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***** 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 started Source:FactSet s 2021 Dow Jones & Company, Inc. All Rights Reserved animals including Paco,a5- drawn. Most government EV with more sticks than carrots. PleaseturntopageA10 subsidiesare limited in scope PleaseturntopageA2 P2JW060000-0-A00200-1------XA

A2 | Monday, March 1, 2021 THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Bob Davis ECONOMIC CALENDAR

U.S. Eyes Tech AllianceAgainstChina Monday: The Institute for Supply Management’s February manufacturing index is ex- President ministration official, who Together,the U.S. and its allies greatly outspend China on R&D. tively simple to restrict. A pected to show another month Biden portrays called the effort amodular ap- The vast majorityofchips usedinChina areforeign-made. semiconductor alliancewould of robust growth in activity at U.S. relations proach. Thedifferent group- Grossexpenditures on R&D* Total semiconductorsupply also probably include big chip U.S. factories. The monthly sur- with China as ingsgenerally would include in China producersinEurope,aswell vey of purchasing managers aclash of val- most of the industrial powers as South Koreaand Taiwan. since June has captured a ues: democ- of the Group of Seven nations, $2.0 trillion $800 billion healthy rebound in demand for racy vs.autocracy. plus some others. (The idea is high-profile effort is an array of goods and an im- But his rhetoric obscures sometimes called the Democ- bound to stir concern— proving outlook. the administration’smore racy 10 or the Tech 10.) A Wednesday: The ISM’s ser- and possible retalia- 1.5 600 pragmatic approach of cob- An alliancefocused on ar- China tion—from Beijing,which is vices index for February is likely bling together groups of tificial intelligence, forin- working to lessen dependence to indicate that sectorwide ac- countries to work jointly on stance, might include Israel, South on foreign technology. Beijing tivity expanded for the ninth technology. Thegoal is to whose researchersare con- 1.0 Korea 400 has used itseconomic heftto consecutive month, helping re- stay ahead of China in semi- sidered leadersinthe field. trytocow U.S. allies,includ- verse a sharp downturn at the conductors, artificial intelli- One involving export controls Germany Foreign ing cutting off importsof outset of the pandemic. One genceand other advances would probably include In- Japan companies wine and coal from Australia possible wild card: winter that areexpected to define dia, to makesureChina is 0.5 200 afterCanberrapressed foran storms, power outages and U.S. the economyand militaryof blocked from importing cer- investigation intothe origins other weather-related disrup- the future. tain technologies.Toencour- of the coronavirus pandemic. tions. Chinese Preliminaryconversations agecountries wary of offend- 0 0 companies AU.S.-led semiconductor Thursday: U.S. jobless claims with U.S. allies have begun, ing China to join the alliance“violates the princi- are expected to remain elevated though the effort is expected alliances,the administration 2018 ’19 ’20 2018 ’20 ’25 ’30 ples of market economyand for the week ended Feb. 27. FORECAST to take months,said senior maynot announcetheir par- *Spending adjustedfor pricedifferences in countries fair competition, and will Separately, Federal Reserve administration officials. ticipation, said the senior ad- Sources: R&D World magazine (expenditures); International BusinessStrategies (supply) only artificially separatethe Chairman Jerome Powell holds ministration official. world and destroy interna- a conversation on the U.S. econ- he strategyhas both Crucially, say those who is at the topofthe adminis- maker, Semiconductor Man- tional trade rules,” said omy at The Wall Street Journal offensiveand defensive have worked on the concept, tration’slist because com- ufacturing International China’sMinistryofForeign jobs summit. T puter chips powerthe mod- Corp., which could have Friday: The unemployment components. By com- the alliances must be flexible Affairsinastatement. bining efforts, the U.S. and its and avoid bureaucracy. “Cre- ern economy. China is the helped it produceleading- Beijing has plenty of levers rate is expected to hold steady allies canvastly outspend ating another international world’slargest semiconductor edgechips.The Trump Com- to pull. China is the world’s in February and American em- China, whose research-and- institution will lend itself to market, but morethan 80% of merce Department also re- major supplier of so-called ployers are expected to have development budget now big announcements without the chips—especially ad- stricted sales of chip-making rare earths—minerals that added jobs. The labor market nearly matches the U.S. The anything being done,” said vanced ones—areeither im- equipment to SMIC. areindispensable forproduc- largely stalled earlier this winter alliances canalso coordinate Anja Manuel, a former Bush ported or produced by for- TheBiden administration ing mobile phones,electron- as Covid-19 cases increased, fis- policies to denyChina the State Department official. eign companies in China. is following up on the curbs. ics and militaryequipment. In cal support faded and consum- technologies it needs to tryto Among the areas consid- Beijing has spent tens of In February, national security 2010,China limited rare-earth ers pulled back on spending. become aglobal leader. ered ripe foralliances areex- billions of dollarsoverthe adviser Jake Sullivan spoke shipmentstoJapan during a Economists are forecasting the “Wehaveaverystrong in- port control, technical stan- past few decades to tryto with his Dutch counterpart, fight over ownership of is- start of a stronger recovery, terest in making surethat the dards,quantum computing, build aworld-classdomestic Geoffrey vanLeeuwen, about lands in the East China Sea, though a return to pre-pandemic techno-democracies come to- artificial intelligence, biotech- industrybut still lagsbehind China and advanced technol- although China denied it was employment levels is still likely gether moreeffectively so we nology, 5G telecommunica- Western rivals.The Biden ad- ogy, according to aWhite involved in coercion. far off. arethe ones who aredoing tions and the rules governing ministration wantstokeep it House statement. China recently started a The U.S. trade deficit jumped the shaping of those norms surveillancetechnology. The that way. Technologistsdescribe newround of regulations of to a 12-year high in 2020 as de- and rules,” said Secretaryof list needs to be narrowed, say During the Trump adminis- semiconductor manufacturing rare earths and has quizzed mand for protective equipment, State AntonyBlinken at his technologyexperts. Toomany tration, the U.S. worked with equipment as a“chokepoint foreign companies about computers, cellphones and other confirmation hearing. effortswould take toolong to the Netherlands to block the technology” because it is their dependenceonChinese goods rocketed. Economists are TheU.S.plans to organize organizeand overtax govern- sale of Dutch-made semicon- dominated by just three coun- production, which some expecting the deficit to have different alliances depending ment officials. ductor manufacturing equip- tries—the U.S.,Japan and the technologyexpertsviewasa widened again in January as the on the issue,said asenior ad- Semiconductor technology ment to China’slargest chip Netherlands—making it rela- warning shot. global economy remains uneven. FROM PAGE ONE U.S. WATCH

CALIFORNIA would be permittedat20% capac- Europe’s itybut other indoor gatherings Santa Clara Churches would remain prohibited fornow. EV Market Reopen After Ruling —Jess Bravin The Supreme Court exempted VIRGINIA fiveCalifornia churches from a Takes Off county health directiveintended to Lawmakers Pass Bill stemthe coronavirus pandemic by To LegalizeMarijuana prohibiting indoor gatherings. ContinuedfromPageOne The court’sunsigned order,is- Virginia lawmakers gave final TheEuropean Union in particu- sued late Fridayoverthe dissent approval Saturdaytoabill that lar has steadily tightened emis- of three liberal justices, blocked will legalizemarijuana foradult sions requirements,prompting Santa ClaraCounty from enforcing recreational use, but notuntil the industrytoroll out more the regulation againstthe 2024, when retail sales of the

electric cars and hybrids,or S churches while litigation continues. drug would also begin. facehefty fines. It wasthe latest in astring of or- Lawmakers lastyear decrimi- NEW

When the pandemic hit, gov- G ders from the court’sconservative nalized marijuana, making simple ernmentslooking to cushion majoritydirecting stateand local possession acivil penaltythat

the economic shock began tar- OOMBER authorities to curb public-health can be punished by afine of no geting aid at industries on the efforts thatrestrict indoor reli- morethan $25. front line of the battle with cli- gious gatherings. With acompromise bill clear- BOCSI/BL matechange. Abig part of this “This outcome is clearly dic- ing the House and Senate,Vir-

assistancewent intoincentives ZTIAN tatedbythis Court’sdecision in ginia becomes the firstSouthern

forconsumerstobuy EVs, cre- KRIS South BayUnited Pentecostal statetovotetolegalizemari- ating asurge in demand. Volkswagen unveiled its ID.4 electric SUV last year as it and other car makers push sales. Church v. Newsom,” the court said, juana, joining 15 other states and Themoves changed the per- referring to its recent decision ex- the District of Columbia. The leg- ception among industryleaders Global electric carsales by topmarkets outpacing China, which re- empting religious services from islation nowgoes to Democratic that therewasn’t amarket to corded a12% increase to 1.3 California’sstatewide regulations Gov. Ralph Northam, who sup- Others justifythe hugeinvestments 3.0 million vehicles million, andthe U.S.,where thatprohibited most indoor gath- ports legalization. needed to build electric cars. sales rose 4% to 328,000,ac- erings foractivities such as politi- SeveralDemocratssaid they “Wehaveanincentiveto cording to ev-volumes.com, a cal rallies, lectures and perfor- hoped Mr.Northam would send build these cars…It helps make 2.5 research group. mances. The court directed the the legislation back to them with the EV very attractive forthe U.K. Thestate of Europe’smarket statetoclassify religious services amendments, including speeding consumer,” said Hakan Samu- is reminiscent of China’selec- along with shopping malls, salons up the date forlegalization. Mr. 2.0 France elsson, chief executiveofVolvo U.S. tric-vehicle trajectoryyears and bus terminals, which were Northam’sspokeswoman, Alena Cars, the Swedish carmaker ago. Determined to leapfrog limited to 25% capacity. Yarmosky,said the governor owned by China’sZhejiang 1.5 Germany Western markets, Beijing pro- Afterthe Supreme Court’sor- “looksforwardtocontinuing to Geely Holding Group. “But long videdhefty subsidies forpur- der,Santa ClaraCounty said in- improve this legislation.” term these incentives and tax China chases andrequired manufac- door worship services immediately —Associated Press breaks arenot sustainable.” 1.0 turerstoensurethat acertain Car makers began rolling out percentageofnew cars pro- newmodels in earnest last duced each year were electric. CORRECTIONS  AMPLIFICATIONS year.VolkswagenAG, Europe’s 0.5 Theeffort helped spawn biggest automaker,unveiled its hundreds of startups and ID.3 and ID.4 models.Premium boosted the shareofEVs to TheFederal Aviation Ad- derwas issued Monday. carmakerssuch as BMW AG, 0 morethan 8% of new-car sales ministration on Tuesdayor- Mercedes and Audi launched 2015 ’16 ’17 ’18 ’19 ’20 by mid-2019.Then Beijing dered immediatethermal-acous- Noticetoreaders high-end EVs. This year,Mer- slashed incentives in June 2019 tic imageinspections forfan Wall Street Journal staff cedes is set to launch the EQS, NuNumbermber of electric vehicle model launches and sales plunged, with the blades on certain Pratt&Whit- membersare working remotely which will be an electric and shareofEVs falling below5% ney engines on some Boeing Co. during the pandemic.For the highly automated successor to 2020 by the end of the year.When 777 jets. An article Fridayabout foreseeable future, please send Europe the flagship S-Class. 2021 the pandemic hit, China’sEV Boeing’splans to strengthen reader commentsonly by email Around 65 newEVmodels sales slumped further,raising protectiveengine covers on its or phone,using the contacts launched in Europe last year— doubtsabout Beijing’sgoal of 777 jetsincorrectly said the or- below, not via U.S. Mail. Other twiceasmanyasinChina—and having them account for20% of another 99 areslated to come new-car sales by 2025. Readers can alert The Wall Street Journal to any errors in news articles by to market this year.That com- Beijing reinstated EV subsi- emailing [email protected] or by calling 888-410-2667. China pares with 15 launches in North dies early last year but slashed Americalast year and a them again in Januarytowean THE WALL STREET JOURNAL planned 64 this year. North consumersoff them. Manufacturerssaid the in- America In Europe,national govern- (USPS 664-880) (Eastern Edition ISSN 0099-9660) centives and an explosion in the mentsare reconsidering plans (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) number of newEVmodels came 0 20 40 60 80 100 to phase out the current regime Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 together at the right time,ener- Source:EV-Volumes of EV subsidies at the end of Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. gizing both supply and demand. the year.Analystssuggest that Postmaster: Send address changes to The Wall Street Journal, “You have to have the right electric version of itsMustang Christian Burg, who runs a governmentsincountries that 200 Burnett Rd., Chicopee, MA 01020. productonoffer…That’swhat last year,hedidn’t think twice. businessbuilding energy-effi- producealot of autos,such as All Advertising published in The Wall Street Journal is subject to the applicable rate card, we sawlast year in Europe,” “I had to have it,” he said, re- cient houses in Germany, had Germanyand France, could ex- copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., said Britta Seeger,boardmem- calling the Mustang he drovein driven adiesel BMW X3 SUV tend aid beyond this year. 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final ber at Daimler AG in charge of his youth. Nowhecan’t wait for foryears. When the govern- While most industryleaders acceptance of the advertiser’s order. global sales. “The offer is bet- it to arriveinMarch. “It’s ment boostedsubsidies for welcome government effortsto Letters to the Editor: Fax: 212-416-2891; email: [email protected] ter, and subsidies aresupport- cherryred.” electric cars last summer,he jump-start newtechnology Need assistance with your subscription? ing sales.” Thepurchase wasmade eas- applied forasmall-business marketssuch as electric vehi- By web: customercenter.wsj.com; By email: [email protected] Theavailability of EVswith ierbysubsidies that have made grant and switched to the new cles,automakersworrythat By phone: 1-800-JOURNAL (1-800-568-7625) familiar brand names is also Norway the world’sbiggest EV iX3plug-in hybrid version of subsidies will only have a Reprints &licensing: pushingsales.Hallgeir Lange- market per capita, prompting a the car. “Wereceived 3,750eu- short-term impact without By email: [email protected] By phone: 1-800-843-0008 land,a65-year-old Norwegian tongue-in-cheek Super Bowl ad ros[equivalent to $4,500] in broader structural changes. WSJback issues and framed pages: wsjshop.com environmentalist and former by General MotorsCo. starring cash incentives,” he said. Instead, they urge govern- politician,hasn’t owned acar Will Ferrell, who called on U.S. Sales of plug-in electric ve- mentstofocus moreondevel- Our newspapers are100% sourcedfromsustainably certified mills. for25years, but when Ford consumerstobuy EVsand hicles in Europe rose 137% to oping infrastructuresuch as GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Motor Co.rolled out afully crush Norway. 1.4million vehicles last year, charging stations. P2JW060000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Monday, March 1, 2021 | A3 U.S. NEWS Cuomo Faces New Accuser, State Probe

BY JIMMY VIELKIND of fast-moving events, includ- poena powertoinvestigateal- sations of inappropriatebehav- tions shiftedoverthe weekend prosecutorial authority is in- ing Mr.Cuomo initially rebuff- legations of sexual harassment ior toward younger aides. as critics and Ms.James adequate,” the women said. ALBANY,N.Y.—Facing asec- ing calls from Democratic against the governor,she said. Ms.Bennett’saccusations weighed in. Shortly afterMs. James ond sexual-harassment accusa- leadersacrossthe stateand Theprobe putsmorepres- were firstreported by the New Thegovernor had said on made her referral request Sun- tion from a former aide, New State Attorney General Letitia sureonMr. Cuomo,who has York Times. She said that Mr. Saturdaythat he intended to daymorning,asenior adviser York Gov. Andrew Cuomo ac- James to allowher to open been in his officefor adecade Cuomo’scommentsduring a ask a former federal judge to to Mr. Cuomo said the gover- knowledged he had sometimes her own probe after a second and gained national attention June 5 meeting made her un- reviewMs. Bennett’sallega- nor had asked Ms. James and been overly personal while in- woman came forwardwith forhis management of the pan- comfortable, and she brought tions, a move that drew criti- Janet DiFiore, the chief judge teracting with staff and re- sexual-harassment allegations. demic as it ragedthrough New her concerns to the governor’s cism from Democrats and Re- of the state’sCourt of Appeals, lented to the stateattorney Thelatestaccuser,Char- York last spring.But the week- chief of staff.She confirmed publicans in the state to pick an independent private general’s request for an inde- lotte Bennett, 25 yearsold, end-long standoff with political heraccount in an interview Legislature. State lawmakers lawyer without political affili- pendent probe of misconduct said Saturdaythat the 63- leadersacrossparty lines put with The Wall Street Journal. raised concerns over the im- ation to conduct the review. allegations. year-old governor asked her him on adefensivepostureas Republicans last week asked partiality of the selection and Ms.James said the gover- Mr. Cuomo said in astate- questionsabout her sexlife he is overseeing vaccination ef- Ms.James to investigateMr. said aprivateinvestigator nor’s counterproposal wasun- ment lateSundayafternoon during an encounter in his fortsand negotiating a$193 Cuomo afterLindsey Boylan, a wouldn’t have the proper pow- acceptable. that whileheteased staffers CapitolofficeinJune.Mr. billion statebudget. former economic-development ers to conduct a probe. Late Sunday, Beth Garvey, about their personal lives, he Cuomo said in astatement Nowthe governor faces fed- official, said the governor TwodozenDemocratic Mr.Cuomo’s special counsel never inappropriately touched that he never made anyad- eral inquiries into Covid-19 kissed her on the lips without women in the state Assembly andsenior adviser,said the or propositioned anyone. vances toward Ms.Bennett deathsinthe state’snursing her consent and said they said in astatement on Sunday governor’s officehad agreed “I acknowledgesome of the andnever intended to make homes,discussions among should playstrip poker on an that Ms.James should be to allow Ms. James’s office to thingsIhavesaid have been her feel uncomfortable. Democratic lawmakersonpro- airplane ride when she worked given a referral, which would choose which law firm would misinterpreted as an un- Ms.James said lateSunday posals to curtail his emergency- forthe statefrom2015 to 2018. give her abroad rangeofin- conduct the investigation. Ms. wanted flirtation. To the ex- that her office would oversee management powers,calls from Aspokeswoman forMr. vestigative powers. Garvey added that the gover- tent anyone felt that way,Iam arigorous and independent in- Republicans and some Demo- Cuomo has denied Ms.Boy- “The Governor’s proposal to nor wanted athorough and in- truly sorryabout that,” the vestigation. Theofficeintends cratsthat he be impeached or lan’s accusations. appoint someone who is not dependent reviewthat was Democratic governor said. to hirealaw firm and depu- resign from office, and—as of Mr.Cuomo’s plan forare- independently elected, has no “abovereproach and beyond Theapologycapped aday tize itsattorneyswith sub- this weekend—additional accu- view of Ms. Bennett’s accusa- subpoena authority,and no political interference.” Push Is Revived Preseason Baseball Is Back, With Restrictions in Place ForEqual Rights Amendment

BY KRISTINA PETERSON nation due to pregnancy, and diminishingthe gapinpay be- WASHINGTON—Almost 50 tween men and women. yearsafter Congresspassed the TheERA would “impose a Equal RightsAmendment, the mandateupon the federal gov- fight is intensifying over ernment, and stategovern- whether lawmakerscan liftthe mentstoo,totakeaffirmative decades-past deadline for measures to dismantle existing states to ratifyitand add it to sex-based inequality,” said the Constitution. Katherine Franke, faculty direc- In January, abipartisan toratthe ERAProject at Co- groupoflawmakersinboth lumbia LawSchool’sCenter for chambersintroduced aresolu- Gender and Sexuality Law. The tion to eliminatethe deadline ERAwouldn’t directly affect forstate ratification of the privatebusinesses,she said, ERA, which would writeinto but it “maycreateabrand new theConstitution that the fed- norm that gets takenupbythe eral and stategovernments privatesector.” GES can’t denyorabridgeequality Opponentsworrythat its IMA of rightsbased on sex. TheERA ratification would makeiteas- GETTY

has been approved by 38 states, ier to liftabortion restrictions, N/

reaching the three-fourths which could be struck down for OW threshold required forratifica- applying only to women if the BR

tion, but three of those oc- ERAwereenacted. MARK curred decades past the origi- Theconcern is that if “the TIME TO PLAY: Seats were sanitized Sundaybeforeagame between the St.Louis Cardinals and the Washington Nationals in Jupiter,Fla. nal set of deadlines. ERAwerepart of the federal Aresolution to eliminatethe Constitution, challenges would deadline passed last year in the be brought to anylaw or gov- Democratic-controlled House, ernment policythat in anyway butwas never takenupinthe disadvantages access to abor- San Francisco School Board Under Fire Senate, then controlled by Re- tion,” said Douglas Johnson,se- publicans.Now,Democrats’ full nior policyadviseratNational control of government has reig- Right to Life, agroup opposed BY ALEJANDRO LAZO nited the push to culminatethe to abortion rights. long,messy fight over the ef- Some Republicans have ar- SANFRANCISCO—Fed up fort to spell out women’sequal- gued the ERAisnolonger with thepaceofplans to re- ity,and newvotes could come needed, given federal law’spro- open public schools,parent as soon as this spring.Evenif hibitions on sexdiscrimination, groups aremobilizing against Congresspasses the resolution and the possibility forreper- SanFrancisco’selected school to removethe deadline,many cussions on other unforeseen board, arguing it has given legal expertssay it isn’t clear if areasrelated to sex. They also priority to social-justiceissues that would removethe final ob- arguethat Congresscan’t sim- over getting kids back in class- GES stacles to ratification. ply movetoliftthe deadline at rooms. IMA “It’simportant that we fi- this point. Twoparentshavelaunched

nally completethis task,” said Theamendment, firstpro- aformal recall effort against GETTY Rep.Jackie Speier (D., Calif.), a posed in 1923 and approved by three membersofthe school

co-sponsor of the resolution. Congressin1972during the board, including its president ONICLE/

“Without an explicit declara- women’sliberation movement, and vicepresident, while an- CHR

tion of equality in the Constitu- has long been at the center of a other group is considering op- CO tion,women’srightsare always complicated legal fight. Law- tions that include asking vot- ANCIS

at risk.” makersinitially gavestatesun- ers to eliminate school board FR

Thepush is separatefrom til 1979 to ratifythe amend- elections altogether. N the Democrats’ Equality Act, ment,then later extended the Theparent activism is the SA whichpassed the House on deadline to 1982. Thefirst 35 latest development in the Thursday.That legislation states ratified the amendment city’s escalating schools-re- would amend existing civil- by 1977,but itsprogresslater openingsaga. Public schools MEJIA/THE GO rightslaw,which barsdiscrimi- stalled as opposition built. have been shut down since NTIA

nation based on race,religion, Interest revived in recent last March, and negotiations SA sexand other characteristics,to years. Nevada approved the between the local teachers Protesters marched on Feb. 6 in San Francisco to demand schools reopen for in-person instruction. include sexual orientation and ERAin2017, Illinois in 2018 and union and the district remain gender identity. Virginia in 2020 became the at an impassedespiteSan On Feb. 3, the city sued the Franciscomayor and current clined to comment on the re- Although the ERAhas bipar- 38th state,reaching the three- Franciscohaving lowCovid-19 school district,alleging it vio- U.S. Sen. Dianne Feinstein. naming controversy,writing tisan support in both chambers, fourths required to amend the rates for a major U.S. city. lated state law by not putting Therenaming process— “mysole focus is on safely re- it isn’t known if it will secure Constitution. Democratic attor- “The people and businesses forwardaviable reopening whichbegan in 2018—has turning to in-person learning.” the 10 GOP votesitwould need neysgeneral forthose three of SanFranciscohaveworked plan. “This is not the path we been criticized by parents as Parentswho formed the to advanceinthe Senate, where states sued the Trump adminis- very hard, have sacrificed, to would have chosen, but noth- arbitrary, uninformed and ex- Campaign forBetterSan Fran- 60 votesare required. tration last year,arguing that keep our Covid levels low, and ing matters moreright now cluding parentsand commu- ciscoPublic Schools said it Supporterssay the ERA Congresshas no constitutional our schools have been closed than getting our children back nity members. Theprocess would raise money to support would forcegovernmentsto powertoimpose aratification entirely throughout,” said Pat- in school,” Ms. Breed said. provoked a public rebuke last three potential options: a re- take steps to prevent discrimi- deadline.Also,several states rick Wolff, one of the parents “This isn’t helpful, I’ll leave October by Ms.Breed, who call campaign, newcandidates nation and ensureequality be- have passed measures rescind- who formed the Campaign for it at that,” District Superin- said “to hear that the District in the next school board elec- tween men and women, includ- ing their ratification. BetterSan FranciscoPublic tendent Vincent Matthews is focusing energy and re- tion or aballot proposal to ing betteraccesstochild care, —Jess Bravin Schools, which canfundraise said at the time.Hesaid the sourcesonrenaming schools— givethe powertoappoint preventing workplacediscrimi- contributed to this article. forpolitical campaigns.“So city should have offered to schools that they haven’t even school boardmemberstoa just thinkofthe harm that’s collaboraterather than turn to city official, possibly the being done.” the courts. mayor, rather than elect them. School districts across the Ms.Breed and parentsalso The parent activism Parent SivaRaj and his countryhavegrappled with have accused the boardofbe- partner,Autumn Looijen, said when to safely reopen for in- coming distracted by efforts is the latest chapter they filed the paperwork to person instruction, with many that have nothing to do with in the schools­ initiatethe recall of Ms.Ló- becoming embroiled in de- reopening,including renaming pez, as well as Vice President bates with parents, teachers schools honoring people it reopening saga. Alison Collins and Commis- unions and others. said had links to racism, sex- sioner FaauugaMoliga. They SanFrancisco’sdelibera- ism and slavery. arethe only membersofthe tions areamong the most rau- “They seem morefocused— boardinofficelong enough to cous.Under stateguidelines, in my estimation, anyway—on opened—is offensive.” be eligible for a recall.

S public schools have been al- symbols of equity rather than Afterthe potential recall ef- “Unfortunately,this board

PRES lowed to open since last Sep- actual equity,which would fort swelled, the school has failed to listen to parents,

TED tember.But teachersunions mean getting schools open for board’spresident, Gabriela Ló- we made so manygood faith

CIA have said they will return only all the children in SanFran- pez, said she had canceled re- efforts to reach out and com- SO when the community spread of cisco,” said Jennifer Sey,a naming committeemeetings, municate,” Mr. Raj said. AS Covid-19 is lower, or teachers parent who said she was apologized for how the board Ms.Collins declined to arevaccinated, and the school working on the recall efforts. had handled the renaming comment. Mr.Moligawrote in boardhasn’t forced their Theboardvoted on Jan. 26 process and wrote in a state- an email that he supported the

APPLEWHITE/ hand. Theinaction has an- to rename 44 schools, includ- ment that “reopening will be renaming pause,but he didn’t T

OT geredmanyparentsand ing George Washingtonand ouronly focus until our chil- support recalling any elected SC

J. MayorLondon Breed, whose Abraham Lincoln high schools, dren and young people are officials,including himself,or Rep. Jackie Speier held acopyofthe Constitution during a2020 officedoesn’t have direct con- as well as an elementary back in schools.” changing howthe boardisse- rally foraresolution to remove the deadline forratifying the ERA. trol over schools. school named afterformer San In an email, Ms. López de- lected. P2JW060000-4-A00400-17FFFF5178F

A4 | Monday, March 1, 2021 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 Use of Tax to Raise Wages Is Ruled Out

BY ANDREW DUEHREN completethe relief packagebe- apriority forliberal Demo- AND SIOBHAN HUGHES fore March 14,when federal crats, and the parliamentar- unemployment benefitsexpire. ian’sruling this week WASHINGTON—Senate Thebill would fund vaccine prompted some to call forthe Democratswill drop aplan to distribution, enhanceand ex- Senatetoalter itsrules and raise workers’ wagesthrough tend federal unemployment approve the wage increase taxpenalties and taxincen- benefits, and send direct anyway.President Biden has tivesthat lawmakershad ex- checks of $1,400 to many indicated he would not bend plored as areplacement for Americans and $350 billion to existing rules to raise the raising the minimum wage,ac- stateand local governments, wage,and the end of the tax cording to three people famil- among other measures. effort means Democratswill iar with the matter, while law- Because of the tight timeline need to find an alternativeleg- GES makersracetopassa$1.9 and the complexities of raising islativeroutefor the measure. IMA

trillion coronavirus relief pack- wagesthrough the taxcode, TheHouse approved itsver- ETTY

ageinthe coming weeks. lawmakerswill drop the plan sion of the legislation on Fri- O/G TopDemocratshad been to ensurequick passageofthe dayand included the $15 mini- AG DR

looking at options,including overall bill, according to two of mum wage in the bill. AL imposing taxpenalties on com- the people.Outside groups in- Lawmakersinthe Senatewill Rep. David Cicilline (D., R.I.), Sen. Tammy Baldwin (D., Wis.) and Sen. Chuck Schumer (D., N.Y.). panies with at least $2.5bil- cludingunions and advocates amend the bill and send it back lion in grossreceiptsthat hadexpressed concerns about to the House beforeitgoes to Warner (D., Va.) said on “Fox Mr. Coons also said that Republicans saythat the aren’t paying their workersat theplan’sworkability and its Mr.Biden forhis signature. News Sunday.” Democratsmight want to look minimum-wageprovision isn’t least $15 an hour,toraise policy implications,according Theplan to impose taxpen- Other lawmakershad talked at otheravenues forraising relevant to dealing with apan- workers’ wagesaspart of the to one of the people.Given the alties on large companies that about reaching abipartisan the minimum wage outside the demic,and that in anyevent relief plan. An earlier effort to tighttimeline beforeenhanced aren’t paying ahigher wage accord on the minimum wage. coronavirus relief package. the Democrats’ coronavirus-re- raise the minimum wage to $15 federal unemployment benefits and createtax incentives for Sen. Chris Coons (D., Del.), But Sen. Mazie Hirono (D., lief packageistoo expensive ranaground last week when runout in mid-March, lawmak- small companies to do so had who hasn’t said whether he Hawaii), said, “I basically sup- and is loaded down with money the Senate’snonpartisan par- ersopted to set aside trying to faced skepticism from other thinks $15 an hour is the right port raising the minimum forunrelated projects, like$1.5 liamentarian ruled that the fashion the newtax proposal. SenateDemocrats. level forthe minimum wage, wage in the Covid bill because million forabridgeinNew wage hikedid not comply with TheWashingtonPost ear- “I do want to makesure said that he waswilling to ne- that is ahugepart of economic York.“Thereare thingsthat the guidelines that Democrats lier reported lawmakers’ plans that acompanywould not sim- gotiatewith other Democrats. recovery.The people who are have nothing to do with Covid,” must followtopassthe legisla- to drop the taxproposal. ply movetheir work from the “Let’sstart with what we all suffering most from the mini- Sen. Rob Portman (R., Ohio) tion without Republican sup- Abandoning the wage effort large corporateenterprise to a agree on: that the federal min- mum wage and what’shappen- said on ABC’s“This Week.” port.Top SenateDemocrats will likely inflame tensions be- smaller enterprise that might imum wage of $7.25 is too ing in the pandemic arethe es- WhiteHouse spokeswoman had started working on the tax tween the Democratic Party’s not fall under that penalty and low,” Mr.Coons said on CNN. sential workers, manyofthem JenPsaki said the Biden admin- proposals to find away to progressivewing and itslead- somehowhavethe work out- “It has to be raised. Every arewomen and manyofthem istration had been receptiveto comply with Senaterules. ership.Raising the minimum sourcedinaway that maynot Democrat and manyRepubli- aregetting paid very low GOP ideas,but none addressed Democratsare aiming to wage to $15 an hour has been be appropriate,” Sen. Mark cans agree with that.” wages.” the extent of the problem. Setback on $15Minimum Strains Biden Ties With Left

BY TARINI PARTI progressives have called forre- AND LINDSAY WISE Others Advocate use his forum, his bully pulpit organizing the agencies that to call out the cost of not do- deal with migrants.And they Amajor setback last week to A Smaller Boost ing this right now,” said the areunhappy with Mr.Biden’s the administration’spush fora Rev. William Barber, co-chair- recent commentsthat he $15 federal minimum wage man of the Poor People’s Cam- wouldn’t cancel $50,000 in stu- could test President Biden’s Democratic Sen. Joe Man- paign, which has been holding dent debt, as manyprogres- ability to keep Democrats chin of West Virginia has rallies and lobbying lawmakers sives want, and an airstrikethe united and shape his relation- called for a smaller increase in on raising the minimum wage. president ordered in Syria with- ship with progressives. the federal minimum wage to Some outside groups are out firstconsulting lawmakers. Democratsattached the $11 an hour, up from the cur- warning that failing to raise While manyinhis party back

wage increase,one of Mr.Bi- S rent rate of $7.25 an hour. the minimum wage could hurt the minimum-wageincrease, den’s2020 campaign promises, Republican Sens. Tom Cot- Democrats in the midterms most Republicans and some to their $1.9trillion Covid-19 PRES ton of Arkansas and Mitt and threaten the rest of Mr. centrist Democrats, including

relief package and sought to UMA Romney of Utah have called Biden’s agenda. “An issue like a Sens.Joe Manchin of West Vir- /Z

passitunder special rules that TO for an hourly wage of $10. $15 minimum wage, which was ginia and KyrstenSinema of Ar- wouldn’t requireany Republi- Officials haven’t said passed by a ballot measure in izona, have said they oppose canvotes in the 50-50 Senate. whether President Biden would Florida even though Trump thewageincrease attached to Thenonpartisan Senateparlia- support a smaller increase. He won that state in 2020, is ex- the Covid-19 relief bill. mentarian determined that the ONE/NURPHO noted during a recent CNN actly the kind of issue they Rep.Alexandria Ocasio-Cor- minimum-wage increase didn’t THAL town hall that a minimum- need to deliver on,” said Jo- tez(D.,N.Y.) said she has kept comply with those rules. MA wage increase would be seph Geevarghese, executive in touch with WhiteHouse Progressivelawmakersand phased in over time. director of the progressive chief of staff Ron Klain and be- GINALD

activistsquickly called for RE “We need the president to group Our Revolution. lieves the president is operat- Democratstofind away Rep. AlexandriaOcasio-Cortez says centrists aredividing Democrats. ing in good faith with progres- around the ruling and raise the sives.She said Democrats minimum wage,floating op- Covid-19 bill and whose sup- precedent—and institutional Congressional ProgressiveCau- minimum wage.“We’regoing should consider all options to tionssuch as overturning the port the president needs to rules—tomakesweeping cus.She said the party couldn’t to find another way,” he said. getthe proposed minimum parliamentarian’sdecision or passlegislation in the Senate. changes,such as ending the disappoint Democratic voters Theriftonthe wage increase wage through and that cen- abolishing the60-votethresh- TheWhiteHouse said Mr. legislativefilibuster or expand- on the minimum-wageissue, comes as some on the lefthave trists likeMr. Manchin were old formost legislation in the Bidenwould followthe deci- ing the number of seatsonthe especially in states such as voiced criticism over the ad- the ones dividing the party. Senate. Those moves areun- sion of the parliamentarian and Supreme Court. Georgia and Arizona that Mr. ministration’shandling of the Mr. Manchin’s office didn’t likely to succeed because they seek to increase the minimum “In the end, it’sgonna be Bidenflipped in 2020. rise in unaccompanied minors respond to arequest forcom- areopposed by some centrists wage through another path. about howare we going to de- Former Rep.Cedric Rich- crossing the border,where ment. in Mr.Biden’sparty,who also But the ruling is reviving ade- liver on the promises we mond, senior adviser to Mr.Bi- manychildren arebeing held in —Andrew Duehren objected to including the mini- bateamong Democratsover made,” said Rep.Pramila Jaya- den, said the president would Border Patrol custody longer and Eliza Collins mum-wageincrease in the whether to break with recent pal (D., Wash.), co-chair of the continue to push forraising the than normally allowed. Some contributed to this article.

claims were viewedbymanyRe- Trump publicans as damaging to the party,which lost two U.S. Senate elections in Georgia in January Hints at that tipped control of the cham- ber to Democrats. Mr.Trump repeated those 2024 Run claims on Sunday, calling for “one Election Day” rather than expanded voting by mail, as oc- ContinuedfromPageOne curred in manystatesduring the in 2024during his speech, re- pandemic.Cheersof“we won” peating his unfounded claim brokeout among the crowd. that he wonthe November elec- Federal, stateand local offi- tion. “I mayevendecide to beat cials have repeatedly said they them forathirdtime,” he said, sawnoevidenceofwidespread referring to Democrats. Thefor- election fraud. Federal courtsup mer president’sRepublican to the Supreme Court ruled re- Party is without control of the peatedly against Trump-sup- WhiteHouse,Senateand House ported cases aimed at changing forthe firsttime since2010. the result. Mr.Trump said he had de- To further his political goals, cided not to start anew political Mr.Trump is forming anew su- party because “wehavethe Re- per PAC. publican Party.” He already has aSaveAmer- Aidessaid Mr.Trump might icapolitical-action committee, not reach afinal decision on run- which had raised morethan $31

ning in 2024until afterthe 2022 GES million by the end of 2020 as

midterm elections,inwhich Mr. IMA he challenged the election re- Trump intends to playakey role sults. TheSaveAmericaPAC is

handpicking candidates and pun- GETTY considered aleadership com- ishing those Republicans who mitteeand individual donations EDLE/

votedtoimpeach him. RA arecapped at $5,000 ayear.

As had been done by CPAC JOE Super PACs,also known as in- speakersthroughout the confer- Former President Donald Trump addressed the Conservative Political Action Conference on Sunday in Orlando, Fla. dependent expenditure-only ence, Mr.Trump used alengthy political committees,can ac- part of his roughly 90-minute stroy the Republican Party,” he den over the Democrat’ssteps to the WhiteHouse decisively four Michael Gwin, WhiteHouse cept unlimited funds,including speech to revisit the 2020 elec- said, referencing the term for roll back his predecessor’s hard- yearsfromnow.” spokesman, in astatement. from corporations. tion and denounceRepublicans “Republicans in Name Only.” line immigration policies,aswell Mr.Trump also blamed the Theformer president called Adviserssaid one way forMr. who were critical of his un- He also criticized Sen. Mitch as theadministration’sapproach Biden administration fornot forbreaking up big technology Trump to retain poweristoplay founded claims that he won. McConnell of Kentucky, the GOP to school re-openings. moreforcefully advocating for companies,which he called mo- awinning role in the 2022mid- Mr.Trump also mentioned by leader who he claimed would He cited Mr.Biden’sproposals reopening schools,accusing Mr. nopolies,inorder to upliftcon- terms. name House Republicans who have lost his Senatere-election in abroad immigration bill, such Biden of being beholden to servativevoices online. TheGOP would be foolish to votedtoimpeach him and Sen- in 2020 without Mr.Trump’sen- as creating an eight-year path to teachersunions.Aides to the TwitterInc.banned Mr. fan acivil warwithin the party ateRepublicans who votedto dorsement. Public opinion polls citizenship forthe 11 million im- president have said Mr.Biden Trump afterthe deadly Jan. 6 over Mr.Trump,said Sen. Rick convict him, including Sens.Lisa showedMr. McConnell never migrantsliving in the country wantsschools to be open when riot, beforewhich he encouraged Scott(R.,Fla.), head of the Sen- Murkowski of Alaska, Bill trailed in the race. without apermanent legal sta- it is safe. his supportersto“fight” as law- ateRepublicans’ campaign com- Cassidy of Louisiana, Susan Col- Thecrowd briefly booed Mr. tus.Mr. Trump likened that to “While the GOP castsabout makersinCongresswerecertify- mitteetasked with helping re- lins of Maine,and Rep.Liz Che- McConnell, who votedtoacquit amnesty and called forRepubli- forapath forward, President Bi- ing Mr.Biden’selection win. elect GOP incumbents. ney of Wyoming. Mr.Trump in the impeachment cans to oppose it. den is going to remain laser-fo- Afterthe election, Mr.Trump “Wewill not win the future “Get rid of them all,” Mr. trial but denounced Mr.Trump’s He said the Biden administra- cused on crushing the virus,re- circulated unfounded claims that by trying to go back to where Trump said. “The RINOs that rhetoric ahead of the riot. tion’simmigration moves were opening schools,and getting Democratsstole the election the Republican Party used to be,” we’resurrounded with will de- Mr.Trump slammed Mr.Bi- cause forthe Democrats“to lose Americans back to work,” said through voterfraud. Those Mr.Scott said at the conference. P2JW060000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, March 1, 2021 | A5 U.S. NEWS Senate Hopeful Is a Target for Both Parties

BY JOHN MCCORMICK said he has no plans to finance riot at the Capitol amounted to wifegot acall from her uncle his owncampaign. But he an armed insurrection. telling her that the facility had AlexLasrymight be swim- didn’t rule out the possibility “Ron Johnson is committed extradoses that were going to ming upstream as he seeks the that he or family members to delivering resultsfor Wis- go to wasteifthey weren’t U.S. Senatenomination in Wis- might invest in the race. consin,” said Ben Voelkel, a used immediately.“With Lau- consin from aDemocratic “The Republicans aregoing spokesmanfor the senator. renearly in her pregnancy, we Party skeptical of Wall Street to throw everything they can “NewYork liberal AlexLasryis wanted to ensureour home, and worried about income in- at this race,” he said. “Weneed focused on using his family andentirecommunity is safe equality. to makesurethat we’regoing connections to line his pockets foreveryone,” he wrote. The33-year-old is aformer to win this race and that we and jump the line to geta Mr.Lasrysaid he plans to

Goldman Sachs analyst and have the resourcestocom- Covid vaccine.” release his taxreturns and S

son of MarcLasry,abillionaire pete.” TheMilwaukee Journal Sen- called on all candidates in the PRES hedge-fund manager and co- Thestate sawthe firsttele- tinel reported in lateJanuary race to do the same.Afinan- TED

owner of the Milwaukee Bucks vision advertisementsofthe that Mr.Lasryreceived adose cial disclosure form filed in CIA

basketball team. 2022campaign cycle in mid- of coronavirus vaccine at ase- August by Mr.Johnson, abusi- SO Therace, in astate decided Januarywhen the Democratic nior living center in Milwau- nessman, listed assetsworth AS by lessthan one percentage Party of Wisconsin launched kee, despitenot being part of a between $18.1 million and GEE/ point in November’s presiden- morethan $100,000 in spots group eligible forashot. $84.4million. Theforms allow GAR tial election, will be among the critical of Mr.Johnson, who Afterthe report, Mr.Lasry forabroad rangefor each as- ME EVE

most important nationallyin has questioned Mr.Biden’svic- said on Twitterthat he was set, so identifying amorepre- ST 2022for determining Senate tory and whether the Jan. 6 vaccinated afterhis pregnant cise figure is impossible. Alex Lasry, left, on avoter canvassing tour in Milwaukee in October. control. Republican Sen. Ron Johnson, astrong ally of for- mer President Donald Trump who oncepledged to retireaf- tertwo terms,hasn’t yetindi- catedwhether he’ll seek a third. Mr.Lasry, aWisconsin resi- dent since2014who an- nounced his candidacy Feb. 17, has triggeredararemoment of PRATT INDUSTRIES bipartisan agreement between national Republicans and some Wisconsin Democrats. TheNational Republican Senatorial Committeehas la- beled him a“spoiled rich kid,” while another announced Dem- ocratic candidateinthe race, TomNelson, is saying similar things, albeit in amorepolite, 10,000 GREEN-COLLAR Midwestern tone. “The notion of someone coming in and buying aU.S. Senaterace, there’savisceral reaction to that and people are not going to stand forthat,” MANUFACTURING JOBS Mr.Nelson, the topelected of- ficial in Outagamie County, southwest of Green Bay, said in an interview. “I’m going to be outspent by millions.” Seeking to capitalizeonMr. Lasry’swealth, Mr.Nelson re- leased an online video Feb. 23 whereheoffered to sell his children’stoys and other household belongingstoraise campaign cash. “I don’t have that kind of money,soI’m hav- ing this little garage sale,” he said in the video.

