Pipeline's Shutdown Exposes Cyber Threat to Power Sector
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P2JW130000-5-A00100-17FFFF5178F ADVERTISEMENT Wonderingwhatitfeels like to finally roll over your old 401k? Find outhow our rolloverspecialists canhelpyou getthe ball rolling on page R6. ***** MONDAY,MAY 10,2021~VOL. CCLXXVII NO.108 WSJ.com HHHH $4.00 Last week: DJIA 34777.76 À 902.91 2.7% NASDAQ 13752.24 g 1.5% STOXX 600 444.93 À 1.7% 10-YR. TREASURY À 16/32 , yield 1.576% OIL $64.90 À $1.32 EURO $1.2163 YEN 108.59 Kabul Mourns Victims of Attack That Struck at Schoolgirls Shoppers What’s News Feel Bite As Prices Business&Finance Begin mericans accustomed Ato years of low infla- tion are beginning to pay To Climb sharply higher prices for goods and services as the economy strains to rev up Companies arepassing and the pandemic wanes. A1 on the pain of supply Investors in search of shortages and rising higher returns and lower taxes are scooping up debt costsof ingredients sold by stateand local gov- S ernments, pushing borrowing PRES BY JAEWON KANG coststonear-recordlows. A1 TED Star Entertainment OCIA Americans accustomed to SS said it wantstomerge with /A yearsoflow inflation arebegin- casino operator CrownRe- ning to paysharply higher sorts, which has also re- ZUHAIB prices forgoods and services as ceived asweetened bid M the economystrains to revup from Blackstone Group. B1 and the pandemic wanes. MARIA GRIEF:MournersonSundayattendafuneral forone of 53 people killedSaturdayinabombing thattargetedschoolgirls in a Pricetagsonconsumer Policymakers debated the predominantly Shiiteneighborhood in Kabul. The Afghan president blamedthe Taliban. The Taliban deniedresponsibility.A8 goods from processed meat to root cause of a growing dishwashing productshave shortage of workers that risen by double-digit percent- threatens to restrain the pace ages from ayear ago, according of U.S. economic growth. A2 to NielsenIQ.Whirlpool Corp. Benson Hill is going pub- freezers and dishwashersand lic by merging with ablank- Pipeline’sShutdown Exposes Scotts Miracle-GroCo. lawn and check company in a deal garden productsare also get- that values the plant-grow- ting costlier,the companies say. ing tech firm at $2 billion. B1 Some consumersare feeling stretched. Kaitlyn Vinson, a An anticipated decline Cyber Threat to PowerSector programmanager in Denver, in mortgage volume is said her recent $275bill at a prompting price wars Costco Wholesale Corp.store, across the industry, driving Theransomware attack that itsentire5,500-mile conduit infection spreading to that control systems at acompres- which included razors and cot- down profit margins. B1 forced the closureofthe larg- carrying gasoline and other deeper layerare direfor any sion facility,halting operations tonpads on topofher typical A judge ordered Cred- est U.S. fuel pipeline this fuels from the Gulf Coast to energy company. Manyma- fortwo days,according to a groceries, wasmoreexpensive Force to pay the Wharton weekend showedhow cyber- the NewYork metroareaoN chines that control pipelines, Department of Homeland Se- than usual. Ms.Vinson said she School more than $1.2 mil- criminals pose a far-reaching Friday as it moved to contain refineries and powerplants curity alert. Thecompany, switched from buying fresh to lion related to an execu- an assaultthat involved ran- arewell past their prime,have which Homeland Security frozenfruit and vegetables be- tive program there. B3 By Collin Eaton, somware,code that holds few protections against so- didn’t name,didn’t have aplan cause they are lessexpensive James Rundle computer systems hostage. So phisticated attacks and could to respond to acyberattack, andlast longer. and David Uberti far, no evidence has emerged be manipulated to muck with the agency said. “We’re sacrificing the food World-Wide that the attackers penetrated equipmentorcause damage, TheColonial ransomware that Ireally liketocook just to threat to the aging,vulnerable the vital control systems that cybersecurity experts say. attack is a high-profile exam- PleaseturntopageA6 infrastructurethat keeps the runthe pipeline,people famil- Last year,aransomware at- pleofthe online assaultsthat The ransomware attack nation’s energy moving. iar with the matter said. tack moved from anatural-gas U.S. companies,schools,hospi- Policy makers debate roots of that forced the closure of Colonial Pipeline Co.closed But the consequences of an company’snetworks intothe PleaseturntopageA2 worker shortage...................... A2 the largest U.S. fuel pipeline showedhow cybercriminals pose afar-reaching threat to the infrastructurethat keeps Investors Demand Cools the nation’senergy moving. A1 For Mortgages Breakout CitiesEnergize Biden administration offi- cials said the U.S. is entering Flock Into As rates increase, demand for anew phase of the pandemic mortgages drops. B1 U.S. Economic Recovery in which many vaccinated Americans canbegin return- Market Mortgage originations, ing to normal activities. A5 quarterly TheWhiteHouse plans $1.4 trillion Rising stars were vibrant; now draw new workers and businesses to name Thea Lee, afor- For Munis mer AFL-CIO trade offi- 1.2 BY JUSTIN BAER year with fewerjob losses and servicecuts, and cial, as head of the Labor BY SEBASTIAN PELLEJERO made quicker recoveries. Department’sinterna- 1.0 GREENVILLE, S.C.