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The Look of Love Why Cycling Paris’S Musée Du Luxembourg Focuses on Beats Football Fragonard’S Idealized, Romantic World ARTS | A9 the BACK PAGE | A12

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The Look of Love Why Cycling Paris’S Musée Du Luxembourg Focuses on Beats Football Fragonard’S Idealized, Romantic World ARTS | A9 the BACK PAGE | A12 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com Jason Gay on The Look of Love Why Cycling Paris’s Musée du Luxembourg focuses on Beats Football Fragonard’s idealized, romantic world ARTS | A9 THE BACK PAGE | A12 | TUESDAY, SEPTEMBER 29, 2015 ~ VOL. XL NO. 21 WSJ.com ASIA EDITION DJIA 16089.22 g 1.38% S&P 500 1896.75 g 1.79% NIKKEI 17645.11 g 1.32% STOXX 600 341.57 g 2.21% OIL 44.65 g 2.30% GOLD 1133.20 g 1.12% EURO 1.1232 À 0.29% YEN ¥119.81 g 0.65% What’s In Hong Kong, Umbrellas Return to Mark an Anniversary Alcoa News Unveils Plan Business&Finance To Split luminum maker Al- Acoa, hurt by depressed prices, said it plans to split BY JOHN. W. MILLER into two publicly traded AND CHELSEY DULANEY companies next year. A1 Alcoa Inc. said Monday that Glencore shares hit a it plans to split into two pub- new low on concerns that licly traded companies next persistently low commodity year, a move that would iso- prices will cripple its debt- late the aluminum maker’s laden balance sheet. A1 more profitable downstream Comcast plans to spend parts units from its raw-alumi- $1.5 billion for control of a num operations. theme park in Japan. B1 The split is a dramatic cor- porate consequence of the Shell said it would end commodity bust driven by a its drilling program in the slowdown in Chinese eco- Alaskan Arctic after a dis- nomic growth. As it consumes appointing summer. B1 less, China has found itself Energy Transfer will ac- stuck with a glut of metals, es- quire Williams Cos. in a pecially aluminum and steel, $32.6 billion deal that will which it has been shipping create a U.S.-wide network abroad, causing trade frictions of natural-gas pipelines. B1 PHILIPPE LOPEZ/AGENCE FRANCE-PRESSE/GETTY IMAGES and depressing markets. A YEAR LATER: Demonstrators gathered at Hong Kong’s government headquarters Monday, one year after protesters occupied roads The new raw business, bat- The clamor for corpo- to demand open elections. Crowds were small compared with last year, when thousands wielded umbrellas against police tear gas. tered by falling aluminum rate bonds in China is en- prices, will include Alcoa’s abling some companies to bauxite-mining, alumina-refin- issue debt at the lowest ing and aluminum-production yields in five years. A1 businesses. Alcoa said the Stock markets fell as company, which will retain the fresh evidence that China’s China’s Hot Bond Market Alcoa name, would have had economy is slowing added revenue of $13.2 billion in the to fears about the outlook year ended June 30. for global growth. B11 Demand for corporate tested in front of Bengbu city market in less than a month. summer. It’s overheated and The downstream company, hall, saying their new homes Heavy investor demand al- full of bubbles,” said Wang which Alcoa for now is calling Apple said it has sold bonds enables some were smaller than advertised, lowed RiseSun to sell the Jing, deputy general manager its “value-add company,” will more than 13 million of its that basements leaked and el- bonds at a yield of 5.3%. at the fixed-income depart- include its global rolled-prod- new iPhones. B3 firms to issue debt at evators flooded. The clamor for corporate ment of China Securities ucts, engineered-products and lowest yields in 5 years That didn’t stop RiseSun bonds in China is enabling Credit Investment Co., a fi- solutions, and transportation- World-Wide Real Estate Development Co., companies like RiseSun to is- nancial-services firm in Shen- and-construction businesses. BY SHEN HONG the heavily indebted company sue debt at the lowest yields zhen. The various parts of the that built the apartments, in five years. Property developers ike company “now each have the Obama said the U.S. is SHANGHAI—On July 30, from selling 4.1 billion yuan “China’s corporate-bond RiseSun have benefited as in- strength and scale to each prepared to work with hundreds of owners of apart- ($643 million) worth of five- market is looking more and vestors flocked to China’s big stand on their own,” Alcoa Russia and Iran to find a ments built by a midsize Chi- year bonds that day, the sec- more like the red-hot stock domestic corporate-bond Chief Executive Klaus Kleinfeld resolution to the conflict nese property developer pro- ond time it tapped the bond market before its crash in the Please see BONDS page A2 Please see ALCOA page A2 in Syria, but he couldn’t