lifeon JOURNAL the wall, likeatleast oncea 2014, in part by promising to

and off the job,Mr. Tucker REET week,” Mr.Tucker said. “So I change the department. said. Once, while working as a ST wasn’t abig fan of police.” Thedepartment has faced LL

plainclothes officer in 1974, he WA He took the NYPD entrance criticism from elected officials said,hewas beaten by awhite exam as ajunior in high school and activistsfor failing to pro- THE

officer in acase of mistaken R because the policeforce repre- moteofficersofcolor to lead- identity amid apolicere- FO sented a possibility for em- ership positions.Mr. Tucker sponse to astreet fight in OW ployment. He was surprised wasinthe running forthe top

Brooklyn. He never received LARR when he received acall invit- post of commissioner in 2019, an apology, he said. ing him to join. He spent more but Dermot Shea, awhiteman, NDRE

Today, the majority of AU than two decades in the NYPD, was given the job. NYPD officersare people of First Deputy Commissioner Benjamin Tucker said racism was part of life when he joined the force. working as an officer, a ser- Although he has expressed color,and as firstdeputy com- geant, atrainer at the police disappointment in not secur- missioner,Mr. Tucker is the partments, Mr.Tucker said, with minorities.Sincethe Mr.Tucker has led training academyand alegal adviser in ing the commissioner position, second-highest-ranking officer amid what he describedas start of June,ithas disbanded to combat bias among NYPD the department’slaw office. Mr. Tucker dismissed sugges- in the department. “passionateoutrage” and calls an anticrime unit that civil- officers. Following the death Most of the racism he expe- tions that he waspassed over While the NYPD has for change from protesters. rights groups have criticized, of Eric Garner in 2014, Mr. rienced in the NYPD wasn’t because of his race. changed “inevery possible In his current role,heispo- speeded up disciplinaryac- Tucker also created aprogram overt, Mr.Tucker said. Over the Mr.Shea said that Mr. good way” over the past half- sitioned to help with those tions against officers and re- to retrain the NYPD’s35,000 yearshewas discouraged from Tucker’s lifeexperiences place century, the policedepartment changes, Mr. Tucker said. leased policebody-camera officersagainst the use of un- attending lawschool by asupe- him in akey position to lead and othersacrossthe U.S. The killing of George Floyd footageofincidentsinvolving necessaryforce.Ablack Staten rior and encouraged to pursue changestopolicing.“There have work to do to improve on May25has spurred ana- alleged officer misconduct. Island resident, Mr.Garner undercoverwork,hesaid. arecertain policeleaders race relations, he said. tional conversation about police Mr.Tucker said the NYPD died in 2014 afteranofficer “The experienceofyoung who’velived, and led, across “Maybe it’sabout time that brutality and racism. Ablack hasbeen in revamp mode for put him in a chokehold while black boys and men is shaped the arc of our profession’s re- we have the conversations we Minneapolis man, Mr.Floyd was morethan six years, beginning arresting him forallegedly by society generally,” said Mr. forms,” Mr.Shea said. “Ben need to have around issues killed while in policecustody. with the cessation of stop-and- selling illegal cigarettes. Tucker.“Thereaction that Tucker is one of them.” that have been so polarizing in Protesters and elected officials frisk,atactic in which officers But Mr.Tucker said the people have to you.” Mr.Tucker said: “I would the country,” said Mr. Tucker, have demanded policereforms stop,question and pat down NYPD and other policedepart- That aspect of theblack ex- never,asayoung black kid 69 years old. and funding cutstodepart- citizens forsuspected criminal ments continue to struggle to perience remains unchanged, growing up in Bed-Stuy, have More overhauls in training ments, including to the NYPD. activity.Datafromcivil-rights attractblack officersinpart he said. believed that Iwould be the anddisciplining officerswill In response, the NYPD has groups have shown that the because of negativepercep- In 1990 Mr. Tucker left the second in command of the help chartacourse forward instituted new policies aimed practice affectsminorities at tions of law enforcement. NYPD for executive positions NYPD,the best department in forthe NYPD and other de- at improving police relations disproportionately high levels. When he joined the force, in a number of local and fed- the country.”

Demonstrators March Under Rainbow Flags STATESTREET | By Jimmy Vielkind New GOP Leader Vows Louder Voice

RobertOrtt, estatetax and capping local- the newleader property-tax increases. of the New In 2015, when Mr. Skelos York State stepped down after federal SenateRepub- corruption charges, the GOP lican confer- conference chose Mr. Flana- ence, says he plans to be an gan over former state Sen. aggressivepresenceataCapi- John DeFrancisco. Mr. Flana- tolwhereDemocratsnow con- gan continued to work with trol all the leversofpower. the governor, agreeing to “Weneed to be out there budget provisions that in- loudly,succinctly and appro- creased the minimum wage priately outlining our opposi- to $15, which frustrated tion to manyofthese propos- small-business groups. Dur- als and explaining to people ing the 2016 elections, Don- whythis is bad forpeople’s ald Trump helped the GOP pocketbooks,families and hold Senate seats in subur- communities,” Mr.Ortt, a41- ban areas, and by extension

GES year-old from Niagara the majority in the chamber.

IMA County,said in an interview. But the blue wave of 2018 “And they deservebalance.” brought a shellacking. Re- ETTY

/G He said he would argue publicans lost in eight dis- against newchanges to the tricts, and six senators in the GADO criminal-justicesystem—in- GOP-allied Independent DEL cluding the elimination of Democratic Conference were DEE cash bail foraslewofof- defeated in Democratic pri- VID

DA fenses and alaw to bring po- maries. FULL OF PRIDE: TheQueer Liberation March forBlack Livesand AgainstPoliceBrutalitymade its waySundaypastthe Stonewall Inn, licerecords intopublic Mr. Flanagan struggled to birthplaceofthe gay-rights movement. The annual NYCPride parade, firstheld 50 years ago,was canceled due to the pandemic. view—and highlight short- raise campaign money, and comingsinthe stateresponse frustration with his leader- to the coronavirus pandemic. ship style culminated in an Mr. Ortt succeeds John unsuccessful leadership chal- Flanagan, who is retiring lenge by Sen. Cathy Young. Airport Businesses Can Increase Prices from the Senate to work in regional government relations for the Northwell Robert Ortt, BY KATE KING sionaires to similar businesses Health hospital system’s from Niagara AND KATIE HONAN at other locations. Long Island locations. Mr. County, is the Many other major U.S. air- Flanagan stepped down on new head of NewYork airport busi- portsallowprices abovestreet Sunday after nearly 34 years the Senate nesses have the green light to pricing,including LosAngeles as an elected official. Republican raise prices on everything International Airport, which Mr. Ortt was selected ear- conference. from neck pillows to potato permitsconcessionaires to lier this month over state chips later this summer. charge an extra18%, and Sen. Pat Gallivan, a former

The Port Authority of New S O’HareInternational Airport Erie County sheriff. Mr. Gal- She retired in February 2019,

York and New Jersey’s board NEW in Chicago, which allows 10%, livan withdrew his candidacy the first of 10 departures of commissionersvoted unani- G the report said. the morning before the lead- from the 23-member confer- mously Thursdaytoallowres- In NewYork,depending on ership vote. ence in the last two years.

taurantsand retail stores to OOMBER the airport terminal, the Port This is the thirdvotein Jason McGuire, chairman increase prices as much as 10% /BL Authority receives pricing re- five yearsfor GOP leader,and of the Livingston County

at theregion’sthree major air- ANT portsthat canbeused to con- all have revolved,roughly, ConservativeParty and alob- ports. Airport businesses are firm that businesses arecom- around the same strategic byist forevangelical Chris- MORD currently required to adhere plying with street-pricing question. In aDemocratic tian churches,said several

to street pricing,which means ANGUS requirements, according to the state, is it betterfor Republi- senatorsbecame dispirited. they can’t charge morethan Restaurants and shops at Newark Liberty airport will be affected. report. Port Authority staff cans to be aloud voiceofop- “I think there’s a differ- the goods cost locally outside also respond to pricing com- position that’soften shouted ence between the majority the airport. Thecoronavirus pandemic votedinSeptember 2018 to in- plaintsfromtravelersand can down or playaninside game and the minority, and that’s RickCotton, executivedi- has sharply curtailed air travel, crease the minimum wage conduct spot checks or audits with negotiated wins? the challenge of those who rector of the Port Authority, and manybusinesses were gradually forcabin cleaners, of product prices.The consul- Former Senate Majority serve in the majority for a said thepricing changewas closed FridayatLaGuardia. baggage handlersand other tant recommended that the Leader Dean Skelos chose long time. They’re used to necessary after the board de- Maria Sanchez, 27 years workersto$19 an hour by Port Authority strengthen its the latter, working easily negotiating with the gover- cidedin2018 to increase the old, who lives in NewYork City 2023.The hourly minimum pricingoversight with more- with Gov. Andrew Cuomo af- nor, and they’re not in that minimum wage fortens of and wasflying to Kentucky, wage is currently $15.60and is frequent spot checks. ter Mr. Cuomo’s election in role right now,” he said. thousands of airport workers said she is resigned to airport scheduled to rise to $16.20 in James Parrott, an economist 2010. Republicans narrowly Mr. Ortt acknowledged to $19 an hour by 2023. restaurantsand stores being September.New York City’s at theNew School who has retook the majority that that morale is low, but said “We are proud of the mini- moreexpensiveeverywhere. “I minimum wage is $15 an hour. studied minimum-wagepolicies, year, after two years of Dem- those who remain—or are mum-wagepolicy,” Mr.Cotton usually eat beforebecause it’s NewJersey,whereNewark said the report made aconvinc- ocratic control. running to succeed senators said. “Travelerssupport superpricey,” she said. Liberty International is lo- ing case that pricing policies at Mr.Skelos allowedfloor not seeking another term— higher minimum wages, and Street pricing is intended to cated, requires most employers NewYork airportsare out of votesontwo priorities for understand the new mission. that is really the key factor in protect consumerswho only to payaminimum wage of $11 step with othersinthe country Mr.Cuomo—a 2013 gun-con- Thefirst test will be the terms of the board’s action.” have limited buying options an hour,which is scheduled to and that airport businesses pay trol bill and the 2011 legal- elections in November.Mr. Thepricing changewill take while at airports. But areport increase to $15 by 2024. greater costsinterms of secu- ization of same-sexmar- Orttsaid he wastaking over effect later this summer at John commissioned by the Port Au- Thereport, from InterVis- rity screeningsfor employees. riage—that amajority of “midstream,” but said people F. Kennedy International and thority when it decided to tasConsulting Inc., said air- Thereport’sanalysis of the im- Republicans votedagainst. should judgehis leadership if LaGuardia airportsinQueens raise airport workers’ wages port operatorsshoulder other pact of theincreased minimum Mr.Cuomo folded his hands they see “a changeinenergy, andNewark Liberty Interna- concluded that the increased costs, such as paying for em- wage waslessrobust, he said, as Republicans drew newleg- achangeindirection, more tional Airport in NewJersey. minimum wage,along with ployees’ security screening. because it didn’t take intoac- islativedistrict lines in 2012, fundraising and signs of Several airport businesses higher operating costs borne Thereport’sauthorssaid they count offsetting factorssuch as and GOP senatorshappily progressand evidence” over contacted by The Wall Street by airport businesses,justified couldn’t getthe dataneces- whether ahigher wage boosted collaborated with the Demo- the next two election cycles. Journal didn’t respond to re- price increases. sary, however, to comparethe worker productivity or lowered cratic governor on moderate quests for comment. ThePort Authority board profitability of airport conces- staff turnover. fiscal policies likecutting the [email protected] P2JW181000-2-A012B0-1------NS

A12B | Monday, June 29, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK Outdoor Dining Prompts Menu Shifts WATCH MANHATTAN BY CHARLES PASSY Public MassResumes When outdoor restaurant At St. Patrick’s dining returned as part of New York’srecent phase-two re- Cardinal Timothy Dolan on opening,Nick Pfannerstill, Sunday celebrated the first pub- chef at Mother’s Ruin, acock- lic Mass at St. Patrick’s Cathe- tail bar and dining spot in dral since the coronavirus pan- Manhattan’s Nolita neighbor- demic began. hood, realized he had moreto The storied Roman Catholic worryabout than social dis- cathedral in Midtown Manhattan tancing and table placement. was limited to 25% capacity and He hadtorethink his na- social-distancing guidelines out- chos. lined by state officials. The Mother’s Ruin nachos, Cardinal Dolan thanked the loaded with Mexican-style congregation forits perseverance pulled pork (otherwise known and joked thatmorethan adozen as carnitas) and afull-flavored collections would be taken to beer cheese,werepopular makeupfor the missed Sundays. with customers, but they were The church continues to live- indoor fare—bar food that is stream daily Massonits website. “great when you’redrunk at 2 —Associated Press in the morning,” Mr. Pfanner- still said. BROOKLYN Now, he needed to take thingsinalighter direction, TwoPeople Wounded befitting the idea of dining al In Weekend Shooting fresco.

So Mr. Pfannerstill ditched GES A 30-year-old woman who

the pork and went with a less IMA was shot in the head in the East heavy, chile-accented cheese. Williamsburg section of Brooklyn “The scene has shifted,” he ETTY was in critical condition Sunday, /G

said of the newmenu-planning TT New York City police said.

reality foroutdoor dining dur- PLA A 31-year-old man also was ing the coronavirus. shot three times, including in the

That is acommon theme SPENCER elbow and hip, but was expected from countlessother restaura- With al fresco dining, dishes travel more distance from the kitchen to diners’ tables, and stay outside in the summer heat. to survive, police said. teursand chefs throughout the Police said the shooting hap- city.Evenasestablishments “There can’t be anypyra- what closer to the American didn’t fitwith the idea of out- able,but nowhalf-portions pened around 4 a.m. Sunday and look ahead to the start of in- mids,” said Clark Wolf, a New style than the super-crispy Ko- side service, in terms of all the can be ordered. the investigation was continuing. door serviceassoon as July 6, York and California-based res- rean one. running of plates,tosay noth- Diners “see it as akind of —Associated Press when phase-three reopening is taurant consultant, referring Some restaurants are making of the fact that customers snack” forsummer,said co- expected to start, they know to the way some high-end ingbroader changes as they tend to seek out smaller meals owner Lorenzo Panella. NEW JERSEY their outdoor businesswill re- chefs createtowering presen- embraceoutdoor dining to the when dining al fresco. Yetsome restaurantssee main important this summer. tations. fullest. Rahi, an Indian restau- Shuko shifted to a la carte little to no reason to change Motorist’s Death in Some customers are likely to Restaurantsare tackling the rant in Greenwich Village, has offerings. But because the their approach. One example: PoliceCustody Probed prefer that option forsafety challengeindifferent ways. In been bringing a charcoal grill meals aren’t as elaborate, Le Crocodile,the French res- reasons,and as it is,many manycases,they areadding outtothe street and prepar- prices arelower: An assort- taurant in Brooklyn’sWythe State authorities are investi- New Yorkers have always en- newitems to menus that they ing kebabs right in front of pa- ment of rolls goes for$45,for Hotel that opened to critical gating the death of a man in a joyed street dining. sayspeak to the essenceof trons.The restaurant also has example.That also speaks to acclaim last year. New Jersey police vehicle follow- Outdoor servicemeritsa summer. put newemphasis on kulfi,the the economic reality of the JonNeidich, apartner in ing his arrest over the weekend. particular approach. It isn’t ForCote, aMichelin-starred Indian version of ice cream. pandemic,said general man- thehotel, notes that the res- The New Jersey attorney just that food generally has to Korean-style steakhouse in “I’veforgotten what my ager Orland Delgado. taurant’sbrasserie-style menu general’s office said a state be lighter,asinmoresalads, New York City’s Flatiron Dis- regular menu is at this point,” “People aren’t making the already includes some lighter trooper arrested the 51-year-old sandwiches and grilled fare, trict, theregular beef-domi- said Rahi owner Roni Mazum- money they onceweremak- summer-friendly options,such man during a motor-vehicle stop industry professionals and ex- nated bill of farenow has been dar. ing,” he said. as a raw bar. But more to the in Totowa at about 11:30 a.m. pertssay.Italso has to fitthe supplemented with aclassic, With Shuko, aJapanese es- Some restaurantsare stick- point: He believes customers Saturday. Authorities said the casual mood of the season. picnic-minded favorite: fried tablishment in the Union ing with their traditional— whocame to knowLeCroco- man was placed in the back of a Considering that dishes chicken. Squarearea, changing offer- and, yes, heavier—menu items, dile beforethe pandemic are police vehicle, where he suffered travel moredistancefromthe “The goal is to createafun ingsfor outdoor dining wasal- but finding other waysto returning so they canenjoy an undetermined medical emer- kitchen to diners’ tables and summer vibe,” said Cote most a necessity. adapt. At AnticaPesa, a what they liked in thefirst gency.He was taken to St. Jo- stay outside in the heat, they owner Simon Kim. He noted Therestaurant’snormal Brooklyn offshoot of arestau- place. seph’s Regional Medical Center shouldn’t be fussyoroverly that friedchicken has also menu is afixed-price$225 rant in Rome, plates of famil- “We’rereally committedto in Paterson, where he was later constructed, lest they wilt or been a staple in South Korea, meal, with courses including iar pastadishes,such as cacio keeping the experience,” he pronounced dead. fall apart. though Cote’sversion is some- sushi and hot dishes.That epepe,continue to be avail- said. —Associated Press

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THE WALL STREET JOURNAL. Monday, June 29, 2020 | A13 OPINION Leahy’s Yankee Imperialism BOOKSHELF | By David A. Shaywitz

Thedays of “This nomination could jeop- limitsfor futurepresidents. spurring economic growth and Better Living arrogant ardize United Statessupport In recent yearsthe IDB has attracting privatecapital American pol- for, and cooperation with” the put out awelcome mat for ought to be bank priorities. iticians telling bank, he warned. China. In 2017IDB President This would be adeparture Latin Ameri- Therecan be little doubt Luis AlbertoMoreno cele- from traditional benchmarks By Design cancountries that the rant is the work of brated China’s Belt and Road that measure success accord- AMERICAS what’sgood Leahyforeign-policyadviser Initiativeduring opening re- ing to howmanyloans are forthem were Tim Rieser,who playedama- marks to the 11th China-Latin pushed out the door.Healso By Mary The Great Indoors supposed to jor role in the 2016 Obama America and Caribbean Busi- wants to cast a wider net for Anastasia be over.But rapprochement with Cuba nessSummit in PuntaDel talent. By Emily Anthes O’Grady last week Ver- without anyconcessions on Este, Uruguay. “We hope that WhyAmericans should care (Scientific American/FSG, 290 pages, $28) mont’sSen. human rightsinreturn. Mr. more business meetings take about this goes beyond the Patrick Leahyreminded the Rieser is notorious forsup- placetodeepen ties with bank’s $13 billion in annual n August 2015, scientists planning for a future Mars world that old habitsdie hard. portingundemocratic left- China,” Mr.Moreno said. In loans and guarantees or the I mission locked a mock crew of six in an isolated, self- At issue is President wing causes in Latin America. 2019 he tried to hold the U.S.’s 30% ownership.The contained habitat in Hawaii for a year and monitored Trump’snomination of Mauri- Mr.Claver-Carone wantsto bank’s60th annual meeting in largerissue is that repeated what happened under the quarantine-like conditions. It cio Claver-Carone—currently strengthen the bank by in- Chengdu. economic failures among IDB wasn’t pretty. Tensions flared, and rifts formed. What the WhiteHouse national security creasing accountability,trans- members have humanitarian, crew members craved from their living environment was adviserfor the Western Hemi- parencyand effectiveness. politicaland security conse- privacy, a place where the sights, sounds and scents of sphere—tobepresident of the This has given Mr.Leahy—and The senator tries to quences that spill over to the others weren’t constantly intruding on them. multilateral, Washington- all those who cherish the sta- U.S. We canrelate. TheMars-mission researchersdiscov- based Inter-American Develop- tusquo—the vapors. Argen- block a nominee to In a time of great instabil- eredafter ayear what most of us have already figured ment Bank.Mr. Claver-Carone tina,that stalwart interna- the Inter-American ity, thereisahugeopportu- out: Oursurroundingsprofoundly affect our well-being.Per- has the support of amajority tional symbol of economic nity cost in allowing the bank haps if we understood this idea better, we could reshape the of the IDB’s28regional mem- insight, is especially vexed. It Development Bank. to continue operating as little environmentsweinhabit, enhancing our lives and improving bersand is poised to win elec- wantsEurope to block the more than a jobs program for our health. That’s the opportunity that science journalist tion in September. nomination and support an mediocre but well-connected Emily Anthes explores in “The Great Indoors,” an engaging As a former Treasury offi- Argentine candidate. Theconfrontation with the Latin Americans and ashill for survey of the scienceofbuildingsand areported account cial, Mr.Claver-Carone is qual- TheIDB presidencytradi- White House that resulted in China. of the quest to improve life by deliberate design. ified forthe job.But he has tionally goes to aLatinAmeri- moving that meeting to Wash- With China dropping the Ms. Anthes quotes Ben Waber, co-founder of Boston- spent yearsadvocating a can, and Mr.Leahyuses this ington has led to pressure for reform mask and taking a based Humanyze, a workplace analytics company, noting peaceful transition to democ- tradition as afig leaf to cover reform. ManyLatinAmerican combative stance against de- that even in the digital age racy in Cuba and Venezuela. his ideological attack. Yet the democracies recognizethe mocracy—most obviously in the “organizing power of For this, he has drawn the ire practice isn’t a rule carved in creeping politicalinfluence Hong Kong—Mr.Claver-Ca- physical workplaces is so of Vladimir Putin’s Moscow stone and there is wisdom in and economic powerofBeijing rone told me in atelephone in- incredibly strong.” Online mafia, the Castroregime in shaking things up. and it worries them. They terviewlast week that “nowis communication tools like Cuba, Venezuela’smilitarydic- Latin American elites cher- knowthat it is already playing the time to think about how Slack may be popular, Ms. tatorship,bigwigsinChina’s ish the IDB forits cushyben- an outsizerole in Venezuela, East-Westcommercial links Anthes says, but “face-to-face People’sLiberation Army—and efits, lowexpectations and Nicaragua and Cuba. canberealigned North to communication remains the Mr. Leahy. preferred access to the Wash- Chinaaside,clearly some- South.” He added, “Why not gold standard.” It turns out On Thursdaythe senator ingtoncocktail circuit. The thing has gone wrong at the give the U.S. a chance during that “real-life encounters are deliveredastatement to the toppost is treated as ajob IDB.Despitebillions of dollars this historic time?” associated with higher produc- IDB in which he threatened to forlife, and in six decades in “help” from the bank since Whynot indeed. And why tivity and performance.” use his poweronthe Senate thegroup has had only four 1959,most membersremain not let our Latin American Figuring out howtostructure Appropriations Committeeto presidents. Mr.Claver-Carone mired in poverty.Either it neighborschoose the modern the workplacefor such conver- deny U.S. funds to the bank if promises to break this privi- should changeits middle name leadership they prefer rather sations canbetricky, however. members exercise their right legeaddiction by limiting his or it’stime to trysomething than bully them like19th-cen- Open designs,paradoxically, to elect Mr.Claver-Carone,the tenuretofiveyearsand es- new. tury imperialists? reduceface-to-faceinteractions,by candidateoftheir choice. tablishing permanent term Mr.Claver-Carone believes Write to O’[email protected]. 72%inone example.But physical separation canalso cause trouble.Mr. Waber mentions acompanythat split ateam of bankersbetween two floors, resulting in two distinct social groups and leading How to Slay a Tech Giant (Apple) to reduced communication and poor performance. Rotating employees between the floorsseemed to fixthe problem. When Apple ing system, Western Digital launching intoadiatribe about it’s become AT&T—avertical Thoughtful design can improve not only the function of announced harddrives and Compaq hard- howawful the PC business giantwaiting forafutureDa- organizations but also the health of individuals. A foun- last week that ware,along with Lotus,Adobe was, saying he entered every vid to come along with ahori- dational 1984 paper in the journal Science reported that it will soon and Microsoftapplications, quarter not knowing how zontal slingshot. patients recovering from gallbladder surgery arbitrarily replaceIntel added up to a“Virtual IBM” manymachines would ship, If Iwereaninvestment assigned to rooms with a view of nature fared significantly processors and eventually toppled the gi- pricing wasawful, and mar- banker today(Lord help me) better than similar patients stuck in rooms overlooking a INSIDE with itsown, I ant. Thesame thing happened gins were worse. Tim Cook I’dberunning around pitching dreary brick wall. The patients who saw a cluster of trees VIEW had aflash- in the late1990s with AT&T.A would join five yearslater to aVirtual Apple.Neutralizeits experienced less postoperative pain and recovered faster. back to 1993. horizontal internet of network clean up this logistics mess. strengths and then attack new Another study found that switching the care of premature By Andy Morgan Stan- equipment, browsersand web- Mr.Sculley wasclearly looking markets. Apple is showing that infants from large, open wards to single-family rooms Kessler ley’stechnol- sites created aVirtual AT&T foranexit—he leftsix months it’svulnerable by selling an improved the health of the babies, who gained weight ogyinvest- and toppled the vertically inte- later.Iflewhome disap- iPhone SE for$399,not $999. faster and required fewer procedures. ment banker Frank Quattrone grated telecom. pointed. Unit sales of iPhones and iPad Empathetic features can also make it easier for patients called me in NewYork: “John Theteam met with Mr. peaked yearsago. As the com- living on their own to manage a range of medical Sculley”—CEO of Apple— Sculley,his chief financial offi- panyruns out of newcustom- conditions. Reducing repetitive elements—such as “long “wantstomeet with youFri- cerand general counsel, and I Dominant firms try ers, growth is coming from ad- corridors with dozens of identical doors”—has helped day,” he said. It wasThursday gottomakethe pitch. Ire- jacent marketslikewatches senior-home residents who suffer from dementia, Ms. morning.“About what?” I cently dug up my dusty copy to do everything, but andearbuds,and from online Anthes says. And recessed entryways have made it easier asked. “I don’t know, do your of that pitch book to remem- a network of smaller services.And nowthe Justice for autistic adults to transition from their own room into virtual thing.” Ibooked the 9 ber what Isaid. Apple had “su- Department is investigating its the public space of a hallway. p.m. to SanFranciscoand the perior software and ergonomic peers can do it better. app storefor abuse. Theability to layertechnologyintoarchitecture, redeyehome. hardwaredesign” but needed Will aVirtual Apple put to- creating an “intelligent environment,” may offer an Meanwhile,Iwas on the to “focus on mobility as anat- gether acollection of cloud especially promising option for seniors seeking to age phone all daywith the banking ural offspring of smaller form- Apple wasworth $7 billion services that capturethe imag- safely in place. A house with sophisticated sensors, Ms. team to help create“the factor computing.” Not bad, in back then, and nowit’s$1.5 ination of consumers? Or aro- Anthes notes, can offer “fall detection” without requiring book.” No investment banker hindsight, though adecade trillion, with close to aquar- bust social-media market— the use of a separate device, like a pendant, which needs to worth his salt shows up with- early. tertrillion in sales and maybe outside Facebook and Twitter be worn and charged. Senior housing with state-of-the-art out aspiral-bound pitch book But Apple’sstock,at14 $70billion in operating prof- thereare scores,fromFortnite equipment—Ms. Anthes cites TigerPlace, in Columbia, put together by lowly associ- times earnings, wasvalued like its. Not quitehalf of industry to Nextdoor.Will the next-gen Mo.—has spurred innovators to dream up a garage full of ates pulling all-nighters, with commodity PC maker Compaq revenues or 90% of profits, consumer platform be speech, new tools, from smart mirrors that scrutinize moles to strategy ideas and suggested instead of software and plat- butpowerful nonetheless. Ap- augmented reality,home auto- toilet sensors poised to evaluate kidney disease. transactions (investment bank- form companyMicrosoftwith ple’sFUD is fanboys’universal mation? I’dbet on acloud- ers’ payday!) to solvethe com- its26-times multiple.Sothe desires. based intelligent servicethat pany’sfutureproblems. strategy wastocreate—you Well, what goes around simply knows what we want ‘Intelligent environments’ that layertechnology Backthen Iwas intrigued guessed it—a “Virtual Micro- comes around. At last week’s anddoes it. intoarchitecture canimprove thefunction of by companies organized in soft.” Iadvisedthe execs to Worldwide Developer Confer- Remember, IBM didn’t fail horizontal layers attacking “neutralizeMicrosoft’s ence, Apple announced Apple overnight—it took decades. organizations and thewell-being of individuals. vertical behemoths.IBM wasa strengths” but then attack new Silicon, itsown line of proces- But itsgrowthrolled over and vertical giant and did every- markets, “mobile,digital me- sors. With that, Apple finally the stock market eventually thing from soup to nuts: dia, TV,education and enter- closed the loop.Italready figuredthat out and cut off ac- Yet, as Ms. Anthes observes, “what makes these systems chips,hardware, operating tainment,” by joining with—or, makes itsown graphics chips, cess to cheap capital. Apple is so powerful . . . also makes them dangerous.” A house built system,software,applica- betteryet, acquiring—compa- operating system, applications, amachine.Its devices are on the premise of watching its residents inevitably raises tions,services.They had 50% nies in the horizontal layers. app store(with a15% to 30% sleek.But newphone fea- questions about privacy, and the reliance on devices can of the computer industry’s That included Cisco, Novell, cut),cloud storage, Siri voice tures—like“Wind Down lead to dependence as well as to disaster if something goes revenue but 90% of itsprofits. Oracle, WordPerfect, Borland, interface, maps,evenmediocre Mode” to help youget to sleep wrong with the technology. There may be problems even if They used FUD—fear,uncer- Adobe,Autodesk,Silicon TV shows—soup to nuts. Its on time,and awatch that machines work exactly as advertised. “Our relationships tainty and doubt—tofreeze Graphics,AOL.Remember, phones,tabletsand Macs are scolds youifyou don’t wash with other people arekey to our health and happiness,” out competitors. most of thesewerepretty world classcompared with, your hands long enough—leave Ms.Anthes writes. “What if smart home products push But IBM wasvulnerable.A small companies back then. say, Google Maps,Spotifymu- me underwhelmed. AVirtual human caregivers out of the picture?” loose horizontal confederation Mr.Sculley politely let me sic streaming,TikTok video Apple might beat it at itsown Ms.Anthes astutely distinguishes between design’s threatened itspower: Intel finish and then asked, “Why clips, or Dropboxcloud stor- game. anticipated potential and demonstrated benefit. She describes processors, Microsoft’soperat- doesn’t AT&T buy us?” before age. Apple has become IBM, Write to [email protected]. the reimagining of aschool environment in Buckingham County, Va.: Among much else,nondescript hallways were transformed into“learning streets” with reading nooks and casual workspaces to foster small-group creativity; and a Even the Bible Is Full of Flawed Characters food lab wasinstalled next to the cafeteria to teach students about food preparation. Yet, surveying the resultsfiveyears By Timothy Dolan uted alot of good to our na- of her parentshanging on the self-admitted flaws? later,Ms. Anthes is quick to acknowledgethe many tion’s progress. wall of our house.Her dad, my If literaturethat depicts “disappointments,” including avirtually empty food lab earsago Iwas dedicat- Defacing,tearing down and grandfather,was an abusive prejudice, or wordsorscenes (with alone popcorn maker) and small workspaces crammed Y ing anew parish to St. hiding statutes and portraitsis drunk who abandoned his that aretodayrightly ab- with desks.Onbalance, the verdict on the project has been Peter. Awoman wrote today’sversion of Puritan family.I’m glad we gotto horred, is to be banned, I “mixed,” we learn, showing howdifficult it is to know to protest: “Why would you book-burning.Our children knowofhim, the good and the don’t knowifeventhe Bible whether design changes have “real, long-lasting benefits.” name aChurch aftersuch a need to knowtheir country’s bad. can survive. If we only honor Like everything else, an effort to improve our coward,asinner who denied past, itsnormativefigures and Thesame is true of the perfect, saintly people of the surroundings will require us to decide where to apply even knowing the Lord when their virtues and vices.That’s church Iloveand am honored past, IguessI’m leftwith only scarce resources. Ms.Anthes describes an apparent Jesus needed him most, at howwelearn and passonour to serve. Yes, there are scan- the cross. And some people success:the redesign of a women’s prison in California to the hour of His arrest and dalous partsofour history, would ban that. feel “more like a college than a jail,” with walking paths, crucifixion?” and countless episodes when As ahistorian by training,I recreational spaces and a stand-alone building for classes. Knowing her and what par- The destruction popes,bishops,priestsand want to remember the good Afterthe newfacility opened, inmateviolencedropped ish she wasfrom, Iwrote others—including some who and the bad, and recall with by half. But then we’re introduced to Raphael Sperry, an back, “But you’re a proud pa- of monuments only are now saints—didn’t act as gratitude howevenpeople architect and activist who urges architects to concentrate rishioner at St. Mary Magda- impoverishes our they should have. who have an undeniable dark on affordable housing, drug treatment centers, and other lene Church. She wassurenot God forbid we’d go through side can let light prevail and such buildings and facilities. “If you want to heal the kinds aparagon of virtue fora sense of history. acultural revolution as China leave the world better. Iwant of problems that lead to crime,” Mr.Sperrysays,“you chunk of her life. Yet, by God’s did five decades ago. Beware to keep bringing classes of don’t do it in a prison—you do it in a neighborhood.” grace, she became aradiant, those who want to purify schoolchildren to viewsuch Of course, astute architectural choices won’t solve inspirational saint. If we can’t story. Is thereany moreeffec- memories and present atidy— monuments, and to explain to complex social problems, but they can nudge us in the right name churches after sinners, tiveway to comprehend Amer- and inaccurate—history. And them howevensuch giantsin direction, Ms. Anthes says, and help us lead “healthier, the only titles we’d have left ica’shistoryofracism than who’s to saywhich statues, our historyhad crimes,unjust happier, more productive lives.” It’s a compelling, science- would be Jesus and His reading “HuckleberryFinn” or portraits, books and dedica- acts and plain poor judgment based argument for the wisdom of intelligent design. Mother!” one of FlanneryO’Connor’s tions are spared? Remember mixed in with the good we Isn’t the same true of short stories,works of litera- when some objected to raising honor. Dr. Shaywitz, a physician-scientist, is the founder of America’shistorical personali- turenow ominously on the the status of the Martin Lu- Astounding HealthTech, a Silicon Valley advisory service, ties? All of them had flaws, chopping block? ther King Jr.’sbirthdaytoa Cardinal Dolan is arch- and a lecturer in the Department of Biomedical Informatics yetall of them still contrib- My ownmom kept aphoto national holiday, citing his bishop of New York. at Harvard Medical School. P2JW181000-0-A01400-1------XA

