Facebook CEO Raised Alarm About Tiktok in Washington

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***** MONDAY,AUGUST 24, 2020 ~VOL. CCLXXVI NO.46 WSJ.com HHHH $4.00

Last week: DJIA 27930.33 g 0.69 0.002% NASDAQ 11311.80 À 2.7% STOXX 600 365.09 g 0.8% 10-YR. TREASURY À 21/32 , yield 0.639% OIL $42.34 À $0.03 EURO $1.1796 YEN 105.81 Storms Churn Toward U.S. as Dominican Republic Is Hit Plasma What’s Treatment News For Covid Business&Finance Gets FDA uckerberghas raised Zalarms about Chinese Clearance tech companies and the app TikTok in Washingtonasthe Facebook CEO has worked Emergency stepgrants to fend off U.S. regulation of use forhospitalized the social-media giant. A1 patients; agency is still  Many employers had hoped to bring workers examining its efficacy back to the office next month, but as coronavirus BY THOMAS M. BURTON cases rose, some have AND AMY DOCKSER MARCUS scuttled those plans. A1 CK

 The record close that TO TheFood and Drug Adminis- the S&P 500 hit last week tration authorized use of con-

has reignited debate in the SHUTTERS valescent plasma,the antibody-

market over whether high A/ rich blood component taken valuations are setting from recoveredCovid-19 pa- stocks up for a fall. B1 tients, forthe treatment of se- BARR Í A/EP rious coronavirus cases.  The 2020 gold rush in Theagency’saction Sunday, markets is starting to un-

ORLANDO called an emergency-use autho- nerve even some longtime DEADLY TOLL: Tropical Storm Laura, one of two major storms headed toward the U.S., washed out streets in Santo rization, permitsuse of the fans of precious metals. B1 Domingo, Dominican Republic, on Sunday, and three people were reported dead. The storm is expected to hit Louisiana on treatment on hospitalized  South Africa’s wine in- Thursday, while Marco, currently in the Gulf of Mexico, could make landfall in Louisiana on Monday. A3 Covid-19 patients. TheWall dustry is reeling after a se- Street Journal reported last ries of pandemic-induced month the movewas coming. shocks, including bans on ForCovid-19 patientsand the sale of alcohol. B3 the doctorswho treat them, the designation opens up the possi-  Artsand crafts retailer Facebook CEO Raised Alarm bility forfaster and easier ac- Michaels hired former Yum cess to apromising treatment. CFODiamond as itsnext But the FDAsaid moreclinical chief financial officer. B2 studies arenecessaryfor defin- itiveproof of the therapy’s ef-  Texas driller Arena En- About TikTok in Washington fectiveness. ergy has filed for chapter Doctorshavebeen looking 11 with a plan to sell virtu- forvalidated coronavirus treat- ally all of its assets to pri- When Facebook Inc.Chief agenda: to raise the alarm of expression and representsa In aprivatedinner at the ments. Until now, only one vate-equity firm Lime ExecutiveMark Zuckerberg about the threat from Chinese risk to American values and WhiteHouse in lateOctober, other drug,remdesivir from Rock Partners and a man- delivered aspeech about free- tech companies and, morespe- technological supremacy. Mr.Zuckerbergmade the case Gilead Sciences Inc., has the agement group. B5 cifically,the popular video- That wasamessageMr. to President Trump that the FDA’semergency-use OK.  Facebook’s chief mar- By Georgia Wells, sharing app TikTok. Zuckerberghammered behind rise of Chinese internet compa- Certain seriously ill Covid-19 keting officer is leaving Jeff Horwitz, and Tucked intothe speech was the scenes in meetingswith nies threatens U.S. business, patientstreated with plasma the company. B5 Aruna Viswanatha aline pointing to Facebook’s officials and lawmakersduring and should be abiggerconcern containing high levels of anti- rising rival: Mr.Zuckerberg the October trip and asepa- than reining in Facebook,some PleaseturntopageA6 World-Wide dom of expression in told Georgetown studentsthat rate visit to Washingtonweeks of the people said. Washington, D.C.,last fall, TikTok doesn’t share Face- earlier,according to people fa- Mr.Zuckerbergdiscussed  New Covid-19 cases in the therewas also another book’scommitment to freedom miliar with the matter. PleaseturntopageA2 U.S. edge lower...... A6  The FDA authorized use of convalescent plasma, the antibody-rich blood Spain Feels BruntofNew Surge component taken from re- Back-to-Office Plans Delayed covered Covid-19 patients, As infections climb across Europe, Spain is accounting for for the treatment of seri- about a third of the Continent’s new daily cases. A8 ous coronavirus cases. A1 BY LAUREN WEBER changes to office-reopening forworking parents. Some em- AND CHIP CUTTER plans, saying this month that ployers have already scuttled Daily conﬁrmedCovid-19 cases, seven-dayrolling average  Twomajor storms are stafferscould work from home plans to forceofficeworkers on track to hit the U.S. Gulf 8,000 This summer,executives at at leastthrough the newyear. back so soon. Coast this week,bringing health-caretechnologyfirm “I always saymycrystal ball They includesome of the potentially dangerous flood- Spain Epic Systems announced aplan: is not good enough,” said Brett country’sbiggest companies.In ing and surges. A3 Most of the 9,500 employees at Rehm, an Epic vice president an August survey of 15 major 6,000  Thousands of firefight- its1,000-acrecampus in Wis- involved in thecompany’sre- employers that collectively em- ersinCalifornia arebattling consin would be expected back turn-to-office strategy. “It is ployabout 2.6million people, to contain massivewildfires in the officeinSeptember. good to have futureplans,but 57% said they had decided to 4,000 that have burned morethan Thecompany, likemany youhavetopay attention on a postpone their back-to-work one million acres,mainly others, has said itsemployees daily basis to what is going on.” plans because of recent in- France near the BayArea. A3 do their best work when they Expecting the virus to be creasesinCovid-19 cases. cancollaborateinthe same undercontrol by Labor Day, Nearly half said they were put- 2,000  Trump trails in national space. But blowback to the manyemployers had hoped to ting in additional safety mea- polls,but surveysalso iden- Germany mandatewas swift. Employees bring white-collar workers suresfor when they reopen, tifystrengths that could U.K. expressed fearsabout safety back to the officenextmonth. such as redesigned workspaces Italy help the president close the 0 and spreading the newcorona- But as cases rose in dozens of and temperaturechecks. gapbyElection Day. A4 virus.Local health officials states throughout the summer, PleaseturntopageA8 Feb. 2020 April June Aug.  Kellyanne Conway will questioned the move. So Epic major school districts settled Note:AsofAug. 23 leave the Trump WhiteHouse joined legions of other compa- on remoteorhybrid instruc-  Work & Life: Don’t let remote Source:European Center forDisease Prevention and Control at the end of the month be- nies making late-in-the-game tion,complicating the picture work slow career...... A11 cause of family needs. A4  The Democratic-led House has passed legisla- How a CEO Dealt With Taunts tion preventing U.S. Postal Emissions RulesTurn Saving Service cutbacks at least Of Generation Z: He Hired Them through January. A5 iii  Themysterious illnessthat TreesIntoBig Business leftaKremlin critic in acoma Teen campaign againstLife360 app, has delivered ablowtoRus- sia’spolitical opposition. A7 which lets parentstrack kids, took aturn  Belarusians protested Energy giants invest in forest preservation as carbon offsets BY YULIYA CHERNOVA companyshutsdown. “I’m go- against President Lukash- ing forpity,” said Mr.Hulls. enko’sreelection as the De- Afterahorde of teens orga- Mr.Hulls runs Life360, BY RYAN DEZEMBER aims to reducegreenhouse gasses by making fense Ministrysaid that disor- nized on social media to bash which makes an app that allows it moreexpensiveovertime forfirms operat- der wouldn’t be tolerated. A7 his company, Chris Hulls,the userstosharetheir location GRUNDYCOUNTY,Tenn.—For much of hu- ing in the statetopollute. Preserving trees is chief executiveofficer,took ac- with each other.Parentscan man history, the way to makemoney from a rewarded with carbon-offset credits, acli- CONTENTS Outlook...... A2 tion. He joined them. useittokeep tabs on their tree wastochop it down. Now, with compa- mate-changecurrencythat companies can Arts in Review... A13 Personal Journal A11-12 BusinessNews... B3,5 Sports...... A14 In onevideo posted by Mr. kids.Some teens don’t likethat. nies rushing to offset their carbon emissions, purchase and apply toward atinyportion of Crossword...... A14 Technology...... B4 Hulls,his wifeand young Thehashtag #banlife360, thereisvalue in leaving them standing. their tab. HeardonStreet... B10 U.S. News...... A2-6 daughterstaunt him started last fall, has Thegood news fortrees is that the going But lately,big energy companies,betting Markets...... B9 Weather...... A14 by wearing T-shirts accumulated more rate forintact forestshas become competitive the idea will spread, arelooking to preserve Opinion...... A15-17 World News...... A7-9 calling to ban his than 75 million with what mills payfor logsincornersof vast tractsofforest beyond what they need company. In an- views on TikTok. Alaska and Appalachia, the Adirondacks and forCalifornia, as part of aburgeoning,specu- > other, he smiles In March, An- up toward Acadia.That is spurring landown- lativemarket in so-called voluntaryoffsets. next to aclip of drew Polenske, a erstomakecenturylong conservation deals One of the most enthusiastic,BPPLC,has someone calling him 16-year-old in with fossil-fuel companies,which help the lat- already bought morethan 40 million Califor- “a professional rat.” Strongsville,Ohio, tercomply with regulatorydemands to reduce nia offset creditssince2016 at acost of hun- In yetanother,he setout to liberate their carbon emissions. dreds of millions of dollars. Last autumn, the s 2020 Dow Jones & Company, Inc. All Rights Reserved asks suggestions for Pleaseturnto Fornow,California is the only U.S. state energy giant invested $5 million in Pennsylva- his next job afterhis The dark side pageA10 with aso-called cap-and-trade system that PleaseturntopageA10 P2JW237000-6-A00200-1------XA

A2 | Monday, August 24, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Josh Zumbrun ECONOMIC Paring Debt Looks Harder This Time CALENDAR Tuesday: U.S. new-home sales are expected to post an- As coun- To ﬁghtthe pandemic,governments have borrowedsomuch that forthe effectsofgrowthor end up accepting aworld of other increase in July, underscor- tries world- debts have returnedtolevels only seen at the end of World WarII. inflation. much higher government debt. ing strong demand amid low in- wide boost Theend of the various terest rates and the desire for spending to Government debtasapercentageofgross domestic product pandemic-eraprograms such entral banks have more space to work and study battle the new End of World WarII as extended unemployment bought hugequantities at home. The housing market 125% Advanced coronavirus, benefitsand direct payments C has been an especially bright economies of government debt to government debt has soared to households would reduce bring down long-term interest spot during the recovery. to levels not seen sinceWorld 100 spending,but not by as much ratesand shoreupgrowthin Wednesday: New orders for WarII. as the end of World WarII. periods of weakness. That has long-lasting manufactured Among advanced econo- “Can we avoid letting the reduced the amount of gov- goods could reflect broader mies,debt rose to 128% of 75 exploding spending during ernment securities held by trends in July, notching another global grossdomestic product Emerging the war, not turn intomassive the public,and the interest month of growth but at a as of July,according to the 50 markets expanded social spending go- paid on this debt is largely re- slower pace than earlier in the International MonetaryFund. ing forward?” asked Mr.Hub- mittedback to the govern- recovery. Underlying figures are In 1946,itcame to 124%. bard. ment. likely to show business invest- Fornow,governments 25 Today’shigh levels of debt Over $4 trillion of the $26 ment remains subdued at a time shouldn’t worryabout mount- didn’t start with the pan- trillion in U.S. debt is held by of broad economic uncertainty. ing debt and instead focus on demic.Sincethe 1980s,even the Fed.Japan’scentral bank Thursday: New applications 0 bringing the virus under con- outside of recessions,debt owns over $4 trillion of its for unemployment benefits in trol, said Glenn Hubbard, 1900 ’20 ’40 ’60 ’80 2000 ’20 has growninthe U.S.,Europe government liabilities,an recent weeks suggest the U.S. chairman of the Council of Source:International Monetary Fund and Japan, driven largely by even larger shareofthe coun- labor market’s recovery is cool- Economic Advisersunder spending on health care and try’sroughly $11 trillion in ing amid continuing disruptions President George W. Bush. leading to gains in household France, it has been closer to pensions. outstanding debt. Theexam- from the coronavirus pandemic “The waranalogyisex- formation and growing work- 1%. Italy has barely grownat Afterthe war, as advanced ple of Japan has shown debts and an end to pandemic-specific actly the right one,” said Mr. forces.Circumstances were all. Though vanquishing the economies reduced wage and canrise foralong time,well federal support programs. Inves- Hubbard, dean emeritus of ripe to reap the benefitsof virus could bring asurge of pricecontrols,aburst of in- above200% of GDP,without tors and economists will scruti- Columbia University’s Gradu- electrification, suburbaniza- optimism, the post-World flation helped lowerthe debt. sparking afiscal crisis. nize the latest weekly figures to ateSchool of Business. “We tion and improved medicine. WarIIboom would be diffi- Today, thereisnoinflation in By having central banks check on the pace of layoffs were and arefighting awar. Through the late1950s, cult to re-create. Population sight, despitemassivestimu- ownsomuch debt, some of heading deeper into the summer. It’savirus,not aforeign economies soared. Growth av- growth has slowedinad- lus spending. the risks and challenges of Federal ReserveChairman Je- power, but the level of spend- eraged around 5% ayear in vanced economies,the work- Lowinterest ratesare a debt management areshifted rome Powell headlines the Kan- ing isn’t the problem.” Franceand Canada, and more forceisshrinking and produc- common feature of both peri- from the Treasuryorfinance sas CityFed’s Jackson Hole Eco- than 8% in Germanyand tivity is slowing. ods.After World WarII, the ministrytocentral banks, nomic Policy Symposium,which fter World WarII, ad- Japan. TheU.S.economy By the early 1960s,the Federal Reservekept borrow- economistssay. runs through Friday. Mr.Powell’s vanced economies grew almost 4% ayear. Group of Seven advanced ing costslow to reducethe “My expectation is central Thursdaymorning speech will A “We’dbeluckytohavehalf brought down debt economies all had population government’sinterest costs. banks will be successful, but focus on the centralbank’smon- quickly,thanks in large part that over the next decade,” growth of nearly 1% ayear or Today, thereisnoformal it does pose challenges,” said etary policy framework review. to rapid economic growth. said Nathan Sheets, aformer more. Today, no G-7country collaboration between the Mr.Sheets, who formerly Friday: U.S. consumer spend- Theratioofdebt to GDP fell undersecretaryofthe Trea- has population growth of 1%, Treasuryand the Fed. But headed the Fed’sinterna- ing likely postedanother gain in by morethan half,toless suryfor international affairs and Japan and Italy are with abackdrop of low tional-financedivision. July as the labor market added than 50%, by 1959.Itislikely and nowchief economist at shrinking.Rapid economic growth, adamaged labor “Whenever you’reinsuch un- jobs and federal stimulus sup- to be harder this time,for PGIM FixedIncome,the in- growth and lowermilitary market and lowinflation, familiar terrain, there’sal- ported personal incomes. Sepa- reasons involving demograph- vestment-management busi- spending in the postwaryears most central bankersviewan waysthe risk of something rate data have shown retail sales ics, technologyand slower nessofPrudential Financial. made it easy to reducedebt. extended period of ultra-low possibly going wrong.Itisa surpassed prepandemic levels last growth. In recent years, the U.S., In the U.S.,federal outlays fell ratesasappropriate. generational question that month. Friday’sreport will round In the optimistic eraafter U.K. and Germanyhavegrown by morethan half between By default, if not by design, we’ll struggle with forsome out details on services spending, the war, birthrates boomed, about 2% ayear.InJapan and 1945 and 1947,not accounting advanced economies might time to come.” income and personal saving. U.S. WATCH

WISCONSIN TEXAS Shooting by Officer Search Called Off for Touches Off Protest TwoonDredge Crew

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domestic incident, the Kenosha MEE struck asubmerged pipeline, ac- policesaid in anewsrelease. Po- LONG GOODBYE: A sailor’s family member waved as the USS Carl Vinson departed the Puget Sound Naval Shipyard in Bremerton, Wash., on cording to the CoastGuard. Port licedidn’tprovide details about Sunday. The aircraft carrier is headed to its new home port of San Diego after a $367 million overhaul. of Corpus Christi officials said it whatled to the shooting, but said wasanatural-gas pipeline. The the person wastaken to ahospi- driver’s side door and leaned in- MAINE the United States Navy. The stakes were high forboth cause wasstill being investigated. tal in Milwaukee. side, one officer grabbed his shirt With the approval of athree- acompanythatfeared being The fireonboardthe vessel In the video postedonsocial from behind and then fired into Two-Month Strike year contract, the 4,300 produc- priced out of competition for wasfirstextinguished Fridayaf- media thatappeared to showthe the vehicle. Ends at Shipyard tion workers representedbyMa- Navy contracts and ahighly ternoon but sparked again and shooting from acrossastreet, Following the shooting, social chinists Local S6 will begin skilled workforce thatdidn’twant wasfinally put out at approxi- three officers could be seen media postsshowedneighbors A63-daystrikeatBathIron returning to work on Monday. to giveupground to subcontrac- mately 10 p.m. Friday, shortly be- shouting and pointing their weap- gathering in the surrounding Works—againstthe backdrop of a Bath Iron Worksiseager to tors. fore the vessel brokeapart and ons at the man, who appeared to streets and shouting at police. pandemic in an election year— get caughtuponproduction of The test of wills ultimately sank, the CoastGuardsaid. be Black, as he walked around the Some could be heardchanting, came to an end Sundaywith destroyers. The General Dynamics ended with help from afederal The vessel carried amaximum frontofanSUV parked on the “No justice, no peace.” shipbuilders voting to return to subsidiary wasalready behind mediator. 6,000 gallons of diesel fuel. street. As the man opened the —Associated Press their jobs producing warships for schedule beforethe strike. —Associated Press —Associated Press

threatstocritical infrastructure, ident of business intelligence gies on fair andopen competi- Georgetown,Mr. Zuckerberg U.S.,when manyU.S.compa- Zuckerberg public health and safety,and our at GroupM,aunit of WPP PLC. tion in serviceofour consum- described TikTok as at odds nies, including his own, can’t economic and national security.” While Facebook once ac- ers, rather than maligning with American values: “On operate in China. Facebook spokesman Andy quired startups like TikTok attacks by our competitor— TikTok,the Chinese app grow- In November,Sen. Josh Pressed Stone said Mr.Zuckerberghas that it viewed as potential namely Facebook—disguised ing quickly around the world, Hawley (R., Mo.), who also had no recollection of discussing threats, scrutinyfromanti- as patriotism and designed to mentions of protests are cen- met with Mr.Zuckerbergin TikTok at the dinner. trust authorities makes those put an end to our very pres- sored, even in the U.S. Is that September,said in ahearing On TikTok TheCEO’scommentsin deals morefraught forbig tech ence in the U.S.” the internet we want?” Mr. that TikTok threatens the pri- Washingtonabout the Chinese companies,sothey might look Mr.Zuckerberg’sarguments Zuckerbergsaid in his speech. vacy of American children. app were tied intoFacebook’s to other defensivemeasures about TikTok show a reversal Days later, Mr. Zuckerberg “For Facebook,the fear is ContinuedfromPageOne campaign to blunt antitrust instead, Mr.Wieser said. “You in his stance on China. reiterated his concerns about lost social-media market TikTok specifically in meetings and regulatorythreatsbyem- might then in fact welcome In 2010,hesaid he was China during the WhiteHouse share,” he said. “For the rest with several senators, according phasizing Facebook’simpor- moreregulation or thingsthat planning to learn Mandarin, dinner with Mr.Trump,the of us,the fear is somewhat to people familiar with the tancetoU.S.tech pre-emi- and made several well-publi- president’sson-in-lawJared different.” meetings. In lateOctober,Sen. nence, he said. cized trips to China over the Kushner, and Facebook board Kelli Ford, a spokeswoman TomCotton(R.,Ark.)—who met “Our viewonChina has Few tech companies yearsasFacebook explored member Peter Thiel, who has forSen. Hawley,said the sena- with Mr.ZuckerberginSeptem- been clear: we must compete,” the possibility of getting back been abacker of Mr.Trump, tor’sconcerns about TikTok ber—and Sen. Chuck Schumer Mr.Stone said in astatement. have as much to gain intothe world’smost popu- according to people briefed on predated the meeting with Mr. (D., N.Y.)wrote alettertointelli- “AsChinese companies and in- as Facebook from lous country, whereithas the conversation. Zuckerberg. “Facebook has re- genceofficials demanding an in- fluencehavebeen growing,so been banned since 2009. Mr.Zuckerberg’steam also cently been sounding the quiryintoTikTok.The govern- has the risk of a global inter- TikTok’s travails. Mr.Zuckerbergsaw TikTok’s reached out to membersof alarm about China-based tech ment began anational-security netbased on their values,as success coming.When itspre- Congresswho aretough on as aPRtactic to boost itsown review of the companysoon af- opposed to ours.” decessor app in the U.S.,Musi- China, according to people fa- reputation,” she said. ter, and by the spring,Mr. In an employeemeeting cal.ly started becoming popular miliar with the meetings. He —Deepa Seetharaman Trump began threatening to ban this month, Mr.Zuckerberg would limit the opportunities among U.S. teens in 2017, Face- asked them whyTikTok should and Michael C. Bender the app entirely.This month he called the executiveorder forupstarts,” he said. book considered acquiring it, be allowedtooperateinthe contributed to this article. signed an executiveorder de- against TikTok unwelcome be- TikTok’sfateisupinthe TheWall Street Journal has re- mandingthat TikTok’sChinese cause the global harm of such air. With the Trump adminis- ported. Instead, Bytedance owner,ByteDanceLtd., divest it- amovecould outweigh any tration’sdeadline looming,Mi- bought Musical.ly,and later re- THE WALL STREET JOURNAL self of itsU.S.operations. short-term gain to Facebook. crosoftCorp.has said it is ne- branded it as TikTok. (USPS 664-880) (Eastern Edition ISSN 0099-9660) Fewtech companies have as Theremarks were earlier re- gotiating to buy TikTok’s U.S. In the October speech in (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) much to gain as Facebook ported by Buzzfeed News. operations,and at least two Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 from TikTok’stravails,and the TikTok has gained more other groups arebelieved to Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. social-media companyhas than 100 million U.S. usersand be circling, involving Twitter CORRECTIONS  Postmaster: Send address changes to The Wall Street Journal, takenanactiverole in raising become the biggest threat to Inc. and Oracle Corp. AMPLIFICATIONS 200 Burnett Rd., Chicopee, MA 01020. concerns about the popular Facebook’sdominanceofso- It is possible that TikTok All Advertising published in The Wall Street Journal is subject to the applicable rate card, app and its Chinese owners. cial media, as the app’saddic- ends up with one of those copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., It couldn’t be determined tiveblend of dancevideos and companies,immediately mak- Noticetoreaders 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final exactly what role Mr. Zucker- goofs has made it a sensation ing the buyer aformidable Wall Street Journal staff acceptance of the advertiser’s order. berg’s comments have played amongyoung people around U.S. rival to Facebook. membersare working re- Letters to the Editor: Fax: 212-416-2891; email: [email protected] in the government’s handling the world. In the firstquarter Facebook’sadvocacyhas motely during the pandemic. Need assistance with your subscription? of TikTok.Aspokeswoman for of 2020,TikTok became the angered people inside TikTok, Forthe foreseeable future, By web: customercenter.wsj.com; By email: [email protected] Mr.Cottonsaid his office most-ever downloaded app in according to people familiar please send reader comments By phone: 1-800-JOURNAL (1-800-568-7625) doesn’t comment on the sena- a single quarter, according to with the matter. Last month only by email or phone, using Reprints &licensing: tor’s meetings. research firm Sensor Tower. CEO Kevin Mayerpublicly ac- the contactsbelow, not via By email: [email protected] By phone: 1-800-843-0008 Asked about the dinner,a “TikTok has gone from be- cused Facebook of trying to U.S. Mail. WSJback issues and framed pages: wsjshop.com WhiteHouse spokesman said ing next-to-nothing to quite unfairly quash competition. the administration “iscommit- somethinginmajor Western “AtTikTok,wewelcome Readers can alert The Wall Street Our newspapers are100% sourcedfromsustainably certified mills. Journal to any errors in news articles tedtoprotecting the American marketsinthe last two years,” competition,” he said in ablog by emailing [email protected] or GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS people from all cyber related said Brian Wieser, global pres- post.“But let’sfocus our ener- by calling 888-410-2667. P2JW237000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Monday, August 24, 2020 | A3 U.S. NEWS Blackouts Traced to New Flub

BY REBECCA SMITH California's in-stateelectricity AND KATHERINE BLUNT production, by source

When rolling blackouts Natural gas Solar*Wind darkened partsofCalifornia 120,000 gigawatt-hours this month, Frank Wolak,an economics professor and en- 90,000

JOURNAL ergy-marketsexpert at Stan- ford University, had a painful

REET 60,000

ST sense of déjà vu.

LL Mr.Wolak wasamong the

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NG state electricity-deregulation 2010 ’12 ’14 ’16 ’18 KA lawresulted in frequent power *Includes photovoltaic and thermal sources. shortages,sporadic blackouts, Source:California Energy Commission INHEA

Y astronomical wholesale prices

MAR and market manipulation. and 2018,the statereduced its Tomar and the FCs records at the Bud’s Recording Services in Austin, Texas. The pandemic has dealt a harsh blow to live music in the city. As Californians again expe- consumption of electricity riencerolling blackouts, and from natural gas-fired power millions more are threatened plantsby21%, according to Austin Live-Music Scene GoesFlat with losing power, a warning the state’senergy commission. that continues through Mon- Over that same period, it in- day, Mr.Wolak said it was creased renewable-energy con- BY ELIZABETH FINDELL which point most of the clubs Another two clubs on the VanZandt to,morerecently, clear that “California policy sumption by 54%. we knownow will have disap- same block closed too, includ- GaryClark Jr.and Shakey makers completely forgot the Michael Peevey,who served AUSTIN,Texas—Music fans peared,” said James McMurtry, ing Jason McNeely’s Barra- Graves,aswell as festivals lessons from the crisis…in as president of the California travel from all over the world alongtime Austin singer-song- cuda, which wasonly starting such as SouthbySouthwest their rush to go green.” Public Utilities Commission to Austin to catchaliveband writer. to become profitable in itsfifth and Austin City Limits. Onceagain, abig part of under three governors before anynight of the week while Some clubs have already year.“It wasprettysimple TheAustin City Council the problem is that California stepping down at theend of having abeer and taco on the pulled the plug sinceMarch. with the math,” Mr.McNeely christened Austin the world’s regulators have left the state 2014, wasakey figure in im- patio of aclub. Threadgill’s, abeer and said,explaining that high rent live-music capital in 1991, after exposed to buying large plementing increasingly ambi- But the Covid-19 pandemic chicken-fried-steak joint, meant the venue’sprofitmar- asurvey indicated it had more amountsofimported electric- tious mandates by statepoliti- is bringing what industry in- opened in 1933 with the ginwas slim even beforethe music venues than anyother ity on the spot market during cians that required utilities to sidersfear could be adebilitat- county’s firstpost-Prohibition pandemic.“Therewas no way U.S. city.But Austin soon grew peak periods on days when purchase morewind and solar ing blowtothe iconic venues beer license and launched the we could save it.” from aquirkycollegetowntoa thereisextremeenergy de- power, as California pushed to of the self-proclaimed live-mu- career of Janis Joplin. It closed Even if musicclubs areal- hip destination for tech compa- mand. Mr. Wolak likened it to become aleader in combating sic capital of the world. forgood at the end of April, a lowedtoreopen, he and other nies and coastal transplants, going to the airport on climate change. Two-thirds of the city’s month intothe pandemic shut- venue ownerssaid it would be pushing rentsupand forcing Thanksgiving and expecting to He was one of the chief ar- venue ownerssaid they expect down, and auctioned itsexten- neither safenor financially via- out manyvenues and artists. fly standby. chitectsofapolicytoguide the Covid-19 crisis will force sivehistoric memorabilia this ble to trytokeep people dis- Studies in the 2010s found the Only this time,the crunch resource additions afterthe them to close permanently by month. tanced beforemusicians who industrywas losing thousands time forthe state’sgrid opera- 2001 energy crisis, which es- lateOctober,according to a Shady Grove, arestaurant projectwhen they sing. of jobs. tor isn’t the actual power de- tablished apecking order that June survey by the Austin known forits outdoor concerts, Rebecca Reynolds,president Mélat, an Austin-area native mand peak in lateafternoon— Chamber of Commerce.Many closed permanently in May, af- of the Music Venue Alliance born to Ethiopian immigrants, it is when the sun startstofall hadalready struggled before ter28years. This month, 16- Austin, said thereare afew wasjust beginning to see her in early evening,asthe renew- Few in the state the pandemic as rent and other year-old music venue One-2- U.S. cities that hang their hats singing career break out before able energy the stateisin- costsrose rapidly in the fast- One Bar said it would sell the on music,but Austin’s$2bil- the pandemic,she said. Austin creasingly dependent on be- dispute the need for growing Texas capital. businessafter it applied for lion music industrydepends on had begun to showaninterest gins to wane. more contracted With Austin’slive-music city aid but didn’t receive liveclubs rather than the rein her brand of R&B and she On many days, California’s scene already on the ropes, enough to keep it from racking cording and publishing houses had completed her firststate- grid operator now has to find sources of power. Texas barswereforcedto up debt. Scratchouse,afour- of cities likeNashville,Tenn. wide tour in March. “I don’t 10,000 to 15,000 megawattsof close—twice—with no timeline year-old downtownclub,spent Over the decades,Austin’slow knowwhat the landscape looks replacement power—some- forwhen it might be safeor lateMarch and April posting cost of living and hippie cul- likeafter this,and it’stoo de- times 25% to 50% of what it profitable to reopen. linkstosupport fundraising ture birthed dozens of venues pressing to think about much needs to keep the lights on— gavepriority to energy effi- “I don’t see anything really pages.Byearly June,itwas and musical careersfromSte- because it’severything we do,” during a three-hour period as ciencyand renewable power openinguntil [mid-]2021, by forced to announceits end. vie RayVaughan and Townes she said of music venues. solar, and to alesser degree, over gas-fired generation. wind power, falls off. Mr.Peevey said rigid adher- California oftenrelies on encetothat policymight have imported powerfromother gone toofar,particularly in Major Storms Track Toward Louisiana states to help fill its void. But light of statedecisions to shut when aheat wave gripped the down two big sourcesof Western U.S. this month, the round-the-clock power, the BY STEPHANIE YANG dentstocontinue following statestruggled to find away SanOnofrenuclear-power coronavirus safety protocols. to replaceupto8,000 mega- plant in 2013 and the last re- Twomajor storms areon “It should not be lost on watts of disappearing renew- maining nuclear plant in the track to hit the U.S. Gulf Coast anyLouisianan that in addi- able energy each evening.It state, Diablo Canyon, after this week,bringing potentially tion to twin tropical weather came up short on some days 2025. dangerous flooding and threats, we still have to deal by as much as half that “It worked well until these surgestoLouisiana, Missis- with the Covid-19 pandemic,” amount and had to call for last few years, apparently,” sippiand Texas. Mr. Edwards said. rolling blackoutsonAug.14 Mr.Peevey said. He added that TheNational Oceanicand Previous forecasts showed and 15. he worried the statedidn’t re- Atmospheric Administration the possibility that both The events, which have oc- serveenough round-the-clock forecast that Tropical Storm storms could strengthen into curred as the stateisalso powergeneration “during this Marco—currently in the Gulf hurricanes while simultane- fighting wildfires,and millions rush to renewables.”

of Mexicoand downgraded GES ously in the Gulf of Mexico, areathome due to the corona- Fewinthe statedisputethe

from ahurricane Sunday IMA which would be the first time virus pandemic,havecoined a need formorecontracted night—will makelandfall Mon- in historythat occurred.How- newwordinCalifornia, used sourcesofpowertoaddress

day in Louisiana. GETTY ever,Mr. Cline said it now by critics of the state’srenew- what went wrong.But whereas Tropical Storm Lauraal- seems unlikely that Marco and able energy emphasis: some believethe statehas EDLE/

ready has hit Puerto Rico and RA Laurawill be in the Gulf of “greenout.” gone too far in squeezing out

the U.S. Virgin Islands,leaving JOE Mexicoatthe same time or in- Investigations areunder gas-fired generation, others thousands without utilities.On Antieau Gallery in New Orleans was boarded up on Sunday. fluence each other. way to determine what went areurging stateofficials to ac- Sunday, it brought heavy rain- TheNOAAwarned of life- wrong and why, but it appears celeratethe transition to a fall and flash flooding in the with the NOAA’s National Ricorequested an emergency threatening floods along the that resourcesthat were ex- fossil-fuel-free future. Dominican Republic and Haiti Weather Service. “You wouldn’t declaration Friday, which was Gulf Coast once Marco makes pected to provide electricity In alettertoGov.Gavin as it approached Cuba. Laura have anytime forrepairs.” granted by President Trump landfall,though the storm is failed to come through in Newsom, the state’sutilities is expected to strengthen into In aSundaybriefing,the on Saturday. Mississippi Gov. expected to weaken onceit some cases.One gas-fired commission and grid operator ahurricane on Tuesdayasit Federal EmergencyManage- Tate Reevesissued astate of moves inland. power plant tripped and haze were unequivocal in their enters the Gulf of Mexico and ment Agencysaid about emergencyonSaturday. So far this year there have and low wind speeds crimped commitment to the state’s to make landfall in Louisiana 32,000 customersinPuerto On Friday, Louisiana Gov. been 13 named storms,are- the contributions of some so- clean-energy goals.The letter Thursdaymorning on the Ricowerewithout power, and John Bel Edwards also de- cord,according to Philip lar and wind farms. cautioned that renewables heels of Marco. 13,700 without water service. clared astate of emergency Klotzbach,research scientist Two numbers help explain shouldn’t become ascapegoat “It’saone-two punch here In the U.S. Virgin Islands, for the state, which is threat- at Colorado State University’s whyCalifornia finds itself and said, “Clean energy and with this,” said Joel Cline, 4,763customershad no power. ened by both tropical storms. Department of Atmospheric scrounging for megawatts on reliable energy arenot contra- tropical program coordinator Thegovernor of Puerto Gov. Edwards cautioned resi- Science. manyevenings. Between 2014 dictory goals.” California Wildfires Burn More Than 1Million AcresofLand

BY JULIE WERNAU firesinprevious years, such as that has been hit with numer- 85 people killed in the town of ous wildfires in the past few Thousands of firefightersin Paradise in 2018.Fivepeople years. TheLNU Lightning Com- California arebattlingtocon- have died in the blazes in the plex, as it’scalled, burned tain massivewildfires that have past week,according to Califor- 341,243 acres as of Sundayand burned morethan 1million nia fire officials,with tens of wasonly 17%contained. acres in recent days,primarily thousandsforcedtoflee. TheSCU Lightning Complex, around thestate’s population “I can’t stressenough the which comprises two big fires centersinthe north. importance of being prepared raging throughout the counties Twoclustersofwildfires to leave,” Cal Fire Unit Chief of SantaClara, Alameda, Contra have surrounded the SanFran- Shana Jones said to people liv- Costa, SanJoaquin and Stanis- ciscoBay Area, afterexploding ing in evacuation zones during laus,torched 339,968 acres as in sizeoverthe weekend to be- abriefing Sunday. Ms.Jones of Sundaymorning.Fireoffi- come the second and thirdlarg- said forecast dryweather,wind cials said 10% of the complex est by acreage in the state’sre- and lightning strikes arelikely hasbeen contained. corded history. California has to lead to moreblazes.Officials Fire officials arebattlingfor been hit by nearly 12,000 light- said resourcesmay need to be resources, as Covid-19 restric- ning strikes in just over aweek, pulled from battling activefires tions and other firesinthe U.S. according to fire officials,the in order to put out newones. have kept moreaid from the primarycause of the blazes. TheTrump administration state. Approximately 5,000 fire- Morethunderstorms were fore- on Saturdayapproved Califor- fightersfought the 2018 Men- cast Sunday, further hampering nia’srequest foramajor disas- docino Complex, the largest fire firefighting efforts. terdeclaration. in statehistory, nearly three /REUTERS TIF

Early widespread evacuation Thelargest massoffires are timesasmanyasare battling LA ordershavesofar helped Cali- burning in California’swine re- theLNU Lightning Complex.

fornia avoid the number of gion, including Napa, Sonoma —Erin Ailworth contributed ADREES deaths caused by large wild- and Lake counties,aregion to this article. Achimneystands at the siteofaburned house in Napa, California, hit by manywildfires in recent years. P2JW237000-5-A00400-17FFFF5178F

A4 | Monday, August 24, 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 Trump Trails but Has Strengths to Tap

Standing improves most battleground states, yearsago, negativeviews out- Holdingsteadywith Hispan- combative style. who will confront the Wash- though his deficit is smaller numbered positive ones by 33 ics: Mr. Trump trails his 2016 But Mr.Trump has also ingtonestablishment, ahall- among white voters, than in national polls. percentagepoints. support levels among many boosted Republican intensity. mark of Mr. Trump’s pitch to while undecided group “The president’sstruggles Hereare some other signs groups,polling finds.Among This week’sconvention has the voters,overone who makes an aren’t with one specific group,” Mr.Trump could improvehis Hispanic voters,bycontrast, potential to raise it further. appeal based on competence tilts toward the GOP said Nathan Gonzales,editor position in the race,drawn from he appearstohavemaintained Interest in the election has and compassion, key themes and publisher of the nonparti- Journal/NBC News surveys: or even improved his standing. risen among Republicans in during the Democratic conven- BY AARON ZITNER san Inside Elections report. Some 31% of the nation’s the past month and now tion. “He’sstruggling in the suburbs An improved imageamong largest ethnic or racial minor- matches Democratic interest. President Trump heads into but also underperforming in ru- whitevoters: Among white ity group saythey will back Some 85% of Republicans rate Trump leads in the economic this week’sRepublican National ralareas.Welook at individual voters,Mr. Trump lagsbehind the president, aslightly higher themselves as highly inter- argument: Polls have consis- Convention with national polls congressional districts, and I his 2016 vote shareasre- sharethan the 28% who voted estedinthe election, com- tently turned up voters who showing him trailing in his race can’t think of one wherehe’s corded by exit polls.But white for him in 2016, according to pared with 83% of Democrats. sayMr. Trump has done a forre-election. But surveysalso performing as well as in 2016.” voters in the most recent exit polls. good job handling the econ- identifystrengths in his politi- But in afew ways,the presi- Journal/NBC News survey Hispanic voters aren’t a Up-for-grabs voters lean Re- omybut won’t commit to re- calstanding,some of them not dent’sposition is stronger than were divided almost equally unified bloc,and their parti- publican: TheJournal/NBC electing him. In August, 48% widely noted, that could help head-to-head polling shows. between positiveand negative san profile varies by state. But News survey in July looked at said he wasthe candidatebest him close the gapbyElection At this point in the last elec- views of the president. Four Mr.Trump could makegains voters who haven’t ruled out able to deal with the economy, Day. tion, Mr.Trump trailed his yearsago, negativeviews sig- in Florida, Arizona and several either candidateand are“in 10 percentagepointsmore Mr.Trump lagsbehind Dem- Democratic opponent by 9per- nificantly outweighed positive other battleground states if he play” in November.These vot- than said so of Mr.Biden, and ocratic nominee JoeBiden by 9 centagepointsinJournal/NBC ones among whitevoters, 54% cuts into Democratic margins ersasagroup have character- yetmorepeople said they percentagepoints, this month’s News polling,ashedoes today. to 35%. among Hispanic voters. istics that suggest they are would vote for the Democrat. Wall Street Journal/NBC News And his public imagehas “Trump improved his image open to Mr.Trump and his Journal/NBC News polling poll found. Thepresident’s picked up some shine.More among whites by about 20 Rising interest among Re- party. also shows dissatisfaction shareofsupport, nowat41%, voters sawMr. Trump in aneg- pointsinthe last four years,” publicans: Intensity and anger Some 22%haveapositive with Mr.Trump’smanage- hasn’t topped 44% this year ative light than apositiveone said Micah Roberts, aRepubli- can drive turnout, and Demo- imageofMr. Trump,while ment, including the fact that against Mr.Biden. Mr.Trump in themost recent poll, by a canpollster who works on the crats sought to use their con- only 11% have apositiveimage morethan half of Americans also trails the former vicepresi- margin of about 12 percentage Journal/NBC News survey with vention last week to unifyvot- of Mr.Biden, the July poll disapprove of his handling of dent in aggregated polling of points. But at this time four Democrat Jeff Horwitt. erswho dislikeMr. Trump’s found. They prefer acandidate the coronavirus pandemic. GOP to Call for Keeping Economy Open Conway

BY JOSHUA JAMERSON Leaving WASHINGTON—Republi- cans will use their national White convention this week to defend some in-person activities as essential to keeping the House economyhumming,setting up acontrast with Democrats’ BY ALEX LEARY calls to keep Americans at home if the coronavirus pan- WASHINGTON—Kellyanne demic worsens. Conway,one of the longest- Thecompeting notions preserving membersofPresident viewatheme heading intothe Trump’sWhiteHouse,will fall as President Trump and leave the administration at the Democratic presidential nomi- end of the month, she said nee JoeBiden step up their Sunday night.

campaigning.The two sides GES Ms. Conway, a pollster and

areplacing different betson IMA strategist, cited family needs Americans’ willingnesstostay in astatement, in which she

home to curb the spread of GETTY said she would in time an-

Covid-19. SE/ nounce future plans. In an ABC News interview “The past four yearshave that airedSundaynight, Mr. allowed me blessings beyond ANCE-PRES