accept a return to pre-civil war rule by Assad. A3 Shell Comes Up Dry in the Arctic Iraq said it would be INVESTORS PRIZE open to Russian reconnais- sance flights in its air- space to spy on Islamic State militants. A3 FACE TIME WITH BOSSES China will establish a 10-year $1 billion “peace Brokers, analysts arrange special access to top executives for clients and development” fund to support the work of the BY SERENA NG That hunch was confirmed in July. U.N., President Xi said. A4 AND ANTON TROIANOVSKI P&G says it is careful not to reveal market- sensitive information to investors and analysts Taliban militants took Procter & Gamble Co. Chief Executive A.G. who get special access to the company. For the control of most of the Af- Lafley speaks on just one earnings conference past 15 years, selective disclosure by compa- ghan city of Kunduz. A4 call a year, down from his previous practice of nies has been illegal under U.S. securities rules. Trickles of salt water every quarter. The company says that helps Yet the same rules explicitly allow private mayflowonMars,NASA- him stay focused on pulling P&G out of a meetings like those by P&G. funded scientists said. A7 growth slump. The result is a booming back channel DANIELLA BECCARIA/ASSOCIATED PRESS But Mr. Lafley still meets regularly with in- through which facts and body language flow Pope Francis said a fun- PULLING OUT: Royal Dutch Shell has retreated from a controversial vestors in private. In March, Mr. Lafley’s com- from public companies to handpicked recipi- damental right to consci- Arctic drilling campaign that was questioned by investors, ments during a string of conversations with in- ents. Participants say they’ve detected hints entious objection extends environmental groups and religious and political figures. B1 vestors in New York gave a Wall Street analyst about sales results and takeover leanings. More to public officials. A7 who was present the strong impression that he common are subtle shifts in emphasis or tone Nepal curtailed fuel use would step aside as CEO sooner than expected. Please see ACCESS page A6 following weeks of pro- tests against the country’s new constitution. A4 Glencore Soviet Impersonators Battle to Move The Catalonia election gave separatists control of Shares Hit From Proletariat to Bourgeoisie parliament but left them iii short of a clear mandate. A3 New Low on Moscow’s Bolshevik look-alikes fight Debt Worry for tourist dollars; ‘Drunk Lenin’ The Journal’s news digest, updated all day for your phone BY SCOTT PATTERSON BY JAMES MARSON anywhere from 200 rubles AND ALEX MACDONALD (around $3) to 1,000 rubles, Download What’s News MOSCOW—In the shadow depending on the visitor’s ne- on the App Store LONDON—Investors of the Kremlin, Joseph Stalin gotiating skills. pounded shares of Glencore and Vladimir Lenin clashed The dispute between the PLC on Monday, sending the over how to divvy up the two leaders of the global pro- CONTENTS Opinion.............. A10-11 giant miner and trader down spoils of their little letariat late June Arts............................... A9 Personal Journal.. A8 Business News.. B1-6 Sports........................ A12 nearly 30% to a new all-time enterprise. ended in a scuffle, Crossword.............. A12 Technology............... B3 low amid fresh concerns that Lenin felt he according to city of- Heard on Street. B12 U.S. News.......... A5,A7 persistently low commodity wasn’t getting a fair ficials and other im- Markets Digest.. B10 Weather................... A12 prices will cripple its debt- share, while Stalin’s personators, expos- Money & Inv.... B7-12 World News....... A2-4 laden balance sheet. apparent grievance ing the seamier side China: RMB28.00; Hong Kong: HK$23.00; The Swiss company’s stock was his erstwhile of capitalism Indonesia: Rp25,000 (incl PPN); Japan: Yen620 (incl JCT); Korea: Won4,000; has collapsed in recent months comrade’s betrayal around Moscow’s Malaysia: RM7.50; Singapore: S$5.00 (incl GST) despite a series of moves de- in forming a new al- main tourist site. KDN PP 9315/10/2012 (031275); MCI (P) NO. 076/08/2015; SK. MENPEN R.I. NO: 01/ signed to bolster investor con- liance—with an- Lenin imperson- SK/MENPEN/SCJJ/1998 TGL. 4 SEPT 1998 fidence and ease its debt bur- other Stalin. ator Igor Gorbunov den. Adozenorso said the Stalin look- The company’s stock closed impersonators— Sergei Solovyov alike, Latif Valiyev, at 69 pence on the London who specialize in followed him into Stock Exchange—down from duping dictators—work the an underpass near Red Square 97 pence in the morning and crowds near Red Square, jos- and jabbed him in the back down 87% from its splashy ini- tling for cash from tourists’ with an umbrella.
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