A14 | Monday, June 29, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Covid Comparisons, Europe and U.S. Getting Rid of AllThose Suspect Roosevelts

cientistsare studying whythe coronavi- izations and infections didn’t start surging in Regarding your editorial “Teddy picted in publicly displayedartwork rushasn’t had moreofaresurgencein these states until afew weeks ago. GetsCanceled” (June 23): Theof- from adifferent erathat is offensive S Europe aftercountries liftedtheir lock- Google’smobility tracker shows that traffic fended parties should logically move to groups and individuals searching on to expunging TheodoreRoosevelt’s forinclusivenessand objectivity.The downs while some U.S. states to restaurantsand retail busi- TheAmerica-is-a-failure oppressivecousin Franklin Roosevelt. Roosevelt statue at the entranceof battle explosiveoutbreaks.But nesses has increased morein FDR wasapresident who marched the American Museum of Natural His- the epidemiologistsinthe me- reporting has aheavy Europe than U.S. hot spots. As tens of thousands of American citi- tory sends an unnecessarycultural dia already knowwhy:GOP of last week,retail traffic was zens of Japanese descent intoconcen- messagethat mayhavebeen the norm Governors and President dose of partisanship. down 6% in Germany, 11% in It- tration camps.Historians politely la- when it wasnew,but is inappropriate Trump ignored public-health aly,12% in FrancefromaJanu- beled them “internment camps” but forthe spirit of the U.S. manyare try- guidelines and reopened too arybaseline.Retail traffic re- the Japanese survivorsand the courts ing to createinthe 21st century. Roo- fast and toosoon. mained moredepressed in Arizona (-20%), have restored the rightfullabel, and sevelt’scontributions represent im- “With Trump leading the way,recordsurge Florida (-20%) Texas (-15%) and Harris County survivorshavebeen paid $1.6billion portant history, and we canlearn in newinfections exposes failures in U.S. re- around Houston (-14%). in reparations. lessons from him. We don’t need a sponse,” the WashingtonPost wroteSunday. Mobility dataalso showAmericans in hot spots It will be difficult to removeFDR’s statue with racist and supremacist im- name from the expressway,island and agerytorecognizehim. Liberals arejuxtaposing the U.S. with Europe, arehunkering down at home morethan Europe- other edifying statues,streets, build- IRVING M. ROBINSON which ostensibly has the virus under control. ans, perhaps because of hotterweather.Large ingsand placenames,but if we areto Albuquerque, N.M. TheTrump Administration has sometimes been home gatheringscould be contributing to spread be equally suppressiveofour history, toosanguine,but much of this is partisan oppor- but arehardfor governmentstolimit. GOP Gover- we must do it. It boggles the mind to think that tunism in an election year. norshavebeen chastised forletting young people PAUL CHECHAK the world would be abetterplaceif Even with the latest outbreaks,the U.S. has crowd bars, but European countries arestruggling Savannah, Ga. the original 13 states had confined recorded fewerdeaths per 100,000 people (38) to corral their youth too. their “colonialism” to the Atlantic sea- than the United Kingdom (66), Spain (61), Italy Earlier this month policebroke up an illegal George Orwell certainly had re- board, leaving the rest of the conti- (57) and France(44). Death ratesare alagging rave in Berlin with morethan 3,000 young peo- markable vision when he wrote“1984” nent forthe English, French, Spanish, indicator, but Arizona (21), Florida (15) and ple.Morethan a1,000 were caught at an illegal in 1949.Incapturing the essenceof Swedish and Russians to fight over, Texas (8) arestill well belowEurope.New York, beachparty near Lisbon last weekend. Thou- the futureyear,hewrites: “Everyre- but no matter. Have the radicals,or cord has been destroyed, or falsified, the weak and timid politicians,CEOs which has opened up last and slowly,has adeath sands of Liverpool soccerfans partied in the everybook rewritten, everypicture and collegeadministratorswho bow rate per 100,000 of 161. streetsthis weekend aftertheir club wonthe has been repainted, everystatue and to their demands,bothered to think TheSouthern U.S. states liftedtheir lock- British Premier League. street building has been renamed, ev- that far or to contemplatetheir next downsgradually and at around the same time It’stoo early to draw conclusions about long- erydatehas been altered. And the target? By today’sleftist standards as most European countries.Francereopened term success or failure. Europe began reopening processiscontinuing daybyday,and the Greatest Generation wasapretty shops and schools on May11followedbyrestau- itsinternal borderstwo weeks ago, and infections minutebyminute. Historyhas deplorable lot—nationalist, racist, sex- rants, barsand cafesonJune 2. Germanybegan maytick up oncepeople travel more. Germanyhas stopped.” Toobad Orwell gotthe year ist, misogynistic,transphobic,you reopening shops on April 20 and barsand res- had aspikeincases in the last week,albeit fewer wrong.Solong,Teddy! name it. Betterdouble the guardon taurantsonMay 15.Italy letshops,barsand res- than in the American South; manyare tied to meat- THOMAS E. TIERNEY the World WarIImemorial. taurantsreopen on May18. Europe started their packing plantsasinthe U.S. Midwest. It’salso pos- Arlington, Mass. TOM SEAL Stafford, Va. lockdowns earlier so perhaps they did moreto sible that places wherethe virus spread widely in Youmakethe case that eliminating crush the virus curvebeforereopening,but the spring have developed adegree of immunity certain statues erases history. Thereis With the rapid fall from graceof southern U.S. states also had relatively few in- that maymitigateagainst aresurgence. adifferencebetween erasing the men- TheodoreRoosevelt and the removal fections when they reopened. Statesare prudently pausing reopeningsand tion of historyand seeking to createa of his statue from the American Mu- Some saythe U.S. states didn’t wait long boosting hospital capacity,but flare-ups arein- morebroad and balanced presentation seum of Natural History, Iwonder enough between the stages of reopening.But evitable until there’savaccine or herdimmunity. of that history. No one appearstobe what is to be done with the millions of Texas Gov.GregAbbottlet restaurantsand malls In anycase the critics of reopening don’t offer attempting to erase Teddy Roosevelt Teddy bears? Ihaveawood stove, so reopen at 25% capacity on May1,and barstodo much of an alternativebeyondsocial-distancing, from American history. Certainly,Roo- cremation is my option. Othersmight so on May22. On June 11 he liftedthe bar capacity wearing masks and moretesting.All three are sevelt made important contributions have access to an industrial-strength limit to 50%. Florida Gov.Ron DeSantis let restau- important, and nearly all Governorsagree even to the betterment of the country; his paper shredder or wood chipper.Per- rantsand stores reopen May4at25% capacity, if they don'tmandatemasks.Masks aremanda- leadership in conservation alone haps collection sites canbeestablished would put him in the upper echelon of and the bearssent forcomposting. which he raised to 50% on May15. On June 5he tory in NewYork but in our experiencearen’t en- U.S. presidents. Thereis, however, no LARRY PROVOST let barsopen at 50% capacity but excluded Bro- forced. Areturn to strict lockdowns isn’t sus- reason whyRoosevelt needs to be de- Croton on Hudson, N.Y. ward,Miami-Dade and Palm Beach counties tainable economically or politically,aseven wheretherehavebeen morecases. Democratic Governorsadmit. Arizona gaverestaurantsand stores the No one has done everything right in this pan- green light on May11provided they followCen- demic,and the America-is-a-failurereporting is CitiesCould Deter Urban Exodus but Won’t ters forDisease Control and Prevention social- as excessiveasDonald Trump’s occasional claim distancing and hygiene protocols.Yet hospital- that the pandemic will soon be over. It comes as no surprise that so It isn’tjust the murder of George manyofthose who areable areflee- Floyd behind all this,but alack of con- ing some of America’slargest cities fidenceinadult governancemorethan (“The Coming Urban Exodus” by Dan- anything speaking to a“youth must be All Hail the Lobster King iel Henninger,Wonder Land, June served” view. How’sthat? Craven state- 18). Early this year,Iswitched jobs. mentssuch as Seattle MayorJenny ehope PeterNavarrohas received his sterscurrently facetariffs of either 35 percent When negotiating,Iwas asked which Durkan’sabout “a summer of love” are updated businesscards.Atameeting or 37 percent.” officeIwanted to be based out of as made by frightened adultswho’vefor- W in Maine this month with commercial As part of the “phase one” U.S.-China trade most of my team is in the NewYork gotten howtolead in both the public fishermen, President Trump wastold howhis deal, Beijing said it would increase purchases of City metroarea. Running the num- and privaterealms and what should trade warhas devastated the state’slobster in- American products, including seafood. The bers, Ifound that what my wifeand I stand foradult authority. dustry. Mr.Trump said he’dget his trade adviser WhiteHouse promises to monitor Maine’slob- would payincity and stateincome Teens and those in their early 20s, working on it posthaste: “Peter Navarroisgoing ster exportseach month forprogress, while taxesalone would be morethan our bereftofthe discipline that should to be the Lobster King now, OK?” threatening“to impose reciprocal retaliatory entirecurrent rent forour high-rise emanatefromhome,school, college In 2018 China placed a25% retaliatorytariff tariffs on seafood exportsfromChina.” Retalia- apartment in Dallas.Texas is astate and government, have runwild—while with no income tax. Neither of us the erstwhile adultshaverun away. on U.S. seafood products, including lobster.Amer- tion forretaliation, in other words. have hit 30 yet, so Ican’t even imag- FREDERIC WILE ica’stotal lobster exportstoChina, excluding Mr.Trump is also directing the Agriculture ine what it’slikefor those further New York Hong Kong,proceeded to fall to $51 million last Department to consider action “toprovide as- intotheir careersorwho have chil- year from $148 million in 2018,according to fed- sistance to fishermen and producersinthe dren. We choose not to allowour eral data. Thetariff gavealarge advantagetoCan- United Stateslobster industry.” In other words, hard-earned money to prop up de- Personal Agency Is Required ada’slobstermen, who clamped their big red lobstermen might soon be getting the same kind cades of recklessmismanagement by For Real Human Dignity claws ontosales that used to be Maine’s. of bailout money that the WhiteHouse has paid leadership which has openly pushed Last week brought the firstdecree of Lobster to hog and soybean farmersharmed by the out businesses,kicked the candown Regarding IanRowe’s “ThePower King PeterI,long mayhenot reign over crusta- trade war. the road on looming pension liabili- of Personal Agency” (op-ed, June ceans.Mr. Trump issued amemo laying out a But these lobstermen don’t want ahandout. ties and prohibited development to 22): Iapplaud Mr.Rowe forpointing policyofprotection forthe U.S. lobster industry. They want customers, and some buyersinChina the point whereit’satrope.Leaders out the importanceofeveryone,re- in these big-government cities should gardlessoftheir race or socioeco- China’soriginal retaliatorytariff of 25%, it ex- might never come back,evenunder the reign of focus on reducing taxesand regula- nomic background, to take personal plains,has sincebeen raised to 30%. AddChina’s awiser trade sovereign. Talk about alobster tions to ensuretheir 21st centuryis responsibility fortheir ownlives and usual “most favorednation” tariffs of 5% and 7%, trap,which this year could cost Mr.Trump the as great as the 20th was, but Ifear it futures.Mr. Rowe’s commentsare a depending on the species,and “American lob- one Maine electoral vote he wonin2016. will just be used as another excuse to modern take on what Frederick raise taxes. Douglassalso advised in his 1859 Iask those leaving such cities to “Self-Made Men” speech: “The les- The Roundup Settlement ask themselves whether it’swise to son taught at this point by human continue to vote forthe same sort of experienceissimply this,that the ere’sashakedown forthe history Cancer, which also believes everything from policies they fled. man who will getupwill be helped books. Last week Bayeragreed to pay sippinghot cocoatotalking on acell phone ANDREW BARNETT up; and the man who will not getup H up to $10.9 billion to settle with plain- might giveyou cancer.Itdetermined glyphosate Dallas will be allowedtostaydown. This rule mayappear somewhat harsh, tiff attorneyswho claim its is "probably carcinogenic” Aride down NewYork’sFifth Ave- but in itsgeneral application and op- weedkiller Roundup caused Junk science prevails only afterwriting off evidence nue between 59th and 42nd Sts.,with eration it is wise,just and benefi- cancer.Eventhis massivepay- as Bayer strikes a deal to the contrary, Reuters re- the boarded-up windows of the city’s cent. Iknowofnoother rule which out doesn’t guarantee an end ported. One of the advisers major high-end stores,illustrates viv- canbesubstituted foritwithout to the company’strial-lawyer with the trial lawyers. who helped conduct the idly whythose herewho canthink of bringing social chaos.Personal inde- tribulations. group’sglyphosateanalysis moving out and those with money to pendenceisavirtue and it is the Bayeragreed to payas concurrently received pay invest look elsewhere. soul out of which comes the sturdi- much as $9.6 billion to settle some 125,000 from trial lawyers. He has sincetestified in the est manhood. But therecan be no in- cases and unfiled claims.Inexchange, 25 law Roundup litigation. dependencewithout alarge shareof firms saythey don’t intend to take on moreliti- In the first Roundup case to be heard, the Retirement Security and self-dependence, and this virtue cannot be bestowed. It must be devel- gation. Bayerwill set aside another $1.25 bil- SanFranciscoSuperior Court limited Bayer Passively Managed Funds oped from within.” lion forafutureclass-action settlement from discussing the EPA’s conclusions but al- In “Retirees’ Security Trumps PETER K. NEWMAN brought by adifferent set of trial lawyers. lowed the plaintiff attorneys to wax on about Other Social Goals” (op-ed, June Dayton, Ohio Bayerand those attorneysagreed to establish findingsfromthe International Agencyfor Re- 24), Labor SecretaryEugene Scalia afive-member panel of scientiststoconsider search on Cancer. states: “A fiduciary’sduty is to re- whether glyphosate,the activeingredient in In the second case,attorney Aimee Wagstaff tirees alone ...retirement security Pepper ... Roundup,causes non-Hodgkin lymphoma. ignoredthe SanFranciscofederal court’s limits forAmerican workers.” Thus,the fi- And Salt Their conclusion will be binding on all future on admissable evidence, a violation that was duciarymust avoid investmentsthat litigants. “intentional and committedinbad faith,” Judge underperform. Whythen areplans THE WALL STREET JOURNAL Bayer is gambling that the panel will reach Vince Chhabria later found. And in the third permittedtoinvest in actively man- the same conclusion as regulators in the U.S., case,anAlameda County Superior Court judge aged funds that consistently underperform passively managed funds? the European Union,Australia, Japan and else- wouldn’t let Bayer’slawyersinform the jury Morethan 50 yearsofwork at where—that glyphosate isn’t a likely carcino- aboutacomprehensivenew EPAreview in the University of Chicago’sBooth gen. Last year the Environmental Protection which federal regulators concluded Roundup School of Businesshas demon- Agencysaid it wouldn’t approveproduct labels doesn’t cause cancer and poses no danger to strated empirically that properly claiming the weedkiller causes cancer because health when used as directed. structured, passively managed funds that would “constitute a false and misleading Bayer lost all three cases, which are unaf- insured against losswith derivatives statement.” fected by last week’ssettlement, and juries ini- will outperform almost all actively Last week federal Judge William Shubb is- tially imposed morethan $2.4billion in cumula- managed funds over time. sued a permanent injunction preventing Cali- tivepenalties.Judges have sincetrimmed that ROBERTDEPORRES-RAS fornia from requiring a cancer warning on the to aneat $190.467 million, and Bayercontinues Oak Brook, Ill. herbicide.Henoted that nearly everyregulator to appeal. But Bayersaid that as of April it faced Lettersintended forpublication that has looked at the evidence“has found that similar claims from some 52,000 plaintiffs.The should be emailed to [email protected]. there was no or insufficient evidence that gly- companyhas nowconcluded that amulti-billion Please include your city, stateand phosate causes cancer.” dollar settlement is abargain compared to the telephone number.All letters aresub- Theexception is the World Health Organiza- weed-whacking it would take in court. Only in ject to editing,and unpublished letters cannot be acknowledged. tion’sInternational Agencyfor Research on America, alas. “Excuse me, what is this line for?” P2JW181000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, June 29, 2020 | A15 OPINION Powell Has Become the Fed’s Dr. Feelgood

By James Grant financed public companies intoheav- curities and is poised to wheel out a ily indebted privateones. large-scale experiment in “Main fFederal ReserveChairman Je- Last week,California’sPublic Em- Street” lending.The mid-June initia- rome Powell were selling apre- ployees Retirement System an- tion of apreviously announced pro- scription drug instead of a nounced it will take on debt in an at- gram of corporate-bond buying jolted I monetarypolicy, the Food and tempt to generatehigher returns, the stock market higher. Drug Administration would because lowinterest ratesleave it Inflation, as everyschoolchild likely want awordwith him. “What no alternative. Mr.Powell, too, used to know, is toomuch money we’rethinking about nowisproviding pleads necessity—he had to do chasing toofew goods,and whether the accommodation that this econ- something to lowerthe towering un- or not today’smoney supply is exces- omyneeds foraslong as it needs it. employment rate.Nobody doubtshis sive, itsrateofrise is startling.Ac- GES That’sall we’rethinking about,” the humane intentions,but historywill cording to Tim Congdon,chairman of IMA central banker told the SenateBank- judgebyresults. the InstituteofInternational Mone-

ing CommitteeonJune 16. With opioids,the habituated pa- GETTY tary Researchatthe University of

To listen to Mr.Powell, the Fed’s tient needs ever higher doses to VIA Buckingham in theU.K., growth in

monetarymedicine isn’t even adrug, achieveaconstant effect, and so it is FP thebroadest measureofmoney has /A

let alone one so freighted with side with dollars. Massivecredit creation AT broken all modern peacetime Ameri-

effectsthat youmay wonder if the (which the Fedachieves by buying AD canrecords,upby25.5% in the 12

cure is worsethan the disease.Ibe- bondsand mortgages with money it BAR months through May.

lieveheiswrong about that. materializes with atap on acom- ERIC Oddly enough, the fastest money puterkeypad)isakind of financial Fed Chairman Jerome Powell growth is paired with the lowest in- painkiller.The record of the crises of terest rates. To anyone who lived Overprescription of the past 20 years, beginning with the richer,the thinking has it, people newmonetarytorrent, opportunistic through the 1970s,the juxtaposition post-millennium dot-com crash, is spendmore. Then, again, artificial people take an extrameasureofrisk. is inexplicable.Norational investor monetary medicine has the one of lowerand lowerinterest rates, bull marketsbecome bubbly,and Fragile balancesheetsdeepen the would accept ayield of lessthan 1% economyaddled, addicted and of greater and moreaggressive bubbles burst. Do lowmortgagerates next crisis,necessitating the next on a10-year Treasurynoteunlesshe bond-buying. advantageyoung families shopping monetaryrescue party. had been led to believe, on the high- and searching forafix. No such admission of potential fortheir firsthouses? Maybe not if It’sbeen 10 yearssinceformer est authority,that the rate of inflation risk fell from the lips of Mr.Powell or thesame lowrates sparkarise in Chairman BenBernankeassured a would remain foreversubdued. from the pages of the Fed’snew house prices greater than the evident “60 Minutes” audiencethat the cen- At the pressconference, Mr.Pow- Ultralowinterest ratesare afi- semiannual Monetary PolicyReport savingsininterest expense. tral bank could raise rates“in 15 min- ell acknowledged that over the nancial psychotropic.They induce to Congress. Theofficial messageis “Weare deploying these lending utes,” but interest-ratenormalcyis course of the just concluded 128- feelingsofneediness(on the parts rather that today’sunprecedented powers to an unprecedented extent,” seemingly as far off as ever.InMarch monthbusinessexpansion, the Fed of savers to reach foryield), grandi- monetary-policyoffensiveholds no Mr.Powell told the pressonJune 10, 2019,the president of the Federal Re- had failed to hit itstargeted2%infla- osity (by corporatedeal-doersto potential foranything but awhole- “enabled in large part by financial serveBank of Dallas,Robert Kaplan, tion rate on a“sustained basis.” reach forthe moon) or fantasy (for some reduction in the damageofthe backingand support from Congress worried that heavy corporateindebt- Andasthe Fedcan’t account for anywho would trytorationalize lockdown-induced recession. and from the Treasury. We will con- ednessmade the Fed’sambition to itsinability to hit itstarget, it can otherwiseinsupportably high stock In neither medicine nor central tinuetouse these powers forcefully, normalizeinterest ratesmuch riskier hardly dogmatizeabout the risk of prices with referencetothe tinycost banking is free lunch on offer.Say yes proactively and aggressively until than it seemed. One year later,the missing it, including amissthat of aloan). to acortisone injection forthat in- we’reconfident that we aresolidly on lockdown slumpmade Mr.Kaplan a might take the form of an inflation Ground-scraping interest rates flamed knee,and yourisk cartilage the road to recovery.When the time prophet. rate alarmingly in excess of 2%. Con- turn savers intospeculatorsand damage, death of anearby bone, comes,after the crisis has passed, we Sincethe start of the year,the Fed cerning the futureand itsside ef- quarantined millennials intoday nervedamage, etc. will put these emergencytools back has expanded the sizeofits balance fects, Mr.Powell should admit how traders. They facilitate overborrow- Thedifferenceisthat with radical in the toolbox.” sheet by acool $3 trillion, to 33% of little he knows—he and the rest of us. ing,suppressmarket signals,misdi- monetarypolicy, the side effectsare Therecordsuggestsitwon’t. One grossdomestic product from 19%. It rect investment dollars, and promote part of the intended cure. Lowrates intervention setsupthe expectation has acted to shoreupthe marketsin Mr. Grant is founder and editor of the dubious businessofturning well- launch flyaway bull markets; feeling of another.Inanticipation of that commercial paper and municipal se- Grant’s Interest Rate Observer. Reinvent Health Care to Beat Covid-19

By Scott Gottlieb dures,soreturning to volume is crit- room if their conditions worsen Covid test sample,including remote cause the physician groups and hos- And Mark McClellan ical to financial viability and preserv- while they wait fortest results. Tele- video guidance, and performing a pitals are being paid differently by ing jobs.“Elective” procedures are health should continue to be maxi- test. But managing symptomatic and insurers—in part based on a direct anystatesfaceCovid epi- oftenvital forapatient’shealth. mizedfor routine services to limit at-risk patientsstill pays lessthan payment forwhatever their patients M demics that areproving hard But as the virus spreads,the focus face-to-faceinteractions.MoreCovid performing aCovid test on an need, including help with Covid to quell. Americawill have to on restoring electiveservices creates testing needs to be channeled to asymptomatic patient who needs an management. To keep doctorsac- deal with Covid as asignificant threat problems,too.For one,thereisafi- people in vulnerable communities. elective procedure. countable, the payments take some forperhaps six moremonths,until a nitepool of testing resourcesineach Forreopening to succeed against Insurersshould do more. There’s account of results. These providers vaccine is ready.It’sashort period in state, and it isn’t vast. Since Covid arelentlessvirus,weneed more evidencethat patientsare morelikely haven’t been hit so hard by the vol- our long history. But so far we ha- screening beforeelectiveprocedures help from the health-care industry. to isolateand provide timely help ume reduction, and they have more ven’t been able to muster the collec- relies on the same testing resources, This doesn’t mean stopping all elec- with identifying contactswhen their flexibility to meet the shifting needs tive will to control the spread. it reduces testsavailable forhan- doctorscounsel them about their of their patients. Theresulting epidemics put more dlingoutbreaks and symptomatic Covidtests. Health insurersshould Abipartisan group of former than businesses at risk.Ifspread patients. Important surgeries can reimburse forcounseling time,not Medicareleaders, including one of continues,school districtswill be In the Austin suburbs, for exam- only forordering the test. us,has proposed waystoexpand this hardpressed to open in the fall. Also ple,it’spossible to getacolonoscopy continue, but doctors Foranother,insurersshould in- approach, to reducethe tension pro- at risk is importanthealth care that or a plastic-surgery procedure with need to be paid more crease support forinnovation in viders face between helping to con- people put off during the shutdowns. little waiting,including atimely medical practice. Practice-manage- tain the pandemic and remaining fi- For a short time, we need to de- Covid test to confirm you’renega- for managing outbreaks. ment companies and networked nancially viable.But the viral fires fine anew normal forrestaurants, tive. In East Austin it maytakesev- practices areusing electronic datato are burning uncontrolled. Trying to offices and even health care.Florida, eral days forpatients who think they identifypatients at particular risk reopen without aclear plan forcon- Texas and elsewhereare revealing have Covid to get tested, then sev- tiveservices.But forthe coming for Covid and provide quick access tainment isn’t sustainable. what happens with a fast return to eral moredays to receivethe re- months,helping to contain the pan- to Covid disease-management ser- businessasusual. Even as the virus sult—a critical delay. The positivity demic is likely ahigher priority than vices, so that their patientswith Dr. Gottlieb is aresident fellow at surged, manyhospitals were resum- rate on testsdone in that area has some marginal elective procedures, Covid symptoms canget tested the American Enterprise Institute ing electiveprocedures at 90% of the exceeded 15%, indicating not enough such as MRIs andsurgery forback quickly and receivecareinisolation. and was commissioner of the Food usual rate.Telehealth visitsfell people are being screened. or joint pain that canbemanaged Penn Health and Advocate Aurora andDrug Administration, 2017-19. sharply as states reopened. Similarly,physicians in states with physical therapy at home. Health have set up programs at Dr. McClellan is the director of the Thefocus on restoring elective with epidemics aretelling symptom- Health insurers have taken steps home forpatients with serious Duke-Margolis Center for Health Pol- services is understandable.Providers aticpatients not to come intothe of- to help providersmakethis shift. Be- health needs,such as chemotherapy icy at Duke University and was FDA absorbed major economic hardships fice,but to trytoget tested for sides expanding coverage fortele- administration and intensiverehabil- commissioner, 2002-04. They are during the shutdown. Physicians and Covid elsewhere. Patientshavenoal- health,Medicarehas established itation after acute care. board members and advisers for sev- hospitals arepaid based on proce- ternativebut to go to the emergency higher paymentsfor collecting a These reforms arepossible be- eral health-care companies. The Disparate Racial Impact of Requiring a College Degree

