Consumer-Goods Makers See Pandemic Changes As Lasting

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ON/ For Virus onsumer-product com- MS SA

Cpanies are expanding S factories and revamping

THOMA Relief production lines, wagering that work-from-home habits will outlast the corona- President calls for virus pandemic. A1 /REUTERS; Congress to increase  Chinese regulators moved NIESNER direct payments, cut to rein in fintech giant Ant, telling it to switch itsfocus LISI some spending items back to itsmainstay payments businessand rectifyproblems BY NATALIE ANDREWS in faster-growing areas. A1 AND ANDREW RESTUCCIA

 China’scentral bank con- RENZINI/REUTERS; cluded itssecond digital-cur- LO WASHINGTON—President rencypilot program, moving Trump signed asweeping pan-

closer to aformal rollout JENNIFER demic-aid bill on Sundaynight that would makethe country : ending astandoff with Con- the firstmajor economyto LEFT gress and paving the way for OM

introducesuch asystem. A9 FR millions of Americans to get economic relief as the corona-

 Thepandemic has trig- WISE virus pandemic surges across

geredthe largest revision to OCK the country. the value of oil-industryas- CL FIRST DOSE: Clockwise from left, nurse Elena Betti reacts after receiving the vaccine Sunday in Florence; a health-care Mr. Trump objected to the setsinatleast adecade,as worker is vaccinated in Vienna; and a 78-year-old woman gets her shot in Sevran, on the outskirts of Paris. A8 legislation last week,after it companies sour on costly had already passed Congress projectsamid the prospect with overwhelming bipartisan of lowprices foryears. A1 support, saying that lawmak-  U.S. retail sales rose 2.4% ersneeded to increase the size between Nov. 1 and Christ- of direct payments to Ameri- mas Eve compared with Consumer-Goods Makers See cans to $2,000, up from $600 the same period last year, per adult and per child forin- with online sales growing dividuals with adjusted gross 47.2%, according to Mas- incomes under $75,000. tercard SpendingPulse. B1 Pandemic Changes as Lasting He signed the legislation under pressurefromlawmakers of  Theeconomic impact of both parties.Inastatement, the the resurgenceincoronavirus president called on Congressto infections in the West has BY ANNIE GASPARRO continue working remotely upgrading equipment to make forgrocery makers, whose removewhat he called wasteful been far lessthan that of the AND SHARON TERLEP some or all of the time once moreat-home lunch foods. sales surgedwith the onset of spending in the bill and said he firstwave, in part because of the pandemic subsides. General Mills Inc.has added a the pandemic.Those compa- would send lawmakersalist of businesslessons learned. B1 Consumer-product compa- As aresult, manyfood-and- manufacturing line forCinna- nies initially added shifts and provisions he wantselimi-  Global IT spending is ex- nies areexpanding factories consumer-productscompanies mon Toast Crunch cereal at a narrowedproduct variety to nated—an effort that Demo- pected to reach just under and revamping production areinvesting in factories, Georgia factory, which the increase capacity,but many cratssaid they would block. $3.7 trillion next year,up lines,wagering that work- equipment and brands to pro- companysaid is one of its resisted making longer-lasting PleaseturntopageA4 4.3% from 2020,according from-home habitslikegrowing vide moreofthose items for most expensivecapital proj- investments that could back- to Gartner estimates. B3 beards and fixing quick years to come, seeking to ac- ectsever. Kimberly-Clark fire if demand waned. lunches will outlast the coro- commodate consumerswho Corp. is converting a plant to Thepandemic has lasted so  Facedwith rapid deterio- Mixed Impact navirus pandemic. are making more coffee, buy- maketoilet paper forhomes long that people have formed ration in their finances in Millions of Americans spent ing morecasual clothes and instead of offices,and Procter newhabitsand bought equip- 2020,America’scolleges and In Pocketbook much of the year working tending beards with trimmers &Gamble Co.isadding beard- ment to help them work from universities issued arecord from home.While legions of and balm rather than shaving care productsinaddition to home for years, said Bob No- amount of bonds this year. A6 The pandemic jolted finances employers are planning to re- them off. Gillette razors. lan,Conagra’shead of con- in surprising ways for many open their offices, many have ConagraBrands Inc.and These decisions follow an sumer insightsand data. “This Americans...... B1 World-Wide said they would let employees KraftHeinz Co.are buying and unparalleled period of growth PleaseturntopageA2

 Trump signed sweeping Drilling Down pandemic-aid legislation af- China Acts The oil industry's impairments exceeded everyother sector this ‘Startup City’: terhehad voiced objections, ending astandoff with Con- year,the largestinatleastadecade. gressand paving the way To Limit Oil-and-gas asset Write-downs by industry, formillions of Americans to write-downs,impairmentsof Q1-Q3 2020 Breakneck Growth receiveeconomic relief. A1 oil properties and goodwill, Oil and gas Q1-Q3 of each year  Authorities identified An- Ant Group thonyWarner,63, as the man $0billion Financials Strains Austin responsible forthe bombing Consumer Influence discretionary in Nashville, Tenn., saying -25 they believe he acted alone Industrials and died in the explosion. A3 BY XIE YU -50 Communication Arrival of Oracle, Apple, Tesla hampers the  Police are struggling to services city’s struggle to stay affordable solvemurdersashomicides Chinese financial regulators -75 Materials rise and the Covid-19 pan- moved to rein in Ant Group Co., demic creates new chal- the financial-technologygiant -100 Health care BY ELIZABETH FINDELL and consulting firm Deloitte lenges to cracking cases. A3 controlled by billionaireJack AND KONRAD PUTZIER and private-equity firm Trit- Ma, telling it to switch itsfocus Consumer staples ium PartnersLLC.  Asurge in newly reported -125 Covid-19 infections in the U.S. back to itsmainstay payments Information AUSTIN, Texas—A few The project’s developer, businessand rectifyproblems technology years ago, some blocks of Andrew Joblon, said he saw liftedthe national totalabove in faster-growing areas such as -150 Austin’s South Congress Ave- a need for national luxury 19 million cases,though the -$120 -80-40 0 personal lending,insuranceand 2011 ’15 ’20 billion nue featured a castle-themed brands in a place where number of hospitalizations wealth management. wax museum and comic book more well-paid executives continued to ease over the Note:Companies worth morethan $1 billion in the U.S., Canada and Europe. Oil write-downs China’scentral bank on Sun- shop, a neighborhood bar were coming. To Brad Som- Christmas holiday. A7 excluding reﬁners and pipelines. Sources: S&P Global Market Intelligence(oil); S&P Capital Market Intelligence(by industry)  Doses of monoclonal anti- daycriticized Ant forits be- with $1 taco deals, an auto ers, a manager of the havior toward competitorsand shop and, in season, a Santa Twomey Auto Works that bodies,Covid-19 therapies au- consumers, and what regula- Claus on horseback. was there 28 years before its thorized foremergencyuse, aresitting unused in hospital tors said wasproblematic cor- Oil Company Assets Then, as at so many other lease was terminated, it was pharmacies, even as cases porategovernance. It said the places in Austin, the con- another reminder that some company“despised” complying struction cranes came. longtime Austinites can’t af- surge acrossthe country. A7 with regulations and engaged Those blocks recently re- ford their own city any  TheEUbegan acampaign Get Big Cut in Va lue in regulatoryarbitrage, with- opened with a strip of mod- more. to vaccinate its citizens against Covid-19,with health- outproviding specifics. ern urban buildings with “It pains me to drive by care workers and nursing- Thestatement from the BY COLLIN EATON at least2010,according to a shops offering national it,” he said. People’sBank of China fol- AND SARAH MCFARLANE Wall Street Journal analysis. brands from Lululemon to Le Austin has tried hard to home residentsfirst in line. A8 lowedaSaturday meeting That totalsignificantly sur- Labo perfumes. The $2,000+ hang on to its particular cul-  Bipartisan groups of law- among the central bank,repre- Thepandemic has triggered passed write-downs takenover private membership club ture over years of booming makersare pushing forhate- sentatives of Ant, and China’s the largest revision to the the same periods in 2015 and Soho House and an Hermès growth and popularity, crime bills in South Carolina securities,banking and for- value of the oil industry’sas- 2016,during the last oil bust, store are on the way. Office which have attracted money and Arkansas, two of three eign-exchangeregulators. It setsinatleast adecade,as andisequivalent to roughly tenants include accounting PleaseturntopageA10 states without laws that was presented as a Q&A with companies sour on costly proj- 10%ofthe companies’ collec- penalize such offenses. A3 thePBOC’sdeputy governor ectsamid the prospect of low tive market value.  A gunman identified as Pan Gongsheng. prices foryears. Companies acrossthe major PleaseturntopageA9 an active-duty soldier killed Oil-and-gas companies in Western economies arewriting INSIDE three and wounded three in North Americaand Europe down moreoftheir assets dur-  Chinese city test-drives a wrotedownroughly $145 bil- ing the coronavirus pandemic a Saturday night shooting digital yuan...... A9 lion combined in the firstthree than they have in years. But at a bowling alley in Rock-  Heard on the Street: Alibaba’s quartersof2020,the most for the oil industryhas written

ford, Ill., police said. A3 CK unwelcome present...... B10 that nine-month period since PleaseturntopageA6  Died: Phil Niekro, 81, TO baseball Hall of Famer. A2 SHUTTERS

CONTENTS Opinion...... A15-17 Recycling Christmas Trees—Into Post-Holiday Meals A/

Arts in Review... A13 Outlook...... A2 /EP BusinessNews...... B3 Personal Journal A11-12 iii OV Business&FinanceB4 Sports...... A14 Crossword...... A14 U.S. News...... A2-7

Cooks use needles, branches for pickles, ice cream, smoked fish SHIPENK HeardonStreet... B10 Weather...... A14

Markets...... B9 World News...... A8-9 XIM BY CHARLES PASSY getting rid of the tree. ularly itsever-fragrant nee- MA Julia Georgallis, a 32-year- dles,tomakeChristmas tree > The Christmas celebration old, London-based industrial pickles.OrChristmas tree hot- WORK &LIFE SPORTS inevitably gives way to the designer-turned-trained baker, smoked fish. Or perhaps best Grandparents step up Covid-19 rips through post-Christmas cleanup, reis calling upon holiday revel- of all, Christmas tree ice as working parents Russia’s tight-knit pletewith such less-than- ers to consider an alternative cream. merrytasks as taking down —at least when it comes to “For some reason, when turn to them forhelp communityofelite s 2020 Dow Jones & Company, Inc. All Rights Reserved the decorations,putting away that last step.Her suggestion: you mix Christmas trees with likenever before. A11 skaters. A14 the good china and, of course, using aChristmas tree,partic- PleaseturntopageA10 P2JW363000-4-A00200-1------XA

A2 | Monday, December 28, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Mike Cherney Supply-Chain Woes Lead to New Thinking

Thecorona- places.Higher inflation and Exports from China and the the chessboardgot scrambled. ply chains is expensive, and center to China—have in- virus pan- interest ratescould follow. Asia-Paciﬁc region have People aretrying to figure the incentivetokeep produc- creased their exportstothe demic snarled “Ifyou go intoaworld of bounced back sincethe start of out, whereare companies tion in low-cost countries U.S. in recent months,said the world’s morediversified supply the pandemic. putting the pieces now?” could be overwhelming. Rajiv Biswas, Asia-Pacific sprawling sup- chains,which almost certainly In May, nearly aquarter of Thepandemic “doesn’t ap- chief economist at IHS ply chains for will be lessefficient…you Change in exportrevenues companies told the Institute pear to be afundamental Markit. Elsewhere, the Japa- months,shutting factories, could start to see inflationary sinceDecember 2014* forSupply Management that game-changer in the way that nese government launched a disrupting shipping and mak- pressures building,” said 20% they areplanning or have be- supply chains arerun,” said newprogram this year to pay ing it difficult forcompanies Shaun Roache, chief Asia-Pa- guntoreshoreor“nearshore” Carter McNabb, apartner at companies to shiftsome pro- to getproductsfromfactories cific economist at S&P Global Asia-Paciﬁc some or most of their opera- GRASupply Chain PtyLtd., a duction back to Japan and to consumers. Ratings, who previously 10 countries tions.That same month, 93% consulting firm with offices countries in Southeast Asia, Now, manycompanies are worked forthe International of executives told McKinsey & around Australia. “But it cer- Mr.Biswassaid. considering changing the MonetaryFund. Co.they would exploreapo- tainly has created pause for Among the companies model to avoid futureproduct One idea being discussed in 0 tential overhaul of their sup- businesses to look moreinto moving already is AmaeroIn- shortages and transportation corporateboardrooms is ply chains. their supply-chain risks and ternational Ltd., acompanyin delays,evenifitmight in- called “regionalization.” That –10 Some companies areal- resilience.” Australia that 3-D-printsaero- crease costs. Some arelook- involves sourcing components ready making changes.Branch spaceand defense compo- ing at moving production or setting up factories in mul- APAC excluding China Furniture, an office-furniture thas proven particularly nentsout of titanium powder. closer to home.Othersare tiple partsofthe world at –20 startup in NewYork,recently tough to diversifyaway Because of the pandemic, considering spreading small once, and then using each re- chose to work with two do- I ’15 ’16 ’17 ’18 ’19 ’20 from China, whose facto- Amaeroisfast-tracking anew factories around the world in- gion to supply productsto mestic manufacturersinCali- ries reopened quickly in the factoryinAustralia that will stead of putting all their man- customersinthe closest mar- *Three-month average of seasonally adjusted fornia to launch anew line of spring,while other countries be able to processthe metal export revenues in U.S. dollars, excluding ufacturing in one place. kets.Ifafactoryisclosed due mineral fuels. panels and partitions that struggle to control the virus. intothe powder it needs,soit to adisruption in one place, it Source:S&P Global Ratings giveworkersmoreprivacy, China’sshareofAsia-Pa- will no longer have to obtain hereislittle evidenceof will only impact sales in afew said Verity Sylvester, aco- cific export goods has re- the powder from half adozen abig shiftsofar,given nearby markets, without af- Asia—in aracetokeep costs founder of the company. mained steady in most key suppliersglobally. T low. Thedisruption from the the costsand the un- fecting customerselsewhere. Much of Branch’sother furni- product markets, dipping Stuart Douglas, Amaero’s certainty.But surveysand in- Other companies arecon- coronavirus pandemic rein- tureisstill made in China, but slightly in officeequipment executivedirector forstrategy terviews with corporateexec- sidering expanding moreat forced the feeling that the Ms.Sylvester decided to make and computersbut rising in and growth, said it nowtakes utives showsome have home,avariation of the idea caution waswarranted. the productsdomestically be- categories liketransport about twiceasmuch time for started to makechanges and of “reshoring,” or bringing “The chessboardfor manu- cause she couldn’t travel to equipment and electrical ma- powder to reach Australia manyare seriously consider- manufacturing back to acom- facturing and production has China to see samples and chinery, according to arecent from processing plantsin ing them, though consultants pany’shome market from been set in acertain way for oversee production likeshe analysis from S&P Global Rat- China as beforethe pandemic. saythe moves could take sev- abroad. the last 20 years,” said Chris- usually does.“Ilovethat ings. Overall, Asia-Pacific non- Thecompanywas already eral yearstoroll out. Manyexecutives have tian Lanng, chief executive some of our productscome fuel exportsare back aboveor planning anew factorybefore Their decisions could ripple panned these ideas in the and co-founder of Tradeshift from the U.S.,” she said. close to pre-Covid and pre- the pandemic.But the recent through the global economy, past, calling them tooexpen- Network Ltd., which runs a But manycompanies re- trade warlevels—suggesting supply-chain disruptions fueling growth in some places siveand inefficient. But the platform that helps compa- main hesitant, particularly therehasn’t been anybig “made us push the button while curbing it in others. U.S.-China trade warleft nies and their suppliersbuy nowthat the initial disruption shiftinsupply chains yet. earlier,” he said. Prices forconsumer goods manycompanies wary of con- and sell partsand compo- from the pandemic has eased Still, countries likeViet- could rise,ascompanies centrating toomuch produc- nents. “What happened with and global trade has re- nam—long viewedasanalter-  Industries limit disruption source from moreexpensive tion in one place—often Covid plus trade waristhat bounded. Setting up newsup- nativelow-cost manufacturing from new virus surge...... B1 ECONOMICCALENDAR Makers of The lastweek of the year from the prior month, amid ris- will be quiet on the economic ing home prices and lowinven- data front, with major financial tory. Consumer markets closed on Fridayfor THURSDAY NewYear’s Day. Economists surveyed by The Wall Street Journal areexpect- Goods Shift WEDNESDAY ing weekly joblessclaims to The National Association of have risen in the week ended S

Realtors releases pending Dec. 26. Newclaims forunem- ContinuedfromPageOne PRES

home sales data forNovember. ploymentinsuranceare seen in- gives us confidencethat this UMA While the housing market was creasing to 835,000 from isn’t just aflash in the pan,” /Z astrong spotfor the economy 803,000 the week prior,asa he said. in the spring and summer, surge of coronavirus cases Conagrasaid it is adding a

pending home sales dropped in acrossthe U.S. has prompted manufacturing line at an Iowa TRIBUNE/TNS

October and areexpected to fall some states to impose newre- factorythat would substan- GO again in November,by0.3% strictions on businesses. tially increase itscapacity to HICA

makeHealthyChoice, Marie /C Callender’s and other frozen AK U.S. WATCH meals.The food maker has BZD also invested to speed up ma-

chines making Orville Reden- ZBIGNIEW OBITUARY OREGON bacher and Act II popcorn at Kraft Heinz is spending $100 million to add production capacityfor items such as mac and cheese cups. an Indiana factory, predicting Niekro, Knuckleball Portland Sees people will continue watching Household Staples Charmin toilet paper and Wizard, Dies at 81 String of Shootings movies at home forsome Bounty papertowels,and time. Sales of somefoods and consumer products have risen during Georgia Pacific LLC,maker of Baseball Hall of Famer Phil Policeare investigating four Global WorkplaceAnalyt- the pandemic. Brawny paper towels and Niekro, who pitched well into his shootings thatleft twopeople ics,atelecommuting re- Change in dollar sales from previous year forselected consumer Quilted Northern toilet paper, 40s with aknuckleball thatbaf- wounded within about three hours search-and-consulting firm, products said they don’t plan to add fled big league hitters formore in Portland on Saturdaynight. estimates that roughly a substantial capacity forcon- than twodecades, mostly with Twopeople, a15-year-old girl quarter of U.S. workerswill Microwavepopcorn sumer-gradeproducts. the Atlanta Braves, has died af- and aman, were wounded in two be home at least several days But P&Ghas invested this teralong fightwith cancer,the of the shootings in differentloca- aweek at the end of 2021, Paper towels year in productsaimed at team said Sunday. He was81. tions but were able to walk into compared with about 4% be- bearded men alongside itsGil- The Bravessaid Mr.Niekro hospitals seeking treatmenton fore the pandemic.For in- Mac and cheese lette razors and shaving died Saturdaynightinhis sleep. their own, policesaid. stance, Google parent Alpha- cream. Estee Lauder Cos.and He lived in the Atlanta suburb In the thirdshooting, ahome bet Inc.plans to have Bath tissue Coty Inc.haveexpanded skin- of Flowery Branch, wherea wasstruck by at leastnine bul- employees return to offices care lines as makeup sales main thoroughfarebears his lets, which went through the living starting next fall instead of Frozenprepared have fallen. foods name. room and into the bedrooms, but thesummer,but the technol- J.M. Smucker Co.has re- Packagedcoffee Mr.Niekrowon 318 games no one wasinjured. ogygiant will test allowing startedidle machines and ret- overhis 24-year career,which The final shooting happened at staff to continue working rofitted otherstomakesizes Hand &body lotion ended in 1987 at age 48 after aconveniencestore after three from home forpart of each andvarieties of Folgersand he made one final start with teens stole items and an em- workweek. Dunkin’coffee that it expects Facial skin care the Braves. ployeeconfrontedthem, police Kate Lister,GWA’s presi- to be popular with people Astatue of Niekrodelivering said. One of the teens spit on the dent, said that the morepeo- working from home,such as a Consumer packaged his trademark pitch is located worker beforeleaving and, mo- plewho makeworking from goods new30-ouncecanister of outside of TruistPark, the ments later, shots were fired into home apermanent part of 0% 10 20 30 Dunkin’ coffee. Braves’ stadium. the store,policesaid. The em- their routine during the pan- Note:For the 37 weeksending Nov. 14 Smucker’s Chief Operating Mr.Niekroalso led the ployeewasn’tinjured. demic,“the greater the adop- Source:Nielsen OfficerJohn Brase said, “We league in losses four straight The string of shootings follows tion we will see when the dust would be crazy not to be op- seasons, losing 20 games in afatal shooting at an apartment settles.” $100 million to add morepro- Xavier Unkovic. portunistic.” both 1977 and 1979. in Portland on Christmas morning. Campbell Soup Co.said this duction capacity next year. Other companies expect to —Associated Press —Associated Press month that it expectsremote “This is abusinessthat has benefit from workers’ return- THE WALL STREET JOURNAL workerstowant moreofits been relatively flat forawhile ing to offices.Clorox Co., (USPS 664-880) foods afterthe health crisis, at best,” said Adam Butler, which spent most of this year (Eastern Edition ISSN 0099-9660) too. Campbell is expanding president of Kraft’sEasy straining to meet demand for (Central Edition ISSN 1092-0935) manufacturing capacity for Meals Made Betterdivision. cleaners from bleach to its (Western Edition ISSN 0193-2241) PepperidgeFarm Goldfish “Nowwewant to double down disinfecting wipes,wantsto Editorial and publication headquarters: crackersand Kettle and Cape on it.” expand sales to businesses. 1211 Avenue of the Americas, New York, N.Y. 10036 Cod chips. Switching gearsisespe- “Aspeople re-enter public Published daily except Sundays and general Thereisrisk.Campbell and cially costly and complicated life, they’relooking to be reas- legal holidays. Periodicals postage paid at General Mills have both said formakersofpaper towels sured that the spaces they en- New York, N.Y., and other mailing offices. that sales growth is already andtoilet paper.Consumer- terare clean and disinfected,” Postmaster: Send address changes to moderating from earlier in the gradeproductsare generally Clorox CEO Linda Rendle said. The Wall Street Journal, 200 Burnett Rd., pandemic.Thereisno guaran- made on different equipment, Other manufacturersexpect Chicopee, MA 01020. teedemand will remain high using different materials than demand forhome and office All Advertising published in The Wall Street Journal is subject to the applicable enough to requirethe extra the thinner,moreutilitarian products to level off.Procter rate card, copies of which are available production capacity. versions used in public build- &Gamble,which makes from the Advertising Services Department, GeneralMills said earlier ingsand businesses.That Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The this monththat it is hedging meant consumerscouldn’t Journal reserves the right not to accept an itsbetsbyusing primarily find enough toilet paper CORRECTIONS  advertiser’s order. Only publication of an short-term, third-party manu- throughout much of the pan- advertisement shall constitute final acceptance of the advertiser’s order. facturers. “It allows us to demic. AMPLIFICATIONS Letters to the Editor: scale down to the extent that Kimberly-Clark,maker of Fax: 212-416-2891; email: [email protected] demand comes off itspeak,” Cottonelle toilet paper and Noticetoreaders Need assistance with your subscription? said ChiefFinancial Officer Scottpaper towels,will move By web: customercenter.wsj.com; Kofi Bruce. “We’veleftour- some consumer-quality pro- Wall Street Journal staff By email: [email protected] selves with agility to not build ductiontoafactoryinMo- membersare working re- By phone: 1-800-JOURNAL S (1-800-568-7625) alot of these costsintoour bile,Ala., that makes tissues motely during the pandemic.

PRES Reprints &licensing: structure.” and paper foroffices,said Forthe foreseeable future, By email: [email protected]; TED Othersare pushing ahead. CEO MikeHsu. please send reader com- By phone: 1-800-843-0008 CIA KraftHeinz Co.raised produc- Amy’sKitchen is opening a mentsonly by email or SO WSJback issues and framed pages:

AS tion of itshighest-demand factoryinSan Jose,Calif., phone,using the contacts wsjshop.com itemssuch as KraftMac & and another on the East Coast below, not via U.S. Mail. Our newspapers are100% sourcedfrom sustainably certified mills. RIEDEL/ Cheese cups,Oscar Mayercold in 2022tomakemoreofthe cutsand Philadelphia cream organic soups and frozen Readers can alert The Wall Street Journal to any errors in news

CHARLIE cheese by about 20% during meals that have soared in articles by emailing GOTATIP FORUS? PARKED: Fans tailgatedatArrowhead Stadium in Kansas City, Mo., the pandemic.Now the com- popularity during the pan- [email protected] or by calling SUBMIT IT AT WSJ.COM/TIPS on SundaybeforeanNFL game between the Chiefsand the Falcons. pany is spending morethan demic, said Chief Executive 888-410-2667. P2JW363000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Monday, December 28, 2020 | A3 U.S. NEWS TwoStates Push Bills On Hate Crimes

BY VALERIE BAUERLEIN

Bipartisan groups of lawmakers are pushing for hate- crimebills in South Carolina and Arkansas,two of only three states without laws that penalize crimes motivated by bias. Leadersinboth Republican- led states have long resisted hate-crime bills, saying exist- inglawsare adequatetopun- ish crimes. But manylegislatorssay they feel asense of urgencyto take a policy stance after the killing of George Floyd and (2)

S other Black people this year.

PRES TheGeorgia legislaturepassed a hate-crimes bill in a matter TED of weeks last June, following OCIA

SS the shooting death of Ahmaud /A Arbery. The Georgia bill, which became lawwith Republican Gov. HUMPHREY Brian Kemp’ssignature, in-

MARK creases the sentence in cases Investigators on Sunday examined the downtown site. Two of the police officers who helped evacuate people before the explosion embraced after a news conference. wherethe victim wasselected on the basis of race, religion, sexual orientation or other bias.Italso creates ahate- Bomber Died in Nashville Blast crimes database. LegislatorsinSouth Caro- lina and Arkansas have looked Mayor says AT&T built several decades ago to the Georgia lawasamodel when the original AT&T mo- able to draw broad bipartisan switching center may nopoly employedthousands of support in a historically con- have been target; human operatorstoroutecus- servativestate.Legislatures in tomers’ phone calls. both states convene in early FBI seeks motive Digital equipment later re- January. placed those operator banks, Some businessgroups saya BY IAN LOVETT but the buildingscontinued to hate-crimes bill ranks along- AND DREW FITZGERALD serveashubs forhard-to- side pandemic-related relief at move fiber optic lines that the topofthe businesscom- Federal authorities on Sun- shuttle data. Access to the munity’s legislative agenda. dayidentified AnthonyWarner buildingsisstrictly guarded, “I always saythe laws on as the man responsible forthe though their ownershaveless our books reflect the values of Christmas Daybombing in control of the environment our state,” said TedPitts,chief Nashville,saying that they be- outside those centers. executiveofthe South Caro- lievethe 63-year-old acted Physical attacks on those lina ChamberofCommerce. alone and died in the explosion. network hubs areunusual. “It’stime forSouth Carolina to Officials said DNA from the However, telephone-pole wires showthat we don’t condone scene wasmatched to Mr.War- and cellular towers arefre- crimes motivated by hate.” ner,who had previouslybeen quent targetsofintentional at- In Arkansas,Republican identified as aperson of inter- tacks.Gunshotsand vandalism Gov.Asa Hutchinson was est in the attack.Avehicle iden- cause several dozenoutages in flanked by acoalition of busi- tification number from the RV the U.S. each year,according nessand legislativeleadersat that exploded wasalso matched to Federal Communications an August news conferenceto to one registered to him. Commission reports. announcethe introduction of a “We’vecome to the conclu- Such incidentsrarely cause hate-crimes bill. He said such sion that an individual named the massiveoutages that the alaw would send a“right, AnthonyWarner is the Christmas bombing created. consistent messageacrossour bomber,that he waspresent lookingatany and all possible aged at least 41 buildings, one center and knocked out phone Theinternet’sdecentralized stateand nation that hate when the bomb went off, and motives,” Mr.Korneski said. of which wasdestroyed, ac- and internet serviceinmuch structureletscompanies route should not be tolerated.” that he perished in the bomb- Intelligenceofficials have cording to authorities. of Tennessee,Kentuckyand around damagetoother parts Some faith-based groups in ing,” Donald Cochran, U.S. at- considered whether an AT&T Mr.Warner was firstpub- northern Alabama. Thetele- of the network. both states oppose the bills, torney for the Middle District Inc.switching station that the licly identified as a person of comcompanysaid Sundayaf- Thecenter of Nashville’s whichthey sayrisk eroding of Tennessee,said at anews RV wasparked outside of was interest in the case on Satur- ternoon that it had restored tourist zone is afew blocks First Amendment protections conference Sunday. targeted in the bombing,ac- day. That same day, agents 96% of itswirelessnetwork, away from the explosion, on free speech. “This gets over Officials said they had no cording to aperson briefed on from the FBI and the Bureau 60% of businessserviceand along LowerBroadway,which intothe arena of punishing evidencethat anyone else was the investigation. of Alcohol, Tobacco,Firearms 86% of consumer broadband is lined with honky tonks and people forwhat they believe,” involved in theattack.Noone Speaking on CBS’s“Face the and Explosives swarmed his and entertainment services. othermusic venues,cowboy said JerryCox,president of else wasseen in security foot- Nation” Sundaymorning,Nash- Nashville home,according to Switching centers, also boot stores,restaurantsand a Family Council, aconservative age coming or going from the ville MayorJohn Cooper said: SteveSchmoldt, who has lived known in the industryas“cen- museum dedicated to country group based in Little Rock, RV that exploded. “Toall of us locally,itfeels like next door to Mr.Warner since tral offices,” represent vulner- music legend Johnny Cash. Ark. Douglas Korneski, special therehas to be some connec- 1995.Hesaid his deceased able spotsinthe country’s Morethan 16 million people South Carolina Republican agent in charge of the Federal tion with the AT&T facility and neighbor described himself as telecommunications infra- visited the city last year,6% Gov. HenryMcMaster,afor- Bureau of Investigation’s the siteofthe bombing.” a “computer geek.” structure because of the im- more than in 2018, according merU.S.attorney,has been Memphis field office, said in- Thebombing,which came “He mostly kept to himself,” portant equipment they house to the Nashville Convention & cool to ahate-crimes bill in vestigatorshaven’t identified afterasound system in the RV Mr.Schmoldt said. “I never and how close they often are Visitors Corp. thepast, but said he would Mr.Warner’s motiveand asked warned listenersthat an ex- sawanybody go to his house.” to busy downtownbusiness —Rachael Levy wait to decide whether to sign anyone who knewhim to come plosive was inside, injured at Thebombing caused dam- districts. Manyare hulking and Cameron McWhirter or veto one based on the bill’s forward. “Right nowwe’re leastthree people and dam- agetothe AT&T switching brick-and-concretestructures contributed to this article. merits. More Murder Cases in Big Cities Go Unsolved Soldier

BY SCOTT CALVERT Number of Homicides Percentage of murders‘cleared,’ apolice larly in Black communities,said Charged in AND ZUSHA ELINSON measurefor crime-solving Chuck Wexler,executivedirec- 2019 2020 torofthe PoliceExecutiveRe- Policeare struggling to 0250 500 7501,000 0% 25 50 75 100 search Forum, aWashington, Rampage solvemurdersashomicides NewYork NewYork D.C.,think tank that advises rise and the Covid-19 pandemic manypolicedepartments. BY BEN KESLING creates newchallenges to Chicago Chicago “Wherepeople might have cracking cases. LosAngeles LosAngeles been morecooperativewith Agunman identified as an Homicides were up nearly policeand given them informa- active-duty special-forcessol- 40% forthe country’s10largest Philadelphia Philadelphia tion, that’smade moreprob- dier killed three and wounded policedepartmentsinthe first Houston Houston lematic,” he said. three in a shooting at a bowl- 11 months of 2020 compared D.C. D.C. Manyfamilies arenow waiting alley in Rockford, Ill., po- with the same period last year. ing longer forthe murdersof lice said Sunday. Theclearancerateatnine de- Dallas Dallas loved ones to be solved. Brenda Sgt. FirstClassDukeWebb, partmentsthat provided data LasVegas LasVegas Sawyer’s 34-year-old son, Allen a37-year-old Green Beret who wasdownbyanaverage of 7 Taylor,was shot three times Army officials said is assigned Phoenix Phoenix percentagepointstoabout 59%. just aftermidnight on June 1in to the 7th Special Forces Group The sudden rise of homi- Miami-Dade northwest Philadelphia. No ar- in Florida, waschargedwith cides acrossthe country, are- restshavebeen made yet. “I multiple countsofmurder and versal afterageneral decline in Note:Datafor homicides: Miami-Dade Nov.22;New York, Chicago Nov. 29;Los Angeles, Phoenix Nov.30; Dallas, Las Vegas Dec.2; Philadelphia, want the person that did it to attempted murder,Winnebago Houston, D.C.Dec. 4; Data formurders ‘cleared’ as of: Chicago,Los Angeles, Philadelphia, Phoenix Nov. 30; D.C.Dec. 1; Dallas, Las Vegas Dec. 2; the nationwide murder rate HoustonDec. 4; NYPD clearancerateisfor second quarter only. be throwntojustice, because County State’s Attorney J. Han- sincethe early 1990s,has over- Source:Policedepartments they took my son’slife,” said ley said. It wasn’t clear if Sgt. whelmed detectives,some po- Ms.Sawyer. Webb had an attorney. liceofficials say. Among other has slipped 6percentagepoints just that much harder to iden- 4, up from 256 over the same Not all cities arestruggling Sgt. Webb opened fire at factors, Covid-19 has compli- to 46%. Gang violence, aperen- tifywho that person is,” he period in 2019.Meanwhile,the to solvemurders. In LasVegas, Don Carter Lanes just before7 catedface-to-faceinterviews nial problem in Chicago, is said. clearanceratehas fallen to wherekillingswereup10% p.m. local time Saturday, offi- andmade it easier formasked driving the increase,and those Bringing in witnesses, can- around 45% from 56%. through Dec.2,detectives had cials said. Officers arrived on suspectstoelude capture. cases aredifficult to crack due vassing crime scenes and Early on, during restrictive a94% clearancerate, virtually the scene within minutes and Moreover,insome commu- to alack of cooperativewit- knocking on doorsare all lockdowns,therewas arise in unchanged from last year.Capt. arrested Sgt. Webb, who they nities,trust in policehas fallen nesses,hesaid. harder due to social distancing, homicides attributed to domes- Sean Toman, who heads the found trying to hide his amid nationwide protestsover In Philadelphia, the ability to said MattSlinkard, the execu- tic violence, but morerecently homicide and sexcrimes bu- weapon, police said. policing,making witnesses wear masks without arousing tiveassistant chief of police the increase has been driven by reau forthe LasVegas Metro- “The actionsdescribed in more reluctant to cooperate, suspicionappearstohaveem- who oversees the homicide unit gang shootings, said Chief politan PoliceDepartment, at- reportsare shocking and are some policeofficials say. boldened some criminalsand in Houston. Slinkard. tributed the high clearancerate completely out of character “When youput the civil un- helped them elude police, even Thehomicide unit in Texas’ Earlier this month, Houston to ahealthyrelationship with with Webb’stwelveyearsof rest plus the Covid, Ijust felt when surveillancecameras cap- most-populous city washit by PoliceChief Art Acevedo said the community and an unusual honorable service,” said Maj. unfortunately 2020 wasaper- turevideo of their crimes,said aCovid outbreak at the same the homicide unit would be policyinwhich investigatorson Gen John Brennan, com- fect storm,” said Brendan Benjamin Naish,the city’s dep- time murderswererising in given moreinvestigatorsand cases that go unsolved for mander of the1st Special Deenihan, chief of detectives at uty policecommissioner forin- latespring,forcing some detec- additional money forovertime. more than 30 days must pres- Forces Command. the ChicagoPoliceDepartment. vestigations,who oversees the tives to quarantine and slowing SinceGeorge Floyd was ent their work to agroup of the Sgt. Webb appears to have Homicides in Chicagoare homicide unit. down investigations,hesaid. killed in Minneapolis police department’stop detectives, chosen the bowling alley ran- running 55% higher than last “Ifthe person has their Therewere380 murdersin custody in May, trust in lawen- who ask questions and make domly,RockfordPoliceChief year,while the clearancerate mask on and their hood up,it’s Houston this year through Dec. forcement has fallen, particu- suggestions. Dan O’Shea said. P2JW363000-4-A00400-17FFFF5178F

A4 | Monday, December 28, 2020 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 Black Vote Looms LargeinPivotal Runoff

Democrats’ hold on ageofthe vote,the analysis found, apattern that crossed traditional supporters theurban-rural divide. will be tested when Mr.Trump earned aslightly higher nationwide shareofthe

Georgia votes again JOURNAL Black electoratethis year compared with 2016.Republicans, REET

Kaneisha Miller,owner of ST and some Democrats, attri-

EM Farms in Monroe County, LL buted the gain to Mr.Trump’s Ga., says she sees Republican- WA pitches to Black men on anew championed policies such as criminal-justicelaw that

widespread taxcutsasbetter ON/THE passed Congresswith strong

forher ownbottomline,which ERS bipartisan support.

should be agood sign forthe JAM Georgia’srunoff elections two GOP senatorsfighting to A have long favoredRepublicans SHU

hold their seatsinthe Jan. 5 JO because the Democratic base, runoff racesinGeorgia. which includes manyBlack vot- It isn’t. ers, has typically declined in JOURNAL; the second round of voting.

