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Biden Chooses Yellen to Lead U.S. Treasury P2JW329000-6-A00100-17FFFF5178F ****** TUESDAY,NOVEMBER 24, 2020 ~VOL. CCLXXVI NO.124 WSJ.com HHHH $4.00 DJIA 29591.27 À 327.79 1.1% NASDAQ 11880.63 À 0.2% STOXX 600 388.84 g 0.2% 10-YR. TREAS. g 9/32 , yield 0.857% OIL $43.06 À $0.64 GOLD $1,837.80 g $34.80 EURO $1.1842 YEN 104.55 The Face of Hong Kong Activism Awaits Jail What’s Biden Chooses News Ye llen to Lead Business&Finance U.S. Treasury iden plans to nominate B former FedChairwoman Janet Yellen, an economist at President-elect JoeBiden firstwoman to lead the Fed, the forefront of policy-making plans to nominateformer Fed- would become the firstperson forthree decades,tobecome eral ReserveChairwoman Janet to have headed the Treasury, the next Treasurysecretary. A1 Yellen, an economist at the the central bank and the forefront of policy-making for WhiteHouse Council of Eco- TheU.S.economy contin- three decades,tobecome the nomic Advisers. ues to recoverfromthe pan- next Treasury secretary, ac- Ms.Yellen declined to com- demic-induced downturn, ac- cording to people familiar with ment on Monday. cording to businesssurveys the decision. Separately,Mr. Biden’s tran- that showservices and manu- sition team said he would nom- facturing activity growing By Nick Timiraos, inateAlejandroMayorkas to despiterising infections. A2 Kate Davidson lead the Department of Home- U.S. stocks rose, with and Ken Thomas land Security and Avril Haines theDow,S&P 500 and Nas- as director of national intelli- daq advancing 1.1%, 0.6% If confirmed by the Senate, gence. Both areformer Obama and 0.2%, respectively. B9 Ms.Yellen would become the administration aides.John firstwoman to hold the job. Kerry, who wassecretaryof GM will no longer back the Mr.Biden’sselection positions stateunder President Barack Trump administration in its the 74-year-old labor econo- Obama, will serveasspecial legal battle to strip Califor- mist to lead his administra- PleaseturntopageA2 nia’sauthority to set itsown tion’seffortstofurther the re- fuel-efficiencyregulations. B1 covery from the destruction Manufacturing’s rise gives GM agreed to recall 5.9 caused by the coronavirus pan- recovery a boost...................... A2 million sport-utility and demic and shutdowns. Biden assembles national- pickup-truck models to re- Ms.Yellen, who was the security team............................ A4 place potentially faulty Takataair-bag inflaters. B2 /REUTERS Index compilers FTSE SIU Russell,JPMorganand MSCI ONE Trump ClearsWay are rethinking their stance TYR on securities of companies DETAINED:Pro-democracy leadersJoshua Wong, right,and Ivan Lamare takenintocustody in the U.S. government says Hong Kong afterpleading guilty to inciting aprotest lastyear. Athirdformer student leader, help the Chinese military. B1 Agnes Chow, alsopleadedguilty.The three will be held until theyare sentencedDec.2.A10 To StartTransition Japan’s detention of Ghosn for more than four BY ANDREW RESTUCCIA structed aides to cooperatewith months with limited access AND REBECCA BALLHAUS the transition approved by the to legal counsel wasarbitrary GSA, though he pledged to con- and violated his human rights, AstraZeneca Widens List WASHINGTON—President tinue legal effortstooverturn a U.N. panel concluded. B1 Trump said his administration theelection result. Merck is buying OncoIm- would cooperatewith Presi- “I believewewill prevail!” mune, which has reported Of Promising Virus Shots dent-elect JoeBiden’stransition Mr.Trump tweeted. “Neverthe- positive results from a to the WhiteHouse,ending a less,inthe best interest of our late-stage study of a coro- delaythat had come under in- Country, Iamrecommending navirus therapeutic candi- creasing criticism from mem- that Emily and her team do what date, for $425 million. B3 BY JENNY STRASBURG widespread vaccinations by one from Moderna Inc.and bersofboth parties as Mr. needs to be done with regard to AND JOSEPH WALKER the end of the year. one from Pfizer Inc.and Ger- Trump’slong-shot effort to initial protocols,and have told Snap is launching avideo- AstraZenecaand Oxford many’s BioNTech SE. overturn the election foundered. my team to do the same.” sharing feature to rival Tik- LONDON—AstraZenecaPLC said their vaccine wasasmuch Thelimited resultsatthe General Services Administra- Thedecision by the GSA Tok, a move that will let and the University of Oxford as 90% effectiveinpreventing topend of the range, however, tion chief Emily Murphy, who came as Michigan certified the usersproducecontent with added their vaccine candidate the infection without serious came close to matching those had been formally holding up resultsofits election, which hopes of it going viral. B4 to agrowing list of shots side effects, though they said of the rival drugmakers. Each the transition formorethan two Mr.Biden won, and authorities showing promising effective- thevaccine’sefficacyvaried PleaseturntopageA8 weeks citing uncertainty in the PleaseturntopageA4 World-Wide nessagainst Covid-19—setting widely based on dosage. results, said on Mondayher in motion disparateregulatory At the lowerend, its62% No letup in sight for cases, agencywould provide Mr.Biden Michigan certifies election and distribution tracks that efficacytrailed the trial re- deaths............................................ A6 federal resourcesmeant to en- outcome........................................ A4 Trump said his admin- executives and researchers sultsoftwo other Western-de- Merck to acquire biotech firm sureasmooth transfer of power. Gerald F. Seib: For GOP, risks istration would cooperate hope will result in the start of veloped vaccine candidates, with a Covid treatment....... B3 Mr.Trump said he has in- in postelection fight rise..... A4 with Biden’s transition to the White House, ending a delay that had come under increasing criticism from INSIDE DuPont’s Travails Shaped membersofboth parties. A1 Michigan officials certified the Nov.3election results, and President-Elect’s Business Views Pennsylvania moved closer to ratifying Biden’svictory, fol- lowing effortsbyTrump and S his supporterstodelayfinal PRES OL Targeted by Wall Street, ‘Uncle Dupie’ shed Delaware jobs, broke up approval of the outcome. A4 PO UMA Biden rolled out anational- S /Z NG security team with deep gov- PRES BY JACOB M. SCHLESINGER ance, Mr. Biden singled out DuPont as a SC G/ ernment experience, declaring E/ “conscientious corporation” for paying a his intent to nominatethe first OV To see what President-elect Joe Biden higher rate. He celebrated his long-shot 1972 woman to oversee the U.S. GR thinks is wrong with the economy today and victory in the Gold Ballroom of the Hotel du ZWIGENBER intelligencecommunity. A4 MUS how he would try to fix it, look to his rela- Pont. tionship with DuPont Co. For much of his life More than four decades later Mr. Biden, OHAD AstraZeneca andOxford DEAN the company was the largest employer and by then Barack Obama’s vice president, University said their WORLD NEWS BUSINESS&FINANCE philanthropist in his home state of Delaware, watched with concern as DuPont, struggling Covid-19 vaccine was as funding schools, libraries and theaters. to boost profits, was targeted by an activist much as 90% effective in Netanyahu traveledto GM backsoff preventing infection with- Saudi Arabia to legal battle over At age 29, Mr. Biden staffed his first Sen- shareholder, sold the hotel, eased out its ate bid with DuPont employees, who opened chief executive, merged with another com- out serious side effects. A1 secretly meet the California emission a campaign office on the highway built by pany, split into three pieces and cut its Dela- TheU.S.reported 142,732 crownprince. A10 rules. B1 and named for the chemical giant. While ware workforce by one-fourth. new cases of coronavirus bashing other big companies for tax avoid- PleaseturntopageA12 and registered a record number of hospitalizations forthe 13th straight day. A6 Thanksgiving Sen. Dianne Feinstein will Malls AttractShoppers step down as topDemocrat on the Judiciary Commit- Rookies Face tee, after drawing criticism As Covid-19 CasesRise from the party’s progres- Cooking Solo sivewing over her handling Shoppersvisited malls this with retailers, health officials of Barrett’s Supreme Court iii past weekend saying they and consumerstrying to navi- confirmation hearings. A3 People used to wanted to do holidaybuying gate the pandemic.Walmart Israel’sNetanyahu secretly beforepotential shutdown re- Inc.and Target Corp.reported met Saudi Arabia’s crowN being guestswill last week strong sales,and ex- prince in the first known By Sarah Nassauer, ecutives said shoppershave meeting between those lead- trypreparing feast Elizabeth Findell been busy buying gifts along ersoftwo longtime foes. A10 and Nora Naughton with household essentials. Franceopened atrial into BY JENNIFER lEVITZ This week,investorsare AND CHARLES PASSY strictions areimplemented or scheduled to getupdates from whether Sarkozytried to bribe to avoid Black Friday crowds, Best Buy and apparel shops amagistrateinanattempt to obtain information about a Tradition dictates that the as the spreading coronavirus such as Gap Inc. Many chains policeprobe of his 2007 presi- Guglielmofamily—Ryann, her looms over the season. areclosing on Thanksgiving husband, Paul, and now, their TiffanyLambert and her 15- and posting their Black Friday dential campaign finances. A11 toddler Leo—leave their home year-old son hunted foraN deals online. in Rochester,N.Y., to celebrate XboxSeries X, anew hard-to- TheNational RetailFedera- CONTENTS Opinion.............
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