By Peter Q. Blair Research from Harvard Business system—namely,the antiliteracy the acronym STARs. They make up “network gap,” and develop pro- And Shad Ahmed School shows that “degree inflation” laws that made it illegal for blacks 60% of the activeU.S.workforce. gramstobring STARsonboard. in job postings is pervasive. Exam- to learn to read, the separateand Our research found that 16 million Workday’sOpportunity Onramps and n response to the senseless and ple: 67% of postingsfor newproduc- unequal schools that kept them from STARshavethe skills forhigh-wage Salesforce’sPathfinder programs are I brutal killingofGeorge Floyd, tion supervisorsin2015 included catching up,and the limited prog- work,defined as earning morethan early examples of this approach. major brands areflooding social college-degree requirements, though ress sincethen on policies designed twicethe national median. Yet11 • Invest in STARs to support their media with statementsinsupport of only 16% of existing production su- to remedy racial discrimination. career advancement. Such efforts theblack community.Bank of Amer- pervisors had bachelor’s degrees. This spring,weand six other col- improve efficiency, boost retention icafollowedupwith a$1billion Degree inflation is abarrier to leagues wroteaNational Bureau of Among U.S. workers over and enhanceskills.Walmart,for ex- philanthropic commitment. As of entryfor would-be employees of any Economic Research working paper ample,offerseducational benefits June 18,Fortune 100 companies had race: Among workers over 25, only that questioned thefundamental 25, only 26% of blacks, forits employees through itsLive pledged morethan $2 billion to 40% of non-Hispanic whites and 26% assumption undergirding the prolif- and 40% of whites, have a Better Uprogram. Even if STARs demonstrate that they are listening of blacks have abachelor’s or higher. eration of degree requirements: changeemployers,their training and responding. Given the racial gapincollegeat- that workerswithout four-year de- bachelor’s or higher. benefits the local labor market and But if corporateexecutives want tainment, however, degree inflation grees who earn lowwages arelow- improves their earning potential. to addresssystemic racism, they can has adisparateimpact on black skilled. These recommendations areonly do more. In addition to philanthropy, Americans. The impact is amplified Forthe 71 million U.S. workers million of them arecurrently em- astart. Last August, 181 CEOs of the they should changetheir hiring and today by the effects of Covid-19 on who have ahigh-school diploma but ployed in low-wage or middle-wage BusinessRoundtable agreed that the management practices to focus on public health, the job market and ac- not afour-year degree,weused the work.This suggestsanextraordinary purpose of the corporation is to jobskills,rather than continuing to cess to college. skill profile of their current jobs as a market failure: U.S. companies are “promoteaneconomythat serves all privilegecollegedegrees.This change Nonessential degree requirements proxyfor their employability for systematically overlooking talent. Americans.” If the goal of the recent would increase diversity in the work- aren’t race-neutral. They embedinto higher-wagework.Their job experi- Further,African-Americans are surge in corporateengagement is to forceand expand economic opportu- the labor market the legacyofblack encesuggeststhey areskilled through underrepresented among the five dismantle systemic racism and fash- nity without sacrificing quality. exclusion from the U.S. education alternativeroutes,sowecall them by million STARscurrently employedin ion amoreinclusiveeconomy, com- high-wagework.Employers are panies should heed the wordsof missing out on talented workers STARslikeLaShana Lewis,aself- Notable & Quotable without bachelor’s degrees,and taught coder and CEO of her own PUBLISHED SINCE 1889 BY DOWJONES&COMPANY black workers in particular. company. Ms.Lewis calls on busi- Rupert Murdoch Robert Thomson Tom Lyden reporting for KMSP- Ourresearch suggeststhereare nesses to “look past the pedigree Executive Chairman, News Corp Chief Executive Officer, News Corp TV in Minneapolis, June 27: changes companies canmaketoad- and look more at the skill base.” Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher dress this problem: This call to action doesn’t dimin- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: TheCity of Minneapolis is • Hire for skills and work experi- ish the role of collegedegrees or Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; spending $4,500 aday forprivate ence, not degrees. Rather than using public investment in improving the Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; security forthree council members the degree requirement as adefault, skills of the U.S. workforce. It sug- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; who have received threatsfollowing employers should examine the skills geststhat businesses cantakethe Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer the policekilling of George Floyd, that their jobs requireand then use lead. Features &Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: FOX9has learned. ... skill requirements for job postings, Black workersfaceextraordinary AnthonyGalloway, Video &Audio; AlexMartin, Kenneth Breen, Commercial; Thethree council memberswho screeningsand assessments. IBM ad- barrierstoeconomic mobility.By Print &Writing; Michael W. Miller, Features & Jason P. Conti, General Counsel; Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; have the security detail—Andrea opted this type of skills-based ap- valuing skills over degrees, compa- Shazna Nessa, Visuals; MatthewRose, Frank Filippo, Print Products &Services; Jenkins (Ward8), and Phillipe Cun- proach with itsNew Collar initiative, nies can improve the way the labor Enterprise; Michael Siconolfi, Investigations; Kristin Heitmann, Chief Commercial Officer; ningham (Ward4), and Alondra launched in 2017. market functions forblack STARs—a Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; Cano (Ward9)—have been outspo- • Look for talent where STARs necessarysteptoensurethat the GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; kenproponentsofdefunding the work and learn. Many STARs learn economy works for all. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Minneapolis PoliceDepartment.... critical-thinking and complex prob- Jonathan Wright, International Asked whyMinneapolis Police lem-solving skills from work in over- Mr. Blair is an assistant professor WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; arenot providing security services looked sectorssuch as retail sales in the Graduate School of Education LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head to the three council members, a and child care.Companies should ex- at Harvard, where he co-directs the

EDITORIAL AND CORPORATEHEADQUARTERS: city spokesperson said MPD pand recruiting pipelines from these Project on Workforce. Mr. Ahmed is 1211 Avenue of the Americas, New York, N.Y., 10036 resourcesare needed in the sources, reassessreferral processes chief partnerships officer at Oppor- Telephone 1-800-DOWJONES community. to close what LinkedIn calls the tunity@Work. P2JW181000-0-A01600-1------XA

A16 | Monday, June 29, 2020 THE WALL STREET JOURNAL. WORLD NEWS Clash of Islamists Unsettles West Africa

Islamic State, al Qaeda tribal leadersand civil ser- actions against terror groups vants, their families forced to and toward great-powercom- step up deadly schism, embrace the jihad. petition with China and Rus- leaving citizens caught Thenew schism between Is- sia. Africaisthe firstregion lamic State and al Qaeda adds on his list. in battles’ crossfire another layerofdanger forci- In his newtell-all book,for- vilians in an impoverished re- mer national-security adviser Islamic State fighters, aftera gion whereterrorist attacks John Bolton quotes President year killing soldiersand villag- have exploded in the past year. Trumprepeatedly saying he ersalong the desert frontier be- “People aren’t paying wanted to removeall U.S.

tween Mali and Burkina Faso, enough attention, but the Sa- GES troops from Africa.

recently detonated atruck bomb helisnow one of the most in- IMA Theforeign militarypres- aimed at anew target: al Qaeda. secureplaces in the world,” encehas also drawnopposi-

Thestrikewas part of a said Caleb Weiss, an analyst at GETTY tion from some civilians in

the Foundation forDefense of SE/ the Sahel, thousands of whom By Joe Parkinson in Democracies,aWashington- have takentothe streetsin Johannesburg and based research institute. protest over the past year. Almost 1,000 separateat- ANCE-PRES Some West African military Michael M. Phillips FR and Warren P. Strobel tacks were recorded in Mali, Ni- unitsaligned with the U.S. in Washington gerand Burkina Faso during ENCE have also been accused by the the year ending March 31. Al AG U.N. of carrying out targeted ANI/

Mayattack that leftseveral al Qaeda-related strikes jumped TT killings of civilians.

Qaeda fightersdead and 55%—to586 from 378—com- CA Al Qaeda and Islamic State prompted aseries of al Qaeda pared to the same period ayear have displayeddifferent tactics

reprisals against Islamic State earlier,while Islamic State- MICHELE on turfthey have seized in positions,say U.S. and West linked assaultsrose 120%, to Fighting between jihadist groups has threatened archaeological sites like the Tomb of Askia in Gao, Mali. the Sahel. JNIM, the al Qaeda African security officials.Cler- 345 from 157,according to data umbrella, tends to deal more ics from each group broadcast assembled by the Pentagon’s TheU.S.suspectsthe West carefully with the local popula- sermons denouncing the oth- AfricaCenter forStrategic TUNISIA African split wasprovokedby tion in areas they control, an ersas“apostates” and threat- Studies.Morethan one million the French-led—and American- effort to undermine the govern- ening more attacks. people have fled the violence, ALGERIA EGYPT supported—militarycampaign ment’sauthority,the U.S. Army Theborder clashes in West most of them in Burkina Faso, LIBYA against extremists crowded intelligenceofficer said. Islamic Africamark anew hot warbe- the AfricaCenter reported. into the volatile area where State militantsoften roll intoa tween the world’smost-deadly Extremist imams affiliated MALI thebordersofMali, Burkina villageand forcethe population jihadist groups. with both groups areissuing NIGER Faso and Niger meet. France to leave.Anyone who stays be- Thefighting has lefthun- edicts,including death sen- wasthe primarycolonial hind is likely to be executed, dreds of militantsdead as they tences,indozens of villages, powerinthe Sahel and has the officer said. NIGERIA battle forsupremacyacross according to local officials.Is- SOMALIA maintained the most active U.S. officials areworried by the Sahel, the semiarid belt lamic State and al Qaeda ex- Western role in regional secu- signs that al Qaeda factions running east-west along the tract taxes from local traders rity, with Paris in February areseeking to expand south of southern edge of the Sahara. smuggling heroin and canna- Africa’sactivemilitant KENYA pledging to expand itsregional theSahel intoBenin and Togo. Theviolenceends ayear- bis toward Europe. Islamistgroup attacks, 2019 deployment to 5,100 soldiers. In June,alQaeda-linked jihad- long trucebetween local mili- Thebreakdown of the loose TheU.S.and Francehave istsattacked IvoryCoast—the tant franchises in a3,000-mile Islamic State-al Qaeda alliance boosted their intelligence regional economic powerhouse expanse touching Mali, Niger, appearstostemfromlocal sharing in West Africa. The and world’slargest cocoapro- Burkina Faso,Ivory Coast and frictions,rather than shifts in Islamic StateWestAfrica U.S. supported aFrench-led ducer—in the firstassault Chad. Theparent groups of Is- the already-tense relations be- MOZAMBIQUE operation in June that killed since2016,killing 10 soldiers. lamic State in the Greater Sa- tween the militant groups’ Abdelmalek Droukdel,asenior Analystscaution that inter- hara, or ISGS,and the al global leadership,according to al Qaeda commander in Africa necine fighting between mili- Qaeda coalition, Jama’at Nus- asenior U.S. Armyintelligence blamed for scores of terrorist tant groups isn’t necessarily rat al-Islam wal Muslimin, or officer and terrorism analysts. attacks and kidnappings. good news. Competition can JNIM, were rivals or even bit- TheWest African schism Boko Haram Analystsuse that material lead the groups to trytooutdo terenemies on battlefields hasn’t escaped wider noticeat to develop fresh targetsfor air each other with increasingly

elsewhere in the world. the highest levels of the mili- Source:Africa Center forStrategic Studies based on data from the Armed Conﬂict or ground operations. spectacular attacks on civil- But in West Africathey tant groups. Location &Event Data Project But U.S. allies in the Sa- ians. even swapped liaisons to de- In their historic strongholds hel areincreasingly worried “Both groups were focusing conflict operations and settle of Iraq and Afghanistan, Is- In a40-minutespeech in cused al Qaeda of betraying Is- that Washington’scommitment on targeting tribal eldersand on joint targets, according to a lamic State and al Qaeda have May, aspokesman forthe global lam to makepeacewith local to the region is wavering. security forces,but nowthe vi- United Nations report. largely been on thedefensivein leadership of Islamic State,Abu governmentsand the West. U.S. Defense SecretaryMark olenceisspiraling out of con- Both groups shared a com- recent yearsdue to punishing HamzaalQurashi,slammed al “Only iron fights iron,” Mr. Esper is conducting aworld- trol,” said JacobZenn,anana- mongoal: the destruction of U.S.-led militarystrikes.For Qaedaaffiliates in West Africa al Qurashi said, in atranscript wide reviewoftroop commit- lyst with theJamestown Western-allied governments each, the vast, sparsely popu- as “apostates” aiding Western provided by the U.S. military. ments, in keeping with the Foundation, a Washington and traditional leaders. Mili- lated,lightly governed Sahel “crusaders,” aserious charge “Allah permitting,wehave Trump administration’sstrate- think tank.“Thereisnoroom tantsexecuted hundreds of offers agrowthopportunity. among Islamist militants. He ac- more defeats for them.” gic tilt away from dispersed leftfor civilians in the middle.” Israel-Lebanon Rift Takes Root Over Trees WORLDWATCH IRELAND BY DION NISSENBAUM AND NAZIH OSSEIRAN Lawmakers Back New Government RAMYAH, Lebanon—At the heart of tensions that threaten Ireland’s lawmakers backed a to trigger a new war between new coalition government, nearly Israel and Lebanon arelines of five months after an inconclu- trees planted along their sive election that saw an anties- blurred border. tablishment party grab the larg- Thetrees aregrowing next est share of votes cast. to Israel’sconcreteborder The new coalition will see walls that toweroverLebanon. two previously fierce rivals—Fi- They won’t just makethis place anna Fáil and Fine Gael—work greener.The trees will eventu- together with the Green Party ally block Israeli spy cameras as Ireland seeks to contain the that peer across the line. novel coronavirus and prepares That is somethingIsrael for new trade barriers with the won’t allow. Now the United U.K., a key economic partner. Nations is trying to broker a The coalition marks a realign- deal to prevent this dispute ment of Ireland’s political land- from sparking another deadly scape, bringing it closer to the conflict between the two sides. divides between right- and left- JOURNAL “The cutting of abranch wing parties that are common in

herecould triggerawar,” said REET the rest of Europe. ST

Andrea Tenenti, spokesman for LL —Paul Hannon

the U.N. Interim ForceinLeba- WA

non, which has morethan THE UNITED KINGDOM 10,000 peacekeepersspread out R FO acrossthe south of the country. Top Civil Servant Thetensions center not just To Step Down on the trees but also who is TUGNOLI O planting them. Green Without Britain’s top civil servant and RENZ

Bordersisanenvironmental LO one of the most powerful people group aligned with Hezbollah, Israel complains that trees growing above its concrete border walls will eventually block its spy cameras that look into Lebanon. in government said he would the Iran-backed militaryand step down, as Prime Minister political forcedesignated by the of Lebanon in the 1980s into 2006,when the 34-daywar Boris Johnson prepared to shake U.S. as aterrorist organization. the country’smost influential killed nearly 1,200people in LEBANON up the civil service. It has runtree-planting projects political powerhouse. Lebanon, mostly civilians,and Beirut Mark Sedwill said on Sunday with Hezbollahbeforeand, with Assaf Orion, aretired Israeli 158 Israelis, mostly soldiers. Area of NabatiyNabatiyaahh that he would resign in Septem- Lebanese militarysupport and general who served until 2015 Morerecently,the Lebanese detail ber as cabinet secretary, national ISRAEL government backing,the group as thecountry’stop military villageofKfar Kila worked with Litani River security adviser and head of the Kfar Kila has also built aseries of cinder commander in U.N.-brokered Green Without Borderstoplant Jerusalem Civil Service. He said now is the LEBANON block lookout towers that Is- meetingswith Lebanese offi- trees on the Israeli side of the Ghajar time for change because the Metula raeli officials sayare used by cers,says Green Without Bor- Blue Line in oneofthe areas Tyre Deadly 2010 tree Johnson government was shift- Hezbollahtoplot attacks. ders provides Hezbollah with a wherethe U.N. line isn’t clearly Mediterranean trimming incident ing to a new phase. In September,Hezbollah thin veil of deniability.Hezbol- marked. Israel built aconcrete Sea —Associated Press militants used tree coverclose lah—known forits distinct yel- security wall here, afew yards 2006 Hezbollah attack 2019 rocket attack to the border to launch three lowflag with agreen fist raising south of the Blue Line. that triggered war TAIWAN guided antitank rockets at an an assault rifle intothe air— Israel gaveLebanon permis- BintBintJJbailbail Israeli military patrol driving spies on Israel, digstunnels un- sion to plant trees on itsside of Naqoura Ramiyah LGBT Parade Held on its side of the Lebanon-Is- der the border and stages cross- the Blue Line—with an under- Despite Coronavirus rael boundary known as Blue border attacks,aided, he says, standing that they wouldn’t Zaritrit Avivim Line.The militantsfired the by the environmental group. block itssurveillancecameras, U.N. Blue Line The Taiwanese capital held its rocketsfromtwo areas where “It’snot Green Without Bor- Israeli and U.N. officials said. Is- annual LGBT pride parade on Green Without Bordersruns ders, it’s Yellow on the Bor- rael accused Lebanon of breach- ISRAEL Sunday, making it one of the few 5miles Hezbollah cross-border tunnel projects, according to the U.N. der,” said Mr.Orion, in refer- ing that understanding by plant- GreenWithout Bordersprojects places in the world to proceed Membersofthe Lebanese encetoHezbollah’sflag.“The ing tall trees that arestarting to 5km with such an eventinthe face of group said if Hezbollah fight- fact that they have a yellow obstruct their view. Source:Washington Institutefor Near East Policy the coronavirus pandemic. ers used their sprawling, for- hand on theBlue Line might Lebanese officials aren’t The parade in Taipei has drawn ested projectstoattack Israel, bring war about, even when backing down. “That is our TheIsraeli militarysays Hez- Last year,Israeli tractorscre- tens of thousands of people in they didn’t have anything to both parties don’t want it.” land, and the Blue Line means bollah used theoutpost to mon- ated adirt berm that partially the past, but participantnumbers do with it. Trees have triggered fight- nothing to us,” said Hassan itor Israel last year as militants obscures thebunker’s views. Sundaywerereduced by both vi- Israeli officials insist the ing herebefore. In 2010,Leba- Sheet, the mayor of Kfar Kila. dug a220-foot-deep,mile-long Abdullah Merhi, the 60- rus concerns and heavy rain. Over environmentalistsare more nese soldiers opened fire on One of the most contested tunnel running from the nearby year-old owner of the land, 1,000 people attended, Taiwan’s than simply aligned with Hez- Israeli forces pruning trees on Green Without Borderssites is Lebanese town of Ramyah to said people use the lookout to CentralNewsAgency said. Same- bollah. They say Green With- their side of the Blue Line, ahillside of olive, pine and cit- the Israeli town of Zarit. keep an eyeout forforest fires sex marriage is legal in Taiwan, out Bordersisanextension of sparking ashort battle that rustrees with asquat, 20-foot- Israeli officials saythe posi- in the dryvalley—and to warn and its political systemhas long the militant group, which has leftfour people dead. It re- tall cinder block observation tion should be removed forvio- people who mayunwittingly promotedhuman rights, free evolved from aguerrilla force mains the most deadly inci- post overlooking an Israeli lating U.N. rules preventing wander into dangerous mine- speech and freedom of assembly. focused on driving Israel out dent along the Blue Line since militarypatrol road. Hezbollah from spying on Israel. fields nearby. —Associated Press P2JW181000-4-B00100-1------XA BUSIOBITUNEARY: INVENTSSOR CO-CREATED&FTHE CATALYTICINCONVERTERANB4 CE

Last Week: S&P 3009.05 g 2.86% S&P FIN g 5.25% S&P IT g 0.45% DJ TRANS g 3.00% WSJ $ IDX g 0.02% LIBOR 3M 0.308 NIKKEI 22512.08 À 0.15% See more at WSJ.com/Markets

Financial institutions in Asia and Europe have continuedtosnap up American corporatedebt, enticed by higher yields than those on offer in their domestic markets. Premium Netpurchases of investment-grade U.S. Federal Reserveestablishes programs to buy corporatebonds. corporatebonds in Asian trading hours* $600 million Cards Lose 400

200 Their Shine 0 Travel bans raise pointsonairfare, hotel stays and restaurant meals.Travel -200 questions about bans and social distancing have whether it makes made those perks lessappeal- ing,leading some customersto -400 sense to pay high fees question if the cardsare worth Jan.2020MFeb. arch AprilMay June their hefty annual fees. BY ANNAMARIA ANDRIOTIS Banks arescrambling to Total return on dollar-, euro- and yen-denominated Total return on dollar-, euro- and yen-denominated keep those hard-won custom- 7- to 10-yearcorporatebonds year-end 2019 through March 23† 7- to 10-yearcorporatebonds sinceMarch 23 Ultrapremium rewards ers. JPMorganChase &Co. de- credit cardsaren’t as reward- layedaplanned $100 increase 5% 20% ing these days. on SapphireReserve’s$450 an- Dollar,inyen hedged Banks have spent yearsfine- nual fee. It is also doling out 15 Dollar,ineuros,hedged tuning the cardstoappeal to extrapointsongrocery pur- 0 Yen, in yen big-spending jet-setters,offer- chases through the end of 10 ing generous sign-up bonuses June. Citigroup Inc.rolled out and extrapointsonairfare, ho- extrapointsononline grocery, -5 Euro, in euros telstays and restaurant meals. drugstoreand other purchases 5 Euro, in euros Travel bans and social distanc- made with itspremium Pres- ing have made those perks less tigecardthrough August. -10 Dollar,ineuros hedged appealing,leading some cus- AmEx is offering consumers 0 Yen, in yen Dollar,inyen hedged tomerstoquestion if the cards who have the Platinumcardup areworth their hefty annual to $320 in statement credits -15 -5 fees. when they usetheir card to Jan.2020March April 2020 June Formorethan 20 years, buy certain streaming and *Data through Thursday. †Bonds sold by nonﬁnancial companies except Japan’sbond index, which includes ﬁnancial companies, primarily banks. LauraChapman routinely wireless-phone services. Sources: Financial Industry Regulatory Authorityvia BNP Paribas (net purchases); ICE Data Services (total return) chargedthousands of dollarsa Apandemic that has month on her American Ex- grounded flights and closed press Co.Platinum card. bordersisthe biggest test to Debt From American Companies The57-year-old travel datefor this sliceofthe credit- agent’sincome and spending card business, which has took adiveafter coronavirus helped banks deepen their rela- made the kind of businesstrips tionships with wealthier con- Lures Asian, European Investors and vacations she booked all sumers. And, as millions of but impossible.She canceled Americans areskipping their the card when AmEx charged debt paymentsand banks are BY JOE WALLACE poratedebt, have drawnAsian moveinoppositedirections, ment-grade bonds in the ICE her the $550 annual fee. setting aside billions of dollars AND FRANCES YOON andEuropean investorssince higher prices have made it BofA U.S. CorporateIndexin- “I thought ‘that’sitI’m to coverpotential losses on lateMarch. Currency-hedging cheaperfor companies con- steadofsafeTreasurys ticked done,’” said Ms.Chapman, who soured loans,itisarevenue Overseas investorsare flock- costshavealso dropped forin- tending with aslump in sales to up to 1.62 percentagepoints. is still paying off her balance source they canill affordto ing to buy U.S. corporatebonds, ternational investors, propel- borrow newdebt. This gap, ameasureofhow on the card.“Thecardwon’t be lose. aiding arecoveryincredit mar- ling demand. Both corporatebonds and riskyinvestorsperceivecorpo- worth it.” Doling outextrapointsfor kets that were thrownintodis- Thesurge in buying from stocks wobbled last week when rate bonds to be,remains well Ultrapremium rewards groceries and other everyday array by the pandemic. abroad could help sustain the investorsbecame concerned belowits peak of over 4per- credit cardsaren’t as reward- expenses could become costly Steps takenbythe Federal rally in U.S. corporatebonds, that a jump in coronavirus centagepointsinlateMarch. ing these days.Banks have forbanks. Reserve to keep credit flowing preventing an increase in bor- cases could jeopardizeana- Bond prices have powered spent yearsfine-tuning the “These aren’t minor through the U.S. economy, com- rowing costsatatime Ameri- scent economic recovery. higher sincethen, fueled by the cardstoappeal to big-spending changes,” said John Grund,a bined with the moreattractive cancompanies arebingeing on Theextrayield that inves- Fed’seffortstobolster debt jet-setters,offering generous managing director of payments yields offered by American cor- debt. Sinceprices and yields tors demand to hold invest- PleaseturntopageB11 sign-up bonuses and extra PleaseturntopageB2 Casinos Consider Going Cashless Amid Virus Buyout

BY KATHERINE SAYRE at othermachines.Now,video Stash Gives slot machines showerjackpot TheU.S.casino industryre- winnerswith the sound of clat- mains abastion of cash in an tering coins. Little Aid increasingly cashlessworld, More recently,attemptsto wherehigh-security vaults introducemorecashlessop- BY CHRIS CUMMING storing millions of dollarshave tions in casinos failed with ob- inspired heist movies and the stacles likethe right technol- Themountain of cash held living-large vibe of LasVegas is ogyand concerns over problem by private-equity firms is ferried in bagsbulging with gambling,said Kirk Sanford, turning out to be amiragefor currency. founder and chief executiveof companies they ownthat are The coronavirus pandemic Sightline PaymentsLLC,apay- struggling due to the coronavi- has generated concern over ment-technologydeveloper in ruspandemic. billscirculating among hun- thegambling space. Thebuyout industryhas dredsofhands on the casino “Asaresult of that, the ca- spent yearsbuilding up itsdry floor,and that is pushing casi- sino industrybecame—and is powder,ormoney that inves- nos toward cashlesstechnology stilltothis day—the largest tors have committedtopri- afteryearsofdiscussion. cash-based ecosystem on the vate-equity funds that hasn’t TheNevadaGaming Com- planet,” Mr.Sanfordsaid. yetbeen spent. That pile was mission, which oversees casi- Proponentsofelectronic at arecord$1.45 trillion glob- nos,onThursdayapproved transferssay they makeiteas- ally as of June,excluding ven- rule changes that clear the way GES ier to track suspicious activi- ture-capital funds, according forwider use of cashlesswa- IMA ties that could signal money- to dataprovider Preqin Ltd.

gering in casinos.The Ameri- ETTY laundering and allowfor Yetall this drypowder has canGaming Association, an in- /G setting limitsonaccounts. done little to soften the pan- dustrytrade group,this month Electronic paymentsalso mean demic’sblowtocompanies MILLER gavestate and tribal regulators lesstouching ATMbuttons or owned by buyout firms.From

alist of priorities formodern- ETHAN interaction with cashiers, they retailerstorestaurantsand izing payment systems. Payments through phones and digital wallets would bring casinos more in tune with modern life. say. rental companies, businesses Cashlesspaymentsthrough Phil Katsaros,amember of owned by privateequity have mobile phones and digital wal- of Covid-19 areleading to reported an increase in con- mentsindustry. the Nevada Gaming Control toppled intobankruptcy since lets—paying forpoker chips or broader consumer adoption of tactlesspayments, according to In the early 2000s,casinos Board, which enforcesregula- coronavirus lockdowns began slot-machine creditslikeacup mobile-phone payment systems asurvey by the Electronic did away with bucketsofcoins, tions and makes recommenda- in the U.S. in March. of coffee from Starbucks— such as ApplePay or Star- Transactions Association,a adopting slot machines that tions to the Gaming Commis- Thirty-four U.S. private-eq- would bring bricks-and-mortar bucks’sapp to avoid contact at payment technologytrade use paper money and give sion,said the pandemic might uity-backed companies filed casinos moreinline with mod- cash registers. In lateMarch, group,and Strawhecker Group, gamblersticketsfor winnings accelerateadoption of cashless for bankruptcy from March 1 ern life. Fearsoverthe spread about27% of businessowners aconsulting firm forthe pay- that canbecashed out or used PleaseturntopageB2 PleaseturntopageB2 PERSONAL TECHNOLOGY | By Nicole Nguyen INSIDE Services Break Their Apps on Purpose

You’ve Netflix member,please join Rakuten’s Kobo app.Ama- In December 2018,Netflix avoided Net- and come back.” There’sno zon-owned Audible has a decided it no longer wanted flix foryears, indication whereyou can complicated credit system to to giveApple that cut, so it especially start your subscription. download audiobooks on iOS. stopped letting people sign sinceyou’re What theNetflix app can’t These apps are broken on up in the app. paying tell youisthat the fixissim- purpose, because of Apple’s Blocking subscriptions and through the nose forcable. ple: Go to the webbrowser lucrative App Store rule: paymentsisjust one way de- But everybody kept talking on your phone or computer Companies are charged 30% veloperspush back against about “Tiger King.” One and sign up at netflix.com. of every purchase and sub- the App Store’sterms.Here’s night, youcaved and down- Netflix isn’t the only popu- scription made through iOS another: charging higher loaded the app on your lar app leaving iPhone users apps. (After the subscriber’s ratesiniPhone apps.The iPhone.“Trying to join Net- in the dark about paying for first year, the commission is Tinder app charges$29.99a DEALS SMALL BUSINESS flix? Youcan’t sign up for stuff.You can’t sign up fora reduced to 15%.) Any devel- month foraGold member- Dutch food-delivery Concerns racedto Netflix in the app.Weknow Spotify account or Amazon oper who wants to make ship (which shows youevery- company’sstrategy spend funds theygot it’sahassle.” Prime membership in their money on Apple’s iPhone PleaseturntopageB4 Youtap the Help button, respectivemobile apps. Ama- and iPad audience must pay with Grubhub deal is from government which yields this unhelpful zon’s Kindle app doesn’t let a hefty surcharge for that  Heard on the Street: Tech nottodeliver food. B3 rescue program. B6 note: “Ifyou’renot already a youbuy e-books.Same with privilege. investors watch EU...... B12 P2JW181000-0-B00200-1------XA

B2 | Monday, June 29, 2020 THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A F Microsoft...... B11 AirLiquide...... B12 Facebook...... B12 N Alphabet...... B12 G Neiman Marcus...... B2 Amazon.com...... B1 GrubHub...... B3 Nel Hydrogen...... B12 American Express...... B1 H Netflix...... B1 Apple...... B12 Nike...... B3 Hertz Global HoldingsB2 Ares Management...... B2 Norwegian Cruise Line B I Holdings...... B3 Ballard Power Systems Intercontinental Nuctech...... A1 B12 Exchange...... B1 P Boeing...... A1 ITM Power...... B12 PayPal Holdings...... B3 Bosch...... B12 J Penn National Gaming

C J.Crew Group...... B2 B2 S

Cadent Gas...... B11 Johnson & Johnson..B11 Plug Power...... B12 PRES Cambridge AssociatesB2 JPMorgan Chase...... B1 PowerCell Sweden....B12 UMA Ceres Power Holdings Just Eat Takeaway.com . R /Z B12 B3 Rakuten...... B1 TIMES Chesapeake Energy....A1 Y

K BA S

Citigroup...... B1 PA Kroger...... B3 Cummins...... B12 Snam...... B11 AM Kyobo Life InsuranceB11 Sotheby's...... A9

D ANA/T L Spotify Technology.....B1 NT

Daimler...... B12 SA

Leidos Holdings...... A2 U - W IS

Delta Air Lines...... B3 LU Linde...... B12 DoorDash...... B3 Uber Technologies...... B3 Public officials have traced astring of recent outbreakstobars and college hangouts. Patrons outside avenue earlier in June in Tampa, Fla. M E Volvo...... B12 Marfrig Global FoodsB11 Walmart...... B11 ECi Stores...... B6 McPhy Energy...... B12 Wirecard...... B5 Bars Trip Over Reversals on Reopening Ernst & Young...... B5