The Wisconsin race will be among the most important nationally in 2022.

Mr.Lasry, in an interview, playeddownthe relevanceof his family’s money. “When Italk to voters, there’snotalk about my wealth,” he said. “What people actually want to talk about is howare we going to raise wagesfor people,how arewe actually going to createjobs and howare we going to work on issues likeracial and social justice.” Mr.Lasry, aBucks senior vicepresident, pointed to a$15 minimum wage the team’s businessarm agreed to pay unionized food workersatits arena, as well as an effort to invest in minority-owned firms. His connections in Milwau- keehelped Mr.Lasrysecure early endorsementsfromsev- BOXMAKING FACTORIES eral topcity officials.His work 55 leading fundraising effortsfor the2020 Democratic National Convention, awarded to Mil- waukee but moved mostly on- line due to the pandemic, RECYCLING CENTERS AND helped him expand his national network. 11 Mr.Lasry’sfather was atop SPECIALTY PACKAGING PLANTS fundraiser forPresident Barack Obama’s2012 re-election cam- paign, raising more than $500,000.Aphotoofthe youn- gerLasrywith Mr.Obama dur- ing his time as aWhiteHouse 100% RECYCLED PAPER MILLS aide appeared in his announce- 5 ment video. Both father and son were among the morethan 800 indi- viduals and couples who raised at least$100,000 forPresident Biden’s2020 campaign. Mr.Biden is unlikely to per- sonally weigh in on aprimary, but the Democratic Senatorial Campaign Committeesome- times does so.The Democratic field in Wisconsin, which will faceoff in an August 2022pri- mary, maystill grow. Besides Mr.Lasryand Mr. Nelson, Gillian Battino has also filed federal paperwork to run. State Treasurer Sarah Godlewski and Lt.Gov.Man- dela Barnes have also ex- pressed interest in the race,as has U.S. Rep.Ron Kind, among others. As he stressed the impor- www.prattindustries.com tanceofgrass-rootsfundrais- ing and organizing,Mr. Lasry P2JW060000-2-A00600-1------XA

A6 | Monday, March 1, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS CDC EndorsesOne-Dose Shot From J&J

BY PETER LOFTUS nior investigator at the Insti- December of shotsfrom people. some expressed concerns. began to wrestle with the po- tute for Health Research with Pfizer Inc.with itspartner Bi- Thenew supplies should One concern wasthat in tentially difficult task of com- TheU.S.Centersfor Dis- Kaiser PermanenteColorado. oNTech SE, and from Mod- help morepeople getvacci- the large clinical trial, J&J’s paring the three authorized ease Controland Prevention “HowverygratefulIamthat erna Inc. nated, especially afterJ&J in- vaccine appeared to be lessef- vaccines and giving guidance signed off on adding Johnson we nowhavethree safeand Theaddition of the J&J creases itsoutput. fectiveamong people age60 about whether people should &Johnson’s newly authorized highly effectivevaccines.” vaccine is expected to boost However, health authorities and older who had certain choose one over the others. Covid-19 vaccine to the arse- TheU.S.Food and Drug Ad- the massvaccination cam- don’texpect the availability of medical conditions such as di- Thequestion has arisen nal of preventiveweapons ministration authorized use of paign aiming to bring the pan- three shotswill mean that abetes and hypertension. partly because the overall effi- against the coronavirus. the single-dose shot on Satur- demic under control. Demand manypeople will start having J&J’sMacayaDouoguih, cacy of J&J’svaccine in a CDC Director Rochelle daybased on its66% effec- forthe previouslyauthorized achoiceamong them anytime head of clinical development large trial waslowerthan that Walenskygavethe go-ahead tivenessatpreventing moder- vaccines has outpaced supply soon. andmedical affairswith the forPfizer’sand Moderna’s Sunday, afterapanel of advi- atetosevereCovid-19 disease so far. Each of the three autho- drugmaker’s Janssen pharma- from separatetrials. sorsvoted in support of in alarge study that also Morethan 75 million of the rized shotsworks well, ac- ceuticals unit, said those re- Fornow,the committee adultsinthe U.S. getting the showeditwas safe. 96.4 million doses distributed cording to the authorities, sultsshould be interpreted isn’t expressing apreference, one-dose vaccine.Just hours J&Jsaid afterthe FDA nationwide have been admin- who encouragepeople to get with caution because they are with memberssaying it is earlier,the AdvisoryCommit- clearancethat it had started istered,according to the CDC. whichever vaccine they can based on arelatively small tough to compareand con- teeonImmunization Practices to ship doses of itsvaccine for J&Jexpectstoship about get. number of Covid-19 cases in trast the vaccines acrossdif- voted12-0with one recusal in allocation and distribution by four million doses right away TheCDC’svaccine advisory that subgroup.She said it ferent trials,and that all three favor. the federal government. The andtodeliver another 16 mil- committeemembers—physi- wasn’t in line with the rest of were generally safeand effec- Thesteps concluded are- doses areexpected to start lion by the end of March. cians,public-health officials the trial data, which support tive. viewprocess beforethe shot reaching vaccine providersin By the end of June,J&J ex- and infectious-disease special- that the vaccine provides pro- “Wewant to makesurethe reaches wider use,which is the U.S. in the coming days, pectstoprovide atotal of 100 ists—discussed the clinical ev- tection. public understands the best expected this week. with vaccinations starting million doses foruse in the idencefor J&J’svaccine dur- Theefficacyamong Ameri- vaccine is the one they can “Inthe midst of this trag- soon afterward. U.S. ing an online meeting. canIndian and Alaska natives getaccessto,” said Jason edy, we do have some reason It was the thirdCovid-19 Thefederal government has Membersofthe committee also was lower than the over- Goldman,aliaison to the com- foroptimism,” said committee vaccine cleared by the FDA, purchased the doses and is generally had favorable com- all efficacyinthe study. mitteefromthe American Col- member MatthewDaley,se- after the agency’sclearance in making them available free to mentsabout the vaccine,but Committeemembersalso legeofPhysicians.

J&Jhad only alimited body of Vaccines evidencethat itsviral-vector vaccines worked. GES TheEbola studies,for in- Herald IMA stance, didn’t comparewhether people receiving the vaccine GETTY

SE/ hadlowerrates of Ebolathan New Era unvaccinated people who gota placebo.J&J had determined it

ANCE-PRES wasn’t feasible to runthat kind ContinuedfromPageOne FR of controlled trial during a

and its partner, BioNTech SE, ENCE deadly outbreak.Instead, the

and Moderna Inc.Inalate- AG EU relied on the evidenceof

stagetrial, J&J’ssingle-shot OE/ positiveimmune-response re-

vaccine was66% effectivein GAK sultsamong those vaccinated preventing moderatetosevere MA againstthe Ebola virus.

cases of the disease that has PHILL When the pandemic hit, killed morethan 500,000 peo- J&J’sChief Scientific Officer ple in the U.S. and about 2.5 GES; Paul Stoffels said he asked his million world-wide. IMA team membersinJanuarylast “This is one of those giant year to explore making a vac- GETTY leap momentsfor us.These cine against the newcoronavi- OBE/

arefundamental shifts in how GL rus spreading in China.

we will build vaccines for the ON “Hey boss, we’realready future,” said C. Buddy Creech, ST doing it,” Dr. Stoffels recalled director of Vanderbilt Univer- BO them saying.

sity’s vaccine research pro- /THE Theresearchersstudied the

gram. “I think this really ush- LKER genetic sequenceofthe new

ersinagolden ageof WA coronavirus soon after it was vaccinology.” F. published online by Chinese Newvaccine technologies AIG scientists. Then they sketched CR

spurred by the pandemic are P: designs of potential vaccines, leading effortstocombat TO focusing on the spike protein OM

Covid-19 and herald anew ar- FR found on the surfaceofthe vi- senal of weapons for fighting Noe Mercado preparing a test during vaccine work last year at Barouch Laboratory in Boston. Below, a vaccination in South Africa. rus; Covid-19 uses it to attach lethal viruses in the future, in- and gain entryintohuman fectious-disease researchers instructsthe body’s cells to be- cells. said, another example of how gin making aprotein from the Theidea wastoemploy the fight against Covid has su- coronavirus.That production Ad26 to carryDNA into human percharged technological de- provokes an immune response cells to instruct them make velopment. to protect avaccinated person their own spike protein. That First came messenger RNA if they arelater exposed. would triggerproduction of vaccines from Pfizer and Mod- “The beauty is that youuse immune-system antibodies to erna, effortsthat afteryears natural systems,which areop- fight off the actual virus in a of trying figuredout howto timized by millions of yearsof vaccinated person, by binding use fatty particles to deliver evolution, to deliver what you to the spikeprotein and pre- synthesizedgenetic code to want to have your body re- venting it from entering cells. cells.J&J’sshot emergedafter spond to,” said Vincent Mun- By the end of January, Dr. researchersfinally found the ster,chief of the virus ecology Barouch gotintouch with J&J right virus forferrying section at the National Insti- researchers, and within a few tweaked DNA to the body. tute of Allergy and Infectious days,they came up with about Viral-vector Covid-19 vac- Disease,which helped with the a dozen vaccine designs. Two cines developed in China and AstraZeneca-Oxford vaccine. months later,they landed on Russia also have been autho- These vaccines offer several onecandidatethe company rized foruse in those and advantages over shotsusing planned to test in animal and other countries. The Covid-19 older technology. They seem human studies, said Hanneke vaccine developed by the Uni- to activatenot just the anti- Schuitemaker,head of viral versity of Oxfordand Astra- bodies that neutralize a virus vaccine discovery at J&J. ZenecaPLC,which has been but also the memoryand T- In an early test, researchers authorized in the U.K. and cells that keep the immune de- at acontract laboratoryin other countries,also is aviral- fense alert for the long-term. Maryland vaccinated rhesus vector shot. Viral-vector vaccines canbe macaques with J&J’sexperi- Foryears, vaccines forsuch designed and manufactured mental shot,and, six weeks infectious diseases as measles relatively quickly,using the later,exposed them to the cor- and polio were made from the same basic building blocks,to onavirus. viruses they targeted, in ver- fight an emerging infectious- peared to have ahigher youbuild up that immunity,” ran a lab exploring viral-vec- Afterputting his children to sions scientistsrendered disease outbreak.Scientists susceptibility to HIV infection. Dr.Fuller said. “It’sgoing to tor use. bed on a Friday night in May, harmless. The shots rally the saythe technologycould yield Researcherssuspected that stop working after a while.” Thesame year that Merck’s Dr.Barouch settled intohis immune system by exposing approved vaccines against vaccination on topofapre-ex- Aviral-vector Covid-19 vac- HIV vaccine failed, Dr.Barouch home office and opened an people to the targeted virus. other infectious diseases,such isting immunity may have ac- cine developed in China didn’t and colleagues published work email with the results: Aftera Yetsuch vaccines could take a as Zika and influenza. tivated the very part of the perform as well in some peo- identifying adenoviruses dif- single dose, there was no de- decade or longer to develop; Twoviral-vector Ebola vac- immune system that HIV tends ple during testing because ferent from the one Merck had tectable virus in specimens manufacturing took months. cines have been cleared for to target, allowing the virus to subjects had pre-existing im- used in its HIV shot. from thelungsofall of the ThemRNA vaccines and use. And a related technology spread in the body rather than munity to the underlying virus One of the strains, dubbed monkeystested. “It gaveme J&J’sviral-vector shot—devel- uses the same technology for that was used. Ad26,was lesscommon in hu- hope that this actually might oped and tested in months— gene therapies to treat some Oneway around the chal- mans,and few people had a work,” he said. were propelled by newin- cancersand rare genetic dis- The Covid­19 fight lengeistouse avirus from strong pre-existing immunity AfterDr. Stoffels at J&J sightsintothe immune system eases. another species.The viral-vec- to it. That meant vaccines us- saw the monkey data, he said that opened the door to engi- “The futurefor pandemic re- has supercharged tor vaccine from AstraZeneca ing the strain were less likely he,too,concluded, “Yes,we neering a better defense. sponse is that we want some- technological PLC and itspartner University to fail. It later became the ba- can do this.” Almost like computer pro- thing along the lines of what of Oxford, which is being sis for J&J’s viral-vector vac- Theresultshelped shape grammers, researchers wrote J&Jhas done,asingle shot able development. tested in the U.S.,uses achim- cine research. J&J’sdecision to start aseries genetic instructions to muster to induceimmunity,” said Deb- panzee adenovirus. J&J began to deploy viral- of human tests—and to see if a the immune system’s molecu- orah Fuller,avaccine re- J&Jtook achanceonadif- vector technology, using AD26, single dose provided enough lar soldiers to fight the coro- searcher and professor of mi- ferent approach. against infectious-disease out- protection forwidespread use navirus. The vaccines deliver crobiology at theUniversity of be kept at bay. AMerck breaks,first Ebola and then during apandemic emergency. the programmed genetic code WashingtonSchool of Medicine. spokesman said afirm cause Zika. In July,J&J began testing directly to cells in the body. was never established. Eureka In 2015,during adeadly Eb- itssingle-dose Covid-19 vac- Theengineered DNA or RNA Merck dropped the work, Thecompanybet on viral- ola outbreak in West Africa, cine on morethan 1,000 serveasakind of genetic soft- The people problem andthereisstill no effective vector vaccines in 2011 with a the companystarted studies of healthy adult volunteers. The ware,commanding the hard- Scientistshad chased viral- HIV vaccine. $2.3 billion acquisition of the a two-vaccine Ebola regimen, companyalso ranparallel ware of the human cell to vector vaccines sincethe Thecompany, however, remaining stake it didn’t own shotsgiven eight weeks apart. teststosee whether giving wage battle. 1970s.One wasapproved to later developed an Ebola vac- in aDutch biotechnologycom- Thefirst dose used Ad26 vec- two doses about two months Health authoritiesseeking protect poultrybythe U.S. De- cine,using adifferent viral pany, Crucell NV. tortechnologyand the second apart would be moreeffective. to increase vaccinations partment of Agricultureinthe vector called vesicular stoma- Though the world’s largest dose a different design. Thesingle-dose shot kept looked forwardtoJ&J’sshot 1990s,but it took much longer titis,avirus that infectsani- health-productsmaker by Thestudies showedthe proving itself.Inanearly because it requires only one to find one for humans. mals but rarely humans.In sales,J&J wasarelativenew- vaccines were safe and could study, it produced antibodies dose insteadoftwo.Also,it Amajor setback wasa2007 2019,itbecame the firstEbola comer to vaccines. Crucell of- provide an immune response. to neutralize the coronavirus canbekept at standardrefrig- study finding that an experi- vaccine approved by the FDA. feredthe NewBrunswick,N.J., Morethan 100,000 people, in people at levelsthat were erator temperatures forlonger mental Merck &Co. viral-vec- One concern about viral- giant a chance to own a pipe- mostly in Africa, have since stable foratleast 71 days after periods compared with the tor vaccine against HIV failed vector technology is whether line of hepatitis,influenzaand received the J&JEbola vaccine vaccination. two vaccines now authorized to protect people from the vi- people could develop an im- choleravaccines—and tapa regimen under emergency-use That prompted J&Jtorun a for use in the U.S. rusthat causes AIDS.The munity to the vaccine itself, market free of the cutthroat approval. large clinical trial. Thestudy Covid-19 viral-vector vac- problem turned out to be the potentially making it lessef- generic competition in drug Afterfiveyearsofdevelop- began in September and en- cines aremade by engineering common-cold virus that re- fectiveagainst newvariantsof sales. ment and testing,the Euro- rolled about 44,000 people in aharmlesstype of virus—such searchers used to deliver the the coronavirus or another Crucell had been collaborat- pean Commission in July last theU.S.and other countries. as an adenovirus that can genetic code. type of outbreak. ing with Dan Barouch, aphysi- year approved J&J’s two-vac- Theresultsformed the basis cause the common cold—to Researchersfound that “Over time,ifyou start rou- cian and immunologist at Beth cine regimen against Ebola, a forthe FDA’sauthorization, carryagene from the corona- those in the study with pre-ex- tinely vaccinating people over Israel DeaconessMedical Cen- decision that validated the which, Dr.Stoffels said, virus into the cell. isting immunity to the vac- and over with the same vac- terinBoston and professor at company’sviral-vector tech- capped “the work of 10 years Thevaccine’sDNA payload cine’sadenovirus strain ap- cine platform, the viral vector, HarvardMedical School. He nology. Yetgoing into2020, of research.” P2JW060000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, March 1, 2021 | A7 U.S. NEWS Picture Brightens, But Virus Isn’t Done

BY BRIANNA ABBOTT tions have also likely driven AND TALAL ANSARI down hospitalizations and deaths. Manyinfectious-disease ex- “We’recoming down from a pertsinthe U.S. arecautiously holidaybubble,and we’re optimistic.Covid-19 cases,hos- emerging from averydark and pitalizations and deaths have all cold winter that might have sharply dropped in recent weeks kept people inside,” said Dar- as the countrycomes down lene Bhavnani, an infectious dis- from itsdeadliest surge yet, and ease epidemiologist at the Uni- vaccination campaigns areget- versity of Texas at Austin. ting moreshotsintopeople’s Some states and counties arms.Warmer weather is have started to ease up on

around the corner. safety measures.But health au- CK Yetprogressagainst the cor- thorities advise caution. TO onavirus pandemic remains “The pressuretoget back to

fragile, public-health experts something morenormal will be SHUTTERS

say. Case countsare still high immense and irresistible,” said A/ and might be plateauing; cur- RobertWachter,chairman of /EP rent levels of built-up immunity the department of medicine at URENT

aren’t enough to safely drop the University of California, San LA precautions; and moredanger- Francisco. “My hope is that

ous variantsare threatening to we’rejust thoughtfulabout it.” ETIENNE gain afoothold in the U.S. and Loosening mitigation mea- Caregivers waited for patients to be vaccinated against Covid-19 at the Martin Luther King Jr. Community Hospital in Compton, Calif. exploit safety lapses. surestoo aggressively or early “Thingsare tenuous.Now is will likely lead to arebound in not the time to relax restric- cases,say Dr.Bhavnani and tions,” Rochelle Walensky, direc- other health authorities. Access to ShotsCan Be Uneven toratthe Centersfor Disease Daily confirmed cases and Controland Prevention,said hospitalizations,while down Friday. “Wecannot getcomfort- considerably from January, are BY ELIZABETH FINDELL Covid-19 vaccines,Jovana San- Similar dynamics have been ans,grocery workersand oth- able.” at asimilar level to peaks seen chez-Melendez, a35-year-old reported acrossthe country. The erscan’t spend their days re- Covid-19 cases in the U.S. last summer,and the declines As Covid-19 vaccines con- university director of technol- situation has improved slightly freshing computer screens have declined forthe past sev- have stalled. tinue to roll out acrossthe coun- ogynear Dallas who has an au- in recent weeks as morehospi- looking fordoses,hesaid. eral weeks,with the seven-day Theamount of immunity try,manyhospitals and clinics toimmune disease,received an tals arestarting to makeroom Manydoctorsand clinics averagedropping 74%sincethe built up through both infection aregiving priority to their own email from her doctor to sign fornonpatient registrations, without ties to amajor hospital Jan. 11 peak,Dr. Walenskysaid and vaccination is still far from patients, leaving people who up foranappointment. health officials said. Also,in were leftout of initial distribu- on Feb. 22.Average daily hospi- the estimated 70%to80% or lack aprimary-care doctor or a Ms.Sanchez-Melendezgot some states,major retail phar- tion efforts, Dr.Benjamin said. taladmissions,now 6,500 aday, abovenecessarytostopthe doctor affiliated with the right the vaccine quickly.But she macies such as CVSare nowdis- “Thereiscertainly an increase have dropped 60% and areat spread through population-level hospital struggling to find doses. said she couldn’t getappoint- tributing doses,widening access. in availability,but manyofthe their lowest point sincethe fall. immunity alone. Health researcherssay the mentsfor her parents,who Dennis Andrulis,asenior re- community-physician providers Thereisnosingle explana- Newer, moretransmissible trendisdisproportionately af- searcher forthe Texas Health still don’t have easy access,” he tion forthe declines,authorities variants complicatethe calcula- fecting people in medically un- Institute, said that nationally said. “The retail pharmacies say, but the biggest contributor tion. Thevariant that emerged derserved communities. ‘You have to know 27% of whitemen, 31% of Black should help.” is likely changed behavior.Peo- in the U.K. canspread much Manystateschose to distrib- men and 41% of Hispanic men In Texas,facilities giving pri- ple arelikely taking morepre- moreeasily than previous ver- utethe vaccine firsttohospi- somebodywho knows don’t have aprimary-care doc- ority to their patientsinclude cautions,following the holiday sionsofthe virus and could be- tals,which then became the somebodywho knows tor. He said hospitals also tend some designated by the stateas season andadeadly winter in come dominant in the U.S. in primarydeliverer of the shot to to locateinmoreprosperous vaccine hubs.Hospitals said which the U.S. surpassed March. Avariant that emerged their ownhealthcareworkers howtoget it.’ areas. “You have ahistoryof they have expanded access as 500,000 totaldeaths from in South Africahas shown some andotherswho qualified. In neglect on steroids,” Dr.Andru- they have been able to do so.A Covid-19.State and local author- resistancetocurrently available many cases,people have to lis said. “Ifpeople have access spokesman forUTSouthwest- ities increased restrictions in re- vaccines. have aprimary-care doctor af- to adoctor in their community, ern Medical Center,whereMs. sponse to the climbing numbers. “I fear that oncewereach a filiated with the hospital, or re- work in front-line jobs and have and insurance, the door is go- Sanchez-Melendezreceived her Epidemiologistsalso roughly level that feels safer forsociety, ceivecarefromthe hospital, to medical conditions that make ing to be moreopen to them.” vaccine,said it treatsextremely estimatethat at least aquarter and as people decide to loosen receiveashot there. them high risk forCovid-19. GeorgesBenjamin, executive sick patientsand tried to give of the population has had restrictions forcommunities or That meansthat people in Her parentsweren’t patientsof director of the American Public priority to those most likely to Covid-19,with most developing themselves,we’ll see this return poorer communities without ahospital that had doses. Health Association, said that be hospitalized if they caught some level of immune response. in cases,” said AjaySethi, an in- majorhospitals oftenfacean “You have to knowsome- some of the people who need thevirus.The hospital has al- That, in combination with the fectious disease epidemiologist even harder time finding access body who knows somebody the vaccine most—workersin lowedperiodic access to sign- number of people who have at the University of Wisconsin- to the still-scarce vaccine. who knows howtoget it, and public-facing jobs—areleast ups fornonpatientsand has set been fully immunized, reduces Madison. “And in this case,it When Texans 65 and older even then it’s not asurething,” equipped to fight fordoses if up avaccination siteinanarea the number of susceptible peo- will be areturn in the newvari- and with certain medical condi- Ms.Sanchez-Melendezsaid. Her they don’t have aconnection to of southern Dallas historically ple in the population.Vaccina- ant that’sharder to control.” tions became eligible for parentseventually found doses. adoctor.Bus drivers, custodi- underserved by healthcare.

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A8 | Monday, March 1, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Iran Spurns Biden Draws Heat EU Call for For Not Punishing U.S. Talks Saudi CrownPrince ContinuedfromPageOne

ing airstrikes on Iranian- GES Democratsand aformer “I thinkthey need to keep

backed militias in Syria,and IMA CIA chief have criticized Presi- open additional sanctions Iranian presidential elections in dent Biden’sdecision not to against MBS if we don’t see a

June,diplomatshavewarned GETTY directly punish Saudi Arabia’s change in behavior,” he said

that opportunities to ease ten- SE/ crownprincefor his alleged on FoxNewsSunday, referring sions might nowbeimperiled. role in the killing of journalist to the prince by his initials. Just 10 days ago, Western of- Jamal Khashoggi. RepublicanSen. Rob Port- ficials were hopeful that head- ANCE-PRES man of Ohio said, “I do think FR way would soon be made to- By Gordon Lubold thereought to be something

ward relaunching the nuclear GENCE in Washington additional that focuses on negotiations.The EU floated the /A and Stephen Kalin [PrinceMohammed]. And it idea of holding talks in Europe in Riyadh could be along the lines of that would include all of the re- sanctions or travel bans, just

maining participantsinthe PRESIDENCY TheBiden administration as they’vedone forthose who 2015 deal—Iran plus China, the on Fridayreleased areport as- were directly involved in the ANIAN

U.K.,France, Germany, and Rus- IR sailing Mohammed bin Sal- killing of Khashoggi.” sia—as well as the U.S. The Bi- The Iranian government, led by President Hassan Rouhani, above, has escalated nuclear activities. man, thedefactoleader of In implicating the Saudi den administration immediately Saudi Arabia,for the direct crownprinceinthe death but said it would attend ameeting, by-step processinwhich the the moreimportant to rein in sinceMr. Trump took office. role he played in the 2018 as- opting not to punish him per- with Washington’senvoy,Rob U.S. and Iran would each agree itsnuclear activities.Adminis- AWhiteHouse spokes- sassination of Mr. Khashoggi. sonally,the Biden administra- Malley,set to participate. to concessions beforeapossi- tration officials have said the woman suggested the adminis- Theadministration imposed tion is hoping to remakerela- EU officials had been trying blemeeting between Iranian revival of the 2015 nuclear tration wastaking Iran’srejec- sanctions on atop aide to the tions with akey U.S. Middle to get an agreement on dates officials and their U.S. counter- deal,fromwhich the Trump tion of the EU proposed crownprinceaswell as the so- East ally without shattering forameeting and had floated parts, Western diplomatssaid. administration withdrew and meeting in stride. called rapid intervention force them, U.S. officials have said. the possibility of talks in Vi- Asenior Biden administra- whose limitsweresubse- Iran’sdecision to stay away that played a role in the mur- Mr.Biden has said further ac- enna or Brussels in the coming tion official said the U.S. quently breached by Iran, from talks fornow comes ahead der but stopped short of pun- tions would be announced on days. The EU’s foreign-policy would nowconsult with its would be afirst step toward a of what could be fresh tensions ishing PrinceMohammed, Monday. chief, Josep Borrell, said last European partnersaswell as morefar-reaching arrange- between Iran and the West. known as MBS,for ordering “Webelievethereare more week that he wasreasonably Russia and China about how ment the U.S. and itsallies France, the U.K. and Ger- theoperation that led to Mr. effectiveways to makesure optimistic talks would happen. else Washingtoncould pursue hope to achieve. That, thead- manyare working on aresolu- Khashoggi’s death. this doesn’t happen again and However, Iran sent anotethis its diplomatic efforts. He de- ministration said, would in- tion they plan to present to the Former Central Intelligence to also be able to leave room weekend saying it wouldn’t at- clined to saywhether the U.S. clude more-enduring limitson boardofthe International AgencyDirector John Bren- to work with the Saudis on ar- tend a meeting in the current would accept the Iranian idea Atomic Energy Agencynext nan, who served in the Obama eas wherethereismutual circumstances. foranEUmediating role pend- week that would censureIran administration, suggested the agreement, wherethereare “Given the recent moves ing those consultations. Iran has said it forits recent steps to expand its administration limit contact interests, national interests, and positions of the U.S. and “It is unfortunate because nuclear activities and itsfailure with the crown prince. for the United States,” White the three European countries, that could have happened wants to return to to cooperatewith the agency’s “Saying that Saudi Crown House presssecretaryJen the Islamic Republic doesn’t quickly.That waswhat wason the nuclear deal but probe intoits nuclear work. PrinceMohammad bin Salman Psaki said on CNN on Sunday. assess the timing of an infor- the table,” the Biden official Iran has warned that if the wasresponsible forthe hor- “This is what diplomacylooks mal meeting proposed by the said of the EU proposal. “We won’t renegotiate it. censuregoes ahead, Tehran rific murder of Jamal like, that is what complicated EU coordinator as appropri- arenot going to be dogmatic could unwind an agreement it Khashoggi is not holding him global engagement looks like.” ate,” said Saaed Khatibzadeh, or sticklersfor form. We want struck in Februarywith the accountable,” Mr.Brennan Ms.Psaki said the U.S. gov- Iran’sforeign ministryspokes- to makesurethat whatever IAEA aimed at softening itsde- wroteonTwitter on Sunday. ernment doesn’t typically im- man. “The path ahead is very formal processisagreed is one Tehran’snuclear program and cision to scale back interna- “The Biden administration pose sanctionsonleadersof clear: TheU.S.should end its that is going to be effective.” restrictions on Iran’sballistic- tional inspections of itsnuclear needstodomuch more. No foreign governmentswith illegal and unilateral sanctions At stakeare effortsbythe missile program. work.Under adeal with IAEA meetingswith senior U.S. offi- whom the U.S. maintains dip- and return to itsJCPOAcom- U.S. and itspartnerstocon- Iran, however, has said it Director-General Rafael Grossi cials and no visits to the U.S. lomatic relations. mitments.” He wasreferring to strain the nuclear program of a wasincompliancewith the in Tehran, Iran agreed to steps would be a good start.” Mr.Khashoggi waskilled the Joint ComprehensivePlan countrythat Washingtonhas 2015 deal before then-Presi- that would allowthe U.N. House IntelligenceCommit- and dismembered in the Saudi of Action, the formal name of accusedofbeing asponsor of dent Donald Trump withdrew, atomic agency to keep monitor- teechairman Rep.Adam Schiff consulate in Istanbul in Octo- the 2015 Iran accord. terrorism and which has sup- and that it wantstoreturn to ing much of itsnuclear work. (D., Calif.) wroteoverthe week- ber 2018 as his fiancéewaited Iran proposed adifferent ported Syrian President Bashar the accord but won’t renegoti- Without that agreement, Mr. end that the crownprince“has forhim outside.The two were approach in itslatestdiscus- al-Assad and militant groups ateit. It is seeking to build up Grossi had warned that the blood on his hands” and the expecting to be married. His sionswith the EU.Echoing an including Hezbollah in Leba- itsnegotiating leveragebyex- agencywould be flying blind in U.S. “must have accountability.” remains were never found. idea floated publicly in early non, Kataib Hezbollah in Iraq panding itsnuclear activities, itseffortstokeep tabs on Sen. Mark Warner,the Riyadhrejected the U.S. in- FebruarybyForeign Minister andthe Houthis in Yemen. reducing but not eliminating Iran’sexpanding nuclear work Democratic chairman of the telligencereport as “false and JavadZarif,Tehran told the EU Bidenadministration offi- theaccessofinternational in- and prevent fissile material and SenateIntelligenceCommittee, unacceptable,” saying it con- that it wantsthe EU to serveas cialssaid Iran’sassertivepos- spectors, and demanding that key nuclear equipment from said the sanctions announced tained inaccurateinformation amediator,brokering astep- tureinthe region makes it all theU.S.removeall sanctions being diverted to illicit uses. on Friday were the first step. and conclusions.

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THE WALL STREET JOURNAL. Monday, March 1, 2021 | A9 WORLD NEWS Falling Births Put China Growth at Risk

Having weathered the clined 24% during the first 10 months of 2020,Credit Suisse pandemic, the said in areport linked to on economy now faces a its website last year. Thefindings“foreshadow ‘low-fertility trap’ rising pressureonpolicymak- erstoremoveremaining fam- BY LIYAN QI ily-planning controls and switch to proactively support the China mayhaveblunted the birthrate,” the report says. pandemic’simpact on itsecon- Theabolition of the one- omy, but a shortfall in babies child policyin2016 set off ex- is clouding itsgrowthhorizon. pectations foraboom in sec- In the short term, the Chi- ondchildren. Thenumber of nese economylooks compara- privateobstetrics-and-gynecol- tively strong—helped by its ogyhospitals in China rose quick stamping out of the vi- nearly 40% in 2016 from 2013, rus’sspread and heavy state datafromthe National Health investment—and some econo- Commission showed. But a mists this year predicted that baby bump in 2016,when China could overtake the U.S. births rose 7.9% to 17.86million, as the world’slargest economy proved short-lived.Every year by 2028,yearsearlier than ex- since, births have declined. pected. Doctorssay manyhospitals But the world’smost-popu- aretrimming their payand lous country is losing when it downsizing maternity wards. comes to demographics.Ahead Apediatrician at awomen and of the resultsofChina’sonce- children’s hospital in Nanjing a-decade census,therehave in eastern China said the num- been several indications that GES ber of newbirths at the hospi- fewerbabies were born in the IMA talshrank by about one-fifth

countryin2020 than in any GETTY in 2020 from 2019. “I worry I year since1961, when China A nurse cared for a newborn baby at a private maternity hospital in Wuhan, China, as the coronavirus pandemic surged last March. will be joblessone day,” the suffered mass starvation. doctor said. A report from Capital Eco- pected to shrink by morethan per-capitagross domestic prod- teredunder China’shousehold- mother of a3-year-old from To increase births,some lo- nomics in Februarysays it is 0.5% ayear,the Capital Eco- uct, the equivalent of about registration system in 2020, Tianjin, aport city in northern calgovernmentsacrossChina possible that slowing produc- nomics report said, as fewer $11,200,demographerssaid the down 15% from 2019.Not all ba- China, wasonthe fenceabout have started to quietly allow tivity growth and a shrinking young people replaceagrow- numbersindicated that China’s bies areregistered with the lo- having asecond child. Then, families to have a third child, workforce would prevent ing number of retirees.Inthe population rose only slightly calpolice, but the datawas still her husband, an IT technician rather than the officially per- China from ever overtaking U.S.,bycontrast, the workforce last year.Details on totalpopu- aharbinger of abig drop in offi- at a tourism company, took a mittedtwo.InaFeb.18state- the U.S., or that if it does, the is expected to expand through lation, births and deaths aren’t cial birth numbers. paycut as businesses strug- ment, the National Health U.S. would regain the topspot the next 30 years, supported expected until China releases Demographerssay the pan- gled to stay afloat, and Ms.Li Commission said it would let again, helped by immigration by higher fertility than in census resultsinApril. demic probably contributed to decided to go back to work. local authorities in China’s ec- that keeps refilling its supply China and by immigration. Several cities have reported suppressing births, adding to With her son in preschool, onomically depressed north- of workers. Themedian estimateina big birth declines.Wenzhou, problematic fundamentals in- she is nowworking as an ad- east,wherebirth rateshave Mark Williams,aLondon- Wall Street Journal survey of Hefei and Ningbo, with popu- cluding adeclining number of ministrator at alogistics com- been especially low, explore based economist at Capital demographersand economists lations of around eight million women of childbearing age pany. Asecond child is no lon- lifting birth restrictions on a Economics,compared it with il wasfor a15% drop in 2020 to nine million each, said and areluctancetohavetwo geronthe horizon. “Wewere trial basis. sorpasso,Italy’s moment of births from 14.65million in births last year fell 19%, 23% children amongmanycouples hesitating foryears. Ithink “The lowfertility in China pride in the late1980s when it 2019. The most restrained es- and 12%, respectively. who grew up without siblings we’vefinally made up our is here,isreal and will con- overtook the U.K.,only to timate was for a 10% drop. TheMinistryofPublic Secu- under the one-child policy. mind: One is enough,” she said. tinue,” said Cai Yong, a soci- drop back again. When China on Sundaypub- rity in Februarysaid alittle over When the pandemic hit last Births at maternity hospi- ologist at the University of China’sworkforce is ex- lished theestimatefor its2020 10 million newborns were regis- year,LiYiyi, the 32-year-old tals in 20 Chinese cities de- North Carolina at Chapel Hill. Palestinians U.S., Canada to Upgrade Joint Defenses With Work BY VIPAL MONGA ground-based radar,and air “The Arctic is no longer a tries had agreed to modernize Okla.), the ranking member of AND PAUL VIEIRA forcebases located mostly in fortresswall, and our oceans the system, which is jointly con- the SenateArmed Services Papersto Alaska and the Canadian Arctic, arenolonger protectivemoats; trolled by both governments. Committee, see the Arctic TORONTO—TheU.S.and thesurveillancesystemwas de- they arenow avenues of ap- Mr.Biden also said he ex- warning system as an impor- GetIsraeli Canada plan to modernizea signed to givethe militaryallies proach foradvancedconven- pected NATO members, includ- tant tool for keeping abreast network of defense satellites noticeofany impending attack tional weapons,” said retired ing Canada, to spend at least with China and Russia’sgrow- and radar in the Arctic,inabid from the north. U.S. Gen. TerrenceO’Shaug- 2% of their economic output on ing militarypresence in the Va ccination to counter agrowing military Thesystem, oncestate-of- nessy during testimonylast defense, as outlined in a2014 Arctic.Russia has been develop- presenceinthe north from Rus- the-art, has sincebecome out- pledge made by membersofthe ing portsalong the Northern sia and China. dated.New missiles being de- trans-Atlantic alliance. Canada’s Sea Route, ashipping routethat BY FELICIA SCHWARTZ President Biden asked Cana- ployedbyRussia and China can The move is pledged annual defense spending is snakes along the Siberian dian Prime Minister Justin travel at morethan five times about 1.5%, according to the lat- Coast. President Vladimir Putin TEL AVIV—Israel will vacci- Trudeau to ramp up Canada’s the speed of sound and fly to counter a growing est NATO figures. has also embarked on amilitary natePalestinian laborerswho spending on defense,including much farther than their prede- Arctic presence by TheWhiteHouse and a buildup in the region, adding work in Israel and in Jewish an upgrade of the North Ameri- cessors, which would over- spokesman forthe Pentagon newairfields,air-defense instal- settlementsinthe West Bank, canAerospaceDefense Com- whelm the existing surveillance Russia and China. didn’t respond to arequest for lations and bases. Israel’smilitarysaid. Themove mand, commonly known as No- network,said Michael Dawson, comment. On Friday, the U.S. China, which views the Arc- comes as Israel has faced pres- rad, during abilateral meeting who served as Canadian politi- State Department listed the de- tic as akey shipping route, ac- suretovaccinatePalestinians between the two leaders on caladvisertoNorad command fense system as one of the pri- cording to government docu- wholiveunder Israeli control. Tuesday, according to an offi- in Colorado from 2010 to 2014. March beforethe SenateArmed oritiesfor the U.S. and Cana- ments,and has tried investing Theprogram wasapproved cial familiar with thediscus- In addition, amelting polar Services Committee. dian bilateral relationship, in northern mines that givethe Sundaybypolitical leadersand sions. icecap is leaving the onceim- President Biden made a aheadofameeting between countryaccesstominerals like will begin in the coming days, Norad wasacentral part of passable Arctic Ocean ice-free pointed referencetoNorad in U.S. SecretaryofState Antony zinc,nickel and gold, has forged according to the arm of Israel’s the U.S. and Canadian military’s forlonger periods of time,cre- his commentsafter the Tuesday Blinkenand Mr.Trudeau along partnerships with several coun- defense ministrythat coordi- Cold Wardeterrencestrategy ating newvulnerabilities forthe meeting, Mr.Biden’sfirst bilat- with othersenior officials. tries that border the Arctic. nateswith the Palestinians. against the former Soviet U.S. and Canada, current and eral with aforeign leader since U.S. militaryand political —Michael R. Gordon Israel is running the world’s Union. Consisting of satellites, former militaryofficials say. his election. He said the coun- leaderslikeSen. Jim Inhofe(R., contributed to this article. fastest vaccine drive,with over 50% of itspopulation receiving one shot of the vaccine and WORLDWATCH morethan one-thirdfully inoc- ulated, almost exclusively with the Pfizer Inc.vaccine.The NIGERIA cash-strapped Palestinian Au- GES thority has been much slower Gunmen Release IMA than Israel in organizing avac- 27 Schoolboys

cination campaign, and it will GETTY

mostly rely on the Covaxpro- Gunmen in Nigeria have re- SE/ gram led by the World Health leased 42 people, including 27 Organization under which it schoolboys, who were kidnapped will receivevaccines for60% of from their boarding school in the ANCE-PRES FR itspopulation. north-central state of Niger, the

Israel will establish vaccina- state’s governor said. ENCE tion sites at crossingsbetween The hostages were freed a AG Israel and the West Bank and in day after a mass kidnapping in industrial zones in Jewish set- Zamfara state, where another TURKIA/ tlementsinthe West Bank.Is- group of gunmen seized 317

raeli medical teams will operate schoolgirls. They remain missing. MAHMUD the program and will adminis- The abductions come amid a The Libyan coast guard takes migrants rescued from a capsized ter Moderna Inc.vaccines to surge in kidnappings for ransom boat bound for Europe to Tripoli. At least 15 died in the incident. those with Israeli work papers. across northern Nigeria, where According to asecurity official, militancy has led to a break- volving migrants seeking abetter YEMEN 87,000 Palestinians have per- down of security. Hundreds of lifeinEurope in justoveraweek. mitstowork in Israel and schools across a swath of Af- SafaMsehli, aspokesman for U.N. Agency Warns 35,000 have permitstowork in rica’s most populous country the International Organization for every Of Mass Famine the Jewish settlementsinthe have been closed in recent days, Migration, said the dead were on West Bank. while surveillance aircraft and arubber boatcarrying at least A U.N. humanitarian agency Humanitarian organizations security forces have been dis- 110 migrants, who embarked on Sunday warned that more have called on Israel to use ex- patched to hunt for the missing. from the Libyan coastal town of than 16 million people in Yemen one cess vaccines to inoculateabout The 42 hostages freed Satur- ZawiyaonFriday. would go hungry this year, with five million Palestinians who day were taken from a school in The Libyan coastguardres- already some half a million peo- liveinthe Israeli-occupied the Kagara district of Niger cued at least95migrants, includ- ple in the war-torn country living deservesadecent West Bank and Gaza. Israeli of- state, which borders the capital ing six women and twochildren in famine-like conditions. ficials saythe Palestinian Au- Abuja, and marched into the as the boatbegan to sink, she The U.N. Office for the Coor- place to live. thority has responsibility forits Rugu forest on Feb. 17, when said. dination of Humanitarian Affairs, citizens’ healthcare, including gunmen overwhelmed the school Ms. Msehli said manyofthe or OCHA, said the risk of large- procuringvaccines,under the security, killing one student. survivors suffered from burns scale famine in the Arab world’s 1990sOslo Accords. —Joe Parkinson from engine fuel, and hypo- poorest country “has never been Israel’sbusinesscommunity thermia, with some taken to the more acute,” adding that the and public health officials ad- MEDITERRANEAN hospital. yearslong conflict, economic de- vising Israel’scabinet have also Sunday’sshipwreck wasthe cline, and institutional collapse urgedIsrael to vaccinatePales- Dozens of Migrants latest along the CentralMediter- created enormous humanitarian Learn moreat tinians because they fear that Die Fleeing to Europe ranean migration route. At least needs in all sectors. habitat.org. continued spread among the 41 migrants were reported dead, U.N. Secretary-General Palestinian population poses a At least15Africans drowned part of agroup of some 120 mi- António Guterres will appeal for threat to Israel. when their boatcapsized Sunday grants on adinghythatleft the $3.85 billion in aid for Yemen at —Dov Lieber in Tel Aviv off Libya, aU.N. spokeswoman North African country on Feb. 18. a pledging conference Monday. contributed to this article. said, the second shipwreck in- —Associated Press —Associated Press P2JW060000-2-A01000-1------XA

