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 A Private Shortcut Jack Ma Alibaba and For Airport Lines Counterfeiting THE MIDDLE SEAT | D1 OPINION | A11 ELAINE THOMPSON/ASSOCIATED PRESS ****** THURSDAY, JUNE 23, 2016 ~ VOL. CCLXVII NO. 146 WSJ.com HHHH $3.00 DJIA 17780.83 g 48.90 0.3% NASDAQ 4833.32 g 0.2% STOXX 600 341.32 À 0.4% 10-YR. TREAS. À 4/32 , yield 1.687% OIL $49.13 g $0.72 GOLD $1,268.00 g $2.50 EURO $1.1297 YEN 104.41 What’s U.K. Vote to Ripple Across Globe BY RIVA GOLD camps—two points here, three the strongest European econo- could just be the dose of confi- the price of gold, to the Swiss News points there, a point here. The mies, would be unburdened by dence needed to lift U.S. franc, to Japanese monetary The ramifications of the last volley of polls Wednesday uncertainty about its long- stocks. policy. U.K.’s referendum Thursday on gave a mixed verdict—some term future. Prime Minister The Leave camp believes an “It may be a decision that is Business&Finance European Union membership for Leave but one with an David Cameron would carry on exit would benefit Britain in being made by folks locally to will spill through Britain’s pol- eight-point edge for Remain. for a term that lasts four more the long term. But investors, determine their future…but it itics, Europe’s brittle economy Betting markets, bookies and years. Financial markets would economists and analysts say in Please see VOTE page A6 arkets are bracing and the world’s restive finan- traders still lean toward Re- return to focusing on the pace the short term it would take Mfor the U.K. referen- cial markets. main. of interest-rate rises in the the world’s stocks, bonds and Greg Ip: Real impact of exit dum on EU membership, A frenzy of recent polls has A Remain vote would, in U.S., growth in China and the currencies—especially the would be gradual, global..... A2 with a vote to leave expected ping-ponged a tiny lead be- most respects, be a return to price of oil. With investors British pound—on a wild ride. U.S. fears lost clout under to send stocks, bonds and tween the Remain and Leave the status quo: Britain, one of now holding lots of cash, it They are braced for changes to ‘Brexit’ vote................................ A6 currencies on a wild ride. A1 U.S. stocks snapped a two-day winning streak as oil prices fell. The Dow Pandemonium in the House Over Gun Legislation eased 48.90 to 17780.83. C4 Judge The share of Americans with subprime credit scores Torpedoes has fallen to the lowest level in over a decade, a trend that could boost lending. A1 Federal Bank of America is in talks with the SEC about paying up to $450 million to settle Limits on allegations it violated rules to safeguard client accounts. C1 Tesla shares fell more Fracking than 10% as its plan to ac- quire SolarCity got a cold BY AMY HARDER reception from investors. B1 Twilio raised more than it A federal judge in Wyoming expected in its IPO, an offer- blocked an Interior Depart- ing that comes amid a tough ment rule setting stricter patch for some tech firms. C1 standards for hydraulic frac- turing on public lands, the lat- Yellen sparred with House est blow to an administration lawmakers who grilled her environmental agenda that has on issues including Fed inter- drawn wide opposition from est payments to banks. A2 Republicans and industry offi- Existing-home sales rose cials. to their highest level in over U.S. District Judge Scott nine years in May and me- Skavdahl issued a ruling late dian prices set a record. A2 Tuesday invalidating the regu- lation, saying the Interior De- VW shareholders assailed partment hadn’t received the management in the wake of HOUSE TELEVISION/ASSOCIATED PRESS necessary authority from Con- the emissions scandal, with SHOWDOWN: Speaker Paul Ryan, shown in a video image, brought the House into session late Wednesday after a sit-in by Democrats. A3 gress. The same judge last some calling for the board year signed a preliminary in- chairman to step down. B3 junction blocking the rule un- Global regulators called til he made a final decision. for new rules to bolster the Mr. Skavdahl, whom Presi- safety of mutual funds. C2 dent Barack Obama nominated CHINA’S ROLE IN U.S. OPIOID CRISIS in 2011, said the issue before World-Wide his court wasn’t whether fracking “is good or bad for Global network delivers chemicals used to make fentanyl, up to 50 times as powerful as heroin the environment or the citi- A federal judge blocked zens of the United States,” but an Interior Department rather whether Congress had rule setting stricter stan- BY JEANNE WHALEN AND BRIAN SPEGELE by trading not only in finished fentanyl but re- given the Interior Department dards for hydraulic frac- Deadly Drug lated products subject to little or no regulation the authority to regulate the turing on public lands. A1 Fentanyl seizures reported by Last spring, Chinese customs agents seized in China or internationally. These include some practice. 