BY KATHERINE SAYRE hot spotshavemoved from Earlier, one of them tested On arecent day, his gross nursing homes and older popu- positive, prompting Mr.Al- sales were $75, compared with INDEX TO PEOPLE With Covid-19 cases surging lations in cities likeNew York Amin to shut down forclean- $3,500 on agood night. Mr. in Houston this past week,Ian to younger adults,some of ingand to getthe rest of the Garcia, who recovered from a A George, Todd...... B2 Newsom, Gavin...... B2 Ramirez decided to playit whom began filling up bars staff tested. He could reopen Covid-19 infection, said he is Appelbaum, Eileen...... B2 Gore-Coty, Pierre- P safe. He closed his cocktail bar and restaurantsinstateswhere under Texas restaurant rules fortunatetoown the building. Dimitri...... B3 Thursday and hired a service they reopened in recent weeks. that allowfor 50% occupancy, In East Lansing,Mich., an Auerbach, Andrea...... B2 Palmer, Brett...... B2 Grund, John...... B1 to sanitize it. The next morn- Theshiftalso highlightsthe but he has decided to wait for outbreak of nearly 90 Covid-19 C S ing,helearned he would have quandaryfacing bar owners, the test results. cases has been linked to K Campbell, Jeffrey...... B2 Sanford, Kirk...... B1 to close, again. who arefinding it increasingly Beforethe Den on Sunset in Harper’s Restaurant and Brew Katsaros, Phil...... B1 Barshaveemergedasprob- difficult to find apath to prof- West Hollywood, Calif., re- Pub. Photos on social media Choi, Jennifer...... B2 Schenker, Jason...... A6 L lem spotsinasurge of corona- itability with limitsonoccu- opened June 19,owner Brett showedcrowded lines of un- D T virus flare-ups,prompting pancyand an emerging consen- Latteri bought plexiglassdivid- masked young people waiting Laughter, John...... B3 Dimon, James...... B2 Toublan, Dominique..B11 states to roll back the reopen- susthat manyofthe conditions ersthat canberolled around outside the bar,near Michigan Lawler, Doug...... A8 ing of nightlife. Despite some common in barsprovide an andslid between tables. State University.OnFacebook, Duncan, Chris...... A8 W Lee, Matt...... B11 bars’ costly effortstokeep ideal breeding ground forthe Customershaven’t turned Harper’s said it posted signs Dunham, Archie...... A8 N Whyte, Keith...... B2 things clean and customers virus—enclosed, sometimes outasexpected amid rising outside encouraging mask- G Williams, Harrison.....A8 apart, public officials have poorly ventilated environments cases in Los Angeles, and ev- wearing,but the businesshad traced a string of recent out- wherepatronsare in close con- eryopen daysofar has been a no authority to control people breaks across the U.S. to bars tact speaking in raised voices loss. “With all the guidelines on the public sidewalk. Even if firms wanted to use and college hangouts. forlong stretches. and conditions in place, it just OwnersTrish and PatRiley Buyout newly raised money to prevent Texas Gov.GregAbbotton As states began to relax re- feels likeit’sthree to four said the bar has closed to in- an older investment from fall- Fridayordered barstoshut strictions, bar owners geared times harder to earn that stallnew air filtration and a ing intobankruptcy,they down as part of abroader re- up forreopening with arange same dollar of revenue,with virtual line-management app. Firms Give might be limited by fiduciary treat of the state’sreopening, of safeguarding measures,ex- all the work that has to go Ahalf-mile away,Joe Bell obligations to investors that attributing asurge in cases in panding outdoor seating,in- into it,” he said. owns ThePeanut Barrel, which committedthat money to part to Texans congregating in troducing plexiglassshields, On Sunday, California Gov. he opened in 1980,and says Little Aid them, said BrettPalmer,presi- bars. Florida followedwhen requiring masks indoorsand Gavin Newsom ordered barsto the outbreak nearby has him dent of the Small BusinessIn- stateofficials announced bars changing their indoor layouts close in LosAngeles and six concerned. Amix of college vestor Alliance. could no longer servealcohol to to look more like restaurants. other counties with big in- faculty and staff,locals and ContinuedfrompageB1 “Fund managershavean drink on premises.The U.S. had n for error just to stay open. creases in Covid-19 cases, his college students frequent his through June 14,according to obligation to their limited arecord-breaking 39,972 new TheMonkey’s Tail restau- office said. restaurant-bar,and he is wor- dataprovider PitchBook Inc., partnerstoensurethat the coronavirus cases reported rant and bar in Houston re- Rollin“Bullet” Garcia Sr., ried his older clientele will including well-known names next dollar invested is adata- Thursday, nearly half of which opened May9with afocus on owner of Bullet’sSportsBar in stay away. Meanwhile, he got such as HertzGlobal Holdings driven, market-driven deci- came from Texas,Florida, Cali- patio seating.Owner-operator the Seventh Ward neighbor- news of the rollbacks forbars Inc., Neiman Marcus Group sion, and not an emotional de- fornia and Arizona. Sharif Al-Amin had continued hood of NewOrleans,relies on in Texas and Florida. Inc.and J.Crew Group Inc. cision,” he said. “They may Friday’sreversals in Texas to payhis 25-person staff dur- aregular schedule of brassband “That’sreally scary,” Mr. Theprivate-equity owners loveabusinessand amanage- and Florida—two states whose ing the months that the Mon- performances to draw crowds. Bell said.“It’sreally difficult of some bankrupt companies ment team, but it has to make reopening schedules were key’s Tail wasopen only for But with livemusic still off lim- to take agoing businessand had no shortageofcash to financial sense.” among the most ambitious— to-goservice, and says keep- itsand areduced capacity that shut it down,and reopen it, spend. Ares Management Critics,however, saypri- showhow sharply the pan- ing his employees from getting allows only 15 people,his busi- and shut it down again—which Corp., which bought Neiman vate-equity firms could be do- demic has changed course.The sick has been the priority. nessisdowndramatically. could happen.” Marcus in 2013 alongside the ing much more. Canada Pension Plan Invest- Transactions in which a ment Board, wassitting on firm invests in a company it more than $33 billion of dry already owns,but from a Premium powder shortly beforethe lux- newer fund—so-called cross- uryretailer filed forbank- fund investments—wereon ruptcy last month. the rise beforethe coronavirus Cards Lose Ares declined to comment, struck, and allow private eq- and the Canada Pension Plan uity to use newly raised Investment Boarddidn’t re- money to support older invest- Shine spond to arequest forcom- ments. But industryobservers ment. have seen little use of this In the retail sector, where strategytosupport struggling ContinuedfrompageB1 more than 70%ofthe compa- companies during the pan- at AccenturePLC. nies with the lowest-rated demic. Thecoronavirus shutdown debt areowned by privateeq- Eileen Appelbaum, aco-di- drastically altered consumer uity,the fates of manystrug- rector of the Center for Eco- spending.Credit-cardspending gling businesses will be deter- nomic and PolicyResearch wasdown21% in the U.S. in mined by firms’ decisions of who has testified beforeCon- Mayfromthe same time ayear whether to inject morecapital, gressonprivate-equity prac- ago, according to Visa Inc. according to Moody’s Inves- tices,said the industryismak- Travel spending on credit and tors Service. ing aself-interested debit cardsfell morethan 70% These injections maynot be calculation to support only the in May, Visa said, while food LEE forthcoming. Many in the in- most promising companies,re- and drugstorespending in-

dustrysay structural con- gardlessofthe cost to workers creased morethan 20%. CLAIRE straints prevent the trillion- “The Amazons,Netflix,Wal- Claire Lee downgraded her Chase Sapphire Reserve card to the bank’s Freedom card in April. dollar hoard from flowing to marts, Targetsare up,grocer- needy companies. Privateequity firms ies areup. And then obviously bers, we’veadded different office. Now, she is working renovation, according to people Critics sayfirms arechoos- restaurants, travel, airportsare benefitsthat aremoreappro- from home in LosAltos,Calif., familiar with the matter. They ing to cut unpromising invest- hold ample money down 95% or something like priatetotoday’senvironment and cooking most of her meals. areweighing adding rewards mentsloose. earmarked for new that,” James Dimon, JPMor- on atemporarybasis,” Jeffrey “I buy groceries morethan I benefitsfor national parks, Private-equity firms hold gan’schief executive, said at a Campbell,AmEx’sfinancechief, ever bought in my life,” said campgrounds and museums in ample money earmarked for investments. conferenceinlateMay. said at aJune conference. Ms.Lee. an effort to branch out beyond newinvestments, but little for So far, card issuerssay they ClaireLee downgraded her Travel rewardscards have airlines and hotel chains,the shoring up companies they aren’t seeing an increase in Chase SapphireReservecardto bounced back from other people said. bought morethan three or cancellations,though some the bank’sFreedom card in shocks,including the Sept. 11, Zakeel Gordon of Seattle four years ago. Of all the dry and investorsincompanies customershaveswitched to April to avoid the annual fee. 2001,terrorist attacks and the said he called AmEx in March powder in the buyout industry, that arestruggling. other cardswith lowornoan- The24-year-old technology 2008 financial crisis.This time to downgrade his Platinum about 85% is earmarked for Private-equity firms “have nual fees and lessgenerous re- product manager said she is different. Coronavirus is still card to agreen card.Hesaid funds raised from 2017to options,evenifthey saythey wards. Thenew reward offer- chargedabout $100 on the card spreading rapidly in many AmEx offered him astatement 2019,according to analysis by canonly spend newmoney on ings, they said, aremeant to in April, a10th of her prepan- partsofthe world and, absent credit of $500 to covermost of the investment and consulting newinvestments. Ithink they betteralign the cards’ benefits demic spending. avaccine,itishardtopredict his annual fee, and he accepted. firm CambridgeAssociates. have afiduciaryresponsibility with their customers’ new In theyear she had it, Ms. when travel will return to pre- The25-year-old said his Funds raised in earlier to investorsinthe older funds spending habits. Lee said shebooked around a pandemic levels. monthly spending on the card yearsare “running on fumes,” as well,” Ms.Appelbaum said. “Given the fact that things dozentrips on the Sapphire Banks aredevelopingcards has fallen to about $500 from said Andrea Auerbach,head of Investorsinprivate-equity like our…loungecollection are Reserve.She used it afew with lowerannual fees that around $3,000 and that he has global privateinvestmentsfor funds,however, in general not particularly useful right times aweek at restaurants emphasizefood delivery, shiftedmost of his spending to Cambridge. aren’t enthusiastic about the nowfor most of our card mem- and to payfor parking near her streaming services and home cash-back cards. Older funds “sailed right use of cross-fund investment into the Covid crisis without to support older investments, additional capital available to said Jennifer Choi,managing One challengeisthat players Council on Problem Gambling, canbesafefor someone with a support their companies as director of industryaffairsfor Casinos maynot have embraced mobile aprivategroup that is neither massivegambling problem, easily as the morerecent vin- the Institutional Limited Part- paymentsinother partsoflife. fornor against gambling. thereare waystouse technol- tage years,” she said. nersAssociation, atrade In addition, cash might still ap- “The faster youcan access ogytoreducethe risk,” he said. Investor sentiment creates group forinvestorsinprivate Could Go peal to people who would like your funds and in some cases Penn National Gaming another barrier to using dry equity. some anonymity while gam- drain an entirebank account is Inc., which operates 41 gam- powder to keep struggling Many limited partners are bling, according to people in aconcern forpeople with gam- blingproperties in 19 states, businesses afloat. apprehensive of the potential Cashless theindustry. bling problems who tend to be intends to test phone-based Investorsinprivate-equity conflictsofinterest in such Thereare concerns among highly impulsive,” Mr.Whyte cashlesssystems in four Penn- funds, referred to as limited deals, in which a firm essen- problem-gambling advocates said. sylvania properties including partners, arerarely enthusias- tially sells acompanytoitself. ContinuedfrompageB1 about the impact of going But cashlesstechnologyhas technologyinside two newca- tic about newmoney being In a recent poll of limited paymentsoncasino floors. cashless. Thestresses of the potential to provide some sinos opening within the next spenttorehabilitatestrug- partners conducted by ILPA, “The success of this hinges Covid-19 have increased risk protection, including allowing year,said Todd George,the gling businesses,preferring just 10% chose cross-fund in- on playeracceptance,” Mr.Kat- factorsfor gambling problems gamblerstoset limitsonac- company’sexecutivevicepresi- that managers buy new ones vestmentsasthe preferred saros said. “The playeraccep- likeaddiction, and going cash- cess to their ownbank ac- dent of operations. that canbehad at cut rates way to preservevalue in older tancehinges on the operators lessduring this crisis increases counts, he said, such as cap- “It’scatchingupwith the amid aslowing global econ- companies, among a slate of themselves convincing players the risk,said Keith Whyte, ex- ping gambling to two hoursor rest of today’ssociety,” Mr. omy. options, Ms.Choi said. to sign up forthis.” ecutivedirector of the National $500.“While no type of money George said. P2JW181000-6-B00300-1------XA

THE WALL STREET JOURNAL. ****** Monday, June 29, 2020 | B3 BUSINESS NEWS NBC Gets Grubhub Bid Tied to Middleman Role Rights to BY HEATHER HADDON der,amounting to around 25% AND PARMY OLSON of an order’s overall cost, U.S. Open Grubhub says.When an online In its $7 billion deal to buy servicedoes the delivery, it Grubhub Inc.,aDutch food- passes along the expense.Res- Golf Event delivery giant is betting on a taurant contributions don’t al- strategyithas relied on for wayscover the cost, especially BY JOE FLINT yearsinEurope: Letrestau- in the case of big chains, rantsdeliver their ownfood. which areable to negotiate Themedia rightstothe Earlier this month, Just Eat lower rates for themselves. United StatesGolf Association, Takeaway.com NV swooped in Independent restaurants which include the U.S. Open after Uber Technologies Inc.’s criticized the deliverycompa- tournament, arejumping from plan to join Grubhub with nies fortaking cutsofupto Fox Sports to NBC Sports, ac- Uber Eatsfoundered.Itcomes 30% to handle their orders. cording to people familiar lessthan ayear afterAmster- Mr.Groen says he wasat- S with the matter. dam-based Takeaway.com, one tracted to Grubhub’sprofitable Although Fox’sagreement of dozens of local online deliv- PRES strongholds in large,densely

with the USGA still has several erystartups that have UMA populated cities likeNew York. years left to run, the network emergedinrecent years, /Z He recently told analysts that GO

negotiated to unload the rest agreed to buy London-based IMA he wasn’t in ahurrytoexpand of its deal to NBC, which also Just Eat forroughly $8 billion. Bid by the Dutch giant would join two companies that avoided building transport fleets. intoless-dense partsofthe owns the Golf Channel and has That deal created apublicly U.S. He said he canaffordto rights to the PGA Tour. listed European colossus with JustEat Takeaway.com has grownthrough acquisitions $14 billion spend a long time competing An announcement could aNorth American entrypoint into one of the worlds biggestonline deliverycompanies. with rivals who have estab- come as soon as Monday. as Just Eat had earlier bought lished delivery fleets in those Terms of the deal weren’t Canada’sSkipTheDishes.That Market capand major acquisitions sinceIPO in 2016 12 places.“They’reessentially disclosed, but people familiar foothold would grow signifi- giving food away for free,” he with the mattersaid Comcast cantly if the deal forChicago- said on an investor call. “With 10% Corp.’s NBCUniversal is pay- based Grubhub deal goes logistics,you can’t makeany ing significantly lessthan through, with global sales of money.” what Fox Corp.has been pay- thecombined companytop- 8 Uber Eatssaid last month ing in itsdeal, which started ping those of Uber Eats, ac- that it was profitable in more in 2015 and runs through cording to 2019 figures. than 150 cities globally,up 2027. The rapid deal making has 6 from 100 latelast year.The When Foxacquired the been underpinned by Just Eat company exited anumber of USGA rights, it needed content Takeaway’s belief that the fu- global markets whereit forits soon-to-launch national tureofits businesslies in hav- 4 couldn’t makemoney to focus sportscable channel, Fox ing restaurantshandle the de- on the ones where it believes Sports1.Itdramatically out- liverypart themselves, 2 it can. bid NBC and Walt Disney Co.’s avoiding the costs of building Just Eat’sstrategyfaces big ESPN,which were sharing the fleetsofdriversand cycliststo challenges in the U.S. Door- rights at the time. transport meals to customers. 0 Dash and Uber Eatshave Foxsigned a$1.1 billion Both Just Eat Takeaway and 2016 ’17 ’18 ’19 ’20 grownmuch faster than Grub- deal pact that put the annual Grubhub have some driver net- hub, according to credit-card priceat$93 million, much works of their own, but their datafromresearch firm Sec- higher than the combined $37 businesses revolvearound tak- Dec. 2016 Jan. 2018 Sept.2018 April 2019 Jan. 2020 Pending ond Measure. They canmore Just Eatacquires JustEat Takeaway.com Takeaway.com Takeaway.com JustEat million NBC and ESPN were ing acut from restaurantsand SkipTheDishes acquires acquires 10bis acquires acquires JustEat Takeaway.com easily coordinateorders annually paying. chains that use their websites Hungryhouse DeliveryHero acquisition acrossmultiple restaurants ThepriceFox paid forthe to advertise and take orders. of Grubhub and customers as they have a USGA hasn’t paid off in big U.S. rivals likeUber Eats, Deal value* greater percentageofdeliver- ratings. DoorDash Inc.and Postmates $1.3B ies done by their ownnet- NBC’snew deal is only Inc.use their owndriversfor $90M $300M $157M works,said Jason Helfstein, an slightly morethan the $37 almost all deliveries. $8.2B $7.3B internet analyst at Oppen- million it and ESPN were “Wedon’t put people on heimer & Co. paying six yearsago, one of bikes,” said Jitse Groen,who *Excluding debt “Wecan createalot of effi- thepeople close to the talks founded Takeaway.com in Sources: FactSet (market cap); Dealogic (deal value, acquisitions) ciencybyactually aggregating said. 2000 and took it public in the quality of the logistics Foxisn’t off the hook fi- 2016.Last year,itrecorded its between restaurants and cus- lowedittosidestep both the processes.Founder MattMalo- needs from many, manyres- nancially,though, as it is ex- firstannual profit sinceits ini- tomers. “Aslong as we send costsofbuilding afleet and ney has known Mr. Groen for taurants,” Uber EatsVicePres- pected to coverthe difference tial public offering. messages,wemakemoney,” he the logistical and legal head- years. Conducting talks re- ident Pierre-Dimitri Gore-Coty in itsdeal and the NBC deal Mr.Groen, who would be- said. ache of managing workforces motely, they struck their deal said in response to questions with the USGA. come chief executiveofthe Morethan three-quartersof across national borders. in five weeks,Mr. Maloney aboutthe company’sviewof News of the deal wasre- combination with Grubhub, Just Eat’sdeliveries globally It is atack similar to that said. the Just Eat-Grubhub deal at a ported earlier by the Associ- describes the approach as aredone by the restaurants, takenbyGrubhub,which does Delivery can be the largest tech conferenceearlier this ated Press. based on facilitating messages the companysays.That has al- about half of the deliveries it expense in an online food or- week. More Than 40%Companies In S&P 500 Pull Guidance This announcement appears as BY ALLISON PRANG amatter of record only.

Morethan 40% of the companies in the S&P 500 have pulled their guidance, as the May 2020 coronavirus pandemic has doused U.S. corporations in uncertainty,and their shares together have fallen morethan the broader index. Through June 25,atleast 218 companies from a variety of industries withdrew or $6,500,000,000 withheld either their quarterly or annual guidance, according to datafromDow Jones News- wires.Manycitethe uncertainty of the pandemic for their tentativeness, but some point to the likelihood of addi-

tional outbreaks,evolving con- REUTERS sumer habits and levers such Kroger cited investments for employees and consumer uncertainty. as the need to boost payfor front-line workers. frequently citeduncertainty on the industry. It is harder to “Thereare still manyun- about howlong their tailwinds gaugefuturesales forindus- knownfactorsrelated to the may last for not providing an trials,said MattMiskin, co- long-term impact of Covid-19 outlook. Kroger’s shares have chief investment strategist at that could influenceour finan- risen13% in 2020,and the su- John Hancock Investment cial results for the remainder permarket chain’ssales have Management, because the of 2020,” said GaryMillerchip, surged, as people have stock- sales cycle is longer.Consumer chief financial officer for piled food and personal goods. companies cansee online sales MBK Partners Fund V, L.P. Kroger Co.Hecited invest- PayPal Holdings Inc. is up and volume quickly, he said. ments for employees and un- 58% this year as consumers Further complicating out- certainty related to consumer turn moretoonline shopping. looks is the country’sunsteady behaviorsfor the company’s Financechief John Rainey said reopenings, as some locations decision earlier this month to during the first-quarter earn- areseeing arise in Covid-19 withhold guidance. ingscall in Maythat while the cases causing government offi- Many companies that have company wanted to be trans- cials to reissue restrictions. pulled their guidancerepre- parent, it wastough to give Nike Inc.reopened 85% of sent theindustries most af- reliable guidancegiven the itsNorth American stores,but fected by the pandemic and rapidly changing situation. financial chief MatthewFriend most damagedinthe stock “Wehaveaverystrong and said Thursdaythe company market. On average, shares for durable businessmodel, one understands the recovery Buyouts in China, Japan and Korea the companies that withdrew that stands to benefit from won’t be linear.Nikesaid it or withheld guidanceare down some of thesecular trends wouldn’t givespecific guid- 18.2% year to date. TheS&P that mayemerge from this cri- ancebut offered afew data 500 is down 6.9%. sis,” Mr.Rainey said.“Ialso points, including that it ex- Shares of Norwegian want to acknowledge, how- pects revenue to be flat to up Cruise Line Holdings Ltd. ever,that people arenot going for fiscal 2021. have fallen nearly 71% in 2020, to live like this indefinitely.” “In general, we expect to Credit Suisse Securities (USA) LLC acted as as cruising is largely sus- Telecommunications, auto- see sequential quarterly im- advisor and exclusive placement agent. pended until at least the fall. motive,industrial goods and provement in our financial re- “Given the rapidly evolving leisurecompanies had the sultsasretail reopens and impactsfromthe pandemic, highest percentageofguid- each market normalizes sup- we cannot estimatethe impact ancewithdrawals,according to ply and demand,” he said. on our businessorthe longer- datacollected by DowJones While manyhavepulled term financial and operational Newswires from Jan. 15 guidance, some companies are resultswith certainty,” Chief through June 25.The data giving a“little nugget” to Financial Officer Mark Kempa were based on statements is- showthat conditions could be said on the company’searn- sued by companies in the S&P improving,John Hancock’sMr. ings call last month. 500.Utilities,media, financial Miskin said. “Then it’supto Thelist includes stocks,like services and energy companies the Street…or analyststhat Kroger’s,that areseen as ben- had the smallest percentages. cover the stocks, to try to ex- efiting from the effects of the Howmuch the lack of guid- trapolateout the rest from pandemic.Those companies ance matters largely depends there,” he said. P2JW181000-0-B00400-1------XA

B4 | Monday, June 29, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Apps Inventor Broken on Co-Created Purpose Catalytic

ContinuedfrompageB1 Converters one who’s swiped right on you). Tinder’s websitecharges BY JAMES R. HAGERTY $13.49amonth forthe same service. Theco-inventor of one of “Apple is apartner but also the most important pollution- adominant platform whose ac- fighting devices ever devised tions forcethe vast majority of wasachemical engineer from consumerstopay morefor NewJersey who spent more third-party apps that Apple ar- than four decades working for bitrarily defines as ‘digital ser- the same company. vices,’ ” said aTinder spokes- John J. Mooney,who died woman. “We’reacutely aware June 16 at 90,worked with of their poweroverus.” Carl Keith and Google-owned YouTube Mu- OBITUARY othersatEn- sic also passes on Apple’s30% Netflix, Kindle and Tinder areamong the apps thateither won’tlet iOSusers sign up or overcharge them. JOHN J. gelhardCorp. feetocustomers. Apple’sApp MOONEY in the early Storeprohibitsmentioning cumvented commissions by not Android vs.14% on iOS—Apple app and use it right away.The well as itsconstant reviewof 1930-2020 ’70s on the de- that alowerfee canbeac- offering entertainment rentals has borne the brunt of public exemption granted to Netflix, apps forprivacy, security and velopment of cessed elsewhere, aYouTube or purchases to iOSusers. In andregulatoryscrutinyabout Spotifyand othersinthe content purposes.She pointed catalyticconvertersthat be- spokeswoman said. April, Amazon beganusing its the App Store’spolicies and “reader” category did not ap- to the free developer tools Ap- came standardequipment in Apple’sguidelines saydevel- ownpayment system to fulfill businessmodel. ply to Hey. ple provides,such as TestFlight cars,light-duty trucks and operscan’t list alternative the purchases. “Apple doesn’t have amo- “Apple just doubled down forbetatesting,technical sup- other machinery. prices or discouragepurchas- According to Apple,Amazon nopoly on smartphones, but on their rejection of Hey’s abil- port, compilersand Xcode,the Thefirst Engelhard-de- ingthrough the App Storein is in aprogram for“premium it’shardtosay that they don’t ity to provide bug fixesand software environment that al- signed converters—ceramic their iOSapps.AnApple video providers” permittedto have amonopoly over iOSus- newfeatures,unlesswesubmit lows developerstobuild their honeycombs,coated with plat- spokeswoman said that devel- use the payment method tied ers,” said David Barnard, an in- to their outrageous demand of apps. inum or other metals—trig- opersare free to promote to customers’ existing video dependent developer who has 15-30% of our revenue,” Mr.Barnardsays he has geredchemical reactions to other pricing outside of the subscriptions. TwoEuropean had three apps in Apple’sApp tweeted David Heinemeier paid $700,000 in fees to Apple turn carbon monoxide and hy- App Store, including on televi- entertainment companies,Al- Storeoverthe past 12 years. Hansson, chief technologyoffi- over 12 years—morethan his drocarbons intolargely harm- sion and billboards. ticeOne and Canal+, arealso in Besides,Apple is historically cerofHey developer Base- current net worth—but agreed lesscompounds.In1974, Themusic-streaming app the program. But the movedid betterthan Google at monetiz- camp. there’s“unequivocally” abene- Messrs. Mooney and Keith fig- Tidal charges$12.99 amonth seem likeaconcession aimed ing apps.“If youwant to exist Appleeventually approved fittodevelopingfor Apple’s ured out howtobreak down a forits premium tier on the at getting Amazon Prime on mobile,you have to go theHey app—Hey bent to the App Store: “I didn’t have to thirdsource of pollution, ni- iPhone butonly $9.99onits Video—of which Amazon re- through Apple as agate- App Store’srules by creating a manageaweb store, down- trogen oxides,with their website—and Android devices. portsover150 million mem- keeper.” workaround, in the form of a loads, payments, taxes, VAT. three-way catalyticconverter. Google,which operates the bers world-wide—tofinally Apple decides what does free trialaccount that expires Apple has takensomuch com- Mr.Mooney later said it Play Storewherethe majority work on the Apple TV device. and doesn’t have to use itsbill- aftertwo weeks. plexity out forbusinesses and took four years to perfect the of Android apps aredown- Google isn’t just morere- ing system. (Yes to games like Apple’spowertodetermine consumers.” three-way converter.“Youhad loaded in the U.S.,does charge laxed about payment systems. Candy CrushSaga; no to ser- which app makerscan and What’sgreat aboutthe to look at thingsinside out up to 30% commissions on in- Android app makersinthe Play viceslikeAirbnb and Uber.) can’t operateabusinessisnow iPhone is,whatever Apple and upside down,” he told the app transactions it handles. Storeare allowedtotell users That leverageisanissue that under official regulatoryre- doesn’t build itself,someone Recordnewspaper in NewJer- But itspolicies aren’t as iron- to subscribe elsewhere. wasrecently brought to the view. Last week,the European else builds forit. Imagine an sey in 2001. “Nothing ever clad as Apple’s. Whereas Apple And because Android is an fore when the developersofan Union launched aprobe into iPhone without Uber,oran flowed perfectly.” requires all in-app purchases to open ecosystem, people can email app called Hey prompted whether Apple violated compe- iPad without YouTube.But Fordecades,hetraveled the go through the tech giant’s download their apps directly afirestorm in the developer tition laws following a com- when developersdeliberately world to encourageadoption ownbilling software,the Play from developersorthrough community by saying Apple en- plaint by Spotify,which called breaktheir ownapps,Apple of the technologyand to cam- Storeallows an exception for otherapp stores,and Google forces itspolicies unevenly. the App Store’s30% commis- should at least let them tell paign forbans on leaded fuel. companies that host digital doesn’tget acut. (When Epic Hey,still in beta, is charging sion a“discriminatorytax” their customerswhy. At aWhiteHouse ceremony content and use their ownpay- Games Inc.launched the popu- $99 ayear foraccesstoits pri- that gives an unfair advantage (DowJones &Co.,publisher in 2003,Mr. Mooney received ment system. As such, Tidal lar Fortnite,itbypassed vacy-forwardemail service. to Apple’sin-house streaming of TheWall Street Journal, has the National Medal of Technol- doesn’t have to payany fees to Google’s Play Storefor 18 Apple rejected the app on the serviceApple Music. acommercial agreement to ogy and Innovation. Google. months to evadefees.) grounds that it lacked asign- TheApple spokeswoman supply news through Apple Mr.Mooney died at his On iPhones,the notable ex- So while Android holds up (i.e.,pay-up) option. The said itsfees areused to fund services.) home in Wyckoff,N.J., of com- ception is Amazon Prime most of the global smartphone Apple spokeswoman said users the company’seffortstoreduce Email your app issues to ni- plications from astroke, his Video.The app historically cir- market share—around 85% on should be able to download an spam, malwareand fraud, as [email protected]. family said.