A10 | Monday, March 1, 2021 ** THE WALL STREET JOURNAL. WORLD NEWS Hong Kong Activists Face Subversion Charges

BY NATASHA KHAN litical structure at China’san- in February set ahigh stan- nual legislativesession, which dard forgranting bail to any- HONG KONG—Authorities opens on Friday. Theprima- one chargedunder the na- chargeddozens of the city’s ries and some opposition tional-security lawinacase most prominent opposition plans to use the legislative involving democracyadvocate figureswith national-security system to allegedly destabilize and newspaper publisher offenses afterthe political fig- the Hong Kong government JimmyLai. S ures took part in unofficial hadangered local and main- Sunday’schargescenter on NEW

primary elections, the largest land leaders. the self-organized primaries G useofthe sweeping newlaw Topmainland officials have the opposition camp held soon sinceitwas imposed on the called for an overhaul of Hong afterthe security lawwas im- OOMBER

territory by Beijing. Kong’ssystem.Proposals to posed. Thevotewas part of a /BL

Policesaid they charged39 revise howthe city’s leader is political strategytoselect can- YIK M

men and eight women on Sun- selected to curb the opposi- didates forelections originally LA daywith one count each of scheduledinSeptember,with BennyTai wasamong 47 pro-democracy activists targeted forparticipating in unauthorized primaries. conspiracytocommit subver- the goal of gaining amajority sion, and they were to appear The key opposition in the 70-seat citywide legisla- over the primaries while serv- such athing as turning back.” concerns over their loyalty to in court Monday morning. ture. Some participantssaid ing a separate sentence in re- Hong Kong’sopposition has the city and itsconstitution. The47chargedhad all par- figures are to appear they would use amajority to lation to the 2019 protest been aprimarytargetsince Thegovernment later post- ticipated in primaries held by in court Monday on block government legislation. movement. the national-security law was poned the elections to Sep- the pro-democracycamp in Organizerssaid then that about BeforeSunday’sarrests, imposed in lateJune.The law tember this year,citing the July,ahead of legislativeelec- the new charges. 600,000 people cast votes. manyinthe group urgedsup- makes secession, subversion, coronavirus pandemic,and ex- tions that were later post- In January, policearrested portersnot to worryand ex- terrorism and colluding with tended the sitting legislature. poned. They hadbeen slated thosewho stood in the prima- pressed their wishes fora foreign forces acrime in the In November,Beijing forced to report back to authorities ries and itsorganizers, accus- morepeaceful Hong Kong on city.Authorities have declared the expulsion of four pro-de- in April after being arrested in tion’sinfluenceand to change ing them of plotting to paralyze the last dayofLunar NewYear it asuccess,crediting it in re- mocracymembers from the in- January but were called in to rules forlocal district-council the Hong Kong government festivities on Friday. cent months with restoring or- terim legislature, accusing policestations acrossthe city elections areexpected to be through the city’s legislature. “This is the road Ichose, der in the city. them of being disloyal. That on Sunday. They face years in formalized by the National Theprimarycandidates in- the road that Hong Kong Manywho raninthe prima- sparked the pro-democracy prison if convicted. People’sCongress, China’sleg- cluded sitting legislators and chose,” former student leader ries were told weeks afterthat camp’s resignation en masse, Central-government author- islature, according to people younger,new political aspi- Lester Shum said on Facebook their candidacies for the Sep- leaving the current legislature ities areexpected to outline a familiar with the plan. rants. Joshua Wong,apro-de- on Sunday. “I must keep walk- tember 2020 elections were stacked with pro-Beijing poli- tightening of Hong Kong’spo- Atop court in Hong Kong mocracyactivist, wasarrested ing on. In history, thereisn’t invalid, with authorities citing ticians.

peared to be hurt, including a Myanmar young man bleeding from his right shoulder.Mr. Maung Win accompanied him to the hospi- Intensifies tal, alerting the man’s wife to the incident. Doctors said the 26-year-oldman, who works Crackdown at anoodle factory, needed surgery, his wife said. In adifferent Yangon neigh- ContinuedfromPageOne borhood, Ju Jue,31, said she wasn’t limited to one area or heard at least three gunshots city,beginning early in the as she wasgetting ready to morning in many parts of the leave her home forSunday’s countryand signaling adelib- protest. Her mother rantothe erateeffort to use greater windowoftheir apartment force. Myanmar’s militaryhas and yelled, “Please don’t shoot ahistoryofdeadly crack- the young people!” downs against pro-democracy Ms.JuJue and her brother protesters, including during had volunteered to maintain mass demonstrations in 2007 security at theprotest, and and 1988. were preparing to set out onto “We strongly condemn the the street armed only with escalating violenceagainst sticks.Instead they stayed in- protests in Myanmar and call doors until the chaos outside on the militarytoimmediately had subsided. Protest organiz- halt the use of forceagainst ersthen called on crowdsto peaceful protesters,” Ravina reconvene about an hour later. Shamdasani, aspokeswoman “They cut off the internet, forthe U.N. Human RightsOf- GES they arrest people,they shoot fice said. IMA people, we can’t accept this,” Protesters aredemanding Ms. Ju Jue said. GETTY

that the Feb. 1coup,which T/ In the smaller city of Dawei, ended Myanmar’s decadelong LA policepushed their way into

transition to democracy, be re- HKUN the center of an intersection versed and civilian politicians A man washes his face after Myanmar security forces fired tear gas at crowds in Yangon protesting military rule on Sunday. whereprotestershad gath- be restored to power. ered,splitting them intotwo Their marches and gather- TheU.S.has repeatedly mise.Manyfear an even more spite the bloodshed. were offering shelter. large crowds and firing shots ingshavegrown during the called on Myanmar’s military heavy-handed response might Human RightsWatch con- “It waschaotic,verydiffi- in both directions,said Nu Nu, past three weeks,drawing to relinquish power, release be coming,asauthorities ac- demned Sunday’sviolence, cult to breathe,” he said. “But a29-year-old who works fora hundreds of thousands on those who have been detained cuse protestersofspreading saying the“clear escalation in we weren’t afraid. We just women’s rights nonprofit. some days,and including stu- and restoreMyanmar’s demo- anarchyand breaking the law. use of lethal force” wasoutra- washed out our eyes and our Protesterstherehad none dents, factoryworkers, bank cratically elected government. Beforethey loosened their geous and unacceptable.“The noseswith Coca-Cola, some of the protective gear seen in employees,shopkeepers, tea U.S. SecretaryofState Ant- grip adecade ago, the generals world is watching the actions people used milk,and kept on.” major cities likeYangon: no sellers and civil servants. onyBlinken condemned the vi- controlled Myanmar forhalf a of the Myanmar militaryjunta, When police began firing raincoats, helmetsorgoggles, Authorities have imposed olenceonSunday, writing in a century, despitecrippling in- and will hold them account- live rounds,22-year-old pro- she said. nightly internet blackouts and Twitterpost that the U.S. ternational sanctions and pres- able,” it said. tester Soe Layran as fast as They ranfrantically toward detained hundreds,including would continue to “promote sure. Hein Ya Za, a29-year-old he could to a side street, he houses that had flung open politicians,activists, protest- accountability forthose re- Themilitaryleadersnow in activist in Yangon, wasonthe said. From there, he sawa their doors to help them. Ms. ersand some journalists. sponsible.” He added, “We charge have said they plan to front lines of a protest in the man being struck by bullets Nu Nu ran inside a house and Morethan 470people were stand firmly with the coura- hold elections,but few pro- city’s Hledan neighborhood. and fall to the ground, where up the stairs to safety as oth- detained on Saturdayand geous people of Burma and en- testers believe any such vote, When he arrived Sunday he laymotionless. Laterinthe ers scrambled all around. She morethan 570onSunday, courageall countries to speak if it were to take place, would morning, he said, police were day, Mr.Soe Layreturned to spent the rest of the day col- state-run TV reported. Before with one voiceinsupport of be free or fair.They arede- prepared and had begun cor- the spot and found asmall me- lecting tear-gas canisters, bul- Sunday, three people had died their will.” manding the national elections nering protesters as they ap- morial forthe man, who fellow letsand photographic evi- in connection with the coup— Thecrackdown, recorded held in November,inwhich proached on smaller side protesterssaid had died. denceofthe assault on one in the capital, Naypyitaw, and circulated widely in Myan- thecountry’spro-democracy streets. Beforelong,authori- Maung Win, 48 yearsold, protesters. afterabullet fractured her mar on social media, makes party beat itsmilitary-backed ties launched tear-gas canis- arrived at the scene after the “Wetried to protect our- skull and two at ademonstra- the country’spath more opponent by ahugemargin, be ters into the crowds and gun- shooting had stopped, to help selves,but from real bullets, tion at ashipyardinthe cen- fraught, with the military honored, and have pledged to shots rang out, causing many get the injured to hospital. At youcan’t protect yourself,” tral city of Mandalay. showing no signs of compro- continue demonstrations de- to run for nearby houses that least half adozenpeople ap- she said. FROM PAGE ONE

chillas, rabbits, chickens, tor- stantly chasing afterher herd. over 8,000 calls. Animals on toises and more, all competing Atrained optician, Mrs. John- Goatscan’t always be for attention—with hangouts son gother firstalpacas in counted on to behave either. starting at $65. 2015.She charges £39 ($55) Farmer Dot McCarthyhas Zoom Go One of TinyTails’ more fora30-minutetour and an used manyofthem from her mischievous animals is Jeffrey adoption pack. roughly 40-strong herdin the gecko, who,ifheld too Six-year-old Balthazar,a Zoom calls to raise over Off-Script close to the laptop during Huacayaalpacawith awind- £50,000 ($70,000) forher calls,leaps ontothe screen. swept fringe, is the herd’s Cronkshaw Fold Farm in Lan- “He’sabit of awild card,” most mischievousmember, cashire, England. Themoney ContinuedfromPageOne Mrs. Phillips said. Now, they and tends to influencethe oth- allowedher to hirefivenew foot 9-inch rescue llama. keep the two-year-old Jeffrey ers. On one call with Hewlett part-time employees.Now she When sanctuaryco-founder far away so he’s not tempted PackardEnterprise Co., he plans to invest in sustainable

Nate Salpeter stood up too U to dive-bomb the tech. kept wandering away from the technologylikesolar panels fast, astartled Paco retaliated YO Stephanie Prevost, director camera. Soon enough the al- and electric vehicles. TO

by spraying him in the face ILS of operations at Vendr Inc., pacas were chasing each other People caninvitegoatsto

with a mouthful of spit. TA which helps companies buy around the paddock.Mrs. video calls—£5for five min-

“It took everyone off guard, TINY andrenewsoftware,brought Johnson had to race over to utes—and even createperson- especially Nate,” said Yujia Allie Brewer, of Tiny Tails To You in Austin, Texas, holds Beatrix. along her three children for a catch them. alized messages for the goats Zhao, an account executive at work social with Tiny Tails. “It’skeeping me fitand to eat using edible paper and Benchling. stream for many farms, sanc- forming at their best. Thingsgot chaotic when healthy,” she said. ink (£10). “They have quitearangeon tuaries or petting zoos. “Wegivethe hedgehogs tortoise Knuckles Tortellini Mr.Saltpeter’s Sweet Farm The goats sometimes chew their spit,” Mr. Salpeter said. Theanimals don’t always baths, which is really cute,” showedup. “This is so silly, has over 150 rescued animals the paper snack beforejoining “It smelled largely of hay.” playalong.Chickens squawk Chelsea Phillips,founder of but the tortoise at the end was including pigs, turkeys, cows, the Zoom. “Ifwe’reeverlate Repetitivevirtual meetings over guests, goatsnibble at TinyTails to You, said. “We pooping on the table, and the chickens,sheep,horses and foracall, that is why, because over the past year have fingers, cowsgallop away. have baby shampoo, which is adultsand the kids were goats. These days, a ten-min- we’vehad to go and rewrite sapped morale in manywork- Farmershavebecome experts fine forthem to use,but you laughing so hard,” Mrs. Pre- ute “Goat-2-Meeting”—a pun the note,” Ms. McCarthy said. places. So companies are hir- at pamperingtheir talent. also want to follow that up at vost said. on GoToMeeting conferencing It doesn’t geteasier when ing sheep,goats, tortoises,lla- They’vefound themselves the end with an oliveoil spray Theanimals arenow fed software by LogMeIn Inc.— cameras are rolling. The farm mas,bearded dragons and the shampooing fleeces,banning because they canget really well in advance to avoid acci- with unlimited guestscosts uses asmartphone,and the liketopaint smiles back on troublemakers, blackmailing dried out pretty easily.” dents, she said. $100,helping to raise money goats are constantly nibbling the faces of jaded employees. with treatsand belly TinyTails,avirtual petting Alison Johnson at Bow- forSweet Farm and acollec- at itsbiodegradable case."I Hosting animal video calls has scratches—anything to keep zooinAustin, Texas,provides bridge Alpacas Scotland in tion of other animal sanctuar- think it’s some kind of plant- become alucrativerevenue theanimals happy and per- afull tour—hedgehogs, chin- North-East Fife,U.K., is con- ies.Sweet Farm has conducted based material,” she said. P2JW060000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, March 1, 2021 | A10A GREATER NEW YORK City Is Investing in Rapid Covid-19 Test

Officials say the wide each dayare rapid antigen to who will be chargedfor the tests, said Dr.Long.“If antigen test and at what frequency availability of at-home testsare the modality that cer- makes sense,Dr. Cohen said. screening could help tain people choose to get BioReferenceischarging al- tested, then Iwant to give most $30 at its sites. restart the economy them that option. Because what Harvardepidemiologist Mi- matters to me at the end of the chael Mina, aproponent of fre- BY MELANIE GRAYCE WEST dayisthat they came out and quent at-home rapid tests, said gottested,” Dr.Long said. NewYork and other states Nearly ayear afterCovid-19 Rapid antigen teststend to want to scale up rapid-testing firsttorethrough NewYork, catchfewerCovid-19 cases than effortsand have budgeted mil- the outlook forarebound in laboratory-based tests, particu- lions toward the effort. But economic activity is partly larly in asymptomatic people. states don’t have access to the tied to the ease and availabil- Butstudies suggest they iden- quantity of teststhey need be- ity of testing for the disease. tify people who arethe most cause newtestsare delayedby

In abid to speed up are- S infectious,and manypublic- FDAapproval, Dr.Mina said. opening,the NewYork City health expertshavecalled for “These testscan reinvigo- Economic Development Corp. PRES their use as an inexpensive, fast rate,they canacceleratethe is investing in arapid Covid-19 TED screening tool used broadly. reopening of America,” Dr.

test that wasinitially devel- OCIA Likeother states,New York Mina said. SS

oped foruse to reopen the Co- /A received about 5.5million Around two dozencompa- lumbia University campus. rapid BinaxNOWtestsdistrib- nies areracing to bring

This week,the EDC is ex- WENIG uted by the U.S. government Covid-19 testing intohomes.

pected to announcethat a SETH last year.Aspokesman forthe TheFDA has authorized three team from Columbia Univer- Studies suggest rapid antigen coronavirus tests identify people who are most infectious. statehealth department said at-home testssofar,including sity,led by Dr.David Ho,direc- morethan 3.3million of those one that doesn’t requireapre- torofthe Aaron Diamond AIDS out passing through federal or erswill be allowedtoattend of Health spokesman, butthe testshavebeen distributed as scription. Other test-makers ResearchCenter,isthe first statechannels,according to an weddings, and Gov.Andrew statecould test 350,000 people of Feb. 12. have submitted their product awardee in acontinuing com- official for the EDC. Cuomo has said that summer daily and go beyond that. Recently, the staterolled to the FDAand arewaiting for petition to develop apoint-of- “The sooner that we can camps can begin to plan. The New York City, meanwhile, out arapid-test program with potential clearance. care or at-home Covid-19 test. gettesting innovation out return-to-officepacewill likely could conduct 160,000 PCR BioReferenceLaboratories. Dr.Hosaid other hurdles re- Dr.Ho’steam is expected to there, the sooner we canre- increase in coming months. testsaday,said Dr.Ted Long, Some 200 sites,which use the main in wide adoption of rapid begin seeking emergency-use open things and getpeople Yetthe averagenumber of executivedirector of NewYork BinaxNOWrapid Covid-19 tests. Physicians and othersare approval from theU.S.Food back to work at abroader daily newCovid-19 cases per City’s Test &Trace Corps.The tests, areplanned forthe state, still stuck with the idea that a andDrugAdministration for scale,” said James Patchett, 100,000 people in NewYork city’s peak fortesting has said Dr.Jon R. Cohen, execu- medical diagnostic test is the antigen test this week,he head of the EDC. currently is one of the highest been 120,000 PCRand antigen tivechairman of BioReference. needed, which provides the best said in an interview. Thecity’s NewYork is at another in the country, ranking only be- tests in a day, he said. This use of rapid testing, performance, Dr.Hosaid, but EDC is awarding Dr.Hoturning point in the pandemic. lowSouth Carolina, according Northwell Health, which op- not intended forpeople exhib- that mind-set needstoshift. $164,000 in funding to support Moreleisureactivities are to the Covid Tracking Project. erates 23 hospitals,isexpand- iting symptoms of Covid-19,is “We need a mechanism to, additional studies of the test, opening acrossthe state, in- Thereisalready plenty of ing itscapacity to do PCRtests, designed to help people feel maybe, not weed out 100% of which is formattedlikeahome cluding attendanceatsporting headroom when it comes to short forpolymerase chain re- comfortable going to dinner or the infected individuals,but a pregnancytest and deliversre- events.Some middle-school running more Covid-19 tests. action, according to Dr.Dwayne other events, Dr.Cohen said. hugepercentageofinfected sultsinabout 10 to 15 minutes. studentsinNew York City Theaverage number of tests Allen Breining,executivedirec- Employers and large venues individuals from acrowded Thehope is that onceau- public schools have recently conducted over the past week torofNorthwell Health Labs. arereaching out forrapid-test place,” he said. thorized, testswould be avail- returned to in-person instruc- is morethan 200,000 aday,ac- Typically,about 20% of tests options.Inthose circum- —Brianna Abbott able directly to the city, with- tion. In mid-March, NewYork- cording to astate Department conducted in NewYork City stances,thereisvariability as contributed to this article.

Holocaust Survivors Get Vaccinated at Pop-Up Site on Long Island STATESTREET | By Jimmy Vielkind Advocates Back Legislative Effort To Legalize Pot

Proponents law legalizing the drug this of legalizing year. Lawmakers said they recreational want to use revenue from marijuana in taxing the drug to help fill a New York are projected deficit. They must putting their adopt a budget before the weight behind a bill in the state’s fiscal year ends on state Legislature, saying they March 31. prefer it to the competing Opponentsoflegalizing framework that Gov. Andrew marijuana—including many Cuomo has included as part Republican lawmakersand of his proposed $193 billion the NewYork State PTA—say budget. anew lawwould lead to more Associations representing use by studentsand higher- growers and medical mari- potencyproducts. But the big- juana companies that operate gerhang-up has been among GES in the stateaswell as the Democratic lawmakers, who IMA Drug PolicyAlliance, which since2019 haven’t been able supportslegalizing the drug to agree on howtohandle GETTY forsocial-justicereasons,is- revenue generated by legal-

KEITH/ sued ararejoint statement ization and legislativeinput in support of the pending on howcannabis is regulated. Marijuana Regulation and The MRTA dedicates a EPHANIE

ST Taxation Act, or MRTA. fixed percentage of revenue HOPE: Bonnie and Jack Rybstein, both in their late 90s, recuperated Sunday after receiving their shots in Lawrence, N.Y. They were Their focus comes as the to a social-equity fund desig- among 60 Holocaust survivors and 150 seniors overall who were getting inoculated against Covid-19 at the location. Democratic governor grap- nated for use in Black and ples with federal inquiries brown communities that into the state’s handling of were disproportionately af- Covid-19 deaths in nursing fected by marijuana crimi- homes and accusations that nalization, its sponsors said. Bills Aim to Help Small Businesses he sexually harassed two fe- Thebill would givelegisla- male former aides. tors two appointees to a Mr. Cuomo’s spokes- boardthat would oversee BY RICH CALDER includes lowering existing have been issued forcity code canstill protect consumers woman has denied a claim cannabis policy. Mr.Cuomo’s penalties,letting violatorsoff violations dating back to from unscrupulous practices detailed Wednesday by Lind- proposal would set aside The New York City Council with warningsfor firstof- March 12, when MayorBill de during the pandemic. sey Boylan, who worked for fixeddollar amountsfor so- is considering legislation that fenses and allowing “cure pe- Blasio declared astate of Among the de Blasio ad- the state from 2015 to 2018. cial-equity funding and give would provide relief to small riods” forbusinesses to fixvi- emergencyinthe city because ministration’sconcerns is that The governor said in a Sat- the executivetotal control of businesses,including easing olations and avoid fines. of the pandemic. the legislation as currently urday night statement that the policyboard. code-violation enforcement Forinstance, city Depart- Sincethe amnesty period writtencould provide refunds he never acted inappropri- “As the governor said, we and refunding thousands of ment of Buildingsinspectors would extend until the con- to merchants who were fined ately toward Charlotte Ben- believe that if marijuana fines that restaurateursand can now issue $1,250 fines to tinuing emergencyconcludes, forpricegouging.Council nett, a 25-year-old former doesn’t get in the budget, it mom-and-pop shops have been businesses that illegally dis- it is unclear howmuch money membersinsist this isn’t the aide who said Mr. Cuomo won’t get done,” said Rich issued during the Covid-19 playoutdoor signs without the cash-strapped city would intention of the legislation. asked questions about her Azzopardi, a senior adviser pandemic. permits. However, under the need to payback to businesses City Council Speaker Corey sex life that made her un- to Mr. Cuomo. “The ultimate Thetwo-bill packagewould bill, operatorswould geta30- or wherethe city would come Johnson, a Democrat, said he comfortable. On Sunday, Mr. program will be subject to allowfor-hirepedicabs with daygrace period to fixthe up with the funds,asit cur- supportsboth bills and was Cuomo said he was sorry his negotiations with the Legis- electric-assist motor systems problem and avoid fines. rently faces abudget gapof proud the council took the actions had been interpreted lature.” back on city streetsfor the Eateries nowfacecity more than $5 billion. lead in reviewing existing laws as unwanted flirtation. Assembly Majority Leader firsttime sincethey were health department fines of at to find relief from fines for State lawmakershave CrystalPeoples-Stokes, a banned morethan adecade least $200 forexceeding a small businesses. spent the past two weeks con- Democrat from Buffalo who ago. It would also repeal other half-gramoftrans fat per Legislation would Andrew Rigie, executivedi- sidering waystobemoreas- sponsorsthe MRTA,said she regulations that have histori- serving and up to $200 fines if rector of the NYCHospitality sertiveovermatters of policy, wantstosee it enacted on its cally hurt small-businessoper- they are caught offering chil- ease code­violation Alliance, which representsres- which Mr.Cuomo has domi- ownand wasn’t satisfied with ators’ profit margins.The dren soda or other sugary enforcement and taurant and nightlifeestablish- nated sincethe onset of the the governor’s amendments. council’s committee on small drinks in kids’ meal packages. ments, said the legislation is coronavirus pandemic ayear “People think folks will businesswill hold ahearing on However, the legislation would refund some fines. desperately needed to keep ago. Thecourse they choose vote for it because it is a the bills on Monday. also givethese establishments small businesses afloat.“The could have consequences on part of the budget, but I “This legislation will funda- a reprieve if they correct the city has historically treated res- the contoursofmarijuana le- think it will pass anyway,” mentally reshape the way New problem in a timely manner. taurantslikeits personal ATM galization in the state. she said. “It’s a real possibil- York City interactswith small Businesses that now fail to From July through October, with fines and fees,” he added. “This is really a question ity that something could businesses—giving them a neatlymaintain public trash the city Department of Health Ms.Gibson’sbill would also of whether the Legislature happen in the next couple of chancetosurvive, save jobs and bins on sidewalks currently and Mental Hygiene,which in- repeal certain licensing re- will stand up to the gover- weeks, prior to the budget.” allowing them to thriveinthe face $50 penalties on afirst spectsrestaurants, collected quirementsfor amusement nor, use the power which it A spokesman for Assem- future,” said Councilman Mark offense and $100 on the sec- about $8.4 million in fines. rides,arcades,and some other has in this moment, and bly Speaker Carl Heastie, a Gjonaj, aBronx Democrat who ond, butcity Department of Thecity Department of Con- businesses.Itwould eliminate fight for just and equitable Democrat from the Bronx, is chairman of thecommittee Sanitation inspectorsunder sumer Affairs, which enforces arule prohibiting bingogames policies,” said Jeremy Saun- said his conference was hav- and helped draftthe bills. the legislation would be al- licensing and other regula- from beginning before 6 p.m. ders, co-executive director of ing productive discussions One bill, whose lead spon- lowedtogiveonly warnings tions, collected $2.9million on Sundays. VOCAL-NY, a grass-roots lob- about marijuana. A spokes- sor is Bronx Democrat Vanessa on firstoffenses and would during that period. Both agen- The bill also would reverse bying organization that sup- man for Senate Majority Gibson,would updatemore have to provide operatorsthe cies handle the most small- action the council took in ports legalizing marijuana. Leader Andrea Stewart- than 180 sanitation, health, chancetoremedy the situation business fines. 2007 prohibitingpedicabs Mr. Cuomo announced his Cousins, a Democrat from noise-control and other code on second offenses to avoid Mayoralspokesman Mitch from using electric assist mo- support for legalizing mari- Yonkers, said members were violations on the books at city $50 fines. Schwartz said the mayor’sof- tors that allowdriverstoease juana during his 2018 re- talking about voting on the agencies to provide civil-pen- The other bill, authored by fice is reviewing the bills and their legs during long treks. election campaign, and the MRTA before the budget but alty relief forrestaurants, Mr.Gjonaj,would waiveorre- is committed to working with Drivers operating electric- Democratic leaders of the no decision had been made. laundromats, pawnshops and fund thousands of low-level the council to help small busi- poweredpedicabs nowface state Legislature have also othersmall businesses.This penaltiessmall businesses nesses—provided city agencies fines of $500 to $4,000. said they want to enact a [email protected] P2JW060000-2-A010B0-1------NS

A10B | Monday, March 1, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK CompanyCelebrates 25 Yearsof‘Rent’ WATCH CONNECTICUT BY CHARLES PASSY Those 55 and Up Now Long before Jonathan Lar- Eligible for Vaccines son’s “Rent” became a Broad- way sensation, the musical Health officials in Connecticut needed ahome to help see it expect an avalanche of requests through development. So,in for appointments as the state 1992, Mr.Larson, then a on Monday opens up vaccines to largely unknowncomposer everyone 55 and older as well as andlyricist, reached out to schoolteachers and other school Jim Nicola, artistic director of staff. the NewYork TheatreWork- Acting Department of Public shop,anonprofit off-Broad- Health Commissioner Deidre Gif- way companythat had re- ford said Sunday that though cently moved intoanew home the state has increased capacity in Manhattan’sEast Village to accommodate online and tele- neighborhood. phone requests, delays are likely. “You’reone of the only pro- She asked people 55 and older ducers courageous enough to to wait a few days to make an cultivateyounger,hipper, appointment. downtownartistsand audi- “New appointments will be- ences.This is exactly my come available each week and brand of theater,” Mr. Larson this will help reduce stress on said in a letter. the system in the early days of Thepitch worked. Mr.Ni- the rollout,” Dr. Gifford said. cola brought the rock-infused Connecticut has more than musical, which chronicles the 500,000 people aged 55 and lives of young people living in over and 160,000 educators and NewYork City during the AIDS child-care workers. The state is era, to his companyfor aread- getting about 130,000 vaccine ing,then aworkshop and fi- doses a week from the federal nally,inearly 1996,afully government. staged production.Within Educators and child-care pro- months, the show went on to fessionals will receive instruc- Broadway, where it enjoyed a tions from their school district, 12-year runand wonfour Tony town or employer on scheduling Awards,including one forbest vaccinations. musical. Thesuccess was CUS —Associated Press shadowed, however, by the MAR AN

fact that Mr. Larson died un- JO ROCHESTER expectedly on Jan. 25,1996,as Anthony Rapp and the cast of ‘Rent’ at New York Theatre Workshop in Manhattan’s East Village neighborhood in 1996. “Rent” was being readied for Man Is Arrested its first preview performance helped birth the show, the the- demic encompassed as many and emerging,todevelop TheatreWorkshop wasthe ob- in Brother’s Slaying at NewYork TheatreWork- ater organization has also as sixproductions annually, work,particularly when it vious place for Mr. Larson to shop. launched several othersthat along with several workshops comes to shows with an out- bring his showbecause itslo- A Rochester man has been Now, a quarter-century af- have gone on to Broadway,in- and 60 to 75 readings. side-the-box quality. cation is where the composer arrested in the fatal shooting of terthe show’sdebut, New cluding Anaïs Mitchell’s “Ha- Just as important, said Mr. Daphne Rubin-Vega, an and lyricist set the musical. At his younger brother, police said. York TheatreWorkshop is pay- destown,” another Tony win- Nicola, wasthat the “Rent” original “Rent” cast member, the time,the neighborhood Robert Reen Jr., 31 years old, ing homageonTuesdaywith a ner forbest musical, and windfall allowedthe theater to waslargely ungentrified and was arrested Saturday in the virtual fundraising program, Jeremy O. Harris’srecent fully payoff the debt on an had abohemian vibe,all of death two days earlier of Jordan “25 Years of ‘Rent’: Measured buzzworthydrama “Slave adjoining East Villagebuilding Original cast which Mr.Larson aimed to Reen, 21, the Democrat and in Love.” Theticketed event, Play,” which is nominated for it owns and uses forofficeand capture. Chronicle reported. whichfeatures original cast 12 Tony Awards. rehearsal space. Thecompany members will take As much as Mr. Nicola saw Officers responding to a re- members, along with such Part of the gift that “Rent” also owns its199-seat main part in a virtual thepotential in the musical, port of shots fired on Thursday Broadway starsasChristopher gaveNew York TheatreWork- theater. he didn’t initially envision it found Jordan Reen in the street Jackson, Ben Plattand Ali shop wasafinancial one.By Thelack of debt is “a gift fundraising event. going on to Broadway. If any- with a gunshot wound to his up- Stroker, will be made available staying with “Rent” as a pro- that keeps on giving,” said Mr. thing,Mr. Nicola said he per body, police said. He was forviewing through Saturday. ducer forits Broadway run, Nicola, who noted that the thought “Rent” might work pronounced dead at the scene. Theanniversaryisafford- the companywas able to reap company hasn’t had to let go well after its run at New York Mr. Reen turned himself in to ingthe companyand larger morethan $12.5million of the of anyofits 35 employees dur- calls NewYork TheatreWork- Theatre Workshop in a night- police on Saturday and was ex- theater world to consider how show’s considerable profits. ing the pandemic. shop a place where “rare and club-likespaceinthe East Vil- pected to be arraigned Monday “Rent” transformed NewYork In turn, that allowedNew Beyond the financial aspect, remarkable” theater cancome lageasaway to playupits on a second-degree murder TheatreWorkshop intothe York TheatreWorkshop to ex- “Rent” established NewYork to life. “It’sfull-on church,” edgy character. charge. It wasn’t clear if he had powerhouse it has become to- pand its programming, which Theatre Workshop as a place she said. “The Broadway scenario an attorney who could comment. day. In the yearssinceit up until the coronavirus pan- forartists, both prominent In manyways,New York wasn’t the priority,” he said. —Associated Press

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CAREERS & LEADERSHIP PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, March 1, 2021 | A11

WORK & LIFE RACHEL FEINTZEIG

sidewaysglanceina video chat. An email that drifts off intoel- lipses.And whydid A your bossevenadd youtothis calendar inviteanyway? What does it all mean? We were once fluent in the nonverbal cues of the physical of- fice. Slumped shoulders or a downcast look were enough to know when the boss was disap- pointed or a colleague stressed. A cryptic email often only necessi- tated rotating our chairs 180 de- TheNew Office BodyLanguage grees to get clarification. Besides, we had all day to fig- ure it out, gleaning little hints Here’s how to read the nonverbal cues of your bosses and co-workers while working from home from the walk to refill our coffee cups or the minutes spent min- gling before meetings. Now our work interactions are boiled down to 15-minute peeks into each oth- ers’ lives on Zoom calls, or a vol- ley of emails with no additional context. Trying to read body lan- guage through a screen has be- come another exhausting part of the workday. “Wefeel likewehaveone hand tied behind our back,” says Traci Brown, aspeaker and author on body languagebased in Boulder, Colo. Thereare still plenty of waysto read nonverbal cues if youknow wheretolook,Ms. Brownsays. Start with people’smovementsdur- ing video calls—a colleague cross- ing her arms could signal she’s closed off to an idea or has some information you’renot considering, eyebrows in aneutral position but Consider body language your tip canmakeusuncomfortable,orcon- focused on collaboration, suggests she says.Aquickening or slowing curled up in the middle point to that you need to probe deeper to vinceuswe’reheld in higher regard puzzled clients ask for clarity if blink rate cansignifystress. And sadness, Ms.Brown says. find out what’s really going on by ameeting attendee than we actu- they have a close relationship with payattention to eyebrows.Eye- The approach isn’t foolproof. with someone. ally are, he says. the sender, and just assume good browspointing down toward the That colleague with the crossed Much of our analysis of othersat Tony Caleca, managing partner intent if they don’t. Remember middle of your nose indicateanger; arms could just be feeling cold. work used to happen subcon- at St. Louis accounting and con- that punctuation marks like ellip- sciously,the result of yearsofevolu- sulting firm Brown Smith Wallace, ses are often wielded differently tion. Nowweeither must ignoreour was used to his colleague Steve by generation—older workers previouslyuseful assumptions or pushing his shoulders forward and might mean nothing by them, READ THE DIGITAL ROOM we’releftconfused and mistaken. sliding up in his seat when he was while younger workers read them “The gestures we’ve been ready to share during an in-person as sarcastic. raised on our whole lives, they’re meeting. But on video the motion Devising organizational norms void getting trippedupbydig- Pay attention to changes: If continuing, but they don’t com- felt more dramatic. can help. Ms. Dhawan had a health Aital body language,with tips your usually casual bosspivotsto mand the same meaning they once “It wasalittle bit alarming at insurance company coin abbrevia- from Stanfordprofessor using moreformal language, did,” says Jeremy Bailenson, first,” Mr.Calecasays.“It felt like tions that denoted how quickly the JeremyBailenson and au- something mightbeup. founding director of Stanford Uni- he wascoming at you.” Mr.Caleca sender expected the recipient to thor EricaDhawan: versity’s Virtual Human Interac- started reminding himself the im- reply. Including “4H” in a subject

(4) Don’t overreact: If some- tion Laband a communication pro- agewas just Stevegetting ready line signified the note necessitated Add some space: Re- one sends you a confusing fessor at the school. to speak. a response within four hours. GES duce the size of your or slightly passive-aggres- Take staring.Gazing directly into Written communication can be If something vexing—say, a IMA Zoom window so meeting sive email, assume good in- someone’seyesfor morethan one to just as fraught. People are tripped message that opens with a pas-

GETTY attendees don’t appear un- tent. If the communication two seconds is interpreted as inti- up by everything from the brevity sive-aggressive “per my last comfortably close. doesn’t impact your ability to get macyoraprecursor to conflict, Dr. of emails—nothing chills like a re- email”—happens three times, it’s ION,

AT the work done, it might be fine Bailenson says,triggering our fight- ply that’s just a single question probably worth a candid conversa- TR Hide the self-view: Staring at to just let it go. If something or-flight response.Now we lock eyes mark—to the timing. tion, Ms. Dhawan says. Ask your- US

ILL yourself the whole meeting isn’t happens three times, it’s time for all dayonZoom. And our images on Erica Dhawan, author of the self whether switching mediums

TO a good way to catch others’ cues. a candid chat. screen aregenerally biggerthan typ- forthcoming book “Digital Body might swiftly fix the issue.

PHO ical personal spacewould affordin Language” and CEO of Cotential, a “A phone call is worth a thou- J

WS the office. Theperceived closeness New York-based consulting firm sand emails,” she says.

You could even negotiate for When to Think Twice benefits. “Say you’re offered a job without health insurance. You can still ask them to pay for your Co- About Negotiating Pay bra benefits,” says Liz D’Aloia, who runs an HR consulting firm in Tro- phy Club, Texas. “Or you can ask AT WORK things beyond your salary, making for a signing bonus.” That’s not KRITHIKA an extra effort to be collegial and just something for senior execu- enthusiastic, and realizing that oc- tives: Truck drivers, she points VARAGUR casionally accepting an offer as out, commonly receive them, too. presented is fine. One reason negotiating base sal- ate Lindsay, a 28-year-old The cultural expectation to ne- arycan be lessfruitfultodayisthat writer in New York, was gotiate salaries is now widespread: manyrecruitersbring up money K The staffing firm Robert Half earlier in the hiring process. thrilled when she was offered a staff writer position at Rolling found that 70% of over 2,800 man- “Weare transparent about salary Stone magazine’s website in spring agers surveyed in 2018 expected rangeand expectations from the 2019. She was working at a candidates to negotiate. In a 2018 very beginning,” says Marina Byezh- women’s media website that often survey of 850 hiring professionals anova, who runs the headhunting covered financial advice and salary by recruiting corporation Jobvite, firm Pronexia in Montreal. “So it negotiation. recruiters said nearly 60% of mil- does end up being surprising if the “I felt like if I didn’t negotiate lennial candidates they inter- candidateasks foralot moreatthe my offer, I’d be failing everything viewed had asked for a salary in- very end of the process. If youask I’ve been taught as a woman,” she crease that year. for$80,000 when we have been dis- says. She emailed the magazine Manymoreworkersnegotiate cussing $70,000 all along,that’snot back asking for $10,000 more in todaythan in the 1980s,says man- areasonable request to me.” base pay. It was the first time agement scholar Deborah Kolb.But Thegender paygap,which Ms. she’d ever tried to negotiate. she believes that they tend to treat Lindsaycited as afactor in her mo- Daniel, a Dallas-based career coach ville, N.C. Ms. Williams spent three Aftermorethan aweek’ssilence, it morenarrowly,for tivation to negotiate, with Korn Ferry. years working in hospitality for she says,she wasasked to meet instancebyrunning is real. Women in the Mr. Daniel coaches workers to the Biltmore Co. with one of the magazine’shuman U.S. made about 83% focus on conveying enthusiasm, to When she joined at age18, her resourcesstaffersinperson. She of men’smedian avoid hardball tactics like ultima- manager laid out her payscale, says he commented on howshe had weekly earningsin tums, and to show genuine emo- the company’scareer paths and asked for$10,000 outright instead Kate Lindsay believes the last quarter of tion on the video calls where many howperformancereviewswould of “wiggle room,” and told her she lost out on a job 2020,according to a negotiations now take place. be linked to potential salaryin- therewas “no room to budge.” She after trying to Bureau of Labor Sta- Another reason younger work- creases. agreed to the original offer,but was negotiate her salary. tistics report from ers negotiate less reflects the fact “You don’t need to have asal- told three days later that it had ex- January. that experience really does com- aryconversation persewith a pired. Thecompanygavethe job to But negotiating mand more bargaining power. Gen-Z employee. Youshould have

SEY someone else.Ms. Lindsayfelt pe- base payisn’t the “The higher youget on the food aholistic career-development

LIND nalized forher attempt to negoti- through conversation only way to close chain, it is basically expected you conversation,” says Ms.Williams, E

AT ate. Rolling Stone declined to com- scriptsfor salaryupgrades,rather that gap. One 2019 paper in the will negotiate,” says Jeff Crowley, who is nowVPofbusinessdevel- ment on the negotiation. than thinking aboutall the different AcademyofManagement Journal vicepresident of an executive opment at aproperty-manage- Y29/K Many millennials, and espe- aspectsofthe job on offer. argued that negotiating formore search firm in Wheaton, Ill., focused ment company. cially millennial women, have in- “The world has changed. I’m leadership and authority within a on manufacturing companies.He Given their age and the general REFINER ternalized the notion that you not sure you can really negotiate job,and thus altering women’s mostly works with candidates with churn in early stages of their gen- should always negotiate your sal- salary during a pandemic,” says long-term career trajectories, at least 10 yearsofexperienceand erations’ careers, younger workers UCINI; ary. But, as Ms. Lindsay found, ne- Dr. Kolb, professor emerita at Sim- “maydomoretoclose the overall says that in his career he has only do often bounce back from failed gotiating doesn’t always work— mons College School of Manage- gender paygap than compensa- placed ahandful who didn’t negoti- negotiations. After nursing her ANDREA and can occasionally backfire. And ment. “But really, salary is so lim- tion negotiations that increase atetheir base pay. wounds in 2019, Ms. Lindsay got a BY now, during the pandemic, many ited. All the things that would payinacurrent role.” On the other end of the work- different media job last summer. ION young people are thinking twice make your workday better, that is Whatever you choose to negoti- force, Gen Zers are risk-averse The best part? She didn’t have AT

TR about driving a hard bargain in a what you need to negotiate.” She ate, soft skills are crucial. from having lived through two re- to negotiate. “They just asked me US tough economy. says that things like the number of “The most important part of cessions, valuing pay transparency for a range I would be comfortable ILL

P: HR experts say the answer isn’t meetings you must attend, week- negotiation is just going to be and clear benchmarks over tradi- with during my interview process, TO to stop negotiating altogether. In- day cutoffs for work hours and those intangibles, like rapport, lik- tional negotiation, says Hannah and met a number within that,” OM

FR stead, it’s worth considering time off are all up for discussion. ability and delivery,” says Josh Williams, a 23-year-old in Ashe- she says. P2JW060000-6-A01200-1------NS

A12 | Monday, March 1, 2021 NY ****** THE WALL STREET JOURNAL. PERSONAL JOURNAL. WILLIE/NETFLIX DES (3); GES IMA GETTY NBC/ : LEFT P TO OM FR WISE OCK CL Golden Globes Marked by Glamour,Glitches

BY ELLEN GAMERMAN cluded the revelation that who gave an acceptance which begins this week. Ms. zero of its members were speech in his honor. “He Zhao, who was born and The award for best TV Black. Three members of the would thank his parents, he raised in Beijing, spoke of glitches goes to this year’s group gave a speech vowing would thank his ancestors the difficult year that had Golden Globes. to diversify, but that did not for their guidance and their led to this moment: “‘No- There were winners and blunt the withering humor sacrifices,” she said. “He madland,’ at its core for me, losers on Sunday night, but directed at the organization would say something beauti- is a pilgrimage through grief some of the most memora- throughout the evening. ful.” and healing, so for everyone ble nominees were the ones “It’s great to be Black at The trophy could signal who has come through this who were baffled, spoke the Golden Globes—back at the beginning of a winning difficult and beautiful jour- without volume, clutched the Golden Globes,” said ac- season for Mr. Boseman, ney at some point in their their pets, panicked at an tor Sterling K. Brown, refer- who died of cancer shortly lives, this is for you.” interrupting cellphone or ring to the controversy after filming the adaptation Black performers scored engaged in celebrity-on-ce- around the Globes member- of an August Wilson play. high-profile awards in act- lebrity mockery. It took the ship before presenting an Chloé Zhao became the ing categories. Andra Day awkward office Zoom call to award. first woman of color to win won best actress in a mo- new heights. As many had predicted, best director at the Globes. tion picture drama for her “Could this whole night the late Chadwick Boseman Her film, “Nomadland,” role in “The United States have been an email?” co- won the Globe for best per- blurred the line between Vs. Billie Holiday.” Daniel host Tina Fey asked in a vir- formance by an actor in a truth and fiction as it chron- Kaluuya won for best sup- tual introduction with Amy movie drama for his por- icled actors with real-life porting actor for his role in Poehler from New York and trayal of a gifted and an- nomads in its spare story of the historical drama “Judas Beverly Hills, Calif. “Yes.” guished trumpet player in uprooted travelers unteth- and the Black Messiah;” The Hollywood Foreign “Ma Rainey’s Black Bottom.” ered from everyday Ameri- John Boyega for best sup- Press Association, whose 87 What prognosticators had can life. The film also won porting actors in a televi- Clockwise from top left: Chloé Zhao; Taylor Simone Ledward, members vote on the not foreseen was the emo- best movie drama, which sion series for his role in accepting for her late husband, Chadwick Boseman; and Globes, had just come off a tional power of his widow, puts it in strong standing “Small Axe.” Sacha Baron Cohen, accepting alongside his wife, Isla Fisher. week of bad press that in- Taylor Simone Ledward, heading into Oscar voting, Sacha Baron Cohen’s “Bo- rat Subsequent Moviefilm” won best picture musical or you know, why not?” said ment. “It’s hard to tell them comedy, and Mr. Baron Co- Elle Fanning of her satin apart this year because hen won best actor in the draped gown with embroi- movie theaters were closed category. dered crystal brooches, cus- and we watched everything “Soul,” an existential tale tom made by Gucci, and on our phones,” Ms. Poehler for children that blended Fred Leighton jewels, during joked. jazz and the afterlife, picked a pre-show television inter- The Globes are the only up the award for best ani- view. Ms. Fanning, a nomi- major awards show to com- mated motion picture. nee for Best Actress in a bine film and television cat- Stars seemed a little television series, musical or egories, aligning them with flummoxed by the virtual comedy, for her role in “The how audiences have blended format. Mr. Kaluuya had Great,” added, “this year has entertainment over the past trouble connecting with the been a very extreme year year when most movie the- ceremony and almost didn’t and is a very different year, aters were closed. get to give an acceptance so to have something to cel- The show was a celebrity speech. Catherine O’Hara, ebrate and to get dressed up house tour that ran from who won for best support- for … is nice.” swank to slightly surreal. ing actress for “Schitt’s Actress Laverne Cox said While Mark Ruffalo accepted Creek,” had to shout over a she made it a point to stand the award for best perfor- scratchy smartphone crack- for a virtual red-carpet ap- mance by an actor in a lim- ling next to her. pearance so viewers could ited series for the screen ad- In their outfits, many see more of her red custom aptation of “I Know This nominees and presenters Thai Nguyen gown. Much is True,” fellow nomi- amped up the glamour for Members of the Holly- nee Jeff Daniels, clad in a the evening, despite the fact wood Foreign Press Associa- flannel shirt, sat with a thin that most were Zooming in tion gave a brief speech smile in front of what from hotels or their homes. vowing to make the organi- looked like a row of closets. Some presenters who zation more racially diverse. Some of the best watch- showed up in person on a The organization came ing came right before and socially distanced red carpet under fire last week after it after each award, as nomi- dressed up like old times, was revealed that the organ- nees talked to each other with Margot Robbie, Sofia ization had no Black mem- while sharing a split screen. Carson and Angela Bassett bers. Leading up to the After Tracy Morgan mistak- in dramatic gowns by Cha- Globes, critics pointed out enly called “Soul” by the nel, Giambattista Valli and the lack of Black-led dramas name “Sal,” the next round Dolce & Gabbana, respec- in the best picture catego- of nominees up for best per- tively. ries, including “One Night in formance by an actor in a The looks were a con- Miami,” “Ma Rainey’s Black TV series musical or comedy trast with the Emmy Awards Bottom,” “Judas and the laughed about the flub. in September, where stars Black Messiah” and “Da 5 Jason Sudeikis, looking split between dressing down Bloods.” Several Black en- rumpled in a hoodie as he and relaxed or going glam. semble films this year were accepted an award for ‘Ted On Sunday, several ac- nominated in other catego- Lasso,” riffed to the other tresses expressed a desire to ries. actors about “Soul’s pizze- dress up after a challenging Ms. Fey and Ms. Poehler ria.” year and work-from-home joked about the blending of —Ray A. Smith comfort clothing. “I thought, TV and movie entertain- contributed to this article.