Biden said he would be pre- FR compareasapart of history pared to take moredrastic fed- on Election Night 2016 and as

eral measures to close off the GENCE senior counselor to the presi- economyifitmeant controlling /A dent,” she wrote. “It’sbeen US the spread of the coronavirus. heady. It’s been humbling.” CYR “I would be prepared to do Ms.Conway also said her GAN

whatever it takestosavelives, LO husband, George Conway,a because we cannot getthe Delegates arrived Sunday at the Charlotte Convention Center in North Carolina for this week’s Republican National Convention. vocal Trump critic, was mak- countrymoving until we con- ing changes,which he said in- trol the virus.That is the funda- tion and do it in ahealthyand ing to Milwaukee. cluded taking ahiatus from mental flaw of this administra- safeway,” Ms.McDaniel said In the Spotlight u South Carolina Sen. Tim GOP aides sayMr. Trump Twitterand an anti-Trump tion’sthinking to begin with,” on CBS’s“Face the Nation.” Scott plans to speak every night of groupofRepublicans called said Mr.Biden, aformer vice “This is arealistic way of On Monday u Louisiana House Republican the Republican convention and the Lincoln Project. president. Asked what he would opening up our countryand Whip Steve Scalise deliver his speech accepting “Needlesstosay,Icontinue do if the virus wasspreading doing it in a healthy and safe u Florida Rep. Matt Gaetz the GOP nomination from the to support the Lincoln Project along with the flubyJanuary, way.And the Democratsare The schedule of speakers u Ohio Rep. Jim Jordan White House residence. andits mission. Passionately,” when he would be inaugurated saying, shut it all down. Well, at the mostly virtual Republi- u Former U.N. ambassador Several Republicans,includ- he wrote in a tweet. if he won, Mr.Biden responded: that’s easy for Hollywood ce- can National Convention is still Nikki Haley ing Ms.McDaniel and White “We disagree about plenty “I would shut it down. Iwould lebrities and privileged politi- being finalized, and includes a u Republican National Commit- House chief of staff Mark but we areunited on what listen to the scientists.” cians, but that’s not good for mix of big-name politicians and tee Chairwoman Ronna Mc- Meadows,described the Dem- matters most: the kids,” Ms. Ronna McDaniel, the head of average Americans.” everyday Americans. Daniel ocratic convention as overly Conway, 53 years old, said. the Republican National Com- Sen. Chris Coons (D., Del.), u Georgia Rep. Vernon Jones focused on Mr.Trump’srecord Ms.Conway,who initially mittee,cast Mr.Biden’scom- one of Mr. Biden’s confidants, The schedule of well-known u Donald Trump Jr., the presi- and less so on how Mr. Biden supported Texas Sen. Ted mentsasanunrealistic viewfor said Mr.Biden would as presi- speakers includes: dent’s oldest son would govern. Aides said Mr. Cruz in the 2016 GOP presi- manyAmericans.She said that dent convinceAmericans it Trump would present the na- dential primaries,has been at theRepublican convention wasthe right thing to save tion’scoronavirus response in oneofthe most unwavering this week,therewill be testing lives, despite any negative ef- ident would travel to North in Milwaukee but asked party a positive light. supportersofMr. Trump’s forin-person eventsand pre- fectsonthe economy. “Ifpub- Carolina, wherethe RNC is officials to stay home and con- Democratshavesaid the agenda,and aregular de- sented that as amodel foren- lic-health officials saythat’s taking place, though she didn’t duct the convention virtually federal government wasun- fender on cable news. gaging in large-scale social ac- the only way forward, he’s specifically saywhether Mr. because of the pandemic. Mr. prepared to respond to the vi- Her departure, reported tivities during the pandemic. willing to do it. He’swilling to Trump would be in Charlotte, Bidengavehis speech accept- rus, noting the magnitude of earlierbythe Washington “Weare doing the things lead,” Mr. Coons said on “Fox the event’shost city.The Dem- ing his party’s nomination the Covid-19 cases and deaths Post, comes as Mr.Trump en- that areallowing people to News Sunday.” ocratshad long planned for from his hometownofWil- in the U.S. compared with ters acrucial stretch in his re- livetheir lives,haveaconven- Ms.McDaniel said the pres- their convention to take place mington, Del., in lieu of travel- other developed nations. election campaign. Biden Would Reverse Most Immigration Changes President Dismisses BY MICHELLE HACKMAN wouldn’t be satisfied with are- turn to Obama-eraimmigration WASHINGTON—President policies. Sister’s Trump has used his executive- “The next Democratic ad- branch authority to remake ministration must understand Criticisms nearly everyfacet of the U.S. that it’snot enough to undo the immigration system. If Demo- harm, but to think aggressively BY ALEX LEARY cratic presidential candidate and use everytool at their dis- JoeBiden is elected in Novem- posal to rethink and advance WASHINGTON—TheWhite ber,heisexpected to use many our system,” said Lorella Praeli, House dismissed as politically of those same leverstoundo GES co-president of Community motivated recordingsofPresi- Mr.Trump’schanges and even IMA Change, agroup that works in dent Trump’ssister disparaging end some immigration enforce- voterengagement forpeople of her brother’s conduct and say- ment measures that have been GETTY color.“We’reexpecting that ing he lies and has no principles. SE/ in placefor decades. same focus on immigration, but Therecordingsweremade Many of Mr.Biden’spolicy in the oppositedirection.” by MaryL.Trump,the presi-

plans would requirelegislation ANCE-PRES Mr.Trump,who is again dent’sniece, and areofconver-

to enact—but immigration is an FR making immigration acentral sations with Mr.Trump’solder issue wherethe former vice issue of his campaign, has sister,Maryanne Trump Barry. ENCE

president would have the abil- AG seized on Mr.Biden’smorepro- “Everyday it’ssomething E/

ity to enact much of Demo- TJ gressivestance. Thepresident else,who cares,” President

crats’ desired agenda through RA says that manyofthe changes Trump said in astatement.“I UL

regulatorychanges and other PA Mr.Biden and Democratsare missmybrother,and I’ll con- executiveactions.Mr. Biden An asylum seeker and his son from Nicaragua wait to enter the U.S. to change their court dates. championing would make tinue to work hardfor the has also said he would pursue a Americans lesssafe, and fre- American people.” Aprivatefu- bill providing apathway to citi- He has also said he would den faced criticism from Latino known as Dreamerswho had quently links illegal immigra- neral washeld Friday at the zenship forthe 11 million immi- end Mr.Trump’sbans on travel organizations fortying himself been living in the countryille- tion to crime in his speeches. WhiteHouse forthe president’s grantsinthe countrywho lack from foreign countries—includ- tooclosely to the Obama ad- gally. Aspokesman forMr. brother,Robert Trump,who permanent legal status,atask ing 13 Muslim-majority and Af- ministration’simmigration re- During the campaign, Mr.Bi- Trump’scampaign didn’t re- died at age71. made easier if Democratstake rican nations—eliminate the cord,which they associatewith den shiftedhis tone on immi- spond to questions about what Attemptstoreach Ms.Barry back control of the Senate. wealth test Mr.Trump imposed high numbersofimmigration gration and adopted several of immigration policies Mr.Trump on Sundaywereunsuccessful. Mr.Biden said in an inter- on green-cardapplicants, re- arrestsand other tough en- the policychanges his morelib- would pursue in asecond term. In the recordings, Ms.Barry, view this month at avirtual storethe annual caponrefu- forcement measures.The eral rivals proposed. In the past few months, 83 and aretired federal judge, joint convention hosted by the gees to 125,000 people from a Obama administration deported Mr.Biden also has promised amid thecoronavirus pan- makes several critical com- National Association of Black record-low18,000,and end a moreimmigrantsannually than to stop some enforcement mea- demic,Mr. Trump has shut mentsabout the president, call- Journalistsand the National program that sends asylum the Trump administration. sures takenbythe government down most legal immigration ing him cruel and asserting that Association of Hispanic Jour- seekersback acrossthe border President Obama also en- in recent decades,including a avenues,banning manyvisa his actions aretoappeal to his naliststhat he would halt con- to Mexicotoawait their immi- acted immigration changes us- pledge to stop jailing families categories,halting refugeead- base of supporters. struction of Mr.Trump’sborder gration hearings. ing executiveauthority,most seeking asylum. That partly re- missions and denying nearly all “His goddamned tweet and wall, the president’ssignature In the early days of the notably to createaprogram to flectsthe activism of immigra- migrantsatthe border a lying—oh my God,” Ms.Barry 2016 campaign promise. Democratic campaign, Mr.Bi- protect young immigrants tion advocates,who saythey chancetoask forasylum. says at onepoint. P2JW237000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, August 24, 2020 | A5 U.S. NEWS Accord Proposed AlaskaMine FacesU.S.Roadblock

Elusive BY TIMOTHY PUKO trying to defend against politi- “All those reportskind of copper and other deposits nior administration official calinfluenceopposing the proj- said the same thing: not worth potentially $300 billion said. “Ifthat companyhas bet- A massive gold and copper ect. Prominent supportersof enough facts, nowherenear the to $500 billion.But it has faced terfinancial backing,ifthey’re On Postal mine planned forAlaska faces President Trump—including right mitigation, and the proj- morethan adecade of opposi- able to meet the environmental widespread opposition in the Donald TrumpJr.—have re- ect would result in significant tion from locals and environ- problems that arecited in this Trump administration over cently started avocal push to mentalists because itsgiant announcement, the door is not Funding concerns that the project’sde- kill it, saying it jeopardizes the footprint would requireexca- 100% closed intothe future. veloper couldn’t resolve envi- Bristol Baysalmon fishery. Prominent Trump vating in the headwatersofthe But the door is closed forquite BY KRISTINA PETERSON ronmental risks associated Pebble Limited is the An- Bristol Baywatershed near the some time.” AND SIOBHAN HUGHES with the project, a senior ad- chorage, Alaska-based subsid- backers recently Bering Sea, home to one of the TomCollier, Pebble Lim- ministration official said on iaryofCanada’s Northern Dy- voiced opposition world’slargest wild salmon ited’schief executive, said the Democratsand Republicans Sunday. nasty Minerals Ltd. populations. ArmyCorps is requiring miti- showedfew signs of moving TheArmyCorps of Engi- Thesenior official said those to the project. While not outright denying gation to account forall the closer to acompromise Sunday neersisexpected to recom- opponentsdidn’t influencethe the project, the U.S. Army acres the project disturbs and on funding forthe U.S. Postal mend Mondaythat the Pebble decision. TheNational Eco- Corps of Engineersisissuing that mitigation must take place Service, aday afterthe Demo- Mine notbeallowedtomove nomic Council has formonths requirementsfor some of the in the same watershed. cratic-led House passed legisla- forward without significant ad- been reviewing reportsfrom degradation of the environ- most severemitigation it can His team is working on a tion preventing cutbacks at ditional mitigation measures, several federal agencies that ment,” the official said. “Wedo prescribe under the law. newmitigation proposal that least through Januaryand pro- TheWall Street Journal re- suggested Pebble’sdevelopers support mining.But this just “Ifyou want to go out into he expectstobefinished viding an additional $25billion ported Saturday. maynot be able to resolveen- didn’t work.” the distant future, it’spossible within afew weeks and lead to to the agency. Theproject’sowner, Pebble vironmental risks tied to the ThePebble Mine in south- that the Pebble Mine issue aresolution with the Corps be- Democratsare concerned Limited Partnership,has been project, theofficial said. west Alaska seeks to tapgold, could come up again,” the se- fore Election Day. that deliverydelays affecting basic mail servicewould spill over intoanelection being held during the coronavirus pandemic.InarareSaturday ses- sion held during August recess, the bill passed 257-150,with the support of 231 Democratsand 26 Republicans.Itwas opposed by 149Republicans and one In- dependent. House Speaker NancyPelosi HERE’S TO YOU (D., Calif.) brought the measure to the floor over the objections of House Republican leaders. They sayshe is promoting con- spiracytheories that Postmas- NEW YORK... terGeneral Louis DeJoy,amajor Trump donor appointed to the position in May, is cutting costsatthe financially strug- gling service to hinder voting by mail,which President Trump has criticized. Republicans sayitisroutine to decommission mail-sorting equipment and removemail drop-boxesthat the Postal Ser- vicedeems underused. They also saythe Postal Servicehas the money and capacity to han- dle the heavy volume of mail-in ballotsexpected. Mrs. Pelosi said on CNN that support from morethan two dozenHouse Republicans re- flected abipartisan desirefor theSenatetotakeupthe mea- sureimmediately. Mr.Trump again tweeted attacks on mail voting Sunday, asserting without evidencethat ballot drop-boxesallowpeople to vote multiple times and that they are“not Covid[-19] sani- tized.” That missiveprompted TwitterInc. to append awarning that his tweet ranafoul of the company’srules on civic and election integrity. GOP Tries To Boost Mail Vo te

BY ALEXA CORSE, TOM MCGINTY AND ELIZA COLLINS Republicans areplaying YOUR catch-up with Democratsto boost the number of their vot- ersrequesting mail-in ballotsin key states,aneffort that is complicated by President Trump’s criticismofall-mail voting. WASTEPAPER In North Carolina, Demo- cratic registered voters requested 53% of the absentee ballotscompared with 15% from Republican voters,according to an Aug.19analysis by ON ITS WAYTOOUR MichaelBitzer,aprofessor of politics and historyatCatawba CollegeinSalisbury, N.C. Therest of the requestscame from voters unaffiliated with either major party. 100% RECYCLED North Carolinians have threeoptions forvoting this fall: mail-in absentee ballots, an early in-person voting period and going to apolling placeonElection Day. The PAPER MILL surge in absentee voting is “uncharted territoryfor North Carolina,” said Mr. Bitzer. TheNorth Carolina Trump Victorycommitteerecently ON STATEN ISLAND sent an appeal to GOP voters with an imageofPresident Trump and apartial quotefrom one of his July tweets: “Absen- teeBallotsare fine because you Sincerely, have to go through aprecise processtoget your voting priv- ilege.” Themailer blurred out thesecond half of the tweet in which the president said: “Not so with Mail-Ins.RiggedElec- tion!!! 20% fraudulent ballots?” President Trump has said he opposes automatically mail- Anthony Pratt ing out ballotstoregistered voters,which he calls “univer- Chairman of Pratt Industries & sal mail-in voting,” and he says The Pratt Foundation it will invitefraud and errors. However, he has said he sup- portsasystemwhereavoter must request aby-mail ballot in advance, which he calls “absentee voting.” Absentee and WE SAVE MORE TREES THAN IN CENTRAL PARK — EVERY DAY vote-by-mail aresometimes used interchangeably. P2JW237000-4-A00600-1------XA

A6 | Monday, August 24, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Antibody DrugsAim to Aid Mildly Ill

BY JOSEPH WALKER only forabout amonth. If the promise bearsout during test- A kind of drug that takes a ing,the drugscould stand in pagefromabody’s natural an- as atype of temporaryvaccine tibody defenses maybeable to forpeople at high risk of in- givemanypeople early protec- fection,such as nursing-home tion against the coronavirus, residentsand possibly health- ahead of vaccines. care workers. Fewtreatments so far have “Todayifyou getCovid, been shown to be effective youwill have awaveoffear of against Covid-19,and even biblical proportions,” said My- S then, only in hospitalized pa- ron Cohen, an infectious-dis- PRES

tients. Potential vaccines, ease specialist at the Univer- TED meanwhile,are probably sity of North Carolina who is CIA SO

months away from completing overseeing antibody studies AS testing and becoming available for the NIAID. Y/ to the general public. “IfIcan giveyou ashot and LILL Researchersand health offi- guarantee you I stop the pro- cials expresshope that certain gression of disease,the world ON/ELI drugs, known as monoclonal changes,” he added. antibodies and in testing by Among the companies plan- MORRIS VID

companies including Regen- ning to launch antibody studies DA eron Pharmaceuticals Inc. in people this year areVir Bio- Eli Lilly is one of the companies testing certain drugs, known as monoclonal antibodies, to help stop the progression of Covid-19. and Eli Lilly &Co.,will fill the technologyInc.and partner breach. GlaxoSmithKline PLC,and pri- to Geoffrey Porges,anSVB sivemedication to patients for the virus. “And we can’t stop making “Thereisaneed forsafe vately held Adagio Therapeu- Leerink LLC analyst. early on in their disease when Regeneron andEli Lilly say cancer drugsorinsulin or any- therapies to be given early in tics Inc. AstraZeneca PLC this Early signs arepreliminary the drug is most likely to be that even if the drugswork, thing like that.” disease and monoclonal anti- month launched aPhase 1study but positive. Regeneron’s anti- effective, said Florian Kram- therewon’t be enough to treat Regeneron joined with rival bodies are paramount among of an antibody drug it licensed body drug both cleared and mer,amicrobiologist at the everyone because therearen’t Roche Holding AG last week them,” said National Institute from Vanderbilt University. preventedcoronavirus infec- IcahnSchool of Medicine at enough manufacturing plants to morethan triple the manu- of Allergy and Infectious Dis- Covid-19 clinical trials are tionsinastudy in monkeys Mount Sinai in New York. able to do the high-tech manufacturing capacity forits drug, eases Director AnthonyFauci. nowunder way for10new and hamsters. “The problemisputting it facturing that mAbs require. but said the increase probably “I’m very anxious to see what monoclonal antibodies,known Another reason foropti- intopracticeand when areyou Finitesupplies will mean still won’t be enough to meet the results are.” as mAbs in industryjargon, mism, infectious disease ex- going to use them?” said Dr. that government officials,non- demand. Thedrugs, which arein- according to the Antibody So- pertssay,isthat the antibody Krammer.“Areyou going to profit organizations and drug- Monoclonal antibodies are jected intravenously or with a ciety,aprofessional associa- drugsdeveloped by Regeneron giveittosomeone who comes makerswill likely have to human-made proteins made short needle, have the poten- tion of researchers. and the National Institutes of in who’s only alittle symptom- come together to set guide- from living cells that latch tial to work soon after some- The most advanced are al- Health were shown to be ef- atic? Probably not.” linesfor who gets the drugs, ontoother proteins that drive one is infected and still feeling ready in mid- and late-stage fective in the Ebola virus. Thedrugs would likely be said Eli Lilly Chief Scientific disease. only slightly sick,stopping the studies in newly diagnosed as Yetsome researcherswho used preventively by those at Officer Dan Skovronsky. Their discoveryinthe 1970s virus in itstracks beforethe well as hospitalized patients, expect antibody drugstowork high risk of infection or severe “It’s not a question of cost helped givebirth to the mod- seriously afflicted would need and in people who haven’t yet in clinical trials are skeptical complications from the dis- or working harder or a desire ern biotechnology industry, to be hospitalized. been infected. If they clear howmuch real-world impact ease,such as nursing-home to makeit. It’sjust the simple and they have been turned Themonoclonal antibodies testing,the drugsmight be they would then have. residentsand workers, or peo- math, the number of manufac- into blockbuster treatments might also prevent infection in available as soon as early in Doctorsmay be reluctant to ple exposed to ahousehold turing facilities in the world forcancer,vision lossand healthy people, though likely the fourth quarter, according prescribe abrand-new, expen- member whotested positive that areavailable,” he said. chronic inflammatorydiseases.

toward greenlighting convales- Plasma cent plasma forweeks,according New Option Opens to people familiar with the matter. At the request of the Na- Treatment tional Institutes of Health, last For Some Patients week,itexamined newdatafrom the Mayo Clinic and colleagues Is Cleared who have been evaluating the BY AMY DOCKSER MARCUS don’t have the disease. treatment in thousands of Covid-19 patients, according to a TheU.S.Food and Drug Ad- What have studies so far ContinuedfromPageOne person familiar with the matter. ministration just authorized found about convalescent bodies appeared to benefit TheFDA’s action is based emergencyuse of convalescent plasma? morethan those who received primarily on analyses of recent plasma fortreatmentofcertain TheMayoClinic,inRoches- ON/REUTERS

lowlevelsofantibodies,said SS datafromalarge expanded-ac- Covid-19 patients. Hereare ter, Minn., has led the largest

PeterMarks,director of the WA cess program sponsored by the some basic factsonthe treat- analysis of Covid-19 convales-

FDA’sCenter forBiologics Eval- SEY agencyand led by the Mayo ment, which wasgreen-lighted cent plasma.Sofar,morethan

uation and Research. LIND Clinic in Rochester,Minn. More based on preliminarydata 71,000 patientshavegotten Hospitalized patients—who Convalescentplasma has been called promising, but doesn’talleviate the than 72,000 Covid-19 patients while still undergoing testing. the treatment under the pro- received the plasma within three need foravaccine. ACovid-19 survivor donatesthe blood component. have been transfused to date gram.Preliminarydatafrom days of diagnosis and were un- through the program, though What is convalescent plasma? thousands of the patients indi- der the ageof80and not on and the agencywill evaluate FDAmust approvedrugs or vac- the FDArelied on datafrom Convalescent plasma is the catesconvalescent plasma ap- mechanical ventilation—bene- moreevidence. cines based on their safety and fewerpatients forits analysis. liquid part of blood collected pearssafe and works best in fitedthe most, with a35% im- Emergency-use authoriza- effectiveness—NOT political TheMayoClinic researchers from patientswho have recov- those who receivehigh anti- provement in survival 30 days tion waives some regulatoryre- pressurefromthe WhiteHouse,” reported, in a paper posted on ered from Covid-19 disease. body-plasma earlier in the afterreceiving the transfusion quirementsinvolved in using House Speaker NancyPelosi (D., apublic server earlier this People who recoverfromin- course of the disease. compared with patientswho got productsduring public health Calif.) tweeted Saturday. month, that patientstreated fectious diseases oftenpro- plasma with lowantibody levels, emergencies that aren’t yet Thereisahistoryofusing with plasma with high levels of duceantibodies that provide How conclusive is the evidence according to Dr.Marks. FDA-approved. convalescent plasma to treat antibodies within three days of protection against futurein- supporting convalescent “We’reconfident that conva- Mr.Trump,aRepublican who people during viraloutbreaks, diagnosis had amortality rate fection. Thehope is that anti- plasma? lescent plasma is safetouse in has spread messages attacking such as the1918 influenzapan- of 8.7% at seven days afterthe body-rich plasma from recov- Thedataaren’t definitive. this setting,” Dr.Marks said. scientistsincluding National In- transfusion, compared with a ered patients, when transfused Researchersinthe expanded Convalescent plasma has stituteofAllergy and Infectious mortalityrateof11.9% forpa- into seriously ill patients, can access study can’t be certain been seen as away to help peo- Diseases Director Anthony Mr. Trump took tientswho gotplasma with low help fight the disease.Asimi- the plasma is responsible for ple fight the disease and a Fauci, criticized the FDA in a levels of antibodies at four days larapproach has been used in the positiveoutcomes seen so bridgewhile other treatments tweet yesterday, saying the credit for the timing or moreafter diagnosis. past outbreaks, including Eb- far in patients, because every- areunder development.The agencywas impeding effortsto after criticizing the Theanalysis has limitations. ola disease and the 1918 influ- one in the study gotthe emergency-use authorization roll out coronavirus vaccines It hasn’t been published in a enza pandemic. plasma. Theresearchers, in doesn’t alleviate the need fora and drugsfor political reasons. FDA in a tweet. journal or subjected to peer re- other words, couldn’t compare vaccine or fortherapies known Thevaccines and drugsfur- view. Also,expanded-access For whom is the FDA those who gotthe plasma with as monoclonal antibodies that thest along in development are programs aren’t as rigorous as authorizing emergency use? patientswho received apla- could staveoff infection or removing at aremarkable speed, aclinical trial, which compares Under the terms of the cebo.Other studies have also ducethe seriousnessofone. industryand government offi- demicand the 2014Ebola out- howsubjectswho gotthe study emergency-use authorization, reported improved outcomes in President Trump,ataWhite cialssaid. Several arenow in breakinWest Africa. But there drug did at random with sub- doctorscan use Covid-19 con- some people who receivecon- House news conferenceSunday, late-stagetesting,which the is still considerable debate jectswho received aplacebo or valescent plasma in hospital- valescent plasma,though these described the FDA’smoveasa agencytypically requires to as- within the medical establish- the standardofcare. ized patients. studies also have limitations or breakthrough that makes the surethey work safely. ment about drawing conclusions Mr.Trump previouslytouted Thereare clinical trials un- aren’t randomized controlled productfar morewidely avail- WhiteHouse chief of staff on adrugtested outside arigor- two malaria drugs, hydroxychlo- der way,however, exploring trials,which scientistsconsider able than it hasbeen. He also Mark Meadowssuggested on ous clinical trial. Theexpanded roquine and chloroquine,tobe whether convalescent plasma the gold standardfor deciding took credit forthe timing,say- FoxNewsthat the FDAcould access study wasset up in the used in Covid-19 patients. The would help other Covid-19 pa- if atherapy works safely. ing his administration removed have moved faster to issue the early days of the pandemic to al- FDAsubsequently gavethe prod- tients, including those who Thereare studies under barriersdelaying action. emergency-use authorization. loweasier access to plasma and uctsanemergencyuse authori- have Covid-19 infections but way that meet the gold stan- FDACommissioner Stephen Democratscriticized the ensureitwas safe, not to estab- zation, then revokeditinJune. aren’t admittedtothe hospital dard, but researchershave Hahn said the authorization president and his administration lish if the drug waseffective. —Joshua Jamerson and those who areathigh risk sometimes struggled to find falls short of afull approval forpoliticizing the FDA. “The Theagencyhad been moving contributed to this article. of getting the coronavirus but enough patients to enroll. Number of NewCovid-19 CasesReportedinthe U.S. EdgesLower

BY JOANNE CHIU While newcases arerising tending parties as the newac- Sunday, Louisiana Gov.John the past week at apacefaster Indian authorities have sub- AND JENNIFER CALFAS in some states in the U.S.,the ademic year begins.Some col- Bel Edwards said the state than in the week prior.Au- stantially enhanced testing overall trend in the country leges have already halted plans would pause testing on Mon- thorities in Guam on Sunday andare focused on contact NewCovid-19 cases in the has been improving.The for in-person instruction as dayand Tuesday, and possibly reported 53 newcoronavirus tracing,isolation and early U.S. continued to driftlower 44,572new cases reported clusters of coronavirus cases further intothe week,because cases in the U.S. territory, medical care of Covid-19 pa- Saturday, staying below Saturdayweredownfrom quicklyemergedoncampus. of the coming hurricane and which entered intoafull lock- tients. 50,000 forthe eighth consecu- nearly 49,000 on Friday, and Wildfires burning through tropical storm. He told resi- down on Friday. It has nowre- Of the country’stotal con- tiveday as the Food and Drug have dropped notably from the California and two storms dentstoinclude masks,hand corded 820 cases,ofwhich 133 firmed cases, around three- Administration authorized averagedaily infections of heading toward the Gulf Coast sanitizer and disinfectant aremilitary-servicemembers. quarters, or 2.3million people, convalescent plasma as a morethan 60,000 in July. posed additional challenges to wipes in their emergency-pre- Elsewhere, India’stotal cor- have recovered, and the case treatment forserious corona- Reporteddaily cases are communities contending with parednesskits. onavirus cases surpassed the fatality rate of 1.86% is one of virus cases. falling in U.S. states that expe- the pandemic.OnSunday, Cali- “Of course the Covid-19 three million mark on Sunday, the world’slowest. Thecumu- TotalU.S.coronavirus cases rienced surges in infections fornia reported an additional pandemic is still with us.That with anear-record69,239 new lativedeath toll in the country rose to nearly 5.7million, just over the summer,such as Ari- 6,777 cases—slightly higher complicates the preparations infections recorded in the pre- stands at 56,706,trailing the underaquarter of the global zona, Texas and Florida, but than the state’sseven-day av- forand response to the hurri- ceding 24 hours, datafromthe U.S.,Brazil and Mexico. tally,while the nation’sdeath local leadersand business erageof6,015 but lowerthan canes as well,” the Democratic federal health ministry In South Korea, coronavirus toll surpassed 176,500,accord- ownersare seeking to strikea its 14-day average of 7,822. governor said. showed. At that pace, India cases jumped to nearly 400 on ing to datacompiled by Johns balanceofreopening schools Coronavirus-related hospital- Though newcases trended could soon surpassBrazil to Sundayasauthorities rolled Hopkins University.Globally, and economic activity without izations have been falling,with downward nationally, more become the world’s second- out stricter social-distancing morethan 23 million people enabling another flare-up. 4,561 patientsinhospital beds than a dozen U.S. states, as worst-hit nation in terms of measures to tackle newinfec- have been infected, the figures Grappling with safety con- Saturday—the lowest number well as Guam and the North- totalinfections. tions linked to achurch and an show, and morethan 806,000 cerns,universities have sincelateJune. ern Mariana Islands,haveseen As part of the broader antigovernment rally from the have died. warned students against at- At anewsconferenceon confirmed cases increase in strategytocontain the spread, previous weekend. P2JW237000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, August 24, 2020 | A7 WORLD NEWS NavalnyIllness Rattles Russia Opposition

His supporters say Russian authoritieshave people to claim their constitu- suppressed opposition activi- tional rightsinRussia,” she the most prominent ties,restraining Russians’ free- said. “But thereistremendous critic of the Kremlin dom to protest on the street or demand foranalternativebe- online,and largely barred cause people aretired of Putin, waspoisoned Kremlin critics from participat- tired of falling incomes and cor- ing in the political process. ruption that only serves the BY ANN M. SIMMONS In recent years, the Kremlin very rich.” AND THOMAS GROVE and the security services have In recent years, Mr.Navalny increasingly cracked down on has turned to astrategyhecalls MOSCOW—The sudden and dissent from groups outside the smart voting,wherepeople are mysterious illnessthat left state-sanctioned opposition encouraged to vote forthe Kremlin critic AlexeiNavalnyin parties known as the systemic strongest opponent of Mr.Putin acoma has delivered ablowto opposition.Opposition mem- regardlessofwhich party the Russia’spolitical opposition, bers have been physically at- S candidaterepresents.

throwing intoquestion itsfu- tacked, jailed and brought up on PRES As aresult, last fall, candi- tureatatime when the Kremlin criminal chargesthey sayare dates backed by Russia’soppo- has stepped up itseffortsto politically motivated. ZUMA sition wonnearly half the seats A/

stamp out dissent. Therising pressureoncritics /DP up forgrabs in Moscow’s city Mr.Navalnyfell ill on aflight of the Kremlin comes as Mr.Pu- elections,building on awaveof

from Siberia to Moscow last tin weighs his response to new PPELER proteststhat summer that ex-

week afterdrinking acup of tea challenges to his authority, KA posed some of the vulnerability that his supporterssay was from awaveofprotestsinRus- of Mr.Putin’sclosely controlled

laced with poison.Hewas evac- sia’sFar East to upheavalonits MICHAEL political machine. uated to aBerlin hospital on western border,where mass Alexei Navalnywas removedfromaplane on astretcher at Berlin’sTegel Airport on Saturday. Although the opposition Saturday. Doctorstherehaven’t protestsinBelarus arethreat- failed to makesignificant in- disclosed anydetails of his con- ening to oust one of his closest sis firm. “For Putin and many theKremlin on edge. temic opposition is capable of roads in local raceselsewhere dition or what they believe allies.While Mr.Putin’sap- people in Putin’scircle,the non- Thebiggest annoyancefor unitingeverybody.” in thecountry, Mr.Navalny’s caused his illness. proval rating has fallen in re- systemic opposition represents Mr.Putin has been Mr.Navalny, TheKremlin has said anyone smart voting undermines ef- Thesidelining of the most cent years, he remains firmly in politicians who arebiased, pro- analystssaid. Afieryorator, he who meetslegal requirements fortsbypro-Kremlin media to prominent leader of Russia’s power, having wonaJuly refer- Western, radical and who repre- rouses crowdsand adeptly uses to runfor elected officeisfree present the opposition as irrele- opposition highlights the pre- endum on constitutional sent athreat forthe state.” his YouTube channel to spread to do so.Officials didn’t imme- vant and unpopular. carious stateofthe movement changes that could potentially Theopposition has never messages nationwide to nearly diately respond to arequest for Before falling sick,Mr. Na- at atime when it has struggled allowhim to remain in power succeeded in challenging Mr. four million subscribers, often comment on opposition claims valnywas planning to use such to find traction afteryearsof until 2036. Putin forthe topjob,having detailing the corruption of Rus- that theKremlin employs tac- tactics in local elections set for marginalization. And while “The Kremlin decided that been barred from registering a sia’seliteand discomfiting the tics intended to sideline it. September.That could possibly some of Mr.Navalny’ssuccess nonsystemic opposition means candidatefor failing to fulfill of- Kremlin. Pressureonthe opposition explain whyhewas sidelined, in galvanizingopposition to the they arebeyondthe legitimate ficial prerequisites.Nonethe- “Navalnyisaleader who is has also come in moresubtle analysts say. rule of President Vladimir Putin system and they aredeprived of less,Kremlin critics have man- capable of uniting people,” said ways, such as intimidation of “The idea is that without the could survivehis death or inca- the right to participateinnor- aged to partly chip away at the NikolayPetrov,asenior re- relatives and the fabrication of leader,this machinerythat Na- pacitation, analystssay,the loss mal political life,” said Tatiana veneer of Mr.Putin’spower search fellowatBritish think criminal cases,said Mr.Na- valnycreated will notbethat of itsleader would hamstring Stanovaya, founder of R.Politik, structure, undermine confi- tank Chatham House.“Nobody valny’sally Lyubov Sobol. effective,” Mr.Petrov said. “The themovement. an independent political analy- denceinhis regime and keep else in the systemic or nonsys- “It’sextremely dangerousfor intention wastoexclude him.” Protesters in Belarus Demand Change

BY ANN M. SIMMONS larus” marked the 15th consec- sanctions against officials they tendancedidn’t exceed 6,100 utiveday that Belarusians sayare responsible forrigging people. MOSCOW—Tens of thou- have rallied in the hopes of the poll and violently dispers- Therewas aheavy presence sands of people gathered in forcing anew election following protesters, while empha- of security forces and the inte- the Belarusian capital of ing the Aug.9poll in which sizing that only Belarusians rior ministryurged people not

Minsk to protest the re-elec- Mr.Lukashenkoclaimed an canresolvethe turmoil there. to attend the rally.Reportson S

tion of President Alexander 80% victoryoverhis main ri- Footageonsocial media social media said military PRES Lukashenkoand the crack- val, Svetlana Tikhanovskaya. showedswarms of people unitswereguarding monu- TED

down that followedthe dis- SupportersofMs. Tikha- waving flagsand calling on mentsand memorials. CIA

puted presidential vote,asthe novskaya,who wasforcedto Mr.Lukashenko, who has been Some 7,000 people were de- SO AS

defense ministrywarned dis- flee Belarus forneighboring in powerfor 26 years,to tained during aharsh crack- S/ orderinthe city wouldn’t be Lithuania shortly afterthe leave.Opposition activistssaid down in theimmediateafter- GRIT tolerated. election, believethe vote was Sunday’scrowd swelled to math of the presidential vote, GEI

Sunday’sdemonstration, neither free nor fair.The Eu- some 200,000 people,while and at least two people were SER dubbed “March foraNew Be- ropean Union is preparing theinterior ministrysaid at- reported killed in the violence. Thousands rallied for President Alexander Lukashenko to resign.

There’sone thingyou cancontrol in acrisis. T Thheei information youuse.

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A8 | Monday, August 24, 2020 THE WALL STREET JOURNAL. WORLD NEWS As Virus Clobbers Tourism, Millions Lose a Lifeline

BY SANTIAGO PÉREZ goods.With their large pools of unskilled workers, these CANCÚN, Mexico—Since countries have few hard-cur- this once-sleepy stretch of Ca- rencycushions besides tourism ribbean coast began itstrans- and remittances,says Henry formation intoaglitzy resort Mooney,anIDB economist. community 50 yearsago, it has “Instead of oil, these coun- thrived by attracting millions tries sell sun and sand,” Mr. of vacationersduring itssum- Mooney said. mer and winter seasons. Tourism has fewermonopo- These days,however, there lies and tends to foster entre- arelong stretches of deserted preneurship and social mobil- beach. Hotel occupancyhas ity,generating jobs for JOURNAL fallen below30%. Shopping everyone from cabbies to

REET malls areempty.And the tour- housekeeperstotour guides ST ism industrythat helped pull andinn owners, economists LL

WA Cancúnand itspeople out of say. poverty and put them on a Over the past two decades, THE

R moreprosperous path is strug- hundreds of millions of people FO gling. reached the middle classin

ABO Samuel González—a38- places likeIndia and China and BR year-old who came to Cancún began traveling abroad. Tour-

MANU yearsago from Oaxaca, one of ismhas grownsofast in the Spain accounts foraround athirdofEurope’sdaily Covid-19 cases. Anurse helped apatientatahospital in Zaragoza, Spain, lastweek. Mexico’spoorest states,and past two decades that one in flourished selling tour pack- five global jobs created during ages—says he has been out of that time were in the industry, work forfivemonths nowand according to the WTTC. Spain Blindsided by NewSurge worries about what the future Mexico’scentral bank,at holds.“In Cancúnthereisno the government’sdirection, economic activity other than founded Cancúnfivedecades BY XAVIER FONTDEGLORIA is hardtofully explain whythe whether testing is sufficiently gatherings, according to data tourism,” said Mr.González. agotohelp diversifythe coun- AND MARGHERITA STANCATI situation deteriorated so fast. comprehensive—has risen from from Spain’sHealth Ministry. “For many, it’slikethe end of try’soil-dependent economy. But they sayauthorities’ failure around 1% to 7% in the past Theaverage ageofpeople in- the world.” Theconstruction of an interna- ZARAGOZA,Spain—When to set up effectivetesting and two months,higher than in fected recently has dropped to Theglobal tourism down- tional airport, roads and mega- José Ignacio Barrasa sawthe tracingsystems,and to com- other European countries,sug- 38 from 60 in the spring. turn that has accompanied the hotels along the string of un- number of Covid-19 patientsin municateclearly to the popula- gesting that manyinfections In the Spanish region of Covid-19 pandemic hit airlines touched beaches helped propel his hospital rise to levels last tion howtobehave,are the probably remain undetected. In Aragón, which currently has and hotel chains and hurt hos- the countryintothe world’s seen in the spring,heresorted chief reasons. Italy,bycomparison, positive Europe’shighest recent infec- pitality workersaround the No.7tourist destination by to atactic European countries “Weknewthat oncewe testsare 1.6% of totaltests, action rate,infections have also world. But it is being felt most number of visitors. thoughtthey had put behind opened up,wewould see the cording to figurescollated by spread rapidly among seasonal acutely in the world’sless-de- Today, tourism’scontribu- them: He asked the Spanish numbersgrow,” said Helena OurWorld in Data. farmworkersharvesting sum- veloped nations,such as Mex- tion to the Mexican economy militarytobuild an emergency Legido-Quigley,aBarcelona- TheSpanish government mer crops.Such workers, many ico,wheretourism is an im- surpasses 15%. About 24 mil- field hospital. basedpublic-health professor two weeks agoannounced new of them migrantsfromNorth portantdriver of economic lion foreign touristsvisited “The outbreak wasacom- at theNational University of measures to stem the conta- AfricaorEastern Europe,often development. Mexico last year,spending pletesurprise.Wedidn’t expect Singapore. “But we were hop- gion, such as shutting down sharecramped apartments From Rio de JaneirotoVen- some $21 billion, government it so soon,” says Dr.Barrasa, ingthat testing and contact- nightclubs,earlier closing wherethe virus canspread icetothe Maldives,the global datashows.The CancúnHotel the director of the University tracingsystems would be in easily.According to the Health tourism industryisexpected to Association estimates that the Clinic Hospital in Zaragoza. place, and that people be- Ministry, 15% of infection clus- lose morethan 100 million MayanRiviera, as this region Coronavirus infections are haved.” The outbreak is a ters occurred in the workplace, jobs,orabout one in three is known, captures 65% of for- climbing across Europe,and That hasn’t been thecase.In mostly among seasonal work- tourism jobs world-wide,ac- eign-tourist activity. Spain is at the forefront of the Spain, coronavirus cases rose cautionary tale ers. Manyseasonal farmwork- cording to estimates from the Tourist arrivals to Mexico rebound,accounting foraround as nightlifeand family gather- about how progress erspassthrough the regional trade group World Travel & plunged 87% in June,with one-thirdofthe Continent’s ingsresumed.Young Spaniards, capital of Zaragoza’sworking- Tourism Council, or WTTC. spending falling to $148 mil- newdaily Covid-19 cases. eager to resume social lives can quickly unravel. classneighborhood of LasDeli- Latin Americaand the Ca- lion from $1.7billion ayear be- Spain’sexperienceoffersa suspended during lockdown, cias,whereadense population ribbean areamong the regions fore. cautionarytale about how oftenflouted distancing guide- and poor living conditions have most dependent on tourism. hard-won progressagainst the lines.Some regions arestill made aperfect breeding Small islands areparticularly Deeper Dive coronavirus pandemic can short of contact tracers, mak- timesfor barsand banning ground forthe virus,doctors vulnerable.For Aruba, tourism Tourism has been the sector come undone.Faced with a ing it difficult forauthorities to outdoor smoking in crowded and social workerssay.The representsnearly 85% of eco- mostaffected by the pandemic deadly outbreak this spring, identifyand isolatepotential places so that people cankeep neighborhood is the epicenter nomic output, according to es- in Mexico Spain imposed one of the viruscarriers. their facemasks on and don’t of Zaragoza’soutbreak. timates from the Inter-Ameri- world’sstrictest lockdowns to “Weneed to hiremanymore blowvirus particles.Mask- ManyresidentsofLas Deli- canDevelopment Bank. Forthe 7-dayrolling average,change bring it under control. By early people,” says Ms.Legido-Quig- wearing has been mandatoryin cias areunwilling to be tested Maldives in South Asia it is from ayearearlier June,new confirmed infections ley,lead author of aletterpub- public in most regions since says Lorena Jiménez, asocial morethan 66%. TheBahamas fell to under 300 aday,froma lished in the Lancet medical July. worker and contact tracer. ranks fifthworld-wide at more Total consumption Tourism Food peak in March of nearly 8,000 journal, calling foranindepen- Unlikeinthe spring,most That’sbecause manyherelack than 59%, IDB’sdatashows. 100% daily cases. dent evaluationofSpain’shan- newly infected people in Eu- stable jobs anddon’t want to Destinations that rely heav- Now, the virus has bounced dling of the pandemic. rope areyoung and thus less be quarantined at home,she ily on cruise ships,likeNassau 50 back,with morethan 5,000 Thegovernment responded likely to fall seriously ill, if they says.One resident of LasDeli- in the Bahamas or Cozumel in cases aday detected on aver- that it wastaking “appropriate develop symptoms at all. De- cias,MireyaCastillo,said she Mexico, also areindireshape. 0 age. Spain shows that lock- measures to prevent the spread spitethe surge in cases,hospi- lost her job as acleaner after Most of their regular custom- downs aren’t enough: Thekey of the virus” and that it was talizations and deaths haven’t she tested positiveinlateJuly. ersare Americans,and cruise to containing the virus is how being very activeintracking increased significantly on the She quarantined foramonth, lineshavesuspended opera- –50 effectively acountrybuilds sys- anddetecting it. Continent. andremains unemployed. tions from U.S. portsuntil No- tems fortesting,tracing and Health expertspoint to signs Around 40%ofclustersde- Health expertsworrythat if vember. –100 isolating potential carriers, that it isn’t doing enough. For tected sincethe lockdown infections aren’t brought under Manytourism-dependent Feb. 2020 Aug. while establishing clear safety instance, the percentageof ended have been linked to so- control soon, Covid-19 will countries tend not to be diver- Note:AsofAug. 21.Tourism excludes rules as the economyreopens. positivetestsamong all virus cial events,including private spread from the young to older, sified and import everything restaurants. Public-health expertssay it testsconducted—a measureof parties, nightclubs and family morevulnerable groups again. from food to manufactured Source:BBVAResearch