ADVERTISEMENT The Marketplace Cable News Teams Up on Conventions To advertise: 800-366-3975orWSJ.com/classiﬁeds BY BENJAMIN MULLIN

CNN staffers descended on COMMERCIAL REAL ESTATE BUSINESSOPPORTUNITIES Charlotte, N.C., to start planning coverage of the 2020 Re- )(!$ '*$(#$&(%" publican convention two years %$$ .')"#- &+"( ,!*#-( ago, scouting hotels and 5`(K?( =Kc(FE=!,( ="K= WEF(?VKF$ VK2K``( =# (0A<4+AA!+:)?!91C;B+ S87556QO EF I("K`& E& XT/_2<7 8<45:E>E3DF *440;: &-0I) J#G> ;***/OKF* K`?E I(!F$ IAEK*,K?= &EAA(GE=( DKA=!,!DK=!EF *&('-2#4187 )5+0< //06,330 These days,the cable-news 9!K REEG 9!*(E,EF&(A(F,(O!F,EFF(,=!EF ^!=" K0F!&EAG ]Z 3_:U7T: U_RRO VVEAAE^(AM XF ,EFF(,=!EF ^!=" ="( U(YYKF!F( VEKFO ="( Rashida Jones,senior vice III/TNS U(YYKF!F( >EAAE^(A$AKF=(* =E ="( 2(,;A(*5KA=[ president of MSNBC and NBC ER 1 P0.-40"50"-# 9"'6 56 -$' 86-'0'.-. 4,0.,16- -5 -$1- ST CE ,(A=K!F 5`(*$( KF* 2(,;A!=[ @$A((G(F=O *K=(* K? News,said she has regular calls FO

E& 2(D=(GI(A #O +J-d S="(8DEAAE^(AS="( 83#GBF9FI 5#9&6QH KF* S!!Q E="(A erage, enabling the networks to Some Republican convention events will be held in Charlotte, N.C., such as nominating the candidates. EI`!$K=!EF? KF* `!KI!`!=!(? E& ="( UEA=$K$( use one video feed and cut the >EAAE^(A="K= KA( E="(A^!?( K&&(,=!F$ ="( 5AED(A=[M 1"( ?K`( E& ="( XF=(A(?=?^!`` I( ?;Ie(,= =E K`` number of journalistsinpoten- Washingtonbureau chief. though it will have some cor- scenario in which the network KDD`!,KI`(="!A*NDKA=[,EF?(F=? KF* A($;`K=EA[ KDDAE9K`?O !& KF[M .!="E;= `!G!=K=!EF=E="( &EA(N tially infectious areas.Pool “That will affect our cover- respondentson-site, said Che- could hand off coverage from %5"6%2 49'1.' -1!'65-"*' -$1- -$'0'10' .4'*"P* cameras have long been a age.” rie Grzech, vicepresident of one team to the next over the A(C;!A(G(F=? &EAKF[ DE=(F=!K` ?;,,(??&;`I!**(A !F ,EFF(,=!EF^!=" S!Q EI=K!F!F$!F&EAGK=!EFKF* mainstay of election coverage, Coverage of the 2020 elec- politics and the Washington course of days until a winner S!!Q I!**!F$ EF ="( XF=(A(?=?O !F,`;*!F$ I;= FE= `!G!=(* =EOS-Q ="K= (K," I!**(AG;?= I( K85(AG!=N but coordination with other tion cycle has been disrupted bureau.Ms. Grzech said Fox is declared. =(*_C;!=[

,E?=OKF* (\D(F?( E& KDAE?D(,=!9(I!**(AM THE waving signs amid falling bal- Election coverage must now Ms.Grzech said. FoxNews ond quarter than they have in 1"( XF=(A(?=? KA(I(!F$ E&&(A(* K? K?!F$`( È=O 8K?N!?O ^"(A(N!?6O^!=" FE (\DA(?? EA !GD`!(* loons and crepe paper. vie formedia attention along- parent FoxCorp.and Wall the past five years as of June ^KAAKF=!(?O A(DA(?(F=K=!EF?O ?=K=(G(F=? EA ,EF*!=!EF? E& KF[c!F* GK*( I[ ="( 2(,;A(* TheDemocratic convention side stories about the pan- 21, according to Nielsen. 5KA=[EAKF[ D(A?EFK,=!F$ &EAEAEFI("K`& E& ="( will be held in Milwaukee, demic and protestsseeking ra- In prime time,longtime rat- 2(,;A(* 5KA=[O ^!="E;= KF[A(,E;A?( ^"K=?E(9(A ADVERTISE =E ="( 2(,;A(*5KA=[ EA KF[E="(A D(A?EF K,=!F$ whereformer Vice President cial justice. ingsleader FoxNewsremains &EAEAEFI("K`& E& ="( 2(,;A(* 5KA=[KF* (K," Coverage of the2020 I!**(A G;?= GKc(!=? E^F!FC;!A[A($KA*!F$ ="( TODAY JoeBiden is expected to travel “The saying among every No.1among viewers in the XF=(A(?=?M 1"( ^!FF!F$ I!**(A ?"K`` I( A(?DEF?!I`( &EA="( DK[G(F= E& K`` =AKF?&(A =K\(?O ?=KGD *;=!(? to accept his party’s presiden- political reporter is that you’re election has been coveted25-to-54-year-old de- KF* ?!G!`KA =K\(? !F,;AA(* !F ,EFF(,=!EF ^!=" ="( tial nomination. But organiz- luckyenough to gettocover mographic and among all D;A,"K?( E& ="( XF=(A(?=?M disrupted beyond 2(,;A(* 5KA=[A(?(A9(?="( A!$"= =E ,A(*!= I!*O ers told statedelegations they the biggest storyinthe world viewers.CNN'sratingsare off ?(= KG!F!G;GA(?(A9( DA!,(O A(e(,= K`` I!*? S!F,`;*N (800)366-3975 !F$O ^!="E;= `!G!=K=!EFOKF[ I!* ="K= != *((G?=E shouldn’t plan to attend in everyfour years,” said Buzz- theconventions. their highs from earlier this "K9( I((F GK*( I[ KI!**(A ="K=!?;FKI`( =E ?K=N person and should instead Feed News political reporter quarter but up substantially !?&[ ="( A(C;!A(G(F=? !GDE?(* I[ 2(,;A(* 5KA=[ Formoreinformation ;DEF DAE?D(,=!9(I!**(A?!F,EFF(,=!EF ^!=" ="( conduct official convention RubyCramer.“That is notthe over the firstquarter.MSNBC ?K`( EA =E ^"EG !F 2(,;A(*5KA=[4? ?E`( e;*$G(F= visit: K?K`( GK[FE= `K^&;``[ I( GK*(QO =(AG!FK=( EA business remotely—including case in 2020, it turns out.” held on to the second spot in K*eE;AF="( ?K`( =E KFE="(A =!G(O ^!="E;= &;A="(A wsj.com/classifieds FE=!,(O KF* =E ?(`` ="( XF=(A(?=? K= K?;I?(C;(F= casting nominating votes. Ms.Jones said MSNBC Street Journal parent News totalprime-time viewers but D;I`!,EADA!9K=(?K`( KF* =E !GDE?(KF[ E="(A ,EGN RepublicanNational Con- would have a“light footprint” Corp sharecommon owner- fell further behind the other G(A,!K``[ A(K?EFKI`( ,EF*!=!EF? ;DEF ="( ?K`( E& ="( XF=(A(?=?K?2(,;A(* 5KA=[GK[ *((G DAED(AM vention moved itsmarquee at theeventsinMilwaukee, ship. networks in the demographic, 2(,;A(* 5KA=[ &;A="(A A(?(A9(?="( A!$"= =E *(=(AN 7"6' -$' 3,19"P*1-"56. 5& 16#/"(('02"6*9,("6% 1 events to Jacksonville,Fla., af- Charlotte and Jacksonville. Network producersare al- with its ratings in prime time DAE?D(,=!9(I!**(A4? KI!`!=[=E,È?( ="( =AKF?K,=!EF EF ="( =(AG? KF* ,EF*!=!EF? A(&(A(F,(* "(A(!F terPresident Trump battled Thenetwork is planning to ready beginning to look past among 25-to-54-year-olds KF* =E GE*!&[ ="(?( =(AG? E& ?K`(M 2(,;A(* 5KA=[ with North Carolina’sDemo- cover the conventions mostly theconventions to the gen- dropping slightly compared &,0-$'0 0'.'0)'.-$' 0"%$- -5 )'0"&# -$1- '1*$ *'0-"PN ,K=(&EA ="( XF=(A(?=? =E I( ?E`* I(KA?K`($(F* ?;IN craticgovernor over social- from outside the venues,rely- eral-election debates and elec- with the previous quarter. ?=KF=!K``[ =E ="( (&&(,= ="K= ?;," !F=(A(?=? "K9( FE= I((F A($!?=(A(* ;F*(A ="( 2(,;A!=!(? @,=E&-d))O distancing precautions that ing on pool cameras forkey tion night. Thecoronavirus Much of that growth is be- K? KG(F*(* S="( 8?I$@GABAIE4$B6QO KF* =E !GDE?( could have limited crowd size. footageand positioning re- hascaused mail-in voting to ingdriven by asharp rise in ?;," E="(A `!G!=K=!EF? EA ,EF*!=!EF? !F ,EFF(,=!EF ^!=" ="( ?K`( E& ="( XF=(A(?=?K?="( 2(,;A(*5KA=[ Some eventswill be held in portersoutdoorswherethey increase,which has resulted in political advertising,amain- *((G? F(,(??KA[EAK*9!?KI`( !F EA*(A =E ,EGD`[ ^!=" ="( 2(,;A!=!(? @,=EAKF[ E="(A KDD`!,KI`( `K^M Charlotte, including nominat- cansocially distancefromone longer delays fordeciding stay of cable news, according @`` I!*? SE="(A ="KF ,A(*!= I!*? E& ="( 2(,;A(* 5KA=[Q G;?= I( &EA,K?"O KF* ="( ?;,,(??&;` I!**(A ing the party’s candidates for another.“Our focus is covering elections, said Joe Lenski, co- to data firm Advertising Ana- G;?= I( DA(DKA(* =E *(`!9(A !GG(*!K=(`[ K9K!`N president and vicepresident— the story,” Ms. Jones said. “It founder and executivevice lytics LLC. Total ad spending KI`( $EE* &;F*? ^!="!F &EA=[N(!$"=S'fQ "E;A? K&=(A ="( ?K`( KF* E="(A^!?( ,EGD`[ ^!=" ="( I!**!F$ with alimited number of dele- doesn’t mean we have to be in president of Edison Research. on the presidential election is A(C;!A(G(F=?M ];A="(A !F&EAGK=!EF,EF,(AF!F$ ="( XF=(A(?=?O ="( A(C;!A(G(F=? &EAEI=K!F!F$ !F&EAGKN gates. the middle of the story, if it’s That meanscable news net- expected to top$3.2billion, =!EFO="( A(C;!A(G(F=? &EAI!**!F$ EF ="(!F=(A(?=?O KF* ="( 1(AG? E& 2K`( ,KF I( &E;F* K= "==DaLL^^^M “It’snot at all clear that the going to put our people in works might have to produce according to the firm, nearly GKAA!E==A(*GEF*;,,&EA(,È?;A(M,EGL EA I[ ,EFN eventsinMilwaukee and Jack- danger.” coverage that dragsondays triple the totaladspend of the =K,=!F$ WVV ;?!F$="( ,EF=K,=!F&EAGK=!EFI(È^M .#&B9$B :&H#G(9BA#& H#G7#&IE59&F 59?9<A(== 3E?(FI(A$ All Rights Reserved. +-+Nf-+N%d+#O IA(==MAE?(FI(A$BKGMe``M,EG thing likeanormal conven- produceits coverage of the CNN is planning forthat —John McCormick tion,” said SamFeist,CNN’s partyconventions remotely, possibility,preparing fora contributed to this article. P2JW181000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, June 29, 2020 | B5 BUSINESS NEWS

This announcement is neitheranoffer to purchase nor asolicitationofanoffer to sell Shares (asdefined below).The Offer(as defined below) is made solely pursuanttothe OffertoPurchase, dated June 29,2020, andthe relatedLetterofTransmittal,and anyamendmentsorsupplementstosuchOffer to Purchase or Letter of Transmittal. Purchaser(as defined below) is notaware of anystate wherethe making of theOffer is prohibited by anyadministrativeorjudicialactionpursuanttoany validstate statute. If Purchaserbecomes awareofany validstate statuteprohibiting themaking of theOffer or theacceptanceofthe Shares pursuantthereto,Purchaser will make agoodfaith effort to comply with that statestatute or seek to have such statutedeclaredinapplicable to the Offer. If,after agood-faitheffort, Purchasercannotdoso, Purchaserwillnot make theOffer to,nor will tenders be acceptedfromoronbehalfof, theholders of Shares in that state. Wirecard’s Fall Exceptasset forth above, theOffer is being made to allholders of Shares.Inany jurisdiction wheresecurities, “bluesky”orother laws requirethe Offertobemadebyalicensed broker or dealer,the OfferwillbedeemedtobemadeonbehalfofPurchaser by oneormoreregisteredbrokers or dealersthatare licensedunderthe laws of such jurisdiction. Notice of OffertoPurchase Puts Spotlight AllOutstanding Shares of Common Stock of On Its Auditor Tetraphase Pharmaceuticals, Inc.

Ernst &Young GmbH, audi- puted charges. at tortoinsolvent German fin- In October 2016,asenior $2.00per ShareinCash, tech company Wirecard AG, manager at EY agreed to visit had questions related to un- one of the third-party partners Plus OneNon-Transferable Contractual Contingent ValueRight (“CVR”)for Each Share, orthodoxarrangementsunder the following February, ac- whichRepresentsthe RighttoReceive OneorMore Payments in Cash,CurrentlyEstimated which the company’scash was cording to the emails seen by held in bank accountsitdidn’t the Journal. He was to attend to Be up to approximately $1.48per CVR, Contingent upon theAchievement of Certain control as far back as 2016,ac- with one of EY’saudit part- Milestones andAssumingthe AnticipatedMaximum Number of CVRs AreIssued cording to emails seen by The ners,who had responsibility Wall Street Journal. forsigning Wirecard’s ac- Pursuant to theOffer to Purchase DatedJune29, 2020 counts. by By Patricia Themanager included a Kowsmann, notetoaWirecardexecutive TTPMergerSub,Inc. Paul J. Davies who looked afteranother and Juliet Chung third-party partner. awhollyowned subsidiary of Thenotesaid EY waspre- Theauditor subsequently paring apresentation that La JollaPharmaceuticalCompany signed offonthree yearsof would ask questions about a Wirecard’s financial results trustee account, similar to TTPMergerSub,Inc., aDelawarecorporation (“Purchaser”),isofferingtopurchaseall outstandingsharesofcommonstock,par value$0.001per share(the“Shares”), with those arrangementsin questions it had raised about of Tetraphase Pharmaceuticals, Inc.,aDelawarecorporation (“Tetraphase”),ataprice perShare of $2.00, to theholderincash, withoutinterest(the“Cash Amount”), place. the trustee account of another plusone non-transferablecontractual contingent valueright perShare (each,a“CVR,”and each CVRtogetherwiththe Cash Amount,the “Offer Price”), whichCVR representsthe righttoreceiveone or more payments in cash,currently estimatedtobeuptoapproximately$1.48 perCVR,assumingthe anticipatedmaximum number Now$2billion that was of Wirecard’s third-party part- of CVRs areissuedand contingent upon theachievement of certainmilestones upon theterms andsubject to theconditionsdescribedinthe OffertoPurchase, dated held in those accountshas dis- ners. June 29,2020(together with anyamendmentsorsupplements thereto, the“OffertoPurchase”), andinthe relatedLetterofTransmittal (togetherwithany amendments or appeared. Wirecard says the EY declined to comment on supplementsthereto,the “Letter of Transmittal” and, together with theOffer to Purchase, the“Offer”).Purchaser is awhollyowned subsidiary of La Jolla Pharmaceutical money probably doesn’t exist. the specifics of these emails. Company(“LJPC”), aCaliforniacorporation. PriortoPurchaser acceptingSharestenderedinthe Offerfor payment, LJPC andarightsagent mutuallyagreeabletoLJPCand Tetraphase will enter into aCVR On Friday, aGerman share- Last week, EY said it refused Agreement(the“CVRAgreement”) governingthe terms of theCVRstobereceived by Tetraphase’s stockholders. Each CVRrepresentsthe righttoreceiveone or more holder association filed a to sign off on the company’s payments in cash,without interestand less anyapplicablewithholding taxes, currentlyestimated to be up to approximately$1.48 perCVR,contingentuponthe achievement of criminal complaint to the accounts for 2019 after being certainannualnet salesofXERAVA(as describedbelow)between 2021 and2024(each a“Milestone” and, collectively, the“Milestones”).The Milestones areindependent prosecutors’ officeinMunich, givenfakebalanceconfirma- of each other, andpayment upon achievementofany specificMilestoneisnot dependentuponachievement of anyprior Milestone. Themaximum amount that maybepaid upon achievementofany or allofthe Milestones is $16.0million.Ifnoneofthe Milestones areachieved, no paymentwill become payable to holdersofthe CVRs.Itispossible whereWirecardisbased, actions for the trustee accounts that none of theMilestones will be achieved, in whichcaseholders of theCVRswill receiveonlythe Cash Amount perShare andnopaymentswithrespect to theCVRs. It is cusing EY auditorsofmissing at two banks meant to be also possible that only oneortwo of theMilestones will be achieved, in whichcaseholders of theCVRswill receiveonlythe Cash Amount perShare andthe cash payments the alleged fraud. holding Wirecard’s money. with respecttoonlythose Milestones that have been achieved. It is currentlyanticipated that up to an aggregateof10,794,652CVRswill be issuedaspartofthe consideration “Wefeel Ernst &Young’s Wirecard has said recently foreach of theissuedand outstandingShares, each outstandingTetraphaserestrictedstock unit,each outstandingTetraphaseperformance-vestedrestrictedstock unit and certainoutstanding pre-fundedwarrantsofTetraphase. auditing work wasadisaster,” it could no longer be surethat TheOffer is beingmadeinconnectionwiththe Agreementand Plan of Merger,dated as of June 24, 2020 (togetherwithany amendments or supplementsthereto,the said MarcLiebscher, whose itstrustee relationships had “MergerAgreement”),among Tetraphase,LJPCand Purchaser,pursuanttowhich,after thecompletionofthe Offerand thesatisfactionorwaiverofcertain conditions, Berlin lawfirm is representing ever been reliable.The com- Purchaser will be mergedwithand into Tetraphase,and Tetraphase will be thesurviving corporationand awhollyowned subsidiary of LJPC (suchmerger,the “Merger”).The the privateWirecardinvestors panywarned that accounts financial obligationsofLJPCunder theMergerAgreement have been guaranteed by Tang CapitalPartners, LP,aDelawarelimitedpartnership,pursuantto, andsubject to the terms of,aguarantee datedasofJune24, 2020.Atthe effectivetimeofthe Merger,each Shareissuedand then outstanding(otherthan: (i)SharesheldbyTetraphase(or held who filed the complaint. “Our from previous yearscould also in Tetraphase’s treasury); (ii) Shares held by LJPC,Purchaser or anyother direct or indirect wholly ownedsubsidiary of LJPC;and (iii)Sharesheldbystockholdersimmediately clientsare convinced, Ernst & be affected. priortothe effectivetimeofthe Merger whohave properly exercised andperfected theirdemands forappraisalofsuchSharesinaccordance with theGeneral CorporationLaw Young should stand trial.” Investorswho bet Wire- of theState of Delaware (“DGCL”) andhave neithereffectivelywithdrawn norlostsuchrightstoappraisaland payment) will be canceled andconverted automatically into the EY said it hadbeen duped card’s sharepricewould fall righttoreceivethe OfferPrice.Asaresultofthe Merger,Tetraphasewillcease to be apubliclytradedcompanyand will become wholly ownedbyLJPC. Undernocircumstances will interestbepaidonthe OfferPrice forShares, regardlessofany extensionofthe Offerorany delayinmakingpayment forShares. Theparties to theMergerAgreement have along with everyone else. have been sending detailed agreed that,uponthe terms andsubject to theconditionsspecifiedinthe Merger Agreement, theMergerwill become effectiveassoonaspracticable after theconsummation “Thereare clear indications complaintstoEYfor years, of theOffer,without ameeting of Tetraphase’s stockholderstoadopt theMergerAgreement,inaccordance with Section251(h)ofthe DGCL.Accordingly, if theOffer is that this wasanelaborateand flagging their concerns and consummated, Purchaser does notanticipateseeking theapprovalofTetraphase’sremaining public stockholdersbefore effectingthe Merger.The Merger Agreementismore sophisticated fraud, involving fullydescribedinthe OffertoPurchase. Tenderingstockholderswho have Shares registered in theirnames andwho tender directly to BroadridgeCorporate Issuer Solutions, Inc. (the “Depositaryand Paying multiple parties around the Agent”)will notbeobligatedtopay brokeragefeesorcommissions or,exceptasset forthinthe Letter of Transmittal, transfer taxesonthe purchaseofSharesbyPurchaser world in different institutions, Investors who bet pursuant to theOffer.Stockholderswho hold theirSharesthroughabroker or bank should consultwithsuchinstitution as to whetheritcharges anyservice fees or commissions. with adeliberateaim of de- ception,” it said. Wirecard stock THEOFFER ANDWITHDRAWALRIGHTSWILLEXPIRE AT ONEMINUTE AFTER11:59 P. M.,EASTERN TIME, Wirecard’s fall from being would fall sent ON JULY 27,2020(SUCH DATE,ORANY SUBSEQUENTDATETOWHICH THEEXPIRATIONOFTHE OFFER regarded as ashining star of IS EXTENDED,THE “EXPIRATIONDATE”), UNLESS THEOFFER IS EXTENDED OR EARLIERTERMINATED. the European tech scene has detailed complaints. TheOffer is conditionedupon, amongother things,the Merger Agreementnot having been terminatedinaccordance with itsterms andthe satisfaction of theMinimum been spectacularly quick. Condition(as describedbelow). TheOffer is notsubject to afinancingcondition.The “Minimum Condition” requires that thenumberofSharesvalidly tendered andnot validly On Thursday, it filed forin- withdrawn, together with anySharesthenbeneficially ownedbyLJPCand itssubsidiaries,equalsatleast oneShare more than 50%ofthe total number of Shares outstanding solvencyinaMunich court. at thetimeofthe expiration of theOffer (excluding Shares tendered in theOffer pursuant to guaranteed delivery procedures that have notyet been “received”(as such term Thecompany’svalue has all media reportsthat raised is defined in Section251(h)(6)(f)ofthe DGCL)).The Offerisalsosubject to otherconditionsasdescribedinthe OffertoPurchase(collectively, the“OfferConditions”). See Section13—“Conditionsofthe Offer” of theOffer to Purchase. Forpurposesofdetermining whetherthe Minimum Conditionhas been met, holdersofapproximately 20%of but evaporated. Markus Braun, questions about the company’s theoutstanding voting powerofTetraphasehave entered into supportagreementsand have agreed,among otherthings, subjecttocertain exceptions,totendertheir Shares. a large shareholder and chief accounting and businessprac- After carefulconsideration,the Tetraphase boardofdirectors has, subjecttothe termsand upon theconditionsset forthinthe Merger Agreement,unanimously: executiveofficer until last tices,based on letters re- (i)determined that theMerger Agreementand thetransactions contemplated thereby, includingthe Offerand theMerger,are fair to,and in thebestinterestof, week,has been accused by viewed by the Journal. Tetraphase andits stockholders; (ii) declared it advisabletoenter into theMerger Agreement; (iii)approvedthe execution, delivery andperformance by Tetraphase of theMerger Agreementand theconsummation of thetransactions contemplated thereby, includingthe Offerand theMerger;(iv)resolvedthatthe Merger shall prosecutorsofinflating Wire- “They’vebasically turned a be effected underSection 251(h) of theDGCL; and(v) resolved to recommend that thestockholdersofTetraphaseaccept theOffer andtender theirShares to card’s sales volume with fake blind eyetoward the critics Purchaserpursuanttothe Offer. income.Mr. Braun wasar- that raised very serious allega- TheMergerAgreement contains provisions to govern thecircumstances in whichPurchaser is required or permittedtoextendthe Offerand in whichLJPCisrequired rested and released on bail tions,” said Fraser Perring, to causePurchaser to extend theOffer.Specifically,the Merger Agreementprovidesthat: (i)if, as of thethen-scheduledExpiration Date,any OfferCondition is notsatisfied (unlesssuchcondition is waivable by Purchaser or LJPC andhas been waived), Purchaser may, in itsdiscretion (and withoutthe consentofTetraphaseorany otherPerson), Tuesday. Mr.Braun consis- who with his former partner, extend theOffer foradditional periodsofupto10businessdaysper extensiontopermitsuchOffer Conditiontobesatisfied; and(ii)if, as of thethen-scheduledExpiration tently denied wrongdoing at MatthewEarl, published an Date,any OfferCondition is notsatisfied(unless such conditioniswaivablebyPurchaser or LJPC andhas been waived), at therequest of Tetraphase,Purchaser shall(and the company. earlyreport critical of Wire- LJPC shallcause Purchaser to)extendthe Offerfor additional periodsspecifiedbyTetraphaseofupto10businessdaysper extension(or such otherperiodasthe partiesmay On Saturday, Wirecard said card in 2016. agree) to permit such OfferCondition to be satisfied.Notwithstandingthe foregoing,innoevent will LJPC or Purchaser:(i) be required to extend theOffer beyond theearlier to occurof: (x)August18, 2020 (suchdate, including as it maybeextendedpursuanttothe terms of theMergerAgreement,the “EndDate”); and(y) theearlier termination it and itsunitsplan to con- Ernst &Young GmbH is the of theMergerAgreement (the “ExtensionDeadline”); or (ii) be permittedtoextendthe Offerbeyondthe ExtensionDeadlinewithout Tetraphase’s priorwritten consent. tinue operations.The company German affiliateofErnst & Thepurpose of theOffer andthe Merger is forLJPCand itsaffiliates,throughPurchaser,toacquire controlof, andthe entire equity interestin, Tetraphase.Following said it is taking measures to Young Global Limited, the theconsummationofthe Offer, subjecttothe satisfaction or waiver of theconditionsset forthinthe Merger Agreement, LJPC andPurchaser intend to effect theMerger. resume businessinthe U.K., global umbrella organization No appraisalrightsare available to holdersofSharesinconnectionwiththe Offer. However,ifthe Merger is consummated, astockholder of Tetraphase that hasnot tenderedits Shares in theOffer will have rights underSection 262ofthe DGCL to dissentfromthe Merger anddemandappraisalof, andobtainpayment in cash forthe after financial regulatorsfroze for EY firms. “fairvalue”of, that stockholder’s Shares. itsoperations there Friday. Like otherbig accounting Purchaser expressly reserves theright to:(i) increasethe OfferPrice (byincreasingthe Cash Amount and/or theamounts that maybecomepayable pursuant to theCVR Thecompanyissued prepaid firms,country-based affiliates Agreement);(ii)add additional milestones solely with respecttoadditional milestonepaymentstothe CVRAgreement;(iii)waive anyOffer Condition; and(iv)modifyany card and electronic walletsfor that provide audit services to of theother termsand conditions of theOffer that arenot inconsistent with theMergerAgreement.However,without theconsent of Tetraphase,LJPCand Purchaser arenot permittedto: (i)reducethe OfferPrice;(ii)increasethe OfferPrice by an increment of less than $0.05per share; (iii)changethe form of considerationpayable in theOffer consumers, among other companies,such as Ernst & (other than increasingthe OfferPrice as expressly contemplated by theMergerAgreement); (iv) reduce thenumberofSharessoughttobepurchased in theOffer;(v) waive, things. Young LLP in the U.S., are le- amendorchangethe Minimum Conditionorthe conditionrequiring theMergerAgreement to have notbeenvalidly terminatedinaccordance with itsterms;(vi)add to the At the center of itsdownfall gally separateand indepen- OfferConditions; (vii)extendthe Expiration Date except as provided in theMergerAgreement;(viii)provide any“subsequent offering period”(or anyextensionthereof) is the disappearanceof$2bil- dent from other entities in the within themeaning of Rule 14d-11 underthe Securities Exchange Actof1934; or (ix) modify anyOffer Conditionorany termofthe Offerset forthinthe Merger Agreement in amanner adversetothe holdersofSharesorthatwould,individuallyorinthe aggregate, reasonably be expected to preventormateriallydelay or impair theconsummation lion in cash Wirecard said it global network. of theOffer or prevent, materiallydelay or impair theability of LJPC or Purchaser to consummate theOffer,the Merger or theother transactions contemplated by theMerger had but kept in trustee-con- EY’srelationship with Wire- Agreement. Forpurposesofthe Offer, Purchaser will be deemed to have acceptedfor payment, andthereby purchased,Sharesvalidly tendered,and notproperlywithdrawn, trolled accountsbecause of an card began in 2008,when it priortothe expiration of theOffer if andwhenPurchaser givesoral or writtennoticetothe Depositary andPayingAgent of Purchaser’s acceptance forpayment of suchShares oddity in howWirecardsup- was hired by the company to pursuant to theOffer.Pursuanttothe Merger Agreement, theCashAmountispotentiallysubject to adjustment in certaincircumstances if,atthe time of closingofthe Offer, Tetraphase’s cash andcashequivalents,minus certainexpensesand amountspayable is less than zero dollars.See,“Summaryofthe MergerAgreement andCertain Other posedly conducted alarge part conduct a special audit in the Agreements”inthe OffertoPurchase. Upon theterms andsubject to theconditionsofthe Offer, paymentfor Shares acceptedfor paymentpursuanttothe Offerwill be made of its business. midst of allegations from the by depositofthe aggregateOffer Pricefor such Shares with theDepositaryand Paying Agent, whichwill actaspayingagent forthe tenderingstockholdersfor thepurpose Wirecard used third-party German shareholderassocia- of receivingpaymentsfromPurchaser andtransmittingsuchpaymentstothe tenderingstockholders. Undernocircumstances will interest be paid on theOffer Pricefor partnerstoprocess payments tion that Wirecard had defi- Shares,regardlessofany extensionofthe Offerorany delayinmakingpaymentfor Shares. In allcases,payment forSharestenderedand acceptedfor paymentpursuanttothe Offerwill be made only after timely receipt by theDepositaryand Paying Agentof: foritinmarketswhereit ciencies in its financial state- (a)certificates forsuchShares(“Share Certificates”)ortimelyconfirmation of thebook-entrytransferofsuchShares(“Book-EntryConfirmations”)intothe Depositary didn’t have licenses.Wire- ments. It cleared the company. andPayingAgent’s accountatThe DepositoryTrust Company(“DTC”) pursuant to theproceduresset forthinthe OffertoPurchase; (b)aLetterofTransmittal,properly card’s revenue from those From 2009, EY became Wire- completed anddulyexecuted, with anyrequiredsignature guarantees (or, in thecaseofabook-entrytransfer, an Agent’sMessage (asdefinedinthe OffertoPurchase) in lieu businesses wasdeposited in card’s group auditor. of theLetterofTransmittal); and(c) anyother documentsrequiredbythe Letter of Transmittal. Accordingly, tenderingstockholdersmay be paid at differenttimes depending upon when ShareCertificates or Book-Entry Confirmations with respecttoSharesare actually received by theDepositaryand Paying Agent. the trust accountsrather than Last year,Wirecardhired Shares tendered pursuant to theOffer maybewithdrawn at anytimeprior to theexpiration of theOffer and, unless theretofore acceptedfor paymentbyPurchaser pursuant paid straight to Wirecard. another audit firm, KPMG to theOffer,may also be withdrawnatany time after August 28,2020, whichisthe 60th dayafter thedateofthe commencement of theOffer. Themoney held back in LLP,tolook intoallegations ForawithdrawalofSharestobeeffective,awritten or facsimile transmissionnoticeofwithdrawalmustbetimelyreceived by theDepositaryand Paying Agentatits address these accountsisequivalent to raised by the Financial Times setforth on thebackcoverofthe OffertoPurchase. Anysuchnoticeofwithdrawalmustspecify thenameofthe person having tendered theSharestobewithdrawn,the number of Shares to be withdrawnand thenameofthe record holder of theSharestobewithdrawn,ifdifferent from that of thepersonwho tendered such Shares.The signature(s) morethan one-quarter of total that alarge shareofWire- on thenoticeofwithdrawalmustbeguaranteedbyanEligible Institution(as defined in theOffer to Purchase),unlesssuchShareshavebeentenderedfor theaccountofany group revenue forthe com- card’s reported revenue and Eligible Institution. If Shares have been tendered pursuant to theproceduresfor book-entrytransferasset forthinthe OffertoPurchase, anynoticeofwithdrawalmustspecify panyinthe years2016 the bulk of itsprofits between thenameand number of theaccountatDTC to be creditedwiththe withdrawnSharesand must otherwisecomply with DTC’sprocedures. If certificatesrepresentingthe through 2019. 2016 and 2018 actually came Shares to be withdrawnhave been deliveredorotherwise identifiedtothe Depositary andPayingAgent,the name of theregistered holder andthe serial numbersshown on such certificatesmustalsobefurnished to theDepositaryand Paying Agentasaforesaid priortothe physical releaseofsuchcertificates. Emails seen by the Journal from atrio of third-party All questionsastothe form andvalidity(including time of receipt)ofany notice of withdrawal will be determinedbyPurchaser,inits sole discretion,which determination showthe auditor had ques- partners. shallbefinal andbinding,subject to therightsoftenderingstockholderstochallengePurchaser’s determination in acourt of competentjurisdiction. No withdrawal of tendered tions about aspects of the ar- In April, KPMG released a Shares shallbedeemedtohave been properlymadeuntil alldefects andirregularitieshave been curedorwaived. None of LJPC,Purchaser or anyoftheir respective affiliates or rangement as early as in 2016. 74-pagereport saying it assigns, theDepositaryand Paying Agent, theInformation Agent(listed below),orany otherpersonwill be underany duty to give notificationofany defects or irregularities in anynoticeofwithdrawalorincur anyliability forfailure to give such notification. WithdrawalsoftenderedSharesmay notberescinded, andany Shares properly withdrawn Wirecard’s explanation for couldn’t verifythe arrange- will be deemed nottohave been validlytenderedfor purposes of theOffer.However, withdrawnSharesmay be retendered by followingone of theproceduresfor tendering the arrangement wasthat mentswith the thirdparties Shares describedinthe OffertoPurchaseatany time priortothe expiration of theOffer. much of the money waskept because of lack of coopera- Theinformation required to be disclosed by paragraph(d)(1)ofRule14d-6 underthe Securities andExchangeAct of 1934,asamended,iscontained in theOffer to in thetrustee accountsasa tion. Purchaseand is incorporated herein by reference. Tetraphase hasprovidedPurchaser with Tetraphase’s stockholder list andsecuritiespositionlistings forthe purposeof disseminatingthe holdersofSharesinformation regarding theOffer.The OffertoPurchaseand relatedLetterofTransmittal will be mailed to record holdersofShares form of risk management. The Afterthat, EY informed whosenames appearonTetraphase’sstockholder list andwill be furnishedtobrokers, dealers, commercialbanks,trust companiesand similarpersons whosenames,or cash was available to provide Wirecard’s boardthat it was thenames of whosenominees, appearonthe stockholder list or,ifapplicable, whoare listed as participants in aclearingagency’ssecuritypositionlisting forsubsequent refunds and chargebacks to unable to obtain sufficient evi- transmittaltobeneficial owners of Shares. customersfor thingssuch as dencetoconfirm cash bal- Thereceipt of cash andCVRsinexchangefor Shares pursuant to theOffer or theMergerwill be ataxable transactionfor U.S. federal income taxpurposes. Theamount of gain or loss aU.S.holderrecognizes,and thetiming andpotentiallycharacter of aportion of suchgainorloss,depends on theU.S.federal income taxtreatment of the canceled airline ticketsordis- ances on trust accounts. CVRs,withrespect to whichthere is asignificantamountofuncertainty.The installmentmethodofreporting anygainattributabletoreceipt of aCVR generally will notbe availablewithrespect to thedisposition of Shares pursuant to theOffer or theMergerbecause theSharesare traded on an establishedsecuritiesmarket. Stockholders should consultwiththeir taxadvisorsastothe particular taxconsequences of theOffer andthe Merger to them.For amore completedescriptionofthe principalU.S.federal income taxconsequences of theOffer andthe Merger,see theOffer to Purchase. TheOffer to Purchase, therelated Letter of Transmittaland Tetraphase’s Solicitation/RecommendationStatement on Schedule 14D-9(whichcontainsthe recommendationofthe Tetraphase boardofdirectorsand thereasonstherefor) contain importantinformation andshouldbereadcarefully andintheir entiretybefore anydecisionismadewithrespecttothe Offer. Questionsand requests forassistancemay be directed to theInformation Agentatthe address andtelephone number setforth below. Requests forcopiesofthe Offerto Purchaseand therelated Letter of Transmittal, theNoticeofGuaranteedDeliveryand othertenderoffer materials maybedirectedtothe InformationAgent or to brokers, S dealers, commercialbanks or trustcompanies. Such copieswill be furnishedpromptlyatPurchaser’s expense. Except as setforth in theOffer to Purchase, neitherPurchaser