—Thepandemic is acceler- “They offer alot of thingsyou can’t really tional-affairsdivision. A4 Investorsinsearch of higher ating growth in midsizecities,positioning getinthe big city,” said Mark Vitner,senior KentuckyDerby winner returns and lowertaxes are 0.8 them to lead the charge in the nation’seco- economist with Wells Fargo&Co. “They’re Medina Spirit failed apostrace scooping up debt sold by state nomic rebound. moreaffordable,and it’ssomuch easier to live drug test, raising the prospect and local governments, push- 0.6 Even beforeCovid-19,these rising stars— there. And all of these industries arepoised to of adisqualification in horse ing borrowing coststonear-re- such as Greenville,Des Moines,Iowa,and do very well.” 0.4 racing’smarquee event. A3 cord lows and boosting coffers Provo, Utah—had been quietly building out vi- Thepandemic-fueled flow of jobs and resi- from California to Connecticut. brant economies in the shadowofbiggerme- dentsout of NewYork,San Franciscoand Courts are weighing Anet $39 billion has poured 0.2 tropolises.During the pandemic,they have other large coastal cities will subside and likely whether some of the failed intomunicipal-bond mutual drawnworkersand businesses with large and eventually reverse, economistssay.But the legal challenges to the 2020 funds this year through Thurs- 0 affordable homes,ample access to outdoor economies in some of these smaller metroar- presidential election were day, according to datacompiled 2020 ’21’22 spaceand lesscongestion. eas have staying power. frivolous or improper. A4 by Municipal Market Analytics, They also have amix of high-tech jobs and In Greenville,the seasonally adjusted unem- Note:Q22021through Q4 2022 areestimates. Israel’s Supreme Court the most over the same period Source:Mortgage Bankers Association old-line industries,including manufacturing ployment rate was4.3%inMarch, well below postponed a ruling on since2008.Returns on the and finance, that turned out to be moreresis- the national rate of 6.0% that month, according whether to evict Palestinian debt, which local governments tant to the downturn. They came through the PleaseturntopageA12 families from an East Je- use to fund public works such rusalem neighborhood. A9 as sewers or bridges,have beaten those of corporate Tiny Pools Make Big Splash Thenation’s largest wire- bonds and Treasurys. Melinda Gates Sought lesscarriersare lobbying to Demand is so intense that In Cramped New York delayanew regulation on rob- Illinois,the only statetotap ocalls aimed at overseas scam- the Federal Reserve’span- iii DivorceLawyers in ’19 mers who make them. A4 demic emergency-lending pro- gram, recently sold three-year Brownstones, penthouses want water bonds at yields near 1%. The BY EMILY GLAZER riageofmorethan 25 years, ac- JOURNAL REPORT Biden administration’spro- features; ‘We craned a pool on a roof’ AND KHADEEJA SAFDAR cording to these people and the Investing in Funds: posed tax changes also could documents. The 6big Social Security potentially makemunicipal BY CHARLES PASSY aged to squeeze in acedar hot Thesplit between Bill and Last Monday, the billionaire mistakes. R1-6 debt moreattractivetoinves- tub and sauna. Melinda Gates, announced last couple announced they were tors. When Jersey City,N.J., resi- Thecountryisreopening, week,has been in the works for ending their marriage.Ina CONTENTS Outlook....................... A2 Considered almost as safe dent Niki Turkingtonwon- but noteveryone is so sure along time. joint statement posted on Twit- Arts in Review... A15 Personal Journal A13-14 Business&Finance..B2 Sports........................ A16 as Treasurys because they are dered howshe and her family about public pools.Heading Ms.Gates consulted with di- ter,they said, “wenolonger BusinessNews...B3,5 Technology............... B4 backed by taxes or payments were going to makethe best of into summer, residents of the vorcelawyersroughly two believewecan grow together Crossword.............. A16 U.S. News............. A2-6 on essential services like wa- Covid-eraliving,she remem- NewYork metroareaare find- yearsbeforeshe filed fordi- as acouple in this next phase HeardonStreet..... B8 Weather................... A16 ter, municipal bonds typically bered the good times she had ing ways to wedge water fea- vorcefromMr.