Emma Corrin won a Golden Globe for her portrayal of Princess Diana, above, in ‘The Crown.’ P2JW060000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, March 1, 2021 | A13 ARTS IN REVIEW

ARTREVIEW ‘The Kimono in Print’: Clothes as Canvas

A show highlights the iconic garment and its influence on printmaking

BY LEE LAWRENCE ward.The kimono might therefore Clockwise from right: Kikugawa be read as advertising not just Eizan’s ‘The Courtesan Yoyoyama Worcester, Mass. her cultural refinement but also of the Matsubaya With Her Two laiming the spotlight in her effect on men. Afterall, Young Female Attendants the center of a large gal- ukiyo-e or “floating world” im- Standing Under Branches of Cherry lery, the “Worcester ages tended to glamorizebrothels Blossoms’ (c. 1830); Torii Kiyomasu Wedding Kimono” capti- as paradises of leisurethat dou- II’s ‘The Kabuki Actor Ogino C vates the eye with its bled as salons whereartists, cour- Isaburō I as Sanada no Yoichi’ pattern of large inter- tesans and Kabuki theater actors (1735); Chinso’s ‘Worcester locking octagons in a variety of mingled with samurai and mem- Wedding Kimono’ (2020) rich reds, spring greens and soft bersofthe increasingly prosper- yellows. They are stylized maple ous merchant class. leaves, inspired by the local land- Outside the pleasurequarters, teredJapanese fashion as expen- scape over different seasons—but that wealth fueled adesirefor fin- siveimportsfromIndia and that lo- they were not meant to be the cen- eries,and sincewomen were con- calworkshops then imitated. Here terpieceof“TheKimono in Print: fined primarily to the domestic they appear on kimonos of both 300 yearsofJapanese Design,” sphere, they could indulgethem- high- and low-ranking courtesans which explores the waysfashion as well as that of ahousewife. and printmaking have intersected Theshowalso includes other in Japan. Thekimono,commis- sources. Adozenorsopattern sioned by and forthe Worcester books giveusatasteofthe funthat Art Museum, wassupposed to have women had mixing and matching appeared in aconcurrent showor- motifs,watchingstyles shiftover ganized in conjunction with time,and choosing what mood to Chiso,akimono-making work- express, from dramatic to erudite shop in Kyotoinoperation to whimsical. A1719 pattern de- since1555. pictsmicenegotiating Rube Covid-19 disrupted that Goldberg-likecontraptions. plan, and the museum’s And as riskyasitistoin- curatorial team deftly clude eroticainashow adapted. They trans- open to families,atiny formed “Kimono grouping about books Couture: The known as shunpon Beauty of Chiso” serves agood pur- intoanonline pose.Sex wasanac- presentation ceptable topic as long about the history as it did not cross class and making of kimo- lines, and few people other nos,each installment than the “sour lemon-eaters,” peggedtoapiecethat as one 1660 text described would have been on display. The strict Confucians, disapproved of final section centersonthis gar- shunpon. Widely circulated, they ment, the only one to travel here were beautifully made and, while from Japan. In itsnew venue,sur- artists depicted genitalia with rounded by aselection of some 60 gross exaggeration, they lavished woodblock printsand illustrated great care and precision on cloth- books,most fromthe museum’s ing, whether it was being worn or permanent collection, the kimono temporarily discarded. underscores the extent to which Forall the emphasis on hetero- these garmentsact likecanvases. sexual sex, however, gender seems Nobody has ever crimped, pleated irrelevant when it comes to kimo- or ruched their fabric; nobody has nos.They aredesigned to showoff ever significantly altered their ba- their ownbeauty,not the body in- sic T-cut. All decoration and art- side,somuch so that the beautiful istrytakes placeontheir surfaces. woman depicted in aprint often In this case,Imai Atsushiro, Chiso’s turns out to be aKabuki actor play- senior designer,devisedthe com- ing arole.Always,surfacedecora- position, and ateam of specialized tion reigns supreme.This artisans transferred it ontojac- helps explain the re- quardsilk using five dyeing finementsin techniques,embroideryand printing tech- gold leaf. niques we see Immediately striking over the three in the printed depic- centuries cov- tions of kimonos is ered in the show, the endless variety from monochromatic and interplay of mo- printstoever-richer col- tifs—flowers, fruits, orsand additional accentuat- leaves and grasses; clouds, waves, ing techniques.Italso helps explain butterflies and phoenixes; checks, selves without worrying the puzzling fact that remarkable stripes, bold zigzags, tiny “fawn toomuch about being seen violat- artistsroutinely marked, say, the dots,” and on and on. Occasionally, ing sumptuarylaws. Ukiyo-e prints bend of aleg with arealistic crease a full-fledged artwork fills the offered them virtual fashion shows, but then preserved the integrity of back of a kimono, the name the creating trendsetters in the pro- adecorativemotif acrossthe fold. garment acquired in the mid-1800s cess.InIshikawa Toyonobu’s Likethe showand itscatalog,the and that translates simply as “Beauties of the ThreeCapitals,” artistshad the kimono’s best inter- “thing to wear.” Kikugawa Eizan’s made around 1740-50,for example, est at heart. print from around 1830 depicts the courtesans model styles from courtesan Yoyoyama swiveling to Osaka, Kyotoand Edo (modern-day Ms. Lawrence writes about Asian (3) show off the white-on-black brush Tokyo). Another contemporaneous and Islamic art for the Journal painting of bamboo that fills the Ishikawa print shows the Kabuki MUSEUM

T back of her garment, complete actor Sanogawa Ichimatsu Iwear-

AR with the artist’s signature seals. ing acheck pattern he introduced The Kimono in Print: 300 years of

TER Theway Yoyoyama gathersher on stagein1741that later pops up Japanese Design ES silks creates adeep bend so that on acourtesan’ssash. And notice Worcester Art Museum, through RC

WO the bamboo tiltsprecariously in- the diffusion of stripes,which en- May 2

MUSIC REVIEW formed here by the Los Angeles own, it is impossible to hear the jazz, and the third proves the live- fects, including strummed sec- Guitar Quartet, and a four-move- new piece without Tárrega’s com- liest and most harmonically adven- tions, percussive elements and ment solo work, “Four Paths of ing to mind. turous of the set. eerily electronic-sounding string- ABright Light,” played by Jason Vieaux— The distinctiveness of Mr. Mr. Vieaux gives the four move- scratching. Like the solo suite, plus Mr. Metheny’s own arrange- Metheny’s compositional voice is ments a fluid, texturally clean and “Road to the Sun” is fairly conser- Fusion of ment and performance of Arvo clearer in the other three (un- beautifully nuanced performance, vative, both structurally and har- Pärt’s “Für Alina.” named) movements. The first be- and his reading is matched in monically, but it thrives on the ro- Genres One of jazz’smost restlessly di- gins as a busy arpeggio study, with quality and focus by the Los Ange- bust interplay among the four verseguitarist-composers, Mr. melodic strands that move gradu- les Guitar Quartet’s finely balanced guitars, and it toys interestingly Methenyhas flirted with classical with a musical language shared by BY ALLAN KOZINN style on occasion, going back to Debussy and Django Reinhardt. “Unquity Road” (1976) and “Hermit- Pat The performance’s most sur- ou would think that the age” (1979), and he made the first Metheny prising moment is in its fifth Y worlds of classical and jazz recording of SteveReich’s“Electric in 2018 movement, when Mr. Metheny guitar would be closely Counterpoint” (1987). These two joins in with a line built of bent aligned, given that both prize har- newscoressuggest that he has in- notes, slides and other jazz inflec- monic ingenuity, melodic explora- ternalized the formal repertory. tions, turning the ensemble briefly tion (and variation) and a high Both arerich in allusions to the into his backing band. Otherwise, level of virtuosity. There are tech- techniques that propel virtuosic he is heard only in the Pärt, a mel- nical distinctions: Although some works by FranciscoTárrega, Feder- ancholy work, originally for the pi- jazz players use the nylon-stringed icoMoreno Torroba, Heitor Villa- ano. Mr. Metheny plays it on the classical instrument, steel strings Lobos and other contributorstothe Manzer “Pikasso I”—an odd, cus- and amplification are more typical standardcanon, but those moves tom-built guitar with 42 strings, now, and different approaches to arefiltered through Mr.Metheny’s three necks, five headstocks and tone and articulation underpin moreup-to-datesensibilities,not to two sound holes. His arrangement each style. Those are hardly unsur- mention his owncommand of the captures the haunting spirit of the mountable barriers to cross-genre fretboard. keyboard original. exploration, but except for Brazil- Probably the clearest case in Mr.Metheny’sfans,who prize ian mostly jazz composers like Eg- point is the finale of “Four Paths him principally as aperformer,may

CK berto Gismonti and Hermeto Pas- of Light.” Though it does not find this apuzzling release,given TO coal, and a few young Americans, quote Tárrega’s “Recuerdos de la that his appearances as aplayerare like Gyan Riley, who work both Alhambra” directly, it borrows that few.But foranyone who loves the

SHUTTERS sides of the street, the interchange work’s main structural device— ally into focus, and shifting levels account of the larger and more so- classical guitar,itpresentssignifi-

A/ has been sparse. setting a graceful tremolando mel- of tension and drama as the arpeg- phisticated “Road to the Sun.” cant additions to the solo,ensemble Pat Metheny has taken a bold ody, on the guitar’s top strings, giation gives way to more finely Mr. Metheny’s approach to the and transcription repertoryfroman step to remedy that with “Road to over an arpeggiated bass figure focused elements. The second work is almost symphonic, with unexpected quarter.

GUILLEN/EP the Sun” (BMG), due out on March that outlines the supporting har- movement is gentler, with a wist- themes resurfacing in several

CIAL 5, with two substantial scores—the monic changes. Though the melody ful theme that blends the accents movements, grand chordal tex- Mr. Kozinn writes about music for

MAR six-movement title work, per- and harmony are Mr. Metheny’s of French art song and Brazilian tures, and a free approach to ef- the Journal. P2JW060000-0-A01400-1------XA

A14 | Monday, March 1, 2021 THE WALL STREET JOURNAL. SPORTS Baseball’sMostExpensive Traveling Show

The Blue Jays spent more on free agents to bolster an exciting lineup. The only problem is they still can’t play in Canada.

BY JARED DIAMOND

The Toronto Blue Jays ap- proached prospective free agents this winter with an unusual sales pitch: We can pay you a lot of money—but we have no idea where you will live and play. The coronavirus pandemic pre- vented Major League Baseball’s lone Canadian franchise from en- tering its country of origin last year, forcing the team to make last-minute arrangements to tem- porarily relocate to Buffalo, N.Y. The Blue Jays still don’t know when they will be allowed to re- turn, leaving them to figure out where to play 81 games this sea- son. Actually, they hope to have more than that. Even with their living situation unsettled, some of the best players available on the market this offseason flocked to the Blue Jays, an organization not typically known as a big spender. The Jays committed $186.3 million to free agents, the most in the sport, attracting top talent with the promise of joining a young, ex- citing roster poised for a breakout. This includes awarding the most expensive contract in Blue Jays history: a six-year, $150 million deal with former Houston Astros outfielder George Springer. The shopping spree has in- stantly transformed the Blue Jays into one of baseball’s most intrigu- ing teams in 2021—no matter what

city they call home. /REUTERS YS

“I wanted to win, and I believe JA

this is a team that will win,” said UE BL

Springer, the 2017 World Series O

MVP. NT RO

The Blue Jays explored several TO possibilities for a potential 2021 The Toronto Blue Jays committed $186.3 million to free agents this winter, attracting top talent including outfielder George Springer, pictured left. home base. They looked into shar- ing with another team. They con- sidered moving into Turner Field culture,” Shapiro said. “That resil- panded postseason tournament. dal Grichuk said. factorsspecific to Toronto. in Atlanta or Globe Life Park in Ar- ience is symbolic of our team and They accomplished that largely They got the answer they One is the exchange rate be- lington, Texas, former MLB ball- who we are.” with players from their own farm wanted. After signing pitcher Hyun tween the Canadian and U.S. dol- parks that are no longer being Shapiro and general manager system, highlighted by a trio of Jin Ryu to a four-year, $80 million lars, which effectively requires the used for baseball. They even Ross Atkins inherited a power- second-generation major leaguers contract last year, the Blue Jays Blue Jays to offer more money just thought about San Antonio as a house when they arrived for their in the infield: Bo Bichette (the son opened their wallets in an even to match a contract offer by an possible site. For various reasons, first season in Toronto together in of Dante Bichette), Vladimir Guer- bigger way this winter, adding American team. The tax burden is none of those ideas panned out. 2016. The Blue Jays had just rero Jr. (the son of Hall of Famer Springer, infielder Marcus Semien also often higher for players who They ultimately settled on a reached the American League and closer Kirby Yates. They also sign with Toronto. combination of three potential Championship Series with a group swung a trade with the New York Meanwhile, their 32-year-old places: their spring training facil- of veterans led by Josh Donaldson, The Blue Jays believe Mets for left-hander Steven Matz. stadium, the Rogers Centre, lacks ity in Dunedin, Fla., a second stint José Bautista and Edwin Encar- Atkins said he thinks the Blue the modern amenities that drive at their Triple-A stadium in Buf- nación. They advanced to the they’ve built a team Jays had so much success in free additional revenue. Prospective falo and, if they receive permission ALCS in 2016 as well. designed to consistently agency in part because, “The free agents have balked at the idea from the Canadian government, That window would quickly young group that had shown some of having to live in another coun- Toronto. The Blue Jays have an- close, however, leaving Shapiro contend in the AL East. success and how they embraced try and cross the border for every nounced they will play their first and Atkins to restock a barren the game and how much fun they road trip. two homestands at TD Ballpark in farm system in order to build had doing it was attractive.” “I saw that as an opportunity,” Dunedin, but CEO Mark Shapiro something sustainable. Shapiro “They recognize the excitement Springer said. “Being able to even- said it would likely be “a little lon- said the Blue Jays “didn’t have a Vladimir Guerrero) and Cavan Big- and the potential of our team this tually get back into Toronto is a ger than that.” graceful way to transition that gio (the son of Hall of Famer Craig year,” Biggio said of the newcom- chance to represent a nation, and I The oppressive heat and fre- team” because of the age of their Biggio). ers. “They’re willing to play in saw that as an honor.” quent rain makes playing baseball top players and lack of reinforce- The question among the players Dunedin or even Buffalo for the This time, the Blue Jays believe outdoors in Florida difficult after ments below them. was whether the front office whole year just to get a chance to they’ve built a team designed to May, so the Blue Jays will proba- They saw signs of progress last would bring in reinforcements af- play with this team.” consistently contend with the New bly plan to leave come June. year. The Blue Jays went 32-28 ter their giant step forward. Despiteplaying in one of the York Yankees, Boston Red Sox and Whether their destination at that during the pandemic-shortened “It’s frustrating as a player to largest cities in North America, the Tampa Bay Rays in the competi- point will be Buffalo or Toronto is 2020 campaign, including a 17-9 know that you have a pretty good Blue Jays have rarely in theirhis- tive AL East. If all goes according unknown. ledger in Buffalo, a performance team and you’re not too far away tory had payrolls that rival those of to plan, they will be back in the “In the interim, we’re going to that propelled them to an unex- and the team doesn’t go out and baseball’sother big-market clubs. playoffs this October—and back utilize that to be a marker of our pected berth in baseball’s ex- spend any money,” outfielder Ran- That’sinpart because of several playing in their country.

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By changing one letterineach of the tenwords in the theme Minneapolis 25 17 sn 44 29 s Brussels 53 36 pc 58 40 pc Tokyo6156pc6741r skill, forshort 53 Fertilityclinic 73 ___ Equis Nashville 53 36 r5441sh BuenosAires 82 73 s8173s Toronto3213sf3226pc answers (assuggestedbythe title), youget a NewOrleans 76 59 sh 64 48 r Dubai 82 69 s8871s Vancouver 50 37 sh 45 38 c 26 French denial cells (Mexican beer) chemical element: RADIUM,LEAD, BORON, SILVER, NEON, ARSENIC, URANIUM, IRON, BARIUM, LEAD. NewYork City 52 23 c3630s Dublin 50 37 pc 48 37 pc Warsaw4734pc5032pc s Oklahoma City 52 34 c5634c Edinburgh 49 36 pc 45 33 pc Zurich 53 27 s5728s Solvethis puzzle online and discussitatWSJ.com/Puzzles. The changed letters spell the contestanswer. P2JW060000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, March 1, 2021 | A15 OPINION Earth to Techies: Let’s Map It All BOOKSHELF | By Roger Lowenstein

To makenu- Maxar’s dataset and to penguins.Fasci- Gentlemen Play clear bombs, 3-D point clouds can nating applica- youfloat a track enemy missile tions—there’s room gaseous ura- launchersortanks forafew players in nium com- or anything else,and this market. ARuffian’s Game pound down notechanges in case ThehistoryofSil- INSIDE long distances of athreat. Generals icon Valley is dis- VIEW until mole- then have the op- ruption via lower- The Anointed cules with the tion, as Mr.Jablon- cost solutions to By Andy heavier U-238 skyput it with one everything: comput- By Jeremiah D. Lambert and Geoffrey S. Stewart Kessler isotope fall of my newfavorite OGIES ers, phones,media, (Lyons Press, 227 pages, $27.95) away,leaving expressions,to“send video and on and on. CHNOL

only highly fissionable U-235. kinetic energy down TE But there’sapara- ell-paid drones who toil into the night as associates That’swhy during the Cold range.” R doxveryfew talk in big lawfirms owe adebt of some kind to William XA

MA W Warthe U.S. flew U-2spy Google Maps is a about. Sometimes Nelson Cromwell, an early architect of the Wall planes over the Soviet Union customer too, using Maxar’s WorldView Legion spacecraft. the best solution Street partnership Sullivan &Cromwell. He wasfond of to film the ground, so that an- theimagerytohelp comes from the saying: “A successfulman never forgetshis work.” Try alystswith lightboards and createmaps and look for automated Drone Racing highest-cost solution because telling that to your family on aSaturday night. Then there magnifying glasses could changes—the shops in an av- League with jet fighters. The you can push the state of the wasPaul Cravath,who pretty much invented the modern law study photos looking forlong, erage strip mall turn over by 3-D model is key:Russia art beforeothers. LikeIntel businessasanassembly line forIvy League grads grinding narrow buildings. And you 25% everyyear.Autonomous- jammed GPS during itsadven- microprocessorsuntil re- away at minute tasks—in Cravath’s less-than-inspiring thought your job wastedious? vehicle manufacturerswill be tures in Ukraine. And anyone cently.And Google search. words, each “a coginthe machineryofabig lawoffice.” We’vecome along way.But an emerging market, to map whoread TomClancy’s“Red AndAmazon WebServices. In the late 19th century, law was an industry of idiosyn- that was a while ago—what’s terrain and then to deal with Storm Rising” knows that Thetrick is to spend the most cratic,tinypartnerships.Cravath imposed an organizational possible today? the growing complexity of in- when ahot warstarts, the on fixedassetsand then rigor. Associates at Cravath, Swaine & Moore labored for surance. Google probably first things taken out are the charge amarginal rate to cus- eight to 10 years with only a faint hope of making partner doesn’t want to be liable in an communications and naviga- tomers. Sometimes,aswith but the promise of a golden rainbow for those who did. Imaging theworld accident, so autonomous car tion satellites. software,the marginal cost is In “The Anointed: New York’s White-Shoe Law Firms,” makers mayneed to purchase Alittle dreaming reveals zero, so you can charge what Jeremiah D. Lambert and Geoffrey S. Stewart tell the story down to themeter will their own mapping data. lotsofnew marketsfor the market canbear.Maybe of three firms—Davis Polk &Wardwell is the third—that soon spur anavigation This year Maxar startsa Earth’sdigital twin. Mr. that’struewith satellites too. came to dominateWall Street in the early 20th centuryand big upgrade.For “$600 million Jablonskynotes that thereare Themilitarypays abig chunk established amodel that, in manyrespects, endures today. breakthrough. all in, launched and insured,” tons of drones flying around of the cost of the system, but There was much to admire in the firms’ culture. John W. Mr.Jablonskytells me,six taking images that don’t really there’slittle additional cost to Davis oncechided an associateatDavis Polk fornot wear- newsatellitesknown as knowwherethey are. Gaming provide maps and other imag- ing ahat, then gavehim $10 to buy one.InDavis’sday, To find out, Irecently spent WorldviewLegion will have could be ahugemarket—envi- ing services downstream. leading partnerswereactiveinphilanthropy and bar asso- some (Zoom) time with Dan 50% morecoverageand higher sion battle simulations based With eyes in the sky, do I ciations—almost arequirement of their social class—and Jablonsky, CEO of Maxar accuracy, down to athirdofa on real maps and 3-D models. worryabout privacy? Sure—a manydid stintsingovern- Technologies, a Westminster, meter.They’ll flyboth polar Nintendo’saugmented-reality friend snooping my house on ment. Afterthe outbreak of Colo.-based satelliteand imag- andother loops so they can Pokémon Go craze from 2016 Google Maps once asked if I World WarI,Paul Cravath ing companythat, as far as I revisit the same site up to 15 could use an update. Imagine had bought anew car. Tech- wasinfluential in prodding cantell, is the stateofthe art. timesaday.For commercial our world with digital crea- nologyisalways multiuse: the U.S. to become involved Circling every 94 minutes, uses,Ithink this might put the tures to interact with or (more military, commercial, gaming. on theside of Britain and Maxar’ssatellitessurvey 3.5 U.S. five yearsahead of any- likely) eliminate! Then think of But it’soften the thingsno France. He sawthe Allies’ million squarekilometersof one else—maybe 10. the billions of smartphone one thought about that arethe success as pivotal to the Earth everyday to capture But here’swhereitgetsfas- cameras and the database of most exciting.When GPS first American values,and also images that areaccuratedown cinating.Mr. Jablonskytalks images that canbemapped to went up, no one thought that critical to the interestsofa to ameter and arestoredina of Maxar’splan, with all its the real world. Uber and Lyft would be one of big Cravath client,Bethlehem massivedataset. Each satel- data, to create a “digital twin There is competition from itsbest use cases.Same for Steel. lite’scameracan be swung up of the planet”—basically a3-D the lowend. TheJournal’s telemedicine with smartphone Some of these partners to 50 degrees from overhead. model of the world that canbe Christopher Mims recently cameras.Each time,wegive showed flashes of enlightened Maxar has 17 yearsofimaging updated almost in real time. wrote about Lacuna Space, up alittle of our privacybut thinking.Cravath, the son of history. It stores 120 petabytes That’sperfect forflight simu- Swarm Technologies and gain hugebenefits. With sensi- aCongregationalist minister, of data on Amazon’s servers. latorsbut eventually canallow other emerging satellitecom- ble controls,Ithink that’sa was chairman of Fisk Univer- Themilitary, naturally,is optical navigation foraircraft panies that hope to track ev- worthy trade-off. sity, a black college, and its most important customer. to flywithout GPS.Think of an erything from container ships Write to [email protected]. expressed concern for the “broad problem of Negro education and race relations.” John Davis was first among 50 New York lawyers, in 1933, to petition the secretary of statetoprotest Hitler’s purge of Jewish lawyers. Yetas Will Maduro’s Canary Sing? the authors note, such lawyers “rarely considered the hiring practices of their own firms.” Some 3,500 ment, which might then make Abetterpath is to capitalize ezuela produces 31,000 to With sublime separation of principle and practice, miles from it public. on public disgust, inside and 37,000 barrels of diesel aday Cravath never troubled to hire a black attorney, nor would Washington, In anation plaguedwith outside the country, forthe while consuming 33,000 to Davis Polk think of hiring a Jew. Catholics fared almost as on the African food, electricity,water and Madurokleptocracyand orga- 48,000.Post-pandemic de- badly, and women lawyers were not to be seen. The firms’ archipelagoof medicine shortages,adetailed nizeinternational opposition mand could go to 60,000. prejudices can be laid off to the times, but on closer inspec- Cape Verde, forensic report on Maduro& to it. Venezuela is achancefor It would help if Venezuela tion the early partners appear less admirable than their AMERICAS the Justice Co.’sstash—including assets Mr.Biden to provehis coali- were to stop sending 4,000 gauzy legends suggest. Their clubbiness was an outgrowth Department is held by family membersout- tion-buildingskills. barrels aday to Cuba. But the of a social elitism that sneered at competition as unseemly. By Mary in astruggle side the country—would be an He already has arunning big problem is relianceonthe Thefirms had longstanding ties to Wall Street banks Anastasia with Venezu- international public-relations start. TheEuropean Union swaps rather than investing in (Davis Polk’soffices were connected by elevator to J.P. O’Grady ela over aU.S. disaster. isn’t happy with the regime’s refinerymaintenancetobring Morgan&Co.). Oncethey had mastered the intricacies of extradition re- TheVenezuelan military, antidemocratic takeover of the production back to whereit railroad and utility financing,they could count on repeat quest forAlexSaab. backed by Cuban intelligence, national assembly via fraudu- wasbeforeHugoChávezand business. One great source of billingswas working on TheColombian-born natu- has itsknee planted on the lent December elections.Last Mr.Maduroturned the state- reorganizations of their ownfailed deals.The partners ralized Venezuelan works for neck of theVenezuelan peo- owned oil company, PdVSA, rarely poachedone another’s clients, much lesstheir the dictatorship of Nicolás Ma- ple.Itcan be confident that intothe ruling elites’ piggy talent. Associates were paid by seniority rather than merit. duro. Theregime calls Mr.Saab theAmerican public has no Thedictatorsweats bank. Thefirms operated with all the smugnessofa“legal adiplomat, but afederal grand appetite foramilitaryinva- Astaggering collection of cartel,” as the authorsaptly put it. juryhas indicted him formoney sion. Yetthe regime isn’t in- while theU.S.seeks corruption allegations against Moreover, their reputation for probity was overstated. laundering.Interpol arrested vulnerable.Itfearsthe inter- to extraditehis the regime has been cataloged William Cromwell was overinvolved in lobbying for a canal him in June as his plane wasre- national isolation that is likely on chavismoinc.com by journal- through Panama while secretly enriching himself from a fueling on atrip to Iran. to come with losing the propa- indictedassociate. istsand other investigators, in- syndicateheorganized to profit from the U.S. govern- Thelengths to which Cara- ganda war. cluding aVenezuelan chapter of ment’sparticipation. Paul Cravath was the subject of a seri- casisgoing to win Mr.Saab’s With Madurobigwigsliving TransparencyInternational. ous ethical complaint. Separately, Hoyt A. Moore, a name release merit attention. It has high on the hog,public airing week the EU expressed itscon- TheBiden administration partner in the firm, appears to have been involved in hired acrack legal team, led by of what Mr.Saab knows would cerns by putting newsanctions also mightremind Venezuela bribing a federal judge, though he wasn’t charged. Baltasar Garzón, acontrover- be costly.Iflinked to aBiden on 19 membersofthe Maduro that theU.N.World Food Pro- According to the authors—both longtime white-shoe sial Spanish former judge. The policymaintaining the sanc- regime,taking the totalnum- gram is awaiting permission to practitioners, Mr. Lambert having trained at Cravath, Mr. U.S. has so far wonincourt, tions pressureused by the last ber of Venezuelan officials who enter the country. Mr.Maduro Stewart at Davis Polk—lawatthe time was“aruffians’ game, butthe case is on appeal. Mr. three U.S. presidents, it could areunder EU asset freezesand has blocked this aid because if one played by gentlemen.” Garzónargues that Mr.Saab is be devastating. travel bans to 55. he uses food rationing to con- not only innocent but protected Forfreerepublics,coexist- Mr.Maduroblames Trump trol the masses. by diplomatic immunity. ing with the Maduroregime is sanctions forVenezuelan hard- Reuterslast week captured The clubbiness of the white-shoe law firms It’sdoubtfulthat Venezu- likeliving next door to anar- ship.But the factsdon’t sup- the cruelty of the dictatorship was an outgrowth of a social elitism that ela’sherculean effort to defeat cissist who tyrannizes the port the claim. Rather,as when it reported on “a sharp the extradition is explained by other family membersand sanctions tightened, the dicta- spike” in government assaults sneered at competition as unseemly. concerns forthe futureofthe squanders the household torship wasforcedtoliberate on nonprofitslast year,“in- detained Madurohenchman. income.It’stough to watch. prices and the exchangerate, cluding the arrest of five work- Morelikely it’sbecause,as But effortstointervene on be- easing direfood shortages. ersfromanorganization that Few lawyers set a worse example than John Foster an intermediaryinregime half of the victims—without Nowthe regime is spread- provides support forpeople Dulles,who ranSullivan &Cromwell as astepping stone businessdealings, Mr.Saab using force—don’t yield quick ingfear that if recent sanc- with HIV.” This isn’t anormal to his career as a diplomat. In the 1920s, he was a fervent maybeintimately familiar results. tions on diesel-for-crude government aspiring to im- promoter of lending to German corporations, despite with howVenezuelan wealth Trump administration sanc- swaps aren’t lifted, the coun- provethe well-being of its Germany’s precarious monetary condition. By the has been siphoned off to en- tions failed to unseat Mr.Ma- trywill starve. But the diesel people.Itisanorganized- Depression, more than $1 billion in foreign bonds arranged rich the Maduronomenklatura. duro, and President Biden may shortage is homemade. crime cartel with monopoly by Sullivan & Cromwell were worthless. If Mr.Saab finds himself plea- be tempted to return to the ne- According to aFebruary power—and the singular ob- Dulles didn’t stop there. To the horror of his partners, he bargaining in America, he may gotiation strategyused in the webinar presentation by Mari- jectiveofholding on to it. No provided legal coverfor German-American trade while Hitler be inclined to sharethat infor- early part of the Trump era. anna Párraga, Reuters’s Latin negotiation canfix that. wasbuilding amilitaryjuggernaut. As lateas1937,Dulles mation with U.S. lawenforce- That would be amistake. Americaenergy reporter,Ven- Write to O’[email protected]. dismissed fearsofGerman, Japanese or Italian aggression as the product of “hysteria.” He parlayedhis relentlessinter- national laborsintobecoming Eisenhower’ssecretaryofstate. By regimenting the practiceoflaw,white-shoe pioneers Nasdaq Amends Its Diversity Plan made it unlikely forlater generations to emulatetheir outsizecareers. Cravath became apartner in his mid-20s— By Adena T. Friedman them alongthe way. volved in boardroomdiversity to demonstratethat, with unthinkable today. Cromwell washired as abookkeeper and We submittedthe proposal at all. proper disclosureand clear ob- sent to Columbia LawSchool by the firm’sfounder.Some asdaq recently submit- expecting it to spark debate We have listened closely to jectives,companies and inves- structure in the industry was needed, but the Cravath N tedaproposal to the anddiscussion. Most impor- all the feedback,and we’re tors cancreatemomentum to- system emphasized early and soul-crushing specialization. U.S. Securities and Ex- tant, it is not aquota: the only making some changes to ward an approach to Cravath himselfadmittedhehad been luckytoavoid it. changeCommission focused on requirement forcompanies strengthen our proposal in re- capitalism that offersmoreop- Messrs. Lambert and Stewart say that white-shoe diversity of the boards of com- that don’tmeet this newob- sponse.For example,weheard portunity to morepeople.We dominance eroded as prejudice in society faded. More panies listed on our U.S. ex- from companies with smaller believethis canbeaccom- nearly, the success of Jewish firms and those of other change. Our proposal estab- boards,aswell as from several plished through amarket- outsiderspersuaded the old guardtoabandon caste, lest lishes arecommended We’ve listened to small-cap investors, that meet- driven solution—rather than they lapse intoirrelevance. “The Anointed” shows evidence objectivefor companies to in- ing the diversity objective government intervention. of agreat deal of research, and the subject is fascinating. clude at least two boardmem- critics and made would be morechallenging for We have welcomed the dis- Unfortunately,the writing is plodding,and the text is dense bersfromdiverse back- allowances for their them. As aresult of that feed- cussion on this proposal with with detail. Theauthorsadopt asilo approach, going over grounds.Weasked that each back,we’renow proposing thegoal that arobust debate similar ground for each firm. We don’t need to read that companydisclose anonymous needs and concerns. that companies with five or will bring us to aconstructive Sullivan “became the world’s largest law firm” twice in aggregatedata—self-disclosed fewerdirectorsmay satisfythe middle ground. Judging by the eight pages. And it seems unpardonable to call James by the directors—regarding recommended objectivewith overwhelmingly positivere- Landis,rather than Joseph P. Kennedy,the firstchairman their gender identity,race, eth- jectiveistoprovide an expla- onedirector from adiverse sponse to our proposal, we of the Securities and Exchange Commission. nicity and sexual orientation. nation to shareholders. During background rather than two. think we’vefound that elusive Theauthors’ central (if implicit) point is agood one. We provide arunway of the SEC comment period, the We’realso providing aone- middle: ameaningfulstepfor- Theold era was ruled by loyalty and social connections. two to four yearstomeet the vast majority of commenters year graceperiod in the event ward that will makeameasur- Theprofitmotivethat replaced it mayhavebeen crass, objective, and we areprovid- spokeinfavor of our proposal. avacancyonthe boardbrings able difference. but it imposed a welcome regime of merit. ing free assistancetoour Some criticized it fornot go- acompanyunder the recom- listed companies with asuite ing far enough, and some felt mended diversity objective. Ms. Friedman is president Mr. Lowenstein is the author of “America’s Bank.” His father of tools and services to help that Nasdaq shouldn’t getin- Overall, our proposal seeks andCEO of Nasdaq Inc. was a corporate lawyer in New York. P2JW060000-2-A01600-1------XA