NEW norLJPCwill payany fees or commissions to anybroker or dealer or anyother person forsolicitingtenders of Shares pursuant to theOffer. G TheInformation Agentfor theOffer Is: OOMBER BroadridgeCorporate Issuer Solutions, Inc. -REHLE/BL All emailinquiries should be directed to [email protected]

HANDREK Registered shareholderscan call(855) 793-5068 forassistance. June 29,2020 MICHAELA Former CEO Markus Braun consistently denied wrongdoing. P2JW181000-0-B00600-17FEFF7178F

B6 | Monday, June 29, 2020 THE WALL STREET JOURNAL. SMALL BUSINESS Companies Raced to Spend PPP Loans

Recent changes in area, brought back more than 50 workers in mid-April after government rescue she received four PPP loans program came too late totaling roughly $500,000. “I am aprettyserious rule fol- for scores of concerns lower,” said Ms.Edwards.“I wasaiming forfull forgiveness BY RUTH SIMON during the eight-week period.” AND PETER RUDEGEAIR Some Orangetheoryem- ployees taught online classes, Restaurantsand retailers but most were tasked with have applauded recent calling and texting customers. changes in the government’s “They were working,but they $670 billion small business were not really working,” said rescue program that makeit Ms.Edwards,who felt it was easier for companies battling her responsibility,asaPPP re- the Covid-19 pandemic to cipient, to keep her staff off qualifyfor loan forgiveness. the unemployment rolls. Butthe increased flexibility Christina Vagnozzi, the hascome latefor scores of owner of Style MastersSalon, small businesses that followed brought back 19 furloughed the Paycheck Protection Pro- employees afterreceiving an gram’soriginal rules—and $84,000 PPP loan on April 28. quickly used up most or all of Afterhaving spent about two- their money. thirds of her loan, Ms.Vag- RisingnumbersofCovid-19 nozzi said she furloughed her cases in Florida, Texas and staff in early June in response other Sunbelt states have dis- to the rule change. TheMal- rupted manyreopening plans. vern, Pa., salon reopens Fri-

Thegovernor of Texas paused M day. “I have nothing to show

reopening plans and ordered THA foritnow,” said Ms.Vagnozzi, some hospitals to pause elec- LA who said four staff members AN

tivesurgeries.New York is de- EV resigned aftercollecting their laying the reopening of malls Brigitte Edwards, center,owner of four Orangetheory Fitnessstudios. broughtback morethan 50 workers after she gotfour PPP loans. PPP pay. “It wasabig fat and gyms.Maine put on hold waste of money.” plans to let patrons inside bars. couraged businesses to make Changes to the PPP that loan forgiveness, according to proved PPP loans has yettobe Forsome businesses,the ECi Stores, a chain of con- spending decisions that some- were signed into law in early arecent survey from the Na- spent. But small-business push to spend has had unex- signment shops in Leominster, times weren’t in their best in- June extended the time frame tional Federation of Indepen- ownersthat wageredCongress pected payoffs.Sandeep Mass.,received aroughly terests, some ownerssay.To forusing PPP funds to 24 dent Business. would loosen the PPP rules are Thakrar,the president of $80,000 PPP loan in mid-April. qualify for forgiveness, many weeks from eight weeks and ATreasuryDepartment among those benefiting from NeemaHospitality,which By the time Congress relaxed prioritized speed over efficacy. allowbusinesses to spend 60% spokesman said the point of the new flexibility. owns adozenhotels in the the program’srules on June 3, Now, with much of the instead of 75%oftheir loan on the PPP is to protect workers’ Joseph Torres, a dentist in mid-Atlantic region, brought the 22-employeebusinesshad money spent and the economy payroll and still qualifyfor paychecks while businesses Yonkers, N.Y.,received a back 150ofhis roughly 200 spent the bulk of itsPPP loan. still hobbled, some arefinding forgiveness. Thelooser re- areshut down during the pan- $30,500 PPP loan in early May, workers, even though five ho- It wasstill days away from be- they would have been better quirementsfollowedcom- demic.The administration but initially left the money in tels were temporarily closed. ing able to open itsdoorsto off had they not followed the plaints the program wouldn’t worked quickly to implement the bank because his practice “We started deep cleaning. customers. “It doesn’t really program’soriginal require- provide much help to restau- theprogram under terms laid couldn’t open until June.His We went into every room, ev- do us much good,” said ECi fi- mentsinaneffort to make rants,retailersand other small out by Congress and then up- betpaid off.“Iheld on to it erynook and cranny,” said Mr. nance chief Neil Abramson. suretheir loans would be forbusinesses that remained date and adapt it, he added. thinking that eventually they Thakrar, who developed a to- ECi would have delayed given and instead gambled closed or were slowtoreopen, “Obviously creating abrand would come around,” said Dr. do list of roughly two dozen bringing employees back to that the rules would change. or to companies that had high new program with a national Torres,who has three employ- projects foreach hotel. “I fun- work had it known earlier that Theeffectsofthe changing costs for rent and other fixed scope in such a short amount ees.“It is agood program damentally don’t believewe Congresswould extend the forgivenessrequirementsillus- expenses. of time will have some issues, overallnow that they have should be an unemployment timeline for using PPP funds. trate how the government in- Thenew rules came two which we moved to resolve made the corrections.” center and have them sitting Instead, the companypaid for advertently picked winners months afterthe program’s quickly,” he said. “Wewere Theshiftinforgiveness at home.” afew weeks of health-insur- and losers as it hastily rolled launch. By then, 4.5million well aware the clock wastick- rules highlighted the some- Bringing back the staff ancepremiums and funded re- out the PPP and then revised PPP loans totaling $511 billion ing,and people had not ex- times competing priorities of pushed Neema to reopen some tirement plans for its staff to key partsofthe program. had been approved, according hausted their money.” aprogram designed to keep hotels earlier than it might ensurethe money would be Manysmall businesses that to the Small BusinessAdminis- Businesses have until June workersoff unemployment have otherwise, but the com- spent quickly enough to qual- waited to apply foraloan—or tration. Nearly half of busi- 30 to apply for the aid. More rolls while also supporting the pany in early June cut some ify for loan forgiveness. were shut out in the first nesses that received PPP loans than $100 billion in PPP long-term survival of the busi- workers’ hours, tying staffing ThePPP has provided alife- round of funding—werebetter before the end of Mayhaveal- money remains in the Trea- nesses that employ them. to hotel occupancy, so it could line formanysmall companies able to use the money in ways ready passed the original sury and SBA coffers. Brigitte Edwards,the owner conserveits remaining PPP struggling to stay afloat dur- that suited their needs than eight-week deadline forspend- It is difficult to knowhow of four OrangetheoryFitness fundsand take advantageof ingthe pandemic.Italso en- the early recipients. ing the money to qualifyfor much of the $517billion in ap- studios in the Nashville,Tenn., the relaxed spending rules.

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THE WALL STREET JOURNAL. Monday, June 29, 2020 | B7

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B8 | Monday, June 29, 2020 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Monday, June 29, 2020 | B9 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B10 Last Year ago Last Year ago 25015.55 t855.91, or 3.31% last week Trailing P/E ratio 21.26 18.27 3009.05 t88.69, or 2.86% last week Trailing P/E ratio * 27.21 22.84 Public Offerings of Stock High, low, open and close for each of P/E estimate * 23.38 16.29 High, low, open and close for each of P/E estimate * 24.99 17.72 the past 52 weeks Dividend yield 2.62 2.22 the past 52 weeks Dividend yield * 2.01 1.91 IPOs in the U.S. Market All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.14579812049809 30000 3400 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 65-day moving average 28000 3200 65-day moving average 7/1 2/28 Accolade Inc ACCD 8.8 19.00/ GS, MS, BofA Securities, Software-Medical Nq 21.00 Piper Sandler, Technology company Credit Suisse, W. 26000 3000 engaged with a healthcare Blair LLC, R W consumer engagement Baird & Co 200-day moving average platform. 6/30 6/2 DoubleDown Interactive Co Ltd DDI 17.00/ JPM, BofA Securities, 24000 200-day moving average 2800 0.6 Software-Gaming Nq 19.00 Macquarie Grp Platforms company engaged with casino Week's high 22000 2600 games on the Internet. DOWN UP 7/1 6/8 Lemonade Inc LMND 11.0 23.00/ GS, MS, Allen & Co LLC, Barclays, Monday's open Friday's close t Provider of property N 26.00 JMP Securities insurance. LLC Friday's close Monday's open 20000 2400 t 6/30 6/9 Dun & Bradstreet Holdings Inc DNB 65.8 19.00/ GS, BofA Securities, Software-Financial N 21.00 JPM, Barclays Week's low Technology company 18000 2200 engaged with business decisioning data and Bars measure the point change from Monday's open analytics. 16000 2000 Lockup Expirations J J A S O N D J F M A M J J J A S O N D J F M A M J Primary None expected this week NYSE weekly volume, in billions of shares t market t Composite Financial Flashback Other Stock Offerings 36 24 The Wall Street Journal, June 29, 1995 Secondaries and follow-ons expected this week in the U.S. market 12 None expected this week Fears that Microsoft would be late in delivering Windows 0 95 sent the Dow Jones industrials sliding for a time Off the Shelf J J A S O N D J F M A M J yesterday. The firm denied any delay. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index “Shelf registrations” allow a company to prepare a stock or bond for sale, without selling the whole issue at once. Corporations sell as Major U.S. Stock-Market Indexes Nasdaq Composite conditions become favorable. Here are the shelf sales, or takedowns, Latest Week 52-Week % chg t 188.90, or -1.90% over the last week: High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Takedown date/ Deal value Dow Jones Issuer/Industry Registration date ($ mil.) Bookrunner(s) Industrial Average 26314.97 24971.03 25015.55 -855.91 -3.31 18591.93 l 29551.42 -6.0 -12.3 5.3 American Airlines Group Inc June 22 $1,150.4 GS, Citi, BofA Securities, JPM, Transportation Avg 9229.54 8752.11 8805.74 -272.01 -3.00 6703.63 l 11304.97 -15.8 -19.2 -2.3 Transportation Feb. 19,320 Barclays, DB, Credit Suisse, MS, Sumitomo Mitsui Financial Group 10250 Utility Average 788.56 745.40 749.40 -21.21 -2.75 610.89 l 960.89 -7.6 -14.8 0.9 American Airlines Group Inc June 22 $1,000.0 GS, Citi, BofA Securities, JPM, Total Stock Market 32098.63 30582.88 30620.42 -913.64 -2.90 22462.76 l 34631.28 1.2 -7.3 6.6 Transportation Feb. 19,320 Barclays, DB, Credit Suisse, Industrial & Commercial Bank of China - ICBC, MS Barron's 400 671.44 642.69 643.62 -23.50 -3.52 455.11 l 746.64 -6.9 -12.1 -0.1 10050 Metalla Royalty & Streaming Ltd June 22 $18.0 PI Financial Corp, Mining April 29,320 Haywood Securities Inc, Cantor Fitzgerald & Co Nasdaq Stock Market T-Mobile US Inc June 24 $14,769.4 GS, MS, Citi, JPM, Barclays, 9850 Nasdaq Composite 10221.85 9749.07 9757.22 -188.90 -1.90 6860.67 l 10131.37 21.9 8.7 16.0 Telecommunications June 22,320 BofA Securities, DB, Mizuho Nasdaq 100 10306.90 9837.74 9849.36 -159.28 -1.59 6994.29 l 10209.82 28.4 12.8 19.5 Celsion Corp June 22 $10.0 Oppenheimer Inc 9650 Healthcare Sept. 7,318 S&P 19 22 23 24 25 26 Soleno Therapeutics Inc June 24 $50.0 Guggenheim Partners 500 Index 3154.90 3004.63 3009.05 -88.69 -2.86 2237.40 l 3386.15 2.3 -6.9 7.3 June Healthcare June 11,319 MidCap 400 1815.20 1712.15 1719.32 -65.40 -3.66 1218.55 l 2106.12 -11.6 -16.7 -0.6 DJ US TSM Palomar Holdings Inc June 23 $82.0 Barclays, JPM, Stifel, Insurance June 23,320 Evercore Inc, W. Blair LLC, Piper Sandler, Truist Financial Corp SmallCap 600 837.40 787.46 788.69 -30.07 -3.67 595.67 l 1041.03 -17.3 -22.8 -2.6 t 913.64, or -2.90% Editas Medicine Inc June 23 $187.5 MS Other Indexes last week Healthcare June 23,320 Russell 2000 1454.12 1374.40 1378.78 -39.85 -2.81 991.16 l 1705.22 -12.0 -17.4 -0.9 Yandex NV June 24 $400.0 GS NYSE Composite 12176.43 11578.81 11604.43 -375.69 -3.14 8777.38 l 14183.2 -11.1 -16.6 -0.4 Computers & Electronics June 23,320 Value Line 452.24 424.52 425.86 -19.03 -4.28 305.71 l 562.05 -20.1 -22.9 -6.6 32100 Evelo Biosciences Inc June 24 $45.0 MS, Cowen & Company LLC, Healthcare June 3,319 BMO Cptl Mkts NYSE Arca Biotech 5936.43 5677.86 5711.22 -117.58 -2.02 3855.67 l 5862.27 19.3 12.7 12.8 NantKwest Inc June 25 $80.1 Piper Sandler l NYSE Arca Pharma 653.32 628.12 631.24 -14.83 -2.30 494.36 670.32 5.5 -3.4 4.8 31500 Healthcare Aug. 23,319 KBW Bank 80.23 71.79 -6.61 -8.41 56.19 l 114.12 -36.5 71.97 -26.6 -7.9 Magenta Therapeutics Inc June 24 $60.0 GS, Cowen & Company LLC PHLX§ Gold/Silver 125.55 119.14 122.91 6.16 5.27 70.12 l 129.26 46.1 14.9 14.1 Healthcare Aug. 8,319 30900 PHLX§ Oil Service 35.44 31.33 31.99 -2.620 -7.57 21.47 l 81.76 -60.7 -59.1 -37.1 PHLX§ Semiconductor 2009.82 1914.30 1921.92 -44.87 -2.28 1286.84 l 2004.66 31.7 3.9 21.3 Public and Private Borrowing CBOE Volatility 37.12 29.26 34.73 -0.39 -1.11 11.54 l 82.69 130.3 152.0 51.9 30300 19 22 23 24 25 26 Treasurys §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data June Monday, June 29 Thursday, July 2 Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; International Stock Indexes Commoditiesand Currencies announced on June 25; settles on July 2announced on June 30; settles on July 7 Latest Week 52-Week Range YTD Last Week YTD Region/Country Index Close % chg Low Close High % chg Close Net chg % Chg % chg A Week in the Life of the DJIA World The Global Dow 2773.48 –2.31 2138.97 • 3300.22 –14.7 DJ Commodity 547.21 -13.13 -2.34 -14.81 DJ Global Index 393.95 –2.08 292.30 • 444.78 –9.2 TR/CC CRB Index 134.41 -3.56 -2.58 -27.65 Alook at how the Dow Jones Industrial Average component stocks DJ Global ex U.S. 232.28 –1.09 174.38 267.54 –11.9 • Crude oil, $ per barrel 38.49 -1.34 -3.36 -36.96 did in the past week and how much each moved the index. The DJIA lost 855.91 points, or 3.31%, on the week. A$1change in the price of Americas DJ Americas 699.33 –2.92 512.68 • 796.10 –8.1 Natural gas, $/MMBtu 1.495 -0.174 -10.43 -31.70 Brazil Sao Paulo Bovespa 93834.49 –2.83 63569.62 119527.63 –18.9 any DJIA stock =6.86-point change in the average. To date, a$1,000 • Gold, $ per troy oz. 1772.50 26.60 1.52 16.65 Canada S&P/TSX Comp 15188.98 –1.84 11228.49 • 17944.06 –11.0 investment on Dec. 31 in each current DJIA stock component would Mexico S&P/BMV IPC 37431.95 –2.53 32964.22 • 45902.68 –14.03 U.S. Dollar Index 97.50 -0.12 -0.13 1.15 have returned $26,147, or aloss of 12.84%, on the $30,000 investment, including reinvested dividends. Chile Santiago IPSA 2752.65 –0.89 2045.49 • 3722.44 –17.5 WSJ Dollar Index 91.83 -0.02 -0.02 2.53 EMEA Stoxx Europe 600 358.32 –1.95 279.66 433.90 –13.8 Euro, per dollar 0.8912 -0.0033 -0.37 -0.05 The Week’s Action • Pct Stock price Point chg $1,000 Invested(year-end '19) Stoxx Europe 50 2981.28 –2.25 2383.14 • 3539.12 –12.4 Yen, per dollar 107.22 0.33 0.31 -1.31 chg (%) change in average* Company Symbol Close $1,000 Eurozone Euro Stoxx 349.64 –1.74 261.53 • 421.34 –13.4 U.K. pound, in dollars 1.23 -0.0012 -0.10 -6.97 2.18 0.99 6.79 Cisco Systems CSCO $46.31 $981 Euro Stoxx 50 3204.17 –1.99 2385.82 • 3865.18 –14.4 1.12 3.91 26.82 Apple AAPL 353.63 1,210 Austria ATX 52-Week 0.60 1.18 8.09 Microsoft MSFT 196.33 1,252 2232.40 –3.72 1630.84 • 3250.61 –30.0 Low Close(l) High % Chg Belgium Bel-20 3304.54 –2.13 2528.77 • 4198.31 –16.5 –1.28 –1.53 –10.49 Walmart WMT 118.32 1,005 France CAC 40 4909.64 –1.40 3754.84 • 6111.24 –17.9 DJ Commodity 433.70 l 647.86 -11.66 –1.50 –4.36 –29.90 UnitedHealth Group UNH 286.88 984 Germany DAX 12089.39 –1.96 8441.71 • 13789.00 –8.8 TR/CC CRB Index 106.29 l 187.39 -25.75 –1.52 –2.93 –20.10 Visa V 189.27 1,010 Nike NKE Greece Athex Composite 641.95 –3.95 484.40 • 948.64 –30.0 Crude oil, $ per barrel -37.63 l 63.27 -34.17 –2.20 –2.11 –14.47 93.67 929 Israel Tel Aviv –2.29 –5.64 –38.68 Home Depot HD 241.01 1,118 1362.68 –4.35 1171.21 • 1751.79 –19.0 Natural gas, $/MMBtu 1.482 l 2.862 -35.23 Italy FTSE MIB 19124.36 –2.52 14894 • 25478 –18.6 –3.10 –3.69 –25.31 Procter & Gamble PG 115.23 934 Gold, $ per troy oz. 1385.60 l1772.50 25.74 Merck MRK Netherlands AEX 559.82 –1.41 404.10 • 629.23 –7.4 –3.48 –2.71 –18.59 75.19 840 –3.56 –5.63 –38.62 3M MMM 152.52 Portugal PSI 20 4359.24 –2.29 3596.08 • 5435.85 –16.4 U.S. Dollar Index 94.90 l 102.82 1.45 881 Russia RTS Index 1246.74 –0.23 832.26 1646.60 –19.5 –3.56 –2.12 –14.54 Intel INTC 57.50 971 • WSJ Dollar Index 89.47 l 97.02 2.51 South Africa FTSE/JSE All-Share 53648.05 –1.06 37963.01 • 59001.87 –6.0 –3.66 –6.82 –46.78 McDonald’s MCD 179.74 922 Euro, per dollar 0.8742 l 0.9352 1.35 Spain IBEX 35 7178.40 –3.18 6107.2 • 10083.6 –24.8 –3.98 –5.07 –34.77 Caterpillar CAT 122.39 842 –4.13 –1.38 –9.47 Pfizer PFE 32.04 Sweden OMX Stockholm 644.67 –0.92 478.95 • 732.67 –5.3 Yen, per dollar 102.37 l 112.11 -0.63 835 Switzerland Swiss Market 10041.91 –2.19 8160.79 • 11263.01 –5.4 U.K. pound, in dollars 1.15 l 1.33 -2.83 –4.19 –6.02 –41.29 Johnson & Johnson JNJ 137.81 958 U.K. FTSE 100 6159.30 –2.12 4993.89 • 7686.61 –18.3 –4.31 –5.28 –36.21 IBM IBM 117.19 895 –4.44 –1.85 –12.69 Dow DOW 39.80 753 Asia-Pacific Real-time U.S. stock –4.59 –5.25 –36.01 Walt Disney DIS 109.10 754 Australia S&P/ASX 200 5904.10 –0.65 4546.0 7162.5 –11.7 quotes are available on • –4.60 –4.17 –28.60 Chevron CVX 86.46 736 China Shanghai Composite 2979.55 0.40 2660.17 • 3115.57 –2.3 WSJ WSJ.com. Track most- –4.77 –5.56 –38.13 Travelers TRV 111.00 822 Hong Kong Hang Seng 24549.99 –0.38 21696.13 29056.42 –12.9 .COM active stocks, new • –5.13 –2.36 –16.19 Exxon Mobil XOM 43.62 647 India S&P BSE Sensex 35171.27 1.27 25981.24 41952.63 –14.7 highs/lows, mutual • –5.32 –2.45 –16.80 Coca-Cola KO 43.57 801 Japan Nikkei Stock Avg 22512.08 16552.83 24083.51 –4.8 funds and ETFs. 0.15 • –5.34 –5.22 –35.80 JPMorgan Chase JPM 92.59 676 Malaysia FTSE Bursa Malaysia KLCI 1488.14 –1.27 1219.72 • 1691.00 –6.3 Plus, get deeper money-flows data and –5.34 –3.00 –20.58 Verizon VZ 53.16 884 Singapore Straits Times 2604.51 –1.15 2233.48 3381.26 –19.2 • email delivery of key stock-market –6.17 –12.44 –85.32 Goldman Sachs GS 189.19 833 South Korea Kospi 2134.65 –0.31 1457.64 2267.25 –2.9 • data. –6.71 –2.96 –20.30 Walgreens WBA 41.17 713 Taiwan TAIEX 11660.67 0.96 8681.34 12179.81 –2.8 • All are available free at –7.45 –7.52 –51.58 American Express AXP 93.42 757 Source: FactSet; Dow Jones Market Data WSJMarkets.com –8.92 –5.79 –39.71 Raytheon Technologies RTX 59.10 678 –9.10 –17.01 –116.67 Boeing BA 170.01 525

*Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 0.74% U.S.-dollar foreign-exchange rates in late New York trading First Internet Bank of Indiana 1.41% US$ vs, US$ vs, 4.00% 8% Fri YTD chg Fri YTD chg Federal-funds 2.00% Indianapolis, IN 888-873-3424 s Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) target rate WSJ Dollar index Home Savings Bank 1.35% s Americas Vietnam dong .00004308 23211 0.2

t 1.50 One year ago 3.00 4 Yen t Salt Lake City, UT 801-487-0811 t Argentina peso .0143 70.1338 17.1 Europe Five-year CD yields 1.00 Connexus Credit Union 1.56% 2.00 0 Brazil real .1823 5.4847 36.5 Czech Rep. koruna .04192 23.854 5.2 Canada dollar .7305 1.3690 Denmark krone .1505 6.6440 Wausau, WI 800-845-5025 5.4 –0.3 Chile peso .001217 821.50 11.1 Euro area euro 1.1221 .8912 –0.1 0.50 Tradeweb ICE Friday Close 1.00 –4 Ally Bank 1.15% t s Colombiapeso .000268 3729.26 13.6 Hungary forint .003157 316.76 7.3 Sandy, UT 877-247-2559 Euro Ecuador US dollar 11unch Iceland krona .007221 138.48 14.3 0.00 0.00 –8 Mexico peso .0434 23.0572 21.8 Norway krone .1029 9.7220 10.7 Synchrony Bank 1.20% J A S O N D J F M A MJ 1 3 6 1 2 3 5 710 30 Uruguay peso .02376 42.0850 13.3 Poland zloty .2510 3.9836 5.0 Draper, UT 2019 2020 2019 2020 800-677-0718 month(s) years Asia-Pacific Russia ruble .01433 69.780 12.4 Sweden krona .1071 9.3355 –0.3 maturity Australian dollar .6865 1.4567 2.2 Yield/Rate (%) 52-Week Range (%) 3-yr chg Switzerland franc 1.0547 .9481 –2.0 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1413 7.0784 1.7 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Turkey lira .1459 6.8548 15.2 Hong Kong dollar .1290 7.7506 –0.5 Ukraine hryvnia .0374 26.7500 13.0 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.50 -1.00 India rupee .01322 75.620 6.0 Corporate Borrowing Rates and Yields UK pound 1.2336 .8106 7.5 Prime rate* 3.25 3.25 3.25 l 5.50 -1.00 Indonesia rupiah .0000703 14220 2.4 Spread +/- Treasurys, Japan yen .009327 107.22 –1.3 Middle East/Africa Libor, 3-month 0.31 0.31 0.28 l 2.34 -0.99 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002486 402.32 5.4 Bahrain dinar 2.6483 .3776 0.1 Money market, annual yield 0.28 0.29 0.28 l 0.78 -0.05 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1252 7.9880 –0.4 Egypt pound .0619 16.1615 0.7 Malaysia ringgit .2330 4.2915 4.9 Israel shekel .2915 3.4307 –0.7 Five-year CD, annual yield 0.74 0.71 0.71 l 1.97 -0.64 U.S.Treasury,Barclays 0.500 0.54010.93 5.36 New Zealand dollar .6424 1.5567 4.8 Kuwait dinar 3.2486 .3078 1.6 30-year mortgage, fixed† 3.36 3.40 3.32 l 4.22 -0.55 U.S. Treasury Long,Barclays 1.280 1.37027.19 11.39 Pakistan rupee .00597 167.600 8.1 Oman sul rial 2.5973 .3850 ... 15-year mortgage, fixed† 2.87 2.86 2.81 l 3.57 -0.27 Aggregate,Barclays 1.280 1.300n.a. 39 127 9.09 5.09 Philippines peso .0200 49.979 –1.4 Qatar rial .2736 3.654 0.3 Singapore dollar .7177 1.3934 3.5 Saudi Arabia riyal .2665 3.7518 0.01 Jumbo mortgages, $510,400-plus† 3.39 3.45 3.35 l 4.71 -1.02 Fixed-Rate MBS,Barclays 1.440 1.460n.a. 28 132 5.83 3.79 South Korea won .0008306 1203.89 4.2 South Africa rand .0578 17.2933 23.5 High Yield 100,ICE BofA 5.687 5.333 529 271 1018-2.160 2.300 Five-year adj mortgage (ARM)† 3.12 3.17 3.11 l 4.78 -0.20 Sri Lanka rupee .0053729 186.12 2.6 Muni Master,ICE BofA 1.210 1.227 30 -12 41 4.798 3.922 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.44 4.19 4.17 l 4.72 1.37 Taiwan dollar .03386 29.537 –1.3 EMBIGlobal,J.P. Morgan Thailand baht .03235 30.910 3.9 WSJ Dollar Index 91.83 0.21 0.23 2.53 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest n.a. 5.128 n.a. n.a. n.a. n.a. n.a. banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW181000-0-B01000-1------XA