By Joshua Jamerson in REET TheNovember resultssuggest Fort Valley, Ga., and ST Democratsonceagain have Chad Day in LL their work cut out forthem. WA Washington Black voterturnout in Geor- THE

R gia increased in November but

“I’m still going to stay Dem- FO not as much as turnout did

ocratic,mostly because I’m OON among whitevoters, who make Black,” said Ms.Miller,30 up about 53% of the electorate,

yearsold. “You canalways get THERSP the Journal found.

money.But Iknowthat the WEA ManyGeorgia Democrats, Democratic Party usually treats including StaceyAbrams,the people moreequal.” NSEY 2018 nominee forgovernor, LY

TheNovember election rein- P: said the state’svoter-registra- forced apattern showing that TO tion laws and placement of OM

party affiliation is increasingly FR polling locations amount to connected with wherevoters Businessowner Kaneisha Miller plans to stick with DemocratsinGeorgia’sJan. 5runoff races. Jason Louder knocksondoors in Atlanta. votersuppression—an allega- live.Rural voters acrossthe tion Republican officials in- countryoverwhelmingly sup- morereceptivetothe idea that Votesinmajority-Black cluding Gov.Brian Kemp have ported President Trump,while BlackAmericans still facemyr- precincts outside Atlanta flatly denied,pointing to the American cities remained Dem- iad disadvantages,frompolic- metroarea state’sgrowing voting rolls. ocratic strongholds,and this ing to education to jobs. Ms.Abrams’spolitical or- Biden year, oncereliably Republican “The Republicans,they seem ganization, Fair Fight, said it suburbs shiftedtoblue. to be moreaggressiveagainst 238,400 hasworked to register hun- Black Americans have lookingintosocial-justiceis- Ossoff dreds of thousands of Geor- bucked those trends by largely sues,” said Jason Louder,44, gians,manyofthem nonwhite supporting Democratsregard- an Atlanta-based actor who 227,700 residents. lessofwhether they liveinbig votedfor Green Party nominee Trump Early-voting figurespoint to cities,suburbs or ruralareas, Jill Stein in 2016 but came apotentially record turnout for according to votersurveysand around to Democratsafter a 62,800 arunoff election. Through Fri- acomparison of demographic summer of protestsagainst po- Perdue day, morethan two million dataand election results. licebrutality. people—including over 650,000 That dynamic hastaken on TheSenaterunoffs will de- 62,700 Black voters—had cast their added importance in Georgia, termine which party controls ballots, according to the U.S. whereBlack voters makeup the chamber.SenateRepubli- Note:Numbers rounded, presidental election Elections Project. That was Source:WSJ analysis of Georgia secretary of about athirdofactivevotersin cans currently hold a50-48 statedata slightly behind the overall pace the Atlantametropolitan area majority forthe newCongress of advancevoting in the gen- and about aquarter elsewhere that will convene in early Janu- law-required tally of morethan support of Sens.Perdue and whereBlack voters accounted eral election, which saware- in the state. Thetwo Senate ary. If the Democratswin both 50% of the vote in November, Loeffler,one daybeforethe foramajority of ballotscast, cord turnout. Black voters were contestswill likely come down Georgia seats, they gain control arenow facing runoffs against runoff.Itwill be the president’s Mr.Biden racked up 849,000 making up alargershareof to whether Republicans can because Vice President-elect DemocratsJon Ossoff,adocu- second trip to Georgia over the votescompared with 151,000 early votesthan they did in runupthe scoreinrural areas Kamala Harris cancast tie- mentaryfilmmaker,and Ra- past month. forMr. Trump,according to an November. and hold off asurge of Demo- breaker votes. One victoryfor phael Warnock,pastor of the In the general election, analysis by TheWall Street Forthe runoffs,the GOP and cratic voters in the Atlanta the Republicans would keep church whereDr. Martin Lu- Black voters statewide sup- Journal. itsaligned outside groups have metroarea. the chamber in GOP control. ther King Jr.preached. ported JoeBiden over Mr. Generally in the November implemented adoor-knocking In interviews,manyBlack RepublicanSens.David Per- President Trump said on Trump 92% to 6%, according to election, the largerthe shareof effort aimed at their conserva- Georgians said they support due and Kelly Loeffler,neither Sundaythat he will travel to the AP VoteCast survey of Black voters in aprecinct, the tivebase—some of which will Democratsbecause they are of whom garnered the state- Georgia on Jan. 4for arally in Georgia voters.Inprecincts higher the Democratic percent- reach Black Republicans. FAAChief Helped Target Whistleblower, Ruling Says

BY ANDY PASZTOR sessments“forthe purposes of plaints and subsequent refer- due to improprieties involving obtaining blind complianceby ralfor evaluation. Thespokes- commercial-pilot screening for ALabor Department ruling its pilots.” man pointed to what Mr. the carrier.Under contract determined that beforebecom- ADeltaspokesman said the Dickson told the Senate Com- provisions between Deltaand ing head of the Federal Aviation carrier plans to appeal. In an merceCommittee during his itspilotsunion, Ms.Petittwas Administration, SteveDickson email, the companyalso said it 2019 confirmation hearings, referred to doctorsfromthe participated in effortsbyDelta denies Ms.Petittwas retaliated including that therewere“le- Mayo Clinic and elsewherefor Air Lines Inc.management to against forraising safety issues, gitimate questions about her subsequent evaluations.She wrongly use apsychiatric eval- adding “wetook her safety con- fitnesstofly” andthat Delta’s and Deltashared the cost of uationtoretaliateagainst api- cerns seriously and carefully in- relianceonpsychiatric evalua- those follow-up reviews,both lotwho raised safety concerns. vestigated them.” Without elab- tions wasnonpunitiveand of which repudiated the origi-

Thelengthydecision by a /REUTERS orating on specifics in the nondiscriminatory. nal findings. department administrativelaw decision, Deltasaid “ithas zero During his tenureofmore Ms.Petittwas restored to

judgeconcluded that Mr.Dick- SKIPPER tolerancefor retaliation in any than adecade as head of flying status after nearly two

son, as Delta’ssenior vicepres- JOE form,” encourages voluntary Delta’sflight operations before yearsand she is currently a ident of flight operations,knew FAA Administrator Steve Dickson formerly was a Delta executive. safety reporting by employees retiring and moving to the firstofficer on wide-body Air- about and approved punitive and provides “multiple waysfor FAA, Mr.Dickson told lawmak- bus A330 jets. But the judge moves against veteranco-pilot discriminated against afeder- cades of flying experienceand employees to do so.” ers, individual pilot matters agreed that the episode ex- Karlene Petitt, who was ally protected whistleblower adoctorateinaviation safety. Mr.Dickson’sinvolvement were handled by an experi- acted a“severeemotional toll” deemed unfittofly in Decem- without any evidence indicat- Manyinside Deltasaw her with Ms.Petittand her case encedteam, “and Ihad very on the pilot. Ms.Petittfiled ber 2016 afterbeing diagnosed ing her “performance as a pi- safety concerns and warnings emergedasamajor contro- little involvementinindividual suit under an aviation-whistle- with bipolar disorder.The di- lot was deficient in any way.” as valid and told her to brief versyduring his confirmation cases.” He also told the panel blowerstatute, alleging she agnosis eventually wasre- According to the decision, managersabout them, accord- in July 2019.Hewasn’t per- he had provided direction sustainedfinancial damages versed and she resumed flying. “not asingle witnessques- ing to the decision, but simulta- sonallynamed as atargetof “that the appropriate follow- and ahit to her professional Theruling supported Ms. tioned her flying acumen.” neously other companyofficials the litigation. up actions were completed reputation. Thejudgeawarded Petitt’sclaims that she was Theruling says that “inthis identified her as acandidate Speaking forthe FAAad- and that the contractual pro- her $500,000 in compensatory singled out forspecial scrutiny case,the squeakywheel did not forpsychiatric evaluation. ministrator,anagencyspokes- cesses were followed.” damages,along with back pay to trytokeep her quiet about getthe grease.” Instead, “itgot The ruling contains strong man said Mr.Dickson had only Thepsychiatrist who gave and other financial benefits. safety issues.Scott Morris, the unlawfully discriminated criticism of Delta’ssafety cul- one meeting with Ms.Petitt the initial diagnosis,which Ms. Petitt’s lawyer, Lee Se- judgewho presided over the against in the form of acareer ture and more broadly warns while he was at Delta, and in- Deltapaid for, yearslater was ham, said hisclient declined long-running litigation, deter- defining” mental-health evalua- againstmanagement’suse of stead allowed other company forced by Illinois regulatorsto to comment due to fear of mined that Deltapunished and tion. Ms.Petitthas four de- compulsory psychological as- officials to handle her com- stop practicing medicine partly possible company reprisal.

would consider.The Senateis use the Impoundment Control unanimous consent Thursday, bied in recent days by several self-employment income but President set to return Tuesday. Act of 1974 to temporarily and when that failed, set up a Republican lawmakerstosign whosebasic unemployment “I thank the President for freeze funding.The lawallows vote forMonday. It is unclear the legislation. benefitsdon’t take intoaccount signing this relief intolaw, Mr.Trump to send aproposal when the Senate will take up Twopandemic-related un- their self-employment income. Signs Bill along with full-year govern- to lawmakerstorescind certain the measure. employment assistancepro- It also gives unemployed ment funding legislation,” Mr. funds,which then freezesthose “Now, the President must grams lapsed over the week- Americans asupplemental ben- McConnell said in astatement. funds foramaximum of 45 immediately call on Congres- end and will restart now that efit of up to $300 aweek,acut For Relief “His leadership has prevented days.The 45-dayclock will sional Republicans to end their Mr.Trump has signed the bill, from the previous $600 aweek agovernment shutdown at a start when Congressbegins its obstruction and to join him but payments are likely to be that wasapproved in April, time when ournation could newsession on Jan. 3. andDemocratsinsupport of delayed, according to experts. and ended in the summer. ContinuedfromPageOne not have afforded one.” Mr.Trump is unlikely to be our stand-alone legislation to Thefirst program provided Thelegislation extends until Thepresident also said he TheRepublican president able to use the lawtoperma- increase direct payment unemployment benefitsfor gig the end of Januaryafederal expectsCongresstovoteon has argued that social-media nently hold up those funds, checks to $2,000,which will and contract workersand oth- evictionprohibition and pro- separatelegislation to in- giantslikeFacebook and Twit- particularly sincePresident- be brought to the Floor tomor- erswho don’t generally qualify vides$25 billion of assistance crease direct paymentsto terare using Section 230 to elect JoeBiden will soon be in- forthe aid. Thesecond pro- to tenantsinarrearsontheir $2,000.The House wasal- suppressconservativevoices augurated.ADemocratic aide vided up to 13 weeks of addi- rent. It also contains billions of ready planning to vote on such on their platforms.They deny said the House will ignoreMr. Democratsback tional paymentstoindividuals dollarstohelp airlines,small abill on Monday. Mr.Trump those charges, although the Trump’srequest to rescind who exhausted other pro- businesses,entertainment ven- said the Senatewill “start the social-media sites routinely funding. larger$2,000 checks grams,such as regular state ues and farms,aswell as process” to vote on legislation flag the president’sposts as The president’s decision to but will block amove unemployment benefits. money to help Americans get to increase the direct pay- unsubstantiated when he dis- sign the bill caps days of un- In early December,roughly vaccinated from the virus. ments, as well as roll back putes the election results. Mr. certainty and confusion in to trim provisions. 14 million people were receiv- Thepresident raised objec- Section 230 of the Communi- Trump has also asserted that Washingtonasthe coronavirus ing benefitsthrough those pro- tions to the level of spending, cations DecencyAct and inves- the election wasrifewith pandemic continued to rage in grams,according to the Labor singling out foreign aid tigate alleged voter fraud. voterfraud,but his allies have the U.S., with experts raising Department, representing money.Much of that aid was “Much moremoney is com- produced no evidenceofthat. concerns about increasing row,” House Speaker Nancy nearly three-quartersofthose requested by the administra- ing,” Mr.Trump said. “I will The year-end package that hospitalizations in manyparts Pelosi (D., Calif.) said in a receiving joblessbenefits. tion in the president’sbudget. never giveupmyfight forthe the president signed includes a of the country. Morethan statement. “Every Republican Thebill also extends the Thepresident’sdecision American people!” $1.4trillion bill to continue 333,000 people have died in vote against this bill is a vote maximum number of weeks a comes as lawmakers are also Aspokesman forSenateMa- government funding intoSep- the U.S. from the virus. to denythe financial hardship person canclaim unemploy- grappling with Mr.Trump’s jority Leader Mitch McConnell tember,ameasurethat Mr. Democratssupported Mr. that families faceand to deny ment benefits to 50 weeks.It veto of the separate$740.5 (R., Ky.) declined to comment Trump has said includes waste- Trump’scalls to increase the the American people the relief would provide an additional billion defense-policybill.The when asked about the legisla- fulspending on foreign aid. payments. TheHouse at- they need.” $100-a-week subsidy forwork- House on Mondayplans avote tion Mr.Trump said the Senate Mr.Trump said he would tempted to passabill by Mr.Trump had been lob- erswho have both wage and on overriding the veto. P2JW363000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, December 28, 2020 | A5 U.S. NEWS Billionaires Got Aid, Bought Rivals

BY TED MANN partment covers the Fed’slosses the pandemic with nearly 40 tear,which has continued. AND BRODY MULLINS on loans that borrowers don’t firms in the oil business, in- THRC Holdings LP,ahold- repay, effectively making tax- cluding the Wilks brothers, to ing companycontrolled by S WASHINGTON—As the cor- payers the ultimatebackstop. determine what sort of gov- Wilks Brothers, took anearly onavirus pandemic and lowoil Under the program’sinitial ernment aid was needed. 10% stakeinProPetroHolding PRES prices walloped U.S. frackers rules,manyinthe oil-and-gas In lateApril, Mr.Cruzsent a Corp.onMarch 25,corporate ZUMA this spring, Texas billionaires industryworried the initiative letterpressing FedChairman Je- filingsshow. Days later,Wilks

Dan and Farris Wilks gota$35 wouldn’t be enough to help rome Powell and TreasurySec- Brothersoffered a$15 million CALL/ million relief loan to help one companies likeProFrac survive. retary Steven Mnuchintoliftthe bankruptcy loan to take over LL RO

of their fracking companies TheFed initially capped Main restrictions in the Main Street Carbo Ceramics Inc., afrack- Q /C

stay afloat. At the same time, Street loans at $25 million. programthat worked against ing-industry supplier. MS they were on abuying spree in Program participantsalso lending to oil and gasfirms. Another filing shows Dan

the country’s oil patch. weren’t allowedtouse the gov- TheFed amended program Wilks, his wife, and Wilks WILLIA M

Sincespring,businesses ernment-backed loans to pay terms to permit the use of fed- Brothershad amassed more TO controlled by the Wilks broth- off or restructureexisting debt. eral loans to paydowndebt, than 18% of shares outstanding Sen. TedCruz pressed to loosen restrictions on alending program. ershavehunted fordeals That effectively ruled out many andboosted the totalvalue of in Cathedral Energy Services among fracking firms going struggling oil businesses that loans that could be backstopped Ltd. by April 3, when the Cana- nearly 8% stakeinDawson emergedfrombankruptcy.The through bankruptcy and taken hadbig loans coming due as a under the program. Three dian companydisclosed the Geophysical Co.inOctober. purchases,with the conversion or increased stakes in at least global slowdownintravelkept weeks afterthe change, ProFrac staketoinvestors. Thefamily In November,the Wilks fam- of some debt to equity as part six other companies,corporate oil prices depressed. secured its$35 million loan. disclosed amorethan 8% stake ily’s holding companypurchased of thebankruptcy,boosted the filingsshow. But when it According to Mr. Cruz’s of- TheProFrac aid came as the in exploration firm QEP Re- morethan $12 million in stock family’s holdingstomorethan looked likethe oil-and-gas in- fice,the senator spokeearly in Wilkses were on an acquisition sources Inc.inJune,and a in FTSInternational Inc.asit 20% of FTSI’sClassAshares. dustry would be shut out of a pandemic lending program, they and others in the indus- tryturned their attention to Washington, making an appeal forhelp in meetingswith home-state senator Ted Cruz. Thetwin dynamics of acquisitions andgovernment rescue showhow the economic tumult caused by the pandemic has reshaped the land- scape for a key U.S. industry. One result: The Wilkses have expanded their presenceina still-youthful industrywhere they first invested in 2002. Theindustrywas already under pressurefrominterna- tional competition and asag- ging oil pricebythe time the pandemic hit, and itsmounting woes prompted the Wilkses and otherstoturn to allies in Wash- ington, including Mr.Cruz. The Republicansenator helped con- vincethe Trump administration and the Federal Reserveto changethe rules forpandemic loans to ensureoil and gas firms could participate. Soon afterthe government changed the rules of itslending program in April, aWilks family company, ProFracHoldings LLC,applied forand received a $35 million loan, federal re- cordsshow. ProFrac, asupplier of pumping equipment and services,isone sliceofthe portfolio of fracking businesses that theWilks family owns in part or outright acrossthe Ameri- canWest and Canada.

The Wilks brothers have expanded their presence in the fracking industry.

TheWilks brothersdonated $15 million to asuper PAC called Keeping the Promise that championed Mr.Cruz’s2016 presidential campaign, making them the largest financial back- ersofhis political career. Mr.Cruz“worked to ensure small and medium-sized businesses directly harmed by the economic impactsofthis pandemic had access to emer- gencyliquidity,” said Lauren Blair Aronson, aspokeswoman forthe senator.“Theresult of his leadership was a program that has helped about 25 U.S. energy producers.” BailoutWatch, anonprofit that tracks pandemic aid to industry, said Mr.Cruz’sefforts to getrelief forthe oil-and-gas industryamount to areward for a campaign contributor. “ProFrac’sloan is blatant misappropriation of taxpayer dollars,” said Chris Kuveke,an analyst forthe organization, whichhas received funding from ClimateNexus,agroup that advocates forclean energy.Hesaid Mr.Cruz’sbiggest political benefactors ended up receiving one of the relief program’s largest loans to the fossil-fuel industry. “It’s hardnot to connect the dots.” Spokespeople forthe brothers’ main investment firm, Wilks Brothers LLC,and ProFracdidn’t provide comment for this article. Dan and Farris Wilks struck it rich in theearly days of the fracking boom. In 2002, the sons of abricklayerformed a business then known as Frac Tech to servicewells, eventually selling it for$3.5billion in 2011. In the 2016 Republican primary, the brothersfunded one of four super PACs aiming to boost Mr. Cruz’s candidacy. This spring,their ProFrac businessbenefited from the Main Street Lending Program, which Congressestablished to help small- and medium-size companies survivethe upheaval triggeredbythe pandemic. Commercial banks provide www.prattindustries.com funds to borrowers and then cansell up to 95% of theloans to the Fed. TheTreasuryDe- P2JW363000-0-A00600-1------XA

A6 | Monday, December 28, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE U.S. NEWS Colleges Use Bonds To Shore Up Finances

BY JULIET CHUNG in Marchloweredits outlook AND MELISSA KORN on the entiresector to nega- tivefromstable,citing uncer- Facedwith arapid deterio- tainties and financial chal- ration in their finances in lenges brought on by the 2020,America’scolleges and pandemic.S&P Global Ratings universities issued arecord loweredits outlook on araft amount of bonds this year. of schools in May and no lon- It is astressful time for germaintains apositiveout- higher education. The corona- look on asingle one of the virus pandemic worsened ex- schools it rates. Attempting to isting pressures on tuition and help alleviate some of the auxiliary revenue, with inter- pressure, morethan $20 bil- national studentsopting to lion wasallottedtopublic and study outside the U.S. and privatehigher education in the

LIA/REUTERS money from room and board latest Covid-19 relief bill RA

ST drying up as schools keep passed by Congress.

AU classesonline.Atthe same John Augustine, who leads time,demand forfinancial aid the higher-education and aca- SHELL and costsrelated to providing demic medical-center finance CH protectivegear and Covid-19 group at Barclays,said the DUT

L testing have jumped. bond issuancecame from in- YA Hoping to address possible stitutions trying to reduce RO Royal Dutch Shell’s Prelude floating facility off the coast of Australia has struggled to deliver income. shortfalls and take advantage their fixedcosts. Forsome,he of ultralow rates, universities said, borrowing money at low downs this year.U.S.shale pro- flowsfall belowits current demand areexacerbating the have flooded the market with rateswas moreattractivethan Oil Assets ducersincluding Concho book value.Though an impair- oversupply of fossil fuels,and debt. With few places to geta dipping intotheir endowments Resources Inc.and Occidental ment doesn’t affect acom- companies saythey have be- return in the bond market, in- at apossible cost to future Petroleum Corp.booked more pany’scash flow,itcan poten- come moreselectiveabout vestorshavescooped up the generations of students. Take Cut impairmentsthan they had in tially raise itsborrowing costs wherethey invest. Projectsare issues,which in some cases of- TheNew York Instituteof the past four yearscombined. by increasing itsdebt load rel- facing much stiffer competition feryields of 2% or 3% fordebt Technologyrefinanced $17 Thedata, whichencompassed ative to itsassets. Companies forcapital amid ample sup- that matures in 15 to 30 years. million in debt this summer as In Value the firstthree quartersof arealso required to record im- plies.BP, Shell and Chevron Thehigher-education sector it sought to bolster itscash 2020,excluded Exxon Mobil pairmentsasearningscharges. citedinternal forecastsfor “becomes attractivebecause holdings, extending the repay- Corp.’srecently announced Forthe oil industry, the re- lowercommodity prices as the it’sunder pressure,” said Dan- ment timeline to 2030 and ContinuedfromPageOne plan to writedownupto assessment comes at the end cause of the impairments. iel Solender, who oversees tax- lowering its annual debt ser- down morethan anyother ma- $20 billion in the fourth quar- of an erainwhich aperceived Thetypes of assetsthe com- free fixed-income investments vicetoaround $3 million from jor segment of the economy, terand the $10 billion Chevron scarcity of energy supplies panies arewriting down run at assetmanager Lord Abbett upwards of $7 million. following an unprecedented Corp.slashed in late2019. drovearush to buy up fossil- the gamut from U.S. shale-gas &Co.,referring to rising “Trustees were concerned collapse in global energy de- TheJournal’sanalysis re- properties to mega-offshore yields on higher-education about the market turmoil they mand, according to an analysis vieweddatafromS&P Global projects, and intangible assets. bondsasschools’ ability to sawgoing on and howthat of datafromS&P Global Mar- Market Intelligence, Evaluate Oil companies also Shell said itswrite-downs navigatethe pandemic came might affect our liquidity,” ketIntelligence. Energy Ltd. and IHS Markit on mainly related to itsQueens- intoquestion. Thefirm added said BarbaraHolahan,chief fi- Oil producersfrequently impairmentstaken by major oil face longerterm land Curtis liquefied-natural- more than $300 million to its nancial officer and treasurer writedownassetswhen com- companies and independent oil uncertainty for their gasproject in Australia and its holdingsofsuch bonds this of the private university. modity prices crash, as cash producerswith amarket value giant floating gasfacility,Pre- year. She said freeing up cash be- flowsfromoil-and-gas proper- of morethan $1 billion based main products. lude,which has struggled to Forthe year through No- came abiggerpriority as in- ties diminish. This year’s in- in the U.S.,Canada and Europe. deliver income. vember,colleges and universi- ternational student enrollment dustrywide reappraisal is ReginaMayor,who leads In coming years, heightened ties issued morethan $41.3 fell and expenses rose. among itsstarkest ever be- KPMG’senergy practice, said competition from renewable billionintaxable and tax-ex- Part of the sector’s appeal cause oil companies also face the write-downs represent not fuel reserves,including U.S. energy and policychanges empt fixed-ratedebt, including forinvestorsstems from the longer-termuncertainty for only the diminished short-term shale depositsand Canadian oil could triggerfurther reviews refinancings, arecordsince long-term maturity of college their main productsamid the value of the assetsbut many sands.Some of the assetsre- of oil-and-gas assets’ ability to Barclays began tracking the and university bonds,said Jim rise of electric cars,the prolif- companies’ belief that oil quirehigher oil prices that generatefuturecash flowsun- data.The dataincluded issu- Costello,who heads higher-ed- eration of renewable energy prices maynever fully recover. were prevalent earlier in the der U.S. accounting rules,said ance from schools with top- ucation financeatJ.P. Mor- and concern about the lasting “They arecoming to grips decade to be profitable.But af- Philip Keejae Hong,anac- notch credit ratings, including gan.Corporatebonds rarely impact of climatechange. with thefact that demand for terU.S.frackersunleashed vast counting professor at Central BrownUniversity and the Uni- last morethan adecade,while European major oil compa- the product will decline,and sums of oil and gas, therehave Michigan University. versity of Michigan, as well as higher-education bonds typi- nies RoyalDutch Shell PLC,BP thewrite-downs areaharbin- been two oil bustsinthe past “It’snot likeone company lower-rated schools likeLin- cally have maturity dates 30 PLC and TotalSEwere among gerofthat,” Ms.Mayor said. five years, and Brent oil, the [is] making abad move,” Mr. field University in McMinn- years out. the most aggressivecutters, U.S. accounting rules require global benchmark,last topped Hong said. “It’sathreat that ville, Ore.,and Alvernia Uni- “The AAA-and AA-rated accounting formorethan one- companies to writedownan $100 abarrel in 2014. theindustryasawhole is fac- versity in Reading, Pa. schools are pretty unique as- thirdofthe industry’swrite- asset when itsprojected cash Concerns aboutlong-term ing in the long run.” Moody’sInvestorsService setstoown,” Mr.Costello said.

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THE WALL STREET JOURNAL. **** Monday, December 28, 2020 | A7 U.S. NEWS Number New Covid Therapies Are Little Used Of U.S. Doses of monoclonal antibodies—Covid-19 therapies au- Cases Hits thorized foremergencyuse last month—aresitting unused in hospital pharmacies,evenas 19 Million cases surge acrossthe country.

By Sarah Toy, BY CHUN HAN WONG Joseph Walker and Melanie Evans Asurge in newly reported Covid-19 infections in the U.S. Hospitals saythe rollout of liftedthe national totalabove the therapies has been stunted 19 million cases,though the by alukewarm response from number of hospitalizations infectious-disease specialists, continued easing over the who saythey want moreclini- Christmas holidayfromare- caltrial databeforeusing them cord high during the week. on aregular basis.Medical Datacompiled by Johns centersare also grappling with Hopkins University indicated alack of awarenessand inter- 226,274new cases were est from both the primary-care loggedinthe U.S. on Saturday. doctorswho would normally Johns Hopkins dataindi- prescribe the drug and pa- cated 1,663 deaths in the U.S. tientswho areoffered it. And on Saturday, up from 1,233 fa- some places aredealing with a talities loggedthe preceding shortageofspaceand staff to S day. administer the therapies. PRES Morethan 117, 300 people When monoclonal antibody were hospitalized in the U.S. therapies from Eli Lilly &Co. ZUMA with Covid-19 as of Saturday, and Regeneron Pharmaceuti- TIN/ extending adecline from cals Inc. were approved for MAR Thursday’srecordof120,151, emergencyuse in November,

according to the Covid Track- health agencies were worried KENNETH ing Project. Nearly 22,400 peo- therewouldn’t be enough sup- Massachusetts General Hospital has received about 275 doses of Eli Lilly’s bamlanivimab, but only 10% has been administered so far. ple were being treated in inten- ply to meet demand. Now, sive-careunitsasofSaturday. health-careprovidersare ad- rollout thereand in the wider obese,with abody-massindex been helpinglead the mono- doesn’t mean people shouldn’t TheU.S.death toll sur- ministering just 20% of the Northwestern Medicine health of 35 or more. Thetherapies clonal antibody rollout at Mas- be treated now, said Rich passed 333,000 on Sunday, doses they receiveeach week, system, which includes 10 hos- aresupposed to be adminis- sachusetts General Hospital in O’Neal,Regeneron’svicepresi- with morethan 19.1 million according to officials with Op- pitals acrossthe Chicagoarea teredassoon as possible after Boston. dent of market access.“It’sgo- cases confirmed, according to eration Warp Speed, the fed- and northern Illinois. apatientreceives apositive MGH has received about 275 ing to be really challenging if Johns Hopkins data. eral initiativetosupport devel- Demand from doctorsinthe test result, within 10 days of doses of Eli Lilly’s bamlanivi- we continue to wait toolong Global deaths have sur- opment of newdrugs, vaccines Northwestern system has been the onset of symptoms. mab,but only 10% of that has forinformation and datato passed 1.7million. Therehave and diagnostics forCovid-19. relatively lowand manypa- But sussing out who would been administered so far,she continue to decrease the im- been morethan 80.7 million Monoclonal antibodies, tientsaren’t all that interested, benefitand when isn’t easy, said. Thehospital also received pact of the crisis.” confirmed cases world-wide. which arealso used to treat he said. Although several hos- asmall supply of Regeneron’s “The emergency-use autho- The European Union began other diseases,work by taking pitals have made arrangements product, but that hasn’t been rization is based on astandard acontinent-wide campaign to apagefromthe body’s own forstaff to deliver the infu- States arebeginning used at all, she said. of datawhich is different than vaccinateits citizens against natural antibody defenses, tar- sions, some physicians aren’t Some patientswho meet the normal drug approval. We Covid-19 on Sunday, with geting specific spotsonin- comfortable with prescribing to expand availability the high-risk criteria have fully acknowledge that,” said health-careworkersand nurs- trudingpathogens.Eli Lilly’s the therapy because it is so to nursing homes and mild or moderatesymptoms Daniel Skovronsky, Eli Lilly’s ing-home residentsfirst to re- bamlanivimab and Regeneron’s newand it is hardtodiscern that areimproving,sothey chief scientific officer.“On the ceive injections of the Pfizer- casirivimab-and-imdevimab which patientswill benefit outpatient clinics. aren’t interested,Dr. Rubin other hand, we’reexcited BioNTech shot. cocktail target the SARS-CoV-2 from it, Dr.Ison said. noted. Othersaren’t able to about the potential that we’ve In Russia, authorities ex- spikeprotein and areinjected The treatmentsfromEli spare the two hours required seen in our clinical trials.” panded their Covid-19 vaccina- intravenously.Early trial data Lilly and Regeneron were ap- for administration and moni- States are beginning to ex- tion program to the elderly,as of the therapies found they proved by theU.S.Food and doctorssay.And patientssome- toring. Still others are told of pand the availability of infu- the totalnumber of infections could reducehospitalization Drug Administration foruse in times recoverontheir own the benefitsofthe drug ac- sions outside the hospital, in- in the countrytopped three or emergencyvisitsamong patients with mild or moder- within acouple of days.Often, cording to trial dataand de- cluding in nursing homes and million. high-risk patients. ateCovid-19 at high risk of patientswith mild symptoms cide the benefit is toodubious. outpatient infusion clinics,and Also, scientists are getting “Physicians arenot order- progressing to severesymp- refuse the therapy afterbeing TheNational Institutes of offering to administer the closer to identifying the com- ingthe drug,” said Michael toms or hospitalization. The offered it, doctorssay. Health has said there areinsuf- drugsinpatients’homes,said pound known as PEG as the Ison,aninfectious-disease FDAhas aspecific definition “A significant number of ficient datatorecommend for Janet Woodcock,head of drug potential culprit that is caus- physician at Northwestern Me- of high risk, whichincludes patientshavedeclined it,” said or against the use of the Eli evaluationand research at the ing allergic reactions to the morial Hospital who is helping people 65 yearsofage or Emily Rubin,apulmonaryand Lilly and Regeneron treatments. FDAwho is on leave to work Pfizer vaccine. lead the monoclonal-antibody older,orpeople considered critical-carephysician who has Theneed formoredata with Operation Warp Speed.

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A8 | Monday, December 28, 2020 THE WALL STREET JOURNAL. WORLD NEWS EU LaunchesMassVaccination Campaign

The bloc’s27member nating on Sunday, all at once, in fanned out to deliver the shots cludes 8.6million in Germany agestureofsolidarity,but sev- to hospitals,while Slovakian alone—is asteep order.Govern- states boughtvaccine eral countries jumped the gun. President Zuzana Caputova mentsare counting on the EU’s doses as agroup for In asign of frustration that appeared on television, her chief drug regulator,the Euro- the bloc wasslowerthan the sleeverolled up as she re- pean Medicines Agency, to au- its 450 million people U.S., U.K. or Canada to autho- ceived an injection. thorizeasecond shot, by Mod- rize and distribute a vaccine, “This datewill remain with erna Inc., when it holds a The European Union began Germany, Hungary and Slova- us forever,” Italy’s prime min- special reviewmeeting on Jan. a continentwide campaign to kia all began injecting people ister,Giuseppe Conte, wrote 6. Expected supply of those two vaccinateits citizens against on Saturday, hoursafter re- on Twitter. “Let us start with shotswould coveronly about Covid-19 on Sunday, with ceiving their first doses. Ger- health workersand the most half the EU’s450 million people health-careworkersand nurs- many’sfirst person to be vac- fragile groups and then extend by the end of next year,and a ing-home residentsfirst to re- cinated was101-year-old S to the entirepopulation the fast rollout depends on whether

ceiveinjections of the shot nursing-home resident Edith PRES possibility of achieving immu- shotsbyJohnson &Johnson or from Pfizer Inc.and Germany’s Kwoizalla, who joked with the nity and defeating this virus AstraZenecaPLC also clearthe BioNTech SE. small crowd gathered around ZUMA definitively.” finish line. A/ her that she didn’t see the TheEU’s27member states In the meantime,several By Drew Hinshaw in point in inoculating a person purchased vaccine doses as a governmentssay they haven’t BEIN/DP

Warsaw and Bojan as old as herself. S group,and agreed to distribute ruled out another round of Pancevski in Berlin “Everyday we wait is aday them among themselves by lockdowns if the current win- TTHIA

toomany,” said the head of MA population. They arecollec- terwavecontinues.Countries Thevaccinations,conducted the care home,Tobias Krüger. Germany’sfirstrecipientwas 101-year-old Edith Kwoizalla, who tively hoping to vaccinate from France to the Czech Re- acrossthe entirebloc,came Beyond Germany, scenes of joked thatshe didn’tsee the pointofinoculating aperson her age. enough health-careworkersand public imposed restrictions nearly aweek afterthe EU’s health-careworkers, the el- elderly citizens over the next over Christmas, hoping to re- Dec. 21 decision to authorize derly and heads of statere- highest per-capitadeath rates dent Emmanuel Macron called threemonths so that hospitals lievethe pressureontheir the shot, as the administrative ceiving injections playedout from the disease. “a newweapon to fight the vi- canbegin offering the shot to health-caresystems,and in logisticsofrolling it out to 27 acrossdozens of countries,of- A78-year-old woman on rus.” In badly hit Italy, whose ordinarypeople around April or Poland, policewill patrol the countries fairly and simultane- fering rare momentsofhope the outskirts of Paris was the news media dubbed Sunday May. But supply is scarce,and streetsonNew Year’s Eveto ously created delays.Each na- foracontinent that has suf- firsttobeinjected in France “vax day,” North Atlantic even covering that firstset of prevent residentsfromleaving tion wasmeant to start vacci- feredsome of the world’s with the vaccine,which Presi- Treaty Organization soldiers people—a category that in- their homes after 7 p.m. Brexit Boosts Confidence in Bloc Stigma of Covid-19

BY LAURENCE NORMAN Trustinthe EU has recoveredsincethe 2016 Brexit referendum required to hand the EU exec- Infection in Japan utivenew fiscal powers,some- Trustingovernment institutions BRUSSELS—Britain long thing they would have been playedaspecial role within the 60% loath to do. European Union,asanuclear With Britain’s exit, France, Outlasts the Illness powerand permanent United also anuclear powerand veto- 50 Nations Security Council mem- wielding member of the U.N. BY MIHO INADA in 1945 and of those who lived ber that had Washington’s Security Council, is one of the near the Fukushima Daiichi nu- European ear.Itwas also abudget hawk 40 few European countries with a TOKYO—Shuichi Takatori clear reactors that melted that insisted on keeping the Union global militarypresenceand spent two weeks in the hospi- down almost adecade ago. bloc’sspending in check. National willingness to deploy it. talthis fall with afever after “Wecannot saythat Japa- Some EU officials worried 30 parliament Mr.Macron has pushed a catching Covid-19.Herecov- nese people don’t have accu- that theU.K.’sexit from the National program of strategic auton- ered,went back to work and rate information, but they are bloc would weaken aunion omy, which includes building nowfeels fine. not good at acting based on 20 government that had been under pressure up military capabilities to al- Butthe disease lingered in science,” Ms.Nakayama said. sinceBritons votedin2016 to 2005'10 '15'20 lowthe EU to operateinde- the stigma Mr.Takatori says he Infection “turns intosome- depart. That vote confronted Source:StandardEurobarometer survey of face-to-face and phone interviews of 27 member states pendently of great powers like felt from society.The 60-year- thinglikedefilement,” she the EU with the risk of disinte- China and the U.S. With Berlin, old member of Japan’sParlia- said. gration and strengthened the ties should prevent aperma- manuel Macron’s sweeping it is seeking to strengthen the ment decided to disclose his Rahuldeb Sarkar,who grew hand of euroskeptic move- nent riftbetween Amer- proposals to reform the euro- EU defense sector and offer illness, even though he said he up in India and works as adoc- ments from Italy to Hungary. ica’s European allies. zone, France was blocking EU stronger protections forcriti- feared the consequences in torinthe U.K.,said patients Instead, as the U.K. pre- Britain’s repeated political enlargement,German Chancel- cal industries. next year’s election. Word with infectious diseases such parestoleave the EU’seco- crises sincethe referendum lor Angela Merkel was pushing France has driven ahard quickly gotaround. as Hansen’sdisease have been nomicorbit Jan. 1,the EU has have,opinion polls show, lifted back on Mr.Macron’scriticism line in a conflict between the Arestaurant wherehehad stigmatized forcenturies in In- regained confidence, helped support elsewherefor EU of the North Atlantic Treaty EU andTurkey over natural- dined called his officetoask dia, and anyone in contact with partly by arevivedFranco- membership.Manyanti-EU Organization,while Berlin was gasresourcesand Ankara’s fordamages.The school bas- them including medical work- German partnership and en- populist championsnow call wary of effortsbyParis to militarymoves in itsneighbor- ketball team of an aide’schild ersmay also be shunned. “It couraged by the arrival of foroverhauling,rather than thaw ties with Russia. hood. Mr. Macron has contin- wasdisinvited from atourna- appearsthat this practicegot the Biden administration in quitting, the bloc. That changed this spring. uedhis outreach to Moscow ment. And weeks afterhis re- extrapolated when it came to Washington. Meanwhile,Paris, The EU has agreed to a Jettisoning adecade of op- despitethe poisoning of oppo- covery,hesays relatives told Covid,” Dr.Sarkar said. nowthe bloc’sdominant for- hugerecoveryfund to help the position to common debt issu- sition leader Alexei Navalny. himnot to visit his hometown Health-careworkersinIndia eign-policyactor,isdriving bloc emerge from itscoronavi- ance, Ms.Merkel in Maybacked Thereiscaution about foraserviceonthe firstanni- saypeople have avoided get- debateoneverything from re- rus slump—an agreement un- aproposal forthe European French policies in partsofthe versaryofhis father’s death. ting tested even when they lations with the U.S. and Rus- thinkable afew yearsago. bloc,especially anysteps that “I feel even nowlikeit’s have symptoms out of fear that sia to expanding the EU’smili- With a Brexit deal now pock- undermine NATO.Without something embarrassing,” said adiagnosis would cost them tary capabilities. eted, some officials believethe As Britain prepares Britain, those concerns are Mr.Takatori, amember of the friendsortheir job. Last week’sBrexit agree- EU has turned a corner. sidelined. ForWashington, this ruling Liberal Democratic TheWorld Health Organiza- ment is due to be approved by “We showed that if we are to leave theEUon could createchallenges even Party. tion warns that stigma can EU governmentsonTuesday really under pressure, we get Jan. 1,Berlin and while EU leaders say they are Mr.Takatori said he was makeitharder to control out- and by the British parliament things done,” Michael Clauss, eager to work with President- taking precautions and has no breaks andresult in morese- on Wednesdaytoallowitto Germany’s ambassador to the Paris step up. elect JoeBiden. Foryears, the idea whyhegot sick. vere health problems. come into force provisionally EU, said in December. “So we U.K. had blocked EU efforts it Still, specialistsinhow soci- Thereare fewerreportsof on Friday. The European Par- did rise to the challenges and feared undermined or dupli- eties respond to illnesssaid long-lasting stigma in the U.S. liament will consider the that’swhy,also psychologi- catedNATO’swork.Britain the reactions,which have been and Europe,but the risk of 1,246-page deal, published in cally,weall feel that we arein Commission,the EU’sexecu- has also become afar sharper especially prominent in Asia, taint attaching to the medical full on Saturdayfor the first a stronger position now.” tive, to issue debt to fund ares- critic of China and would were familiar from earlier dis- profession existstheretoo.An time, in the new year. Top EU Central to the eurozone’s cue package that would hand likely have pushed the EU to- eases. internet survey of morethan lawmakersfromthe bloc’sbig- revival is the French-German outhundreds of billions of eu- ward close coordination with Hitomi Nakayama, alawyer 3,500 Americans and Canadi- gest parties have already wel- partnership,which has gained rostomember states to help the U.S. on the challenges Bei- who heads aworking group ad- ans found one-thirdofrespon- comed the deal. strength with the exit of the them during thepandemic. jing poses. vising the government on the dentsreported they avoided Britain’s sway in the conti- only EU member statecountry Twomonths later,the EU Instead, theEUisstaking stigma issue,pointed to the health-careworkers. Thesur- nent, long auseful channel for that wasequal in economic agreed on a €750 billion pro- out amiddle position. Brussels 20th-centuryhistoryofmedi- vey,byresearchersatthe Uni- Washingtontoinfluence and strategic terms. gram, equivalent to $920 bil- recently began adialogue with cally unjustified isolation of versity of British Columbia and EU plans on trade,tax and for- Just ayear ago, Franceand lion. the U.S. on China. Yet the EU, patientswith Hansen’sdisease, the University of Regina in eign-policypriorities,ismuch Germanywereatloggerheads If the U.K. had still been an pushed by Berlin,isclose to also known as leprosy.Other Canada, concluded, “Thereare diminished. However, Thurs- on manyofEurope’sbiggest EU member,the bloc might completing abroad invest- examples,she said, include the important, under-recognized, day’sagreement between Brit- challenges. have been able to carveBritain ment agreement with Beijing, shunning of people exposed to and widespread stigmatizing ain and the EU on future eco- Germanyhad watereddown out from the fund. Yet, British provoking warnings from Mr. radiation in the atomic bomb- attitudestoward healthcare nomic,trade and security most of French President Em- lawmakerswould have been Biden’s team. ingsatHiroshima and Nagasaki providers.” WORLDWATCH

LEBANON cian who received a 15-day sen- fewerpeople went to polling sta- tence for attending a protest, tions because of fears of violence Syrian Refugee Camp said he was hospitalized with a or boycotts by the rebel coalition. Burned in Dispute high fever after eight days at a President Faustin-Archange prison in eastern Belarus and di- Touadera, seeking a second More than 300 Syrian refu- agnosed with double-sided pneu- term, tried to reassure candi- gees were forced to flee an in- monia induced by Covid-19. dates and voters that the voting formal camp in northern Leba- Mr. Lisetsky said that before would be secure. This is the non when a blaze burned tents he entered prison, he and three country’s first election since a to the ground, U.N. and Leba- GES bandmates were held in a Minsk peace deal was signed between nese officials said Sunday. IMA jail and had to sleep on the floor the government and 14 rebel The fire late Saturday raged of a cell intended for two. All groups in February 2019, al- GETTY

for four hours as firefighters SE/ four contracted the virus. Mr. though fighting continues. tried to put it out, officials said. Lisetsky must return to prison Mr. Touadera criticized the The fire broke out after a to serve the remaining seven perpetuation of violence, saying

fight between a Lebanese family ANCE-PRES days of his sentence after he is it has dragged the country into and Syrians living in the camp in FR discharged from the hospital. chaos and adding that measures the al-Miniyeh district in the Morethan 30,000 people would be taken accordingly. GENCE

country’s north, according to /A have been detained forprotest- Three peacekeepers from Bu- Lebanese media reports. ing the Augustre-election of rundi were killed and two others The Lebanese army said Sun- PresidentAlexander Lukashenko, wounded Friday by armed com-

day it had conducted raids and CHALHOUB which activists and some elec- batants. The U.N. retook the arrested two Lebanese men and tion workers saywas rigged. town of Bambari last week from AHIM

six Syrians as part of the inves- IBR —Associated Press rebels. Rebel groups have also tigation. The army said the Leb- Syrian refugees attempted on Sunday to salvage belongings from a camp that was set on fire seized several towns near the anese men had fired weapons Saturday night in the al-Miniyeh district of northern Lebanon. The fire broke out after members of CENTRAL AFRICAN REPUBLIC capital, and after forming a co- into the air and torched the a local Lebanese family torched the camp in a dispute with Syrian refugees. alition, boycotted the vote in tents. The army confiscated Elections Held Amid some parts of Central African weapons and said it expected to bara said. Most of the refugees BELARUS tracted the coronavirus while in- Fears of Violence Republic. make further arrests. have sought shelter in other carcerated accuse authorities of The U.N. Special Representa- Khaled Kabbara, a U.N. refu- nearby informal settlements, and Covid Said to Spread neglecting or even encouraging Central African Republic held tive for Central African Republic, gee agency spokesman in north- some members of the local In Overcrowded Jails infections. presidential and legislative elec- Mankeur Ndiaye, said he consid- ern Lebanon, said some 375 community have also offered Activists who spoke to the tions on Sunday amid fears of ered the elections in the capital people lived in the informal set- shelter, he said. A wave of Covid-19 has en- Associated Press after their re- violence after a campaign of the country a success. tlement on a plot of rented land. Tensions are common in Leb- gulfed prisons that are packed lease described overcrowded marked by fighting between reb- The presence of international He said the entire camp was anon between citizens and Syr- with people in custody for dem- cells without proper ventilation els and government forces. forces gave many voters reas- burned to the ground. Four peo- ian refugees. Lebanon is host to onstrating against the Belarus’s or basic amenities and a lack of Voters came out in large num- surance, according to voter Ous- ple were hospitalized with minor more than 1 million refugees. authoritarian president, and medical treatment. bers in the capital, Bangui, while mane Haroun. injuries from the fire, Mr. Kab- —Associated Press. some of the protesters who con- Kastus Lisetsky, 35, a musi- in other parts of the country —Associated Press P2JW363000-0-A00900-1------XA