A16 | Monday, March 1, 2021 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Vo ting Rights at the Court The FedIsFinancing FutureDebtProblems

lection laws have become adangerous against minorities.ANinth Circuit Court of Ap- EconomistsJohn Greenwood and to have declared that the best way to politicalflashpoint, as Americans re- peals panel affirmed the ruling but wasover- SteveH.Hankeably sound the alarm destroy the Capitalist System wasto E cently learned the hardway.OnTuesday ruled en banc.BackersofArizona’sballot har- in “TheMoney Boom Is Already debauch the currency. By acontinu- Here” (op-ed, Feb. 22). Toomany ing processofinflation, governments the Supreme Court will hear a vesting ban “had asincere, The Justices have a have looked away as the Federal Re- canconfiscate, secretly and unob- potentially landmark case though mistaken, non-race- serveprintsdollarsbyanother name: served, an important part of the (Brnovich v. DNC) that offers rare chance to clarify basedbelief that therehad quantitativeeasing.While the au- wealth of their citizens.” an opportunity to restorethe been fraud in third-party bal- thorsrightly describe the profound Lenin, the architect of Russian Voting RightsAct to itsorigi- federal election law. lot collection, and that the implications of the massivesurge in communism, warned us of this peril nal purpose. problem needed to be ad- M2 from the money that has already over ahundred yearsago. Why At issue is Arizona’sre- dressed,” the Ninth Circuit’s been spent, they neglected to men- didn’t we listen? Is it already too quirement that voters cast ballotsonelection liberaljudges held. tion the implications forthe pending late? dayintheir assigned precinct and itsban on bal- There’snoguiding legal principle to the $1.9trillion in Covid spending that RICHARD STEGEMEIER lot harvesting by outside groups.Amajority of Ninth Circuit’sruling,and anylaw that bolsters President Biden and manyatTrea- Anaheim, Calif. states requirein-precinct voting,and 20 or so election integrity mayviolatethe VRAifjudges suryand the Fedhaverequested. Followtheir logic and understand Messrs. Greenwood and Hanke limit ballot harvesting,which allows thirdpar- sayso. Even the Biden JusticeDepartment told the profoundly bad implications of worrythe Fed’s“massiveexpansion ties to collect ballotsinbunches.Both rules are the High Court last month that it doesn’t “dis- an additional $2 trillion on topof of money and credit” creates “specu- intended to bolster ballot integrity. agree” with Arizona’sargument that itslaw is the $4 trillion in prior Covid-ratio- lativemanias.” They arehalf right. Democratssay this violates Section 2ofthe legal under Section 2’s“resultstest.” nalized spending. Themoney supply has indeed sky- Voting RightsAct, which prohibitsstatesfrom The Court is highly likely to agree, and the TheFed’screative accounting rocketed. But inflation hasn’t. All the adopting voting qualifications,standards,or shrewd liberal JusticeElena Kaganwill no combined with profligatefederal newmoney in the world won’t drive practices that result in “denial or abridgement” doubt tell Chief JusticeJohn Robertshecan get spending won’t end the pain for up prices if it doesn’t circulate. Right of the right to vote “onaccount of race or color.” a 9-0 ruling by holding that the Ninth Circuit Americans.Itwill grow the wealth now, it’ssitting in bank vaults. No But they provide no evidencethat Arizona’s committedaclear error in overturning the gap, inflateasset prices,accelerate worries there. rules limit minorities’ ballot access. lower court findings of fact. But that would be the growing gapbetween Wall Street Credit is another story. Previous Congresspassed the Voting RightsAct of a lost opportunity. and Main Street and imperil the U.S. Fedchairs, such as Ben Bernankeand dollar as the global reservecurrency. Janet Yellen, took afirm stance 1965 to stop states from disenfranchising blacks Arizona’selection laws areclearly not avio- REP. WARREN DAVIDSON (R., OHIO) against credit allocation by the cen- with underhanded methods likepoll taxesand lation of Section 2asamatteroflaw,and the Troy, Ohio tral bank.Chairman Jerome Powell literacytests. But Democratsnow arguethat any Court needs to protect stateprocedures that embraced it. Nowthe precedent has stateregulation that makes it alittle harder for protect ballot integrity from electioneering law- Our economyhas embarked on a been set: TheFed is open forbusi- anyone to vote violates the law—even if it ap- suits. But it would be even betterifthe Court self-destructivepath to oblivion. ness, provided youhaveenough po- plies equally to minorities and whites. goes further and clearly defines what the lan- We’venearly tripled national debt litical pull. Inflation isn’t our prob- Importantly,the Voting RightsAct (VRA) guageofSection 2means. held by the public in 12 yearsand lem—credit allocation is.The more puts the burden on plaintiffs to showthat mi- Courtshavedefined this so broadly that it thereismoretocome.Futuregener- we hunt forthe former,the easier it norities,based on the “totality of circum- has invited political mischief and judicial activ- ations will have to repaythat debt. is to missthe latter. stances,” have “lessopportunity” than others ism on an ad hoc basis.Asthe Chief Justice In his 1919 book,“TheEconomic ALEXANDER WILLIAM SALTER Consequences of the Peace,” John Texas Tech University “toparticipateinthe political processand to wroteinamemo when he served in the Reagan MaynardKeynes notes: “Lenin is said Lubbock, Texas elect representatives of their choice.” JusticeDepartment, “Violations of Section 2 TheHigh Court hasn’t provided aclear stan- should notbemade tooeasy to prove, since dardfor lowercourtstointerpret Section 2. And they provideabasis forthe most intrusivein- manylowercourt judges have blocked voterID terferenceimaginable by federal courtsinto Trump Lost, but He Greatly Boosted the GOP requirements, early-voting curbs and same-day stateand local processes.” registration restrictions,among other rules, That’sexactly what Americans sawin2020, Your editorial “Trump Lost to Him- bers—a net gain of two statehouses basedonstatistics that purportedly showthat with enormous damagetopublic confidencein self” (Feb.19) ignores manyofthe and 141seatsacrossthe country. minorities aredisparately impacted. the election results. With so much political con- factssurrounding the 2020 election Beltway Republicans need to realize In the current Arizona case,afederal judge tention over voting access and election laws at and runs contrarytoour firm’spost- the Republican Party has been ruled thereisnoevidencethat the state’sin-pre- the current moment, the Court needs to set election polling and analysis.In2020, changed forever, forthe better, be- President Trump created one of the cause of President Trump’sleadership. cinct voting rule and ballot harvesting ban dis- proper parametersaround Section 2todistin- greatest votercoalitions in American As JudgeSmails found out in the clas- proportionately burdens or discriminates guish between real and invented legal violations. political history, bringing millions of sic movie “Caddyshack,” the caddies newvotersintothe Republican Party arenow running the countryclub.The and expanding the GOP’svoteamong GOP must learn to livewith it. Andrew Cuomo in the Dock African-Americans and Hispanic JOHN AND JIM MCLAUGHLIN Americans. McLaughlin &Associates oone will ever mistakeAndrew Cuomo will be released to the public.Ms. James would Theelectoral votesthat decided Blauvelt, N.Y. forasympathetic figure,soNew York’s like to be Governor herself. the election were determined by a NGovernor is finding he has few allies as he Theaccusations emerge when Mr.Cuomo is mere44,000 votesinthree states out Youare right, the Democratsout- confrontsaccusations that he sexually harassed already under fire for covering up the number of arecordofalmost 160 million bal- maneuvered President Trump.Hewas two women who used to work forhim. He never- of nursing-home deaths from Covid-19 afterhis lotscast. unprepared formail-in voting,focus- President Trump’srecord74mil- ing on postelection challenges.The thelessdeserves afair investigation of the facts administration ordered the homes to accept lion-plus Republican votesbuilt a Democratslearned from 2016,got out without arush to judgment, even if he refused to Covid patientsfromhospitals.The presslargely solid foundation that down-ballot Re- the vote in key states and used the offer othersthe same due process. ignored that scandal during the election year publicans benefited from. Manyof Covid crisis to justifychanging some Mr.Cuomo denies the allegations by Lindsey while Donald Trump was Target One, but Mr. these voters came out solely for of the rules in their favor. Further,the Boylan that have been known for some time. Cuomo is finally and deservedly getting his turn President Trump,and the down-bal- media didn’t aggressively coverthe Thesecond accuser,25-year-old Charlotte Ben- in the pandemic dock. The left has never liked lot candidates on the Republican Hunter Biden scandal, which could nett, came forwardSaturday in aNew York the Governor,orhis bullying dominanceofNew ticket reaped the rewards. As our have changed voterperception. Timesstory. The alleged behavior doesn’t rise York politics,and it nowsenses achancetotake poll indicated, Trump voters sup- In the end, President Trump forgot to that of Matt Lauer, much less Harvey Wein- him out if he runs for a fourth term in 2022 if ported down-ballot Republicans at that while he could comparefavorably stein. But the details, if true, suggest behavior not before. least 90% of the time. to HillaryClinton, JoeBiden wasmore Thepresident’spopularity among likable,eveninthe basement. As that would getaCEO firedbycurrent stan- In 2018 when BrettKavanaugh wasaccused folks who otherwise wouldn’t come Nikki Haley has indicated, agreat dards.Ms. Bennettsays Mr.Cuomo made his in- by Christine Blasey Ford of harassment without out and vote enabled Republicans to number of President Trump’spolicies appropriate comments last June. corroboration, Mr. Cuomo issued a statement gain 12 seatsinCongresswith zero were outstanding,but his behavior The63-year-old Governor firstsaid he saying “I believe Dr. Ford’s testimony is very losses by GOP incumbents. Every post-Election Daywasn’t, and proba- thought he wasacting as amentor to Ms.Ben- compelling. Only a political skeptic could find House Republican in atossup race bly justifies the voters’decision to nettand “never made advances.” Laterhecon- areason to disbelieveher.What is her possible won. Arecord35Republican women denyhim four moreyears. ceded in a statement that he often is “playful” motive to lie? . . . Here is one basic fact that wonelection to Congress. Republicans JON LINKER and likes to “make jokes” with staff that some badly hurts Judge Kavanaugh: Why won’t he won59of98state legislativecham- Houston mayhave“misinterpreted as an unwanted flir- take a polygraph? Dr. Ford did.” tation.” He also bowed to state Attorney Gen- UnlikeMr. Cuomo’s glib rush to judgment in eral Letitia James’sdesiretoappoint aprivate that episode,we’ll wait forthe resultsofthe in- Could Long-Covid Patients Don’t Be So Quick to Count lawyer to investigatethe allegations; the result vestigation into the Governor’s conduct. Shed Light on ME/CFS? On National Herd Immunity “AtWork: TheChallenges of Get- In “We’ll Have Herd Immunity by ting Long-Covid PatientsWorking” April” (op-ed, Feb. 19), Marty Makary Plan B for a $15 Minimum Wage (Personal Journal, Feb. 16) could says that the country is rapidly have been describing sufferersof reaching “herd immunity” to the cor- sexpected, the Senate’sparliamentarian Even if the parliamentarian were swayed, myalgic encephalomyelitis,other- onavirus. There is a simple and com- ruled last week that mandating anation- passing aPlan Bwould requiregetting votes wise known as chronic fatigue syn- pelling case to be made that this isn’t A wide $15 minimum wage cannot be done from Arizona’sKyrsten Sinema and West Vir- drome (ME/CFS). Thesimilarities the case. In addition to the recent re- via budget reconciliation, with ginia’sJoe Manchin. Mr. between long-haul Covid-19 and ME/ duction in coronavirus, seasonal in- amere51votes.Some progres- It’s not a mandate— Manchin thinks $15 an hour is CFS arestunning.Perhaps the sheer fluenza has also shown dramatic re- sives,including some in Con- toohigh. “Eleven dollarsis volume of the cases of Covid long- duction in incidence in the U.S. as it’s a tax. At least that’s haulerswill shed alight on ME/CFS, well as the rest of the world. We gress, arenot eager to recon- the right placetobe,” he said which is amuch-ignored condition. never develop “herd immunity” to cile with this procedural flaw. Bernie Sanders’s pitch. recently. People with ME/CFS experiencethe seasonal influenza, which is why we “Replacethe parliamentarian,” Howcould he turn around same “crash” afteraperiod of physi- need yearly flu shots. The fact that Rep. Ilhan Omar tweeted. “This and support the Sandersand calormental exertion, as well as influenza incidence has been reduced is unacceptable.” Wyden plans? They’d hit big companies only,but manyofthe other symptoms de- so dramatically is all because of be- Rep.RoKhanna’sapproach wasinthe same they’d still increase the lunacyoftreating thela- scribed in the article,and skepticism havior, not some new immunological vein: “This is an advisory, not aruling.” He called bor market in HarpersFerry, W.Va., the same as from co-workers. phenomenon. The same is true of on Vice President Kamala Harris,asthe Senate’s the one in Manhattan. Perhaps as morestudy is done on Covid. Behavior can explain the re- constitutional leader,“to disregardand rule a Ditto forRepublican Josh Hawley’s proposals. Covid long-haulerstherewill be un- cent reduction given that the same $15 minimum wage in order.” But doing so would On Fridaythe Missouri Senator backed a$15 anticipated spillover benefit for reduction is also seen in an unrelated those suffering with ME/CFS. respiratory virus. mean the end, forever, of the longstanding Byrd minimumwagefor “companies with revenues DENISE M. READY We need to maintain social dis- rule,which governs reconciliation. President Bi- of $1 billion.” Earlier he floated atax credit to Richfield, Ohio tancing and mask wearing until the den, an institutionalist who gaveaeulogyfor the send workersquarterly paymentsset at 50% of country is vaccinated. eponymous Senator Robert Byrd, seems unlikely the differencebetween their wagesand abase- STEPHEN D. WOLPE, PH.D. to go forit. “He respectsthe parliamentarian’s line of $16.50 an hour. Lonely Boaters Passing, if Boyds, Md. decision and the Senate’sprocess,” the White This would be asubsidy tilted toward rural Not in the Dark of Night House presssecretarysaid. workers, especially,who would getmoregiven Hencethe shifttoPlan B. Senator Bernie their lowcost of living.The whole city of Seattle In John Wilmerding’s excellent dis- Pepper ... Sanderssaid he would work on “anamendment would apparently be exempt, sinceits minimum cussion (“Respite on The River,” Mas- And Salt to take taxdeductions away from large,profit- wage is $16.69. Also,what does it do to initiative terpiece, Feb. 20) of Thomas Eakins’s able corporations that don’t payworkersatleast if aworker loses 50 centsoftax creditswhen he magnificent painting “Max Schmitt in THE WALL STREET JOURNAL a Single Scull,” a significant detail is $15 an hour.” That idea,heinsisted, “must be in- gets a$1raise? omitted from the analysis. The two cluded in this reconciliation bill.” Senator Ron Afederal wage mandatemakes little sense in rowers, Schmitt and Eakins, are row- Wyden said he wants“a5percent penalty on a acountryaslarge and economically diverse as ing in opposite directions on the big corporations’ totalpayroll if anyworkers the United States. Hawaii’soverall prices run river, one upstream, the other down- earn lessthan acertain amount.” 119% of the national level, compared with 84% stream. They have passed one an- But to sneak through reconciliation, anysuch in Mississippi, per 2019 datafromthe Bureau of other and are separating, as their provision would have to passmuster with the Economic Analysis.They’re135% of the national wakes show. Each is truly single and parliamentarian. Onecomparison is Obama- level in the SanFranciscoregion, against very alone. Care’s mandatetobuy health insuranceorelse inexpensiverural areas in low-cost states. ALEX MCPHERSON payapenalty.When the GOP pushed to kill it in TheCongressional Budget Officerecently es- Pacific Grove, Calif. 2015,“the Senateparliamentarian ruled that the timated that a$15 minimum wage would cost Lettersintended forpublication should bill’sprovisions to repeal the individual and em- 1.4 million jobs. We realize that Mr. Hawley be emailed to [email protected]. Please ployermandates were extraneous,” as the Con- wantstobeseen as atribune of working people, include your city, state and telephone gressional Research Servicelater putit. That’s but putting the least skilled out of work by number.All letters aresubject to whythe mandateremains law, though Republi- adopting progressiveeconomic policies isn’t the editing,and unpublished letters cannot “Full disclosure—Daddy’s firm be acknowledged. cans later cut itspenalty to $0. way to do it. represents the pork industry.” P2JW060000-2-A01700-1------XA

THE WALL STREET JOURNAL. ** Monday, March 1, 2021 | A17 OPINION Academic Freedom Is Withering Prelude To a State By Eric Kaufmann 5% of American scholarsinthe social sciences and humanities cademic freedom is in cri- identifying as conservative. In Pension sis on American campuses. the U.S. and Canada, academics Last year,the National As- on the leftoutnumber those on A sociation of Scholars re- the right by aratioof14to1. Bailout corded 65 instances of pro- Manyacademics,most of fessorsbeing disciplined or firedfor whom arenot radicals,are protectedspeech, afivefold increase aware of the problem. Aposi- By Andrew G. Biggs from the year before. Yetmanyofac- tivesign is that only 1in10ac- ademia’sdefendersbrush aside wor- ademics support “canceling” fter decades of mismanage- ries about dismissal campaigns and controversial right-wing pro- A ment,state and local govern- the lack of ideological diversity as lit- fessorsbyfiring them from ment pensions faceunfunded tle morethan acollection of anec- theirjobs.But younger aca- liabilities topping $4.2 trillion. When dotescherry-picked to feed aright- demics aretwiceaslikely to amajor public plan finally runs dry, wing moral panic. endorse adismissal campaign youcan bet Congresswill bail it out My new report forthe Center for as older faculty.Doctoral candi- no matterthe crippling cost. Con- theStudy of Partisanship and Ideol- dates arearound three times as gressional Democrats’ Covid-relief ogygives the lie to these claims. likely,suggesting the problem packageincludes amultibillion-dollar

Based on eight comprehensivesur- E of political intoleranceislikely bailout forunion-affiliated private-

veys of academic and graduate-stu- OW to getworse.Moreconserva- sector multiemployerpensions.If dent opinion acrossthe U.S.,Canada CR tives on the faculty would in- politicians will bail out truckers’ and

and Britain, it buttresses the find- CHAD crease resistancetocensorship, coal miners’ pensions,why would ingsofnumerous studies to provide making it moredifficult for they turn away teachersand fire- harddataonthe absenceofview- academics and graduatestudentsare Fully 7in10conservativeAmeri- progressiveintolerancetosucceed. fighters? point diversity and presenceofdis- willing to discriminateagainst right- canacademics saythey self-censor in While some counsel ahands-off Multiemployerpensions are crimination against conservative leaning grant applications,journal their teaching,research or academic approach to the problem, the laissez- jointly runbylabor unions and em- submissions and promotion cases.On discussions.Conservativescholars fairestrategyhas failed fornearly ployers,often within the same or re- afour-person panel, this virtually shyaway from asking questions that four decades.Mynew report shows lated industries. The most promi- Surveys of faculty opinion guarantees that aconservativewill go against the progressiveconsensus why: Fewacademics want to cancel nent, the financially troubled Central face discrimination. out of fear fortheir careers. This their controversial colleagues,but a Statesplan, covers roughly 400,000 show the growing extent Meanwhile,only 28% of American chilly climateispicked up by conser- growing minority discriminates workersand retirees from morethan of political discrimination academics saythey would be com- vativeand centrist students, which in against them and isn’t actively op- 1,000 trucking companies.These fortable sitting with agender-critical turn influences the pipeline of who posed to their cancellation. This pensions runonamutual-insurance and cancel culture. scholar over lunch, lesseventhan continues on to graduateschool and helps explain whythereisn’t enough basis: Participating employers must the 41% who would sit with a theprofessoriate. internal pressuretoprotect academic coverthe benefitspromised by any Trump-voting colleague.Somehow Ifind that conservativemaster’s freedom. Theproblem is nowspilling employerthat either goes bankrupt and gender-critical scholars. High- this has become acceptable in away studentsinsocial sciences and hu- off campus. or withdrawsfromthe plan. There- profileactivist excesses aremere it never would be for a person from manities fields aresignificantly more At this point, only aproactiveap- ward forthis unusual funding mech- symptoms of amuch wider problem areligious,asopposed to political, likely than other master’s studentsto proach canwork,such as the policies anism is much looser funding re- of progressiveauthoritarianism. minority. believetheir beliefs don’t fitinaca- recently announced in Britain, in quirementsand lowerpremiums to Roughly 1in3conservativeacadem- Some 75%ofAmerican and British demia. Conservatives who think their whichpublic universities aretobe the Pension Benefit Guaranty Corp.— ics and graduatestudentshas been conservativeacademics in social sci- politics wouldn’t fitare significantly audited and potentially fined foraca- the federal agencythat actsasa disciplined or threatened with disci- ences and humanities saytheir de- lesslikely than otherstobeinter- demic freedom violations each year pension safety net. plinaryaction. Aprogressivemono- partmentsoffer ahostile climatefor ested in pursuing an academic career. by the government. In the U.S.,state cultureempowers radical activist their beliefs.Nearly 4in10American This isn’t about money.Conservative or federal authorities must regulate staff and studentstoviolatethe centrist faculty concur.This produces master’s studentsare no morelikely public universities to ensurethey Covering multiemployer freedom of political minorities like achilling effect that resultsinself- than progressivestudentstosay that protect the FirstAmendment rights conservatives or “gender-critical” censorship: Ifound that merely 9% of payisafactor discouraging them of staff and studentsand don’t dis- plans is unwise and signals feminists, who believeinthe biolog- Trump-supporting academics say from going intoacademia. In effect, criminateagainst political minorities. a willingness to rescue ical basis of womanhood—all in the they would feel comfortable express- thereisafeedback loop: Lowview- Unlessreforms come from outside name of emotional safety or social ing their political beliefs to acol- point diversity reproduces the hostile the academy, universities will con- failing public funds. justice. league.Their progressivecounter- climatethat sustains the progressive tinue to be monocultures in which Political discrimination is perva- partsadmit as much, with only 14% monoculturethat has developed in conservativeideas aren’t given afair sive: 4in10American academics in- of all U.S. academics saying aTrump many faculties over the past four hearing. But the mutual-insurancesystem dicated in asurvey this summer that supporter would feel comfortable ex- decades. is itself acritical flaw:Sometimes they would not hireaknown Trump pressing his beliefs.InBritain, only Theresult of this hostile environ- Mr. Kaufmann is aprofessor of whole industries decline and pension supporter forajob.InCanada, the 18% of Brexit-supporting academics ment is conformity to aculturethat politics at Birkbeck College, Univer- funding disappears, as with truck- shareis45%, while in Britain, 1in3 would feel comfortable sharing their is out of alignment with the nation’s. sity of London and aboard member ing.Federal rules made the problem academics wouldn’t hireaBrexit sup- views,eventhough 52% of the British As in previous studies,Ifind alow at Center for the Study of Partisan- worsebyallowing businesses to porter.Between one-fifth and half of electoratesupported Brexit. level of political diversity,with only ship and Ideology. withdraw without funding all prom- ised benefits. Multiemployerpensions also sig- nificantly overestimated their future The CIA Can Help Spot the Next Pandemic investment returns.Ina2017study, the Government Accountability Of- By Scott Gottlieb vant information. Theintelligence on more-traditional national-security The U.S. should do the same, which fice found that if Central Stateshad community can’t protect sensitive tools,including intelligenceservices. would also help bring threatstothe received the 7. 5% annual return it as- nDecember 2019,unfamiliar public-healthconcerns unlesspub- Theneed is underscored by the attention of policymakers. Senators sumed from 2000 to 2014, it would I and serious cases of pneumonia lic-health officials work with them challenges the U.S. Centersfor Dis- aren’t reading academic papers, but have ended that period 91% funded. started to appear at hospitals in and explain the issues.And without ease Control and Prevention faced they arereading the CIA’s World In- Instead, Central Statesreceived only Wuhan, China. Doctorswere relationships in the public-health in getting access to samples of the telligenceReview and other esti- 4.9% returns,leaving itsfunding at stumped. They begansending off an coronavirus when the outbreak first mates,which should include relevant 40% and declining. unusually high number of samples emerged. China refused to share information on public health. Today, morethan 100 multi- to local labs forgenomic sequenc- Intel agencies and public- these samples with the U.S.,and the This reporting would also better employerpensions face“critical and ing to see if anew virus waslurk- World Health Organization refused inform diplomats: Perhaps they’re declining” funding,according to the inginpatients’lung fluid. By the health officials need to to pressureChina publicly to re- monitoring aforeign lab with frag- PBGC.Central States’ portfolio is ex- endofthe month, therewereclus- work together against lease them. This wasn’t the first ile controls.Feeding intelligence pected to rundry in 2025,with ters of these pneumonia infections time in recent yearsthat China has estimates to diplomatshas been a other plans to follow. ThePBGC’s in at least three separatefamilies, security risks like Covid. declined to sharesamples of adan- hallmark of arms-control efforts multiemployerinsurancefund will an indication that anew virus was gerous newpathogen. and inspections and canalso help be exhausted by 2027. spreading among people. TheNational Security Councilre- improvebiosecurity and surveil- Ordinarily,insolvencymeans pen- Anyone of these and other world, intelligenceservices may cently re-established aposition to lance. By nowmost Americans sion freezesand benefit reductions, events might have tipped us off have aharder time sharing the in- focus on pandemic risks,and this is agree that pandemics areathreat but multiemployerpensions arerun that something dangerous wasun- formation they do receive. an opportunity forimprovement. to national security.It’stime to by labor unions,akey Democratic der way in China. Anyone of them Covid proved that international American adversaries already treat start treating them likeone. constituency. And so the House Covid might have been picked up by afor- conventions and cooperation can’t be information on infectious diseases bill plans to dole out an estimated eign intelligenceservice. But the the sole backstop in acrisis.Weneed the way they handle other national Dr. Gottlieb is aresident fellow $86 billion from 2022to2024to186 pressreporting is that U.S. health morecapability forgatheringinfor- security material: They engage their at the American Enterprise Institute pensions,enabling these plans to pay officials didn’t knowthese factsin mation when thereare signs of out- intelligenceagencies in helping to and was commissioner of the Food full benefitsthrough 2051. With no December.American health officials breaks.This means we’ll have to rely monitor and mitigatethese threats. and Drug Administration, 2017-19. incentivetocut costs, there’slittle seem to have had limited informa- reason to think the pensions will be tion about the seriousnessofwhat solvent after2051. Look forwardto washappening.Itnow seems that morespending down the road. China’sown Center forDisease Beyond Left and Right Bailout supporters arguethey’re Control wasn’t informed. By Janu- helpingimpoverished workersmake ary, manyofthe usual channels for By Stephen Miller When Itell people that Ican side,according to one study re- ends meet, but that doesn’t add up. public-health cooperation between writewith either hand, they usually leased in 2010,isthat mixed-handed Theaverage monthly benefit from a the U.S. and China went dark. ecently Ifound myself with say: “So you’reambidextrous.” children aremorelikely to have plan likeCentral Statesisaseemingly In the U.S.,thereisalongstand- R time on my hands,and Ibe- I’mnot, though. Ican’t throw a mental-health, languageand scho- modest $1,400.But that averageis ing aversion to involving thetools gantothink about them. I’ve ball with my lefthand, bat left- lastic problems.Not me. skeweddownwardbylarge numbers of national security in public alwayswrittenwith my lefthand, handed or playtennis left-handed. Iread that some famous people of employees who retired afteronly a health. Health officials don’t want but about 50 yearsago, when Iwas When Iused to playbasketball, I were cross-dominant, including Leo- few yearsofservice. Theone-thirdof to cooperatewith intelligenceser- teaching English at BeaverCollege, could never drivefor alayup to my nardo da Vinci,RichardFeynman, Central Statesretirees who receive vices forfear that it will impede Irealized that Ipicked up apieceof left. And jump shotswerealways Benjamin Franklin and HarryS.Tru- morethan $2,000 amonth—plus So- their multilateral commitmentsor chalk with my right hand when I with my right hand. man. Paul McCartney is too. cial Security benefits—makeabailout that intelligencegroups will classify wasabout to writeonthe black- My right hand and arm are expensive. No one in this group is important setsofdata. Many worry board. In recent yearsI’vewritten much stronger than my left. Iopen even closetobeing in poverty. that everyAmerican working in a shopping listswith my right hand jarswith my right hand, hold a On the one hand, mixed But leave aside the manyprob- lab coat overseas will be perceived because Iwritemoreclearly—albeit hammer with my right hand, punch lems with this bailout—including as aspy. moreslowly—with that hand. But I with my right hand, and pick up dominance makes me who that the plans’ insolvencyhas noth- But without help from public- use my lefthand forother kinds of suitcases with my right hand. I I am. On the other hand, I ing to do with Covid, and Democrats health officials,intelligenceagen- writing,likeediting something I’ve hold the phone with my lefthand, reduced the duration of extended cies arelessequipped to spot rele- printed from the computer but that is supposedly asign of don’t know how or why. unemployment benefitstohelp fund right-handedness. the pensions. Iuse my lefthand formost tasks Thelargerworryisthat Congres- that requirefine motor skills.I It maybethat hand confusion in- sional Democrats’ willingnesstobail PUBLISHED SINCE 1889 BY DOWJONES&COMPANY brush my teeth with my lefthand; I creases the likelihood of brain con- out private-sector multiemployer Rupert Murdoch Robert Thomson use afork and spoon with my left fusion in old age. An Australian pensions signals they would do the Executive Chairman, News Corp Chief Executive Officer, News Corp hand. But Idosome thingsrequiring study in 2011 found “that mixed but same forstate and local employee Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher precision with my right hand. Iuse not lefthandednessisassociated plans.Public-employeepensions op- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: scissorsand ascrewdriver with my with greater hippocampal and erateunder the same loose funding Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; right hand. And Ibrush my hair amygdalar atrophy.” Whoops.Yet rules as multiemployerpensions,and Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; with my right hand. Itried to use a the same study also said the “ori- public plans in Illinois,Kentucky, New News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; screwdriver and scissorswith my gins,neurobiological substrates,and Jersey,Texas and other states areno Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer lefthand. Couldn’t do it. function” of handedness“arenot betterfunded than the worstmulti- Andrew Dowell, Asia; AnthonyGalloway, Video & Which hand do Iuse forblowing well understood.” employerplans. Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; my nose? Iwasn’t sure, so Igot a “Stopobsessing about your hand- Manypublic pensions have ahis- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; tissue.Right hand. Which hand for edness,” Isaid to myself.“It’sanon- tory of poor stewardship,increasing Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; pouring adrink? Ipoured coffee problem.”But afew days agoIwas benefitsingood times and failing to Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News with my lefthand. Seemed fine.I walking on an icypavement, trying maketheir pension contributions Thomas SanFilippo, Customer Service; poured coffee with my right hand. to makesureIdidn’t fall while hold- when the economyturns downward. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Also fine.SoI’m an ambidextrous ing acoffee cup in my lefthand. I Will aDemocratic Congressturn Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; pourer. switched it to my right hand. No away unionized public employees Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Doing different thingswith differ- good. Ifelt lesssteady on my feet. when it already has bailed out union- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: ent hands is called cross-dominance, runprivatesector pensions? At this LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head also known as mixed-handedness, Mr. Miller is author of “Walking point, the assumption has to be no.

EDITORIAL AND CORPORATEHEADQUARTERS: hand confusion or mixed dominance. New York: Reflections of American 1211 Avenue of the Americas, New York, N.Y., 10036 Only 1out of 100 people arecross- Writers from Walt Whitman to Teju Mr. Biggs is aresident scholar at Telephone 1-800-DOWJONES dominant. So I’m special! Thedown- Cole.” the American Enterprise Institute. P2JW060000-0-A01800-1------XA

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Yield on 10-YearTreasury 10-YearTreasury Yield Citigroup’sNew CEO, Fraser, Inflation-Protected Security 1.0% 1.6%

0.5 Aims to RefreshaMegabank 1.4 0 1.2 BY DAVID BENOIT be the world’slargest financial- Ms.Fraser,the firstwoman Ms.Fraser believes thereis -0.5 services firm, is struggling to to runamajor U.S. bank,now moretobedone. Jane Fraser wantstosim- keep up with rivals.While has to reinvigoratethe $2.3 “I’m notlooking forwhat’s 1.0 plify Citigroup Inc., the origi- Goldman Sachs Group Inc.and trillion giant. wrong,” Ms.Fraser said in an -1.0 nalmegabank.That won’t be MorganStanley arehitting She will have to juggle re- interview. “I’m looking forwhat easy. highs in market value,Citi- sponding to the regulators’ Citi’sgoing to be and what is On Monday, Ms.Fraser takes group’sishalf of what it wasin concerns—an expensive, multi- working.” -1.5 0.8 over as chief executiveofthe 2006.Its profit and revenue, year project—with areap- What Citigroupistodayis Feb. 2019 '20'21 Jan. 2021 Feb. third-biggest bank in the U.S. onceroughly double that of praisal of the bank’sstrategy. part of the trouble. Sources: Federal ReserveBank of St.Louis (inflation-protected security); Oncethe industry’sproblem other big banks,havenow been Already Ms.Fraser,53years Thebank is agiant on Wall TullettPrebon (10-Year Treasury Yield) child, thebank has stabilized lapped by JPMorganChase & old, haslaunched a“refresh” Street, in serving multinational and built up itsdefenses,prov- Co.and Bank of AmericaCorp. she hopes cansimplifythe corporations and in credit ing sturdy and profitable even And last fall, regulatorsor- bank inside and out, making it cards. It is second-tier in U.S. Bonds Shake Up during the pandemic.Unlike dered the overhaul of vast sys- easier to runand improve. consumer banking. her predecessors, she comes to tems underpinning itssprawl- Simplifying Citigroup is a Returns tend to improve the job when Citigroup is rela- ing operations,raising anew path similar to what her prede- with scale in consumer bank- tively under the radar. questions about the bank’s cessors, Michael Corbat and ing,and rivals Bank of America Stock Market’s But Citigroup,which used to complexity. Vikram Pandit, both tried. But PleaseturntopageB2 Faith in Low Rates

BY JULIA-AMBRA VERLAINE unusually softdemand forre- AND SAM GOLDFARB cent Treasurydebt auctions, that selling maynot be over February’sgovernment-bond and yields mayhavefurther to rout has rattled one of the rise.Some traderswarn that foundations of the past year’s bond marketsare signaling a powerful stock-market rally: in- powerful economic recovery vestor certainty that ultralow that could upend the dynamics long-terminterest ratesare that have held borrowing costs heretostay. lowwhile powering stocks to Awaveofselling during the records—potentially arecipe past two weeks drovethe yield formoreofthe topsy-turvy on the benchmark 10-year tradingseen over the past Treasurynote, which helps set week,when the Dowindustrials borrowing costsoneverything swung morethan 1,000 points from corporatedebt to mort- over three days. gages, to above1.5%, itshighest “Thereisaviewthat recov- level sincethe pandemic began ering from apandemic looks

JOURNAL and up from 0.7% in October. differentthan from anormal Aseries of Federal Reserve recession,” said Michael de REET

ST officials have said the climb is Pass,global head of U.S. Trea-

LL healthy,reflecting investors’ surytrading at Citadel Securi-

WA improvingexpectations fora ties.

THE vaccine- and stimulus-fueled Traderssaid concerning dy- R

FO economic recovery.Manyport- namics were evident in aTrea-

AN folio managersexpect ratesto suryauction latelast week.De-

SIR flattenout in coming days as mand forfive- and seven-year AS

Y yields finally reach what they Treasurys wasweak Thursday

EMIL seeasattractivelevels. Those heading intoa$62 billion auc- Jane Fraser’s bank gets its power from its global corporate unit, with operations in 96 countries, moving money around the world. views will getatest this week, tion of seven-year notes and with FedChairman Jerome nearly evaporated in themin- Powell scheduled to makea utes following the auction, public appearanceThursday which wasone of the most McKinsey Vote Reveals Splits andthe release of February’s poorly received that analysts jobs report Friday. could remember. But thereare signs,such as PleaseturntopageB6 BY VANESSA FUHRMANS split among partnersoverhis about which Iamnot proud.” said it would no longer serve AND JUSTIN SCHECK effort to exert morecontrol Partners, particularly those clientsindefense,intelligence, over the firm’sdecentralized overseas,pushed back against justiceorpolicing institutions On Feb. 4, McKinsey &Co. culture. He is the firstmanag- the settlement, asking whythe in nondemocratic countries, INSIDE announced a$573million set- ing partner in decades to serve firm didn’t fight and whyithad apart from afew exceptions for tlement forits work with opi- just one term. to paysomuch money if it international aid and humani- oids makers. Kevin Sneader, Thetiming of the opioid set- wasn’t admitting wrongdoing, tarian support. the firm’stop partner,person- tlement wasakin to apolitician people familiar with the matter “Not everyone loves are-

ally apologized forMcKinsey’s pushing an unpopular lawdays said. former and not everyone loves GES

behavior. beforeanelection, people in- Mr.Sneader’s other moves rules being put in place,” ase- IMA At the same time,the firm’s side thefirm said. McKinsey’s to prevent the firm from get- nior partner said. ETTY

650 senior partners were de- work advising OxyContin maker ting involved with potentially McKinsey declined to make /G FP

ciding whether to giveMr. Purdue Pharma LP and other controversial clientsorworking Mr.Sneader available forcom- /A

Sneader asecond three-year drug manufacturerstoaggres- in businesses that could be ment. LAB term.The settlement, which sively market opioid painkillers seen as unethical also created Theresultsofthe final vote CKET

will effectively reducepartner wasn’t illegal, the firm said, but tension, the people said. Under forthe firm’snew leader are RO compensation, wasthe latest Mr.Sneader said in awritten Mr.Sneader’s leadership,the expected in the next week or effort by Mr.Sneader to clean statement that the firm didn’t firm drew bright-line rules so.The current vote has ex- BUSINESS ENTERTAINMENT up several scandals that he in- adequately acknowledgethe around the kinds of clientsthe posed some issues in the firm’s Space-transport Some betthat heritedand trytorein in the addictionissues unfolding in firm would no longer take,in- recently revamped method of startup Rocket Labis J-pop will be behavior that ledtothem. thecommunity and called the cluding work forpolitical par- choosing itsleader,people fa- Mr.Sneader lost the vote, settlement an important step ties,political-advocacygroups, miliar with the firm said. near an accord even bigger than highlighting McKinsey’s “inaccepting the consequences legislaturesorindividual legis- Both remaining candidates to go public. B3 BTSand K-pop. B5 sprawling democracyand the of achapter in our Firm’sstory lators’ offices.McKinsey also PleaseturntopageB2 Herbalife to Revamp Bank Eyes BoardasIcahn EraEnds Reducing

BY CARA LOMBARDO half of his Herbalifestake back to the companyand gaveup Ties to HerbalifeNutrition Ltd. five boardseatsinJanuary, S

plans to overhaul itsboardas seeing no need forfurther ac- NEW Carl Icahn winds down his tivism. He still owns about 6% G Greensill eight-year involvementwith of the company’sshares,ac- thecompanyand it looks to cording to FactSet. OOMBER BY JULIE STEINBERG /BL burnish itsstanding with other Herbalifeislooking to move AND DUNCAN MAVIN KER

investors. on from aperiod in which Mr. AC Herbalifewill add to its Icahn held significant sway LONDON—Credit Suisse NIEL

boardSophie L’Hélias, acorpo- over the company—and backed DA Group AG is looking at waysto rate-governanceexpert and it during challenges from regu- Employeerelocations from high-costcities have led some companies to consider cutting their salaries. reduceties to Greensill Capi- the lead independent director latorsand his rival activist in- tal over concerns about the of French luxury-goods com- vestor William Ackman and specialty financefirm’sexpo- pany Kering SA;KevinM. the resignation of itsCEO.Mr. Rise of Remote Work Poses suretoasingle client, U.K.- Jones, chief executiveofcloud- Icahn became Herbalife’slarg- based steel magnateSanjeev computing firm Rackspace est shareholder in 2013,set- Gupta, according to people fa- Technology Inc.; and Don Mul- ting up an epic clashwith Mr. miliar with the matter. ligan,the former chief finan- Ackman, whobet against the Questions on Taxes and Pay Theoptions under consider- cial officerofGeneral Mills company’s shares and cru- ation includewinding down a Inc., the nutritional-supple- sadedagainst itsbusiness $10billion suiteoffunds the mentsmaker plans to an- model. Mr.Ackman largely ex- BY CHIP CUTTER who have lefthigh-cost cities, cations while working re- bank runs with Greensill. The nounceonMonday. ited his $1 billion bet at aloss AND EMILY GLAZER arepriority items in board motely? And what is the most bank could also replaceGreen- Following the additions,the in 2018,while Mr.Icahn has meetingsand senior executive effectiveway to support work- sill as the main source of as- boardisexpected to have nine notched an estimated profit of Companies areanticipating sessions acrossindustries,ac- ing parents? setsinthe funds.Moving as- membersafter the company’s well over $1 billion so far. another largely remotework cording to chief executives, Companies saythereis setstied to Mr.Guptafromthe annual meeting this spring; Herbalifehas amarket year,and newquestions about boardmembersand corporate much at stake, from the happi- funds ontothe bank’sbalance two current directors, Marga- value of $5.3 billion. Itsshares compensation and benefitsare advisers. nessand productivity of em- sheet to protect investorsis ritaPaláu-Hernándezand Mi- dropped along with the weighing on managers. Among the questions com- ployees to regulatoryconse- another possibility,according chael Montelongo, don’t plan broader market in the early Discussionsabout the future panies aretrying to resolve: quences,ifthey getthese to the people. to stand forre-election. days of the pandemic but have of work,such as whether to re- Whoshould shoulder taxcosts decisions wrong. U.K.-based Greensill is the Mr.Icahn sold morethan recovered. ducethe salaries of employees as employees movetonew lo- PleaseturntopageB4 PleaseturntopageB9 P2JW060000-2-B00200-1------XA

B2 | Monday, March 1, 2021 ** 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. Citigroup wasonceworth morethan twiceasmuch as itsclosestpeers, but has struggledtokeepupfollowing the 2008 financial crisis. FEB.26, 2021 A Gap...... B5 Ribbit LEAP...... B9 Affirm Holdings...... B5 Greensill...... B1 Roblox...... B3 Market value of major U.S. banks, monthly Afterpay...... B5 Goldman Sachs GroupB9 Rocket Lab...... B3 JPMorgan Alphabet...... B9 H - K S Chase Amazon.com...... B6,B9 Herbalife Nutrition.....B1 Semiconductor $449B AMC Entertainment Hewlett Packard Manufacturing Holdings...... B10 Enterprise...... B4 International...... A2 Financial Anschutz Entertainment International Business SoftBank...... B1 crisis Group...... B5 Machines...... B4 SolarWinds...... B4 Apple...... B6,B9 Johnson & Johnson....A6 Spotify Technology.....B4 ARK Investment...... B9 Kering...... B1 T Avex Entertainment...B5 Klarna Bank...... B5 Tesla...... B9 END OF 1999 B L - N Twillo...... B4 Bank of America...... B4 L3Harris TechnologiesB3 U Citigroup Lyft...... B4 Berkshire Hathaway...B2 Uber Technologies...... B4 BioNTech SE...... A6 Macy's...... B5 V $188B Blacklane...... B4 McKinsey...... B1 C - G Microsoft...... B4 Vector Acquisition...... B3 Moderna...... A6,A9 Vector Capital...... B3 CAE...... B3 Bank Neiman Marcus Group Virgin Galactic Holdings of America Carlyle...... B4 B5 B3 Cinemark Holdings...B10 Netflix...... B9 Virgin Orbit...... B3 $300B Citigroup...... B1,B5 P Volkswagen...... A2 Credit Suisse...... B1 Palo Alto Networks....B4 W Daimler...... A2,B4 Bank Dell Technologies...... B4 Pfizer...... A6,A9 Walmart...... B9 Purdue Pharma...... B1 of America Facebook...... B9 Z $86B Fidelity Investments..B9 R Zhejiang Geely Holding Wells Fargo Ford Motor...... A2 Rackspace TechnologyB1 Group...... A2 $150B Morgan Stanley $80B Morgan INDEX TO PEOPLE Stanley $139B Wells Fargo A G Pachter, Michael...... B10 $66B Arora, Nikesh...... B4 Gennette, Jeff...... B5 Pandit, Vikram...... B1 Citigroup Pass, Michael de...... B1 B Gubitosi, Vince...... B9 JPMorgan Gupta, Sanjeev...... B1 Patil, Deepak...... B4 $137B Barton, Dominic...... B2 Chase I S Berg, Katarina...... B4 $64B Goldman Sachs Buffett, Warren...... B2 Icahn, Carl...... B1 Smith, Brad...... B4 GoldmanGoldman Sachs Ismail, Omer...... B9 Smit, Sven...... B2 $110B C $42B M Sneader, Kevin...... B1 Collins, Alison...... A3 2000 ’05 ’10 ’15 ’20 Manuel, Anja...... A2 Stark, David...... B9 Source:FactSet Corbat, Michael...... B1 Mason, Mark...... B2 Sternfels, Bob...... B2 Cormier, Paul...... B4 Mayo, Mike...... B2 T mattersaid. It doesn’t plan to chunk of goodwill on Citi- ing the financial crisis,she ran D Minicus, Bob...... B9 Talwar, Harit...... B New CEO exit from institutional banking group’sbalancesheet. With eq- the bank’sstrategydivision, Daley, Matthew...... A6 N W in anycountries,according to uities trading,executives say helping laythe groundwork for Douoguih, Macaya...... A6 Nordenflycht, Andrew White, Keith...... B4 one of the people. thebenefitsfor client relation- the asset sales. von...... B2 F Widlitz, Stacey...... B5 Takes Over Chief Financial Officer Mark ships aretoo great, even if in- She has hopped around from Fraser, Jane...... B1 P Wohltorf, Jens...... B4 Mason said decisions won’t be vestorscan’t see it. job to job,running Citigroup’s based solely on the financial re- That mayleave investors privatebank forthe ultrarich, At Citigroup turn metrics that have driven hoping forasecond round of the batteredmortgageunit and the conversation around Citi- restructuring soon. the scandal-hit Latin America Buffett Defends Firm’s group foryears. TheCitigroup of today was operations. That hasgiven her ContinuedfrompageB1 “I think what our investors created in 1998,amergerofthe experiencewith manypartsof and JPMorganhavesuper- arelistening foris: Tell us how consumer-focused Citicorp and the company, though some peo- $25 Billion in Buybacks chargedtheir retail operations and whythe strategyyou’ve the highflying Wall Street bank- ple saythat has made it hardto with thousands of branches in come up with makes sense,” Mr. ersatTravelersGroup.Execu- judgeher operational success. BY JENNA TELESCA alarge dent in the conglomer- cities acrossthe country. Citi- Mason said. “Then tell us what tives envisioned aone-stop People who have worked AND GEOFFREY ROGOW ate’savailable cash. And Berk- group has fewerthan 700 that means in returns.” megabank wherecompanies with her said she makes deci- shirehasn’t bought amajority branches in just ahandful of But it is unclear if the imme- could managetheir finances sionsquickly,and that she can Warren Buffett’s Berkshire stakeinamajor business. cities,instead betting on afu- diateplans will be enough to and globe-hopping travelers think strategically over the long Hathaway Inc.posted an in- Bill Smead,chief investment ture of heavily digital banking, appease critics.The regulatory could always find aCiti ATM. term while also running abusi- creased fourth-quarter profit officer of Smead Capital, said including acoming partnership consent order could bar any But Citigroup’sbusinesses ness. Even when cutting jobs, Saturday, with the billionaire he wasdisappointed that Mr. with Google. sizable acquisition fornow.And continued operating as silos, they said, she wraps her mes- investor using his annual mis- Buffettdidn’t explain moreon Citigroup’spowercomes some investorsand analysts and the mergerbenefitsdidn’t sagesinempathy. sivetoinvestorstoexplain a whyBerkshireisholding on to from itsglobal corporatebank. want Citigroup to shed itsMex- materializeashoped. Thebank She is also known forpracti- recent surge in stock buybacks. itscash when other investors It has operations in 96 coun- icoconsumer bank or do away repeatedly ranafoul of regula- caljokes.InJanuary, when Mr. Forthe year,Berkshire aren’t. tries,helping governmentsand with equities trading,which ha- tors.During the financial crisis, Masonloggedintothe execu- bought back nearly $25 billion “The partnersneed to know corporations movemoney ven’t grownasexpected. Nei- it nearly collapsed under the tiveteam’smorning Zoom in shares,according to the not only what he’sdoing but around the world.Itisalso a ther is likely at this time,ac- weight of toxic mortgage- meeting,hefound all of his col- company’searningsreport. Be- whyhe’snot doing what he’s leader in raising debt forcom- cording to people familiar with backed securities.Sincethen, it leagues sitting in front of a20- fore the last few years, Mr. not doing and givesome his- panies andtrading it on Wall the bank’splans. has sold off assets it considered year-old pictureofhim. It was Buffett had refused to buy torical background to some of Street. But those businesses Ms.Fraser said the Mexico tooriskyortoo ancillary, likea his anniversaryatCitigroup. back anyBerkshirestock. thegoofystuff that’sbeen go- don’tearn returns as high as consumer bank,which was British music empire, astake in Ms.Fraser kept it as her back- In Mr.Buffett’sannual letter ing on,” Mr.Smead said, refer- they oncedid, squeezedbycri- draggeddownbyfraud allega- aMexican airline,asubprime ground all day. to shareholders, he defended ring to Wall Street’shot in- sis-eraregulations. tions several yearsago, has lender andthe Smith Barney Citigroup announced in Sep- the larger-than-usual buy- vestment market. Thecombination has under- “wonderfulscale,” abarometer brokerage. tember she would be CEO.Reg- backs,saying they enhancethe Berkshire’snet earnings performed rival megabanks, fortheir review. Getting rid of Ms.Fraser came to Citigroup ulatorswereramping up pres- intrinsic value forsharehold- rose on the back of asoaring which have kept profitshigh the businesswould be costly in 2004 afterstintsatGoldman sureoverthe bank’srisk- ersbut still leave Berkshire stockmarket to $35.8 billion, with abetterbalancebetween because the unit is tied to a Sachs and McKinsey &Co. Dur- management systems,and Mr. or $23,015 a Class A share their Wall Street and Main Corbat decided to step down equivalent, up almost 23% Street businesses.Analystsand because he felt that such an ex- from the year-before’sprofitof investorshaveargued Citigroup pensive, multiyear project was $29.2 billion, or $17,909 a needs to restructure, with sug- best leftinthe hands of asuc- 23% share. gestions such as ditching all of cessor. An accounting-rule change itsinternational consumer op- Ms.Fraser said the regula- Increase in Berkshire in recent yearshas meant that erations or buying aU.S.bank. tory issue is her highest prior- Hathaway’s net earnings Berkshire’searningsoften re- Activistinvestor ValueAct Capi- ity.The bank delivered on a flect the largerperformanceof tal has urgedchanges to focus Februarydeadline to diagnose the stock market. on the institutional business. itsrisk problems and executives Operating earnings, which “There’s little doubt that the said the relationship with the ample funds forany opportu- exclude some investment re- two-decade experiment that is regulatorsisproductive. She nities.Hewas lessthan com- sults, rose to $5 billion from Citigroup has failed in every has branded the work a“trans- plimentaryofother chief exec- $4.4billion the year prior.Mr. measure,” said MikeMayo, a formation,” an opportunity for utives buying back stock. Buffett has said operating longtime bank analyst and Citi- the bank to makechanges that