B10 | Monday, June 29, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not Franklin Ltd Dur Income FTF 9.12 8.55 -6.3 12.0 BR MH NY Qly MHN 14.81 13.26 -10.5 4.0 buy their shares back from investors who wish to cash EtnVncEqtyInc EOI NA 13.96 NA 0.4 GDL Fund GDL 10.44 8.22 -21.3 -6.7 J Han Investors JHI 16.38 14.86 -9.3 8.3 BR MuniYld CA MYC 15.73 13.95 -11.3 3.8 CalamosGlbTotRet CGO 10.92 11.25 +3.0 0.9 in their holdings. Instead, fund shares trade on a stock exchange. NA signifies that the information is not EtnVncEqtyIncoII EOS NA 17.33 NA 9.7 Highland Global Alloc HGLB 9.86 6.25 -36.6 -35.7 KKR Income Opportunities KIO 13.78 12.22 -11.3 12.9 BR MuniYld CA Qly MCA 15.63 13.96 -10.7 4.1 VirtusTotalRetFd ZTR 8.46 8.03 -5.1 -10.2 available or not applicable. NS signifies funds not in EVRskMnDvsEqInc ETJ NA 9.47 NA 11.4 India Fund IFN 17.77 15.32 -13.8 -18.0 MFS Charter MCR 8.61 8.08 -6.2 8.5 BR MuniYld MI Qly MIY 15.54 13.46 -13.4 4.4 Prem12 Mo existence for the entire period. 12 month yield is computed by dividing income dividends paid (during ETnVncTxMgdBuyWrtInc ETB NA 13.81 NA -3.0 Japan Smaller Cap JOF NA 7.85 NA 0.1 Nuveen Taxable Muni Inc NBB 21.89 21.30 -2.7 5.5 BR MuniYld NJ MYJ 15.44 13.51 -12.5 5.3 Fund (SYM) NAV Close /Disc Yld the previous 12 months for periods ending at month- EtnVncTxMgdBuyWrtOpp ETV NA 13.92 NA 2.4 MS ChinaShrFd CAF 23.55 19.33 -17.9 -7.7 PIMCO Corp & Inc Oppty PTY 12.04 15.15 +25.8 10.6 BR MuniYld NY Qly MYN 14.22 12.62 -11.3 4.0 Loan Participation Funds end or during the previous 52 weeks for periods EvTxMnDvsEqInc ETY MS India IIF 18.50 16.07 -13.1 -23.2 ending at any time other than month-end) by the NA 10.51 NA -3.9 PIMCO Corp & Inc Strat PCN NA 15.79 NA 8.8 EVCAMuniBd EVM 12.60 11.26 -10.6 4.0 1WS Credit Income NA NA NA 6.8 latest month-end market price adjusted for capital EtnVncTxMgdGlbB ETW NA 8.43 NA -5.1 New Germany GF 17.63 14.94 -15.3 9.2 PIMCOHilnco PHK 4.89 5.23 +7.0 13.6 Eaton Vance NY Muni Bd ENX 13.26 11.58 -12.7 4.0 AlphCntrc Prime Merid In 9.88 NA NA NS gains distributions. Depending on the fund category, EVTxMnGblDvEqInc EXG NA 7.11 NA -5.5 Templeton Dragon TDF 23.99 20.26 -15.5 17.9 Angel Oak Str Crdt:Inst either 12-month yield or total return is listed. PIMCO IncmStrFd PFL NA 9.60 NA 11.2 InvCaValMuIncTr VCV 13.33 11.66 -12.5 4.5 21.07 NA NA 8.2 Source: Lipper First Trust Energy Inc G FEN 12.51 10.38 -17.0 -44.0 Templeton Em Mkt EMF 15.52 13.72 -11.6 -2.1 PIMCO IncmStrFd II PFN NA 8.71 NA 11.1 InvPAValMuIncTr VPV 13.71 11.85 -13.6 5.0 Axonic Alternative Inc NA NA NA 5.4 Friday, June 26, 2020 First Tr Enhanced Eq FFA 14.94 14.01 -6.2 -4.9 Wells Fargo Gl Div Oppty EOD NA 4.16 NA -14.1 Putnam Mas Int PIM 4.34 4.14 -4.6 8.2 InvTrInvGrNYMu VTN 13.95 12.14 -13.0 4.7 Blackstone/GSO FR EI D 21.96 NA NA 6.9 52 wk FirstTrEnergyInfra FIF 11.43 9.82 -14.1 -32.7 Prem12 Mo Putnam Prem Inc PPT 4.80 4.74 -1.3 8.7 Nuveen CA AMT-F Qual MI NKX 16.44 14.85 -9.7 4.1 Blackstone/GSO FR EI I 21.93 NA NA 7.2 Prem Ttl FirstTrMLPEner&Inc FEI 6.62 5.42 -18.1 -48.6 Fund (SYM) NAV Close /Disc Yld Wells Fargo Multi-Sector ERC 11.88 10.90 -8.2 11.3 Nuveen CA Val NCA 10.71 10.21 -4.7 3.3 Blackstone/GSO FR EI T 21.89 NA NA 6.6 Fund (SYM) NAV Close /Disc Ret Gabelli Healthcare GRX 11.48 10.02 -12.7 0.6 U.S. Mortgage Bond Funds World Income Funds NuveenCAQtyMuInc NAC 15.91 14.30 -10.1 4.4 Blackstone/GSO FR EI T-I 22.36 NA NA 6.6 Blackstone/GSO FR EI U 22.85 NA NA NS General Equity Funds Gab Utility GUT 3.77 7.24 +92.0 18.2 BlckRk Income BKT 6.32 6.22 -1.6 6.7 Abrdn AP IncFd FAX 4.56 3.71 -18.6 6.9 Nuveen MD Qual Muni Inc NMY 14.70 12.85 -12.6 4.2 Blstn Commnty Dev 10.01 NA NA 3.5 Adams Diversified Equity ADX 16.95 14.53 -14.3 2.6 GAMCOGlGold&NatRes GGN 3.86 3.36 -13.0 -14.0 Invesco HI 2023 Tgt Term IHIT 7.64 7.85 +2.7 8.1 BrndywnGLB Glb Inc Oppts BWG NA 11.41 NA 6.7 Nuveen MI Qual Muni Inc NUM 15.95 13.56 -15.0 3.8 BNYM Alcntr Glb MS Cr Fd 90.04 NA NA NS Boulder Growth & Income BIF 11.21 9.27 -17.3 -14.3 J Han Finl Opptys BTO 19.74 21.43 +8.6 -27.8 Investment Grade Bond Funds EtnVncStDivInc EVG NA 11.30 NA 8.0 NuvNJ Qual Muni Inc NXJ 15.95 13.18 -17.4 4.7 CLIFFWATER CL FD;I 10.20 NA NA NS Central Secs CET 34.48 28.39 -17.7 -2.4 Neuberger Brmn MLP & EI NML 3.60 2.87 -20.3 -57.8 MS EmMktDomDebt EDD 6.89 5.68 -17.6 9.5 Nuveen NY AMT/Fr Qual MI NRK 14.65 12.81 -12.6 4.2 BlRck Core Bond BHK 15.91 15.55 -2.3 5.2 CNR Strategic Credit 8.96 NA NA 9.5 CohenStrsCEOppFd FOF 10.87 10.52 -3.2 -10.2 NubrgrRlEstSec NRO 3.86 3.54 -8.3 -23.6 PIMCO Dyn Crd & Mrt Inc PCI Nuveen NY Qual Muni Inc NAN 15.16 13.36 -11.9 4.3 BR Credit Alloc Inc BTZ 14.58 13.31 -8.7 6.9 NA 18.24 NA 13.7 FedProj&TrFinanceTendr 9.90 NA NA 3.8 EVTxAdvDivIncm EVT NA 18.76 NA -14.4 Nuv Dow 30 Dyn Overwrite DIAX 14.50 13.27 -8.5 -18.6 Nuveen OH Qual Muni Inc NUO InvescoBond VBF 20.79 19.96 -4.0 3.9 PIMCO Dynamic Income PDI NA 24.35 NA 12.6 17.48 14.98 -14.3 3.4 FS Global Crdt Opptys D NA NA NA 8.0 GabelliDiv&IncTr GDV 19.61 17.22 -12.2 -14.8 Nuveen Nasdaq 100 Dyn Ov QQQX 23.02 22.72 -1.3 9.1 J Han Income JHS 15.62 14.41 -7.7 4.6 PIMCO Income Opportunity PKO NA 22.57 NA 10.2 Nuveen PA Qual Muni Inc NQP 15.75 13.48 -14.4 4.4 Garrison Capital Inc GARS NA 3.24 NA NA Gabelli Equity Tr GAB 4.42 4.91 +11.1 -10.0 Nuv Real Est JRS 8.43 7.29 -13.5 -24.3 MFS Intmdt MIN 4.03 3.73 -7.4 9.0 PIMCO Stratg Inc RCS 5.91 6.13 +3.7 10.7 Nuveen VA Qlty Mun Inc NPV 14.81 14.15 -4.5 3.9 Schrdrs Opp Inc;A 24.20 NA NA NS GeneralAmer GAM 37.65 31.09 -17.4 -6.4 Nuveen Rl Asst Inc & Gro JRI 13.57 11.60 -14.5 -25.3 Western Asset Inf-Lk Inc WIA NA 11.86 NA 3.6 Templeton Em Inc TEI 9.03 7.68 -15.0 9.1 PIMCO CA PCQ 13.78 16.26 +18.0 5.3 Schrdrs Opp Inc;A2 NA NA NA NS JHancockTaxAdvDiv HTD 19.91 18.29 -8.1 -22.8 NuvS&P500DynOvFd SPXX NA 12.45 NA -15.0 Western Asset Inf-Lk O&I WIW NA 10.89 NA 4.0 Templtn Glbl Inc GIM 6.25 5.26 -15.8 6.2 PIMCOCAMuniII PCK 8.72 8.84 +1.4 4.7 Schrdrs Opp Inc;I 24.24 NA NA NS Librty AllStr Eq USA 6.01 5.56 -7.5 -3.9 NuvSP500BuyIncFd BXMX 12.03 10.75 -10.6 -12.6 Loan Participation Funds WstAstEmergDebt EMD NA 12.09 NA 9.9 Pimco CA Muni III PZC 9.92 10.20 +2.8 4.8 Schrdrs Opp Inc;SDR 24.26 NA NA NS Royce Micro-Cap Tr RMT 8.22 6.93 -15.7 -8.3 ReavesUtilityIncome UTG 28.67 29.74 +3.7 -11.7 Apollo Senior Floating AFT NA 12.30 NA 9.3 Western Asset Gl Cr D Op GDO NA 16.22 NA 7.5 52 wk Invesco Sr Loan A 5.82 NA NA 5.4 Royce Value Trust RVT 13.69 11.99 -12.4 -6.5 Tortoise Enrgy Infra Crp TYG 21.80 15.75 -27.8 -80.8 BR Debt Strategy DSU 10.93 9.37 -14.3 8.7 National Muni Bond Funds Prem Ttl Invesco Sr Loan C 5.84 NA NA 4.5 Fund (SYM) NAV Close /Disc Ret Source Capital SOR 39.66 32.54 -18.0 -8.5 Tortoise Midstream Enrgy NTG 22.55 17.30 -23.3 -85.8 BR F/R Inc Str FRA 13.08 11.02 -15.7 8.1 AllBerNatlMunInc AFB 14.88 13.34 -10.3 4.1 Invesco Sr Loan IB 5.82 NA NA 5.7 Tri-Continental TY 27.70 24.17 -12.7 -2.9 Income & Preferred Stock Funds BlackRock Floatng Rt Inc BGT 12.70 10.86 -14.5 7.9 BlckRk Inv Q Mun BKN 16.06 15.75 -1.9 4.5 General Equity Funds Invesco Sr Loan IC 5.82 NA NA 5.5 Specialized Equity Funds CalamosStratTot CSQ 12.31 12.13 -1.5 3.5 Blackstone / GSO Strat BGB 13.11 11.32 -13.7 11.7 BlackRock Muni 2030 Tgt BTT 25.64 23.69 -7.6 3.1 FNEX Ventures 10.00 NA NA N Invesco Sr Loan Y 5.83 NA NA 5.7 Pioneer Sec Inc Aberdeen Glb Prem Prop AWP 5.38 4.58 -14.9 -20.0 CohenStrsLtdDurPref&Inc LDP NA 21.97 NA -4.6 Blackstone/GSO Sr Flt Rt BSL 14.51 12.81 -11.7 10.1 BlackRock Muni BFK 14.03 13.37 -4.7 4.9 Specialized Equity Funds 8.53 NA NA NS Bluerock Total Inc+ RE:A High Yield Bond Funds Adams Natural Resources PEO 12.53 10.95 -12.6 -28.6 CohenStrsSelPref&Income PSF NA 24.25 NA -6.6 Eagle Point Credit ECC NA 6.65 NA 29.4 BlackRock Muni II BLE 14.52 14.76 +1.7 4.9 29.52 NA NA 3.7 Bluerock Total Inc+ RE:C 28.19 NA NA 2.9 Griffin Inst Access Cd:A NA NA NA 7.3 AllianzGI AI & Tech Opps AIO 21.68 19.25 -11.2 NS FirstTrIntDurPref&Inc FPF 21.46 20.74 -3.4 -1.9 EtnVncFltRteInc EFT 13.31 11.29 -15.2 8.9 BlckRk Muni Inc Qly BYM 15.25 13.77 -9.7 4.2 Bluerock Total Inc+ RE:I 30.04 NA NA 3.9 Griffin Inst Access Cd:C NA NA NA 7.3 GI DivInt&PremStr NFJ 12.62 10.95 -13.2 -4.4 JHanPrefInc HPI 17.47 19.22 +10.0 -10.5 EV SenFlRtTr EFR 13.09 11.17 -14.7 8.8 BR MuniAssets Fd MUA 13.74 13.72 -0.1 4.6 ASA Gold & Prec Met Ltd ASA 20.26 16.77 -17.2 46.8 JHPrefIncII HPF 17.21 17.51 +1.7 -17.8 BR MuniEnhanced MEN 11.96 10.91 -8.8 4.4 Bluerock Total Inc+ RE:L 29.29 NA NA 3.4 Griffin Inst Access Cd:F NA NA NA 7.3 EVSnrIncm EVF 6.23 5.31 -14.8 7.9 Griffin Inst Access Cd:I NA NA NA 7.2 BR Enh C&I CII 16.01 14.16 -11.6 -4.2 HnckJPfdInco III HPS 15.37 15.54 +1.1 -13.1 BR MuniHoldings Qly MFL 14.46 13.01 -10.0 4.3 CC Real Estate Income;A 7.15 NA NA -5.3 FT/Sr Fltg Rte Inc 2 FCT 12.37 10.77 -12.9 8.4 Griffin Inst Access Cd:L NA NA NA 7.3 BlackRock Energy & Res BGR 8.10 6.91 -14.7 -36.7 J Han Prm PDT 12.01 12.73 +6.0 -18.4 BR MH Qly 2 MUE 13.73 12.42 -9.5 4.3 CC Real Estate Income;Ad 6.58 NA NA -16.9 FT/Sr Fltg Rte 2022 TgTr FIV 8.87 8.24 -7.1 3.9 PIMCO Flexible Cr I;A-2 8.19 NA NA NS BlackRock Eq Enh Div BDJ 8.12 7.10 -12.6 -12.4 LMP CapInco SCD NA 9.74 NA -18.7 BR MuniHoldngs MHD 16.49 14.88 -9.8 5.0 CC Real Estate Income;C 6.70 NA NA -16.2 Highland Income HFRO 12.57 8.08 -35.7 11.1 CC Real Estate Income;I 7.15 NA NA -9.1 PIMCO Flexible Cr I;A-4 8.19 NA NA 11.5 BlackRock Enh Glbl Div BOE 10.64 9.20 -13.5 -7.5 Nuveen Pref & Inc Opp JPC 8.42 8.07 -4.2 -12.1 BR MuniVest Fd MVF 9.37 8.37 -10.7 5.0 InvDYCrOpp VTA 10.63 8.74 -17.8 9.8 CC Real Estate Income;T 6.91 NA NA -10.4 PIMCO Flexible Cr I;Inst 8.19 NA NA 12.4 BlackRock Enh Intl Div BGY 5.89 5.12 -13.1 -1.6 Nuveen Fd JPS 8.70 8.23 -5.4 -6.9 BR MuniVest 2 MVT 14.83 13.40 -9.6 5.0 InvSnrIncTr VVR 4.11 3.43 -16.5 8.2 CIM RA&C A 25.04 NA NA NS PionrILSBridge NA NA NA 0.0 BlackRock Hlth Sci Tr II BMEZ 23.40 20.81 -11.1 NS Nuveen Pref & Inc Term JPI 21.48 21.96 +2.2 -0.5 BR MuniYield Fd MYD 14.51 13.51 -6.9 5.1 Nuveen Credit Strat Inc JQC 6.82 5.83 -14.5 19.7 CIM RA&C C 25.01 NA NA NS WA Middle Mkt Dbt NA NA NA 9.5 BlackRock Hlth Sciences BME 40.62 40.50 -0.3 10.7 TCW Strat Income TSI NA 5.53 NA 1.6 BR MuniYield Qlty MQY 15.96 14.92 -6.5 4.3 NuvFloatRateIncFd JFR 9.23 7.84 -15.1 9.3 CIM RA&C I 25.05 NA NA NS WA Middle Mkt Inc NA NA NA 10.8 BlackRock Res & Comm BCX 7.25 5.94 -18.1 -20.6 Convertible Sec's. Funds BR MuniYld Qlty2 MQT 14.02 12.73 -9.2 4.2 NuvFloatRteIncOppty JRO 9.16 7.76 -15.3 9.2 CIM RA&C L 25.03 NA NA NS Other Domestic Taxable Bond Funds BlackRock Sci&Tech Tr II BSTZ BR MuniYld Qly 3 MYI 14.51 12.93 -10.9 4.1 25.71 22.42 -12.8 14.0 AdvntCnvrtbl&IncFd AVK 14.65 12.79 -12.7 -5.9 Nuveen Senior Income NSL 5.44 4.65 -14.5 9.5 Clarion Partners REI D NA NA NA NS Am Beacon Apollo TR:T 9.75 NA NA NS BNY Mellon Muni Bd Infra DMB BlackRock Sci&Tech Trust BST 38.19 37.57 -1.6 29.8 GI Conv & Inc NCV 4.66 4.29 -7.9 -14.6 PionrFltRate Tr PHD 10.48 9.44 -9.9 7.6 13.91 13.04 -6.3 4.9 Clarion Partners REI I NA NA NA NS Am Beacon Apollo TR:Y 9.77 NA NA 3.4 BlackRock Utl Inf & Pwr BUI 19.82 20.76 +4.7 0.7 AGI Conv & Inc II NCZ 4.18 3.81 -8.9 -15.5 High Yield Bond Funds BNY Mellon Str Muni Bond DSM 7.95 7.18 -9.7 5.4 Clarion Partners REI S NA NA NA NS Am Beacon SP Enh Inc:T 8.97 NA NA NS CBRE ClrnGlbRlEst IGR 6.95 5.87 -15.5 -14.4 AGI Dvs Inc & Conv ACV 24.75 22.63 -8.6 5.7 AllianceBernGlHiIncm AWF 11.76 10.13 -13.9 7.6 BNY Mellon Strat Muni LEO 8.22 7.67 -6.7 5.5 Clarion Partners REI T NA NA NA NS Am Beacon SP Enh Inc:Y 9.00 NA NA 5.4 DWS Muni Inc KTF BR Credit Strat;A 9.72 NA NA NS CLEARBRIDGE ENGY MDS OPP EMO NA 2.30 NA -72.1 AGI Eqty & Conv Inc NIE 24.59 21.92 -10.9 8.5 Angel Oak FS Inc Trm FINS NA 16.82 NA 7.5 12.35 10.75 -13.0 4.5 Griffin Inst Access RE:A 24.82 NA NA -3.9 EVMuniBd EIM BR Credit Strat;Inst 9.72 NA NA 5.2 CLEARBRIDGE MLP&MDSTM TR CTR NA 2.63 NA -68.7 CalamosConvHi CHY 11.97 11.09 -7.4 10.6 Barings Glb SD HY Bd BGH 14.15 12.32 -12.9 14.1 13.99 12.68 -9.4 4.2 Griffin Inst Access RE:C 23.95 NA NA -4.6 ClearBridge MLP & Midstm CEM NA 3.08 NA -71.2 CalmosConvOp CHI 11.35 10.38 -8.5 8.7 EVMuniIncm EVN 13.73 12.45 -9.3 4.5 Griffin Inst Access RE:I 25.13 NA NA -3.7 BlackRock Mlt-Sctr Oppty 80.32 NA NA 9.5 BR Corporate HY HYT 10.84 10.11 -6.7 9.0 BlackRock Mlt-Sec Opp II Cntr Cst Brkfld MLP&EI CEN 1.19 0.97 -18.5 -84.1 World Equity Funds EVNatMuniOpp EOT 20.90 19.51 -6.7 4.5 GS Real Est Div Inc:A 9.64 NA NA -5.0 83.53 NA NA 7.9 BlackRock Ltd Dur Inc BLW 15.75 13.75 -12.7 7.8 Carlyle Tact Pvt Cred:A ChnStrInfr UTF 22.05 22.00 -0.2 -8.3 Aberdeen Emg Mkts Eq Inc AEF 7.06 6.05 -14.3 -14.6 InvAdvMuIncTrII VKI 11.74 10.47 -10.8 5.1 GS Real Est Div Inc:C 9.62 NA NA -5.6 NA NA NA 8.8 Brookfield Real Asst Inc RA 18.73 16.43 -12.3 14.4 Carlyle Tact Pvt Cred:I NA NA NA 9.6 COHEN & STEERS MLP INC&E MIE 2.55 2.15 -15.7 -74.2 Aberdeen Tot Dyn Div AOD 8.68 7.53 -13.2 -1.4 Invesco MuniOp OIA 7.28 7.15 -1.8 5.4 GS Real Est Div Inc:I 10.04 NA NA -5.0 CrSuisHighYld DHY 2.27 1.98 -13.0 10.8 Carlyle Tact Pvt Cred:L NA NA NA 9.2 Cohen&SteersQualInc RQI 11.49 10.35 -9.9 -18.0 Calamos GloDynInc CHW 7.43 7.09 -4.6 -1.9 InvescoMuOppTr VMO 13.15 11.79 -10.3 5.0 GS Real Est Div Inc:L 9.63 NA NA -5.3 DoubleLine Inc Sol DSL NA 15.19 NA 12.8 Carlyle Tact Pvt Cred:M NA NA NA NS Cohen&Steers TotRet RFI 11.92 11.95 +0.3 -8.7 Cdn Genl Inv CGI 36.62 24.96 -31.8 2.0 InvescoMuTr VKQ 13.13 11.80 -10.1 5.1 GS Real Est Div Inc:W 9.78 NA NA -5.1 DoubleLine Yld Opps DLY 18.48 NA NA NS Carlyle Tact Pvt Cred:N NA NA NA 9.6 CohenStrsREITPrefInc RNP 20.80 18.65 -10.3 -7.4 China CHN InvescoQual Inc IQI 13.35 11.95 -10.5 4.9 NexPointRlEstStrat;A 15.35 NA NA -20.6 26.39 22.15 -16.1 16.6 First Tr Hi Inc Lng/Shrt FSD 15.23 13.24 -13.1 9.4 Carlyle Tact Pvt Cred:Y NA NA NA 9.3 InvTrInvGrMu VGM 13.56 12.09 -10.8 5.0 NexPointRlEstStrat;C 15.50 NA NA -20.9 Columbia Sel Prm Tech Gr STK 20.22 22.16 +9.6 18.0 EV TxAdvGlbDivInc ETG NA 13.96 NA -5.6 IVY HIGH INCOME OPP IVH 12.93 11.32 -12.5 10.9 CION Ares Dvsfd Crdt;A NA NA NA 6.1 InvescoValMunInc IIM 16.18 14.36 -11.2 4.8 NexPointRlEstStrat;Z 15.50 NA NA -20.1 DNP Select Income DNP 8.35 10.98 +31.5 -0.1 EtnVncTxAdvOpp ETO NA 20.29 NA -8.0 NeubHgYldStrt NHS 11.15 10.30 -7.6 10.1 CION Ares Dvsfd Crdt;C NA NA NA 6.1 MAINSTAY:MK DEFTR MUN OP MMD NA 20.11 NA 4.8 Principal Dvs Sel RA A 21.45 NA NA -12.8 Duff&Ph Uti&Infra Inc Fd DPG 11.50 10.39 -9.7 -24.2 Gabelli Multimedia GGT 5.92 6.55 +10.6 -6.4 NexPointStratOppty NHF 17.54 10.58 -39.7 21.1 CION Ares Dvsfd Crdt;I NA NA NA 6.0 NeubrgrBrm NBH 14.72 14.03 -4.7 5.3 Principal Dvs Sel RA Ins 21.48 NA NA -12.6 Nuveen Crdt Opps 2022 TT JCO 7.87 8.47 +7.6 7.0 CION Ares Dvsfd Crdt;L NA NA NA 6.1 Nuveen AMT-Fr Mu Val NUW 16.64 15.22 -8.5 3.5 Principal Dvs Sel RA Y 21.52 NA NA -12.4 Nuveen Global High Inc JGH 15.22 12.93 -15.0 9.3 CION Ares Dvsfd Crdt;U NA NA NA NS IPO Scorecard Nuveen AMT-Fr Qlty Mun I NEA 15.39 13.85 -10.0 4.6 SharesPost 100;A 31.10 NA NA 5.8 Nuveen HI Nov 2021 Tgt JHB 9.29 8.89 -4.3 5.3 CION Ares Dvsfd Crdt:U2 NA NA NA NS Nuveen AMT-Fr Mu CI NVG 16.66 15.07 -9.5 5.2 SharesPost 100:I 31.30 NA NA 6.1 Performance of IPOs, most-recent listed first PGIM Global High Yield GHY NA 12.64 NA 9.8 CION Ares Dvsfd Crdt;W NA NA NA 6.0 Nuveen Enh Muni Val NEV 15.08 14.49 -3.9 4.9 SharesPost 100:L 30.92 NA NA 5.5 CNR Select Strategies 10.89 NA NA 0.0 % Chg From % Chg From PGIM High Yield Bond ISD NA 13.20 NA 9.3 Nuveen Int Dur Mun Term NID 13.94 13.17 -5.5 3.8 USQ Core Real Estate:I 24.99 NA NA 1.0 GL Beyond Income 0.94 NA NA NE Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day PioneerHilncmTr PHT 8.41 7.37 -12.4 10.1 Nuveen Mu Crdt Opps NMCO 12.83 11.81 -8.0 NS USQ Core Real Estate:IS 25.00 NA NA 1.1 KKR CREDIT OPPTY;I 25.21 NA NA NS IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Wells Fargo Income Oppty EAD 8.12 7.04 -13.3 9.96 Nuv Muni Credit Income NZF 15.96 14.77 -7.5 5.4 Versus Cap MMgr RE Inc:I 26.63 NA NA NE KKR CREDIT OPPTY;T NA NA NA NS Akouos 22.00 29.4 ... Kensington Capital Acquisition 10.05 0.5 ... WstAstHIF II HIX NA 6.18 NA 9.8 NuvMuniHiIncOpp NMZ 13.21 13.29 +0.6 5.6 Versus Capital Real Asst 24.38 NA NA -0.8 Lord Abbett Cred Opps Fd 8.99 NA NA NS AKUS June 26/$17.00 KCAC.UT June 26/$10.00 Western Asset Hi Inc Opp HIO NA 4.60 NA 7.9 Wildermuth Endwmnt:A Nuveen Muni Val NUV 10.46 10.09 -3.5 3.7 13.32 NA NA 0.1 Lord Abbett Cred Opps Fd 8.99 NA NA 8.6 Albertsons Companies Polypid Western Asset Hi Yld D O HYI NA 13.80 NA 7.8 Wildermuth Endwmnt:C 12.89 NA NA -0.5 15.45 –3.4 ... 19.00 18.8 ... Nuveen Quality Muni Inc NAD 15.67 13.95 -11.0 4.6 Lord Abbett Crd Op:U 8.99 NA NA NS ACI June 26/$16.00 PYPD June 26/$16.00 Other Domestic Taxable Bond Funds Wildermuth Endowment:I 13.45 NA NA 0.4 Nuveen Sel TF NXP 16.03 15.58 -2.8 3.5 Palmer Square Opp Inc 16.69 NA NA 6.8 Apollo Tactical Income AIF Income & Preferred Stock Funds Ebang Intl Hldgs 5.00 –4.4 ... Brilliant Acquisition 10.00 ... –0.5 NA 12.27 NA 9.6 Nuveen Sel TF 2 NXQ 15.32 14.91 -2.7 3.4 Resource Credit Inc:A 9.31 NA NA 7.8 Ares Dynamic Crdt Alloc ARDC A3 Alternative Cr 10.32 NA NA NS EBON June 26/$5.23 BRLIU June 24/$10.00 NA 12.02 NA 10.7 PIMCO MuniInc PMF 12.72 13.57 +6.7 5.2 Resource Credit Inc:C 9.41 NA NA 7.1 Barings Corporate Inv MCI Calamos L/S Eqty and DI CPZ 17.87 15.09 -15.6 NS Fusion Acquisition 10.16 1.6 ... Forma Thera Hldgs 45.00 125.0 15.4 NA 13.69 NA 8.4 PIMCOMuniIncII PML 11.91 13.44 +12.8 5.8 Resource Credit Inc:I 9.32 NA NA 8.1 Destra Multi-Altrntv;A 11.74 NA NA -8.0 Resource Credit Inc:L FUSE.UT June 26/$10.00 FMTX June 19/$20.00 BlackRock Mlt-Sctr Inc BIT 15.88 14.05 -11.5 10.3 Pimco Muni III PMX 10.86 11.40 +5.0 5.2 9.30 NA NA 7.6 BlackRock Tax Muni Bd BBN Destra Multi-Altrntv;C 11.27 NA NA -8.6 Resource Credit Inc:W 9.30 NA NA 7.8 Fusion Pharmaceuticals 17.00 ...... Progenity 9.98 –33.5 –23.9 24.46 24.65 +0.8 5.6 PioneerHilncAdv MAV 12.06 10.55 -12.5 4.2 Destra Multi-Altrntv;I 11.97 NA NA -7.8 Thrivent Church Ln&Inc:S 10.87 NA NA 3.0 FUSN June 26/$17.00 PROG June 19/$15.00 DoubleLine:Oppor Crdt Fd DBL 19.13 19.04 -0.5 7.5 PioneerMunHiIcmT MHI 12.91 11.26 -12.8 4.9 Duff&Ph Util Cor DUC 9.69 9.27 -4.3 5.3 Destra Multi-Altrntv;T 11.42 NA NA -8.5 World Income Funds Putnam Mgd Inc PMM 7.80 7.30 -6.4 5.2 Flat Rock Opportunity 16.38 NA NA -7.6 Sources: Dow Jones Market Data; FactSet EVLmtDurIncm EVV 12.94 11.09 -14.3 9.5 Destra Int&Evt-Dvn Crd:A 22.92 NA NA 6.1 Putnam Muni Opp PMO 13.37 12.78 -4.4 5.0 Variant Altrntv Inc:Inst 26.65 NA NA 7.9 Destra Int&Evt-Dvn Crd:I 22.93 NA NA 6.4 RiverNorth Mgd Dur Mun I RMM 18.03 17.02 -5.6 NS Variant Altrntv Inc:Inv 26.64 NA NA 7.6 Destra Int&Evt-Dvn Crd:L 22.90 NA NA 5.8 Western Asset Mgd Muni MMU NA 11.99 NA 4.9 Convertible Sec's. Funds Destra Int&Evt-Dvn Crd:T 22.89 NA NA 5.5 Insider-Trading Spotlight Westn Asst Mu Def Opp Tr MTT NA 19.72 NA 4.0 Calmos Dyn Conv and Inc CCD 22.27 20.66 -7.2 21.2 National Muni Bond Funds Single State Muni Bond World Equity Funds PIMCO Flex Mun Inc;A-3 10.75 NA NA NS Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys BlackRock CA Mun BFZ 15.39 13.17 -14.4 3.7 ACAP Strategic:A 23.98 NA NA 35.9 PIMCO Flex Mun Inc:A1 10.76 NA NA NS new information about the prospects of a company. Insiders are required to report large trades to the SEC BR MH CA Qly Fd Inc MUC 15.54 14.13 -9.1 3.8 ACAP Strategic:W 17.86 NA NA 37.0 PIMCO Flex Mun Inc;Inst 10.76 NA NA 3.0 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by BR MH NJ Qly MUJ 15.38 13.30 -13.5 4.9 BMO LGM Front ME;I 6.38 NA NA -26.0 Tortoise Tax-Adv Soc Inf 9.63 NA NA 5.3 Thomson Financial on June 26, and year-to-date stock performance of the company KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: unknown VP: vice president Excludes pure options transactions Money Rates June 26, 2020 Biggest weekly individual trades Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Based on reports filed with regulators this past week guide to general levels but don’t always represent actual transactions. No. of shrs in Price range ($) $ Value Week —52-WEEK— Week —52-WEEK— Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Inflation Latest ago High Low Latest ago High Low May index Chg From (%) level April '20 May '19 High 0.1100 0.1100 3.0000 0.1100 Commercial paper (AA financial) Buyers Low 0.0300 0.0300 2.3300 0.0200 90 days n.a. 0.19 2.53 0.04 June 22-24 Continental Resources CLR H. Hamm H 3,436 15.80-17.01 57,118 15.10 -56.0 U.S. consumer price index Bid 0.0300 0.0700 2.4000 0.0100 All items 256.394 0.002 0.1 Offer 0.0800 0.1000 2.5000 0.0500 Libor June 18-19 AXIS Capital Holdings AXS C. Davis DI 575 42.10-43.23 24,503 39.69 -33.2 Core 265.799 –0.11 1.2 Treasury bill auction One month 0.17825 0.19013 2.39800 0.16825 June 19 AVEO Pharmaceuticals AVEO F. Baskett BI 1,429 5.25 7,500 5.08 -18.6 Three month 0.30788 0.30513 2.34075 0.28375 4 weeks 0.110 0.125 2.210 0.000 June 19 A. Florence BI 1,429 5.25 7,500 International rates Six month 0.36138 0.41450 2.26238 0.36138 13 weeks 0.155 0.175 2.210 0.000 June 19 M. Makhzoumi BI 1,429 5.25 7,500 One year 0.56625 0.57575 2.28575 0.56375 Week 52-Week 26 weeks 0.175 0.185 2.075 0.080 June 19 J. Makower BI 1,429 5.25 7,500 Latest ago High Low Euro Libor June 19 S. Sandell BI 1,429 5.25 7,500 Secondary market One month -0.484 -0.487 -0.360 -0.621 June 19 P. Sonsini BI 1,429 5.25 7,500 Prime rates Fannie Mae Three month U.S. 3.25 3.25 5.50 3.25 -0.392 -0.415 -0.142 -0.539 June 18 Groupon GRPN E. Lefkofsky DOI 250 21.42-21.59 5,392 18.69 -60.9 30-year mortgage yields Six month Canada 2.45 2.45 3.95 2.45 -0.325 -0.300 -0.052 -0.491 30 days 2.259 3.424 2.173 One year June 19 Fox FOXA L. Murdoch CEOI 49 28.32 1,402 25.70 -30.7 Japan 1.475 1.475 1.475 1.475 2.173 -0.218 -0.190 0.008 -0.441 60 days 2.253 2.301 3.434 2.219 Secured Overnight Financing Rate June 18-22 Escalade ESCA W. Glazer D 54 11.05-11.78 613 14.93 51.9 Policy Rates Other short-term rates 0.09 0.09 5.25 0.01 June 22 WesBanco WSBC G. Libs D 25 20.70 518 18.75 -50.4 Euro zone 0.00 0.00 0.00 0.00 Switzerland 0.50 0.50 0.50 0.50 Week 52-Week Value 52-Week June 12-22 Century Bancorp CNBKA J. Filler B 572.47-77.49 351 70.75 -21.4 Latest Traded High Low Britain 0.10 0.10 0.75 0.10 Latest ago high low June 22-24 Athersys ATHX K. Traub D 140 2.19-2.45 323 2.89 135.0 Australia 0.25 0.25 1.25 0.25 DTCC GCF Repo Index Call money Treasury 0.126 48.300 6.007 0.002 June 19-23 Magnolia Oil & Gas MGY S. Chazen CEO 50 5.90-5.95 296 5.49 -56.4 Overnight repurchase 2.00 2.00 4.25 2.00 MBS 0.125 68.600 6.699 0.011 June 18-19 Tiptree TIPT M. Barnes H 40 5.79-5.82 233 6.02 -26.0 U.S. 0.11 0.11 3.40 -0.07 Notes on data: June 22-23 Bristow Group VTOL G. Mickelson D 14 14.43-14.90 207 13.53 -55.7 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary June 22 Vistra Energy VST A. Acosta D 10 19.58 196 18.13 -21.1 Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of June 25, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average 0.25 0.25 3.00 0.25 for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Sellers are Tullett Prebon rates as of 5:30 p.m. ET. Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; June 23 DraftKings DKNG S. Meckenzie DO 4,680 38.80 181,589 33.34 211.6 Effective rate 0.0800 0.0800 2.4300 0.0600 Tullett Prebon Information, Ltd. June 23 J. Salter DI 3,347 38.80 129,871 June 18 J. Robins CEO 1805* 38.80 70,033 June 23 S. Murray DI 1,041 38.80 40,390 June 23 R. Moore DI 1,000 38.80 38,800 June 23 H. Nada DI 966 38.80 37,497 Cash Prices | wsj.com/market-data/commodities Friday, June 26, 2020 June 23 P. Liberman ODI 796 38.80 30,898 June 23 M. Kalish OD 711* 38.80 27,605 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— June 23 H. Sloan D 559 38.80 21,678 separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. June 23-24 Oracle ORCL L. Ellison CT 2,800 54.77-55.60 154,618 54.18 2.3 Friday Friday Friday June 23 Elastic ESTC S. Schuurman DOI 700 89.70 62,792 92.11 43.3 Energy Aluminum, LME, $ per metric ton *1543.5 Wheat,No.1soft white,Portld,OR-u 5.7250 June 22-23 Zoom Video Communications ZM E. Yuan CEO 140 248.53-254.26 35,356 256.80 277.4 Copper,Comex spot 2.6720 Food Coal,C.Aplc.,12500Btu,1.2SO2-r,w 56.900 Iron Ore, 62% Fe CFR China-s 104.4 June 22 Okta OKTA T. Mckinnon CEO 160 196.82-201.33 31,748 203.49 76.4 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 254 Beef,carcass equiv. index June 18 Integra LifeSciences Holdings IART R. Caruso BI 600 48.47 29,082 45.60 -21.8 Metals Steel, HRC USA, FOB Midwest Mill-s 482 choice 1-3,600-900 lbs.-u 171.92 select 1-3,600-900 lbs.-u 160.35 June 22 Netflix NFLX R. Hastings CEO 57 454.99-468.08 26,477 443.40 37.0 Fibers and Textiles Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.7424 June 22-24 Ares Management ARES A. Ressler HI 650 38.11-40.65 25,532 38.74 8.5 Engelhard industrial 1759.00 Burlap,10-oz,40-inch NY yd-n,w 0.5850 Butter,AA Chicago 1.7650 Handy & Harman base 1747.60 Cotton,1 1/16 std lw-mdMphs-u 0.5776 Cheddar cheese,bbl,Chicago 240.00 June 19-23 NVIDIA NVDA M. Stevens DI 54 372.21-384.69 20,242 366.20 55.6 Handy & Harman fabricated 1939.84 Cotlook 'A' Index-t *67.70 Cheddar cheese,blk,Chicago 257.50 Hides,hvy native steers piece fob-u 25.000 May. 27 Arista Networks ANET K. Duda CTI 89 226.42 20,061 210.63 3.6 LBMA Gold Price AM *1758.55 Milk,Nonfat dry,Chicago lb. 102.00 LBMA Gold Price PM *1756.55 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.9005 * Half the transactions were indirect **Two day transaction Krugerrand,wholesale-e 1841.11 Grains and Feeds Coffee,Colombian, NY 1.4506 p - Pink Sheets Maple Leaf-e 1858.82 Eggs,large white,Chicago-u 0.6450 Barley,top-quality Mnpls-u American Eagle-e 1858.82 n.a. Flour,hard winter KC 14.30 Bran,wheat middlings, KC-u 85 Mexican peso-e 2142.45 Hams,17-20 lbs,Mid-US fob-u 0.35 Buying and selling by sector Corn,No. 2 yellow,Cent IL-bp,u 3.0500 Austria crown-e 1738.25 Hogs,Iowa-So. Minnesota-u 46.74 Corn gluten feed,Midwest-u,w 106.5 Based on actual transaction dates in reports received this past week Austria phil-e 1858.82 Pork bellies,12-14 lb MidUS-u n.a. Corn gluten meal,Midwest-u,w 389.4 Silver, troy oz. Pork loins,13-19 lb MidUS-u Cottonseed meal-u,w n.a. 0.7816 Sector Buying Selling Sector Buying Selling Engelhard industrial 17.7500 Hominy feed,Cent IL-u,w 102 Steers,Tex.-Okla. Choice-u 95.00 Handy & Harman base 17.8020 Meat-bonemeal,50% pro Mnpls-u,w 188 Steers,feeder,Okla. City-u,w 145.13 Basic Industries 010,968,278 Finance 1,616,719 19,261,862 Handy & Harman fabricated 22.2530 Oats,No.2 milling,Mnpls-u 3.5900 Fats and Oils Business services 108,415 10,387,346 Health care 324,318 85,101,513 LBMA spot price *£14.0900 Rice, Long Grain Milled, No. 2 AR-u,w 30.00 (U.S.$ equivalent) *17.5300 Sorghum,(Milo) No.2 Gulf-u 7.7275 Corn oil,crude wet/dry mill wtd. avg.-u,w 48.9800 Capital goods 00Industrial 010,649,456 Coins,wholesale $1,000 face-a 16184 SoybeanMeal,Cent IL,rail,ton48%-u 285.80 Grease,choice white,Chicago-h 0.2100 Consumer durables 9,135 10,564,663 Media 00Other metals Soybeans,No.1 yllw IL-bp,u 8.4800 Lard,Chicago-u n.a. LBMA Platinum Price PM *797.0 Wheat,Spring14%-pro Mnpls-u 6.2850 Soybean oil,crude;Centl IL-u 0.2585 Consumer nondurables 757,003 3,968,570 Technology 354,856 55,466,401 Platinum,Engelhard industrial 802.0 Wheat,No.2 soft red,St.Louis-bp,u 4.8400 Tallow,bleach;Chicago-h 0.2200 Consumer services 101,015 48,452,753 Transportation 081,270 Palladium,Engelhard industrial 1857.0 Wheat - Hard - KC (USDA) $ per bu-u 4.4125 Tallow,edible,Chicago-u n.a. Energy 315,516 9,804,441 Utilities 144,398 227,500 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 6/25 Sources: Thomson Financial; WSJ Market Data Group Source: Dow Jones Market Data P2JW181000-0-B01100-1------XA