THE WALL STREET JOURNAL. Monday, December 28, 2020 | A9 WORLD NEWS Chinese City Test Drives A Digital Yuan

BY JONATHAN CHENG teamed up with other technol- ogycompanies,including BEIJING—The People’s Meituanand Didi Chuxing BankofChina on Sundaycon- TechnologyCo.,totest the use cluded its second digital-cur- of digital yuan forservices rencypilot program, as the such as food deliveryand ride central bank moves closer to a hailing, respectively. formal rollout that would To buy all that detergent, make China the firstmajor Ms. Wang had to top up with world economytointroduce five yuan from her account at such a system. Industrial &Commercial Bank This month, authorities in of China Ltd., sincethe bill ex-

the eastern Chinese city of Su- ceeded the 200 yuan she re- S

zhou handed out 20 million ceived from the central bank. NEW digital yuan, equivalent to $3.1 “It went through smoothly, G million, to local residentsvia a likeother online paymentswe

lottery.Each of the 100,000 did,” she said. OOMBER winners received 200 yuan in In the first 24 hours of the /BL NG

the newdigital currency, Suzhou trial, JD.com recorded CO N

which could be spent on on- nearly 20,000 orderspaid in YA line or offline purchases. the digital yuan, the company Signage for the digital yuan is displayed at a supermarket in Shenzhen, site of the first test this year. TheSuzhou pilot included said this month. twiceasmanyresidentsand Besides testing payment on forpayment during each trans- three times as manymer- online stores,Suzhou also ex- Industrial Profit Up Industrial profit jumped Privateindustrial enterprises action, according to the Suzhou chantsasone conducted in perimented with the digital 15.5% in November from a year also reported profit growth of and Shenzhen trials. October in the southern Chi- currency’s offline-payment 15.5% in November earlier, slowing from the 28.2% 1.8% forthe January-November Forthe central bank,part nese city of Shenzhen, the function, afeaturetouted by increase in October, the Na- period, compared with a1.1% in- of the appeal of the new digi- first such trial of the govern- officials to differentiatethe tional Bureau of Statistics said. crease in the January-October talcurrencyistocreateapub- ment-backed digital currency. newplatform from the elec- China’s industrial profit Cumulative operating in- period, as Beijing’ssupportive lic alternative to Alibaba and Thetrial in Suzhou also ex- tronic paymentservices al- posted growth in the first 11 come of industrial enterprises measures showedeffects. Tencent’spaymentsduopoly, panded the scope of the pilot ready ubiquitous in China, a months of the year, official growth turned positive for the State-owned enterprises re- and to gain moreaccessto program by testing the digital countrywhere paymentsare data showed Sunday, as the first time in 2020 after opera- ported aprofit decline of 4.9% in transaction data, says Martin yuan on online stores and by already increasingly cashless. world’s second-largest economy tions of the industrial sector the first11months of the year. Chorzempa, a research fellow introducing an electronic-pay- Unlikepaymentsmade continued to recover. ground to a near-halt at the The industrial sector has led at theWashington-based Pe- ment method that doesn’t re- through Ant Group’s Alipay For the January-November start of the year because of the economic recovery since terson Institutefor Interna- quire an internet connection. andTencent HoldingsLtd.’s period, profits made by indus- the Covid-19 pandemic. For the the government brought the tional Economics. Wang Ju,a39-year-old Su- WeChat Pay, the central bank’s trial companies rose 2.4% from January-November period, oper- coronavirus outbreak under “I don’t think it’sabout see- zhou resident who wasselected offline-payment feature doesn’t a year earlier, compared with ating income rose 0.1%, revers- control. Economic growth is ex- ing who’s buying diapersor to participateinthe pilot, requireaninternet connection, 0.7% growth in the first 10 ing the 0.6% decrease in the pected to top 5% in the final cigarettestoday,” he said. “It’s found apastel-colored replica which could facilitatepay- months of the year. January-October period. quarter, economists say. about having moreofareal- of ayuan bank notefeaturing mentsinareas with poor cellu- time understanding of how statefounder Mao Zedong in lar service, officials said. money is moving in the econ- her digital-wallet app afterfol- Perhaps even moreenticing signals when consumers used eye,” said storemanager Mr. that the new yuan is a digital omy for more of a macro tar- lowing the instructions. formanymerchantsisthat the WeChat Pay or Alipay. Ma, who declined to givehis extension of physical fiat geting procedure.” “It’samazing,” said Ms. newdigital currencyoffered Afterthe nut vendor was full name. money endorsed by the gov- Onceitisinwidespread Wang,who spent all of her al- by the central bank doesn’t in- chosen forthe Suzhou trial, The lack of processing fees ernment, describing the new use,the digital yuan could also lottedcurrencybuying enough volve transaction fees, unlike China Construction Bank Corp., wasanother inducement, he currency’spurpose as being to give Chinese regulators more laundrydetergent to keep her Alipay,WeChat Payand Chi- the country’sNo. 2lender by said, saving him the three or replacesome of China’smone- information on money flows, family’s clothes clean forayear. nese commercial banks. assets, which also assisted, four yuan forevery 1,000 yuan tary base—cash in circulation. they have said, helping au- Ms.Wang chose to spend the One Suzhou merchant who gavethe storeadomestically- processed that banks and pay- Similar to China’sexisting thorities track money launder- money at JD.com Inc.’sonline participated in thepilot pro- produced smartphone that en- ment firms generally charge. commercial digital-payment ing and terrorist financing. shopping platform, which was gram welcomed both func- ables offline payments. China’scentral bank said it platforms,consumersmust first Chinesegovernment offi- offering big discountsduring its tions.Located on the ground “Wejust needed afew began work on its digital cur- download adigital wallet onto cials haven’t offered aconcrete annual “Double Twelve” shop- floor of ashopping mall, the touches of two cellphones to rency—known as “digital cur- their smartphones,wherethey timetable forafull rollout. ping festival that began Dec.12. nut storeoften encountered makethe payment go through. rency/electronic payment,” or canstore money and generatea —Grace Zhu and Stella Yifan Chinese authorities also problems with poor cellphone It happened in the blink of an DC/EP—in 2014. It has said QR code that is then scanned Xie contributed to this article. Beijing Reins In

Ant Group S NEW G

ContinuedfromPageOne Theactions by Chinese reg- OOMBER ulatorswill forceAnt to focus moreonits core digital-pay- SHEN/BL

mentsbusinessand lesson QILAI lending and selling financial Ant owns Alipay, a highly popular mobile payments and lifestyle services,which have become app that has more than one billion users in mainland China. significant moneymakersfor thecompany. Morebroadly, has shed assetsfromstakesin Alipayusersalso buy mutual regulatorsare trying to curb hotel companies and financial funds, insuranceand other in- thepowerofChina’sinternet companies,and it recently vestment productsvia itsapp. giants,while at the same time reached adeal to sell atechnol- Through Alipay, Ant has controlling risks in the coun- ogy-productsdistributor. also originated short-term try’sfinancial system by requir- Anbang InsuranceGroup, loans to consumers and small ing Ant to take steps to prevent which had scooped up U.S. ho- businesses that have been ig- losses in itslending business tels and other properties nored by traditional banks.Its from spreading to banks. abroad using funds raised personal-lending business, in Sunday’spublic rebuke from investment productsit particular, has grown rapidly came lessthan two months af- had sold, wasseized by Chi- in recent yearsand become terBeijing pulled the plug on nese regulatorsin2018 and the company’sbiggest revenue Ant’splanned initial public of- forced to refocus on itscore driver. ferings in Hong Kong and businessofproviding insur- Regulatorshavefound this Shanghai on Nov.3.The block- ance. The business now oper- businessproblematic because buster IPO had been set to ates under adifferent name most of the loans Ant facili- raise at least $34 billion—valu- afterleaving government tatesare funded by commer- ing Ant at morethan $300 bil- hands earlier this year. cial banks—includingmany lion—but Chinese President Xi ForAnt, the regulators’ or- small lendersand trust compa- Jinping personally decided to der means one of the world’s nies—that bear nearly all the halt thedeal afterMr. Ma infu- risk of borrowerdefaults. Ant riated government leaderswith wascollecting fees while as- aspeech in which he criticized Regulators are suming little risk.Inthe first financial regulation, TheWall half of this year,Ant’sdigital- Street Journal has reported. trying to curb the lending businessaccounted for Ant said it appreciated the powerofthe nation’s 39% of the company’s72.5bil- guidanceand would comply lion yuan, equivalent to $11.1 with theregulatoryrequire- internet giants. billion, in revenue,according ments. Thecompanysaid it to itsIPO prospectus. would develop atimetable and Thecentral bank’sstate- a plan of action. ment on Sunday said that de- Alibaba Group Holding most valuable startups will spiteAnt’stransgressions,it Ltd., the e-commerce giant Mr. have difficulty making further recognizes the company’sfi- Ma co-founded, has also come inroads into lucrative areas it nancial and technological in- under pressurerecently.Its previouslytargetedfor novations,and itsprovision of American depositary receipts growth. Thecompanycould inclusive financial services. tumbled 13% on Dec. 24 after scale back some of itsbusi- As acompanywith “signifi- China launched an antitrust nesses,which would affect its cant influence” in these areas, investigation intothe com- profit potential and market Ant needs to consciously abide pany. Alibaba owns one-third valuation when it tries to go by national laws and regula- of Ant. public again. tions and integrate its corpo- Chinese authorities have Ant owns Alipay, ahighly rate development with na- previouslyreined in other popularmobile paymentsand tional goals,the statement large companies afterthey ex- lifestyle app that has morethan added. panded aggressively abroad or one billion usersinmainland Xiaoxi Zhang,ananalyst at intobusinesses that weren’t Chinaand handled the equiva- Gavekal Dragonomics,said for close to their core activities, lent of $18 trillion worth of nowtherewas no order to and took on what regulators transactions in the year to June break up Ant, buying the com- Hublotproudlysupports Best Buddies’ regarded as excessive risk. 2020.With Alipay, Chinese citi- panytime to getits house in missionofcreatingFriendship,Jobs, CLASSICFUSION HNA Group Co., an airlines- zens have been able to use their order.“It looks likethe author- Leadership Development, &InclusiveLiving TITANIUMPAVÉBESTBUDDIES to-hotels conglomeratethat smartphones to payfor bus and ities mainly want Ant to dial opportunities forpeople with intellectualand “FOR THEREMARKABLEWOMAN” previouslywent on aglobal ac- taxi fares,groceries,online pur- back itsbusinessfocus back to developmental disabilities. LIMITEDEDITION quisition spree,was told by Bei- chases,utility bills and many payment, and put acheck on jing some yearsback to refocus other transactions without hav- other financial services likeon- on itscoreairlines business.It ing to use physical cash. Many line lending,” Ms.Zhang said. P2JW363000-0-A01000-1------XA

A10 | Monday, December 28, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

with the best of spices. some conifer trees arepoison- from needles.Heliked the pie crust,” he says. Take Down “You’venever hadfresh ous, with the yew variety be- fresh, citrusynotes,but the Long beforecookbook au- laketrout until you’vehad it inganoft-cited example.On tastewasn’t pronounced thorsweretouting trees,Euell smothered with a Douglas fir topofthat, they warn that enough. “IfIdoitagain, I’ll Gibbons,the wild-food enthu- Your Tree, pesto,” says Devon Young,a commercially sold Christmas use more needles,” he says. siast, wasmaking his pitch. writer and herbalist from trees canbefarmed with pes- Bartendersare also looking “Evereat apine tree? Many Sheridan, Ore. ticides and sprayed with fire to Christmas trees as asource partsare edible,” said Mr.Gib- And Eat It Ms.Young’sNitty Gritty retardant. forlivening up cocktails.Sam bons,who died in 1975, in a Lifewebsite, dedicated to “ho- John Kallas, based in Port- Nelis,beveragedirector at TV ad forGrape-Nutscereal. listic sustainable living,” fea- land,Ore., operates the Wild Landcrafted, abar that is part Thecereal has no pine tree ContinuedfromPageOne tures advice about foraging. Food Adventures outdoor of the Barr Hill distilleryin parts, says aspokeswoman for dairy, it’skind of unbeliev- She encourages people to school and holds adoctoral Montpelier,Vt., likes to take Post Consumer Brands,which able,” says Ms.Georgallis,who seek out the trees throughout degree in nutrition. He offers Pining for roughage. gin and infuse it with balsam- produces Grape-Nuts. has spent the last five years the year in the wild, with simple advicetothose consid- fir needles. He mixes it into a Goat farmershavebeen concocting recipes and hosting spring being aprime occasion ering consuming their Christ- vinced the Christmas trees-as- drink he calls Fir’getAbout known to seek out Christmas sold-out culinary events. Her for gathering the branch tips, mas tree: “For the normal lay- food concept is poised to go Tomorrow.Mr. Nelis has been trees sincethose animals take latest effort: anewly pub- adelicacyall their own. She person, don’t do it.” mainstream: “It is not a topic sourcing the needles from a aparticular fancytothem. lished cookbook called “How says the holidays present a Advocatessay thereare of discussion among Christ- local farm, but he is consider- Sara Ventiera, who keeps four to Eat Your Christmas Tree.” special opportunity because it waysaround the issue by mas tree growers.” As forhim- ing using his Christmas tree goats as pets on her property In recent years, anumber is when we bring trees into sourcing nonpoisonous trees self,Mr. O’Connor says,“I’ve forfutureendeavors.“Afull in Acton,Calif., says she will of chefs, amateur and profes- the home. She offers a recipe that aregrown organically and chewedonaneedle or two.” tree canget youalot of cock- likely be looking forafew sional,haveembraced Christ- on hersitefor aDouglas fir- not sprayed with fire retar- though he adds that he has tails,” he says. trees in the post-Christmas mas trees,fromclassic pines infused eggnog.Her assess- dant. The National Christmas never prepared or served a Artur Cisar-Erlach, author period because she notices to stately firs to spruceup ment? “Best. Eggnog. Ever.” Tree Association, atrade meal built around a tree. of “The FlavorofWood: In howher animals “goberserk” routine dishes.Otherssay that Such enthusiasm is coun- group,says that pesticide use Tijmen de Ridder,astudent Search of theWild Tasteof over the pine needles she al- is an unappetizing,potentially teredwith amajor caveat is generally limited in the in- of physics and mathematics in Trees from Smoke and Sap to ready offers them as an occa- hazardous, idea. from food-safety experts and dustry, especially when com- the Netherlands with apas- Rootand Bark,” has afavorite sional treat. Enthusiastssay the tree some foragers:Christmas pared with the use in farming sion forgourmet cooking,has sandwich cookie inspired by Ms.Ventieraisn’t quite needles, and even some other trees,which aregenerally ones fruits and vegetables. done just that. Last Christmas the Oreo,but with afilling fla- ready to sign up with the tree parts, have arangeoffla- belonging to the conifer fam- Still, Tim O’Connor, execu- season, he made aholiday voredwith pine needles and a Christmas tree diet herself.“I vors, from lemony to slightly ily,may not be safetocon- tivedirector of the associa- feast of braised oxtail flavored cookie made from bark. never thought about eating bitter, that put them on par sume,they say. They note that tion,says he isn’t quitecon- with aDouglas firsaucemade “Think aslightly-browned pine needles before,” she says.

even more people to come to Growth Austin. In November,though, vot- ersoverwhelmingly approved Strains a permanent property-tax increase to fund a$7. 1billion transit plan that calls forthree Austin rail lines,one of them tun- neled through downtown. Mark Littlefield, a political ContinuedfromPageOne consultant and pollster who and energy to the city but also worked on the proposal, said brought rising rents and traf- increasing congestion won fic congestion. over some of the voters.He But the paceofchangeis added that the divide over rail accelerating as companies and is generational, and said that remoteworkersrelocateto too has been shifting. what they see as the next tech “If you were under the age metropolis,insome cases flee- of 40,you were morelikely to ing California. “Austin is a support it,” he said. “The city startup city,” said J.D. Ross, a haschanged since[previous general partner at venture- attempts]. Thecity has gotten capital firm Atomic,who younger.” moved to Austin just amonth Austin as the self-pro- agofromthe SanFrancisco claimed “LiveMusic Capital of BayArea. “Everything is grow- S the World” has also been hit

ing quickly.The airport is add- NEW by the lossofmusicians and G ing new gates every year.” venues, many of them unable Austin is nowone of the to surviverising rents. Re- fastest-growing cities in the OOMBER becca Reynolds,anAustin na- /BL U.S.,with apopulation of tivewho heads the Music ORES

about amillion, versus FL Venue AllianceofAustin, said 675,000 in 2000. the city wascaught unpre- GIO Oracle Corp.isthe latest pared forthe paceofgrowth SER companytoannounceahead- A passerby this summer at a mural in Austin, Texas, one of the fastest growing cities in the country. and what that would mean for quartersmovetoAustin, after music venues. a flurry of software and ven- draw. High-tech jobs in Austin metro High-tech jobs in Austin metroareabysector She is optimistic that devel- ture-capital firms in recent Mr.Abbottnoted that high- area by sector opersare starting to showin- months.AnApple Inc.campus profile businesses have made 200 thousand terest in saving the city’s $140 thousand and Tesla Inc. factory are un- or planned moves to other 175 famed music scene.After der construction on the city’s Texas cities as well, such as yearsofworking with them, High-tech Engineering, R&D, north and south sides.Tesla HewlettPackardEnterprise 120 150 labs,other she said, she is hearing more Chief ExecutiveElon Musk re- Co.’srecent announcement of an understanding that keep- cently confirmed he toohas that it is moving itsheadquar- 125 I.T. ing Austin’smusic venues in moved to Texas. ters to Houston. The Republi- 100 placecan givevalue to ade- Gov.GregAbbottsaid he cangovernor credited the 100 velopment. expectsTesla’spresenceinthe state’s business-friendly poli- 80 75 “What happened in San region will ultimately be far cies.“Regulationsare ahin- Trade Francisco with the tech boom bigger.Hesaid he is talking drancetoinnovation,” he said. All industries 50 wassomething nobody saw with Mr.Musk about the po- “The leaders of these organi- 60 Energy coming until it wastoo late, tential relocation of Tesla’s zations arenot coming to Aus- 25 and therewas no one being headquarters to Texas. tin forsocially liberal rea- Manufacturing mindful of ‘What’sgoing to 40 0 Thepandemic also has sons.” happen to our historyand our spurred moves to Austin. Austin MayorSteve Adler 2010 ’19 2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 culture?’” Ms. Reynolds said. Some NewYorkersand San said the city’s values area Note:High-tech jobs include jobs at companies with alarge R&D componentaswell as some wholesale trade industries. “But we have done the work, Franciscans, now working re- natural fitfor startups.“It’s Source:Austin Chamber analysis of data from the Texas Workforce Commission and U.S. Bureau of Labor Statistics and there is awareness.” motely,havecome forlower progressive socially and a re- Charles Milligan, owner of rents, great barsand year- ally entrepreneurial, innova- the2,500-square-foot home, said Heather Way, aUniversity nentssuch as him see the Doc’sBackyard Grill, which round warmth. Between April tive, creative, welcoming and waswilling to close in of Texas professor who grew overhaul’s primary changes— used to sit on the South Con- and October,the Austin metro place. Aplacethat’srisk-toler- seven days. He got the house. up nearby and co-wrotea2018 allowing more types of hous- gressblock that nowholds the area sawthe highest ratio in ant, whereit’sOKtobediffer- Therewere12backup offers, study on gentrification in the ing, greater density and sup- Soho House development, has the U.S. of arrivals to people ent,” said the mayor, a Demo- he said. city. plementary units in houses— felt the shiftofthe city.He leaving,according to LinkedIn. crat. Mr.Adler has said he Manylongtime Austin resi- Manybelieveasolution lies as the way to save the city grew up in Austin, a place he moved to the city in the late dentshavestruggled to stay in in morehousing and better from increasing unaffordabil- said hisparentsmoved to in 1970s to attend the University their homes,particularly on transit, saying Austin wasn’t ity. 1973after his father’s retire- ‘Keep Austin Weird’ of Texas because it washis the city’s east side, tradition- built for what it has become. They saythey arekeen to ment because it wascheap. The arrivals have provided least expensivelaw school op- ally home to Black and His- Last year,after yearsofpoliti- avoid the mistakes of San Their house cost $27,000. Re- theeconomywith aboost as tion. panic families.The area has calbattles over thecity’s 1984 Francisco, which became ex- cently he sawitback on the local businesses struggle with In recent years, more peo- rapidly sprouted strips of pop- housing code,City Council pensiveinpart because it market formorethan pandemic losses.But they also ple have moved to Austin from ular bars, apartment com- membersmoved to adopt a made it so hardtobuild hous- $500,000. are bringing the city more of elsewhere in Texas than from plexesand expensively rebuilt moredensity-friendly update. ing. Opponentsofthe code re- the same high costs and grid- out of state, according to cen- houses.Austin is one of the Greg Anderson, director of writeconsider it athreat to lock they are escaping. susdata. Thecity is relatively most economically segregated community affairsatafford- single-family neighborhoods Out of range Those issues aren’t new. It young,with manyfamilies and cities in the country, according able-housing nonprofit Austin and an acceleration of the de- Rentfor the South Con- has been 20 yearssincethe children. Still, the influx from to a2015 analysis by the Mar- Habitat for Humanity, vowed velopment that is changing gress Doc’s was around $30 a onetimetownofcollegepro- Silicon Valley,inparticular, tin Prosperity Institute, then he would cut his hair only the city. square foot monthly while it fessors, stateemployees and has caught the attention of lo- part of the University of To- when the update was done. It Manynew apartmentshave was there from 2005 to 2016, musicians adopted the slogan cals. ronto. stalled again in acourt dis- sprung up in Austin, in fact plus property taxes, building “Keep Austin Weird.” Riffs on CharlotteSanders, areal- ElsewhereinTexas,“you pute. Mr.Anderson’shair is moreper 1,000 residentsthan insuranceand maintenance that have sprung up in other estateagent at Kuper So- also see neighborhoods that down to the upper part of his anyother U.S. city except passed on to renters. Rent in cities seeing fast growth and theby’s International Realty, aregentrifying and families back. Washington, D.C.,according to that area is closer to $110 a an influx of California cash, said that over the past six that areexperiencing displace- While his personal strikeis Barbara Byrne Denham, a se- squarefoot now, he said—well such as Portland, Ore.,and months,morethan half of the ment amidst that, but what’s unusual, his passion over the nior economist at Moody’s An- out of rangefor ajoint of pic- Boise,Idaho,asthey tootry to homes she has been involved unique about Austin is the housing-code rewriteisnot. alytics REIS. nic tables and a shuffleboard hold on to local flavor and af- with were sold to Californians. pace at which it’s occurring,” Urbanistsand housing propo- That hasn’t been enough to table serving $3 draftLone fordability. She said she gets one to two keep up with demand, and Stars. Butwhat is playing out in new clients from California a Austin Home Value Index* S.F. Home Value Index* manycater to high earners. Doc’shad asecond location Austin nowisonasped-up week,including hedge-fund Texas lawdoesn’t permit zon- on the north side of the city, $0.5 million $2.0 million timeline. The prospect of the managers, tech employees and ing that requires apercentage butthat became tooexpen- oncelaid-back city turning celebrities,and now“the Ora- of newdevelopmentstobeset sive,too,and Mr.Milligan into another SanFrancisco, cle people arestarting to pour 0.4 1.5 aside forlow-income resi- closed it last year.Now,the crowded and ultraexpensive, in.” dents. Austin offerswaiversof bar operates outside city lim- feeds intense political wran- Patrick McKenna,atech in- 0.3 1.0 some restrictions as an incen- its, where it draws more of a gling over zoning,density, vestor, moved to Austin from tive to developerstoadd such family crowd.Helives in a transportation and city social SanFranciscolast year to be 0.2 0.5 units, but they remain in short suburb to the north and programs. close to the next wave of 2010 ’20 2010 ’20 supply. passes through the city as he Manytech leadersand startups.Hedreamed of up- This year,the paceof drives back and forth. workerssay clustering is good grading from an apartment to Percentage change from previous year change in Austin helped shift Mr. Milligan said he would forinnovation, and they ahouse with apool, within 20% Austin residents’ attitude toward love to have a location closer wanted to move to Austin be- walking distancetoshops and 12.8% public transportation. Despite to the city center again, but he 15 cause others were. Some new restaurants. yearsofcomplaintsabout traf- doesn’t knowifhewill find arrivals saythey wanted to be He bid on two homes and 10 fic, and some unhappiness another site. Thenew develop- in acity with asocially pro- lost. Fifteen minutes intoa 5 among newcomersabout hav- ment bums him out, but it’s gressivereputation, but also tour of another home,he 0 ing to buy cars,voterstwice part of the city, he said. like limitedregulations and turned to his real-estateagent. killed proposals for a city rail “I don’t want to be the –5 the lack of astate income tax. “I said, ‘This house is going to S.F. system, in 2000 and 2014. grumpy old man,” said Mr. City and stateleaders, often sell today,’” he recalled. “She –10 -1.1% Some people didn’t want to Milligan, 53. “It might not be at loggerheads,havecele- goes,‘This house is going to 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 urbanizethe city,preferring hip to me,but Ibet my col- brated the relocation of people sell in the next hour.’” that money be spent on road- lege-aged daughter thinks [it *Zillow’sHome Value Indexreﬂects the typical value forhomes in the 35th to 65th percentile to Austin while disputing He made an offer on the range and is seasonally adjusted. ways. Or they feared that pub- is]. Shecan’t affordit, but I whose policies provide the spot: $1.3million, all cash, for Source:Zillow lic transit would encourage bet she thinks it’s cool.” P2JW363000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, December 28, 2020 | A10A GREATER NEW YORK Gun Violence Hits Minorities Hardest

New York City officials Sinceabout ayear afterher low-income communities as a son’sdeath, Ms.Christopher preventivemeasuretostop say rise in shootings hasworked as afamily out- gun violence. has been exacerbated reach specialist with Brooklyn- Additional plans areex- based nonprofit the 67th Pre- pected to be developed next by Covid-19 pandemic cinct Clergy,whereshe year to address gun violence, connectsfamily membersof including programs forminor- BY BEN CHAPMAN shooting victims with financial ity communities,NYPD offi- support, psychiatric care and cials said. Thenumber of shooting burial assistance.She is cur- Policehavestruggled to victims in NewYork City more rently working with 50 fami- makearrestsand close cases than doubled in 2020,with lies around the city, she said, formanycrimes during the low-income and minority com- all of them Black or Hispanic. pandemic,and Chief Harrison munities hardest hit by gunvi- NYPD officials have attri- has cited hurdles associated olence. buted this year’s rise in shoot- with the virus as part of the NewYork PoliceDepart- ingsinpart to gang activity, challengetomaking arrests, in- ment officials saythe surge in which is oftenconcentrated in cluding the increased use of shootings this year is greater poor neighborhoods where masks,which obscurefaces than anyrise the city has seen shootingsare moreprevalent. and hinder the ability of police PHER

in years, and it has been exac- TO NYPD Chief of Detectives Rod- to identifyshootersfromvideo. erbated by the Covid-19 pan- ney Harrison said in a recent NYPD officials have said demic.Between Jan. 1and CHRIS interview that officers would that officersbegan closing

Dec.20, the city recorded SHA concentrateonarresting gang more cases in the second half TA

1,824shooting victims,up NA leaders in an attempt to ad- of theyear and policestatis- nearly 104% from 896 during Natasha Christopher,center, still wrestles with grief overthe 2012 death of her 14-year-old son, Akeal. dress the issue. tics showthat arrestsfor the same period ayear earlier, JessicaMofield, executive crimes related to guns have according to NYPD data. between Jan. 1toOct. 1, or persistent and longstanding tion of Brooklyn. Her 14-year- director of NewYork City been increasing sincethe sum- Thenumber of shootings 96%, were either Black or His- probleminthose neighbor- old son, Akeal, wasfatally shot Mayor’sOfficetoPrevent Gun mer. increased to 1,493 forthe year panic. During that period, 29 hoods,which include the in 2012 while walking home Violence, said a range of fac- Ms.Christopher said that so far,compared with 754for shooting victims were white. Brownsville and East New from ahigh-school graduation tors related to poverty and the NYPD should be doing the same time in 2019,the While the number of vic- York sections of Brooklyn and party in the borough’sBush- racism have made poor and more to solve shooting cases, datashowed. Asingle shooting tims has increased in 2020, parts of the South Bronx. The wick neighborhood. His killing minority neighborhoods par- and that communities with could end up with morethan the racial breakdown of shoot- eight neighborhoods ac- hasn’t been solved. ticularly vulnerable to gunvio- high levels of gunviolence one victim, which accountsfor ing victims follows patterns in counted forthe most shoot- Ms.Christopher said she lenceduring the coronavirus need moreservices to help the differenceintotals be- previous years, the analysis ings in the city in 2019 and in suffered from depression and pandemic. residentsovercome trauma tween victims and incidents. showed. 1993,according to the Mayor’s post-traumatic stressafter her “This is so much morethan and break cycles of crime. TheMayor’s OfficeofCrim- Eight low-income neighbor- Office of Criminal Justice. son’sdeath. She lefther job as just about the guns,” she said. “The mothers like me, who inal Justicesaid people of hoods,including six in Brook- Residentssaid gunviolence amedical assistant and her “It’s about the economic con- lost their children, arepart of color accounted formost of lyn andtwo in the Bronx,have has adevastating effect on two other sons began to strug- ditionsand the social condi- aclub we never wanted to be- the victims. the highest number of shoot- families and communities. “It gle in school. Her family took tions that we see people in.” long to,” she said. “Thereare a An analysis of NYPD data ings of any neighborhoods in destroys your life,” said yearstorecover,she said, add- Ms.Mofield said access to lot of unsolved cases in our by that office showedthat the city,according to the anal- Natasha Christopher,aresi- ing that she is still wrestling health care,education and group and we feel likeour 1,440 of 1,495 shooting victims ysis. Gun violence has been a dent of the Cypress Hills sec- with grief. jobs should be provided in children were forgotten.”

STATESTREET | By Jimmy Vielkind Two Departing Lawmakers Praise ArtofCompromise

Albany was which teenagers are tried in a more bipar- adult courts and eliminating tisan place in cash bail for most misde- the 1970s: The meanor and nonviolent fel- decade ony offenses. started with Mr. Schimminger said dur- Nelson Rockefeller as gover- ing his tenure he had spon- nor, before Democrat Hugh sored 444 bills that became Carey was elected in 1974. law and counts among his Republicans had solid con- top accomplishments a mea- trol of the state Senate and, sure that made it easier for

GES until a wave of elections that people exposed to toxic ma-

IMA followed the Watergate scan- terials to bring lawsuits. He dal, the state Assembly. was also an architect of the ETTY That climate forged the state requirement for restau- /G

TT governing style of Joe Lentol rants to display posters on

PLA and Robin Schimminger, who anti-choking measures and a after a combined 92 years in law that lets a driver turn

SPENCER office are leaving their As- left at a red traffic light, Masked and bundled up, people lined up outside aManhattan coronavirus-testing siteearlier this month amid asurge in Covid-19 cases. sembly seats at the end of provided it is at the intersec- the year. Mr. Lentol lost a tion of two one-way streets. Democratic primary in June; The choking-poster law Contact-Tracing Team Prepares Mr. Schimminger, who is also was delayed at one point by a Democrat, didn’t seek an- a dispute between Mr. other term. Schimminger and former In interviews, the men state Sen. Guy Velella, a Re- For a Long and Difficult Winter said the lessons from their publican from the Bronx, early years in the chamber— over which anti-choking pro- which has been controlled by cedures should be featured. BY JOSEPH DE AVILA reached—is “very, very good,” Democrats since 1975—are “We were at loggerheads Outreach Includes the care package, Ms. de Pont he said. instructive in a current polit- for years,” Mr. Schimminger NewYork City’s contact- had already tested negative in While NewYork City has ical climate that they called recalled. “Finally, we just tracing team will be put to the At-Home Test Kit two Covid-19 tests and didn’t done well at reaching individ- divisive. said the health department test over the winter amid a have to use the at-home test. uals,the job could gettougher could pick.” newsurge in Covid-19 cases She plans to hold on to it in in the coming weeks,said that is expected to continue Casey de Pont, who is 35 case she needs a test in the Amanda Castel,aprofessor in ‘It isn’t all speaking COUNTING UPDATE: The through the holiday season. years old, said she was re- future, she said. the epidemiology department court-supervised canvass of While the introduction of cently contacted by New York Ms. de Pont said she was at theMilken InstituteSchool truth to power votes in New York’s 22nd Covid-19 vaccines has given City’s contact-tracing team af- happy to cooperate with the of Public Health at George and saying what Congressional District is still NewYorkershope that the ter she attended a backyard contact tracers and feels that Washington University. not finished, and no winner worstpart of the pandemic gathering in Brooklyn where it is important for members of “As we get further into the you want.’ will be declared before the will be over in 2021,the city one person later tested posi- the public to share contacts if pandemic,Ithink that what 117th Congress convenes on still must navigate through a tive for Covid-19. they have been potentially ex- we are seeing is that some of Jan. 3. difficult winter.New York After her initial phone call posed to Covid-19. that Covid fatigue that we see According to figuresdis- City’s seven-dayaverage of with the contact tracer, she “I could understand how it in people’sbehaviorsweare “It isn’t all speaking truth closed in acourt hearing on newand probable Covid-19 later received a care package feels invasive but we are in ex- also seeing in terms of being to powerand saying what you Dec.23, Democratic U.S. Rep. cases has exceeded 3,000 for from the contact-tracing pro- tenuating circumstances right able to reach individuals and want,” said Mr.Lentol, who AnthonyBrindisi holds a14- most of December,upfrom gram that included hand sani- now,” Ms. de Pont said. “So to really getfull information wasfirst elected to represent vote lead over Republican about 250 new cases daily at tizer and masks as well as an there are some things that are about their potential contacts north Brooklyn in 1972. “You challenger Claudia Tenney, a the start of September. at-home Covid-19 testing kit. uncomfortable, you just have and to reach those contactsas have to learn—and some Brindisi campaign official TedLong,executivedirec- By the time she received to do it.” well,” Dr. Castel said. never learn—that politics is said. That tally will continue tor of the city’s Covid-19 Test Other parts of the tri-state the art of compromise.Fortu- to changeashundreds of ad- and TraceCorps,said his team region are already struggling nately,Ilearned that as ami- ditional ballotsare canvassed. has been preparing forthis start but has improved. During erswho lived in the neighbor- with this aspect. In New Jer- nority member of the house, ATenney campaign moment. Thecorps added the program’sfirst few weeks hoods hit hardest by the sey,nearly 80% of people and it’sprobably aworth- spokesman said Mr.Brindisi 1,000 memberssincethe sum- in June, only half of the peo- pandemic to build trust in reached by contact tracersre- while experiencefor anybody took the lead aftervotes from mer,and nowhas atotal 4,000 ple reached by contact tracers those communities to get fuse to provide the names and who’s aDemocrat today.” urban areas of Oneida County staffers. completed the intakeprocess, morepeople to cooperatewith information of people they Mr. Schimminger was first were counted and that re- “Weare staffed, and we are which involves answering a contact tracing.They arealso have potentially exposed to elected in 1976 in a district maining ballotscome from ready to handle all cases series of questions,according deploying people forin-person Covid-19. that includes north Buffalo. areas favorable to Ms.Ten- through the surge,” Dr.Long to the Test and Traceteam. contact tracing when someone Thesteady increase in in- He has voted against expan- ney.Additionally,some of the said. Now three out of four people can’t be reached by phone. fection rateswill also be a sions of abortion rights, and ballotsincluded in the cur- Contact tracing remains one are completing intake. And at city-run testing facili- challenge, adding to the work- during his time in office, he rent count could be invali- of the most important tools for Only 35%ofpeople reached ties, there are contact tracers load forthe city’s contact trac- regularly ran with the sup- dated by stateSupreme Court public-health officials to curb by contact tracersgavethe on hand to begin the processif ing team. Jackie Bray, deputy port of the Conservative JusticeScott DelConte, who the spread of Covid-19.The names and information of peo- someone takesarapid test executivedirector of NewYork Party. is overseeing the canvass. city’s team of contact tracers ple they mayhaveexposed and tests positive. City’s Test and TraceCorps, “I think that is the most Mr. Brindisi defeated Ms. getintouch with people who during the program’sfirst two RobertAmler,the dean of said theprogram staffed up salient change from then to Tenney by 2 percentage have tested positivefor weeks in June,according to the School of Health Sciences over the summer to avoid hav- now, the polemicization of points in 2018. The two have Covid-19 and otherswho may the Test and Traceteam. Now, and PracticeatNew York Med- ing to hire and train during a the body politic. There are been neck-and-neck in this have been exposed to notify 64% of the people who com- ical College, said many of the second surge. aspects of how government year’s electoral rematch to them that they should self- pletethe intakeprocess are resultsfromthe city’s Test “They’ve gotten months of works now that are symp- represent the eight-county quarantine to avoid getting sharing contact information and Traceteam areimpres- on-the-job work under their toms of that,” he said. district, which stretches otherssick.They also offer to and about 18% report they sive. Aresponse rate of 64% of belt, and they arereally ready Mr. Lentol said he was from Binghamton to Lake help people access medical didn’t have anycontactsto people giving contactsisgood when we have lotsmorecases, proud of his work to change Ontario in upstate New York. care and offer to put people up sharebecause they haven’t had and comparable to other not- and the systems we are using the state’s criminal-justice It is the last uncalled con- in ahotel free of charge if they anyrecent meaningfulin-per- as-serious outbreaks of other aremorestressed,” Ms.Bray system. This included reduc- gressional election in the can’t isolateathome. son interactions,Dr. Long said. diseases,hesaid. Thepercent- said. ing the mandatory minimum country. Thecity’s contact-tracing Dr.Long said his team fo- age of people completing the —Melanie Grayce West sentences required for drug program gotoff to arocky cused on hiring contact trac- intake—roughly 75%ofpeople contributed to this article. offenses, raising the age at [email protected] P2JW363000-2-A010B0-1------NS

A10B | Monday, December 28, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Clinic Is Fans Hope to Cheer Bills in Person Probed Over BY CHARLES PASSY Unauthorized Over the course of the coronavirus pandemic,New York Va ccinations Gov. Andrew Cuomo has held dozens of news conferences, BY JIMMY VIELKIND made countlesstough calls on closing restaurants and other NewYork stateofficials said businesses and even writtena they areinvestigating ahealth book about crisis leadership. clinic that obtained doses of NowMr. Cuomo,aDemocrat, Moderna’sCovid-19 vaccine might be facing another diffi- and distributed it to members cult job: seeing whether6,700 of the general public,contrary Buffalo Bills fans canwatch to the state’svaccination plan. their football team in person as ParCareCommunity Health it competes during the National Network said in online adver- Football League playoffs. tisementsthat it had obtained Mr.Cuomo is making the thousands of vaccine doses,and case that the Bills’ stadium, encouraged people to register whichnormally seatsnearly online to receiveit. Theads said 72,000 people, can be opened it would be available forpeople at partialcapacity when the who areelderly,haveunderly- squad, led by quarterback ingconditions or high risk of Josh Allen, plays in the post- contracting the coronavirus. season come January. During S Thenetwork operates clin-

the season so far,the Bills PRES ics in Manhattan, Brooklyn and

have held home games sans TED in the OrangeCounty villageof

fans,asmandated by state CIA KiryasJoel, which is home to SO

pandemic protocols—even AS manyultra-OrthodoxJewish though anumber of NFL S/ people.Videos and pictures AU

teams around the country KR posted online showtwo rabbis have welcomed attendees, and ParCareCEO Gary

with certain limitations. ADRIAN Schlesinger receiving doses. Theperpetually hapless Bills Stadium, which normally seats nearly 72,000 fans, would hold 6,700 under aplayoff plan being developed by the team and state. Mr.Schlesinger didn’t respond Bills,ateam that has never to amessageseeking comment. been aSuper Bowl victor de- ushersensuring compliance. Wladis,who owns three dining Even if Mr.Johnson won’t rarily ended MLB’s absence State Health Commissioner spiteplaying in the NFL’s Tailgating wouldn’t be permit- establishments in the city. be allowedtoengageinany this year,switching part of Howard Zucker said his de- championship game four times, ted, either. Naturally,Bills supporters tailgating funshould the play- their 2020 schedule to Buffalo partment would assist state clinched their division title for If the plan is successful, arerejoicing at the prospect of off plan go through, he still afterthe Canadian government policeininvestigating whether the firsttime since1995 and stateofficials sayitcould rooting forthe team at the hopes to attend, along with blocked the team from playing ParCaremight have fraudu- securedaplayoff spot earlier serve as a model for bringing stadium. The fan base, which 6,699 of his fellowfans.“People in itshome countrybecause of lently obtained the vaccine. this month, prompting Mr. people intoavariety of spaces oftendubs itself the “Bills Ma- arelosing their minds right coronavirus concerns.) ParCaresaid it wascooper- Cuomo’s campaign. and settings—not just sports fia,” is known forits zealous now,” he said of the excitement. Mr.Cuomo’s plans to let ating with thehealth depart- “The Buffalo Bills fans are stadiums,but also entertain- enthusiasm and over-the-top Locals saythe fandom is Bills fans intothe stadium for ment and has “striven to pro- likenone other.They have re- ment venues. antics,especially during the rooted in several factors, be- the playoffs might not happen. vide critical healthcare ally hung in there,” Mr.Cuomo Call it aHail Marypassof pregame tailgating ritual. ginning with the hardscrabble Aspokesman forthe Bills said services and administer said at a news conference be- sortsfor Mr.Cuomo,who has Take KenJohnson, a63- natureofBuffalo,acity of that, while the team has been COVID-19 vaccinations to those fore the team wonits division. takenahardline when it year-old fan who says he has roughly 255,000 known for working with Mr.Cuomo’s of- qualified to receivethem.” Theplan to bring those comes to health-and-safety attended everyBills game,at snowstorms and spicy name- fice, “Nothing has been final- fans intothe stadium, which is measures during the pan- home or on the road, since sakechicken wings. It is also a ized at this point.” being developed in a partner- demic,evenwhen it has 1994. It is astreak of 423 show- placewith only so much to Astate spokeswoman said a CORRECTIONS  ship between the stateand the proved lessthan popular.Ear- downs that he notes includes do—Buffalo has failed to land final determination would be team, calls forthem to receive lier this month, he shut down oneinLondon, when the team aMajor League Baseball fran- made as soon as possible.And AMPLIFICATIONS arapid Covid-19 test before New York City eating estab- playedtherein2015 as part of chise,for example—and that even if it does go through, entering.Those who arenega- lishmentsfor indoor service an overseas push by the NFL. void has been felt particularly Bills fans are aware that only tivecan attend, but they must because of asurge in the virus, In the pre-pandemic era, during thecolder months,say so manyofthem will be ac- New York City has seen 36 provide information forcon- prompting aharsh response Mr.Johnson arrived at the residentsofthe city and commodated. storms with 12 or moreinches tact tracing after the game. from therestaurant industry. Bills’ stadium in abeaten- greater Western NewYork, Either way,Mr. Johnson of snow since 1869. A Dec. 17 In addition, the plan, which Now, those restaurateurs down redFordPinto, using the who,inturn, see the Bills as a said Mr.Cuomo can’t disap- article incorrectly said the city is still under reviewbythe areamong the ones baffled by car’shood as asurfacetocook kind of winter savior. point the “Bills Mafia” at this has seen 28 storms with 12 or state, outlines avariety of the governor’s gridiron play. up apregame tailgating feast. “There’snot that other point. “Ifhegoes toofar in more inches of snow. protectivemeasures that must “Honestly,ifyou’regoing to He also made ahabit of get- thing here. In Miami, there’sa giving us hope,hecan’t pull be in placeatthe venue,in- open up the Bills’ stadium, ting doused in ketchup and beach,” said Nick Papagelis, back,” he said. Readers can alert The Wall Street Journal to any errors in news articles cludingastrict requirement open up the restaurantsin mustard as part of the count- 35, aBills fan sincechildhood. —Jimmy Vielkind by emailing [email protected] or that fans wear masks,with NewYork City,” said Jeremy down-to-kickoff craziness. (The TorontoBlue Jays tempo- contributed to this article. by calling 888-410-2667.