“American CEOs have an earningsbetterreflect Berk- group critic. JOURNAL areoverdue and competitively embarrassing record of devot- shire’sperformancethan net Ms.Fraser hasn’t tele- important. REET

ing morecompanyfunds to re- earnings that incorporateun- graphed her plans,but execu- ST Ms.Fraser said she knows

purchases when prices have realized investment gains or tivessaid the strategic review LL the work will be aheavy liftbut

risen than when they have losses. will createsignificant changes. WA that shedoesn’t expect her first

tanked,” he wrote. Berkshireruns alarge in- Citigroup recently announced THE dayasCEO to feel anydifferent. R

Berkshire’savailable cash suranceoperation as well as an expansion of wealth-man- FO She is scheduled foratown

and short-term Treasury railroad holdings, utilities,in- agement operations. Thebank AN hall, ameeting with newem-

bonds were $138.3 billion in dustrial manufacturers, retail- is likely to shed itsconsumer SIR ployees and some client calls. AS

thefourth quarter.Investors ersand autodealerships.It operationsinpartsofAsia, in- Y She is also planning to call

have been watching forovera also holds large investments, cluding South Koreaand Viet- EMIL some former colleagues and year to see if Mr.Buffettwould especially in the stock market. nam, people familiar with the CFO Mark Mason says metrics won’t govern decision making. otherstosay thank you. buy asignificant stakeina Ninety-year-old Mr.Buffett large companyashehas in has built his sprawling Omaha, other turbulent times forthe Neb., conglomerateasavehi- structuremeans that cadence Thefirm calls itself the shareholdersorother parties, U.S. economy. cle forinvestorsinterested in McKinsey wouldn’t be disruptive. world’slargest privatepartner- Mr.von Nordenflycht said. Theconglomerate’sre- long-term gains.Assuch, Berk- Theother candidateisBob ship,with revenue of roughly People tend to join McKin- straint in investing available shireoperates different busi- Sternfels,apartner in the $10 billion and 40,000 employ- sey as young professionals,of- cash has been in contrast to nesses that Mr.Buffettthinks Vote Shows firm’sSan Franciscoofficeand ees.Itisamodel that some tenafter graduateschool, and Wall Street’s flurryofnew ini- will stand the test of time.The effectively the firm’schief op- other former partnerships have over arelatively few yearsare tial public offerings,deals and companyalso investsthe erating officer.Because of that abandoned or retreated from in either promoted to ahigher- moves by special-purpose ac- “float” from the premiums its Splits role,hewas involved in some recent years—both to tapinto ranking job or leave to work quisition companies. insurancecustomerspay. of the firm’scontroversies,in- moreinvestor capital and help elsewhere. Partnersinthe se- While Berkshirehas made In his letter, Mr.Buffettwas cluding ahigh-profile fight shield partners from liability nior ranks have oftenbeen at some smaller investmentsover critical of those who have in- ContinuedfrompageB1 over itssmall but lucrative when things go bad. McKinsey fortwo decades or the last year—most recently creasingly turned to riskier in- arelongtime,high-ranking bankruptcy business, which Mr. GoldmanSachs Group Inc. more. Building consensus investing $8.6 billion in Veri- vestmentsthanks to record- partners, but each presentsa Sneader needed to address. In became apublicly traded com- amongagroup with such a zonCommunications Inc.and lowinterest rates. This quandaryfor the firm. Sven December,McKinsey agreed to panyin1999.BoozAllen Hamil- proprietarysense of control $4.1 billion in Chevron Corp.— practice, he argues,will be a Smit,asenior partner of the walk away from $8 million in tonInc.went public in 2010— over the organization canbe the investmentshaven’t made mistake. firm’sAmsterdam office, is co- fees in asettlement with the afterabrief period as apublic difficult. chairman of the McKinsey JusticeDepartment over how companyinthe 1970s.Carlyle People at McKinsey said the BerkshireStock Versus S&P500 Global Institute, the firm’sre- thefirm disclosed potential Group LP morerecently,in firm has considered going pub- search arm, which has been ac- conflictsofinterest. McKinsey 2020,converted from apublicly lic in the past but has no need 20% tiveinproducing research on didn’t admit wrongdoing. traded partnership to amore to do so. S&P500 issues such as income inequal- McKinsey didn’t make typicalcorporatestructure. TheCovid-19 crisis made the ity and diversity. Mssrs. Smit and Sternfels avail- Apart from the prestigefac- firm harder to manage. Under Berkshire Hathaway If Mr.Smit wins,hewould able forcomment. tor, “the biggerapartnership normal circumstances,aman- serveonly one three-year term Mr.Sternfels canservethe gets,the moreits benefitsare aging partner spends the year 0 because of his ageand the maximum of two terms,but the weakened,” said Andrew von in perpetual motion around the firm’sretirement rules,which current voting system could Nordenflycht, an associatepro- globe,visiting offices forpri- statethat nobody canhold the makethat lesslikely than in fessor of strategyatSimon Fra- vate meetingstohear concerns, position oncethey reach 60 the past. Thefirm’svoting sys- ser University’s Beedie School explain decisions and yearsofage—and that the temwas changed afterthree- of Business in Vancouver,Brit- strengthen relationships. -20 partner selected must be able term Managing Partner Domi- ishColumbia. Covid-19 meant that, during a to finish their term beforethey nic Barton retired, partly to Most other partnerships, time of changefor the firm and turn 60,according to people in- prevent toppartnersfromstay- these days,are the big account- response to public-relations side thefirm. That would mean ing on toolong.Now,thereare ing firms and lawfirms— emergencies,Mr. Sneader was -40 McKinsey would have three top morecandidates on the ballot. mostly because the bodies that essentially grounded, making 2020 '21 partnersinfiveyears. Firm of- Some partnersare wary of the govern those professions stipu- him amoredistant leader than ficials saythat McKinsey’s election becoming apopularity latethey must be independent he would otherwise be,people Source:FactSet committee-heavy management contest. of influencefromany outside at McKinsey said. P2JW060000-0-B00300-1------XA

THE WALL STREET JOURNAL. Monday, March 1, 2021 | B3 BUSINESS NEWS Simulator Maker Pursues Training Unit

Aerospace company value of $38 billion, was formed by the 2019 merger of CAE near $1 billion Harris Corp.and L3 Technolo- deal that would bulk gies Inc.Itwas at the time the largest-ever defense-industry up military business merger, with atransaction value of morethan $15 billion. BY CARA LOMBARDO It waseclipsed by the 2020 combination of Raytheon Co. CAE Inc.isnearing adeal and United Technologies Corp. to buy L3Harris Technologies to form Raytheon Technolo- Inc.’smilitary-training division gies Corp. for $1.05 billion, according to Thedefense industry’sout- people familiar with the mat- look has improved during the ter, in amovethat would ex- pandemic,areversalafter pand the Canadian aerospace yearsinwhich commercial- company’s defense business. aerospacespending growth An agreement is expected looked more promising. Com- Monday, assuming talks don’t panies with large portions of fall apart, the people said. revenues dependent on com- Theunit includes three mercial spending,including main businesses: Link,which Boeing and itssuppliers, have provides military training in suffered as people sharply cut the U.S.;DossAviation, which back on businessand leisure provides flight training to the travel. U.S. Air Force; and AMI, Thesale of the military- which designs and makes sim- training businesswould take ulator hardware. Thebusi- L3Harris most of the way to ness,which has about $500 meeting itstargetofdivesting million in annual revenue,is itself of assets accounting for expected to be based in as much as 10% of sales and Tampa, Fla., afterthe deal’s using all of the proceeds for E

close, the people said. CA sharebuybacks.Itsold itsair- Saint-Laurent, Quebec- Canada-based CAE is aleader in training pilots and making simulators forBoeing. It has been seeking to broaden its reach in defense. port-security unit for$1bil- based CAEexpectsthe deal to lion to Leidos HoldingsInc. be accretivetoearningsper roughly C$700million, equiva- devices and has been broaden- lotsfor commercial jetliners health equipment such as ven- last year,aswell as some share and forecasts cost sav- lent to about US$549.4 mil- ing itsreach through several andmakes flight simulators tilators, has looked to expand smaller businesses. ings of roughly 35 million to lion, from two institutional in- deals in recent months,though forthe Boeing Co.737 MAX and improvemargins at its L3Harris also has adivision 45 million Canadian dollars a vestors, they said. none anywherenear the size and other jets, which has left defense business, hiring two that trains jetliner pilots and year in the second year after CAE has a market value of of the deal being discussed for it hardhit by the Covid-19 senior executives from builds flight simulatorsfor the the acquisition is closed, the around C$9.5 billion. It has the L3Harris unit. pandemic-drivenslump in L3Harris. 737 MAX and other jets. people said. It is to be funded historically specialized in TheCanadian companyisa global air travel. Melbourne, Fla.-based —Doug Cameron by aprivateplacement of flight simulators and training market leader in training pi- CAE, which also produces L3Harris, which has a market contributed to this article. Space-Transport Startup Nears Accord to Go Public

BY CARA LOMBARDO transaction could be com- Rocket Lab, whose backers small-rocket ventures around tor is expected to include ad- missions and commercial pleted by Monday, assuming have included defense giant the world that aim to serve ditional funds of about $470 spaceflight, the people said. Space-transportation talks don’t fall apart. Lockheed Martin Corp., is seen lightersatellites. In addition million in the form of aso- TheNeutron rocket is ex- startup Rocket LabUSA Inc.is Vector Acquisition, backed as afront-runner among a to RocketLab,British entre- called privateinvestment in pected to be able to lift most nearing an agreement to go by technology-focused private- new breed of so-called small- preneur RichardBranson‘s public equity from investors satellites forecast to launch in public by merging with aspe- equity firm Vector Capital, launch providers. The startup VirginOrbit LLC is an in- including BlackRock Inc.and thecoming yearsand be posi- cial-purpose acquisition com- raised $300 million in a Sep- has already launched 97 satel- creasingly large player in the NeubergerBerman Group LLC, tioned as alower-cost alterna- pany, as a wave of such deals tember initial public offering. lites forthe government and field. the people familiar with the tivetolargervehicles,they rolls on. It is one of hundreds of SPACs, for private companies for ap- Another one of Mr.Bran- mattersaid. Such investments said. Rocket Lab is in talks with which go public without a plicationsincluding research son’sentities,space-tourism often accompany SPAC deals. RocketLab also has deal- Vector Acquisition Corp. businessand then look forone and communications. While a company Virgin Galactic, RocketLab is expected to making ambitions.Indeed, in- about a deal that would value or moretocombine with, to handful of established compa- went public through aSPAC use proceeds from the deal to dustryofficials anticipatethat the U.S.-New Zealand startup raise money in recent months, nies including Elon Musk’s merger in 2019—putting it at fund development of ame- ashakeout eventually may at around $4.1 billion includ- as ablank-check wave took SpaceX focus on sending huge the forefront of the blank- dium-lift“Neutron” launch ve- leave just ahandful of survi- ing debt, according to people hold on Wall Street and Sili- satellites intohigher orbits, check deal frenzy. hicle tailored for use in satel- vors among small-launch pro- familiar with the matter. The con Valley alike. there are more than 100 new RocketLab’sdeal with Vec- litemega-constellations,space viders. JOURNAL REET ST LL

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B4 | Monday, March 1, 2021 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen Twilio Looks To Help Take Cheap Headphones Have Tradeoffs Messaging Head- someone looking for an af- testing but have returned.) Firm Public phones and fordable alternative. TheMonopriceearbuds fit wine have a In the over-ear headphone my earsperfectly out of the BY CARA LOMBARDO lot in com- category,Itried Soundcore’s box. TheSoundcoreearbuds AND DANA CIMILLUCA mon. You can LifeQ30,which cost $80,and come with eight ear tips to spend next to Monoprice’s$90 BT-600. ensureatight seal, and it took Cloud-communications com- nothing or drop hundreds of They’reBluetooth headsets me awhile to find the right pany Twilio Inc.isintalks to dollars on either one. And that charge via USB-C,can size. And just when Ithought I invest as much as $750 million like wine, you can make a fold up intoamorecompact nailed it, one of the earbuds in Syniverse Technologies LLC great headphone find with- shape and come with auxiliary fell out on the floor when I in aprecursor to apublic list-

out breaking the bank. cables forwired connections— ORE bent down to tie my shoes. ing forthe private-equity-

Anker,ofbattery-pack nifty fortravelerswho liketo UNDC Ipreferred the sound of the owned messaging company, ac-

fame,makes some of TheWall watchin-flight movies. SO Soundcoreearbuds,liketheir cording to people familiar with Street Journal Personal Tech One thing Inoticed right over-ear counterpart. They the matter. team’sfavorite phone accesso- away:Both pairsfeel light. produced more prominent Theinvestment, expected to

ries.In2018,the company, Thebuild quality isn’t quite MONOPRICE; bass, warmer mids and dis- be announced Monday, could be founded by aformer Google what you’dget with moreex- Monoprice's BT-600 and Anker's Soundcore Life Q30, tinct highs.They did abetter followedinthe coming months software engineer,expanded pensivemodels,but some job of picking up clear vocals by amergerbetween Syniverse intoaudio with Soundcore. people might prefer the more through the six built-in micro- and aspecial-purpose acquisi- Monopriceisanonline lightweight hardware. Both phones when therewas noise tion company, some of the peo- electronics retailer well-known were comfortable enough to in the background. ple said. Such adeal could value to cable geeks.Itearned its wear all daylong.Their bat- While the Soundcore ear- Syniverse,owned by private-eq- reputation selling high-quality teries endured several all-day buds did a decent job elimi- uity firm Carlyle Group Inc., at discount HDMI cables and stretches without needing a nating background noise $2 billion to $3 billion including nowstocks everything from charge.(Both claim 40 hours when I spoke into the micro- debt, they said. Thereisno keyboards to electric guitars. of playback time.) phone, I couldn’t even tell guarantee that Syniverse will

Both companies keep TheSoundcorehead- ORE when its noise canceling was pull off alisting,either through

prices low with direct-to- phones areNFC-enabled for UNDC turned on. I had to double- aSPACdeal or atraditional IPO.

consumer business models fast-pairing with Android SO check the app to make sure. Should it go public through and word-of-mouth market- phones,with volume,play/ TheMonopriceearbuds aSPAC, it would be the latest ing. “Consumers don’t have pause and noise-cancellation were much betteratnoise in arecent string of such deals

to pay a brand tax,” said Eric on/off buttons on the MONOPRICE; canceling,but their audio as morecompanies seek an al- Villines, Anker’s head of earcups.The Monopricepair Monoprice's TWE-ANC and Anker's Soundcore Liberty Air 2 Pro. quality and Bluetooth connec- ternativetoatraditional IPO. global communications. has atouch panel that senses tion were inferior. SPACsgopublic without abusi- I’ve spent the past three taps and swipes.Double tap, got quieter with the head- In the earbuds category— There are certainly com- nessand then look forone to weeks with four models from forexample,pauses atrack. phones’ active noise cancel- the AirPod style that sit in promises to consider if merge with, and the resulting Soundcore and Monoprice, TheSoundcorepair pro- lation turned on—but not your ears—I tested Sound- you’re thinking about saving transaction provides the target Bluetooth noise-canceling duces betterbass, with nearly as quiet as it gets core’s Liberty Air 2Pro ($130) money on headphones. The with alisting. headphones and earbuds brighter and moredetailed au- with Sony’s $350 and Monoprice’s TWE-ANC cheaper ones don’t look and Crucially forSyniverse,the ranging in price from $50 to dio.Iwas really impressed, es- WH-1000XM4s. I wouldn’t ($50). Thepricier Soundcores feel quite as nice. The audio Twilio deal involves acommer- $130. I listened to Haim’s pecially forthe price. Using recommend the Monoprice definitely have asleeker look. won’t be as well balanced, cial arrangement that would “Women in Music Pt. III” on the Soundcoreapp,you can or Soundcore headphones From far away,the titanium and the noise cancellation send asignificant amount of repeat, dialed into video customizethe EQ and noise forsubway riders looking for whitemodel and itscase won’t be as complete. businessits way,the people calls—and tried to drown out cancellation. However, while soundproofing, but they’re might even be mistaken for But there are plenty of said. Syniverse mayalso use the neighbor’s leaf blower. I Anker says this model canbe fine for working or studying AirPods.(Monopriceoffers reasons to opt for a cheaper proceeds from aSPACdeal to was surprised by how decent paired with two devices at in a relatively quiet home. moreexpensivebuds,the re- set. Maybe you’re prone to makeacquisitions. the audio was. The head- once, the audio in my headset Both headsetshavesimilar cently released $100 M-TWE. lose or break things, or are Syniverse provides roaming, phones’ noise-canceling abil- sputteredwhenever Idid that. microphones.Your voicewill They’remade of higher-qual- shopping for someone who messaging and other telecom- ities weren’t as great, but Both sets of headphones come through clear,but when ity materials and work with a is.These earbuds are fine for munications services formobile any of the four options I re- were comparable in noise there’sbackground noise,you custom-tuning app.They working out, quick calls or operators. Since2011 it has viewed would be suitable for cancellation. A whirring fan might sound terrible. were out of stock during my listening to music. been owned by Carlyle. NewServicetoEdgeIntoUber,Lyft Hack Pits Microsoft

BY WILLIAM BOSTON Against Dell and IBM

BERLIN—Blacklane,anup- BY AARON TILLEY changed about adecade ago, scale ride-hailing company with therise of cloud-comput- whose biggest investor is Thecyberattack that com- ing.Amazon.comInc.and Mi- Daimler AG, is launching a promised many U.S. govern- crosoftpopularized the busi- newintracity serviceinNew ment and corporatenetworks is nessmodel wherethey York on Monday, seeking to fuelingadebateamong big tech provide remotehardwareand challengethe black-car ser- companies over what the safest software on apay-as-you-go vices of rivals Uber and Lyft as way is forcustomerstostore basis. the coronavirus pandemic con- critical data. One of the biggest security tinues to reshape the industry. It pits Microsoft Corp., concerns around cloud comput- AfterNew York City,the which is urging clientstorely ing is fear that the compromise service is slated to expand to on cloud-computing systems, of aserviceprovider could lead Boston, Chicago, Los Angeles, against othersincluding Dell to abroad set of itscustomers London, Paris,Berlin, Milan, Technologies Inc.and Inter- having their dataaccessed, cy- Singapore, Dubai and other lo- CH/REUTERS national BusinessMachines bersecurity expertshavesaid. cations throughout the month, BENS Corp., whoargue customers Expecting customerstoshift Blacklane CEO and co-founder want to mix the cloud with the all of their datatothe cloud is BRIZIO

Jens Wohltorftold TheWall FA moretraditional on-premise impractical, Red Hat’sMr. Street Journal. Blacklane is aiming to serveanarrow part of the ride-hailing market thattargets businesscustomers. data-storagesystems in acon- Cormier said. Manycompanies, Blacklane is aiming to serve Above,CEO and co-founder Jens Wohltorf enters acar at the headquarters in Berlin in October. struct called hybrid-cloud. especially in the financial in- anarrow part of the ride-hail- Government and industrycy- dustry,are required to keep ing market that targets busi- in itscoreoffering.Blacklane’s halt when the virus grounded booking app. bersecurity expertsfor about dataon-premises forsecurity nesscustomers. It uses chauf- newserviceispart of asimilar most air travel. So in Decem- “Being dependent on travel two months have been trying to or regulatoryreasons,hesaid. feur-driven premium or luxury effort, using existing drivers ber,Blacklane started an inter- and airports, we were on the unravel details of the incident Holding datain-house is seen vehicles and offersservices whopreviously only served city serviceinthe U.S. to at- front-line of the pandemic,” that is causing a reassessment as safer by manycustomers, such as handling luggage, the airportstooffer the same tract business travelers wary said Mr.Wohltorf, who co- of long-heldnetworking-secu- said Keith White, aformer Mi- opening doors for passengers chauffeured servicefor rides of taking crowded trains and founded the companyin2011, rity assumptions.The hackers, crosoftcloud executiveand se- and other amenities. in the cities where they oper- short-haul flights. Travelers saying arevivalofinterna- investigatorsbelieve, gained ac- nior vicepresident forhybrid- Theride-hailing industry ate. canbook aBlacklane driver tional travel wasstill on the cess via networking company cloud services at Hewlett was hit hard by the pandemic While Uber and Lyft domi- foratrip from NewYork to distant horizon. “But cities are SolarWinds Corp.and other av- PackardEnterprise Co.HPE when lockdowns brought mass nate the broader ride-hailing Boston for$399,about half back; they aremobile.Thereis enues of attack. transportation to a halt. Uber market, the much-smaller thecost of an Uber or Lyft good recovery of inner-city In aHouse committeehear- and Lyft said last month that Blacklane initially sought to ride on the same route. mobility.” ing about the hack Friday, Mi- PresidentBrad ride bookingshad halved in carve a niche with an app of- With the newservice, Mr.Wohltorfand his inves- crosoftPresident Brad Smith Smith said thefourth quarter compared fering chauffeur-driven rides Blacklane is hoping to attract tors had been targeting a po- said in prepared remarks,that Microsoft with a year earlier. to and from airports, which at the same business, safety-con- tential initial public offering “cloud migration is critical to couldn’thunt Theindustryhas adapted. latest count wasavailable in scious audience. It pairsatra- next year,but they have put improving security maturity the hackers in Uber’s food-deliveryservice 300 cities world-wide. ditional, luxurylimousine ser- off the plan until 2023 at the acrossmanyorganizations.” All on-premises helped it weather thetrough That business came to a vicewith the convenienceofa earliest, he said. of the attacks the companyhas networks. identified involved on-premise systems,hehas previouslysaid. Facebook ultimately decided only submit this request once. moreremoteworking,that may Thedebateispart of the didn’t find anyofits customers Remote against tracking employees’ lo- Companies such as pay- involvetalent in places that fallout from the suspected Rus- exposed to the SolarWinds at- cations based on their VPN us- mentsfirm Stripe Inc.have of- they did not necessarily have sia-led hack that SenateIntelli- tacks,hesaid. age. Thecompanynow says that feredemployees leaving San before, they will look to make genceCommitteeChairman Raising questions about hy- Work Poses when itsworkersrequest—and Francisco, NewYork or Seattle adjustments.” Sen. Mark Warner (D., Va.), on brid-cloud security “serves the areapproved for—long-term re- the chancetorelocatefor a Other tech companies are Tuesdaysaid maybeinscope broaderMicrosoftnarrative,” motework,they must confirm one-time bonusof$20,000 if continuing to paypeople the and scale “beyond anythat Deepak Patil, asenior vicepres- Questions their newlocation with the com- they agree to asalarycut of up same regardlessofZIP Code. we’veconfronted as anation.” ident of Dell Technologies’ pany, as it could affect their to 10%. Others, such as Micro- SpotifyTechnology SA,the au- Microsoft, one of the cloud businessand former Mi- taxes. Facebook also said some soft Corp., have indicated that diostreaming companybased in world’sbiggest cloud vendors, crosoftcloud executive, told the ContinuedfrompageB1 remoteworkers’ salaries might benefitsand paymay change Sweden, recently told itsem- has said cloud services offer Journal. “But the reality is,look Employees’ relocations to be changed if they liveinaloca- basedonthe company’scom- ployees,which it calls “band customersthe most robust at amajority of customers, their newcities,statesand countries tion with adifferent cost of la- pensation scale by location. members,” that they could work dataprotection. Amixed ap- workloads arerunning on- have companies and workers bor than their previous location. from anywherewithin their as- proach “creates an additional prem.” Dell sells hardwareand grappling with taxconcerns. Ride-sharingservice Lyft signed countryand maintain seam that organizations need software to managehybrid Facebook Inc.CEO Mark Inc.recently told itsU.S.-based Some Fortune 500 their same pay. to secure. Aconsequenceof cloud systems. Zuckerbergtold employees last employees that staffersmust “When youmove, we will not this decision is that if the on- Microsoftinastatement year that, beginning in January, work from one of Lyft’s 36 reg- companies are changethat,” Katarina Berg, premises environment is com- said “weoffer security options the companywould use itsvir- istered states fortax purposes considering potential Spotify’schief HR officer,said. promised, this creates oppor- forboth cloud and on-prem- tual privatenetwork,orVPN, based on whereLyft’scorpo- Thecompany, with 6,500 full- tunities forattackerstotarget ises deployments” but added that employees use to access rate entity is registered. If an paychanges. time employees,will adopt na- cloud services,” Microsoftsaid that the protection built into companysystems to determine employee is living outside of tional salaryranges foreach in ablog post on itsinvestiga- the cloud requires moreeffort wherethey were working for states whereLyftisregistered jobbased on compensation at tion of the hack. to deliver to on-site servers. taxpurposes. as acorporateentity,such as competing companies and set Thenotion that the hybrid In remarks forthe Friday At issue is whether workers in Maine or Wyoming,they Anumber of Fortune 500 by the prevailing payinhigh- cloudislesssecureisinaccu- congressional hearing,Micro- whotold Facebook they leftlo- have until March 31 to move companies acrossindustries are cost cities such as SanFran- rate,said Paul Cormier, chief ex- soft’sMr. Smith said cations such as California and back to one,according to an considering potential pay ciscoorNew York. ecutiveofRed Hat, the business that “when Microsoft’scloud NewYork—and therefore internal email reviewedbyThe changes if an employeerelocates Theprolonged remotespell IBM acquired two yearsago in services areattacked, we can shouldn’t paystate and local in- Wall Street Journal. from acity likeSan Franciscoto is putting pressureoncompa- part in abet on the growing de- detect anomalies and indica- come tax—had really moved, ac- As well, if Lyft workersplan Texas,says JimmyEtheredge, nies to giveparentsmorehelp mand forhybrid cloud services. tors of compromise in ways cording to aperson familiar with to liveoutside the statethey North AmericaCEO at consult- with child care—while being “Any software could getbroken that arenot possible in an on- the matter. Also,ifanemployee worked in beforethe Covid-19 ing firm AccenturePLC. carefulnot to rankle workers into. Thecloud providerscould premises environment.” The has moved to another state or pandemic began for60days or “Almost all of them have a without dependents. Some com- getbrokenintoaswell,” he said. companyalso couldn’t hunt for city wherethereare local in- longer,they have to submit a cost-of-living element in their panies,such as Palo AltoNet- Companies traditionally in- the Russian hackersinon- come taxes, both the company form beforeMarch 31 so that compensation,” he says.“As works Inc., offersworkersan vested in big serverstostore premises networks,hesaid. andworker could be held ac- the companycan taxthem in they’rethinking through this allowanceof$1,000 that canbe much of the dataontheir —Robert McMillan countable fornot paying them. that newstate—but they can futureofwork that mayinvolve applied to amenu of options. productsand customers. That contributed to this article. P2JW060000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, March 1, 2021 | B5 BUSINESS & FINANCE Stores Let Shoppers Buy Now, Pay Later

BY SUZANNE KAPNER working against old-school re- tailers,” said StaceyWidlitz, Traditional retail chains president of consulting firm like Macy’s Inc.that derive SW Retail Advisors. much of theirincome from Macy’sestimates credit- shopperswho paywith astore card income from storeand

credit card aremaking room co-branded cards is expected S for a less-lucrative customer: to account foralmost all of its PRES buy now, pay later. operating income in the cur-

Theemerging payment op- rent fiscal year.Macy’ssold its ZUMA tion is amodern take on lay- credit-card portfolios to Citi- N/ LO away plans,allowing shoppers group Inc.in2005,but it AVA

to payfor purchases over time. shares profitsfromthe portfo- CH/

Thedifferenceisthey getthe lios with Citibank through a ZS

goods upfront. Chains from joint agreement. Macy’sowns JENT Macy’stoGap Inc.toNeiman abank that provides collection

Marcus Group Inc.introduced and credit-marketing services. TILMAN buy now, paylater optionsin In October,Macy’sagreed Companies hope the J-pop genre, with acts like One OK Rock, will follow K-pop in crossing boundaries and gaining world-wide appeal. recent months to lureyounger to take astake in Klarna and shoppers, who arelesslikely offer itsbuy now, paylater op- to use credit cards. tion to customers. For department stores, the Macy’sChief ExecutiveOffi- PromotersBet on Japanese Pop newpayment plans risk eating cerJeff Gennette said the intoincome from store- risks areoffset by the new, branded credit-card fees that younger customersthat buy BY ANNE STEELE 2019 to January2021, accord- companyinJapan, with music, the world, in aracetomaintain helped offset retail sales de- now, paylater attracts.He ing to SpotifyTechnologySA. artist and talent management, market share. SpotifyonMon- clines.Moreover,instead of said 40% of shoppersusing K-pop has become a global “Streaming has kicked concerts, events,merchandising day unveiled plans to launch in earning aprofitfromcustom- Klarna are new to Macy’s and sensation,with actslikeBTS down the bordersofmusic and amusic- and video-sub- 85 newmarkets acrossAsia, ers who revolve a balance on 45% areunder 40 yearsold. and Blackpink amassing fans discoveryand acceptanceon scription service. It has cham- Africa, Europe,the Caribbean their storecards,retailerspay By contrast, slightly morethan far beyond Asia. the world stage,” says AEG pioned J-pop starslikeOne OK and Latin America. fees to the financial-technol- aquarter of Macy’sexisting J-pop—whichranges from PresentsChief ExecutiveJay Rock, Kumi Koda, Ayumi Hama- SuperstarslikeTaylor Swift ogy companies that offer buy customers are under 40. the electronic synth sounds of Marciano.“It’smade music saki and Pikotaro,and is bet- and Ed Sheeran have long now, paylater plans,including “Customers, particularly YOASOBI to the pop-punk an- borderless.” ting it cansecuremoreartists’ playedinJapan, typically Klarna Bank AB, Affirm Hold- younger ones,wereasking for thems of One OK Rock and K-pop actslikeBTS and touring rightsinJapan with stopping for a show or two in ings Inc. and Afterpay Ltd. a buy now, pay later option,” catchy rock ballads of LiSA— Blackpink—which AEG helped the newpartnership. Tokyoand Osaka en routeto Retailexecutives saythey Mr.Gennette said. “Ifwe will be even bigger, AEG Pres- break intothe U.S.—provide a Breaking foreign-language or from Australia. It’s a mar- hope the benefitsofdrawing didn’t have it, they might have ents is betting. blueprint forhow non-English- artistsintothe West presents ket only thebiggest actscan in newcustomersoutweigh gone elsewhere.” Anschutz Entertainment speaking artistscan amass challenges.BTS,the biggest of affordtovisit, but it’salso a the potential costsasthey try He said the goal is to move Group’s concert promotion gi- global appeal. (BTS had the the K-pop groups,has sold out wealthyone,with fans willing to rebound from the crippling these shoppersovertime to ant is teaming up with Japa- world’ssixth-highest-grossing to spend on tickets, says AEG. effectsofthe pandemic.But itsstore-branded cards, which nese entertainment conglom- tour in 2019 at $170.3 million, AEG’sMr. Marciano envi- there are risks. offer discountsand rewards erate Avex Entertainment Inc. according to Pollstar,with the Concertgiant AEGis sions tapping Avex’s local ex- “It’syet another element of such as free shipping. to spread J-pop wide and fur- seven-member Korean boy- pertise to help U.S. artistsbig the newretail economythat is Buy now, paylater providers ther expand the Asian market band notching in between the teaming witha and small build aJapanese gr ing. layout the money forconsumer for U.S. artists. The two com- Rolling Stones and Bon Jovi.) Japanese company base and makethe countrya Shareofe-commerce purchases so that retailersare panies have formed anew NowJapan is starting to look 15-city leg fortours. Theis- paymentmethods paid in full upfront. They col- joint venture, AEGX, to pool outward as fans arediscover- on themusic venture. land nation, smaller than Cali- lect most of theirincome from resources and local expertise ing artistsfromall over as they fornia, could grow from under 2020 2024* merchant fees,which canrun on developing artists, venues, come online with streaming. $50 million in revenue to a double or triple what retailers festivals and global touring. “For manyyearsWestern $200 million market annually 40% paytocredit-cardprocessors, Japan has the second-larg- artistshavecome to Japan and stadiums stateside,but lacks forAEG in the next five years, according to industryexecu- est recorded-music market in therehavebeen manysuccess- the radio playtypical forbig estimates Mr. Marciano. 30 tives.Latefees from consumers the world, thanks to avid fans fuleventswith big artists, but mainstream acts, despite im- Both companies see oppor- accounted forlessthan 9% of who snap up multiple copies not alot of Japanese-audience pressivesales numbersand its tunities to tack their artists 20 Afterpay’sincome in itsmost of vinyl and CDs.Yet 90% of artistsgoing out to aglobal au- avid fan “ARMY.” ontothe other promoter’s recent quarter. revenue in music sales is gen- dienceand performing really AEG’sbet on Japan comes tours to attract new fans—an 10 While still fairly newinthe erated by Japanese artists, ac- large events around the world,” as allcornersofthe music in- up-and-coming U.S. artist U.S.,buy now, paylater op- cording to Avex. Avex Chief ExecutiveKatsumi dustryare scouring the globe could open for a J-pop group 0 tions are expected to grow to Therise of streaming,how- Kuroiwasaid, adding,“we be- forgrowth. Streaming services in Japan, and J-pop stars 4.5% of North American e- ever,has broadened musical lievenow it’stime forthese arebringing newmarketson- could support aWestern artist Credit Digital Debit Buy now, card wallet card paylater commerce payments by 2024 tastes in Japan and beyond, artiststogoaround the world.” line; labels and publishersare stateside.That is in addition from 1.6% in 2020,according executives say. J-pop’sshare Started in 1988 as adance- expanding their footprint out- to the hundreds of slotson *Figures areaforecast Note:Figures arefor North America. to WorldpayGroup Inc., apay- of all plays outside Japan music label, Avex has grown side the U.S.,signing local art- AEG’s27festivals across Source:WorldpayGroup Inc. ment-processing company. jumped 117% from January intothe largest entertainment istsand songwritersaround North America and Europe.

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B6 | Monday, March 1, 2021 THE WALL STREET JOURNAL. BUSINESS & FINANCE

months to payfor the stimulus hedging. spark an acceleration. stimulus means that inflation cent move. Bonds efforts that undergirdthe re- TheFed’sratecutsduring Thefive-year break-even “has averyreasonable chance Theyield on the benchmark covery.Further poor auction the past year helped fuel a rate—a measureofexpected of getting to 2% and staying 10-year U.S. Treasurynoteset- resultscould fuel additional wave of home sales and refi- annual inflation over the next there.” tled at 1.459% Friday, down Shake Up selling in bond marketsand un- nancings, but the recent climb five yearsderived from the dif- At the same time,the recent from 1.513% aday earlier but dermine the tone in other mar- in yields drovemortgagerates ferencebetween the yields on uptick in Treasuryyields hasn’t up from 1.344% at the end of kets,such as those forstocks, to their highest level sinceNo- five-year Treasurys and the only reflected increasing infla- theprevious week. Rate View investorssaid. vember this past week,and ap- equivalent Treasuryinflation- tion expectations,aswas essen- Fornow,manyinvestorsare Analyststhought that an in- plications have dropped. That protected securities—hit 2.4% tially the case earlier in the moving intoassetsthat areless creased supply of Treasurys forces banks and other holders, year.Overthe past two weeks, vulnerable to swingsinrates. ContinuedfrompageB1 could weigh on the market such as real-estateinvestment yields on Treasuryinflation- Stocks arelesscompetitive Theseven-yearnotewas heading intothe year,but “it’s trusts, to sell Treasurys to off- Investorsare moving protectedsecurities—a proxy with bondswhen yields rise. sold at a1.195% yield, or 0.043 very different when you’reac- setlosses in mortgagebonds forreal yields—have also shot Shares in some of themost percentagepoint higher than tually dealing with it,” said that happen when consumers intoassetsthat are upward, with the 10-year TIPS popular technologystocks,in- tradershad expected—a record BlakeGwinn,head of U.S. rates stop refinancing. lessvulnerable to yield rising from roughly minus cluding Amazon.com Inc.and gapfor aseven-yearnoteauc- strategyatNatWestMarkets. Moves in market-based mea- 1% to minus 0.7%. Apple Inc., have fallen from tion, according to Jefferies LLC Some traderssaid recent sures of inflation arealso swingsinrates. That move has caught inves- their highs in the past month. analysts.Primarydealers, large moves have been exacerbated prompting concerns.Rising tors’attention because many RickRieder,chief invest- financial firms that cantrade by theunwinding of popular prices dent thepurchasing credit deeply negativereal ment officer of global fixedin- directly with the Fedand are trades that involvebuying powerofbonds’ fixedpayments yields with helpingpower come at BlackRock Inc., said his required to bid at auctions, short-dated Treasurys and sell- and could forcethe Fedtoraise in recent days,the highest stocks to records, pushing team has been buying floating- were leftwith about 40% of the ing other assetsagainst them. ratessooner than expected. sinceMay 2011. yield-seeking investorstoward rate loans rather than bonds to newnotes,about twicethe re- Manysingled out one in partic- While inflation has remained “The question is whether 2% riskier assets. Realyields were protect against rising interest cent average. ular: holders’ effort to protect muted foryears, usually below inflation canbesustained once around zero percent or higher ratesand benefit from the eco- Thetepid demand concerned their investmentsinmortgage the Fed’s2%target, some we reach it,” said Matthew from the middle of 2013 nomic recovery. investorsbecause the govern- bonds against the climb in worrythat the economic re- Hornbach,global head of macro through the start of 2020, “Werotated agood deal of ment is expected to sell ahuge yields,apracticeknown in in- opening and stimulus effortsby strategyatMorganStanley.He meaning they might have more our high-yield bond exposure amount of debt in coming dustryparlanceasconvexity the Fedand Congresscould said the scale of U.S. fiscal room to rise even aftertheir re- into loans,” said Mr.Rieder.

