P2JW060000-5-A00100-17FFFF5178F ADVERTISEMENT Real value is morethan just apricetag. Learn moreonpage B10. ***** MONDAY,MARCH 1, 2021 ~VOL. CCLXXVII NO.48 WSJ.com HHHH $4.00 Last week: DJIA 30932.37 g 561.95 1.8% NASDAQ 13192.35 g 4.9% STOXX 600 404.99 g 2.4% 10-YR. TREASURY g 1 2/32 , yield 1.459% OIL $61.50 À $2.24 EURO $1.2074 YEN 106.56 Tehran What’s News Rejects EU Call Business&Finance For Talks urope is buying elec- Etric vehicles at arecord pace and has overtaken With U.S. China as the world’sbiggest EV market, as consumers are encouraged by govern- Iran’s push for easing ment subsidies and dozens of sanctions imperils of newcarsand hybrids. A1 hopes for revival of Jane Fraser takesover as Citigroup’sCEO with agoal of 2015 nuclear accord simplifying the giant bank at atime when it is struggling Iran rejected aEuropean to keep up with rivals. B1 Union offer to hold direct nu- February’s government- clear talks with the U.S. in the bond rout has rattled in- coming days,risking renewed vestor certainty that ul- tension between Tehran and tralow long-term interest Western capitals. rates are here to stay. B1 Herbalife plans to over- By Laurence Norman haul its board as Icahn in Brussels and winds down his involvement Michael R. Gordon with the company and it REUTERS in Washington Protesterstakecoverinaclash with riotpoliceinYangon on Sunday. Security forces openedfireoncrowdsinseveral cities. looks to burnish itsstanding Senior Western diplomats with other investors. B1 said Iran’s response doesn’t Berkshire posted a big- quash the Biden administra- ger quarterly profit, with At Least18Killed in Myanmar tion’shopes of reviving diplo- Buffett using his annual matic effortstorestorethe 2015 letter to explain a recent nuclear deal, struck between surge in stock buybacks. B2 Iran and six world powers and abandoned by the Trump ad- CAE is nearing a deal to As PoliceOpen Fire at Protests ministration in 2018.But they buy L3Harris’smilitary-train- said it seemed to set adeadlock: ing division for$1.05 billion, a Iran wantsaguarantee it movethat would expand the BY NIHARIKA MANDHANA military’sgrowing willingness at Yangon General Hospital capturing scenes that were cor- wouldn’t walk away from a firm’s defense business. B3 AND FELIZ SOLOMON to use lethal force despite in- who is involved in treating roborated by witnesses.Myan- meeting with the U.S. without Space-transport startup ternational condemnation. the injured. Four people were mar news organizations posted some sanctionsrelief,which RocketLab is nearing adeal SINGAPORE—At least 18 Thedeaths occurred Sun- also killed in thesouthern city pictures and videos showing Washingtonhas so far ruled out. to go public by merging with people were killed in Myan- dayincities acrossthe coun- of Dawei, according to an an- bloodied protesterssurrounded With Tehran escalating its a blank-check company. B3 mar, the United Nations said, try. In Yangon, Myanmar’s nouncement on military-ruN by medics,Yangon’sstreets nuclear activities in recent as security forces began their largest city,atleast three TV,which said protesters filled with tear gasand crowds months in breach of the 2015 Hugelosses on derivative toughest crackdown yet people died from bullet therehadn’t complied with of men and women, manyiN nuclear deal, the U.S. conduct- trades at Geode forced the in- against protesterswho have wounds and 16 otherswere orderstodisperse. hardhatsand goggles,scram- PleaseturntopageA8 vestment firm to close down takeN to the streets for more injured, including a31-year- Images of bloodshed, chaos bling forsafety. itshedge-fund business. B9 than three weeks to oppose old man who wasincritical and, in some places,continuing Thepoliceaction on Sunday Biden draws heat for not February’scoup,signaling the condition, said asenior doctor protestsflooded social media, PleaseturntopageA10 punishing Saudi prince......... A8 World-Wide Iran rejected an EU offer Trump, in Speech, INSIDE Vaccine Advances to hold direct nuclear talks with the U.S. in the coming days, risking renewed ten- sion between Tehran and Hints at 2024 Run Herald NewEra Western capitals. A1 At least 18 people were BY JOSHUA JAMERSON Conference. “Let therebeno killed in Myanmar, the U.N. AND ALEX lEARY doubt, we will be victorious.” said, as security forces began Technology used in Covid-19 shots could Mr.Trump’sremarks here their toughest crackdown yet ORLANDO,Fla.