We pay. Kids play.

We help kids from low-income families playyouth sports. Learn how youcan help at everykidsports.org. P2JW363000-2-A01100-1------XA

CAREERS & LEADERSHIP PERSONAL JOURNAL.

WORK & LIFE GRANDPARENTING RACHEL Sharon Schindler IN A PANDEMIC FEINTZEIG Rising, right, and below with her daughter, Kristin Author Jane Isay’s tips fornavi- our years ago, when Rising, and gating the tensions thatcome pregnant with twins, granddaughters. with caring foryour kid’skids: Kristin Rising unsuccess- fully begged her parents Don’t criticize: Keep your ad- to move close by to help. vice on raising kids to yourself. F “Now everyone’s under so When they came for a visit this summer, she didn’t have much pressure, nobody needs to say a word. to be told what’s wrong with “I was really at a low, ex- the children,” Ms. Isay says. hausted, ‘I don’t know how I’m go- Can’t help yourself? If annoy- ing to do this’ state,” says Dr. Ris- ances are festering, call your ing, an emergency medicine best friend and give your com- physician and researcher whose plaints some airtime privately. Philadelphia day care closed during the pandemic. “I honestly Stay positive: The best way think my mom just took a look at to affect behavior is to praise me when she got there and said, what you think the parents ‘Oh my God. We need to move are doing right, Ms. Isay says. here. My daughter is going to be Take a break: If you’re ex- crushed by this.’ ” hausted or burned out, ask for Overwhelmed by precarious what you need. “You can nego- school and child-care arrange- tiate it,” Ms. Isay says. Tell ments, working parents are turn- them, “If I have a break now, ing to their own mothers and fa- I’ll be of more help later.” thers for relief like never before. Grandparents are often transform- Broach exposure worries: If ing their lives to help. you’re concerned others in the The pandemic has washed away household aren’t being Covid- the informal, fluid arrangements safe, be honest but not angry. that once came with being an in- Use the first person to de- volved grandparent—flying in for scribe how you feel. spring break if you lived far away, picking up a sick kid from school if Listen to the grandkids: If you you were local. noticethey’re anxious or dealing Instead, grandparents con- TheGrandparents Who with conflict at home,bea cerned about the risks of Covid-19 shoulder theycan lean on. are often forced to make a choice: “Don’t expect them to perform Isolate from the younger genera- perfectly,” Ms.Isaysays. “They’re tion entirely, or dive in, becoming Stepped Up in 2020 under terrific stress too.” full-time caregivers bubbled with extended family. Many are choos- ing the latter, moving to new cities or pausing or ending work in its closeness to family relationships, his wife, who also works, realized twilight to help their children says Jane Isay, the author of “Un- they had been taking some of her maintain careers—or just a sem- conditional Love,” a book about help—doing the dishes, getting up blance of sanity. modern grandparenting. Many early with Olive, taking the dog A survey from economist Alicia adult children suddenly need their out—for granted. They took back Sasser Modestino and colleagues parents more than they needed the chores and urged her to get at Northeastern University, con- space and autonomy last year. more rest. ducted in May and June, found “The door is open in away that Meanwhile, around the dinner that a third of working parents it’snot under ordinarycircum- table, talk often turned to topics with children under 5 were relying stances,” Ms.Isaysays.“It’sopened like the election and police re- on grandparents for backup care on the basis of need, but oncethe form—things Mr. Wang had never amid school and day-care closures. door is open, loveand intimacyfly discussed with his mother. She Separate data from the Education through, along with conflict.” shared stories about life in China, Department collected before the Before Covid, if grandparents where she grew up. Sometimes the pandemic found that 19.5% of fam- and grown children clashed, they conversations grew awkward or ilies with kids under 5 tapped could take time to cool off. tense, but mostly they brought grandparents for child care. “You wouldn’t talk forafew them closer together, he says. “The grandparents, they weeks and then you’dmakeup,” Ms. Other grandparents say they’ve stepped up,” Dr. Modestino says. Isaysays.Now,there’snoslack found a purpose in their new The help is especially crucial for when frustrations mount or fights work. Michael Schwartz didn’t re- nonwhite parents with lower edu- erupt. Grandma still needs to be at alize his last day in the colonos- cation levels, who were more likely her post at 9a.m., supervising copy suite as a practicing physi- to call on a grandparent than pay the pleasure of deepening a rela- Kristin was both excited and Zoom school. Ms.Isayrecommends cian was a random Monday in a nanny or former day-care worker tionship with an adult child. scared, worried that her parents grownchildren trytomovepast oc- March until weeks later. for help during the pandemic. Dr. Rising’s mother, Sharon wouldn’t be happy with the change casional annoyances—and thank But when his clinic temporarily “The grandparents are like an Schindler Rising, says it was “sort or that they’d contract Covid while their parentsfor the help. shut down in the spring, the risks equalizing force here,” she says. of wrenching” to leave a life and moving to their new place, 2½ Hao Wang spent the early part of potentially catching Covid down The role grandparents have apartment she loved in Silver blocks from her. of the pandemic trying to enter- the line began to crystallize, as did been drafted into is a heavy lift, a Spring, Md. But after watching “It’s been good, but it’s been tain his 2-year-old daughter, Olive, the needs of his two young grand- daily grind of changing diapers Kristin and her husband struggle complicated,” the 41-year-old says. while on conference calls for his children, who live nearby in Mary- and troubleshooting Chromebook to balance work and parenting, The complications include try- job at a bank. land. After a few months practic- malfunctions for virtual class. The and realizing how the building ing to keep her parents safe. At “After two months we were ing telehealth, the 70-year-old work can be exhausting, especially blocks of her own days in the D.C. first, they only saw each other like, please help,” the 34-year-old decided to retire. Now he spends for frail older bodies, and techno- area—the Metro, museums, in-per- outdoors. Then, as cases started to says. four mornings a week pushing a logically challenging for folks who son church—had become closed to rise this fall, they pulled the twins His dad drove his mom from double stroller to a local park. didn’t grow up with computers. her, she and her husband, Ron Ris- from preschool and Ron and their home in Kentucky to Mr. He misses his former col- One economist told me he was ing, decided to make the move. Sharon took over full-time care. Wang’s condo in Jersey City, N.J. leagues, his patients and the intel- concerned about grandparents sac- “It was a time where it was like But the good moments buoy the She stayed for six months. The lectual stimulation of practicing rificing their earnings to help, the ground under us was shifting family: Sharon cheering as one of setup enabled Mr. Wang to focus medicine. But taking on the role of dealing a blow to their retirement and I said, ‘You know, where are the girls, now 3 1/2, mastered on work and eased his anxieties caregiver has been deeply fulfill- (2)

Y benefits. we most needed?’” says Sharon, writing the ‘s’ in her name, Kristin about parenting Olive via Pixar. ing, easing the transition. MIL But there are infinite sweet mo- 80. “We have this strong feeling joining her mother for a last-min- But the days took a physical “I feel like I’m needed,” he says. FA ments too, from the joy of watch- that this is where we’re supposed ute walk at 9 p.m. toll on his mom. When she con- “It’s as important to me as it is to to be right now.” The pandemic has brought new fessed how tired she was, he and the kids.”

RISING ing a toddler learn new words to

Career Reboot she felt paralyzed. “I still had a big crush on Sonos and I was really upset,” the 48-year-old says. Update neighbor posted on Nextdoor Ms. Green made a deal with about needing a personal or- Valerie Greenhas herself: She would give herself the Name: Valerie Green ganizer and she responded. shiftedcareers before, summer to shake off the hurt be- Age: 48 fore she embarked on a job search. Most important piece of but ajarring layoff “I was upset and I wasn’t going to Location: Seattle advice for changing jobs: wasanew twist. make a good decision,” she says. Education: B.A. in architec- Don’tthink about your pro- “If you can take the time to heal, ture studies, Yale University; fessional lifeinterms of ei- BY LAUREN MECHLING that will yield better results.” MFA in design, Stanford ther-or propositions.“When Therewas another reason to Former job: Learning and people set up these scarydi- alerie Green views her life as take abeat: At 48,she knewshe development program man- chotomies,Itell them to think a series of major pivots. couldn’t affordtomakeadecision ager, Sonos of athirdpossibility. The min- V uteyou think of athirdpath, Some she initiated, but some she would regret. “I don’t have 15 New job: Founder of Pivot she didn’t, including the latest, careersinfront of me,” she says.“I it breaks youout of the when she was laid off this spring. don’t want to take ajob I’m not en- Organizing framework of somethingbe- Early in her working life, when thusiastic and passionateabout.” Aha moment: Organizing a ing either ‘the thing Iknow’ she was getting started in archi- In the end, Ms. Green says it soup kitchen pantry and re- or ‘the scaryunknown.’ tecture, a chance conversation was “a series of weak signals” alizing she has a gift. This There’salwaysoverlap,and with a colleague’s ex-girlfriend over the course of a single week was underscored when a thereare severalpaths.” prompted her to leave her entry- that led her to decide to hang her level job at a New York firm and shingle as a professional organiz- abandon her plan to apply to ar- ing and productivity consultant. nizing business. making smart use of space is into thinking they can only do one chitecture school for an advanced The first signal came on a Mon- Ms. Green joined the National something Ms. Green has always thing,” Ms. Green says.For most degree. Instead, she enrolled in day, when a chef at one of the Association of Productivity and Or- done.Her graduate thesis was workers, “sibling roles”—her term Stanford University’s Hasso Platt- three food pantries where Ms. ganizing Professionals, where she about, of all things, storage sys- for jobs that call for a mix of new ner Institute of Design, where she Green volunteers asked her if she is taking online classes. When she tems. She spent her final year in and established skills—shouldn’t studied product design. would consider organizing the op- has completed them, she will re- graduate school interviewing peo- be ruled out, she says. For two decades, she worked at eration’s messy space. At the end ceive accreditation and inclusion ple and designing new objects to She gotthe job at Nordstrom. consulting firms where she helped of Ms. Green’s makeover,the in the association’s directory, fill their needs. One of her greatest lessons from clients formulate new products. woman who’d tapped her to help which she hopes will help attract Recoveringfromanunexpected helping other people think about JOURNAL Her last job in the field ended with out “was like, ‘You should do this business. For now, her marketing job lossisalso something she’sfa- their jobs there, she says,was that

REET a layoff six years ago, leading her for real. You’re really good at it,’ ” mostly consists of posts on Face- miliar with, having been laid off af- “you don’t have to knowevery as- ST to make the leap to human re- Ms. Green recalls. The second sig- book, Nextdoor and LinkedIn. Her ter20yearsofwork at consulting pect of the job you’reinterested in LL sources, a field where she could nal came the following day, when clients so far are part of her “ex- firms whereshe used design think- to do the job well. People areadapt- WA put her design thinking to use in a she volunteered to do similar work tended network,” which includes ing to help clientsinnovate. While able.” As forher newchapter,the THE

R new, less tangible way. at another food bank in town. people she’s met at food banks, helping afriend of afriend who was paydoesn’t comparetoher salary FO That was a successful transi- Later that week, a neighbor posted former colleagues, friends and at asimilar career crossroads,she at Sonos,and she misses working YO tion. But when she was laid off on Nextdoor that she was looking friends of friends. looked at the Nordstrom website with ateam. It’searly still, and her MA

TA from her job in learning and devel- for a personal organizer, and Ms. Having grown up in a small and sawarole in HR that looked clientele is still building,“but I’m opment this year at Sonos, a Green responded. By that Friday, New York City apartment she surprisingly appealing. hopeful,” she says.“I’m an optimist, VELLE

JO maker of wireless home speakers, she had decided to set up an orga- shared with her mother and sister, “People shoehorn themselves and that helps.” P2JW363000-0-A01200-1------NS

A12 | Monday, December 28, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. Screen Stars AreTurning to Podcasts

BY CHRIS KORNELIS SCRIPTED PODCASTS: arly in the pandemic, WHERE TO START Demi Moorespent hours n Homecoming (Gimlet Media): in her bathroom listen- This series,about atherapist ing to women describe who workswith soldiers, was their fantasies. broughttothe screenbyAma- E zonPrime Video, with Julia “I think about my ex,” says Melanie Griffith, an actress Roberts in the lead role. playing acharacter named Carrie,in n Motherhacker (Gimlet Me- aline from “Dirty Diana,” the pod- dia): Afinancially compromised cast Ms.Moorewas working on. mom getswrappedupina “We’reinour old house.You know, phone phishing racket. the house we lived in when we were n Moonface (James Kim): Rob still married.” Herting, CEOofpodcastcom- In the scripted drama, pro- panyQcode,calls this indepen- duced by Qcode Media, Ms. Moore dentcoming-of-age story about plays an accountant who secretly ayoung man struggling to tell runs a website that streams audio his parents about his sexuality of women sharing their intimate “the Sundancehit of fiction desires. When the pandemic hit, podcasts.” the production went online and the actors interacted with each n Carrier (Qcode Media): other remotely over Zoom, from Cynthia Erivoof“Harriet” fame makeshift studios at home. plays along-haul truck driver “I went to different rooms and who picksupaload that…may recorded myself and said, hey, be morethan justvegetables. which one sounds the best?” Ms. Moore said in a recent Zoom call. All shows available on Spotify, “It ended up being my bathroom.” Apple Podcasts and other A-list celebrities likeMatthew outlets.. McConaughey, Kristen Wiig, Rami Malek and Cynthia Erivoare turning to scripted fiction podcastswith the production qualities of TV and Demi Moore (above) working via the opening momentsofthe “We definitely wanted our film—just without the pictures. Zoom during the pandemic. show—“Mission control, do you sonic world to provide a very vi- Alongside film, TV and theater, Richard Madden and Brian Cox, copy? Captain Harrow’s dead! sual experience and we want to scripted podcastshavebecome a below, are now podcast stars. They’reall dead!”—hunched over create a large intellectual property popular,somewhat pandemic-proof adesk while quarantining in aLos that has a real engine to go fur- medium foractorsand writersto Angeles hotel room. ther,” says Rhys Wakefield, the co- tell ambitious stories. Mr. Madden, who played Robb creator of “From Now.” “To come Many more will join them in Stark in “Game of Thrones,” says to the screen eventually, that’s def- 2021. Amazon’s Audible has a he performed in a lot of radio dra- initely been a part of its design James Patterson series, “The Cold- mas for BBC early in his career, from the get-go.” est Case: A Black Book Drama,” and remembers walking on gravel Mr.Herting lefthis job as an planned for next year, starring and carpet in the studio to get dif- agent at CreativeArtistsAgencyin Aaron Paul and Krysten Ritterof ferent sound effects. The differ- 2019 to start Qcode,inpart because “Breaking Bad” fame, as well as ence with podcasts like “From he wanted to createriskier,original Nathalie Emmanuel, who played Now” is that sound effects are stories that, when demonstrated in a Missandei in “Game of Thrones.” ginning,” says Rachel Ghiazza, the taken care of by sound designers podcast, could be moreeasily devel- Spotify has a slate of scripted executive vice president at Audible and engineers, often from the TV oped intotelevision, film and theater shows planned around DC Enter- who oversees U.S. content. “We’re and film industry, leaving the ac- productions.Heevenstructures tainment characters, with “Batman not even close to seeing what’s go- tor with the sole duty of perform- deals with starslikeMs. Mooreand Unburied” premiering in 2021. ing to happen in the space yet.” ing with his voice. Messrs. Coxand Madden to make Qcode, a startup podcast company Actorsand creatorssay they’re taken on original stories, riskier Brian Cox, who plays Mr.Mad- them executiveproducersand give that focuses on scripted shows drawntothe surprisingly immer- topics and ambitious concepts that den’stwin brother in “FromNow,” them firstcrack at taking their roles with marquee names, such as sive, even consuming quality of the would take significantly more reis well known forhis perfor- on screen. “Not to saythat it’sgoing “Dirty Diana,” has 15 new series audio medium, as well as the ability sources to pull off on screen. mances in epic blockbusterslike to work everytime,” says Mr.Hert- planned for next year. to createnew worlds at afraction “This just kind of opens up the “Braveheart” and hit TV shows ing,“but it’ll certainly getits dayin Theshows arepart of an evolu- of the cost and logistical headaches amount of stories you can tell,” likeHBO’s“Succession,” but he court, Ithink,if[apodcast] goes out tion in audio storytelling that is of telling astory on screen. says Shana Feste, the creator of says “radio”—his catchall term for and is successful.” blurring the lines between podcasts, Rob Herting, chief executive of “Dirty Diana.” “Now I could tell a audio,including podcasts—is his Several Qcode shows are in var- radio dramas and audiobooks.Audi- Qcode, says the budgets for his story in space if I wanted to. I favoritemedium. ious stages of development for TV ble,for example,isproducing origi- shows are generally in the low to could record it next week and it “You tune right into the imagi- and film, including “Dirty Diana.” nal programming starring and mid six-figure range, significantly would sound like we were in nation,” he says. “You cut through But, while she’s eager to bring sometimes writtenbyactorslike less than the cost of mounting a space,” without the need for real- everything. It’s all about the words “Dirty Diana” to the screen, Ms. JesseEisenbergand Daisy Ridley TV show with the same story and istic, evocative visuals. “And that’s and the words paint the pictures. Feste says something is lost by that doesn’t have to fitany prede- cast. There’s also no traveling to a really exciting.” And if it’s a good radio script, it’s adding video. termined length or format. These set in Atlanta. There are no cos- Indeed, in Qcode’s“From Now,” a good painter of pictures.” “The sex scenes that you listen Audible Originals could, forexam- tumes. There aren’t weeks spent apodcast that began releasing ep- Theformat has proved popular to, you can use your imagination,” )

OP ple,befivehours, 90 minutes or away from family. Actors can re- isodes on Spotifyand other major with audiences and created anew she says. “They’re probably so (T 30-minuteepisodic stories. cord the shows from home, usually outletslast week,RichardMadden pipeline forgetting stories ontothe much sexier than what we’ll be “I talk a lot about this renais- in less than a week. With lower plays an astronaut on aspaceship screen. “Homecoming” and “Lime- able to create in ‘Dirty Diana’ the

MOORE sance in audio that we’re seeing, overhead and time commitments, that returns to Earth 35 yearsaf- town” were early examples of pod- television show. I don’t know.

DEMI but I really think it’s just the be- Ms. Moore says chances can be teritdisappeared. He performed caststhat made the jump to screen. We’re going to try our best.”

AIR MAIL |SCOTT MCCARTNEY A: Sandy,Alaskaand other airlines have taken elitestatus further because of the prolongedpandemic. The Frequent-Flier Alaskanow says whateverelitesta- tus youhave at the end of 2020— your already extendedstatus—will RewardsDomino Effect carrythrough 2021.Soyou’ll have 2021 to qualifytocontinue your status into 2022. How do you think the de- morefirst-classand business-class You’ll actually have moretime crease in business travel will seatstoleisuretravelerswilling to than that. To help with the qualifica- Q tion, Alaskasaysitwill countany affect the frequent-flier pro- spend morefor comfort and space. grams? Will we have an eas- Especially on long-haul international elite-qualifying miles youearnedin ier or harder time using business/ flights with lie-flatbeds, airlines have the first four months of this year— first-class rewards?—Larry Barken, been able to hold back lots of seats beforetravelreally shut down—to- Scottsdale, Ariz. forhigh faresknowing businesstrav- Upgrades to higher levels of service may become easier in 2021. ward your earning requirements for elerswill showupinthe weeksbe- 2021. A: Larry, I think the impact at air- fore departureand payapremium. American, Delta, United and other lines built for business travel will be No need to sellthose seatscheap ordersbut notspending them on Earlier this year I was noti- airlines have all extendedelitestatus profound. First, I think reduced busi- months beforedeparture. But that tickets. Idothink as travelbegins fied that my Alaska Gold so thatthe lack of flying doesn’t to takeoff with widespread vacci- Q downgrade you. ness travel means a recalibrating of dynamic will shiftsome:Morepre- status would be kept as is elite tiers in loyalty programs. The mium seatsmay be available for nation and reduced Covid-19 risk, during the pandemic and At the Big 3, your pre-pandemic top tiers require significant spend- price-sensitive travelers. airlines will rush capacityback in through the end of 2020. Of course, status is good through 2021.That ing to qualify, so if you are a busi- There will, of course, be reduced and therewill be plenty of empty that was early on, and I don’t be- means to keep it going youneed to ness traveler not spending as much, capacity on business-traveler-heavy seats to sell. lieve that the pandemic lasting lon- requalifyin2021, and none of us re- you may move down from bedaz- routes. But I think airlines will keep Some travelers may take longer ger than the end of 2020 was taken ally knows howmuch we’ll be flying zled to just bejeweled. That may a lot of frequencies in schedules for to regain confidence than others. into consideration. in 2021. open up seats for upgrades for the remaining business travelers Some may stay closer to home for Have you heard anything about American and United have re- lower tiers than we’ve seen—golds and hope that more will show up. their first ventures out. At least in how airlines will be reinstating their duced the qualification require-

S and platinums might start getting Using milesisanother question: the beginning of the recovery, there requirements going forward as yet? ments forits elitetiersfor 2022. upgrades again. (Of course, some of Therewill be even moremiles sit- should be good deals for your miles. I usually fly 40,000 to 50,000 miles Delta approacheditabit differ- PRES those golds and platinums may ting in accounts waiting to be (Airlines increasingly price frequent a year on Alaska, and would like to ently,keeping qualification levels UMA

/Z move down a tier if their travel is spentonall those vacations we’ve flier award seats based on the cash go back to flying, but in the current the same but announcing thatelite

ES reduced long-term.) dreamedabout while coopedupfor price, not award charts.) climate, won’t risk my health, nor qualification miles youearnedthis

JAM Along the same lines,Ithink re- the pastyear.We’re earning miles Onceleisuredemand fully returns, my family’s.—Sandy Voit, year will roll overand counttoward Y

MA duced businesstravelwill open up on groceries, takeout and Amazon bargains will be harder to find. Woodinville, Wash. 2022 qualification. P2JW363000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, December 28, 2020 | A13 ARTS IN REVIEW

Henry Moore’s ‘Double Oval’ (1966), above; one end of Brancusi’s studio, right; the Noguchi Museum garden in the winter, below

ABROADATHOME WhereFunction Follows Form

BY ERIC GIBSON Also in thevideo is the the displayofhis work— MuséeRodin in Meudon, Moore’slocation of choice. “I he hybrid venues outside Paris.It’swherehe prefer my sculpturetobe known as sculp- lived and worked on such seen with trees and the sky tors’museums, major commissions as his and waterrather than with which canin- commemorativestatue of architecture,” he says in ar- clude—and some- Honoré de Balzac and the chival footageincluded in T monumental, unfinished “HenryMoore’sVision,” a times consist solely of—the artist’sstudio, “Gates of Hell,” apair of Heni Talks video on YouTube. areilluminating bywayson bronzedoorsfor anever- Famous forhis reclining the art trail. Conceived by builtParisian decorative female figures, Moore the sculptorsthemselves to artsmuseum. Almost every- (1898-1986) collected rocks showtheir work to best ad- thing hereisinplaster, and bone fragmentsthat he vantage, they offer aunique which Rodin transformed used to generateideas for windowintoeach one’scre- from away station in the sculpture. Thelink between ative universe.This is par- bronzecasting processinto art and contextispin- mental late-career granite guide to his work.Noguchi mutable,not static.There’s ticularly true of AugusteRo- acreative medium in its pointed in the video by and basalt sculptures and on didn’t impose his will on his aline hereseparating the din and Isamu Noguchi, ownright. He used it to ex- foundation director Godfrey the second areearlier and materials likeBrancusi but actions of nature—erosion, whose imaginativereach periment with combinations Worsdale while discussing smaller works,utilitarian ob- entered intoadialogue with fracturing,etc.—from the in- wastoo large and various of whole figuresand body “Locking Piece,” an abstract jectsand his set forthe Mar- them. Thefirst-floor instal- terventions of the artist. But forthe standardmuseum partsonthe road to the fi- work.“Moorewas playing tha Graham DanceCompany’s lation invites us to do the it’sthe magic of these large display. Rodin reinvented nal result, nowheremoreso around with acouple of 1944 premiereofAaron Cop- same.Wesoon discover that stones that youdon’t know the idea of public art and than in the “Gates,” herein flints, moving them against land’s “Appalachian Spring.” we arelooking not at inert whereitis. the sculpted portrait; made ghostly white. Itsgenesis themselves,and they kind of “Listening to Stone” is lumps of mineral matterbut bronze, marble,clayand and influenceare detailed in locked intoasingle entity,” the title of arecent biogra- embodimentsofnatural Mr. Gibson is the Journal’s plaster do thingsthey had “AugusteRodin—TheGates he tells us.“Nowwesee it phyofthe artist and an apt forces whose form seems Arts in Review editor. never done before; and con- of Hell,” an English-language as atwo-meter-high sculp- tinually cannibalized previ- video by Canal Educatif on tureinthe middle of the ous works to createvaria- YouTube. grounds wherethose things tions on the old and provide BackinParis,apavilion were picked up.” rawmaterialfor the new. adjacent to the CentrePompi- Atotal environment was Slopesideluxury at the Noguchi designed public dou houses the studio of on Donald Judd’smind when gardens,theatrical sets, Brancusi (1876-1957), an art- he established the Chinati heartofStowe, VT lamps and furnitureinaddi- ist whose pared-down, simpli- Foundation on the siteofa tion to making sculptures. fied forms capturethe es- decommissioned cavalryfort Although Covid-19 has shut- senceofhis subjects. in Marfa, Texas,in1986. teredsome sculptors’ muse- Sculptures,bases (which he Judd (1928-1994) is known ums and affected travel to created himself and consid- as one of the foundersof others, it’spossible to visit ered aesthetic objectsaswell Minimalism, forsculptures them all virtually. as supports) and handmade that arefabricated-plywood Rodin (1840-1917) furnitureall competefor our and -metal boxes. Except launched the modern revolu- attention, as canbeseen in that he hated the word tion in sculpturebyaban- “Brancusi Studio,” avideo on “Minimalism,” didn’t consider himself a sculptor,and felt museums and gal- leries didn’t display his work properly. (Although the ret- rospectiveatthe Museum of Modern Art, through Jan. 9, 2021, does so su- perbly.) “And so he created aplace that’sanideal, a

NY standardofwhat

ARS, the experienceof the work should be,” explains Chi- MUSEUM/ nati Foundation Ex- ecutiveDirector

GARDEN JennyMoorein “The Chinati Foun- AND dation,” aHouston ION

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IS Moore’sgreen and pleasant land, yet doning traditional narrative YouTube produced by the Bir- it serves Judd’sart well. in favorofmorepoetic in- mingham School of Art. The “I’m apainter,” he told an OHMAN/THE

GR terpretations,and conven- studio has been described as interviewertoward the end tional realism forafreer ap- both “a temple and alabora- of his life. “I just really love ELIA proach to form. All this is tory of art”—the former be- color.” In the video,when Featuring privatecheck-in, full kitchens, in-room AM ; discussed in ”Special Pro- cause the combination of in- yousee the bright Texas MY laundry, and up to 2,500sqft, the spacious Penthouses gramme: AugusteRodin— coming light, whitewalls and sunlight irradiating arow of ALA TheFather of Modern Sculp- purified objectscreates asa- aluminum boxestotrans- at Spruce Peak arethe ideal place to elevateyour ture,” the English-language cral mood; the latterbecause form aplastic experience workfromhome or remoteschooling set up, all

GARDENS; video of Paris’sMuséeRo- the artist continually rear- intoanoptical one,you un- &

S din produced by the France ranged thingstoachievethe derstand just what he locatedsteps away from the pristine playground of 24 news channel and avail- optimal displayfor his many meant. UDIO

ST able on YouTube,wherewe visitors. Only the sight of his LikeBrancusi, Noguchi theGreen Mountains. see works in marble (“The tools returns us to reality,a (1904-1988) wasacarver,and

MOORE Kiss”), bronze(“The reminder that these ethereal likeMoorehewas responsive Seed your travel dreams: giftcards also available. Y Thinker”)and other media. forms were hardwon. to nature. The Isamu Nogu-

HENR Especially valuable is the Arecurring theme of chi Foundation and Garden focus on Rodin’scollection these museums is the idea of Museum,which offerstours of antiquities.Inspired by the “total environment,” on its YouTube channel, is a

WILDE/THE these objects, which despite wherethe work,its setting former commercial building their fragmentarynature he and the interaction between acrossfromthe artist’sstu- JONTY

: considered sufficient in the two createanall-encom- dio and home in Long Island themselves,hemade the passing aesthetic experience. City,N.Y.The sculpturegar- LEFT

P partial figure asignatureel- Nowhereisthis moretrue den he designed is an unpar- TO www.SprucePeak.com 866.873.7515 ement of his work,thereby than at the HenryMoore alleled oasis of tranquility OM

FR influencing later sculptors Foundation in PerryGreen, and contemplation. Inside, The Lodge at Spruce Peak is aProud Sponsor of the such as Constantin Brancusi, England. It comprises the the displays areorganized in

WISE 2020 FCSRace ForKids AlbertoGiacometti and artist’shome,multiple stu- reversechronological order. OCK

CL HenryMoore. dios and ample acreagefor On the firstfloor aremonu- P2JW363000-2-A01400-1------XA

A14 | Monday, December 28, 2020 ** THE WALL STREET JOURNAL. SPORTS Covid Left Russia’sSkating Dynasty Browns Without MeetsIts ToughestFoe TopTargets The country’s battle has shown how quickly the virus can rip through a tight-knit community

BY LOUISE RADNOFSKY BY ANDREW BEATON For decades, the Russian na- Early Sundaymorning,the tional figure skating championship Cleveland Browns found them- has been so flush with talent that selves conducting amakeshift scratching a way to the podium practiceinaparking garage.They was the toughest fight of the sea- went over plays,assessed their son for many international con- roster and figuredout howtoplay tenders. an NFL game just hourslater with- This year, even making it to the outalmost all of their topreceivers entry list was brutal. had been sidelined by contact The novel coronavirus has done tracing. the impossible, dulling the coun- Spending their morning in a try’s skating rat race almost as frigid NewJersey garage was swiftly as it’s felled Russia’s top slightly lessgrim than howthey skaters, almost all of whom have spent their afternoon. They lost to announced positive tests this sea- the NewYork Jets. son or abruptly withdrawn from The23-16 losscould cost the earlier events because of what Browns aspot in the playoffs,and they’ve called pneumonia. it wasthe latest demonstration of The numbers would make an howthe virus that has upended a American professional sports fran- countryand itsmost popular sport chise wince. More than one of S isn’t stopping as the season hits these athletes have reported po- the home stretch. tentially career-ending complica- PRES TheBrowns were in this predic- tions from their bouts with ZUMA

ament afteraplayerreceived a Covid-19. A threat looms over their S/ positiveCovid-19 test result Satur- septuagenarian coaches, who have AS

day. Their facility wasclosed, their presided over Russia’s figure skat- KIN/T flight from Cleveland later in the ing dynasty. RO SO

daywas delayedand ahost of And still, the competition took T

players were forced intoleague- place this week in Chelyabinsk, de- DONA mandated isolation as close confined by its casualties more than Evgenia Medvedeva performs during an exhibition gala at the Russian Figure Skating Championships on Sunday. tacts. Those players happened to the titles and berths awarded to include their most productivewide tentatively scheduled international receivers, so they held the quick events. from the disease. This should be tressed and struggling to breathe Winners Alexandra Stepanova walk-through at the garage next to Russian skating’s coronavirus analyzed by professionals and doc- after the conclusion of her 2 min- and Ivan Bukin both had the virus their hotel Sundaytocome up with experience has shown how quickly tors,” said Lyovkin. “All athletes ute, 40 second short program. earlier in the season, along with agame plan when they were miss- the virus can rip through a tight- are under the medical supervision The 2015 world champion Eliza- many of their training mates, ac- ing the likes of Jarvis Landry. knit sports community, with dra- of specialists. All sports organiza- veta Tuktamysheva, meanwhile, cording to their coach. Tiffany Za- It wasclear throughout the matic short-term competitive im- tions have doctors. We have sports finished seventh. She had pre- horski, from the silver medalist game that Cleveland quarterback plications as well as consequences doctors for the city’s national vailed over all the other Russian couple, has said she had a mild Baker Mayfield missed his usual that could reverberate for genera- team. I hope that everything will teenagers at the Russian Grand case of the virus in the offseason. weapons.Hecompleted just 28 of tions, as skaters including 2018 be fine and everyone will be Prix event, paving the way for an In the pairs event, members of 53 passes and lost two fumbles,in- Olympic silver medalist Evgenia healthy and will be able to com- extraordinary comeback. Then she all four of the top teams have been cluding one lateinthe fourth quar- Medvedeva report lung damage. pete successfully.” and several other skaters an- reported to have had the virus, in- terthat ended the game.Itwas a And much of that experience The ladies’ field—where Russia nounced they had tested positive cluding winner Vladimir Morozov, crushing outcome forafranchise has played out for the world to is currently world dominant—was for the virus. She seemed sluggish whose partner Evgenia Tarasova that hasn’t made the playoffs since see. Skaters’ announcements of without reigning European and and drained. has said she has had pneumonia. 2002 and appeared on apath to positive test results have bumped Grand Prix Final champion Alena No other federation’s skaters break that drought. up against social media posts of Kostornaia, who missed a competi- have reported anywhere close to TheBaltimoreRavens lost a skaters partying, footage of com- tion in early December because of Skaters including 2018 the number of coronavirus cases game earlier in the month after petition arenas in which many a positive test and, officials said, that Russia has. But no other fed- quarterback Lamar Jackson tested coaches and spectators have been had not recovered sufficiently. Olympic silver medalist eration has proceeded quite as positive. Nowboth the Ravens and wearing masks around their chins, Also missing was Medvedeva, Evgenia Medvedeva Russia has through the pandemic. Browns are10-5 entering Week 17, if at all, and erratic protocols for who told the Russian state news Canada canceled the 2020 world part of an AFCfield that includes most of the same coaches and agency TASS that she had been ad- report lung damage. championships that were to have four teams with 10 wins—and there skaters during pre-competition mitted to the hospital with “seri- taken place in Montreal in March, areonly three wild-cardspots. draws and post-competition ga- ous lung damage” after being diag- and the international Grand Prix las—including in Chelyabinsk. nosed with the virus in November. event it was set to host in Octo- The Russian Figure Skating Fed- Her agent declined a request from Another of the skaters who an- ber. eration said that head Alexander The Wall Street Journal to elabo- nounced a positive result after the The U.S. converted several com- Gorshkov was unable to comment. rate. She left her Canadian train- Grand Prix, Dmitri Aliev, didn’t petitions to a virtual format, and He was at the competition, which ing base to return to Russia and make it to the men’s event. Roman placed its domestic events in no- required proof of a negative result her old coach earlier this year be- Savosin was also missing from spectator, temporary bubble set- from a coronavirus test taken cause of pandemic restrictions. that lineup because of a positive ups. Skaters donned masks within

S within 72 hours of participants’ ar- The event was won by Anna Covid-19 test. moments of stepping off the ice,

PRES rival. Shcherbakova, a teenage phenom In ice dance, Victoria Sinitsina and have shown themselves com- Kirill Lyovkin, secretary-general who trains alongside Medvedeva. and Nikita Katsalapov withdrew, fortably training in them as well. TED

CIA of the St. Petersburg federation, Shcherbakova had withdrawn at Katsalapov saying that both had China and Japan have held com-

SO said that it was difficult to say the last minute from the late No- contracted Covid-19 and that his petitions with some fans in atten- AS why so many skaters had become vember Russian Grand Prix event, partner had lung damage as a re- dance, but with far stricter mask ill, but that he hoped there would citing pneumonia. She told Russian sult. Sinitsina and Katsalapov are compliance than Russia’s. SIPKIN/ be no lasting consequences. television she could not miss the the 2020 European champions and —Valentina Ochirova REY

CO “Different people get sick. Un- national event, which she has now had been considered world-cham- and Ann M. Simmons The Browns lost 23-16 to the Jets. fortunately, no one is immune won three times, but appeared dis- pions-in-waiting. contributed to this article.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. 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As Minneapolis 19 3s 22 19 sn Brussels 41 31 sh 40 34 sh Tokyo5243r 58 48 pc be bought matched, as a Entertain You” Nashville 49 32 pc 52 42 c BuenosAires 82 74 c8573s Toronto3922c 29 18 pc suggestedbythe answers BENEATH/THE TREE, NewOrleans 70 52 s6860c Dubai 77 61 s7661pc Vancouver 43 32 s4036r 25 Foreach correspondence show thereare four three-letternames of trees hidden in the grid (FIR, ASH, OAK, ELM). The letters beneath NewYork City 48 32 c3726s Dublin 40 35 sh 41 32 pc Warsaw4541pc4437r s Oklahoma City 46 37 c5738t Edinburgh 37 30 pc 38 30 sh Zurich 36 28 sn 39 29 sn Solvethis puzzle online and discussitatWSJ.com/Puzzles. those trees spell the contestanswer. P2JW363000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, December 28, 2020 | A15 OPINION Beat the Blues With Music Flicks BOOKSHELF | By Tunku Varadarajan