Closed-End Funds

Listed are the 300 largest closed-end funds as Prem Ttl Prem12 Mo Prem12 Mo 52 wk 52 wk measured by assets. Closed-end funds sell a limited Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Prem Ttl Prem Ttl Unlike open-end funds, closed-ends generally do not Eagle Point Credit ECC NA 11.09 NA 11.1 Nuveen Taxable Muni Inc NBB 22.59 22.40 -0.8 4.7 InvescoValMunInc IIM 16.53 15.55 -5.9 4.4 Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret buy their shares back from investors who wish to cash EtnVncFltRteInc EFT NA 13.95 NA 5.7 PIMCO Corp & Inc Oppty PTY NA 17.87 NA 8.7 MAINSTAY:MK DEFTR MUN OP MMD NA 21.88 NA 4.6 General Equity Funds Variant Altrntv Inc:Inv 26.97 NA NA 6.0 in their holdings. Instead, fund shares trade on a stock exchange. NA signifies that the information is not EV SenFlRtTr EFR NA 13.44 NA 6.1 PIMCO Corp & Inc Strat PCN NA 17.27 NA 7.8 NeubrgrBrm NBH 15.03 15.62 +3.9 4.9 Alternative Strategies:I 5.80 NA NA -1.4 Convertible Sec's. Funds available or not applicable. NS signifies funds not in EVSnrIncm EVF NA 6.65 NA 6.0 PIMCOHilnco PHK NA 6.26 NA 10.3 Nuveen AMT-Fr Mu Val NUW 17.17 16.88 -1.7 2.8 BOW RIVER CAPTL EVGN;I NA NA NA N Calmos Dyn Conv and Inc CCD 32.10 31.93 -0.5 72.5 existence for the entire period. 12 month yield is FT/Sr Fltg Rte Inc 2 FCT 12.90 12.22 -5.3 9.99 PIMCO IncmStrFd PFL NA 11.65 NA 9.4 Nuveen AMT-Fr Qlty Mun I NEA 15.67 14.50 -7.5 4.5 World Equity Funds computed by dividing income dividends paid (during Specialized Equity Funds the previous 12 months for periods ending at month- FT/Sr Fltg Rte 2022 TgTr FIV 9.65 9.30 -3.6 2.4 PIMCO IncmStrFd II PFN NA 10.19 NA 9.6 Nuveen AMT-Fr Mu CI NVG 17.12 16.37 -4.4 4.6 Broadstone Rl Est Acc:I 9.62 NA NA -2.5 ACAP Strategic:A 26.72 NA NA 44.6 end or during the previous 52 weeks for periods Highland Income HFRO 13.64 10.38 -23.9 9.0 Putnam Mas Int PIM 4.54 4.19 -7.7 8.2 Nuveen Enh Muni Val NEV 15.41 15.68 +1.8 4.3 Broadstone Rl Est Acc:W 9.62 NA NA -2.8 ACAP Strategic:W 19.72 NA NA 45.6 ending at any time other than month-end) by the InvDYCrOpp VTA 11.99 11.00 -8.3 8.2 Putnam Prem Inc PPT 5.01 4.75 -5.2 8.6 Nuveen Int Dur Mun Term NID 14.38 13.83 -3.8 3.6 BMO LGM Front ME;I 4.88 NA NA -37.5 latest month-end market price adjusted for capital CIM RA&C A 25.63 NA NA NS gains distributions. Depending on the fund category, InvSnrIncTr VVR 4.56 4.17 -8.6 6.3 Wells Fargo Multi-Sector ERC NA 12.42 NA 9.4 Nuveen Mu Crdt Opps NMCO 14.51 13.86 -4.5 5.1 CIM RA&C C 25.47 NA NA NS CalamosGlbTotRet CGO 15.27 15.74 +3.1 53.4 either 12-month yield or total return is listed. Nuveen Credit Strat Inc JQC 7.08 6.43 -9.2 15.8 World Income Funds Nuv Muni Credit Income NZF 16.63 15.96 -4.0 4.7 CIM RA&C I 25.68 NA NA NS CPG Cooper Square IE A NA NA NA NS Source: Lipper NuvFloatRateIncFd JFR 10.32 9.34 -9.5 6.6 Abrdn AP IncFd FAX 4.76 4.31 -9.5 7.4 NuvMuniHiIncOpp NMZ 14.07 14.17 +0.7 5.1 CIM RA&C L 25.58 NA NA NS CPG Cooper Square IE I NA NA NA NS Friday, February 26, 2021 NuvFloatRteIncOppty JRO 10.21 9.25 -9.4 6.5 BrndywnGLB Glb Inc Oppts BWG NA 12.28 NA 6.8 Nuveen Muni Val NUV 10.60 10.94 +3.2 3.2 GS Real Est Div Inc:A 9.87 NA NA 0.6 Primark Priv Eq Inv:I 11.89 NA NA NS 52 wk Nuveen Senior Income NSL 6.06 5.51 -9.1 7.1 EtnVncStDivInc EVG NA 13.08 NA 6.9 Nuveen Quality Muni Inc NAD 16.02 15.00 -6.4 4.4 GS Real Est Div Inc:C 9.85 NA NA -0.1 VirtusTotalRetFd ZTR 8.85 8.98 +1.5 1.0 Prem Ttl PionrFltRate Tr PHD 11.65 11.18 -4.0 6.9 MS EmMktDomDebt EDD 7.00 5.98 -14.6 7.1 Nuveen Sel TF NXP 16.28 16.91 +3.9 3.1 GS Real Est Div Inc:I 10.30 NA NA 0.8 Prem12 Mo Fund (SYM) NAV Close /Disc Ret High Yield Bond Funds PIMCO Dyn Crd & Mrt Inc PCI NA 21.55 NA 9.9 Nuveen Sel TF 2 NXQ 15.46 16.26 +5.2 3.1 GS Real Est Div Inc:L 9.87 NA NA 0.3 Fund (SYM) NAV Close /Disc Yld AllianceBernGlHiIncm AWF NA 11.68 NA 6.7 PIMCO Dynamic Income PDI NA 27.45 NA 10.1 PIMCO MuniInc PMF NA 13.88 NA 4.5 General Equity Funds GS Real Est Div Inc:W 10.02 NA NA 0.5 Loan Participation Funds Barings Glb SD HY Bd BGH 17.20 15.57 -9.5 8.8 PIMCO Income Opportunity PKO NA 25.87 NA 9.1 PIMCOMuniIncII PML NA 14.30 NA 4.8 Adams Diversified Equity ADX 20.34 NA NA NA NexPointRlEstStrat;A 16.45 NA NA -7.7 1WS Credit Income NA NA NA 5.8 Boulder Growth & Income BIF 14.07 11.65 -17.2 18.5 BR Corporate HY HYT 12.06 11.43 -5.2 8.4 PIMCO Stratg Inc RCS NA 7.26 NA 9.4 Pimco Muni III PMX NA 12.06 NA 4.4 NexPointRlEstStrat;C 16.63 NA NA -8.3 AlphCntrc Prime Merid In 9.78 NA NA 11.1 Central Secs CET 42.61 35.75 -16.1 27.6 BlackRock Ltd Dur Inc BLW 17.11 15.81 -7.6 7.5 Templeton Em Inc TEI 8.51 7.47 -12.2 1.3 PioneerHilncAdv MAV 12.02 11.53 -4.1 4.5 NexPointRlEstStrat;Z 16.62 NA NA -7.5 Axonic Alternative Inc NA NA NA 3.4 CohenStrsCEOppFd FOF 12.98 13.11 +1.0 18.2 BNY Mellon Hi Yield Str DHF 3.29 3.05 -7.3 8.8 Templtn Glbl Inc GIM 5.91 5.49 -7.1 0.2 PioneerMunHiIcmT MHI 12.86 12.17 -5.4 4.5 PREDEX;I 25.40 NA NA 0.7 Blackstone/GSO FR EI D 24.11 NA NA 5.4 EVTxAdvDivIncm EVT NA 24.23 NA 20.3 Brookfield Real Asst Inc RA 19.72 20.24 +2.6 12.8 WstAstEmergDebt EMD NA 13.08 NA 8.6 Putnam Mgd Inc PMM 8.16 8.15 -0.1 4.6 PREDEX;T 25.51 NA NA 0.6 CrSuisHighYld DHY Western Asset Gl Cr D Op GDO Putnam Muni Opp PMO Blackstone/GSO FR EI I 24.08 NA NA 5.6 GabelliDiv&IncTr GDV 25.71 22.69 -11.7 31.1 NA 2.37 NA 8.7 NA 17.58 NA 6.7 13.67 13.39 -2.0 4.8 PREDEX;W 25.51 NA NA 0.7 DoubleLine Inc Sol DSL National Muni Bond Funds RiverNorth Mgd Dur Mun I RMM Blackstone/GSO FR EI T 24.04 NA NA 5.2 Gabelli Equity Tr GAB 6.11 6.64 +8.7 36.4 NA 17.47 NA 10.4 NA 17.90 NA 5.9 Principal Dvs Sel RA A 25.95 NA NA 5.8 DoubleLine Yld Opps DLY AllBerNatlMunInc AFB Western Asset Mgd Muni MMU Blackstone/GSO FR EI T-I 24.63 NA NA 5.1 GeneralAmer GAM 44.42 37.84 -14.8 21.7 20.49 19.12 -6.7 NS 15.21 14.43 -5.1 4.2 NA 12.65 NA 4.1 Principal Dvs Sel RA Ins 26.00 NA NA 5.9 First Tr Hi Inc Lng/Shrt FSD 16.43 14.88 -9.4 8.8 BlckRk Inv Q Mun BKN 16.40 17.52 +6.8 4.4 Westn Asst Mu Def Opp Tr MTT NA 20.96 NA 3.0 Blackstone/GSO FR EI U 25.10 NA NA 5.1 JHancockTaxAdvDiv HTD 21.97 21.25 -3.3 1.0 Principal Dvs Sel RA Y 26.09 NA NA 6.2 First Trust HY Opp:2027 FTHY 21.36 19.79 -7.4 NS BlackRock Muni 2030 Tgt BTT 26.54 25.14 -5.3 2.8 Single State Muni Bond Blstn Commnty Dev 9.98 NA NA 3.3 Liberty All-Star Equity USA 7.43 7.32 -1.5 38.4 SharesPost 100;A 38.75 NA NA 30.3 IVY HIGH INCOME OPP IVH 14.96 13.44 -10.2 8.7 BlackRock Muni BFK 14.45 15.00 +3.8 4.4 BlackRock CA Mun BFZ 15.65 13.90 -11.2 3.1 BNYM Alcntr Glb MS Cr Fd 104.67 NA NA 6.8 Liberty All-Star Growth ASG 8.05 8.95 +11.2 70.2 SharesPost 100:I 39.07 NA NA 30.6 NeubHgYldStrt NHS 12.64 12.21 -3.4 9.2 BlackRock Muni II BLE 14.84 15.00 +1.1 4.6 BR MH CA Qly Fd Inc MUC 15.69 14.86 -5.3 4.0 CLIFFWATER CL FD;I 10.50 NA NA 6.8 Royce Micro-Cap Tr RMT 13.55 11.72 -13.5 62.3 SharesPost 100:L 38.46 NA NA 30.0 New Amer Hi Inc HYB 9.84 8.79 -10.7 7.3 BlckRk Muni Inc Qly BYM 15.67 14.77 -5.7 4.1 BR MH NJ Qly MUJ 15.87 14.33 -9.7 4.8 CNR Strategic Credit 10.70 NA NA 7.6 Royce Value Trust RVT 20.33 17.83 -12.3 48.8 USQ Core Real Estate:I 24.86 NA NA 0.1 NexPointStratOppty NHF 19.23 11.51 -40.1 9.7 BR MuniAssets Fd MUA 14.53 14.34 -1.3 4.2 BR MH NY Qly MHN 14.89 13.87 -6.9 4.2 FedProj&TrFinanceTendr 9.97 NA NA 2.7 Source Capital SOR 47.08 41.84 -11.1 20.7 USQ Core Real Estate:IS 24.87 NA NA 0.1 Nuveen CI Nov 2021 Tgt JHB 9.46 9.32 -1.5 3.9 BR MuniEnhanced MEN 12.25 11.85 -3.3 4.2 BR MuniYld CA MYC 15.97 14.55 -8.9 3.4 FS Global Crdt Opptys D NA NA NA 8.2 Tri-Continental TY 34.79 30.86 -11.3 29.7 Versus Cap MMgr RE Inc:I 27.24 NA NA NE Nuveen Crdt Opps 2022 TT JCO 8.31 8.30 -0.1 6.8 BR MuniHoldings Qly MFL 14.90 13.98 -6.2 3.8 BR MuniYld CA Qly MCA 15.90 14.49 -8.9 4.0 Schrdrs Opp Inc;A Specialized Equity Funds Versus Capital Real Asst 25.31 NA NA 3.0 25.94 NA NA 2.0 Nuveen Global High Inc JGH 16.90 15.22 -9.9 7.1 BR MH Qly 2 MUE 14.06 13.36 -5.0 4.3 BR MuniYld MI Qly MIY 15.68 14.25 -9.1 4.2 Aberdeen Glb Prem Prop AWP 6.02 5.48 -9.0 3.4 Wildermuth Endwmnt:A 13.61 NA NA -2.4 Schrdrs Opp Inc;A2 NA NA NA 0.4 PGIM Global High Yield GHY 16.50 14.76 -10.5 8.7 BR MuniHoldngs MHD 16.98 16.14 -4.9 4.4 BR MuniYld NJ MYJ 15.94 14.25 -10.6 5.0 Adams Natural Resources PEO 16.33 14.00 -14.3 22.2 Wildermuth Endwmnt:C Schrdrs Opp Inc;I 25.94 NA NA 2.1 PGIM High Yield Bond ISD 17.04 15.43 -9.4 8.3 BR MuniVest Fd MVF 9.73 8.96 -7.9 4.3 BR MuniYld NY Qly MYN 14.28 13.26 -7.1 4.2 13.08 NA NA -3.3 ASA Gold & Prec Met Ltd ASA 22.42 18.81 -16.1 52.7 Wildermuth Endowment:I Schrdrs Opp Inc;SDR 25.98 NA NA 2.2 PGIM Sh Dur Hi Yld Opp SDHY 19.96 NA NA NS BR MuniVest 2 MVT 15.27 14.52 -4.9 4.4 EVCAMuniBd EVM 12.53 11.58 -7.6 4.2 13.69 NA NA -2.7 BR Enh C&I CII 19.61 18.35 -6.4 32.0 Income & Preferred Stock Funds Invesco Sr Loan A 6.40 NA NA 4.0 BlackRock Energy & Res BGR 9.55 8.38 -12.3 -6.9 PioneerHilncmTr PHT 9.54 9.19 -3.7 8.3 BR MuniYield Fd MYD 14.94 14.10 -5.6 4.6 Eaton Vance NY Muni Bd ENX NA 11.96 NA 4.1 Invesco Sr Loan C 6.42 NA NA 3.3 Wells Fargo Income Oppty EAD NA 8.24 NA 8.4 BR MuniYield Qlty MQY 16.32 15.97 -2.1 4.0 InvCaValMuIncTr VCV 13.43 12.86 -4.2 4.1 A3 Alternative Cr 9.92 NA NA -0.1 BlackRock Eq Enh Div BDJ 9.72 8.73 -10.2 14.5 Calamos L/S Eqty and DI CPZ 21.52 18.31 -14.9 22.9 Invesco Sr Loan IB 6.40 NA NA 4.2 BlackRock Enh Glbl Div BOE 12.28 10.82 -11.9 21.5 WstAstHIF II HIX NA 6.80 NA 8.6 BR MuniYld Qlty2 MQT 14.33 13.75 -4.0 4.2 InvPAValMuIncTr VPV 14.09 12.63 -10.4 4.6 Invesco Sr Loan IC 6.40 NA NA 4.1 Western Asset Hi Inc Opp HIO BR MuniYld Qly 3 MYI InvTrInvGrNYMu VTN Destra Multi-Altrntv;A 11.84 NA NA -3.7 BlackRock Enh Intl Div BGY 6.50 5.84 -10.2 22.8 NA 4.92 NA 7.9 15.06 13.96 -7.3 3.8 14.22 13.00 -8.6 4.1 Invesco Sr Loan Y 6.41 NA NA 4.2 Western Asset Hi Yld D O HYI NA 15.40 NA 7.5 BNY Mellon Muni Bd Infra DMB 14.41 13.95 -3.2 4.3 Nuveen CA AMT-F Qual MI NKX 16.48 15.13 -8.2 4.1 Destra Multi-Altrntv;C 11.30 NA NA -4.4 BlackRock Hlth Sci Tr II BMEZ 30.33 27.23 -10.2 42.5 Pioneer Sec Inc 9.95 NA NA 4.4 Other Domestic Taxable Bond Funds BNY Mellon Str Muni Bond DSM 8.22 7.79 -5.2 4.5 Nuveen CA Val NCA 10.66 10.21 -4.2 2.9 Destra Multi-Altrntv;I 12.08 NA NA -3.5 BlackRock Hlth Sciences BME 44.88 45.74 +1.9 29.3 Destra Multi-Altrntv;T 11.48 NA NA -4.2 High Yield Bond Funds BlackRock Res & Comm BCX 9.30 8.84 -4.9 44.7 Apollo Tactical Income AIF NA 14.55 NA 7.1 BNY Mellon Strat Muni LEO 8.57 8.40 -2.0 4.9 NuveenCAQtyMuInc NAC 15.91 14.57 -8.4 4.2 Variant Altrntv Inc:Inst 26.96 NA NA 6.2 Continued on Page B7 BlackRock Sci&Tech Tr II BSTZ 41.02 36.42 -11.2 98.7 Ares Dynamic Crdt Alloc ARDC NA 14.76 NA 8.2 DWS Muni Inc KTF 12.49 11.34 -9.2 4.0 Nuveen MD Qual Muni Inc NMY 15.14 13.79 -8.9 4.1 BlackRock Sci&Tech Trust BST 53.53 55.39 +3.5 87.5 BlackRock Mlt-Sctr Inc BIT 18.56 17.57 -5.3 8.6 EVMuniBd EIM NA 13.15 NA 4.4 NuvNJ Qual Muni Inc NXJ 16.44 14.09 -14.3 4.5 BlackRock Utl Inf & Pwr BUI 23.45 25.32 +8.0 33.8 BlackRock Tax Muni Bd BBN 24.68 24.91 +0.9 5.0 EVMuniIncm EVN 14.07 13.21 -6.1 4.1 Nuveen NY AMT/Fr Qual MI NRK 14.84 13.44 -9.4 4.1 Lockup Expirations CBRE ClrnGlbRlEst IGR 8.16 7.30 -10.5 11.9 DoubleLine:Oppor Crdt Fd DBL NA 19.66 NA 8.7 EVNatMuniOpp EOT 21.68 21.78 +0.5 3.6 Nuveen NY Qual Muni Inc NAN 15.34 13.92 -9.3 4.2 CLEARBRIDGE ENGY MDS OPP EMO NA 16.93 NA -40.3 Duff&Ph Util Cor DUC 9.36 10.46 +11.8 5.8 InvAdvMuIncTrII VKI 12.05 11.49 -4.6 4.6 Nuveen OH Qual Muni Inc NUO 17.37 15.14 -12.8 3.4 Below, companies whose officers and other insiders will become eligible ClearBridge MLP & Midstm CEM NA 21.28 NA -45.7 EVLmtDurIncm EVV NA 12.53 NA 9.6 Invesco MuniOp OIA 7.70 7.80 +1.3 4.7 Nuveen PA Qual Muni Inc NQP 15.68 14.15 -9.8 4.5 to sell shares in their newly public companies for the first time. Such Franklin Ltd Dur Income FTF InvescoMuOppTr VMO Nuveen VA Qlty Mun Inc NPV ChnStrInfr UTF 23.75 25.49 +7.3 21.2 9.40 9.35 -0.5 6.0 13.46 13.01 -3.3 4.5 15.07 15.60 +3.5 3.5 sales can move the stock’s price. Cohen&SteersQualInc RQI 13.37 13.01 -2.7 11.4 J Han Investors JHI 18.64 17.64 -5.4 7.7 InvescoMuTr VKQ 13.49 12.82 -5.0 4.6 PIMCO CA PCQ NA 17.78 NA 4.3 KKR Income Opportunities KIO NA 15.32 NA 9.7 InvescoQual Inc IQI 13.59 12.64 -7.0 4.6 PIMCOCAMuniII PCK NA 8.88 NA 4.2 Cohen&Steers TotRet RFI 13.19 14.04 +6.4 16.2 Lockup Offer Offer amt Through Lockup CohenStrsREITPrefInc RNP 23.69 23.27 -1.8 16.8 MFS Charter MCR 8.73 8.49 -2.7 7.9 InvTrInvGrMu VGM 13.89 13.23 -4.8 4.6 Pimco CA Muni III PZC NA 10.22 NA 4.3 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Columbia Sel Prm Tech Gr STK 30.34 29.68 -2.2 57.5 DNP Select Income DNP NA 10.35 NA 1.1 Feb. 28 Sept. 1, ’20 PainReform PRFX 8.00 23.0 –18.9 180 days Duff&Ph Uti&Infra Inc Fd DPG 12.58 13.05 +3.7 7.7 Sources: Dealogic; Dow Jones Market Data EtnVncEqtyInc EOI NA 16.42 NA 29.3 Insider-Trading Spotlight EtnVncEqtyIncoII EOS NA 22.05 NA 49.5 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys IPO Scorecard EVRskMnDvsEqInc ETJ NA 10.54 NA 34.8 new information about the prospects of a company. Insiders are required to report large trades to the SEC ETnVncTxMgdBuyWrtInc ETB NA 14.81 NA 13.5 Performance of IPOs, most-recent listed first EtnVncTxMgdBuyWrtOpp ETV NA 15.02 NA 22.8 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by % Chg From % Chg From EvTxMnDvsEqInc ETY NA 12.34 NA 26.2 Refinitiv on February 26, and year-to-date stock performance of the company Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day EtnVncTxMgdGlbB ETW NA 9.72 NA 21.1 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close EVTxMnGblDvEqInc EXG NA 8.86 NA 28.1 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner African Gold Acquisition 10.00 ...... Kensington Capital Acquisition II 10.95 9.5 ... First Trust Energy Inc G FEN 12.60 12.32 -2.2 -24.7 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: AGAC.UT Feb. 26/$10.00 KCAC.UT Feb. 26/$10.00 First Tr Enhanced Eq FFA 18.85 17.80 -5.6 30.8 FirstTrMLPEner&Inc FEI 7.01 6.46 -7.8 -28.6 unknown VP: vice president Excludes pure options transactions ARYA Sciences Acquisition IV 11.13 11.3 ... Leo Hldgs III 10.25 2.5 ... Gabelli Healthcare GRX 13.79 12.09 -12.3 24.7 ARYD Feb. 26/$10.00 LIII.UT Feb. 26/$10.00 Gab Utility GUT 3.90 8.07 106.9 32.7 Biggest weekly individual trades Austerlitz Acquisition I 10.30 3.0 ... MCAP Acquisition 10.00 ...... GAMCOGlGold&NatRes GGN 3.78 3.37 -10.8 8.0 AUS.UT Feb. 26/$10.00 MACQU Feb. 26/$10.00 Based on reports filed with regulators this past week J Han Finl Opptys BTO 34.21 35.36 +3.4 31.8 Austerlitz Acquisition II 10.25 2.5 ... SilverBox Engaged Merger I 10.07 0.7 ... Neuberger Brmn MLP & EI NML 5.00 3.91 -21.8 -25.6 No. of shrs in Price range ($) $ Value ASZ.UT Feb. 26/$10.00 SBEAU Feb. 26/$10.00 Nuv Dow 30 Dyn Overwrite DIAX 16.86 15.22 -9.7 6.3 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) NuvCorEqAlpha JCE 15.42 14.30 -7.3 19.7 Freedom Acquisition I 10.30 3.0 ... Twelve Seas Investment II 9.95 –0.5 ... Nuveen Nasdaq 100 Dyn Ov QQQX 26.92 26.50 -1.6 32.7 FACT.UT Feb. 26/$10.00 TWLVU Feb. 26/$10.00 Nuv Real Est JRS 9.98 9.11 -8.7 7.7 Buyers Sources: Dow Jones Market Data; FactSet Nuveen Rl Asst Inc & Gro JRI 15.65 14.32 -8.5 -2.8 Feb. 17 Corvus Pharmaceuticals CRVS P. Thompson DOI 1,286 3.50 4,500 3.48 -2.2 NuvS&P500DynOvFd SPXX NA 15.58 NA 16.3 NuvSP500BuyIncFd BXMX 13.94 12.83 -8.0 17.1 Feb. 18-22 American Assets Trust AAT E. Rady CEOI 118 29.44-30.26 3,480 31.08 7.6 ReavesUtilityIncome UTG 30.27 31.25 +3.2 3.0 Feb. 19 Sonos SONO M. Volpi DI 54 37.35 2,004 38.94 66.5 ADVERTISEMENT Tortoise Enrgy Infra Crp TYG NA 23.58 NA -51.1 Feb. 19-22 Franklin Street Properties FSP D. Mcgillicuddy DI 301 4.13-4.34 1,267 4.96 13.5 VAGIAI & Tech Opptys AIO 29.21 27.41 -6.2 72.0 VDivInt&PremStr NFJ 15.43 13.48 -12.6 24.3 Feb. 19 Zoetis ZTS R. Scully DI 8163.80-165.48 1,250 155.24 -6.2 TheMarketplace Income & Preferred Stock Funds Feb. 22-23 Agree Realty ADC J. Rakolta D 20 63.08-64.22 1,242 64.56 -3.0 CalamosStratTot CSQ 16.22 16.40 +1.1 48.4 To advertise: 800-366-3975orWSJ.com/classifieds CohenStrsLtdDurPref&Inc LDP 25.76 24.83 -3.6 9.2 Feb. 19 Avis Budget Group CAR B. Choi CFO 24 45.75-47.57 1,089 55.55 48.9 CohenStrsSelPref&Income PSF 26.41 27.05 +2.4 6.4 Feb. 17 Nu Skin Enterprises NUS S. Lund ODI 21 48.05 1,002 51.18 -6.3 CohenStrsTaxAvPreSecs&I PTA 25.24 24.98 -1.0 NS Feb. 17 D. Campbell D 10* 50.60-50.69 502 COMMERCIAL REAL ESTATE FirstTrIntDurPref&Inc FPF 24.17 23.05 -4.6 10.2 Feb. 18 D. Campbell D 10* 49.48-49.49 500 JHanPrefInc HPI 19.22 18.97 -1.3 1.9 Feb. 23 Incyte INCY H. Hoppenot CEO 13 77.37 1,000 78.66 -9.6 1/'5(# /" )#($+#% .,+'6.$*45( ,$('5/1 /" (/44,'#+,4 JHPrefIncII HPF 18.93 18.55 -2.0 2.9 51(4$%51! &--2 /" '7# 3#3*#+)75. 51'#+#)')51',1',44/1 ,$)'51 7/'#40 44( HnckJPfdInco III HPS 16.95 16.69 -1.5 5.2 Feb. 17 BridgeBio Pharma BBIO R. Scott D 16 62.50 1,000 70.68 -0.6 P;5T!X T7 UX8X"hVT2XP 'Je' #V[R #375TP i;0P5;0PQXgg\ RZRZ!Z cIFF ,LLM)L,) (eFM e' +&dFIO J Han Prm PDT 13.16 14.18 +7.8 4.1 Feb. 17 B. Stephenson CFO 862.50 500 e&O'I,- 'JM L,FF,cI-K +),+M)'a< LMP CapInco SCD NA 12.18 NA 7.1 eFF )IKJ'\ 'I'FM e-N I-'M)M(' ,L #375TP U;5XR QXgg ";88;0X8\ RR!I-'JM !,FFe'M)eF\e((&OJ 'M)/( I( Feb. 22 Quidel QDEL D. Bryant CEO 5165.30 827 164.26 -8.6 Nuveen Pref & Inc Opp JPC 9.62 9.07 -5.7 4.8 &%f<%&!<4"?4 '%84?!< F%``?J?<& >%4L%%< 7264!< Feb. 22-24 Cerner CERN M. Erceg CFO 11 69.87-71.16 750 69.14 -11.9 I;4%NF%`` 5;88;L%8B GG3B ?1%N?L?8% N!=!4%& N!?>!N!4J ';=:?;88;L%8 _64"% iMd',)4^\ e-N #V[R Nuveen Fd JPS 9.67 9.29 -3.9 9.4 7264!< 1;L<4;L!N!4J ';=:?J Convertible Sec's. Funds Feb. 23-24 Greenhill GHL S. Bok CEO 33 14.66-15.16 493 15.09 24.3 e-N dM'cMM- 'JM iMd',) e-N 'JM 7MO&)MN :e)'a\ e( (&OJ eK)MM/M-'( /eaJe%MdMM-L&)'JM) e/M-NMN ;8 =;&!f%& $8;= 4!=% 4; 4!=%B !<'N2&!<#?NN ;$ 4"% 1%>4;816N!=!4%& N!?>!N!4J';=:?%86"!: AdvntCnvrtbl&IncFd AVK 20.29 17.20 -15.2 31.5 Feb. 24 Church & Dwight CHD J. Craigie DI 680.22-80.29 482 78.75 -9.7 !<4%8%646 !< *7E*7GG/E 7)+*HE I/*MGB GG3 _4"% 6Q,)'KeKM ",)),cM).C _';NN%'4!0%NJB4"% 6!,FFe'M)eF4^Z CalamosConvHi CHY 16.47 15.21 -7.7 59.7 T' I( 'JM &-NM)('e-NI-K e-N dMFIML ,L 'JM 7MO&)MN :e)'a\ d&' cI'J,&' e-ace))e-'a ,) )M+)M(M-'e'I,- da CalmosConvOp CHI 15.60 14.37 -7.9 58.7 'JM 7MO&)MN :e)'ae(',eOO&)eOa ,) O,/+FM'M-M((\ 'Je' 'JM !,FFe'M)eF O,-(I('( ,L\ e/,-K ,'JM) 'JI-K(\ VAGI Conv & Inc II NCZ 5.80 5.01 -13.6 23.0 Sellers EYY. ;$ 4"%=%=>%86"!:!<4%8%646 ;$ 4"% 1%>4;8 !< 4"% F;84#?#% 5;88;L%8B 4"% ;L<%8;$4"% N?<& ?<& >2!N&!<# G<;L< ?6 DY> 5?84;<+:8!<#6 ,;?&B 3!4J ;$ 7264!N!' ?2'4!;< L!NN 4?G%:N?'% ;< 7:8!N ?B DYDE 64?84!<# ?4 EYOYY ?@=@ M?64%8< 1?JN!#"4 *!=% VAGI Eqty & Conv Inc NIE 31.62 28.20 -10.8 44.4 _E%LD;8GC?44"% ;$f'%6 ;$ -?2N I?64!<#6 GG-BN;'?4%& ?4 DYY -?8G 70%<2%B E%LD;8GBE%L D;8GEYE@@B World Equity Funds Feb. 16 OneMain Holdings OMF G. Hicks BI 1,902 51.01 97,007 46.91 -2.6 I- eO,-LM)M-OM ),,/ Fe)KMM-,&KJ ', M-(&)M 'Je' eFF e++FIOedFM (,OIeF NI('e-OI-K )M*&I)M/M-'( e)M /M'\ e-N cIFFdMO,-N&O'MN da e- e&O'I,-MM) N&Fa FIOM-(MN I- 'JM 7'e'M,LPMc h,)PZ#F'M)-e'I%MFa\ Aberdeen Emg Mkts Eq Inc AEF 9.87 8.66 -12.3 32.6 Feb. 16 Square SQ J. Mckelvey D 200 273.79-282.32 55,490 230.03 5.7 692?N!f%& 5!&&%86. =?J:?84!'!:?4%%!4"%80!? 3!6'; (%>%b L%>A>?6%& 0!&%;A';<$%8%<'!<# ;8 ?6!=!N?8 Aberdeen Tot Dyn Div AOD 10.31 9.12 -11.5 28.4 Feb. 22 J. Dorsey CEOI 100 269.21-275.00 27,130 0!&%;A';<$%8%<'!<# :N?4$;8= ;8 0!? 4%N%:";%';=% 92?N!f%& 5!&&%86@ /ED A=D@BF]E @B@BEC B>@EB%A=?!N 58%44@,;6%<>%8#$?=@HNN@';=@ Feb. 18 Marathon Patent Group MARA M. Okamoto CEO 700 48.65 34,055 30.15 188.8 1?4%&O W%>82?8J EB DYDE Gabelli Multimedia GGT 8.95 9.35 +4.5 56.3 -7)G I7+*HEK+ GG-B744;8<%J6 $;8+%'28%& -?84JB 744A@C>YB W?bO _DEDC DCYA?@>=BMA=?!NO "?80%J648!'G;<$:?2N"?64!<#6@';= Japan Smaller Cap JOF NA 8.99 NA 16.2 Feb. 18-19 Pinterest PINS J. Levine D LazardGlbTotRetInc LGI 19.51 18.51 -5.1 38.5 350 84.29-87.67 30,089 80.58 22.3 Mexico MXF NA 13.10 NA 10.6 Feb. 22 Chegg CHGG D. Rosensweig CEO 300 99.55 29,866 96.53 6.9 AUCTIONS BUSINESS OPPORTUNITIES MS ChinaShrFd CAF 25.72 22.19 -13.7 32.4 Feb. 18-19 Raymond James Financial RJF T. James ODI 220 116.58-116.62 25,655 116.74 22.0 MS India IIF 26.73 22.99 -14.0 22.9 New Germany GF 22.77 19.88 -12.7 63.0 Feb. 19 CRISPR Therapeutics CRSP B. Bolzon DI 171 147.79-151.82 25,498 125.69 -17.9 %9+#"45.: '/"+1: (0/! Templeton Dragon TDF 26.63 24.87 -6.6 70.4 Feb. 22 Roku ROKU S. Louden CFO 50 458.21-478.37 23,661 395.48 19.1 +"-!&% "# *,'$!& )($% Templeton Em Mkt EMF 21.30 19.67 -7.7 48.0 @+624B1 *5+O6& IGI")BB =O/:/=(H Feb. 17 Seer SEER O. Farokhzad CEOI 355 64.15 22,757 48.23 -14.1 Wells Fargo Gl Div Oppty EOD NA 5.27 NA 18.3 A((+/+- ;C9 >OK7O6&H56 @/E.H '573=6C8 )=< &:4 $:409/; Prem12 Mo Feb. 22-23 Pacific Biosciences of California PACB M. Hunkapiller D 602 30.90-41.06 21,990 30.57 17.8 =. L5=6 @/E.H++ Fund (SYM) NAV Close /Disc Yld %+=-KO6+ (5/ #D3/+..O56 5( N6H+/+.H9 J=/:$ 4F8 FBF4 * Half the transactions were indirect **Two day transaction '56H=:H J=/M+HO6& ,&+6H (5/ *O- N6.H/E:HO56.9 (!&$ ,/-&-! '!%+0!# ,') *+"# U.S. Mortgage Bond Funds p - Pink Sheets BlckRk Income BKT ,O/.H/+=7 N6HK !/5E3 LH- 6.16 6.07 -1.5 6.6 ,K+D ?=6-+K+E/ 4,B2 $6,)B)69 ();35+&976<3 Invesco HI 2023 Tgt Term IHIT 9.14 9.09 -0.5 6.6 =K+D<=O/.H/+=70=+/5 Investment Grade Bond Funds Buying and selling by sector '),B6.861%69B-?8 :#@=.B3.?8 Angel Oak FS Inc Trm FINS NA 17.37 NA 7.2 $.313..35 $=8<39B, B6 &9>3,B6., BlRck Core Bond BHK 15.85 15.47 -2.4 5.1 Based on actual transaction dates in reports received this past week BR Credit Alloc Inc BTZ 15.34 14.38 -6.3 6.7 BUSINESSOPPORTUNITIES !33A)9/ *77.35)B35 &9>3,B6., :"&*0,2 Insight Select Income INSI 21.47 20.98 -2.3 3.8 Sector Buying Selling Sector Buying Selling InvescoBond VBF 20.81 19.78 -4.9 3.5 J Han Income JHS 16.16 15.56 -3.7 5.1 Basic Industries 14,828 27,448,420 Finance 4,098,677 201,953,115 ,,,;%9+#"45.:'/"+1:(0/!;"+1 MFS Intmdt MIN 3.85 3.77 -2.1 8.9 Business services 09,628,365 Health care 2,877,979 72,001,268 !)/+2- 3*&.$* (($),2%/() Western Asset Inf-Lk Inc WIA *#33 )68==672762=8- NA 12.88 NA 6.0 Capital goods 00Industrial 644,286 135,852,614 Western Asset Inf-Lk O&I WIW NA 12.27 NA 3.1 ! 1(' &2-* 0" 4#)*' Westn Asst IG Def Opp Tr IGI NA 21.29 NA 3.8 Consumer durables 141,229 53,851,536 Media 040,844,309 (%$'"###&## Loan Participation Funds Consumer nondurables 2,485,558 13,546,565 Technology 188,427 181,769,076 $)2'5 8-++ '3&-/*( 7*0+:53& Apollo Senior Floating AFT NA 14.50 NA 6.8 Consumer services 1,128,034 93,808,434 Transportation 039,611,440 9):&3 )* !(% 20'3&. 2*5 THE MARKETPLACE BR Debt Strategy DSU 11.71 10.75 -8.2 7.8 (800)366-3975|wsj.com/classifieds BR F/R Inc Str FRA 14.03 12.84 -8.5 7.4 Energy 304,687 42,031,467 Utilities 2,911 1,629,713 "2'3#2,3'.42*1)'5 6("(. ©2021Dow Jones &Company, Inc. BlackRock Floatng Rt Inc BGT 13.61 12.40 -8.9 7.4 .+&#."+#"+"'( !,).% *$!-! All Rights Reserved. Blackstone Strat Cr BGB 14.55 13.16 -9.6 8.4 Sources: Refinitiv; Dow Jones Market Data P2JW060000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, March 1, 2021 | B7 CLOSED‑END FUNDS

Continued From Page B6 Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld PIMCO Flexible Cr I;A-4 NA NA NA 7.5 Am Beacon Apollo TR:T 10.19 NA NA 2.0 Carlyle Tact Pvt Cred:I NA NA NA 7.8 First Eagle Crdt Opps I 26.01 NA NA NS Lord Abbett Crd Op:U 10.85 NA NA NS Griffin Inst Access Cd:A NA NA NA 5.9 PIMCO Flexible Cr I;Inst NA NA NA 8.3 Am Beacon Apollo TR:Y 10.28 NA NA 2.8 Carlyle Tact Pvt Cred:L NA NA NA 7.4 FS Credit Income;A NA NA NA 5.3 Palmer Square Opp Inc 18.85 NA NA 5.7 Griffin Inst Access Cd:C NA NA NA 5.9 PionrILSBridge NA NA NA 0.0 Am Beacon SP Enh Inc:T 9.61 NA NA 3.7 Carlyle Tact Pvt Cred:M NA NA NA NS FS Credit Income;I NA NA NA 5.6 Thrivent Church Ln&Inc:S NA NA NA 2.5 WA Middle Mkt Inc Am Beacon SP Enh Inc:Y Griffin Inst Access Cd:F NA NA NA 5.9 NA NA NA 7.3 9.71 NA NA 4.3 Carlyle Tact Pvt Cred:N NA NA NA 7.8 FS Credit Income;T NA NA NA 5.1 World Income Funds Other Domestic Taxable Bond Funds Angel Oak Str Crdt:Inst NA NA NA 7.9 Carlyle Tact Pvt Cred:Y NA NA NA 7.5 Destra Int&Evt-Dvn Crd:A 26.94 NA NA 2.5 Griffin Inst Access Cd:I NA NA NA 5.9 FS Credit Income;U NA NA NA 5.1 Alternative Credit Inc:A BR Credit Strat;A CION Ares Dvsfd Crdt;A Destra Int&Evt-Dvn Crd:I 10.81 NA NA 6.6 10.50 NA NA NS NA NA NA 5.5 FS Credit Income;U-2 NA NA NA NS 26.95 NA NA 2.7 Griffin Inst Access Cd:L NA NA NA 5.9 Alternative Credit Inc:C 10.92 NA NA 5.9 BR Credit Strat;Inst 10.50 NA NA 5.2 CION Ares Dvsfd Crdt;C NA NA NA 5.5 Destra Int&Evt-Dvn Crd:L 26.91 NA NA 2.3 GL Beyond Income 0.60 NA NA NE PIMCO Flexible Cr I;A-1 NA NA NA NS Alternative Credit Inc:I 10.84 NA NA 6.9 BlackRock Mlt-Sctr Oppty 89.37 NA NA 8.0 CION Ares Dvsfd Crdt;I NA NA NA 5.5 Destra Int&Evt-Dvn Crd:T 26.87 NA NA 2.2 KKR CREDIT OPPTY;D PIMCO Flexible Cr I;A-2 NA NA NA 7.2 Alternative Credit Inc:L 10.81 NA NA 6.4 BlackRock Mlt-Sec Opp II 92.48 NA NA 7.9 CION Ares Dvsfd Crdt;L NA NA NA 5.5 NA NA NA NS National Muni Bond Funds PIMCO Flexible Cr I;A-3 NA NA NA NS Alternative Credit Inc:W 10.81 NA NA 6.6 Carlyle Tact Pvt Cred:A NA NA NA 7.1 CION Ares Dvsfd Crdt;U NA NA NA 5.5 KKR CREDIT OPPTY;I NA NA NA NS PIMCO Flex Mun Inc;A-3 NA NA NA 2.1 CION Ares Dvsfd Crdt:U2 NA NA NA NS KKR CREDIT OPPTY;T NA NA NA NS PIMCO Flex Mun Inc:A1 NA NA NA NS CION Ares Dvsfd Crdt;W NA NA NA 5.5 KKR CREDIT OPPTY;U NA NA NA NS PIMCO Flex Mun Inc;A2 NA NA NA NS CNR Select Strategies 11.60 NA NA 0.0 Lord Abbett Cred Opps Fd 10.84 NA NA 6.4 PIMCO Flex Mun Inc;Inst NA NA NA 2.8 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks First Eagle Crdt Opps A 26.01 NA NA NS Lord Abbett Cred Opps Fd 10.85 NA NA 7.0 Tortoise Tax-Adv Soc Inf 9.41 NA NA 4.8