—Donald came six weeks afterhis im- work against other infectious diseases against protestersopposing Trump took aim at President peachment in the House on one last month’s coup d’état. A1 Biden’searly moves on immi- charge of inciting the Jan. 6 BY PETER lOFTUS defenses against the disease. Trump leftopen the pros- gration and Covid-19,leftopen riot at the Capitol, and his sub- It will be the firstCovid-19 pect of another ruN at the the prospect of another runat sequent acquittalbythe Sen- Thepandemic has opened vaccine administered in the OL presidencyand cast himself the presidencyand cast him- ate. TheGOP in WashingtoN PO a newera forvaccines devel- U.S. that uses viral-vector as the Republican Party’s self as the GOP standard- has been split between detrac- S oped with gene-based tech- technology, which employs an standard-bearer, in his bearer in the former presi- tors of the former president /PRES nologies,techniques that have engineered cold virus to ferry first major public remarks dent’sfirst major public who condemned his remarks at long stumped scientistsand coronavirus-fighting genetic since leaving office. A1 remarks sinceleaving office. aprotest earlier that dayand WENIG pharmaceutical companies, code to the body’s cells. “Wewent through ajourney thosewho support him and a SETH suggesting the possibility of J&J’s vaccine is the third TheCDC signed off on add- likenobody else,there’snever continuing role forhim in the futureprotection against a to be authorized in the U.S. ing J&J’s newly authorized been ajourney likeit, there’s party. U.S. NEWS rangeofinfectious disease. after ones from Pfizer Inc. single-dose Covid-19 vaccine never been ajourney so suc- Mr.Trump,74yearsold, Johnson &Johnson’s PleaseturntopageA6 using viral-vector technology NewYork’s Gov. Cuomo cessful, we began it together teased that he might runagain Covid-19 vaccine,which was to the preventive weapons facesnew allegation of four yearsago and it is far from PleaseturntopageA4 authorized Saturdayfor use CDC endorses one-dose shot against the coronavirus. A1, A6 being over,” Mr.Trump said sexual harassmentby in the U.S.,isatthe vanguard from J&J....................................... A6 Israel will vaccinatePales- Sundayafternoon at the annual Minimum-wage setback strains former staffer. A3 of aclassofshotsdesigned to Access to vaccines can be tinian laborerswho work in ConservativePolitical Action Biden’sties with left............... A4 mobilizeaperson’simmune uneven........................................... A7 Israel and in Jewish settle- mentsinthe West Bank. A9 Senate Democrats will Animals Go New CEO to Reshape Citigroup drop aplan to raise wages Europe Races to Front through taxpenalties and tax Jane Fraser faces challenges to reinvigorate Citigroup as she incentives that lawmakershad Off-Script in takes over as CEO. Once the world’s largest financial-services explored as areplacement for In Electric-Car Market company, Citigroup is struggling to keep up with its rivals. B1 raising the minimum wage. A4 Zoom Cameos Democrats and an ex-CIA Netincome Revenue BY WILLIAM BOSTON and due to expirebythe end of chief have criticized Biden’s iii this year. $30 billion $125billion decision not to directly Llamas, goats, Europe is buying electric ve- “The market is extremely punish Saudi Arabia’s hicles at arecordpaceand has sensitivetogovernment and crownprincefor his alleged hedgehogs liven up overtaken China as the world’s companydiscounts,” said Arndt 100 role in the killing of jour- biggest EV market,asconsum- Ellinghorst, autoanalyst at 15 nalist Jamal Khashoggi. A8 company meetings ersare encouraged by govern- Bernstein Research. “Oncesub- ment subsidiesand dozens of sidies aretaken away EV sales 75 CONTENTS Outlook....................... A2 BY JEM BARTHOLOMEW newcarsand hybrids. will collapse by 30-40% at least Arts in Review... A13 Personal Journal A11-12 0 BusinessNews.......B3 Sports....................... A14 Thecontinent’sshareof forone or two quarters.” Crossword.............. A14 Technology............... B4 Dozens of people from SaN global newelectric carsales Without the subsidies,EVs 50 HeardonStreet... B10 U.S. News............. A2-8 Franciscosoftware company nearly doubled to 43% last year, arestill considerably moreex- JPMorgan Markets...................... B9 Weather................... A14 Benchling Inc.werelogged while China and the U.S. lost pensivethan equivalent com- Opinion.............. A15-17 World News..... A9-10 –15 Bank of America intoavideo call featuring a market share. bustion-engine vehicles.This 25 special guest when the meet- But Europe’ssurge relies isn’t likely to changeuntil later Citigroup > ing quickly went off-script. heavily on government incen- this decade,analystssaid, as Wells Fargo Benchlinghad paid Sweet tives doled out during the pan- battery prices come down be- –30 0 Farm, a 20-acre animal sanc- demic,and analystswarn the cause of newtechnology, tuary, to spiceupthe virtual momentum could be reversed if greater scale and competition. 2004 ’10 ’20 2004 ’10 ’20 gathering with avideo feed of and when that support is with- Europe’sapproach