Locked down nearby SantaAna. John Lennon didn’t moveorget wetorever the studios,the equipment or Monk again? Fin- playedaRickenbacker,and sweat, like it wasmade out of something in the water? ished the when someone from the com- polyester or something. Mostly,itwas the people: pro- gambit of ev- panyinvited the band to aNew Not everyone’staste, but ducersand local musicians erything on York hotel to see the second- next is “JohnnyWinter:Down whocalled themselves the On a Mission Netflix,Prime, ever-madeelectric 12-string &Dirty.” Thealbino master Swampers. In 1969 the Rolling INSIDE HBODisney- guitar,George Harrison bluesguitarist playedWood- Stones made the journey,re- VIEW HuluMax+ and grabbed it and changed pop stock at 25,and the documen- cording “BrownSugar” and The Irish Buddhist even all 201 music forever. Americans sup- tary is about his long career, “Wild Horses.” Bob Dylan, El- By Andy episodes of plied the weapons Eric Clapton kicking addictions and ending tonJohn and Paul Simon came By Alicia Turner, Laurence Cox and Brian Bocking Kessler “The Office”? and other Britsused in the In- up playing small venues in as well. Then Duane Allman (Oxford, 320 pages, $39.95) Followmeon vasion. We’ll learn the begin- Hong Kong. started hanging out as astudio amagical musical tour down ningsofthe Beach Boys,mixing musician and soon, with he endearingly earnest authorsof“TheIrish Buddhist” one last rabbit hole beforethe in TheMamas and ThePapas, brother Gregg, formed the All- T describe their book as “a detectivestory acrosstwo lockdown looney tunes end. plus Stephen Stills and Neil Thesemovieslet us man BrothersBand. centuries.” Although their sleuthing is mostly archival, Music will set youfree. Young of Buffalo Springfield. Is Lynyrd Skynyrdhad asimi- the tale they assemble is captivating—a jigsaw-biography You’veprobably seen zil- this that essencewe’research- see Dylanroll, hear the lar storyofhanging out at that pieces together the lifeofDhammaloka, a“forgotten lions of concert movies,from ing for? Maybe,but it certainly Byrdschirp,and get Muscle Shoals,recording ver- monk” who,we’retold, “faced down the British Empire.” “Woodstock” and “The Song reveals the origin of decades of sions of “Gimme ThreeSteps,” This last assertion mayseem overstated—the British Remains theSame” to “Ameri- American music. theessenceofAmerica. “Simple Man” and “FreeBird,” Empirewas,after all, avast and impregnable placeinthe can Utopia.” But I think a Thenarrator of “Echo” is which at morethan nine min- firstdecade of the 20th century, when Dhammaloka wasat choicelist of movies canlead JakobDylan,Bob’sson. So utes wasconsidered toolong his militant peak.Yet the monk,born in the Dublin area in us all the way to the essenceof next watchMartin Scorsese’s Thereare so manymore: forasingle.They had to leave the 1850s,did succeed in making an almighty nuisanceof the 1960s-to-’80s music scene. “Rolling Thunder Revue: ABob “The Grateful Dead Movie,” Muscle Shoals to go workin’ himself in Burma, aBuddhist colonial backwaterthat was Forget reading abook; that’s Dylan Story.” It’sabout the “StopMaking Sense,” “This Is forMCA.But youprobably al- then aprovinceofBritish India. So much so that he was likeswimming amarathon— 1975-76 ragtagbus tour of Dy- Spinal Tap.” But if you’restill ready knewthat. From “Sweet chargedwith sedition, the we’vegot to see and hear the lan and acollection of musi- with me this far down the Home Alabama”:“NowMuscle cardinal colonial sin. story. cians—there’sJoni Mitchell, rabbit hole,thereisonly one Shoals has gotthe Swamp- Dhammaloka arrived in Maybe we warm up with and hangers-on likeAllen Gins- way out. We’refinally ready ers/And they’vebeen known Burma as William Colvin— the daddy-issues biopics “Bo- berg. Be warned, thereare a for“Muscle Shoals,” named to pick asong or two (yes they almost certainly not his real hemian Rhapsody” and “Rock- lot of fakeEaster eggs in the foratownnestled next to the do).” name—sometime before1900, etman.” Or the raunchy“The documentary, including actress Tennessee River in northern Music is the stimulating traveling from Australia (it is Dirt” about Mötley Crüe, who Sharon Stone in aKissT-shirt Alabama. soundtrack to our lives.OK, I thought) via Ceylon and India. just have issues period. Or “Sid joining the tour. Thedocumentaryisabout still haven’t found what I’m Already steeped in Buddhist and Nancy.” But forget fiction. To keep Scorsese rolling, the FAME Recording Studios lookingfor,but Isee alot of learning, he was ordained as a Let’shear from real musicians. next watch“Shine aLight,” a and aspinout, Muscle Shoals talented people in California, monk in Rangoon in July of Don’t stop me now. two-day2008 Rolling Stones Sound Studio.For mystical Alabama and manyplaces col- that year. The event was “no We’reready for“Echo in the benefitconcert at the Beacon reasons,both produced unique laborate, mix ideas and let simple and quiet affair,” the Canyon” about the music scene TheatreinNew York.Benefit- sounds and lotsofhits. In 1967 great thingshappen. Sounds book tells us, but a lavish in Laurel Canyon, LosAnge- ing who? The“getwhat you pop and jazzsinger Aretha familiar? Maybe that’sit. Once ceremony funded by a local les—lotsonRoger McGuinn need” Clinton Foundation. Franklin went in with producer we’refinally out of the rabbit merchant. Gathered to see the and David Crosby of the Byrds Great interviews,terrific mu- RickHall and came out with hole,it’sreally time to vacci- “auspicious ordination of a (the Beatles’favoriteAmerican sic, but Iwas distracted—en- thehit “I Never LovedaMan nateup, unlock and getback to European into the Buddhist band, it turns out). Their tranced really—by Mick Jag- (The WayILoveYou),” becom- the mixing up of real life, in- order” were morethan 100 monks and 200 laypersons. unique sound came from Rick- ger’shair.For all his Jack Flash ing the Queen of Soul. Wilson cludinglivemusic. Theofficiant wasa“particularly prominent” Burmese enbacker guitarsmade in movements, his perfect hair Pickettrecorded there. Wasit Write to [email protected]. monk and scholar. It’slikely that Dhammaloka regarded this treatment as entirely befitting.Asthe book’sauthors—Alicia Turner, LaurenceCox and Brian Bocking, all professorsofreligious The Jailing of the Citgo Six studies—write, the Irish Buddhist cut a“bombastic” public figure.The monastic name he chose forhimself canmean Six Venezue- charges. In July Venezuela re- Mr.Maduro, who had been comply with the order,inpart both“realm of the law” and “light of the law” in Pali, the sacred lan-born Citgo quested Mr.Ramírez’s extradi- second in command, wasele- perhaps because it wasalready languageofthe Theravada Buddhism practiced in Burma. executives tion from Italy, though accord- vatedtoregime strongman. A clear that the regime wasde- Onceordained, Dhammaloka embarked on a10-year spree were living ing to pressreportshis year later the oil boom began veloping a narrative that of deliberateconfrontation with the British colonial and working whereaboutsare unknown. to go bust, with prices plum- would placethe blame forVen- authorities,mainly in Burma but also in Ceylon, Malaya,Hong in theU.S.in Meanwhile,discrediting the meting by half between June ezuela’seconomic collapse on Kong and Singapore. Theauthorstell us that the stock-in-trade AMERICAS mid-Novem- apparatus he built during 12 andDecember 2014. Output corruption and that he wasgo- of this “disruptive, border-hopping monk” wasthe “Buddhist ber 2017when yearsatthe helm of Venezuelan wasalso falling at the grossly ing to playaleading role. revivalist” sermon, by which he addressed crowdsofBurmese By Mary they were oil policyisaMaduropriority, mismanaged PdVSA.Asqueeze If the luring of the CitgoSix natives on the evils of Christianity.Astern advocateof Anastasia summoned by which likely explains the haul- on revenues ensued. Shortly wasn’t enough warning,the temperance, he inveighed against alcohol; he also spokeout O’Grady Citgoparent ing in of the CitgoSix.Since thereafterserious warring be- Nov.30, 2017, detention of for- against the British militarypresenceinBurma and elsewhere. PdVSA—the the men were also working for tween regime factions broke mer Citgopresident Nelson His “three-part critique” of colonialism, the authorsobserve, Venezuelan state-owned oil aU.S.-based companynow con- out. Martínez and of former oil centered on “the Bible,the bottle,and the Gatling gun.” monopoly—toCaracas fora trolled by Venezuelan opposi- minister Eulogio del Pino Although it is fair to surmise that Dhammaloka’svisceral meeting. tion leader Juan Guaidó—rec- drovehome the point. anti-Britishnesssprang from his Irish origins,thereare no Thefivenaturalized U.S. ognized by morethan 50 The five U.S. citizens Martínezwas no longer at primarysourcesthat tell us whereand howheacquired his citizens and one U.S. perma- democracies as the country’s Citgobecause he had been uncommon knowledgeofreligion and politics in his time as nent resident were in good rightfulpresident—their arrest and one permanent made oil minister in January William Colvin. Thereisalmost no firsthand information standing with theHouston- is also away forMr. Maduroto resident are pawns 2017 and later that year also available about his pre-Burmese life, and the book’saccount 1 basedfirm. As they boarded showhecan still influence wasnamed president of of Colvin’s4/2decades until 1900 is deduced from amotley the corporatejet, they couldn’t Citgo’sfate. in a power struggle. PdVSA.Although he had aseri- sheaf of secondarysources, including unreliable travelogues have known that they were Mr.Ramírez wasaclose ally ous heart condition, the regime by European adventurerswhose paths,apparently,had headed forprison. of Venezuelan dictator Hugo refused him house arrest while crossed the Irishman’s. As the team convened in a Chávez, who in 2002 hand- In September 2014Mr. he awaited trial. He died in In anutshell, Colvin is thought to have leftDublin for PdVSA boardroom on Nov.21, picked him to be minister of Ramírez wasdemoted to forprison in 2018.Mr. del Pino,a America, wherehebecame,asthe authorsput it, “a hobo.” 2017, Venezuelan militaryintel- energy and two yearslater eign minister.Afew months PdVSA insider since2005,was He worked his way,itseems,acrossthe United Statesbefore ligenceswooped in to arrest made him, concurrently, later he wasreassigned as oil minister from 2015-17. sailing to Japan. He eventually arrived in Rangoon, wherehe them. They were chargedwith PdVSA president. During his 12 Venezuela’sambassador to the According to the regime,in worked as “a relatively well-paid ‘tally-man’ checking embezzlement, though the debt yearsasthe country’spetro- United Nations. aspan of some three months cargo,” beforehis ordination brought about amarriageof deal they supposedly cooked up leum czar,Mr. Ramírez shaped By 2017, with Venezuelan in 2017itarrested 65 oil exec- Buddhism and blarney that served him well. to benefit themselves never an oil policydesigned to drive poverty spiking,Mr. Ramírez utives and officials as part of happened. Last month, aftera Chávez’sconsolidation of wasopenly criticizing his gov- itsgiant corruption probe.Yet closed-door trial, they were de- power. Under his leadership, ernment’shandling of the econ- itscommitment to cleaning Ordained in Rangoon, he urged his Buddhist clared guilty.Their sentences regime critics inside PdVSA omyand the oil industryfrom thingsupishardtotakeseri- co-religionists to despise British colonialism. rangefromeight to 13 years. and most foreign investors his perch in NewYork.Worries ously.InOctober it passed a Appeals areexpected. were eliminated. Soaring oil reportedly circulated among newlaw to giveMr. Maduro His Dublin origins mayhaveadded to thefervor. Whether the six over- revenues were used to enrich Madurohenchmen that he extraordinarynew powerto stepped their authority at Chávezloyalists, feed populism might challengetheir bossina sign oil contracts. Moresleazy Citgoisn’t clear.But thereis and buy off opponents. presidential election scheduled deals to follow. Dhammaloka’s sermons were simple and accessible, and no doubt they were denied due Thepoliticization and cor- for2018.OnNov.29, 2017, Reu- TheCitgoSix maybedes- in his public preaching he couldn’t have been moredifferent processinVenezuela and are ruption of PdVSA had starved ters reported that Mr.Ramírez tined to become merefoot- from conventional Burmese monks,who preferred pawns in awider powerstrug- the operation of both financial had been abruptly removed notes in an old-fashioned meditation. “Likemost Irishmen,” wroteSingapore’sStraits gle.Onone side of the chess and human capital. Neverthe- from hisU.N. job,though he purge.But an attempt to use Times in August 1903,“he has aready tongue [and] a boardisstrongman Nicolás less, as long as crude prices didn’t acknowledgethe firing the Americans as bargaining vivacious manner.” He wasoften intemperate. “The Maduro.Onthe other is for- held up,the regime partied on, untilsix days later. chipsinfuturenegotiations American MissionaryBaptistsare the biggest blackguards mer Oil Minister and former treating the companyasits Mr.Ramírez had reportedly with the Biden administration that ever existed,” he oncedeclaimed. “Nine million PdVSA president Rafael honey pot. been instructed to return to cannot be ruled out. women,” he said on another occasion, “were put to death Ramírez,now wanted on graft When Chávezdied in 2013, Venezuela. If so,hedid not Write to O’[email protected]. on accusation of witchcraftbythe Christian Church.” Had Dhammaloka confined himself to this somewhat lurid brand of anti-clericalism, it’slikely that the colonial authorities would have regarded him as no worsethan Even Homer Gets Mobbed irritating.But in asserting that Christianity—the religion of the empireand itsofficials—was seeking to “destroy By Meghan Cox Gurdon tersectional” powerstrug- your twitterbio.” Ms.Levine to confirm this,she everything that has been in Burma for2,000 years,” he was gles.Thus Seattle English An online horde descended, replied that she found the in- honing the ideas that would become,asthe authorswrite, sustained effort is under teacher Evin Shinn tweeted in accused Ms.Cluessofracism quiry“invasive.” TheEnglish “central planks of nationalist agitation” and fuel the rise A way to denychildren ac- 2018 that he’d“rather die” and “violence,” and demanded Department chairman of Law- of a cohesiveBurmese opposition to British colonial rule. cess to literature. Under than teach “The Scarlet Let- that Penguin Random House rencePublic Schools,Richard No wonder,then, that the colonial authorities regarded the slogan #DisruptTexts,criti- ter,” unlessNathanielHaw- cancel her contract. Thepub- Gorham,didn’t respond to him as amenace, aEuropean using his position of racial cal-theoryideologues,school- thorne’snovel is used to lisher hasn’t complied, per- emails. privilegetofill nativeheads with dangerous nonsense. teachersand Twitteragitators “fight against misogynyand haps because Ms.Cluess “It’satragedy that this Matters came to ahead when Dhammaloka traveled to arepurging and propagandiz- slut-shaming.” tweeted aritual self-denuncia- anti-intellectual movement of Ceylon on apreaching tour,telling the Sinhalese to safe- ing against classic texts—every- Outsidersgot aglimpse of tion: “I take full responsibility canceling the classics is gain- guardBuddhism from the depredations of the whiteman. thing from Homer to F. Scott theintensity of the #Disrupt- formyunprovoked anger to- ing traction among educators In November 1910,upon his return to Rangoon, he wascon- FitzgeraldtoDr. Seuss. Textscampaign recently when ward Lorena Germán. ...Iam and the mainstream publishing victed of sedition, apropaganda gifttothe crusading holy Their ethos holds that chil- self-described “antiracist committedtolearning more industry,” says science-fiction man. He had repeatedly warned the Burmese that the British dren shouldn’t have to read teacher” Lorena Germán com- about Ms.Germán’simportant writer JonDel Arroz,one of were athreat to their religion. Herewas that threat “made storieswritteninanything work with #DisruptTexts....I the rare industryvoices to de- manifest,” as the authorsput it, “with the full might of the other than the present-day will strivetodobetter.” That fend Ms.Cluess. “Erasing the British crowncoming down on one braveBuddhist monk.” vernacular—especially those AMassachusetts didn’t stop Ms.Cluess’sliter- historyofgreat works only Support poured in from all over Burma and India as “in which racism, sexism, school has banned aryagent, Brooks Sherman, limitsthe ability of children to Dhammaloka appealed. Thetrial judge—also an Irishmen— ableism, anti-Semitism, and from denouncing her“racist become literate.” upheld the verdict of sedition, finding that certain views otherforms of hateare the ‘The Odyssey.’ andunacceptable” opinions He’sright. If thereisharm “maybehighly inflammatorywhen translated intoan norm,” as young-adult novelist and terminating their profes- in classicliterature, it comes Oriental languageand served out with spicycommentsto Padma Venkatraman writes in sional relationship. from not teaching it. Students an audienceofOrientals in apublic address.” Dhammaloka School LibraryJournal.Noau- plained that manyclassics Thedemands forcensorship excused from reading founda- was“bound over” to keep the peacefor ayear. thor is valuable enough to were writtenmorethan 70 appear to be getting results. tional textsmay imagine them- “The Irish Buddhist”—humane and absorbing—ensures spare, Ms.Venkatraman in- yearsago:“Think of US society “Be likeOdysseus and embrace selves luckytoget away with that Dhammaloka will be accorded some delayed structs: “Absolving Shake- beforethen &the values that the long haul to liberation (and YA novels instead—that’swhat recognition, even as his storyends in almost cosmic speareofresponsibility by shaped this nation afterwards. then take the Odyssey outof the #DisruptTexts people anticlimax.His sentenceserved, he leftBurma in 1912, mentioning that he lived at a THATiswhat is in those your curriculum because it’s want—but compared with reverting to an itinerant lifeinAustralia and the Torres time when hate-ridden senti- books.” trash),” tweeted Shea Martin their better-educated peers Strait Islands near NewGuinea. With un-monkish mischief, mentsprevailed, risks sending JessicaCluess, an author of in June.“Hahaha,” replied they will suffer apoverty of Dhammaloka mailed ahoax obituaryofhimself to a asubliminal messagethat aca- young-adult fiction, shot back: Heather Levine,anEnglish languageand cultural refer- newspaper in Calcutta,which waspublished. Afteralast demic excellenceoutweighs “Ifyou think Hawthorne was teacher at Lawrence(Mass.) ence. Worse, they won’t even sighting in Singapore, he vanished without trace, dissolving hateful rhetoric.” on the side of the judgmental High School. “Veryproud to knowit. oncemoreintothat realm of enigma whencehefirst came. Thesubtle complexities of Puritans ...then youare an saywegot the Odyssey re- literatureare being reduced absolute idiot and should not moved from the curriculum Mrs. Gurdon writes the Jour- Mr. Varadarajan is aJournal contributor and afellow at to the crude clanking of “in- have the title of educator in this year!” When Icontacted nal’s Children’s Books column. New York University Law School’s Classical Liberal Institute. P2JW363000-0-A01600-1------XA

A16 | Monday, December 28, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Biden’s Climate All Stars The Federal ReserveShould Get BacktoBasics

oe Biden has unveiled what he called his including United Solar Ovonic, Evergreen and Sen. Pat Toomey is right to insist a difficult political-economic tight- climatecabinet appointees,and progres- GlobalWatt. According to the Mackinac Center, that any Covid relief bill include lan- rope. But you overlook the Federal J sives are calling it an “all star” list. That the Michigan think tank,only 2.3% of Ms.Gran- guage terminating the Federal Re- Reserve’s biggest problem: its lack of serve’s emergency lending facilities credibility. depends on your point of view. holm’sinvestmentsinthe Granholm subsidized by the end of this year (“Hijacking The Fed announced its switch to One of the starsisformer state’smain incentivepro- the Fed to Bail Out States,” Review & average inflation targeting in August. Michigan Gov. Jennifer Gran- green-job business gram met their job creation Outlook, Dec. 18). These facilities go It is now supposed to be allowing pe- holm to lead the Department promises.But there’slittle ac- well beyond the provision of liquidity riods of higher-than-2% inflation to of Energy,and the choicesug- losers in Michigan. countability forfailureingov- and threaten to further erode the make up for periods of lower-than-2% gests a return to climate cor- ernment. Fed’s independence. inflation. Despite this, inflation ex- porate subsidies. This history is relevant as The emergency facilities constitute pectations remain anemic. They’re DOE’smain duties aretooversee nuclear Mr. Biden and Democrats are again promising fiscal policy, which is properly the currently at 1.9%, the highest they’ve sites,set efficiencystandards and dole out gov- morespending to create“green jobs.” Govern- domain of Congress, and there is no been since the announcement. But ernment largesse. But her credential forMr. Bi- ment is alousy venturecapitalist and, moreof- evidence that the facilities helped the this isn’t high enough to make up for den maybethat, during her governorship from tenthan not, misallocates scarce capital. Inves- Fed meet the increased demand for the lost economic activity the Fed liquidity brought on by the pandemic. permitted by misfiring in the past. 2003 to 2011, Ms. Granholm handed out hun- tors these days are piling into electric-car and The Fed’s job is hard enough without Markets are sending the Fed a dreds of millions of dollarstopolitically favored battery start-ups,betting on government subsi- demanding that it also lend directly clear message: We don’t believe you. startups to create“green jobs.” Manyofher dies and tougher emission rules by the Biden to small businesses, corporations and Nor should they. The Fed erred badly bets failed. Administration that will force-feed electric ve- state governments. Congress should by dabbling in credit allocation dur- Take fledgling electric-car battery manufac- hicles.Startups received both during the Obama terminate these facilities immediately ing the darkest days of the Covid-19 turer A123 Systems,which wasawarded a$249 Administration but still failed because of tech- so that the Fed can focus on what it crisis. Now it seems more concerned million DOE grant plus $125 million in statetax nical problems and scarce demand. does best: providing liquidity. with fighting global warming than credits. Plagued by manufacturing problems, Mr.Biden has also tapped North Carolina ASSISTANT PROF. BRYAN CUTSINGER basic monetary policy. Our current A123 went bankrupt in 2012. China’sWanxiang environmental regulator Michael Regan for Angelo State University crop of central bankers flunks Central Group bought most of its assets. EPAAdministrator.Progressives arepraising San Angelo, Texas Banking 101: Good intentions mean A123’scustomer,Fisker Automotive, also Mr.Biden’schoiceofablack American after nothing without credibility. Your Dec. 17 editorial (“The Fed’s ASSOCIATE PROF. ALEXANDER W. SALTER went bust in 2013 afterreceiving a$192 million lobbying hard against California Air Resources Stimulus Paradox”) correctly notes Texas Tech University DOE loan with the goal of manufacturing ahy- Boarddirector MaryNichols because she was that the U.S. central bank must walk Lubbock, Texas brid at aplant located in Mr.Biden’ssenatorial insufficiently concerned with “environmental backyard.Fisker wasbacked by prominent lib- injustice.” eral investorsincluding Al Gore. “Lobbying by They’re right, in an ironic way. Ms. Nichols all local politicians is said to have won the day has been the driving force behind California’s The Pentagon Could UseaFour-StaronTop forthe Wilmingtonplant,” the WashingtonPost cap-and-trade program, electric vehicle man- reported in 2013. date, pie-in-the-sky renewable electricity re- Rep.MikeGallagher omitsthe main It always concerned me that people Ms.Granholm also offered battery manufac- quirements, and diesel engine emissions rules. pointsthat augur in favorofretired with no relevant job experienceare turer LG Chem $125 million on top of the $150 Those have combined to destroy tens of thou- generals serving as defense secretary appointed to runcabinet agencies.It (“No MoreGenerals Atopthe Penta- would be likereplacing the director of million in federal stimulus dollars it received. sandsofmiddle-classjobs and raise energy gon,” op-ed, Dec.21). If people richly the Centersfor Disease Control and While LG Chem is still in business, its employ- costs for California’s poor. The climate lobby experienced in dealing with crises, Prevention with someonewhose only ees at the time were caught watching movies nonetheless said she didn’t do enough to put the endlessfunding trade-offs and the credential is activity in apolitical and playing games on the clock because they fossil-fuel producers out of business. personal cost of conflict areruled out, party.Itmakes me nervous to think ostensibly had little productive to do. “Folks,we’reinacrisis,” Mr.Biden said this then we’relikely to getsomeone who that the only criteria forbecoming Then therewas the biofuels startup Mas- month, eliding wildfires,windstorms,hurri- is politically oriented, academically defense secretarymight be having coma, which wasawarded $20 million from Ms. canes,flooding and drought all supposedly experienced and beholden to aparty. served the right party and knowing Granholm and up to $100 million from DOE for caused by climatechange. Unpacking those I’veseen enough of the dilettantes. that the Pentagon is in Arlington, Va. aplant to convert biomassintocellulosic etha- falsehoods is a subject for another day. But as Givemesomeone matureand savvy I‘m amazed that cabinet members nol. The plant was never built. Ms. Granholm always with aprogressive“crisis,” the solutions enough to doubt the generals,some- from previous administrations are also approved $100 million forarenewable en- on offer are more subsidies for the politically one moreloyal to the 20-year-olds rarely kept on,not even temporarily, than to his political sponsors. even though they have experienceand ergy park that was scrapped. connected, and morerules,mandates and taxes Lloyd Austin worked for me or have sworn to servethe country. And don’t forget her dim solar-energy bets for everyone else. with me for nearly two years, and I Idon’t knowMr. Austin, but I’m know him to be a man of impeccable surethat he,asaformer Armygen- character with a razor-sharp intellect eral, has moreinsight intothe work- Liberation Day for French Dressing and a serene approach to crises. He is ingsofthe militaryand the Penta- what America has been missing, so gonthan anycivilian. And as I nknown to most Americans, the Food etable oil constituting 35% by weight, though don’t allow the notional to preclude recall, therewas aguy named Eisen- andDrugAdministration has forde- it need not include tomatopaste. TheFDA is es- the necessary. howerwho seemed to do OK in a U cades regulated the ingredients, com- pecially vigilant on the threat from frozen LT. GEN.(RET.) GREG NEWBOLD higher office. position,flavorand appear- cherry pie. United States Marine Corps STEPHEN HORWITZ anceofmanyfoods.Inasmall The FDA also eases “The fruit content of the Flat Rock, N.C. Bethesda, Md. victoryfor consumer choice its vigilance over pieissuch that the weight of and food innovation, the FDA the washed and drained this month proposed liberat- cherry pie standards. cherrycontent is not less Sometimesthe Tourniquet WorksAll TooWell ing French dressing and fro- than 25 percent of the weight Regarding Frank K. Butler and posite directions, but my Boy Scout zen cherry pie. of the pie,” FDA stipulates, John B. Holcomb’s advocacy for the training took over. I squeezed a pres- The 1938 Food, Drug, and Cosmetic Act au- and “not morethan 15 percent by count of the tourniquet (“The Military Learned to sure point to stop the bleeding and thorizes the FDA to regulate the “standards of cherries in the pie [maybe] blemished with Stop the Bleeding,” op-ed, Dec. 21): tourniqueted Rick’s arm, noting the identity” of hundreds of food products to en- scab,hail injury, discoloration, scar tissue,or My fraternity at the University of time in huge magic-marker letters on sureuniform labelling.Everwonder whysome other abnormality.Acherryshowing skin dis- Chicago, Phi Delta Theta, was geared his forehead. foods tasteand look the same regardlessofthe coloration (other than scald) having an aggre- toward physics, not parties. Fiscally Rick was wrapped in plastic gar- constrained, we took in the occa- bage bags, carried over the rugs of brand? Credit the FDA. gate area exceeding that of acircle nine thirty- sional boarder. Rick Ames was one. the foyer and driven to the emer- The FDA requires ketchup to have a pH of seconds of an inch in diameter is considered We soon recognized him as a seldom- gency room in some reluctant 4.2±0.2and lemon juice“maybeused in quanti- to be blemished. Acherryshowing discolor- bathed alcoholic and searched for an brother’s automobile. The next day ties no greater than necessarytoadjust the pH.” ation of anyareabut extending intothe fruit excuse to kick him out. our boarder’s bags were gone, his key Theconsistencymust also be such “that itsflow tissue is also considered to be blemished.” One night in 1962 we found it—and was returned and he was forgotten. is not more than 14 centimeters in 30 seconds Behold your government at work. The FDA then some. Rick severed an artery by It turns out Rick’s father was a CIA at 20 °C.” Manufacturershavemoreleeway is now proposing to revoke those standards, jabbing his forearm through one of agent who eventually got Rick into with hummus, aioli and pickle relish. which means your dessertsnolonger risk afed- the house’s glass windows. A serpen- the agency. From there Aldrich “Rick” The FDA standards of identity have grown eral sanction. tine trail led me and a friend to a Ames became the most notorious to occupy thousands of pages in the Federal The FDA last updated ingredient rules for pool of blood. mole in CIA history, betraying at Registerand now serve mainly to fatten trial manyproductsduring the 1990s under Commis- Equally intense emotions of dis- least 12 of America’s best secret gust and sympathy pulled me in op- agents in the Soviet bloc. Many of lawyerswho cansue manufacturersiftheir la- sioner David Kessler, who has been tapped by them were executed. Alas, I was a bels don’t conform to government specifica- JoeBiden to lead his Covid-19 task force. While few pints of blood away from saving tions. This is why some low-fat ice creams are letting innovative drug treatments languish, ‘Stimulus’ Sounds aLot these fellows, but my Boy Scout labeled frozen dairy desserts. Mr. Kessler led a campaign against allegedly BetterThan ‘Redistribution’ training doomed them. The tourni- Since1950 theFDA has required that French misleading food labels.Let’shope the Biden quet works. salad dressing be made of oil, “acidifying ingre- FDAdoesn’t drownAmericans in heavy regula- Words matter. In your editorial GERALD HOLMQUIST dients” such as vinegar or lemon juicewith veg- tory sauce. “Covid Political Relief” (Dec. 21) you Roseville, Calif. write, “Please don’t call this economic stimulus.” That’s exactly right. Can Snowden Bamboozle Trump? Where does the money for fiscal California Politicians Could stimulus come from? Current taxpay- Use a Remedial Civics Class ers or future taxpayers. The largesse onald Trump ranfor President on wip- Mr.Trump has supported lawenforcement, is then redirected to selected cohorts Regarding Hank Adler’s “ACali- ing out the Islamic State and stopping but if intelligence methods can be stolen with in society and used to create goods fornia Plan to Chase Away the Rich, D China’s economic predations. Edward impunity,border security and drug enforce- and services that the private sector Then Keep Stalking Them” (Cross Snowden’s illegal disclosures ment would be weakened. Mr. often would have created in due Country, Dec.19): Visit California weakened America’sdefenses He stole U.S secrets. Trump canboast of confront- course, sometimes faster and always for60days and gettaxed for10 against foreign terroristsand His allies cajole the ing China’sabuses,but Mr. more efficiently than the government years? Someone should remind the boosted Beijing’scyber-espio- Snowden stole information can redistribute resources. politicians in SacramentoofJames nage against the U.S. President for a pardon. aboutNSA surveillancethat Consumption is moved forward Otis’sfamiliar line: “Taxation with- So whyare theremurmurs protectsAmericans from Chi- from the future; savings and invest- out representation is tyranny.” It that the President is consider- nese military hacks. ment are pushed back. Consumption wasone of the main reasons the feels good, but savings and invest- American revolutionaries fought for ing a pardon for the unrepentant former Na- Perhaps Mr.Trump thinks that only his crit- ment fuel long-term growth. This is freedom. Or has that part of our tional Security Agency(NSA) contractor, who ics in the security bureaucracies see Mr. why the recovery from the global fi- historyalready been rewritten? stole over amillion American national-security Snowden as atraitor.But a2016 report by Rep. nancial crisis of 2007-09 was so ane- JAMES MCBAIN documents and absconded to Hong Kong and Devin Nunes’s House Intelligence Committee mic, while the recovery after World North Bay, Wis. then Moscow? detailed Mr.Snowden’sabuses, writing that “if War II was so explosive—federal In officeMr. Trump wasstung repeatedly by the Russian or Chinese governments have ac- spending tumbled from 45% of gross grandiose government leakerswho thought cess to this information, American troops will domestic product in 1946 to 11% in Pepper ... they stood abovethe democratic process. That be at greater risk in anyfutureconflict.” In 2014 1948. And Salt description also fits Mr. Snowden, who never then-Lt.Gen. Michael Flynn told Congressthat It’s called stimulus for a reason. formally registered complaintsabout U.S. intel- “the greatest cost” from Mr. Snowden’s leaks People who want to control the dis- THE WALL STREET JOURNAL ligence policies while contracting for the gov- would likely be “human lives on tomorrow’s tribution of national treasure from the future to the present or from ernment, but has sincemade himself acelebrity battlefield.” haves to have-nots—but all too often with claims of moral righteousness. Mr.Trump divides the world intofriends and in the opposite direction, contrary to But Mr.Trump seems to be in amood to enemies,and it’struethat officials in America’s stated intent—would rather speak of break things as his term comes to a close, and intelligenceapparatus have attacked him “stimulus,” a term with positive con- Mr.Snowden’sdefendershavesought to appeal throughout his Presidency. The promotion of notations, than “redistribution.” to the President’s suspicion of the U.S. intelli- Trump-Russia conspiracies by the likes of for- Some redistribution is necessary and genceagencies to enticehim toward amidnight merDirector of National IntelligenceJames good, but most is neither. Either way, pardon. The likes of Roger Stone and Senator Clapper and former CIA Director John Brennan let’s call it what it is. Rand Paul suggest that Mr.Snowden is auseful will undermine those agencies’ credibility with ROB ARNOTT figure in Mr.Trump’scampaign against the in- tens of millions of Americans for years. Miami Beach, Fla. telligence establishment. If the President is persuaded to giveMr. Lettersintended forpublication should It would be atravesty if the President fell for Snowden a reprieve, their behavior will have be emailed to [email protected]. Please this. The victims of Snowden-style treachery helped create the political cover for him to do include your city, state and telephone areordinaryAmericans,not Mr.Trump’s“deep so.Yet the responsibility forbetraying the secu- number.All letters aresubject to state” foes.Apardon forMr. Snowden’sbehav- rity of the American people would rest on his editing,and unpublished letters cannot “Forecasters predicted the market be acknowledged. ior would invite more of it. shoulders alone. would rebound ‘just because.’” P2JW363000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, December 28, 2020 | A17 OPINION Covid Is Biden, Meet Yo ur Frenemies in Europe Beginning Its By Dominic Green welcome early consultations with our European partnersonour com- Last Stand he Biden administration mon concerns about China’seco- is committedtorestoring nomic practices.” normal serviceinU.S.re- On the night of Dec.22, Zbigniew By Scott Gottlieb T lations with Europe,but Rau, Poland’sforeign minister, thetruth is thereisno called for“moreconsultations and he novelcoronavirus is about “normal” left. TheEuropean Com- transparency” to bring “our transat- T to makeits last major stand, mission talks of a“newtrans-Atlan- lantic allies on board.” Agood deal, so preparefor the most diffi- tic agenda forglobal change,” but Mr.Rau added, is “betterthan a cult six weeks yet. But thingswill the European Union is also rushing prematureone.” Franck Riester, look up as spring approaches.Stay to completeatrade deal with China. France’sjunior trade minister,an- safeand trytoavoid being the last Theincoming administration finds nounced that France“can’t facilitate person to getsick from Covid-19. itself at odds with the EU over investment in China if we don’t Next year will still requirecau- trade and investment. TheBiden work to abolish forced labour.” tion,but fear of Covid won’t domi- crowd should ponder one of Presi- Rather than restoring normality to natelifeafter the winter recedes. dent Obama’sfavoritelines,“The trans-Atlantic relations and empow- Prevalence will decline sharply in world is what it is,” and respond ering the EU as aglobal partner, the spring and summer.The virus with as much realism and as little theBiden administration has pre- mayre-emerge in the fall, but it can idealism as possible. cipitatedasplit between itstwo be amanageable threat with the Trans-Atlantic relations mayim- largest economies,Germanyand right precautions. proveintone,but their content has France. And though the U.S. re- changed and waschanging long be- KLEIN mains influential enough to delay VID