Money Rates February 26, 2021 Cash Prices | wsj.com/market-data/commodities Friday, February 26, 2021 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— guide to general levels but don’t always represent actual transactions. separate from the futures price on an exchange, which reflects what the commodity might be worth in future Week —52-WEEK— Week —52-WEEK— months. Inflation Latest ago High Low Latest ago High Low Jan. Index Chg From (%) Friday Friday Friday Low 0.0000 0.0200 1.5500 0.0000 Commercial paper (AA financial) level Dec. '20 Jan. '20 Energy Aluminum, LME, $ per metric ton *2223.0 Wheat - Hard - KC (USDA) $ per bu-u 6.5375 Bid 0.0700 0.0700 1.5700 0.0100 90 days 0.12 0.12 2.53 0.04 Copper,Comex spot 4.0945 Wheat,No.1soft white,Portld,OR-u 7.3000 U.S. consumer price index Offer 0.0800 0.1000 1.6000 0.0500 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.350 Iron Ore, 62% Fe CFR China-s 176.7 Food All items 261.582 0.43 1.4 Libor Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.000 Shredded Scrap, US Midwest-s,m 402 Treasury bill auction Core 269.755 0.20 1.4 One month 0.11850 0.11550 1.51525 0.10575 Metals Steel, HRC USA, FOB Midwest Mill-s 1212 Beef,carcass equiv. index 4 weeks 0.035 0.025 1.530 0.000 Three month 0.18838 0.17525 1.46275 0.17525 Fibers and Textiles choice 1-3,600-900 lbs.-u 199.15 International rates 13 weeks 0.030 0.040 1.270 0.000 Six month 0.20300 0.19500 1.39725 0.19500 Gold, per troy oz select 1-3,600-900 lbs.-u 187.31 Broilers, National comp wtd. avg.-u,w 0.8305 26 weeks 0.045 0.060 1.440 0.045 One year 0.28375 0.28650 1.38150 0.27800 Engelhard industrial 1762.00 Burlap,10-oz,40-inch NY yd-n,w 0.7000 Week 52-Week Handy & Harman base 1742.85 Cotton,1 1/16 std lw-mdMphs-u 0.8608 Butter,AA Chicago 1.4700 Latest High Low ago Secondary market Euro Libor Handy & Harman fabricated 1934.56 Cotlook 'A' Index-t *98.50 Cheddar cheese,bbl,Chicago 142.00 Cheddar cheese,blk,Chicago 161.75 One month -0.579 -0.578 -0.360 -0.621 LBMA Gold Price AM *1792.10 Hides,hvy native steers piece fob-u n.a. Prime rates Milk,Nonfat dry,Chicago lb. 113.25 Fannie Mae Three month -0.552 -0.550 -0.142 -0.574 LBMA Gold Price PM *1779.65 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.3178 U.S. 3.25 3.25 4.75 3.25 30-year mortgage yields Six month Krugerrand,wholesale-e 1800.03 -0.513 -0.529 -0.052 -0.543 Coffee,Colombian, NY 1.8753 Canada 2.45 2.45 3.95 2.45 Maple Leaf-e 1817.34 Grains and Feeds 30 days 2.493 2.214 3.017 1.751 One year -0.480 -0.493 0.008 -0.511 Eggs,large white,Chicago-u 1.1150 Japan 1.475 1.475 1.475 1.475 American Eagle-e 1817.34 60 days 2.539 2.247 3.081 1.804 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.85 Secured Overnight Financing Rate Mexican peso-e 2094.83 Bran,wheat middlings, KC-u 180 Hams,17-20 lbs,Mid-US fob-u n.a. Policy Rates Austria crown-e 1699.53 0.02 0.03 1.64 0.01 Corn,No. 2 yellow,Cent IL-bp,u 5.4400 Hogs,Iowa-So. Minnesota-u 80.41 Euro zone 0.00 0.00 0.00 0.00 Other short-term rates Austria phil-e 1817.34 Corn gluten feed,Midwest-u,w 184.9 Pork bellies,12-14 lb MidUS-u n.a. Switzerland 0.00 0.00 0.50 0.00 Value 52-Week Week 52-Week Silver, troy oz. Corn gluten meal,Midwest-u,w 643.8 Pork loins,13-19 lb MidUS-u 0.8823 Britain 0.10 0.10 0.75 0.10 Latest Traded High Low Latest ago high low Engelhard industrial 27.0000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u n.a. Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Handy & Harman base 26.2350 Hominy feed,Cent IL-u,w 155 Steers,feeder,Okla. City-u,w 154.63 Handy & Harman fabricated 32.7940 Meat-bonemeal,50% pro Mnpls-u,w 338 Call money Treasury 0.009 62.060 1.720 0.002 Overnight repurchase LBMA spot price *£19.7500 Oats,No.2 milling,Mnpls-u 3.7425 Fats and Oils 2.00 2.00 3.50 2.00 MBS 0.045 35.650 1.703 0.011 U.S. 0.04 0.02 1.65 -0.07 (U.S.$ equivalent) *27.9250 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w n.a. Coins,wholesale $1,000 face-a Notes on data: 20425 Sorghum,(Milo) No.2 Gulf-u 7.6550 Grease,choice white,Chicago-h 0.4000 U.S. government rates Other metals SoybeanMeal,Cent IL,rail,ton48%-u 421.70 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Lard,Chicago-u n.a. Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary LBMA Platinum Price PM *1248.0 Soybeans,No.1 yllw IL-bp,u 13.9450 Soybean oil,crude;Centl IL-u 0.5272 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Platinum,Engelhard industrial 1208.0 Wheat,Spring14%-pro Mnpls-u 7.5875 Tallow,bleach;Chicago-h 0.4650 0.25 0.25 2.25 0.25 as of February 25, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Palladium,Engelhard industrial 2387.0 Wheat,No.2 soft red,St.Louis-u 6.9275 Tallow,edible,Chicago-u 0.5250 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Effective rate 0.0700 0.0700 1.6000 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 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 2/25 High 0.1200 0.0900 1.6500 0.0800 Tullett Prebon Information, Ltd. Source: Dow Jones Market Data

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B8 | Monday, March 1, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 30932.37 t561.95, or 1.78% last week Trailing P/E ratio 31.47 19.75 3811.15 t95.56, or 2.45% last week Trailing P/E ratio * 43.74 22.75 Public Offerings of Stock High, low, open and close for each of P/E estimate * 20.67 15.84 High, low, open and close for each of P/E estimate * 22.47 16.82 the past 52 weeks Dividend yield 1.95 2.52 the past 52 weeks Dividend yield * 1.50 2.05 IPOs in the U.S. Market All-time high All-time high 31613.02, 02/17/21 3934.83, 02/12/21 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 0.15198707565833 30000 4100 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 28000 3800 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 3/2 2/5 Oscar Health Inc OSCR 31.0 32.00/ GS, MS, Allen & Co LLC, WFS, Health insurance company N 34.00 Credit Suisse, built around a full stack BofA Securities 26000 3500 technology platform and a relentless focus on serving our members. 200-day moving average 24000 3200 3/3 2/8 InnovAge Holding Corp INNV 16.7 17.00/ JPM, Barclays, GS, Citi, Healthcare delivery Nq 9.00 R W Baird & Co, platform by number of W. Blair LLC, Piper participants focused on Sandler, Capital 22000 2900 providing all-inclusive, One Financial Week's high capitated care to high- Corp 65-day moving average 200-day moving average cost, dual-eligible seniors. DOWN UP Monday's open Friday's close t 20000 2600 Other Stock Offerings Friday's close Monday's open 65-day moving average t Secondaries and follow-ons expected this week in the U.S. market 18000 2300 Week's low None expected this week Bars measure the point change from Monday's open Off the Shelf 16000 2000 “Shelf registrations” allow a company to prepare a stock or bond for F M A M J J A S O N D J F F M A M J J A S O N D J F sale, without selling the whole issue at once. Corporations sell as Primary NYSE weekly volume, in billions of shares t conditions become favorable. Here are the shelf sales, or takedowns,

market t Composite over the last week: 36 Track the Markets Takedown date/ Deal value 24 Compare the performance of selected Issuer/Industry Registration date ($ mil.) Bookrunner(s) 12 global stock indexes, bond ETFs, currencies and commodities at Glory Star New Media Group Holdings LtdFeb. 22 $12.5 Univest Securities LLC 0 Publishing Sept. 2,320 F M A M J J A S O N D J F wsj.com/graphics/track-the-markets Celcuity Inc Feb. 24 $24.0 Craig-Hallum Group *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Healthcare Sept. 21,318 Brainsway Ltd Feb. 23 $39.3 Oppenheimer Inc Major U.S. Stock-Market Indexes Nasdaq Composite Healthcare Sept. 4,320 Latest Week 52-Week % chg t 682.12, or -4.92% Carnival Corp Feb. 22 $1,015.3 GS High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Leisure & Recreation Jan. 26,321 Dow Jones PAVmed Inc Feb. 23 $45.0 Cantor Fitzgerald & Co Industrial Average 32009.64 30911.37 30932.37 -561.95 -1.78 18591.93 l 31961.86 21.7 1.1 6.4 Healthcare Sept. 10,320 Transportation Avg 13698.09 13182.86 13331.27 57.06 0.43 6703.63 l 13630.55 42.0 6.6 7.4 Freshpet Inc Feb. 23 $345.3 BofA Securities, R W Baird & Co, 14000 Utility Average 845.15 795.33 795.61 -50.90 -6.01 610.89 l 926.14 -5.3 -8.0 5.2 Food & Beverage Feb. 25,320 Truist Financial Corp Total Stock Market 41519.60 39935.51 40254.06 -1159.55 -2.80 22462.76 l 41733.23 33.3 2.6 12.0 Tronox Holdings plc Feb. 24 $348.7 JPM, BofA Securities, DB, MS Chemicals April 24,320 Barron's 400 943.31 904.23 913.00 -21.32 -2.28 455.11 l 943.31 41.9 7.1 7.8 13600 InflaRx NV Feb. 25 $75.0 Guggenheim Partners, Nasdaq Stock Market Healthcare July 8,320 Raymond James & Associates Inc 13200 Nasdaq Composite 13757.06 13003.98 13192.35 -682.12 -4.92 6860.67 l 14095.47 54.0 2.4 21.1 Avita Medical Ltd Feb. 25 $60.1 Piper Sandler, Cowen & Company LLC, Healthcare Oct. 9,320 BTIG LLC, Lake Street Capital Markets LLC Nasdaq-100 13447.37 12758.12 12909.44 -671.34 -4.94 6994.29 l 13807.7 52.6 0.2 22.7 12800 Green Plains Inc Feb. 25 $201.3 Jefferies, BofA Securities Chemicals Feb. 16,321 S&P 19 22 23 24 25 26 500 Index 3928.65 3789.54 3811.15 -95.56 -2.45 2237.40 l 3934.83 29.0 1.5 11.1 February Green Plains Inc Feb. 25 $230.0 Jefferies, BofA Securities Chemicals Feb. 16,321 MidCap 400 2581.02 2466.84 2496.26 -39.13 -1.54 1218.55 l 2577.7 37.6 8.2 9.2 DJ US TSM IT Tech Packaging Inc Feb. 24 Maxim Grp -0.79 l $20.0 SmallCap 600 1330.55 1261.26 1278.56 -10.21 595.67 1323.76 44.5 14.3 10.3 t 1159.55, or -2.80% Forestry & Paper Feb. 22,318 Other Indexes last week Adamas Pharmaceuticals Inc Feb. 24 $55.0 SVB Leerink, W. Blair LLC Healthcare Nov. 7,319 Russell 2000 2289.07 2165.86 2201.05 -65.64 -2.90 991.16 l 2299 49.1 11.5 12.2 NYSE Composite 15566.47 14943.97 15010.47 -352.23 -2.29 8777.38 l 15539.42 21.2 3.3 4.9 American Public Education Inc Feb. 25 $80.0 Truist Financial Corp, Professional Services Feb. 11,321 W. Blair LLC, B Riley Securities Inc Value Line 639.91 611.76 618.14 -10.48 -1.67 305.71 l 638.89 29.8 8.7 3.1 41750 Focus Financial Partners Inc Feb. 25 $336.0 GS, BofA Securities, KKR, NYSE Arca Biotech 6041.82 5637.11 5744.01 -297.81 -4.93 3855.67 l 6319.77 17.5 0.1 6.7 Finance Aug. 30,319 SPC Cptl Mkts LLC, Credit Suisse, BMO Cptl Mkts l NYSE Arca Pharma 698.21 679.05 681.02 -13.74 -1.98 494.36 725.03 14.7 -1.2 7.1 41000 Edesa Biotech Inc Feb. 25 $3.5 HC Wainwright & Co LLC KBW Bank 121.00 112.84 113.40 -0.52 -0.45 56.19 l 119.78 23.8 15.8 -0.6 Healthcare Aug. 30,319 PHLX§ Gold/Silver 144.25 129.72 130.79 -5.99 -4.38 70.12 l 161.14 38.9 -9.3 17.2 40250 PHLX§ Oil Service 58.73 50.48 55.78 3.808 7.33 21.47 l 57.08 7.0 25.8 -26.6 Public and Private Borrowing PHLX§ Semiconductor 3202.55 2960.36 3067.62 -155.84 -4.83 1286.84 l 3238.92 79.9 9.7 30.5 Treasurys Cboe Volatility 31.16 21.31 27.95 5.90 26.76 19.97 l 82.69 -30.3 22.9 20.9 39500 19 22 23 24 25 26 Monday, March 1Thursday, March 4 February §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; announced on February 25; settles on March 4 announced on March 2; settles on March 9 International Stock Indexes Commodities and Currencies A Week in the Life of the DJIA Latest Week 52-Week Range YTD Region/Country Index Close %chg Low Close High %chg Last Week YTD Alook at how the Dow Jones Industrial Average component stocks World MSCI ACWI 657.15 –3.32 384.04 • 685.081.7 Close Net chg % Chg % chg did in the past week and how much each moved the index. The DJIA MSCI ACWI ex-USA 333.11 –3.93 200.33 • 350.01 2.0 lost 561.96 points, or 1.78%, on the week. A$1change in the price of MSCI World 2726.91 –2.83 1602.11 • 2829.67 1.4 DJ Commodity 815.23 3.94 0.49 11.43 any DJIA stock =6.58-point change in the average. To date, a$1,000 MSCI Emerging Markets 1339.26 –6.35 758.20 • 1444.93 3.7 Refinitiv/CC CRB Index 190.43 1.81 0.96 13.49 investment on Dec. 31 in each current DJIA stock component would have returned $30,694, or again of 2.31%, on the $30,000 Americas MSCI AC Americas 1487.56 –2.91 850.77 • 1543.63 1.3 Crude oil, $ per barrel 61.50 2.24 3.78 26.75 Canada S&P/TSX Comp 18060.26 –1.76 11228.49 18492.72 3.6 investment, including reinvested dividends. • Natural gas, $/MMBtu 2.771 -0.220 -7.36 9.14 Latin Amer. MSCI EM Latin America 2214.07 –7.86 1382.94 • 2546.61 –9.7 The Week’s Action Brazil Sao Paulo Bovespa 110035.17 –7.09 63569.62 125076.63 –7.5 Gold, $ per troy oz. 1728.10 -48.20 -2.71 -8.72 Pct Stock price Point chg $1,000 Invested(year-end '20) • chg (%) change in average* Company Symbol Close $1,000 Chile Santiago IPSA 3125.96 –1.09 2045.49 3194.39 9.39 • U.S. Dollar Index 90.93 0.57 0.63 1.11 4.38 4.20 27.63 Chevron CVX $100.00 $1,201 Mexico S&P/BMV IPC 44592.91 –0.68 32964.22 • 46729.30 1.2 WSJ Dollar Index 85.94 0.77 0.90 1.11 3.74 7.66 50.40 Visa V 212.39 972 EMEA Stoxx Europe 600 404.99 –2.38 279.66 • 419.47 1.5 2.93 5.39 35.46 Walt Disney DIS 189.04 1,043 Euro, per dollar 0.8283 0.003 0.38 1.18 Stoxx Europe 50 3124.51 –2.57 2383.14 • 3247.40 0.5 2.84 5.97 39.28 Caterpillar CAT 215.88 1,192 106.56 1.13 1.07 3.14 Eurozone Euro Stoxx 405.70 –1.98 261.53 • 417.14 2.0 Yen, per dollar 2.70 3.55 23.36 American Express AXP 135.26 1,123 Euro Stoxx 50 3636.44 –2.07 2385.82 • 3734.20 2.4 U.K. pound, in dollars 1.39 -0.009 -0.63 1.90 2.35 7.64 50.27 UnitedHealth Group UNH 332.22 947 Austria ATX 3011.57 0.22 1630.84 • 3071.92 8.3 52-Week 1.22 3.86 25.40 Goldman Sachs GS 319.48 1,211 Belgium Bel-20 3761.99 –1.97 2528.77 • 3863.41 3.9 Low Close(l) High % Chg –0.05 –0.06 –0.39 IBM IBM 118.93 957 France CAC 40 5703.22 –1.22 3754.84 • 5797.98 2.7 –0.28 –0.41 –2.70 Travelers TRV 145.50 1,037 Germany DAX 13786.29 –1.48 8441.71 • 14109.48 0.5 DJ Commodity 433.70 l 836.48 44.63 JPMorgan Chase JPM Greece Athex Composite 792.38 1.40 484.40 822.22 –2.1 –0.57 –0.85 –5.59 147.17 1,166 • Refinitiv/CC CMD 106.29 l 195.13 19.43 Israel Tel Aviv 1549.63 –2.12 1171.21 • 1631.18 3.4 –0.59 –1.21 –7.96 Honeywell HON 202.35 956 Italy FTSE MIB 22848.58 –1.24 14894 • 23604 2.8 Crude oil, $ per barrel -37.63 l 63.53 37.40 –0.84 –1.48 –9.74 3M MMM 175.06 1,010 Netherlands AEX 651.26 –4.01 404.10 • 687.43 4.3 Natural gas, $/MMBtu 1.482 l 3.354 64.55 –1.77 –0.81 –5.33 Cisco CSCO 44.87 1,011 Portugal PSI 20 4702.19 –2.40 3596.08 5282.02 –4.0 –1.79 –1.08 –7.11 Dow DOW 59.31 1,081 • Gold, $ per troy oz. 1477.30 l 2051.50 5.37 Russia RTS Index 1411.93 –4.10 832.26 • 1500.58 1.8 –1.90 –0.93 –6.12 Walgreens WBA 47.93 1,213 South Africa FTSE/JSE All-Share 66138.05 –1.97 37963.01 67483.76 11.3 • U.S. Dollar Index 89.44 l 102.82 -7.34 –2.04 –1.15 –7.57 Verizon VZ 55.30 951 Spain IBEX 35 8225.00 0.90 6107.2 • 8910.0 1.9 –2.24 –1.12 –7.37 Coca-Cola KO 48.99 893 Sweden OMX Stockholm 810.78 –1.45 478.95 826.69 5.5 WSJ Dollar Index 84.56 l 97.02 -6.17 • –2.27 –1.69 –11.12 Merck MRK 72.62 888 Switzerland Swiss Market 10522.22 –1.71 8160.79 10964.05 –1.7 • Euro, per dollar 0.8112 l 0.9352 -8.67 –2.51 –5.46 –35.92 Boeing BA 212.01 990 U.K. FTSE 100 6483.43 –2.12 4993.89 6873.26 0.4 • Yen, per dollar 102.37 l 111.24 -1.41 –2.77 –4.52 –29.74 Johnson & Johnson JNJ 158.46 1,013 Asia-Pacific MSCI AC Asia Pacific 206.58 –5.33 121.5 • 220.6 3.3 U.K. pound, in dollars 1.15 l 1.41 8.65 –2.82 –3.59 –23.62 Procter & Gamble PG 123.53 893 Australia S&P/ASX 200 6673.30 –1.77 4546.0 6917.3 1.3 • –2.87 –6.10 –40.13 McDonald’s MCD 206.14 967 China Shanghai Composite 3509.08 –5.06 2660.17 3696.17 1.0 • –2.92 –6.77 –44.54 Amgen AMGN 224.92 986 Hong Kong Hang Seng 28980.21 –5.43 21696.13 31084.94 6.4 Real-time U.S. stock • –3.54 –2.23 –14.67 Intel INTC 60.78 1,227 India S&P BSE Sensex 49099.99 –3.52 25981.24 • 52154.13 2.8 quotes are available on –3.56 –8.59 –56.52 Microsoft MSFT 232.38 1,047 Japan Nikkei Stock Avg 28966.01 –3.50 16552.83 • 30467.75 5.5 WSJ WSJ.com. Track most- Malaysia FTSE Bursa Malaysia KLCI 1577.75 –0.45 1219.72 • 1684.58 –3.0 .COM active stocks, new –5.10 –7.24 –47.64 Nike NKE 134.78 955 Singapore Straits Times 2949.04 2.37 2233.48 • 3025.03 3.7 highs/lows, mutual –6.09 –8.42 –55.40 Walmart WMT 129.92 901 South Korea Kospi 3012.95 –3.05 1457.64 • 3208.99 4.9 funds and ETFs. –6.63 –8.61 –56.65 Apple AAPL 121.26 915 Taiwan TAIEX 15953.80 –2.37 8681.34 • 16452.18 8.3 All are available free at –7.62 –21.30 –140.14 Home Depot HD 258.34 973 –12.19 –30.06 –197.78 salesforce.com CRM 216.50 973 Source:FactSet; Dow Jones Market Data WSJMarkets.com *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 Currencies A consumer rate against its Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 3.16% US$ vs, US$ vs, Fri YTD chg Fri YTD chg 5-year Citadel Federal Credit Union 2.50% 2.50% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) adjustable-rate 4.00% 14% Exton, PA 800-666-0191 s Americas Vietnam dong .00004345 23017 –0.3 t mortgage (ARM) 2.00 Euro Credit Union of New Jersey 2.50% Argentina peso .0111 89.8154 6.8 Europe 3.00 7 Ewing, NJ 609-538-4061 1.50 Brazil real .1786 5.5989 7.8 Czech Rep. koruna .04613 21.679 1.0 One year ago s Canada dollar .7850 1.2740 0.03 Denmark krone .1623 6.1596 1.1 2.00 Hanscom Federal Credit Union 2.63% t 0 Yen 1.00 Chile peso .001381 723.90 1.9 Euro area euro 1.2074 .8283 1.2 Hanscom AFB, MA 800-656-4328 Colombiapeso .000274 3647.00 6.6 Hungary forint .003333 300.06 1.0 5-year Treasury 1.00 STAR Financial Bank 2.75% Tradeweb ICE 0.50 –7 s Ecuador US dollar 11unch Iceland krona .007855 127.30 –0.4 t note yield t Fort Wayne, IN 765-622-4185 Friday Close WSJ Dollar Index Mexico peso .0479 20.8624 4.9 Norway krone .1154 8.6648 1.0 0.00 0.00 –14 Uruguay peso .02316 43.1750 1.9 Poland zloty .2670 3.7456 0.3 M A M J J A S O N D J F Associated Bank, NA 2.88% 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Asia-Pacific Russia ruble .01341 74.582 0.8 2020 2021 Rockford, IL 800-682-4989 Sweden krona .1185 8.4382 2.6 month(s) years Australian dollar .7707 1.2975 –0.2 Switzerland franc 1.1006 .9086 2.7 maturity China yuan .1544 6.4752 –0.9 Turkey lira .1347 7.4246 –0.2 Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1289 7.7563 0.04 Ukraine hryvnia .0357 28.0500 –1.1 Interest rate Last (l)Week ago Low 0246 8High (pct pts) India rupee .01353 73.937 1.2 Corporate Borrowing Rates and Yields UK pound 1.3924 .7182 –1.9 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Indonesia rupiah .0000701 14260 1.5 Japan yen .009384 106.56 3.1 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002395 417.62 –0.9 Bahrain dinar 2.6520 .3771 0.01 Libor, 3-month 0.19 0.18 0.18 l 1.46 -1.80 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1251 7.9950 0.1 Egypt pound .0637 15.6966 –0.3 Money market, annual yield 0.08 0.09 0.08 l 0.50 -0.22 Malaysia ringgit .2466 4.0545 0.8 Israel shekel .3021 3.3100 3.0 U.S.Treasury,Barclays 0.840 0.7801.01 4.95 Five-year CD, annual yield 0.45 0.45 0.45 l 1.38 -1.11 New Zealand dollar .7232 1.3827 –0.7 Kuwait dinar 3.3042 .3026 –0.5 U.S. Treasury Long,Barclays 2.050 2.030-3.80 8.91 30-year mortgage, fixed† 3.19 2.98 2.83 l 4.22 -1.24 Pakistan rupee .00628 159.275 –0.7 Oman sul rial 2.5972 .3850 0.01 Aggregate,Barclays 1.470 1.330n.a. 32 127 2.04 5.30 Philippines peso .0206 48.631 1.3 Qatar rial .2746 3.642 0.01 15-year mortgage, fixed† 2.51 2.41 2.32 l 3.43 -1.40 Fixed-Rate MBS,Barclays 1.780 1.480n.a. 11 132 1.94 4.13 Singapore dollar .7507 1.3321 0.8 Saudi Arabia riyal .2666 3.7506 –0.03 Jumbo mortgages, $548,250-plus† 3.21 3.03 2.85 l 4.36 -1.57 South Korea won .0008890 1124.89 3.6 South Africa rand .0661 15.1265 2.9 High Yield 100,ICE BofA 3.638 3.261 300 278 10186.496 5.321 Five-year adj mortgage (ARM)† 3.16 3.14 2.85 l 3.68 -1.16 Sri Lanka rupee .0051430 194.44 5.0 Muni Master,ICE BofA Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.03 4.04 4.02 l 4.50 0.45 1.079 0.867 18 -12 41 1.203 4.557 Taiwan dollar .03587 27.880 –0.7 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBIGlobal,J.P. Morgan n.a. 4.606 n.a. n.a. n.a. n.a. n.a. Thailand baht .03284 30.450 1.4 WSJ Dollar Index 85.94 0.65 0.76 1.11 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 P2JW060000-2-B00900-1------XA

THE WALL STREET JOURNAL. ** Monday, March 1, 2021 | B9 MARKETS

STREETWISE | By James Mackintosh Volatility Sparks Worries About Inflation

Here are provement to help stocks. Correlation of 10-yearTreasury yield with relativeperformance 60% Break-even U.S. two things What happened this past of S&P500 overNasdaq Composite* inflation rate‡ that are both week seems to be rising con- 2.5% true: A stron- cern that the Fed will keep 40 ger economy its foot on the accelerator is generally for too long—and will have 20 good for stocks, and a stron- to hit the economic brakes 2.0 ger economy means higher hard in the future to tamp Following Treasury yields. Students of down inflation. 0 fiveyears logic don’t have to progress At the start of this month, far in their studies to realize eurodollar futures were –20 1.5 that higher Treasury yields priced for the Fed to raise aren’t, therefore, necessarily rates from the current range good for stocks, and if they of 0% to 0.25% up to 1.5% to –40 Fiveyear missed the class they need 1.75% by 2025, and investors 1.0 do no more than glance at were fine with that. This –60 last week’s markets. month, the market’s begun 1981 '902000 '10'20 to price rates up by another 0.5 his past week, bond half a percentage point by Biggest12-month total return losson30-year Treasurys, by year T yields jumped and then, even as rates for the stocks fell. The trouble next two years are expected –10% was that yields jumped for to remain unchanged (as the reasons other than economic Fed itself says). –20 0 optimism, and stocks didn’t Inflation expectations em- –30 2020 '21 like it. Federal Reserve bedded in the Treasury mar- *100-day correlation of daily change in yield and percentage-pointgap between S&P 500 and Nasdaq Compositedaily change. 100%=perfect linkage. Chairman Jerome Powell ket for the next five years †Lossisascribed to the year wherethe 12-month period ends. ‡Calculatedusing constant-maturityyields used his congressional testi- have risen sharply this Source:Refinitiv mony on Tuesday and month, even as expectations Wednesday to calm the mar- for the five years afterward than just talking about the 500, which includes many book Inc., Apple Inc. and $120 billion, while stocks ket, but an unusual increase have fallen. It may seem bi- overall market, because the more old-line cyclical stocks. Netflix Inc.—as well as Ama- that have beaten the market in yields on Thursday took zarre to worry about what split between tech compa- The link between rising zon.com Inc., often added to since then—about two-thirds down stocks nonetheless. will happen to inflation in nies and cheap economically Treasury yields and the out- the acronym—are down of the index, again showing When yields rise because many years’ time, given in- sensitive cyclical companies performance of the S&P is since then, even as their the broadening out—are the economy improves, it vestors are hopeless at pre- is so extreme—and because the strongest since at least forecast earnings were up- worth less than half that. shouldn’t hurt stocks (the dicting even what will hap- the two parts of the market 1980, with daily changes in graded. Alphabet Inc., née There are two new dan- sheer size of the technology pen next year, but the broad react so differently to Trea- yields explaining more than Google, the fourth of the gers. First, bond yields might sector raises some doubts outline suggests rising con- sury yields and the economy. half of the relative perfor- quartet, is up. rise even further, without this time, but leave that for cern that the Fed is taking it Tech companies and simi- mance. Usually changes in The cyclicals offer more any further strength in the later). Yes, higher yields re- too easy. lar growth ones aren’t very yields have little bearing on near-term growth, while the economy to compensate. duce the value of companies’ It is true that the Fedcan sensitivetothe stateofthe relative performance. acronym stocks’ promise of Second, the market leader- longer-term profits, but a bring high inflation back un- economy, but areverysensi- growth far into the future is ship might have switched stronger economy means der control moreeasily than tivetochanges to bond yields. e ought to see this made less valuable by higher from cyclicals to speculative more of those profits in the it canpush up lowinflation. Cyclical stocks arehighly sen- as a good thing. bond yields. stocks, an unlikely mix of sitivetothe stateofthe econ- W first place. But if inflation gets toohigh, Just as the tech The market is broader, electric vehicles, clean en- When yields rise because it might have to hit the econ- omy, but not much affected by sector and the Nasdaq did too. Up to Sept. 1, the S&P ergy, cannabis and bitcoin bondholders are spooked by omyhardtobring prices Treasurys.And in both cases, very well even as the econ- 500 rose 9% even as more that finds its nexus in Tesla the size of Treasury auc- back under control, and the they areboth moresensitive omy crumbled, they should than half of its members fell, Inc. boss Elon Musk and tions, or when upward mo- combination of rising rates than in the past. underperform or even fall because it was the biggest ARK Investment Chief Exec- mentum takes over, or when and aweaker economyis We can measure this very outright as the economy re- stocks that went up the utive Cathie Wood. If specu- investors fear a change in definitely bad forstocks. simply by comparing Nasdaq covers. Exactly this has hap- most. Stocks that beat the lative excess ends badly, the approach by the Fed, there’s We can be more granular stocks, which tend to be pened for the FANGs since market over the period have fall might drag down much no offsetting economic im- about the impact on stocks growth-oriented, to the S&P the start of September. Face- an average market value of of the rest of the market.

capital to Greensill through the nesses. Bank Eyes four funds.Sold to pensions, Last October,aGreensill Goldman Executive to Run corporatetreasurersand spokesperson said the com- wealthyfamilies,the funds in- panyhas aregular dialogue Reducing vest in securities created by with German regulatorsand Greensill that fill the short- said the bank’sexposuretoMr. Walmart Fintech Startup term financing needs of hun- Gupta’scompanies wassignifi- Ties to Firm dredsofcompanies. cantly loweratthat point than Credit Suisse has grown at thetime the report wasre- BY PETER RUDEGEAIR concerned over Greensill’sre- leased. ContinuedfrompageB1 lationship with Mr.Gupta, a It isn’t clear what percent- A Goldman Sachs Group brainchild of former Citigroup former Greensill shareholder, ageofthe Credit Suisse funds Inc.executivewho helped

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nies stretch out the time they steel mills and other distressed funds,which has $7.3 billion in cus consumer unit, is leaving FO have to paytheir bills. industrial businesses. assets, according to adocu- thebank to runarecently un- It countsformer U.K. Prime ment viewed by The Wall veiled Walmart financial-tech- MBARD

Minister David Cameron as an Street Journal. nologystartup,according to LO Y

adviser,and itsmain financial Credit Suisse has Anypossible changeinits people familiar with the matter. AM backer is Japanese tech con- relationship with Credit Suisse Mr.Ismail, who joined Gold- Omer Ismail will leave to run the retailer’s fintech startup. glomerate SoftBank Group been a steady comes at achallenging time man nearly 20 yearsago, was Corp.Greensill owns abank in supplier of investor forGreensill.The firm had an- among agroup of executives an investor event last month. sumerand wealth manage- Germanyand also does deals ticipated extending $173 billion who came up with astrategy “This new approach will help ment division last September. that arecloser to traditional capital to Greensill. in financing last year,accord- to expand intodigital banking us deliver forthem in adiffer- Goldman also recently hired merchant-banking services, ingtoapresentation viewed services in 2014. By the end of entiated way more quickly.” Swati Bhatiafrompayments such as lending to large invest- by the Journal, but ultimately last year,that businessgener- Joining Mr.Ismail at Wal- startup Stripe Inc.inasenior ment projects. provided $143 billion, flat from ated $1.2 billioninannual rev- mart will be David Stark,some role at Marcus. In supply-chain finance, Last week,abid by one of the year before. Several Green- enue,amassed $97 billion in of the people said. Aformer “Our businesshas serious Greensillcompetes with tradi- Mr.Gupta’scompanies to ac- sill clients hit financial trou- depositsand held $8 billion in Citigroup Inc.executivewho momentum and adeep and tional bankssuch as Citigroup quirethe steel operations of bles last year,while companies consumer-loan balances. joined Goldman in 2015,Mr. growing bench of talent,” a and JPMorganChase &Co. for Germany’sThyssenkrupp AG it partnered with loosened Walmart said in January Stark helped it land and build Goldman spokesman said in an investment-grade clients. Some failed afterthe companyended ties. that it wascreating amajor- credit-cardofferingswith Apple email. A Walmart representa- of Greensill’sblue-chip clients talks over adeal. Greensill has recently been ity-owned fintech subsidiary Inc.and General MotorsCo. tivedidn’t respond to are- includeAstraZenecaPLC and German bankingregulator trying to raise as much as $1 in apartnership with venture- BloombergNewsearlier re- quest for comment. Ford Motor Co.Greensill has BaFin last year began probing billioninfresh capital. That capital firm Ribbit Capital, a ported that Messrs. Ismail and Following Mr.Ismail’sde- also extended financing to ties between Mr.Gupta’sbusi- processwas initially expected backer of Credit Karma Inc., Stark were leaving Goldman parture, Harit Talwar will re- lesser-known companies,in- nesses and Greensill’sGerman to have been completed by Affirm HoldingsInc.and other to join Walmart’sstartup. turn to amoreactivemanage- cludingsmall start-up busi- banking unit, according to a early January, but it has fast-growing startups. Goldman has reshuffled the ment role at Marcus.Mr. nesses and companies that are person familiar with the probe. stalled as the firm seeks to ad- “Our customershavebeen ranks of itsconsumer busi- Talwar previouslyserved as considered higher-risk borrow- Areport from Scope Ratingsin dressthe issues related to its clear that they want more ness in recent months.Former the global head of Goldman’s ers. 2019 said about two-thirds of Guptaexposure, according to from us in terms of financial strategychief Stephanie Co- consumer businessuntil the Credit Suisse has been a the bank’s loan book was people familiar with the fund- services,” Walmart Chief Exec- hen waspromoted to global start of 2021, when he moved steady supplier of investor linked to Mr.Gupta’sbusi- raising. utiveDoug McMillon said at co-head of Goldman’scon- into the role of chairman.

THE TICKER | MARKETEVENTSCOMING THIS WEEK

Monday Hewlett Packard Marvell Technology Earnings expected* Enterprise 0.41/0.44 Group 0.29/0.17 Estimate/Year Ago Construction spending Ross Stores 1.00/1.28 Okta (0.01)/(0.01) Broadcom 6.56/5.25 Dec., previous up 1.0% Target 2.54/1.69 Splunk 0.03/0.96 Burlington Stores Jan., expected up 0.8% Veeva Systems Vroom (0.37)/n.a. 2.11/3.25 0.68/0.54 Cooper 2.78/2.69 ISM mfg. index Costco Wholesale Jan., previous 58.7 Thursday 2.44/2.10 Feb., expected 58.9 Wednesday EIA report: natural-gas Kroger 0.69/0.57 Opendoor Technologies Earnings expected* Previous change in stocks in EIA status report billions of cubic feet Estimate/Year Ago (0.12)/n.a. Previous change in stocks in down 338 Dentsply Sirona millions of barrels 0.64/0.73 Crude-oil stocks Factory orders Friday Middleby 1.42/1.96 up 1.3 Dec., previous up 1.1% Nonfarmpayrolls Novavax (2.23)/(1.13) Gasoline stocks up 0.0 Jan., expected up 2.0% NRG Energy 0.45/1.27 Distillates down 5.0 Jan., previous 49,000 Sarepta Therapeutics Initialjoblessclaims Feb., expected 218,000 (1.80)/(3.16) ISM nonmfg index Previous 730,000 Zoom Video Jan., previous 58.7 Expected 755,000 Int’l trade deficit Communications Feb., expected 58.7 in billions Productivity 0.79/0.15 Mort. bankers indexes Dec., previous $66.61

S 3rd qtr., prev. down 4.8% Purch., prev. down 12% Jan., expected $67.50 4th qtr. prel., exp. PRES Tuesday Refinan., prev.down 11% down 4.7% Unemployment rate Earnings expected* ZUMA Earnings expected* Jan., previous 6.3%

A/ Unit labor costs Estimate/Year Ago Estimate/Year Ago Feb., expected 6.3% AutoZone 12.86/12.39 Brown-Forman 3rd qtr., prev. 6.8% INHU

/X Bentley Systems 0.43/0.48 4th qtr. prel, exp. Consumer Credit 0.16/n.a. Dollar Tree 2.12/1.79 up 6.7% Dec., previous OLING up 9.7 bil. XIA * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in Jan.,expected WU parentheses) u Adjusted for stock split Costco Wholesale is expected to report per-share earnings of $2.44, up from $2.10 a year earlier. Note: Forecasts are from Dow Jones weekly survey of economists up12.0bil. P2JW060000-0-B01000-17FFFF5178F

B10 | Monday, March 1, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY China Cinemark Shines Needs to Without the Drama SetLabor Among U.S- based movie-the- Share-priceperformance,

S ater chains, AMC Entertainment year to date

ForceFree PRES has definitely provided more en- tertainment of late. But Cine- 800% ZUMA mark’s comparatively boring show AMC A/ might be more worth tuning in to. 600 Entertainment Easier internal migration INHU Texas-based Cinemark has been /X is crucial to keep growth overshadowedbythe attention in-

CHENG vestorshavefocused on itscompet- 400

GUO itor.NexttoGameStop, AMC has China’s perennial struggle with Graduates at a job fair at Hainan University in Haikou, China, in October. become perhaps the second hottest wasteful investment is well known. in acrowd of so-called meme 200 Less well appreciated is the scale siveantipoverty drives under the ered economic gains comparable to stocks favoredbythe WallStreet- of wasted and frustrated talent, as last two Chinese administrations. what China experienced afterits ac- Betscrowd on Reddit. BeforeCine- Cinemark government regulations have long Urban disposable incomes,which cession to the World Trade Organi- mark’sfourth-quarter resultsFri- 0 prevented millions of workers were over three times the ruralav- zation. Strikingly,residentsof daymorning,AMC shares were up from settling in China’s biggest, eragein2007,now aremorelike2½ smaller cities and ruralareas would 291% so far this year compared –200 most dynamic cities. times.Add in the agricultural land have benefited too, because more with about 31% forCinemark. Fixing that will be essential to rightsrural residentsenjoyathome, efficient production in big cities AMC’sweaker financial footing Jan. 2021 Feb. maintain growth, especially if Bei- pricey urban rent, limited access to would have loweredgoods prices seemed to be adraw forthe risk- Source:FactSet jing continues to dodge tough fi- education and insuranceintown— nationwide and increased opportu- addicted YOLO crowd,who sawthe nancial-sector reforms and alien- and the relativeattractivenessof nities fordomestic trade.The model companyasteetering on bank- including the tax refunds it ex- ate major trading partners in the city lifewanes further. finds that China’sexport market ruptcy and as apossible invest- pects to receive. years ahead. No surprise then that urbaniza- sharewould have increased as well. ment or buyout target by abigger Cinemark has good reason to be China’shousehold registration, tion has also slowed. Thenumber of Manylocal governmentsinlarger Hollywood player. Cinemark by moreupbeat sinceits last report or hukou,systemisaholdover Chinese employedinurban areas cities aretaking matters intotheir contrast has long been considered on Nov.5,which came just days from the 1950s that restrictsthe grew only 1.9% in 2019,half the ownhands as labor-force pressures the most financially stable of the beforenews of the firstmajor cor- ability of citizens to access social growth rate of 2010 and the slowest rise,particularly forhighly educated major theater chains.Michael onavirus vaccine breakthrough. A services or buy property outside rise since1990.Thereare early signs immigrants. AfterHangzhou, home Pachter of Wedbush wrotetocli- growing paceofvaccinations and the area wherethey were born. The of astructural labor shortage: Since of Alibaba, relaxed hukou require- entslast week that he expectsCin- plunging infection ratesisallowing system has been progressively loos- 2013,the year the nation’sworking- mentsfor collegegraduates in 2019, emark “tocome out of the pan- NewYork theaterstostart reopen- ened. But it still makes lifedifficult agepopulation (age15to64) peaked neighboring Shanghai followedup demic relatively unscathed.” Of ing March 5,and Cinemark Chief fornew graduates and migrant la- in size, the ratio of urban job open- last year by announcing that all new AMC,hepredicted, “itwill be years ExecutiveMark Zoradi said Friday borers, particularly in the largest, ingstoworkershas steadily risen to graduates from four topschools— beforeAMC is able to revisit its he expectsthe key marketsofLos most cosmopolitan cities likeBei- 1.4, up from 1.1 in 2012. and all doctoral graduates—em- prior growth strategyasitrepays Angeles and SanFranciscotobegin jing,Shanghai and Shenzhen. PolicymakersinBeijing are ployedinthe city could obtain itsgrowing mountain of debt.” reopening “inthe coming weeks.” Whenthe nation wasyounger, well aware of the danger but are Shanghai hukous. Cinemark’s fourth-quarter reve- Of course,evenafinancially poorer and in need of hugeinvest- wary of the fiscal burden—and But decisiveaction will probably nue plunged 88% from a year ear- strong theater chain has to grap- mentsinhousing and infrastruc- public backlash from residents—of have to await amorereformist lier to $98.2 million, and atten- ple with the existential question of ture, that matteredless. But the allowing free immigration to big stancefromthe country’scentral dance was about 10% of the prior whether the pandemic has perma- storyisdifferent now: Further sus- cities.New national policies in leadership.Shanghai, despiteboast- year’s comparable period. The nently impaired the industry. tainable growth depends on funnel- 2014and 2019 focused primarily ing among the highest average company said it burned about $65 Meanwhile,Mr. Zoradi takes ing workersintothe technology, on lowering barrierstosettling in wagesinthe country, has barely million in cash a month during the some comfort in the demand the high-end-services and export-ori- small and medium-sizecities, seen itspopulation grow over the quarter. Still, revenue well ex- companyhas seen forolder films. ented industries concentrated in rather than in the biggest and past five years. Thepopulation of ceeded Wall Street’s expectations, Morethan half of the privatewatch the big coastal and riverine cities most dynamic. neighboring Hangzhou, with itsrela- thanks in part to some innovative partiesduring the fourth quarter as population growth slows sharply. Recentresearch suggeststhat tively easier hukou requirements, moves such as private watch par- were forolder libraryfilms such as China’srural population—still maybeasubstantial mistake. ADe- rose 17%from2014to2019.Hang- ties, where families or other small “Elf” that arewidely available on enormous at over 550 million in cember working paper from econo- zhou is also,unsurprisingly,growing groups rent a full auditorium for home streaming services.Mr. Zoradi 2019—is significantly older and bet- mistsatthe Management University quicker.IfShanghai wantstoremain $99. These accounted for 24% of said this reinforceshis viewthat teroff than just afew yearsago. of Singaporeand the National Uni- competitiveitwill probably need to U.S. admissions revenue for the “people areyearning fornormality.” City dwellersstill makefar more versity of Singaporefound that less- take morebracing action soon—the quarter. The company also says its If so,Cinemark maybeinabetter money overall, but that advantage restrictivehukou policies in large same goes forChina itself,inthe “cash runway” extends into the position than itsrivals to enjoyit. has narrowed, in part due to aggres- cities last decade could have deliv- yearstocome. —Nathaniel Taplin fourth quarter, and even into 2022 —Dan Gallagher Acommission-free trade is only as smart as youare.

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