P2JW061000-6-A00100-17FFFF5178F ****** TUESDAY,MARCH 2, 2021 ~VOL. CCLXXVII NO.49 WSJ.com HHHH $4.00 DJIA 31535.51 À 603.14 1.9% NASDAQ 13588.83 À 3.0% STOXX 600 412.44 À 1.8% 10-YR. TREAS. À 5/32 , yield 1.444% OIL $60.64 g $0.86 GOLD $1,722.50 g $5.60 EURO $1.2049 YEN 106.76 France’s Ex-President Sarkozy Is Convicted in Bribery Case Biden, What’s News Senate PressBill Business&Finance Without reensill headed toward Garapid unraveling after Credit Suisse suspended PayBoost $10 billion of investment funds that fueled the Soft- Bank-backed startup. A1 President tries to keep U.S. stocks jumped as a Democrats aligned weekslong advanceingov- ernment-bond yields after backup plan on stalled. TheS&P 500,Dow wage floor is scrapped and Nasdaq rose 2.4%, 1.9% and 3%, respectively. B1,B9 BY KRISTINA PETERSON United Airlines said it is AND ANDREW DUEHREN buying 25 newBoeing 737 MAXjetsand bumping up WASHINGTON—President Bi- itsordersfor dozens more den and Democratic lawmakers as the carrier positions its worked to iron out the remain- fleet foratravelrebound. B1 ing disputes over the coronavi- /REUTERS rusrelief packagethat they hope Exxon added two newdi- to push through the Senatethis rectorstoits boardasthe FUENTES O week,despiteleft-wing frustra- energy giant tries to fend AL tions that they scrapped an in- off calls forchangefroma crease in the minimum wage. pair of activist investors. B1 GONZ RULING: Former French President Nicolas Sarkozyarrives at courtMondayinParis,wherehewas convictedand sentencedfor SenateDemocrats, who had Ant’sexecutivechairman corruption. The courtsaid he should serveone year under housearrestand suspendedthe rest of the three-yearsentence. A8 tried over the weekend to sal- said in an internal memo that vage amorelimited wage in- the companywill eventually crease through the taxcode af- go public and that it would look teritwas deemed out of forways to help workersmone- bounds in the current legisla- tizesome of their shares. B1 tion,abandoned that backup SoftBank-Backed Lender Faces plan lateSunday. With that off Hong Kong’s Hang Seng the table,Mr. Biden spokewith Indexisgetting amajor agroup of SenateDemocrats overhaul that will expand the on Monday about advancing number of companies it cov- the rest of the bill, as the party ersand givemoresway to InsolvencyWithFunds Blocked works to passits agenda with fast-growing tech stocks. B9 narrow majorities in both Zoom Video said that rev- chambers. enue this year would rise Specialty financefirm through apossible restructur- U.K.-based Greensill is the buyer of those securities. Some membersofthe Demo- morethan 41% aftermore Greensill Capital headed toward ing,and it could file forinsol- brainchild of former Citigroup Greensill’sproblems came cratic caucus who met virtually than quadrupling in the fis- arapid unraveling afterCredit vency, the U.K. equivalent of Inc.and MorganStanley finan- to ahead Mondayafter Credit with Mr.Biden said the discus- calyear ended in January. B3 Suisse Group AG suspended $10 bankruptcy,within days,ac- cier Lex Greensill. Founded in Suisse said it would stop in- sion focused on targeting some cording to people familiar 2011,Greensill specializes in vestorsfrombuying or selling of the bill’said. Texas powerco-op Bra- with the company. an area known as supply-chain four privateinvestment funds “Therereally isn’t alot of zosfiled forbankruptcy, By Julie Steinberg, Greensill is in talks with pri- finance, a form of short-term that rely exclusively on securi- disputeabout the overall size saying it is overwhelmed by Duncan Mavin, vate-equity firm Apollo Global cash advancethat letscompa- ties created by Greensill. of the bill,” Sen. Angus King (I., sudden bills stemming from Ben Dummett and Maureen Farrell Management Inc.tosell itsop- nies stretch out the time they Credit Suisse froze the Maine) said afterthe meeting. last month’sdeep freeze. A6 erating businessfor about have to pay their bills. funds because some assets in “The question is whether it caN Twitterisexpanding the billion of investment funds that $100 million, according to peo- Greensill packages those them are“currently subject to be targeted in such away as to use of itsstrikesystemto fueled the SoftBank Group ple familiar with the talks. cash advances intobondlike considerable uncertainties betterservethe people who include userswho spread mis- Corp.