fore Donald Trump entered the DA EU initiatives,itcannot, as the January will be tough, but WhiteHouse.The Cold Warended NordStream 2sagashows,block three decades ago. Thefruitsof secureaplaceasanindependent biggest European investor in China, them entirely. with sensible precautions that American-led victory include a node in amultipolar world. is open to Chinese 5G technology TheEU’s“road map” forthe EU- the virus will become a liberal, democratic and peaceful Eu- Strategic competition with the even though Franceand Britain U.S. summit in 2021 exemplifies the rope.The worm in the apple is that U.S. is anaturalpart of that effort. have become skeptical. In November worstofEurope’sold habits. The manageable risk by spring. the Europeans canact indepen- As Sweden’sthen-Prime Minister Ursula vonder Leyen, president of Europeans ask that the U.S. “ensure dently,whether as individual na- Goran Persson said in June 2001, the European Commission, wasac- funding forthe development and tions or in concert through the EU. the EU is “one of the few institu- claiming Mr.Biden as a“committed equitable global distribution” of That said,relegating the pan- Themoreindependent they are, the tions we candevelop as abalance transatlanticist.” At the same time, Covid-19 vaccines,consent to “a demic to 2020 will requiresome lessthey want advicefromAmeri- to U.S. world domination.” Angela Merkel waspromising Xi joint trade and climateinitiative,” changes. Thevirus is likely to be- cans. Jinping that she would complete createa“specific dialogue” on “the come endemic,meaning it will con- Thepost-Cold Wardivergenceof the EU-China ComprehensiveAgree- responsibility of online platforms tinue to circulatebut at amuch American and European interestsis The president-elect longs ment on Investment by the end of and Big Tech,” and “fight the rise of lowerlevel than theepidemic.Ifwe usually attributed to the George W. theyear.Ms. Merkel also remains authoritarianism, human rights areprudent, next fall could look Bush administration’sresponse to for ‘normal,’ but inherits committedtothe NordStream 2 abuses and corruption.” likeanespecially virulent flusea- 9/11: the bungled interventions that an EU courting China and gaspipeline from Russia, which is The agenda contains no EU com- son in which the vaccines area set off ahuman wave of migrants nearly completeand would, abipar- mitment to reducing ties to Russia, poor match. Most of the activities and terrorism in Europe; the hostile pushing out the U.S. tisan consensus in Congressbe- China or Iran. It expectsthe U.S. to Americans enjoywill resume, behavior of the Department of lieves,damageEurope’senergy in- support European powers as they though some of them will require Homeland Security, which remains dependence. subvert American interestsand un- precautions. apowerful disincentivetovisiting To develop that “balance,” TheEU’strade commissioner dermines America’sglobal position. That starts with changes in the theU.S.All true,but deeper pro- Franceand Germanyhavecultivated Valdis Dombrovskis wasscheduled This is known as having your gateau way people go to work.Itshould be cesses were already at work. strategic relationships with Russia, to meet China’sVicePremier Liu He and eating it. TheBiden administra- frowned upon to come to work sick Thefull quotation, from V.S. Nai- Iran and China. Britain has sought on Dec.22, but negotiations were tion will claim that it has restored and tryto“braveout” acold. Test- paul, is: “The world is what it is; to balanceits commitmentstoits abruptly canceled. Discussion of the the old amity with Europe,but the ing forflu and Covid will be wide- menwho arenothing,who allow European neighborsand itsAmeri- investment deal wasalso dropped EU’snew world is what it is: a spread with home tests. Manypeo- themselves to become nothing,have canpatron,while being critical of from the agenda of an EU ambassa- growing strategic problem forthe ple maystill prefer to wear masks no placeinit.” In 1945,most of Eu- Russia, equivocalonIranand ac- dorsmeeting later that day. The U.S.,inwhich historic partners in public venues,but they won’t be rope wasnothing but rubble.By commodating to China. reason appearstobeatweet on the claimtobeallies but act as they required. We will be moremindful 1990 Western Europe had remade While the U.S. pushes foreco- eveningofDec.21byJakeSullivan, choose. of ventilation indoorsand crowdsin itself under American supervision nomicdecoupling from China, Ger- President-elect Biden’schoicefor confined spaces. and protection. TheEUhas since manycontinues itsstrategic decou- national security adviser: “The Bi- Mr. Green is deputy editor of the These steps will have benefits expanded to 27 states and sought to pling from the U.S. Germany, the den-Harris administration would Spectator (US). that go beyond Covid. They’llalso slowthe spread of other respiratory infections—including influenza, which exactsahugetoll each year. Cuomo Should Take a Knee in Buffalo Theflu caused morethan 40 million symptomatic illnesses and 650,000 By Dave Seminara dium all season. On Sept. 30,hesaid September he wasphotographed on anything close to superspreader hospitalizations in the 2018-19 sea- he’dtour the stadium and meet with a golf course with 16 other people, events. son, according to estimates from the he Buffalo Bills have won the team leadership to “talk through” the all maskless. “I just plain forgot to Manyofficials,including Messrs. Centersfor Disease Control and Pre- T AFCEast division forthe first issues around reopening.ByNov.6, wear one,” he said afterthe photo Cuomo and Poloncarz, seem to relish vention. A2018 study in the journal time in 25 years and secured he backtracked and said that Dr. waspublished. Mr.Poloncarzwill re- the newfound powers they’veas- Vaccine estimates the economic their first home playoff game in al- Zucker—whose nursing-home order ceive counsel from the handsomely sumed during the pandemic.But damage, including reduced produc- most as long.Thousands of jubilant led to the deaths of at least 6,200 compensated Gale Burnstein,who they’ll never be able to showtheir tivity,at$11.2 billion ayear.That Bills fans waited hoursinthe cold to people—had told him it would be rakedin$166,319 in overtime and faces in Western NewYork again if figure maybeconservative; some greet the team, which arrived at the “reckless” to allowany fans back into they decree that the stadium must re- models saythe burden is up to $87 Buffalo airport at 1:30 a.m. after the (outdoor) stadium, which has a main closed to fans.Which maybe billionannually. beating the DenverBroncos on Dec. capacity of morethan 71,000. The Bills host their first whythe governor punted to Dr. Thepriorities fornextyear will 19 to clinch the division title.The Thegovernor never came to tour Zucker. be to passout vaccines widely, die-hards were restless after being the stadium, but he recently said home playoff game in a Bills fans have suffered through hopefully with all Americans eligible barred from Bills games all season. he’d“lovenothing more” than to at- quarter-century, but fans four consecutiveSuper Bowl losses, by the spring,while continuing to Whether Bills Stadium will join the tend a Bills home playoff game. He a17-year-long playoff drought (the collect information on safety and 13 others that allowinfans before insisted that Dr.Zucker’s Depart- will likely be kept out. 2000-16 seasons) and a25-year divi- benefits.Itwill also be essential to the playoffs maynow depend on the ment of Health needs to green-light sion-title famine.Weknowthe risks provide easy access to vaccination— wisdom of Howard Zucker—the state anydeal to open up the stadium, in- of Covid-19,and we also knowthat preparing drugstores to offer the health commissioner,who signed off cluding acautious proposal to admit holidaypay from March to Dec.4as we haven’t had ahome playoff game Covid vaccine likeflu shots. If a on NewYork’snow-infamous March about 6,700 fans. county health commissioner—in ad- since December 1996. It’s time for high percentageofthe most vulner- 25 directive barring nursing homes Even that maynot be enough. dition to her $202,312 salary. the politicians and health bureau- able populations arevaccinated, from turningaway Covid-positive Erie County ExecutiveMark C. Po- TheBills Mafia has scienceonits cratstotakeaknee and allowusto that would sharply reduceCovid residents. loncarzrecently threw cold wateron side.Therehas been only one re- be reunited with our team in our risk.The benefitswill be even IgrewupinBuffalo in the 1970s the proposal. TheDemocrat scolded ported case of afan testing positive stadium. greater if,ashoped, vaccines don’t and’80s,lean times forBills fans. Bills fans for greeting their team at forCovid-19 afteragame in the 13 merely reducethe risk of severe When Ileftfor collegein1990,the the airport and chided reporters NFL stadiums that allowfans,and Mr. Seminara is aformer diplo- symptoms but also reducethe team promptly made it to the Super who asked if he’dagree to allowfans that wasmonths agoatthe season mat and author of “Footsteps of chance of being infected and Bowl, but lost when ScottNor- in the stadium, telling them: “Get opener in Kansas City.Othersmight Federer: AFan’s Pilgrimage Across 7 spreading it around. wood’slast-minutefield-goal at- your priorities straight.” Perhaps have been infected and not reported Swiss Cantons in 10 Acts,” forthcom- Thecoming year will be an ad- tempt driftedwide right. TheBills football simply isn’t his game.Inlate it, but clearly games haven’t been ing in March. justment to anew normal. Society returned to the Super Bowl during won’t return to its2019 strategyfor my sophomore, junior and senior handling respiratorypathogens, but yearsbut lost each time.In1995, that isn’t abad thing.The pandemic when Iwas 23,the Bills wonthe di- A Case Against Walmart Mocks Justice response has been plagued by avo- vision but lost to Pittsburgh in the calminority that dismissed Covid’s second playoff round. Little did I By Michael I. Krauss Boardthreatened to issue “cease mit afederal crime by filling facially risks and fought measures like knowI’d be 48 beforemyteam won and desist orders” against pharma- valid prescriptions forcontrolled masks.That postureofdefiancewill the AFCEast again. lcohol sales to adultsare legal cistswho “changeamountsofopi- substances. have to changefor asemblanceof Suffering is an integral part of be- A in all 50 states,and some oids prescribed” or “override” a First, if they “knowingly fill” a normal to return in 2021. But with ing aBuffalo sportsfan and so is loy- substantial percentageofle- physician’sjudgment, on grounds prescription that wasn’t issued by a sensible measures,medicines and alty.Possibly excepting the Green Bay gally purchased alcohol is consumed that doing so constitutes practicing doctor “inthe usual course of pro- vaccines,Covid canbeturned intoa Packers, Ican’t think of ateam more by alcoholics,totheir and society’s medicine without alicense.Wiscon- fessional treatment”—for instance, manageable risk. closely intertwined with itscity’s detriment. Imagine afederal law- sin’sBoardofPharmacythreatened if adoctor hands out his entireRx identity and fortune than the Bills.In suit against agrocery chain forsell- disciplinaryaction against aWal- pad without examining anypatient. Dr. Gottlieb is aresident fellow at an otherwise hellish year,the team ing beer to adultswithout protect- mart pharmacybecause it “informed Second, if they fill aprescription the American Enterprise Institute and itsfaithful—affectionately known ing alcoholics from buying it. Such alocal clinic that the Pharmacy outside the “usual course of” phar- andwas commissioner of the Food as the “Bills Mafia”—finally have a acase would be groundless: No fed- would no longer fill controlled sub- macypractice—for instance, if a andDrug Administration, 2017-19. reason to be hopeful and proud. eral lawlimitsbeer sales to adults stanceprescriptions from that clinic “pill mill” dispenses opioids without He serves on theboards of Pfizer Thecoal in our Bills stockingsis in this way. due to concerns of overprescribing.” checking the DEA number of the and Illumina and is apartner at the the absenceoffans in the stadium. TheJusticeDepartment last Complaintsagainst Walmart and its prescribingdoctor.Not only isn’t venture-capital firm New Enterprise Gov. Andrew Cuomo has sent mixed week announced asimilarly ground- Walmart being sued forsuch infrac- Associates. signalsabout opening up Bills Sta- lesscivil suit against Walmart.The tions; it hasadopted innovativeopi- complaint alleges that the chain’s The federal government oid-stewardship programs and 5,000-plus pharmacies fueled the worked with law-enforcement agen- opioid crisis by “unlawfully” filling sues the chain for filling cies including the DEA to root out PUBLISHED SINCE 1889 BY DOWJONES&COMPANY prescriptions. valid prescriptions in corrupt doctors. Rupert Murdoch Robert Thomson Likethe hypothetical beer case, TheJusticeDepartment alleges Executive Chairman, News Corp Chief Executive Officer, News Corp this case against Walmart mocks the compliance with state law. Walmart isn’t rigorous enough in Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher rule of law. State laws require phar- checking facially valid opioid pre- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: maciststofill prescriptions that scriptions writtenbyDEA-autho- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; have been validly writtenbyquali- pharmacistsfor refusing to fill opi- rizedphysicians.Ifthis is aprob- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; fied medical practitioners. Pharma- oid prescriptions have been filed lem, let the DEA propose specific News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; cistslack the expertise to second- with or pursued by pharmacy regulations requiring pharmacies to Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer guessdoctors’ judgmentsabout the boards in Alaska, Arkansas,Colo- conduct increased diligencebefore Andrew Dowell, Asia; AnthonyGalloway, Video & appropriatenecessity of amedica- rado,Idaho,Kansas,Maryland, Mis- filling anyopioid prescription. Be- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; tion and the proper dosing fora souri, NewHampshire, Ohio,Oregon, fore being adopted, costsand bene- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; particular patient. To writeapre- Pennsylvania, Tennessee and West fits of such regulations would be Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; scription foracontrolled sub- Virginia. subjected to public scrutiny. These Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News stance—which includes all opioids— Under the Constitution’sSuprem- rules would requirepharmacies to Thomas SanFilippo, Customer Service; aphysician must be qualified by the acyClause,when there’sacontra- violatestate law, and if adopted GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Drug Enforcement Administration, diction between valid federal and they would be enforceable under the Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; and Walmart complies with that statelaw,the former prevails.But SupremacyClause.Until this hap- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International federal rule. there’snofederal lawrequiring that pens,it’satravesty to blame Wal- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: When Walmart pharmacistshave Walmart pharmacistsrefuse to fill mart forcomplying with statelaw. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head hesitated to fill legally writtenopi- prescriptions that statelaw requires

EDITORIAL AND CORPORATEHEADQUARTERS: oidprescriptions,they have often them to fill. TheControlled Sub- Mr. Krauss is aprofessor emeri- 1211 Avenue of the Americas, New York, N.Y., 10036 been subjected to statesanctions. stances Act creates only two circum- tusatGeorge Mason’s Scalia Law Telephone 1-800-DOWJONES Thepresident of the Texas Medical stances in which pharmacistscom- School. P2JW363000-0-A01800-1------XA

A18 | Monday, December 28, 2020 THE WALL STREET JOURNAL.

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Last Week: S&P 3703.06 g 0.17% S&P FIN À 1.94% S&P IT À 0.82% DJ TRANS g 0.34% WSJ $ IDX À 0.37% LIBOR 3M 0.240 NIKKEI 26656.61 g 0.40% See more at WSJ.com/Markets Margin Debt Reaches a Record Christmas Sales Rise Some investors, surged even higher. abledhim to borrow against pany Plug PowerInc., more from the recent past and go- Some investorshavebeen his position to convert Tesla than 1,000% higher.Zoom ing,‘Wow, the market’sgone chasing bigger gains, tempted to chase bigger options intoshares that have Video Communications Inc. up a lot and I think it’ll go up Is Below borrow against their gains—and have exposed soared sevenfold this year.He has added 451%, while scores more.’We’veseen this play themselves to potentially dev- says he also helped his of biotech stocks have also out before, and it doesn’t end investment portfolios astating losses—through risk- daughter buy ahome and pur- well.” Forecasts ier plays,such as concentrated chased aTesla sport-utility In thefinal week of 2020, BY MICHAEL WURSTHORN positions,trading options and vehicle foranother family investorswill be gauging mar- BY SARAH NASSAUER leveraged exchange-traded member. ket sentiment after President BruceBurnworth used to funds.Othersare borrowing “Before, Iwasn’t doing par- 66% Trump signed intolaw a Holidaysales grew,but not clip coupons and look for against their investment port- ticularly well financially.Now, Covid-19 relief packageon by much. deals beforehis investment in folios,pushing margin bal- I’m well beyond whereI Amount the S&P 500 is up Sunday.The pandemic itself During a remade shopping Tesla Inc.made him amil- ances to the firstrecordin wanted to be for retirement,” since dropping in March remains in focus as cases,hos- season, manyAmericans lionaire. morethan two years, to buy said Mr.Burnworth, who pitalizations and deaths soar ditched stores for digital out- He is part of awidening even more stock. added that he also sold his across much of the country. lets. And pandemic buying class of affluent Americans Mr.Burnworth, acivil en- ownhome and used some of Astrong indicator of stock- trends that favoredhousehold who aredoubling,oreventri- gineer in Incline Village, Nev., the proceeds to buy more soared, including Covid-19 market euphoria flashed red goods and food over apparel pling,downonthis year’s who is nearing retirement Tesla options. vaccine maker Moderna Inc., last month. Investorsbor- continued, according to early highflying stock market. The age, is using all of those The stock market is on the up 532%. rowed a record $722.1 billion sales datafromfirms that S&P 500 has soared 66% since strategies afterturning a vergeofclosing out one of its “The stock market is eu- against their investment port- track shopper spending. bottoming in March in the roughly $23,000 options gam- frothiest runs in years. Some phoric right now,” said James folios through November, ac- U.S. retail sales rose 2.4% early days of the Covid-19 pan- ble on Tesla last year intoa of the biggest fortune makers Angel, aGeorgetown Univer- cording to the Financial Indus- between Nov.1and Christmas demic,while dozens of indi- nearly $2 million windfall. His include Tesla, up 691% so far sity financeprofessor.“Alot tryRegulatoryAuthority, Evecompared with the same vidual stocks, like Tesla, have growing Tesla stakehad en- this year,and fuel-cell com- of people areextrapolating PleaseturntopageB9 period last year, according to Mastercard SpendingPulse, which tracks online and in- Some Americans built up savings and improvedtheir credit,taking advantage store spending with all forms For Many, Virus of lowmortgage ratesand rising stock prices.Othersare going hungry. of payment. Online sales grew 47.2% during that time,said thefirm. Thetally excludes Median household checking account balancein2020, change S&P500 Index sales of gas and autos. from ayearearlier Jolts Finances in 4000 That is belowthe 3.6% to 5.2% sales growth predicted by National Stimulus $1,500 emergency checks the National Retail Federation, declared distributed 3000 an industrygroup,last month. Surprising Ways Amorecompletepictureof holiday spending will emerge in the coming weeks as the 2000 BY BEN EISEN that required yearstotakehold. government reportsDecember This time,faced with abigger 2020 retail-sales figures and retail- When the pandemic shut and quicker economic shock, ers report financial results. down the economythis spring, the government response rolled Average interestrateon “It’sgoing to be modest Walmart Inc.all but closed the out in weeks—handing more 30-yearﬁxedmortgage compared to what we have department whereChristina people bigger unemployment 20% seen in the past,” said Rod Rogersworks as an optician. benefitsand one-time stimulus Sides, head of the retail and Herchildren’sschools closed, checks.Inmanycases,recipi- 15 distribution practice at con- too. She thought she might ents made moremoney with 1,000 sulting firm Deloitte LLP.Mr. have to dip intosavingsasthey the benefits than they did at 10 Sides said sales arelikely to hunkered down in St.George, their regular jobs. 5 rise afew percentagepoints, Utah. So far Americans have,onav- boosted by big-boxand online Instead, her financial situa- erage, managed quitewell. They 0 retailers, as a surge in Covid-19 tion improved. paid down credit-carddebt and 1980 2000 20 cases in recent months and Though her earnings savedmore.Their household net Highest newrestrictions on public dropped when she cut back worth jumped to record highs, income Average U.S. FICOscore gatheringsweighed on results. hourstolook afterher children, aidedbythe stock surge.Their quartile “The folks that areplaying companybonuses and afederal credit scores went up. 710 catch-up,” in retail, he said, stimulus check put extramoney Yetthose encouraging statis- “continued to playcatch-up.” in her pocket. She bought tics mask an increasingly un- 700 Thepandemic produced a stocks right beforethe market equal economy. Millions of shopping season of extreme roared back this spring and re- Americans areout of work and 690 winnersand losers,and in financed her mortgageasinter- facing permanent job losses. 500 many cases reduced profits. 680 October of each year est ratesplummeted. Morepeople aregoing hungry. Second- For traditional retailers, sell- Thecoronavirus crisis has Hundreds of thousands of highest 2010 2020 ing online is generally less unfolded in waysfew could small-businessowners have profitable than sellingfrom have expected. Bankers, con- closed shop. Shareofhouseholds that stores because shipping and sumer advocates and, yes, jour- “The averages arecertainly sometimes or oftengohungry* logistical costs rise. Second- nalists, assumed that when the true but thereare alot of folks Among those that fared well lowest 15% economyfell apart in March, who aremorevulnerable,” said were large retailerssuch as Lowest Americans’ finances would, too. RayKluender,aprofessor at income Amazon.com Inc., Walmart 10 Manyrecalled howthe last fi- HarvardBusinessSchool who quartile Inc.and Target Corp., with ag- Households nancial crisis knocked millions studies household financial All ile e-commerce operations al- with of people off their feet. distress. “They have certainly 5 households ready in place beforethe pan- children This crisis is nothing likethe been trending in the wrong di- demic,and those selling last one.But, with the benefit rection.” 0 0 productssuch as food, home of hindsight, it is becoming Thelast crisis—and the les- J goods,holidaydécorand fit- FMMAM JJASO MayDec. MayDec. clear just howmuch the sons learned from it—set the nesssupplies.Shoppers have 2007-09 recession shaped the stagefor the response to this spent moretospruceuptheir *Through Dec. 7. Shows hunger overprevious sevendaysaveraged from the Census Household Pulse Survey.Databased on survey periods and may coronavirus recovery. one. notline up with lastday of month. homes or do morecooking dur- Then, the government re- When financial marketswent Sources: JPMorgan Chase Institute(balance); FactSet (indexperformance); Freddie Mac via St.Louis Fed(interest rate); Fair Isaac Corp. (FICOscore); ing the pandemic.Smaller response led to aslowrecovery PleaseturntopageB2 Diane WhitmoreSchanzenbach, Northwestern University(hunger) tailers, those moredependent on clothing sales or already struggling financially before thepandemic,havegenerally IndustriesLimit Disruption From NewCase Surge weakened this holidayseason. Between Oct. 11 and Christ- mas Eve, sales of apparel fell LONDON—In January, when larly in manufacturing,about through June,inpart driven by by nearly 18%. surge,authorities in many 19.1%, according to Master- British brewerRalph Broadbent howtokeep workerssafeand a15.8% drop in factoryoutput Early this year,“Iwas just Western countries have im- card,evenase-commerce waspreparing to launch anew continue operating.The resur- during April. But thecountry’s thinking it wasgoing to be con- posed newrestrictions on en- PleaseturntopageB2 fuss-free product forhome genceofEast Asian economies, factories have rallied sincethen fined to China,” said Mr.Broad- tertainment and hospitality, brewing,hecollided with the particularly China,has also and increased their output by bent. “Most people gotcaught while Europeans and Ameri- buoyedmanyWestern manu- 0.8% in November.Economists off guard. We managed to keep cans arewaryofactivities that By Paul Hannon, facturers. expect that continuing recovery going,but it wasreally slow.” involveclose contact. As are- INSIDE Austen Hufford Moreover,unlikeduring the to help increase grossdomestic By contrast, last month, sult, some serviceindustries and Tom Fairless spring surge,disruptions to product by 1% during the final when authorities imposed ana- aresuffering as much as they supply chains have been less three months of the year. tionwide lockdown, the Na- didinthe spring. onset of the coronavirus pan- frequent, as partsand rawma- TheBritish economycon- tional Institutefor Economic In October,output by British demic,which delayedthe ar- terials have kept flowing to fac- tractednearly afifth in April andSocial Research estimates restaurants, barsand hotels fell rival of injection molding tools tories. compared with March. Manu- that economic activity declined 14.4%. But U.K. manufacturing he’dordered from China. TheU.S.economycontracted facturingshrank by aquarter, by 9.3%. output rose by 1.7%, reflecting By the time the tools ar- by 9% in the three months while services activity dropped In response to the autumn’s factories’ ability to adapt to the rived, a nationwide lockdown in pandemic. the U.K.prompted him to cut In France, while accommo- thenumber of employees who dationand catering services could safely work in his ware- were estimated to be 60% FINANCE house to four from 20.Heonly lowerinNovember than last Japan plays launched his product, called the year,manufacturing wasjust catch-up in Pinter,inSeptember. 5% belowthe level of activity This fall, by the time infec- recorded beforethe pandemic venturecapital tionssurgedagain,Mr. Broad- struck. as rivals boom. B9 bent added another bigger TheEuropean Central Bank warehouse to allowemployees estimates the eurozone’sGDP to social distanceand keep will fall 2.2% in the final quarter. safe. Thecompany, the Greater By contrast, GDP fell 11.7% in the Good Fresh Brewing Co., was three months through June. able to ship ingredientsto In March, as the virus was JOURNAL

make50,000 pintsofbeer in spreading acrossthe U.S.,Ste- /REUTERS GAR one week. REET phen Bullock,president of a SE “That wastricky, but no- ST companythat manufactures LL

wherenear as trickyasthe first paving machines—which con- MIKE time,” he said. WA struction workersuse to make THE

Theresurgenceincoronavi- R road curbs in newhousing de- HEARD ON THE rusinfections throughout the FO velopments—laid out four po- STREET West this fall has dealt afresh tential scenarios forthe year, California lawcould blowtothe global economy. ranging from very dour to opti-

MCMILLAN spoil some growth for

But the impact is far less, Y mistic. food-deliveryfirms. B10

thanks in part to lessons AND In the following weeks busi- learned by businesses,particu- North Carolina paving-machine maker PowerCurbers is meeting its most optimistic pandemic scenario. PleaseturntopageB2 P2JW363000-4-B00200-1------NS

B2 | Monday, December 28, 2020 NY/NE **** 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.

A Ford Motor...... B3 Postmates...... B10 Alibaba Group...... A9,B10 FTS International...... A5 ProFrac Holdings...... A5 Ant Group...... A1,A9 G ProPetro Holding...... A5 AT&T...... A3 General Motors...... B3 Q B Grubhub...... B10 Qcode Media...... A12 BMW...... B3 H QEP Resources...... A5 R C Hewlett Packard Calfrac Well Services.A5 Enterprise...... A10 Regeneron Pharmaceuticals...... A7 Carbo Ceramics...... A5 Honda Motor...... B3 Cathedral Energy J S Services...... A5 Spotify Technology...A12 JD.com...... B10 Chainalysis...... B4 Square...... B4 J.P. Morgan...... A6 D T K Dawson Geophysical..A5 Tesla...... B1,B3 Kraft Heinz...... A1,A2

Delta Air Lines...... A4 THRC Holdings...... A5 JOURNAL Kuper Sotheby's DoorDash...... B10 U

International Realty REET

E A10 Uber Technologies....B10 ST LL Eli Lilly...... A7 P W WA F

Pinduoduo...... B10 Wilks Brothers...... A5 THE R FO INDEX TO PEOPLE BENNETT

A Fox, Brian...... B3 O'Neal, Rich...... A7 BRIDGET Augustine, John...... A6 Funkhouser, Kelly...... B3 R Christina Rogers, with twoofher children in St.George, Utah, lost her job but benefited from stimulus moneyand ahome refinancing. B L Reimer, Bryan...... B3 Roache, Shaun...... A2 used stimulus checks and tax Biswas, Rajiv...... A2 Lanng, Christian...... A2 thing you don’t really need and breaks to makebig purchases S Surprising Steep Drop Felt in C M definitely aren’t going to use likeTVsetsand cars.But when Solender, Daniel...... A6 High-End Purchases Costello, Jim...... A6 Maiorana, Mario...... B3 for a while?” this crisis hit, manyweremore Sylvester, Verity...... A2 D Shifts for Mr. Richards got a Pay- measured. Forthose who did Ma, Jack...... A1,B10 W check Protection Program loan increase spending,itwas often Douglas, Stuart...... A2 McNabb, Carter...... A2 Wilks, Dan...... A5 While consumer purchases and a state grant. But he had foreverydayitems likefood F O Wilks, Farris...... A5 Finances have picked up in recent to close his storefront; he will and home improvement. It months, localized spending continue through direct sales. helped that Americans had patterns haven’treturned to His family of five has dug into fewerplaces to spend as enter- In October,Germany’sex- ContinuedfrompageB1 normal. savings and his retirement ac- tainment venues shut down. Industries portstoChina were higher haywireinMarch, the Federal One example: Spending count. They got a forbearance “People took moreresponsi- than ayear earlier,evenasits Reserveunleashed aseries of dropped the most in the on their mortgage and are bility to use the money forwhat sales to the U.S. and the U.K. monetarystimulus measures in- wealthiest neighborhoods as stretching their groceries. it wasintended—let me reduce Adapt to were much lower. spired by the earlier crisis—but white-collar workers stayed It isn’t clear where Ameri- risk,pay down debt,” said Mary Paul Horn GmbH, aprecision magnitudes largerand faster. home during the pandemic, ac- cans’ finances are headed. Mack, who runs Wells Fargo& toolmaker based in the south- Those programs kept large cording to John Friedman, an President Trump on Sunday Co.’sconsumer bank. Virus Surge ernGerman city of Tübingen, companies solvent and added a economist at Brown University. night signed a second stimulus That wasone of JoeOrmis- cut working hoursfor its helping hand in the stock mar- Robert Brett Apparel, a package that gives people on ton’sfirst moves.Helost his roughly 1,000 local employees ket’sreturn to record highs. men’s clothing store in Fox unemployment an extra $300 jobasabartender when the ContinuedfrompageB1 by between 20% and 60% in Thebailoutsand stimulus of Point, Wis., has felt the shift. a week. Many will also receive Nashville,Tenn., sushi restau- nessfell off and PowerCurbers June following aroughly 50% the last crisis primed the pump Normally, a steady stream of $600 stimulus checks, and rant whereheworked closed Cos.began requiring masks, drop in newordersinApril and forCongresstoact quickly Milwaukee-area executives and moratoriums on evictions will in March, then shut perma- banned employees from con- May, said Christian Thiele,a when the pandemic hit. Then, financiers would come in for be extended through the end nently.Expanded unemploy- gregating during breaks and companyspokesman. theaid wastargetedatbusi- custom suits and trousers and of January. The small-business ment benefits, plus astimulus started checking their tempera- Thecompany, which makes nesses—namely,banks and auto sport coats. Even during the fi- loan program will reopen. check,prettymuch replaced tures at the door.The company tools used to build medical de- makers—that were nearing col- nancial crisis, people still If unemploymentremains his income. cut output and some of the cor- vices,carsand airplanes,was hit lapse.Help forconsumers needed to dress up. But since elevatedlonger than the stimu- Oncethe government bene- onavirus-related measures led by disruption in Germany’sauto largely came through payroll March, the calendar has been lus is in effect, the economy’s fits came through, he stopped to some declines in efficiency industryand the airline sector. taxcuts, expanded unemploy- mostly empty. dividing lines could deepen, said using his credit card and paid andproductivity,hesaid. But afterastrong rebound ment andfood stamps. “It’s a completely different PeterGanong, aprofessor of offhis $600 balance. He didn’t “For the firsttwo months,I in newordersinSeptember,all This time,lawmakersrushed thing in terms of just how se- public policy at the University want the debt hanging over didn’t feel likeIwas in manu- staff returned to working full to getmoney to nearly every vere and absolute it was,” said of Chicago.“We mightend up him,hesaid. “Not having ajob, facturing anylonger,” Mr.Bull- time in October,Mr. Thiele American and awider swath of Bob Richards, the store’s in an unforcederror in away not knowing what’sgoing on, at ock said. “I wasinthe Covid- said. While exportstothe U.S. business. Thegovernment cut owner and sole employee. “Can thatissimilar to the GreatRe- least it’ssomething Ican con- management business.” arebelowthe levels seen in checks,expanded unemploy- you spend money on some- cession,” Mr.Ganong said. trol,” he said. But, as the weeks went on, 2019,the companyhas seen ment benefitsfurther and Families who lost jobs but none of the employees gotsick salestoChina grow,particu- wroteforgivable loans to small received government benefits and businessstarted to return. larly to customersinthe auto- businesses.The $2 trillion stim- nowmanaged their money children. fared pretty well forthe first Even amid acurrent surge in motiveand hydraulics sectors. ulus packageinMarch propped moreprudently.The average Yearsoffinancial restraint fewmonths of the recession, newcases around itshome However, manufacturing up the economywhen busi- credit scorehad been steadily lefther in astrong position according to aJPMorganChase base in Salisbury, N.C., fewer isn’t entirely separatefromthe nesses and consumerscouldn’t. increasing and continued to rise come March. TheWalmart opti- &Co. Institute analysis.Atfirst, than 10 of its120 employees services sectorsthat arehard- Thegovernment also offered as the recession took hold, ac- caldepartment whereshe bank-account balances swelled, have become sick. esthit by newinfections and homeownersgenerous mort- cording to Fair Isaac Corp. works closed temporarily,but but the median household spent Themanufacturer is nowon the restrictions they prompt. gage forbearance—up to ayear Around 2008,Ms. Rogers, she transferred to the phar- down much of those funds as track to meet itsmost ambi- Arthur PriceisaBritish maker of paused payments—enabled the Walmart employee, was macy. When stocks nosedived, thepandemic draggedon. The tiousforecast, as newhouses of cutlerythat has been in busi- because it backs most home getting out of amarriagethat she opened investment ac- lowertheir income in 2019,the underconstruction rebounded nesssincethe start of the last loans made in recent years. had lefther and her ex-husband countsfor her children. She re- moretheir balances dropped. to aboveprecrisis levels.“We century. Most of itssales areto That allowedittohead off a in debt. She grew up poor and financed her mortgageinlate AfterMr. Ormiston’sex- knowwhat we aredoing now. households,and have held up 2008-style housing bust. sometimes used aneighbor’s spring,getting a20-year loan panded benefitsexpired, his We knowhow to react,” he thanks to online sales. Banks andother financial in- house to shower, she said. Sav- with an interest rate of just weekly unemployment check said. “Our production manager Butafifth of itssales have stitutions were the villains of ing money wasn’t afocus.“I over 3%. dropped to about $250 aweek. has done alot of juggling.” traditionally gone to hospitality the last crisis,accused of inflat- wasinafinancial crisis my en- Financially,the crisis “didn’t It recently stopped altogether. Moreover,for manymanu- businesses,which have been hit ing the housing bubble.This tirelife,” she said. affect me toomuch, except be- He has spent about aquarter of facturers, export marketsare hardbyacollapse in tourist time around, they rolled out Afterthe divorce,she gave ing able to take advantageof the $20,000 he wassaving fora moreopen than they were in andbusinessvisits. “It would plans to help borrowers pause priority to paying down credit- things,” Ms.Rogerssaid. down payment on ahome and the spring,aparticular bonus be abig help if hotels came debt payments. card debt and building up sav- Bankexecutives have spotted is using his credit cardsagain. formarketsinChina and other back and stayed back,” said Si- Manyconsumersalso ings. By 2010,she had put shifts in customer saving and Finding it difficult to getanew partsofEast Asia, whereecon- mon Price, who is amember of changed. Burned adozenyears enough aside foradownpay- spending habits in checking- job,heenlisted in the Navy Re- omies have already recovered the fourth generation of his agobythe bubble in the resi- ment on a house, where she and savings-account data. serve. Boot camp startsearly or areclose to doing so. family to runthe business. dential property market, they lives with her partner and During the last crisis,people next year.

ADVERTISEMENT Sales Rise TheMarketplace Is Below To advertise: 800-366-3975orWSJ.com/classiﬁeds Forecasts PUBLIC NOTICES TX(%EXX_EBT'KU($% :.Y.].ce c4 .e]Z_?e<8 #))) N-3ji`k1^` P16**1 FP/i1* ##) F@^31^`, nA )"###+W")) ContinuedfrompageB1 !W#V-&"#+VV"$ F9AM !W#V-&"#+V$V& sales forthe category rose )UU(H%%RRR'&KXX'B$S%G$( 'c-IR#G %8 *-T#I QaT# T#OO#-R( 15.7%. Department-storesales S eM,#IOMI G#'I#E-I(M!cM/GaOe -O% #'MOMQa' %#,#RMKQ#OE fell 10.2%. Furnitureand fur- NEW G T-I(O#8KMRaEM#%)-I% -8 K-RR#G'ca nishings sales rose 16.2% and Ra#/E#O-OE eM,#IOMI /O%#IG#'I#E-I( e-I(%8-O%#IGMO home-improvement sales rose 'MQQaGGaMO#I M! aOG/I-O'# OOMBER 14.1%, said the firm. .% U)E gKUUEq $D U)E aq$($XEG ?I!T(X(U($% $D <$%Uq$' $D <$DKIE e$qU) ?&Eq(IK .%XTqK%IE <$&(K%Q JQ ?qI)

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THE WALL STREET JOURNAL. Monday, December 28, 2020 | B3 BUSINESS NEWS Companies Hands-Free Driving Accelerates Likely to Morevehicles have researchers. Aptiv’s Mr. De Vos said the Raise Tech automatedfeatures, company is working with five raising questions about automakerstoequip vehicles with camera-based driver- Spending driver distraction tracking systems. Cadillac ownershavelogged BY ANGUS LOTEN BY MIKE COLIAS about 6.5million hands-free milesusing the Super Cruise Theshakyeconomywould Automakersare starting to technology, the companysaid. normally have corporatetech- sell cars with automated steer- Aseries of audible alertswarn nologyleadersfacing an uphill ing and speed control to ease driversiftheir attention strays battle to increase information- what they sayisthe tedium of from the road. technologybudgetsinthe year driving,and might even allow Mario Maiorana,chief engi- ahead. driverstogohands-free in neer forGM’sSuper Cruise,said But many say Covid-19 has some situations. it hasbecome aselling point for provided astrong case for Those featuresare raising customers, noting that 85% of more spending. newquestions:How to keep ownerssay the feature would Theracetodeployremote- people from getting distracted be amajor consideration in work and business-continuity behind the wheel—or picking their next carpurchase.“People software as the coronavirus up their phones—if thereis have told us they feel likethey spread has acted as aproof-of- little for their hands to do? arrive at theirdestination feel- /REUTERS

concept for a range of digital Car companies have been RS ing morerefreshed and relaxed

projects, such as abroader adding safety technologies TO because of the work we’vehan- shifttocloud computing,auto- aimed at preventing crashes, MO dled,” he said. mation and dataanalytics. such as automatic emergency AL Arecent updateimproved

That is helpingtech executives braking and systems to pre- GENER the driver-monitoring technol- bolster the case to invest in vent the carfromdrifting out A GM test driver in a 2021 Cadillac Escalade with the Super Cruise hands-free feature ogy, he said. It cannow track these and other advanced of its lane. Now, more are in- the driver’s eyes,rather than tools,including artificial intel- troducing vehicle featuresthat the driver to fully cede control “They allowautomakersto their phones or indulgein only the head position, to bet- ligence, chief information offi- aim to makedriving in rush- of the carinheavy traffic or offer really interesting,differ- other distractions, leading to terdetect if the motorist is cers and other IT officials say. hour traffic or on road trips on highways. The technology entiated featurestothe con- crashes. fixedonthe road or elsewhere. Global IT spending is ex- less taxing. will even allowdriverstotake sumeratareasonable price “Ifwe’regoing to put this ASenatebill introduced this pected to reach just under $3.7 Some newsystems allow their eyes off the road, al- point,” said Glen De Vos, chief technologyoncars, we need to year would requirethe Trans- trillion next year,up4.3% driverstotaketheir hands off though they will be expected technologyofficer of Aptiv be mindful of ensuring the portation Department to study from 2020, according to esti- the wheel on highwaysorin to take back control at any PLC,asupplier of software driver is reasonably engaged,” whether driver-monitoring sys- mates by enterprise-technol- heavy congestion, using sen- point, the companysaid. and componentsused in said BryanReimer,aresearch tems canreducedistracted ogyresearch and consulting sors, radar and cameras to au- Japan’sgovernment regulators driver-assistance systems. scientistatM.I.T. who studies driving,and potentially require firm Gartner Inc. Within total tomatically keep the car cen- in November approved itsuse. Consumer Reportsrecently driver-assistance systems. them on futuremodels.The spending,investment in cloud- tered, control speed and even Honda said it hasn’t re- tested 17 models that combine Some advocates have criti- legislation, introduced by Ed- based IT infrastructure—a key to change lanes. vealed plans to introducethis automated steering and speed cized Tesla for promoting its ward Markey (D., Mass.)and tool that has kept many busi- General Motors Co.was technology beyond Japan. control, up from four when the latestupdateasself-driving Richard Blumenthal (D., Conn.) nesses running during the cri- the firstmajor carcompanyto Meanwhile, Tesla Inc. said because the system isn’t fully in July,ispending. sis—is forecast to surge 27.6%, promotesuch capabilities in it recently released to some autonomous,and advocates Aspokesman forthe de- to $64.3 billion in 2021, Gart- 2017with itshands-free Super ownersatest version of its Auto makershave sayapilot system shouldn’t be partment’s National Highway ner said. Cruise feature,which canbe upgraded Autopilot, the auto tested on public roads. Traffic Safety Administration Nearly 70%ofcorporate activated on most U.S. high- maker’s driver-assistancefea- installed camera Tesla didn’t respond to re- said it is researching whether boards cited the impact of waysbypushing abuttonon ture. The$10,000 feature, based systems that questsfor comment. Theelec- driver-monitoring systems are Covid-19 foranincrease in the steering wheel that en- which the company calls Full tric car maker has previously effectiveinidentifying and spending on IT and digital ca- ables the cartotakeover Self Driving, expands the use monitor driverfocus. said accident ratesare lower mitigating inattentiveorim- pabilities,aGartner analysis steering and speed control. of automated featurestomore when drivershavevehicles paired drivers. from September found. TheDetroit automaker said types of roadways and adds with the Autopilot driver-as- The growing availability of Other companies aretaking it nowplans to roll out the capabilities likenavigating sistancesystemengaged than driver-assistancesystems has await-and-see approach to technologyonabout two highway interchanges. magazine did asimilar test when it isn’t in use. ledtoahodgepodgeofdiffer- tech spending,after redrawing dozenmodels by 2023,up The promise of fully driver- two years ago. The magazine Automakershaveinstalled ent featuresthat vary by IT strategies to cope with rap- from one Cadillac model now. lesscarshas faded in the past said such systems canease camera-based systems that model and automaker,said idly changing markets. Ford Motor Co.said it few years, as developers driver fatigue,but perfor- monitordrivers’ focus and Kelly Funkhouser,avehicle- Brian Fox, co-founder and would offer similar technology struggle to refine the technol- mancevaries widely on as- alert them if their attention is testing manager who leads chief technologyofficer at beginning next year on as ogy.But automakersare pectssuch as howsmoothly straying,executives and coverage of automated vehi- software developer Sonatype manyas100,000 F-150 pickup equipping moremodels with they brake andaccelerateor analystssay.GMand BMW AG cles at Consumer Reports. Inc., said uncertainties around trucks and Mustang Mach-E the building blocks of driver- keep acar centered in itslane. use the technologytokeep “These systems all behave the Covid-19 vaccine rollout, electric sport-utility models. lesscarstooffer so-called Yetifdrivershavelessto driversengaged,and Ford and so differently and thereare no or the economic recession, can Honda Motor Co. plans to driver-assistancepackages, do behind the wheel, safety others plan to use it in future standards for performance or makelong-term spending roll out asedan in Japan in hoping to gain acompetitive advocates are concerned they models.Such systems have design,” she said. “There plans risky. coming months that will allow edge and boost sales. will be tempted to look at drawnpraise from needs to be more cohesion.”

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B4 | Monday, December 28, 2020 ** THE WALL STREET JOURNAL. BUSINESS & FINANCE Virus Suits Bitcoin Rally Has Gain Little Outlasted 2017 Run Traction BY PAUL VIGNA Bitcoin approached $20,000

Most employee claims Thompson Hine which repre- GES in 2017and finally topped the

sentsbusinesses.“Thefacts IMA mark in 2020.What drovethe against employers are might just not be therefor the rallies, and what happened in funneled to workers’ cases.” GETTY the days following the peaks, More than 6,800 Covid-re- SE/ showhow much the market compensation lated claims have been filed in has changed in three years. courts across the country, ac- Thedigital currency, which ANCE-PRES

BY JACOB GERSHMAN cording to Hunton Andrews FR has morethan tripled in price Kurth, alaw firm that has this year,hit itsfirst record of ENCE

Nine months into the pan- maintained adatabaseof AG the year recently and has con-

demic, an expected torrent of Covid-19 litigation. ON/ tinued climbing,trading above

virus-related personal-injury Thelion’sshareofcases are LL $28,000 on Sunday. FA

lawsuitshasn’t materialized, lawsuitsbyprisonerscontest- T. In previous rallies,such as plaintiff attorneysfind it ing their predicament, civil- gains have quickly reversed TRICK

more challenging than antici- rightschallenges to business PA course. pated to hold abusinessre- closures,large gathering bans, A medical worker helped a patient at a Covid-19 care site earlier this month in Reno, Nev. Bitcoin bulls saythe money sponsible forspreading voting rules and other govern- fuelingthis year’s rally is com- Covid-19. ment actions or disputes over contact tracing would makeit unions—key Democratic con- andother employers.” ing from morereliable sources Negligencelawsuits insuranceclaims,contracts easier to pinpoint fault, but stituencies—lobbiedagainst Of the relatively few per- than past rallies.SinceSeptem- brought against businesses by and employeeterminations. Mr.Hubbardsaid the ability to the shield. sonal-injury claims filed be- ber,big newinvestorshavecol- infected customersare nearly Workers have also filed com- precisely track the spread of Giving companies immunity cause of the pandemic,the lectively bought about half a nonexistent in stateand fed- plaints with the federal Occu- disease hasn’t developed “would only makeitmore most significant areclaims in- million bitcoins,valued at about eral courts, apart from aclus- pational Safety and Health Ad- enough in the U.S. to makea likely that they cut corners, volving clusters of infections $11.5billion, according to ana- teroflawsuitstargeting cruise ministration. difference in court. resulting in moreillnessand in contained spaces. lytics firm Chainalysis,which lines. Litigators point to several Businessgroups have an even deadlier pandemic,” Thereare batches of com- tracked the holdingsofinves- Even morerareare cases reasons for the quieter-than- pressed Congress to enact le- said Linda Lipsen, chief execu- plaints against cruise compa- tors with at least 1,000 bitcoins againstsmaller retailersand expected personal-injurydock- galprotections forbusinesses, tive of the American Associa- nies and nursing homes,along in walletsthat arelessthan a businesses,which the U.S. ets, including that there sim- schools and other entities option for Justice, the trial lawwith several dozenlawsuits year old. Chamber of Commerce had ply aren’t that manypeople erating during the pandemic, yers’ lobby. that have targeted meatpack- Notable buyersthis year in- said were particularly vulnera- who blame abusinessfor their warning that the risk of law- It’stoo soon to saythat ing plants, big-boxretailers clude billionaireinvestorsPaul ble to financially crippling Covid infection. trial attorneysrepresenting andwarehouse operatorsac- Tudor Jones and Stanley Druck- claims. Holding abusinessliable workersorconsumerswon’t cused of failing to provide enmiller, and companies like Existing laws have funneled for a Covid-19 injury or death Business groups emerge from the pandemic workerswith adequateprotec- Square Inc., MicrostrategyInc. most employeeclaims against requires morethan just evi- with anysignificant recoveries tiveequipment and other and Massachusetts Mutual Life employers intoworkers’ com- dencethat it exposed someone have pressed from settlementsorjudg- safety lapses. InsuranceCo. pensation systems,which to the disease or failed to take Congress to enact ments. Anumber of states have al- Thereare moresmaller don’t typically award the large responsible precautions.A Mr.Hubbardsaid anew ready made it harder to sue buyers, too. Therehavebeen sums sought by trial attorneys plaintiff also bearsthe burden legal protections. wave of lawsuitsisalways nursing homes over Covid-19. morethan 38 million transfers who can sue for pain and suf- of proving causation: that the possible,saying plaintiffs About two dozencases this year of lessthan $1,000 of fering in the courts. defendant’scarelessconduct could be holding out forstron- listed in the Hunton Andrews bitcoin intopersonal wallets, Commercial litigatorshad wasthe source of infection ger cases to file closer to the Kurth database arepersonal in- according to Chainalysis.That braced their clientsfor awave and injury. suitscould deter businesses statute of limitations—gener- jurylawsuitsbyconsumers. is nearly double the 20 million of negligence litigation. Back “It’s very hard to prove ex- from reopening,evenifthey ally two to five years. Manyare complaintsagainst in 2017. in April, the Chamber of Com- actly whereand howsomeone areacting in good faith to op- “Currently Covid litigation Carnival Corp.and other cruise In 2017, the digital currency merce warned itsmembership wasinfected, let alone identify erate safely. maynot be torrential, but it’s lines brought by sickened pas- opened December at $10,542. that Covid liability suitsare the breach of duty that actu- Theidea is in limbo fornow out there,” said Michael Han- sengersclaiming that cruise Just 18 days later,ithit an “perhaps the largest area of ally wasthe cause of the infec- in Washington. SenateMajor- son, senior executivevicepresi- linesmismanaged their re- intradayhigh of $19,783.Yet concern forthe overall busi- tion,” said Adam J. Levitt, a ity Leader Mitch McConnell dent of the Retail Industry sponses to the outbreak by fail- bitcoin closed abovethe ness community.” partner with DiCello Levitt (R., Ky.) dropped attaching a LeadersAssociation, aWash- ing to implement screening $19,000 level only onceand “In the beginning, we were Gutzler in Chicago, whose firm liability shield to the $900 bil- ington, D.C.-based trade group and social-distancing protocols abovethe $18,000 level only concerned forour clientsthat is litigating business-interrup- lion Covid-19 relief aid pack- forbig-boxretailers. “And we or by concealing infections. three times.Thirty-one days this wasgoing to spur alot of tion claims against insurance agepassed over the weekend, knowmoreiscoming as plain- Defendantsinthe cases say afterthe peak,ittraded under personal-injurylawsuits,” said companies forlosses stem- atop GOP priority that Demo- tiff firms arerecruiting to be the lawsuitsare without merit, $10,000,off nearly 50% from William Hubbard, apartner in ming from the pandemic. crats opposed. able to bring newclaims and some of the lawsuitshave the high. It languished the the Cleveland lawfirm Litigatorshad expected that Trial lawyersand labor against retailers, universities already been dismissed. next two years.