WORLDWATCH 4,000 employees have volun- Office tarily been on-site, he said. Until it changed course,Epic PERU Thatisaccording to areport had been working toward a on the websiteofIran’sCivil Avia- Reopenings phased return to the officefor Stampede Kills 13 tion Organization, which described most employees by Sept. 21, AfterPoliceRaid Club the official’sremarksaspart of unless they had child-careor the final report thatTehran plans Postponed health complications in which Thirteen people died in a to issue on the shootdownof JOURNAL case they would be allowedto stampede at adiscoinPeru after Ukraine International Airlines return in November.Now ev- REET

apoliceraid to enforce the coro- Flight752. ContinuedfromPageOne ST eryone has the option to con- navirus lockdown, officials said. The shootdownnear Tehran Only one respondent said the LL tinueworking from home. The stampede happened at on Jan. 8occurred the same night summer surge of infections WA “It’sanovel situation,” said THE

the Thomas discoinLima, where thatIranfired amissile at U.S. hadn’t affected itstimeline or R Sumit Rana, asenior vicepresi-

about 120 people had gathered soldiers in Iraq in response to an plans forbringing workers FO dent at Epic,“and it’snot like

forapartySaturdaynight, the American drone strikethatkilled back.The survey wascon- TICE there’sagreat playbook for

Interior Ministry said. Revolutionary GuardGen. Qassem ducted by the Pacific Business JUS that.” People tried to escape Soleimani in Baghdad on Jan. 3. Group on Health, whose mem- Some workersdon’t feel UREN

through the only door of the sec- Iranian troops were bracing fora bersinclude Boeing Co., Sales- LA their employers areopen to ond-floor disco, trampling one an- counterstrikeand appear to have force.comInc.and Lowe’s Cos. Epic Systems planned to bring employees back to its Verona, Wis., theirconcerns.KathrynBucolo, other and becoming trapped in mistaken the plane foramissile. Afew weeks ago, Dave campus in September,but decided theycan keep working from home. 28 yearsold, wasanadminis- the confined space, according to The head of Iran’sCivil Avia- Almeda sent anotetothe more trative assistant at aprivate authorities. Afterthe stampede, tion Organization, Capt. Touraj De- than 12,000 employees at Kro- thinking ahead about new lated, but they must allowex- school in Arizona. This sum- policehad to forceopen the door. hghani Zangeneh, said Sunday nos Inc.and UltimateSoftware quandaries—from howmuch emptions,for example,onmed- mer,she requested permission Policedetained 23 people. Po- thatthe plane’sblack boxeshave Inc.—two human-resources- legal immunity employers have ical or religious grounds. to continue working from home licechief Gen. Orlando Velasco only 19 seconds of conversation technologyfirms that merged if workersget sick to whether Still, such decrees aretricky, when the school year began. said no firearms or tear gas were after the firstexplosion, though this spring—informing them they canrequireCovid-19 inoc- she said. Herhusband is in ahigh-risk used during the raid. the second missile reached the that, insteadofSept. 8, the ulations when a vaccine be- “Not everyone who gets the category forCovid-19,she said, Nightclubs have been prohib- plane 25 seconds later. The report combined company’sreturn to comes available.The federal influenzavaccine is immune to and she feared bringing the vi- ited from operating sinceMarch quoting him didn’telaborate. the officewould be pushed Centersfor Disease Control and the flu, so youwant to be sure rushome to him. because of the pandemic. Peru —Associated Press back to Jan. 28. Prevention hasproduced guide- whatever mandateyou’reput- As heremployer, the Phoe- started lifting quarantine restric- With school plans still up in lines forworkplaces with rec- ting intoplacewill achievethe nixCountryDay School, was tions June 30 in an effort to get AFGHANISTAN the air or already set forremote ommendations on everything result that’sintended without crafting itsfall plans,she was the economymoving, and the instruction, “people were from social distancing to venti- creating ahost of other issues, told it needed “all hands on daily reported number of virus Seven Civilians Die dreading the fall,” said Mr. lation, but companies have likeemployees being demoral- deck,” she said. She drafted infections has doubled to more In Roadside Bombing Almeda, chief people officer for broad discretion on howexten- ized or feeling they have no proposals forworking remotely than 9,000 in recent weeks. Peru the mergedcompany. His staff sively to implement them. choice,” she said. and which tasks would need to has reported about 27,500 A roadside bombing in east- surveyed employees,and 93% Foroffice-based employers Epic’sshifthighlightsthe be reassigned. School officials deaths from the newvirus. ern Afghanistan killed seven ci- said they were just as produc- wheresocial distancing is eas- complexities confronting many denied herrequests, she said, —Associated Press vilians, a provincial official said, tiveathome as they were in the ier to enforce,“the risk of Covid big businesses.The company andshe resigned in July. amid new uncertainties over the office. Meanwhile,heand an in- litigation is another emerging makes widely used electronic School officials didn’t re- IRAN start of talks between the Tali- houseteam have been regularly concern but probably not sig- medicalsoftware and said it is spond to requestsfor comment. ban and the Kabul government. reviewing infection and hospi- nificantly moresothan other providinganessential service Themoney Ms.Bucolo and Tehran Recovers Data No one immediately claimed talization rates, among other major workplacelitigation in apandemic.Atits Verona, herhusband had savedfor a From Downed Plane responsibility for the bombing in data points, in locations where risks,” said RaeVann, apartner Wis.,campus,workersare down payment on ahouse will Ghazni province’s Jaghatu dis- the companyoperates. with lawfirm Carlton Fields. spread across28buildingsand nowpay forhealth insurance Iran has retrievedsome data, trict. Three women, two children With all of those indicators, As researchersget closer to about 80% of employees have instead. They areliving with including aportion of the cockpit and two men died when their “it’snot atough call, on bal- identifying an effectivevaccine, offices with doorsthat close, her in-laws to conservecash conversations, from the Ukrainian vehicle struck the roadside ance, to keep people safeand at bosses will faceadditional di- making it easier to socially dis- andhavehelp with their two jet thatwas accidentally downed bomb, said Wahidullah Ju- home,” he said. lemmas aboutwhether they tance, Epic’sMr. Rehmsaid. children. Despitethe prospect by the Revolutionary Guardforces mazada, a spokesman for the As they postpone back-to- canask employees to be vacci- And plenty of employees have of prolongedunemployment, in January,killing all 176 people provincial governor. the-officeplans,manyare ad- nated. Ms.Vann said employers continued showing up at the of- shesaid, quitting her job “was on board, an Iranian official said. —Associated Press justing safety protocols and canrequirestaffersget inocu- fice;onsome days,morethan the right decision.” P2JW237000-4-A00900-1------NS

THE WALL STREET JOURNAL. **** NY Monday, August 24, 2020 | A9 WORLD NEWS Iraq Nears Energy Pact With Gulf States

Pressed by U.S., of aseries of steps expertssay areneeded to eliminateIraq’s Baghdad movesto energy dependenceonIran. reduceits relianceon Iraq,expertssay,also needs to reform itselectricity sector by Iran forelectric power reducing subsidies so that income raised canbeinvested in

TheTrump administration is OL powergeneration. Thecountry PO

urging Iraq to proceed with a S also wantstocaptureand pro- projecttoconnect itspower cess the gasitwastes through grid with Saudi Arabia and /PRES flaring at itsRatawigas hub to other Gulf states,among steps help meet domestic-energy re- to reduceBaghdad’slongstand- MAKER quirements. ing dependencyonIranian en- To expeditethe linkup,U.S. ergy,U.S.and Arab officials MONEY officials helped facilitatemeet-

said. ANNA ingsinrecent months between Iraqi electricity and energy offi- GES; By Benoit Faucon in cials and counterpartsinSaudi IMA London and Michael R. Arabia, the United Arab Emirates

Gordon in Washington GETTY and other states,Mr. Kadhimi

SE/ told reportersThursdayafter Thegrid-connection venture meeting with President Trump. has been the subject of inten- “The Americans also encour-

siveconsultations in recent ANCE-PRES aged us and encouraged our months and wasdiscussed dur- FR neighborstolink up our elec- ing Iraqi Prime Minister Mus- tricitygeneration grids,” Mr. GENCE

tafa al-Kadhimi’s visit to Wash- /A Kadhimi said. ington last week. AR Meanwhile,the U.S. has AR But nowthe parties aremov- given Iraq an exemption from ing toward sealing and execut- BAH sanctions against importing Ira- SA

ing the component deals,which P: nian energy,largely because would mark amajor rapproche- TO much of the countrywould OM

ment between Iraq and former FR plungeintodarknesswithout it Arab adversaries that clashed in Aweb of wires drawselectricityfromgenerators to homes in the Iraqi capital, Baghdad, because of an unreliable national electricity and because Baghdad is trying the 1991 Persian Gulf War. grid. Prime MinisterMustafaal-Kadhimi lastweek discussed with PresidentTrump aplan to connect Iraq’sgrid to Saudi Arabia’s. to reduceits dependence. Iraqi FinanceMinister Ali Al- Thenew partnerships be- lawi said Fridaythat the project vestmentsinthe $2.2 billion Ar with Gulf neighbors. tween Iraq,Saudi Arabia and was“on the vergeofbeing de- Ratawi project, which aims to Those Iraqi effortshave the Gulf states mean Iraq’s“defined and designed and put out redirect the large quantities of dovetailed with the U.S. push to pendenceonIranian gasand to tenders.” He told an Atlantic natural gasthat Iraq wastes to- isolateIranand reduceBagh- electricity importswill begin to Council online seminar that ward powergeneration, accord- dad’sdependenceonIranian trail down significantly some- Iraq’selectrical grid would ing to Mr.Allawi and aSaudi oil gasand electricity. time next year,” Mr.Allawi, the probably be tied up to those of official. Iraq has experienced chronic financeminister,said. Saudi Arabia and Kuwait. Riyadhisalso studying joint difficulties in meetingamount- At about $400 million ayear, ASaudi energy ministry investmentsinsolar energy ing demand forelectricity. Iraq-Saudi trade remains small spokesman confirmed that within Iraq and exportsofelec- Much of the problem has to do compared with Iraq’sbilateral agreement “isadvancing to- tricity from renewable projects with ashakydistribution net- trade with Iran, which exports ward completion” and includes in Saudi Arabia to supply Iraq, work,which is prone to black- $10 billion ayear worth of an option foradirect connec- the Saudi energy ministry outs. But Iraq’sproblems have goods to itswestern neighbor. tion between Iraq and Saudi spokesman added. been exacerbated by subsidies Apart from energy,Baghdad Arabia. Last week,the U.S. and Iraq and energy pilferage, which and Riyadh arealso discussing “Itisvital that Iraq’selec- announced natural-gas and have deprived the government the construction of a$1billion, tricity grid be connected to the power-technologydeals that of revenue.Facing public unrest 100,000-seat sportsstadium in GCC,” added asenior Trump arepotentially valued at $8 bil- about powershortfalls,Iraqhas Iraq to be funded by the king- administration official, refer- lion. They featuredGeneral intentions. of Iraq toppled itsdictator, imported Iranian electricity as a dom and built by some of its ring to the Gulf Cooperation Electric Co., Honeywell Interna- During Saddam Hussein’s Saudi leadersoften accused the stopgap. contractors. Council, the six-member group tional Inc.and Stellar Energy, rule,Iraqinvaded Kuwait in Shia-dominated governmentsin Connecting the Iraqi and Mr.Allawi is also proposing of Gulf states.“We’vebeen as well as plans with Chevron 1990.The attack set the stage Baghdad of siding with Iran,the Gulf stategrids has itschal- that Kuwait delayorcancel working on this.” Corp.and Baker Hughes Co. forthe Persian Gulf Warthe kingdom’smain foeinthe re- lenges.The Iraqis will need to some $3 billion that Iraq owes Thegrid tie-up is just one of Iraq and itsGCC neighbors, following year,inwhich the U.S. gion. upgrade their electrical infra- in reparations forthe 1990-91 aseries of energy ventures un- whose majority population be- and abroad coalition of West- Mr.Kadhimi’sselection as structuresothat their grid Gulf War, when Hussein burned der discussion between Iraqi longstodifferent sectsofIs- ern and Sunni Arab states prime minister in Mayand the could accept the powerflowing Kuwaiti oil fields. and Saudi officials. lam, have been at loggerheads evicted theIraqi troops from appointment of anew cabinet, through the GCCsystem, noted —Isabel Coles in Beirut and Saudi Arabia has recently in the past and long harbored theGulf state. however, had advanced Iraq’s one Western official. Summer Said in Dubai started talks on potential in- suspicions abouteach other’s Afterthe 2003 U.S. invasion quieteffortstoimproveties Thelinkup would also be one contributed to this article.

U.S. LATINOS ARE CRITICAL TO THE NEWMAINSTREAM ECONOMY. LOOK WHO’S TALKINGABOUT IT.

LarryFink –Chairman &CEO BlackRock,Inc. Maria Elena Salinas –Peabody Award-Winning Anchor/ Journalist/Contributor Brian Moynihan –Chairman of the Board &CEO Bank of America Jose Cil –CEO Restaurant Brands International John Donahoe –President &CEO Nike, Inc. Ryan Marshall –President and ChiefExecutiveOfficerof Almar Latour –CEO DowJones &Publisher Wall Street Journal PulteGroup, Inc. Hans Vestberg –CEO Verizon Ryan Schneider –ChiefExecutiveOfficerand President Realogy –ExecutiveChairman United Airlines Maria Teresa Kumar –President and CEO, Voto Latino Tony Vinciquerra –Chairman &CEO SonyPictures Entertainment Leila Cobo –VP/Latin industrylead, Billboard Rick Gomez –ExecutiveVicePresident, ChiefMarketing, José Andrés –James Beard Award Winning Chef Digital and Strategy Officer Target Corporation and Humanitarian Diego Scotti –ChiefMarketing Officer, Verizon EvaLongoria –Actress/Entrepreneur/Philanthropist Fernando Machado –Global ChiefMarketing Officer Burger King Roger Crandall –Chairman, President &CEO, MassMutual John Furner –President &CEO, Walmart U.S.

Hear them. Engage with them. Understand what the NewMainstream Economymeans fortheir businesses, their investments, and what it should mean foryours. Register forL’ATTITUDE 2020 -four days of issues critical to our economy, discussed by national leaders, live-cast everywhere. See the full agenda, at lattitude.net.

A10 | Monday, August 24, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

apps in the U.S.,for abrief mo- didn’t deservetobeatargetof Darth Vader mask? Ineed one “I wastaken aback by his CEO Joins ment, Apptopia showed. atakedown campaign. today,” he posted. genuine response,” she says, Life360’soverall rating on If it went out of business, he In his TikTok debut, Mr. adding she is helping Mr.Hulls theApp Storedropped from said, other parental-control Hulls takesoff his Darth Vader think through parent-child Gen-Z about4.7 to 2.6bythe end of apps would take itsplace. Why mask to reveal “your standard communication to improvethe March. not, he suggested, work with awkwardtech CEO” and tells service. Thetwo have made “I’m starting to smell vic- his companytoadd featuresto viewers he is committedto videos,including one whereshe Critics tory,” Drew said in aTikTok makeitmorepalatable. making Life360 betterfor gets apie in the face. video at the time. Personally,Drewsays he teens. Mr.Hulls “went from being Mr.Hulls,meanwhile,was never had issues with Life360. Thevideo appeared under one of the most hated CEOs of ContinuedfromPageOne contemplating aresponse. “My parentsaren’t toocontrol- the hashtag #banlife360. GenZtobeing liked,” said Bo his peersfromthe yoke of pa- Thecoronavirus pandemic ling with it,” he said. He liked Samantha Howsden Ward,a Lau, a16-year-old in Toronto rental surveillance. wasalready hurting Life360’s the idea of helping improvethe 48-year-old from Nebraska, who writes about Gen-Z trends. “Let’swork our way to free- business, as families cooped up app.Plus therewas money in it. says she originated the Most “arescaredofgetting the dom,” Andrew,who goes by at home could keep watchful Mr.Hulls is paying Drew and hashtag. ‘OK,boomer,’ ” response and

Drew,proclaimed in avideo eyes on one another without ER three friends $5,000 to help HerTikTok screen name is fail to engagewith Gen-Z crit-

urging otherstoleave bad rat- thehelp of an app.And the LT hone his TikTok persona, Drew “monw0102,” which stands for ics,she said. ingsfor Life360 at online stores negativepublicity from the 1- WA said. “middle of nowheremom with Life360 has spent about

wherepeople download apps. star-campaign wasn’t helping. JULIA “Wedon’t want to seem like two kids.” She had never used $20,000 forpaymentstoTik- His video gotclose to amillion As someone who grew up as Mr. Hulls and Ms. Howsden. asellout,” Drew said. As long Life360 with her kids,but says Tokcollaboratorsand related views. ahappy “freerangekid” him- as he isn’t required to sayany- she wasappalled by some sto- expenses,Mr. Hulls said. Quickly the proportion of self,Mr. Hulls,who is 37,says At firstDrewworried Mr. thing he doesn’t believe, and ries she heardabout howpar- Hissimplest video wasthe negativereviewsfor Life360 on he wasworried about some Hulls would threaten legal ac- Life360 comes up with features entswereusing it to constantly most well received. Apopular the App Store, forApple-device parentsusing his app in away tion.When his parentsfound that benefit teens,hesays he is monitor their kids.Some teens feature on TikTok is trying to users, and the Google Play that washurting relationships out Life360 had contacted him, using his influencefor good. were leaving their phones at getvideos on topofunlikely store, forAndroid devices, with theirchildren. He wanted they told him: “You areinso They gottowork immedi- friends’ houses “just so they hashtags. soared to 59% in March, up families to understand his point much trouble,” said his mom, ately.“He didn’t knowhow to wouldn’t feel watched,” she In aclip filmed by his wife, from 19% in Februaryand 13% of view. He had the idea to go Carrie Polenske, who uses the green-screen,” Drew said about says. Mr.Hulls strutsthrough their the previous March, according on TikTok to shareit. Life360 app to keep tabs on her Mr.Hulls’sTikTok skills. “I believekids need alittle kitchen, popping apieceofwa- to dataprovider Apptopia. Most colleagues generally two sons. They bandiedabout the idea bit of privacyand alittle bit of termelon intohis mouth, under Hundreds of the bad reviews warned him: “Stayaway.You “Therewas amutual suspi- of Mr.Hulls’semerging from freedom to makechoices,” Ms. the text “imagine if the ceoof referenced Drew’s TikTok ac- areentering alion’sden,” Mr. ciousness,” Mr.Hulls said. the “dark side” and landed on Howsden says. life360 wasatthe topof count. Hullssaid. Drew,who wasfinishing the imageofhim appearing as Ms.Howsden and Mr.Hulls #banlife360.” So manypeople were down- On May7hesent atweet at 10th grade,responded. They set Darth Vader. spoke in May, afterhis videos That gothim morethan six loading the app just to leave Drew,“Nicework with your ban up avideo call with some of his TheCEO turned to his Face- started gaining attention. Now million views and aspot at the bad reviews,itshot up to the Life360 campaign. Iwas im- friends,whereMr. Hulls made a book account: “Does anyone Ms.Howsden is aconvert—and topofthe hashtag that wasthe No.1rank among social-media pressed. Youuptochat?” plea forwhy his company here in the BayAreahavea apaid consultant, too. rallying cryofhis detractors.

joining in 2017towring non- Trees Used timber income from itslands. “We’re seeing moreand morevalue from having the As Carbon trees stay therelonger,” he said. Offering an income-producing alternativetologging so Offsets that trees could remain standing and absorbing carbon moti- vatedCalifornia’sdecision to ContinuedfromPageOne accept forest credits, said An- nia’sFiniteCarbon, apioneer in drea Tuttle,who helped de- the businessofhelping land- velop the program when she ownerscreateand sell credits. ledthe state’sDepartment of Theinvestment is aimed at Forestryand Fire Protection.So helping Finitehiremoreforest- far it has worked, thanks to ers, begin using satellites to strict criteria involving third- measurebiomassand drum up (2) party verification and audits morecreditsfor use in the vol- everysix years, she said.

untarymarket. JOURNAL BP hasasked Finitetopro- REET Measuring growth duce voluntarycreditsASAPso ST

they canbeavailable forits LL “Wecan showaccrual of owncarbon ledger and to trade WA carbon,” she said. “Wecan

among other companies eager THE demonstrateitthrough mea- R

to improvetheir emissions FO surementsbecause trees stand math. As part of itsshiftinto still and we canput atape non-fossil-fuel markets, BP ex- measurearound them and pectstotrade offset creditsthe CARLSEN showthat they have grown.”

way it does oil and gas. BRETT That’swhy Tim McAbee, “The investment is to grow a Finite Carbon’s David McMath and Chad who leads project development newmarket,” said Nacho Gime- Westfall measured trees on Lyme Timber’s forFinite, wasrecently in the nez, amanaging director at the property in Tennessee. Above, measuring girth. middle of nowhere, Middle Ten- oil company’sventure-capital nessee.Heand two freelance arm. “BP wantstoliveinthis California’sin2014. TheEuro- Abrief introduction to California’scap-and-trade program forestersneeded to measure space.” pean Union operates aseparate trees deep in Lyme’swoods to By paying landownersnot to emissions trading program. determine howmuch carbon is cut, companies cansay they are Thecompanies have the op- sequestered on itsproperty and responsible forhaving locked tion of covering up to 4% of thus howmanyoffset credits up aspecific amount of carbon their emissions with less-costly the firm cansell. Thetrees in the standing trees,calculable offset credits, which California were around pointschosen ran- to the metric ton. It’sgreat for issues forcapturing methane Californiasets The statedistributes Polluters Companies can Offset credits aregranted domly by acomputer on Lyme’s public relations,meeting car- from dairies and mines,de- annual caps allowances,permits canstockpile coverasliver of forcapturing methane 18,369 acres.Accessibility bon-reduction targetsand stroying ozone-depleting sub- on statewide thatlet businesses allowances their emissions from dairies and mines, wasn’t considered. courting investorswho are stances and, most popularly, emissions,which emit acertain amount forlater use, with offsetcredits, destroying ozone- They donned hard hatsand decline overtime. of greenhouse gases. or trade them which cost less depleting substances shoveling money intofunds preserving forests. Some aregiven free, likeﬁnancial than allowances and preserving forests. orangevestsand set off into that promise to invest with About 153 million forest but mostare sold assets. and have public- Recipients canuse or sell thick and thornywoods foran ecological and social responsi- creditshavebeen issued, each at auction. relations value. them on the open market. hourslong trudgetoward the bility in mind. representing ametric tonofse- trees they had to measure. Old-growth forestsare also a questered carbon. They limit Hardwood lumber producer priceindex, monthly Californiaforestoffset trading volume They found astub of painted defense against wildfires,be- logging on about five million (December 2003=100) rebar surrounded by trees cause they arelesssusceptible U.S. acres.That’sasliver of the numbered to 10 in matching 130 50 million carbon-offset credits than thescrubby growth that 740-million-odd acres of U.S. blue.The whiteash, black oak, fills in afteraclear-cut. forestsand woodlands that redmaple and sassafras were Skeptics contend the prac- aren’t already reserved, but the 120 40 striped 4½ feet up their trunks ticedoes little to reducegreen- amount of offset-protected whereanother crew had mea- house gases: that the trees are property is growing fast. 110 30 sured their girth months ago. already sequestering carbon Morethan $1 billion has David McMath, who lives in and shouldn’t be counted to let been paid to U.S. woodland Vermont’sNortheast Kingdom, companies off the hook for ownersnot to cut, said Sean 100 20 stepped up to No.1,pulled a emissions.They arguethat a Carney,Finite’spresident. The length from thegirthing tape lotofforest protected by off- most prolific of forest-offset 90 10 dangling from his vest and setswasn’t at high risk of being firms,Finitehas represented huggedthe hickory. clear-cut, because doing so isn’t timberland ownersincluding Cole Parsons,aWest Virgin- 80 0 the usual businessofits own- Maine’sPassamaquoddy tribe,a Notseasonally adjusted ian who followedhis father into ers, likeland trusts, or because Danish pension fund, aWest 2005 ’10 ’15 ’20 2014 ’15 ’16 ’17 ’18 ’19 forestry, paced away from No.1 the timber wasremoteoroth- Virginia coal concern and in- Sources: U.S. Bureau of Labor Statistics (priceindex); California AirResourcesBoard(offsets) and pointed alaser hypsometer erwise not particularly valu- vestment firms likethe The at itstrunk and then up at its able. Lyme Timber Co.Finiteissur- He wasraised in the woods Nonbelieverscame around. cabinetryand flooring. crowntogaugethe tree’s “It isn’t adding to the carbon veying tractsinMinnesota’s along the West Virginia side of “I oncehad alandowner tell me Sellerscan selectively cut so height. balanceone jot,” said Duncan frigid peatlands,along Tennes- the Ohio River,wherehis father the firstevidencehesaw of cli- long as the felled trees’ massis Thedifferencebetween eval- McLaren,aLancaster Univer- see’sCumberland Plateauand worked foracoal company. He matechangewas the first lessthan what their woods uating trees forcutting and sity professorwho studies cli- elsewherethat will add hun- leftfor the University of South- checkhegot from FiniteCar- have added sinceoffsetswere carbon is precision. Tenths of mateengineering.“What it is dreds of thousands of acres. ern California and immediately bon,” Mr.Carney said. issued.Orthey cansell addi- an inch in diameter or afew doing is validating the emis- If other governmentsjoin missed the trees.“Likelanding Charleston,W.V.’sRowland tional creditsagainst the feet in height matterwhen cal- sions.” California and institutecap- on the moon,” he said. Land Co.was swayed by low growth. culating sequestration. Saplings and-trademarkets, voluntary Finitedidn’t earn apenny hardwood prices.Though Molpus Woodlands Group that would be wasted in log- offsetscould shoot up in value. forfour years. Mr.Carney gave prices forsoftwood lumber, LLC of Jackson, Miss.,isamong ging arefactored in. Market-based effort It could be likeholding hot tech up pay. He and other Finiteem- which comes from evergreens the country’slargest timber- Allthe measuring adds up. This trade in standing trees shares ahead of an overbought ployees traveled to the far cor- and is used to frame homes and land investment-management Registering typical terrain costs is thelatestmarket-based ef- IPO.Likeunlisted stock,volun- nerstotell landownersabout forfences,haveclimbed to re- organizations.Those arebasi- about $350 per plot, and there fort to curb pollution. Cap-and- tary creditstrade infrequently thecoming carbon market. cordsthis summer,lumber cally buyout firms,but for canbehundreds of them, he trade wasdeployedtoreduce and in awide pricerange, lately Tribes and land trustswere from deciduous trees hasn’t woods instead of companies. said. In Alaska, wherehelicop- acid rain afterPresident George averaging about $6 aton, Mr. early converts. In 2013,when sold forsolittle sincethe hous- Molpus has century-old rootsin ters and bear guards are H.W. Bush signed amendments Carney said.California credits California began issuing offset ing crash. Rowland started out alumberyard,supplied ammo needed, it runs around $1,000. to the Clean Air Act that lim- changed hands at an averageof credits, Finitewas at the front logging in 1886 but discovered boxesfor World WarIIand in Finitehopes to reducecosts ited sulfur dioxide emissions $14.15 in 2019 and were up to of the line with 19,104 trust- coal in 1902. the 1970s ranone of the coun- by replacing some of the leg- from powerplants. Lawmakers $15 beforethe coronavirus owned acres in eastern Maine. try’slargest sawmills.Now it is work with satellites and artifi- during the Obama administra- lockdown drovethem lower. Maine’sPassamaquoddy cranking out offsets. cial intelligence. It is launching tion pitched afederal cap-and- They have lately traded for raised morethan $30 million Back to timber Working with Finite, Molpus an online platform forowners trade system to reducegreen- about $13. enrolling 98,532 acres.The “We’vebeen mining coal for has produced offsetsinKen- to register as few as 40 acres in house gases and slowglobal These days,voluntaryoffsets tribe used the money to refi- along time and, likemost land tucky, Tennessee and twicein the voluntarymarket. warming,but the plan stalled aremostly good formeeting nanceits wild-blueberrybusi- companies,wesee the light at NewYork’sAdirondacks.Itisin Lyme,which is considering amid debate over costsand its companies’ self-set carbon-re- ness, build asugar shack forits theend of that tunnel,” Chief the midst of registering Califor- voluntaryoffsetsfor a$300 effectivenessindealing with a ductiongoals.BPistargeting maple syrup operation, fund a ExecutiveDavid Pollittsaid. niacreditsinMinnesotaand on million tract on Michigan’sUp- world-wide problem. carbon neutrality by 2050.Be- housingprogram, start asub- “Pretty soon thecoal will de- Michigan’sUpper Peninsula. per Peninsula that it bought California forged ahead, set- tween operations and the burn- oxone clinic to fight opioid ad- pleteand we’ll be atimber AMarch trunk-measuring in last autumn from timber giant ting caps on emissions,which ing of itsoil-and-gas output by diction and, when the coronavi- companyagain.” Minnesotawas postponed by Weyerhaeuser Co., seeks for- become stricter over time,and motoristsand powerplants, the ruslockdown hit, stock the California issued Rowland thecoronavirus pandemic and estsmade marginally economi- creating acorresponding num- British companysays it is an- local food pantries,said Corey 1.9million offsetscovering will have to wait until the bogs calbyruggedterrain or mill ber of allowances.Refiners, fuel nually responsible for415 mil- Hinton, alawyer forthe tribe. 35,466 acres of mostly poplar freeze again. The167,174 acres closures andsells offsetsto importersand utilities vie for lion metric tons of emissions. BP paid morethan $100 mil- and oak,abig boost during a near theCanadian border are covermuch of the purchase the allowances at auction and Finitewas launched in 2009 lion to Alaska Nativecorpora- period of poor prices forAppa- poised to generatenorth of $30 price. That reduces the urgency turn them over to regulatorsto by Mr.Carney and financial tion Sealaska Corp.tomanage lachian coal. Plus,the offsets million forMolpus investors, to turn woods intowood, said covertheir emissions.Quebec backersinanticipation of a 165,077 acres under California won’t prevent Rowland from said Dick Kempka, who worked Jim Hourdequin,the Hanover, linked itsown program with shake-up of forest economics. rules. cashing in on fads in furniture, forconservation groups before N.H., firm’sCEO. P2JW237000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, August 24, 2020 | A10A GREATER NEW YORK KeyFinancial BoardGetsNew Attention

Cuomo asserts control said. LawrenceGolub,president of overpanel thatplayed lending firm Golub Capital, also prominentrole in ’70s wasreplaced on the board. He declined to comment through a crisis in NewYork City spokeswoman. NewYork City has benefited BY JIMMY VIELKIND from astrong economyoverthe AND KATIE HONAN last two decades,and the board, which reviews itsannual bud- NewYork City faces a$9bil- get, has signed off each year lion deficit over the next two without aproblem. years, high levels of unemploy- By the final quarter of 2019, ment and the prospect of laying thecity’s unemployment rate off 22,000 government workers wasatarecordlow of 4%, if newrevenue or savingsaren’t wagesand earningswereup, found in the coming weeks. and economic growth surpassed Thegrowing economic crisis, that of the rest of the country, brought on by the coronavirus according to areport released pandemic,has alarmed New in Marchbythe comptroller’s York Gov.Andrew Cuomo so office. That wasupended weeks much that he recently asserted later as the city shut down to greater control over apanel slowthe spread of the virus. overseeing the finances of the Theunemployment rate was nation’slargest city. nearly 20% in June. Earlier this summer,Mr. Without financial help from Cuomo appointed three close the federal government, or bor- allies to the NewYork State Fi- rowing authority,layoff notices nancial Control Board. The S to thousands of workersacross

boardplayedaprominent role PRES everycity agencywill go out by

during the city’s last fiscal crisis TED Aug.31, according to amayoral

in the 1970s,when it wielded CIA spokeswoman. SO

broad legal poweroverthe AS “I have told all NewYorkers city’s budget and made difficult Garbage piled up on Upper West Side during a 1975 wildcat strike by sanitation workers protesting the firing of 19,000 city workers. that we’regetting to apoint spending decisions. wherewe’restarting to runout Mr.Cuomo,aDemocrat, has that occurred in 1975are reoc- don’thavefixed terms and That period of control lasted hen, who served as Mr.Cuomo’s of options.” Mr.deBlasio said grownconcerned about the di- curring,” Mr.Mujicasaid. “And serveatthe pleasureofthe until 1986,when the board’s topaide afterhewas first last week. rection of the city budget, state if that’sthe case,and the city’s governor. role shiftedintoone of review. elected governor in 2010. Richard Ravitch,who as an Budget Director Robert Mujica going to be in alevel of fiscal Themayor’s relationship Now, the boardcan recommend John Levin, chief executive aide to former Gov.Hugh Carey said in an interview. distress, we want to know with Mr.Cuomo is contentious, aperiod of control if the city’s of asset-management firm helped arrangethe city’s bailout Thecity had to cut billions early.” as both leadersjockeyed over budget is morethan $100 mil- Levin Capital Strategies LP,said in the 1970s,said the control to balanceits latest budget,but Theseven-membercontrol decisions at the start of the lion out of balance, if it doesn’t he wassurprised that Mr. boardcould be auseful tool. He it still has major funding chal- boardischaired by the gover- pandemic.But aspokesman for makeadebt servicepayment Cuomo had decided to replace recalled an instancewhen then- lenges.Local officials have nor and consistsofthe mayor, Mr.deBlasio said the city was on time,orifitloses access to him on the board. Mr.Levin, MayorEdKoch railed against called on Congresstoapprovea the city and statecomptrollers, “not concerned” with the new credit markets. Acontrol period who wasappointed by Mr.Pat- the control board’scutsontele- relief packagefor the city.New and three “privatemembers” appointments. must be approved by the state aki in 1997,said the newap- vision, and then privately told York City MayorBill de Blasio appointed by the governor.One Thepanel wascreated in Legislature. pointees were qualified but be- him, “Thank God.” asked statelawmakersfor au- seat wasvacant, and the re- 1975after yearsofborrowing to Mr.Cuomo named to the lieved independent private “Weneed an institution that thorization to borrow up to $5 maining privatememberswere coveroperating deficitsbrought boardRossana Rosado,his sec- memberscould raise important is,tosome degree,removed billion to fund operating costs. appointed by former Govs.Eliot NewYork City to the brink of retary of state; former New policyand accounting issues. from politics that elected offi- Democratswho control the Spitzer and George Pataki.Mr. bankruptcy.The boardhad the York City Comptroller Bill “I thinkthat having people cials canblame forcutting ex- stateSenateobjected, and the Cuomo’s appointmentsreplace powertoapprove, reject or Thompson,who nowchairsthe on theboardwho arenot re- penses,” Mr.Ravitch said. request hasn’t been granted. the privatemembersand fill an changethe city’s budget as well boardofthe City University of sponsivetopolitical constituen- “That’sthe natureofpolitics in “A lot of the same things empty seat. These members as labor contracts. NewYork; and Steven M. Co- cies has an important role,” he ademocracy.” Reassignments Endanger NYPD Probes, Union Says

BY RICH CALDER union but classified as “motor an emailed statement that the vehicle operators.” department wasreviewing the TheNew York PoliceDe- Unliketow operators, these union’s concerns.

partment has begun ordering workersreceivetraining in “Criminal investigations and S hundreds of civilian staffersto moving vehicles from crime the processing of crime scenes towvehicles from crime scenes without smudging fin- is apriority of the NYPD,” Sgt. PRES

scenes and accidents without gerprintsortainting other evi- McRorie said. “The NYPD will ZUMA

firstproviding proper training dence, union officials said. ensurethat evidenceispro- S/

and safety equipment. Motor-vehicle operatorsare cessed properly and in accor- PRES

Officials at the union repre- also equipped with safety dancewith NYPD policy.” IFIC

senting the workers said that glasses, disposable plastic The cost-savings measures AC /P the directiveismeant to drive body suitsand other protec- came weeks afterMayor Bill down overtime hoursinthe tive devices to avoid poten- de Blasio andthe NewYork

wake of funding cutsfor the tially contaminating blood and City Council approved a$88.19 HR-JONES department in NewYork City’s other substances. billion city budget that shifted LO

latest budget,but jeopardizes “The public doesn’t want nearly $1 billion in funding ALBIN criminal investigations and anyone walking away free af- from theNYPD to social and The NYPD’s civilian tow-truck drivers have been tasked with removing vehicles from crime scenes. puts members at risk. tercommitting murder be- youth services.The budget TheNYPD’s270 tow-truck cause our membersdidn’t also reduced overtime for tor-vehicle operatorsoff week- at atime,rather than moved Mr. Robbins said Local 983 operatorstypically spend knowwhat they were doing NYPD personnel and canceled ends and overnight shifts on to a secure local precinct, the plans to take legal action to shifts impounding vehicles andaccidentally wiped away a class of cadets. July 24 to help trim overtime union said. void the new orders. owned by parking scofflaws. evidencewhile grabbing a Mr.deBlasio,aDemocrat, costs, but without reassigning The NYPD on Aug. 7 began Maria Haberfeld, a profes- Twoweeks ago, however, they steering wheel to towacar,” and the council agreed to the the work,according to are- ordering towoperatorstotake sorofpolicescienceatJohn were ordered to take on the said Marvin Robbins,Local cutsafter weeks of large-scale view of department memos. on weekend and overnight du- JayCollegeofCriminal Jus- higher-stakes duties during 983’s vice president. protests over the May 25 kill- Motor-vehicle operatorslast ties so vehicles involved in in- tice,said the newdirective weekend and overnight shifts, NYPD spokeswoman Sgt. ing of George Floyd in Minne- year racked up nearly $2.3 vestigations wouldn’t remain could be a “significant blow” driversand officials forDis- JessicaMcRorie said the NYPD apolis policecustody and calls million in payroll expenses,in- on streets. to howthe NYPD secures fu- trict Council 37 Local983 said. has been working to reduce fordefunding policedepart- cluding about $500,000 in Union officials said towop- ture crime scenes involving Towing cars from possible costs and overtime following ments. As aresult, the NYPD’s overtime, city records show. eratorscan legally reject the vehicles and collectsevidence. crimescenes waspreviously recent budget cuts. She de- annual operating budget TheJuly 24 directiveleft new assignment under its la- “Ifevidenceiscontaminated executed almost exclusively by clined to saywhether the new dropped to around $5 billion some vehicles involved in pos- borcontract, but the NYPD and not admissible in court, 40 other NYPD civilian work- ordershaveaffected anycrim- from $6 billion. sible crimes parked and un- said it believes it hasn’t vio- people who committedcrimes ersrepresented by the same inal investigations but said in The NYPD first pulled mo- guarded on the street fordays lated the pact. will walk free,” she said.

STATESTREET | By Jimmy Vielkind Pared-Down New York Delegation Heads to GOP Convention

A delega- near the White House. U.S. recently released a book re- convention,” he said. tion of hun- Reps. Lee Zeldin and Elise flecting on his time in office dreds of New Stefanik, who respectively during the 9/11 terrorist at- HEALTH DEPARTURE: York Republi- represent Long Island and tacks, attended a political Another top official has left cans hoping New York’s North Country, fundraiser in Saratoga and the state Department of to cheer in will deliver prime-time ad- spoke in July during a digital Health as it continues to person, as President Trump dresses on Wednesday, the NYGOP gathering. grapple with the pandemic. is nominated for a second Trump campaign said. In an interview, the 75- Deputy Commissioner term, has been reduced to Ms.Stefanik wasatepid year-old former governor said Brad Hutton, who ran the Of- just six people. supporter of Mr.Trump in he wasveryconcerned about fice of Public Health, left his The coronavirus pandemic 2016,but over the course of the direction the stateistak- job on Thursday after spend- has scaled down national po- the past year’s impeachment ing but wasn’t interested in ing 26 years in various roles litical conventions, including proceedings, she emerged as OL another runfor office. at the department. In a note PO

the GOP confab that kicks off one of his staunchest defend- S Lewis County Sheriff Mike to colleagues, Mr. Hutton on Monday. For New York’s ers. In astatement, she said Carpinelli has officially de- said he would be working on

Republicans, that means a Mr.Trump enjoys broad sup- SH/PRES clared his plans to challenge “infectious disease and pub- missed chance for ascendant port in her district and that NA Gov. Andrew Cuomo in 2022 lic health issues nationally.” G

figures to mingle with peo- she washonored to speak. GRE and created a campaign com- Mr. Hutton didn’t return an ple from across the state— “This election is aclear Rep. Elise Stefanik, shown last month, will speak Wednesday. mittee this summer to start email seeking comment, and and nation—as the party choicebetween President raising funds. Mr. Carpinelli a department spokesman starts to think about its Trump’srecordofdelivering who welcomed convention stimulate conversations. It said he has never been to a didn’t say what his new role statewide slate for 2022. resultsfor the American peo- delegates to NewYork City. does allow you to get to national convention and isn’t would be. New York Republican ple during this challenging Mr.Langworthyattended meet people from other going this year. He is travel- “The Department thanks State Committee Chairman time versus JoeBiden’s47- that convention and said that parts of New York, and state- ing the state to meet other Mr. Hutton for a distin- Nick Langworthy will lead a year failed record of far-left the prime-time speaking card wide candidacies emerge. Republicans. guished career that put him half-dozen delegates to Char- policies,” Ms.Stefanik said. is just one part of the experi- Trial balloons get floated.” “This is new territory to on the front lines of the lotte, N.C., for the formal While the lineup could still ence. Each day, delegates from There was talk in some me, and I’m looking forward State’s public health re- business of the convention, change, they will likely be the NewYork gather forbreakfast GOP circles that former Gov. to learning and being out sponse,” department spokes- including a roll-call vote to highest-ranking NewYork of- and listen to party eldersand George Pataki, who won there in it,” he said. man Gary Holmes said. renominate Mr. Trump. ficials to speak at the conven- up-and-comersfromthe Em- three terms in New York and Mr. Pataki said he won’t Several other top officials But most major speeches tion. Contrast that with 2004, pireState and beyond. unsuccessfully ran for presi- be following the national have left the department in associated with the four-day when NewYork City had aRe- “It’s a shame,” he said of dent in the last election, was convention too closely. recent months. event will occur in Washing- publican mayorand the state this year’s pared-down con- considering another run for “It’s more like a Zoom ton, D.C., at an auditorium had aRepublican governor vention format. “It does statewide office. Mr. Pataki conference than an actual [email protected] P2JW237000-2-A010B0-1------NS

A10B | Monday, August 24, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Museums Begin Reopening Their Doors

Some institutions open forlimited tours, but that nowseems impossible. wonder whether they “This is the most severe will be able to recover S threat this museum has ever from the pandemic PRES faced. And forthis museum

TED that’sreally saying something,” Mr. Boulware said. OCIA

BY CHARLES PASSY SS Thepath forwardfor muse- /A ums,big or small, is clouded Anative NewYorker who by the likelihood that atten- has been going to the Metro- WENIG dance, asignificant revenue

politanMuseum of Art since SETH driver,may be asmall fraction childhood, Charles Baum is ea- of what it oncewas forthe gertosee the institution re- foreseeable future. open itsdoorsincoming days JOURNAL; Even if the 25% capiseven-

afterafive-month shutdown REET tually increased, it maynot because of the coronavirus ST mattermuch in the short LL

pandemic. WA term. Manymuseums in the “I can’t wait to getback,” city rely heavily on tourism— THE

said Mr.Baum, a70-year-old R at theMet, touristshavemade resident of Manhattan’sUpper FO up 70%ofthe roughly seven West Side who is also afre- million annual visitorsithas quent visitor to the Museum attracted in recent years. But BLESENER

of Modern Art, or MoMA,and H the pandemic has upended the the Whitney Museum of Amer- RA travel industry, and expecta- SA

ican Art, among other New P: tions are that it could take at York City institutions. TO least ayear or two forsightse- OM

But the question forthe Met FR erstoreturn to NewYork in and museums throughout the The Museum of Modern Art closed in March but plans to reopen Thursday, with timed tickets required. The Metropolitan Museum of sizable numbers. Last year,the five boroughs is whether loyal Art, shown before the lockdown, is projecting a $150 million loss because of the pandemic and has cut its staff by roughly 20%. city welcomed arecord66.6 patrons likeMr. Baumwill be million visitors, according to enough to sustain them, at Still, in a recent survey con- NYC&Company, the city’s of- least in the coming months. ducted by the American Alli- ficial tourism organization. Actually, these institutions, anceofMuseums,asupport If there is a silver lining to some of them bedrocks of the organization for the industry, the current picture, it is that artsscene that defines the one-thirdofmuseum directors the pandemic has prompted city,are facing several difficult around the country said they many museums to strengthen questions.Evenasthey get faced significant risk that online offeringsand engage ready to greet visitorsagain— theirinstitutions wouldn’t visitors in a different way. NewYork Gov.Andrew Cuomo survivebythe fall of 2021 Take the case of Poster approved their reopening without some financial relief. House,amuseum devoted to starting Monday at 25% capac- TheMet, with a$320 mil- postersthat opened in Chelsea ity—they arepreparing to lion annual budget before the last year. makedowith fewerattendees pandemic,isprojecting a$150 While Poster House Mu- in the short and potentially million lossbecause of the seum Director Julia Knight long term. They also aregrap- pandemic and has cut itsstaff, said the pandemic arrived just pling with the lossofasignifi- which once numbered around as the institution wasestab- cant chunk of income over the 2,000,byroughly 20%, mu- lishing a foothold in the city, shutdown period. seum officials said. Thefuture she wasglad to introducea Theresult is that museums exhibition schedule will be re- number of innovativevirtual arelooking at slashing their duced to 30 shows ayear from programs this summer.One budgets—by millions of dol- about 40,though officials said example: an event showcasing lars, in the case of some larger quality wouldn’t suffer and posters from the art deco pe- ones,according to officials visitors won’t perceiveadif- riod andencouraging online with theinstitutions.That ferenceoverall in what the attendees to enjoyacocktail means cutting staff and trim- museum is presenting. from the same era, with reci- ming exhibition schedules, in The Met can rely on an ap- “The Met’s existence is not Seaport Museum, with a $4.5 financial hit. pes provided, while they were many instances. proximately $3 billion-plus en- being challenged,” said Max million pre-pandemic budget, Themuseum hasn’t been viewing from home. Thesituation could eventu- dowment to sustain itself,plus Hollein, director of the mu- estimates itspandemic-related able to fully reopen itsmain ex- Ms.Knight said such pro- ally result in some museums the continued support of a seum. “It’s a very resilient in- loss will likely exceed $2 mil- hibition spaceinthe yearssince grams have resulted in poster permanently shutting their large,well-heeled group of do- stitution.” lion. President and Chief Exec- the building sustained major loverssigning up formember- doors, though few in the cul- nors. Theorganization was Forsmaller museums, utive Jonathan Boulware said damageduring superstorm ships,evenifthey livewell be- tural world expect such august able to raise $25 million in though, there is often no sig- the museum has an endow- Sandy in 2012. Mr.Boulware yond New York. institutions as the Met, MoMA emergencyfunds from its nificant financial cushion. The ment of only $1.7 million and said he had hoped 2020 would “We have gotten people to or the Whitney to do so. trustees during the pandemic. nautical-themed South Street no cash reserve to absorb the be the year it would finally fully join from Texas,” she said.