THE WALL STREET JOURNAL. Monday, June 29, 2020 | B11 MARKETS New Strategy Targets Climate Investors

BY ANNA HIRTENSTEIN Bonds designedtohelp companies transition to istsare concerned that transition bonds areaway forcom- When Cadent Gas Ltd. be cleaner areemerging as anew assetclass panies to appear more needed to replace parts of its within the bond market. environmentally friendly than pipeline network across Eng- they are. Some issuersmay land this year,itraised €500 use the funds raised to payfor million selling anew type of 1.5 percentagepoints routine upgrades,without try- debt, known as transition ing to makesignificant bonds. Spreads overcomparable government bonds on greenbonds changes to acompany’scar- These bonds,worth $560 and on investment-grade bonds with maturities of 7–10 years bon footprint, said Francesca million, arebeing positioned Suarez, head of ESG research as part of ado-good pool of U.S. at Mirova, aresponsible in- investment opportunities that 1.0 1.03 vesting-focused fund manager track environmental, social owned by Natixis SA.“There’s and governance (ESG) bench- GreenBonds averystrong risk of green- marks and have soared in pop- 0.95 washing that really needs to ularity in recent years. But be paid attention to.” rather than being issued by Global Cadent says the funds it companies that claim to have 0.5 0.73 raised in March with the tran- ahigh ESGscore,transition sition bonds will be used to 2019 ’20 bondsare designed forbusi- reducemethane leaks,a nesses that arestill cleaning greenhouse gasthat is amore Netinﬂows intosustainable Transition bonds’spreadover up their act. Transition-bond issuance, amounts in millions potent contributor to global funds globally comparable goverment bonds As with other ESGinvest- warming than carbon. ments, thereare no hard-and- $1.0 trillion 10 percentagepoints EBRD‡0.000-coupon due Oct.17, 2024 Meanwhile,the European fast definitions or regulations $701.1 million Commission included transi- to determine who raises the Snam 1.25 Aug. 28, 2025 tion projectsinaJune 2019 funds,and forwhat purpose. 0.8 8 proposal for a sustainable-in- $560.9 In general, the transition vestment taxonomy. It sug- bonds aremeant to fund proj- CadentFinance0.75 March 11, 2032 geststhat they only be eligible ectsthat makeacompany’s 0.6 6 $560.9 foragreen label if they areal- operations moreenvironmen- NBM US Snam 0.75 June 17, 2030 ready lowpolluting—emitting tally friendly,and help move Holdings* $560.9 100 grams of CO2per kilo- toward developing alower- 0.4 4 watt-hour or less, in the case carbon economy. CAPCO† CAPCO†3.25 July 25, 2027 of powergeneration—and Bankers,government offi- $500.0 have the goal to reducetozero Cadent cials and other stakeholders 0.2 2 Finance NBM US Holdings*6.625 Aug.6, 2029 emissions by 2050.Such strin- aretrying to compile guide- $500.0 gent rules would exclude proj- lines for this new asset class. Snam ectsthat transition bonds Credit Agricole 0.550 Nov. 29, 2029 Even avoluntaryframework 0 0 EBRD‡ have financed so far, said Jo- $112.2 would help spur aboom by 2017 ’18 ’19 ’20 2020 nas Rooze, head of sustainabil- lending an element of legiti- ity analysis at BNEF. macy, they say. *Wholly-owned subsidiary of Brazil’sMarfrig Global Food †Castle Peak PowerFinance‡European Bank forReconstruction and Development But acommon standardwill Themarket fortransition Sources: ICE BofA Green Bond and Global and U.S. Broad Market indexes(spread, issuance); Morningstar (ﬂows) “makeinvestorsmorecomfort- bonds is nascent, with seven able and will probably push up transactions that have raised which is obviously acarbon do everything possible to sales as companies look to own, sometimes contradictory demand,” said Michelle Davies, $3.5 billion so far,according to gas. So we felt that we would speed up the switch to a build up their cash as abuffer definitions of sustainable in- head of Eversheds Sutherland’s BloombergNew Energy Fi- have abit of acredibility cleaner world, including offer- in more uncertain times. vestment. clean energy and sustainability nance. Recent issuers include problem with some investors ing incentives forpollutersto Meanwhile, sustainable or Billions of dollarshave practice. She has had conver- Italian gassupplier Snam SpA, if we brought atransaction changetheir ways. But some socially responsible investing flowedintoESG-focused sations with companies work- Brazilian meat processor Mar- underagreen framework,” analystsquestion if it skews grew wildly popular in recent funds,eventhrough 2020’s ing in consumer retail, fashion frig Global Foods SA and Brit- said Rob O’Malley, head of the core values of sustainable years, with both small and big market volatility.Byissuing and pharmaceuticals about is- ish gas network operator Ca- treasuryatCadent. Transition financetoo far when funds investorswho want to influ- green or transition bonds, suing transition bonds.“Covid dent. In contrast, the market bonds arebettersuited forthe earmarked by investorsfor en- encesocial change, the ecolog- companies are able to tap the has had astalling impact, but forgreen bonds,wherethe business at this time, he said. vironmental or social projects ical impact of modern lifeor pocketsoffund managerswho allsigns arethat investor in- money is raised forenviron- Whether this is alaudable areused instead, forinstance, businessethics while also gen- have mandates to buy sustain- terest remains firmly focused mental projects, drew $268.8 evolutionofsustainable fi- forpatchingupagas pipeline. erating returns.The lack of able investments, said Anjuli on all thingsESG,” Ms.Davies billion last year. nanceisupfor debate. Cli- The coronavirus pandemic oversighthasn’t deterred in- Pandit, abanker at BNP said. “Weare,atpresent, acom- mate-change activists say in- and resulting downturn has vestors, or the companies that Paribas. —Pat Minczeski panythat transportsmethane, vestorsand regulatorsshould prompted awaveofbond have raised funds using their Some investorsand activ- contributed to this article.

credit when themarket sank Europeans, three months agohavebeen re- FDIC to BoostIts Oversight of Banks warded with rich returns.Since March 23,yen-denominated Asians Buy corporatebonds with maturi- BY ANDREW ACKERMAN firms arerequired to file 30 ancefor Innovative March, relatively early in the ties of seven to 10 yearshave days aftereach quarter,which Regulation.“They can’t see pandemic-triggereddownturn. returned minus 0.2%, based on The Federal Deposit Insur- run60pages and contain most of what’sgoing on in the Though the agencycollects U.S. Debt an ICE BofA index. Japanese in- anceCorp.ismoving to boost more than 2,200 data fields. financial system in real time, some daily datafromthe larg- vestorswho bought U.S. bonds the way it monitorsfor risks “What we would like to do because they don’t have good est U.S. banks,officials say with similar due dates,hedging at thousandsofU.S.banks,po- is frankly makethe call re- enough data.” keeping tabs on smaller insti- ContinuedfrompageB1 the proceeds back intoyen, tentially scrapping quarterly portsobsolete, and not be- tutionsisespecially cumber- markets. This week,investors have earned amuch greater reportsthat have been afix- cause we wouldn’t have the some andoutmoded, compar- mayget fresh cues about the 17.6%. tureofoversight formore databut because we would FDIC Chairman ing the quarterly call reportsto central bank’sfuturesteps In asign of rising foreign than 150 years yet often con- have betterdataand we would Jelena seeing adoctor but having to when Chairman Jerome Powell demand,overnight trading in tain stale data. have more timely data,” FDIC McWilliams wait four months forlab work. testifies in Congressand the U.S. corporatebonds has shot The FDIC on Monday is ex- Chairman Jelena McWilliams said the agency TheFDIC’sgoal is to de- minutesofthe Fed’smost re- up.Anaverage of $181 million pected to kick off acompeti- said in an interview. is looking for velop a system that would al- cent rate-setting meeting are in investment-grade U.S. bonds tion among 20 data and tech- Thecompetition is part of a moretimely lowthe agencytosee targeted released. have been bought each dayin nologyfirms to develop anew broader push to modernizethe data. setsofdataon, say, Asian investorshavebeen Asian trading hourssincethe reporting prototype that could way government watchdogs commercial-real-estate loans, particularly big buyersofU.S. thirdweek of March, net of provide the agencywith more surveil risks in the market. on amorecontinuous basis. corporatedebt, shifting their sales,according to datafrom timely and targeted dataabout Proponents sayitcould also Theeffort to modernizethe Theagencydeclined to iden- focus from the government the Financial IndustryRegula- banks’ credit exposures and boostconsumer protection, FDIC’ssystems predates the tifythe firms that have been bond market. That is because tory Authority.That is up al- deposit information. help combat financial crime coronavirus pandemic,yet the approached to develop the the yield on Treasurys has most 170% from the firsttwo Themoveisfocused pri- and ensurethe banking system outbreak has demonstrated new tool. dropped to historic lows,driven months of 2020,said BNP marily around modernizing serves an inclusiveset of cus- bank reporting canbeout of Officials hope to completea by aglobal recession, the Fed’s Paribas credit strategist Domin- the datathe FDIC collects tomers. date. Forinstance, the agency prototype system in about six asset purchases and the fall in ique Toublan. from morethan 3,200 commu- “These kinds of efforts are wasn’t able to brief the public months.Lenderswould be in- U.S. interest ratestojust above Yields on U.S. bonds,which nity banks the agencyover- going to transform financial on the first-quarter health of centivized to use the new zero.South Korean and Taiwan- moveinversely to prices,have sees. Eventually, the new sys- regulation,” said Jo Ann Bare- the industry until earlier this reporting system, but the dropped sharply sincethe end temmight displacethe foot, aformer banking regula- month. And that briefing agencyisn’t expected to man- of Marchafter the Fedbegan voluminous “call” reports the torwho nowheads the Alli- didn’t include datapast date its use. Currencyhedging an aggressiveprogram to back- stop credit markets. costs have dropped Still, U.S. yields remain THE TICKER | Market events coming this week for international higher than those in Japan and Europe,partly because more investors. American companies areex- Monday Mort. bankers indexes Thursday Expected 1,300,000 June, expected 12.40% pected to default as aresult of Earnings expected* Purch., previous down 3% Nonfarm payrolls the coronavirus crisis.Another Refinance, previous U.S. bond market will May, previous 2,509,000 Factory orders Estimate/Year Ago($) close early at 2 p.m. April, previous down 13% factor is that yields on Trea- Micron Technology down 12% June, expected 3,150,000 May, expected up 7.6% ese lifeinsurers, as well as Japa- surys,which investorsprice 0.75/1.05 nese banks,are lapping up Amer- corporatebonds against, are EIA status: natural gas Earnings expected* Previous change in stocks in billions Int’l trade deficit in billions ican corporatebonds instead. higher than on German and Tuesday Estimate/Year Ago($) of cubic feet April, previous $49.41 Friday Seoul’s Kyobo LifeInsur- Japanese government bonds. Constellation Brands, Up 120 May, expected $53.20 ance Co., which manages Investment-grade U.S. corpo- Chicago PMI 2.00/2.21 U.S. markets are closed for around $100 billion in assets, is rate bonds included in an ICE May, previous 32.3 General Mills, 1.06/0.83 Initial jobless claims Unemployment rate Independence Day one such buyer.The lifeinsurer BofA indexpaid ayield to matu- June, expected 45.0 Macy’s (2.03)/0.44 Previous 1,480,000 May, previous 13.30% (observed) boosted itsinvestment in U.S. rity of 2.26% Friday. Bonds in a Consumer Confidence corporatedebt by 17%froma parallel indexfor Japan paid May, previous 86.6 year agoto$7billion by pur- 0.52%, while investment-grade June, expected 91.0 chasing bonds from companies bonds in the eurozone paid 0.9%. including Johnson &Johnson, Formost overseas investors, Earnings expected* Walmart Inc.and Microsoft it isn’t enough to compare Estimate/Year Ago($) Corp.that don’t come due for yields in the U.S. and at home. Acuity Brands, 1.22/2.53 20 yearsormore. Foreign fund managerswho Conagra Brands “Wesold our Treasuryhold- ownAmerican corporatebonds, 0.66/0.36 ingstobuy U.S. corporate including Mr.Lee,typically FedEx 1.63/5.01 credit to take advantageofa hedgesome or all of them back spikeincorporate-bond intotheir domestic currencies. Wednesday spreads,” said MattLee,head To insulatebond invest- of overseas investmentsat mentsfromswingsinthe dol- Construction spending Kyobo.The firm has sought lar, investorslock in arateat April, previous down 2.9% companies with high credit rat- which they could convert the May, expected up 1.6% ingsand steered clear of those proceeds back intoeuros or yen that could suffer during an eco- using derivatives. EIA status report S

Previous change in stocks in millions NEW

nomic downturn,such as en- Currency-hedging costshave of barrels G ergy producers, he said. dropped sincethe Fedcut its Mr.Lee plans to buy more interest-ratetargetto0-0.25%. Crude-oil stocks, up 1.4 OOMBER

such debt, reasoning that support In Mayand June,the average BL

Gasoline stocks, down 1.7 T/ from the Fedwill stop corporate- annualized expense forinves- bond prices from tumbling again. tors hedging out of dollarsus- Distillates up 0.2

Competition to invest in existing ing three-month forwardcon- LINDQUIS debt is fierce,soKyobo has pur- tracts was0.58% foryen and ISM mfg. index

chased newbonds when compa- 0.8% foreuros,according to May, previous 43.1 ARIANA nies issue them. BNP Paribas. June, expected 49 FedEx is expected to post earnings on Tuesdayof$1.63 ashare, compared with $5.01 ashareayear earlier. Asian and European inves- —Pat Minczeski contributed * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR STOCK SPLITNOTE: FORECASTS ARE FROM DOW tors who ventured intoU.S. to this article JONES WEEKLY SURVEY OF ECONOMISTS P2JW181000-0-B01200-17FFFF5178F

B12 | Monday, June 29, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY

Share-priceperformance Hydrogen’s 400% Tech-Stock Buyers

PowerCell Expense 300 Sweden Need to Watch EU BallardPower Is Drag on 200 Systems Plug Power For all the noise they generated, Revenue by region, 2019 European Union efforts to regulate 100 NEL Its Promise U.S. tech giants haven’t exactly EU U.S. Rest of world McPhyEnergy kept investors awake at night. But that might be starting to change. 0 Amazon* Earlier this month, EU competi- Investors might be tion enforcer Margrethe Vestager ahead of adoption curve –100 unveiled probes into Apple’s App Store and payment service, two of Apple 2019 ’20 the company’s growth areas. Hydrogen holds great promise Source:FactSet Meanwhile, Amazon awaits its as a green fuel. The rub is that it charge sheet and enforcers are Alphabet is still expensive—as are shares in dence. Hydrogen is acentral part looking closely at Facebook and (Google)† the companies that might help un- of this year’s fiscal stimulus plans Google—again. lock that promise. in Europe and Asia. Those billions Shareholders shrugged off the Facebook Currently used in manyindustrial of dollarsshould acceleratethe investigation into Apple, just as processes,the plentiful, versatile technology’sindustrialization, cut- they have ones against Google and gashas the capacity to cut carbon ting costsand increasing adoption. others. These are battles that may $0 billion 100 200 300

emissions from manyhard-to-decar- One risk forinvestorsisthat this result in billion-dollar fines but *Germany&U.K. †Europe, Middle East &Africa bonizesectorsand makerenewable processalso crushes margins be- had little success in materially al- Source:S&P Capital IQ energy transportable.The technol- fore the shakeout and consolidation tering a company’s business model ogynecessarytorealizethis vision that creates amature market, as or competitive position. The second change is a new regis solid, but still needs to be indus- has happened in the solar industry. The future could look different. ulation called the Digital Services S trialized to reducecostsand prices. Theother,particularly right now, is Tiring of the current stalemate, Act. It would create aregulator to NEW

Meanwhile, a stock-market hype G that they overpayfor shares at a the EU is trying to improve its police the gatekeepers and ban cycle is in full swing. In the past point of peak excitement. chances of success by building big- some common behaviors, such as

year, shares in manufacturers of OOMBER Fuel-cell makershaveenjoyeda ger weapons and making more companies giving preferential

the hydrogen fuel cells that might BL wave of corporateinvestment over overt use of industrial policy. treatment to their own services. S/

power trucks or trains or the elec- AU the past year,notably from the truck Two mooted changes in particu- Digital services are one of two

trolyzers required to make so- KR industry. Cummins acquired Hydro- lar have the potential to upend the priorities the EU set in a €2 tril-

called green hydrogen have in ALEX genics; Daimler and Volvo created a European operations and profit- lion recovery package last month— most cases more than doubled. The plentiful, versatile gas has the dedicated joint venture;and Bosch ability of U.S. tech companies, in- the other being green energy. The Investors have been here before: capacity to cut carbon emissions. licensed PowerCell’s technologyand cluding Google, Apple and Ama- EU seems willing to use a more ac- Interest in hydrogen flared up increased itsstake in Ceres Power. zon, that operate so-called tive industrial policy than in the briefly in the 1990s before fizzling In time, similar technology That hasunderpinned arally in gatekeeper platforms. past, openly aiming to create out. The context has changed, could help powertrains, ships and stocks such as Canada’s Ballard and Thefirst is anew tool foranti- space for some of the region’s though. Most governments now even airplanes. Hydrogen also is Plug Power of the U.S.,which have trust enforcers to “addresscertain small- and medium-size platforms plan to decarbonize; the renewable the only green fuel that can pro- both morethan doubled. structural competition problems that to challenge the U.S. tech giants. energy required to make green hy- vide the heat required for steel Electrolyzers areanother popular the existing competition framework Europe is an important region drogen is growing more plentiful; and cement production, two big niche.AflurryofMegaprojects cannot tackle.” With it, the EU will for Silicon Valley, accounting for and many industries face strict industrial polluters. pushed shares in McPhyNel Hydro- be able to investigateany market it roughly 23% of Apple’s revenue targets for reducing emissions. Green hydrogen is produced gen and ITM Power up 168%, 229% thinks might be tipping in favorof last year and 31% of Google-owner Forexample,big-rig manufactur- when renewable energy powers an and 731% in the year,respectively. one companyand forcechanges Alphabet’s. Since European anti- ersare working on electric trucks electrolyzerthat breaks down wa- Cautious investorsmight prefer without having to proveanyone be- trust authorities have been a to meet tough newcarbon-emis- terintohydrogenand oxygen. Hy- Europe’sestablished gasgiants, Air- havedillegally.Britain uses asimilar trendsetter for many other na- sions standards set to take effect in drogen canthus storeexcesswind Liquide and Linde.They knowhow tool to scrutinizeonline platforms tional enforcers, its new approach the 2030s in Europe and California. and solar energy,tobeused later to produceand distributeindustrial and digital advertising. could have an impact globally. Shorter-rangevehicles canuse or liquefied fortransport or export. gases,including hydrogen, and have The EU’s market-investigation True, both changes are still be- Tesla-style lithium-ion batteries, Governmentsare keen. They also acquired stakes in electrolyzer rules were developed for digital ing debated. Brussels isn’t backing but hydrogen fuel cells—which are have decarbonization commitments makersand big hydrogen projects. markets but could be used in any away from its efforts to curtail the light and canberefueled in under to meet; growing renewable power There are good reasons for the sector. Veteran antitrust lawyers power of U.S. tech giants, though. 15 minutes—areamoreplausible to storeorexport; public pressure hydrogen buzz, but the road to worry the new powers are too Investors may not be able to safely source of clean powerfor long-dis- forclimateaction; and aresurgent adoption is a long one. broad and leave big companies ignore antitrust for much longer. tanceheavy trucks. appreciation forenergy indepen- —Rochelle Toplensky with few options to fight back. —Rochelle Toplensky Youknow the feeling when youactually wakeupearly to work out?

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