-backed startup. Though adeal wouldn’t be for securities that giveinvestorsa with respect to their accurate PleaseturntopageA4 leading information about With akey source of financ- all of Greensill’sassets, the higher return than they could valuation,” according to a no- Covid-19 and itsvaccines. B5 ing frozen, Greensill appointed amount representsasliver of getfrombank deposits. Credit ticethe bank sent to investors. Many businesses back higher Grant Thornton to guide it itspeak valuation of $4 billion. Suisse’sfunds were amajor PleaseturntopageA2 wages............................................. A4 World-Wide Stocks Rise as Rate Fears Ease Biden and Democratic law- Inflation Risk: Little Now, makersworked to iron out The S&P 500 marked its best day in nearly nine months and the remaining disputes over the Dow Jones Industrial Average and Nasdaq Composite also the coronavirus relief pack- jumped, as an increase in government-bond yields stalled. B1 agethat they hope to push ButSome SeeDanger Ahead through the Senatethis week, Daily percentagechange MONDAY despiteleft-wing frustrations DowIndustrials 1.9% that they scrapped an increase 2% in the minimum wage. A1 They say pressure to maximize employment could test Fed’s resolve TheBiden administration said it would use “all avail- –2 BY GREG IP deflation and stagnation that has haunted ad- able tools” to respond to al- Jan. Feb. March vanced economies foradecade. leged unfair trading practices Inflation is near adecade lowand well be- “The kind of troubling inflation that people by Beijing as it conductsa S&P500 2.4% 2% lowthe 2% level the Federal Reservetargets likemegrewupwith seems far away and un- comprehensivereview of its as ideal. Theusual conditions forrising infla- likely,” FedChairman Jerome Powell said in trade policywith China. A2 tion—tight job marketsand public expecta- lateJanuary. Theoil industry’s toplob- –2 tions of rising prices—areglaringly absent. But in the longer term, some economists bying group,the American Yetanxiety about inflation is at afever and investorssee ashifting political climate Petroleum Institute, is pre- pitch, among economistsand in markets, moreconducivetoinflation rising well past paring to endorse setting a Nasdaq Composite 3.0% wherelong-term interest rateshavebeen 2%. They arguethe Fed’spursuit of over-2% priceoncarbon emissions. A6 2% grinding higher sincePresident Biden un- inflation, Mr.Biden’s$1.9trillion stimulus veiled plans forhugenew fiscal stimulus. plan and newgoals such as narrowing racial Sarkozywas convicted on Behind this dichotomyisaclash of forces. economic disparities reducethe priority that chargesofinfluence-peddling In the near term, plentiful unused capacity policymakerswill placeoninflation. and corruption.Alawyer for –2 the former French president and decades of habitsare likely to keep infla- “The prevailing zeitgeist is all about ac- tion low. Afteryearsofundershooting 2%, the cepting and even being enthusiastic about said he would appeal. A8 Source:FactSet Fedwould likeinflation to slightly overshoot. higher inflation,” said LarrySummers, the TwoAmericans accused That, it hopes, would banish the specter of PleaseturntopageA9 of helping Ghosn escape from Japan were handed over to Japanese authorities and What’s Gin put on aflight to Tokyo. B3 Nigeria Schoolgirls Hid New evidence from the U.K. showed that Covid-19 With No vaccinations sharply re- As Gunmen Swarmed duced serious illness and Alcohol? deaths among elderly peo- BY JOE PARKINSON ingly familiar. ple after just one dose. A8 iii AND KABIRU ANWAR “They were searching for Plans change. TheBiden administration Debate is spirited anyone hiding, but thank God will look to offer options for JANGEBE, Nigeria—Su- they didn’t seeme,” said Su- reunification inside the U.S. of over how to label waida Sani wasone of the waida, safely sitting between PowerStore parents and children sepa- lucky few. her parentsinthe living room ratedunder the Trump admin- botanical beverage When dozens of heavily of their single-storyhome.“So istration’s zero-tolerancepol- armed gunmen stormed manyofmyfriends have been icyonillegal immigration. A3 BY SAABIRA CHAUDHURI through the gates of her taken. Ican’t even count the adapts. boarding school spraying bul- number,” she said through PoliceinMyanmar filed Nicholas Cook isn’t looking letsintothe air in the early tears. “May God spare them.” two newchargesagainst Storage that’salwaysin SuuKyi, who has been de- to gin up controversy,but he hoursofFridaymorning,they Theabduction from tained in her home since will fight forthe sanctity of his demanded everystudent file the Government Girls Second- sync with the needs of favoritedrink. into the courtyard or be shot. arySchool in the small town the military seized power. A18 The spirit is in fashion, Suwaida raninthe other of Jangebe is the second in a your business. driven by cocktail cultureand direction, crouching beneath a little over a week in Nigeria’s CONTENTS Opinion.............. A15-17 an interest in botanical flavors. mosquitonet and trembling as northwest, whereasurge in Arts in Review... A12 Personal Journal A10-11 Business News.. B3,5 Sports......................