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CAREERS & LEADERSHIP PERSONALJOURNAL.

How to Prove Your Value From Afar

Check in: Keep your boss up- dated on your accomplish- ments and raise your hand for projects. Get aligned: Makesureyou knowwhatyour manager’s expectations areand wherethe company’spriorities lie.Think about work youcan do to makeyour boss’slifeeasier. Stay in the flow: Participate in group chats on technology like Slack and schedule random catch-up calls with colleagues, including those not on your immediate team. If travel is an option, schedule office visits. Speak up: Make sure you have G the phone number or link for a meeting beforehand. If you are

EISENBER left out of a meeting, say something. JULIA Express your goals: Make clear you’re aiming for the DUNGO;

AJ next step in your career. If

BY you’re open to transitioning

ION back to the office to make AT that happen, perhaps as part TR

US of a hybrid setup where you ILL go in once a week, spell it out P:

TO for your manager. OM FR

managersand peers, found that WORK employees who aren’t co-located & LIFE Don’tLet Remote Work with their bosses tend to obses- RACHEL sively monitor their email and FEINTZEIG volunteer to take early-morning and late-night meetings—anything SlowDownYour Career to provethey’recommittedand itching your commute working hard. and working in your pa- Theresult is burnout, says Paul jamas is nice. But is re- Landing a promotion while working from home requires new strategies Leonardi, aco-author of the study motework hindering and professor of technologyman- Dyour career? agement at University of Califor- As millions of people place-consulting company accidentally leftMs. Davis nia, SantaBarbara. Manyeither hunker down in the telecommut- Flex+StrategyGroup.“Re- out, especially sincehe’d giveuptrying to advanceorquit ing experiment that won’t seem ally,atthe end of the day, been in her shoes recently, their jobs. to end—and some toywith mak- they had no idea what having worked remotely in It’sworth emphasizing that ing the setup permanent—they you’redoing.You could have Colorado forthe company wasthe result when working from aregetting atasteofwhat work- just been sitting there.” forayear.“As much as you home wasjust, well, working from ing-from-home veterans have Without that built-in cue try, youdefinitely make home,asopposed to what youdid known foryears: It canbehardto foryour manager,the onus those mistakes,” he says.He while also home schooling and climb the ladder when no one can shifts to youtoprove your began to advocatefor Ms. navigating arecession and health see you. value and makesureyou’re Davis in the office, urging crisis.These days,aiming fora Thebest projectsand promo- in the flow.Ms. Yost recom- otherstoloop her in when promotion remotely canbeeven tions oftengotoin-officework- mends providing frequent he’doverhear conversations morefraught. ers. Those logging on from home updates on your progress, related to her job.Ms. Davis Haley Bryant spent the spring saythey feel invisible at times or asking forwork and making also started pushing herself trying to ascend to the chief oper- find that opportunities forad- sureyou’reclear on the to speak up more, pointing ating officer role at content-mar- vancement, such as making the company’spriorities and ex- out when lapses happened keting firm Animalz while sitting leap to manager,are closed off to pectations.“It’samuch and insisting on dial-in side by side with her son, Oliver, them. Some facesuspicion about morespecific and inten- links beforemeetings. then 4yearsold, in their what they’reactually doing all tional way of doing your Thepandemic helped Bethesda, Md., home.Having day. Without the ability to spot job,” she says. solvemanyofthe dynamics worked remotely forafew years, who’s sitting next to whom in a At ButcherBox, ameat- at ButcherBox. With every- she knewshe wasprone to some glass-walled conferenceroom or subscription servicebased one working remotely for unhealthyhabits, likeworking for talk with acolleague from an- in Boston, workersliving in now, and the companyhir- hourswithout pausing forfood or other department at the coffee Texas,Pennsylvania and ing in different locations, abreak.But nowevery dayfelt machine,itcan be hardtoread other locations oftenfelt Haley Bryant, of Bethesda, Md., with her son, Ms.Davis says she sees likeboth an audition forthe new the powerlines of the workplace likesecond-classcitizens, Oliver. morepotential forherself gig and an emergency. Thebusi- and makeconnections. says CEO MikeSalguero. there. But Mr.Salguero, the nesswas shedding customers, em- In some ways, the pandemic Corporatedecisions often CEO,isstill wrestling with ployees were overwhelmed and has been agreat equalizer. Now, were made on the flybypulling a herjob.Another time,she opened howtokeep thingsfair fortele- her son wasconstantly interrupt- at many companies, everyone is group of people intoaconference up the email invitetoameeting commuterslong-term. One ing her,sad that she didn’t have working remotely.But even with room at the office, leaving out and found no dial-in or videocon- thought is to makesureheisout time to color with him. “I just alevel playing field it canbehard those farther afield. ferencing link.She frantically of the officeasmuch as possible wasonatreadmill that wasgoing to proveoverZoom that you’re “They felt likethey were not emailed her colleagues,but they so impromptu meetingscan’t hap- faster and faster,” she says. ready forapromotion. involved in theimportant conver- didn’t realizeshe wasabsent until pen. “IfI’m remote, there’salways Working long hours, Ms.Bryant Consider lifeback at the office, sations,” Mr.Salguerosays.“Basi- 10 minutes beforethe meeting that buffer,” he says. began suffering from persistent wherepeople could see youplug- cally,their career wasbeing held wasover. She wondered howshe Researchshows that remote headaches.Her energy sank.She ging away each workday. “Ifyou back by the fact that they were would rise in the ranks at the workersadapt to the pressures gotthe job,but realized her ap- were showing up and sitting in remote, which makes sense.” companyifshe could so easily be and disadvantages of being far proach during the trial period your seat everyday and maybe Paula Davis,amember support overlooked. from headquarters, but their cop- wasn’t sustainable.She needed to getting in alittle earlier than they manager based in Dallas,recalls “I just truly felt likeanafter- ing mechanisms come with conse- draw firmer boundaries and pre- did and staying alittle later than not being included in ameeting in thought,” Ms.Davis says.“Does quences.A2019 study called “Get servemoretime forherself.“It they did, youwereatop-notch Januarywherethe rest of her my opinion not matter?” Noticed and Die Trying,” which forced me to set abar and change worker,” says Cali Yost, the chief team made adecision about call- Ms.Davis’ manager,Joe Kelly, analyzedinterviews with 60 re- howIwork,” she says.“I’m ahu- executiveand founder of work- center operations,akey part of says he felt terrible each time he moteworkersand dozens of their man, not arobot.”

PERSONAL Those with compromised immune ASK JOURNAL systems may qualify for a benefit. In the early months of the pandemic,ittook months to start re- CONDUCTAND CAREER ceiving benefits in some states, but theyappear to be clearing ap- “I have a medical condi- plication backlogs,and wait times tion that has left me have been declining, Ms.Evermore said. immunocompromised, but Because PUAwas designedto my boss won’t let me con- provide benefits to people who tinue working from home don’t qualifyunder the regular UI when our office reopens systemorhave usedupthose ben- next month. If I quit my efits, some states requireappli- job because of health con- cants first to apply forregular UI cerns, am I eligible for benefits and be rejected,then re- apply though PUA. unemployment benefits?” This canadd to the time it takes beforebenefits arepaid. For The bottom line example,Connecticut’s PUAportal The Coronavirus Aid, Relief and says individuals should apply for Economic SecurityAct Act, passed regular UI, wait three to fivebusi- in March, specifically allows people nessdaysfor the claim to be pro- with compromisedimmune sys- cessed,then watchfor the rejec- tems to collect unemploymentin- tion to arrivebymail, before surance(UI) if theylefttheir jobs applying forPUA. because of ahigh risk to their ForPUA,you’ll need someproof health. The benefit is available un- of income and proofthatyou are der the program calledPandemic immunocompromisedand can’tre- UnemploymentAssistance(PUA). turn to work,Ms. Evermoresaid. However, UI is administeredby Some states takeaharder line on states,and receiving approvalfor The details fore advisedbyahealth-carepro- PUApayments come out of fed- proving eligibility, she said. For PUAcan be challenging depending According to the Labor Depart- vider to self-quarantine in order to eral money, but people mustapply documentation, adoctor’s note will on your state, said Michele Ever- ment, PUAisavailable to “anindi- avoid the greater-than-average through their stateUIsystem. generally suffice, but some states GES more, asenior policy analyst at vidual whose immune systemis health risksthatthe individual Some states’systems areanti- mightask formore. PUAbenefits IMA the National EmploymentLaw compromisedbyvirtue of aseri- mightfaceifheorshe were to be- quated, which has ledtodelays in areavailable until Dec.31. Project.

GETTY ous health condition and is there- come infectedbythe coronavirus.” applicants receiving their benefits. —Lauren Weber P2JW237000-0-A01200-1------NS

A12 | Monday, August 24, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

Reboot UPDATE Career Reinvention She left the ad world Name: Katie Beal Brown Age: 34 to start a hard seltzer Location: Midland, Texas evoking West Texas Education: Bachelor of arts in markets and culture, Southern BY ANNE STEELE Methodist University Former job: Account director equila. Fresh lime juice. A at Anomaly splash of soda water. The inspiration forKatieBeal New job: Founder and CEO of Brown’scareer changewas Lone River Beverage Co. Tsimple,but the journey Aha moment: At a work Katie Beal Brown, left, in West Texas had moreofatwist. Ms. event, a respected industry in March. Above, a can of her hard Brown—paying homagetoranch professional encouraged her seltzer inspired by ranch water. water, aclassic cocktail from her to develop her idea. home state—devised abottled hard As Lone River prepared foran seltzer version that became ahit. Most important piece of ad- April launch, the coronavirus pan- Beforestarting her owncom- vice for changing jobs: “Sur- demic swept the world, creating pany, Ms.Brown had put in the round yourself with the kinds disruptions acrossevery part of the work—latenightsand ramen meals of people that can help you supply chain. An aluminum short- out of vending machines—torise get there and give you the agekept the cans Lone River had through the advertising ranks on courage to do it.” ordered in October from arriving Madison Avenue.But jumping from until two weeks beforethe prod- client to client as an account direc- uct’sdeliverydeadline to retailers. toratdowntownNew York-based Amid the scramble,Ranch Water Anomaly,Ms. Brownfelt she was GageHotel in Marathon, near Ms. preneurship and has developed its ganic agave, natural key lime juice arrived at alocal craftbeer storein falling short on herself.“It gotto Brown’sfamily ranch. Phillip ownventures,including EOSlip and proprietaryflavoring to make Dallas April 16.When Ms.Brown the point,” she says,“whereI Moellering, the hotel’soperations balm and the dosist cannabis pen. the drink tasteliketequila. called to ask if it wasonthe shelf, thought if Icould spend time and director,said the Gageused to be a “The cultureitself really celebrates At the end of 2018,Ms. Brown she wastold it had almost sold out energy Ispent building someone cattle stop,oraplaceranchers the side hustle,” she says. pitched Lone River BeverageCo. to within hours. else’sbrand intobuilding some- could stay when pushing their herd Originally,Ms. Brownthought of Anomaly’s “Shark Tank”-likeincu- Ms.Brown worried about early thing myself,I’d be alot moreful- through the area. According to the making atequila-based beverage, so bator program and won, allowing trends showing consumersinlock- filled.” legend, one such rancher concocted she and her husband traveled to Ja- the companytogrowusing the down gravitating toward familiar Entrepreneursrun in Ms. the drink as alighter,watered lisco, Mexico, to learn about the dis- agency’screative and strategic re- brands.Then amuch biggertrend Brown’sfamily.Morethan 100 down margaritathat could be en- tillation process. Thecouple and sources. She hired her firstem- triumphed: Americans’ drinking at yearsago, her pioneering great- joyedearly in the day. Amorere- some close family and friends ployee, vicepresident of sales,last home has surged. On sale at more grandfather moved to West Texas fined version featuring orange li- pooled capital. Eventually she year.She also gavebirth to a than 2,000 stores throughout Texas and established the family wildcat- queur is nowastaple on the hotel changed direction away from hard daughter,giving newurgencytoher and Tennessee,including Whole ting business; her grandfather es- bar menu. liquor,and Ms.Brown worked with desiretobeher ownboss. She left Foods and Albertson’s, Lone River tablished aworking ranch that still Foryears, Ms.Brown had aformulation partner to develop a Anomaly last December. passed itssales projections forthe operates today. “I always had alot thought about packaging the re- commercially viable recipe,landing In order to stand out, Ranch Wa- year in three months.Asix-pack’s of different ideas but wasnever gional Texas favoriteand selling it. on ahardseltzer version. tereschewedthe skinnycans and suggested priceis$8.99. sure howtobuild them intoabusi- In 2017, her idea came up in casual Thehard-seltzer category has overtly fruity flavorsassociated Ms.Brown traveled with her hus- ness,” she says.Among those conversation when apartner at her become immensely popular in re- with most hardseltzer brands.Ms. band and daughter from NewYork thoughtsrunning through the back firm inquired about her roots. cent years, with sales of $3 billion Brown, who has opted foratradi- to Midland foraphotoshoot for of her mind wasranch water—the “‘Why the hell haven’t youdone it in the U.S. in the 52 weeks ended tional canthat fits aregular koozie, Ranch Waterinearly March. Be- drink she turned to when feeling already?’” Ms.Brown recalls the July 11, according to Bump Williams hopes the drink will appeal to light- cause of the pandemic,they’restill homesick in her NewYork City life. partner asking.“It made me realize Consulting Co.—morethan triple beer drinkers. “When Ithink of there, bouncing between their fami- While various barsand cities maybe I’m underestimating myself the previous year.Ms. Brownused people in West Texas Ithink of a lies’ homes,and intend to moveto throughout Texas staketheir claim and underestimating the idea,” she asugar-brewedmalt base,sothe no-frills,get-the-job-done attitude,” Texas full time.She says she’snow to the margarita-Tom Collins mash- says. beveragecould be sold in grocery she said “The drink very much em- happy to work latenightsorget up LAFEVERS

up,one legend about the origins of Ms.Brown began to dip her toes stores and competeonpricewith a bodies that straightforwardness early,because she’sbuilding some- N

ranch waterstems from the historic in the water. Anomaly fostersentre- six pack of light beer,and added or- and simplicity of lifestyle.” thing herself. RO AA Va cation Days Go Unused

BY ANNE STEELE AND CHIP CUTTER Time-offrequests ahotel in the city forhis birth- from workersat3,000 companies day—no pool or breakfast service. arly in the pandemic Maestro In between, when feeling aspurt EHealth noticed a troubling 2019 2020 of creativity,she took days off to but common trend: Employ- 70,000 requests paint and sculpt, and fixupher ees weren’t taking vacation. old bike. The health-plan administrator 60,000 Taking that time required her to acted quickly, introducing a com- undo some wiring, says Ms. Carr, panywide mental-health day in 50,000 who graduated from college in De- April, and another one leading into cember 2018. As a Black woman the Fourth of July weekend. Then, 40,000 she grew up with a sense that following internal discussions in work was important, and taking the wake of social unrest and ra- 30,000 days off induced a sense of guilt. cial-justice protests this summer, But “being able to step away the company added a floating holi- 20,000 and do those little things helps day that employees could use for with my productivity,” she says, 10,000 Juneteenth, Good Friday, Yom Kip- adding she wouldn’t want to push pur, or whichever day they choose. 0 off her vacation days into next They axed Columbus Day, and plan year. “I would have to spend the to add two floating holidays next March April MayJune July rest of this year in front of my year to offer employees greater Source:Zeneﬁts computer,” she says. flexibility. Other workers, however, see Maestro, acquired by French in- and sick-day programs, according things differently. surer AXA SA in 2018, also in- to a U.S. study conducted in late At technology giant SAP SE, an creased the number of days em- April by consulting firm Willis internal review found that employ- ployees can roll over into next Towers Watson. Twenty-four per- ees’ vacation usage stood at only year to 20 from 15. cent of employers are planning to 4% as of early June, compared “It builds good will,” says Mae- increase rollover limits to mini- with 24% at the same time the stro Chief Executive Craig Malo- mize lost vacation days; 16% re- prior year. The number of planned cations since the start of the pan- Meanwhile, SAP is sending re- ney. It’s also practical. The com- quire employees to take days off to vacation days in the future is at demic, according to a new Wall minder notes to managers, asking pany’s busiest time starts at the reduce year-end buildup and 22% “historic lows” for the company, Street Journal/SurveyMonkey poll. them to encourage staffers to take end of the year with benefits en- are planning or considering such a says Dan Healey, SAP’s head of hu- “It would be tempting in my time off this year, and to plan va- rollment in November and Decem- requirement. Fifteen percent are man resources for North America. role or to say to colleagues, ‘Let’s cations so that not too many em- CK

TO ber, and it can’t be missing swaths planning or considering allowing Executives debated about just roll over vacation,’ but it re- ployees are taking off at once. IS of its workforce. employees to donate unused vaca- whether to allow employees to ex- ally is contrary to our message,” Tamara Rasberry, who owns an With vacation balances building tion days to a pool for others to tend a certain number of days to says Mr. Healey. “A vacation day HR consulting firm focused on di-

JOURNAL; among employees who either feel take. 2021, but decided against it, Mr. delayed is really a lost opportunity versity, inclusion and mental they can’t take time off amid the Jada Carr, age 24, has taken Healey says. Unused vacation time for our employees to recharge and health, says she is surprised at the REET uncertainty or won’t because eight days off during the pandemic is considered an accounting liabil- reconnect.” number of companies that aren’t ST

LL travel plans were quashed due to and says she is happy she did. ity on the company’s balance Still, the pandemic has altered changing their carry-over limits.

WA the coronavirus, companies are An office administrator at a sheet—carry-over time raises the travel plans for many. Mr. Healey With limited travel opportuni- split on what to do. While some market-research company who risk of having to cover higher and his colleagues have received ties the notion of vacation this /THE are introducing more relaxed poli- lives with her parents in Matteson, leave payouts to employees who powerful emails from staffers, out- year has been upended. And while cies and allowing days to carry Ill., Ms. Carr was psyched for the exit the company. But the bigger lining the bucket-list vacations some employers are encouraging LENDOF over into next year, others are re- summer. She envisioned taco and issue, he says, is the risk of em- they planned to take this year, and “staycations,” that has changed EMIL quiring employees to take their va- margarita bar crawls through Chi- ployee burnout. asking for permission to take more drastically, too, Ms. Rasberry says. BY cation sooner rather than later to cago and attending the city’s Lolla- Indeed, surveys suggest some days next year if trips are resched- “The type of staycation where ION fend off burnout—and a potential palooza music festival. employees may need a break now uled. SAP has instructed employ- you don’t travel but you stay home AT

TR liability on their books. Instead, she took time off to more than ever. More than four in ees to work with their managers in and forget all things work-related US Nearly half of employers have hole up at her boyfriend’splace 10 workers in the U.S. say they are those situations. “If you exceed for a week feels different when ILL

TO made or are planning to make forthree days in March. Thecou- now spending more time on video your vacation time, we’ll be flexi- you are working from home,” she

PHO changes to paid time off, vacation ple also spent along weekend at calls, emails and other work appli- ble about it,” Mr. Healey says. says. P2JW237000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, August 24, 2020 | A13 ARTS IN REVIEW

ABROADATHOME ARoaming Picasso Pilgrimage

From Paris to the Spanish coast, museums offer a nearly complete portrait of his life and work, and can be visited online

BY MICHAEL FITZGERALD Visitors in front of several Picasso paintings inspired by Diego hereare moremuseums Velázquez’s ‘Las Meninas,’ above; devoted to the art of museumgoers in front of his iconic Pablo Picassothan to the ‘Guernica,’ left; the artist at the work of anyother artist. opening of his ceramics exhibition TFive of them arescattered at the Antibes museum on Sept. 7, along aline running from 1948, below left Paris through the Côte d’Azur to Málagaonthe southern coast of Spain. Now, instead of undertaking ArteReina Sofía in Madrid to com- this journey of over 900 miles,the pare“War” with Picasso’sgreatest curious cansee each through wel- antiwarstatement, “Guernica.” One coming virtual visits. These muse- video posted on YouTube by Go ums offer morethan an array of Spain TV presentsacapsule his- great pictures because each is inti- tory of the painting as viewers mately connected to Picasso’slife. scan both the monumental canvas Theplacetobegin is France, at and related studies in the mu- theMuséeNational Picasso-Paris. seum’sgalleries. This awesome collection is the re- Theend of our pilgrimageisthe sult of the settlement of Picasso’s Museo PicassoMálagainthe city estateafter his death in 1973. In lieu wherePicasso wasborn in 1881. In of taxes, the French government ac- 1954, Picassohad responded to an cepted avast selection of the artist’s invitation by offering to donate paintings, sculptures,drawings, ce- “two truckloads” of art, but the ramics and prints. Thecollection of- dictatorship of FranciscoFranco fers aunique windowonPicasso’s precluded anyaction fordecades. mind because almost everywork When the idea wasrevivedafter came from his privatecollection. As Picasso’sdeath, his heirstook the the current director Laurent Le Bon lead, specifically his daughter-in- states in “Paris DiscoversPicasso,” a lawChristine Ruiz-Picasso and her personal tour of the mu- son, Bernard. Their bounteous gifts seum posted on YouTube, Domínguezgaveto fill the arching vault of this small to the museum represent alarge in atime of crisis “this Picasso. Itsstartling chapel and immerse us in both his portion of their inheritance, so the kind of museum canbea combination of agra- celebration of peaceand his anxiety collection of this museum, too, is paradise,can be aplace maphone and a over the tensions that were redefin- based on Picasso’sprivateholdings forquiet momentstojust woman’sfigurestems ing world politics in the 1950s.One and stretches acrosshis career. look at wonderfulmaster- from their shared side of the vault displays “Peace,” a Moreover,the museum currently pieces.” commitment to Sur- pastoral idyll. Theoppositeside is hostsaremarkable three-year exhi- An early work in the realist provocation. overwhelmed by “War”:Asingle de- bition, “Dialogues With Picasso,” collection, Picasso’s1901 Thetwo Picasso fender opposes an armyofshadowy drawnfromBernard’scollection. portrait of himself museums on the killerslead by ahorned monster Themuseum’swebsite allows view- hunched in aworn over- Côte d’Azur explore spreading revolting vermin—a refer- erstoexplorenearly 80 yearsof coat againstthe icyblue atransformative encetofearsofgerm warfareduring Picasso’scareer through aseries of of winter captures his time in Picasso’slife the Korean War. Examine them both 16 exceptionally revealing thematic isolation as ayoung im- and art. Although in aseries of still photographs on files of images and texts. migrant in Paris,and the not far apart, the ur- the museum’shome page. collection includes his ban sprawlthat has As virtual travelers, we canleap Mr. FitzGerald teaches art history at Cubist tour-de-force of overtaken the Medi- to the Museo Nacional Centrode Trinity College in Hartford, Conn.

manipulated materials terranean coast of GES

and viewpoints, “Still- Francemakes the IMA LifeWith Chair Caning” availability of videos (1912). Yet, Picassowas such as “Experience obliged to sell most of France: ThePicasso /BRIDGEMAN

his early Cubist work to Museum in Antibes” NY earn aliving,and many ablessing.Available ARS,

arenow in the collection on YouTube,itintro- O/ of the Museum of Mod- duces viewers to SS

ern Art in NewYork. On MoMA’s with agiftfromPicasso’s close both the historic siteofthe mu- PICA O

website, we cansee Cubism unfold friend and secretaryJaume Sabar- seum and itsrich collection of its BL in the museum’sexcellent video of tés, which inspired Picassoand his namesake’sart. At the end of PA OF

itscurrent installation and in per- family to makelarge donations of World WarII, PicassoleftParis and E

son beginning when the museum his early work.Manyofthese moved to the south, wherehelived TAT reopens on Aug.27. works,and the remarkable Renais- until his death. Theprescient di- ES

TheParis collection really begins sancepalaces that house the mu- rector of the Antibes museum in GES;

with the end of World WarI,when seum, arebeautifully displayedina the seaside Chateau Grimaldi of- IMA

Picasso’srise to international ac- video simply titled “Museu Picasso, feredPicasso spaceinthe museum ETTY

claim and wealth enabled him to Barcelona,” available on YouTube. forhis studio,and in thanks he left /G keep as much of his work as he Thecollection maps his teenage 23 paintingsand 44 drawings, chose.His exquisiteportrait of his transformation from an earnest stu- which his widowJacqueline later TURES young,elegant wifeOlgaopens this dent of traditional Spanish art, in augmented with dozens of addi- FEA

newworld, and the collection in- “Scienceand Charity” (1897), to a tional works.These gifts nowcon- MMA cludes marvel aftermarvel through member of Barcelona’sradical, late stitutethe collection of the re- GA S; his final, unblinking confrontations 19th-centurybohemia. Moreover,Pi- named MuséePicasso Antibes.The with old age. Currently,the museum cassomade an additional giftofa blazing light and ensemble of frol- PRES

hoststwo exhibitions that explore unique set of his work—the 58 icking fauns and animals surround- UMA /Z

opposing poles of Picasso’sart. “Pi- paintingsthat constitutehis largest ing an exuberantly dancing woman YA

cassoPoet” presentsthe little- meditation on another work of art, in “The JoyofLife” (1946) is his MO known poetryhewrote primarily in DiegoVelázquez’s“LasMeninas.” greatest affirmation of the renewal

the 1930s and itsrelationship to his Another YouTube video posted by he found in the Mediterranean CHEMA ;

contemporarypainting and draw- Michael Grobman offersfascinating world of his youth. Themuseum’s MY ing.“Picassoand Comic Books” comparisons between Velázquez’s app,Picasso Antibes,offers21 LA /A

stretches from Picasso’sown fasci- painting and Picasso’sresponses to short videos,each devoted to a EFF

nation with comics to the ways it. These gifts record both Picasso’s work on displayinthe museum. TZ

makersofcomic books and graphic recognition of Barcelona’sformative TheMuséeNational Picassoin MOR novels have responded to his art. role in his art and his lifelong inspi- the adjacent town of Vallauris is a PO In order to understand howPi- ration by Spanish culture. Picasso’s monument that manytravelers cassobegan his career,weneed to relationship with another Spanish overlook but cannow be easily VLADIMIR

visit the Museu PicassoinBarce- artist is showcased by the museum’s viewedonline.Onthe walls of ade- P: lona, because it wasinthis coastal current show of anewly rediscov- consecrated medieval chapel, Pi- TO city that Picassofirst engaged with ered assemblagebyÓscar cassopainted two of his greatest OM FR modern art. Thecollection began Domínguez, titled “Never,” which postwarworks.The murals entirely Picasso’s ‘Self-Portrait’ (1901) at the Musée National Picasso-Paris P2JW237000-0-A01400-1------XA

A14 | Monday, August 24, 2020 THE WALL STREET JOURNAL. SPORTS Bayern Munich Edges PSGfor Title

The German club lifted the Champions League trophy after shutting down the explosive duo of Neymar and Mbappé

BY JOSHUA ROBINSON

The longest season in the history of European soccer was so long that Bayern Munich’s players had time for two separate vacations. They played for two different managers and waited 13 months to finish it. It was so long that Bayern striker Robert Lewandowski even had two birthdays. He was 30 when the season kicked off. He is now 32—but also a European champion for the first time. On Sunday night in Lisbon, Le- wandowski and Bayern Munich won a desperately close Champi- ons League final 1-0 over Paris Saint-Germain, shutting down the most expensive strike force in the world of Neymar and Kylian Mbappé. “If we had scored that first goal,” PSG head coach Thomas Tuchel said. “I’m convinced we would have been the ones to win 1-0.” Bayern’s sixth Champions League title, following its German league and cup successes, will have been by far its strangest. For a campaign that began in the before times in the most normal way possible—six wins from six games in the group stage—it ended with an unprecedented, pandemic- friendly format in a biosecure bubble in Portugal with no fans in the stadium. Under the one-off format, which did away with return legs in the knockout rounds and made the

tournament more like a World OL

Cup, Bayern played three times in PO S nine days. The first two games

turned into extravagant displays of /PRES

the club’s offensive power—the 8-2 PES LO

victory against Barcelona, the 3-0 A. against Lyon. But Sunday night

was something more familiar. Bay- MIGUEL ern, led by manager Hansi Flick Kingsley Coman, right, of Bayern Munich celebrates after scoring a goal during Sunday’s Champions League final. Bayern beat Paris Saint-Germain 1-0. and his 92% winning percentage this season, was the fiercely effi- years in the making, yet somehow PSG, which came with Sarkozy’s the country’s state-owned national “We could have scored two or cient German machine again. No behind schedule. They had de- blessing, was simply one more flag-carrier, has been a major three goals,” he said. “We came so frills, just a collection of parts that clared when they bought the club foothold in Europe. A decade later, sponsor of Bayern Munich’s since close. And tonight we believe more worked, and one decisive goal. in 2011 that their ambition was to its long-term ambition hasn’t 2016. With interests on both sides than ever that we’re capable of It came in the 59th minute from win the Champions League in five ebbed: Doha last month officially of Sunday’s final, the airline winning the Champions League.” Bayern’s own Frenchman, Kingsley years. It took the club nine just to registered its interest in hosting dubbed it “The Qlassico.” Qatar could put PSG in the final, Coman. He met a floating cross by reach the semifinals. the 2032 Summer Olympics. Criticized by fans who asked but even a gilded sovereign-wealth Joshua Kimmich and headed it But where soccer and geopoli- why their club should be involved fund couldn’t help Mbappé finish home to sink PSG, his hometown tics overlap, PSG’s goals had been with Qatar despite its checkered his team’s best chance of the team and the club where he be- achieved long before Sunday night. Bayern Munich’s sixth human rights record, Bayern presi- game. With seconds to go in the came a professional. The goal also Qatar’s acquisition of the club in dent and former Adidas CEO Her- first half, Angel Di Maria cut the padded Coman’s résumé as one of 2011, and subsequent investment Champions League title bert Hainer said, “We want to play ball back to him 6 yards out, only Europe’s true serial winners. After of roughly $2 billion, has only will have been by far its our part in building bridges and for Mbappé to prod it tamely to seven consecutive league titles in been a small piece of a larger transmitting values between the Bayern goalkeeper Manuel Neuer. seven years across PSG, Juventus strategy for a country smaller than strangest. cultures—not in the form of public Neymar, for his part, didn’t and Bayern, he now has a Champi- Connecticut to grow its global in- shaming events, but rather in even come that close. Despite be- ons League title to his name as fluence. To Qatar, Paris was a per- trustful conversations with our ing hugely influential in the quar- well. The craziest part is that he is fect launchpad. partners.” terfinals, semifinals, and first half just 24 years old. In the space of four years from “What PSG is doing,” Bayern Only PSG, however, has a Qatari of the final, his European run “It was extraordinary,” Coman 2007 to 2011, it curried favor with chairman Karl-Heinz Rummenigge government minister for a club seemed to peter out after Bayern said. “I feel a lot of happiness, but then-President Nicolas Sarkozy, se- said in 2012, “is absurd.” president, Nasser Al-Khelaifi. And took the lead. there’s some genuine sadness for cured lucrative trade deals with But Qatar’s influence in soccer the man who brought Neymar and “He can’t win by himself,” Paris too. It’s tough to see those France, bought up a string of lux- wasn’t limited to creating nou- Mbappé to the club for more than Tuchel had warned before the guys like this.” ury hotels in Paris and Cannes, veaux riches. The country’s invest- $400 million couldn’t quite believe game. In the minds of PSG’s owners, and leaned on French support to ment arm soon reached into Ba- that through three games in Lis- As it turned out, Neymar an arm of Qatar’s sovereign-wealth secure the hosting rights to the varia too, where it piled new bon, his two stars hadn’t managed couldn’t win it with 10 other men fund, this game had been nine 2022 World Cup. The purchase of money onto old. Qatar Airways, a single goal between them. in PSG jerseys either.

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THE WALL STREET JOURNAL. Monday, August 24, 2020 | A15 OPINION Life Lessons to Copy and Paste BOOKSHELF | By Mark P. Mills