70 kilograms of the narcotics fentanyl and copies of fentanyl known as analogs, as well as The department’s rule “is in Washington has voiced forensic labs in the U.S. acetyl fentanyl hidden in a cargo container the chemical ingredients and pill presses used excess of its statutory author- concerns that a “Brexit” 13,001 12,000 seizures bound for Mexico. to produce the drug, according to the docu- ity and contrary to law,” Mr. vote would buffet the U.S. The synthetic opium-like drugs were so po- ments and interviews. Skavdahl wrote. economy and cause diplo- 10,000 tent that six of the agents became ill after han- The China Food and Drug Administration de- The ruling highlights the matic and strategic rifts. A6 8,000 dling them. One fell into a coma. clined to comment on the sale and production limits of presidential executive Cameron pledged to The cargo had traveled through five freight of fentanyl and referred questions to the Minis- power in an era when Con- pursue greater EU over- 6,000 forwarders before reaching customs, obscuring try of Public Security, which didn’t respond. gress is unwilling or unable to hauls if Britons back his its exact origins, according to an internal U.S. Fentanyl and its analogs are killing Ameri- agree on legislation ranging call to stay in the bloc. A6 4,000 Drug Enforcement Administration intelligence cans at an alarming rate, marking a deadly new from environmental policy to House Democrats wrested 2,000 briefing reviewed by The Wall Street Journal. chapter in the nation’s struggle with opioid ad- immigration. control of the chamber to de- 0 One thing is clear: The shipment and a host diction. Fentanyl is up to 50 times as potent as An Interior Department mand votes on new gun curbs, of others, detailed in the DEA briefing, court heroin but easier and cheaper to produce, spokeswoman declined to 2009 ’11 ’13 ’15* leading to a raucous confron- documents and interviews with government of- made from chemicals instead of fields of pop- comment on the substance of tation with Republicans. A3 *2015 subject to further updates as labs ficials in multiple countries, are part of a vast pies. Legal versions of fentanyl have been sold the ruling, but she said the continue to process and report evidence. drug-distribution network beginning in China as painkillers or anesthetics since the 1960s. agency’s regulation reflects Trump unleashed a se- Source: Drug Enforcement Administration data obtained via FOIA that feeds lethal fentanyl to the Americas. Today, illicit batches are driving a surge in fracking standards already ries of blistering attacks THE WALL STREET JOURNAL. The network often avoids efforts to stop it Please see DRUGS page A8 Please see FRACK page A2 on Clinton, drawing rebut- tals from the Democrat. A4 Over 50 executives,in- To Vote in ‘Brexit’ Referendum, cluding several longtime Millions Rise Republicans, will endorse It Helps to Be From Tuvalu Clinton for president. A4 Oracle #1 White Americans no lon- iii Out of Ranks ger account for the majority in hundreds of counties, ac- Baffling rules embrace certain foreigners Of Subprime cording to census figures. A3 while nixing citizens; Gimli’s torment Cloud ERP Social Security and Borrowers Medicare will begin to BY MAX COLCHESTER lived on the Isle of Man, a BY ANNAMARIA ANDRIOTIS spend more than they earn AND JENNY GROSS small rainy island in the Irish by the end of this decade, Sea, equidistant from the Eng- The percentage of Americans new projections show. A3 LONDON—If you’re a Ugan- lish and Irish coasts, which is with subprime credit scores has Rubio said he would run dan living in Gibraltar, you can known mostly for a type of cat fallen to the lowest level in for re-election to the Sen- vote in Thursday’s referendum with a stumpy tail and a mo- more than a decade, a develop- ate seat he had previously that will decide the fate of torcycle race. Because techni- ment that could give bank lend- planned to give up. A4 Britain’s European cally the Isle of Man ing and the overall economy a Union membership.