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THE WALL STREET JOURNAL. NY Monday, December 28, 2020 | B5 CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not InvSnrIncTr VVR 4.45 3.91 -12.1 6.8 Franklin Ltd Dur Income FTF NA 9.23 NA 10.8 buy their shares back from investors who wish to cash EtnVncEqtyInc EOI 16.68 16.13 -3.3 9.7 Highland Global Alloc HGLB 10.04 6.55 -34.8 -19.0 Nuveen Credit Strat Inc JQC 7.01 6.21 -11.4 16.5 J Han Investors JHI 18.26 17.44 -4.5 7.8 BR MuniYield Qlty MQY 16.60 16.70 +0.6 4.1 in their holdings. Instead, fund shares trade on a stock EtnVncEqtyIncoII EOS India Fund IFN 22.48 19.75 -12.1 8.9 exchange. NA signifies that the information is not 21.02 21.48 +2.2 27.2 NuvFloatRateIncFd JFR 9.99 8.77 -12.2 7.4 KKR Income Opportunities KIO NA 14.27 NA 10.5 BR MuniYld Qlty2 MQT 14.59 13.89 -4.8 4.1 available or not applicable. NS signifies funds not in EVRskMnDvsEqInc ETJ 10.02 10.39 +3.7 22.8 Japan Smaller Cap JOF NA 8.84 NA 1.6 NuvFloatRteIncOppty JRO 9.89 8.68 -12.2 7.4 MFS Charter MCR 8.92 8.45 -5.3 8.1 BR MuniYld Qly 3 MYI 15.28 14.16 -7.3 3.9 existence for the entire period. 12 month yield is ETnVncTxMgdBuyWrtInc ETB 14.47 14.98 +3.5 0.8 LazardGlbTotRetInc LGI 19.42 18.00 -7.3 18.7 Nuveen Senior Income NSL 5.87 5.17 -11.9 7.9 Nuveen Taxable Muni Inc NBB 22.85 23.66 +3.5 4.8 BNY Mellon Muni Bd Infra DMB 14.53 13.91 -4.2 4.5 computed by dividing income dividends paid (during MS ChinaShrFd CAF 24.52 21.39 -12.8 9.7 the previous 12 months for periods ending at month- EtnVncTxMgdBuyWrtOpp ETV 14.37 15.36 +6.9 12.7 PionrFltRate Tr PHD 11.41 10.45 -8.4 6.3 PIMCO Corp & Inc Oppty PTY NA 17.73 NA 9.1 BNY Mellon Str Muni Bond DSM 8.33 7.65 -8.2 4.7 end or during the previous 52 weeks for periods EvTxMnDvsEqInc ETY 12.63 12.23 -3.2 7.4 MS India IIF 24.67 20.94 -15.1 5.1 High Yield Bond Funds PIMCO Corp & Inc Strat PCN NA 17.08 NA 8.3 BNY Mellon Strat Muni LEO 8.65 8.31 -3.9 4.9 ending at any time other than month-end) by the EtnVncTxMgdGlbB ETW 10.18 9.68 -4.9 4.2 New Germany GF 23.68 21.03 -11.2 38.4 AllianceBernGlHiIncm AWF 12.94 11.69 -9.7 6.9 PIMCOHilnco PHK NA 6.04 NA 11.1 DWS Muni Inc KTF 12.77 11.31 -11.4 4.1 latest month-end market price adjusted for capital Templeton Dragon TDF 23.77 21.42 -9.9 41.5 gains distributions. Depending on the fund category, EVTxMnGblDvEqInc EXG 9.19 8.60 -6.4 8.5 Angel Oak FS Inc Trm FINS 18.55 16.44 -11.4 7.4 PIMCO IncmStrFd PFL NA 11.24 NA 9.7 EVMuniBd EIM 14.29 13.31 -6.9 4.3 Templeton Em Mkt EMF 19.32 17.66 -8.6 17.2 either 12-month yield or total return is listed. First Trust Energy Inc G FEN 12.75 10.70 -16.1 -45.7 Barings Glb SD HY Bd BGH 16.57 14.86 -10.3 9.7 PIMCO IncmStrFd II PFN NA 9.84 NA 9.8 EVMuniIncm EVN 14.27 13.27 -7.0 4.2 Source: Lipper Wells Fargo Gl Div Oppty EOD 5.43 4.79 -11.8 -2.8 First Tr Enhanced Eq FFA 18.00 16.93 -5.9 7.2 BR Corporate HY HYT 11.91 11.46 -3.8 8.0 Putnam Mas Int PIM NA 4.16 NA 8.6 EVNatMuniOpp EOT 21.79 20.35 -6.6 3.7 Thursday, December 24, 2020 FirstTrMLPEner&Inc FEI 6.83 5.76 -15.7 -46.0 Prem12 Mo BlackRock Ltd Dur Inc BLW 16.94 15.92 -6.0 7.4 Putnam Prem Inc PPT NA 4.54 NA 9.1 InvAdvMuIncTrII VKI 12.20 11.21 -8.1 4.7 Fund (SYM) NAV Close /Disc Yld 52 wk Gabelli Healthcare GRX 13.65 11.85 -13.2 9.5 BNY Mellon Hi Yield Str DHF 3.27 3.00 -8.3 8.5 Wells Fargo Multi-Sector ERC 12.96 12.08 -6.8 9.7 Invesco MuniOp OIA 7.72 7.71 -0.1 4.9 Prem Ttl Gab Utility GUT 4.04 7.97 +97.3 19.3 U.S. Mortgage Bond Funds Brookfield Real Asst Inc RA 19.82 17.95 -9.4 13.5 World Income Funds Fund (SYM) NAV Close /Disc Ret InvescoMuOppTr VMO 13.65 12.66 -7.3 4.7 GAMCOGlGold&NatRes GGN 4.01 3.50 -12.7 -9.1 BlckRk Income BKT 6.21 6.09 -1.9 6.7 CrSuisHighYld DHY NA 2.31 NA 8.5 Abrdn AP IncFd FAX 4.91 4.43 -9.8 7.8 InvescoMuTr VKQ 13.68 12.65 -7.5 4.6 General Equity Funds J Han Finl Opptys BTO NA 30.65 NA -6.2 Invesco HI 2023 Tgt Term IHIT 8.83 8.51 -3.6 7.2 DoubleLine Inc Sol DSL NA 16.35 NA 10.7 BrndywnGLB Glb Inc Oppts BWG NA 12.32 NA 7.0 InvescoQual Inc IQI 13.83 12.84 -7.2 4.7 Adams Diversified Equity ADX 19.75 17.11 -13.4 14.5 Nuv Dow 30 Dyn Overwrite DIAX 16.49 15.16 -8.1 -7.9 Investment Grade Bond Funds DoubleLine Yld Opps DLY NA 18.38 NA NS EtnVncStDivInc EVG 13.78 12.40 -10.0 7.2 InvTrInvGrMu VGM 14.09 13.06 -7.3 4.7 Boulder Growth & Income BIF 13.39 11.09 -17.2 -2.2 NuvCorEqAlpha JCE 15.08 13.93 -7.6 1.7 BlRck Core Bond BHK 16.40 16.06 -2.1 4.9 First Tr Hi Inc Lng/Shrt FSD 16.48 14.63 -11.2 9.0 MS EmMktDomDebt EDD 7.27 6.22 -14.4 7.4 InvescoValMunInc IIM 16.79 15.46 -7.9 4.5 Central Secs CET NA 31.72 NA 0.2 Nuveen Nasdaq 100 Dyn Ov QQQX 26.01 25.54 -1.8 14.1 BR Credit Alloc Inc BTZ 15.65 14.98 -4.3 6.7 First Trust HY Opp:2027 FTHY 21.32 20.19 -5.3 NS PIMCO Dyn Crd & Mrt Inc PCI NA 20.89 NA 12.2 MAINSTAY:MK DEFTR MUN OP MMD NA 21.59 NA 4.7 CohenStrsCEOppFd FOF 12.72 12.21 -4.0 -0.1 Nuv Real Est JRS 9.51 8.31 -12.6 -14.0 Insight Select Income INSI 21.83 20.77 -4.9 3.9 IVY HIGH INCOME OPP IVH 14.56 12.95 -11.1 9.5 PIMCO Dynamic Income PDI 24.71 26.31 +6.5 11.5 NeubrgrBrm NBH 15.31 14.92 -2.5 4.8 EVTxAdvDivIncm EVT 24.42 23.46 -3.9 0.5 Nuveen Rl Asst Inc & Gro JRI InvescoBond VBF 15.69 13.43 -14.4 -19.8 21.18 21.10 -0.4 3.6 NeubHgYldStrt NHS 12.64 11.53 -8.8 9.4 PIMCO Income Opportunity PKO 23.49 24.97 +6.3 9.1 Nuveen AMT-Fr Mu Val NUW 17.35 16.48 -5.0 2.8 GabelliDiv&IncTr GDV 24.70 21.35 -13.6 3.7 NuvS&P500DynOvFd SPXX J Han Income JHS 16.32 15.55 -4.7 4.6 New Amer Hi Inc HYB PIMCO Stratg Inc RCS NA 14.90 NA -2.0 9.81 8.78 -10.5 6.5 NA 6.95 NA 9.7 Nuveen AMT-Fr Qlty Mun I NEA 15.98 14.80 -7.4 4.5 Gabelli Equity Tr GAB 5.78 6.34 +9.7 18.3 NuvSP500BuyIncFd BXMX 13.70 12.58 -8.2 -1.3 MFS Intmdt MIN 3.94 3.80 -3.6 8.9 NexPointStratOppty NHF 17.26 10.46 -39.4 14.3 Templeton Em Inc TEI 8.87 7.74 -12.7 7.7 Nuveen AMT-Fr Mu CI NVG 17.31 16.43 -5.1 4.8 GeneralAmer GAM 43.63 36.90 -15.4 4.7 ReavesUtilityIncome UTG 32.20 32.34 +0.4 -7.2 Western Asset Inf-Lk Inc WIA NA 13.44 NA 2.9 Nuveen CI Nov 2021 Tgt JHB 9.46 9.19 -2.9 4.4 Templtn Glbl Inc GIM 6.08 5.50 -9.5 4.5 Nuveen Dyn Muni Opp NDMO 15.69 NA NA NS JHancockTaxAdvDiv HTD 22.48 21.15 -5.9 -16.5 Tortoise Enrgy Infra Crp TYG 26.66 20.64 -22.6 -70.1 Western Asset Inf-Lk O&I WIW NA 12.09 NA 3.4 Nuveen Crdt Opps 2022 TT JCO 8.29 8.03 -3.1 6.8 WstAstEmergDebt EMD NA 13.78 NA 8.8 Nuveen Enh Muni Val NEV 15.50 15.85 +2.3 4.5 Liberty All-Star Equity USA 7.29 6.88 -5.6 12.8 Income & Preferred Stock Funds Westn Asst IG Def Opp Tr IGI NA 22.59 NA 3.8 Nuveen Global High Inc JGH 16.89 15.15 -10.3 7.6 Western Asset Gl Cr D Op GDO NA 17.93 NA 6.7 Nuveen Int Dur Mun Term NID 14.33 13.77 -3.9 3.7 Liberty All-Star Growth ASG 8.00 8.73 +9.1 47.9 CalamosStratTot CSQ 15.57 15.84 +1.7 26.0 Loan Participation Funds PGIM Global High Yield GHY 16.30 14.60 -10.4 8.9 National Muni Bond Funds Nuveen Mu Crdt Opps NMCO 14.01 12.77 -8.9 5.6 Royce Micro-Cap Tr RMT 11.90 10.21 -14.2 29.6 CohenStrsLtdDurPref&Inc LDP 25.89 26.03 +0.5 5.1 Apollo Senior Floating AFT 16.19 14.40 -11.0 6.9 PGIM High Yield Bond ISD 16.69 15.11 -9.5 8.5 AllBerNatlMunInc AFB 15.41 14.07 -8.7 4.2 Nuv Muni Credit Income NZF 16.80 15.81 -5.9 4.8 Royce Value Trust RVT 18.61 16.36 -12.1 19.9 CohenStrsSelPref&Income PSF 26.73 27.80 +4.0 -3.4 BR Debt Strategy DSU 11.56 10.21 -11.7 8.2 PioneerHilncmTr PHT 9.38 9.14 -2.6 8.4 BlckRk Inv Q Mun BKN 16.69 17.24 +3.3 4.2 NuvMuniHiIncOpp NMZ Source Capital SOR 44.85 40.07 -10.7 8.1 FirstTrIntDurPref&Inc FPF 24.29 23.83 -1.9 8.7 BR F/R Inc Str FRA 13.83 12.14 -12.2 7.8 Wells Fargo Income Oppty EAD 8.95 8.14 -9.1 8.8 BlackRock Muni 2030 Tgt BTT 26.78 25.17 -6.0 2.9 13.97 14.23 +1.9 5.3 Tri-Continental TY 32.97 29.59 -10.3 11.6 JHanPrefInc HPI 19.84 19.68 -0.8 -6.1 BlackRock Floatng Rt Inc BGT 13.42 11.85 -11.7 7.7 WstAstHIF II HIX NA 6.85 NA 8.4 BlackRock Muni BFK 14.70 15.30 +4.1 4.4 Nuveen Muni Val NUV 10.74 11.12 +3.5 3.3 Specialized Equity Funds JHPrefIncII HPF 19.49 18.73 -3.9 -8.3 Blackstone Sr Fl Rt Tm BSL NA 14.24 NA 8.0 Western Asset Hi Inc Opp HIO NA 4.98 NA 7.7 BlackRock Muni II BLE 15.14 15.29 +1.0 4.6 Nuveen Quality Muni Inc NAD 16.31 15.12 -7.3 4.4 Aberdeen Glb Prem Prop AWP 5.91 5.17 -12.5 -12.6 HnckJPfdInco III HPS 17.45 17.03 -2.4 -4.4 Blackstone Strat Cr BGB 14.22 12.47 -12.3 9.3 Western Asset Hi Yld D O HYI NA 15.17 NA 7.4 BlckRk Muni Inc Qly BYM 15.88 15.01 -5.5 4.0 Nuveen Sel TF NXP 16.49 17.46 +5.9 3.2 Adams Natural Resources PEO 13.75 11.36 -17.4 -26.8 J Han Prm PDT 13.48 14.00 +3.9 -14.9 Eagle Point Credit ECC NA 10.18 NA 15.8 Other Domestic Taxable Bond Funds BR MuniAssets Fd MUA 14.41 14.59 +1.2 4.3 Nuveen Sel TF 2 NXQ 15.68 15.57 -0.7 3.2 AllianzGI AI & Tech Opps AIO 27.98 26.51 -5.3 47.3 LMP CapInco SCD NA 11.58 NA -11.8 EtnVncFltRteInc EFT 14.34 13.31 -7.2 6.7 Apollo Tactical Income AIF NA 14.33 NA 7.2 BR MuniEnhanced MEN 12.48 11.74 -5.9 4.1 Nuveen Sel TF 3 NXR 16.90 17.24 +2.0 3.1 GI DivInt&PremStr NFJ 15.23 13.35 -12.3 11.1 Nuveen Pref & Inc Opp JPC 9.61 9.31 -3.1 -3.0 EV SenFlRtTr EFR 14.12 12.99 -8.0 7.0 Ares Dynamic Crdt Alloc ARDC NA 14.18 NA 8.9 BR MuniHoldings Qly MFL 15.12 14.05 -7.1 3.9 PIMCO MuniInc PMF NA 13.69 NA 4.7 ASA Gold & Prec Met Ltd ASA 26.00 21.62 -16.8 61.1 Nuveen Fd JPS 9.71 9.49 -2.3 2.2 EVSnrIncm EVF 6.77 6.42 -5.2 6.3 BlackRock Mlt-Sctr Inc BIT 18.31 17.05 -6.9 8.7 BR MH Qly 2 MUE 14.25 13.30 -6.7 4.3 PIMCOMuniIncII PML NA 14.31 NA 5.0 BR Enh C&I CII 18.88 17.34 -8.2 7.6 Nuveen Pref & Inc Term JPI 24.44 24.05 -1.6 1.0 FT/Sr Fltg Rte Inc 2 FCT 12.76 11.44 -10.3 9.7 BlackRock Tax Muni Bd BBN 25.35 27.30 +7.7 5.0 BR MuniHoldngs MHD 17.27 16.11 -6.7 4.5 Pimco Muni III PMX NA 11.91 NA 4.6 BlackRock Energy & Res BGR 8.22 7.06 -14.1 -35.3 Nuveen TxAdvDivGr JTD 15.86 13.71 -13.6 -13.4 FT/Sr Fltg Rte 2022 TgTr FIV 9.43 9.00 -4.6 2.9 DoubleLine:Oppor Crdt Fd DBL 19.48 19.15 -1.7 7.1 BR MuniVest Fd MVF 9.88 9.08 -8.1 4.4 PioneerHilncAdv MAV NA 11.55 NA 4.3 BlackRock Eq Enh Div BDJ 9.23 8.35 -9.5 -7.8 TCW Strat Income TSI NA 5.69 NA 3.3 Highland Income HFRO 12.91 10.20 -21.0 10.2 Duff&Ph Util Cor DUC 9.58 10.12 +5.6 5.9 BR MuniVest 2 MVT 15.52 14.62 -5.8 4.4 PioneerMunHiIcmT MHI NA 12.16 NA 4.4 BlackRock Enh Glbl Div BOE 12.12 10.68 -11.9 4.8 Convertible Sec's. Funds InvDYCrOpp VTA 11.65 10.49 -10.0 8.7 EVLmtDurIncm EVV 13.66 12.26 -10.2 9.8 BR MuniYield Fd MYD 15.19 14.12 -7.0 4.7 Continued on Page B6 BlackRock Enh Intl Div BGY 6.39 5.80 -9.2 6.8 AdvntCnvrtbl&IncFd AVK 19.09 16.64 -12.8 19.2 BlackRock Hlth Sci Tr II BMEZ 31.32 29.90 -4.5 NS GI Conv & Inc NCV 6.22 5.70 -8.4 11.1 BlackRock Hlth Sciences BME 45.13 47.70 +5.7 20.9 AGI Conv & Inc II NCZ 5.58 5.05 -9.5 10.0 BlackRock Res & Comm BCX 8.41 7.28 -13.4 -2.2 AGI Dvs Inc & Conv ACV 34.65 32.91 -5.0 46.2 BlackRock Sci&Tech Tr II BSTZ 38.93 37.08 -4.8 91.5 AGI Eqty & Conv Inc NIE 30.77 27.94 -9.2 31.0 BlackRock Sci&Tech Trust BST 52.42 53.26 +1.6 68.8 CalamosConvHi CHY 15.81 14.60 -7.7 37.7 BlackRock Utl Inf & Pwr BUI 23.36 24.81 +6.2 17.6 CalmosConvOp CHI 14.98 13.84 -7.6 35.9 CBRE ClrnGlbRlEst IGR 7.93 6.72 -15.3 -7.0 World Equity Funds ClearBridge MLP & Midstm CEM NA 17.37 NA -66.3 Aberdeen Emg Mkts Eq Inc AEF 9.34 8.05 -13.8 7.5 ChnStrInfr UTF 24.19 25.56 +5.7 6.7 Aberdeen Tot Dyn Div AOD 10.20 8.83 -13.4 7.5 Cohen&SteersQualInc RQI 12.92 11.95 -7.5 -12.7 Calamos GloDynInc CHW 9.51 9.72 +2.2 24.3 Cohen&Steers TotRet RFI 12.91 13.35 +3.4 0.8 China CHN 32.56 29.99 -7.9 42.8 CohenStrsREITPrefInc RNP 23.32 21.89 -6.1 0.5 EV TxAdvGlbDivInc ETG 19.24 17.77 -7.6 5.9 HOWDOYOU MANAGE Columbia Sel Prm Tech Gr STK 27.66 27.16 -1.8 24.9 EtnVncTxAdvOpp ETO 26.45 25.28 -4.4 6.4 DNP Select Income DNP 8.88 10.32 +16.2 -13.1 FirstTr Dyn Euro Eq Inc FDEU 13.58 11.65 -14.2 -14.9 Duff&Ph Uti&Infra Inc Fd DPG 13.04 12.03 -7.7 -10.5 Gabelli Multimedia GGT 7.97 7.90 -0.9 13.8 RISK WHEN THEWORLD IS Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks UPSIDE DOWN? Money Rates December 24, 2020 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Week —52-WEEK— Inflation Latest ago High Low Nov. index Chg From (%) level Oct. '20 Nov. '19 Treasury bill auction 4 weeks 0.080 0.075 1.575 0.000 U.S. consumer price index 13 weeks 0.090 0.075 1.555 0.000 All items 260.229 –0.06 1.2 26 weeks 0.090 0.085 1.570 0.080 Core 269.473 0.05 1.6 Secondary market International rates Fannie Mae Week 52-Week 30-year mortgage yields Latest High Low ago 30 days 1.922 1.916 3.325 1.751 Prime rates 60 days 1.946 1.939 3.335 1.804 U.S. 3.25 3.25 4.75 3.25 Other short-term rates Canada 2.45 2.45 3.95 2.45 Japan 1.475 1.475 1.475 1.475 Week 52-Week Latest ago high low Policy Rates Euro zone 0.00 0.00 0.00 0.00 Call money Switzerland 0.00 0.00 0.50 0.00 2.00 2.00 3.50 2.00 Britain 0.10 0.10 0.75 0.10 Australia 0.10 0.10 0.75 0.10 Commercial paper (AA financial) 90 days n.a. n.a. 2.53 0.04 Overnight repurchase U.S. 0.06 0.09 1.65 -0.07 Libor One month 0.14513 0.15163 1.80475 0.12663 U.S. government rates Three month 0.24013 0.23863 1.96050 0.20488 Discount Six month 0.26663 0.26000 1.92125 0.23375 One year 0.34038 0.33388 2.01200 0.32763 0.25 0.25 2.25 0.25 Euro Libor Federal funds One month -0.597 -0.597 -0.360 -0.621 Effective rate 0.0900 0.0900 1.6200 0.0600 Three month -0.564 -0.569 -0.142 -0.574 High 0.1500 0.1000 1.6500 0.1000 Six month -0.530 -0.540 -0.052 -0.540 Low 0.0500 0.0500 1.5800 0.0100 One year -0.485 -0.484 0.008 -0.501 Bid 0.0800 0.0800 1.6000 0.0100 Offer 0.1000 0.1000 1.6300 0.0500 Secured Overnight Financing Rate 0.06 0.09 1.64 0.01 Notes on data: Value 52-Week U.S. prime rate is the base rate on corporate Latest Traded High Low loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. DTCC GCF Repo Index Other prime rates aren’t directly comparable; lending practices vary widely by location; Treasury 0.107 87.254 1.720 0.002 Discount rate is effective March 16, 2020. MBS 0.111 62.100 1.763 0.011 Secured Overnight Financing Rate is as of December 23, 2020. DTCC GCF Repo Index is Weekly survey Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable Latest Week ago Year ago CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as Freddie Mac of 5:30 p.m. ET. 30-year fixed 2.66 2.67 3.74 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 15-year fixed 2.19 2.21 3.19 Tullett Prebon Information, Ltd. Five-year ARM 2.79 2.79 3.45

Cash Prices Thursday, December 24, 2020 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Thursday Thursday Energy Bran,wheat middlings, KC-u Closed Corn,No. 2 yellow,Cent IL-bp,u Closed Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Corn gluten feed,Midwest-u,w Closed Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Corn gluten meal,Midwest-u,w Closed Metals Cottonseed meal-u,w Closed Hominy feed,Cent IL-u,w Closed Gold, per troy oz Meat-bonemeal,50% pro Mnpls-u,w Closed Engelhard industrial n.a. Oats,No.2 milling,Mnpls-u Closed Handy & Harman base 1872.55 Rice, Long Grain Milled, No. 2 AR-u,w Closed Handy & Harman fabricated 2078.53 Sorghum,(Milo) No.2 Gulf-u Closed LBMA Gold Price AM *1867.10 SoybeanMeal,Cent IL,rail,ton48%-u n.a. LBMA Gold Price PM *1875.00 Soybeans,No.1 yllw IL-bp,u Closed Krugerrand,wholesale-e n.a. Wheat,Spring14%-pro Mnpls-u Closed Maple Leaf-e n.a. Wheat,No.2 soft red,St.Louis-u Closed American Eagle-e n.a. Wheat - Hard - KC (USDA) $ per bu-u Closed Mexican peso-e n.a. Wheat,No.1soft white,Portld,OR-u Closed Austria crown-e n.a. Austria phil-e n.a. Food Silver, troy oz. Beef,carcass equiv. index Engelhard industrial n.a. choice 1-3,600-900 lbs.-u Closed Handy & Harman base 25.7850 select 1-3,600-900 lbs.-u Closed Handy & Harman fabricated 32.2310 Broilers, National comp wtd. avg.-u,w 0.8102 LBMA spot price *£18.8600 Butter,AA Chicago 1.5250 (U.S.$ equivalent) *25.3150 Cheddar cheese,bbl,Chicago 146.50 Coins,wholesale $1,000 face-a 19288 Cheddar cheese,blk,Chicago 159.75 Other metals Milk,Nonfat dry,Chicago lb. 114.75 LBMA Platinum Price PM *1009.0 Coffee,Brazilian,Comp Closed Platinum,Engelhard industrial n.a. Coffee,Colombian, NY Closed We can'tcontrol what's next,but we canhelpnavigateit. CMEGroup Palladium,Engelhard industrial n.a. Eggs,large white,Chicago-u Closed Aluminum, LME, $ per metric ton *1999.0 Flour,hard winter KC 16.15 provides24-houraccess to trading opportunitiesinevery investable Copper,Comex spot 3.5600 Hams,17-20 lbs,Mid-US fob-u Closed asset class,allowingmarketparticipantsworldwidetomanagerisk and Iron Ore, 62% Fe CFR China-s 166.5 Hogs,Iowa-So. Minnesota-u Closed Shredded Scrap, US Midwest-s,m 371 Pork bellies,12-14 lb MidUS-u Closed capture opportunities. Forevery economic twistand turn,whenthe Steel, HRC USA, FOB Midwest Mill-s 1000 Pork loins,13-19 lb MidUS-u Closed Fibers and Textiles Steers,Tex.-Okla. Choice-u Closed newnormalisanythingbut…CME Group. Steers,feeder,Okla. City-u,w 152.06 Burlap,10-oz,40-inch NY yd-n,w 0.6400 Fats and Oils Cotton,1 1/16 std lw-mdMphs-u n.a. Cotlook 'A' Index-t *81.35 Corn oil,crude wet/dry mill wtd. avg.-u,w 41.0000 Hides,hvy native steers piece fob-u Closed Grease,choice white,Chicago-h 0.3200 VISITCMEGROUP.COM/ACTION Wool,64s,staple,Terr del-u,w Closed Lard,Chicago-u Closed Grains and Feeds Soybean oil,crude;Centl IL-u n.a. Tallow,bleach;Chicago-h 0.3800 Barley,top-quality Mnpls-u Closed Tallow,edible,Chicago-u Closed Derivatives arenot suitable forall investors and involvethe risk of losing morethan the amount originallydeposited and anyprofit youmight havemade. This communication is not arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group Inc. All rights reserved. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 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 12/23 Source: Dow Jones Market Data P2JW363000-0-B00600-1------XA

B6 | Monday, December 28, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Continued From Page B5 52 wk 52 wk Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Yld High Yield Bond Funds Am Beacon SP Enh Inc:Y 9.70 NA NA 3.3 GL Beyond Income 0.64 NA NA NE Putnam Mgd Inc PMM NA 7.89 NA 4.8 Bluerock Total Inc+ RE:C 27.79 NA NA 0.6 Flat Rock Opportunity 19.63 NA NA 13.1 Griffin Inst Access Cd:A NA NA NA 6.1 BR Credit Strat;A 10.38 NA NA NS KKR CREDIT OPPTY;D NA NA NA NS Putnam Muni Opp PMO NA 13.42 NA 4.7 Bluerock Total Inc+ RE:I 29.77 NA NA 1.6 Variant Altrntv Inc:Inst 26.77 NA NA 5.8 Griffin Inst Access Cd:C NA NA NA 6.1 BR Credit Strat;Inst 10.38 NA NA 5.1 KKR CREDIT OPPTY;I NA NA NA NS RiverNorth Mgd Dur Mun I RMM NA 17.55 NA 5.7 Bluerock Total Inc+ RE:L 28.95 NA NA 1.1 Variant Altrntv Inc:Inv 26.77 NA NA 5.6 Griffin Inst Access Cd:F NA NA NA 6.2 BlackRock Mlt-Sctr Oppty 87.15 NA NA 8.6 KKR CREDIT OPPTY;T NA NA NA NS Western Asset Mgd Muni MMU NA 12.74 NA 4.2 Broadstone Rl Est Acc:I 9.62 NA NA -5.5 Convertible Sec's. Funds Griffin Inst Access Cd:I NA NA NA 6.1 BlackRock Mlt-Sec Opp II 91.58 NA NA 8.3 KKR CREDIT OPPTY;U NA NA NA NS Westn Asst Mu Def Opp Tr MTT NA 20.85 NA 3.2 Broadstone Rl Est Acc:W 9.62 NA NA -5.6 Calmos Dyn Conv and Inc CCD 30.65 28.87 -5.8 58.8 Griffin Inst Access Cd:L NA NA NA 6.2 Carlyle Tact Pvt Cred:A NA NA NA 8.2 Lord Abbett Cred Opps Fd 10.36 NA NA 7.2 Single State Muni Bond CIM RA&C A NA NA NA NS World Equity Funds PIMCO Flexible Cr I;A-2 9.20 NA NA 9.8 Carlyle Tact Pvt Cred:I NA NA NA 9.1 Lord Abbett Cred Opps Fd 10.36 NA NA 7.8 BlackRock CA Mun BFZ 16.02 14.12 -11.9 3.3 CIM RA&C C NA NA NA NS ACAP Strategic:A 27.32 NA NA 52.2 PIMCO Flexible Cr I;A-3 9.20 NA NA NS Carlyle Tact Pvt Cred:L NA NA NA 8.6 Lord Abbett Crd Op:U 10.36 NA NA NS BR MH CA Qly Fd Inc MUC 16.01 14.90 -6.9 3.9 CIM RA&C I NA NA NA NS ACAP Strategic:W 20.15 NA NA 53.4 PIMCO Flexible Cr I;A-4 9.20 NA NA 10.1 Carlyle Tact Pvt Cred:M NA NA NA NS Palmer Square Opp Inc 18.31 NA NA 6.0 BR MH NJ Qly MUJ 16.05 14.37 -10.5 4.8 CIM RA&C L NA NA NA NS BMO LGM Front ME;I 6.33 NA NA -24.8 PIMCO Flexible Cr I;Inst 9.20 NA NA 10.9 Carlyle Tact Pvt Cred:N NA NA NA 9.1 Thrivent Church Ln&Inc:S 10.88 NA NA 2.6 BR MH NY Qly MHN 15.17 14.08 -7.2 4.2 GS Real Est Div Inc:A 9.80 NA NA -2.4 CalamosGlbTotRet CGO 14.41 14.90 +3.4 30.9 PionrILSBridge NA NA NA 0.0 Carlyle Tact Pvt Cred:Y NA NA NA 8.8 World Income Funds BR MuniYld CA MYC 16.38 14.78 -9.8 3.5 GS Real Est Div Inc:C 9.78 NA NA -3.1 Primark Priv Eq Inv:I NA NA NA NS WA Middle Mkt Inc NA NA NA 8.7 CION Ares Dvsfd Crdt;A NA NA NA 5.7 Destra Int&Evt-Dvn Crd:A 26.30 NA NA 4.6 BR MuniYld CA Qly MCA 16.21 14.93 -7.9 4.0 GS Real Est Div Inc:I 10.22 NA NA -2.2 VirtusTotalRetFd ZTR 9.24 8.72 -5.6 -1.9 Other Domestic Taxable Bond Funds CION Ares Dvsfd Crdt;C NA NA NA 5.7 Destra Int&Evt-Dvn Crd:I 26.31 NA NA 4.8 BR MuniYld MI Qly MIY 15.87 14.59 -8.1 4.2 GS Real Est Div Inc:L 9.80 NA NA -2.6 Prem12 Mo Alternative Credit Inc:A 10.28 NA NA 8.0 CION Ares Dvsfd Crdt;I NA NA NA 5.6 Destra Int&Evt-Dvn Crd:L 26.28 NA NA 4.4 BR MuniYld NJ MYJ 16.10 14.15 -12.1 5.1 GS Real Est Div Inc:W 9.95 NA NA -2.4 Fund (SYM) NAV Close /Disc Yld Alternative Credit Inc:C 10.40 NA NA 7.3 CION Ares Dvsfd Crdt;L NA NA NA 5.6 Destra Int&Evt-Dvn Crd:T 26.25 NA NA 4.2 BR MuniYld NY Qly MYN 14.55 13.15 -9.6 4.1 Alternative Credit Inc:I 10.30 NA NA 8.2 CION Ares Dvsfd Crdt;U NA NA NA 5.6 National Muni Bond Funds NexPointRlEstStrat;A 15.86 NA NA -13.7 Loan Participation Funds EVCAMuniBd EVM 12.79 11.59 -9.4 4.0 NexPointRlEstStrat;C Alternative Credit Inc:L 10.28 NA NA 7.7 CION Ares Dvsfd Crdt:U2 NA NA NA NS PIMCO Flex Mun Inc;A-3 11.45 NA NA 2.1 16.02 NA NA -14.2 1WS Credit Income NA NA NA 6.0 Eaton Vance NY Muni Bd ENX 13.56 12.46 -8.1 4.1 Alternative Credit Inc:W 10.28 NA NA 8.0 CION Ares Dvsfd Crdt;W NA NA NA 5.6 PIMCO Flex Mun Inc:A1 11.45 NA NA NS NexPointRlEstStrat;Z 16.02 NA NA -13.5 AlphCntrc Prime Merid In 9.66 NA NA NS InvCaValMuIncTr VCV 13.73 13.07 -4.8 4.1 Am Beacon Apollo TR:T 10.27 NA NA 1.7 CNR Select Strategies 11.59 NA NA 0.0 PIMCO Flex Mun Inc;A2 11.45 NA NA NS PREDEX;I 25.08 NA NA 0.4 Angel Oak Str Crdt:Inst 22.82 NA NA 7.9 InvPAValMuIncTr VPV 14.27 12.55 -12.1 4.7 PREDEX;T 25.19 NA NA 0.3 Am Beacon Apollo TR:Y 10.32 NA NA 2.5 First Eagle Crdt Opps A 25.43 NA NA NS PIMCO Flex Mun Inc;Inst 11.45 NA NA 2.8 InvTrInvGrNYMu VTN Axonic Alternative Inc NA NA NA 3.5 14.42 12.87 -10.7 4.3 PREDEX;W 25.19 NA NA 0.3 Am Beacon SP Enh Inc:T 9.63 NA NA NS First Eagle Crdt Opps I 25.43 NA NA NS Tortoise Tax-Adv Soc Inf 9.51 NA NA 5.0 Nuveen CA AMT-F Qual MI NKX 16.97 15.75 -7.2 4.0 Blackstone/GSO FR EI D 23.70 NA NA 5.7 Principal Dvs Sel RA A 25.60 NA NA 0.7 Nuveen CA Val NCA 10.87 10.72 -1.4 3.0 Blackstone/GSO FR EI I 23.66 NA NA 5.9 Principal Dvs Sel RA Ins 25.66 NA NA 1.0 NuveenCAQtyMuInc NAC 16.34 15.06 -7.8 4.1 Blackstone/GSO FR EI T 23.62 NA NA 5.5 Principal Dvs Sel RA Y 25.73 NA NA 1.2 Nuveen MD Qual Muni Inc NMY 15.33 13.93 -9.1 4.1 Blackstone/GSO FR EI T-I 24.21 NA NA 5.4 Macro & Market Economics SharesPost 100;A Nuveen MI Qual Muni Inc NUM 16.21 14.60 -9.9 3.8 36.61 NA NA 25.5 Blackstone/GSO FR EI U 24.67 NA NA 5.4 NuvNJ Qual Muni Inc NXJ 16.73 14.20 -15.1 4.5 SharesPost 100:I 36.89 NA NA 25.8 Blstn Commnty Dev 10.06 NA NA 3.4 Watching the Gauges: U.S. Supply and Demand Nuveen NY AMT/Fr Qual MI NRK 15.08 13.44 -10.9 4.2 SharesPost 100:L 36.34 NA NA 25.2 BNYM Alcntr Glb MS Cr Fd 101.14 NA NA 6.9 Nuveen NY Qual Muni Inc NAN 15.61 14.17 -9.2 4.3 USQ Core Real Estate:I 24.64 NA NA 0.1 CLIFFWATER CL FD;I 10.54 NA NA 5.1 Inventories, imports and demand for the week ended December 18. Current figures are in thousands of barrels Nuveen OH Qual Muni Inc NUO 17.78 15.58 -12.4 3.4 USQ Core Real Estate:IS 24.65 NA NA 0.1 CNR Strategic Credit 10.16 NA NA 7.8 or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas Nuveen PA Qual Muni Inc NQP 15.93 14.04 -11.9 4.5 Versus Cap MMgr RE Inc:I 27.17 NA NA NE FedProj&TrFinanceTendr 10.01 NA NA 2.8 Nuveen VA Qlty Mun Inc NPV 15.39 16.05 +4.3 3.5 Versus Capital Real Asst 25.29 NA NA 1.0 FS Global Crdt Opptys D NA NA NA 8.5 import Natural-gas import and demand data are available monthly only. PIMCO CA PCQ NA 18.19 NA 4.5 Wildermuth Endwmnt:A 13.44 NA NA -3.9 Schrdrs Opp Inc;A 25.75 NA NA 1.1 PIMCOCAMuniII PCK NA 9.00 NA 4.2 Wildermuth Endwmnt:C 12.94 NA NA -4.7 Schrdrs Opp Inc;A2 NA NA NA NS Inventories, 000s barrels Imports, 000s barrels per day Pimco CA Muni III PZC NA 10.32 NA 4.4 Wildermuth Endowment:I 13.52 NA NA -4.2 Schrdrs Opp Inc;I 25.77 NA NA 1.1 52 wk Income & Preferred Stock Funds Schrdrs Opp Inc;SDR 25.81 NA NA 1.2 Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Prem Ttl A3 Alternative Cr 10.17 NA NA 4.7 Invesco Sr Loan A 6.26 NA NA 4.4 Current change week ago avg avg Current change week ago avg avg Fund (SYM) NAV Close /Disc Ret Calamos L/S Eqty and DI CPZ 20.64 17.31 -16.1 9.4 Invesco Sr Loan C 6.28 NA NA 3.7 Crude oil and General Equity Funds Destra Multi-Altrntv;A 12.01 NA NA -7.2 Invesco Sr Loan IB 6.26 NA NA 4.6 Alternative Strategies:I 5.47 NA NA -13.7 Destra Multi-Altrntv;C 11.48 NA NA -7.8 Invesco Sr Loan IC 6.26 NA NA 4.5 petroleum prod 1,356,969 ... 1,368 1,270 1,363 1,274 7,497 ... 7,667 8,718 7,880 9,705 Specialized Equity Funds Destra Multi-Altrntv;I 12.26 NA NA -6.9 Invesco Sr Loan Y 6.27 NA NA 4.6 Crude oil Bluerock Total Inc+ RE:A 29.21 NA NA 1.3 Destra Multi-Altrntv;T 11.66 NA NA -7.6 Pioneer Sec Inc 9.69 NA NA NS excluding SPR 499,534 -3,100 500 441 498 444 5,564 ... 5,424 6,809 5,717 7,637 Gasoline 237,754 ... 239 239 237 249 571 ... 611 594 623 463 | Bonds wsj.com/market-data/bonds/benchmarks Finished gasoline 25,667 600 25 25 25 27 114 ... 90 71 88 40 Reformulated 42 ... 00 00 0... 00 00 Tracking Bond Benchmarks Thursday, December 24, 2020 Conventional 25,625 ... 24 25 25 27 114 ... 90 71 88 40 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Blend. components 212,087 ... 214 215 212 222 457 ... 521 522 535 423 highs and lows for different types of bonds Natural gas (bcf) Total Total 3,848 ... 44 4...... return YTD total Yield (%) return YTD total Yield (%) Kerosene-type close return (%) Index Latest Low High close return (%) Index Latest Low High jet fuel 36,177 ... 36 39 36 42 121 ... 117 85 128 134 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Distillates 148,934 -1,000 151 125 149 153 444 ... 492 248 457 213 U.S. Aggregate 2229.42 3.8 Mortgage-Backed 1.320 0.930 2.690 2286.76 7.3 1.160 1.020 2.340 Heating oil 7,289 ... 712812 0 ... 01 035 2176.33 3.6 Ginnie Mae (GNMA) 0.830 0.290 2.660 U.S. Corporate Indexes Bloomberg Barclays Diesel 141,645 ... 144 113 141 141 444 ... 492 247 457 178 3444.08 9.4 U.S. Corporate 1.800 1.800 4.580 1316.71 3.9 Fannie mae (FNMA) 1.480 1.110 2.690 Residual fuel oil 31,890 ... 32 32 31 34 77 ... 260 46 191 249 3104.68 7.2 Intermediate 1.140 1.140 4.400 2020.86 3.8 Freddie Mac (FHLMC) 1.470 1.080 2.710 Other oils 297,914 ... 303 283 303 260 572 ... 573 802 605 819 5154.46 13.1 Long term 2.830 2.730 4.930 595.32 5.2 Muni Master 0.878 0.838 3.441 Net crude, petroleum 700.30 8.6 Double-A-rated 1.440 1.300 3.360 421.33 5.6 7-12 year 0.862 0.771 3.447 products, incl. SPR 1,995,054 ... 2,006 1,905 2,001 1,942 -1,316 ... 102 -408 -42 3,306 917.97 9.3 Triple-B-rated 2.060 2.060 5.350 482.02 6.4 12-22 year 1.272 1.224 3.690 Weekly Demand, 000s barrels per day Natural gas storage High Yield Bonds ICE BofA 468.26 6.2 22-plus year 1.902 1.765 4.123 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals 492.56 5.5 High Yield Constrained 4.470 4.439 11.400 Global Government J.P. Morgan† Current change week ago avg avg 453.02 3.5 Triple-C-rated 8.695 8.649 19.071 614.14 5.4 Global Government 0.570 0.390 1.060 Total petroleum 3308.01 3.6 High Yield 100 3.892 3.589 10.740 860.76 7.1 Canada 0.860 0.590 1.740 4250 product 19,088 ... 19,335 21,312 18,856 20,284 Natural gas, 445.42 5.7 Global High Yield Constrained 4.404 4.369 11.310 419.71 4.9 EMU§ 0.074 0.010 0.794 lower 48 states t Finished 3250 4.2 France 337.29 2.6 Europe High Yield Constrained 2.867 2.464 8.183 791.03 -0.080 -0.160 0.430 motor gasoline 8,022 ... 7,975 9,303 7,893 8,588