We all owe a invented the easy-to-use In 1979 Xerox had negoti- Didn’t bother me.Come up That Old debt to Larry Smalltalk programming sys- ated to buy options for with anew thing,growit Tesler,who tem, wassetting up an effort shares of Apple Computer. big,giveittosomebody else, died in Feb- at Xerox Palo AltoResearch In exchange, Apple staff start over with anew thing.” ruaryatthe Center.Mr. Kaywanted to could tour PARC.Tesler gave Silicon Valley workersina Black Magic ageof74. I hireTesler but couldn’t find the nowinfamous demo to nutshell. INSIDE meant to him. Happily forall of us, SteveJobs of the Altocom- And those lessons? Here’s VIEW writeabout that wholecommune thing puterand Smalltalk.Tesler an even dozen: Followyour Oilcraft him in March didn’t work out. recalled, “The questions the interests. Countercultureis By Andy but reality Tesler joined Xerox PARC Apple people were asking OK,but changesociety by By Robert Vitalis Kessler intervened. in 1973and worked on the totally blewmeaway.They inventing the future, not (Stanford, 224 pages, $24) Tesler isn’t Online Office System and a were the kind of questions protesting it. Don’t drop generally considered one of user-friendly computer Xerox executives should out. Communes fail. Find an foil didn’t exist, we’d invent it. That maysound like the founding fathersofper- named Altorunning Small- have been asking but unbiased person to discover I oil-company PR from the 1950s, but it’s true: sonal computing but he’s talk.Looking forfeatures, didn’t.” SteveJobs even told newfeatures.Ask lotsof Petroleum’s unique chemistry offers a combination of certainly acontributing Tesler found anewly hired him, “You guys aresitting questions.Big companies features—ease of storage and transport, safety, energy cousin, including featuresI secretary, SylviaAdams,who on agold mine here. Why arestifling and don’t ask density—unmatched by anyother energy form. Indeed, guarantee youuse every had only used atypewriter. aren’t youmaking this a lotsofquestions.Work for no alternative-energy project has yet come close to these day. His storycontains les- “I grabbed her.Ididn’t want product?” the person that does ask attributes. That’s why petroleum still fuels 95% of global sons galore—see if youcan her to getcontaminated by lotsofquestions.Watch out transportation and is the world’s biggest traded catch’em all. some word processor that we from belowassomething commodity—even now, during the Covid crisis. Tesler wasborn in New were using”—her lack of ex- Silicon Valley’sLarry cheaper will eventually eat You won’t learn any of that from Robert Vitalis, a York,and took an interest in posurewould provide afresh you. Youcan fail and still be professor of politics at Penn and former director of the computersasakid when he perspective. He sat her in Tesler made acareer part of progress. Jobhop- school’s Middle East Center. His latest book is not about learned they were being used front of amonitor and asked of chasing his passions ping canbeacareer.Doan the physics of energy or the energy business; it’s about to forecast elections.This what she would want to do oral history. what the author calls “oilcraft,” closer not to “statecraft”— wasinthe 1950s—and it’s with the document on the to each next job. Yearsago, Ivisited a pragmatic diplomacy that treats oil as just another still an art, not ascience. screen. game-developer friend at Ap- commodity—but to “witchcraft”:afetishistic belief that While at the Bronx High She told the furiously ple and went directly to his “oil is power,” somehow a School of Science, he some- note-taking Tesler,“Well, I No surprise,after ayear building instead of reception. mystical thing apart. howtalked folks at Columbia have to insert something Tesler leftPARCand joined Ihad his phone number in a That oilindeed remains a University intogranting him there, so Iwould point Apple.There, he worked on Notepad file on my iPhone, vital commodity, however, 30 minutes per week on an there, and then Iwould type two ahead-of-their-time fail- copied it, but couldn’t forthe fuels what Mr. Vitalis IBM650.Per week!At16he what Iwanted. And to de- ures: the Lisa computer, lifeofmepasteitintothe characterizes, in his subtitle, trucked out to Stanfordto letethis,Iwould draw which eventually morphed phone dialer.Instead Ihad to as “the myths of scarcity study mathematics and, like through it.” She also told intothe reasonably priced type it in number by number. and security that haunt U.S. everyone else,got involved in him she wanted to drag text Macintosh, andthe Newton Icomplained to my friend energy policy.” Both “right- ’60s counterculture, and he around and even copy it personal digital assistant, a and then watched as he en- wing grand strategists” and eventually became afree- elsewhere. Voilà—Tesler cre- forerunner of the iPod and teredanew feature request “left-wing critics of capitalist lancecoder. ated cut, copy and pasteina iPhone.Healso worked with intothe Apple system. imperialism,” he says, In 1970, afterafailed mar- system named Gypsy.(Iearly versions of Wi-Fiand Afew months later,Apple embrace these myths, which riage, Tesler,along with his pasted just now!) He even the ARM processorsnow announced itsiPhone OS 3.1 underlie America’s long- young daughter and abunch invented the expression used in most smartphones. software update, with “bug standing bipartisan pursuit of of his friends moved to “Wysiwyg,” as in “what you Tesler leftApple in 1997 fixesand improvements,” in- a “special relationship” with something likeacommune in see is what youget.” Tesler and worked at Amazon,Ya- cluding: “Pastephone num- the House of Saud. The core ruralOregon. In a2005 oral also worked on an early por- hoo and the genomics com- bersintothe Keypad.” Hey, theme of “Oilcraft” is that this history, Tesler recalls,“That table computer named No- pany23andMe.Looking back, that’smyfeature! OK,let’s policy is misguided and unnecessary. wasprettycool but there teTaker. Xerox didn’t com- Tesler admitted, “I wasn’t on call it the Tesler-Kessler fea- Mr.Vitalis is withering as he deconstructsthe myth of oil wasnoincome up there.” mercializeit, nor much of acareer ladder.Iwas on ture. Only fair. scarcity.Heisunsparing in his contempt formanyso-called Fortunately,Alan Kay, who anything he developed. moreofacareer seesaw. Write to [email protected]. experts, as when he cites an early-20th-centuryanalysis from Arthur D. Little concluding that domestic U.S. production wasinpermanent decline—just beforeOklahoma and Texas oilfields began their 50-year boom. Mr.Vitalis nails it Biden’s Cuba Policy Ignores Reality when he concludes that “estimates of recoverable reserves arenot amatterofgeologybut of knowledge(or technol- “The interro- Mr.Purvis,aBrit, wasmar- eight grueling months.He Somewherealong the way ogy) and priceatagiven time.” (That, in anutshell, is the gationspluck ried with four young children spent another 10 months at La the presiding Torquemada and late-breaking storyofshale and deep-water rigs.) me outofthe and working as astruggling Condesa, abrutalmaximum- his underlingsdecided to drop The greater part of “Oilcraft” deals with the idea that never-ending architect in southeast London security prison forforeigners. the whole thing.But not be- U.S. diplomacy is critical to ensuring Saudi Arabia’s willing- routine of jail when someone floated him a His firstprison cell wasa fore Mr.Purvis’swifehad a ness to provide an uninterrupted supply of oil. Mr. Vitalis at random in- career opportunity in the Ca- dark,damp,vermin-infested nervousbreakdown and he makes a contrarian, libertarian case: even a post-Saudi AMERICAS tervals. Iam ribbean. He bit. dungeon about as big as a wasruined financially and Arabia, he says, “can be counted on to sell its oil on the carried off Eventually he moved the king-sizemattress. He shared scarred psychologically. world market” because oil is essentially its only source of By Mary down twisting family to Cuba, where, as atop it with three others, waited Thedictatorship’scynicism, income. Still, the scars of the 1973 and 1979 oil shocks run Anastasia and tortuous executiveathis firm, he four weeks to see alawyer and racism and general moral rot deep in American policy circles. O’Grady corridorsand worked with the regime on a wasdenied the 15 minutes of ranfromthe topdown. There- Photos of the “infamous U.S. gasoline lines” of ’73serve past pad- variety of joint ventures,in- daylight aweek that the rules gime didn’t bat an eyewhen it as a“clichédsymbol” of our need to ensureoil access.But locked doors with whimpering cluding resorts, hotels and fac- promised. His inhumane incar- double-crossed Dubai Ports thereis, as Mr.Vitalis makes clear,moretothis nationally inmates to another parallel tories.Overadecade,hewrites, ceration, and that of other for- World, which had asigned traumatic story. Other factorstriggeredthe crisis,notably world. ...the cheerful photo “steadily our businessgrew eign businessmen who sud- contract to renovatethe Port Nixon’sdecision to take the dollar off the gold standardtwo of Raúlsmiling like areluctant intoarespected company.” denlyfell out of favor, is the of Mariel. Mr.Purvis had trav- yearsearlier,“floating” it while also implementing oil price headmaster invites me to con- That wasthe problem. Mr. stuff of Soviet re-education- eled to Dubai with Raúl’sfor- and allocation controls.Gasoline wasavailable,just not fess, or better still, denounce.” Purvis reckons that as death camp nightmares. mer son-in-law, Luis López whereAmericaneeded it. (Controls survived foradecade, —Stephen Purvis,“Close But crepttoward Fidel, younger Thetorturewas designed to Callejas, to negotiate the until Reagan dismantled them.) While none has been as No Cigar” (2017) brother Raúland acadreofhis agreement. But six months dramatic as the 1973embargo, therehavebeen enough Presidential candidateJoe militarybuddies worried about later Mr.LópezCallejas— supply disruptions sincetounderscoresecurity fears. Biden has promised to resur- the status quo “turning into Stephen Purvis’s story whose militaryholding com- rect Obama-eraCuba policies something uncontrollable.” pany had “forcibly takencon- that recognized the six-de- They decidedtoact by “me- shows how engaging trol” of tourism and most of How the myths of scarcity and security cade-old militarydictatorship thodically eradicating anything with the regime therest of the economywhen haunt U.S. energy policy and keep it tied to as anormal country. Diplo- that [was] athreat” including Raúltook power—simply told matic ties and American tour- “every single high-ranking pol- works in practice. Mr.Purvis to cancel the $350 the puppet strings of the House of Saud. ism and investment were sup- itician or businessleader.” million deal because “inCuba posed to foster Cuban Therewere“public purges” of we don’t liketosee the word liberation. afew but “most were simply bear fruit during interroga- binding in contracts.” Mr.Vitalis identifies these fearswith establishment over- Criticspredicted it would edited out” and “replaced by tions—officially known as “in- Threemonths later Cuba emphasis on maintaining access to Saudi oil fields,focusing do theopposite. Legitimizing militaryfigures.” To wit: “Hav- struction.” Cuba wanted “some announced “anagreement with on what he sees as corruption in our “special relationship” the tyrannyand putting more ing allowedforeign capitalism foreigner’s head on aplate, aBrazilian construction group with Saudi Arabia. He details decades of entanglementsand dollarsinthe hands of the Cas- to rescue the collapsed econ- preferably afat head from a backed with aBrazilian state “transactions,” and they arelegion: U.S.-to-Saudi sales of troNostra, they said, would omy” in the 1990s,the regime nicevaluable or high-profile loan” of $850 million. Mr.Pur- weapons,technologyand securities; the University of Arkan- only fuel morerepression. moved to “behead it beforeit business.” He had no one to of- vis wondered what “the extra sas’sKing Fahd Center forMiddle East Studies,bankrolled by Mr.Purvis’smemoir,grimly becomes toopowerful.” fer, refused to lie and decided half abillion dollars” wasfor PrinceBandar amonth afterBill Clinton’sinauguration; even detailing his arrest and horri- Though no fan of the long- that doingsowould backfire and whyforeign journalists Saudi funding of NancyReagan’s“Just Say No” campaign. fying 18 months in Cuban jails, standing U.S. embargo, Mr. anyway. were toolazy to notice. Some But while such “transactions” maybeunpalatable,there’s supportsthe viewthat eco- Purvis found himself on the Mr.Purvis would come to five yearslater amega-bribery nothing unique about them—historyisfull of examples. nomic engagement on itsown target list. find out that he had been scandal involving Brazilian If further evidence were needed of the enduring influ- is unlikely to softenCuban In 2011 he wasarrested and “falsely denounced by afor- construction companies and ence of the House of Saud, consider that when, earlier this despotism. Thebook is a “provisionally chargedwith mer colleague.” Thespying stateloans around Latin Amer- year, Saudi Arabia flooded oil markets to collapse prices, primer forwould-be entrepre- revelations of statesecurity charge waseventually icaerupted. President Trump felt the need to broker a “deal” despite neurswilling to partner with and illegal activities.” He was dropped. Acharge of “process- This is the Cuba that Presi- the U.S. shale revolution’s having unleashed Saudi-scale totalitarians.That he survived sent to the notorious Villa ing bills of exchange,” which dent Obamaproposed to en- output. It is perhaps brave of Mr. Vitalis to note that the is atributetohis personal Maristaprison, Cuba’s“Luby- for10yearsalways passed gage.Now Mr.Biden wantsto “transactional nature of relations with the kingdom pre- courage. It is also nothing anka, their Gestapo headquar- government audits, wasde- tryagain. dates the Donald J. Trump administration by decades”— short of amiracle. ters” wherehewould spend monstrably bogus. Write to O’[email protected] but that’s pretty much the whole argument of “Oilcraft.” Because riskyentanglementsare minimized when trade with questionable parties is reduced, one expectsMr. Vitalis to conclude his book with afull-throated argument TheseCandidates AreNot Available in Stores formoreU.S.oil production, especially as part of aCovid recovery.But he dismisses shale’simpact to focus on the By Peter Funt “live” by CNN and MSNBC.Both intensity would have been dis- Trumpsaid he intends to have Saudi problem. He mentions what he calls an old argument, channels carried the entireDNC rupted in araucous arena. fewerprerecorded speakers. that “Saudi Arabia’soil [has] matteredmoretothe national t’sthe 70th anniversaryof feed with practically no inter- Democratsused high profile Thetwo most overtly parti- interest than Israel,” and that our backing of the latterhas I TV’sfirst infomercial. In ruption. But other major outlets Hollywood actresses as hosts san cable channels went in pre- driven jihadism. Then, without examining the astonishing 1950 the legendaryVitamix made difficult on-the-spot deci- each night. Thefirst three dictably oppositedirections, implications,Mr. Vitalis notes in passing that the Kingdom’s blender was promoted in an ex- sions about what to coverand playeditstraight, while the with MSNBC carrying every- heir apparent, Mohammed bin Salman, has turned the issue tended TV ad that became the what to pre-empt. This led to fourth, Julia Louis-Dreyfus, thing and Foxskipping each “onits head” with “his evolving rapprochement with mockable model forselling awkwardinstances when two- made the regrettable decision night’sfirst hour entirely.Will Israel,” putting “conservativeAmerican Jewish organiza- Ginsu knives,George Foreman thirds of the screen showeda to opt forshtick.(“Text they flip approaches this week? tions on Saudi Arabia’sside forthe firsttime since1948”! Grills and, it turnsout, presi- convention speaker with sound 30330 ...that would be the Given the challengeofknit- If one accepts Mr. Vitalis’s scarcity/security thesis, dentialcandidates in 2020. muted, while punditsjabbered. president’sgolf scoreifhe ting together so manyfeeds there’s much to explore regarding American shale and Over four nightslast week, didn’t cheat.”) while covering complexpoliti- geopolitics, especially given his dismissiveness of columnist Democratsmounted a“virtual Foracceptancespeeches by calground, Democratsdeserve Thomas Friedman’s vision that alternative energy will end convention” that waslight on TheDNC resembled nominees Kamala Harris and high marks.But canthis year’s “oil money” for Islamic militants. (Mr. Vitalis gets this info, but had all the tedium of an infomercial. What JoeBiden,producerswisely de- unusual pitchcraftswing many right.) Although “Oilcraft” doesn’t explore it, it’s notable acommercial. TheRepublican cided to createavirtual conven- votes? Considering the lack of that even the most optimistic forecasts of electric-car use version startsMondaynight. will Republicans offer? tion hall in Wilmington, Del., arena-generated excitement, (300 million vehicles in a decade or so, up from today’s It’sanunprecedented chal- and invited reporterstoattend and adip in ratingsfrom2016, seven million) would shrink oil use only 10%. It’s also lengefor TV news.Unlikecon- so the candidates had at aleast the answerisprobably no. relevant that an electric-car boom would trigger an ventional conventions,where Forsome Democrats, such atoken live“audience.” Less Maybe Ms.Louis-Dreyfus unprecedented jump in global mining for battery materials, networks typically switch to as Michigan Gov.Gretchen pleasing were shotsofthe nom- needed betterjokes.She could from nickel and cobalt to lithium and manganese. As the floor interviews when promo- Whitmer,political speechmak- inees waving awkwardly to sup- have asked her former col- United Nations has noted, this will create a new coterie of tional videos areshown in the ing proved difficult without a porterswhose video images ap- leagues at “SaturdayNight Live” questionable suppliers including Russia, China, Gabon and hall, TV outletsmust nowde- live audience. Others, includ- peared on aZoom-style wall. foraclip,ideally Dan Aykroyd’s the Democratic Republic of Congo. Meanwhile, even if an cide if andwhen to interrupt ing Vermont Sen. Bernie Sand- Republican strategistsun- classic infomercial spoof forthe oil-demand peak is in sight, it still leaves petroleum the what is essentially atwo-hour ers—speaking indoorsinfront doubtedly watched with inter- Bass-o-matic: “Yes,fish eaters, world’s biggest commodity for a long, long time. campaign ad. of amagnificent stack of fire- est, trying to ascertain what the days of troublesome scaling, TheDNC’sprogram intercut wood—managed to resonate. works and what doesn’t. During cutting and gutting areover!” Mr. Mills is asenior fellow at the Manhattan Institute; remotesegmentsand speeches, Most effectivewereformer aphone interviewonSean Han- apartner in Cottonwood Venture Partners, an energy-tech some of which were prere- President Obama and wifeMi- nity’sshowduring the DNC’s Mr. Funt is awriter and venture fund; and the author of the recent report “Mines, corded, yetinaccurately labeled chelle,whose near sotto voce firsthour Thursday, President host of “Candid Camera.” Minerals and ‘Green’ Energy: A Reality Check.” P2JW237000-0-A01600-1------XA

A16 | Monday, August 24, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Trump’s Second-Term Opening The U.K. Responds on Bilateral Trade Talks

emocratsnearly exhausted the flatter- production produced the best wage gains in two Regarding your editorial “Where edged this,soitshould not be abar- ing adjectives in Roget’sThesaurus last decades forthe lowest-skilled Americans. Is the U.S.-U.K.Trade Deal?” (Aug. rier to progress. D week as they described the kind of man Among black workersthe joblessratehit 5.4%, 13): We,and the U.S.,remain com- We areaware of U.S. concerns mittedtoanambitious agreement. about our Digital Services Tax. We JoeBiden is.Republicans can the lowest sincethat statistic Democrats focused on This involves complex, wide-ranging want digital businesses to paytax in respond this week by laying started being kept in the 1970s. issues.Covid-19 means we arenego- the U.K. reflecting value derived in the outthe kind of countryAmer- character but ignored During the Obama-Biden tiating virtually.But over three U.K. We hope to agree on aglobal so- icacould be,ifvotersentrust years, that figure never fell be- rounds,and 30 sessions in between, lution in the OECD. them with another four years an agenda for workers. low7.5%. we have exchanged text in areasin- U.S. tariffs on U.K. steel, aluminium, of leadership. Forestalling Mr.Biden’s $3 cluding intellectual property and and significant exportslikeScotch Democratswant to make trillion to $4 trillion in tax in- rules of origin, and reached broad whiskyraise prices forU.S.consumers the election areferendum on Donald Trump’s creases is vital, but Mr.Trump could also prom- agreement on asmall and medium- and areanunhelpful backdrop to ne- character,but it wasstriking that over four days ise action to spur growth. Thetemporaryfull sized enterprises chapter,which will gotiations.Weare pushing foraset- last week they had precious little to sayabout expensing forbusinessinvestments, passed as benefit the businesses at the heart of tlement to the Airbus-Boeing disputes their policies.They offered infomercials on gun part of the2017tax cuts, will start phasing out our communities. and removal of all retaliatorytariffs. We knowagriculturematters to the Finally,the U.S. election is amatter violence, immigration, climatechangeand racial in 2023.Itshould be made permanent, and U.S. It matters to us,too,asdoes our forthe American people.Wewill con- justicethat appealed to the young and gentry don’tbet on Mr.Biden to do it. right to establish newregulations out- tinue to pursue adeal that boostsjobs left. But they offered little detail on howthey’d Mr.Trump canalso double down on deregula- side the European Union. But this is and growth in both countries,and help American workers. tion. Democrats, including Mr.Biden, lovegran- about morethan chicken and beef.We help us rebound from Covid-19.We iii diose talk of roads and bridges; Mr.Trump actu- want to createopportunities forproduc- will negotiatehard, to that end. This opens the door to the GOP to educate ally wantsthem to getbuilt. In July the White ersand consumersinboth countries. ANTONY PHILLIPSON voters about the Democratic plans and to offer House finished arule to streamline the federal We have always been clear that the U.K. Trade Commissioner for an alternativeeconomic platform with broader government’sout-of-control environmental re- National Health Serviceisoff the ta- North America appeal. On the former,the openingsare many: views.Itshouldn’t take 13 yearstoapprovea12- ble.President Trump has acknowl- New York hostility to fossil fuels,much higher taxes, and mile road.Democratscastigated the overhaul, vast newregulation and diktats on health care, and Mr.Biden would undo it. energy,education, housing and finance. Urban violenceisalegitimateissue.But Mr. Lai Arrest Has Nothing to Do With the Press But attacking the Biden agenda won’t be Trump cangobeyond“lawand order” to pro- Your editorial “JimmyLai is Ar- of the press, speech and publication. enough,especially sinceMr. Trump will also moteanopportunity agenda. That includes ex- rested in Hong Kong” (Aug.11) in- Indeed, freedom of speech, of the want to makethe election all about himself. panding school choicefor K-12 and vocational correctly links the arrest of Mr.Lai pressand of publication areamong Presidential second terms arenotoriously poor. education afterhigh school. Theopportunity with acompletely unrelated issue of the rightsand freedoms explicitly Thelast successfulsecond term wasRonald Rea- zones in the 2017tax reform areachanceto pressfreedom in Hong Kong.Incar- highlighted in Article 4ofthe Na- gan’s, as the economic boom continued and his spread investment intodepressed areas. rying out the operation on Aug.10, tional Security Lawasbeing pro- foreign-policyfortitude cracked the Soviet Republicans aredestined to playdefense on the policeclearly stated that the in- tected in accordancewith the lawin Union. Voters areright to be skeptical if all Mr. health care afterfailing to replacethe Affordable dividuals concerned were arrested Hong Kong. Trump does is offer voters afirst-term highlight CareAct. But Mr.Trump cantout his Adminis- forsuspected collusion with afor- Hong Kong has always remained eign countryorwith external ele- committedtoensuring pressfree- reel or impeachment grievances.Heneeds to tration’sincremental moves to expand choice mentstoendanger national secu- dom, which is part and parcelofthe givevotersreasons to take arisk on him foran- and lowerthe cost of health insurance, and he rity—a contravention of Article 29 city’s reputation as avibrant inter- other four years. canpromise to do moretocreateacompetitive of the National Security Law—and national media hub and global busi- So farhehasn’t done so,and he hasn’t had an market. He canalso talk up the hugeexpansion conspiracytodefraud. nessand financial center.Morethan answerevenwhen he’sbeen tossed softball of telemedicine in recent months and promise To suggest that the arrestsrepre- 80 daily newspapersand over 500 questions. To one questioner he replied, “now to continue it. sented a“warning to local and in- periodicals,both local and interna- Iknoweverybody,” which as usual putshimself Mr.Trump will no doubt reprise his familiar ternational media in Hong Kong to tional, arepublished in Hong Kong. first. Voters want to knowwhat Mr.Trump and populist themes on immigration, China and shut up about freedom” is simply TheWall Street Journal is one of a the GOP aregoing to do forthem. trade,pitched to blue-collar voters in the Rust wrong. number of global media organiza- Theconvention is their best, and probably Belt.But anyone voting on those issues is al- Letmestressthat freedom of the tions operating here. last, chancetodoso. It has to start with the cor- ready forMr. Trump.He’dbewiser to promise pressisanimportant cornerstone of MATTHEW CHEUNG KIN-CHUNG Hong Kong,and the Hong Kong Spe- Chief Secretary for Administration onavirus and the economy. Voters disapproveof asecond-term immigration compromise that cial AdministrativeRegion Govern- Hong Kong Special Administrative Mr.Trump’shandling of the virus,and the elec- would offer to legalizeDreamersand expand le- ment always respectsthe freedoms Region Government tion impact will depend on the course of the dis- galimmigration in return formoreborder con- ease.But the convention canexplain what his trol. He needs to expand his support among His- Administration has done on testing,PPE, and panics and suburban swing voters to erode Mr. therapeutic and vaccine development. Biden’sbig lead. Stumbling Into the Coronavirus Pandemic Voters do giveMr. Trump the edgeoverMr. Mr.Trump can’t win acharacter contest with Biden on the economy, meaning they don’t hold Mr.Biden. But he might be able to win an elec- With regard to “TheCovid Storm: A contacts/partners. But to getmultiple thepandemic recession against him. Beforethe tion on who canbest revivethe post-pandemic Pandemic WasInevitable.Why WasNo agencies to put forth today’sbudget pandemic the Trump policymix of taxreform, economyand improvethe lives of most Ameri- One Ready?” (PageOne,Aug.14), pub- foranundefined futureresponse (on deregulation and unleashing domestic energy cans.The contrast will have to begin this week. lic health is as much about engineering which various agencyexpertswill ar- as it is medicine.With this in mind, I guestrenuously) is very difficult. have the following questions: Thepublic oftenbecomes akey re- Whydid so manysocieties have to sponse element in acatastrophe and The Phony Post Office War scramble to addresssanitation and this oneisnoexception. Not only do ventilation issues in health-carefacili- they need to be convinced to wear ouse DemocratsonSaturday returned They want the money with no reform strings ties and workplaces? masks,aculturally unfamiliar act, and to Washingtontocontinue their politi- attached, though the Postal Servicehas lost $78 Whyweresomanypeople still en- to understand the list of riskybehav- H caltheater over the non-scandal of the billion since2007.The post officehas been tak- gaging in businesstravelwhen the iors, but this needs asteady repetition U.S. Postal Serviceand the ing out underutilized equip- meetingscould be conducted online? to geteveryone on board. election. Speaker NancyPelosi Democrats are blaming ment for years, but last week Whyweresomanypublic schools To be fair,noone knows the future, whooped through abill hand- Mr.DeJoy suspended those ef- and universities not prepared to con- so no planning effortswill ever be per- the mailman for their vert to distancelearning? fect. Even awell-coordinated inter- ing the post office $25 billion forts through the election af- own ballot blunders. Whydidn’t health-careprovidersof- agencyplan at the federal level would in the name of getting atrust- terDemocratic protests. He fertelemedicine yearsago? have had gaps based on the actual dis- worthy result on Nov. 3. also said the post office will Structural and engineering solu- ease.And the feds really can’t make Even by Washington stan- prioritize ballotsoverother tions areoften the most cost-effective the states conform to their planning. dards, this is a joke. New Postmaster General kinds of first-class mail. public-health policies because in addi- Theappearanceofacertain amount of Louis DeJoy testified last week that the post of- This should put the onus on state and local tion to keeping people healthy, they unreadinessisinevitable.Luckily peo- fice has enough money to deliver mail-in bal- officials to establish adequate rules and dead- save time and energy.For this reason, ple aresmart and flexible. lots, and his operation can’t possibly spend $25 lines for mail ballots. States like Michigan and structural and engineering changes No doubt therewill be detailed re- billion that quickly in anycase.Democrats New York have deadlines that are simply too canbeused against abroad spectrum views done at manyagencies and seri- voted for so much money as a bailout for the late to process the ballots without delays and of futurethreatsbecause they payfor ous oaths will be sworn to improvein letter-carriers union that endorsed Joe Biden controversy. That’s the real Nov. 3 scandal to themselves in other ways. Vaccines the future, but until the motivation for don’t usually offer nonmedical payoffs. interagencycoordination changes and this month. worry about. GREGORY O. GINN, PH.D. includes willingnesstopartner with Austin, Texas businesses and the public at large,the planning done forour response to ca- Biden’s Lockdown Mistake Catastrophes requireamuch wider tastrophes is unlikely to changeour response than usual, typically the com- usual stateofunreadiness. ow we knowwhy his advisershavekept caloutcomes when patientsavoid seeking effec- bined effortsofmultiple government JIM HUTCHINSON JoeBiden under wraps.Asked in an ABC tive care, creates a double hit from this pan- agencies plus all their manyindustry Kirkland, Wash. N interviewairing Sundaynight whether demic in which morbidity and mortality he’d be willing to shut down associated with cardiac dis- the economyagain to head off His job is to consider ease might well overtake the In Portland, the Law-Abiding Have No Voice anew wave of coronavirus in- risks directly linked to the vi- the national interest, Regarding MichaelTracey’s“Ka- mayhavebeen mothersand veter- fection, he replied: “I would rus itself.” mala Harris and the Anarchists” ans during the peaceful protests, shut it down. Iwould listen to not to default to experts TheCentersfor Disease (op-ed, Aug.20): As aresident of but nowitisfull-fledged antifa and the scientists.” who often disagree. Controland Prevention last the oncebeautiful city of Portland, anarchistslateatnight who arein- Ah, the resort to scientists. week reported that 13.3%of Ore.,Ican assureyou that there tent on wearing down the police But which scientists? The Americans in June said they and destroying our city.One recent truth is that the experts have had increased substanceuse night 60 calls to 911 went unan- been wrong numerous times in this pandemic, to cope with pandemic-related stress. About Prisoner Covid Numbers sweredbythe policebecause of the and they often disagree. They first said masks half of those ages 18 to 24 reported severe Don’t Support ACLU’s Case rioters. don’t help but nowsay they do.They said venti- anxiety and depression, and aquarter said If youare alaw-abiding citizen latorswerevital but soon learned other clinical they had seriously considered suicide in the TheACLU’sCynthia Roseberry’s who works hardand owns abusi- response (Letters,Aug.11) to Sean ness, younolonger have avoice. I methods worked better. Most of all, they coun- last 30 days. Kennedy’s “You’reMoreLikely to am curious to knowwho will pay seled strict lockdowns, but we’ve learned the People being cooped up at home forlong peri- Catch Covid at Home Than in Jail” the taxesfor all the newprogres- hard way that shutting down the country can ods amid enormous stresshas also led to an in- (op-ed, July 25) is disingenuous. sivepolicies as businesses shut be more costly than the virus. crease in domestic violence. Anew study from She says 93,600 inmates have down and people leave the state. President Trump listened to his public- Brigham and Women’sHospital in Boston reports tested positive, with 790 deaths. Thereisonly silencefromMayor health advisers in March and ordered a two- aspikeininjuries indicativeofdomestic abuse, My math makes that a0.84% death TedWheeler and Gov.KateBrown. week shutdown that extended to six weeks.The especially severeinjuries from strangulation and rate.The stateofWashingtonhas TRACY CLARK shutdown draggedonasinfections and deaths use of weapons,fromMarch 11 to May3. 63,072 cases and 1,688 deaths, Portland, Ore. in the Northeast surged, though hospital beds “While confronting the possibility of a sec- which is a2.67% death rate.My in most of the countryremained empty.Thirty ond wave of the pandemic, these calculations stateisat1.8%. Those statistics million Americans filed for unemployment by of totallives lost, both from SARS-CoV-2 infec- don’t indicatethat being incarcer- Pepper ... ated is less safe. And Salt the end of April, and states slowly began to lift tion and because of social, psychological, and Claiming that crime ratesaren’t their lockdowns as the economic and public- unemployment outcomes,may proveimportant increasing is misleading.Aquick in- THE WALL STREET JOURNAL health damage became unsustainable. in policydecisions,” epidemiologist Tyler J. ternet search has headlines from Thehigh costsare slowly becoming known. VanderWeele of Harvard’sT.H. Chan School of major media that crimes,shootings, Astudy this month in the Journal of the Ameri- Public Health recently wrote in JAMA. murdersare all surging.Stories of can Medical Association (JAMA) reports that Mr.Biden says he’dorder another shutdown released inmates being rearrested newly identified cancersfell 46.4%fromMarch if scientistssay it would save lives.But by that abound. But Idid noticethe quali- 1 to April 18, which will likely lead to cancers standard he’d have to keep the economy con- fier of “early data.” detected at more advanced stages with worse strained for months and for many contagious LYNDA GODDARD clinical outcomes. diseases.Hewantstoblame Mr.Trump forun- Redondo Beach, Calif. Doctors at the Cleveland Clinic last month employment but another lockdown would cost Lettersintended forpublication reported the incidenceofstress-induced cardio- millions morejobs.APresident has to consider should be emailed to [email protected]. myopathy from March 1 to April 30 increased the largernational interest, and that means lis- Please include your city, stateand four-fold. DoctorsatTufts Medical Center last tening to economistsand health expertsbeyond telephone number.All letters aresub- month warned that psychological distress, fear epidemiologists. Mr.Biden’scommentsmis- ject to editing,and unpublished letters “I hear voices that tell me cannot be acknowledged. and emotional stress, “coupled with worseclini- judge the duty of a President. to vote against my own interests.” P2JW237000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, August 24, 2020 | A17 OPINION After Trump, a Different GOP

By Bobby Jindal Thepresident’scoreappeal is an- Mr.Trump,sounding morelike other matter. Theimageofanout- Teddy Roosevelt than Ronald Rea- anyBeltway Republi- sider sent to “drain the swamp” will gan, has turned away from pure cans,not to mention continue to resonatewith voters fed laissez-fairecapitalism to take on Democrats, areeager up with apermanent ruling political certain high-profile businesses.He M to movepast the classfocused on promoting itsown has criticized industries likethe au- Trump eraand return interests. While everyday Republi- tomotivesector forfailing to invest to “regular order.” Democratsare cans arenot looking foramini- andhiremoredomestically,blasted measuring the drapes in the Oval Of- Trump,they will back candidates big tech forcensoring conserva- fice,with aconfident air reminis- that pledgetocontinue his fight on tives,and targeted pharmaceutical cent of HillaryClinton four years behalf of working Americans against firms forhigh drug prices.Not ev- ago. Yetitwould be foolish to count elites in both parties.They see adi- eryRepublican will embracebreak- President Trump out—or assume rect correlation between his trade, ing up the technologyfirms or re- that if he loses,hewon’t leave a immigration andcorporatepolicies quiring drug companies to give mark on his party.Whether Mr. and their owneconomic welfare. American patientsabreak on costs, Trump leavesofficenextyear or in TheRepublican Party oncesup- but the party will also no longer re- 2025,Republican voters will likely ported the North American Free flexively defend corporations. continue their push forpopulist pol- Trade Agreement,expanded com- Mr.Trump also made the popular icies rather than revert to tradi- mercewith China, and fast-track promise to not cut MedicareorSo- tional conservativeorthodoxy on is- authoritytofacilitatenew trade ER cial Security,and he has shown less ST

sues liketrade,immigration and deals.Staunch free tradersinNew FO interest than traditional Republicans

foreign policy. York and Washingtonused to rule PHIL in restraining the size of govern- the roost, but they arenow out- ment.Yet Mr.Trump has also pro- numbered.The newmajority is world. Layconservatives don’t see significant portion don’t want im- moted several traditional Republican Win or lose, the party composed of people who want to all trade as azero-sum competition, migrantstotransform American policies that will continue to define crack down on foreign countries but they do see their jobs and wage culture. the party.Hehas reduced taxesand won’t return to the old taking advantageofU.S.companies, increases threatened by unfair George H.W. Bush’s proclamation eased regulations,increased military orthodoxy. Populist ideas workersand markets. Thereises- practices. of a“newworld order,” in which spending, promoted the domestic pecially hostilitytoward countries Republicans who want to moder- the U.S. would help enforce the energy industry, supported Israel, have put down deep roots. whose lowwages or communist atethe party on immigration are “rule of law” to govern the “con- appointedoriginalist and textualist governmentstilt the field to their outoftouch with voters who want duct of nations,” is no longer rele- judges,and defended religious lib- advantage. the wall built and the border se- vant. Republican voters side with erty,gun rightsand the unborn. Political figuresshouldn’t tryto Mr.Trump’sfight with Beijing cured. Voters see illegal immigra- Mr.Trump’sAmericaFirst ap- Thepresident harnessed the pop- imitateMr. Trump’sstyle.Heisone over trade deficits, intellectual tion, liketrade,asthreatening their proach to foreign policy. They agree ulist wave that has transformed Re- of akind, and his approach is au- property theftand unequal market jobs and wages. They demand immi- that allies should paymorefor publican politics,but he didn’t cre- thentic and effectivefor him. access has resonated with voters gration policies that benefit the U.S. theirown defense and moreU.S. ateit. Despitewhat Mr.Trump’s Tweeting likeMr. Trump won’t and pushed politicians of all types economy—such as tying legal immi- troops should return home from critics might hope,his appeal is come off the same way from an- to be morehawkish toward Beijing. gration quotas to workforce needs, long-term deployments. GOP voters deeper than acult of personality.It otherpolitician. Moreover,voters It’salready drawnMr. Biden away balancing a skill-based system with want to invest in defense as ade- is based on policies designed to tend to favorcandidates whose from his position early in the pri- the current emphasis on family re- terrent and deploythe militaryonly benefit his working-classbase.Re- strengths compensatefor the weak- maries that China is “not competi- unification, and limiting new immi- when America’sstrategic interests publican leadersare fooling them- nesses of their predecessors. After tion” forAmerica. Subsequent Re- grantswho requiregovernment as- aredirectly at stake. Politicians in selves if they thinkthese policies eight yearsofthe slick Bill Clinton, publicans mayadopt different sistance. As important as economic both parties have been telling vot- aregoing to disappear from politics voters elected the blunt George W. tactics—for example,marshaling considerations,GOP voters arealso ersfor yearsthe U.S. can’t be the when he does. Bush.Heinturn gaveway to the Germanyand otherstochallengea anxious that assimilation be the world’spoliceman and that nation- professorial Barack Obama. Though rising China—but they won’t revert norm.They want immigrantsto building impulses should be di- Mr. Jindal was governor of Loui- candidates won’t succeed in trying to the traditional GOP viewthat pursue the American Dream by rected to domestic infrastructure siana, 2008-16, and acandidate for to be likeMr. Trump,it’sprobable trade inevitably promotes prosper- learning English, supporting free- renewal—including highways, rail- the 2016 Republican presidential manywill tryand fail. ity forall and freedom around the dom forothers, and getting ajob.A roads and waterways. nomination. Belarus Has Finally Had Enough of the ‘Last Dictator in Europe’

By Christopher Hartwell free,not fair and tightly con- kashenko off intothe sunset. The example,inthe western town of This means that the West can trolled. These protestsresulted in opposition, led by Svetlana Tikha- Grodno,local authorities have playarole in Belarus,but it must nthe streetsofMinsk,the stateviolenceagainst the opposi- novskaya,has disavowedany talk of pledged not to prosecuteprotesters not raise alarms in the Kremlin that O capital of Belarus,therehave tion,protestersand even foreign European integration. Unlike and have apologized forprevious Maidan 2.0isunder way.Likethe been weeks of protests media, and Mr.Lukashenkore- Ukraine,which had to be pressured actions, forwhich the governor of protesters, the West must remain against Alexander Lukashenko, mained in power. to join Vladimir Putin’s pet project, the region has been sacked. Twitter disciplined and on message, convey- sometimes called the “last dictator Thelatestwaveofprotestsisthe the Eurasian Economic Union,Be- and other social-media sites arefull ing unequivocal support forthe in Europe.” Sparked by his obvious strongest to date. Themovement larus wasanenthusiastic founding of videos of localpoliceand militia- goal of free and fair elections.At attempt to falsifyanelection and has support acrossmanypartsof member. In many ways, it has done men who refuse to take up arms the same time,human-rightsviola- undercut anyopposition to his 26- the electorate, is tightly focused on well in the trade bloc.And while against their countrymen. tions such as murdersand abduc- year rule,the protestshaveex- self-determination, and appearsfi- Belarus maintains good economic Themost ominous parallel with tions of protestersand strikelead- panded to sporadic strikes and un- nally to be wearing out Mr.Lukash- relations with the EU, which is the the Ukrainian experienceisthe pos- ersshould be dealt with severely, precedented calls forMr. enko. On Aug.15anestimated country’ssecond-largest trading sible involvementofRussia. Mr.Pu- but in the contextofprotecting the Lukashenko’sremoval. While Be- 200,000 Belarusians protested in partner, joining it holds no allure tin is determined not to lose influ- democratic process: the West can larus todayappearstobeundergo- Minsk and more took to the streets ence in another stateonRussia’s be most helpful by focusing nar- ing an awakening similar to acrossthe country. Despitepolice border and has pledged security rowly on the current round of beat- Ukraine’s2014Maidan protests, it brutalityand detention of protest- Demonstratorsaren’t support. Mr.Lukashenkohas con- ings, tortureand disappearances. is highly uncertain if this outpour- ers, the opposition appearsun- firmed that striking Belarusian Belarus has manyproblems,but ing of discontent canoust the dic- daunted. Abewildered Mr.Lukash- pushing forcloser tieswith state-TV employees have been re- addressing the one at hand, namely tatorfromhis post. This canonly enkowas heckled with shoutsof theEU. They simplywant placed by Russians,and thereare Mr.Lukashenko, is necessarybe- happen if theWest recognizes the “Leave!” during aspeech at the pervasiveworries about the appear- fore anyofthe otherscan be con- situation’sdifferences from the MZKT military-vehicle factory—a free and fair elections. anceof“politelittle green men”— sidered. By not pushing for a Euro- Ukrainian upheavaland applies placethat should have been filled Russian army operatives without in- peanization that Belarus isn’t pressureaccordingly. with hissupporters—and he ap- signias—appearing in Belarus as ready forand doesn’t want—de- Mr.Lukashenko’srule since1994 peared to be heading forthe same forthe Belarusian on the street. they didinCrimea and eastern spitethe gains that it would bring has rested on aperverse social post-powerretirement in Russia as Second, and perhaps most im- Ukraine in 2014. to the country—the West maybe contract in which stability and so- former Ukrainian President Viktor portant, Maidan wasaphenomenon Forthe moment it appearsun- able to consolidatedemocracyin cial benefitsare provided in ex- Yanukovych. of Kyiv,tepidly received in likely that Russia will intervene di- Belarus and spareitthe horrors change fornopolitical opposition. But the differences with Ukraine’seast, which votedfor Mr. rectly.Mr. Putin famously has no not of Ukraine in 2014, but of Hun- Cracks appeared in the facade in Ukraine’sMaidan must be stressed. Yanukovych. In Belarus,bycontrast, love forMr. Lukashenkoand, as of gary in 1956 and Czechoslovakia in 2004, afterachangeofthe consti- First, the protestsare not pro-Euro- Minsk remains the citadel of Mr. yet, thereisnoofficial Kremlin line 1968. tution to allowMr. Lukashenkoto pean Union, nor arethey explicitly Lukashenko’spower, and despite on the protests. So far Russian stand forthe presidencyathird anti-Russian. Belarusians see them- hosting the largest demonstration stateTVhas been covering the un- Mr. Hartwell is aprofessor at time; in 2006,when ariggedelec- selves moreasaRussia-aligned in Belarus’shistory, it remains the rest in nightly broadcasts. In the Britain’sBournemouth University tion prompted a“jeans revolution”; Switzerland than acountrytrapped toughest nut to crack. longer term, Russia might be better andPoland’s Kozminski University and especially in 2010,when tens behind an iron curtain. Theprotests Thedispersed natureofprotest served by apluralistic Belarus that and afellow of the Polish think tank of thousands marched against a arenarrowly focused on afreeand acrossBelarus maypose asignifi- still sees itslarge neighbor as an CASE-Center for Social and Eco- similar election widely seen as not fair election, one that sees Mr.Lu- cant threat to Mr.Lukashenko. For ally. nomic Research. Betting on Better Drug Trials to Beat Covid-19

By Scott Gottlieb Thechallengeistodevelop evidence faster. The agency has issued better than those who didn’t. prioritized at least three immune And Mark McClellan denceasquickly as possible without 60 guidanceand other documents To reducesome of the uncer- modulatorsand several monoclonal compromising standards.Anytime for Covid, giving detailed advice on tainty,weshould expand the NIH antibody treatments. But trial capac- he development of drugsto there’s an unmet medical need, the howtospeed up development. Covidtrial networks by running ity is limited and manymorecom- T treat Covid-19 is moving at a tendencyistoblame the Food and Thanks to the FDA’sguidance, large, more large, practical trials like the pounds are being evaluated only in remarkable pace. Theuse of Drug Administration’s regulatory well-designed vaccine trials are un- U.K.’s RecoveryTrial. Recovery, an smaller or nonrandomized trials. steroids is amajor advancethat is process. But if we don’t know what derway and moving at an unprece- acronym forRandomised Evaluation This means slowerprogressonave- reducing the risk of death in hospi- works,and what doesn’t, we’ll waste dented pace.Moderna and Pfizer’s of Covid-19 Therapy,randomly as- nues such as anti-inflammatory talized patients. Novel drugs, in- time and money on treatmentsthat vaccine programs have enrolled signs patientstoexperimental treat- drugs. Yettrials on drugswith little cluding manufactured antibodies won’t help and may harm. Even if a morethan 25,000 patientsinfour ments using a clear protocol. promise such as hydroxychloroquine that mimicthe body’s immune re- vaccine is discovered and approved, weeks.(One of us,Dr. Gottlieb, Datacollection is limited to the were diverting resourcesfrombetter sponse to the virus,are in late-stage the pandemic won’t end unlessmost serves on the board of Pfizer.) variables most important formea- opportunities. development and could be available Americans getvaccinated, which will This “warp speed” approach to suring whether a treatment is safe In apublic-health emergency, by the fall. Thereare about 750 require confidence in the product’s vaccine development—a concept that drug development canadvance more drugsinscreening studies (Phase II) safety and efficacy. originated with FDAcareer staff— quickly if scarce resources, including or in large,definitiveclinical trials TheFDA has been using itsexper- could be applied to developing other Studiesare competing for patients, canbefocused on the most (Phase III). tise to help drugmakersdevelop evi- therapeutics.Most of the potentially promising therapeutics.The admin- beneficial treatments are in limited toofew patients. It’s time to istration could support the equiva- supply, so doctors are forced to ra- directresourcestowardthe lent of theDefense Production Act tion them. It makes sense to infor drug research and development PUBLISHED SINCE 1889 BY DOWJONES&COMPANY crease clinical trial capacity to in- most promising therapies. to help public-health agencies ex- Rupert Murdoch Robert Thomson clude morepatients and collect pand clinical trial capacity and di- Executive Chairman, News Corp Chief Executive Officer, News Corp rigorous information on howwell rect it toward high-quality studies of Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher these therapies are working. and effective—say, whether apatient priority treatments. Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Take convalescent plasma: Doc- avoids aventilator.Limiting infor- Thepressuretofind effective Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; tors skim antibodies from patients mation allows morehospitals to par- treatmentsfor Covid-19 is enormous. Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; who have recoveredfromCovid and ticipatewithout further straining All the more reason to rely on FDA News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; givethem to people who aresick. doctorsand other health-carework- expertise to steer the focus toward Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer Thetheoryisthat some aspectsof ers. Sincemost patientswill receive the most promising options and get Features &Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: the immune response areportable one of the experimental therapies, patients the clear evidence, and ef- AnthonyGalloway, Video &Audio; Brent Jones, Kenneth Breen, Commercial; between patients. About 70,000 pa- not aplacebo,it’seasier to convince fective treatments, they deserve. Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; tientshavebeen dosed with such patients to enroll. Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; plasma. It is also important to focus clini- Dr. Gottlieb is aresident fellow at MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; TheFDA is granting an emer- cal-trial capacity on the most prom- the American Enterprise Institute Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; gency-use authorization forplasma, ising treatments. One obstacle to and was commissioner of the Food GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; despiteconcerns last week from faster enrollment is the large num- andDrug Administration, 2017-19. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page public-health leadersatthe National ber of trials competing forpatients. Dr. McClellan is the director of the Jonathan Wright, International Institutes of Health about the limits Too many poorly conceived studies Duke-Margolis Center for Health Pol- WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; of the evidence. Thedecision would areabsorbing patientsthat could be icy at Duke University and was FDA LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head have astronger foundation if pa- enrolled in better trials. commissioner, 2002-04. They are

EDITORIAL AND CORPORATEHEADQUARTERS: tientshad participated in arandom- Some of thepotential therapies board members and advisers for sev- 1211 Avenue of the Americas, New York, N.Y., 10036 ized study that looked at whether clearly hold morepromise than oth- eral health-care companies involved Telephone 1-800-DOWJONES patients who received plasma fared ers. TheNIH Covid networks have in the Covid response. P2JW237000-0-A01800-1------XA

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Last Week: S&P 3397.16 À 0.72% S&P FIN g 3.40% S&P IT À 3.48% DJ TRANS g 0.17% WSJ $ IDX À 0.06% LIBOR 3M 0.250 NIKKEI 22920.30 g 1.58% See more at WSJ.com/Markets ETFBoom Fuels Gold’sSharp Rise Va lue of Median BY AMRITH RAMKUMAR Daily flows into Assets under Aug. 2020 the SPDR Gold Shares management for $116 billion The 2020 gold rush in mar- fivegold-backed ETFs S&P Stock $1.5 billion kets is starting to unnerve CHANGE SINCE END OF FEBRUARY even some longtime fans of VanEck Merk Gold Trust +82% precious metals. 1.0 HitsNew Gold futures arenear records and up about 28% forthe GraniteShares Gold Trust +83% year,while silver has morethan 0.5 Heights doubled sincehitting amulti- year lowinMarch. Themoves Aberdeen Standard BY PAUL VIGNA Physical Gold Shares aren’t entirely surprising,given 0 the scale of the coronavirus- +86% Therecordclose that the driven economic shock and the S&P500 hit last Tuesday, its countervailing global stimulus iShares Gold Trust first since February, has reig- -0.5 +60% led by governmentsand central nited the longstanding debate banks.Manyinvestorsfear eco- over whether high valuations SPDR Gold Shares nomic stagnation, an outbreak aresetting stocks up forafall. -1.0 +61% of inflation or some combina- Theindexisnow up more March 2020 Aug. Dec.2019 tion of thetwo—a recipe for $63billion than 50% from itslow in the rising demand formetals spring,erasing all the losses it viewedasastore of value in suffered during the coronavi- Daily flows into Performancesince trying times. ruspandemic.Despiteabruis- the iShares Silver Trust endofFebruary Butwith the rush intogold Silver ing recession, many investors has come an increase in volatil- $300 million 60% appear to be betting the worst ity that manytradersdon’t wel- of the economic pain is past come.Both metals have and that corporateearnings, droppedabout 6% or more 200 40 the most reliable driver of from peaks hit this month and stock prices,will begin climb- arerecording biggerdaily ing again next year. swingsthan normal, suggesting 100 20 That said,manyonWall that gold and silver have joined Street question how long the U.S. tech stocks among the Gold market cancontinue rising most crowded trades in mar- 0 0 when unemployment is the kets—creating the risk that highest in a decade and poli- months of outperformance tics appear as unsettled as could vanish in aday or two of -100 -20 they have in years. On topof frenzied selling should market that, there is the simple mat- or economic conditions turn. terthat recent pricegains “Almost everybody is talking -200 -40 come as earningshavebeen about gold.…That is awarning March 2020 Aug. March 2020 Aug. undertremendous pressure, signal in away,” said Luca leaving valuations stretched

Paolini, chief strategist at Pictet Note:AsofAug. 20,2020 andmanytradersexpecting Asset Management, which is Source:FactSet increasing volatility. holding moregold than itsmar- “The only way to go higher ketbenchmark but maysell than adecade,the surge in ETF hedgeagainst inflation. vous about the economyand on morerisk in equities.The on valuation is to duplicate some if volatility continues.“At buying of gold and silver stands ETFs backed by gold are believeinflation will rise faster trend explains howgold and the last few yearsofthe 1920s least until the election in the to accentuatepriceswings, po- growing at the fastest rate on than interest rates. Climbing in- stocks rallied in tandem for or the 1990s,” said BarryBan- U.S.,this volatility will persist.” tentially intensifying the boom- record and have rakedinnearly flation reduces the dollar’s pur- months,with the S&P 500 hit- Some tradersblame the in- bust cycle oftenseen in these $50 billion this year,well above chasing power, meaning it takes ting recordslast week. creasing popularity of ex- andother commodities. the previous record forannual moredollarstobuy the same Gold has averaged adaily Recent pricegains change-traded funds that afford “Because of the very high in- inflows,according to the World amount of metal. Lowinterest moveof1.2% over the past five both retail and institutional interest in ETFs by retail inves- Gold Council. Assetsmanaged ratesmakethe metals,which weeks,nearly double the typi- come as earnings vestorscheaper,easier access tors,you might see swingsthat by theSPDR Gold Shares and don’t offer holdersany regular calswing sincethe start of last have been under to commodities such as gold, youhaven’t in the past,” said iShares Gold Trust have risen payouts, moreappealing rela- year.Silver is moving nearly 4% silver and other metals.They Ellen Hazen, aportfolio man- 60%this year,while smaller tivetoincome-generating as- aday on average, roughly triple tremendous pressure. saythat while ETFs such as the ager at F.L.Putnam Investment ETFs such the GraniteShares sets such as safebonds. itsnormal daily change. SPDR Gold Shares Trust mar- Management, which bought Gold Trustare growing at an Lowinflation-adjusted inter- Themetals have fallen ketedbyStateStreet Global gold through an ETFinMarch. even quicker pace. est rateshaveliftedstocks by sharply on certain days,with- Advisors have been part of the Still, she believes the metal of- Investorstend to put money making bonds lessattractive, out obvious explanation—a nister, head of institutional market landscape formore fers an effectivelong-term in metals when they arener- pushing manyinvestorstotake PleaseturntopageB2 equity strategyatStifel, refer- ring to periods when the economy was booming. STREETWISE | By James Mackintosh Theprice/earningsratioon the S&P 500,measured against the past 12 months of earnings, stands at 25.26, accord- In This Tech Market,BewareRising Bond Yields ing to FactSet. That is the highest level since 2002. The forwardP/E, measured against Therehas passed $2 trillion in market the market is overly reliant group could drag down the became morecautious about earnings expectations for the been alot of value last week, Amazon, Mi- on agroup of companies that wider market, even if other economic recovery.Twiceas next year, is at 25.98—a mark concern re- crosoft, Alphabet and Face- areall abet on disruptivein- stocks arefine.And because manystocks fell as rose,and last hit in September 2000. cently about book—makeup25% of the novation—the big five and a this group has done so well the averagestock fell. Yetthe And the valuation of the the stock mar- market value of the S&P 500. wider circle including other from lowbond yields,it S&P 500 passed itsFebruary median stock in the S&P 500, ketbeing top- That is themost since1970, fast-expanding growth com- should be especially suscep- high because the ones that measured by forwardP/E, is heavy,dominated by just a but stocks managed astellar panies such as Netflix and tible to pain if those yields did rise were far bigger: the nowinthe 100th percentile of handful of companies,and performanceduring the Nvidia.They have thrived were to rise. 168 gainersonthe dayaver- historical levels, according to that this might spell trouble 1960s despitebeing even sincethe pandemic began Earlier last week high- aged amarket value of $103 Goldman Sachs Group Inc., go- forfuturereturns.But really, moretop-heavy.The differ- because so much of their lighted howtwo types of ris- billion, while the 332 losers ing back four decades—the what we should worryabout enceisthat in 1970the big- lifetime profitslie far in the ing yields could be arisk for were valued at an average highest level possible.The in- isn’t that the market is reli- gest companies did quitedif- future, meaning their valua- the broader market. $40 billion. dexitself is trading at the ant on a few stocks.It’sthat ferent things:computers tions benefit from lowrates Thefirst risk is that yields Reverse this position, and 98th percentile. the market is reliant on a (IBM), telephony(AT&T), car whileshort-term pandemic- go up because the economy it is easy to see howimprov- Another valuation measure, few very similar stocks. making (General Motors), oil related hits is healing.The oppositehap- ing economic optimism could called the CAPE ratio,or Thefivebiggest compa- (Exxon) and cameras (Kodak). matterless. pened on Tuesday, when result in the market as a Shiller P/E, is even higher. nies today—Apple,which Thedanger nowisthat Anything that hurtsthis bond yields fell as investors PleaseturntopageB2 PleaseturntopageB2 INSIDE Pandemic Adds New Snag to Shell’s Gas Megaship S BY SARAH MCFARLANE worked on the project. Con-

PRES struction wound up costing

TED RoyalDutch Shell PLC $15billion, aperson familiar CIA spent billions of dollarsdevel- with the matter said. SO

AS oping one of the world’smost Some analystsestimatethe challengingenergy projects, a overall costswerehigher.

