WANT TO START FUTURES TRADING? ADVERTISEMENT THERE’SNOTIMELIKETHEPRESENT. LearnmoreabouttradingFutureswithTDAmeritradeonR6. ***** MONDAY, AUGUST 13, 2018 ~ VOL. CCLXXII NO. 36 WSJ.com HHHH $4.00 Last week: DJIA 25313.14 g 149.44 0.6% NASDAQ 7839.11 À 0.3% STOXX 600 385.86 g 0.8% 10-YR. TREASURY À 26/32 , yield 2.859% OIL $67.63 g $0.86 EURO $1.1412 YEN 110.90 What’s White-Nationalist Rally, Dwarfed by Protesters, Fizzles Investors News Focus on Turkish Business&Finance Lira’s Fall lphabet’s Google is Awooing partners in Higher U.S. tariffs China for a potential ex- pansion there even as its on steel and aluminum search engine and Gmail increase uncertainty remain officially blocked. A1 in currency markets Private-equity firms are increasingly lending to BY JACOB M. SCHLESINGER midsize companies, fueled AND MICHAEL WURSTHORN by an influx of cash from yield-hungry investors. A1 Emerging-market investors U.S. oil companies, are preparing for an unsteady primed to reap the bene- start to the week after a week- fits of rising prices after end marked by heightened years of wringing more from rhetoric, renewed trade ten- wells for less, are seeing prof- sions and a deeper slide in the its erode as costs rise. B1 Turkish lira. The lira sank to a record Digital currency Tether low on Sunday evening after hasn’t produced an audit collapsing last week. The cur- showing it has the dollar rency is now down more than reserves to back its ap- 40% this year, while bond proximately $2.5 billion of JIM LO SCALZO/EPA/SHUTTERSTOCK yields have skyrocketed, push- coins in circulation. B1 SPARSE RANKS: A year after a violent gathering of white nationalists in Charlottesville, Va., Jason Kessler, center, led a march billed ing Turkey onto the edge of a Bridgepoint is selling a as a ‘white civil-rights rally’ in Washington. Fewer than 20 people joined Sunday as thousands turned out to protest the rally. A3 financial crisis. Turkey’s vul- minority stake in itself to nerabilities include high levels Neuberger Berman unit of foreign-currency debt, a Dyal to help finance the current-account deficit and firm’s expansion plans. B3 rising borrowing costs. President Trump on Friday Qualcomm reached a doubled steel tariffs on Turkey settlement with Taiwan as its government battled the over patent licensing that Google Courts China Partners currency collapse. The deci- revokes a previous finding Google has been building a government to allow such a searcher Marbridge Consult- sion marked a departure for against the chip maker. B4 network of Chinese app devel- By Douglas MacMillan move, Google can point to its ing. “Chinese authorities want the U.S., which has generally Online mattress seller opers, manufacturers and ad- in San Francisco, local partners as examples of to support domestic champi- tried to calm global markets Casper plans to open 200 vertisers as it presses Beijing Shan Li in Beijing how the company contributes ons as much as possible,” Mr. during times of financial tur- of its own stores in the next to let the internet behemoth and Liza Lin in to economic growth. That is Natkin said. moil in emerging markets, es- three years to parry competi- introduce censor-friendly ver- Shanghai a contrast to its U.S. rival Even after Google retreated pecially when investors are tion from internet copycats. B3 sions of its now-banned web Facebook Inc., which also from China in 2010 in protest gripped by fear of contagion. services. Those partners will likely covets the China market but of government hacking and Mr. Trump raised tariffs on World-Wide As part of a charm offen- prove crucial to a secretive has had less success getting censorship, the company kept PleaseturntopageA8 sive under Chief Executive project, dubbed “Dragonfly,” in traction. most of its staff in place and Sundar Pichai, Google has pro- which Google is testing a mo- By working with local play- continued to operate busi- Erdogan blames U.S. for Emerging-market in- vided tools and support to a bile version of its search en- ers, Google is building the nesses other than search. It dispute........................................... A8 vestors are preparing for growing number of partners in gine that would adhere to case that it is boosting the now has more than 700 em- Emerging markets can an unsteady start to the the country that rely on the China’s strict censors, people country’s economy, said Mark ployees—roughly split be- withstand shock.................... B10 week after days of height- unit of Alphabet Inc. to reach familiar with the matter said. Natkin, managing director at tween salespeople and engi- Heard on the Street: Trouble ened rhetoric, renewed trade global customers. To convince the Chinese Beijing-based industry re- PleaseturntopageA2 unlikely to go global............ B10 tensions and another slide in the Turkish lira. A1, A8 The theft and pilot-di- Drillers’ Costs Rise With Oil Prices rected crash of a plane in Out of Syria’s Chaos, Washington state has The median crude-oil price at which producers can turn a profit highlighted continued weak- drilling a new shale well fell rapidly during the commodities slump. nesses in airport security. A3 A Tycoon Builds a Fortune It has since leveled off. B1 White nationalists and $120 a barrel counterprotesters rallied in Washington, D.C., on the first anniversary of violent clashes 100 in Charlottesville, Va. A3 Samer Foz has managed to get rich without getting sanctioned Ex-West Wing aide 80 Omarosa Manigault-New- BY SUNE ENGEL RASMUSSEN AND NAZIH OSSEIRAN Syria’s wartime economy of getting rich man secretly recorded a without getting sanctioned. As a result, he Selected top conversation with White HOMS, Syria—Fighting has reduced whole has become the Assad regime’s most impor- 60 U.S. oil fields House chief of staff Kelly. A4 neighborhoods of Syria’s third-largest city to tant conduit for business deals. ruins. The acres of scrap metal left behind Mr. Foz plans to build skyscrapers on land Eagle Ford Trump’s lawyers be- are now being melted into rebar by a steel in Damascus the regime forcibly acquired 40 Permian–Midland lieve they can weather a plant to rebuild demolished homes. from opposition members. Earlier this year, Bakken negative report by Mueller Permian–Delaware The plant is owned by Samer Foz, a ty- he became the majority shareholder, along- 20 and are prepared to rebut any coon who built a fortune out of a war that side the government, in the capital’s luxury conclusions, Giuliani said. A4 shattered his country. Four Seasons hotel, where foreign officials 2012 ’15 ’18 Leaders of five Caspian In a country many businessmen fled as stay as they try to provide humanitarian aid Source: Rystad Energy ShaleWellCube THE WALL STREET JOURNAL. Sea nations signed an ac- fighting raged, Mr. Foz stayed. He dealt with and uphold a diplomatic presence. cord on resource owner- many sides in the conflict, distributing Along the way, the 45-year-old Mr. Foz ship on the inland sea. A8 wheat to Islamic State-held territory and to has run afoul of the authorities in Turkey, Kurdish-controlled land. Running businesses and his relations with the regime have led A battle between gov- that ranged from pharmaceuticals to cement, some diplomats in the region to question ernment and Taliban he stayed close to the government as well, why he is able to remain free of Western Private-Equity Firms forces for an important Af- and has lately has been doing business with sanctions. ghan city intensified. A7 it. For the next stage of his career, Mr. Foz Push Into Lending Died: V.S. Naipaul, 85, No- Mr. Foz has managed the rare feat in PleaseturntopageA10 bel laureate in literature. A7 BY MIRIAM GOTTFRIED of credit terms. For smaller AND RACHEL LOUISE ENSIGN loans, “I don’t think it could The Latest Fad for Whiter Teeth Is to Turn Them Black become any more borrower JOURNAL REPORT Private-equity firms have friendly than it is today,” said iii long been some of the biggest Kent Brown, who advises mid- The View owners of companies. Now size companies on debt at in- From the Top Beauty bloggers love testing charcoal toothpaste; ‘goes with tattoos’ they are vying to become vestment bank Capstone some of their biggest lenders. Headwaters. C-Suite Strategies Fueled by an influx of cash The market is poised to R1-6 BY ANNE MARIE CHAKER smiles before a rinse reveals from yield-hungry investors, grow as behemoths and what they say are more- buyout firms are now financ- smaller outfits angle for more Rachel Funchess has a se- pearly whites. ing deals banks won’t. In all, action. In December, KKR & CONTENTS Markets............... B9-10 cret weapon to get her teeth “It goes with tattoos and nonbanks—many private-eq- Co. struck a partnership to Business & Finance B2 Opinion.............. A15-17 Business News... B3,6 Sports....................... A14 really white. First she turns edginess and a feeling of ‘I’m uity firms—held more than create the largest business-de- Crossword.............. A14 Technology........................ B4 them black. using this because I’m in the half a trillion dollars worth of velopment company, an in- Heard on Street... B10 U.S. News......... A2-4,6 “I literally just got black know,’ ” says Lu Ann Williams, loans to midsize companies at vestment vehicle dedicated to Journal Report... R1-6 Weather................... A14 goo everywhere,” says the 19- director of innovation for In- the end of 2017, up from about making business loans. Life & Arts....... A11-13 World News.......