U.S Agency Bloomberg Barclays 551.12 2.9 Germany -0.450 -0.740 -0.050 Kerosene-type t 2250 Five-year average 1866.20 5.4 U.S Agency 0.500 0.460 1.910 295.70 -0.8 Japan 0.280 0.040 0.320 jet fuel 1,196 ... 1,149 1,539 1,197 1,676 for each week Distillates 4,174 ... 4,002 4,214 3,839 4,029 1250 1626.63 4.1 10-20 years 0.380 0.340 1.800 616.97 3.5 Netherlands -0.370 -0.540 0.080 Residual fuel oil 128 ... 289 185 249 458 11.8 20-plus years U.K. 4266.51 1.660 1.170 2.450 1084.25 7.9 0.620 0.390 1.180 Propane/propylene 1,292 ... 1,671 1,851 1,416 ... 250 2927.85 7.0 Yankee 1.400 1.400 3.500 930.61 5.5 Emerging Markets ** 4.355 4.351 7.480 Other oils 4,278 ... 4,249 4,220 4,264 ... J F M A M J J A S O N D 2020 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires

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THE WALL STREET JOURNAL. Monday, December 28, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 30199.87 s20.82, or 0.07% last week Trailing P/E ratio 29.71 21.29 3703.06 t6.35, or 0.17% last week Trailing P/E ratio * 39.94 25.23 Public Offerings of Stock High, low, open and close for each of P/E estimate * 24.68 18.99 High, low, open and close for each of P/E estimate * 26.55 19.58 the past 52 weeks Dividend yield 2.00 2.22 the past 52 weeks Dividend yield * 1.61 1.83 IPOs in the U.S. Market All-time high All-time high 30303.37, 12/17/20 3722.48, 12/17/20 None expected this week

Current divisor 0.15198707565833 Lockup Expirations 30000 3750 Below, companies whose officers and other insiders will become eligible 65-day moving average to sell shares in their newly public companies for the first time. Such 28000 3500 sales can move the stock’s price.

Lockup Offer Offer amt Through Lockup 26000 3250 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Dec. 27 June 30, ’20 Dun Bradstreet Holdings DNB 22.00 1981.1 20.4 180 days Dec. 28 July 1, ’20 Accolade ACCD 180 days 200-day moving average 24000 3000 22.00 253.6 138.3 July 1, ’20 Lemonade LMND 29.00 366.9 331.4 180 days 200-day moving average Sources: Dealogic; WSJ Market Data Group Week's high 22000 2750 DOWN UP IPO Scorecard Monday's open Friday's close t Performance of IPOs, most-recent listed first 20000 65-day moving average 2500 Friday's close Monday's open % Chg From % Chg From t Company SYMBOL Thursday3s Offer 1st-day Company SYMBOL Thursday3s Offer 1st-day IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Week's low 18000 2250 Ventoux CCM Acquisition 10.19 1.9 ... Inhibikase Thera 9.80 –2.0 –1.0 VTAQU Dec. 24/$10.00 IKT Dec. 23/$10.00 Bars measure the point change from Monday's open 7GC & Co. Hldgs 10.47 4.7 1.2 Viveon Health Acquisition 10.34 3.4 1.2 16000 2000 VIIAU Dec. 23/$10.00 VHAQ.UT Dec. 23/$10.00 D J F M A M J J A S O N D D J F M A M J J A S O N D CF Acquisition IV 10.28 2.8 0.3 Ackrell SPAC Ptnrs I 10.18 1.8 0.8 Primary CFIVU Dec. 23/$10.00 ACKIU Dec. 21/$10.00 NYSE weekly volume, in billions of shares t market t Composite GBS 10.55 –37.9 –4.3 908 Devices 67.92 239.6 38.6 36 Track the Markets GBS Dec. 23/$17.00 MASS Dec. 18/$20.00 24 Compare the performance of selected Healthcare Svcs Acquisition 10.30 3.0 0.3 Dune Acquisition 10.22 2.2 1.0 HCARU Dec. 23/$10.00 DUNEU Dec. 18/$10.00 12 global stock indexes, bond ETFs, 0 currencies and commodities at Sources: Dow Jones Market Data; FactSet wsj.com/graphics/track-the-markets D J F M A M J J A S O N D Other Stock Offerings *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Secondaries and follow-ons expected this week in the U.S. market Major U.S. Stock-Market Indexes Nasdaq Composite None expected this week Latest Week 52-Week % chg s 49.10, or 0.38% Off the Shelf High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones “Shelf registrations” allow a company to prepare a stock or bond for Industrial Average 30304.14 29755.53 30199.87 20.82 0.07 18591.93 l 30303.37 5.5 5.8 6.9 sale, without selling the whole issue at once. Corporations sell as Transportation Avg 12590.63 12310.26 12522.92 -43.15 -0.34 6703.63 l 12803.02 14.4 14.9 5.5 conditions become favorable. Here are the shelf sales, or takedowns, 12825 Utility Average 853.07 836.37 845.97 -11.29 -1.32 610.89 l 960.89 -3.2 -3.8 5.5 over the last week: Total Stock Market 38991.44 38116.81 38887.44 32.61 0.08 22462.76 l 38947.55 17.3 17.7 11.9 Takedown date/ Deal value Issuer/Industry Registration date ($ mil.) Bookrunner(s) Barron's 400 852.16 845.00 851.83 3.65 0.43 455.11 l 851.83 15.8 16.3 6.0 12700 Venus Concept Inc Dec. 22 $11.3 Oppenheimer Inc Nasdaq Stock Market Healthcare Nov. 27,318 12575 Nasdaq Composite 12841.92 12525.22 12804.73 49.10 0.38 6860.67 l 12807.92 41.9 42.7 22.5 Nasdaq 100 12761.23 12474.03 12711.01 -27.17 -0.21 6994.29 l 12752.06 44.8 45.6 25.3 12450 Public and Private Borrowing S&P 17 18 21 22 23 24 500 Index 3711.24 3636.48 3703.06 -6.35 -0.17 2237.40 l 3722.48 14.3 14.6 11.3 December Treasurys MidCap 400 2318.43 2241.54 2315.36 28.10 1.23 1218.55 l 2315.36 12.0 12.2 6.7 DJ US TSM Monday, December 28 Tuesday, December 29 SmallCap 600 1126.31 1087.48 1121.51 13.35 1.20 595.67 l 1121.74 9.6 9.8 6.1 s 32.61, or 0.08% Auction of 13 and 26 week bills; Auction of 52 week bill; Other Indexes last week announced on December 24; settles on December 31announced on December 24; settles on December 31 Russell 2000 2013.97 1934.66 2003.95 33.96 1.72 991.16 l 2007.1 19.4 20.1 9.1 Auction of 2 and 5 year notes; Auction of 7 year note; NYSE Composite 14457.29 14171.77 14382.50 -85.32 -0.59 8777.38 l 14516.73 3.2 3.4 4.0 announced on December 24; settles on December 31announced on December 24; settles on December 31 38950 Value Line 569.26 553.71 567.84 1.71 0.30 305.71 l 568.7 2.6 2.8 0.3 Thursday, December 31 NYSE Arca Biotech 5981.33 5817.00 17.74 0.30 3855.67 l 6142.96 17.1 5936.18 15.0 12.2 Auction of 4 and 8 week bills; NYSE Arca Pharma 677.42 667.03 673.68 -12.43 -1.81 494.36 l 691.7 2.8 3.1 7.4 38600 announced on December 29; settles on January 5 KBW Bank 97.34 93.31 96.39 2.90 3.10 56.19 l 114.12 -15.4 -15.0 -3.7 PHLX§ Gold/Silver 147.02 139.84 143.73 -1.17 -0.81 70.12 l 161.14 35.5 34.4 19.6 38250 PHLX§ Oil Service 45.33 42.43 44.15 -0.741 -1.65 21.47 l 80.99 -44.4 -43.6 -32.9 A Week in the Life of the DJIA PHLX§ Semiconductor 2754.90 2703.77 2750.24 -14.50 -0.52 1286.84 l 2816.27 47.5 48.7 29.3 Alook at how the Dow Jones Industrial Average component stocks CBOE Volatility 31.46 21.39 21.53 -0.04 -0.19 12.10 l 82.69 70.2 56.2 29.6 37900 17 18 21 22 23 24 did in the past week and how much each moved the index. The DJIA gained 20.82 points, or 0.07%, on the week. A$1change in the price §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data December of any DJIA stock =6.58-point change in the average. To date, a $1,000 investment on Dec. 31 in each current DJIA stock component International Stock Indexes Commodities and would have returned $32,680, or again of 8.93%, on the $30,000 investment, including reinvested dividends. Latest Week 52-Week Range YTD Currencies Region/Country Index Close %chg Low Close High %chg The Week’s Action YTD World MSCI ACWI 637.46 –0.37 384.04 • 641.89 12.8 Last Week Pct Stock price Point chg $1,000 Invested(year-end '19) Close Net chg % Chg % chg MSCI ACWI ex-USA 320.95 –0.70 200.33 • 324.72 6.4 chg (%) change in average* Company Symbol Close $1,000 MSCI World 2659.27 –0.26 1602.11 • 2674.87 12.8 DJ Commodity 721.98 -3.58 -0.49 12.40 5.79 14.03 92.31 Goldman Sachs GS $256.16 $1,141 MSCI Emerging Markets 1255.20 –1.04 758.20 • 1272.96 12.6 TR/CC CRB Index 165.55 -0.90 -0.54 -10.89 4.57 5.44 35.79 JPMorgan Chase JPM 124.52 926 Americas MSCI AC Americas 1452.34 –0.14 850.77 1458.35 16.3 • Crude oil, $ per barrel 48.23 -1.01 -2.05 -21.01 4.20 5.32 34.97 Apple AAPL 131.97 1,813 Canada S&P/TSX Comp 17623.88 0.51 11228.49 • 17944.06 3.3 2.518 -0.182 -6.74 15.03 3.15 4.32 28.42 Nike NKE 141.60 1,411 Latin Amer. MSCI EM Latin America 2425.11 –1.67 1382.94 • 2983.71 –16.9 Natural gas, $/MMBtu 1.90 4.16 27.37 Microsoft MSFT 222.75 1,427 Brazil Sao Paulo Bovespa 117806.85 –0.18 63569.62 • 119527.63 1.9 Gold, $ per troy oz. 1879.90 -5.80 -0.31 23.72 Chile Santiago IPSA 2827.60 –1.86 2045.49 3567.90 –15.24 0.77 0.61 4.01 Merck MRK 80.14 909 • U.S. Dollar Index 90.33 0.32 0.35 -6.28 S&P/BMV IPC 43372.20 –1.14 32964.22 • 45902.68 –0.4 0.71 2.41 15.86 UnitedHealth Group UNH 340.79 1,178 WSJ Dollar Index 85.44 0.31 0.37 -4.60 EMEA Stoxx Europe 600 395.98 0.02 279.66 • 433.90 –4.8 0.49 0.84 5.53 Walt Disney DIS 173.73 1,201 Stoxx Europe 50 3075.20 –0.68 2383.14 3539.12 –9.6 Euro, per dollar 0.8206 0.0048 0.58 -7.98 • 0.17 0.47 3.09 Home Depot HD 270.92 1,270 Eurozone Euro Stoxx 396.07 0.10 261.53 • 421.34 –1.9 Yen, per dollar 103.66 0.34 0.33 -4.59 –0.14 –0.16 –1.05 American Express AXP 117.35 959 Euro Stoxx 50 3543.28 –0.07 2385.82 • 3865.18 –5.4 U.K. pound, in dollars 1.36 0.0022 0.16 2.21 Austria ATX 2737.12 0.86 1630.84 • 3229.37 –14.1 –0.24 –0.51 –3.36 Honeywell HON 209.53 1,211 Belgium Bel-20 3659.16 0.05 2528.77 • 4198.31 –7.5 52-Week Low Close(l) High % Chg –0.27 –0.37 –2.43 Travelers TRV 138.49 1,039 France CAC 40 5522.01 –0.11 3754.84 6111.24 –7.6 • –0.56 –0.30 –1.97 Coca-Cola KO 53.44 998 Germany DAX 13587.23 –0.32 8441.71 • 13789.00 2.6 DJ Commodity 433.70 l 725.56 11.84 Greece Athex Composite 787.48 –1.57 484.40 • 948.64 –14.1 –0.73 –1.65 –10.86 salesforce.com CRM 225.78 1,388 TR/CC CRB Index 106.29 l 187.39 -11.32 Israel Tel Aviv 1470.36 –0.10 1171.21 • 1751.79 –12.6 –0.77 –1.40 –9.21 Caterpillar CAT 179.56 1,252 Italy FTSE MIB 22130.18 0.70 14894 25478 –5.9 Crude oil, $ per barrel -37.63 l 63.27 -21.81 • –0.82 –0.39 –2.57 Intel INTC 47.07 806 Netherlands AEX 626.37 0.18 404.10 • 629.23 3.6 Natural gas, $/MMBtu 1.482 l 3.354 9.76 –0.92 –1.16 –7.63 IBM IBM 124.69 979 Portugal PSI 20 4854.90 1.93 3596.08 5435.85 –6.9 • Gold, $ per troy oz. 1477.30 l 2051.50 24.55 Russia RTS Index 1378.36 –1.72 832.26 • 1646.60 –11.0 –0.95 –1.32 –8.68 Procter & Gamble PG 137.72 1,130 South Africa FTSE/JSE All-Share 59175.80 –1.02 37963.01 60544.30 3.7 –1.08 –1.90 –12.50 3M MMM 174.52 1,026 • U.S. Dollar Index 89.82 l 102.82 -7.38 Spain IBEX 35 8111.50 0.92 6107.2 • 10083.6 –15.1 –1.18 –2.60 –17.11 Boeing BA 217.15 671 Sweden OMX Stockholm 760.34 –0.29 478.95 • 764.42 11.7 WSJ Dollar Index 84.97 l 97.02 -5.55 –1.24 –2.61 –17.17 Visa V 208.70 1,118 Switzerland Swiss Market 10411.92 –1.06 8160.79 • 11263.01 –1.9 Euro, per dollar 0.8150 l 0.9352 -8.92 U.K. FTSE 100 6502.11 –0.41 4993.89 7674.56 –13.8 –1.32 –2.04 –13.42 Johnson & Johnson JNJ 152.47 1,074 • Yen, per dollar 102.37 l 112.11 -5.45 Asia-Pacific MSCI AC Asia Pacific 194.83 –0.86 121.5 197.4 14.2 –1.56 –0.87 –5.72 Dow DOW 54.79 1,066 • U.K. pound, in dollars 1.15 l 1.36 4.28 Australia S&P/ASX 200 6664.80 –0.16 4546.0 • 7162.5 –0.3 –1.68 –2.45 –16.12 Walmart WMT 143.50 1,228 China Shanghai Composite 3396.56 0.05 2660.17 • 3451.94 11.4 –1.72 –3.69 –24.28 McDonald’s MCD 211.39 1,097 Hong Kong Hang Seng 26386.56 –0.42 21696.13 • 29056.42 –6.4 Real-time U.S. stock India S&P BSE Sensex 46973.54 0.03 25981.24 • 46973.54 13.9 quotes are available on –1.98 –0.90 –5.92 Cisco CSCO 44.54 960 Japan Nikkei Stock Avg 26656.61 –0.40 16552.83 • 26817.94 12.7 WSJ WSJ.com. Track most- –2.13 –1.86 –12.24 Chevron CVX 85.33 748 Malaysia FTSE Bursa Malaysia KLCI 1641.17 –0.68 1219.72 • 1684.58 3.3 .COM active stocks, new –2.43 –5.56 –36.58 Amgen AMGN 222.93 950 Singapore Straits Times 2842.04 –0.24 2233.48 • 3281.03 –11.8 highs/lows, mutual –2.63 –1.07 –7.04 Walgreens WBA 39.62 702 South Korea Kospi 2806.86 1.25 1457.64 • 2806.86 27.7 funds and ETFs. –2.68 –1.62 –10.66 Verizon VZ 58.84 1,000 Taiwan TAIEX 14331.42 0.57 8681.34 • 14390.14 19.5 All are available free at Source: FactSet; Dow Jones Market Data WSJMarkets.com *Based on Composite price. DJIA is calculated on primary-market price. Source: Dow Jones Market Data; FactSet. Consumer Rates and Returns to Investor Benchmark Yields and Rates U.S. consumer rates Selected rates Treasury yield curve Forex Race Currencies A consumer rate against its 30-year mortgage, 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†: 2.93% US$ vs, US$ vs, Thurs YTD chg Thurs YTD chg 30-year ﬁxed-rate Farmers State Bank 2.38% 2.50% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) 10% mortgage 4.00% Waterloo, IA 877-FSB-1879 Vietnam dong .00004322 23135 –0.2 One year ago 2.00 Americas t MidWestOne Bank 2.50% Euro s Europe 3.00 t 5 Argentina peso .0120 83.2765 39.1 Iowa City, IA 800-247-4418 1.50 s Brazil real .1917 5.2170 29.8 Czech Rep. koruna .04643 21.537 –5.0 2.00 First National Bank 2.63% 0 Yen Canada dollar .7770 1.2871 –0.9 Denmark krone .1638 6.1049 –8.4 10-year Treasury 1.00 Chile peso .001399 714.80 –3.3 Euro area euro 1.2187 .8206 –8.0 note yield Waverly, IA 319-266-2000 Tradeweb ICE Colombiapeso .000285 3505.00 6.8 Hungary forint .003373 296.45 0.4 1.00 –5 s t Charter Bank 2.75% Thursday Close 0.50 Ecuador US dollar 11unch Iceland krona .007816 127.95 5.6 WSJ Dollar index Eau Claire, WI 715-832-4254 t Mexico peso .0503 19.8897 5.1 Norway krone .1153 8.6744 –1.2 0.00 0.00 –10 Uruguay peso .02367 42.2500 13.8 Poland zloty .2705 3.6973 –2.5 J F M A M J J A S O ND Dearborn Federal Svgs Bk 2.75% 1 3 6 1 2 3 5 7 10 20 30 2020 Russia ruble .01351 74.035 19.3 Dearborn, MI 313-565-3100 Asia-Pacific 2020 month(s) years Sweden krona .1211 8.2596 –11.8 Australian dollar .7591 1.3173 –7.5 Switzerland franc 1.1220 .8913 –7.9 maturity China yuan .1531 6.5301 –6.2 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Turkey lira .1319 7.5797 27.4 Yield/Rate (%) 52-Week Range (%) 3-yr chg Hong Kong dollar .1290 7.7533 –0.5 Ukraine hryvnia .0351 28.4500 20.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) India rupee .01359 73.559 3.1 UK pound 1.3553 .7378 –2.2 Corporate Borrowing Rates and Yields Indonesia rupiah .0000704 14200 2.3 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.25 Japan yen .009647 103.66 –4.6 Middle East/Africa Spread +/- Treasurys, Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Kazakhstan tenge Bahrain dinar Yield (%) in basis pts, 52-wk Range Total Return .002378 420.47 10.1 2.6522 .3771 ... Libor, 3-month 0.24 0.24 0.20 l 1.96 -1.45 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1251 7.9920 –0.3 Egypt pound .0637 15.6900 –2.2 Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.14 Malaysia ringgit .2463 4.0605 –0.7 Israel shekel .3111 3.2144 –6.9 U.S.Treasury,Barclays 0.590 0.5907.89 5.32 New Zealand dollar Kuwait dinar Five-year CD, annual yield 0.58 0.58 0.58 l 1.41 -0.92 .7108 1.4069 –5.3 3.2768 .3052 0.7 U.S. Treasury Long,Barclays 1.530 1.54016.49 10.38 Pakistan rupee .00624 160.335 3.4 Oman sul rial 2.5974 .3850 ... 30-year mortgage, fixed† 2.93 2.88 2.86 l 4.22 -1.03 Aggregate,Barclays 1.160 1.160n.a. 39 127 7.38 5.44 Philippines peso .0208 48.045 –5.3 Qatar rial .2747 3.640 –0.1 15-year mortgage, fixed† 2.39 2.40 2.37 l 3.57 -1.00 Singapore dollar .7524 1.3291 –1.3 Saudi Arabia riyal .2664 3.7531 0.05 Fixed-Rate MBS,Barclays 1.320 1.300n.a. 28 132 4.01 3.81 Jumbo mortgages, $510,400-plus† 2.95 2.90 2.87 l 4.36 -1.40 South Korea won .0009069 1102.66 –4.5 South Africa rand .0683 14.6356 4.6 High Yield 100,ICE BofA 3.892 3.822 351 271 10183.620 5.027 Five-year adj mortgage (ARM)† 3.19 3.19 2.85 l 4.59 -0.83 Sri Lanka rupee .0052690 189.79 4.7 Muni Master,ICE BofA Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.69 0.878 0.878 28 -12 41 5.291 4.644 Taiwan dollar .03556 28.121 –6.0 Thailand baht .03331 30.020 0.9 WSJ Dollar Index 85.44 –0.06–0.07 –4.60 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 4.355 4.356 329 277 662 5.700 4.938 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 P2JW363000-0-B00800-1------XA

B8 | Monday, December 28, 2020 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. ****** Monday, December 28, 2020 | B9 MARKETS JapanPlays Catch-UpinVentureCapital

BY PHRED DVORAK such as India. Even Tokyo- based SoftBank Group Corp., TOKYO—Asthe world’stwo the world’sbiggest tech inves- biggest economies,the U.S. tor, has shown little interest in and China send scores of funding homegrownstartups. startups to the public mar- Compared with most other kets—some at jaw-dropping matureeconomies,eventhose valuations—yet Japan, at No. in slower-growing Europe, 3, has been lagging far behind. Japan “has a long way to go,” TheJapanese government said Hideki Yarimizu, general wantstokick itsstartup scene partner of JIC’s venture arm. into higher gear, but it won’t “But that also means there’sa be easy. crazy opportunity to grow.” Thecountry’sstarinitial Japanese venture-invest- public offering in technology ment volume would have to inthis year, and one of the big- crease by around five or six gest in recent years, is online times to gettoamoreappro- marketing-tool developer Plaid priatesizerelativetoits econ- Co., whose opening trade on omy, Mr.Yarimizu said. He said Dec.18gaveitavaluation of S he expected that would happen

around $1.1 billion. Meanwhile, PRES slowly over five to 10 years.

Airbnb Inc. opened this month TED Fordecades,big corpora- at a valuation of $102 billion, tions were at the heart of the OCIA

the largest in aseries of block- SS country’seconomyand busi- /A

buster U.S. listings, while TO nessculture, and the path to

China’sJDHealth Interna- SA success wasseen as leading tional Inc. made itsdebut in O from atop-tier university to

Hong Kong at amarket capi- KIICHIR blue chips such as SonyCorp. talization of roughly $38 bil- Japanese venture funds are getting bigger, and the government in Tokyo has been pouring in money. or Toyota Motor Corp. lion, capping abumper year Those companies carefully for IPOs there. be invested over the next de- Venture-dealvalues Number of unicorns† grew out of the Japan arm of guarded their proprietarytech- Japan lacks the self-reinforc- cade in environmental innova- U.S.-based venturefund 500 nologyand supply chains,leaving mix of young innovators tion. Thegovernment hopes to $150 billion Startups. ing little spacefor innovation andfinanciersthat has made direct public money to strate- Japanese venturecapitalists from the outside,said Hiroyuki places likeSilicon Valley and gic areas with high growth po- U.S. China used to jokeabout waysto Kuroda,secretary-general at Hangzhou in China, hotbeds of tential—such as helping overcome “spousal block,” the the VentureEnterprise Center, growth. But venturecapitalists Japan’s famously analog busi- 100 family opposition faced by peo- Japan, afoundation formed in and entrepreneurssay things nesses go digital—while stim- U.S. ple leaving aprestigious and 1975tosupport startups. areimproving.The amount of ulating private investment. 247 stable jobfor astartup,Mr. In asurvey of startup found- money startups raise in Japan “It will help to have an in- Riney said.Now Japanese ersbythe VentureEnterprise has increased by morethan vestor with the ability to or- China newspapershavereporters Center this year,morethan a 50 114 seven times over the past seven chestrate” relationships with Europe dedicated to startup news—a fifthsaid people around them years, to about $4.8billion in big businesses and govern- sign of growing prestige, he had been opposed to their 2019,according to Tokyo-based ment organizations,said said. starting acompany. About 45% Japan* datatracker Initial Inc. Takashi Sonoda,founder of Still, Japan’sventure-deal of those encountering opposi- Venturefunds aregetting Tokyo-based UhuruCorp., a 0 volume last year waslessthan tion cited resistancefromtheir bigger, and the government is JIC venture-funding recipient 2015 ’20 ’15 ’20’15 ’20 ’15 ’20 India Japan atenth of China’sand 3% of mothersand 38% from former pouring in money.Aunit of that creates software to man- 1H 1H 1H 1H 25 7 the U.S.’s,according to figures bosses or colleagues. government-owned Japan In- agenetworks of sensorsand from dataprovidersPitchBook Thepolled entrepreneurs *Figures converted from yenatcurrentrate vestment Corp., or JIC,cre- other devices. †Startups with avaluation of $1 billion-plus, as of December 2020 and Initial. In the firstsix citedbroad disapproval of ated a$1.2 billion venture- Previousstate-backed in- Sources: PitchBook (deals U.S., China, Europe, India); CB Insights (unicorns U.S., China, Europe, months of 2020,Japanese making money as atop factor capital fund this year,the vestorshavestumbled. An ini- startup funding sank slightly they hoped would change. And country’sbiggest. In recent tial government fund set up in afight with the government Valley cool. compared with the previous Japan tends to be moreunfor- weeks,itinvested nearly $100 2009 to support innovative over salaries. “It’sconsidered lessrisky year to $1.9billion, while U.S. giving about businessflops million intoaninitial group of businesses ended up spending But industrywatcherssay or shady, and that’s also been venture-deal volume rose abit. than theU.S., meaning fewer seven companies. the bulk of its money to prop government support has really,really helpful,” said Japan not only lagsbehind companies areformed, said Japan’sParliament is set to up struggling hardware com- helped the startup world shed James Riney,founding partner the U.S. and China but also has Initial analyst AtsukoMori. approveearly in the newyear panies.Two yearsago, most of aonce-disreputable imageand and chief executive of Tokyo- fewer$1billion-valued “uni- Japan’s corporate “metabolic afund of nearly $20 billion to JIC’sfirst boardresigned after take on ameasureofSilicon based Coral Capital, which corns” than developing nations rate is low,” she said.

Options Clearing Corp. Margin debtbalances,monthly Investors Traders can tap options to hedgetheir portfolios from $700 billion stock declines or makebets Raise Bets that majorindexesand individual companies will go up or 600 down in value. Using some of On Stocks the riskier strategies, traders canalso lose morethan they 500 put in. ContinuedfrompageB1 MaryRobertsmade her topping the previous high of first big investment last year, $668.9 billion from May2018. usingsome sparecash and a 400 Themilestone is an ominous leftover retirement account Flows intoleveragedand inverse one forthe stock market— from a previous job to buy up exchange-tradedproducts margin debt recordstend to shares of Tesla. LikeMr. Burn- 300 $20 billion precede bouts of volatility, as worth, her investment portfo- seen in 2000 and 2008. lio swelled in value this year

Investorsusing margin debt as the electric-car maker’s JOURNAL pledgetheir securities in ex- stock ranup, leading her to 200 10 REET

changefor loans from broker- dabble in options trading for ST

age firms to make further in- the firsttime using margin LL vestments. They canget into debt. WA 100 0

trouble if their collateral falls “Having [shares of]Tesla THE

R 2006 ’20

belowacertain threshold, enabledmetodoall of this FO triggering amargin call. They stuff.This waslife-changing,” T then have the option of either said Ms.Roberts, who is 53 VER 0 putting up moremoney or yearsold and lives in Vancou- CAL 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 VID

selling the securities underly- ver, Wash. She and her hus- DA Note:2020datathrough November ing the loans. band runachemicals-distribu- BruceBurnworth’sgamble on Tesla lastyear broughthim awindfall. Sources: Finra(balances); Morningstar (ﬂows) Manyinvestorsalso use tion businessthat she says has their margin balances to trade struggled because of Mr. open to the idea of borrowing JoePhoenix’scrash came in ruary2018 wiped out asignifi- ETFs,though. Those products options,contractsthat give Trump’strade warwith China. more against her portfolio. 2018.Hehad bet heavily cant chunk of his gains,knock- attracted$14.3 billion this them theright to buy or sell Between her investments and “This is what wealthy peo- against the prospect of volatil- ing his holdingsintothe year through November,the shares at aspecific price, herspouse’s, their combined ple do,” Ms. Roberts said. ity resurfacing in the market, hundreds of thousands of dol- most since 2008, from inves- later. Options trading exploded portfolio is nowworth seven Of course,individual inves- amassing morethan $1 million lars. Mr.Phoenix said the dev- tors drawn to the prospect of this year as individual inves- figures, with two-thirds of tors who overextend them- using exchange-traded prod- astating lossshook him out of doubling or tripling the daily tors flocked to the stock mar- that consisting of Tesla stock, selves have been burned be- uctsthat delivered the inverse the market by the end of the moves of the S&P 500,the top ket. Arecordnumber of op- Ms. Roberts said. fore.Scoresofinvestors lost of the Cboe Volatility gauge, year.Hestarted trading again 100 Nasdaq stocks and other tions contractshavetraded She says she doesn’t think money this year on gambits or VIX.The productsamplified by the middle of 2019 after indexes. this year.Anaverage of 29 she will see another year of that backfired, including when daily moves by three times. promising himself that he Themoves work both ways, millionchanged hands each gains quitelike2020 soon. But oil prices turned negativeand And he made a risky bet even wouldn’t take on that much with such funds falling as daythis year,a48% jump from she has no plans to sell anyof shares of Eastman Kodak Co. riskier by using margin debt. risk again. much as 15% on some of the 2019,according to datafrom her Tesla stock either and is went on a wild ride. Aspikeinvolatility in Feb- He still trades leveraged market’sworst days this year.

THE TICKER | Market events coming this week

Monday Mort. bankers indexes Purch.,previous down5% No major events are scheduled Refinan., prev. up 4% Thursday Tuesday The bond market closes No major events are early at 2p.m. EST but scheduled stocks will have afull year-end session Wednesday EIA report: natural-gas Chicago PMI Previous change in stocks in billions of cubic feet Nov., previous 58.2 down 152 Dec., expected 56.0 Initial jobless claims Previous 803,000 EIA status report Previous change in stocks in Expected 835,000 millions of barrels Crude-oil stocks Friday down 0.6 Gasolinestocks down1.1 New Year’s Day Distillates down 2.3 U.S. markets are closed MOON/REUTERS

* FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T IN- CLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)

JEENAH  ADJUSTED FOR STOCK SPLIT NOTE: FORECASTS ARE FROM DOW On Thursday, initial jobless claims are expected to be reported at 835,000, compared with the 803,000 reported the week earlier. JONES WEEKLY SURVEY OF ECONOMISTS P2JW363000-0-B01000-1------XA

B10 | Monday, December 28, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY

Market shareofU.S.food delivery transactions Delivery Firms Face New Rules 50% DoorDash California law could spoil some growth for DoorDash, Postmates 40

Uber Eats +Postmates Just how valuable has restau- preparing.DoorDash said in itspub- some of itsrecent gains reversed. 30 rant selection been to delivery lic-offering filing that over 95% of While the companyfor yearsprided platforms’ growth over the past itsgross order value came from itself on listing only restaurants year? We could soon find out. partnered merchantsinthe nine with which it had partnership 20 A California bill is set to require months ended Sept. 30. Uber Tech- agreements, exceptional growth third-party delivery platforms to nologies’Uber Eatssaid it grew ac- from competitorsforcedGrubhub’s Grubhub have stated agreements in place tivepartnered restaurants70% year hand to add unpartnered restau- 10 with merchants to deliver food or- over year in the thirdquarter. rantstobettercompete. ders starting Jan. 1. The bill will TheCalifornia bill won’t affect all According to regulatoryfilings, effectively end the growth-strategy players equally.The impact on Post- Grubhub grew itsrestaurant offer- 0 Other platforms including DoorDash and mates,whose largest market is Los ing 114% in the year ended Sept. 30. July 2019 2020 Oct.

Postmates have historically em- Angeles,could be disproportion- As of itsthird-quarter filing,55,000 Note:Mostrecentmonthly ﬁgures areasofOct. 13. ployed to rapidly augment their ately large.Postmates has 700,000 of itstotal 300,000 restaurantsre- Source:Edison Trends delivery footprints. Delivery plat- merchantsonits platform, accord- mained unpartnered. While itslarg- forms will have to remove so- ing to aSeptember regulatoryfiling est market is NewYork City,it and elsewhere. An assembly bill nowbelieved to have the largest called unpartnered food mer- from Uber.Ofthose,only 115,000 seems likely that anot-insignificant introduced in New York in Novem- U.S. network of partnered merchants, or those with which they were partnered at that time. number of those unpartnered res- ber would prohibit unauthorized chants. Much of that wasachieved don’t have a stated agreement, In California specifically,Post- taurantsare in California. listing of food merchants on deliv- by asking restaurantstopartner af- from their apps in California. mates has said it had 40,000 unpart- More broadly, many temporary ery platforms statewide. terdemonstrating the platform’s Without an agreement, a delivery nered merchantsasofSeptember. Covid-19-relief regulations cover- While restaurant selection is just value,not before. platform can list a restaurant’s They would have to come off its ing food-delivery commission caps one of manyways in which delivery The rules will raise barriers to menu without permission, some- platform if not converted by year- in cities nationwide include in- platforms competefor business, it entry, which might be why some in times leading to complications for end. Anypotential impact would creased transparency measures. maywell be the most important. the industry support them. But by restaurants like dining rooms flow through to Uber’s business Beginning last week, Minneapolis DoorDash, forexample,now has a requiring a partnership agreement crowded with unexpected delivery sinceitacquired Postmates this year. began requiring delivery platforms dominant market lead over itsU.S. up front, at least some percentage people or orders for items the No major playerisentirely insu- to get restaurants’ consent for ser- competitors, even though itsfood of restaurants will choose not to kitchen no longer makes. lated. Grubhub,which only recently vices performed such as delivery. doesn’t arrivethe fastest on aver- be on any platform. That could While usersmight be in fora started adding unpartnered restau- Similar regulations were passed in ageand itsloyalty program is no crimp the industry’s growth. shock,the companies have been rantstoits platform, could see Philadelphia, Denver, Tucson, Ariz., cheaper than competitors’.Itis —Laura Forman Beijing Sends Alibaba an Unwelcome Christmas Present

AlibabaGroup Holding ADR The billionaire founder of Chi- it for years and filed lawsuits the regulators. The move seemed years of heady growth and rela- $300 nese e-commerce giant Alibaba is against the market leader. Abuse to be endorsed by the very top of tively few constraints. Alibaba’s unlikely to have a merry Christmas of digital-platform power is also a China’s leadership structure. Presi- U.S.-listed shares fell 13% Thurs- this year. theme of antitrust suits in the U.S. dent Xi pledged to step up antimo- day. That takes the stock’s year-to- Jack Ma wasdealt adouble blow and Europe against the likes of nopoly efforts to “prevent the dis- date gain to just 5%, underper- on Christmas Eve: TheChinese anti- Amazon and Google. orderly expansion of capital” in a forming both the broader market 250 trust watchdog launched an investi- It isn’t the first time the gov- meeting earlier this month. Since and its smaller rivals. Shares of gation intoAlibaba, while Ant ernment has tried to step in. The then, the regulators have fined Ali- JD.com have more than doubled, Group,the company’sfinanceaffili- antitrust regulator summoned 20 baba and Tencent for acquisitions while those of Pinduoduo have ate, wassummoned to discusscom- e-commerce platforms in Novem- that were completed years earlier. nearly quadrupled this year. Inves- petition and consumer rights. ber last year to urge them to stop Just this week, the government tors may be too relaxed about the 200 Specifically, the regulators men- monopolistic practices. But recent warned the internet giants about ambivalent position of Alibaba’s tioned the practice of forcing mer- events have reinforced the impres- predatory pricing in what is challengers. Regulatory uncertain- chants to sell exclusively on Ali- sion that Beijing means business. known as community-group buy- ties may cap their upside, too. baba’s platforms. This is a The government announced ing, a popular way to sell groceries Across the sector, investors longstanding issue in China’s e- draft antitrust rules against digital online. hoping for Christmas rewards may 150 commerce industry, where Alibaba platforms last month, after Ant All these actions could mean get a lump of coal from Beijing Jan. Dec. reigns supreme. JD.com, Alibaba’s Group’s $34 billion initial public more scrutiny of Alibaba and other instead. Source:FactSet competitor, has complained about offering was abruptly stopped by internet giants in the future, after —Jacky Wong