RRELL/ floating gasterminal five foot- Consulting firm Wood Mack- FA ball fields long.The coronavi- enzie peggedthe likely cost at

DENIS rus pandemic is posing a new $17billion, which it estimates problem: How to get workers is around $5 billion more BUSINESS to safely start it back up. than Shell had initially bud- Measures to fightthe Afteryearsofdelays,cost getedin2011 when it wasap- coronavirus in South overruns, technical problems proved. and safety concerns,Shell be- “When Shell sanctioned Africaleave itswine ganexporting natural gas Prelude the oil pricewas industryhard-hit. B3 from the enormous vessel, above$100 abarrel; the world

known as Prelude,last year off LIA/REUTERS wasverydifferent,” said Dan- RA

the coast of Australia. But pro- ST iel Toleman, an analyst at

duction washalted in Febru- AU Wood Mackenzie,adding that S arybecause of an electrical the shale boom and 2014 oil- PRES fault. Effortstorestart are SHELL pricecrash changed compa- CH TED nowbeing slowedbysocial- nies’ thirst fornew oil and gas DUT CIA L

SO distancing requirements, the projects. Benchmark Brent YA AS

company said. RO crude traded at around $44 a

VIA The work “continues to be The 1,601-foot-long Prelude, off Australia, was meant to tap hard-to-reach natural-gas deposits at sea. barrel on Friday. impacted by measures in place Last month, Shell reduced

DISNEY+ to reduce the risk of Covid-19 projects. Work camps and oil- It also illustrates howthe kind ever built, Prelude was the value of itsassetsby$16.8 spread offshore,” Shell said in and-gas platforms in remote destruction in energy demand supposed to be the firstof billion aftertax,part of a TECHNOLOGY an emailed statement. It de- locations wherestaff livein caused by coronavirus lock- several megavessels Shell wave of write-downs in the Makethe mostof clined to saywhen Prelude close quarters are vulnerable downs,and resulting lower plannedinaneffort to tap energy sector triggeredbythe streaming without would resume exporting gas. to the spread of the virus,and prices,ischallenging the eco- hard-to-reach gasdepositsout current economic downturn. It Prelude’splight highlights therehavebeen outbreaks this nomics of megaprojectsthat at sea. Butthe company didn’t giveabreakdown of subscribing to howthe coronavirus has com- year at facilities in Kazakh- companies approved when oil quickly decided Prelude would projectsaffected, but about $4 everything. B4 plicated operations at some of stan,Mozambique and off- and gas prices were higher. be aone-off as costsescalated, billion was attributed to Pre- the world’slargest energy shore in the Gulf of Mexico. Thelargest facility of its according to aperson who PleaseturntopageB5 P2JW237000-0-B00200-1------XA

B2 | Monday, August 24, 2020 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 eBay...... B4 R ABN AMRO Bank...... B9 Eli Lilly...... A6 RealReal...... B10 Alexion Pharmaceuticals F Regeneron ...... B4 Facebook...... A1,B1,B4 Pharmaceuticals...... A6 Alphabet...... B1,B4 Roche Holding...... A6 Amazon.com...... B1 G Royal Dutch Shell...... B1 Apple...... B1 Gap...... B10 S AptDeco...... B10 H Arena Energy...... B5 Salesforce...... B4 HSBC Holdings...... B2,B9 AstraZeneca...... A6 Societe Generale...... B9 J B State Street Global JPMorgan Chase...... B2 Advisors...... B1 Barclays...... B9 Berkshire Hathaway...B2 L T BNP Paribas...... B9 Life360 Inc...... A1 ThredUp...... B10 Broadridge Financial Lime Rock Partners....B5 Solutions...... B4 U M ByteDance...... A2 UBS Group...... B9 Macy's...... B10 C V GES Michaels ...... B2 Carvana...... B10 IMA Microsoft...... B1 Verizon Communications Cheniere Energy...... B4 ...... B4 N GETTY Credit Suisse...... B9 Virtu Financial...... B2

Netflix...... B1 KEITH/ D W Northern Dynasty Deutsche Bank...... B9 Minerals...... A5 Walmart...... B10 E NVIDIA...... B1 Wells Fargo...... B9 EPHANIE ST The retailer swung to a loss for the quarter ended May 2, driven by a 27% sales decline after closing stores amid the pandemic. INDEX TO PEOPLE Michaels Hires New Finance Chief A Finkelstein, William...B5 P Ahern, John...... B9 G Paolini, Luca...... B1 BY MARIA ARMENTAL 1, agrant of restricted stock ment. “His experiencewill able,driven by a27% sales de- B Ghose, Ronit...... B9 Porges, Geoffrey...... A6 units valued at $750,000 that playapivotal role in support- cline afteritwas forced to Borrus, Amy...... B4 Gustke, Matt...... B10 R Michaels Cos.hired Mi- will be eligible to vest evenly ing our ongoing effortstopo- close stores amid the corona- Buffett, Warren...... B2 H Rasberry, Tamara.....A12 chaelDiamond as itsnext over four yearsonthe anni- sition Michaels forsustain- virus pandemic. Byrne, Chris...... B5 Harvey, Campbell...... B2 S chief financial officer,effective versary date. able, long-term growth.” As of June 4, about 1,000 of C Hazen, Ellen...... B1 Schwartz-Liv, Miriam.B4 Sept. 1, the company said. Mr. Buchanan credited the James E. Sullivan, Michaels’ its1,273storeswereopen, it Colby, Robert...... B2 Healey, Dan...... A12 Shiller, Robert...... B2 Mr.Diamond, most recently 38-year-old’sexperience, in- chief accounting officer and said. Skovronsky, Dan...... A6 Collier, Tom...... A5 L Stone, Andy...... A2 CFOfor YumBrands Inc.’s cluding more than 15 years in controller,will no longer serve In May, Michaels said it Conlon, Cathy...... B4 Lucio, Antonio...... B4 T PizzaHut U.S. business, will leadingfinancefunctions,of as principal financial officer as plans to close itsDarice D M Taggart, Stewart...... B4 report to Chief ExecutiveAsh- driving transformational of Sept. 1, the company said. wholesale business but retain DeJulio, James...... B5 Malone, Keith...... B5 Thiel, Peter...... A2 ley Buchanan,atop e-com- growth. Mr.Sullivan assumed the asourcing-related officein Dennis, Kalam...... B10 Maloney, Craig...... A12 Toleman, Daniel...... B1 merce executiveatWalmart “Throughout his career, role in February after Denise China. F Mark Zuckerberg...... A1 V Inc. who joined the arts-and- Mikehas demonstrated the Paulonis lefttobecome the Thecompanyexpectsthe McRitchie, James...... B4 Feer, Jason...... B5 van Beurden, Ben...... B5 crafts retailer in January. ability to streamline and inte- CFOofspecialty grocer closureprocess to be substan- Mr.Diamond’sbase salary gratefinancial operations Sprouts Farmers Market Inc. tially completed by the end of wasset at $635,000.Hewill while successfully moving Michaels swung to aloss November.Dariceaccounted held by that trust is metal. receiveaone-time signing bo- strategic initiatives forward,” for the quarter ended May 2, forabout $80 million in net ETFs Fuel One of the waystraders nus of $250,000 and, on Sept. Mr. Buchanan said in a state- the most recent results avail- sales in the most recent year. makeamarket in the ETF—typically banks and other traders Metals’ such as Virtu Financial Inc.—is Apple's valuation suggests its bestdaysare still to come. ble in 2006,the volatility to buy physical metal from Beware bubble of 2017and the ex- tradersonthe open market, Forwardprice/earnings ratio cesses beforethe recession Sharp Rise typically from banks,such as 50 times fearsoflate2018,and it has JPMorganChase &Co. and Rising fallen sharply again. When HSBC Holdings PLC,that com- the biggest and most fash- ContinuedfrompageB1 monly trade precious metals. 40 ionable stocks start behaving sign in the viewofmanymar- As aresult, large inflows sig- Yields differently from the rest, it is ket participants that specula- nal that the metals areinhigh oftenanearly warning that tors arebecoming alarger demand from global investors, 30 thingsare getting out of kil- proportion of the market. On atrend that then helps dictate ContinuedfrompageB1 ter, although it maybe Aug. 11, gold slid about 4.5%, sentimentinthe futures mar- whole falling.The average months beforetrouble be- while silver fell 11%. And last ket. Thetradersselling to the stock should still go up,but 20 comes obvious. Wednesday, both metals ETFtradersmight also seek to the top-heavy natureofthe dropped roughly 2%. hedgeagainst apriceincrease market will leave morebig he stock-bond correla- Manyprecious-metals ETFs by purchasing futures con- stocks exposed, and so could 10 tion hasn’t moved as arebacked by physical gold T tracts, creating another link be- drag down the S&P. much, but suggests andsilver,but manytraders tween ETFs and metals prices. Thesecond risk is that that the big tech stocks and sayinflows and outflowsaf- Thetrend canwork the op- yields go up because the Fed- growth stocks arebecoming 0 fect the futures marketsbe- positeway when money flows eral Reservebecomes more much moresensitivetobond cause the ETFs have gotten so out of the ETFs.When precious hawkish. Earlier last week 2005 '10'15 '20 yields than the rest of the large that they represent a metals tumbled alongside we had adry runwhen the Note:Monthly data market. Short-term correla- large chunk of demand. stocks back in March,traders Fedminutes disappointed Source:Reﬁnitiv tions arevolatile,sothis ETFs backed by physical said the fall wasgenerally due manyhoping forexplicit could quickly return to nor- gold held about 3,620metric to investorspulling money out guidanceonrates soon.In- And while Iwould loveto relation between daily rises mal. But if the trend contin- tons at the end of June,World of havenmetals to raise cash, vestorschanged their view see aV-shaped economic re- and falls in the ordinarycap- ues it would threaten apat- Gold Council figuresshow, and outflowsfromETFshelped on howthe Fedwill react in covery liftbond yields,the italization-weighted S&P and tern of higher yields typically morethan anycountryother makethe declines in gold even future, and stocks dropped— obstacles arehuge. My rea- the equal-weighted version. being good forstocks that than the U.S. Silver ETFs also more severe. with the biggest falling by son forraising this issue now When the market is working has been in placesincethe represent asizable portion of “I really believethis is pure morethan the rest. Growth is that the pricemoves of the normally the two areclosely early 2000s. investor demand. With physical speculation,” said Campbell stocks underperformed, but big stocks and the rest have linked, but when the biggest It’stoo early to saythat demand forjewelryand bars Harvey,aDukeUniversity fi- the massofthe rest did begun to diverge much as stocks movedifferently from thingsare going wrong,and andcoins falling,ETFsrepre- nanceprofessor who has ar- badly too, with again twice they did in advanceofsev- the rest they have moreef- certainly this isn’t evidence sented about 40% of global gold gued widespread use of gold as manylosersaswinners. eral priorcorrections—as the fect on the ordinaryS&P of abubble.But it wouldn’t demand in the second quarter, ETFs cancause prices to over- relationship between stocks than the equal-weighted ver- be asurprise that amarket up from 6% ayear earlier. shoot market fundamentals. don’t think the Fedis and bonds has begun to shift. sion, so the correlation falls. reliant on central bank and When individuals buy shares of “Thereare some people playing likely to abandon itssu- Thesimplest way to com- Thecorrelation fell government support should an ETFthat is backed by physi- the momentum trade…Ifthere I sharply in the latestagesof be threatened by rising per-dovish stanceany parethe moves of the big calgold or silver,they arebuy- is aturning point, they’regoing time soon, despiteWednes- stocks and the rest of the the dot-com bubble in 1999 yields,evenwhen they start ing astake in atrust. Theasset to be crushed.” day’sminor disappointment. market is to look at the cor- and 2000,the housing bub- out so low.

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THE WALL STREET JOURNAL. Monday, August 24, 2020 | B3 BUSINESS NEWS South Africa Wine Makers Get Bruised

BYALEXANDRA WEXLER group that representsSouth Af- rican wine producersand cel- JOHANNESBURG—South Af- lars, expectsmorethan 80 win- rica’s$1.5billion wine industry eries and 350 wine-grape GES is reeling afteraseries of pan- producerstogoout of business. IMA

demic-induced shocks,includ- “We’rehanging on by our GETTY

ing successivebans on the sale fingernails,” said Alastair Rim- SE/ of alcohol totaling some 14 mer, head winemaker at Kleine weeks. ZalzeWines in Stellenbosch, in

Thecountry’sChardonnays the heart of the wine-producing ANCE-PRES and Cabernet Sauvignons have region. FR

become household staples South Africa’sgovernment ENCE world-wide,and wineries in the says the alcohol bans were AG rolling farmlands around the needed to prevent people from NGARI/

Western Cape areamong South spreading the virus in gather- LO

Africa’smost successfuland lu- ingsand to free up hospital beds CO

crativeindustries.Asalcohol from alcohol-related trauma in- MAR salesresumed nationwide this juries.“Let’sgivealcohol a Alcohol sales were banned formuch of the year to encourage social distancing. The Nabygelegen Winery in Wellington, near Cape Town. week,manyofthese businesses break,” said Nkosazana Dlamini have emergedbattered, and Zuma,cooperativegovernance Topwine exporters by volume Shareofwine production portive…but the second lock- Aftertwo export bans totaling some might not survive. and traditional affairsminister, world-wide,2019 down pushed everyone over the about four weeks early on in Thewine industryinSouth afterthe second ban wasan- Italy edge,” said awinemaker at a the country’slockdown, pro- Africa—the world’seighth larg- nounced in July.“No soldiers 21.6mhl Italy small, family-owned Stellenbo- ducers saythey had trouble est producer and exporter— canwin afight while drunk.” Spain 18.3% sch winerythat sold bottles of shipping from Cape Town’s employs about 290,000 people, Theblowtothe wine indus- 21.3 itsSyrah and Chenin Blanc de- port because of extensivede- France whilethe broader liquor indus- tryshows the dilemmas for 14.2 France spitethe sales ban. “Wehad to lays.That led to reductions in tryaccountsfor roughly 1mil- economies in the global south do it to keep paying salaries.” shelfspacefor their products Chile 16.2 lion jobs.Liquor sales and taxes with huge income disparities: 8.7 To stay afloat, some vine- at wine shops and supermar- typically account forabout 3% Governmentsare simultane- yardssold clandestinely kets around the world. Australia Spain of SouthAfrica’s$351 billion ously legislating to curb an un- 7.4 12.9 through agentsoverFacebook Thereare broader knock-on economyand 10% of itstotal contained coronavirus outbreak Germany Inc.’smessaging platform effectsinaneconomyalready taxrevenue,according to the in poorer communities while 3.8 U.S. WhatsApp,while some restau- in free fall.The International South African Liquor Brand trying to keep aliveindustries U.S. Argentina 9.4 rantsinJohannesburgserved MonetaryFund last month OwnersAssociation, which rep- that employmillions of people 3.6 5 wine out of teapotstolurecus- agreed to lend South Africa resentsmanufacturersand dis- who might otherwise be forced South Africa Australia tomerstobusinesses also hit $4.3 billion,the largest loan tributorsinthe liquor industry. intothe already swollen ranks 3.2 Chile 4.6 hard by the lockdown. Other anyAfrican countryhas re- But the measures takenby of the unemployed. Portugal 4.6 South eateries located off main thor- ceived sincethe start of the the ruling African National Janvan Riebeeck,who 3 Africa oughfares served wine in coronavirus crisis.The IMF Congressgovernment to halt founded Cape Town forthe Argentina 3.7 stemmed glasses but recorded predictsSouth Africa’secon- 2.7 the spread of the coronavirus Dutch East India Company, pro- thesales on their receiptsas omywill shrink 8% this year,its NewZealand Others have dealt twin blows: two duced the firstwine from South 2.7 25.3 items like“specialty cakes.” steepest contraction sincethe bans on booze sales—along African-growngrapes in 1659, Wine farms and restaurants end of apartheid. with shorter bans on wine ex- but South African wineries Source:International Organization of Vine and Wine have acted in step with the ForSouth Africa’swine in- ports—and the closing of South made their way ontothe inter- thousands of citizens who have dustry, the ban is likely to have Africa’sborders, sincethe wine national scene afterthe end of intolockdown on March 26 and Afterthe alcohol ban wasre- been brewing homemade beers along-term impact, not just on industry’srevenue is closely in- apartheid in 1994. By 2010, lasted—with asix-week relax- instated, manyproducers from pineapples,pomelos and bottomlines but also on the tertwined with tourism. sales by volume had overtaken ation from June 1toJuly 12— skirted the laws.Vineyards in bananas.Within days of the an- wine itself. Wines of South Africa, an in- French wines in the U.K. wine until last Monday. Theban was the picturesque wine lands out- nouncement that the country “Wewill see wineries merg- dustryorganization that pro- market, according to Wines of the most visible of astring of side Cape Town transformed wasimposing an alcohol-free ing,some sales and some sim- motes the nation’swines in in- South Africa. Thecountry’s rules,including aban on ciga- intobootleggers and restau- lockdown,the priceofpineap- ply going out of business,” said ternational markets, estimates wines arenow sold in more rettesales and, foratime,exer- rantsacrossthe countryinto ples at wholesale producemar- Jean-PierreRossouw,publisher the industryhas lost in excess than 110 countries. cising outdoorsthat made speakeasies,serving rosé out of kets morethan tripled. of Platter’sSouth African Wine of 7billion South African rand South Africa’snationwide South Africa’slockdown mea- teacups and Pinot Noir from Exports, which account for Guide. “It’ll mean kind of are- ($406 million) in revenue and banonalcohol sales went into sures among the strictest in the coffee mugs. about athirdofSouth Africa’s duction of the interest and roughly 21,000 jobs.VinPro,a effect when the countrywent world. “Initially we were very sup- wine sales,havealso been hit. complexity of our wines.” TheWall Street Journal CIO NetworkSummit

October 14,2020, 11:00 a.m.-2:05p.m. ET |Online Event

FEATURED SPEAKERSOVERVIEW

Helen Dixon TheCIO Networkwill meet nine months into themostsignificanteconomic Commissioner forDataProtection, crisis in modern U.S. history, onethathas upendedbusinessand placed DataProtection Commission Ireland theCIO at theforefrontofcrisismanagement. We’llexplore that crisis and Suresh Kumar howit’schangingthe work andleadershipofthe CIO. We’llalsoexamine Executive Vice President, theevolution of privacyrules globally,the frontiers of data scienceand the Global CTOand CDO, Walmart Inc. reportingthatneeds to happen after acybersecuritybreachtakes place. CIO DJ Patil Networkmembers will also meet in breakout sessions to discussissuescritical Head of Te chnology,DevotedHealth; to managingtechnology teamsand digitaltransformation. Chief Data Scientist,United States Office of Scienceand Technology Policy (2015-2017) Hester Peirce

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B4 | Monday, August 24, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY & BUSINESS WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen Join Justthe Streaming Services YouWant

At the Overwhelmedbythe number of video-on-demand services? and movies,has acompre- sharing privileges to immedi- height of the Hereare some keystats: hensivedatabaseoffreeof- atefamily or household “Hamilton” feringsonline.You canalso membersinits terms of ser- craze, tickets MONTHLY ACCOUNT use Reelgood to see what’s vice. Apple TV+ and Prime to the musical STREAMERS COST SHARING WHATTOWATCH streaming—and what’scom- Video requireuserstolink cost hundreds, Netflix $13* 5profiles; Millions of hoursofNetflix-made and studio shows and movies, ing and going—on anygiven accountsmoreformally, sometimes thousands,ofdol- up to 4streams including "The Last Dance"and "Stranger Things." service. through Apple’sFamily Shar- lars. Iknewall the lyrics being and Amazon Household— fore ever seeing it.Soafter Hulu 6* 6profiles; Network shows ("Bachelor," "SNL," etc.)and originals such as "The Canyou buy in bulk? but that means youdon’t Disney+ said the movie ver- 2streams Handmaid's Tale" and "Little Fires Everywhere." Forthe services that offer have to givesomeone your sion would be streaming in annual plans (Hulu with ads, password to let them use July to subscriberswho pay Disney+ 7 7profiles; Avasttrove of contentunder the Disney, Marvel, Star Wars,Pixar Amazon Prime,Disney+, Pea- your subscription. (Prime $7 amonth, Iraced to sign 4streams and National Geographic brands.Also,"Hamilton." cock Premium and CBS All Video only allows offline up on itsdebut weekend. Access), you’ll getadiscount downloading forthe primary Amazon Then Iimmediately can- 9‡ 6profiles; Originals like"Marvelous Ms.Maisel" and "Fleabag," plus the entire by committing to the year. account holder.) celed the subscription. Prime Video 2streams "Downton Abbey" series and manyrecentmovies. Thetrade-off is that month- In anycase,the morepeo- When youcancel, youstill to-month plans canbecan- ple who cantakeadvantage gettostream forthe month. HBOMax 15 5profiles; Award-winning originals like"Game of Thrones" and "Big Little celed morequickly. of the account, the betterits Youalso avoid paying extra 3streams Lies," plus "Friends" and Japan's Studio Ghibli catalog. Bundled services also value.And if youdoshare by forgetting to unsubscribe save.The Hulu, Disney+ and account credentials (without Peacock Free;5* 1profile; Free tier includes NBC shows ("SNL" etc.), movies ("The Matrix") later.This strategy, I’m con- 3streams and select livesports;premium adds originals and more. ESPN+ packageis$13 a breaking terms of service), vinced, is the only way to month—an overall 25% dis- youcan use a password man- survivethe Great Streaming 1profile; Star Trek home base also includes currentCBS shows ("Survivor"), count. Getting AppleTV+, ager’s sharing feature to CBSAll Access 6* Battle:Remain loyaltojust 2streams classic series ("Frasier") and, in mostmarkets, liveTV. CBS All Access and Show- keep the information safe. one or two services youcan time together costs$15, split with family—then tack 6profiles†; Apple originals,including shows ("The Morning Show"),movies which is lessthan if yousub- Canyou remember to Apple TV+ 5 on othersadhoc,for just a 6streams ("Greyhound") and documentaries ("Beastie Boys Story"). scribed separately to CBS All unsubscribe? month at atime,asyou Access and Showtime. Thebeauty of canceling a *Premium plans offered forad-free or expanded programming. †Available through Apple Family Sharing chase the must-watch shows ‡Also included with $119-a-year Prime subscription (DowJones &Co.,pub- subscription is that youcan from platform to platform. Source:the companies lisher of TheWall Street still stream until the end of Therehas never been Journal, has acommercial the monthlong billing cycle. moreentertainment to watch Marvel, StarWarsand Pixar with entertainment offerings ous Mrs. Maisel” and “Flea- agreement to supply news (The exception is Amazon at home.But figuring out shows because of expiring to makethem moreenticing. bag”)aswell as network hits through Apple services.) Prime,which ends the day what, whereand howto deals with Netflix. Verizon’sMix and Match like“House” and “Mr.Ro- But check to see if signing youcancel.) When achannel stream videos has never Convoluting thingsfur- Unlimited phone plans (Play bot.” up forone servicethrough has only one showyou want been moreconfusing.There ther,you can’t watchPeacock Morefor $45 amonth and another provider limitsyour to watch, unsubscribe right aredozens of services—too or HBO Max on aRokuor Get Morefor $55 amonth) Is it available free? access.For example, signing away,then getbingeing.If many!—and, because licens- Amazon Fire TV streaming include the Disney+, Hulu If you’rewilling to watch up forHBO through Roku forsome reason youaren’t ing is complicated, there’sno device. At least, not now. In- and ESPN+ bundle.AT&T’s ads—sometimes lotsand lots doesn’t allowyou to sign done with your show, you one-stop shop foreverything sidersexpect this will be re- top cellular,internet and TV of ads—you canstream some intoHBO on other platforms, canalways reup your sub- youwant to watch. solved, but nobody has a plans come with HBO Max. movies and shows without including HBO apps. scription foranother month. Forthe purposes of this firm date. Needlesstosay, Peacock Premium, host to subscribing to anything.Pea- Youcan cancel your mem- guide,I’m focusing on U.S. there’snoAndroid version of the full catalog of NBC cock is NBC’snew service, Canyou share? bership using the service’s services, with five newcom- Apple TV+. And fornogood shows,aswell as livesports with an ad-supported free Another way to optimizea website. It’seasy if yousub- ersinlessthan ayear: Dis- reason, youcan’t access such as the Tour de France tier that includes “SNL” and subscription is by sharing it. scribed through the App ney+, Apple TV+, HBO Max, Quibi on computersorTVs, and Premier League,isavail- “30 Rock” plus movies such Most services allowone ac- StoreorGoogle Play.Onyour Peacock and the smartphone- even though itscontent is able to Comcast Xfinity X1 as the Bourne and Matrix count to stream on several iPhone,open Settings, tap based Quibi. packed with high-paid Holly- and Flexcustomers, as well trilogies. devices simultaneously.As your name at the top, then Theservices areyoung, wood stars. (Quibi is strug- as CoxContour subscribers. Other sites include Fan- manyasfour screens can select Subscriptions.Onan scrappy and hungryfor your gling to find an audience.) Android deviceand Android dango-owned Vudu, Amazon- watchNetflix and Disney+ Android device, open the subscription—but they’renot So what mix of them is TV usersget complimentary owned IMDb TV and FoxEn- concurrently,while Hulu and Play Store, tapmenu, then without their issues.HBO worth spending your money access through Oct. 15. tertainment-owned Tubi, as Prime Video limit usersto Subscriptions. Max parent WarnerMedia on? Here’show to build your And of course,thereis well as Roku’sown free twostreams. I’ll be back on Disney+ owns the HarryPotterfran- ownat-home entertainment Amazon Prime,the e-com- channel. While those sites No serviceencourages again next month, when the chise,but it’slosing the eight bundle,without throwing merce giant’smegasubscrip- primarily host old classics password sharing, although live-action remakeof“Mu- films on Aug.25because away your money. tion, which costs$119 annu- and titles you’venever heard it’s afairly common practice. lan” hitsthe service. It will Peacock owner NBCUniversal ally and includes fast of,thereare hidden gems. Netflix,Hulu and Peacock requirethe $7 monthly fee holds the TV rightsand gets Do youalready pay shipping and Prime Video. “Mad Men,” “Lost” and limit authorized userstoa and, forthe firsttime,aone- asix-month runstarting in forit? Youget access to Amazon “Shrek” areonIMDb TV,for household defined by people time $30 charge forthe new- October.Meanwhile,Disney Lately,cellular and inter- Studios originals (such as the example. Reelgood,asearch residing within the same ad- release movie itself.Ihope can’t showsome of itsown net providersstock plans award-winning “The Marvel- engine forstreaming shows dress. HBO Max extends it’sworth it. InvestorsFeel MutedatVirtual Annual Meetings Facebook

BY NINA TRENTMANN businesses weren’t familiar with single shareholder,” aspokes- “[Companies] cansidestep dis- morethan 86% of itscommon Marketing the technologyplatforms used woman for the company said. sent if they choose to.” stock took part in that meet- Companies are finding vir- forsuch large,livemeetings “Some of these questions were In itsvirtual meeting, Veri- ing. tual shareholdermeetingsto and quickly had to adapt their answered, but we also devoted zonCommunications Inc.lim- In some ways, virtual meet- Chief to be lessexpensiveand less protocols to the newformat. attention to questions from ited questions to those related ings can enhance shareholder time-consuming,but share- Remoteinvestor events other shareholders, which to shareholder proposals and participation. James holderscomplain they don’t held by companies in the S&P happened to be morerelevant required investors to register McRitchie,aninvestor in Leave getasmuch time to ask ques- 500 this year averaged 32 to our business.” Salesforce three days in advance, accord- about 150 U.S. companies and tions. minutes,seven minutes declined to comment, while ing to the study.“We gave acontributor to Ms.Schwartz- BY NAT IVES Amajority of the compa- shorter than in-person share- Alexion didn’t respond to are- shareholders the opportunity Ziv’s study,said he wasable to nies in the S&P 500 this year holder meetings in 2019,ac- quest for feedback. to ask questions on the share- attend moremeetingsbecause Facebook Inc.Chief Mar- decidedtomovetheir share- cording to arecent study of holder proposals,oronany they were held remotely.Mr. keting Officer Antonio Lucio is holder meeting online because morethan 90 annual meetings subject, at the end of the McRitchie said he has taken leaving the company, aFace- of coronavirus-related restric- by the Hebrew University of An investor took part meeting, and opened the vir- part in 30 investor meetings book spokesman said. His last tions on large gatherings. Jerusalem. Further, company tual platform forquestions this year compared with about dayonthe job will be Sept. 18. Facedwith the option to post- executives allocated less time in 30 meetingsthis several days in advanceofthe 10 all of last year,but added In aFacebook post cited by pone the meeting until later, forbusinessupdates and for year compared with meeting,” a company spokes- that he missed the ability to the spokesman, Mr.Lucio said 87% of businesses opted for a answering shareholders’ ques- woman said. interact directly with other it had been areflectiveyear virtualevent compared with tions compared with in-person about 10 lastyear. She added Verizon didn’t shareholders. forhim. “I have decided to 23% of meetingsheld remotely meetingsin2019,the study receiveany questions relating Companies and technology dedicate100% of my time to in 2019,according to datapro- said. to shareholder proposals or providersare looking forways diversity,inclusion and eq- vider MyLogIQ. Companies,including eBay the company’s business. to improveremoteshare- uity,” he wrote. Executives and investors Inc., Salesforce.com Inc. and Thestudy’s findingsecho Stewart Taggart, an inves- holder meetings. Broadridge Mr.Lucio didn’t respond to usually likethat they candial Alexion Pharmaceuticals Inc., observations from shareholder torinHouston liquid natural Financial Solutions Inc.— requests for comment. into these meetingsfromtheir failed to acknowledgesome or organizations,including the gasexporter CheniereEnergy which has hosted morethan Mr.Lucio joined Facebook in homes.But despitethe ease of all questions from investors, Council of Institutional Inves- Inc., said therewas alack of 1,500 virtual shareholder 2018 from HP Inc., wherehe access,shareholderssay remote according to the study by Mir- tors, which last month sent a interaction between share- events this year—is gathering had been global chief market- events offer lessscope forpar- iam Schwartz-Ziv,asenior lec- lettertothe Securities and Ex- holdersand management dur- feedback from companies and ingand communications offi- ticipation as manycompanies turer at the School of Business change Commission detailing ing the company’sshareholder shareholdersand said it would cer. ask forquestions in advance, Administration. itsand other groups’ concerns. meeting May14. “I had no innovateinareas such as During his tenureatFace- respond only to aselect number EBay said the rules forits “Virtual shareholder meet- idea howmanypeople at- question-and-answersessions book,the companyincreased of them and don’t disclose how virtual meeting maypermit it ingscan be used to manage tended,” said Mr. Taggart. “It and interactivity,said Cathy itsglobal advertising spending manyqueries were received. to respond to one question per shareholdersinways that could have been just me.” A Conlon, head of corporate is- as it sought to rebuild trust Manycompanies scrambled shareholderonly.“We received aren’t fair,” said Amy Borrus, Chenierespokesman said suer strategyand product amid criticism of itsprivacy to makethe switch.Numerous numerous questions from a executivedirector of the CII. shareholdersrepresenting management. practicesand the way it han- dles misinformation and unwelcome content on itsplatforms. Video by K-Pop Group BTS Smashes YouTube’s 24-Hour Music Debut Record “There’snoquestion we made mistakes and we’rein SEOUL—K-pop sensation BTS the processofaddressing smashed the one-day record for them one after the other, but the most viewed YouTube music we have to tell that storyto video with “Dynamite,” reinforc- the world on the trust side as ing the band’s world-wide reach well as on the value side,” Mr. as they continue to make waves Lucio told TheWall Street in the global music scene. Journal last year. The South Korean group re- Mr.Lucio wasmarketing corded over 98 million views on chief at Facebook when the YouTube, which is owned by Al- company decided to bring its phabet Inc.’s Google, within 24 family of apps, which include hours of the video’s release at 1 Instagram and WhatsApp, p.m. local time Friday on the closer together. The effort in- video platform, according to cluded arebranding push that Chart Data. That figure puts it added Facebook’s name to its above the record holder, K-pop other apps. group Blackpink, whose video Mr.Lucio also said last year “How You Like That” reached that he would requireadver- 86.3 million views within 24 tising agencies Facebook hours of its release in June. works with to assemble di- BTS is no stranger to You- verseteams with more S Tube’s record charts. Before the women, people of color and release of “Dynamite” on Friday, PRES people with diverse sexual ori- the pop group had four videos entations, echoing a previous ZUMA on YouTube’s list of the top 10 mandate to agencies he made OM/

all-time 24-hour music debuts. SC while at HP.

BTS reached international ac- NEW “Antonio did incredible claim a few years ago, backed S/ work telling our storyduring a

by a highly dedicated interna- NEW transformative period for the tional fan base. company,” the Facebook NHAP

—Eun-Young Jeong YO spokesman said. P2JW237000-4-B00500-1------XA

THE WALL STREET JOURNAL. **** Monday, August 24, 2020 | B5 BUSINESS NEWS Lego Taps Fans for Ideas on Story Lines

BY SAHIL PATEL and analyst. Lego’s most ardent apitfall common in unsolic- fans will stay engaged on Lego ited pitches: lawsuits over in- Seeking ideas forTVshows, World Builder,asthe company tellectual-property rights. digital videos and toysets, mines them forideas to reach “Most brands and studios Lego AS is asking people to consumersacrossafragmented do not take unsolicited sharetheir creativity on anew media landscape,headded. submissions because it could platform set up forthat pur- Lego has budgeted $500,000 lead to all sorts of problems,” pose. ayear foratleast the next said William Finkelstein, a Called Lego World Builder, three to paythe platform’sus- veteran IP lawyer and former the platform letsuserspro- erswhen it likes their submis- vicepresident and intellectual pose story worlds, characters sions,said Keith Malone, the property counsel at PepsiCo and other ideas by uploading company’ssenior director of Inc. concept art, videos and entertainment development. “Unfortunately,the result is descriptions. To option an idea—meaning that this makes it difficult for MARKETING Lego said it Lego will trytodevelop it—the a lot of independent creators &MEDIA would buy the companywill pay$10,000,he T who arenot employees of a ideas it likes. said. If it decides to buy the AR company, but who mayhave EW

Entertainment has long idea outright, it will pay ST some great ideas,toget those been important to the $21 bil- $50,000.Those pitching ideas ideas to those content compa- THAN

lion toyindustry, which also must be at least 18 yearsold. NA nies and brands,” he said. sells playthingsbased on pop- Lego’s theatrical film devel- Acharacter of ‘Steampunk Time Machine,’created by aLego fanduring its World Builder’s beta test. Eighty-five of the 208 beta ular Hollywood franchises as opment businesswon’t be testers of Lego World Builder well as making TV series and involved in thenew digital Lego’s newplatform opens adi- parks,etc., based on that con- on YouTube—and if that is don’twork in creativefields, movies aboutits ownwares. platform. rect line to the company’sfans. cept,” Mr. Malone said. successful, something more, according to Tongal. Licensed “StarWars” toysets Consumersare already on This isn’t Lego’s firstat- Lego developed the new he said. Lego has bought two proj- helped Lego rebound from platforms such as Wattpad, a tempt at crowdsourcing.Its effort with LosAngeles-based “You starttoget closer to ects from the beta testers, in- near-bankruptcy in the early sitewhereuserspost their Lego Ideas program allows tech companyTongal Inc., the audienceinthe develop- cluding athree-minuteani- 2000s, while the success of writing,with stories about people to submit ideas fornew which operates a platform to ment process,” Mr.DeJulio mated video tied to “Ninjago.” “The Lego Movie” in 2014 Legocharacterssuch as the toys.Ifanidea is approved, connect creativetalent with said. The premise lays out various helped usher in new products ninjas of its“Ninjago” the companywill build and re- content companies and Tongal has worked with “what-if” scenarios set in the and an increase in revenue. franchise. lease the toy, paying the cre- advertisers. Lego since2012, playing Ninjago universe. But content—stories featur- If one searches for Ninjago ator aroyalty feeof1%oftotal Crowdsourcing through matchmaker between creative “It’sfromayoung man who ing toys—has become central on Wattpad, “thereare hun- net sales. Lego World Builder will allow talent and the brand on 183 is astudent in Canada,” Mr. as toymakersvie forchildren’s dreds and hundreds of pages Lego World Builder is the company to gradually de- projects.They include short Malone said. attention against videogames, of stories that people arewrit- meant to source and develop velop newfranchises,said videos distributed on plat- YouTube and social media. ing,” Mr. Malone noted. franchises instead of individ- James DeJulio,chief executive forms likeNetflix Inc.and “It’sadifferent world with Wattpad Corp.connects ual toysets. “Ifwelovea of Tongal. YouTube, owned by Alphabet Moreonline at so many choices forchildren,” some of itsuserswith publish- world about ‘Alien Mermaid Apopular idea on Lego Inc.’s Google. CMO TODAY said Chris Byrne,anindepen- ing houses or media companies Princess,’wecould makecon- World Builder,for example, Lego World Builder could wsj.com/news/cmo-today dent toy-industryconsultant forbooks or adaptations,but tent, toys,attractions at our could lead to avideo or series also enlist fans while avoiding

Getting backto thinking bigger.

