P2JW317000-4-A00100-17FFFF5178F **** THURSDAY,NOVEMBER 12, 2020 ~VOL. CCLXXVI NO.114 WSJ.com HHHH $4.00 DJIA 29397.63 g 23.29 0.1% NASDAQ 11786.43 À 2.0% STOXX 600 388.56 À 1.1% 10-YR. TREAS. Closed (yield 0.970%) OIL $41.45 À $0.09 GOLD $1,860.70 g $14.70 EURO $1.1778 YEN 105.43 President Emerges From White House to Honor Veterans Georgia What’s News To Hold Recount Business&Finance Of Votes uropean regulators Eand bank executives are concerned about apotential By Hand wave of bad loans that could overwhelm lenders when government pandemic Rare step comes amid rescue packages end. A1 Trump-Biden standoff Funds thattouted access over transition and to Ant Group’sIPO will let in- vestorscash out early,follow- GOP legal challenges ingoutcryafter the fintech giant’s listing was halted BY CAMERON MCWHIRTER by Chinese regulators. B1 AND lINDSAY WISE Tech shares lifted the S&P 500 to a gain of 0.8% S ATLANTA—Georgia officials in Wednesday’s session, PRES said Wednesdaythey will hold while the Nasdaq rose 2%. TED arare, by-hand recount of the TheDow edged down 0.1%. B1 CIA state’s5million votesinthe SO AS presidential election,amove OPEC forecast in its lat- Y/ that comes amid aclose margin est monthly report that when other states arewinding global oil demand will take SEMANSK down their official counts. a larger hit in 2020 than President-elect JoeBiden previously expected. B9 TRICK wasleading President Trump PA Revlon is nearing an RAINY REMEMBRANCE: President Trump made his first official appearance since the election, placing a wreath Wednes- by more than 14,000 votes, or agreement with investors day at the Tomb of the Unknown Soldier at Virginia’s Arlington National Cemetery to mark Veterans Day. 0.3%, in Georgia as of Wednes- that would save the long- day. If he is declared the win- struggling cosmetics com- ner,itwill be the firsttime a pany from bankruptcy. B1 Democratic presidential candi- datehas carried the statesince Kodak said that five for- Trump LawsuitsAim at KeyStates 1992. Mr.Biden has woN mer executives were able enough states in the Electoral to collect millions of dol- Collegetobecome the presi- lars by selling stock op- BY REBECCA BALLHAUS to victory, even if hislegal ef- can-controlled statelegislatures wasstolen from him and ex- dent-elect, even without Geor- tions they didn’t own. B3 AND REBECCA DAVIS O’BRIEN fortsmeet some success,a to appoint pro-Trump electors pectshis legal team to keep gia, according to Associated Ablank-check firm backed WhiteHouse official said, who would swing the Electoral fighting. Pressprojections and election by BarrySternlicht is in talks President Trump’scampaign though some advisershave Collegeinthe president’sfavor, Some of Mr.Trump’sadvis- results. to merge with Cano Health is pursuing apatchwork of le- continued to tell the president according to people familiar ersand lawyerssaid thereisn’t Georgia SecretaryofState in a$4.4billion deal that galattacks in key states that he stillhas ashot. An official with the discussions. an overarching legal theoryor Brad Raffensperger, aRepubli- would take the health-care have been called forPresident- said Mr.Trump understands It isn’tclear howseriously coordination behind the cam- can, said that statelaw requires provider forseniorspublic. B4 elect JoeBiden to mount a that the fight isn’t winnable but the campaign has considered paign’sefforts. Thelegal battle him to certifythe election re- longshot effort to trytopre- characterized his feelingsas: this idea, one of the people will likely conclude with Mr. sultsbyNov.20. Mr.Raffen- Billionaire heiress Mar- vent officials from certifying “Let me have the fight.” said. Trump saying the election was spergersaid he did not believe garitaLouis-Dreyfusagreed the results, advisersand law- Onepotential strategydis- Manyofthe advisersand PleaseturntopageA6 the recount would changethe to sell amajor stakeinagri- yers involved said. cussed by the president’slegal lawyerssaid they doubt the ef- vote tally in Georgia. “I have cultural merchant Louis Drey- Trump advisershavegrown team would be attempting to fort would succeed and sayitis Greg Ip: Nationalism remains faith in the accuracyofthe fustoastate-owned holding morevocal in conversations getcourt orderstodelayvote aimed largely at appeasingMr. as a test for Biden................. A2 electronic voting machines,” he company in the U.A.E. B3 with the president in recent certification in critical states, Trump,who has made clear Fewcourts have intervened in said, adding,“Ibelievethe re- The U.K. government days that they don’t see apath potentially positioning Republi- that he believes theelection ways soughtbyTrump........ A6 PleaseturntopageA6 proposed new legislation to bolster its powers to block foreign takeovers of British companies. A20 State Aid to European Banks SoftBank Chief World-Wide Obscures LevelofBad Loans Pulls Back From Georgia officials said they will hold arare, by-hand recount of the state’s5mil- BY PATRICIA KOWSMANN Brink—With Help Government measures adoptedinresponse 3% lion votesinthe presidential AND MARGOT PATRICK to coronavirus by Oct.29, as apercentage 13% election, amovethat comes of each country’s 2019 GDP amid a close margin when European banks saythey are other states are winding doing just fine during the coro- Cash payments and forgone revenue 8 Masayoshi Son, coached in crisis by hedge down their official counts. A1 navirus pandemic.But regula- Taxrelief and other deferrals Trump’scampaign is pur- fund Elliott, still leaves everyone guessing tors and bank executives are Loan guarantees and 1 7 32% suing apatchwork of legal other assistance* concerned about apotential 5 attacks in key states that wave of bad loans that could 5 Japanese tech billionaire buying back shares. The 8 have been called forBiden to overwhelmlenderswhen gov- 24 Masayoshi Son late this world’s biggest tech investor 9 22 mount along-shot effort to ernment rescue packages end. 3 spring said he had “peered relinquished majority control trytoprevent officials from Theeconomies of Europe 11 2 over the cliff edge” of finan- over its last major operating certifying the results, advisers 9 reeled this year,and fresh 4 15 14 businesses, sealing Soft- and lawyersinvolved said. A1 lockdowns in many countries 1 By Phred Dvorak, Bank’s transformation into Biden has chosen Ron areweighing on nascent re- 9 Corrie Driebusch and an investment firm—and Mr. Klain, a longtime adviser coveries.Yet the unprece- 3 6 Juliet Chung Son’s reputation for not do- who was Ebola czar under dented levels of government 3 ing anything by halves. Obama, to be his White and financial-sector support, Spain U.S. Portugal U.K. France Belgium Germany Italy cial ruin. Now, the SoftBank Mr. Son had survived pre- House chief of staff. A4 including repayment moratori- *Excludes central-bank measures; shows the total volume of private-sector loans or activities Group Corp. founder and vious corporate near-death ums sometimes covering a covered, notthe amounts governments put aside forthe liquiditysupport or guarantee. chief executive is sitting on episodes. This time, there Hospitals across the na- quarterofall outstanding Source:Bruegel one of the largest cash piles was a new force urging on tion faceanevenbiggerca- loans,havekept households in the investing world. the metamorphosis. pacity problem from the re- surgent spread of Covid-19 andcompanies afloat. That “What we have is avery week. “When these measures Mr. Son pulled his con- When SoftBank’s shares than they did during the vi- meansbanks haven’t had to strangecrisis” in which econo- stop,what then will the pic- glomerate back from the lost nearly half their value— rus’searlier surges, pandemic recognizethose loans as po- mies areshrinking sharply but turebe? We have limited visi- void with a sharp and sur- almost $50 billion—in two tentially soured. defaultsaren’t rising mostly bility as of yet.” prising strategy shift, selling weeks this spring, Mr. Son preparednessexpertssaid, Even bank CEOs arewon- because of the relief measures, Regulatorsfear some Euro- off holdings that have been and his senior team held as U.S. hospitalizations hit dering what happens when the Steven vaN Rijswijk, chief ex- pean banks are tooslowtore- central to his investment and daily calls with executives at anew high Wednesday. A1 PleaseturntopageA7 PleaseturntopageA12 Officials around theU.S.oN support ends. ecutiveofING Groep, said last operating blueprint, and Tuesdayreported morethan 1,400 coronavirus-related fatalities, the highest daily People Are Dressing Up RecordCovid-19 Cases INSIDE number sincemid-August. A8 Even if They Have Nowhere to Go Beijing forced the expul- sion of four pro-democracy iii Strain Hospitals Again Hong Kong lawmakers, promptingthe rest of the op- Tired of sweatpants, some are upgrading position bloc to resign in pro- BY MELANIE EVANS “Wealready knowthis is go- test of China’sintensifying their wardrobes; jewelry, cufflinks, shoes ing to go far north,” said Mi- crackdownondissent. A10 Hospitals acrossthe nation chael Osterholm,director of the face an even biggercapacity Center forInfectious Disease Iran continues to build up BY SUZANNE KAPNER comfyclothes wasanovelty, problemfromthe resurgent Researchand Policyatthe Uni- itsstockpile of low-enriched PERSONAL JOURNAL uranium and nowholds especially forthose accus- spread of Covid-19 than they versity of Minnesota. roughly 12 times the amount Dawn Head hitabreaking tomed to dressing up forthe did during the virus’searlier TheU.S.set single-dayre- Keith Richards on life point six weeks ago. office everyday. Now, it’s just surgesthis year,pandemic pre- cordsfor coronavirus cases allowed under the 2015 nuclear in quarantine and the The51-year-old tossed aside depressing. parednessexpertssaid, as the threeofthe last seven days, accord,aU.N.agencysaid. A11 the elastic-waist shortsshe “It’s‘Groundhog Day,’ ” said number of U.S. hospitalizations reaching about 136,000 Tues- Rolling Stones’latest Died: PrinceKhalifa bin had been wearing sincethe Stacie Krajchir-Tom, referring hit anew high Wednesday. day, Johns Hopkins University album.