Marketing technology reimagined. acoustic.com

BUSINESS & FINANCE Texas Driller Arena Energy Files for Bankruptcy

BY BECKY YERAK interest paymentsonthat debt Lime Rock, with offices in tiveownership group,said haps W&T would still appear Reserved-based lendersare sincelateMarch to preserve Texas and Connecticut, is a Philip Eisenberg, a lawyer for in thechapter 11 case with a expected to recoup between 10 Arena Energy LP has filed liquidity. buyout firm with afocus on one potential bidder,W&T Off- better offer for Arena. centsand 20 centsonthe dol- forchapter 11 protection with In court records, Arena said oil-and-gas companies.The shore Inc. Brian Resnick,arepresenta- lar of the nearly $630 million aplan to sell virtually all of its that like many of itspeers, the private-equity firm counts Theinterest of competing tivefor the proposed buyer, they areowed. Arena’sterm assetstoprivate-equity firm companyhas been challenged stakes in Prime Rock Re- bidderscould be chilled with- said the restructuring agree- lendersare expected to re- Lime Rock Partners and a in recent yearsbythe down- sources, Augustus Energy out amoretraditional bid ment that Arena has in hand ceiveabout 2centsonthe dol- management group in adeal turn and volatility in the com- PartnersIIand CrownRock setup and sharing of informa- helpseliminateuncertainty lar of the $439 million they that includes $64.2 million in modities market. among itsholdingsofoil-and- during the bankruptcy. are owed. cash. Those problems,itsaid, gasdrillersand services com- Thenegotiations occurred Theproposed deal includes TheTexas-based driller, have been exacerbated in re- panies. Thedownturn and with tremendous separation the assumption of certain lia- which operates in the Gulf of cent months by adropin Therestructuring agree- from the insiders, Mr.Resnick bilities. Mexico, filed forchapter 11 global energy prices and mar- ment leavesopen the possibil- volatilityin said. Arenaisowned by asmall protection on ThursdayinU.S. ketuncertainty because of the itythat other potential buyers commodities hurt JudgeIsgur ended the hear- group of current or former Bankruptcy Court in Houston combined effects of the coro- could emerge and have their ing by asking the parties to be employees and their family to restructuremorethan navirus pandemic and a price offers considered. But no for- thecompany. prompt in responding to rea- members. $1 billion in debt. warbetween Saudi Arabia and mal competitive bidding pro- sonable requests for informa- Representing the company The company was founded Russia. cess has been set up in the tion. and related entities in their in 1999 and controls about Arena has 57 employees case of Arena, aprocess that Arena entersbankruptcy bankruptcies arelaw firms 341,000acres in the Gulf of and had $580.8 million in rev- is common in large bankrupt- tion, he said. with arestructuring agree- Jackson Walker LLP and Kirk- Mexico. enue last year. cies. “Wehavesome serious con- ment that is supported by 72% land & Ellis LLP. Arena’sbankruptcy filing The company’s biggest un- The lack of formal bid pro- cerns about the process,” Mr. of itsreserve-based facility Thecompany’sfinancial ad- comes lessthan amonth after secured creditors include the cedures could hinder transpar- Eisenbergtold JudgeMarvin lenders and 94% of term-loan viser is Evercore Group LLC. the company’sreserve-based U.S. Small Business Adminis- ency, which is particularly Isgur during Arena’s debut in lenders. Alvarez &Marsal North Amer- loan matured. tration, which is owed$1.8 critical since insiders remain bankruptcy court on Friday. Thedeal must be approved icaLLC is itsrestructuring ad- Thecompanyhasn’t made million. involved in the new prospec- JudgeIsgur said that per- by bankruptcy court. viser.

One World processing facility onshore, nessintelligenceatconsulting to grow by about 4% a year. Trade Center Virus Adds which made tapping some re- firm Poten & Partners Inc. “Wherewesaid in the past Prelude 1,776ft. mote fields too costly. Major energy companies we will have stronger growth vessel Prelude is capable of sup- have made big betsonnatural in LNGthan in anyaspect of Floating Giant 1,601ft. Snag to plying enough liquefied natu- gas, but its role in the energy the carbon-based energy sys- Shell’sPrelude gas terminal ralgas to meet about half of mix is in flux as morecoun- tem, I still believe that is the is the largestfacilityofits Washingtonstate’s annual tries makeatransition to low- case,” Shell Chief Executive kind ever built. Shell Ship natural-gas demand. It was carbon sources. Some environ- Benvan Beurden said on the particularly complextocon- mental groups arelobbying for company’searningscall in struct because it wasbuilt to awholesale shiftfromall fos- July. ContinuedfrompageB1 operateindeep and some- sil fuels,which could affect Still, given this year’s fall in Empire lude, said the person familiar times rough seas,and pro- theeconomic viability of re- global demand, analystssay Eiffel State with the matter. cesses gasintothree products: mote gas projects such as the Shell would likely have needed Tower Building The giant floating facility, liquefied natural gas, liquefied oneShell financed near Aus- to cut some of its production 1,063ft. 1,250 ft. 488 meters(537 yards) long petroleum gasand natural-gas tralia. from facilities such as Prelude and able to accommodate300 condensate. Shell says that while the vi- in the short term anyway,less- workers, canpark directly “They went with this very rushas hit demand fornatural ening the impact of itscurrent above a gas field and process large,verycomplex, not off- gas, it still believes the funda- problems. itsoutput intoliquefied natu- the-shelf technology; they de- mentals of liquefied natural “This has been an enforced ralgas that canthen be trans- veloped it as abespokeproj- gas, or LNG, remain strong. It cutback of production for ferred to other vessels and ect, and Iguesswe’ll know says demand forLNG grew by them which undoubtedly they Statue shipped around the world. over thenext20years, was 12.5% to 359 million metric arenot happy about, but there Sources: Council on Tall Buildings and Urban Habitat(One World Trade of Liberty Center,EmpireState Buildling); the company(Prelude); Skyscraper Traditionally, gashad to be that asuccessfuldecision?” tons in 2019 and that it ex- is asilver lining,” said Mr. 305ft. Center (Eiffel Tower);National Park Service(Statue of Liberty) pipedunder the ocean to a said Jason Feer, head of busi- pects long-term LNG demand Feer. P2JW237000-0-B00600-1------XA

B6 | Monday, August 24, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo Prem12 Mo 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 Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not FT/Sr Fltg Rte 2022 TgTr FIV 9.14 8.58 -6.1 3.6 Templtn Glbl Inc GIM 6.17 5.39 -12.6 5.3 BR MuniYld CA Qly MCA 15.97 14.80 -7.3 3.8 buy their shares back from investors who wish to cash BlackRock Res & Comm BCX 7.74 6.46 -16.5 -3.7 CohenStrsSelPref&Income PSF 25.52 27.35 +7.2 2.1 Highland Income HFRO 12.61 8.93 -29.2 11.4 WstAstEmergDebt EMD NA 13.01 NA 9.3 BR MuniYld MI Qly MIY 15.81 14.11 -10.8 4.1 in their holdings. Instead, fund shares trade on a stock BlackRock Sci&Tech Tr II BSTZ 28.43 25.83 -9.1 33.6 FirstTrIntDurPref&Inc FPF 22.80 22.22 -2.5 2.6 InvDYCrOpp VTA 10.86 9.08 -16.4 9.8 Western Asset Gl Cr D Op GDO NA 17.62 NA 7.0 BR MuniYld NJ MYJ 15.86 14.18 -10.6 5.0 exchange. NA signifies that the information is not available or not applicable. NS signifies funds not in BlackRock Sci&Tech Trust BST 41.82 42.24 +1.0 43.5 JHanPrefInc HPI 18.81 20.33 +8.1 -8.7 InvSnrIncTr VVR 4.22 3.63 -14.0 7.9 National Muni Bond Funds BR MuniYld NY Qly MYN 14.43 13.19 -8.6 3.9 existence for the entire period. 12 month yield is BlackRock Utl Inf & Pwr BUI 21.58 22.29 +3.3 2.3 JHPrefIncII HPF 18.48 18.42 -0.3 -13.5 Nuveen Credit Strat Inc JQC NA 6.06 NA 19.2 AllBerNatlMunInc AFB 15.24 13.62 -10.6 4.0 EVCAMuniBd EVM 12.77 11.62 -9.0 3.9 computed by dividing income dividends paid (during CBRE ClrnGlbRlEst IGR 7.44 6.11 -17.9 -11.4 HnckJPfdInco III HPS 16.53 16.50 -0.2 -6.9 NuvFloatRateIncFd JFR NA 8.18 NA 8.6 BlckRk Inv Q Mun BKN 16.45 15.82 -3.8 4.1 Eaton Vance NY Muni Bd ENX 13.45 11.91 -11.4 3.9 the previous 12 months for periods ending at month- CLEARBRIDGE ENGY MDS OPP EMO J Han Prm PDT 12.87 13.19 +2.5 -15.7 InvCaValMuIncTr VCV 13.59 12.45 -8.4 4.2 end or during the previous 52 weeks for periods NA 12.04 NA -67.9 NuvFloatRteIncOppty JRO NA 8.11 NA 8.6 BlackRock Muni 2030 Tgt BTT 26.24 24.77 -5.6 3.0 ending at any time other than month-end) by the ClearBridge MLP & Midstm CEM NA 15.66 NA -68.1 LMP CapInco SCD NA 10.85 NA -8.4 PionrFltRate Tr PHD 10.79 9.74 -9.7 7.0 BlackRock Muni BFK 14.42 14.16 -1.8 4.4 InvPAValMuIncTr VPV 14.07 12.74 -9.5 4.5 latest month-end market price adjusted for capital ChnStrInfr UTF 23.35 22.84 -2.2 -5.0 Nuveen Pref & Inc Opp JPC NA 8.84 NA -2.4 High Yield Bond Funds BlackRock Muni II BLE 14.89 15.05 +1.1 4.4 InvTrInvGrNYMu VTN 14.21 12.57 -11.5 4.5 gains distributions. Depending on the fund category, Cohen&SteersQualInc RQI 12.34 10.92 -11.5 -19.5 Nuveen Fd JPS NA 9.00 NA 0.0 AllianceBernGlHiIncm AWF 12.24 10.79 -11.8 7.3 BlckRk Muni Inc Qly BYM 15.69 14.21 -9.4 3.9 Nuveen CA AMT-F Qual MI NKX NA 15.44 NA 4.0 either 12-month yield or total return is listed. Nuveen Pref & Inc Term JPI NA 22.72 NA 0.7 Source: Lipper Cohen&Steers TotRet RFI 12.57 12.42 -1.2 -6.7 Angel Oak FS Inc Trm FINS NA 16.58 NA 8.3 BR MuniAssets Fd MUA 14.06 14.27 +1.5 4.4 Nuveen CA Val NCA NA 10.59 NA 3.1 CohenStrsREITPrefInc RNP 22.31 19.71 -11.7 -8.1 Nuveen TxAdvDivGr JTD NA 13.42 NA -9.5 Barings Glb SD HY Bd BGH 14.89 13.20 -11.3 12.4 BR MuniEnhanced MEN 12.29 11.46 -6.8 4.0 NuveenCAQtyMuInc NAC NA 14.76 NA 4.2 Friday, August 21, 2020 Columbia Sel Prm Tech Gr STK 22.20 22.46 +1.2 20.0 TCW Strat Income TSI NA 5.87 NA 11.6 BR Corporate HY HYT 11.38 10.97 -3.6 8.7 BR MuniHoldings Qly MFL 14.86 13.55 -8.8 3.9 Nuveen MD Qual Muni Inc NMY NA 13.40 NA 4.1 52 wk DNP Select Income DNP 8.88 10.44 +17.6 -9.4 Convertible Sec's. Funds BlackRock Ltd Dur Inc BLW 16.27 15.07 -7.4 7.7 BR MH Qly 2 MUE 14.10 12.97 -8.0 4.1 Nuveen MI Qual Muni Inc NUM NA 14.21 NA 3.8 Prem Ttl AdvntCnvrtbl&IncFd AVK 16.11 14.20 -11.9 9.5 NuvNJ Qual Muni Inc NXJ NA 13.91 NA 4.6 Fund (SYM) NAV Close /Disc Ret Duff&Ph Uti&Infra Inc Fd DPG 12.94 11.44 -11.6 -16.4 BNY Mellon Hi Yield Str DHF 3.12 2.76 -11.5 9.4 BR MuniHoldngs MHD 16.94 15.58 -8.0 4.6 EtnVncEqtyInc EOI 15.88 15.69 -1.2 13.7 GI Conv & Inc NCV 5.29 4.88 -7.8 -1.9 Brookfield Real Asst Inc RA 19.43 16.94 -12.8 14.0 BR MuniVest Fd MVF 9.67 8.76 -9.4 4.6 Nuveen NY AMT/Fr Qual MI NRK NA 13.19 NA 4.1 General Equity Funds EtnVncEqtyIncoII EOS 18.98 19.28 +1.6 26.8 AGI Conv & Inc II NCZ 4.74 4.33 -8.6 -2.8 CrSuisHighYld DHY 2.38 2.12 -10.9 10.0 BR MuniVest 2 MVT 15.23 14.17 -7.0 4.6 Nuveen NY Qual Muni Inc NAN NA 13.92 NA 4.1 Adams Diversified Equity ADX 19.10 16.37 -14.3 18.5 EVRskMnDvsEqInc ETJ 10.03 10.22 +1.9 21.1 AGI Dvs Inc & Conv ACV 28.90 26.57 -8.1 20.4 DoubleLine Inc Sol DSL NA 16.13 NA 11.7 BR MuniYield Fd MYD 14.89 13.83 -7.1 4.7 Nuveen OH Qual Muni Inc NUO NA 15.41 NA 3.4 Boulder Growth & Income BIF 12.13 10.15 -16.3 -0.2 ETnVncTxMgdBuyWrtInc ETB 13.88 14.03 +1.1 -1.5 AGI Eqty & Conv Inc NIE 27.75 24.71 -11.0 24.0 DoubleLine Yld Opps DLY NA NA NA NS BR MuniYield Qlty MQY 16.40 16.35 -0.3 4.0 Nuveen PA Qual Muni Inc NQP NA 13.82 NA 4.3 Central Secs CET NA 29.28 NA 2.9 EtnVncTxMgdBuyWrtOpp ETV 13.66 14.56 +6.6 8.9 CalamosConvHi CHY NA 12.43 NA 23.1 EVHiInc2021 EHT 9.84 9.73 -1.1 4.1 BR MuniYld Qlty2 MQT 14.38 13.05 -9.3 4.0 Nuveen VA Qlty Mun Inc NPV NA 15.05 NA 3.5 CohenStrsCEOppFd FOF 11.72 11.69 -0.3 2.1 EvTxMnDvsEqInc ETY 12.15 11.32 -6.8 5.7 CalmosConvOp CHI NA 11.63 NA 22.6 First Tr Hi Inc Lng/Shrt FSD 15.85 13.99 -11.7 9.4 BR MuniYld Qly 3 MYI 14.99 13.53 -9.7 3.9 PIMCO CA PCQ 14.06 17.68 +25.7 5.0 EVTxAdvDivIncm EVT 21.62 20.22 -6.5 -6.1 EtnVncTxMgdGlbB ETW 9.66 9.03 -6.5 5.3 World Equity Funds IVY HIGH INCOME OPP IVH 13.51 12.10 -10.4 10.3 BNY Mellon Muni Bd Infra DMB 14.31 13.62 -4.8 4.6 PIMCOCAMuniII PCK 8.96 9.23 +3.0 4.2 GabelliDiv&IncTr GDV 21.98 19.02 -13.5 -0.5 EVTxMnGblDvEqInc EXG 8.45 7.72 -8.6 4.7 Aberdeen Emg Mkts Eq Inc AEF 7.84 6.66 -15.1 2.8 NeubHgYldStrt NHS 11.88 11.21 -5.6 9.7 BNY Mellon Str Muni Bond DSM 8.18 7.55 -7.7 5.0 Pimco CA Muni III PZC 10.14 10.58 +4.3 4.4 Gabelli Equity Tr GAB 5.18 5.43 +4.8 2.9 First Trust Energy Inc G FEN 12.80 10.10 -21.1 -45.0 Aberdeen Tot Dyn Div AOD 9.37 8.10 -13.6 10.5 New Amer Hi Inc HYB NA 8.49 NA 7.1 BNY Mellon Strat Muni LEO 8.48 8.26 -2.6 4.9 52 wk GeneralAmer GAM 41.77 34.51 -17.4 6.0 First Tr Enhanced Eq FFA 16.67 15.54 -6.8 10.0 Calamos GloDynInc CHW NA 8.17 NA 18.3 NexPointStratOppty NHF 17.28 9.73 -43.7 19.7 DWS Muni Inc KTF 12.63 11.16 -11.6 4.2 Prem Ttl JHancockTaxAdvDiv HTD 21.50 19.59 -8.9 -17.9 FirstTrEnergyInfra FIF 12.39 10.21 -17.6 -28.5 Cdn Genl Inv CGI NA 27.35 NA 19.1 Nuveen Crdt Opps 2022 TT JCO NA 8.15 NA 6.8 EVMuniBd EIM 14.25 13.13 -7.9 4.1 Fund (SYM) NAV Close /Disc Ret Librty AllStr Eq USA 6.47 6.04 -6.6 10.5 China CHN NA 25.48 NA 41.3 FirstTrMLPEner&Inc FEI 6.93 5.37 -22.5 -46.6 Nuveen Global High Inc JGH NA 14.17 NA 8.6 EVMuniIncm EVN 14.03 12.86 -8.3 4.3 General Equity Funds Librty AllStr Gr ASG 6.96 7.53 +8.2 42.5 EV TxAdvGlbDivInc ETG 17.08 15.34 -10.2 6.2 Gabelli Healthcare GRX 12.82 10.73 -16.3 11.3 Nuveen HI Nov 2021 Tgt JHB NA 9.16 NA 5.0 EVNatMuniOpp EOT 21.45 20.61 -3.9 4.0 FNEX Ventures Royce Micro-Cap Tr RMT 9.58 8.09 -15.6 13.8 EtnVncTxAdvOpp ETO 23.68 21.65 -8.6 -6.2 10.00 NA NA N Gab Utility GUT 3.96 7.78 +96.5 28.2 PGIM Global High Yield GHY 15.56 13.53 -13.0 9.5 InvAdvMuIncTrII VKI 12.01 11.05 -8.0 4.8 Specialized Equity Funds Royce Value Trust RVT 15.54 13.42 -13.6 10.8 Gabelli Multimedia GGT 6.99 7.10 +1.6 0.3 GAMCOGlGold&NatRes GGN 4.19 3.63 -13.4 -3.2 PGIM High Yield Bond ISD 15.92 13.98 -12.2 9.1 Invesco MuniOp OIA 7.48 7.34 -1.9 5.1 CIM RA&C A Source Capital SOR 41.68 36.60 -12.2 6.9 Highland Global Alloc HGLB 10.06 6.63 -34.1 -26.5 NA NA NA NS J Han Finl Opptys BTO 20.77 22.11 +6.5 -20.3 PioneerHilncmTr PHT 8.77 8.09 -7.8 9.5 InvescoMuOppTr VMO 13.44 12.52 -6.8 4.7 CIM RA&C C NA NA NA NS Tri-Continental TY 30.58 26.78 -12.4 11.4 India Fund IFN 19.44 16.38 -15.7 -6.1 Neuberger Brmn MLP & EI NML 3.78 2.79 -26.2 -54.6 Wells Fargo Income Oppty EAD 8.53 7.55 -11.5 9.6 InvescoMuTr VKQ 13.45 12.48 -7.2 4.7 CIM RA&C I NA NA NA NS Specialized Equity Funds Japan Smaller Cap JOF NA 8.06 NA 7.0 Nuv Dow 30 Dyn Overwrite DIAX NA 14.05 NA -11.2 WstAstHIF II HIX NA 6.65 NA 8.8 InvescoQual Inc IQI 13.65 12.50 -8.4 4.7 CIM RA&C L NA NA NA NS Aberdeen Glb Prem Prop AWP 5.68 4.80 -15.5 -12.2 LazardGlbTotRetInc LGI 17.74 15.59 -12.1 10.5 NuvCorEqAlpha JCE Western Asset Hi Inc Opp HIO NA 5.00 NA 7.7 InvTrInvGrMu VGM 13.87 12.72 -8.3 4.7 Clarion Partners REI D NA NA NA NS Adams Natural Resources PEO 12.74 11.52 -9.6 -15.3 NA 13.14 NA 2.9 MS ChinaShrFd CAF 26.79 22.06 -17.7 10.0 Nuveen Nasdaq 100 Dyn Ov QQQX Western Asset Hi Yld D O HYI NA 14.55 NA 7.7 InvescoValMunInc IIM 16.55 15.04 -9.1 4.5 Clarion Partners REI I NA NA NA NS AllianzGI AI & Tech Opps AIO 24.09 21.36 -11.3 NS NA 25.67 NA 26.7 MS India IIF 20.58 17.22 -16.4 -3.8 Other Domestic Taxable Bond Funds MAINSTAY:MK DEFTR MUN OP MMD NA 20.86 NA 4.8 Clarion Partners REI S NA NA NA NS GI DivInt&PremStr NFJ 13.98 12.39 -11.4 12.1 Nuv Real Est JRS NA 7.80 NA -19.6 New Germany GF 19.83 16.99 -14.3 30.2 Ares Dynamic Crdt Alloc ARDC NA 12.65 NA 10.1 NeubrgrBrm NBH 15.03 15.14 +0.7 4.8 Clarion Partners REI T NA NA NA NS ASA Gold & Prec Met Ltd ASA NA 22.51 NA 69.3 Nuveen Rl Asst Inc & Gro JRI NA 12.32 NA -19.3 Templeton Dragon TDF 27.45 23.48 -14.5 41.9 Barings Part Inv MPV NA 11.44 NA 10.4 Nuveen AMT-Fr Mu Val NUW NA 16.16 NA 3.1 GS Real Est Div Inc:A 9.61 NA NA -4.7 BR Enh C&I CII 17.31 15.72 -9.2 10.5 NuvS&P500DynOvFd SPXX NA 13.71 NA -9.3 Templeton Em Mkt EMF 17.39 15.09 -13.2 17.3 BlackRock Mlt-Sctr Inc BIT 17.63 16.11 -8.6 9.6 Nuveen AMT-Fr Qlty Mun I NEA NA 14.36 NA 4.4 GS Real Est Div Inc:C 9.60 NA NA -5.2 BlackRock Energy & Res BGR 7.95 6.96 -12.5 -26.0 NuvSP500BuyIncFd BXMX NA 11.80 NA -0.5 Wells Fargo Gl Div Oppty EOD 5.20 4.56 -12.3 -3.9 BlackRock Eq Enh Div BDJ 8.44 7.50 -11.1 -5.7 ReavesUtilityIncome UTG 31.19 31.52 +1.1 -7.6 BlackRock Tax Muni Bd BBN 25.25 26.48 +4.9 5.0 Nuveen AMT-Fr Mu CI NVG NA 15.63 NA 4.9 GS Real Est Div Inc:I 10.02 NA NA -4.5 Tortoise Enrgy Infra Crp TYG 23.21 17.07 -26.5 -77.1 Prem12 Mo DoubleLine:Oppor Crdt Fd DBL 19.24 19.46 +1.1 7.2 Nuveen Enh Muni Val NEV NA 14.85 NA 4.6 GS Real Est Div Inc:L 9.62 NA NA -4.8 BlackRock Enh Glbl Div BOE 11.24 9.78 -13.0 4.0 Fund (SYM) NAV Close /Disc Yld BlackRock Enh Intl Div BGY 6.21 5.48 -11.8 8.8 Income & Preferred Stock Funds Duff&Ph Util Cor DUC 9.70 9.29 -4.2 5.6 Nuveen Int Dur Mun Term NID NA 13.29 NA 3.8 GS Real Est Div Inc:W 9.76 NA NA -4.7 BlackRock Hlth Sci Tr II BMEZ 25.14 23.60 -6.1 NS CalamosStratTot CSQ NA 13.96 NA 22.4 U.S. Mortgage Bond Funds EVLmtDurIncm EVV 13.20 11.70 -11.4 9.8 Nuveen Mu Crdt Opps NMCO NA 12.90 NA NS NexPointRlEstStrat;A 15.35 NA NA -20.7 BlackRock Hlth Sciences BME 42.55 42.96 +1.0 21.4 CohenStrsLtdDurPref&Inc LDP 24.68 23.87 -3.3 3.0 BlckRk Income BKT 6.31 6.22 -1.4 6.7 Franklin Ltd Dur Income FTF 9.32 8.84 -5.2 11.3 Nuv Muni Credit Income NZF NA 15.02 NA 5.0 NexPointRlEstStrat;C 15.50 NA NA -21.1 Invesco HI 2023 Tgt Term IHIT 8.10 7.83 -3.3 7.5 J Han Investors JHI 17.53 16.38 -6.5 8.3 NuvMuniHiIncOpp NMZ NA 13.52 NA 5.3 NexPointRlEstStrat;Z 15.49 NA NA -20.3 Investment Grade Bond Funds KKR Income Opportunities KIO NA 13.42 NA 11.5 Nuveen Muni Val NUV NA 10.66 NA 3.5 PREDEX;I 25.32 NA NA 0.6 IPO Scorecard BlRck Core Bond BHK 16.31 15.83 -2.9 4.9 MFS Charter MCR 8.82 8.45 -4.2 8.2 Nuveen Quality Muni Inc NAD NA 14.62 NA 4.4 PREDEX;T 25.40 NA NA 0.5 Performance of IPOs, most-recent listed first BR Credit Alloc Inc BTZ 15.19 13.93 -8.3 6.8 Nuveen Taxable Muni Inc NBB NA 22.91 NA 4.9 Nuveen Sel TF NXP NA 16.66 NA 3.3 PREDEX;W 25.40 NA NA 0.5 Insight Select Income INSI NA 20.91 NA 3.8 PIMCO Corp & Inc Oppty PTY 12.55 15.98 +27.3 10.3 Nuveen Sel TF 2 NXQ NA 15.22 NA 3.3 Principal Dvs Sel RA A 23.02 NA NA -4.7 % Chg From % Chg From InvescoBond VBF 21.37 20.59 -3.6 3.6 PIMCO Corp & Inc Strat PCN NA 15.66 NA 9.2 Nuveen Sel TF 3 NXR NA 16.50 NA 3.1 Principal Dvs Sel RA Ins 23.06 NA NA -4.4 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day J Han Income JHS 16.17 15.34 -5.1 4.6 PIMCOHilnco PHK 5.10 5.26 +3.1 13.6 PIMCO MuniInc PMF 13.10 13.77 +5.1 4.9 Principal Dvs Sel RA Y 23.11 NA NA -4.2 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close MFS Intmdt MIN 4.01 3.86 -3.7 8.8 PIMCO IncmStrFd PFL 9.57 10.17 +6.3 10.8 PIMCOMuniIncII PML 12.25 13.83 +12.9 5.3 SharesPost 100;A 31.46 NA NA 8.1 Colonnade Acquisition 9.92 –0.8 ... Foley Trasimene Acquisition II 10.01 0.1 0.1 Western Asset Inf-Lk Inc WIA NA 12.89 NA 3.1 PIMCO IncmStrFd II PFN 8.61 9.11 +5.8 10.8 Pimco Muni III PMX 11.18 11.73 +4.9 4.9 SharesPost 100:I 31.67 NA NA 8.4 CLA.UT Aug. 21/$10.00 BFT.UT Aug. 19/$10.00 Western Asset Inf-Lk O&I WIW NA 11.49 NA 3.7 Putnam Mas Int PIM 4.33 4.14 -4.4 8.5 PioneerHilncAdv MAV 12.21 10.96 -10.2 4.1 SharesPost 100:L 31.26 NA NA 7.9 Westn Asst IG Def Opp Tr IGI NA 22.00 NA 3.8 Putnam Prem Inc PPT 4.79 4.64 -3.1 8.8 PioneerMunHiIcmT MHI 13.10 11.85 -9.5 4.5 USQ Core Real Estate:I 24.90 NA NA 0.4 FAST Acquisition 9.93 –0.7 ... Forum Merger III 9.97 –0.3 –0.3 Loan Participation Funds Wells Fargo Multi-Sector ERC 12.27 11.43 -6.8 10.4 Putnam Mgd Inc PMM 8.04 7.78 -3.2 4.9 USQ Core Real Estate:IS 24.91 NA NA 0.4 FST.UT Aug. 21/$10.00 FIIIU Aug. 19/$10.00 Apollo Senior Floating AFT NA 12.74 NA 8.5 World Income Funds Putnam Muni Opp PMO 13.77 13.39 -2.8 4.7 Versus Cap MMgr RE Inc:I 26.78 NA NA NE Horizon Acquisition 10.00 ...... Harmony Biosciences Hldgs 36.00 50.0 –2.7 BR Debt Strategy DSU 11.18 9.98 -10.7 8.6 Abrdn AP IncFd FAX 4.68 4.03 -13.9 7.0 RiverNorth Mgd Dur Mun I RMM 18.83 17.33 -8.0 5.2 Versus Capital Real Asst 24.65 NA NA 0.4 HZAC.UT Aug. 21/$10.00 HRMY Aug. 19/$24.00 BR F/R Inc Str FRA 13.36 11.64 -12.9 8.1 BrndywnGLB Glb Inc Oppts BWG NA 12.44 NA 6.5 Western Asset Mgd Muni MMU NA 12.54 NA 4.5 Wildermuth Endwmnt:A 13.31 NA NA -0.4 BlackRock Floatng Rt Inc BGT 12.97 11.24 -13.3 8.0 EtnVncStDivInc EVG NA 11.40 NA 8.0 Westn Asst Mu Def Opp Tr MTT NA 20.54 NA 3.6 Wildermuth Endwmnt:C 12.85 NA NA -1.2 Kymera Thera 33.26 66.3 ... Inhibrx 20.43 20.2 –1.0 Blackstone / GSO Strat BGB NA 12.01 NA 10.8 MS EmMktDomDebt EDD 6.90 5.75 -16.7 8.3 Single State Muni Bond Wildermuth Endowment:I 13.38 NA NA -0.6 KYMR Aug. 21/$20.00 INBX Aug. 19/$17.00 Blackstone/GSO Sr Flt Rt BSL 15.00 13.67 -8.9 9.3 PIMCO Dyn Crd & Mrt Inc PCI NA 19.07 NA 13.0 BlackRock CA Mun BFZ 15.73 13.71 -12.8 3.4 Income & Preferred Stock Funds Nano-X Imaging 21.70 20.6 ... Northern Genesis Acquisition 9.89 –1.1 –1.1 EtnVncFltRteInc EFT 13.66 11.96 -12.4 8.3 PIMCO Dynamic Income PDI NA 24.91 NA 12.2 BR MH CA Qly Fd Inc MUC 15.85 14.60 -7.9 3.7 A3 Alternative Cr 10.49 NA NA NS NNOX Aug. 21/$18.00 NGA.UT Aug. 18/$10.00 EV SenFlRtTr EFR 13.43 11.85 -11.8 8.3 PIMCO Income Opportunity PKO NA 24.05 NA 9.4 BR MH NJ Qly MUJ 15.81 14.13 -10.6 4.5 Calamos L/S Eqty and DI CPZ NA 15.86 NA NS EVSnrIncm EVF 6.38 5.82 -8.8 7.0 PIMCO Stratg Inc RCS NA 6.47 NA 11.0 BR MH NY Qly MHN 15.02 13.81 -8.1 3.9 Destra Multi-Altrntv;A 11.67 NA NA -8.1 Sources: Dow Jones Market Data; FactSet FT/Sr Fltg Rte Inc 2 FCT 12.59 11.22 -10.9 9.3 Templeton Em Inc TEI 8.97 7.66 -14.6 8.6 BR MuniYld CA MYC 16.06 14.41 -10.3 3.5 Continued on Page B9

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THE WALL STREET JOURNAL. Monday, August 24, 2020 | B7 MARKET DATA

Insider-Trading Spotlight Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new information about the prospects of a company. Insiders are required to report large trades to the SEC Money Rates August 21, 2020 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Thomson Financial on August 21, and year-to-date stock performance of the company Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer guide to general levels but don’t always represent actual transactions. CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low unknown VP: vice president Excludes pure options transactions July index Chg From (%) Commercial paper (AA financial) level June '20 July '19 Low 0.0500 0.0500 2.0500 0.0100 Biggest weekly individual trades Bid 0.0800 0.0500 2.1200 0.0100 90 days 0.12 n.a. 2.53 0.04 U.S. consumer price index Offer 0.1100 0.0900 2.5000 0.0500 Libor Based on reports filed with regulators this past week All items 259.101 0.51 1.0 Treasury bill auction One month 0.17513 0.15150 2.13950 0.14925 No. of shrs in Price range ($) $ Value Core 267.703 0.53 1.6 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) 4 weeks 0.080 0.085 2.060 0.000 Three month 0.25000 0.27038 2.16413 0.24200 International rates 13 weeks 0.105 0.105 1.950 0.000 Six month 0.31438 0.33250 2.08525 0.28913 26 weeks 0.120 0.120 1.870 0.080 One year 0.44100 0.46088 2.07413 0.44063 Buyers Week 52-Week Latest High Low Euro Libor Aug. 14-18 AXIS Capital Holdings AXS C. Davis DI 831 45.79-45.89 38,073 45.01 -24.3 ago Secondary market Aug. 13 C. Davis DI 58 45.98 2,666 One month -0.540 -0.552 -0.360 -0.621 Prime rates Fannie Mae Three month -0.515 -0.513 -0.142 -0.539 Aug. 12-14 Xerox Holdings XRX C. Icahn BI 1,309 17.20-17.70 22,790 18.76 -49.1 U.S. 3.25 3.25 5.25 3.25 30-year mortgage yields Six month -0.472 -0.468 -0.052 -0.491 Aug. 17-19 C. Icahn BI 726 18.11-18.20 13,156 Canada 2.45 2.45 3.95 2.45 30 days 1.816 1.842 3.388 1.751 One year -0.362 -0.347 0.008 -0.441 Aug. 17 J&J Snack Foods JJSF G. Shreiber CEOI 141 130.52 18,407 132.55 -28.1 Japan 1.475 1.475 1.475 1.475 60 days 1.869 1.896 3.403 1.804 Secured Overnight Financing Rate Aug. 14 Fox FOXA L. Murdoch CEOI 229 25.74 5,895 26.00 -29.9 Policy Rates Other short-term rates 0.07 0.09 5.25 0.01 Aug. 12 IAC/InterActiveCorp IAC M. Eisner DI 41 122.85-123.09 4,982 127.37 Euro zone 0.00 0.00 0.00 0.00 Aug. 13 Red Rock Resorts RRR L. Fertitta HI 176 15.24 2,683 16.86 -29.6 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week Week 52-Week Latest Traded High Low Aug. 13 F. Fertitta CEOI 176 15.24 2,683 Britain 0.10 0.10 0.75 0.10 Latest ago high low Aug. 14 L. Fertitta HI 145 16.36 2,373 Australia 0.25 0.25 1.00 0.25 DTCC GCF Repo Index Aug. 14 F. Fertitta CEOI 145 16.36 2,373 Call money Aug. 17 L. Fertitta HI 138 16.43 2,259 Overnight repurchase Treasury 0.112 45.900 6.007 0.002 Aug. 17 F. Fertitta CEOI 138 16.43 2,259 U.S. 0.10 0.11 3.40 -0.07 2.00 2.00 4.00 2.00 MBS 0.119 70.900 6.699 0.011 Aug. 18-19 L. Fertitta HI 90 16.02-16.34 1,446 Notes on data: Aug. 18-19 F. Fertitta CEOI 90 16.02-16.34 1,446 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Aug. 13-17 Biglari Holdings BH.A S. Biglari CEOI 4450.00-475.00 1,687 450.51 -24.9 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Aug. 12-14 La Jolla Pharmaceutical LJPC K. Tang DOI 432 3.47-3.88 1,605 3.84 -2.3 0.25 0.25 2.75 0.25 as of August 20, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Aug. 14 Argo Group International Holdings ARGO K. Rehnberg CEOI 32 36.98 1,183 34.82 -47.0 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Effective rate 0.0900 0.1000 2.3600 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Sellers High 0.1000 0.1100 3.0000 0.1000 Tullett Prebon Information, Ltd. Aug. 12 Herbalife Nutrition HLF C. Icahn BI 14,722 48.75 717,699 49.96 4.8 Aug. 14 Shutterstock SSTK J. Oringer DO 2,064 46.32 95,599 49.24 14.8 Aug. 17-18 Roku ROKU A. Wood CEOI 600 143.93-151.02 87,711 147.13 9.9 Cash Prices | wsj.com/market-data/commodities Friday, August 21, 2020 Aug. 13-17 Intercept Pharmaceuticals ICPT P. Fundaro DOI 1,500 46.75-52.60 71,249 48.21 -61.1 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Aug. 13-17 F. Micheli BI 1,500 46.75-52.60 71,249 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Aug. 12 Grocery Outlet Holding GO S. Read D 1,358 42.25 57,359 41.51 27.9 months. Aug. 17 NVIDIA NVDA J. Huang CEO 100 473.47-495.87 48,984 507.34 115.6 Friday Friday Friday Aug. 17 Sprout Social SPT J. Kreuziger DI 1,725 27.50 47,438 34.26 113.5 Energy Aluminum, LME, $ per metric ton *1755.5 Wheat - Hard - KC (USDA) $ per bu-u 4.6575 Aug. 12 Denali Therapeutics DNLI D. Bratton BI 1,443 31.65 45,679 32.88 88.7 Copper,Comex spot 2.9135 Wheat,No.1soft white,Portld,OR-u 5.2750 Iron Ore, 62% Fe CFR China-s 126.7 Aug. 13 Addus HomeCare ADUS M. First DI 475 94.26 44,774 95.94 -1.3 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 235 Aug. 17 Stamps.com STMP J. Clem O 166 262.49-275.55 44,060 269.75 223.0 Steel, HRC USA, FOB Midwest Mill-s 474 Beef,carcass equiv. index Aug. 20 Option Care Health OPCH E. Betten DOI 2,700 12.50 33,750 11.62 -22.1 Metals choice 1-3,600-900 lbs.-u 187.69 Aug. 20 T. Sullivan DOI 2,700 12.50 33,750 Fibers and Textiles select 1-3,600-900 lbs.-u 172.54 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6673 Aug. 14 IDEXX Laboratories IDXX B. Mckeon CFO 84 377.84-381.48 31,729 383.46 46.8 Burlap,10-oz,40-inch NY yd-n,w 0.6100 Engelhard industrial 1938.00 Butter,AA Chicago 1.5150 Cotton,1 1/16 std lw-mdMphs-u 0.5923 Aug. 12 Mondelez International MDLZ P. May DI 555 56.00 31,078 57.47 4.3 Handy & Harman base 1924.35 Cheddar cheese,bbl,Chicago 133.00 Cotlook 'A' Index-t *69.60 Aug. 17 Schrodinger SDGR R. Friesner D 500 62.04 31,020 68.68 Handy & Harman fabricated 2136.03 Cheddar cheese,blk,Chicago 165.00 Hides,hvy native steers piece fob-u 28.000 LBMA Gold Price AM *1928.05 Milk,Nonfat dry,Chicago lb. 99.75 Aug. 18 Square SQ J. Mckelvey D 200 148.05-152.09 29,957 155.10 147.9 Wool,64s,staple,Terr del-u,w n.a. LBMA Gold Price PM *1927.15 Coffee,Brazilian,Comp 1.1100 Aug. 18 CarParts.com PRTS M. Nia DI 2,000 13.00 26,000 14.78 571.8 Krugerrand,wholesale-e 2018.64 Grains and Feeds Coffee,Colombian, NY 1.6633 Maple Leaf-e 2038.05 * Half the transactions were indirect **Two day transaction Eggs,large white,Chicago-u 0.6350 American Eagle-e 2038.05 p - Pink Sheets Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.00 Mexican peso-e 2348.26 Bran,wheat middlings, KC-u 80 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1905.57 Corn,No. 2 yellow,Cent IL-bp,u 3.1450 Hogs,Iowa-So. Minnesota-u 55.10 Buying and selling by sector Austria phil-e 2038.05 Corn gluten feed,Midwest-u,w 100.3 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 410.6 Pork loins,13-19 lb MidUS-u 0.8887 Based on actual transaction dates in reports received this past week Engelhard industrial 26.6500 Cottonseed meal-u,w 245 Steers,Tex.-Okla. Choice-u 106.00 Handy & Harman base 26.7570 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w 159.00 Sector Buying Selling Sector Buying Selling Handy & Harman fabricated 33.4460 Meat-bonemeal,50% pro Mnpls-u,w 180 Fats and Oils Basic Industries 16,335 21,404,641 Finance 4,638,229 56,037,944 LBMA spot price *£20.5100 Oats,No.2 milling,Mnpls-u 2.9375 (U.S.$ equivalent) *26.9150 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 Corn oil,crude wet/dry mill wtd. avg.-u,w Business services 506,250 10,164,856 Health care 3,142,317 240,019,472 45.0000 Coins,wholesale $1,000 face-a 22243 Sorghum,(Milo) No.2 Gulf-u 9.2054 Grease,choice white,Chicago-h 0.2800 Capital goods 00Industrial 159,313 55,342,660 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 289.20 Lard,Chicago-u n.a. Consumer durables 210,574 60,692,829 Media 115,913 7,508,685 LBMA Platinum Price PM *916.0 Soybeans,No.1 yllw IL-bp,u 8.9100 Soybean oil,crude;Centl IL-u 0.3184 Consumer nondurables 370,757 105,653,835 Technology 856,221 118,118,996 Platinum,Engelhard industrial 903.0 Wheat,Spring14%-pro Mnpls-u 6.2500 Tallow,bleach;Chicago-h 0.3100 Palladium,Engelhard industrial 2200.0 Wheat,No.2 soft red,St.Louis-u 5.4975 Tallow,edible,Chicago-u n.a. Consumer services 6,060,306 107,285,453 Transportation 035,361,914 Energy 266,478 2,338,584 Utilities 247,237 7,804,350 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; 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 8/20 Sources: Thomson Financial; Dow Jones Market Data Source: Dow Jones Market Data

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B8 | Monday, August 24, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B8 Last Year ago Last Year ago 27930.33 t0.69, or 0.002% last week Trailing P/E ratio 27.90 18.41 3397.16 s24.31, or 0.72% last week Trailing P/E ratio * 35.35 22.49 Public Offerings of Stock High, low, open and close for each of P/E estimate * 25.34 16.98 High, low, open and close for each of P/E estimate * 26.17 17.62 the past 52 weeks Dividend yield 2.25 2.38 the past 52 weeks Dividend yield * 1.79 1.95 IPOs in the U.S. Market All-time high All-time high 29551.42, 02/12/20 3397.16, 08/21/20 None expected this week

Current divisor 0.14579812049809 Lockup Expirations 30000 3400 Below, companies whose officers and other insiders will become eligible to sell shares in their newly public companies for the first time. Such 28000 3200 sales can move the stock’s price.

Lockup Offer Offer amt Through Lockup 26000 3000 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Aug. 26 Feb. 28, ’20 Passage Bio PASG 18.00 170.0 –17.9 180 days 200-day moving average 24000 2800 Sources: Dealogic; Dow Jones Market Data 200-day moving average Other Stock Offerings 65-day moving average Week's high 22000 2600 Secondaries and follow-ons expected this week in the U.S. market DOWN UP 65-day moving average Monday's open Friday's close None expected this week t 20000 2400 Friday's close Monday's open t Off the Shelf Week's low 18000 2200 “Shelf registrations” allow a company to prepare a stock or bond for sale, without selling the whole issue at once. Corporations sell as Bars measure the point change from Monday's open conditions become favorable. Here are the shelf sales, or takedowns, 16000 2000 over the last week: A S O N D J F M A M J J A A S O N D J F M A M J J A Takedown date/ Deal value Primary Issuer/Industry Registration date ($ mil.) Bookrunner(s) NYSE weekly volume, in billions of shares t

market t Composite Financial Flashback OncoSec Medical Inc Aug. 17 $15.0 Fordham Financial Management Inc, 36 Healthcare Aug. 23,319 Torreya Partners LLC 24 The Wall Street Journal, August 24, 1990 12 Apple Computer plans to unveil three new machines in mid- Centrus Energy Corp Aug. 21 $23.5 Roth Cptl Ptnrs 0 October, including a lower-priced Macintosh with a Chemicals June 17,320 A S O N D J F M A M J J A detachable color monitor. Cal-Maine Foods Inc Aug. 19 $269.1 BofA Securities, Stephens Agribusiness Oct. 9,318 *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Seanergy Maritime Holdings Corp Aug. 17 $25.0 Maxim Grp Major U.S. Stock-Market Indexes Nasdaq Composite Transportation Aug. 10,318 Latest Week 52-Week % chg s 292.50, or 2.65% Futu Holdings Ltd Aug. 19 $313.5 GS, Credit Suisse, UBS, High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Finance Aug. 17,320 Haitong Securities Co Ltd Dow Jones Keurig Dr Pepper Inc Aug. 17 $1,311.8 GS Industrial Average 27999.81 27526.25 27930.33 -0.69 -0.002 18591.93 l 29551.42 9.0 -2.1 8.8 Food & Beverage Aug. 27,319 Transportation Avg 11008.95 10758.28 10940.68 -18.86 -0.17 6703.63 l 11304.97 12.3 0.4 6.2 11350 Hannon Armstrong Sustainable Infrastructure Capital IncAug. 19 $125.0 MS Utility Average 830.90 803.01 809.61 -15.26 -1.85 610.89 l 960.89 -2.7 -7.9 3.0 Real Estate/Property March 27,319 Total Stock Market 34697.41 34221.54 34626.02 217.35 0.63 22462.76 l 34631.28 18.6 4.8 11.4 Eyenovia Inc Aug. 19 $12.0 W. Blair LLC 11200 Barron's 400 739.35 724.68 727.81 -7.83 -1.06 455.11 l 746.64 13.6 -0.6 5.0 Healthcare Jan. 25,319 Nasdaq Stock Market Plymouth Industrial REIT Inc Aug. 18 $96.4 Barclays, KeyBanc, BMO Cptl Mkts, 11050 Nasdaq Composite 11326.21 11080.30 11311.80 292.50 2.65 6860.67 l 11311.8 45.9 26.1 22.1 Real Estate/Property July 30,318 JPM Nasdaq 100 11574.79 11228.15 11555.16 390.71 3.50 6994.29 l 11555.16 54.8 32.3 25.9 Sabre Corp Aug. 20 $250.0 MS, BofA Securities, GS, Mizuho, 10900 Computers & Electronics May 2,318 WFS, DB, Citi S&P 14 17 18 19 20 21 Sabre Corp Aug. 20 $300.0 MS, BofA Securities, GS, Mizuho, 500 Index 3399.96 3354.69 3397.16 24.31 0.72 2237.40 l 3397.16 19.3 5.1 11.8 August Computers & Electronics May 2,318 WFS, DB, Citi MidCap 400 1959.67 1902.64 1910.25 -39.31 -2.02 1218.55 l 2106.12 4.0 -7.4 4.1 DJ US TSM Fiserv Inc Aug. 18 $500.0 KKR SmallCap 600 920.26 889.38 894.74 -23.16 -2.52 595.67 l 1041.03 -0.2 -12.4 3.1 s 217.35, or 0.63% Computers & Electronics Sept. 20,318 Other Indexes last week Russell 2000 1586.52 1545.36 1552.48 -25.40 -1.61 991.16 l 1705.22 6.4 -7.0 4.6 Public and Private Borrowing NYSE Composite 12975.54 12739.00 12809.07 -93.43 -0.72 8777.38 l 14183.2 3.2 -7.9 3.0 Treasurys Value Line 484.71 469.93 471.40 -12.21 -2.52 305.71 l 562.05 -4.0 -14.6 -2.2 34700 NYSE Arca Biotech 5685.33 5356.98 5393.04 -162.55 -2.93 3855.67 l 6142.96 22.9 6.4 12.3 Monday, August 24 Tuesday, August 25 NYSE Arca Pharma 676.44 666.09 671.23 7.65 1.15 494.36 l 672.5 17.3 2.7 9.2 34500 Auction of 13 and 26 week bills; Auction of 2-year note; KBW Bank 78.53 73.89 74.21 -4.73 -5.99 56.19 l 114.12 -17.2 -34.5 -7.2 announced on August 20; settles on August 27 announced on August 20; settles on August 31 PHLX§ Gold/Silver 157.54 145.76 147.51 1.55 1.06 70.12 l 161.14 50.9 38.0 20.0 Wednesday, August 26 Thursday, August 27 34300 PHLX§ Oil Service 39.62 35.43 35.62 -3.968 -10.02 21.47 l 80.99 -41.0 -54.5 -32.9 Auction of 5-year note; Auction of 7-year note; PHLX§ Semiconductor 2240.99 2166.79 2198.33 -2.48 -0.11 1286.84 l 2227.61 52.0 18.9 27.3 announced on August 20; settles on August 31 announced on August 20; settles on August 31 CBOE Volatility 24.60 20.99 22.54 0.49 2.22 11.54 l 82.69 13.4 63.6 19.6 34100 14 17 18 19 20 21 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data August A Week in the Life of the DJIA Alook at how the Dow Jones Industrial Average component stocks International Stock Indexes CommoditiesandCurrencies did in the past week and how much each moved the index. The DJIA lost 0.69 points, or 0.002%, on the week. A$1change in the price of Latest Week 52-Week Range YTD Last Week YTD Region/Country Index Close % chg Low Close High % chg any DJIA stock =6.86-point change in the average. To date, a$1,000 Close Net chg % Chg % chg investment on Dec. 31 in each current DJIA stock component would World The Global Dow 3027.07 –0.75 2138.97 • 3300.22 –6.9 DJ Commodity 620.39 4.58 0.74 -3.41 have returned $28,644, or aloss of 4.52%, on the $30,000 DJ Global Index 434.87 0.13 292.30 444.78 0.2 • TR/CC CRB Index 149.96 0.75 0.50 -19.29 investment, including reinvested dividends. DJ Global ex U.S. 248.97 –0.59 174.38 • 267.54 –5.5 Crude oil, $ per barrel 42.34 0.03 0.07 -30.66 The Week’s Action Americas DJ Americas 789.83 0.64 512.68 796.10 3.8 • Natural gas, $/MMBtu 2.448 0.092 3.90 11.83 Pct Stock price Point chg $1,000 Invested(year-end '19) Brazil Sao Paulo Bovespa 101521.29 0.17 63569.62 119527.63 –12.2 chg (%) change in average* Company Symbol Close $1,000 • Gold, $ per troy oz. 1934.60 -2.40 -0.12 27.32 Canada S&P/TSX Comp 16517.85 0.02 11228.49 • 17944.06 –3.2 8.23 37.85 259.61 Apple AAPL $497.48 $1,706 Mexico S&P/BMV IPC 38095.88 –2.19 32964.22 • 45902.68 –12.51 U.S. Dollar Index 93.20 0.10 0.11 -3.31 3.81 7.49 51.37 Visa V 204.13 1,091 Chile Santiago IPSA 2755.24 –0.56 2045.49 • 3722.44 –17.4 WSJ Dollar Index 88.59 0.06 0.06 -1.09 3.12 3.32 22.77 Nike NKE 109.75 1,089 EMEA Stoxx Europe 600 365.09 –0.81 279.66 • 433.90 –12.2 Euro, per dollar 0.8478 0.0034 0.41 -4.93 3.05 4.52 31.00 Johnson & Johnson JNJ 152.76 1,061 Stoxx Europe 50 2958.83 –0.71 2383.14 • 3539.12 –13.1 Yen, per dollar 105.81 -0.79 -0.74 -2.61 2.19 4.54 31.14 McDonald’s MCD 211.57 1,085 Eurozone Euro Stoxx 358.14 –1.16 261.53 • 421.34 –11.3 U.K. pound, in dollars 1.31 0.0002 0.02 -1.29 2.15 0.82 5.62 Pfizer PFE 38.88 Euro Stoxx 50 3259.75 –1.37 2385.82 • 3865.18 –13.0 1,023 52-Week 1.97 4.12 28.26 Microsoft MSFT 213.02 1,362 Austria ATX 2194.90 –2.29 1630.84 • 3250.61 –31.1 Low Close(l) High % Chg Belgium Bel-20 3302.92 –3.48 2528.77 4198.31 –16.5 1.80 1.50 10.29 Merck MRK 84.98 949 • DJ Commodity 433.70 647.86 5.26 France CAC 40 4896.33 –1.34 3754.84 • 6111.24 –18.1 l 1.73 2.34 16.05 Procter & Gamble PG 137.44 1,121 Germany DAX 12764.80 –1.06 8441.71 • 13789.00 –3.7 TR/CC CRB Index 106.29 l 187.39 -11.06 0.96 2.68 18.38 Home Depot HD 283.23 1,314 Greece Athex Composite 633.27 –0.17 484.40 948.64 –30.9 Crude oil, $ per barrel -37.63 l 63.27 -21.84 • 0.80 0.39 2.67 Intel INTC 49.28 838 Israel Tel Aviv 1394.71 –1.47 1171.21 1751.79 –17.1 Natural gas, $/MMBtu 1.482 l 2.862 13.75 • 0.34 0.20 1.37 Verizon VZ 58.99 992 Italy FTSE MIB 19695.43 –1.66 14894 • 25478 –16.2 l Gold, $ per troy oz. 1452.10 2051.50 26.73 –0.59 –0.25 –1.71 Cisco Systems CSCO 42.25 902 Netherlands AEX 551.37 –1.69 404.10 • 629.23 –8.8 –0.73 –0.97 –6.65 Walmart WMT 131.63 1,122 Portugal PSI 20 4344.27 –2.19 3596.08 • 5435.85 –16.7 U.S. Dollar Index 92.27 l 102.82 -4.55 –1.09 –1.53 –10.49 Caterpillar CAT 138.43 959 Russia RTS Index 1262.01 –4.67 832.26 • 1646.60 –18.5 WSJ Dollar Index 87.89 l 97.02 -2.55 South Africa FTSE/JSE All-Share 55949.92 –1.98 37963.01 59001.87 –2.0 • Euro, per dollar 0.8382 l 0.9352 -5.52 –1.68 –2.11 –14.47 IBM IBM 123.16 953 Spain IBEX 35 6982.10 –2.41 6107.2 • 10083.6 –26.9 Walt Disney DIS Yen, per dollar 102.37 l 112.11 0.41 –2.37 –3.09 –21.19 127.44 881 Sweden OMX Stockholm 693.58 –0.05 478.95 • 732.67 1.9 l –2.41 –1.17 –8.02 Coca-Cola KO 47.28 869 Switzerland Swiss Market 10218.20 0.54 8160.79 11263.01 –3.8 U.K. pound, in dollars 1.15 1.33 6.55 • –2.64 –4.39 –30.11 3M MMM 161.71 943 U.K. FTSE 100 6001.89 –1.45 4993.89 • 7674.56 –20.4 –2.66 –5.54 –38.00 Goldman Sachs GS 202.43 892 Asia-Pacific Real-time U.S. stock Dow DOW Australia S&P/ASX 200 6111.20 –0.25 4546.0 • 7162.5 –8.6 quotes are available on –2.85 –1.28 –8.78 43.59 825 China Shanghai Composite 3380.68 0.61 2660.17 • 3451.09 10.8 WSJ WSJ.com. Track most- –2.95 –9.56 –65.57 UnitedHealth Group UNH 314.14 1,077 Hong Kong Hang Seng 25113.84 –0.27 21696.13 • 29056.42 –10.9 .COM active stocks, new –4.24 –4.26 –29.22 American Express AXP 96.15 783 India S&P BSE Sensex 38434.72 1.47 25981.24 • 41952.63 –6.8 highs/lows, mutual –4.97 –5.09 –34.91 JPMorgan Chase JPM 97.32 717 Japan Nikkei Stock Avg 22920.30 –1.58 16552.83 • 24083.51 –3.1 funds and ETFs. –5.07 –2.19 –15.02 Exxon Mobil XOM 41.01 620 Malaysia FTSE Bursa Malaysia KLCI 1577.12 0.80 1219.72 1615.67 –0.7 • Plus, get deeper money-flows data and –5.30 –3.37 –23.11 Raytheon Technologies RTX 60.27 697 Singapore Straits Times 2528.54 –2.04 2233.48 3285.72 –21.5 • email delivery of key stock-market –5.71 –6.77 –46.43 Travelers TRV 111.83 828 South Korea Kospi 2304.59 –4.27 1457.64 • 2437.53 4.9 data. –5.83 –5.27 –36.15 Chevron CVX 85.08 735 Taiwan TAIEX 12607.84 –1.47 8681.34 • 12956.11 5.1 All are available free at –5.85 –2.45 –16.80 Walgreens WBA 39.46 691 Source: FactSet; Dow Jones Market Data WSJMarkets.com –5.94 –10.58 –72.57 Boeing BA 167.50 517

*Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its 30-year mortgage, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 3.04% U.S.-dollar foreign-exchange rates in late New York trading 2.25% MidWestOne Bank 2.50% US$ vs, US$ vs, 2.00 8% Fri YTD chg Fri YTD chg 4.00% Iowa City, IA 800-247-4418 One year ago Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)

1.75 s

WSJ Dollar index s t Farmers State Bank 2.75% t Americas Vietnam dong .00004315 23176 0.02 30-year ﬁxed-rate 3.00 1.50 4 Euro mortgage Waterloo, IA 877-FSB-1879 1.25 Argentina peso .0136 73.5781 22.9 Europe 2.00 TBK Bank, SSB 2.85% 1.00 0 Brazil real .1779 5.6203 39.8 Czech Rep. koruna .04523 22.109 –2.5 Canada dollar .7589 1.3178 Denmark krone .1584 6.3115 10-year Treasury Dallas, TX 214-365-6900 0.75 1.4 –5.3 Chile peso .001261 793.10 7.3 Euro area euro 1.1796 .8478 –4.9 t note yield 1.00 Tradeweb ICE 0.50 –4 Astra Bank 2.88% s Colombiapeso .000261 3836.00 16.9 Hungary forint .003361 297.49 0.7 Friday Close t 0.25 Scandia, KS 785-335-2243 Yen Ecuador US dollar 11unch Iceland krona .007255 137.84 13.8 0.00 0.00 –8 Mexico peso .0455 21.9758 16.1 Norway krone .1110 9.0115 2.6 Union Bank 2.88% S O N D J F M A M J J A 1 3 6 1 2 3 5 7 10 20 30 Uruguay peso .02332 42.8750 15.4 Poland zloty .2671 3.7433 –1.3 Goldsboro, NC 2019 2020 2019 2020 919-583-8989 month(s) years Asia-Pacific Russia ruble .01337 74.821 20.6 Sweden krona .1137 8.7956 –6.1 maturity Australian dollar .7162 1.3963 –2.0 Switzerland franc 1.0970 .9116 –5.8 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1445 6.9195 –0.6 Yield/Rate (%) 52-Week Range (%) 3-yr chg Turkey lira .1364 7.3330 23.3 Hong Kong dollar .1290 7.7504 –0.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Ukraine hryvnia .0363 27.5500 16.4 India rupee .01335 74.922 5.0 Corporate Borrowing Rates and Yields UK pound 1.3089 .7640 1.3 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Indonesia rupiah .0000677 14771 6.4 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 5.25 -1.00 Spread +/- Treasurys, Japan yen .009451 105.81 –2.6 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002380 420.08 10.0 Bahrain dinar 2.6525 .3770 –0.01 Libor, 3-month 0.25 0.27 0.24 l 2.16 -1.06 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1252 7.9885 –0.4 Egypt pound .0628 15.9293 –0.7 Money market, annual yield 0.24 0.25 0.24 l 0.78 -0.05 Malaysia ringgit .2392 4.1800 2.2 Israel shekel .2940 3.4010 –1.5 U.S.Treasury,Barclays 0.480 0.5207.89 5.38 Five-year CD, annual yield 0.67 0.68 0.67 l 1.75 -0.78 New Zealand dollar .6541 1.5288 2.9 Kuwait dinar 3.2684 .3060 0.9 U.S. Treasury Long,Barclays 1.250 1.32016.55 11.86 30-year mortgage, fixed† 3.04 3.25 3.03 l 4.22 -0.83 Pakistan rupee .00594 168.400 8.6 Oman sul rial 2.5974 .3850 unch Aggregate,Barclays 1.130 1.160n.a. 39 127 7.24 5.30 Philippines peso .0205 48.714 –3.9 Qatar rial .2745 3.643 –0.01 15-year mortgage, fixed† 2.64 2.69 2.58 l 3.57 -0.47 Fixed-Rate MBS,Barclays 1.150 1.200n.a. 28 132 4.82 3.73 Singapore dollar .7291 1.3715 1.9 Saudi Arabia riyal .2666 3.7505 –0.02 Jumbo mortgages, $510,400-plus† 3.06 3.32 3.06 l 4.71 -1.22 South Korea won .0008388 1192.22 3.2 South Africa rand .0583 17.1566 22.6 High Yield 100,ICE BofA 4.564 4.584 422 271 10182.078 3.801 Five-year adj mortgage (ARM)† 3.27 3.24 3.06 l 4.78 -0.03 Sri Lanka rupee .0054145 184.69 1.8 Muni Master,ICE BofA 0.949 0.913 26 -12 41 4.252 4.129 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.26 4.27 4.17 l 4.65 1.41 Taiwan dollar .03401 29.407 –1.7 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 4.663 4.647 386 277 662 4.584 4.267 Thailand baht .03169 31.560 6.0 WSJ Dollar Index 88.59 0.33 0.38 –1.09 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 P2JW237000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, August 24, 2020 | B9 MARKETS European Banks Rush to Restructure

Pandemic speeds up banks mayrespond. Wells offset weaknesswhen one Deutsche Bank AG and down- came into the crisis in worse market cooled, said John Ah- sizeits trading arm. Deutsche implementation of shape than some U.S. rivals ern, apartner at Covington Bankshares have risen 13% plans to address years but in bettershape than many who advises banks on regula- this year,while Barclays European lenders, which have tion. “In coronavirus,you have shares have slumped 40%. of underperformance toiled foryearsasmargins aglobal economyalmost in Mr.Bramson said Deutsche were squeezedbylow interest shutdown. You’renot leverag- Bank had shown that trading BY MARGOT PATRICK ratesinthe wake of the last fi- ing an advantageand canbe businesses canbepared down AND SIMON CLARK nancial crisis.Asaresult, exposed to toomanychalleng- without fatal effects, and de-

banks in Europe were among S ing markets,” he said. scribed itsinvestment bank as At beleaguered European themost vulnerable institu- Barclays Chief ExecutiveJes “a moreviable businessthan banks,the coronavirus pan- tions as the pandemic sent al- PRES Staley foryearshas argued before.” Barclays declined to

demic is fast-tracking plans ready challenged economies ZUMA that geographic and business- comment.

forrestructuring afteryearsof intoatailspin and pushed A/ line diversity makes banks Thewaveofrestructuring

poor performance. loan-lossprovisions to their INHU moreresilient in acrisis,after could be the precursor to Manyofthe region’smost highest level in a decade. /X helping steer JPMorgan long-talked-of consolidation, NG

prominent lendersare tearing Finding and then sticking to TA through the last financial cri- bankers and lawyers say. The Y

up old businessmodels,cut- the right business model now RA sis.Hecrafted Barclays to em- European Central Bank has ting businesslines or doubling is seen as crucial to banks’ HSBC is accelerating job cuts and shutting branches. ulatehis former employer, said it would ease the way for down on domestic marketsas longer-termsurvival and to with alarge U.K. bank serving futuremergers,and gaveits they trytofind aformula that getbuy-in from investors. “Eu- mini JPMorgan Chase &Co. nologytocut costs. He hired businesses and households,an blessing to atakeover by In- works for them. ropean banks faceaprofitabil- spanning retail and invest- John Hinshaw, a former chief international credit-card arm tesa Sanpaolo SpAoflocal HSBC Holdings PLC is re- ity crisis,” said Citigroup Inc. ment banking,isunder pres- information officer at Verizon and investment banking in Italian rival UBI Banca SpA. turning to its Asian roots and banking analyst Ronit Ghose. sure from an activist investor Wireless and Boeing Co., late London and New York. Meanwhile,banks that went calling time on weak returns “In response to decadelong to slash its trading business. last year to help the bank be- Mr.Staley claimed victory through lengthyrestructurings in continental Europe and the lowreturns,European banks Some of Europe’sbanks,income moredigital. Country for his strategy in the second before are finding ways to be U.S. with aplan to shed 15% of have been busy restructuring, cluding HSBC,ABN and Credit lockdowns led morecustomers quarter as profit from Bar- leaner through the pandemic. itsworkforce.The Nether- but it is hardtoshrink to Suisse,havenew CEOs this to online banking and phone clays’s corporateand invest- Thomas Gottstein,CEO at lands’ ABNAmroBank NV, greatness.” year who seized on the pan- apps,and that trend is likely ment bank rose 16% to £694 Credit Suisse since February, onceatop-15 global bank with Investors’ lowexpectations demicasacatalyst to make to accelerate, according to million ($908 million) while said the pandemic wasthe deep rootsacrossthe world, is arereflected in the banks’ changestotheir banks’ busi- bankers and analysts. itsU.K.unit swung to a £123 triggerfor making further getting out of trade financing share prices. European banks ness models. “Banking is still banking million loss. changes to lowercostsand and cutting off corporatecus- trade at lessthan half their HSBC Chief Executive Noel but technologyhas an increas- Activistinvestor Edward free up money forinvestment tomers outside Europe. Swit- book value,while U.S. banks Quinn hit pause on planned ingly important role to playin Bramsondidn’t agree.Hear- after an earlier restructuring zerland’s Credit Suisse Group trade at morethan four-fifths job cutsatthe lender when it,” Mr. Quinn said. gues that Barclays’s trading under predecessor Tidjane AG and UBS Group AG are of book value.The StoxxEu- the pandemic hit but said ABNAmroisreturning to revenue is volatile and poor Thiam. Credit Suisse and UBS stripping out layers of admin- rope 600 Banks Indexisdown those have to accelerate now itsroots, too, with the ambi- quality because the bank so far have fared betterinthe istrativeworkerstofreeup 36% this year while the to pull out costs. Around tion of newCEO Robert Swaak doesn’t have the large corpo- pandemic than most other Eu- money forinvestment in tech- broader Stoxx Europe 600 In- 35,000 of the bank’s 235,000- to be “the best Dutch bank” rate-client or wealth-manage- ropean banks because of their nology or new business. dex has fallen 12%. strong workforce will go—by with afocus on northwest Eu- ment businesses that drive historically low-lossSwiss Banks around the world are France’s BNP Paribas SA exiting much of continental rope.Hesaid earlier this trading flows at bigger rivals loan books and focus on bank- being squeezedbythe pan- and Société Générale SA are Europe and shutting U.S. month that ABN will exit cor- like JPMorgan. ing for the world’s rich. demic.Inthe U.S., Wells among national champions branches—as part of acon- poratebanking in the U.S., Mr.Bramson’sfirm, Sher- Credit Suisse is combining Fargo &Co.,for example,is that arescaling back global tinuing global retreat to refo- Asia, Australia and Brazil, and borne Investors, says it is the several market-trading busi- slashing costsand cutting ambitions to focus on their cus on itsmoreprofitable a trade-finance business that largest Barclays shareholder nesses and integrating itsrisk staff to trytoride out the cri- home economies. Asian heartland. traces back to colonial times. with a5.9%stake.Herenewed and compliancefunctions to sis,moves that could hold In theU.K., Barclays PLC, In an interview, Mr.Quinn Geographical diversification calls this month for the bank invest in growth, Mr.Gottstein clues for how other large U.S. foryearsstyling itself as a said he plans to invest in tech- used to be seen as away to to followthe example of said. Even With a Strong Crop, U.S. Farmers Are Suffering

BY KIRK MALTAIS prospect of grain prices stay- corn futures on the Chicago ing lowisuntenable.“It’sal- Board of Trade are down 16% Following agrowing season most a day-to-day struggle to sincethe start of the year, last year filled with battering decide what to do next year,” while wheat fell nearly 6% and rainfall and bitter trade wars, said Doug Sombke, president soybeans shed nearly 5%. U.S. farmershoped 2020 of theSouth DakotaFarmers Chinese importsofU.S. would provide them an oppor- Union and afarmer of 3,000 corn, soybeans and wheat are tunity to makeupsome acres of corn and soybeans in 144% higher than they were at ground. Instead, the situation Brown County, S.D. this point last year,according S

has grown worse for many as Mr.Sombkesays his local to datafromthe USDA’s For- PRES

prices remain depressed. grain elevator is paying $2.87 eign Agricultural Service. But UMA

Despite a wind storm tear- forabushel of corn. That is theonset of the coronavirus /Z

ing through Midwestern farms nearly adollar lowerthan pandemic in the U.S. in March OCK recently and drought condi- what he would need to collect hobbled domestic demand for tions in isolated areas,abum- to break even. Thesame is grains as restaurantsand SPURL

per crop of both corn and soy- other institutions nationwide LESLIE beans is expected this year. shut down. Nancy Wilhelmi among the devastation at her farm in Atkins, Iowa, after a windstorm hit the Midwest. “Overall, the trade seems to The onset of the If the situation doesn’t be coming to the conclusion quickly improve, Mr. Sombke tress,” said Brian Philpot, CEO we gotfromthe federal gov- grainbins containing corn that...there is still going to be pandemic hobbled said he maybeforcedout of of Lakeland, Fla.-based Ag- ernment,” said RichardGue- farmersweresaving to sell an oversupply of corn in the domestic demand farming. America Lending. Most bank- bert Jr., president of the Illi- once prices rise. U.S. and the world,” said “We’vegot some choices to ruptcies being reported areby nois Farm Bureau and a Farmersaffected by the Tomm Pfitzenmaier,anana- for grains. make,” he said. “The last three small family farms,while farmer of corn, soybeans and stormare nowinarush to lyst with DesMoines,Iowa- years, we’velost equity on our larger agricultural operations wheat in southeast Illinois. harvestand storethe corn be- based Summit Commodity farm. Do we want to keep do- are taking the opportunity to “But we really wish to getour fore it rots. “They had a very Brokerage, in a research note ing that?” purchase land from distressed revenue from the market.” good crop beforethe wind on Friday. true forhis soybeans,for Bankruptcies arehigh in farmers, Mr. Philpot said. While the weather in the storm,” said BrianGrete,an That case wasbolstered which the elevator is willing to farm country.Roughly 580 “The large producersare Midwest has been moresup- editor with ProFarmer leading Fridaywhen ProFarmer,fol- pay roughly $8.50 a bushel. farmersfiled forchapter 12 doing fine and they’reacquir- portivefor growing astrong the eastern leg of the crop lowing aweeklong tour of Prices forcorn and soy- bankruptcy protection through ing,” he said. crop than last year,this year’s tour.“Nowit’saracetosee farmland across seven states, beans haven’t risen since the the year ended June 30,ac- Government aid in the form growing season hasn’t been howmuch they canget into assessed the national corn start of the year,when the cording to federal data. More of assistancefromthe USDA without weather issues. the bin beforethey runout of yield at 177.5 bushels per acre, signing of the U.S.-China recent datafromthe Federal and the $19 billion Coronavi- Earlier this month, a pow- time.” and the national soybean yield phase-one trade agreement ReserveBank of Kansas City rus Food Assistance Program erfulstorm packing winds When grain prices are low, at 52.5. That is slightly lower stipulating Chinawould pur- shows farm loan repayments have helped mitigatethe fi- over 100 miles an hour swept farmersoften trytogrow than earlier U.S. Department chase $36.5 billion of agricul- areexpected to fall precipi- nancial damageoflow com- through much of the Corn larger crops to sell more and of Agricultureestimates but tural goods from the U.S. gave tously in the next three modity prices,but farmerssay Belt, causing widespread prop- covercosts. “Ifyou have low higher than 2019’swater- farmers hope that export de- months. it is only a Band-Aid. erty and crop damage. Wind commodity prices and low logged crop. mand from China would buoy “Weentered Covid with a “We in the ag economy re- snappedalot of Iowancorn yields,it’sextremely hard,” For many U.S. farmers, the prices.Instead, most-active lot of operations being in dis- ally appreciate the assistance off itsstalks and destroyed Mr. Guebert said.

THE TICKER | Market events coming this week Closed-End Funds

Continued From Page B6 Prem12 Mo Fund (SYM) NAV Close /Disc Yld Monday 2nd qtr. sec. est. 52 wk Prem Ttl PIMCO Flexible Cr I;A-2 NA NA NA NS down 1.8% Fund (SYM) NAV Close /Disc Ret Earnings expected* PIMCO Flexible Cr I;A-4 NA NA NA 10.9 Gross domestic product Destra Multi-Altrntv;C 11.19 NA NA -8.7 PIMCO Flexible Cr I;Inst NA NA NA 11.8 Estimate/Year Ago($) PionrILSBridge NA NA NA 0.0 Percentage change, annual rate Destra Multi-Altrntv;I 11.90 NA NA -7.8 Palo Alto Networks Destra Multi-Altrntv;T 11.35 NA NA -8.5 WA Middle Mkt Dbt NA NA NA 8.5 Variant Altrntv Inc:Inst 26.43 NA NA 6.4 WA Middle Mkt Inc NA NA NA 10.0 1.39/1.47 2nd qtr. adv. est. Variant Altrntv Inc:Inv 26.43 NA NA 6.1 Other Domestic Taxable Bond Funds down 32.9% Convertible Sec's. Funds Am Beacon Apollo TR:T 10.10 NA NA NS Tuesday Calmos Dyn Conv and Inc CCD NA 23.20 NA NA Am Beacon Apollo TR:Y 10.12 NA NA 3.1 2nd qtr. sec. est. World Equity Funds Am Beacon SP Enh Inc:T 9.18 NA NA NS Short-selling reports down 32.4% ACAP Strategic:A 25.51 NA NA 40.8 Am Beacon SP Enh Inc:Y 9.22 NA NA 4.7 BR Credit Strat;A 10.05 NA NA NS Ratio, days of trading volume of ACAP Strategic:W 19.02 NA NA 41.9 Initial jobless claims BMO LGM Front ME;I 6.28 NA NA -23.6 BR Credit Strat;Inst 10.05 NA NA 5.0 current position, at Jul 31 BlackRock Mlt-Sctr Oppty Previous 1,106,000 CalamosGlbTotRet CGO NA 12.54 NA NA 84.09 NA NA 9.0 BlackRock Mlt-Sec Opp II 85.84 NA NA 8.8 NYSE 3.5 Primark Priv Eq:I NA NA NA NS Expected 1,045,000 Carlyle Tact Pvt Cred:A NA NA NA 8.2 Nasdaq 2.1 VirtusTotalRetFd ZTR 9.01 8.09 -10.2 -0.1 Carlyle Tact Pvt Cred:I NA NA NA 9.0 Earnings expected* Prem12 Mo Carlyle Tact Pvt Cred:L NA NA NA 8.5 New-home sales Fund (SYM) NAV Close /Disc Yld Carlyle Tact Pvt Cred:M NA NA NA NS Estimate/Year Ago($) June, previous 776,000 Loan Participation Funds Carlyle Tact Pvt Cred:N NA NA NA 9.0 Dollar General 2.43/1.74 1WS Credit Income NA NA NA 6.3 Carlyle Tact Pvt Cred:Y NA NA NA 8.7 July, expected 783,000 Dollar Tree 0.92/0.76 AlphCntrc Prime Merid In 9.94 NA NA NS CION Ares Dvsfd Crdt;A NA NA NA 5.9 CION Ares Dvsfd Crdt;C NA NA NA 5.9 HP 0.43/0.58 Angel Oak Str Crdt:Inst NA NA NA 7.8 Earnings expected* Axonic Alternative Inc NA NA NA 4.0 CION Ares Dvsfd Crdt;I NA NA NA 5.9 Marvell Technology Blackstone/GSO FR EI D 22.65 NA NA 6.3 CION Ares Dvsfd Crdt;L NA NA NA 5.9 Estimate/Year Ago($) Blackstone/GSO FR EI I 22.62 NA NA 6.6 CION Ares Dvsfd Crdt;U NA NA NA NS /REUTERS 0.21/0.16 Autodesk 0.90/0.65 Blackstone/GSO FR EI T 22.58 NA NA 6.1 CION Ares Dvsfd Crdt:U2 NA NA NA NS Veeva Systems 0.64/0.55 Blackstone/GSO FR EI T-I 23.06 NA NA 6.1 CION Ares Dvsfd Crdt;W NA NA NA 5.9 Best Buy 1.02/1.08 Workday 0.66/0.44 Blackstone/GSO FR EI U 23.57 NA NA NS CNR Select Strategies 11.10 NA NA 0.0 GL Beyond Income 0.89 NA NA NE Hormel Foods 0.34/0.37 MCDERMID Blstn Commnty Dev 10.18 NA NA 3.4 BNYM Alcntr Glb MS Cr Fd 94.57 NA NA NS KKR CREDIT OPPTY;I NA NA NA NS

Intuit 1.10/(0.09) AN Friday CLIFFWATER CL FD;I 10.23 NA NA 3.1 KKR CREDIT OPPTY;T NA NA NA NS Medtronic 0.19/1.26 Personal spending CNR Strategic Credit 9.02 NA NA 9.3 Lord Abbett Cred Opps Fd 9.26 NA NA NS Salesforce.com 0.67/0.66 BREND FedProj&TrFinanceTendr 9.89 NA NA 3.8 Lord Abbett Cred Opps Fd 9.26 NA NA 8.4 Best Buy is expected to report earnings on Tuesdayof$1.02 ashare. June, previous up 5.6% FS Global Crdt Opptys D NA NA NA 7.5 Lord Abbett Crd Op:U 9.26 NA NA NS July, expected up 1.5% Garrison Capital Inc GARS NA 3.37 NA NA Palmer Square Opp Inc 17.13 NA NA 6.7 Wednesday Schrdrs Opp Inc;A 24.74 NA NA NS Resource Credit Inc:A 9.71 NA NA 8.1 Gasoline stocks, Earnings expected* Thursday Schrdrs Opp Inc;A2 NA NA NA NS Resource Credit Inc:C 9.81 NA NA 7.3 Personal income Durable-goods orders down 3.3 Estimate/Year Ago($ Schrdrs Opp Inc;I 24.78 NA NA NS Resource Credit Inc:I 9.73 NA NA 8.3 EIA report: natural gas June, previous down 1.1% Schrdrs Opp Inc;SDR 24.81 NA NA NS Resource Credit Inc:L 9.70 NA NA 7.8 June, previous up 7.6% Distillates up 0.2 Eaton Vance 0.78/0.90 Previous change in stocks in billions July, expected down 0.1% Invesco Sr Loan A 5.98 NA NA 5.1 Resource Credit Inc:W 9.71 NA NA 8.1 July, expected up 5.2% of cubic feet Invesco Sr Loan C 5.99 NA NA 4.3 Thrivent Church Ln&Inc:S NA NA NA 2.8 Mort. bankers indexes Heico 0.32/0.59 Invesco Sr Loan IB 5.98 NA NA 5.4 World Income Funds EIA status report Up 43 Chicago PMI Invesco Sr Loan IC 5.98 NA NA 5.2 Destra Int&Evt-Dvn Crd:A 23.66 NA NA 5.5 Purchase, previous NetApp 0.41/0.65 Previous change in stocks in millions July, previous 51.9 Invesco Sr Loan Y 5.98 NA NA 5.4 Destra Int&Evt-Dvn Crd:I 23.66 NA NA 5.7 of barrels up 1% Splunk (0.33)/0.30 GDP Deflator Pioneer Sec Inc 8.68 NA NA NS Destra Int&Evt-Dvn Crd:L 23.65 NA NA 5.2 Aug., expected n/a High Yield Bond Funds Destra Int&Evt-Dvn Crd:T 23.63 NA NA 5.0 Crude-oil stocks, Refin., previous Williams-Sonoma 2nd qtr. adv. est. Griffin Inst Access Cd:A NA NA NA 6.7 National Muni Bond Funds down 1.6 down 5% 0.95/0.87 down 1.8% U.Mich. consumer index Griffin Inst Access Cd:C NA NA NA 6.7 PIMCO Flex Mun Inc;A-3 NA NA NA NS Griffin Inst Access Cd:F NA NA NA 6.8 PIMCO Flex Mun Inc:A1 NA NA NA NS Aug., prelimary 72.8 * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR STOCK SPLIT Griffin Inst Access Cd:I NA NA NA 6.8 PIMCO Flex Mun Inc;Inst NA NA NA 2.9 NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS Aug., final 72.4 Griffin Inst Access Cd:L NA NA NA 6.8 Tortoise Tax-Adv Soc Inf 9.66 NA NA 5.1 P2JW237000-2-B01000-17FFFF5178F

B10 | Monday, August 24, 2020 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Europe’s SellersofUsedGoods Workforce Struggle With Supply FacesRisk Sellers of used goods don’t al- Carvana’s vehicle inventory, ways enjoy a classy reputation, but change from ayearearlier Of JobCuts they have a high-class problem at the moment: Their products are 100% S selling like hot cakes. NEW

G Supply constraints—not a de- Nationslikely need mand collapse—caused revenue 75

U.S.-style fiscalspending OOMBER declines last quarter for both luxury consignor The RealReal and

ON/BL used-car seller Carvana. Some of 50 Compared with theU.S., Europe WS those issues were similar to ones DA has done abetterjob protecting traditional retailers are facing.

employment during the pandemic. SIMON Safety measures due to the coro- 25 Avoiding a“job cliff” in 2021, BA furloughed half its staff in May, but many positions are set to be cut. navirus pandemic meant that pro- however, will likely requireem- cessing capacity was limited: Sell- bracing outright American-style Joblessrate itsstaff in May, but amajority of ers of used goods must inspect, fiscal spending. those jobs arenow set to be clean and, in some cases, refurbish 0 20% 1Q 2Q 3Q 4Q 1Q 2Q On Friday, the purchasing man- At the end of 2019 eliminated. items before selling them. Physical 2019 2020 agers index published by IHS Now Worryingly, most countries in store closures—a significant Markit signaled that recovery in Nowadjustedfor 2020 Europe are still scheduled to end source of supply for secondhand Source:FactSet 15 the eurozone stalled in August, change in inactivity* their support some time this year. sellers such as The RealReal—also echoing lackluster labor-market A potential solution is following hampered the ability to bring in bump up prices on handbags to data released by the U.S. Thursday. Germany, which is seeking to ex- fresh (used) items. offset lower volume helped boost The euro dropped against the U.S. 10 tend its part-time work program Unlike sellers of new goods, pricing on its own platform. dollar, though it is still up more until the start of 2022. who can throw money at the sup- In other cases, it was a matter than 6% since the end of May. But this mayunhelpfully trap ply problem, used-goods sellers of selling in the right category. Part of the optimism came from some people in jobs that will even- are at the mercy of the market. AptDeco’s Mr. Dennis notes that European unemployment numbers 5 tually be pared down anyway.Air- They must attract consignors furniture sales in general have barely increasing during the crisis, lines don’t expect traffic to return to through opening new stores stra- benefited as customers spend in contrast to the U.S. Rather than normal until 2023.Businesstravel, tegically, advertising or by launch- more time at home, renewing fo- relying on incentivizing companies 0 the key source of profit forcarriers ing partnerships. ThredUp’s model cus on improving their new work- to rehire, most governmentsin Spain Italy FranceU.K.Germany likeBAand most hotel chains, may works this way—it has partner- or study-from-home arrangements. Europe have been paying for be permanently reduced. ships with Gap, Macy’s and Wal- The company’s sales are up 300% *U.K. data adjustedfor those within workerstobefurloughed and kept the inactivepopulation who want ajob Also, furlough programs on mart, among others. year to date compared with the on the payroll. Sources: ONS; Destatis; Insee; Istat; INE their own still leave people with Supply was the revenue-driver previous year, eclipsing new-furni- Under the surface, though, these less money to spend, whereas in for many secondhand companies ture seller Wayfair’s year-over- nations aregrappling with the with the Spanish joblessrateproba- the U.S. fiscal spending has caused even before the downturn. The Re- year sales growth last quarter of same issues as the U.S. and have bly already hovering around 20%. household disposable income to alReal tends to sell through 87.3%. Mirroring the strength of likely only delayedthe peak in un- It also conceals the fact that rise even as unemployment roughly 80% of its items within 90 so-called athleisure brands during employment intolate2020 and many jobs currently protected by surged. Europe will need to pro- days of listing, according to Matt the pandemic, ThredUp saw higher early 2021, raising the dreadful short-term work programs will be gressively pivot from “defensive” Gustke, chief financial officer. Apt- sell-through rates for items such prospect of adouble-dip recession. permanently lost. Analysts at ING measures like furlough plans and Deco, which sells used furniture, as leggings, athletic wear and tops. Joblessrates obscurethe fact estimate that, in beleaguered sec- bank-loan guarantees to “offen- tends to sell through 80% of high- While surging demand is wel- that manypeople have stopped ac- tors such as travel and tourism, it sive” ones such as checks for fami- demand brands—including West come news, resale businesses will tively looking forwork sincethe could be about a quarter. lies, public-sector jobs and the de- Elm, IKEA and CB2—within eight have to watch their sell-through onset of the Covid-19 crisis and In the U.K. in July,for example, lay of scheduled tax increases. days, says co-founder Kalam Den- rates carefully as extreme levels don’t technically count as unem- only 31% of eligible workerswere LikeWile E. Coyote,European la- nis. ThredUp, which sells used ap- could turn away potential custom- ployed. Assuming that all of the coveredbythe Coronavirus Job bor marketshavebeen able to go parel, works through most of its ers unable to find what they want. surge in inactivity in 2020 is invol- Retention Scheme,but in tourism over acliff without falling.The size inventory within 30 days or so. In an ideal world, resale busi- untary, the actual unemployment the number was71%, pointing to of the fiscal effort between now Still, the pandemic helped boost nesses would attract sellers at the rate in the eurozone is likely above structural adjustmentswhen the and the end of the year will deter- demand. For example, a drop in same pace as buyers. But as the 9% rather than itsofficial 7.8% level. program ends in October.London- mine howlong the fall will be once car production boosted demand recent uptick in demand shows, Weaker nations such as Italy and based carrier British Airways,for they look down. for used ones. For The RealReal, that balance is tricky to achieve. Spain look particularly hard-hit, example,used it to furlough half —Jon Sindreu certain luxury brands’ decisions to —Jinjoo Lee

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